1937 - Complete Issue (53.5M) - Fraser - Federal Reserve Bank of ...

Digitized for FRASER 

Federal Reserve Bank of St. Louis 

INDEX TO MINUTES 

OF 

BOARD OF GOVERNORS 

OF THE 

FEDERAL RESERVE SYSTIM 

1937



Branch Banks, D om estic, FRBanks and 

F oreig n , see Branch Banks 

C layton A ct A p p lic a tio n s , see I n te r 

lo c k in g D ir e cto ra te s 

D ir e c to r s o f FRBanks and Branches see 

D ir e c to r s 

N ation al Banks are l i s t e d under heading 

N ation al Banks 

S e ctio n 32 o f Banking A ct o f 1933, see 

R e la tio n s w ith D ealers in S e cu ritie s 

S e c u r it ie s Exchange A c t, see S e c u r itie s 

Exchange A dm inistration 

S ta te Banks are l i s t e d under State 

Member Banks, Nonmember Banks, and 

Membership 

Stock o f FRBanks and Member Banks, see 

Stock

I N D E X 

1937 

"A" 

A, L. A lbee and C o ., r e p ly t o FRBank o f Boston re qu estion whether 

R egu la tion T I s a p p lic a b le to 4/28 

A ccep ta n ce p r a c t ic e , t i t l e and s u b t it le o f summary o f re p o rt o f comm 

itte e on , to be p u blish ed in FRBulletin 8/20 

A ccep ta n ces: 

Bankers: 

A u th o rity o f FRBank o f Hew York to buy f o r account o f foreig n 

banks 1/21 

Bank f o r I n t e r n a tio n a l S ettlem en ts, com m issions, reduction 

o f by FRBank o f New York in connection with 

purchase f o r account o f , rep ly o f FRBank o f New 

York t o ,t h a t such cannot be done 10/33 

D is tr ib u t io n among corresp on d en ts to create a favored p o s it 

io n , such d is crim in a tio n against oth er fo r 

e ig n banks cannot be adopted, rep ly o f FRBank 

o f New York t o Bank f o r In te rn a tio n a l S e ttle 

ments 10/25 

F ie ld w arehousing, l e t t e r to Mr. Yohe in connection with 

a d m in istra tio n o f U. S. Warehousing A ct, re 

p roposed p u b lic a tio n w ith regard t o , suggestin 

g changes 2/11 

P urchase f o r account o f Bank f o r In te rn a tio n a l Settlem ents 

and N a tion a l Bank o f B u lgaria , agreements with 

fo r e ig n banks to be r e v is e d 2 / 9 

R ates, graduated s c a le n ot e s s e n t ia l, re p ly t o Mr. Young, 

FRBank o f B oston 9/22 

Manner o f h andlin g p u rch ases o f , in New York m arket, referen ce 

t o , in con n ection w ith su ggestion o f purchase 

by FRBanks o f sh ort tenn Treasury b i l l s under 

repurch ase agreements 5/24 

Purchases by FRBank o f New York f o r fo r e ig n accou n ts, authoriz 

a t io n w ith in lim it s granted in connection 

w ith approval o f r e v is e d form o f fo re ig n bank 

agreement 8 / 9 

A ccep tances up t o 100% o f c a p ita l and su rp lu s: 

Bank o f Yorktown, N. Y ., a p p lic a t io n approved 1 / 9 

Trade Bank o f New Y ork, N. Y ., a p p lic a tio n approved 5/26 

A ddresses: 

Board o f G overn ors, r e p ly to request o f Congressman Cochran fo r 

in form a tion re extent o f 3/15 

^ eyton , John N ., P re s id e n t, FRBank o f M in n eapolis, bankers assoc 

ia t io n s o f M ichigan and South Dakota, Board 

a grees th a t o p p o r tu n itie s should be accepted, 

has no su ggestion s as to m aterial 4/28 



Pages 

614 

1172 

129 

1436 

1437 

273 

262 

1318 

740 

1113 

58 

752 

409

A dvertisem ents: 

S u ffo lk County Federal Savings and Loan A s s o c ia t io n , B abylon , 

New York, re p orted by B abylon N a tio n a l Bank and 

T ru st Company, m atter r e fe r r e d t o C o m p tro lle r 

o f Currency 9 /2 2 

A d v e rtisin g , campaign based on exam ination r e p o r ts o f t r u s t d e p a rtments 

o f member banks, r e p ly to Mr* R. P . P u r s e , 

J r ., that Board would o b je c t t o 4 / 7 

A f f i l i a t e s : 

A. P. B rantley and C o., lik e lih o o d o f e x is t e n c e o f r e la t io n s h ip 

with B lackshear Bank, B la ck sh ea r, G a ., in view 

o f r u lin g o f Board o f Tax A ppeals th a t c e r t a in 

record tra n s fe r s o f s to c k were not g i f t s 3 /2 9 

Determined to be a f f i l i a t e o f B la ck sh ea r Bank, B la ck sh e a r, 

G a., and con sequ e n tly , B la ck sh ea r M an u fa ctu rin g 

C o., Manor T radin g C o ., Wayne T ra d in g Co. and 

P ie r c e Trading C o ., are a ls o a f f i l i a t e s , r e p o r t s 

f o r p ast c a l l s not t o b e r e q u ir e d 8 / 4 

B. M. C. R ir fe e Trust C o ., F a ll R iv e r, M a s s ., r e p o r t s may be r e 

quired i f co r p o r a tio n s borrow , Board n o t w i l l i n g 

t o extend w aiver p r o v is io n s , even though bank 

may withdraw, a t te n tio n c a lle d t o S e c. 23A o f 

FRAct in con n ection w ith p o s s ib le lo a n s 2 / 2 

Bank o f America N ational T ru st and S avin gs A s s o c ia t io n , d i s t r i 

bution o f m a jo r ity o f s to ck t o T ransam erica 

C orporation does not d e s tro y r ig h t t o p a r t i c i 

pate in e le c t io n o f C la ss A d i r e c t o r o f FRBank 

o f San F ra n cisco , in d e p e n d e n tly o f o t h e r banks 

c o n tro lle d by T ransam erica C o rp o ra tio n 1 1 / 5 

Bankamerica C o., plan proposed by Transam erica C o rp o r a tio n t o 

d is s o lv e In ter-A m erice C orp o ra tio n and req u e st 

l o r p e n m ssio n t o h o ld company, a s e c u r i t i e s 

company, which would become a f f i l i a t e o f member 

banks, u n t il Nov. 28, 1938, S e c . 20 o f Banking 

A ct o f 1933 c o n t r o ls 

Blackshear M anufacturing C o., i s a f f i l i a t e o f B la ck sh ea r Bank, 

B lackshear, G a., by reason o f a f f i l i a t i o n o f 

A. P. B rantley Co. w ith bank, p a s t c a l l r e p o r t s 

not to be req u ired g / ^ 

C e n ta l Iron anc S teel C o., H a rrisb u rg , P a ., p o r t io n o f stock 

held by v o tin g t r u s te e s who a re d i r e c t o r s o f 

Doth Dauphin D ep osit T ru st Co. end company, 

h e ld , in circu m stan ces n ot t o be a f f i l i a t e o f 

bank . 

C ity Bank F a c e r s T ^ s t C o., New Y ork. N. Y . , c o n d it io n r e p o r t s 

O f 19 s u b s id ia r ie s su bm itted, p u b lic a t io n a l l 

that i s n ecessa ry f o r June 30 c a l l , n ot t o be 

required f o r p r i o r c a l l s i / c 

n ep ortf o^., Dec. 31, 1936, e x te n s io n o f tim e f o r f i l - 



6 /3 0 

(See a lso S ta te member banks) 1 /2 8 

1319 

514 

473 

1100 

223 

1508 

908 

1100 

564 

31 

186

A f f i l i a t e s : (C o n tin u e d ) 

C it y C e r t i f i c a t e s C o r p o r a t io n , B a ltim o r e , M d.: 

C e r t i f i c a t e s o f b e n e f i c i a l i n t e r e s t , p u rch a se b y , o r by 

U nion T r u s t Company o f M a ryla n d , on any but p ro 

r a t a b a s i s i s v i o l a t i o n o f m embership c o n d it io n 

t o w hich l a t t e r i s s u b je c t 5 / I 4 

L iq u id a t io n p r o p o s e d by U nion T r u s t Company o f M aryland 

and d i s t r i b u t i o n o f s to ck o f company t o h o ld e r s 

o f c e r t i f i c a t e s o f b e n e f i c i a l i n t e r e s t , d is 

a p p ro v e d b e c a u s e o f i n e q u i t i e s o f p la n 6 / 3 0 

R e p o rt o f Chairman r e c o n v e r s a t io n w ith S e n a to r Rad- 

c l i f f e r e p la n f o r , M r. B rew ster d e s ir o u s o f 

m e e tin g w ith B oard , sh ou ld m eet w ith Mr. McKee, 

p o s i t i o n o f S e n a to r R a d c l i f f e 7 /1 3 

L e t t e r from M r. L each r e r e v is e d p la n f o r liq u id a t io n 

o f , and r e t ir ^ n e n t o f c e r t i f i c a t e s o f benef 

i c i a l i n t e r e s t , w ith h i s comments and recom 

m en d ation o f a p p ro v a l 7 / 2 7 

Mono o f D i v is io n o f E x a m in a tio n s, recommending th a t i f 

p la n r e c e i v e s a p p r o v a l o f s t o c k h o ld e r s , Board 

n o t w ith h o ld i t s a s s e n t and su g g e s tin g organi 

z a t i o n o f new bank a s a lt e r n a t iv e 7 /2 7 

Memo o f M r. W in g fie ld th a t i n any c o n t r o v e r s y r e r ig h t 

o f d i r e c t o r s t o d i s t r i b u t e a s s e t s Board base 

any a c t io n on o p in io n o f a tto r n e y s f o r company 7 /2 7 

R e v is e d p la n d i f f e r s o n ly i n p r o v is io n f o r approval 

by s t o c k h o ld e r s , q u e s tio n r e p u rp o se o f membersh 

ip c o n d it io n p r o v id in g f o r r e t e n t io n by c o r 

p o r a t io n o f s t o c k o f company u n t i l payment o f 

c e r t i f i c a t e s 7 /2 7 

A c t io n d e fe r r e d f o r f u r t h e r s tu d y , p la c e d on d ock et fo r 

J u ly 29 and M r. P a u lg e r t o b e p rep a red t o d i s 

c u s s recom m endation o f FRBank and p re s e n t any 

recom m endation o f h i s own 7 /2 7 

Memo o f D iv is io n o f E xam in ation s d ated J u ly 2 9 , c o n s id 

e r a t io n in e x e c u t iv e s e s s io n , r e s o lu t io n proposed 

by Chairman E c c le s s t a t in g u n d er what c o n d it 

i o n s B oard w i l l c o n s id e r re q u e s t f o r w a iver 

o f m em bership c o n d it io n 27 7 /2 9 

C o n s id e r a t io n resum ed in e x e c u t iv e s e s s io n and r e s o lu t io n 

a d o p te d , Mr. McKee v o t in g "n o " 7/29 

L e t t e r a d v is in g o f a c t io n 7/^0 

C o n d itio n s o f m anbersh ip o f U nion T ru st Company o f 

M aryland w aived t o a llo w d i s s o l u t i o n o f 11/22 

C it y S t a t e Bank and T ru st C o ., M cA lle n , T e x a s, r e p ly t o iRBank 

o f D a lla s th a t M cA llen S e c u r i t i e s C orp ora tion 

and M i l l e r B r o th e r s N u r s e r ie s , I n c . , a r e , ana 

c e r t a i n o t h e r c o r p o r a t io n s may be 1 / - 1 

C o lo n ia l Bunker O il C o ., r e p o r t n o t su bm itted by Savannah Bank 

and T ru st C o ., Savannah, G a ., becau se o f i g 

n ora n ce o f r e l a t i o n s h i p , fu r t h e r in fo n n a tio n 

r e q u e s te d t o d e te im in e e x te n t o f , and i f t e r 

m in ated 5/14 



712 

904 

955 

1036 

1039 

1040 

1041 

1042 

1050 

1059 

1073 

1550 

136

A f f i l i a t e s : (C ontinued) 

C o lo n ia l Bunker O il C o .: (C ontinued) 

Subm ission waived 

M ilwaukee, W is. , e x te n s io n o f tim e f o r 

C ity Bank Fanners T ru st C o ., New Y ork , N. Y ., e x te n s io n o f 

tim e f o r f i l i n g 

Forms end in s tr u c t io n s f o r next c a l l , sen t t o FRBanks 2 /2 3 

''^ l^ e n d m e n t t o teim s o f , l e t t e r t o FRBanks i n c l o s i n g cop y 1 2 /2 1 

Proposed changes, mano o f Mr. &nead o u t lin in g c o n fe r 

ence w ith C om p troller o f C urrency and su bsequ en t 

agreement reach ed 1 2 /2 1 

Federal S e c u r itie s C o., w h olly owned s u b s id ia r y o f F ed e ra l 

Trust C o ., Newark, N. J . , p u rch ase o f s to c k o f 

Kearny N a tion a l Bank i s a t l e a s t c o n tr a r y t o 

s p i r i t o f law 1 /2 8 

53 Hanover S tre e t T ru st, requirem ent f o r su b m ission and p u b lic 

a tio n o f re p o rt by New England T ru st Co. 

waived 1 /2 9 

General R e a lty Company, C la yton , M o ., d iv o r c e from S t . L o u is 

County Bank, p lan a p p roved , l e t t e r t o Mr. Wood, 

FRBank o f S t. L o u is 1 1 / 4 

H. A. Douglas M anufacturing C o ., r e p ly t o FRBank o f C h icago 

re req u est f o r su bm ission and p u b lic a t io n o f 

re p o rt o f , by P e o p le s S ta te Bank, B ron son , 

M ic h ., th a t lo a n s on o b l i g a t i o n s do n o t c o n s t i 

t u t e "in d e b te d n e ss" w ith in w a iv e r p r o v is io n s 5 /1 4 

In ter-A m erica C orp ora tion , d is s o lu t io n p ro p o sed by T ransam erica 

C orp oration and re q u e s t f o r p e im is s io n t o h o ld 

Banksmerica C o ., a s e c u r i t i e s company w hich 

would become a f f i l i a t e o f member banks u n t i l 

Nov. 28, 1938, S e c. 20 o f Banking A ct o f 1933 

c o n t r o ls 6 /3 0 

In v e sto rs R ealty Company i s a f f i l i a t e o f C allaw ay Bank o f 

F u lton , M issou ri and Board cannot w aive subm issio 

n o f a f f i l i a t e r e p o r t s by bank 1 1 / 1 1 

Manor Trading C o., i s a f f i l i a t e o f B la ck sh ea r Bank, B la ck sh e a r, 

G a ., by reason o f a f f i l i a t i o n o f A .P . B ra n tle y 

Co. w ith bank, p a st c a l l r e p o r t s n ot t o be r e 

quired 8 / 4 

M ille r Bro6. R ealty C o ., I n c . , requirem ent f o r p u b lic a t io n o f 

re p o rt waived 8 /1 6 

Pav-nee Creamery and Cheese F a cto ry , r e p o r t n ot su bm itted b eca u se 

C itiz e n s S ta te Bank, Pawnee C it y , N e b r ., was 

n ot aware o f r e la t io n s h ip , w hich no lo n g e r exi 

s t s , subm ission n ot re q u ir e d 6 / 1 9 

Pennsylvania Company f o r In su ra n ces on L iv e s and G ran tin g Annuit 

i e s , P h ila d e lp h ia , P a ., e x te n s io n o f tim e f o r 

^ o m is s io n end p u b lic a t io n o f r e p o r t s o f c o n d i- 



° ' 8 / 1 0 

749 

268 

595 

332 

1694 

1692-6 

187 

202 

1504 

714 

908 

1523 

1100 

1150 

856

Affiliates: (C o n tin u e d ) 

P e o p le s T ru st Company o f B ergen C ounty, H ackensack, N. J . , 

must d ie p o s e o f e l l i n e l i g i b l e s e c u r i t i e s o f 

P i e r c e T ra d in g C o ., i s a f f i l i a t e o f B la ck sh e a r Bank, B la ck - 

s h e a r, G a ., by re a son o f a f f i l i a t i o n o f A. P . 

B r a n tle y Co. w ith bank, p a s t c a l l r e p o r ta not 

t o b e r e q u ir e d 

Punche V a l le y Farm s, A n t o n it o , C o l o ., r e p o r t n ot subm itted b e 

ca u s e Commerce T ru st C o ,, K ansas C it y , M o., wae 

unaware o f r e l a t i o n s h i p , n ot t o be r e q u ir e d f o r 

M arch 31 

S ou th w est R e a lt y C o ., B oard i s o f o p in io n th a t company s t i l l i s 

n o t a f f i l i a t e o f S ou th w est Bank o f S t . L ou is 

T h o rn to n L aundry and Dry C le a n in g C o ., r e la t io n s h ip w ith D o lla r 

S a v in g s and T ru st C o ., Youngstow n, O h io, no 

lo n g e r e x i s t s 

T ra n sa m e rica C o r p o r a t io n , d i s t r i b u t i o n o f m a jo r it y o f s to ck o f 

Bank o f A m erica N a tio n a l T ru st and Savings A ssoc 

i a t i o n t o , d o e s n o t d e s t r o y r ig h t o f l a t t e r t o 

p a r t i c i p a t e in e l e c t i o n o f C la ss A d ir e c t o r o f 

FRBank o f San F r a n c is c o in d e p e n d e n tly o f oth er 

banks c o n t r o l l e d by T ransam erica C orp ora tion 

T ri-^C ounty R eal E s ta te C o ., v /a iv e r o f su b m ission o f re p o rt o f , 

by C om n ercia l Bank, D elp h os, O h io , as lo a n w ill 

be r e p a id bank M arch 1 and company w i l l be 

l i q u i d a t e d 

U nion P r o p e r t i e s , I n c . , b oa rd o f d i r e c t o r s , m in o r it y re p re se n ta 

t i o n on by U n ion Bank o f Commerce Company, 

l e t t e r from Mr. F lem in g s t a t in g why i t i s not 

n e c e s s a r y t o amend c o n d it io n s o f membership to 

a llo w , r e p ly t o be se n t a d v is in g o f B o a rd 's 

c o n c u r r e n c e 

W aiver o f r e p o r t s , l e t t e r t o C o m p tro lle r o f th e C urrency on 

p r o c e d u r e f o r 

Wayne T ra d in g C o ., i s a f f i l i a t e o f B la ck sh e a r Bank, B la ck sh ea r, 

G a ., b y rea son o f a f f i l i a t i o n o f A. P. B ra n tley 

Co. w ith bank, p a s t c a l l r e p o r t s n o t to be r e 

q u ir e d 

W estwood T ru st Company, W estwood, Mew J e r s e y , i n e l i g i b l e s e c u r it 

i e s m ust be d is p o s e d o f 

Y ork -H o o v e r Body C o r p o r a tio n , Y ork , P a ., w a iv er o f requirem ent 

th a t York T iu s t Co. p u b lis h c o n d it io n re p o rt o f , 

a s a f f i l i a t i o n has been term in a ted 

A g e n c ie s : 

Havana: 

* P e r s o n n e l c l a s s i f i c a t i o n p la n , chan ges in , approved 

S t a f f : 

F r a z e r , H. C ,, M anager, s a la r y approved 

Savannah: 

S t a f f : 

Bowden, J . H ., M anager, s a la r y approved 

G oeth e, J . A ., A s s is t a n t M anager, s a la r y approved 



9 /1 6 1286 

8/ 4 1100 

6/19 656 

1/11 66 

1 /2 5 159 

1 1 / 5 1506 

2/19 327 

1 2 /2 1 1701 

9 / 9 1245 

6 / 4 1100 

9 /1 6 1286 

3/11 387 

8 /2 0 1170 

1 /1 5 90 

1 /1 5 90 

1 /1 5 90

A gen cies f o l d i n g money t o number bank f o r d e p o s it but n o t a c t in g 

f o r member bank 

A ir c o n d itio n in g : 

FRBank o f A tla n ta : 

E xpenditures f o r in s t a lla t io n a u th o rized 

R eserve set a sid e f o r 

FRBank Of D allas, a d d itio n a l expen d itu re a u th o r iz e d f o r r e a r - 

ranging 

FRBank o f M in n eapolis, re serv e set a s id e f o r a u th o riz e d 

A ir co n d itio n in g u n its in Washington B u ild in g , s a le t o Weaver B ros. 

approved 

A llegheny C orporation and Chesapeake C o rp o r a tio n , p ro p o sed c o n s o l i 

d a tio n , stamped sto ck and c e r t i f i c a t e s o f dep 

o s i t , sta tu s o f under R e g u la tio n T , r e p ly t o 

Mr. Rounds c i t i n g o p in io n o f S e c u r i t i e s and 

Exchange Comni s s i on 

A lle n , Duncan and Duncan, r e p ly to H. T. Duncan in c o n n e ctio n w ith 

r ig h t o f S e c u r ity T ru st C o ., L e x in g to n , K y ., 

t o u n derw rite c e r t a in w ater reven u e bonds o f 

c i t y , th a t such in q u ir y sh ou ld be a d d re ssed t o 

FRBank o f C levelan d 

L e tte r to FRBank th a t no o p in io n caD be ex p ressed on v a l i d i t y 

o f proposed c o n tr a c t and t h a t , as s e c u r i t i e s do 

not come w ith in exem ption t o S e c. 5136, R. S . , 

bank may n ot la w fu lly p a r t ic ip a t e in u n d e r w r itin 

g th e r e o f 

A ltern a tes fo r m'anberE o f tr u s t in vestm en t com m ittee, in q u ir y o f 

Chase N a tion a l Bank 

Altm eyer, A. J . : (S ee S o c ia l S e c u r ity Board) 

American Bankers A s s o cia tio n : 

Earnings and expenses o f S ta te member banks: 

Data f o r 1936, r e p ly t o Mr. Simmonds r e m aking a v a ila b le to 

Data fu rn ish ed by Board, request o f Mr. Bnerson f o r p erm issio 

n t o fu rn ish ea rn in gs datB t o A s s o c ia t io n o f 

R eserve C ity Bankers, l e t t e r to be p re p a re d auth 

o r iz in g 

ted eral savings and loa n a s s o c ia t io n s , a d v ic e from Mr. M ou n tjoy 

o f a p p lic a tio n o f P e o p le s F .S .L .A ., P e o r ia , 

1 1 1 ., to e s t a b lis h a t P ek in , 1 1 1 ., A s s o c ia t io n 

has taken no p o s it io n 

R egional Conference at P ittsb u rg h , Jan. 2 6 -2 9 , a tte n d a n ce by 

members o f B oa rd 's s t a f f l e f t t o d i s c r e t i o n o f 

in te r e s te d D iv is io n heads 

R eguletioL I , c o p ie s o f d r a ft o f amendment to be sen t t o , f o r 

c r it ic is m and su g g e stio n s 

L e tte r sent t o , in c lo s in g p roposed amendment on common 

tr u s t funds 

Trust D iv is io n : 



C onference in New York, Feb. 9 -1 1 , a p p ro p ria te manbers o f 

B oard 's s t a f f a u th o riz e d to be p resen t 

fla n g e o . c o lla t e r a l f o r tr u s t funds in banking departm ent, 

opposed to any change t o w aive requ irem en t t o 

exten t such d e p o s its are in s u re d 

9 /2 4 

1 1 /2 6 

12/21 

10/ 8 

12/21 

7 /3 0 

1 0 /1 3 

6/10 

6/10 

7 /1 7 

5 / 5 

6/11 

7 /2 0 

1 /1 5 

8 /1 9 

9 /2 0 

1 / 6 

3 /1 8 

1P30 

1572 

1698 

1381 

1698 

1010 

1391 

811 

811 

995 

657 

820 

1007 

92 

1160 

1306 

21

A m erican Bar A s s o c i a t i o n : 

v .y a tt, W a lte r , a u t h o r iz e d b y B oard t o a tte n d m eetin g o f , f o r 

p u rp o se o f d is c u s s in g r e v is e d r e p o r t o f comm 

it t e e t h e r e o f 

A m erican I n s t i t u t e o f B anking: 

îRBank o f B o a to n , reim bursem en t o f f e e s o f em ployees f o r c o u r s e s , 

9 /2 2 1316 

no o b j e c t i o n 

S u p p ort o f , b y FRSystem , p a r t i c i p e t i o n , l e t t e r t o a l l p r e s id e n t s 

r e f e r r i n g t o a c t i o n o f P r e s i d e n t s ' C on feren ce 

r e l e a v i n g e x te n t o f , t o in d iv id u a l FRBanks, 

t h a t any e x p e n d itu r e s i n e x c e s s o f t h o s e p re 

v i o u s l y a u t h o r iz e d sh ou ld have advance a p p roval 

3 /1 6 419 

o f B oard 

(S e e a l s o G raduate S c h o o l o f B anking) 

A m erican T e le p h o n e and T e le g r a p h C o .: 

C h ica g o -K a n sa e C it y c i r c u i t , i n s t a l l a t i o n o f TWX equipm ent, l e t 

2 /2 6 352 

t e r t o M r. Adams 

C h ica g o -S a n F r a n c is c o c i r c u i t , c o n v e r s io n t o TWX, s e r v ic e 

ch a rg e and minimum c o s t , equipm ent, d is c o n 

t in u a n c e o f e x i s t i n g le a s e d w ir e , v o u ch ers and 

7 /2 0 1013 

c o n t r a c t s t o b e su b m itte d b y 

P a g e t e l e t y p e equipm ent t o b e i n s t a l l e d on c e r t a in l i n e s on 

9/27 1336 

e x p e r im e n ta l b a s is 1 / 7 44 

A n a ly s e s o f t h e B anking S t r u c t u r e , sta tem en t f o r F R B u lle tin approved 6 /1 5 829 

To b e p u b lis h e d i n A u gu st B u l l e t i n 

R e p r in t from F R B u lle tin t o be fu r n is h e d t o G raduate S ch o o l o f 

6 /2 6 695 

B an kin g i f r e q u e s te d 

Annual r e p o r t s : 

B oard o f G o v e rn o rs f o r 1 9 36 : 

A p p ro v e d , t o b e p r in t e d a s soon a s p o s s i b l e , su bm itted to 

S p ea k er o f H ouse and P r e s id e n t o f S en ate and 

r e le a s e d t o p r e s s , c o p ie s t o be sen t t o a l l 

5 /2 5 1192 

R e p r e s e n t a t iv e s and S e n a to r s 

S a l a r i e s o f o f f i c e r s o f FRBanks, p u b lic a t io n o f , o f P r e s i 

d e n ts and V i c e P r e s id e n t s q u e s tio n e d by Mr. 

B r o d e r ic k , l i s t t o be p u b lis h e d in form u t i l 

6 /1 8 851 

i z e d i n 1935 r e p o r t 

7 /2 0 1010 

S u b m issio n t o C o n g re s s , e f f o r t sh ou ld be made t o a ccom p lish 

b y M arch 1 ea ch y e a r , p o l i c y r e c o r d e n t r ie s to 

b e su b m itte d t o B oard p ro m p tly t o e x p e d ite 

a p p r o v a l o f r e c o r d 

F e d e r a l D e p o s it In s u r a n c e C o r p o r a t io n , t a b l e and statem ent p ro 

p o sed t o be in c o r p o r a t e d , b a sed in p a r t on 

f i g u r e s fu r n is h e d b y b o a rd , l a t t e r t o Mr. 

6 /1 8 851 

Thom pson, s u g g e s t in g m o d ific a t io n s 6 / 8 795 

R e v is e d s ta te m e n t, no o b j e c t i o n t o p u b lic a t io n 

FRBanks: 

6 /1 6 845 



D is c o n t in u a n c e o f , te le g ra m t o FRBanks th a t a l l but two 

h a ve a g re e d t o , and a d v is in g th a t banks a re fr e e 

t o p u b lis h annual r e v ie w o f econ om ic developm ents 

in r e p o r t t o s t o c k h o ld e r s , s u b je c t to re v ie w by 

B oard 1 / 6 31

Annual re p o rts: (C ontinued) 

^ p o r t ^ o " t o ^ o l d s r s t o be s u i t e d o n ly when c o n t a in in g 

review o f econom ic developm ents -V 

A rb itra g e: (See S e c u r itie s exchange a d m in istra tio n ) 

^ " ^ S u s p e n s i o n s , 1931-1936, q u estion o f p u b lic a t io n I n J R B u l l . - 

t in put on docket f o r fu r t h e r c o n s id e r a t io n 1 1 /^ 3 

P u b lic a tio n in Decanber is s u e o f F R B u lletin a u th o r iz e d 1 1 /3 6 

F R B ulletin: - 

Program o f p u b lic a tio n o f fa c t u a l a r t i c l e s u n der names o l 

w r ite r s su g g ested , R esearch D iv is io n t o d r a ft 

p r e fa c e , Croup Banking a r t i c l e may be in c lu d e d 5 /2 1 

Statsnent f o r p u b lic a tio n as e x p la n a tio n o f s p e c ia l a n a ly s e s 

o f banking s tru c tu r e to appear su b seq u e n tly 6 /1 5 

S t a t is t ic a l a n a ly s is n ot y e t c le a r e d w ith FDIC, t o be 

p u blish ed in August is s u e o f B u lle t in 6 /2 6 

" f i e l d Warehouse R e c e ip ts ", t e x t o f a r t i c l e r e , p u b lis h e d by 

Bureau o f A g r ic u lt u r a l E con om ics, t o be p u b lis h e d 

in F R B u lletin 4 /2 6 

Group Banking, prepared in co n n e ctio n w ith bank su sp e n sio n 

study, q u estion o f tim in g o f p u b lic a t io n in 

F R B u lletin , t o be one o f group t o appear l a t e r 5 /2 1 

(See a ls o supra FR B ulletin) 

P u b lica tion by members o f B o a rd 's s t a f f , r e p ly t o M r. Norwood 

r e B oard 's p o l i c y as t o 4 / 9 

Assessments on FRBanks f o r B o a rd 's expen ses: 

R esolu tion le v y in g , coverin g ren t o n ly u n t i l end o f J u ly , c o s t s 

o f occupancy o f new b u ild in g and expen se o f 

m aintenance o f b u ild in g 6 /2 3 

R esolu tion le v y in g 1 2 /2 3 

A ssocia tion o f R eserve C ity Bankers, ea rn in g s d ata o f S ta te member 

banks, request o f Mr. lanerson th a t ABA be 

granted p erm issio n t o fu r n is h t o , l e t t e r t o be 

prepared a u th o r iz in g 6 /1 1 

Auditing departments o f FRBanks: 

FRBank o f C hicago, re p o rt o f su rvey, l e t t e r t o D eputy Chainnan 

r e , c r i t i c i s e o f n o n -a u d itin g d u t ie s , t o b e k ep t 

c o n fid e n t ia l 6 / g 

Survey to be made o f , by Board 1 /2 9 

Recommendation o f Mr. B ro d e rick th a t such a su rvey be made, 

approved i / g o 

Audits: 

^ o: Board, l e t t e r to FRBank o f C levela n d r e c o n tin u in g 

arrangement whereby Mr. Grayson and bank a u d it o r s 

make, number o f a u d its p e r y e a r t o be red u ced 

two and p er di^n a llow a n ce t o be red u ced 4 / 3 

^jiBank o r Kansas C ity , Board d e s ir e s c o p ie s o f p e r io d ic d e p a r t- 

pp. . . ^ ^ m ental a u d its and g en e ra l a u d its o f b ra n ch es 5 / 4 

o . .New Y ork, annual b a la n ce sh eet a u d it d is c o n tin u e d and 

. ^ o tn e r a u d its t o be made in p la c e t h e r e o f 6 /1 7 

^ n g e r , George R ., J r . , r e p ly o f Board on cash b a la n ce t o o sm all 



to be in v e ste d s e p a ra te ly w ith in th e meaning? o f 

R egu lation F 

9 / 9 

384 

1559 

1569 

731 

629 

895 

606 

731 

532 

874 

1729 

620 

792 

191 

193 

504 

641 

648

A u to m o b ile s , p u rch a s e o f two f o r u a e o f Board d a u b e r s, and s t a f f 

f o r u s e on o f f i c i a l b u s in e s s 7 /2 0 1011 

P u rch a se o f lim o u s in e and sedan r e p o r t e d by M r. M o r r ill 8 / 2 1083 

A w a it, F. A tto r n e y f o r N a tio n a l C it y Bank o f New Y ork, p re sen t 

a t m e e tin g o f b oa rd 8 /1 4 1136 

Bank f o r I n t e r n a t io n a l S e ttle m e n t s : 

A c c e p ta n c e s , e l i g i b l e d o l l a r b a n k e rs, p u rch ase o f . Board i s in 

a c c o r d w ith v ie w s e x p r e s s e d by FRBank o f New 

Y ork i n r e p l y t o 1 0 /2 3 1435 

N a t io n a l Bank o f H ungary, c e n t r a l bank c r e d i t s t o , r e p ly to 

FRBank o f New Y ork o f f e r i n g no o b je c t i o n to 

t r a n s m it t in g p r o p o s e d l e t t e r t o 4 /1 3 549 

A d v ic e t h a t H u n garian N a tio n a l Bank i s a rra n g in g t o pay 

i n t e r e s t on c r e d i t s 7 / 8 938 

P u r ch a s e o f b i l l s f o r a c c o u n t o f , co rresp o n d e n ce w ith FRBank o f 

New Y ork i n d i c a t i n g p o s s i b l e e a r ly re q u e s t f o r , 

q u e s t io n r a is e d a s t o a u t h o r it y o f FRBank under 

p r o c e d u r e r e c e n t l y a d o p te d 1 /2 1 129 

R eview and e f f e c t o f p r a c t i c e , FRBank a u th o r iz e d t o purchase 

f o r f o r e i g n c e n t r a l banks and Bank f o r In te rn a 

t i o n a l S e t tle m e n ts w it h in f ix e d lim i t 1 /2 2 140 

L e t t e r t o FRBank o f New Y ork c o n fir m in g a p p roval and 

c l a r i f y i n g p r o c e d u r e f o r r e l a t i o n s w ith fo r e ig n 

banks 2 / 9 262 

Shipm ent o f $ 1 0 ,0 0 0 ,0 0 0 g o ld b a r s t o FRBank o f New York f o r 

p u r p o s e m a in ta in in g o r d e r l y m arket i n B elgium , 

98% o f v a lu e t o be advanced a s a u th o riz e d 

p r e v i o u s l y 9/17 1297 

Bank lo a n s on s e c u r i t i e s : 

A p p lic a t io n o f R e g u la tio n U t o lo a n t o s e c u r i t i e s d e a le r f o r 

p u r c h a s e o f b o th r e g i s t e r e d and u n r e g is te r e d 

s t o c k s , r u l i n g t o be p u b lis h e d i n F R B u lletin 4 / 2 6 606 

B ro k e r m aking tw o lo a n s from bank, p le d g in g own s e c u r i t i e s to 

c o l l a t e r a l o n e , and cu stom ers f o r o t h e r , memo 

o f M r. S olom on , B oard a g r e e s w ith answ ers t o 

q u e s t io n s i n c o n n e c t io n w ith , by FRBank o f New 

Y ork 2 / 3 245 

C o n s o lid a t io n o f lo a n made p r i o r t o May 1 and one made subsequent 

b y C o n tin e n ta l-A m e r ica n Bank and T ru st 

C o ., S h r e v e p o r t, L a . 3 /1 6 417 

D eb en tu res o f A f f i l i a t e d Fund, I n c . , d r a ft o f r e p ly t o Deputy 

C o m p tr o lle r s t a t i n g t h a t i f th e y a re s e c u r it ie s 

u n d er S e c . 5136, R .S . , th e y a re not s u b je c t to 

R e g u la tio n U a s i t i s w r it t e n , a p p roved , Mr. 

Ransom v o t in g " n o " , t o be h e ld f o r r e c o n s id e r a 

t i o n o f M r. Szymczak 6/11 818 

P u b l i c a t i o n o f r u l in g i n F R B u lle tin approved 7 /2 2 10P3 


Federal Reserve Bank of St. Louis

Bank lo a n s on s e c u r it ie s : (C ontinued) ^ ^ 

B .ta n n ia a tion o f market value o f stock fa r 

t io n U, m l i n c t o be p u b lish e d in F R B u lle tin 3 /1 8 

D igest o f R egu lation U. FRBank o f San F r a n c is c o , q u e s tio n s su g - 

g ested f o r in c lu s io n 3 / 3 

Indebtedness fo r purpose o f plOOO exem ption in R e g u la tio n U, 

re p ly t o M anufacturers N a tion a l Bamf o f D e t r o it 

that r e a l e s ta te lo a n s and n o n co n tin g e n t l i a 

b i l i t i e s on com m ercial p aper sh ou ld be i n 

cluded ^ 

L im ited guaranty o f th ir d p a rty in c a lc u la t in g maximum lo a n 

valu e Of c o l l a t e r a l t o lo a n under R e g u la tio n U, 

re p ly t o FRBank o f M in n ea p olis a g r e e in g th a t 

guaranty should n ot be taken i n t o c o n s id e r a t io n 1 / 5 

Loan by bank f o r purpose o f en a b lin g w arrant h o ld e r s t o p u rch ase 

stock o f S ea rs, Roebuck and Co. exempt from 

R egu lation U in circu m sta n ce s, r e p ly t o FRBank 

o f Chicago l / 9 

Loan to customer o f 45& but b e fo r e n o te and c o l l a t e r a l a re deliv 

e r e d market p r ic e d e c lin e s , r e p ly t o Mr. 

S ih le r a g reein g th a t p ro p e r tim e o f d eterm in a 

t io n o f valu e i s tim e o f making agreem ent 2 /2 3 

Loan made by C entral Bank o f Oakland, C a l i f . , t o d e a le r t o p u rchase 

s e c u r it ie s m ost o f which a re u n r e g is t e r e d , 

h eld s u b je c t to R egu la tion U 4 / 5 

Loans to member film s fo r c e r ta in p u rp o ses, a p p l i c a b i l i t y o f 

R egu lation U to th re e ty p e s p r e s e n te d by 

Chemical Bank and T ru st C o ., amendment t o 

R egu lation n ot a d v is a b le 5 / 7 

Loans on l i s t e d s e c u r it ie s o f investm ent c h a r a c t e r , s u g g e s tio n 

o f C a lifo r n ia S e c u r ity D e a le r s A s s o c ia t io n 

that R egu lation U be amended t o p erm it la r g e r 

loa n s on, Board u n w illin g t o p a ss on r e l a t i v e 

m erits o f s e c u r i t i e s 6 /1 0 

Loan t o investment tr u s t t o r e t i r e d e b e n tu re s, r u lin g r e app 

l i c a b i l i t y o f R e g u la tio n U t o , t o be p u b lis h e d 

in F R B u lletin 7 /2 2 

Old lo a n s, c o lla t e r a l, r e p ly t o Mr. Sargent th a t s u b s t it u t io n 

o f cash f o r s e c u r i t i e s and r e s u b s t it u t io n o f 

r e g is t e r e d s e c u r i t i e s a s , does n ot change s t a tu s 

as o ld lo a n 8 / 5 

a ib s tit u t io n o f r e g is t e r e d s to c k s as c o l l a t e r a l f o r lo a n made 

t o purchase u n r e g is te r e d s t o c k s , in q u ir y o f 

S e a t t le -F ir s t N a tion a l Bank 6 /2 5 

"Suggestions to Examiners r e R egu la tion U ", memo p repared by 

Mr. Rounds, FRBank o f New Y ork , f o r d is t r ib u 

t io n to S ta te banking departm ents in d i s t r i c t 

to FDIC, change su ggested and mano approved 7 /2 2 

ir a n s fe r o f lo a n , e s s e n tia ls o f , in d eb ted n ess and c o l l a t e r a l t o 

be tra n s fe rred , and d eterm in ation o f f a c t s r e 

garding, r u lin g s in t e r p r e t in g R e g u la tio n U, 

re p ly t o Mr. Rounds 7 / 1 5 

R ulings to be p u blish ed in F R B ulletin 7 / 2 2 



437 

655 

917 

10 

59 

333 

508 

668 

810 

1024 

1109 

888 

1022 

960 

1023

Bank lo a n s on s e c u r i t i e s : (C o n tin u e d ) 

V i o l a t i o n s o f R e g u la tio n U by t h r e e nonmember bank3 i n New 

Y o rk , p a r t i c u l a r l y U n d e rw rite rs T ru st Co. in 

a c t in g as c l e a r i n g a g e n ts f o r o v e r th e co u n te r 

b r o k e r s and d e a l e r s , t o con form i n fu t u r e 7 / 6 

Bank o f E n gla n d : 

M yn ors, h ea d o f E con om ics and S t a t i s t i c s S e c t io n , t o spend some 

tim e a t P r in c e t o n I n s t i t u t e f o r A dvanced Study 

and t o v i s i t FRBank o f New Y o rk , no comment in 

v ie w o f p r o c e d u r e r e c e n t l y adop ted l / 4 

N ie m e y e r, S i r O tto E . , g r a n te d le a v e t o v i s i t U .S . as manber 

o f B r i t i s h C o u n c il o f F o r e ig n B on d h old ers t o 

d i s c u s s m a t t e r s w ith F o r e ig n B on d h old ers P ro 

t e c t i v e C o u n c il, t o v i s i t FRBank o f New Y ork, 

no comment in v ie w o f p r o c e d u r e r e c e n t l y adop ted 1 / 4 

Bank s u s p e n s io n s tu d y : 

A r t i c l e on g ro u p b a n k in g p r e p a r e d i n c o n n e c tio n w ith , q u e s tio n 

o f t im in g o f p u b l i c a t i o n i n F R B u lle tin 5/21 

Shennan, M e r r i t t , M r. G o ld e n w e is e r a u th o r iz e d t o n e g o t ia t e w ith 

FRBanx o f San F *rancisco f o r tem p orary s e r v ic e s 

o f , i n c o n n e c t io n w ith 3 /1 5 

Bank s u s p e n s io n s : 

B ranch , grou p and ch a in b a n k s , r e q u e s t b y FDIC f o r in fo r m a tio n 

p e r t a i n i n g t o 9 /1 6 

1 9 2 1 -1 9 3 6 , p u b l i c a t i o n o f r e v ie w in F R B u lle tin t o be c o n s id 

e r e d l a t e r 1 1 /2 3 

P u b l i c a t i o n i n D ecem ber i s s u e o f B u l l e t i n a p p roved 1 1 /2 6 

B a n k e r 's Alm anac and Y e a rb o o k , s u b s c r ip t io n approved 1 0 /1 5 

B anking q u a r t e r s : 

Bank o f C arm el, C a l i f o r n i a , p u rch a s e o f s i t e and e x p e n d itu re 

f o r im p r o v in g p r s n is e s a p p roved e /2 3 

Bank o f New Y ork and T r u s t C o ., New Y o rk , N. Y . , B o a r d 's app 

r o v a l was n o t s e c u r e d f o r in v estm en t in branch 

s i t e , a p p ro v e d 3 /1 0 

No o b j e c t i o n t o p r o p o s e d a d d it io n a l in v estm en t i n 5 / 5 

B o u r b o n -A g r ic u lt u r a l Bank and T ru st C o ., P a r i s , K y ., m em bership 

c o n d i t i o n on d e p r e c ia t io n o f bankin g hou se 

p a r t i a l l y w a iv ed 7 / 1 

C it iz e n s Bank, H a r t fo r d , K en tu ck y , e x p e n d itu r e f o r p u rch a se o f 

b u i l d i n g a p p roved 8 /3 1 

D e p o s it o r s T r u s t C o ., A u g u sta , M e ., no o b j e c t i o n t o p u rch a se o f 

s i t e and e r e c t i o n o f b u ild in g f o r B ooth bay 

H arbor b r a n ch , a u t h o r it y f o r p u rch a se o f 

q u a r t e r s o c c u p ie d by o t h e r b ra n ch es s t i l l in 

f o r c e 4 /2 8 

F anners and M erch a n ts S t a t e Bank o f D a r lin g to n , I n d . , FuBank 

o f C h ica g o a u th o r iz e d t o g ra n t i n d e f i n i t e ext 

e n s io n o f tim e f o r co m p lia n ce w ith membership 

c o n d it io n r e q u ir in g rem oval o f b u ild in g and 

lo a n a s s o c i a t i o n 2 / 6 

G ary-W heaton Bank, W heaton, 1 1 1 ., rem oval o f Wheaton M ortgage 

Company u n d er c o n d it io n s o f membership 8 /2 5 



11 

Pagea 

926 

1 

1 

731 

401 

1293 

1559 

1569 

1392 

1177 

378 

644 

915 

1207 

613 

240

Banking q u a rters: (C ontinued) p u rch ase o f q u a r te r s 

Hagerstown Trust C o., Hagerstown M d., purcn as q ^ 

o ccu p ied approved 

t io n o f "in vestm en t" 

L orain S tre e t Bank, C levela n d , O hio, p e rm issio n o f Board was n o t 

secured f o r purchase o f p r o p e r ty o c c u p ie d by 

Lakewood branch, no o b je c t i o n as th e r e was no 

in te n tio n t o v i o l a t e m anbership c o n d it io n 3 /1 0 

Mindsn Bant and Trust C o ., M inden, L a ., no o b je c t i o n t o p ro p o s e d 

purchase o f banking hou se , 

P eop les S tate Bank o f Bronson, M ich igan, p u rch ase o f new b u i l d - 

in g a u th orized l < y l o 

P roviden t Trust Company o f P h ila d e lp h ia , P a ., no o b je c t io n to 

proposed expen d itu re t o p r o v id e f o r fu t u r e expansion 

4 

Southern A rizona Bank and T ru st C o ., T u cson , A r i z . , e x p e n d itu r e s ^ 

f o r a lt e r a t io n s and r e p a ir s approved 4 /1 5 

West Side Bank, M ilwaukee, W is ., purch ase o f b u ild in g w ith ou t o b 

ta in in g p en n ission o f B oard, no o b je c t i o n 5 /2 8 

Banking stru c tu re , l e g i s l a t i o n t o im prove, d is c u s s io n o f p o s s i b l e 

fom is f o r 2 / 2 

Bankruptcy A ct: 

Chandler B i l l to emend, c o n s id e r a tio n by F ed era l A d v is o r y 

Council o f th a t p a r t o f b i l l w hich w ould p r o 

h ib it banks from o f f s e t t i n g d e p o s it s o f bankrupts 

a gain st t h e ir o b lig a t i o n s t o banks 2 /1 6 

Statement prepared by C o u n cil, a d v ic e th a t r e v i s i o n o f 

b i l l would be in tro d u ce d in House 2 /1 6 

Banks Business C o lle g e , re p ly to Congressman Kennedy r e H .R, 6319, 

fo r " R e lie f o f " , th a t Board d id n o t have i n f o r 

m ation req u ired and i n c l o s i n g sta tem en ts o f 

FRBank o f P h ila d e lp h ia r e 7 /1 3 

B ates, D. W. , Superintendent o f Banks o f Iow a, i n t e r e s t on demand 

d e p o sits o f p u b lic fu n d s, th r e e b i l l s i n House 

to extend tim e member banks may p ay, in l i n e 

w ith su g g estion s o f , a t co n fe r e n c e w ith Board 2 / 9 

(See a lso Superintendent o f Banks o f Iowa) 

Belgium: 

Advance by FRBank o f New York t o Bank f o r I n t e r n a t io n a l S e t t l e 

ments t o a id exchange in 9 /1 7 

B e ll, D. V.',: (See D ir e c to r o f th e Budget) 

Bellman, J. J ., B rooklyn, New Y ork, b rok er may ask custom er t o p ro 

v id e margin f o r sh ort s a le 6 made p r i o r to 

November 1 i f he w ish es, r e p ly t o 1 1 /2 2 

B erger, G. Fred: (S ee Pennsylvania Bankers A s s o c ia tio n ) 

Binaerup, Congressman C harles G ., m onetary a u th o r ity b i l l o f C on gressman 

Patman, a s s is ta n c e o f B o a r d 's s t a f f i n r e 

d ra ftin g , s e r v ic e to be lim it e d 5 /1 1 

Black, Hitnne, l e t t e r from Mr. Robert on p la c in g o f bust i n B o a r d 's 

new b u ild in g 1 1 /2 3 



416 

346 

379 

598 

1675 

231 

560 

762 

214 

299 

300 

960 

256 

1297 

1551 

680

B la c k , S e n a t o r H ugo, minimum w ages and maximum h o u r s , l e t t e r th a t 

any law s h o u ld be a p p lie d by FRBanking system 

and in fo r m a t io n r e q u e s te d r e c o n d it io n s at 

Birmingham B ra n ch , M r. P a r k e r t o come to Washin 

g t o n t o d is c u s s and S e n a to r t o be a d v is e d 

t h a t B oard s e e s no re a s o n why a p p lic a t io n to 

system s h o u ld n o t b e made 

R eview b y Air- 

B la n to n , G e o rge: 

B l i s s , F. W a lte r : 

P a r k e r o f c o n v e r s a t io n w ith S e n a to r B lack 

(S e e N a t io n a l b a n k s, F i r s t N a tio n a l Bank o f 

S h e lb y , N. C .) 

(S e e N a t io n a l b a n k s, F i r s t N a tio n a l Bank o f 

M id d le b u rg h , New Y ork) 

B oard o f G o v e rn o rs o f FRSystem 

A c c o u n ts : 

A u d it s , l e t t e r t o FRBank o f C le v e la n d r e c o n tin u in g a rra n gem 

ent w h ereby M r. G rayson and bank a u d it o r s 

m ake, number o f a u d it s p e r y e a r t o be red u ced 

t o two and p e r diem a llo w a n c e t o be red u ced 

T r a n s fe r s fro m s p e c i a l a c c o u n t t o F i s c a l A g e n t 's accou n t 

and t o B u ild in g a c c o u n t , r e q u i s i t i o n s in fu tu re 

t o be s ig n e d b y S e c r e t a r y o r a Board member 

A d m in is t r a t io n : 

C a sh in g o f p a y r o l l c h e c k s and ca sh paym ents a u th o r iz e d under 

F i s c a l A g e n t 's p la n s 

S e c r e t a r y d e s ig n a t e d c h i e f a d m in is t r a t iv e o f f i c e r 

A nnual r e p o r t f o r 1 9 36: 

A p p ro v e d , t o b e p r i n t e d a s soon a s p o s s i b l e , su b m itted to 

S p e a k e r o f H ouse and P r e s id e n t o f S en a te and 

r e le a s e d t o p r e s s , c o p i e s t o b e s e n t t o a l l 

R e p r e s e n t a t iv e s and S e n a to r s 

S a l a r i e s o f o f f i c e r s o f FRBanks, p u b l i c a t i o n o f , o f P r e s i 

d e n ts and V i c e P r e s i d e n t s q u e s tio n e d by Mr. 

B r o d e r ic k , l i s t t o be p u b lis h e d i n form u t i l 

i z e d i n 1 9 3 5 r e p o r t 

S u tz n issio n t o C o n g r e s s , e f f o r t s h o u ld b e made t o a cco m p lis h 

b y M arch 1 ea ch y e a r , p o l i c y r e c o r d e n t r i e s t o 

b e s u b m itte d t o B oard p ro m p tly t o e x p e d it e app 

r o v a l o f r e c o r d 

A u to m o b ile s f o r u s e o f B o a rd , p u r c h a s e o f lim o u s in e and sedan 

r e p o r t e d by M r. M o r r i l l 

L e t t e r t o M a n u fa c t u r e r s ' C a s u a lty In s u r a n c e C o ., P h ila d e lp 

h ia , P a . , r e p r o p o s e d in s u r a n c e p o l i c i e s 

B u d g e t: 

A d d it io n a l amount a u t h o r iz e d t o p r o v id e f o r com m unication 

s e r v i c e , s u p p lie s and m a t e r i a l s , and r e p a ir s 

t o equipm en t i n s e v e r a l d i v i s i o n s 

B oard m em bers' o f f i c e s , a d d i t i o n a l sum t o p r o v id e f o r r e 

p a i r s t o equipm en t i n , a p p roved 

& id g e t f o r y e a r 1 9 38 a p p roved 

B u ild in g , b u d g e t f o r b a la n c e o f y e a r approved 

C o u n s e l 's o f f i c e , sum added f o r p r i n t i n g , e n g ra v in g , b in d 

i n g , e t c . 



6/15 

6 /1 8 

4 / 3 

3 /1 0 

9 /1 4 

6 /1 5 

834 

850 

504 

384 

1277 

831 

6 /1 8 851 

7 /2 0 1010 

6/18 

8/ 2 

8/11 

851 

1088 

1127 

1 1 /1 5 1535 

10/12 

12/21 

9 / 2 

1389 

1708 

1220

Boerd o f Governors o f FRSystso: (C ontinued) 

Budget: (Continued) ^ ^ . 

'D iv is io n o f Research and S t a t i s t i c s , sum aaded t o p r o v id e 

f o r p h o to s ta tin g and p la n ogra p h in g through t o 

end o f cu rren t year 1 2 / 2 2 

F is c a l Agent, a d d itio n a l amount a u th o riz e d f o r p r in t in g o f 

checks S /3 0 

P rin tiD g , sum added to item o f , approved 1 1 / 5 

S e c r e ta r y 's o f f i c e , sum o f ^250 added t o f o r p r in t in g 9 /2 0 

sta n d ard iza tion o f form end manner o f p r e s e n ta t io n o f , 

S ecreta ry d ir e c te d t o e f f e c t , end t o p re s e n t 

each year not l a t e r than D ec. 1 6 /1 5 

B u ild in g: 

A rch ite ctu ra l s e r v ic e s , vou ch er o f Mr. C ret c o v e r in g 

tra v e l expen ses, s p e c ia l in s p e c t io n fe e s and 

m iscella n eou s expen ses, in c lu d in g two fe e s to 

Mr. Moody, c o n s u ltin g m ech anical e n g in e e r 7 /2 1 

Automobiles, purchase o f two a u th o rized f o r u se o f Board 

members, s t a f f members and m essenger s e r v i c e 7 /2 0 

Purchase o f C h rysler Im p eria l lim o u sin e and R oyal Sedan 

rep orted by Mr. M o r r ill 8 / 2 

C a fe te ria , lik e lih o o d o f o p e ra tio n a t l o s s , C ounsel s a t i s 

f ie d Board can absorb l o s s l e g a l l y , r e v ie w o f 

reasons f o r o p e r a tio n , m otion a u th o r iz in g 

o p era tion c a r r ie d , Mr. Ransom v o t in g "n o " 4 /2 1 

Mr. Szymczak in a ccord w ith view s o f m a jo r it y o f members 4 /2 1 

Agreement with W elfare and R e c r e a tio n a l A s s o c ia t io n 

fo r op era tin g 5 /1 3 

Purchase o f equipment and u t e n s i l s a u th o r iz e d 6 / 2 1 

Dining room to be open on Saturday t o s e rv e lu n ch eon 

t o members o f th e F ed era l Onen M arket Committee 

and cost o f luncheon f o r r e p r e s e n t a t iv e m anbers 

o f the Committee, M essrs. W illia m s and B u rgess, 

to be absorbed 9 /1 0 

Recommendation that Board assume c o s t o f lu n ch eon s o f 

ce r ta in g rou p s, FRBanks r e p r e s e n t a t iv e s t o be 

gu ests o f in d iv id u a l Board members o r t h e i r 

s t a f f 9 /1 6 

Carpenters' s t r ik e , q u estion o f u s in g a c o u s t ic p la s t e r in 

p la c e o f t i l e t o r e l i e v e , Mr. M o r r ill a u th o riz e d 

to endeavor t o s e t t l e w ithout c o s t t o Board but 

t o agree t o payment o f lim ite d amount as comprom 

ise 4/ 2 Q 

Completion, p ro g re ss tow ard, r e fe r e n c e by Chaiiman E c c le s 

to p resen t sta tu s o f and th a t he had c a lle d 

Mr. ^randall who assured him n e ce s sa ry a c t io n 

would be forth com in g 7 / 1 *? 

Mr. D is tle r in fo m e d Chainnan th a t a d d itio n a l work was 

being done and b u ild in g would be com pleted by 

July 26, Chainnan t o in s p e c t b u ild in g J u ly 1 5 , 

i^r. M o r r ill under in s t r u c t io n s t o w ith h old sum 

ryt June voucher to b rin g up t o 10% amount r e 

tained by Board 7 / 1 3 



1721 

1205 

1513 

1308 

831 

1019 

1011 

1088 

582 

583 

709 

864 

1249 

1294 

579 

954

B o a r d o f G o v e rn o rs o f FRSystem: (C o n tin u e d ) 

B u ild in g : (C o n tin u e d ) 

C o m p le tio n : (C o n tin u e d ) 

U n d e s ir a b le f o r any p a r t o f s t a f f t o o ccu p y b u ild in g 

u n t i l i t i s co m p leted 

T elegra m t o G eorge A . F u l l e r Co. r e f a i l u r e t o work 

p a in t e r s S a tu rd a y and Sunday 

C ost o f b u i l d i n g , FRBanks a u t h o r iz e d t o ch a rge o f f amount 

p a id d u r in g 1937 

D in in g room t o be op en ed t o s e r v e lu n ch eon t o members o f 

F e d e r a l Open M arket Com m ittee and i t s s t a f f and 

c o s t t o be a b s o rb e d by b oa rd 

Equipm ent and o p e r a t io n , end t r a n s f e r o f B o a r d 's o f f i c e s t o , 

P e r s o n n e l C om m ittee a u t h o r iz e d t o d e c id e e l l 

q u e s t io n s r e 

F e d e r a l A d v is o r y C o u n c il m e e tin g s . Board o r C on feren ce Room, 

lu n c h , and o f f i c e s , made a v a ila b le f o r , l e t t e r 

t o Mr. L i c h t e n s t e i n 

F u r n is h in g s and eq u ip m en t: (S e e a ls o i n f r a P u rch a se o r d e r s ) 

A d d re s s o g ra p h w it h a tta ch m e n ts and B oston M r e S t it c h e r , 

p u r c h a s e a u t h o r iz e d 

Amount and c o s t o f , Mr* M o r r i l l a u th o r iz e d t o purchase 

and c o n t r a c t w it h in l i m i t s o f e s t im a te s , any 

e x c e s s t o be su b m itte d t o Board 

Board m em bers' s e c t i o n , m onumental s t a i r c a s e , lo b b y 

and p r i v a t e d in in g room s, r e v ie w by Mr. M o r r i l l , 

P e r s o n n e l C om m ittee a u th o r iz e d t o approve cont 

r a c t s w it h in e s tim a te d c o s t 

C o n tr a c t aw arded t o & J . S lo a n e , a r t i c l e s in 

Ite m N o. 80 t o be p u rch a sed on s c h e d u le , S e c r e 

t a r y a u t h o r iz e d t o make m in o r chan ges 

P a r t i a l paym ent t o & J . S lo a n e , Co. on c o n tr a c t 

D odge t r u c k , p u r c h a s e o f , a u th o r iz e d 

D u p lic a t in g and m a ilin g eq u ip m en t, p u rch a se a u th o riz e d 

E l e c t r i c a l c i r c u i t i n g in c o r r i d o r s , payment f o r ch an gin g 

o f a u t h o r iz e d 

F i l i n g equip m en t, d i f f e r e n c e in c o s t betw een b id s and 

G e n e ra l S u p p ly S c h e d u le , P e r s o n n e l Committee 

a u t h o r iz e d t o d e te rm in e which equipm ent sh ou ld 

b e p u rch a sed 

C o n tra c t awarded t o G en era l F ir e p r o o f in g Co. f o r 

fu r n is h in g o f f i l i n g equipm ent and fu r n it u r e 

P u r ch a s e o f f i l i n g equipm ent as l i s t e d in o r d e r s 

N os. 1 8 8 8 , 1 8 8 9 , 1890 and 1891 a u th o riz e d 

F u r n is h in g o f c e r t a i n a r e a s , em ployment o f Mr. Cret in 

c o n n e c t io n w it h , a u t h o r iz e d 

F u r n it u r e f o r C a f e t e r i a , p u rch a se a u th o r iz e d 

F u r n it u r e t o be d is p o s e d o f , h ig h b id o f Commercial 

O f f i c e F u r n it u r e Co. a c c e p t e d , and a cce p ta n ce 

o f b id o f W eaver R r o s . f o r t h r e e a i r c o n d it io n 

in g u n it s now in u se 



7 /1 3 

7 /3 3 

12/21 

9 /1 0 

4/21 

11/17 

6 /2 4 

4 /1 6 

955 

1029 

1699 

1249 

584 

1542 

885 

567 

4 /3 0 626 

5 /1 0 

9 /1 5 

6 /2 3 

6 / 3 

672 

1279 

877 

775 

1 2 /2 8 1749 

4 /3 0 

5 /1 3 

8 /1 3 

1 /1 8 

6 /1 4 

627 

706 

1135 

110 

828

Board o f G overnors o f FRSystem: (C ontinued) 

B u ild in g : (C ontinued) 

F u rn ish in gs and equipm ent: (C on tin u ed / _ . , 

I n t e r io r tele p h o n e systan o f fo u r s t a t io n s in Chairman 

o f f i c e s and moving p re s e n t system , c o n t r a c t 

awarded D ictograph P ro d u c ts Co. f o r i n s t a l l a 



t io n o f 

L ig h tin g fix t u r e s , award o f c o n t r a c t t o H arry A le x a n d e r, 

In c . 

P o in tin g , no o b je c t io n t o award o f c o n t r a c t t o Norman 

Campbell fim * 

Push b u tton , b u zzer and a n n u n cia to r system and te le p h o n e 

o u t le t s , c o n t r a c t awarded t o H arry A le x a n d e r, 

I n c . 

Rugs, a d d itio n t o budget f o r p u rch ase o f new, and r e n o 

v a tion o f e x is t in g 

Payment to Groome E areckson f o r sp re a d in g , c u t t in g 

and b in d in g 

S teel s h e lv in g , c o n t r a c t awarded DeLuxe M etal F u r n itu r e 

Co. f o r d e liv e r in g , m oving and i n s t a l l i n g 

S te e l sh e lv in g and fu r n it u r e , c o n tr a c t awarded t o 

Rgnington Rand, I n c . 

V enetian b lin d s , c o n tr a c t l e t w ith W estern V e n e tia n 

B lind Co. to fu rn ish 

I n s t a lla t io n o f s ix V en etian b lin d s in c a f e t e r i a , 

b id a ccep ted 

Insuran ce: 

F ir e , on new b u ild in g , r e le a s e o f G eorge A. F u l l e r Company 

from r e s p o n s i b i lit y f o r c o n tin u in g t o c a r r y 

M r s , p u b lic l i a b i l i t y , f l o o d , e t c . , i n v e s t ig a t io n and 

rep ort to be made on 

Personnel committee a u th o rized to p r o v id e 

Insurance bought through S tock Company A s s o c ia t io n 

Map fo r Board Room, in c re a s e in com pensation f o r M r. Ezra 

W inter approved becau se o f in c r e a s e i n s i z e o f 

map 

M ed allion , rep ort o f Mr. M o r r ill th a t he had a d v is e d S e n a to r 

C arter C lass o f d e s ir e t o p la c e p o r t r a i t r e l i e f 

in , a ft e r r e tir e m e n t, w ith s u it a b le i n s c r i p t i o n , 

a u th o rity granted t o have p o r t r a i t r e l i e f made 

M ille r , A. C ., l e t t e r t o , acknow ledging d ebt o f g r a t it u d e 

due l o r e f f o r t s in con n e ctio n w ith c o n s tr u c t io n 

o f new b u ild in g 

. Moving, s e r v ic e s o f Mr. Koppang made a v a ila b le to Mr. 

M o r r ill w ith a d v ice o f Mr. M y rick , in c lu d e s 

d eterm in ation o f purch ase o f new fu r n it u r e 

ren ovation o f o ld , o r g a n iz a t io n , and p re p a ra 

t io n o f s p e c ia l budget f o r 

Moving o f ' f i l e s , e t c . , from W ashington 

and Shorehan. B u ild in g s to B o a r d 's new b u ild in g , 

co n tra ct awarded to H d e l i t y S tora g e Co. 

7 / 2 921 

4 /2 8 616 

5 /2 5 750 

4 /3 0 631 

4 /2 6 604 

7 /1 6 992 

4 /3 0 632 

4 /3 0 631 

4 /1 4 557 

1 1 /2 2 1552 

8 /2 3 1174 

8 /2 3 1175 

1 0 /2 6 1449 

1 1 /3 0 1581 

3 /3 1 490 

2 / 5 

1 1 /1 8 

1 /2 8 

6 /2 9 

232 

1545 

189 

893

B oard o f G o v e rn o rs o f FRbystem : (C o n tin u e d ) 


O f f i c i a l o p e n in g : 

P r e s id e n t R o o s e v e lt , i n v i t a t i o n t o p a r t i c i p a t e , C h e ir - 

man E c c le s r e q u e s te d t o o b t a in im m ediate and 

d e f i n i t e answ er as t o a c c e p ta n c e so th a t p la n s 

m igh t b e made 

I n v i t a t i o n s and a d m is s io n c a r d s a p p roved w ith amendm 

en ts, s c h e d u le o f e x e r c i s e s a d o p te d , l i s t o f 

i n v i t a t i o n s a p p roved w ith amendments 

C lo s e d t o p u b l i c e n t i r e day O c t. 2 0 , 1 9 37, em ployees 

who can be sp a re d e x cu sed from w ork, adm ission 

on c a rd o n ly 

C erem on ies and b u f f e t s u p p e r, ste tem en t o f expen ses 

i n c o n n e c t io n w it h , a ls o cou n t o f g u e s ts showi 

n g a tte n d a n c e 

O p e r a tio n and m a in te n a n ce o f new b u ild in g f o r b a la n c e o f 

y e a r , b u d g e t a p p roved 

P aym ents t o c o n t r a c t o r , recom m en d ation o f M r. M o r r i l l t h a t , 

a s s a t i s f a c t o r y p r o g r e s s i s b e in g made, th a t 

paym ent b e made so a s t o r e t a in 5*'. r a t h e r than 

10% o f c o n t r a c t p r i c e , a p p roved 

V a lu e o f w ork p e r fo r m e d d u r in g J a n u a ry , t o be p a id f o r 

in f u l l a s B oard h a s r e t a in e d 5% o f t o t a l 

amount 

Amount due f o r w ork com p le te d i n F eb ru a ry a u th o r iz e d 

p a id w ith o u t r e t e n t i o n o f any p a r t o f 

F u ll amount f o r w ork p e r fo r m e d d u rin g M arch a u th o riz e d 

V a lu e o f w ork p e rfo rm e d d u r in g A p r i l , l e s s sum t o be 

r e t a in e d by B oard i n v ie w o f f a c t th a t work 

w i l l n o t be c o m p le te d by June 1 

R e q u i s i t i o n c o v e r in g work f o r M ay, l e s s sum t o be 

added t o amount r e t a in e d b y B oard 

R e t e n t io n o f 10% o f e s t im a te s o f w ork, Mr. D i s t l e r 

e x p r e s s e d hope t h a t B oard w ould n o t r e t a in ent 

i r e , B oard t o r e t a i n e n t i r e 10% 

L e t t e r t o G eorge A . F u l l e r C o. th a t v o u ch e r su b m itted 

on J u ly 16 h a s n o t been r e tu rn e d e x e cu te d and 

t h a t i f v o u c h e r f o r b a la n c e due l e s s 10^ t o be 

r e t a in e d u n d er c o n t r a c t i s e x e c u te d , Board w ill 

p ay same 

Payment on c o n t r a c t and u n p a id b a la n ce 

A d d it io n a l amount t o G eorge A . d u l l e r Company f o r 

b u ild in g 

P e r s o n n e l C om m ittee, a u t h o r iz e d t o d e c id e a l l q u e s tio n s r e 

equipm ent and o p e r a t io n and t r a n s f e r o f B o a r d 's 

o f f i c e s 

P h o to g r a p h s , p u rch a s e o f , f o r p u rp ose o f s u p p ly in g s e t to 

ea ch 1-RBank and each Board member 

P o r t r a i t s and b u s t s , p o l i c y n o t y e t d e c id e d upon, r e p ly to 

M r. R o b e r t r e bust o f G overn or B la ck 



Pages 

9 /3 0 1346 

9 /3 0 1347 

1 0 / 5 1366 

1 0 /2 1 1413 

9 / 2 1220 

1 / 9 

2 / 4 

3 / 4 

4 / 5 

57 

227 

369 

507 

5 /1 7 718 

6 / 5 

783 

7 /2 0 1004 

8 / 9 1120 

9 /1 6 1295 

12/21 

4/21 

1771 

584 

1 1 / 4 1503 

1 1 /2 3 1560

Board o f G overnors o f FRSystem: (C on tin u ed ) 

B u ild in g : (C ontinued) 

Purchase o r d e r s : ^ ^ 7 / 1 

C ertain eauipm ent, o rd e r #1733, a u th o r iz e d / 

*ir& e x tin g u is h e r e q u ip m e n t and sv d v el c h a ir s , o r d e r s 

Nos. 1734 and 1739, a u th o r iz e d V 6 

P la te g la s s f o r ca sk s, s t ic k s t r ip p in g , ch a rt fra m es, 

bron ze c a s tin g s and e l e c t r i c lam ps, p u rch a se 

a u th orized 

J a n it o r s ' s u p p lie s , p u rch ase a u th o riz e d 7 /1 9 

Combination tow el c a b in e ts and w aste p a p er r e c e p t a c l e s , 

paper tow el ca se s and c e r t a in j a n i t o r s ' s u p p lie s 

au th ori zed 7 /2 1 

M iscella n eou s a r t i c l e s , p u rch ase a u th o r iz e d 7 /2 6 

Emergency room s u p p lie s , c a s t e r fra m es, c h a ir c a s t e r s , 

o i l , k n e e lin g pads and p e r fo r a t e d m a ts, a u t h o r - 

i zed 8 / 3 

F ilin g equipment in o r d e r s l i s t e d 8 /1 3 

F ilin g equipm ent, p a i l s , e t c . , and m oving o f b o x e s o f 

sto re d p u b lic a t io n s 8 /2 0 

Rubber desk sh oes, e t c . , as l i s t e d i n o r d e r s enum erated 8 /2 3 

C h airs, s t e e l p it c h e r s , e t c . , in o r d e r s l i s t e d 8 /2 4 

M ats, bru sh es, e t c . , in o r d e r s l i s t e d 8 /2 7 

Rugs, lam ps, e t c . , in o r d e r s l i s t e d 8 /3 0 

Rugs, approved 8 /3 1 

opping apparatus and em ergency room s u p p lie s in o r d e r s 

l i s t e d 9 / 1 

Straw h o ld e rs and d u p lic a tin g s u p p lie s i n o r d e r s l i s t e d 9 / 3 

Uniforms and d re s s e s f o r b u ild in g p e rso n n e l and f u r n i 

tu re and equipment in o r d e r s l i s t e d 9 / 7 

Cup d isp en sers, payment o f v o u ch ers approved 9 / 7 

F urniture and equipment in o r d e r s l i s t e d 9 / 8 

R evolvers and equipment in o r d e r s l i s t e d , approved 9 /1 0 

C arpets, emergency k i t s , su p p ly ca b in e t and "R e s e r v e d " 

cards and h o ld e r s , as l i s t e d in p u rch a se o r d e r s 9 /3 0 

K itchen equipm ent, g la s s to p s f o r d esk s, f i l e c a s e s , 

b lu e p r in t s , ana w rapping p a p er and tw in e 1 0 / 6 

World Almanac, B an k er's Almanac and Y earbook , Rand 

M cN ally Bankers D ir e c t o r y , D ic tio n a r y o f A m erican 

B iography, M ood y's A n a ly ses o f In v e s tm e n ts , 

and O xford E n glish D ic tio n a r y , p u rch ase auth 

o r iz e d , a ls o equipment f o r c a f e t e r i a , e t c . 1 0 /1 3 

P a in ts, aluminum tra y s , cups f o r fe e t o f d esk s and 

t a b le s , and re co r d in g o f P r e s id e n t R o o s e v e l t 's 

address at opening c e r e a o n ie s o f b u ild in g , as 

^ ^0 /2 9 



in s t a lla t io n o f fo u r p a ir s o f casem ent c u r ta in s in s t a f f 

d in in g room 1 1 / i 

I n s t a lla t io n o f k itch e n equipment 1 1 / 1 0 

m e t r i c a t ? " ; stora g e c a b in e t, . a i l t a b le , te le p h o n e 

b in e t, and m is c e lla n e o u s equipment f o r c a fe 

t e r ia , approved 1 1 /2 2 

918 

927 

971 

1 0 0 0 

1020 

IO3 5 

1093 

1135 

1172 

1180 

1189 

1202 

1206 

1209 

1215 

1231 

1238 

1238 

1241 

1250 

1352 

1371 

1392 

1476 

1489 

1520

B oard o f G o v e rn o rs o f FRSystem: (C o n tin u e d ) 


P u rch a se o r d e r s : (C o n tin u e d ) 

B lu e p r i n t s , equipm ent f o r c a f e t e r i a and p h o to s ta t 

room , w a te r c o o l e r and s a n it a r y equipment f o r 

f i r s t a id room , f i r e p l a c e s c r e e n s f o r Board 

m em ber's o f f i c e s , a p p roved 

C a f e t e r ia eq u ip m en t, w a ste b a s k e t s , pen and p e n c il 

s e t s , and ru g s 

Snack b a r , ch an ge in p la n o f c a f e t e r i a t o p r o v id e f o r 

S o d d in g in s t e a d o f s e e d in g c e r t a i n a r e a s , c o n t r a c t w ith 

Tow son N u r s e r ie s , I n c . , a p p ro v e d , adju stm en t o f 

c o n t r a c t on a c c o u n t o f 

T e r r a c e on r o o f , c o n s t r u c t io n a u th o r iz e d 

V o u ch e r s : 

E l e c t r i c w ork , and f o r b u l l e t i n and k e y b o a r d s , desk 

p a d s , e t c . 

E l e c t r i c c u r r e n t consum ed d u r in g A u gu st, 1937, approved 

E l e c t r i c a l w ork , p u rch a s e o r d e r No. 2315, approved 

W est C ou rt g a te t o b e c l o s e d a t a l l tim es 

B ylaw s: 

A r t i c l e I X , s ig n a t u r e o f ch e c k s a g a in s t I n t e r d i s t r i c t S e ttle 

m e n t Fund and F R A gen ts' Fund, amendment o f 

C a f e t e r i a : (S e e su p ra B u ild in g ) 

Chainnan and V ic e C hainnan, amendment a g re e d upon w hereby term 

o f a p p oin tm en t w ou ld b e f o u r y e a rs and p r o h ib it 

i o n on e n g a g in g in bankin g b u s in e s s im m ed ia tely 

a f t e r e x p i r a t i o n w ou ld b e r e p e a le d a s to 

Chairman p ro tern, M r. Szym czak e l e c t e d t o s e r v e d u rin g absence 

o f M r. Ransom and Chainnan E c c le s 

C h ie f a d m in is t r a t iv e o f f i c e r : (S e e i n f r a S e c r e t a r y ) 

C i r c u l a r s : 

M ethod o f i d e n t i f i c a t i o n , ch anges in 

R u lin g s i n t e r p r e t i n g B oard r e g u l a t i o n s , t o d e c l i n e t o is s u e 

e x c e p t when r e q u e s t c o n t a in s d e f i n i t e s ta t^ n e c t 

o f f a c t s o f ca s e 

C o n g r e s s io n a l S e r v i c e , s u b s c r ip t io n t o , recom m endation th at 

B oard s u b s c r ib e f o r Novem ber 1 5 th s e s s io n end 

n e x t r e g u la r s e s s io n o f C on g ress approved 

C o r r e s p o n d e n c e , p r o c e d u r e f o r m aking acknow ledgm ents o f comm 

u n ic a tio n s t o w h ich com p le te r e p l i e s cannot be 

made im m e d ia te ly , a s f a r a s p r a c t i c a b l e , l e t t e r s 

t o b e s ig n e d b y a s s i s t a n t s e c r e t a r i e s 

C o u n s e l's O f f i c e : 

H a n d lin g o f a f f a i r s o f d i v i s i o n d u rin g a b sen ce o f Mr. 'Ayatt 

Law b o o k s , memo o f M r. ^ y a tt recom m ending p u rch a se o f c e r 

t a i n , a p p roved 

O f f e r t o le n d s e r v i c e s o f on e o f B o a r d 's co u n se l t o FRBank 

o f S t . L o u is p e n d in g s e l e c t i o n o f s u c c e s s o r to 

M r. McConkey 

R e p o r ts on b a n k in g b i l l s , t o subm it t o Board r e p o r t s on 

any b i l l w h ich i t i s l i k e l y t o r e p o r t on to 

B anking and C u rren cy Committee o f S en a te, Mr. 

E c c le s t o c o n f e r w ith Chainnan Wagner 



1 2 / 6 1632 

1 2 /2 3 1-731 

1 /2 7 175 

6 /1 7 849 

1 /1 4 76 

9 /2 0 1309 

1 0 / 8 1381 

1 0 /2 2 1425 

1 0 /3 0 1478 

2 /1 8 318 

1 / 7 38 

2 /1 8 318 

5 /2 4 742 

1 0 / 8 1381 

1 1 /1 0 1520 

6 /1 5 831 

1 /1 1 61 

6 / 3 775 

1 2 /2 3 1723 

1 2 / 3 1610

Board o f Governors o f FRSystem: (C ontinued) FRBunk o f 

C redit -unions, bylaws and c e r ta in manoranda sent tRBamk o 

Kansas C ity in r e p ly to in q u ir y 1 ^ /2 8 

D iv is io n o f Examinations: . 

Buaget, a d d itio n t o , f o r purchase o f equipment '/-L3 

D iv is io n o f Research and S t a t i s t i c s : 

R e ta il trade re p o rtin g s e r v ic e , a u th o rized t o n e g o t ia t e w ith 

Department o f Commerce f o r t r a n s fe r t o l a t t e r 4 / 9 

Reviews, a u th orized , as FRBanks o f M in n e a p o lis and San Franc 

is c o had reduced s i z e , and C hicago i n s t i t u t e d 

charge f o r , to d is c u s s s im ila r moves w ith o t h e r 

FRBanks and t o perm it d isco n tin u a n ce i f des 

ir a b le : - 4 / ^ 

W holesale trade r e p o r tin g s e r v ic e , a u th o rized t o n e g o t ia t e 

w ith Department o f Commerce f o r t r a n s fe r t o 

l a t t e r 4 / 9 

Docket: 

Procedure f o r p re p a ra tio n o f , subm itted by Mr. Ransom, approved 

7 /1 5 

Uniform examining p o l i c y on v a lu a tio n o f Government s e c u r i 

t i e s and borrow in g by member banks a g a in s t , r e 

quest o f Mr. E ccle s to p la c e on 4 / 9 

xinployees who can be spared t o be excused on S atu rd ay, May 29 

as o f f i c e s w ill be c lo s e d in c e le b r a t io n o f 

Memorial Day on Monday, May 31 5 /2 1 

Salary checks t o be is s u e d on May 28 5 /2 4 

Employees who can be spared to be excused S aturday, J u ly 3 6 /3 0 

Equipment: 

im p lica tin g and n a ilin g equipm ent, purch ase a u th o riz e d 6/ 3 

Purchase o f adding machine f o r u se in o f f i c e o f F is c a l Agent 

au th orized 6 /2 6 

(See a lso supra B u ild in g) 

ixpenditu.re6, law books, mâo o f tar. IKyatt recommending p u rch a se 

o f ce r ta in volum es, approved 6 / 3 

expenses: 

Assessment on FRbahks to co v e r 6 /2 3 

Assessnent on iRBanke to cover 1 2 /2 3 

F isca l Agent: 



Budget, in creased t o allow purchase o f A utom atic C oin 

Change Machine 1 0 / ^ 

Purchase o f adding machine a u th orized 6 /2 6 

Furnishings and equipment f o r new b u ild in g , memo o f Mr. M o r r ill 

estim atin g amount and c o s t o f , a u th o riz e d to 

purchase and con tra ct w ith in l i m i t s o f e s tim a te s , 

any excess to be subm itted t o Board 4 / 1 6 

\&ee a lso supra B uilding) 

I n .e i o f f i l i n g s in te r p r e ta tio n s and in s t r u c t io n s o f B oard, r e 

p ly t o P resid en t H a rrison , Chairman o f P r e s id e n t s ' 

con feren ce re su g g estion o f Mr. P eyton r e and 

La* L ibrarv con m ittee 4 /1 3 

^ recommedning purch ase o f 

ce rta in volum es, approved 6/ 3 

1746 

983 

527 

527 

527 

951 

521 

733 

740 

904 

775 

895 

775 

874 

1729 

1370 

895 

567 

550 

7*75

3o a r d o f G o v e rn o rs o f FRSysttan: (C o n tin u e d ) 

L o o s e l e a f s e r v i c e and in d e x o f B o a r d 's r u l i n g s , in t e r p r e t a 

t i o n s and i n s t r u c t i o n s , r e p o r t o f subcom m ittee 

o f P r e s i d e n t s ' C o n fe r e n c e recom m ending, app 

r o v e d , S e c r e t a r y 's O f f i c e t o a d m in is te r , 

C o u n s e l 's O f f i c e t o e s t a b l i s h and m a in ta in , 

n e c e s s a r y e x p e n s e s a u t h o r iz e d 

M eans t o c o u n t e r a c t p r e s e n t b u s in e s s r e c e s s i o n , d is c u s s io n o f 

M e e t in g s : 

E x e c u t iv e s e s s i o n s 

P r o c e d u r e s u b m itte d b y M r. Ransom f o r r e g u la r m e e tin g s on 

T u esd a y and i r i a a y m o rn in g , w ith in fo r m a l exe 

c u t i v e s e s s i o n on a ft e r n o o n s o f th o s e days and 

f o r p r e p a r a t io n o f d o c k e t , a p p roved 

S p e c i a l m e e tin g t o b e h e ld J u ly 15 t o c o n s id e r statem en t 

o f p r i n c i p l e s r e l a t i n g t o l e g i s l a t i o n d ir e c t e d 

tow a rd c u r r e n c y o r p r i c e s t a b i l i z a t i o n 

M e e t in g s w it h d i r e c t o r s and o f f i c e r s o f FRBanks a t o u en in g o f 

new b u i l d i n g , b e n e f i c i a l r e s u l t s o b ta in e d and 

s u g g e s t io n o f m ore fr e q u e n t m e e tin g s , l e t t e r 

from M r. F le m in g , r e p l y t o be p re p a re d 

R e p ly p r e p a r e d and c o p y s e n t ea ch FRBank, t o g e t h e r &Lth re — 

q u e s t f o r c o n s i d e r a t i o n b y d i r e c t o r s 

M em bers: 

A ssig n m en t o f d u t i e s , amendment a g re e d upon w hereby p e r 

fo rm a n ce o f s p e c i f i c d u t ie s n o t in v o lv in g n at 

i o n a l p o l i c i e s c o u ld b e a s s ig n e d 

B r o d e r ic k , 7 . A . : 

F o r e ig n b a n k s, p u r c h a s e o f b i l l s f o r a cco u n t o f , s t a t e 

m ent r e d e s i r a b i l i t y o f c o n t in u in g p r a c t i c e by 

FRBank o f New Y o r k , w it h in l i m i t s 

R e s ig n a t io n , l e t t e r t o B oard e n c l o s in g l e t t e r t o P r e s i 

d en t o f th e U n ite d S t a t e s 

B ylaw s p r e v e n t p a s s in g r e s o l u t i o n o n , l e t t e r t o 

b e p r e p a r e d in s t e a d 

L e t t e r e x p r e s s in g a p p r e c i a t io n f o r s e r v i c e s ren d e re d 

B oard and g e n e r a l l o s s f e l t 

T r u s t e e s o f R e tir e m e n t S ystem , u n a b le t o a tte n d m e etin g 

on A p r i l 2 0 , M r. Rnead t o a tte n d a s o b s e r v e r 

Chairman p r o tom : 

S zym czak, M. S . , e l e c t e d a s , f o r m e e tin g 

D a v is , C h e s te r C . : 

A p p oin tm en t a s member o f P e r s o n n e l Com m ittee exten d ed 

t o M arch 1 

F anners S t a t e Bank, W a lla c e , N eb ra sk a, t o d is c u s s app 

l i c a t i o n f o r m em bership in FRSystem w ith Mr. 

H a m ilton 

E c c l e s , M. S . , Chairm an: 

A p p ea ra n ce b e f o r e h o u se B anking and C u rren cy Connnittee, 

r e a s o n f o r a b sen ce a t m e e tin g o f B oard w ith 

L e d e r a l A d v is o r y C o u n cil 



7 /3 0 1076 

1 1 /2 6 1568 

6 /1 5 830 

7 /l3 

1 8 /3 3 951 

7 /1 3 954 

1 1 /2 3 1554 

1 2 / 4 1619 

1 / 7 

39 

1 /2 2 141 

9 /2 6 1339 

9 /3 0 1345 

1 0 /1 4 1395 

4 /1 3 

4 /3 0 

546 

622 

1 2 /2 8 1738 

1 1 / 4 1495 

2 /1 6 298

Eoard o f Governors o f FRSystem: (C ontinued) 

Members: (Continued) 



U u r r e n c r L ^ i t t e a o f S en ate, r e q u e s te d t o 

appear b e fo r e , J u ly 1^ , . 

L e g i s l a t i o n , t o d is cu s s pending b i l l s w ith Chairman 

S te a g a ll 1 j ^ 

S ta te m e n t o f anproval o f r a te r e d u c tio n s t o 1 ^ i f r e 

q u e s t e d by FRBanks d u rin g h is a b sen ce from 

Washington 

Wagner, Robert F . , Banking and C urrency Committee o f 

Senate, Chairman t o c o n fe r w ith , r e r e q u e s ts 

o f committee f o r r e p o r ts on b i l l s r e fe r r e d t o i t 

McKee, John K .: 

A p p lica tion o f P e o p le s Bank o f Potsdam , N. Y ., t o p r e 

pare recommendation r e , and m a tter o f c o r r e c t io n 

by FRBank o f New York o f c r i t i c i z e d m a tters in 

S ta te member banks o f Second d i s t r i c t 

Appointment as m^nber o f P erson n el Committee extended 

t o March 1 

Government s e c u r it ie s as c o l l a t e r a l f o r lo a n s and advances, 

su g g estion o f p r o v is io n in r e v is io n o f 

R egu la tion A f o r g iv in g c r e d it a t par to 

R ediscount r a te , in fa v o r o f a p orova l o f r e d u c tio n t o 

1^7& i f requested during h is absen ce from Washin 

gton 

statem ent g iv in g reason f o r approvin g re q u e st o f U nion 

Trust Co. t o d is s o lv e C ity C e r t i f i c a t e s C orp ora 

t io n 

S t a t is t ic a l req u ests o f o rg a n iz a tio n s r e la t in g t o m en- 

ber banks, su ggestion th a t data be made a v a i l 

able o n ly through S ta te banking a u t h o r it ie s 

Suggestion re amendment to R egu la tion F 

Ransom, Ronald, V ice Chairman: 

Absence from Washington planned from A p r il 23 u n t i l 

about May 1 , cou ld retu rn on d a y 's n o t ic e i f 

any a c tio n on member bank re s e r v e req u irem en ts 

i s to be con sid ered 

In te re st on demand d e p o s its o f p u b lic fu n d s, t o c o n fe r 

w ith C om ptroller and FMC on p o s it io n t o be 

taken re th ree b i l l s t o extend tim e member banks 

may pay 

7 /1 5 975 

4 /2 7 609 

8 /2 0 1167 

1 2 / 3 1611 

1 2 /1 0 1645 

1 2 /2 8 1736 

7 /1 5 977 

8 /2 7 1199 

1 1 /2 2 1550 

2 / 9 

1 2 /2 1 

4 /2 1 

2 / 9 

252 

1691 

Manorandum con tain in g l i s t o f o r g a n iz a tio n s which may 

m aintain savings d e p o s its in member banks 1 0 /3 0 1479 

Regulation Q, S ec. 1 ( f ) , a u th orized t o c o n fe r w ith 

members o f Congress r e fo n n u la tio n o f any 

le g is la t io n a f f e c t in g , and t o send q u e s tio n 

n a ire to banks which o b je c t e d to d e f in it io n 

o f in te r e s t 1 / 3 0 205 

Authorized t o c a l l , w ith Chairman C row ley o f FLIC, 

on Senator G lass and Chainnan S te a g a ll and adv 

is e then o f jo in t a c t io n in e lim in a tin g d e f i 

n itio n o f in te r e s t from r e g u la tio n s 2 / 9 

586 

257

B oard o f G o v e rn o rs o f FRSystem : (C o n tin u e d ) 

M em bers: (C o n tin u e d ) 

Ransom, R o n a ld : (C o n tin u e d ) 

R e g u la t io n T , s ta te m e n t on means o f c r e d i t c o n t r o l 1 2 / 3 1606 

R u lin g s i n t e r p r e t i n g la w o r r e g u l a t i o n s , o p in io n th a t 

B oard s h o u ld d e c l i n e t o i s s u e e x c e p t on d e f i n i t e 

sta te m e n t o f f a c t s 1 0 / 8 1381 

S ta tem en t i n r e g a r d t o v o t e on i n t e r l o c k i n g d i r e c 

t o r a t e s w h ere t r u s t company d o e s s u b s t a n t ia lly 

a l l f i d u c i a r y b u s in e s s 1 2 / 3 1610 

T o p i c s f o r d i s c u s s i o n b y F e d e r a l A d v is o r y C o u n c il, to 

b e p r e s e n t e d a t F e b m a r y m e e tin g f o r r e p o r t at 

May m e e tin g 2 / 4 22S 

T r u s t d ep a rtm en t p r o c e d u r e o f F u lto n N a tio n a l Bank, 

A t l a n t a , G a ., no v o t e on a p p ro v a l o f , as i n 

s t a l l a t i o n o f p r o c e d u r e to o k p la c e u n d er h is 

s u p e r v is i o n 3 /3 0 477 

S zym czak, M* S . : 

A p p o in te d te m p o ra ry m anber o f B oard o f T r u s te e s o f th e 

R e t i r s n e n t S ystem o f t h e F e d e r a l R e c e iv e Banks 1 0 / 5 1363 

Chairm an p r o tem , e l e c t e d a s , t o s e r v e in a b sen ce o f 

ch airm an d u r in g a b s e n c e o f v i c e chain nan 2 /1 8 318 

E le c t e d t o s e r v e f o r m e e tin g 4 /3 0 622 

L oa n s t o e s t a b l i s h e d i n d u s t r i e s f o r w ork in g c a p it a l 

p u r p o s e s , t o o b t a in c o o p e r a t io n o f FRBanks in 

m a t t e r o f m akin g 1 0 /2 2 1422 

S u p e r v is o r t o b e d e s ig n a t e d b y B oard from among i t s members 

t o c a r r y on c e r t a i n s u r v e y s o f FRBanks, ta k in g 

p l a c e o f M r. B r o d e r ic k , r e s ig n e d 9 /2 8 1340 

T r u s t e e f o r R e tir e m e n t S ystem t o b e a p p o in te d from Board 

m em bers t o t a k e p l a c e o f M r. B r o d e r ic k , r e s ig n e d 9 /2 8 1 '4^ 

M ovin g o f f u r n i t u r e , b o o k s , f i l e s , e t c . , t o new b u ild in g , con 

t r a c t aw arded t o F i d e l i t y S to r a g e C o. 6 /2 9 898 

O f f i c e s t o b e c l o s e d a t 1 p .m . on S ep tem b er 17 in o b s e r v a n c e 

o f s ig n i n g o f C o n s t i t u t i o n o f U n ite d S t a t e s 9 / 7 1235 

O f f i c e s t o b e c l o s e d on D ecem ber 2 4 , 1937 1 2 /1 0 164!? 

P e r s o n a l c h e c k s o f e m p lo y e e s , p la n f o r c a s h in g b y C r e d it U nion 8 /1 3 1134 

P e r s o n n e l, s u r v e y t o b e made u n d e r s u p e r v is i o n o f S e c r e t a r y a t 

l e a s t o n c e a y e a r 6 /1 5 851 

P o l i c i e s , r e q u e s t s t o S t a t e member b anks f o r a d d it io n a l i n f o r 

m a tio n , p r a c t i c e o f a v o id in g u n le s s t h e r e was 

g o o d r e a s o n , b e l i e f o f M r. i^nead t h a t such r e 

q u e s t s a r e b e t t e r th a n s e p a r a te r e q u e s t by 

FDIC 1 2 /1 0 1642 

P o l i c y r e c o r d : 

D r a ft s s u b m itte d b y M r. M o r r i l l w it h m emoranda, t o be read 

by B oard m em bers and any s u g g e s t io n s a s t o 

ch a n g e s t o be r e tu r n e d t o M r. M o r r i l l 3 /3 0 

R e v is e d d r a f t p r e s e n t e d , a p p ro v e d 6 /1 1 8L2 

P r e p a r a t io n o f e n t r i e s and s u b m is s io n t o B oard t o b e prompt 

i n o r d e r t o e x p e d it e a p p r o v a l o f r e c o r d and t o 

e x p e d it e s u b m is s io n o f annual r e p o r t s t o Cong 

r e s s 6 /1 B 851 



Board o f Governors o f FRSystem: (C ontinued) 

P o lic y record : (Continued) 

Record coverin g a ctio n s taken on q u estion s o f , up t o and 

in clu d in g August 1 4 , 1937, approved 9 /2 7 

Entry coverin g r e s o lu tio n that Board request S e c r e ta r y o f 

Treasury t o d e s t e r iliz e g o ld approved 1 2 /1 8 

R egu lations T and U, amendment t o , en try c o v e r in g a c t io n 

taken by Board w ith re s p e ct to m argin r e q u ir e 

ments approved 1 2 /2 2 

P o r tra its and busts in new b u ild in g , p o l i c y not y e t d e cid e d 

upon, re p ly to Mr. Robert r e bust o f G overnor 

Black 1 1 /2 3 

p u b lic a tio n o f books o r a r t i c l e s and teach in g* r e p ly t o Mr. 

Norwood re p o lic y w ith r e s p e c t t o such a c t i v i 

t i e s engaged in by members o f i t s s t a f f 4 / 9 

R ecords, m aterial re divorcem ent o f com m ercial banking from 

investm ent tru s ts and com panies re q u ested by 

S e c u r itie s and Exchange Commission, req u e st 

not granted . 1 /1 2 

R egu lation s, d is trib u tio n through FRBanks ra th e r than by B oard, 

d iscu ssio n by P r e s id e n ts ' C on feren ce 1 0 /1 9 

R eleases, re p ly to David A. W yckoff su p p lyin g c o p ie s o f 7 / 6 

R eplies to in q u ir ie s on r ig h t s o f member banks t o be made o n ly 

when coming from manber banks o r f o r good rea son 

t o oth ers 8 /2 7 

Rulings on a b stra ct o r h y p o th e tica l q u e stio n s , r e fu s a l t o is s u e 

in fu tu re w ith ex ce p tio n o f c l e a r l y s ta te d a c 

tu al cases o r th ose alm ost c e r ta in t o a r i s e , 

l e t t e r t o ERBanks P re s id e n ts 1 0 /2 5 

S a la ries o f s t a f f fo r year 1938 approved 1 2 /2 1 

Salary checks fo r la s t h a lf o f May t o be is s u e d on May 28 5 /2 4 

Salary payments to anployees, p lan f o r cashing ch eck s on Aug. 

15 and fu tu re p o l i c y t o be stu d ie d by Mr. 

I"ou.lk 8 /1 3 

S ecretary, c h ie f a d m in istra tive o f f i c e r , r e s o lu t io n adop ted 

ord erin g , t o co o rd in a te work o f B oard, s u p e r v is e 

survey o f p erson n el y e a r ly and sta n d a rd iz e form 

and manner o f p re sen tin g budget and submit n o t 

la t e r than Dec. 1 c / i n 

S e creta ry 's O ffic e : o / i o 

Budget, sum added t o , f o r p r in t in g and r e la t e d item s 5 /2 8 

Sum o f §250 added to p r in tin g budget 

A od ition al sum o f $800 f o r purchase o f m a te r ia ls and 

su p p lies approved i n / a 

S u pplies, mimeograph paper, recommendation that con tra ct f o r 

urn ahing Board w ith requirem en ts f o r 1 9 3 7 



*° C o ., W ashington, a p - 

o , ^ ' 

an, . f a ^ Mr. 

^ in ^ ^ , 

1334 

1677 

1721 

1560 

532 

75 

1402 

926 

1198 

1442 

1708 

740 

1134 

631 

761 

1308 

1370 

54 

831 

533

B oard o f G o v e rn o rs o f FRSyatan: (C o n tin u e d ) 

T r a v e l r e g u l a t i o n s amended and a d o p te d a s r e v is e d 1 3 /1 5 

V a u lt c l e r k , l e t t e r t o S e c r e t a r y o f T re a s u ry r e q u e s tin g arrangement 

w h ereby com p en sa tion o f M r. Rowan may be 

in c lu d e d i n c o s t o f p r e p a r a t io n o f FRnotes 6 / 2 

P r e s e n t p la n t o be c o n tin u e d u n t i l r e tire m e n t o f Mr- Rowan 6 /2 4 

V i s i t s w ith d i r e c t o r s and o f f i c e r s o f FRBanks, sh ou ld be done 

t o e s t a b l i s h c l o s e r c o n t a c t s , s u g g e s tio n o f Mr- 

H e m in g and M r. S c h a l l e r , FRBanks o f C levela n d 

and C h ic a g o , r e p l y t o b e p re p a re d 1 1 /2 3 

R e p ly p r e p a r e d t o M r. S c h a l l e r , c o n t a in in g co p y o f r e p ly 

t o M r. P la n in g 1 2 / 4 

V o u c h e r s f o r paym ent o f t r a v e l e x p e n s e s , p r o c e d u r e f o r approved 1 2 /1 5 

W ood, R . E . , FRBank o f C h ic a g o , t o be p r e s e n t a t lu n ch w ith 

B oard members t o d is c u s s g e n e r a l c o n d it io n s 1 0 / 5 

W ork in g h o u r s , a d o p t io n o f o f f i c i a l h o u r s f o r a l l d i v i s i o n s o f 

B o a r d 's s t a f f 1 2 /1 5 

B on d s: 

C i t y o f Tacoma W ater R even u e, h o ld in g s by S t a te Bank o f W ilb u r, 

W a sh ., c l a s s i f i e d a s e x c e s s lo a n , may co n tin u e 

t o b e h e ld w ith o u t c o n t r a v e n t io n o f la w 5 /1 3 

E n g ra v ed , r e p l y t o K ih n B r o t h e r s on u s e o f w ords "U n ite d S ta te s 

o f A m erica * 3 /2 6 

M a tu re d , and c o u p o n s , New Y ork C it y m anber banks u n d er p r a c t ic e 

f o l l o w e d f o r c le a r a n c e , c o n s id e r a s ca sh item s 

i n p r o c e s s o f c o l l e c t i o n and a c c o r d in g ly , deduct 

from g r o s s demand d e p o s i t s i n com p u tin g r e 

q u ir e d r e s e r v e s 8 / 5 

R u lin g t o b e p u b lis h e d i n F R B u lle t in 8 /1 3 

S u r e ty : 

A n d e rso n , L . E . , a s F R A g e n t's R e p r e s e n t a t iv e a t B a ltim o re 

B ra n ch , b o n d in g com p a n ies b e in g a d v is e d o f 

t e r m in a t io n o f o l d bond 5 / 6 

A u s t in , R ic h a r d L . , FRAgent a t P h ila d e lp h ia 1 2 /3 0 

C a r la n d e r , J o h n , a s A lt e r n a t e A s s is t a n t FRAgent a t FRBank 

o f M in n e a p o lis , and F i d e l i t y and D e p o s it Compan 

y o f M arylan d t o b e a d v is e d o f te r m in a tio n 

o f l i a b i l i t y on o l d bond 7 /1 7 

C la r k , J . C . , J r . , F R A g e n t's R e p r e s e n t a t iv e a t Oklahoma 

C i t y , bond a p p r o v e d , N a t io n a l S u r e ty Company, 

New Y o r k , t o be a d v is e d o f te n n in a t io n o f bond 

a s A c t in g A s s is t a n t FRAgent 5 / 1 

E ddy, W a lte r L . , a s A s s is t a n t FRAgent a t B o sto n 3 / 3 

F r a n c is , C. E . , a s F R A g e n t's R e p r e s e n t a t iv e a t C h a r lo t t e , 

b o n d in g com pany a d v is e d o f te n n in a t io n o f o ld 

bond 5 / 6 

G o ld sch m id , J . P . , a s F R A g en t's R e p r e s e n t a t iv e a t L i t t l e 

R ock B ra n ch , b o n d in g company t o be a d v is e d o f 

t e r m in a t io n o f o l d bond 5 / 6 

G ow land, C* P . , a s A c t in g A s s is t a n t FRAgent a t FRBank o f 

D a lla s 1 /3 0 



1662 

768 

879 

1554 

1619 

1665 

1366 

1661 

705 

466 

1110 

1134 

660 

1756 

993 

663 

363 

660 

661

Bonds: (Continued) 

Surety: ( Continued) 

Gowland, C. P .: (Continued) 

As FRAgent's R e p r e s e n t a t i v e at San A n ton io B ranch, 

bonding company to be a d vised o f te rm in a tio n 



o f o ld bond 

H a ll, C. C ., as A ssista n t FRAgent a t D a lla s 

Hank] L ester J . , as A lte rn a te A s s is ta n t FRAgent a t C levela n d , 

American Surety Co. t o be a d v ised o f te rm in a tio n 

o f o ld bond 

K e ttig , W. H ., as FRAgent at A tla n ta 

L a ssite r, R obert, execu tion o f , a d v ic e th a t i t w i l l be n e ce s 

sary and in s tr u c t io n s re 

Bond approved 

M oncrief, D. E ., as A lte rn a te A s s is ta n t FRAgent a t FRBank o f 

A tlan ta , and l e t t e r t o F irem an's Fund In d o n n ity 

Company th a t w h ile r e c i t a l s t a te s appointm ent 

was made by FRAgent i t was a c t u a lly made by 

A ssista n t FRAgent 

Moore, L. A ., as FRAgent's R e p resen ta tiv e at L o u i s v i l l e 

Branch, bonding company t o be a d v is e d o f t e r 

m ination o f o ld bond 

M orrissey, C liffo r d E ., as A lte rn a te A s s is ta n t FRAgent a t 

Boston 

Nardin, W illiam T ., as FRAgent at S t . L ou is 

Page, G. C ., as FRAgent's R ep resen tative a t E l Paso B ranch, 

bonding company t o be advised o f te rm in a tion 

o f o ld bond 

P o st, A rthur, as A ssista n t FRAgent a t P h ila d e lp h ia 

R aether, Bernard L ., as FRAgent's R e p re sen ta tiv e a t D e t r o it 

Branch, request i f any o b je c t io n t o r e le a s e o f 

o ld bond 

Reed, 1+ J . , as FRAgent's R ep resen tativ e a t Houston Branch, 

bonding company to be advised o f te rm in a tio n o f 

o ld bond 

R ehfuss, J. Frank, A ltern a te A ssista n t FRAgent at P h ila d e lphia, 

r id e r t o bond approved r e c i t in g change in 

t i t l e from A ctin g A s sista n t FRAgent 

R eid, C. Margaret J . , as A ltern a te A ssista n t FRAgent a t 

P h iladelp h ia 

Pobb, Thomas B ., as A ltern ate A ssista n t FRAgent a t FRBank 

o f Kansas C ity 

A ssista n t FRAgent a t B oston 

Stewart, A. 0 . , FRAgent a t San F ra n cisco, e x e cu tio n o f , 

advise re 

bond approved 

Svangel, Henry D renewal as A ctin g A s sista n t FRAgent a t 

San Francisco 

As FRAesnt's R epresen tative, F id e lit y and C asu alty Co. 

w ill be advised o f term in ation o f o ld bond 

5 / 6 

662 

6 /2 3 866 

6 / 9 606 

6 / S 781 

1 / 4 4 

1 / 9 58 

1 /2 1 132 

5 / 6 661 

1 /2 7 169 

1 /2 7 170 

5 / 6 662 

1 2 /3 0 1756 

5 / 3 

5 / 6 

2 /1 5 

2 /2 4 

5 /1 9 

1 /2 7 

1 / 4 

1 /1 2 

3 /1 5 

4 /2 8 

638 

662 

294 

335 

727 

169 

5 

70 

401 

613

B on d s: (C o n tin u e d ) 

S u r e ty : (C o n tin u e d ) 

T h a x to n , E. A . , e a A lt e r n a t e A s s is t a n t FRAgent a t FRBank o f 

D a lla s 

T h o r n to n , I . A . , F R A g en t's R e p r e s e n t a t iv e a t Omaha, bond 

a p p ro v e d , S ta n d a rd A c c id e n t In s u ra n ce Co. t o be 

a d v is e d o f t e r m in a t io n o f bond aB A c t in g A s s is 

t a n t FRAgent 

T im b e r la k e , H. C . , a s A lt e r n a t e A s s is t a n t FRAgent a t FRBank 

o f M in n e a p o lis , and F i d e l i t y and D e p o s it Company 

o f M arylan d t o b e a d v is e d o f te r m in a tio n o f 

l i a b i l i t y o n o l d bond 

W a lk e r, L . T . , a s F R A g e n t's R e p r e s e n t a t iv e a t Memphis 

B ra n ch , b o n d in g company t o be a d v is e d o f t e r 

m in a tio n o f o l d bond 

C . , a s FRAgent a t D a lla s 

W a lsh , C. 

Y ou n g, W. R . , F R A g e n t's R e p r e s e n t a t iv e a t D en ver, bond ap- 

p r o v e d and S ta n d a rd A c c id e n t In su ra n ce Co. t o 

be a d v is e d o f t e n n ln a t io n o f bond a s A c t in g 

A s s i s t a n t FRAgent 

W ater R even ue t o b e is s u e d b y c i t y o f L e x in g t o n , K y ., a u t h o r it y 

o f member b ank t o u n d e r w r ite 

B o o k s, p u b l i c a t i o n by m embers o f B o a r d 's s t a f f , r e p ly t o M r. Norwood 

r e B o a r d 's p o l i c y a s t o 

B ord en , D. C .: (S e e N a t io n a l b a n k s , N a t io n a l C it y Bank o f New York, 

New Y ork ) 

B o s to n S t o c k E xch ange: 

S e r v ic e c h a r g e p r o p o s e d by E xchange f o r p a s s in g on a p p lic a t io n s 

u n d e r R e g u la t io n T f o r e x t e n s io n s o f tim e , no 

o b j e c t i o n but a l t e r n a t e c o u r s e s su g g ested 

B o w le s , G eorge A . : (S e e C on n n ission er o f I n s u r a n c e and B anking o f 

V i r g i n i a ) 

B r a d fo r d , A v e ry J . , c o n f i d e n t i a l r e p o r t o f C o lo n ia l T ru st Company 

o f P i t t s b u r g h , P a . , r e l a t i n g t o t r a n s a c t io n s 

o f , fu r n is h e d t o C o m p t r o lle r o f th e C u rren cy 

B ra n ch , g rou p and c h a in b a n k in g : 

D ata r e l a t i n g t o b ra n ch and grou p b a n k in g se n t C o m p tr o lle r o f 

C u rre n cy i n an sw er t o r e q u e s t , d ata on ch a in 

b a n k in g n o t y e t com p ile d 

R e q u e st b y FDIC f o r in fo r m a t io n p e r t a in in g t o 

B ranch b a n k in g : 

D ata r e l a t i n g t o s e n t t o C o m p tr o lle r o f C u rren cy in answ er t o 

r e q u e s t 

Io w a , p o s i t i o n o f C o m p tr o lle r r e e s ta b lis h m e n t o f lim it e d 

p ow er o f f i c e s b y n a t io n a l banka u n d er s t a t u t e , 

b a sed upon d e f i n i t i o n o f "B ra n ch " i n S e c. 

5 1 55, R . S . 

K a n sa s, b i l l w h ich may b e p r o p o s e d t o p r o h i b i t but w hich w ould 

a llo w S t a t e banks t o m a in ta in l i m i t e d pow er 

o f f i c e s , e f f e c t on n a t io n a l banks and p o s it io n 

o f C o m p tr o lle r 



1 / 7 

5 / 6 

6 /2 3 

5 / 1 

6/10 

4 / 9 

40 

5 / 1 633 

7 /1 7 993 

661 

668 

633 

811 

532 

3 /2 6 460 

9 / 9 1247 

1 1 /2 6 

9 /1 6 

1571 

1293 

1 1 /2 6 1571 

3 /2 6 459

Branch banking: (Continued) , t p r o h ib it but which would 

. f - 

f l e e s , e f f e c t on n a tio n a l banks and p o s i t i o n o f 

i ^**M^**%Hmilton r e p rop osed b i l l t o p r o h i b i t , 

Oklahoma, rep y ^ g t ^ banks t o m ain tain lim it e d 

3 /2 6 

branch o f f i c e s , e f f e c t on n a tio n a l banks and on 

manbership, p o s it io n o f C om p tro lle r -V

B r a n c h banka, d o m e s tic : (C o n tin u e d ) 

Farm ers Bank and T r u s t Company: (C o n tin u e d ) 

M a n ila , A r k .: (C o n tin u e d ) 

A p p lic a t io n t o e s t a b l i s h branch a t , d e n ie d , p re sen t 

b ra n ch may be o p e r a te d f o r p e r io d n e c e s s a r y f o r 

o r g a n iz a t io n o f p r o p o s e d new bank 10/32 

F e d e r a l s a v in g s and lo a n a s s o c i a t i o n s , a d v ic e from Mr. M ou n tjoy, 

A .B .A . r e a p p l i c a t i o n o f P e o p le s F .S .L .A ., 

P e o r i a , 1 1 1 ., t o e s t a b l i s h a t P e k in , 1 1 1 ., A .B .A . 

h a s ta k e n no p o s i t i o n , r e p o r t o f Mr. W in g fie ld 

o f h e a r in g on 7 /2 0 

F i r s t Bank and T r u s t C o ., Ottumwa, Io w a , a d m ission t o membership 

im p o s s ib le w ith c a p i t a l s t o c k and s u r p lu s are 

in c r e a s e d b e ca u s e o f b ra n ch e s 7 /1 6 

Id a h o F i r s t N a t io n a l Bank o f B o is e , I d a h o : 

R g n e tt, a c q u i s i t i o n o f b u s in e s s o f b ra n ch by F i r s t S e c u r it y 

Bank o f Id a h o 6/21 

Io w a , l i m i t e d p ow er o f f i c e s , p o s i t i o n o f C o m p tro lle r r e e sta b 

lis h m e n t by n a t io n a l banks u n der s t a t u t e , based 

u p on d e f i n i t i o n o f "b r a n c h " in S e c . 5155, R .S . 3 /2 6 

K a n sa s, l e g i s l a t i o n w h ich may b e p r o p o s e d t o p r o h ib it branch 

b a n k in g b u t a llo w in g S t a t e banks t o m a in ta in 

l i m i t e d p ow er o f f i c e s , e f f e c t on n a t io n a l banks 

and on m o n b e r s h ip , p o s i t i o n o f C o m p tro lle r 3 /2 6 

L i n c o l n - A l l i a n c e Bank and T r u s t C o ., R o c h e s t e r , N. Y. ? 

B r o c k p o r t , c o n s o l i d a t i o n o f B r o c k p o r t N a tio n a l Bank and 

o p e r a t io n a s b ra n ch a p p roved 2 /2 5 

L o r a in S t r e e t B ank, C le v e la n d , O h io : 

L akew ood, e x p e n d it u r e f o r b a n k in g q u a r t e r s a p p roved 3 /1 0 

N e b ra sk a , l e g i s l a t i o n w h ich may be p r o p o s e d t o p r o h i b i t branch 

b a n k in g b u t a llo w in g S t a t e banks t o m a in ta in 

l i m i t e d p ow er o f f i c e s , e f f e c t on n a t io n a l banks 

and on m a n b e rsh lp , p o s i t i o n o f C o m p tro lle r 5 /2 6 

N o r fo lk C ounty T r u s t C o ., B r o o k lin e , M a s s .: 

F r a n k lin , M a s s ., B o a r d 's a p p r o v a l o f a b s o r p t io n o f F ra n k lin 

N a t io n a l Bank n o t r e q u ir e d , e s ta b lis h m e n t o f 

b ra n ch a p p ro v e d 6 /1 4 

N orw ood-H yde P a rk Bank and T r u s t C o ., N orw ood, O h io: 

Hyde P a rk , a u t h o r iz e d t o r e t a i n and o p e r a t e branch a t 2710 

E r ie A v e ., a p p roved i n c o n n e c t io n w ith membership 

a p p l i c a t i o n l / l l 

O f f i c e m a in ta in e d a t Waymart b y Wayne C ounty S a v in g s Bank, 

H o n e s d a le , P a . , f o r r e c e i p t o f d e p o s i t s , m aking 

o f chan ge and o c c a s i o n a l ca s h in g o f ch e ck s, i s 

"b r a n c h " u n d e r S e c . 5 1 55, R . S . 4 / 7 

O klahom a, l e g i s l a t i o n p r o p o s e d t o p r o h i b i t branch b a n k in g, but 

a llo w in g S t a t e banks t o m a in ta in lim it e d power 

o f f i c e s , e f f e c t on n a t io n a l banks and on memb 

e r s h i p , p o s i t i o n o f C o m p tr o lle r 3 /2 6 



1422 

1007 

986 

860 

458 

458 

331 

379 

450 

826 

64 

511 

458

Branch banks, d cm eetlc: (C ontinued) pm tH -m m 

r / i . c o M .ctts . * l'r « f a .b ^ t ^ r .. 

by L orain S tre e t Bank, C levela n d , Ohio 4 7 

P o n ie s Bank and Trust C o., S e a t t le , Hash.* i 

3 oquiam, c o n s o lid a tio n w ith Bank o f Hoquiam and a p p roval o f 

establishm ent o f branch co n d itio n e d upon i n - 

crease in ca p ita l and su rp lu s 4 /2 2 

Kent, purchase o f F ir s t N ation al Bank o f K e n t , and e s ta b 

lishm ent o f branch, l e t t e r t o Mr. C lerk r e 

branch banking program and n e c e s s it y f o r in 

crea se in c a p ita l 6 /2 4 

Peoples Trust Co. c f Bergen County, H ackensack, N. J . : 

Westwood, establishm ent approved in con n e ctio n w ith p u rch a se 

o f a ssets o f Westwood T ru st Company 9 /1 6 

Savings Investment and T ru st C o ., East Orange, N. J . : 

Orange, fin a l approval given t o o p e r a tio n o f branch a t th e 

fonner o f f i c e o f the T ru st Company o f O range, 

which was t e n t a tiv e ly approved S e p t. 20, 1935 7 /2 0 

State Bank o f Albany, N. Y .: 

M ech a n icv ille, op era tion approved 1 /2 7 

Kayne County Savings Bank, H onesdale, P a .: 

Ttaymart o f f i c e , m aintained in home o f em ployee who r e c e iv e s 

d e p o s its , makes change and o c c a s io n a lly ca sh es 

checks, re p ly to FRBank o f P h ila d e lp h ia th a t i t 

i s "branch" under S ec. 5155, R .S . 4 / 7 

Branch banks, FRSystan: 

Baltim ore: 

Personnel c la s s ific a t io n p lan: 

Change from telegraph o p e ra to r to t e le t y p e o p e r a to r 

and decrease in maximum sa la ry approved 4 /3 0 

Change approved 5 /1 4 

S ta ff: 

Andersen, L . E ., bond as FRAgent's R e p re s e n ta tiv e , 

bonding company b ein g advised o f te rm in a tio n o f 

o ld bond 5 / 6 

Cupit, J . R ., C ashier, sa la ry approved 1 /1 9 

Johnston, John A ., A ssista n t C ash ier, sa la ry approved 1 /1 9 

M ilio rd , w. P ., Managing D ir e c to r , s a la r y approved 1 /1 9 

' rightson , F. W., A ssista n t C ash ier, s a la r y approved 1 /1 9 

Birmingham: 

Personnel c la s s ific a t io n plan: 

Change approved 1 /2 9 

Changes approved 6 /2 0 

Change approved 1 2 / 9 



Quarters, reserve set up on b u ild in g by FRBank o f A tla n ta 

to cover 1 2 / 2 1 

Increase approved 

S ta ff: 1Z/

B ranch b a n k s , FRSystem : (C o n tin u e d ) 

B irm ingham : (C o n tin u e d ) 

S t a f f : ( C o n tin u e d ) 

U r q u h a r t, H. J . , C a s h ie r , s a la r y a p p roved 

W ork in g h o u r s and s a l a r i e s , l e t t e r from S e n a to r B la ck r e 

g a r d in g , M r. P a r k e r to b e r e q u e s te d t o come t o 

1 /1 5 90 

W ash in gton and d is c u s s w ith S e n a to r 6/15 634 

R e v ie w b y M r. P a r k e r o f c o n v e r s a t io n w ith S e n a to r B lack 

B u f f a l o : 

6 /1 8 850 

P e r s o n n e l c l a s s i f i c a t i o n p la n a , ch a n ges a p p roved 

S t a f f : 

A n s le y , A lb e r t H . , t e l e t y p e o p e r a t o r , s a la r y in e x c e s s 

6 /2 6 993 

o f maximum a p p roved 

A s s i s t a n t e x a m in e r s , d e s ig n a t io n o f em p loyees t o a s s i s t 

1 1 / 5 1510 

r e g u l a r e x a m in ers 6/21 859 

B l a k e s l e e , C l i f f o r d , A s s i s t a n t C a s h ie r , s a la r y approved 1 /1 9 115 

O 'H a ra , R o b e r t M ., M an agin g D i r e c t o r , s a la r y approved 1 /1 9 115 

Snow, H a ls e y W ., C a s h ie r , s a la r y approved 1 /1 9 115 

W i l t s e , R e g in a ld B . , A s s i s t a n t M anager, s a la r y approved 

C h a r lo t t e : 

P e r s o n n e l c l a s s i f i c a t i o n p la n : 

Change from t e le g r a p h o p e r a t o r t o t e l e t y p e o p e r a t o r and 

1 /1 9 115 

r e d u c t io n i n maximum s a la r y approved 

4 /3 0 629 

Change a p p ro v e d 

S t a f f : 

5 /1 4 711 

B r o o k s , L o u is D ., A s s i s t a n t C a s h ie r , s a la r y approved 1 /1 9 l i e 

C h e rry , R . L . , C a s h ie r , s a l a r y a p p roved 1 /1 9 l i e 

C le m e n ts , W. T . , M anagin g D i r e c t o r , s a la r y approved 

F r a n c i s , C. E . , bond a s F R A g e n t's R e p r e s e n t a t iv e , bond 

1 /1 9 l i e 

i n g com pany a d v is e d o f t e r m in a t io n o f o ld bond 

C i n c in n a t i : 

5 / 6 660 

P e r s o n n e l c l a s s i f i c a t i o n p la n , ch an ge a p p roved p r o v id in g f o r 

ch a n ge in t i t l e o f " A u d it E xam ining C le r k " t o 

" A u d it S e n io r C le r k " 

7 /2 6 1022 

S t a f f : 

G e e r s , P . J . , A s s i s t a n t C a s h ie r , s a la r y a p p roved 1 /1 5 89 

J o h n s o n , R . , A s s i s t a n t C a s h ie r , s a la r y approved 1 /1 5 69 

L a z a r , B . J . , M anaging D i r e c t o r , s a la r y a p p roved 

O s t e n d o r f , H a rry H ., c o n tin u a n c e o f a ssignm en t t o p o s i 

1 /1 5 89 

t i o n b elow s a la r y g ra d e f o r f u r t h e r s i x m onths 5 /^ 4 741 

O t t , H. N ., C a s h ie r , s a la r y a p p roved 1 /1 5 89 

D en ver: 

L im it e d p ow er b r a n c h . B oard a p p r o v e s c o n v e r s io n p ro p o sed 


1 /2 1 157 

"F R A g e n t's R e p r e s e n t a t iv e " , ch an ge a p p roved c r e a t in g 

p o s i t i o n 

6 /1 0 806 

S t a f f : 

A s s is t a n t e x a m in ers f o r FRBank o f K ansas C it y , d e s ig n a 

t i o n o f 1 4 e m p loy ees (tw o no lo n g e r a u th o r iz e d 

t o p a r t i c i p a t e i n e x a m in a tio n s ) whose u s e t o 

le n d c l e r i c a l a s s i s t a n c e , B oard approved May 21, 

1 9 36 4 /1 2 539 



Branch banks, FRSystan: (C ontinued) 

Denver: (Continued) 

S t a ff: (Continued) 

Brown, S. A ., C ashier, sa la ry approved 1 /1 9 

Jones, Judd W., A ssista n t C ash ier, s a la ry a p p r o v e I / 1 9 

Keck, George E ., d esign a tion as a s s is ta n t exaininer f o r 

FRBank o f Kansas C ity , to le n d c l e r i c a l a s s i s 

tance to regu la r examiners 

Olson, J . E ., Managing D ir e c to r : 

Leave fo r a d d itio n a l month on accou n t o f bad h e a lth 

and f o r t r ip t o Europe, approved 

Salary approved 

Young, W. R .: 

A ctin g A ssista n t FRAgent, reappointm ent as 

A ssista n t examiner, d e sig n a tio n a s, f o r FRBank o f 

Kansas C ity, to le n d c l e r i c a l a s s is ta n c e to 

regular examiners 

Bond approved as FRAgent's R e p re s e n ta tiv e and 

Standard A ccid en t In su rance Co. t o be a d v ised 

o f term in ation o f bond as A ctin g A s s is ta n t 

FRAgent 

D etroit: 

Currency handling f o r member banks, e lim in a tio n o f u n n ecessary 

s o rtin g 

Personnel c la s s ific a t io n plan : 

Change approved 


Changes approved 


S ta ff: 

Busa, Ralph H ., Managing D ir e c t o r , s a la r y in c r e a s e d i s 

approved, approved a t r a te in e f f e c t l a s t y e a r 

C halfont, Harlan J . , C ashier, s a la ry approved 

D iehl, Harold L ., A ssista n t C ash ier, s a la r y approved 

Raether, Bernard L ., FRAgent's R e p re s e n ta tiv e , bond a s , 

request i f any o b je c t io n t o r e le a s e o f o ld bond 

and f o r e f f e c t iv e date o f appointment 

El Paso: 

FRBank 

Quarters, s it e o f , fRtank o f D allas a u th orized t o ch arge 

S ta ff- ° ^ sum to reduce book value t o market v a lu e 

^ p a g i n g D ir e c to r , s a la r y approved 

^ R e P r ^ a t l ^ d i n g 

Mmpany to be advised o f term in a tion o f o ld 

H e l e n a - ^ " ^ - ^ ^ a t l o n plan, changes approved 

Quarters: 



— I* °P tio n a u th o rised i f 

L ' f ' ^ ^ 

4 /1 2 539 

4 /1 7 571 

1 /1 9 119 

1 / 4 5 

4 /1 2 539 

5 / 1 633 

7 /3 0 1078 

1 /2 3 182 

2 / 8 243 

3 / 2 359 

6/ 8 794 

1 /2 9 191 

1 /2 9 192 

1 /2 9 192 

5 / 3 

1 2 / 2 1 

1 /1 9 

5 / 6 

1 /1 9 

1 0 /2 9 

636 

1698 

119 

663 

119 

1466

B ran ch b a n k s, FRSyetem: (C o n tin u e d ) 

H e le n a : ( C o n tin u e d ) 

Q u a r te r s : (C o n tin u e d ) 

M ontana L i f e I n s u r a n c e C o. u n w illin g t o s e l l b u ild in g , 

M r. P e y to n p la n a t o e x e r c i s e o p t io n on b u ild in g 

s i t e , no o b j e c t i o n 

P r a n is e s , FRBank o f M in n e a p o lis a u th o r iz e d t o w r it e book 

v a lu e down t o e s tim a te d m arket v a lu e o f land 

S t a f f : 

H o e r r , A. A . , C a s h ie r , s a la r y a p p roved 

L a r s o n , C. J . , A s s is t a n t C a s h ie r , s a la r y approved 

T o w le , R . E . , M anaging D i r e c t o r , s a la r y approved 

H o u s to n : 

B y la w s , amendment c h a n g in g b u s in e s s h o u rs a p p roved 

Amended t o ch an ge b u s in e s s h o u r s 

P e r s o n n e l c l a s s i f i c a t i o n p la n , ch an ge n e c e s s it a t e d by in 

c r e a s e i n s a la r y o f a n p lo y e e , approved s u b je c t 

t o a p p r o v a l o f FRBank d i r e c t o r s 

Q u a r te r s : 

B u ild in g , r e p l y t o M r. L o y W. D u d d leston r e b id e o f 

H ou ston C o n t r a c t o r s f o r r e f a c i n g 

FRBank o f D a lla s a u t h o r iz e d t o ch a rg e o f f sum t o c o v e r 

c o s t o f r e f a c i n g b u i l d i n g 

S t a f f : 

D eM oss, E . R . , C a s h ie r , s a l a r y a p p roved 

G e n tr y , W. B . , M anaging D i r e c t o r , s a la r y a p p roved 

R e e d , I . J . , bond a s F R A g e n t's R e p r e s e n t a t iv e , bonding 

com pany t o b e a d v is e d o f t e n n ln a t io n o f o ld 

bond 

J a c k s o n v i l l e : 


"F R A g e n t's R e p r e s e n t a t iv e " , s u g g e s t io n o f appoin tm en t 

o f , i n c o n n e c t io n w ith c u s to d y o f u n is s u e d 

F R notea 

C hanges a p p ro v e d 

Q u a r te r s , r e s e r v e s e t up b y FRBank o f A tla n t a t o c o v e r 

b u i l d i n g 

S t a f f : 

"F R A g e n t's R e p r e s e n t a t iv e " , s u g g e s t io n o f appointm ent 

o f , i n c o n n e c t io n w ith c u s to d y o f u n is s u e d 

F R n otes 

G u ard s, i n v e s t i g a t i o n o f w o rk in g h o u rs and s a l a r i e s 

L a n fo r d , T . A . , C a s h ie r , s a la r y a p p roved 

V a rd a n a n , G. S . , J r . , M anaging D i r e c t o r , s a la r y approved 

L i t t l e R o ck : , 

B y la w s, r e v i s i o n a p p ro v e d s u b je c t t o u n d e r s ta n d in g s re 

t e n u r e o f o f f i c e o f o f f i c e r s and com p en sation 

o f a s s o c i a t e c o u n s e l 

P e r s o n n e l c l a s s i f i c a t i o n p la n , ch a n ges approved 

S t a f f : 

B a i l e y , A . F . , M anaging D i r e c t o r , s a la r y approved 



7 /2 7 1044 

1 2 /2 1 1698 

1 /1 5 

1 /1 5 

1 /1 5 

91 

91 

91 

5 /2 5 749 

1 0 /1 6 1399 

7 /1 4 965 

9 /2 1 1313 

1 2 /2 1 1698 

1 /1 9 

1 /1 9 

119 

119 

5 / 6 662 

4 /2 4 601 

8 /2 0 1170 

1 2 /2 1 1697 

4 /2 4 601 

9 /1 6 1289 

1 /1 5 90 

1 /1 5 90 

3 /1 1 369 

9 /1 6 1283 

1 /1 5 

91

Branch banks, FRSystsn: (Continued) 

L i t t l e Rock: (Continued) 

^ ^ l d s c h ^ d ^ ' p - . bond as FRAgent's R e p r e s e n ta tiv e , 

bonding company to be advised o f te rm in a tio n o f 

5 / 6 

o ld bond , 

Long, M. H ., C ashier, sa la ry approved -V 15 

wood! C liffo r d , A ssista n t C ash ier, s a la r y approved 1 /1 5 

c la s s ific a t io n p la n , FR Agent's R e p re s e n ta tiv e t o 

remain under branch plan even though on Head 

O ffic e p a y r o ll, new p lan page t o be fU m is h e d 

Board . 1 0 /2 9 

Quarters, se ttin g a sid e o f re s e r v e o f 2^ on b u ild in g by 

FRBank o f San F ra n cisco n ot approved, may however 

w rite down book v a lu e 1 2 /2 1 

S * a ff: ^ 

Ambrose, W. N ., Managing D ir e c t o r , s a la r y approved 1 /1 9 

C raft, H. M ., A ssista n t Manager, s a la r y approved 1 /1 9 

L eisn er, J. M ., A s s is ta n t Manager, s a la r y approved 1 /1 9 

Meyer, L. C ., A ssista n t C ash ier, s a la ry approved 1 /1 9 

L o u is v ille : 

Bylaws, re v is io n approved su b je c t t o u n d ersta n d in gs r e 

tenure o f o f f i c e o f o f f i c e r s and com pensation 

o f a s s o c ia te counsel 5 / l l 

Personnel c l a s s i f i c a t i o n plan : 

Changes approved 6 / 7 

Changes approved 1 0 /2 6 

S ta ff: 

Jenks, S tan ley B o ., A s sista n t C ash ier, s a la r y approved 1 /1 5 

Moore, John T ., Managing D ir e c t o r , s a la r y approved 1 /1 5 

Moore, L. A ., bond as FRAgent's R e p re s e n ta tiv e , bon d in g 

company to be advised o f te n n in a tio n o f o ld 

bond 5 / 6 

Schacht, Charles A ., C ashier, s a la r y approved 1 /1 5 

Summers, A. K ., sa la ry approved in e x ce ss o f maximum 3 /1 7 

Msaphia: 

Bylaws, r e v is io n approved s u b je c t t o u n derstan d in gs re 

tenure o f o f f i c e o f o f f i c e r s and com pensation 

o f a s s o cia te counsel 3 /1 1 

Personnel c la s s ific a t io n p la n , changes approved 1 0 /2 2 

S t a f f : . 



Bartholomew, Gertrude, s a la ry approved in e x c e s s o f 

maximum 3 /1 7 

B elcher, S. K ., C ashier, s a la r y approved 1 /1 5 

Freeman, B. R ., sa la ry approved in e x ce ss o f maximum 3 /1 7 

-^lasgow, W. H ., Managing D ir e c t o r , s a la r y approved 1 /1 5 

Martin, C. E ., A ssista n t C ash ier, s a la r y approved 1 /1 5 

je r k in s , J . N ., sa la ry approved in e x ce ss o f maximum 3 /1 7 

S trickland, G. K ., sa la ry approved in e x ce ss o f maximum 3 /1 7 

Vtalker, L. T+: 

Bond as FRAgent's R ep resen ta tiv e, bonding company t o 

be advised o f term in a tion o f o ld bond 5 / 6 

balary approved 1 2 /3 1 

661 

91 

91 

1466 

1698 

117 

117 

117 

117 

389 

766 

1444 

91 

91 

661 

91 

423 

389 

1424 

422 

91 

422 

91 

91 

422 

422 

661 

1765

B ranch b a n k s , FRSystam : (C o n tin u e d ) 

N a s h v i l l e : 

P e r s o n n e l c l a s s i f i c a t i o n p la n , ch a n g es approved 

S t a f f : 

F o r t , J - B ., J r . , M anaging D i r e c t o r , s a la r y approved 

G u ard s, i n v e s t i g a t i o n o f s a l a r i e s and w ork in g h ou rs 

H a r r is o n , E. R . , C a s h ie r , s a la r y a p p roved 

New O r le a n s : 


Change a p p ro v e d 

" S p e c i a l r e p r e s e n t a t i v e * , ch a n ge r e q u e s te d t o p r o v id e 

f o r , B oard s u g g e s t s a p p oin tm en t o f F R A gent'e 

R e p r e s e n t a t iv e i n c o n n e c t io n w ith c u s to d y o f 

u n is s u e d F R n otes 

C hanges a p p ro v e d 

S e a le d b o x and lo c k e d army s a f e h e ld i n c u s to d y , l e t t e r t o 

S e c r e t a r y o f S t a t e r e q u e s t in g d i s p o s i t i o n o f 

S t a f f : 

B la c k , W. H ., C a s h ie r , s a l a r y a p p roved 

C la r k , L . M ., M anaging D i r e c t o r , appointm ent and s a la r y 

a p p ro v e d 

F R A g e n t's R e p r e s e n t a t iv e , s u g g e s t io n o f appointm ent o f , 

i n c o n n e c t io n w it h c u s t o d y o f u n is s u e d FRnotes 

[Management s i t u a t i o n sh ow in g n e e d f o r o f f i c e r t o a ss 

i s t i n o p e r a t i o n o f b ra n ch and p e r s o n n e l m att 

e r s 

V a s t e r l i n g , F . C ., A s s is t a n t C a s h ie r , s a la r y approved 

W a lk e r , M a rcu s , M an agin g D i r e c t o r : 

R e s ig n a t io n 

S a la r y a p p r o v e d 

Oklahom a C it y : 

B y la w s, h o u r s o f b u s i n e s s , amendment r e 


F R A g e n t's R e p r e s e n t a t iv e , ch a n ge a p p roved c r e a t in g 


D is c o n t in u a n c e o f p o s i t i o n R e tu rn Item C le rk and N ota ry 

a p p r o v e d , a c t i o n on r e v is e d p age 14 d e fe r r e d 

p e n d in g f u r t h e r a d v ic e 

S t a f f : 

C la r k , J . C ., J r . ? 

Bond a p p ro v e d aa F R A g e n t's R e p r e s e n t a t iv e , N a tio n a l 

S u r e ty C o ., New Y ork t o b e a d v is e d o f term in a 

t i o n o f bond a s A c t in g A s s is t a n t FRAgent 

R eappoin tm en t a s A c t in g A s s is t a n t FRAgent 

S a la r y a p p ro v e d 

D a n ie l, C. E . , M anaging D i r e c t o r , s a la r y approved 

M a th es, R . L . , A s s is t a n t C a s h ie r , s a la r y approved 

W u n d e r lic h , R . 0 . , C a s h ie r , s a la r y approved 

Omaha: 

B y la w s, h o u r s o f b u s in e s s , amendment r e 



6 /2 0 1170 

1 /1 5 90 

9 /1 $ 1269 

1 /1 5 90 

1 /2 9 KM 

4 /2 4 601 

a /2 0 1170 

a/ 4 nos 

1 /1 5 90 

1 1 /2 7 1574 

4 /2 4 601 

9 /1 6 1290 

1 /1 5 90 

1 1 /2 7 1574 

1 /1 5 90 

5 /1 7 717 

6 /1 0 808 

1 2 /2 2 1719 

5 / 1 

1 / 4 

7 / 1 

1 /1 9 

1 /1 9 

1 /1 9 

633 

5 

915 

119 

119 

119 

5 /1 7 717

Branch banks, FRSystem: (Continued) 

^ ^ L i m i t ^ p o w e r branch, Board approves co n v e rsio n p ro p o sed I / 2 1 

Personnel c la s s ific a t i o n plan : 

"FRAgent's R ep resen ta tiv e", change approved c r e a t in g 

p o s itio n 

6/10 

S ta ff 1 . T /* ,- 

C o r d ill, 0. P ., A ssista n t C ash ier, s a la r y approved 1 / 1 9 

Earhart, L. H ., Managing D ir e c t o r , s a la r y approved 1 / 1 9 

Eckstrom, F red erick , payment o f s a la r y in e x c e s s o f 

maximum in p erson n el c l a s s i f i c a t i o n p la n approved 

7 /2 7 

Gregory, G. A ., C ashier, s a la r y approved 1 /1 9 

P h illip s , Mn., A ssista n t C ash ier, s a la r y approved 1 /1 9 

Thornton, I . A .: 

Bond approved as FRAgent's R e p re s e n ta tiv e , Standard 

A ccident In su ran ce Co. t o be a d vised o f term in a 

t io n o f bond as A ctin g A s sista n t FRAgent 5 / 1 

Reappointment as A ctin g A s s is ta n t FRAgent l / 4 

P ittsburgh: 

Personnel c la s s ific a t i o n p la n , change approved p r o v id in g f o r 

change in t i t l e o f "A udit Examining C le rk " t o 

"Audit S en ior C lerk" 7 /2 6 

S ta ff: 

B olthouse, C. J . , A ssista n t C ash ier, s a la r y approved 1 /1 5 

Brown, P. A ., C ashier, s a la ry approved 1 /1 5 

Cobun, F. E ., A ssista n t C ashier, s a la ry approved 1 /1 5 

Wagner, G. 3 . , Managing D ir e c t o r , s a la r y approved 1 /1 5 

Portland: 

S ta ff: 

Blanchard, J . P ., A ssista n t C ash ier, s a la r y approved 1 /1 9 

./acEachron, S. A ., A ssista n t Manager, s a la r y approved 1 /1 9 

Hest, R. B ., Managing D ir e c to r , s a la r y approved 1 /1 9 

T e rrito ry : 

Changes re cen tly made, su ggestion th a t FRBank o f San 

F rancisco make form al request f o r B o a r d 's approval 

2/12 

Changes in , 

Salt Lake City: 3 /1 0 

b a r t e r s , s e ttin g asid e o f reserve o f 2^% on b u ild in g by 

F ran cisco n ot approved, may how ever 

-r ^ te down book value to p o in t where r e g u la r d e - 

M ** ""E'H-t 1 " such re s e r v e in 

S ta ff: 1 2 /2 1 

p J r t ^ r ' W L *' a s s is ta n t exam iner 1 2 /2 9 

S ^ t ? K M L D ir e c to r , s a la ry approved 1 /1 9 

s n * - ^ 



1 0 /1 6 

808 

119 

119 

1046 

119 

119 

633 

5 

1032 

89 

89 

89 

89 

117 

117 

117 

269 

383 

1698 

1752 

117 

117 

117 

749 

1399

B ranch b a n k s, FRSystem : (C o n tin u e d ) 

San A n t o n io : (C o n tin u e d ) 

P e r s o n n e l c l a s s i f i c a t i o n p la n , change n e c e s s it a t e d by in 

c r e a s e i n s a la r y o f em p loyee, approved s u b je c t 

t o a p p r o v a l o f FRBank d i r e c t o r s 7 /1 4 

S t a f f : 

Crump, M ie r s , M anaging D i r e c t o r : 

R o ta r y C lub o f San A n to n io , e l e c t e d P r e s id e n t o f , 

a d d i t i o n a l l e a v e g r a n te d t o a tte n d R o ta ry con 

v e n t io n i n E u ro p e , no o b j e c t i o n 4 / 2 

S a la r y a p p ro v e d 1 /1 9 

E a g le , W. E . , C a s h ie r , s a la r y a p p roved 1 /1 9 

G ow land, C. P . , bon d a s F R A g en t's R e p r e s e n t a t iv e , bondi 

n g com pany t o b e a d v is e d o f te r m in a tio n o f o ld 

b on d 5 / 6 

S e a t t l e : 

S t a f f : 

R e l f , G. W ., A s s i s t a n t C a s h ie r , s a la r y a p p roved 1 /1 9 

R u s s e l l , B . A . , A s s is t a n t M anager, s a la r y approved 1 /1 9 

Shaw, C . R * , M anaging D i r e c t o r , s a la r y a p p roved 1 /1 9 

T e r r i t o r y : 

C hanges r e c e n t l y m ade, s u g g e s t io n t h a t FRBank o f San 

F r a n c is c o make fo r m a l r e q u e s t f o r B o a r d 's 

a p p r o v a l 2 /1 2 

C hanges i n 3 /1 0 

S p okane: 

S t a f f : 

B o ld , F . C ., A s s is t a n t M anager, s a la r y a p p roved 1 /1 9 

D a v is , D. L . , M an agin g D i r e c t o r , s a la r y a p p roved 1 /1 9 

Dumm, A . J . , A s s is t a n t C a s h ie r , s a la r y a p p roved 1 /1 9 

T e r r i t o r y : 

C hanges r e c e n t l y m ade, s u g g e s t io n t h a t FRBank o f San 

F r a n c is c o make fo rm a l r e q u e s t f o r B o a r d 's 

a p p r o v a l 2 /1 2 

Changes i n 3 /1 0 

B ranch b a n k s , f o r e i g n : 

C e n tra l H anover Bank and T r u s t Company, New Y o rk , N. Y . : 

L on d on , E n gla n d , a p p l i c a t i o n a p p ro v e d 1 1 / 3 

C hase Bank, New Y o r k , N. Y . : 

B ra n ch e s i n P a r i s , S h a n g h a i, H ongkong and T i e n t s i n , l e t t e r 

t o C o m p t r o lle r r e q u e s t in g th a t he have h is exami 

n e r s make e x a m in a tio n s o f 3 / 2 

H ongkong, e x a m in a tio n t o b e made b y n a t io n a l bank exam iners 4 / 2 

N a t io n a l Bank E xam in ers T r e p a n ie r and J e n n in g s com m issioned 

b y B oard t o exam ine b ra n ch e s lo c a t e d o u t s id e 

U. S . 9 / 8 

P a r i s , F ra n c e : 

E x e r c is e o f c o r p o r a t e a g e n cy p ow ers 3 /1 ? 

N a t io n a l bank exam in ers t o make exam in a tion 4 / ? 

S h a n g h a i, C h in a: 

E xam in ation t o be made by n a t io n a l bank exam in ers 4 / ^ 

R e q u est f o r o r d e r a u t h o r iz in g c l o s i n g o f Branch 8 /1 4 



965 

497 

119 

119 

662 

117 

117 

117 

289 

383 

117 

117 

117 

289 

383 

1490 

359 

496 

1241 

435 

496 

496 

1136

Branch banks, F oreign: (C ontinued) . 

Chase N ational Bank o f the C ity o f New Y ork, N. Y .. 

^ b e'^ ade by n a tio n a l bank exam in ers 4 / 3 ^ 

M oorgats, r ^ o v a l t o 5-6 L^nbard S tr e e t no o b j e . t i . n 1 /2 7 ^ 

51 B erkeley Square, establishm ent a u th o rized 1 /S 7 ^ 

Foreign banking co rp o ra tio n s, exam ination and s u p e r v is io n , p r o - 

cedure approved

B udget: (C ontinued) 

Board o f G overn ors: (C ontinued) 

F is c a l A gent: (C ontinued) 

A utom atic Coin Change m achine, in c r e a s e t o a llo w purchase 

o f , approved 1 0 / 6 

M oving in t o new b u ild in g , t o be p repared f o r 1/26 

New b u ild in g , f o r o p e r a tio n and m aintenance during balance 

o f y ea r approved 9 / 2 

P r in t in g , sum added t o item o f 1 1 / 5 

S e c r e t a r y 's o f f i c e : 

P r in t in g and r e la t e d ite m s, sum added f o r 5/28 

A d d itio n o f $250 f o r p r in t in g 9/20 

S u p p lie s and m a te r ia ls , sum added f o r purchase o f , app 

rov ed 1 0 / 6 

S ta n d a r d iz a tio n o f form and manner o f p re se n ta tio n o f , Secreta 

r y d ir e c t e d t o e f f e c t , and t o submit each year 

n o t l a t e r than Dec* 1 6/15 


Exam ination d epartm en ts, approved , in c lu d in g budgets f o r 

FRBanks o f P h ila d e lp h ia and St* L o u is , which are 

e x c lu s iv e o f any reim bursem ents f o r exam inations 4 / 9 

S t a t i s t i c a l and a n a ly t ic a l fu n c t io n , approved, banks to be 

a d v is e d th a t tra d e r e p o r t in g and m onthly review 

s it u a t io n w i l l be g iv en c o n s id e r a tio n 4 / 9 

B u ild in g and lo a n a s s o c i a t io n s , rem oval from q u a rters o f S tate 

member ban ks, l e t t e r t o H r. Young o f C hicago on 2 / 6 

B urch ard, Howard L . , Board has no o b je c t io n t o FRBank o f C leveland 

fu r n is h in g l i s t o f d i r e c t o r s s in c e b a n k 's organiza 

t i o n to 11/18 

Bureau o f A g r ic u lt u r a l E conom ics: (S ee Department o f A g r icu ltu r e ) 

Bureau o f E ngraving and P r in t in g : 

O rder f o r p r in t in g FRnotes f o r 1938 6/19 

Bureau o f I n v e s t ig a t io n : 

V io la t io n s o f crim in a l p r o v is io n s o f banking la w s, request f o r 

c o p ie s o f l e t t e r s sent to U n ited S ta te s Atto 

rn e y s 1/15 

R ish , Wm. H .: (S ee S e c u r it ie s p r i c e s , m a n ip u la tion o f ) 

R is in e s s and c r e d it c o n d it io n s : 

D is c u s s io n w ith Board by M e ssrs. Thomas and P is e r 9 / 7 

F ed era l A d v isory C o u n cil, s u g g e s tio n o f Mr. B roderick that 

members be p rep a red t o rev ie w c o n d itio n s at 

fu tu r e m eetin gs 2 / 1 6 

Memo and statem ent o f Mr. G old en w eiser b e fo r e P r e s id e n ts ' Confe 

r e n c e , rev ie w o f com p osition o f System open 

market a cco u n t, adequate t o e f f e c t red u ction 

i n r e s e r v e s , g o ld i n f l u x and powers needed 

by System t o absorb im ports 6 / 8 

B u sin ess c o n d it io n s : 

D is cu ssio n as t o what a c t io n might be taken t o a s s is t in cou n tera 

c t in g p re sen t b u sin e ss r e c e s s io n 11/26 



1370 

189 

1220 

1513 

761 

1308 

1370 

831 

529 

527 

240 

1544 

856 

97 

1234 

303 

798

Business con d ition s: [Continued) members come p rep a red in 

Bylaws: 

Federm A d v i s . r y ^ i i . r ' ^ ' ^ s s and banking c o n d it io n s 2 /i ^ 

p e p o r t o f ^ ^ ^ . ^ J ^ ^ e c t i v s d i s t r i c t s l o / ' e 

R e p o r t s b y manbers on ^ ^ ^ t h e ir d i s t r i c t s 1 2 / ^ 

P e v i ^ f s i t L t ' n in L h d i s t r i c t by P re s id e n ts o f H M aiR s 1 0 /1 . 

" ° " ^ f c ^ l " r e " i g n a t u r e o f cheeks a g a in st I n t e r d i s t r i c t 

Settlanent Fund and FUAgents' Fund, amendment o f 2 /1 8 

R esolutions o f personal ch aracter on term in a tion o f member- 

ship prevented by 

^ ^ e n d m H t ^ M ^ id ic g th a t two members o f e x e cu tiv e com m ittee 

shall c o n s titu te quorum, p o s it io n o f Board r e 

garding chairmanship o f com m ittee, s u g g e s tio n 

that FRBank con sid er a d op tion 7 /1 0 

R evision o f , no o b je c t io n 3 / 1 

FRBank o f Chicago: 

Amendments t o , l e t t e r t o Mr. S ch a lle r th a t amendment r e e l e c 

t io n o f manber end a lte r n a te o f F ed era l Open 

Market Canmittee be r e v is e d 1 2 /2 9 

FRBank o f Kansas C ity: 

Hours o f busin ess, amendment r e , and r e hou rs a t Oklahoma 

C ity and Omaha 5 /1 7 

R evision o f , memo o f Mr. V est c a llin g a t te n tio n t o chan ges 

in com position o f e x e cu tiv e com m ittee and p r o 

v is io n f o r a d m in istra tiv e com m ittee, arrangem ent 

may be u n d esira b le, Mr. M o r r ill t o a s c e r t a in 

underlyin g reasons 3 /3 0 

Board takes p o s itio n th at chairman o r deputy ch ain n an, 

o r t h ir d Class C d ir e c t o r should se rv e as c h a ir 

man o f execu tiv e conm lttee in o rd e r named, t o b e 

discussed with P resid en t Ham ilton 5 /1 1 

D iscussion o f Mr. Ransom w ith P re sid e n t H am ilton who 

was advised o f B oard 's p o s it io n , no fu r t h e r 

a ctio n 6 /1 1 

Views o f Board re a d m in istra tive conznittee, i t s fr e q u e n t 

m eetings and expenses, p o s it io n r e ch ain n ansh ip 

o f executive committee, handlin g o f p u b lic r e l a 

tio n s should be by o f f i c e r s 7 /1 4 

L e tte r from P resident Hamilton on o r g a n iz a tio n and 

fu n ction s o f a d m in istra tiv e and e x e c u tiv e comm 

ittees, Mr. M o r r ill t o d r a ft r e p ly fo r B o a r d 's 

con sideration 7 / 2 0 

Reply approved 7 /2 9 

P rovisions regarding com position and m eetings o f adm 

in istra tiv e and e x e cu tiv e com m ittees o f bank, 

Mr. Thomas present at m eeting o f Board t o 

discuss Q /24 



3)3 

?22 

1366 

1656 

1403 

318 

1345 

946 

356 

1754 

717 

479 

679 

621 

966 

1008 

1062 

113E

B ylaw s; (C on tin u ed ) 

FRBank o f San F ra n c ia c o : 

R a tes o f d is c o u n t, Board n ot fa v o r a b le to p ro p o sal to 

lim it a c t io n o f e x e c u tiv e com m ittee to r e a f- 

fiim a t io n o f r a t e s f ix e d by board o f d ir e c t o r s 1 / e 49 

Amendment a u t h o r iz in g e x e c u tiv e com m ittee t o e s ta b lis h 

r a t e s o f d is c o u n t , memo o f Mr. V est recommendin 

g th a t r e c e i p t o f l e t t e r r e be m erely a cknow 

ledged, approved 3/ H 3 3 9 

H ouston B ranch, amendment ch an gin g b u s in e s s hou rs approved 5/25 749 

Amended t o change b u s in e s s h ou rs 10/16 1399 

L i t t l e Rock B ranch, r e v is io n o f , approved s u b je c t to understandin 

g s r e ten u re o f o f f i c e o f o f f i c e r s and comp 

e n sa tio n o f a s s o c i a t e cou n sel 3 /1 1 369 

L o u i s v i l l e B ranch, r e v i s i o n o f , approved s u b je c t to understandin 

g s r e te n u re o f o f f i c e o f o f f i c e r s and comp 

e n s a tio n o f a s s o c i a t e cou n sel 3/11 389 

Memphis B ranch, r e v is io n o f , approved s u b je c t t o understandings 

r e te n u re o f o f f i c e o f o f f i c e r s and com pensation 

o f a s s o c i a t e co u n sel 3/11 389 

Oklahoma C it y B ranch, h o u rs o f b u s in e s s , amendment r e 5/17 717 

Omaha, h ou rs o f b u s in e s s , amendment r e 5/17 717 

San A n ton io B ranch, amendment ch an gin g b u sin e ss hours approved 5 /2 5 749 

Amended t o change b u s in e s s h ou rs 1 0 /1 6 1399 

"C " 

C a fe t e r ia in new b u ild in g : 

O p e ra tio n a u th o r iz e d 4/21 582 

Agreement w ith W elfa re and R e c r e a tio n a l A s s o c ia t io n fo r 

o p e r a tin g 5 /1 3 709 

Snack b a r , change in p la n s t o p r o v id e f o r 1 /2 7 175 

(S e e a ls o Board o f G o v ern ors, B u ild in g ) 

C a l ifo r n ia S e c u r it y D e a le rs A s s o c ia t io n , s u g g e s tio n o f Mr. Stephens 

o f amendment t o R e g u la tio n U t o p erm it la r g e r 

lo a n s on l i s t e d s e c u r i t i e s o f in vestm en t ch aract 

e r , Board u n w illin g t o p a ss on r e l a t i v e m e rits 

o f s e c u r i t i e s 6 / 1 0 810 

C a l ifo r n ia S ta te A u tom ob ile A s s o c ia t io n , I n t e r -I n s u r a n c e Bureau, 

d e p o s it s cannot be c l a s s i f i e d a s S avin gs dep 

o s i t s 1 2 /1 5 1660 

C a n fie ld , C. I . , s e r v i c e s o f d i r e c t o r s o f F ir s t S e c u r it y Company, 

Ogden, Utah u n der C la yton A c t, r e p ly t o 1 0 / 2 2 1425 

C a r p e n te r s ' s t r i k e a t B o a r d 's new b u ild in g in v o lv in g i n s t a lla t io n 

o f a c o u s t ic t i l e 4 / 2 0 579 

C a s h ie r s ' c h e c k s , FRBanks, may n o t be h e ld a s s e c u r it y by member 

banks f o r t r u s t funds u sed in conduct o f bank 

b u a in e s s , but Board has approved p roced u re 

whereby such ch eck s may be h eld a s a s s e ts o f 

tru s ts 3/31 *36 



C a s h ie rs' ch e ck s. u sed i n = = xm ercial d e p a r t - 

P led g e as ^ l l e . e r a l d eterm in e w illin g n e s s t o amend 

m ent, co a ra __ -a th a r than r e f e r t o 

R egu la tion F t o p en M * r a th e r 

Presidents' C on feren ce com m ercia l d e p a r t - 

P l ^ g e in t r u e t " ^ ^ ^ ^ " ^ a t i o n a l Bank s a t i s f i e d r e r e f u s a l 

r 

t o p e 

^ 

im 

t 

lt, 

^ 

Boara 

^ 

aoi, 

t . U 

t o R e g u la tio n F 

l i ^ t . Bake amendment 

^ ^ 

C entral R eserve " * ^ / ^ ^ ^ ^ i r R B a n k s , recon m en d a tion f o r a m p li- 

. . e k l y . t a t ^ e n t ond t i o n ^ ^ ^ ^ . ^ ^ e x c e s , r e s e r v e , i . . 

^ e s t i o n . d , put on d o ck e t f o r i^ t u r e c o n a i d e r . - 

P e e o ^ e D d a tio ^ fo r anpll . 1 ca tio n to 

r e s e r v e s i n , put on d o ck e t u n t i l r e t u r n o f M r. 

E c d e s 

663 

9 /3 0 l a g 

1 0 / 5 1365 

^ G o ld ^ w e ie e r , E. A ., d e sig n a te d by B oard t o c o n f e r w ith M r. G ray 

r e R e g u la tio n No. 1 r e g a r d in g s u tm is s io n o r 

m a te ria l t o S t a t i s t i c a l Board f o r r e v ie w 5 /1 9 441 

C e r t ific a t e s o f b e n e f ic ia l i n t e r e s t : 

Union T ru st Company o f M aryland, B a ltim o r e , M d ., p u rch a s e b y , 

o r by C it y C e r t i f i c a t e s C o r p o r a t io n , on a n y b u t 

p ro ra ta b a s is i s v i o l a t i o n o f m em bership c o n 

a t i o n 5 /1 4 712 

(S ee a ls o S ta te member banks) 

C e r t ific a t e s o f in d e b te d n e ss: 

S uggestion th a t T reasu ry in c lu d e s a le o f , in i t s f in a n c in g p r o 

gram 9/2% 1326 

C e r t ific a t io n o f docum ents, e x p e n d itu re by FRBank o f New Y ork f o r 9 / 8 1240 

C e r t ific a t io n to F .D .I .C .: 

S tate Bank o f A lbany, N. Y . , a dm ission o f bank t o m em bership 

and c o n s id e r a tio n o f f a c t o r s enum erated i n S ec* 

12B c e r t i f i e d 2 / 2 22L 

Chain banking: 

Data r e la t in g t o sent t o Mr. Thompson, F .D .I .C . l l / 4 1302 

.jata as o f December 31, 1936, n o t y e t com p iled and ca n n ot b e 

fu rn ish e d t o C o m p tro lle r o f C u rren cy 1 1 / 2 6 1671 

Charge o f f s : 

Anbum S ta te Bank, Auburn, In d ia n a , d e p r e c ia t io n in s e c u r i t i e s 

and o th e r a s s e t s i n c o n n e c tio n w ith m em bership 

a p p lic a t io n 1 0 / 2 3 1*31 

FRBanK o f C levela n d , s u r p lu s , ch a rg in g o f f and c a r r y in g t o r e 

serv es f o r c o n t in g e n c ie s th e e s tim a te d mnount 

o f net ea rn in g s ra n a in in g a f t e r th e payment o f 

d iv id en d s approved 1 2 / 2 8 1?39 

FEBant o f D a lla s s i t e o f El P a s . Branch t o re d u ce book v a lu e 

to market v a lu e , and H ouston Branch b u ild in g 

FRBanks: °** f a c i n g b u ild in g 1 2 /2 1 1 ^ 



Annual, r a r e s t a p p l i e d a lo n g w ith a u t h o r it y t o s e t up 

c e r ta in r e s e r v e s 1 2 / 2 1 1 ^ ^

h a r g e o f f a : (C o n tin u e d ) 

FRBanks: (C o n tin u e d ) 

A ssessm en ts d u r in g 1937 t o c o v e r c o s t o f B o a r d 's new b u i l d - 

Stockmens Bank, C a s ca d e , M ontana, d e p r e c ia t io n i n s e c u r i t i e s t o 

1 2 /2 1 1699 

m eet c o n d i t i o n s o f m on b ersh ip i n FRSystem 1 1 /1 6 1536 

Checks, s a la r y and p e r s o n a l o f e m p loy ees o f B oard o f G o v e rn o rs, a rr 

a n g in g w ith R ig g s N a tio n a l Beak f o r ca sh in g on 

f i r s t p ayday in new b u i l d i n g , f u r t h e r stu d y t o 

be made by M r. F ou lk and m ethod o f ca s h in g 

l a t t e r by F .R .B . F e d e r a l C r e d it U nion t o be 

w orked o u t 

8 /1 3 1134 

C ircu la r s : 

Board o f G o v e rn o rs: 

Annual r e p o r t s o f FRBanks, te le g r a m t o FRBanks th a t a l l but 

two h a v e a g r e e d t o d is c o n t in u a n c e and a d v is in g 

t h a t banks a r e f r e e t o p u b lis h annual r e v ie w o f 

e co n o m ic d e v e lo p m e n ts i n r e p o r t t o s t o c k h o ld e r s , 

s u b je c t t o r e v ie w b y B oard 

A p p lic a t io n s f o r m em bership i n FRSystem nnist be se n t t o 

B oard f o r c o n s id e r a t io n b y FRBanks b e f o r e any 

o p in io n i s e x p r e s s e d t o a p p lic a n t banks by 

1 / 6 31 

FRBanks, l e t t e r t o b e p re p a re d 

R ecom m endation t h a t l e t t e r be n o t se n t f o r c e r t a in 

1 1 / 4 1495 

r e a s o n s a p p ro v e d 

A pproval o f c e r t a i n t r a n s a c t i o n s u n d e r c o n d it io n s o f member 

1 2 /2 3 1724 

s h ip f o r w h ich B oard had p r e v i o u s l y d e le g a te d 

a u t h o r it y t o F R A gents, d e le g a t e d t o p r e s id e n t s 1 /2 2 147 

Bank and p u b l i c r e l a t i o n s r e p o r t s , l e t t e r t o FRBanks i n c l o s 

in g summary o f , and r e s c o p e o f r e p o r t s 

Code w ords t o r e d u c e number o f w ord s se n t o v e r le a s e d w ir e s 

C o n d itio n r e p o r t fo n n s f o r S t a t e member banks and a f f i l 

4 / 3 

5 / 5 

504 

658 

i a t e s f o r n e x t c a l l , s e n t t o FRBanks w ith 

i n s t r u c t i o n s 

C o n d itio n r e p o r t s o f a f f i l i a t e s o f S t a t e m anber banks, 

2 /2 3 332 

amendment t o te n n s o f w a iv e r , l e t t e r t o FRBanks 

i n c l o s i n g c o p y 

1 2 /2 1 1694 

D a ily b a la n c e s h e e t , Foim 3 4 , r e v i s e d co p y t o be sen t 

FRBanks 

1 2 / 6 1630 

D e s tr u c tio n o f r e c o r d s o f FRBanks, l e t t e r t o FRAgen $ re 

r e p o r t o f P r e s i d e n t s ' C o n fe re n c e C om m ittee r e 

3 /1 5 406 

D iscou n t r a t e s c o v e r e d b y co d e w ords M arsoon and M arsope, 

no change i n d e f i n i t i o n deemed n e c e s s a r y 

D is m issa l w a g es, m o d i f i c a t i o n o f a u t h o r it y o f I*hBankL. to 

1 2 /3 0 1761 

p ay on a cco u n t o f r e d u c t io n i n e l i g i b l e age 

f o r r e tir e m e n t 

E arnings and expen se r e p o r t s , r e v is e d i n s t r u c t i o n s 

_ . _ 

6 /2 4 862 

p r e p a r a t io n o f . s e n t t o w ith new form 

9 6 - a , r e im b u r s a b le e x p e n s e s , r e q u e s t ^ ° r p :r a 

t i c a b i l i t y o f fu r n is h in g com bined fo n n s 9 5 , 

and 9 6 -a s in c e o r g a n iz a t io n o f System 

2 /2 5 348 



C ir c u la r s : (C ontinued) . 

Board o f G overn ors; (C on tin u ed ) , . g) 



- a in ^ p n - 

^ 9 5 , ^ 9 6 , ^ 9 6 - ^ t " 

e x ce p tio n o f l o s s e s by y e a r s , l e t t e r t o FRBanks 1 2 / 6 1631 

^ o f FRBanks used t o le n d c l e r i c a l a s s is t a n c e in e x - 

^ ^ ^ a m in a tion s, names sh ou ld be s u tm itte d t o B oard 

f o r a p p ro v a l, a u th o r it y w i l l be c o n t in u in g 4 / 3 495 

F ederal Open Market Committee r e p r e s e n t a t iv e s and a l t e r n a t e s 

o f FRBanks, l e t t e r t o a l l FRBanks a d v is in g o f r e 

quirem ents o f s t a t u t e and b yla w s l / l l 63 

FRAgents, A s s is t a n ts , A lte r n a t e s and R e p r e s e n t a t iv e s , l e t t e r 

t o FRBanks r e p e rso n n e l c l a s s i f i c a t i o n , d u t ie s 

and s a la r ie s 4 / 3 499 

F id u cia ry power a p p lic a t io n s : 

Foims f o r n a tio n a l ban ks, a d v ic e t o FRBanks th a t Fonn 

61c need n o t be su b m itted in fu t u r e 2 /2 4 343 

Supplanental page th r e e t o form F. R. 61a f o r s u b m is s io n 

o f a d d it io n a l in fo n n a tio n and l e t t e r t o FRBanks 

r e , approved 1 /2 3 157 

Fonc 1 0 5 -f t o be d is t r ib u t e d in a d d it io n t o r e g u la r c o n d it 

i o n r e p o r t b y FRBanks in o r d e r t o g e t am ounts 

o f a g r ic u lt u r a l lo a n s and farm r e a l e s t a t e 

owned b y member banks in n ex t c a l l , l e t t e r t o 

FRBanks 1 2 / 2 1586 

Graduate S ch ool o f Banking, p a r t i c i p a t i o n b y FRBanks, l e t t e r 

t o a l l p r e s id e n ts r e f e r r i n g t o a c t io n o f P r e s i 

d e n ts ' C on feren ce th a t e x ten t b e l e f t t o ea ch 

FRBank, a d v is in g th a t any e x p e n d itu r e i n e x c e s s 

o f th a t p r e v io u s ly a u th o r iz e d sh ou ld have advance 

a p p roval o f Board 2 /2 6 352 

Indebtedn ess and o u t s id e b u sin e ss a c t i v i t i e s , r e p o r t s t o 

Board t o be d is c o n tin u e d and t o be made t o 

d ir e c t o r s o f bank 6 / 2 5 689 

Copy o f l e t t e r t o FRAgent !halsh sen t t o a l l FRBanks, 

s t a tin g such r e p o r ts sh ou ld be su b m itted t o 

d ir e c t o r s and in fo n n a tio n r e FRAgent n eed n ot 

be in c lu d e d , 7 /2 6 1034 

In d u s tria l advances, FRBanks req u e ste d to g iv e sy m p a th e tic 

c o n s id e r a tio n t o a p p lic a t io n s f o r , s in c e RFC 

no lo n g e r gra n ts 1 0 /2 9 1473 

I n t e r e s t on savings d e p o s i t ., in t e r p r e t a t i o n o f R e g u la tio n 

Q when f i f t h day f a l l s on Sunday o r h o lid a y in 

c a lc u la tin g in t e r e s t g / 2 g 887 

I n t e r e s t ra te s on d e p o s its and lo a a s p a id b y member b a n k s, 

maaorandunt prepared from in fo r m a tio n su b m itted 

° " " " I " 2 *9 , sent t o FRBanks. 

not t o be made p u b lic 

Interlocking rela tion s between M o r r is P la n banks end o t h e r 

FRBanks t c t o be p repared r e q u e s t in g 

FRBanks t o make su rvey t o d eten n in e 

L e tte r prepared and sent FRBanks 

3 / 1 

355 

1 1 / 6 1516 

1 2 / 6 1 6 2 a

C i r c u l a r s : (C o n tin u e d ) 

B o a r d o f G o v e rn o rs: (C on tin u ed .) 

In vestm en t s e c u r i t i e s , l e t t e r from C o m p t r o lle r o f C urren cy 

on b a s i s o f a m o r t iz a t io n 9 / g 

L eave o f o f f i c e r s and em p loyees o f FRBanks, B o a r d 's a p p ro v a l ^ 

f o r a d d i t i o n a l n o t n e c e s s a r y i n f u t u r e , r e c o r d s 

s h o u ld b e k e p t 6 / 1 3 837 

" L is t o f S t o c k s R e g is t e r e d on N a t io n a l S e c u r i t i e s E xch a n ges", 

l e t t e r t o FRBanks r e m eth od o f d i s t r i b u t i o n ^ * 2 / 8 246 

Manual o f i n s t r u c t i o n s govern in g ; th e p r e p a r a t io n o f e a rn in g s 

and e x p e n se r e p o r t s b y FRBanks, r e v is e d p ages 

s e ^ t 1 2 / ^ 1 5 5 1 

M e e tin g s o f B oard w ith FRBank d i r e c t o r s , co p y o f r e p ly t o 

s u g g e s t io n f o r m ore fr e q u e n t m e e tin g s sent 

FRBanks t o g e t h e r w ith r e q u e s t f o r c o n s id e r a t io n 

b y d i r e c t o r s 1 2 / 4 1621 

M em bership a p p l i c a t i o n s o f in s u r e d and u n in s u r e d ban ks, 

l e t t e r t o FRBanks r e c o o p e r a t io n w ith FDIC in 

c o n n e c t io n w ith 6 /2 6 894 

M em bership c o n d it io n p r o h i b i t i n g o p e r a t io n o f in s u r a n c e dep 

a r tm e n ts by S t a t e member ban ks a d v ic e t o 

FRBanks t h a t B oard w i l l no lo n g e r p r e s c r i b e , 

and c a n c e l in g w here now in e f f e c t 1 / 6 17 

M ethod o f i d e n t i f i c a t i o n , ch a n g es i n , l e t t e r t o a l l FRBanks 5 /2 4 742 

Nonmanber banks f i l i n g a g reem en ts on Forms T - l and T -2 , 

a d v ic e t o FRBanks f o r p r e p a r a t io n o f l i s t o f , 

t o be made by m a il i n fu t u r e r a t h e r th an by 

% iy e 2 /2 5 350 

O f f i c e r s and em p loyees o f FRBanks a t age 65, a d v ic e t o 

FRBanks, i n a c c o r d a n c e w ith a c t i o n o f J a n . 4 

th a t B oard w i l l n o t a p p ro v e s a l a r i e s beyon d 

t h a t a g e , d o e s n o t a p p ly t o p r e s id e n t s and 

f i r s t v i c e p r e s i d e n t s -1 ^ 

P u rch a ses o f a r t i c l e s f o r e m p loy ees b y p u r c h a s in g a g en t o f 

a FRBank b e lo w r e t a i l p r i c e , p r o t e s t o f N a tio n a l 

R e t a i l D ry G oods A s s o c i a t i o n th ro u g h R e t a i l e r s 

N a t io n a l C o u n c il, l e t t e r t o a l l FRBanks r e q u e s t - 

in g p r a c t i c e s fo llo w e d and o p in io n 

Q u e s tio n n a ir e o f M r. D ekker r e i n d u s t r i a l l o a n s , FRBanks r e - 

q u e s te d b y B oard f o r co p y o f t h e i r r e p l y t o 1 3 / 

R eco rd s o f e x a m in a tio n d ep a rtm en ts o f FRBanks, w ork in g ^ 

p a p e r s may be d e s t r o y e d 

R e d is c o u n t s , e l i g i b i l i t y u n d e r R e g u la tio n A o f 

d i r e c t l y t o m anber b a n k s, p r o c e e d s o f w h ich a re 

u s e d b y m aker o f n o t e t o p u rch a s e g o o d s f o r u s e 



and n o t f o r r e s a l e 

R e d u c tio n s o f p r e f e r r e d s t o c k a .d d e b e n t u r e s o f S t a t e m ^ b e r 

b a n k s, a u t h o r iz a t io n g iv e n FRBanks t o app 

e x te n d e d , r e v ie w o f c o n s id e r a t io n s and g e n e r a l 

p o l i c y i n v o lv e d , r e d u c t io n s b r in g in g c a p it a l 

b e lo w 10% o f d e p o s i t s r a t i f i e d

C ir c u la r s : (C ontinued) . 

Board o f G overn ors: i n c l o s i n g 



S t a t i o n ^ r e q u e s tin g c o ^ e n t s and ^ 

D i ^ ^ i ^ f t ^ L t i o n s and . r l t i . i - . a d o b y 

sent t o FRBanks +t. . . . ^ ^ 

n i.+ in n F l e t t e r s sen t FRBanks, A .B .A ., and o t h e r s , 

R egu la tion p r o s e d amendment on conmon t r u s t 

9 /2 0 

p e c u la tio n Kfâmendment t o s e c t io n on r e s e r v e r e q u ir e m e n ts 7 /3 0 

R e l a t i o n T! d r a ft o f r e v i s i o n , l e t t e r sen d in g t o FRBanks 

f o r t h e i r comments and comments o f s e c u r i t i e s 

exchanges 7 /^ ? 

T r a n s itio n from o ld t o r e v is e d fo n n , member s own 

sign ed sta tem en t th a t h e b e l i e v e s f a c t s t o b e 

as r e q u ir e d u n d er r e v is e d r e g u la t io n may be 

used t o f a c i l i t a t e m a tte r s u n t i l M arch 1 , 1 9 3 8 , 

l e t t e r t o FRBanks 1 2 /2 8 

Ranbrances f o r r e t i r i n g em p loyees, l e t t e r t o a l l p r e s i d e n t s 

n o t in g th a t P r e s id e n t s ' C o n fe re n c e i n c o n s i d e r 

in g m a tte r l e f t i t s d e c is io n t o ea ch FRBank, 

Board assumes i t s a p p ro v a l w i l l b e sou g h t b e 

f o r e i n i t i a t i n g p r a c t i c e 2 /1 9 

R eportin g o f e x c e s s o r m argin al c o l l a t e r a l b y FRBanks, 

req u irem en ts o f Board u n d er R e g u la tio n A, 

c l a r i f i c a t i o n o f c e r t a in p o in t s s e n t t o FRBanks 1 1 / 5 

R eports o f v i o l a t i o n s o f law by FRBanks t o U . S . o f f i c i a l s , 

r e c o n s id e r a tio n o f p o l i c y and banks t o d e te r m in e 

a d v i s a b i l i t y o f r e p o r t in g m isdem eanors 7 / 8 

R etirem ent o f o f f i c e r s at age 65, l e t t e r in c i r c u l a t i o n 

t o a d v is e FRBanks th a t B oard , in a b s e n c e o f 

s p e c ia l circu m sta n ce s, w i l l n o t a p p ro v e s a l 

a r ie s f o r 1 /1 5 

R u lin g s, in t e r p r e t a t io n s and i n s t r u c t i o n s o f B o a rd , r e p l y 

t o Chairman H a r r is o n , P r e s i d e n t s ' C o n fe r e n c e 

r e s u g g e s tio n o f M r. P e y to n f o r in d e x o f , and 

naming M r. B ethea t o s i t w ith com m ittee on 4 /1 3 

R u lin gs in t e r p r e t in g B o a r d 's r e g u la t io n s , d e c l i n e t o i s s u e 

excep t when re q u e st c o n ta in s d e f i n i t e s ta te m e n t 

o f f a c t s o f ca se 1 0 / 8 

R u lin gs on a b s tra c t o r h y p o th e tic a l q u e s t io n s , B oard r e 

fu s e s t o is s u e in fu t u r e w ith e x c e p t io n o f 

c le a r ly s ta te d a c tu a l c a s e s o r t h o s e c e r t a i n 

. - 1 0 /2 5 

a r ie s o . o f f i c e r s o f FRBanks, re q u e s t t h a t FRBanks 

. fo llo w u su al p ro ce d u re in s u b m ittin g 1 1 /2 9 

d ip p in g Expense and Movement o f C u rren cy and C o in " , l e t 

t e r to P r e s id e n ts th a t B oard c o n c u r s I n recom 

m endations in r e p o r t o f P r e s i d e n t s ' C o n fe r e n c e 

Committee on F ree S e r v ic e s r e 7 / 1 

1073 

1416 

1305 

1067 

1042 

1737 

327 

1511 

939 

88 

550 

1381 

1442 

157? 

91?

C ircu la rs: (C o n tin u e d ) 

Board o f G o v e rn o rs: (C o n tin u e d ) 

V i o l a t i o n s o f c r im in a l p r o v i s i o n s o f b a n k in g la w s , c o p ie s 

o f r e p o r t s made t o D epartm ent o f J u s t i c e t o be 

fu r n is h e d t o l o c a l o f f i c e s o f F e d e r a l Bureau 

o f I n v e s t i g a t i o n , l e t t e r t o a l l FRBanks r e 

V o tin g p e n n it e , s ta n d a r d form, o f a g reem en t, l e t t e r t o be 

r e v i s e d t o allow s h o ld in g company a f f i l i a t e s t o 

e x e c u t e new form o f agreem ent 

R e v is e d fo rm o f a greem en t t o b e e x e c u te d 

Weak S t a t e member b a n k s , l e t t e r t o a l l FRBanks i n a c c o r d a n c e 

w ith a c t i o n o f June 8 , r e su r v e y o f , and program 

o f r e h a b i l i t a t i o n t o b e w orked ou t 

W ith d raw als from m em b ersh ip , l e t t e r t o FRBanks w a iv in g p r o v is 

io n o f R e g u la t io n H when bank h a s a p p lie d f o r 

d e p o s i t in s u r a n c e , e x t e n d in g tim e t o fo u r 

m on th s w it h o u t r e f e r e n c e t o Board 

X - l e t t e r s , d i s t r i b u t i o n o f r u l i n g s and in t e r p r e t a t i o n s o f 

R e g u la t io n T , r e p l y t o M r. S i h l e r t h a t o n ly 48 

num bered r u l i n g s w ere in t e n d e d f o r d i s t r i b u t i o n 

FRBank o f B o s to n - 

Maximum r a t e o f i n t e r e s t p a y a b le on tim e and s a v in g s d e p o s it s 

i n V ennont 

FRBank o f C le v e la n d : 

L oans i n f l o o d e d a r e a s f o r r e p la ce m e n t o f in v e n t o r y , e t c . 

FRBank o f New Y o rk : 

Charge f o r h a n d lin g s e c u r i t i e s , amended c i r c u l a r ^856 r e , 

no o b j e c t i o n t o is s u a n c e 

C itiz e n s h ip : 

B r it is h s u b j e c t , A r th u r D. G a y e r, r e q u ir e d t o d e c la r e in t e n t io n 

o f b e com in g A m erican c i t i z e n p r i o r t o a p p ro v a l 

o f a p p oin tm en t t o s t a f f o f B oard 

C lary, Hugh L . : (S e e N a t io n a l b a n k s . Bank o f A m erica N . T . & S. A .) 

C learin g and c o l l e c t i o n : 

A b s o rp tio n o f exch a n g e c h a r g e s , r e p l y t o in q u i r y o f N a tio n 

C om m ercial Bank and T m s t C o ., A lb a n y , N. Y . , 

on c l a s s i f i c a t i o n a s i n t e r e s t 

A b sorp tio n o f p o s t a g e on d i r e c t s e n d in g s , r e p o r t o f S ta n d in g 

C om m ittee on C o l l e c t i o n s a g a in r e f e r r e d t o 

P r e s i d e n t s ' C o n fe r e n c e 

P r e v io u s ly p la c e d on p rogram o f P r e s i d e n t s ' C o n fe re n c e as 

t o p i c f o r d i s c u s s i o n 

Cash l e t t e r s , a b s o r p t io n o f p o s t a g e b y FRBank o f K ansas . i t y 

l e t t e r s fo r w a r d e d d i r e c t b y member b anks t o 

o t h e r FRBanks 

Charge f o r h a n d lin g c e r t a i n s e c u r i t i e s , c i r c u l a r o f 

New Y ork . 

Checks, c l e a r i n g sy m b ols sh ow in g FRBank o r b ra n ch t h r o u g h w h i c n 

ch e c k s a r e p a y a b le , r e p l y t o s u g g e s t i o n ^ 

P r o v id e n t S a v in g s Bank and T r u s t C o ., C i n c i n n a t i 



P ages 

7 /1 6 991 

4 / 9 525 

5 /1 2 690 

6 /2 3 872 

2 /1 9 326 

4 /2 4 602 

5 /2 7 759 

2 /1 7 316 

1 /2 8 188 

2 / 4 229 

4 /1 9 575 

8 /2 4 1188 

1 0 / 5 1365 

6 /1 6 

1 /2 8 

6 /2 9 

842 

188 

897

C on feren ce re weakening o f p a r c o l l e c t i o n sy s 

t*n b eca u se o f c o m p e titiv e advantages o v e r 

manber banks and s u g g e s tin g p r o h i b i t i o n on ^ 

c o l l e c t i o n ch arges 2 /1 8 3 % 

Commodity d r a ft s , treatm ent in c o n d it io n r e p o r t s o f C it y S t a t e 

Bank and T ru st C o ., M cA llen , T exas 7 /1 4 9 5$ 

D rafts f o r purchase o f com m odities, w hich a r e n o t p a y a b le immed 

ia t e ly upon p r e s e n t a t io n , r e p ly t o D eputy 

C om p troller th a t th e y sh ou ld b e re g a rd e d a s 

lo a n s and n ot cash item s in p r o c e s s o f c o l l e c 

t io n in r e p o r ts and r e s e r v e com p u ta tion s 1 /2 7 174 

Government ch ecks, re p ly t o S en a tor Thomas r e s u g g e s tio n o f 

nonmember banks in Oklahoma th a t a s th e y a re 

req u ired t o cash at p a r , FRBanks a b sorb c o s t 

o f cu rren cy shipm ents in v o lv e d 3 /1 9 440 

I n t e r d ls t r ic t tim e sch e d u le s: 

S t. L ou is to N a s h v ille , change in tim e approved 1 0 / 6 1370 

K itin g o p e r a tio n s , FRBank o f M in n e a p o lis a u th o r iz e d t o c o o p e r a t e 

w ith C o m p tro lle r, F .D .I .C . and R .F .C . i n makin 

g a v a ila b le any in fo r m a tio n r e v i o l a t i o n s 7 / 1 916 

Matured bonds and coupons, New York C ity member banks u n d er 

p lan o f c le a r a n c e fo llo w e d , may c o n s id e r as 

cash item s in p r o c e s s o f c o l l e c t i o n and d ed u ct 

from g r o s s demand d e p o s it s in com puting r e 

quired r e s e r v e s 8 / 5 1110 

Non-cash c o l l e c t i o n s , no charge f o r h a n d lin g by FRBanks (w ith 

e x ce p tio n o f FRBanks o f New York and B oston 

th a t charge f o r d r a ft s w ith s e c u r i t i e s a t ta c h e d 

which are not p r o p e r ty o f member b a n k s ), dec 

is io n o f P r e s id e n ts ' C on feren ce 1 0 /1 9 1403 

Par cle a ra n ce, accep tan ce by banks o f own ch eck 6 at p a r , r e p ly 

t o F ir s t N a tion a l Bank, T ra cy C it y , T e n n ., 

su g g estin g th a t Board and F .D .I .C . r e q u ir e 3 / 5 371 

Par c o lle c t i o n system , statem ent o f P r e s id e n t s ' C o n fe re n ce r e 

weakening o f , due t o c o m p e titiv e in e q u a lit y 

between member and nonmanber banks, s u g g e s t in g 

p r o h ib it io n o f c o l l e c t i o n ch a rges by n on - 

i r e p ly to President Harrison 322 

" ' to L ou isiana Bankers A s s o c ia t io n th a t Board 

b e lie v e s co o p e ra tiv e o r g a n iz a t io n s sh ou ld be 

encouraged, but Board cannot in d o r s e s p e c i f i c 

programs e /o n 759 

C leveland M i l l i e . : (See In dian a U n iv e r s ity ) ^ 

Cochran, Congressman John J . : m v e r s in y ; 



Economy Act o f r e p ly re e f f e c t Board has g iv e n 

m arried p e rson s whose husbands 

o r W iv e s are em ployed by Government

Congressman John J . : (C ontinued) 

CochraR' 

Publicity and e d u c a t io n a l a c tiv itie s o f B oard , r e p l y t o , r e 

h a n d lin g o f p u b l i c i t y , a d d r e s s e s b y sp e a k e rs 

and d u p l i c a t i n g work 

rod. boot. le a s e d w ir e s y e t a c : 

G e n e r a l r e v ie w o f , com m ittee o f P r e s i d e n t s ' C o n fe r e n c e app 

o in t e d f o r 

R e v isio n o f , M r. C a r p e n te r t o r e p r e s e n t B oard o n com m ittee 

f o r 

Code w ords: 

Aiightable, a d v ic e o f a d d i t i o n s t o l i s t o f nonmember banks 

w h ich h a v e f i l e d a g reem en ts 

L e a s e d W ire C om m ittee re co n m e n d a tio n o f , f o r a d d it io n t o Fede 

r a l R e s e r v e T e le g r a p h C ode f o r p u r p o s e o f 

r e d u c in g number o f w ord s t r a n s m it t e d , approved 

M a r s o o n and M a rsop e , s u g g e s t io n t h a t d e f i n i t i o n b e b roa d en ed 

t o i n c l u d e s p e c i f i c a l l y a r e f e r e n c e t o r a t e s 

o f i n t e r e s t n o t a p p ro v e d b y B oard 

C o lla te r a l: 

Bonded w areh ou se l i q u o r r e c e i p t s , r e p l y t o M r. W atson r e a c 

c e p t a b i l i t y a s and r e e l i g i b i l i t y f o r r e d is c o u n t 

D e p o s its a s c o l l a t e r a l t o lo a n s o f G overnm ent s e c u r i t i e s by 

bank t o c u s to m e r , r e p l y t o P r e s id e n t S c h a lle r 

5 / 1 635 

t h a t t h e y a r e s u b je c t t o r e s e r v e 

D isco u n ts and a d v a n ce s t o member b a n k s, a d d i t i o n a l r e q u ir e d , 

c a s e s i n w h ich FRBanks m ust g i v e r e a s o n s f o r 

r e q u i r i n g and m ust r e p o r t u n d e r R e g u la tio n 

3 /1 2 397 

A , p r o c e d u r e f o r b r in g in g su ch c a s e s t o a t 

t e n t i o n o f B oard a p p roved 

1 1 / 5 1511 

S tock o r b on d , l i m i t a t i o n o f 10%, r e p l y t o M r. D i l l i s t i n th a t 

s u r p lu s , a s u s e d i n S e c . l l ( m ) o f FRAct d oes 

n o t i n c l u d e u n d iv id e d p r o f i t s and c o n tin g e n t 

r e s e r v e s , F i f t h A ven ue Bank o f New Y ork must 

r e d u c e l o a n s 

Commerce C le a r in g H ou se, I n c . : 

C o n g re ssio n a l S e r v i c e , recom m en d a tion t h a t B oard s u b s c r ib e t o , 

3 /1 2 398 

f o r N ovem ber 1 5 th s e s s i o n and n e x t r e g u la r s e s 

s i o n o f C o n g r e s s , a p p ro v e d 

Commissioner o f I n s u r a n c e and B an kin g o f V i r g i n i a : 

B ow les, G eorge A . , D ep u ty , v i o l a t i o n o f S e c . 2 2 (a ) o f K R^ct, 

w it h Bank o f Commerce and T r u s t s , R ichm ond, 

V a ., s h o u ld b e r e p o r t e d t o U n ite d S t a t e s A t 

1 1 /1 0 1520 

t o r n e y . n . -P 

B risto w , M. B ., v i o l a t i o n o f S e c . 2 2 (a ) o f F R A ct, w ith Bank o f 

Commerce and T r u s t s , R ichm ond, V a ., sh o u ld e 

r e p o r t e d t o U n ite d S t a t e s A t t o r n e y 

Committees: 

A ccep ta n ce p r a c t i c e , r e p o r t t o be p u b lis h e d i n F R B u lle tin 

American B ankers A s s o c i a t i o n , T r u s t D i v i s i o n com m ittee r e p o r t 

on q u e s t io n o f w a iv in g re q u ir e m e n t f o r d e p o s it 

o f s e c u r i t y f o r t r u s t fu n d s u sed i n b a n k in g 



d e p a rtm e n t, t o e x t e n t in s u r e d , B oard t o 

no a c t i o n , r e c e i p t o f r e p o r t t o b e ack n ow led ged 

3 /1 5 409 

1 0 /1 9 1402 

1 0 /2 9 1475 

2 /2 5 350 

5 / 5 658 

1 2 /3 0 1761 

1 / 8 53 

1 / 6 53 

8 /2 0 1172

° - ^ ° ' 

Mr. McKee ^nd d e c is io n o f com m ittee 

Report o f M r .^ c c l e s ^ e ^ ^ ^ t i l a f t e r 

1 / 7 36 

March 1 1 /1 5 35 

" ^ I x r L t o r s ^ o r ^ o r t l a n d , Denver, and H elena b ra n ch e s, and 

FRBank o f San F r a n c is c o , recom m endations r e , a p - 



proved . ___ 

E x h ib its , Federal r .s s r v e e l i c i t a t P a . A m erican E x p .s i - 

t io n Mr. T hurston t o head com m ittee to r e v ie w 

3 /3 0 4aa 

s ^ c t H = /i° LS44 

P erson n el: m n 

Appointments o f FRAgents, deputy chairm en, C la s s C 

d ir e c t o r s and branch d i r e c t o r s , recommendat 

io n s r e 5 /2 5 745 

B u ild in g f o r B oard, a u th orized t o d e c id e a l l q u e s t io n s 

re equipment and o p e r a tio n and t r a n s f e r o f 

B oard 's o f f i c e s 4 /2 1 584 

D avis, C hester C ., appointm ent exten ded u n t i l M arch 1 1 2 /2 8 1738 

F urniture and equipm ent: 

B ids f o r Board members' s e c t io n , monumental s t a i r 

ca s e , lo b b y and p r iv a t e d in in g room s, r e v ie w by 

Mr. M o r r ill, a u th o rized t o a p p rove c o n t r a c t s 

w ith in estim ated c o s t 4 /3 0 626 

S te e l f i l i n g equipm ent, d iffe r e n c e i n c o s t betw een 

b id s and General Supply S ch e d u le , a u t h o r iz e d t o 

determ ine which equipment sh ou ld be p u rch a sed 4 /3 0 627 

Graduate S ch ool o f Banking, recom m endation t o g r a n t c e r 

t a in em ployees o f Board le a v e o f a b sen ce and 

assume tr a n s p o r ta tio n expen ses f o r a tte n d a n c e , 

approved 3 /2 5 452 

K lt a m lle r , H. W ., D iv is io n o f R esearch and S t a t i s t i c s , 

recommendation th a t he be c a r r ie d u n t i l end o f 

year then r e t ir e d , and th a t s i x m onths s a la r y be 

c o n trib u te d , approved 3 /2 5 45i 

McKee, John K ., appointm ent exten ded t o M arch 1 

M snbers, te n ts o f a p p o in tiv e members amended t o run from 

March 1 o f each y e a r , appoin tm en ts o f M e s s r s . 

1 2 /2 8 1738 

McKee and D avis exten ded u n t i l th a t tim e 1 2 / 2 8 1?38 

êcK, Ft recommendation th a t Board a u t h o r iz e Mr. 

iâvis t o ten d er appointm ent as C la s s C d i r e c 

t o r o f FRBank o f M in n e a p o lis f o r term en d in g 

December 31, approved 

German, R. E ., recommendation o f appointm ent a s d i r e c - 

4 /1 3 

54? 

El âso Branch f o r u n e x p ire d term en d in g 

December 31, 1939, approved 

V isu al ^ c a t i o n f o r d issem in a tin g in fo n n a tio n as t o TR Sys- 

ta n , M essrs. T h u rston , M o r r i l l , Smead, G o ld e n - 

w e is e r, and H om e a p p oin ted members 

4 /3 0 

1 2 /1 0 

62? 

1644

fM B d tte ss: (C o n tin u e d ) 

Federal A d v is o r y C o u n c il: 

Investment s e c u r itie s , purchase o f , b y member banks ap 

p o in t e d t o i n v e s t i g a t e d e s i r a b i l i t y ' " 

F e d e r a l Open M a rk e t: AC/A4 

C e r tific a te s o f indebtedness, s a l e o f , by T r e a s u r y , Board 

m anbers a s members o f e x e c u t iv e com m ittee m ight 

e x p r e s s i n d i v i d u a l v ie w s in c o n fe r e n c e w ith 

T r e a s u r y 

Government bond m a r k e t, c o n s i d e r a t i o n o f q u e s tio n o f v a lu a 

t i o n o f b o n d s a t p a r b y banka, t o stre n g th e n 

a c t i o n ta k e n r e 

Government s e c u r i t i e s , p u r c h a s e b y FRBank o f New York f o r 

a c c o u n t o f f o r e i g n b a n k s, a u t h o r iz e d up t o 

a g g r e g a t e am ount, s u b je c t t o s u p e r v is io n and 

d i r e c t i o n o f 

L e t t e r t o FRBank o f New Y ork r e 

Luncheon t o b e s e r v e d t o members o f Com m ittee i n B o a r d 's 

d in in g room , and c o s t o f lu n ch eon f o r r e p r e 

s e n t a t i v e m en b ers o f th e Com m ittee t o b e ab 

9 /2 8 

4 / 9 

4 /2 1 

4 /2 8 

s o r b e d by t h e B oard 9 /1 0 

Luncheons s e r v e d t o m s n b e r s , B oard t o assume c o s t o f 9 /1 6 

M eetin g t o b e c a l l e d b y Chairm an E c c le s f o r Jan u ary 22 1 /1 5 

M eetin g J a n . 2 5 - 6 , p rogram f o r , d i s c u s s io n o f , l e f t t o 

d e c i s i o n o f Chairm an E c c le s 1 /2 2 

M eetin g t o b e c a l l e d t o c o n s id e r program o f open m arket 

o p e r a t i o n s 9 / 7 

Member and a l t e r n a t e , e l e c t i o n a s p r o v id e d f o r i n amendment 

t o b y la w s o f FRBank o f C h ic a g o , l e t t e r t o Mr. 

S c h a l l e r t h a t amendment b e r e v is e d 1 2 /2 9 

Members, e l e c t i o n o f r e p r e s e n t a t i v e s and a l t e r n a t e s by 

FRBanks, l e t t e r t o a l l FRBanks a d v is in g o f r e 

q u ire m e n ts o f s t a t u t e and b y la w s 1 /1 1 

M em bership, amendment a g re e d u p on t o change r e p r e s e n t a t io n 

o f FRBanks and c l a r i f y p r o v i s i o n o f la w , Mr. 

McKee f a v o r a b l e t o l a t t e r but o p p o s e d t o fo rm e r 1 / ? 

P o l i c y r e c o r d : 

A dequacy o f , r e p l y t o M r. H a m ilton r e h i s q u e s t io n as 



t o , a s em bodied i n d r a f t 

D r a ft s s u b m itte d b y M r. M o r r i l l w ith memoranda, t o oe 

r e a d by B oard m embers and any s u g g e s t io n s as 

t o ch a n ges t o b e r e tu r n e d t o M r- M o r r i l l 

R e v is e d d r a f t p r e s e n t e d , a p p roved 

D r a fts o f e n t r i e s f o r r e c o r d su tsn itte d t o members f o r 

comments and s u g g e s t io n s 

E n t r ie s c o v e r in g p e r io d J a n u a ry 26 - June 9 , 1 9 37, ap 

p ro v e d 

E n try c o v e r in g r e s o l u t i o n a u t h o r iz in g e x e c u t iv e com 

m it t e e t o p u r c h a s e in open m arket and r e s o lu 

t i o n recom m ending th a t B oard r e q u e s t S e c r e ta r y 

o f T r e a s u r y t o d e s t e r i l i z e g o ld a p p roved ^ 

3 /2 6 

3 /3 0 

6/11 

8 /2 4 

10/22 

1654 

1338 

521 

566 

613 

1249 

1294 

64 

147 

1235 

1754 

63 

39 

464 

480 

82&-S 

1187 

1425

Committees: (Continued) ,.n „u ad) 

in re s e r v e ^ r k e t o f T re a su ry 

Resolution o b l i g a t i o n s , and recommend 

in g th a t S e c r e ta r y o f T re a su ry be r e q u e s te d t o 

d e s t e r i l i z e g o ld ^ ^ ^ Richmond in 

S e c u r it ie s ^ ^ m a t c lo s e d b a n k s. m is t 

be Shown in w eekly c o n d it io n r e p o r t , banks t o 

be g iven o p p o r tu n ity t o s e l l i c / l b 

FHBank o f A tlan ta : 

E xecu tive: 7 / 1 ^ 

Amendment t o bylaw s on quorum 

yreaueney o f m eetin gs to be review ed by b oa rd o f d i r e c - 

t o r s , Board o f G overn ors t o be a d v is e d o f 

circu m stan ces n e c e s s it a t in g m eetin g o f 9 /1 6 

FRBank o f Kansas C ity : 

E xecutive and a d m in is tra tiv e : 

R evision o f bylaw s d is cu s s e d 3 /3 0 

Bylaws, amendment on com p osition o f e x e c u t iv e and adm 

in is t r a t iv e com m ittees and m e e tin g s o f l a t t e r 

com m ittee 6 /1 1 

Views o f Board r e fu n c tio n s o f a d m in is tra tiv e com m ittee, 

and expenses due t o freq u e n cy o f m e e tin g s and 

r e la t io n t o e x e cu tiv e com m ittee 7 /1 4 

Views o f Board re fu n c tio n s o f e x e c u tiv e com m ittee and 

p o s it io n re g a rd in g chainnanship o f 7 /1 4 

O rganization and fu n c tio n s , l e t t e r from P r e s id e n t H am ilton 

r e , Mr. M o r r ill t o d r a ft r e p ly f o r B o a r d 's 

co n s id e r a tio n 7 /2 0 

R eply approved 7 /2 9 

Mr. Thomas presen t at m eetin g o f Board t o d is c u a s bylaw 

s on com p osition and m eetin g s o f 8 /2 4 


E xecutive: 



Chaii-nanship, p o s it io n taken upon m otion by M r. Ransom, 

th a t chairman, o r in h is absen ce o r d i s a b i l i t y 

the deputy chairman, o r in h is a b sen ce o r d i s - 

a b i l i t y , the t h ir d C la ss C d i r e c t o r sh ou ld h o ld 5 /1 1 

A dvice to iHBank o f A tla n ta o f p o s it io n taken by 

mSyetSE: ? / l ° 

Leased w ire, conversion o f C hicago-San F r a n c is c o w ire t o 

approved, o th e rs con v erted at convenient 

i, j , ^ ce r ta in e x ce p tio n s 9 /P 7 

. huraton w i l l appear i f r e v e s t e d 3 /1 5 

^*gea 

131 

1252 

1668 

946 

1290 

460 

821 

968 

968 

1008 

1062 

1182 

679 

946 

1335 

657 

409

c o m m it t e e s : (C o n tin u e d ) 

i n d u s t r i a l A d v is o r y : 

FRBank o f A t la n t a : 

F o r s y t h , A . R . , re a p p o in tm e n t 

L o c k e t t , A. M ., re a p p o in tm e n t 

M iln e r , 1 . C . , re a p p o in tm e n t 

S a n fo r d , J oh n E . , re a p p o in tm e n t 

W in sh ip , G e o r g e , re a p p o in tm e n t 

FRBank o f B o s to n : 

AmoiT, R o b e r t , r e s i g n e d , a p p oin tm en t o f P a u l A . D raper 

t o s u c c e e d 

C a r te r , W in th rop L . , re a p p o in tm e n t 

C r e ig h t o n , A lb e r t M ., r e a p p o in tm e n t 

D e n n e tt, C a rl P . , re a p p o in tm e n t 

D ra p er, P a u l A . , a p p o in tm e n t f o r u n e x p ir e d term en d in g 

F e b . 2 8 , 1 9 3 7 , t o s u c c e e d R o b e r t Amory, r e 

s ig n e d 

R eappoin tm en t 

Graham, Edward M ., re a p p o in tm e n t 

FRBank o f C h ic a g o : 

E p s t e in , M a i, re a p p o in tm e n t 

G reen e, H ow ard, re a p p o in tm e n t 

M on roe, R. R ., re a p p o in tm e n t 

M o x le y , G. B a r r e t t , re a p p o in tm e n t 

Y oung, G eorge IN., re a p p o in tm e n t 

FRBank o f C le v e la n d ; 

D a v ie s , D. R . , re a p p o in tm e n t 

F o lsom , E* C ., r e a p p o in tm e n t 

N e f f , Herman R . , a p p oin tm en t 

S n yth e, F . A . , re a p p o in tm e n t 

Sw ander, D. C ., re a p p o in tm e n t 

FRBank o f D a lla s : 

C ullum , T . M ., re a p p o in tm e n t 

F e rg u son , L e w is R . * re a p p o in tm e n t 

M arsh , W ill B ., re a p p o in tm e n t 

M oore , C h a r le s R . , re a p p o in tm e n t 

O u s le y , C la r e n c e , re a p p o in tm e n t 



FRBank o f K ansas C it y : 

B e r k o w itz , W a lte r J . , re a p p o in tm e n t 

F o r r e s t e r , D. B ru ce , re a p p o in tm e n t 

G ray, R . L . , re a p p o in tm e n t 

M i l l e r , Ed. S . , re a p p o in tm e n t 

R oon ey, L . F . , re a p p o in tm e n t 

FRBank o f M in n e a p o lis : 

Bush, J o h n M * , re a p p o in tm e n t 

F o l l e t t , C* 0 . , re a p p o in tm e n t 

J e w e t t , H. C ., re a p p o in tm e n t 

M i l l e r , A . L . , re a p p o in tm e n t 

Wood, S . V . , re a p p o in tm e n t 

FRBank o f New Y ork : 

B each , Herman K ., re a p p oin tm en t 

N e ls o n , A rth u r G ., re a p p o in tm e n t 

2 /1 8 319 

2 /1 8 319 

2 /1 0 319 

2/18 319 

2/18 319 

1 / 6 29 

1 /2 3 157 

1 /2 3 157 

1 /2 3 157 

1 / 6 29 

1 /2 3 157 

1 /2 3 157 

2 / 2 218 

2 / 2 2i e 

2 / 2 210 

2 / 2 218 

2 / 2 218 

2 /1 5 295 

2 /1 5 295 

2 /1 5 295 

2 /1 5 295 

2 /1 5 295 

2 /1 8 320 

2 /1 8 320 

2 /1 8 320 

2/18 320 

2 /1 6 320 

2 / 2 

2 / 2 

2 / 2 

2 / 2 

2 / 2 

2 / 2 

2 / 2 

2 / 2 

2 / 2 

2 / 2 

2 /1 0 

2 /1 0 

219 

219 

219 

219 

219 

219 

219 

219 

219 

219 

266 

266

Committees: (Continued) 

In d u s tria l A dvisory: 

FRBank o f New Y oi^: (C ontinued) 

N o b le , Edward J . , r e a p p o in t m e n t 

Pouch, W illiam H ., r e a p p o in t m e n t 

Re^molds, F rancis B ., r e a p p o in t m e n t 

r^Bank o f P h ila d elp h ia : 

B utterw orth, J . ^ e r t , reappointm ent 

Chipman, John S ., reappointm ent 

McDade, John T ., reappointm ent 

M echling, B. F ., reappointm ent 

P re n tis , H. W., J r . , reappointm ent 

FRBank o f Richmond: 

Dennis, Overton D ., reappointm ent 

H oltzclaw , J . G ., reappointm ent 

Manning, M l l i a m L . , reappointm ent 

P rob est, George E ., J r . , reappointm ent 

S tu art, Walker D ., reappointm ent 

FRBank o f S t. L ou is: 

Finch, M. E ., reappointm ent 

Gray, Henry S . , reappointm ent 

N orris, Wm. K ., reappointm ent 

VanDyke, J acob, reappointm ent 

W eil, M aurice, reappointm ent 

FRBank o f San F ra n cisco : 

Burnside, Ralph, reappointm ent 

C randall, Shannon, reappointm ent 

N ich o ls, Henry D ., reappointm ent 

R aw lings, Stuart L . , reappointm ent 

S ta rr, W alter A ., appointm ent t o su cceed M r. Volkmann, 

approved 

Volkmann, W illiam G .: 

Reappointment 

Appointment o f Mr. S ta rr t o su cceed , approved 

Inter-D epartm ental, on Research in S o c ia l S e c u r it y , r e p ly t o 

A* J , A ltm eyer th a t Board sees m e rit in p r o p o s a l 

and d esig n a tin g Mr. G old en w eiser a s r e p r e s e n ta 

t iv e to d iscu s s p la n s f o r 

N ational banks, t iu s t com m ittees, q u estion o f t r u s t o f f i c e r 

servin g on , r e p ly to F ir s t N a tio n a l T ru st and 

pavings Bank, P ort Huron, M ich, th a t e i t h e r o f - 

ic e r s o r d ir e c t o r s may serv e under r e c e n t 

amendment t o R egu la tion F 

N ational Resources re p ly to C. E. M e rrin , th a t th e re I s no 

' ^ ^ ^ L a u ch lin C u rrie permanent 

t I n d u s tr ia l Committee 

P resid en ts' C onference: ^m n-n-ee 



code book, lea sed ^ ir e syst^ n , c o M iit t .e a p p oin ted f o r 

general review o f 

^ ^ ^ c o r d s , f i s c a l agency and d e p o s ita r y 

^ r e a ^ S e c r e ta r y o f 

f o r th a t approval be o b ta in e d 

y e ^ r * ^ d e s t r u c t io n each 

2/10 

2/10 

2/10 

2/ 8 

2/ 8 

2/ 8 

2/ 8 

2/ 8 

2/17 

2/17 

2/17 

2/17 

2/17 

3 / 2 

3 / 2 

3 / 2 

3 / 2 

3 / 2 

2/16 

2 /1 6 

2/16 

2/16 

2 /1 6 

4 / 9 

12/29 

5/21 

10/19 

266 

266 

266 

244 

244 

244 

244 

244 

313 

313 

313 

313 

313 

359 

359 

359 

359 

359 

305 

305 

305 

305 

4 / 9 530 

305 

530 

5/26 753 

3 /1 5 

1754 

736 

1402 

406

am-lttees: (Continued) 

P r e s id e n t s ' C o n fe r e n c e : (C o n tin u e d ) 

D e s t r u c t i o n o f FRBank r e c o r d s : (C o n tin u e d ) 

L e t t e r s t o FRAgents and t o P r e s id e n t H a r r is o n r e ^ id 

c a l l i n g a t t e n t i o n t h a t s i n c e t r a n s f e r o f 

A g e n ts ' n o n s t a t u t o r y d u t i e s , C o n g r e s s io n a l a c 

t i o n w i l l n o t be need ed i n c e r t a i n c a s e s 

D ir e c t o r s o f FRBanks, d e s i r a b i l i t y o f b i-w e e k ly m e e tin g s , 

a p p o in t e d t o i n v e s t i g a t e 

F ree S e r v i c e s : 

C u rren cy h a n d lin g b y FRBanks f o r m anber banke, l e t t e r t o 

P r e s id e n t F lem in g r e e lim in a t io n o f u n n e ce ssa ry 

L e t t e r s from m em bers on h a n d lin g o f c u r r e n c y f o r 

member banka 

R ecom m endation o f no ch a rg e f o r h a n d lin g n o n -c a s h 

c o l l e c t i o n s ( n o t t o i n c lu d e ch a rg e made by 

FRBanks o f B o s to n and New York f o r d r a f t s w ith 

s e c u r i t i e s a t t a c h e d w h ich a r e n ot p r o p e r t y o f 

m anber banks) a p p ro v e d by 

" S h ip p in g E xp en se and Movement o f C u rren cy and C o in " , 

l e t t e r t o P r e s i d e n t s r e r e p o r t and a d v is in g 

t h a t B oard c o n c u r s i n recom m endation s 

F u n c tio n a l e x p e n se r e p o r t fo rm s and i n s t r u c t i o n s , memo o f 

M r. Smead s u g g e s t in g appoin tm en t 

In d ex o f r u l i n g s , i n t e r p r e t a t i o n s and i n s t r u c t i o n s o f 

B o a rd , r e p l y t o C h a im a n H a r r is o n o f C o n fe re n c e 

r e , and nam ing Mr* B eth ea t o s i t w ith com m ittee 

I n d u s t r ia l lo a n fu n d s , r e p l y t o P r e s id e n t S c h a l l e r th a t 

B oard w i l l c o n f e r w ith com m ittee r e in v estm en t 

o f fu n d s r e c e i v e d from S e c r e t a r y o f T re a su ry 

u n d e r S e c . 13b 

L eased W ire: 

Code w ords recom m ended f o r a d d it io n t o F e d e r a l R eserv e 

T e le g r a p h Code f o r p u r p o s e o f r e d u c in g number 

o f w ord s t r a n s m it t e d , a p p ro v e d 

S u bcom m ittee o f , M r. C a r p e n te r t o r e p r e s e n t B oard on 

TWX i n s t a l l a t i o n , l e t t e r t o , r e s u r v e y s o f c i r c u i t s i n 

c o n n e c t io n w it h , s u g g e s t in g f o r c o n s id e r a t io n 

and r e f e r e n c e t o FRBanks o f q u e s t io n o f d e la y s 

f o r b u s in e s s t o a ccu m u la te , q u e s t io n o f economi 

c a l o p e r a t io n and b a s i s o f com p u tin g p e r-w o rd 

c o s t 

Word co u n t b a s i s o f com p u tin g c o s t o f le a s e d w i r e s y s 

tem , B oard h as no o b j e c t i o n t o a d o p t io n o f 

m ethod w h ereby num bers co u n t a s o n e w ord, but 

s u g g e s t s C om m ittee c o n s id e r in c r e a s e d p e r-v /o r 

c o s t ^ 

L e g i s l a t i o n w ith r e s p e c t t o F R S ystan , a p p o in te d t o stu y 

q u e s t io n o f 

O p era tin g r a t i o s , M r. H o r b e tt t o work w ith co -e 

p a r e uniform s c h e d u le o f o p e r a t in g r a t i o s o r 



member banks 

3 /1 5 406 

1 0 /1 9 1402 

7 /3 0 1078 

8 /1 9 1164 

10/19 1403 

7 / 1 917 

6 / 8 794 

4 /1 3 550 

2 / 2 225 

5 / 5 658 

1 0 /2 9 1475 

7 /1 3 961 

7 /1 3 961 

10/19 1402

Committees: (C ontinued) /r^ n tin u e d ) 

P r e s i d e n t s ' Conference: ( C o n t i n u e d ;^ ^ 

Standing C o n ^ t t e ^ o n ^ d i n g s by member banks, r e f e r r e d t o 8 /3 4 

Senate: 

Banking and 0 ^ r"K .cy: ^ 

Chsirnan E 'c le s r s ^ s s t e ^ t o ^ f „ , r a d t o Com- 

J t t ! ^ t f L . e n d a t l o n th a t r e q u e s ts be h e ld 

L t i o n u n t il s o u t h i n g a r o .e ^ . g r s - 

p o - t s adT isable approved , C ounsel s o f f i c e to 

submit t o Board such r e p o r t s as i t IB ! l ^ e l y " 

make Mb*. E c c le s t o c o n fe r w ith Chairman Wagner 1 ^ / 3 

S. 1990, request th at Board g iv e r e p o r t o n , r e p ly t o 

Mr. Vagner, Chairman, e n c lo s in g cop y o f l e t t e r 

to Senator Smith and statem ent on O b je c t iv e s o f 

Monetary P o lic y 1 3 ' 3 

S. 2630 on payment o f i n t e r e s t on canand d e p o s it s made 

by savin gs banks and on p u b lic fu n d s, b oa rd op 

posed t o enactment 2 

R ailroa d I n v e s t ig a t io n : 

Folsom, George H ., FRExaminer, l e t t e r t o M r. L ow en th al 

a g reein g t o make s e r v ic e s a v a ila b le f o r fu r t h e r 

p e rio d w ith u n derstan d in g th a t Committee w i l l 

pay s a la r y 3 / 1 

Leave granted by Board w ith ou t pay f o r p e r io d s e r 

v ic e s are t o be used by, Board t o co n tin u e t o 

make c o n tr ib u tio n s to R etirem en t System 3 /1 6 

S tandardization o f Bank R eport Forms, r e s o lu t io n o f , r e p ly t o 

Mr. W ells th a t Board i s in t e r e s t e d i n a d o p tio n 

o f u n ifon n re p o rt fonn and e x p e c ts s t u d ie s r e , 

t o be com pleted s h o r t ly 4 / 7 

Trust investm ent, Chase N ation al Bank, p ro p o s a l f o r appointm ent 

o f a lte r n a te s , no o b je c t i o n , s u g g e s tio n o f enlargem 

ent o f con m ittee 7 /1 7 

Commodities, margin requirem en ts, r e p ly t o Mr. K e llo g g th a t r e 

quirem ents do not a f f e c t d i r e c t l y p u rch a s in g and 

ca rry in g o f , but th at Board re g a rd s com m odity 

p r ic e s as an in d ex 1 / 8 

Commodity d r a fts , treatm ent in c o n d itio n r e p o r ts o f C it y S t a te Bank 

and T ru st C o ., M cA llen, Texas 7 /1 4 

C om ptroller o f the Currency: 

AêrtAsem ent o f S u ffo lk County F ed eral S avin gs and Loan A s s o 

c ia t io n , l e t t e r from Babylon N a tio n a l Bank &. 

Trust Company in regard t o , r e fe r r e d t o 9 /2 2 

A f f i l i a t e s , w aiver o f c o n d itio n r e p o r t s , memo o f Mr. Smead o u t 

lin in g con feren ce w ith C om p troller and subsequent 

, agreement reached a s t o p rop osed changes 12/21 

B radford, Avery J . , c o n fid e n t ia l re p o rt o f C o lo n ia l T ru st Company 

o f P ittsb u rg h , P a ., r e la t in g t o t r a n s a c 

tio n s o f , fu rn ish ed t o 9 / 9 



ilea 

975 

1610 

1611 

1085 

354 

411 

513 

995 

54 

966 

1319 

1692 

124?

C om ptroller o f th e C u rre n cy : (C o n tin u e d ) 

Branch, grou p and ch a in b a n k in g , d a ta r e l a t i n g t o b ra n ch and 

grou p b a n k in g s e c t t o , in answ er t o r e q u e s t 

d a ta on c h a in b a n k in g n o t y e t com p ile d ' n / . c 

Branch b a n k in g , n a t io n a l b a n k s , p o s i t i o n th a t th ey may e s t a b - 

l i a h l i m i t e d pow er o f f i c e e i n I o n a , b a sed 

u p on d e f i n i t i o n o f " b r a n c h " in S e c . * 1 5 5 p 3 

and i n c o n n e c t io n w ith l i k e l i h o o d o f en a ^ tm L J ' 

o f s i m i l a r S t a t e la w in O klahom a, K ansas and 

N ebraska 

Condition r e p o r t fo n n s , ch a n g e s i n , r e p l y t o M r. O 'C on n or r e 

s u g g e s t e d , end sta te m e n t r e d e s i r a b i l i t y o f 

u n ifo r m it y b etw een S t a t e m anber bank, n a t io n a l 

bank and in s u r e d bank fo rm s . ^ „ 

C o n fe re n ce r e q u e s t e d f o r p u r p o s e o f m aking n e c e s s a r y 

ch a n g e s , l e t t e r t o C o m p t r o lle r H / ^ 

D ebentures o f A f f i l i a t e d Fund, I n c . , p u rch a sed by n a t io n a l 

b a n k , e s l o a n s u n d e r R e g u la t io n U 6 /H 

D e p o s its , s a v in g s a c c o u n t s : 

Board o f F ir e C om m ission ers R e l i e f Fund, may be c l a s s i f i e d 

a s , l e t t e r t o C o m p t r o lle r in r e p ly t o F i r s t 

N a t io n a l Bank, I t h a c a , New Y ork 1 1 /1 1 

C onger M utual B u r ia l A s s o c i a t i o n and C on ger C o lo r e d M utual 

B e n e f it A s s o c i a t i o n , d e p o s i t s o f may n o t be 

c l a s s i f i e d a s , l e t t e r t o C o m p tro lle r i n r e p ly 

t o M r. Gough 1 1 /1 2 

C u stod ia n E. & R. B ra n ch , 4 th C o rp s A r e a , d e p o s i t s may be 

c l a s s i f i e d e s , r e p l y t o C o m p t r o lle r r e q u e s tio n 

o f M r. L yon 1 1 /1 1 

M id d le C oal F i e l d P o o r D i s t r i c t , may be c l a s s i f i e d a s , l e t 

t e r t o C o m p t r o lle r in r e p l y t o H a z le to n Nat 

i o n a l Bank, H a z le t o n , P e n n . 1 1 /1 2 

S ch o o l d i s t r i c t d e p o s i t s may be c l a s s i f i e d a s , l e t t e r t o 

C o m p t r o lle r 1 1 /1 1 

D e p r e c ia tio n on s e c u r i t i e s , p o l i c y o f tre a tm e n t on exam in a tio n 

r e p o r t s , msno o f M r. P a u lg e r r e 5 /2 1 

E xam inations: 

F oreig n b a n k in g c o r p o r a t io n b r a n c h e s o f Chase Bank at 

P a r i s , S h a n g h a i, H ongkong and T ie n t s i n t o be 

exam ined by n a t io n a l bank exam in ers, commiss 

io n s is s u e d i n names o f F .R . S t e y e r t and 

T . T . T r e p a n ie r 4 / 2 

Government s e c u r i t i e s , q u e s t io n o f a d v i s a b i l i t y o f Board 

s e e k in g t o e s t a b l i s h a u n ifo n n p o l i c y t o e f 

f e c t u a t e p a r v a lu a t io n o f , M r. P a u lg e r and M r. 

McKee t o d e te im in e p r o c e d u r e and make recom 

m en d a tion 

4 / 9 

Federal S a v in g s and L oan A s s o c i a t i o n s , Chainnan E c c le s a u th o r 

i z e d t o c o n f e r w it h , and Chainnan o f FPIC r e 

s i t u a t i o n r e s u l t i n g from p ow er t o a c c e p t dep 

o s i t s and p ay h ig h i n t e r e s t r a t e s 

1 /1 5 



1571 

459 

572 

1512 

e i e 

1521 

1529 

1522 

1528 

1522 

732 

496 

521 

93

C o m p i l e r o f the N a tion a l Bank o f South 

F i d u c i a l pow ers, ' ^ r f u l l pow ers, r e p ly o f ^ r d 

^ t ' a c t ^ i s ^ n g d e fe r r e d a c t i n g a d v ic e 

l e t t e r t o , r e q u e s tin g th a t 

Foreign b r a n c h e s o f the ^ ^ g ^ exam in ation s o f 

h e h ave h i s exam ine ^ a d v i s a b i l i t y 

Government s e c u r i t i e s , par v _ e s t a b lis h a u n ifo rm exam ina- 

McKee t o d e te m in e p roced u re and make recam 

manber banks may p ay, Mr. Ransom t o d is c u s s 

^ Ith C om p troller and FLIC p o s i t i o n t o b e taken 

K elly L. ^ ., A ttorn ey, in q u iry o f Mr. P r e ib e ib is r e any r e p o r t 

' * ' by Board on S. 2680 t o exten d tim e f o r payment 

o f in t e r e s t on p u b lic funds 

Loans, co n s tru ctio n , unadvanced p o r tio n o f does n ot r e p r e s e n t 

a l i a b i l i t y a g a in st which i t i s n e c e s s a r y t o 

m aintain r e s e r v e s , p ro v id e d c o n d it io n r e p o r t 

shows as a s s e ts o n ly th o s e p o r t io n s which 

have been a c t u a lly advanced, view s o f B oard in 

r e p ly t o , re M anufactu rers N a tio n a l Bank, 

D e t r o it , M ichigan 

Loans to e x ecu tiv e o f f i c e r s not exceed in g #2500, r e p ly t o , 

s ta tin g th a t e x ten sion o f c r e d it i s n o t t o 

exceed tw elve months 

R egulation o f Board on fo r e ig n branch es, no o b je c t i o n t o i s 

suance 

R egu lation F, l e t t e r sent t o , in c lo s in g p roposed amendment on 

common tr u s t funds 

Removal o f o f f i c e r s and d ir e c t o r s : 

M orton, T. 0 . , c e r t i f i c a t e re v i o l a t i o n s o f law and u n s a fe 

p r a c t ic e s as p r e s id e n t o f T a y lo r N a tio n a l Bank 

o f C a m p b e lle v ille , Ky. 

Views re grounds on which con tin u a n ce o f h e a r in g was 

requested 

(See a ls o Removal o f o f f i c e r s and d ir e c t o r s ) 

T eylor n a tion a l Bank o f C a m p b e lls v ilie , K y ., r e p o r t o f Mr. 

D r e ib e lb is re d is c u s s io n s w ith deputy compt 

r o l l e r s and iD ic re p ro ce e d in g s t o rsn o v e M r. 

Morton as p re s id e n t, c o n s id e r a tio n o f a p p o in tment 

o f co n serv a tor t o p re s e rv e d ou b le l i a 

b i l i t y on sto ck , Board cannot rea ch d e c is io n 

today 

Tiust investments, purchase o f s e r ie s o f n o te s o f same o b l i g o r 

ana secured by same deed o f t r u s t d oes not 

contravene R egu la tion F, r e p ly t o C o m p tro lle r 

on in q u iry o f R iggs N a tion a l Bank, W ashington, 

i). c . 



12/18 

3 / 2 

4 / 9 

2 / 9 

6/30 

10/23 

9/30 

6 /1 4 

9/20 

4/50 

6 / 4 

6/30 

4/10

com p troller o f th e C u rre n cy : (C o n tin u e d ) 

T ru s t in v e s tm e n ts : (C o n tin u e d ) 

Renewal o f m ortgage n o te s purchased p r io r to e f f e c t i v e 

d a te o f r e g u l a t i o n th ro u g h c o r p o r a t io n o * L d 

by d i r e c t o r , c o r p o r a t io n r e c e i v e s com m ission 

from b o r r o w e r f o r r e n e w a l, d o e , n ot c o n t r a ! 

v en e R e g u la tio n F 

59 

Pac e B 

Waiver o f r e p o r t s o f a f f i l i a t e s , ch an ge i n p r o c e d u r e t o b e d ia ^ 

c u s s e d w it h o f f i c e o f 

Condition r e p o r t s : 3 / 9 1245 

A f f i l i a t e s : 

B. M, C. D u rfe e T r u s t C o ., F a ll R i v e r , M a s s ., may b e r e 

q u ir e d i f c o r p o r a t i o n s b o r r o w , B oard n ot w i l l 

in g t o e x te n d w a iv e r p r o v i s i o n s , even though 

bank may w ith d ra w , a t t e n t i o n c a l l e d t o Sec^ 

23A i n c o n n e c t io n w ith p o s s i b l e lo a n s * 2 / ? p p . 

B adger S t a t e Bank, M ilw a u k e e , M s . , e x t e n s io n o f tim e f o r 

C ity Bank F an n ers T r u s t C o ., New Y o r k , N. Y ., su b m ission 

o f r e p o r t s f o r 19 s u b s i d i a r i e s , p u b lic a t io n 

a l l t h a t i s n e c e s s a r y f o r June 20 c a l l , n o t t o 

2 / 1 0 P6R 

b e r e q u ir e d f o r p r i o r c a l l s 1 / 5 31 

E x te n s io n o f tim e f o r f i l i n g , e s o f D ec. 3 1 , 1926 1 /2 3 186 

E x te n s io n o f tim e f o r f i l i n g 

C o lo n ia l Bunker O i l C o . , n o t s u b m itte d by Savannah Bank 

^ T r u s t C o ., Savannah, G a ., b e ca u s e o f ig n o ra n ce 

o f r e l a t i o n s h i p , i f n e c e s s a r y t o p u b lis h , 

4 / 2 2 5 9 5 

b a n k 's r e p o r t n eed n o t b e r e p u b lis h e d 5 / 1 4 7 1 3 

S u b m ission w a iv ed 

H. A. D ou glas M a n u fa c tu r in g C o ., r e p l y t o FRBank o f C h icago 

r e r e q u e s t f o r s u b m is s io n and p u b lic a t io n by 

P e o p le s S t a t e B ank, B ro n s o n , M ic h ., t h a t lo a n s 

on o b l i g a t i o n s do n o t c o n s t i t u t e " in d e b te d n e s s " 

5 /2 5 749 

w it h in w a iv e r p r o v i s i o n s 

I n v e s t o r s R e a lt y Company, p u b l i c a t i o n r e q u ir e d o f C allaw ay 

5 /1 4 714 

Bank, F u lt o n , M is s o u r i 

M ille r B r o s . R e a lt y Company, I n c . , p u b l i c a t i o n e s o f June 

1 1 /1 1 1523 

3 0 , 1 9 3 7 , w a iv ed 

Pawnee Cream ery and C h eese F a c t o r y , r e p o r t n o t su b m itted 

b e c a u s e C i t i z e n s S t a t e Bank, Pawnee C it y , 

N ebr. , was n o t aw are o f r e l a t i o n s h i p , w hich no 

e /1 6 1150 

lo n g e r e x i s t s , s u b m is s io n n o t r e q u ir e d 

P en n sy lv a n ia Company f o r I n s u r a n c e s on L iv e s and G ra n tin g 

A n n u it ie s , e x t e n s io n o f tim e f o r f i l i n g and pub 

6 /1 9 856 

l i s h i n g r e p o r t s o f a f f i l i a t e s 

Punche V a l le y Farm s, A n t o n it o , C o l o . , n o t su b m itted by Comm 

erce T r u s t C o ., K ansas C it y , M o ., b e ca u se o f 

u n aw aren ese o f r e l a t i o n s h i p , n ot t o b e r e q u ir e d 

8 /1 0 11^.4 

f o r M arch 31 

W a iv er o f r e p o r t o f 53 H an over S t r e e t T r u s t a s New England 

T r u s t C o ., B o s to n , M a s s ., r e c e iv e d B o a r d 's r u lin 

g t o o l a t e t o te r m in a te r e l a t i o n s h i p and h as 

6 /1 9 856 

s in c e done so 1 ' ' - ' 



^ T r i - C o u n t y R eal E s ta t e 

waiver o f subm ission o f P D elp h os, O h io , a s lo a n 

Co. by C o ^ f ^ ^ ^ l and company l i q u i - 

w ill be ban* March A a " 

Snssd o u t lin in g c o n fe r e n c e w ith Comp- 

W aiver o f , ^ ^ r r . n c y and subsequent a g r e ^ e n t 

. t h L as to proposed changes 1 2 /2 1 

reach es as ^ l e t t e r t o FRBanks i n c l o s i n g 

Waiver, amendment t o term , 12/&1 1594 

+ir,r. waiver o f requirement that 

York-Hoover Body Corpora , publish, a s a f f i l i a - 

York Trust C o ., Hork, P a ., p u o± i , 

t io n has been term in a ted ^7 

^ u t i l i t i e s must be shown, c o n t r o l f i g u r e s f o r d e - 

A s s e ts and o f Wachovia Bank and T ru st C o ., 

AiD'ton-Salem, N. C ., n o t s u f f i c i e n t 5 / 7 667 

Badger S ta te Bank, M ilw au k ee, W is ., e x te n s io n o f tim e f o r f i l i n g 

Badger ^ a f f i l i a t e s , Board has no p ow er t o 

extend f o r f i l i n g o f own r e p o r t Z /10 266 

-Commodity d r a f t s " , manner o f r e p o r t in g , by C ity S t a t e Bank and 

Trust C o ., M cA llen , T exas 7 /1 4 966 

D r a fts f o r p u rch a se o f com m odities not p a y a b le im m e d ia te ly upon 

p r e s e n ta tio n , sh ou ld be r e p o r te d a s lo a n s 1 /^ ' 

"Pern rea l e s t a t e " , r e p ly to FRBank o f San F r a n c is c o r e s c o p e 

o f item i ' i S i'S 

FRBanks weekly statem ent: 

Changes reconmended by Mr. ^nead t o p la c e m ore o n p h a sis on 

re serv e b a la n ce s , approved 2 /2 4 3^9 

Legal s u ffic ie n c y , q u e stio n s r a is e d by Mr. Smead, and memo 

o f Mr. Owens co n clu d in g th a t law i s co m p lie d 

w ith 3 /3 0 478 



P a r tic ip a tio n s o f FRBanks in c r e d it t o N a tio n a l Bank o f 

Hungary, recom mendation o f M r. Smead t h a t in 

fu tu re i t be in c lu d e d in " A l l o t h e r a s s e t s " , 

approved 8 /1 2 1139 

Recommendation f o r a m p lific a t io n t o show amounts o f e x c e s s 

re s e r v e s o f c e n tr a l r e s e r v e c i t y b a n k s, FRBanks 

to d isco n tin u e in fo n n a tio n , q u e s tio n e d , put on 

docket f o r fu tu re c o n s id e r a tio n 9 /3 0 1 ^ 

A m p lifica tio n to show amounts o f e x ce ss r e s e r v e s o f c e n t r a l 

re se r v e c i t y banks, recom m endation f o r , put on 

docket u n t il retu rn o f Mr. E c c le s 1 0 / 5 1353 

Amenoment to in d ic a te th a t m onetary g o ld , T re a su ry c u r 

ren cy, money in c i r c u l a t i o n and T rea su ry cash 

do net rep resen t ittzns in , s u g g e s tio n o f K ansas 

^ Ity Times (AP) n ot approved by B oard, l e t t e r 

- +< W orthington, FRBank o f K ansas C it y l l / 1 

S e c u r itie s acquired by FRBanks o f Boston and Richmond in 

sn

d itton r e p o r t s : (C o n tin u e d ) 

^ H r e t o f B oston I n t e r n a t i o n a l C o r p o r a t io n , r e v e a l s h o ld in g o f 

c o r p o r a t e E to c k s w h ich F i r s t N a tio n a l Bank o f 

B oston c o u ld n o t p u r c h a s e and com p u ta tion o f 

r e s e r v e s on im p r o p e r b a s i s .. 

F ir s t F ed e ra l F o r e ig n B an kin g C o r p o r a t io n , New Y o r k , N. Y . ( i n 

l i q u i d a t i o n ) , s ta te m e n t a s o f D econ b er 3 1 

1 9 5 6 , r e q u e s t e d f o r D ecem ber 5 1 , 1937 i f 

l i q u i d a t i o n n o t c o m p le te th e n 

F irst S ta te Bank o f L o r e in e , T e x a s , l i a b i l i t y on a d v a n ces by 

fo r m e r p r e s i d e n t , s e c u r e d b y ch a rg e d o f f a s s e t s 

su ch c la im l a t e r b e in g made j u n i o r t o c l a im o f 

RFC, q u e s t io n o f sh ow in g 1 / 1 2 

F o r e ig n b a n k in g c o r p o r a t i o n s , p r e s e n t p r a c t i c e o f o b t a i n i n g 

s e a n i-a n n u a lly t o b e c o n tin u e d 2 /1 6 

Foims f o r S t a t e member b anks and a f f i l i a t e s f o r n ex t c a l l sent 

t o FRBanks 2 /2 3 

Changes i n , r e p l y t o M r. O 'C o n n o r r e s u g g e s te d and s t a t e 

m ent r e d e s i r a b i l i t y o f u n ifo r m it y betw een 

S t a t e m sa b er b a n k , n a t io n a l bank and in s u r e d 

bank fo rm s 4 /1 7 

Form f o r n e x t c a l l , mono o f M r. Smead w ith s u g g e s te d 

ch a n g e s a p p ro v e d 6 / 5 

Foim f o r n e x t c a l l a p p ro v e d and p r i n t i n g o f s e p a r a te S ch ed u le 

E, L oa n s and D is c o u n t s , a p p roved 8 /2 3 

Changes a s t o b r in g a b o u t u n i f o u n i t y , l e t t e r t o M r. O 'C on n or 

r e q u e s t in g c o n fe r e n c e t o d is c u s s 1 1 / 5 

French A m erican B an kin g C o r p o r a t io n , New Y o r k , N. Y . , r e p o r t re 

v e a l s c o m p u ta tio n o f r e s e r v e s on im p rop er b a s i s , 

B oard w i l l c o n s id e r am ending agreem ent t o p e r 

m it p r e s e n t m eth od 3 /1 2 

I n te r n a tio n a l B an k in g C o r p o r a t io n , New Y o rk , N. Y . , r e p o r t r e 

v e a l s co m p u ta tio n o f r e s e r v e s on im p rop er b a s i s , 

B oard w i l l c o n s i d e r am ending agreem ent t o p e n n it 

p r e s e n t m eth od ^ 1 2 

L o u is v i lle T r u s t C o ., L o u i s v i l l e , K y . , r e q u e s t i f t h e r e w ere any 

v i o l a t i o n s o f la w i n l a s t r e p o r t 3 /1 2 

Member banks: 

In d ia n a B an kers A s s o c i a t i o n , r e q u e s t f o r a c c e s s t o r e c o r d s 

a t FRBank o f C h ica g o i n c o n n e c t io n w ith stu d y 

o f t r a n s i t i o n s in b a n k in g i n S t a t e , approved 

on c o n d i t i o n C o m p t r o lle r c o n s e n ts 

1 /1 3 

K ation al banks: 

C all as o f D ecem ber 31 

1 / 5 

C all as o f M arch 31 „ 

4 / 8 

. 

C a ll as o f June 30 ^ ^ 

P ennsylvan ia Company f o r I n s u r a n c e s on L iv e s and G ra n tin g Ann 

u i t i e s , P h i l a d e l p h i a , P a . , B oard ca n n ot gra n t 

e x t e n s io n o f tim e f o r su b m issio n and p u b lic a 



t i o n 

395 

439 

72 

307 

332 

573 

782 

1179 

1512 

396 

397 

394 

92 

8 

517 

922

.1 t h Judd and D e t w e il.r a u t h o r iz e d 1 / ^ ^ 

^ ' m p n e a t e p u b lic a tio n t o meet r s q u ir s B C t s o f S t a t e and 

m p li ^ a r d r e p ly to FRBank o f M in n e a p o lis m co n n e ct 

io n ^ ith l e t t e r from M innesota S t a t e Banking 

Department re ste p s taken tow ard a c h ie v in g 

uniform fonn ^ 460 

Montana Bank and T m st C o ., Great F a lls , M ontana, p u b lis n e d 

by in a d v erten ce on S ta te form , r e p u b lic a t io n n ot 

t o be req u ired 1 / 2 2 I 5Q 

R eqtiirsB ents, re p ly t o C itiz e n s S ta te Bank, Jam estow n, I n d . , 

that Board cannot -valve, o u t lin in g s t e p s taken 

to avoid dual p u b lic a t io n and tow ard u n iform 

form 3 /2 3 445 

S tate member banks: 

C e ll as o f Dec. 31 l / 5 8 

C all as o f March 31 4 / 8 517 

C all as o f June 30 7 / 6 922 

C all as o f December, in form a tion as t o d i s t r i b u t i o n o f dep 

o s it s among v a rio u s branch o f f i c e s t o be f u r 

nished in a d d itio n f o r FDIC 1 2 /1 0 1642 

Fonn 105e, Board cannot a ccep t statem ent p u b lis h e d on FDIC 

form in l i e u o f , however where n e c e s s a r y t o m eet 

S ta te requirem ents c e r ta in s p e c i f i c in fo r m a tio n 

may be added to re p o rt as p u b lish e d 1 2 /1 1 1649 

- onn 1 0 5 -f t o be d is t r ib u t e d in a d d itio n t o by FRBanks so 

as t o get amounts o f a g r ic u lt u r a l lo a n s and 

farm rea l e sta te owned by member banks in n ext 

c a l l , l e t t e r t o FRBanks 1 2 / 2 1586 

In s tru c tio n s governing p rep a ra tion o f , Mr* Smead a u th o r iz e d 

to n e g o tia te w ith FRBank o f New York f o r temp 

orary s e r v ic e s o f Mr. A lexan der t o a s s i s t in 

p rep a ra tion o f r e v is e d 1 /P 9 471 

P u b lica tio n : 

Bay C ity Bank and T m st C o ., Bay C ity , T e x a s, w a iv e r o f 

r e p u b lic a tio n 7 / 3 0 1076 

Jregon, re p ly t o Mr. Sargent th a t Board does n ot o b je c t 

in deben tu res o u ts ta n d in g showm 

manney r e q u ir e d 

/ ^ ,a te Banking Department 3 / 1 0 381 

eorgsn ized , mtst be a lte r e d so th a t c a p ita l a cco u n ts do n ot 

Uni fonn form: " earnings pledged t o w aivin g d e p o s it o r s 1 0 /2 6 1447-9 



A ^ c e to Citizens State Bank, Jamestown, I n d ., th a t co n - 

t h a ^ l f ^ i t i s hoped 

Minnesota S tate Banking ^ attained in near future 3/23 446 

Department, r e p ly t o 1-TtBank o f 

to achieve^ s te p s taken

Resolution o f Penm anent C om m ittee on S t a n d a r d iz a t io n nf- 

Bank R e p o r t Form a, r e p l y th a t B oard i s m t L . 

e s t e d i n a d o p t io n o f u n i f c m r e p o r t f o m and* 

e x p e c t s s t u d i e s r e t o b e c o m p le te d s h o r t l y 

Weakly manber b a n k , ch a n g e s m ade i n c l a s s i f i c a t i o n o f lo a n s 

and own a c c e p t a n c e s p u rch a s e d 

Conferences: 

American Bankars A s s o c i a t i o n : 

Regional C o n fe r e n c e a t P i t t s b u r g h , attendance o f division 

h ea d s l e f t t o t h e i r d iscretion 

Board o f G o v e rn o rs: 

Iowa b a n k in g o f f i c i a l s , on F e b . 2 , b i l l s i n H ouse t o exte 

n d tim e member b a n k s may p a y in te r e s t on 

demand d e p o s i t s o f p u b l i c fu n d s in l i n e w ith 

s u g g e s t io n s o f M r. B a te s 

M argin c a l l s , p r a c t i c e o f m e e tin g b y liq u id a tio n , m eetin g 

t o b e a r r a n g e d f o r J a n . 13 with r e p r e s e n ta 

t i v e s o f New Y ork S t o c k E xch an ge, FRBank o f 

New Y ork and SEC r e E x c h a n g e 's p r o p o s a l t o 

m eet p r o b le m b y amendment t o i t s ruleB 

C o n fe r e n c e h e ld 

SEC a g r e e a b le i f p r o p e r r e p o r t s a r e su b m itte d t o i t , 

p r o c e d u r e t o b e f o l l o w e d and B oard t o g iv e 

f i n a l c o n s i d e r a t i o n J a n . 29 

R e g u la tio n Q, S e c . 1 ( f ) , m e e tin g w it h r e p r e s e n t a t iv e s o f 

S t a t e b a n k in g a s s o c i a t i o n s and c l e a r i n g h ou ses 

i n s o u th e r n S t a t e s and r e q u e s t t h a t e f f e c t i v e 

d a t e b e d e f e r r e d , B oard n o t w i l l i n g t o d e f e r 

f u r t h e r 

D ir e c to r s and o f f i c e r s o f FRBanks w ith B o a rd , s u g g e s te d by 

FRBanks o f C le v e la n d and C h ica g o 

D ir e c to r s o f F R B a n k s,m eetin g s o f B oard w ith , cop y o f r e p ly t o 

s u g g e s t io n f o r m ore fr e q u e n t m e e tin g s sen t 

FRBanks t o g e t h e r w ith r e q u e s t f o r c o n s id e r a t io n 

by d i r e c t o r s 

Exam ination d ep a rtm en t h e a d s o f FRBanks r e p r o c e d u r e t o e 

f o l l o w e d i n c a s e s o f banks u n l i k e l y t o su rv 

i v e , d e te r m in a t io n r e h o ld in g t o b e made 

a f t e r s u r v e y o f s i t u a t i o n 

Gold in flo w , Chairm an E c c l e s , m em bers o f T re a su ry ana B oar 

s t a f f s r e p r o b le m s p r e s e n t e d by 

P ledge o f c o l l a t e r a l f o r t r u s t fu n d s , p r o p o s e d f o r d is c u s s iD 

o f p ro b le m s in v o lv e d i n o p e r a t io n s o f Con 

Presidents: 



n e c t i c u t ban ks 

3f p o s t a g e on d ir e c i, - 

C om m ittee on C o l l e c t i o n s a g a in 

i f o r m s s b a rsh ip i n U lS y s t g ., ^ 

s e n t in g t o B oard t o b e d is c u s s e d w ith P r e s i 

4 / 7 513 

4 / 8 519 

1 /1 5 92 

2 / 9 257 

1 /1 5 81 

1 /1 8 107 

1 /2 2 144 

1 /1 8 

107 

1 1 /2 3 1554 

1 2 / 4 1619 

6 / 8 

6 /1 8 

5 /1 2 

8 /2 4 

802 

852 

689 

1188 

12/23 1725

C o n fe r e n c e s : (C on tin u ed ) 

P re sid e n ts: (C ontinued) . 

Business ^ ^ / ^ d l t eondi ^ g . ^ i s e r . review of com- 

S t a t ^ e n t a c c o u n t, a d e - 



^ t o e f f - c t re d u ctio n in r e s e r v e s , g o ld 

in flo w L d powers needed by system t . a b sorb 

6 / 8 799 

gold reviewing cost increase in 

^ ^ " L i l d i n g materials and labor troubles, business 

^ c e s s i o n not in d ic a t e d , expected p r o g r e s s o f 

receaa^ 

re co v e ry , p r in c ip a l 

___ 

problem 

Tôs;,ntRd 

p re sen 

bv 

te d 

co n 

b y 

- 

recoveiy# ^ ^ 

eon- 

tin u ed in flu x o f g o ld 

r / o 

6 / 8 800 

. . n e s s ' i c / ^ i . , 

— - - - ^ n r ^ e ^ n r t n ^ 

as t o p ic ^ ^ S /H M3 

Code book, le a sed w ire system , com m ittee a p p oin ted f o r 

general review o f lO /l^ 1402 

C redit and m onetary s it u a t io n , m eetin g h e ld t o h e a r s t a t e 

ments by Mr. G olden w eiser and Mr. W illia m s r e , 

and to c o n s id e r 1 /2 5 161 

Statement o f Mr. G olden w eiser a n a ly zin g e x c e s s r e s e r v e 

s it u a t io n , review in g m ethods o f a c t io n and 

tim in g t h e r e o f, e x p ressin g h is o p in io n th a t r e 

serve requirem ents shou ld be in c r e a s e d 33 1/3% 1 /2 5 162 

Statement o f Mr. W illiam s re p ro p e r p r o s p e c t iv e in 

which t o view s it u a t io n which was g o in g beyond 

n o m a l in some r e s p e c t s , and e x p r e s s in g o p in io n 

th a t requirem ents shou ld be in c r e a s e d t o lim i t 

perm itted by law 1 /2 5 157 

D estru ction o f FRBank re c o r d s , f i s c a l agency and d e p o s it a r y 

re co r d s , copy o f re p o rt o f con m ittee se n t t o 

S ecreta ry o f T reasu ry recommending th a t a p p ro v a l 

be obtain ed f o r co n tin u in g a u th o r ity o r d e s t r u c 

t io n each f i v e years 3 /1 5 406 

L e tte rs to FRAgents and t o P re sid e n t H a rrison r e , and 

c a llin g a tte n tio n th a t 6 in ce t r a n s fe r o f 

FRAgents' n on sta tu tory d u t ie s , C o n g re ssio n a l 

a c tio n w ill not be needed in c e r t a in c a s e s 3 /1 5 4* 

D irecto rs o f FRBanks, b i-w e e k ly m eetin g s, com m ittee a p p oin ted 

to in v e s tig a te d e s i r a b i l i t y o f 1 0 /1 9 1402 

Excess reserv e s, statement o f Mr. G old en w eiser a n a ly z in g 

s itu a tio n , review in g m ethods o f a c t io n and 

tim ing th e r e o f, e x p r e ssin g h is o p in io n th a t r e 

quirements should be in c re a s e d 33 1/3% l / 2 5 

statement o f Mr. W illiam s re p ro p e r p e r s p e c t iv e in 

v..ii-2h to view s it u a t io n which was g o in g beyond 

nonnal in some r e s p e c t s , and e x p r e ssin g o p in io n 

th at req u ira a en ts should be in c r e a s e d t o lim it 

p e n n it te d b y law 1 /2 5 1° 

L iscu sslon o f , m a jo rity o f p r e s id e n ts b e lie v e r e s e r v e 

requiren en ts should be in cre a sed 1 /2 5 ^

" " " r . a i d . n t a : [C o n tin u e d ) 

E xcess r e s e r v e s : (C o n tin u e d ) 

Statem ent o f Chairm an E c c le s t h a t t h e i r i n f l u e n c e wag 

n o t b e in g e x e r t e d i n m oney m a rk e t, s u g g e s tio n 

th a t FRBanks o f f e r t o p u r c h a s e T r e a s u r y b i l l s 

a t r a t e s s l i g h t l y h ig h e r th a n m a rk e t, g iv in g 

l i q u i d i t y t o b i l l s and b r i n g i n g i d l e fu n d s 

i n t o m a rk et 

P resid en ts d e s i r e m ore t im e t o con sid er, g r e a t e r 

l i q u i d i t y m ig h t b e a c h ie v e d b y i s s u e o f o n ly 

9 0 -d a y b i l l s , d i s c u s s i o n o f e f f e c t , d e c is io n 

w ou ld b e h e l p f u l t o T r e a s u r y i n d e te r m in in g 

i t s b i l l p o l i c y w it h in n e x t tw o weeks 

G raduate S c h o o l o f B a n k in g , a c t i o n i n l e a v i n g d e te r m in a tio n 

o f e x t e n t o f p a r t i c i p a t i o n t o ea ch FRBank, 

l e t t e r t o p r e s i d e n t s a d v i s i n g t h a t any e x p e n d it 

u r e i n e x c e s s o f t h a t p r e v i o u s l y approved 

s h o u ld h a v e B o a r d 's a d v a n ce a p p r o v a l 

In d ex o f r u l i n g s , i n t e r p r e t a t i o n s and i n s t r u c t i o n s o f 

B o a r d , r e p l y t o C hainnan H a r r is o n r e s u g g e s t io n 

o f M r. P e y t o n a s t o , and nam ing M r. B eth ea t o 

s i t w it h c o n a n itte e on 

L e g i s l a t i o n w it h r e s p e c t t o F R System , a p p oin tm en t o f comm 

i t t e e t o r e v ie w 

Luncheons s e r v e d t o m a n b e r s , B oard t o assum e c o s t o f 

M eetin g on J a n u a ry 2 5 , d i s c u s s i o n o f program f o r , l e f t f o r 

C hainnan E c c l e s d e c i s i o n 

M eetin g on J u n e 7 and 0 , r e p o r t o f P r e s i d e n t H a r r is o n th a t 

c o n s i d e r a t i o n o f t o p i c s on p rogram was comp 

l e t e d y e s t e r d a y and t h a t m in u te s w ou ld b e 

s e n t t o B oard i n due c o u r s e 

M eetin g w ith B oard o f G o v e r n o r s 

N on -cash c o l l e c t i o n s , h a n d lin g o f , recca n n en d a tion o f Comm 

i t t e e on F r e e S e r v i c e s t h a t no ch a rg e be made 

( n o t t o a p p ly t o c h a r g e made by FRBanks o f New 

Y ork and B o s to n f o r d r a f t s w ith s e c u r i t i e s a t 

t a c h e d w h ich a r e n o t p r o p e r t y o f member banks) 

a p p ro v e d by 

P aper e l i g i b l e f o r r e d i s c o u n t i n g a t FRBanks, r e s o l u t i o n 

i n r e g a r d t o f i n a n c e co m p a n ie s a t m e e tin g o f 

Par c o l l e c t i o n s y s te m , s t a t a n e n t r e ?jea k en in g o f , aue t o 

c o m p e t i t i v e i n e q u a l i t y b etw een m anber and nonmember 

b a n k s , s u g g e s t in g p r o h i b i t i o n o f c o l 

l e c t i o n c h a r g e s b y nonm anber b a n k s , r e p ly t o 

P r e s i d e n t H a r r is o n 

P e rso n n e l o f UMBanks, s u g g e s t io n o f M r. B r o d e r ic k o i p o l i c y 

t o b e f o l l o w e d in e v e n t o f n e c e s s i t y o f r e d u c - 

t i o n . , 

R e g u la t io n s , d i s t r i b u t i o n th r o u g h FRBanks r a t h e r t an ^ 

B o a r d , d i s c u s s i o n b y 



6 / 8 801 

6 / 6 804 

2 /2 6 352 

4 /1 3 550 

1 0 /1 9 1402 

9 /1 6 1294 

1 /2 2 147 

6 / 8 797 

1 0 /1 9 1401 

1 0 /1 9 1403 

1 0 /1 9 1403 

2 /1 8 322 

6 / 8 603 

1 0 /1 9 1402

Presidents: (Continue j em ployees o f FRBanks, l e t t e r t o 

c o n fe r e n c e i n co n - 



s id e r in g m atter l e f t d e c is io n t o each m B ank, 

Board assumes i t s approval *111 b e sought 

b e fo r e i n i t i a t i n g p r a c t ic e S/19 

i?,Hncc interoretations, instructions, etc., of B oard, 

' subcommittee reconm ending in d e^ and lo o s e l e a f 

s e r v ic e °n . approved, C o u n s e l's O f f i c e t o e s - 

t a b lis h and m ain tain , S e c r e t a r y 's O f f i c e to 

administer, necessary expenses authorized 7/30 

Salaries of employees in lower brackets, statement o f Mr. 

B roderick th at FRBanks shou ld c o n s id e r , in l i g h t 

o f in crea sed l i v i n g c o s ta th e a d v i s a b i l i t y o f 

grantin g re a so n a b le in c r e a s e s and th a t a d ju s t 

ments be w ith ou t regard to com m ercial s a la r y 

ranges 6 / 8 

"Shipping Expense and Movement o f C urrency and C o in ", r e 

p ort o f Committee on F ree S e r v ic e s , l e t t e r to 

a l l P re s id e n ts th a t Board con cu rs in recom 

m endations 7 / 1 

System open market a ccou n t, p a r t ic ip a t io n s o f FRBanks, r e 

p o rt o f M essrs. Smead and B urgess r e form u la 

fo r q u a rte rly readju stm en t, recom m endation th a t 

J u ly 1 adjustm ent be made on same b a s is as 

A p r il 1 and th a t M essrs. Smead and B u rgess 

con tin u e s tu d ie s o f fon n u la 6 / 8 

T op ics f o r d is c u s s io n : 

A bsorption o f p ostage on d ir e c t sen d in gs o f cash l e t 

t e r s , p la ce d on program p r e v io u s ly , r e p ly t o 

Mr. H arrison 1 0 / 5 

A dm in istration o f R egu la tion U, n ot t o be in c lu d e d but 

in stea d d iscu ssed in fo r m a lly at jo i n t m eetin g 

o f Conference and Board 1 0 / 5 

D ealings in investm ent s e c u r it ie s by n a tio n a l banks, 

not to be in clu d ed but in s te a d d is c u s s e d i n - 

r T, i at meeting o f Conference with Board 1 0 / 5 

Development o f men by rRBanks t o handle s p e c ia liz e d 

Mrk o f banks, not to be included, instead to 

w ith ^ r d ^ C on feren ce 

M eetings o f boards o f d ir e c t o r s , u n ifo n . d a tes f o r , i n ' 

F r e v ^ y p ° ° ^ ^ " ^ - t ° f discount ra tes 8/ 2? 

Treasury bill market reDOTt H a rrison 1 0 / 5 

means b v ' J ^ ^ C onference d iscu s sed 

L..ans by which g r e a te r int^-rn.* i^ ^ ^ 

stim ulated in t e r e s t in , m ight be 

Rea* banks, statement o f Mr MnK-^ ^ ^ 

taken in e f f e c t in g nr a c tio n which m ight be 

l e t t e r to H i B a n k A o r ° h ° ° B E ° lid a t lo n s , 

con feren ce o f e i a m i n ^ ^ ^ Prepared and 

L e tte r t o FRBanks re heads d is cu s s e d 6 / 8 

6/23 

1076 

803 

917 

798 

1365 

1364 

1364 

1364 

1199 

1365 

798 

802 

872

^ " ^ l a e r v e r e q u ir e m e n ts o f member b a n k s , m e e tin g o f C hainaan 

^ E c c l e s and M r. G o ld e n w e is e r v .lth S e c r e t a r y 

o f T r e a s u r y and m em bers o f h i s s t a f f r e g a r d 

in g q u e s t io n o f i n c r e a s i n g * 

Sec. 1 ( f ) ° f R e g u la t io n Q. r e p o r t o f M r. Ransom r e a tte n d a n c e 

w ith M r. D r e i b e l b l s , e t in f o n n a l m e e tin g o f 

m em bers o f H ou se B a n k in g and C u rre n cy Com m ittee 

" ^ 

and o t h e r R e p r e s e n t a t i v e s r e 

Trust a c t i v i t i e s o f b a n k s , c o n t r o l b y SEC, r e p o r t o f M r. Ransom 

r e c o n f e r e n c e w it h M r. D o u g la s and M r. Burke 

and r e c o n f e r e n c e s o f M r. M o r r i l l and s t a f f 

1 /2 3 177 

i n same c o n n e c t io n 

Trust D iv is io n o f A m e rica n B a n k e rs A s s o c i a t i o n , a p p r o p r ia t e 

m s n b e rs o f s t a f f o f B oard a u t h o r iz e d t o a tte n d 

1 / 6 26 

m id - w in t e r c o n f e r e n c e i n New Y ork 

Congressional S e r v i c e : 

Commerce C le a r in g H o u se, I n c . , re co m m e n d a tio n th a t B oard subs 

c r i b e t o , f o r N ovem ber 1 5 th s e s s io n and n e x t 

1 / & 2 1 

r e g u l a r s e s s i o n o f C o n g r e s s , a p p ro v e d 

C onnecticut: 

1 1 /1 0 1520 

P ledge o f c o l l a t e r a l f o r t r u s t fu n d s , c o n f e r e n c e p r o p o s e d f o r 

d i s c u s s i o n o f p r o b le m s i n v o l v e d in o p e r a t io n s 

o f S t a t e m em ber b a n k s 5 /1 2 689 

C on solid a tion s: 

Bank o f N u t le y , N. J . , w ith F ra n k lin N a tio n a l Bank o f N u tle y , 

B o a r d 's a p p r o v a l n o t r e q u i r e d , c a p i t a l r a t i o 

w i l l b e lo w and c e r t a i n s e c u r i t i e s m ust be 

d i s p o s e d o f 

Beaver C ounty T r u s t Com pany, New B r ig h t o n , P a . , a s s e t s o f The 

O ld N a t io n a l Bank o f New B r ig h t o n a c q u ir e d and 

8 /1 0 1125 

l i a b i l i t i e s assum ed 

C a r ro ll C ounty T r u s t Company o f C a r r o l l t o n , M o ., a b s o r p t io n 

o f C a r r o l l E xch ange B an k , lo a n o f FPIC t o l a t t e r . 

B oard a d v is e d o f p r o p o s a l b y M r. W ood, no o b - 

1 2 /2 8 1744 

j e c t i o n 

Cofj&nan-Dobson B a n k & T r u s t C o ., C h e h a lis , W a sh ., d e s i r e t o 

c o n s o l i d a t e t h r e e nonm em ber, in s u r e d a f f i l i a t e s 

3 /2 6 752 

and e s t a b l i s h b r a n c h e s , c a p i t a l i n s u f f i c i e n t 

u n d e r FRAct . 6 /2 6 893 

Commerce T r u s t C o ., K a n sa s C i t y , M o ., a ssu m p tio n o f d e p o s it 

l i a b i l i t i e s o f E 6 s t S id e Bank o f Commerce, 

K a n sa s C i t y , n o o b j e c t i o n 

farm ers S t a t e B ank, W a lla c e , N e b r a s k a , m e r g e r w ith o t h e r bank 

o f W a lla c e , a p p l i c a t i o n f o r m em bersh ip in 

FRSystem w ou ld b e a p p r o v e d b y B oard w ith 

^ 

u l t i m a t e g o a l a s 

* ir s t Bank and T r u s t C o ., P e r t h Am boy, N. J . , p u r c h a s e o f a ss 

e t s and a s s u m p tio n o f l i a b i l i t i e s o f i* ir s t ^ ^ 1 3 5 5 



N a t io n a l Bank o f P e r t h Amboy

Consolidations: B o is e . Idaho: 

F irst S e cu rity Bank o f la ' R a tio n a l Bank. B o a r d 's a p - 

" " * n ot re q u ires N Y no o b je c t io n to 

H r s t T ^ s t and D e p ^ t C o .,^ ^ Commercial Bank. 

g E ^ : - d ^ p ^ - r - ^ „ 

I .t e r b o r c a , , ^ s t j o . , p r o s p e c t P ark . Pa 1 / 8 53 

L in c o ln -A llia n ce Bank and T ru st C o ., R o ch e ste r. N. Y .. a b s o r p tio n 

L in coln A lii ^ brockport N a tion a l Bank and o p e r a tio n a s 

branch ^ ^ 

Mahoning N ational Bank o f Youngstown, O h io, 

granted are s t i l l in f o r c e as c e r t i f i c a t e o f 

surrender was n ever is s u e d , p erm its returned 

t o bank as c o n s o lid a t io n w ith T ru st Company i s 

bein g n e g o tia te d 1 2 /2 9 1752 

M an u factu rers Trust C o ./N e w Y ork, N. Y ., a b s o r p tio n o f E q u ita 

b le Trust C o ., not w ith in scop e o f membership 

c o n d itio n and approval o f Board n ot r e q u ir e d 6/11 824 

Montana Bank and T ru st C o ., Great F a lls , M on t., con solid a tion 

o f Sun R iver V a lle y S ta te Bank, SinmB, no o b je c 

t io n * 4 /2 ? 610 

N orfolk County T ru st C o ., B ro o k lin e , M a ss., B o a r d 's a p p roval 

o f a b sorp tion o f F ranklin N a tion a l Bank, Frankl 

i n , M ass., not re q u ir e d , esta b lish m en t o f 

branch approved 6 /1 4 826 

Old N ational Bank o f New B righ ton , F a*, a s s e ts a cq u ire d and 

l i a b i l i t i e s assumed by Beaver County T ru st Company, 

New B righ ton , P a. 1 2 /2 6 1744 

p eop les Bank and T ru st C o ., S e a t t le , W ash., c o n s o lid a t io n w ith 

Bank o f Hoquiam, Wash., no o b je c t i o n , and o p e ra 

t io n o f branch at Hoquiam approved s u b je c t to 

in cre a se in c a p ita l and su rp lu s 4 /2 2 594 

Purchase o f F ir s t N ation al 3ank o f K ent, B o a r d '3 a p p roval 

not n ecessary 6 /2 4 8t& 

Peoples Trust Company o f Bergen County, H ackensack, N. I . , 

proposed c o n s o lid a tio n w ith Westwood T ru st C o ., 

Westwood, N* J . g/ 1 5 296 

m r jLa.e or a ssets o f Westwood T ru st Company, Westwood, 

A. J. and establishm ent o f branch t h e r e , c o r 

p orate stock owned by a f f i l i a t e s t o be d is p o s e d 

o f ^ p /1 6 123? 

examiners to a s s is t FDIC in exam ination o f 9 /1 6 1 ^ 

S a^ngs Investment and T ^ s t C o ., East Orange, N. ? ! , f i n a l ap 



proval given to a b sorp tion o f East Orange T ru st 

Co. and merger o f Trust Company o f Orange, 

hich were t e n t a tiv e ly approved S ep t. 30, 1935 7 /2 0 10^

S ea ttle T ru st and S a v in g s B an k, S e a t t l e , W a sh ., w ith Tow er 

S a v in g s Bank, l a r g e amount o f o t h e r r e a l a s - 

t a t e ca n b e d is p o s e d o f , s e c u r i t i e s n o t i n - ' 

v e stm e n t g r a d e s h o u ld b e d is p o s e d o f / 

State Bank o f A lb a n y , N. Y . : 4 / 1 4 5 5 4 

^reen I s la n d Bank, G reen I s l a n d , N. Y . , no o b j e c t i o n t o 

m e r g e r w ith ^ 

New Y ork S t a t e N a t io n a l B ank, p u r c h a s e o f a s s e t s and a s - 

su m p tion o f l i a b i l i t i e s upon a u t h o r iz a t io n 

^ 

t o commence b u s in e s s 

V a lle y N a tio n a l Bank, P h o e n ix , A r iz o n a , a b s o r p t io n o f C o n s o li 

d a t e d N a t io n a l B ank, T u c s o n , A r iz o n a , can 

1 /2 7 170 

c e l l a t i o n o f FRBank s t o c k i n c o n n e c t io n w ith 

C ontributions! 

9 / 2 4 1 3 3 1 

FRBank o f K ansas C i t y , c o n t r i b u t i o n t o K ansas C it y C it iz e n s 

P r o t e c t i v e C o u n c i l , I n c . n o t r e l a t e d t o con 

d u ct o f a f f a i r s o f t h e bank and B o a r d 's app 

r o v a l m ust b e o b t a in e d i n fu t u r e 

FRBank o f New Y o rk : 

U n ited H o s p it a l ^\md, B oard i n c l i n e d t o q u e s t io n f u r t h e r 

c o n t r i b u t i o n s o f t h i s c h a r a c t e r and r e q u e s ts 

1 2 / 1 0 1638 

s u tx n i3 sio n t o B oard i n f u t u r e 

R e p ly t o P r e s i d e n t H a r r is o n t h a t B o a r d 's l e t t e r d id n ot 

im p ly t im e had n o t b een g iv e n f o r c o n s id e r a t io n 

o f c o n t r i b u t i o n b u t t h a t B oard d e s ir e d t o def 

e r r e a c h i n g a n y d e f i n i t e c o n c lu s io n u n t i l some 

3 /2 6 463 

f u t u r e c a s e a r i s e s 4 / 9 533 

D o n a tio n ca n n o t b e a p p r o v e d b y B oard 

Conversions: 

Bank o f B a ra b oo, B a r a b o o , W is c o n s in i n t o B araboo N a t io n a l Bank, 

1 2 /2 1 1717 

a p p l i c a t i o n f o r f i d u c i a r y p ow ers a p p roved 9 / 1 1 2 1 - 

Calumet N a tio n a l Bank o f Hammond, I n d . , a p p l i c a t i o n f o r f i d u 

c i a r y p o w e rs made b y C alum et S t a t e Bank o f 

Hammond a p p r o v e d upon c o n v e r s io n o f l a t t e r i n t o 

D allas N a tio n a l B ank, D a l l a s , T e x a s , a p p l i c a t i o n o f D a lla s 

4, 1^ 

Bank and T r u s t C o. f o r f i d u c i a r y p ow ers a p - 

p r o v e d u p on c o n v e r s io n i n t o 

F irst N a tio n a l Bank i n H u n tin g to n , I n d ia n a , f i d u c i a r y pow er app 

l i c a t i o n o f F i r s t S t a t e B ank, H u n tin g to n , 

^ 

I n d ia n a , a p p ro v e d u p on c o n v e r s io n i n t o 

Highland Park S t a t e Bank, H ig h la n d , I l l i n o i s i n t o F i r s t Na 

^ 

t i o n a l Bank o f H ig h la n d P a r k , a p p l i c a t i o n f o r ^ ^ 

f i d u c i a r y p o w ers a p p roved 

P eoples N a tio n a l Bank o f W a sh in gton i n S e a t t l e , H a sh ., n 

p ow er a p p l i c a t i o n o f P e o p le s Bank and T w s t 

Company. S e a t t l e , Wash, a p p ro v e d on c o n v e r t " 1 4 4 5 

Corporate agen cy p o w e rs: ^ 

Chaae Bank, New Y o rk , N. Y . , g r a n te d p e r m is s io n t o ex ^ ^ 



P a r i s , F ra n ce

C o r r e s p o n d e n c e . H t t e r " t o % ^ a ^ ° ' f 

Cost o f liv i n g . in v ie w o f i n - 

1 0 /1 6 Hop 

i n c ^ n s e s ^ ^ n o t ^ o f l a t '^ M e n t a g e in c r e a s e s 3/30 434 

" " ^ e n ^ f ^ l t i^ e co u n sel, ^ ^ .o t o be ^ t t e d 0 . 1 / 4 3 

" r n t f ^ n bank, p le d g in g own s e c u r i t i e s t o 

c o lla t e r a l one and custom ers^ f o r o t h e r , mono 

o f Mr. Solomon re r e p ly o f FRBank o f Iêw "kork 

t o q u estion s ra is e d re 2/ 8 244 

Bylaws o f FRBank o f Kansas C ity , memo o f Mr. V est o u t lin in g 

changes in e x e cu tiv e com m ittee and a d m in is tra 

t i v e con m ittee p r o v is io n s co n ta in e d in r e 

v is io n o f 5 /3 0 479 

Bylaws o f FRBank o f San F r a n c is c o , memo o f Mr. V est recommendin 

g th a t l e t t e r a d v is in g o f amendment a u t h o r iz 

in g e x e cu tiv e con m ittee t o e s t a b lis h r a t e s o f 

d iscou n t be m erely acknow ledged, approved 3 /1 1 369 

Davis, P olk , W ardwell, Gardner and Reed, f e e f o r s e r v ic e s in 

case o f Fink e l s te in v . FRBank o f New Y o rk , memo 

o f Mr. D r e ib e lb is re 7 /1 3 959 

D igest o f R u lin gs, p r in t in g and b in d in g o f r e v is e d e d i t i o n , approved 

8 /1 6 1150 

D is tr ib u tio n o f a s s e ts o f C ity C e r t i f i c a t e s C o r p o r a tio n by 

d ir e c t o r s , w ithout assen t o f s t o c k h o ld e r s , i n 

liq u id a t io n o f form er by U nion T ru st Company 

o f M aryland, msno o f Mr. W in g fie ld r e 7 /2 7 1040 

[See a ls o S tate number banks, Union T ru st Company o f M aryland) 

FR Bulletin: 

A p ril is s u e , p u b lic a tio n o f r u lin g s 3 /1 8 437 

May is s u e , m a te ria l f o r 4 /2 6 606 

August is s u e , r u lin g s t o be p u b lish e d in 7 /2 2 1023 

January is s u e , statem ent f o r p u b lic a t io n i n 1 2 /2 9 1*755 

^vem m en t s e c u r it ie s , purchase by HHiank o f Mew York f o r a c - 

Guarantv funi

et G en era l, Memoranda o f : 

in te r e s t on demand d e p o s i t s o f p u b l i c fu n d s , a a . „ o f Mr V est 

1 '* ° r e t h r e e b i l l s i n H ouse f o r e x t e n s io n ^ l i ' ' 

member b a n k s may p ay 

M .rtoa, T . 0 . , r tm o v a l a s p r e s id e n t o f T a y l o r N a t io n a l Bank o f 

C a m p b e l l s v i l l e , K y . , memo o f M r. D r e ib e l b i s 

recom m en din g I n s t i t u t i o n o f p r o c e e d in g s u n d er 

S e c . 30 and p r o c e d u r e f o r 

Mono o f M r. W in g f ie ld s t a t i n g v ie w s o f C o m p t r o lle r j re 

g ro u n d s o n w h ich c o n t in u a n c e o f h e a r in g was 

r e q u e s tvon e d 

Mano o f M r. D r e i b e l b i s su m m a rizin g c h a r g e s and e v id e n c e 

R e o rg a n iza tio n o f g overn m en t a g e n c i e s , memo o f M r. W yatt p r e s e n t 

i n g t e n t a t i v e am endm ents t o S . 2700 

R e p o rts on p r o p o s e d l e g i s l a t i o n , mono o f M r. D r e i b e l b i s r e 

p r o c e d u r e t o b e f o l l o w e d , p r o c e d u r e i n e f f e c t 

t o b e c o n t in u e d 

Trust fu n d s u s e d i n b a n k in g d e p a r tm e n t, memo o f M r. W in g fie ld 

r e q u e s t io n o f w a iv e r o f req u irem e n t o f d e p o s it 

o f s e c u r i t y f o r , t o e x t e n t in s u r e d 

V oting p e n a it s , r e v i s e d form o f a g reem en t t o b e e x e cu te d 

Weekly FRBank s t a te m e n t , l e g a l s u f f i c i e n c y o f , memo o f M r. 

Owens c o n c lu d in g t h a t la w i s com p lie d w ith 

Counsel, s p e c i a l : 

Cole, J u d ge, FRBank o f P h i l a d e l p h i a a u t h o r iz e d t o p ay f e e in 

c a s e o f FRBank v . O cean C i t y , N. J . 

Davis, P o lk , W a rd w e ll, G a rd n e r and R e e d , f e e f o r s e r v i c e s in 

c a s e o f F i n k e l s t e i n v . FRBank o f New Y o rk , d i s 

c u s s i o n o f , i n l i g h t o f mono o f M r. D r e i b e l b i s , 

paym ent a p p ro v e d 

n a m in g , J . G. and O w ens, M. A . , f e e f o r s e r v i c e s in c la im 

a g a in s t W. C. B r a s w e ll, paym ent b y FR5az^ o f 

A t l a n t a a p p r o v e d . . . 

Mayer, M eyer, A u s t r ia n and P l a t t , em ploym en t, v.lth ^ r . + 

B row n, t o c o n t e s t i l l e g a l p o r t i o n o f a ssessm en t 

on FRBank o f C h ica g o b u i l d i n g f o r 193&, a p - 

O 'B rien , John H .^ E s q ., a p p o in t e d b y FRBank o f New "

Court oases; ^ g a i n s t L a m b a rtv ille Rubber C o .. I n o . . 

^B ank o f New P itn e y , H ardin and S k in n er approved 4 /2 3 59, 

T r.f a d d itio n a l a tto r n e y s f e e s t o 

" ^ ^ k i ^ Deyo and H itch co c k . E s q .. ^ co n n e ct 

io n w ith p r e fe r r e d cla im s a g a in s t S t a t e Bank " ? 

Binghamton, N. Y. / 1616 

^ o f Mew Y . r k _ ^ ^ S h ^ - ^ i ^ i r r e p r e s e n t iRBank 1 S /H i ^ 

Hânk o f P h ila d e lp h ia v. Ocean C ity . N. J . . f e e o f Judge C o le ^ ^ 

F in k e lste in v . New Y ork, fe e o f D a v is. P o lk , '" " d w e l l 

Gardner and Reed in case o f , d is c u s s io n in lig h t 

o f memo o f Mr. D r e ib e lb is and payment approved 7 /1 3 959 

- ^ ^ w w l e t t e r s on, a p p lic a tio n o f s e c t io n s o f R e v ised 

- ' " - ^ " T r u s t e e s * ^ F ir s t N a tio n a l Bank o f 

L o u is v i lle , K y ." 1 0 /2 9 1466 

C redit Unions: 

F.R.B. Federal C redit Union: 

By-laws and c e r ta in manoranda sent FRBank o f K ansas C it y in 

r e p ly t o in q u ir y 1 2 /2 8 1746 

P erson al checks o f members o f s t a f f o f B oard, arrangem ent 

to be worked out f o r ca sh in g 8 /1 3 1134 

FRBank o f Kansas C ity , establish m en t o f , r e p ly t o M r. W orth in gton 

th at Board in te r p o s e s no o b je c t i o n , e n c lo s in g 

copy o f A ct to g e th e r w ith b y -la w s and manoranda 

o f B oard 's c r e d it u n ion 1 2 /2 8 1746 

Cuni, A lbert J . : (S ee S ta te msnber banks, P ro v id e n t S a v in g s Bank 

and Trust C o., C in cin n a ti) 

Currency: 

Handling f o r member banks, r e p ly to P re s id e n t S ch a lle r re elim inat 

io n o f unnecessary e f f e c t e d at D e t r o it and 

C hicago, l e t t e r t o P r e s id e n t s ' Conference Comm 

itte e on Free S e r v ic e s r e e f f o r t s t o e f f e c t 

by oth er FRBanks 7 /3 0 1078 

L e tte r to FRBank o f Chicago 8 /1 9 1164 

Shipments. Government ch ecks, c o s t o f , r e p ly t o S e n a to r Thomas 

re su ggestion o f nonmember banks in Oklahoma 

that as they are re q u ired t o cash at p a r , 

FRBanks absorb 3 / 1 9 440 

s t a b iliz a t io n , l e g is la t io n h avin g, as o b je c t i v e , M r. G old en - 



' " ' f ! 

* 0 1 

° f 

p 

T 

r 

U 

in 

' 

c 

i p 

i p 

l 

le 

e s ap- 

D^-aft n f ^ ^ c o n s id e r J u ly 15 7 /1 3 953 

Draft o f statem ent, p la ced on d ock et f o r c o n s id e r a tio n 

be: c a r e fu lly stu d ie d by Board 

o ^ ^ ^ members in meantime 7/15 97? 

Revised d ra ft presented , 7 /1 3 

and Mr Th.i' + v i s , w ith Mr. G old en w eiser 

- , i . n " 

7 /2 6 1030

(C o n tin u e d ) 


R eply t o S e n a t o r S m ith , i n c l u d i n g s ta te m e n t, w h ich had 

b e e n s u b m itte d t o M r. Uoham and A s s l * t ^ 

S e c r e t a r y o f T r e a s u r y T a y l o r , a p p ro v e d , n ot 

t o b e r e l e a s e d t o p r e s s u n l e s s S e n a to r Sm ith 

r e l e a s e s o r r e p o r t e r s le a r n o f tr a n s m is s io n 

Change made i n n e x t t o l a a t p a r a g r a p h o f sta te m e n t a t sue 

7 /2 9 

g e s t i o n o f C hairm an E c c l e s * 

R eply t o S e n a t o r W agner on S . 1 9 90 i 

C h e n e y and c o in : 1 2 / 3 

"S h ip p in g E xpen se and M ovem ent o f C u rre n cy and C o in " , r e p o r t o f 

P r e s i d e n t s ' C o n fe r e n c e C om m ittee on F re e S e rv 

i c e s , l e t t e r t o P r e s i d e n t s a d v is in g th a t 

B oard c o n c u r s i n re co m m e n d a tio n s y / ^ 

Currency exch anges i n I l l i n o i s , r e p l y t o FRBank o f S t . L o u is th a t as 

t h e y a p p e a r t o b e e n g a g e d in b a n k in g i n v i o l a 

t i o n o f S e c . 21 o f B an k in g A ct o f 1933 and a re 

n o t u n d e r s u p e r v i s i o n o f S t a t e a u t h o r i t i e s , r e 

p o r t s h o u ld b e m ade t o A t t o r n e y G e n e ra l 6 /2 3 

Current o p e r a tin g e x p e n s e s o f FRBanks: (S e e E a rn in g s and expen se 

r e p o r t s ) 

Cutler, G. C .: (S e e Nonmember b a n k s , S a fe D e p o s it and T r u s t Company 

o f B a ltim o r e ) 

"D " 

Darrow, G eorge R ., r e p l y r e p u r c h a s e o f s e c u r i t i e s on m a rg in , i n 

c l o s i n g c o p y o f R e g u la t i o n T 3 /1 1 

Davis, J . L io n b e r g e r : (S e e N a t io n a l b a n k s , S e c u r i t y N a t io n a l Bank 

S a v in g s and T r u s t Company, S t . L o u is , M o.) 

Davis, P o lk , W a rd w ell, G a rd n e r and R eed, f e e f o r s e r v i c e s i n c a s e 

o f F i n k a l s t e i n v . FRBank o f New Y o rk , d is c u s s io n 

o f , i n l i g h t o f memo o f M r. D r e i b e l b i s , payment 


7 /1 3 

debentures and c a p i t a l n o t e s : 

A f f i l i a t e d Fund, I n c . , p u r c h a s e d b y n a t i o n a l bank, a s lo a n s 

u n d e r R e g u la t io n U 

6/11 

C itizen s S t a t e Bank, P u y a llu p , W a sh in g to n , r e t ir e m e n t o f , a t 

t e n t i o n o f FRBank o f San F r a n c is c o c a l l e d t o 

f a c t t h a t no o b j e c t i o n was o f f e r e d b e ca u se o : 

f a c t s i n v o l v e d and w it h o u t r e g a r d t o t e c h n i c a l 

l e g a l c a p i t a l r e q u ir e m e n t and was n o t a p r e c e - 

d en t 5 /1 1 

No o b j e c t i o n t o r e t ir e m e n t 

C itizen s S t a t e Bank and T r u s t C o ., G oose C reek , T e x a s , r e t i r e 

m ent o f p o r t i o n o f c a p i t a l d e b e n tu r e s , app i c a g / n 

t i o n f o r p e r m is s io n , g r a n te d 

con d itio n r e p o r t s : r u s h e d 

Oregon, B oard w i l l n o t o b j e c t t o banks sh ow in g ^ 3 /1 0 

r e p o r t i n m anner r e q u ir e d b y S t a t e a u t h o r i t i s s -V 



1056 

1066 

1611 

917 

674 

388 

959 

618 

571 

686 

271

S ' " Virement o f o f p o r t i o n a u t h o r - ^ ^ 

C ow litz T a lle y Bank. ^ ^ F r a n c is c o . r e v ie w o f 

nrtHr-v in v o lv e d and a c t io n r a t i f i e d 4/17 

i + FRB^k o f ân F r a n c is c o th a t d e le g a t io n o f a u t h o r it y 

R ep ly t o tUBenk ^ c o n t o p i a t e e x t e n s io n t o 

ra sa " b rin cd n g c a p it a l b e lo w r e q u ir o n e n t f o r 

o r g ^ i ^ ^ - ^ bank, a u t h o r it y g r a n te d t o ^ 

F ir s t S e c u r ity Ore no o b j e c t i o n t o r e t i c e n t 

o f p a rt o f c a p it a l d e b e n tu re s 3 / 1 

G onzales S ta te Bank, G on zales, T exas, p e rm is s io n g r a n te d f o r r e - 

tirement of p o r t io n o f c a p it a l d e b e n tu r e s 3/26 

Guaranty B oni S ta te Bank, T c b a l l , T exas, no " t a c t i o n t o r e t i r e - 

meat o f p a r t o f c a p it a l n o t e s a lth o u g h c a p i t a l 

w i l l be b elow requ irem en t f o r o r g a n iz a t io n o f 

n a tio n a l bank, l e t t e r t o RFC 2 /1 8 

L orain S tre e t Bank, C le v e la n d , O h io, no o b j e c t i o n t o p r o p o s e d 

re tire m e n t by s e t t in g a s id e an amount e q u a l f o r 

s to c k d iv id e n d 4 / 7 

N ation al Savings and T ru st C o ., W ashington, B. C ., r e t ir e m e n t in 

con n e ctio n w ith m embership c o n d it io n 1 /1 1 

R eductions by S ta te member banks, a u t h o r iz a t io n g iv e n FRBanks t o 

approve exten d ed , r e v ie ? / o f c o n s id e r a t io n s and 

g en era l p o l i c y in v o lv e d , r e d u c t io n s b r in g in g 

c a p it a l b elow 10% o f d e p o s it s r a t i f i e d 4 /3 0 

R etir^nent by S ta te member banks, r e p ly t o FRBank o f San F ranc 

i s c o re p o l i c y in c a s e s w here r e t ir e m e n t b r in g s 

b elow t e c h n ic a l l e g a l req u irem en t o f c a p i t a l 

n e ce s sa ry f o r o r g a n iz a t io n o f n a t io n a l bank 4 /1 7 

D e fin itio n s : 

"B ran ch ", S ec. 5155, R .S ., p o s i t i o n o f C o m p tr o lle r t h a t n a t io n a l 

banks may e s t a b lis h bran ch o f f i c e s i n Iow a s u b je c t 

t o l im it a t i o n s , in c o n n e c tio n w ith l i k e l i h o o d 

o f enactm ent o f s im ila r S t a t e la w i n O klahom a, 

Kansas and Nebra&ka 5 / 2 6 

. ^vinê d e p o s its , study t o be made by s e n io r s t a f f and recom 

mended changes t o be su bm itted t o b o a rd 6 / 4 

Mono o f s e n io r s t a f f , e ls o p e r t in e n t mtzio o f M r. Ransom 1 0 /2 0 

^ e r , n .: (S ee N o tio n a l banks. N a tio n a l C it y Bank o f C le v e 

la n d , Ohio) 

DeLuie M etal F u rn itu re C o ., c o n tr a c t f o r s t e e l s h e lv in g i n n e „ 

b u ild in g " 4 / 3 0 

Department o f A g r ic u ltu r e : 

r3jreeu o f A gricultural Economics: 

F ie ld w arehousing l e t t e r t o M r. Yohe r e p ro p o sed p u b l i c s - 

Awirti I ^ regard t o , s u g g e s tin g ch anges 2 /H 

Gerl.ck ^ f P o l i s h e d in i R a n i e t i n * 4 / 2 6 

' " ' ^ a r a ru m Hr; d ata r e r e s t r i c t e d 



° f d e p o s it s ° f W is c o n s in 

f o r UK ^ d u rin g ban kin g em ergency 1 9 3 0 - 33, 

f o r u se m p re p a rin g s t u d ie s 1 0 /2 9

t com m erce: 

+ Ii] tra d e r e p o r t i n g s e r v i c e , D i v is io n o f R e s e a rch and S t a - 

t i s t i e s a u t h o r iz e d t o n e g o t i a t e w ith , f o r t r a n s 

f e r t o D epartm en t 

,g s a le r e p o r t i n g s e r v i c e , D i v i s i o n o f R e s e a r c h and S t a t i e - 

^ t i c s a u t h o r iz e d t o n e g o t i a t e w it h , f o r t r a n s f e r 

t o D epartm en t 

tment o f J u s t i c e : 

,irt o f v i o l a t i o n s o f c r i m in a l p r o v i s i o n s o f b a n k in g la w s, 

m anner o f r e p o r t i n g m isd em eanors 

R e q u e st th a t c o p i e s o f r e p o r t s made t o , b y FRBanks, be fu r 

n is h e d t o l o c a l o f f i c e s o f F e d e r a l Bureau o f 

I n v e s t i g a t i o n , l e t t e r t o a l l FRBanks r e 

4 / 9 527 

4 / 9 527 

7 / 8 939 

7 /1 6 991 

^ Q ^ < 5 t * 

^ e l d i n g o f C h in e se B ra n ch e s o f N a t io n a l C it y Bank and Chase 

B ank, o p i n i o n on 

p o lis h S t a b i l i z a t i o n L oan o f 1 9 2 7 , c o r r e s p o n d e n c e r e arrangem ent 

t h r o u g h w h ich F ra n c e p r o p o s e s t o c o l l e c t f u l l 

8 /1 4 1140 

paym ent o f i t s s h a r e 

-eD osita ries o f p u b l i c m o n e y s, d e s i g n a t i o n o f member banks i n T exas 

5 /1 2 701 

' a s , form o f a p p l i c a t i o n u s e d b y S t a t e T re a s u re r 

m ust b e r e v i s e d t o r e q u i r e w r it t e n n o t i c e o f 

w i t h d r a w a l s b e f o r e d e p o s i t s may b e c l a s s i f i e d as 

t i m e d e p o s i t s , op e n a c c o u n t s 1 2 / 2 1585 

Depository ban ks, a s s e s s m e n ts o n , u n d e r S e n a te B i l l N o. 1 o f In d ia n a 

L e g i s l a t u r e , r e p l y t o D ep u ty C o m p tro lle r o f th e 

C u rre n cy t h a t t h e y do n o t c o n s t i t u t e payment o f 

i n t e r e s t on d e p o s i t s - ^ 

Reply t o FRBank o f C h ic a g o r e , b i l l h a s becom e la w ^ 

Deposits: . , ^ 

Advance paym ents on G overnm ent s e c u r i t i e s , a s d e p o s i t s r e q u in n ^ 

r e s e r v e s , r u l i n g t o b e p u b lis h e d in F R B u lle tin 1 /2 7 1 '4 

A ssesanents on d e p o s i t o r y b a n k s u n d e r S e n a te B i l l ^ o . 1 o i 

I n d ia n a L e g i s l a t u r e , r e p l y t o D ep u ty C o m p tro lle r 

o f t h e C u rre n cy t h a t t h e y do n o t c o n s t i t u t e ^ 

paym ent o f i n t e r e s t on d e p o s i t s ^ / 1 9 459 

R ep ly t o FRBank o f C h ic a g o r e , b i l l h a s becom e lav. 

Assessm ents on member bank d e p o s i t o r i e s u n d e r p r o p o s e 

m en te t o Iow a C od e, r e p l y t o FRBank o f C h ica g o 

t h a t paym ent w ou ld n o t c o n s t i t u t e paym ec ^ 

C a lifo r n ia S t a t e A u to m o b ile A s s o c i a t i o n , I n t e r - I n s u r a r c e 

d e p o s i t s o f may n o t b e c l a s s i f i e d a s s a v in g s 

d e p o s i t s , l e t t e r t o M r. & a le , FRB " 1 2 / 1 5 1660 

F r a n c is c o . , c u s - 

C o lla te r a l t o l o a n s o f G overnm ent s e c u r i t i e s y 

to m e r , r e p l y t o M r. S c h a l l e r t h a t t h e y a r e ^ ^ 

Commercial banks'^ s ta te m e n t o f M r. Ransom th a t ^ ^ j a i n - 

f o r F e d e r a l A d v is o r y r a t h e r 

t a i n i n g d e p o s i t ^ ^ ° e s / d t h _ o t h e M ^ r e 

th a n FRBanks s h o u ld b e s t u a ie ^ 



submi s s i o n

" b o u n t y reûM tiO C S by M o r r is 

^ ^ ^ t ' r e T e s b i l l s in H ouse f o r ^ ^ 

B a t e s ^ - ^ p t r o l l e r 

and FDIC p o s it io n t o be taken / . 255 

+ I n d i a n a r e p ly t o In d ia n a T rea su ry t h a t a s 

Depository act o f In^ ^êsan ents provided fo r w ill 

n ^ l o m e w it h in p r o v i s i o n s r e l a t i n g t . paym en t 

o f in t e r e s t on d e p o s it s 1 /1 9 126 

D i f f e r e . e e shown in c o n d i t i o n r e p o r t s and s a n i - n o n t h l y r e p o r t s 

s u b m itte d f o r r e s e r v e p u rp o s e s , l e t t e r t o 

IRBank o f M in n e a p o lis o f 9 / 7 1238 

R tte n t o f , o f cu sto m e rs o f co m m e rcia l banks p r e s e n te d t o F e d e r a l 

A d v isory C ou n cil end any l i k e l i h o o d o f in c r e a s e d 

demand f o r lo a n s and i f s o , from what s o u r c e , 

con sid ered by C ou n cil S/16 299 

R ep ort o f Councilmen re s it u a t io n in r e s p e c t iv e d i s t r i c t s 2/16 200 

F ed era l S a v in gs and Loan A s s o c ia t io n s , a u th o r iz e d t o a c c e p t 

and pay high r a t e s o f i n t e r e s t , Chainnan a u th o riz 

e d t o take s te p s t o seek c o r r e c t i o n 1 /1 5 93 

Indian funds, r e p ly t o F ir s t n a tio n a l Bank, B u tte , N ebrask a on 

payment o f in t e r e s t on 8 /1 6 1146 

In d u s tria l Indannity Exchange, d e p o s its may n ot be c l a s s i f i e d 

a s savings a cco u n ts , r u lin g c o n fir m in g o p in io n 

f o m e r ly expressed , l e t t e r t o M r. Day, i-RBank 

o f San F r a n c is c o , r e l e t t e r o f M r. Sonne 1 1 /1 2 15^0 

I n te r e s t on demand, F ir s t N a tion a l Bank, P andora, O h io , in q u ir y 

r e fe r r e d t o FRBank o f C le v e la n d , B oard w i l l n o t 

o b je c t t o payment o f i n t e r e s t on co u n ty fu n d s 

under c o n tr a c t i f l a t t e r cannot b e te n n in a te d 

w ithout l i a b i l i t y 7 /1 4 967 

In te re s t ra tes p a id by member banks, memorandum b a sed on i n f o r 

m ation su p p lied by FRBanks on form F .R . 249, 

sent t o FRBanks, n ot t o be made p u b lic 3 / 1 

f.m g County M edical S o c ie ty , d e p o s its o f may be c l a s s i f i e d as 

savin gs a cco u n ts, l e t t e r t o Mr. S a r g e n t, FRBank 

o f San ir a n c is c o 1 1 /1 2 1 ^ 

Pension Fund Commission o f th e P o l i c e and H r e L 'e.artm en ts o f 

th e Township o f U nion, N. J . , may b e c l a s s i f i e d 

re p ly to Mr. D i l l i a t i n , 

o f h e* York l l / I B 15^ 

n .c s , c l a s s i f i e d as sa v in g s d e p o s it u n der R e g u la tio n % 

P u b lic funds: l l / I B 



s l T t o be p u b - ^ 

S .v ,n g s ^ a l i f y . s , ^ 

C olorado ^ ^ P l i c a t i o n o f E aton Bank, F * to n , < 

9 /1 3 1^


M o b i l e fu nds: (C o n tin u e d ) 

Withdrawals from d e p o s i t a r y b a n k s and t r a n s f e r s b etw een 

F R D i s t r i c t s , B oard t o b e n o t i f i e d o f 

Reserves a g a i n s t , s e c u r in g l o a n s o f govern m en t s e c u r i t i e s , r u l 

i n g r e n e c e s s i t y f o r , t o b e p u b lis h e d i n FRBul- 

l e t i n 

R e s tric te d o r d e f e r r e d d u r in g b a n k in g em ergen cy p e r i o d , re q u e s t 

o f M r. O a r lo c k f o r d a ta c o v e r in g W iscon sin 

S t a t e m em ber b anks 

9 /3 0 

4 /2 6 

Savings a c c o u n ts : 

American A s s o c i a t i o n o f C e r t i f i e d P u b l i c A c c o u n ta n t s , dep 

o s i t s may b e c l a s s i f i e d a s , N a t io n a l M e tro 

p o l i t a n Bank o f W a s h in g to n , D. C . 1 1 /1 6 

Am erican A u to m o b ile A s s o c i a t i o n , d e p o s i t s may b e c l a s s i f i e d 

a s , N a t io n a l M e t r o p o l i t a n Bank o f W a sh in gton , 

D. C. 1 1 /1 6 

Board o f F i r e C o m m is s io n e r s R e l i e f Fund, may b e c l a s s i f i e d 

a s , l e t t e r t o C o m p t r o lle r o f C u rren cy in r e p ly 

t o F i r s t N a t io n a l B ank, I t h a c a , N. Y . 1 1 /1 1 

C a lifo r n ia S t a t e A u t o m o b ile A s s o c i a t i o n , I n t e r -I n s u r a n c e 

B u rea u , d e p o s i t s o f may n o t b e c l a s s i f i e d a s , 

l e t t e r t o M r. H a le , FRBank o f San F r a n c is c o 1 2 /1 5 

Conger M u tu al B u r ia l A s s o c i a t i o n and C on g er C o lo r e d M utual 

B e n e f i t A s s o c i a t i o n , d e p o s i t s o f may n o t be 

c l a s s i f i e d a s , l e t t e r t o M r. O 'C o n n o r r e l e t 

t e r o f M r. Gough 1 1 /1 - 

C u stod ian E. & R . B r a n c h , 4 th C o rp s A r e a , d e p o s i t s may b e 

c l a s s i f i e d a s , l e t t e r t o C o m p t r o lle r o f Curr 

e n c y r e q u e s t i o n o f M r. L yon 

D e f in it io n o f , s tu d y o f p o s s i b l e c h a n g e s t o b e made b y 

s e n i o r s t a f f 

Memo o f s e n i o r s t a f f , a l s o p e r t i n e n t memo o f M r. Ransom 1 ^ 

F e r n c l i f f C e m etery A s s o c i a t i o n , d e p o s i t O f, may be c a r r i e 

a s s a v in g s d e p o s i t u n d e r R e g u la t io n Q, b y I r - 

v in g t o n N a t io n a l Bank and T r u s t Company ^ 

I n d u s t r ia l I n d e m n ity E x c h a n g e , d e p o s i t s may n ot t e c i a ^ - i 

f i e d a s , r u l i n g c o n f ir m in g o p in io n fo r m e r ly 

e x p r e s s e d , l e t t e r t o M r. D ay, FRBank o - ^ 

F r a n c i s c o r e l e t t e r o f M r. b on n e f-ivt? 

I n t e r e s t paym ent on d e p o s i t s r e c e i v e d ^ ^ r in g i i r s 

d a y s o f m on th , tr e a t m e n t when i i f t h day 

Sunday o r h o l i d a y 7 /2 2 

R u lin g t o b e p u b lis h e d i n F R B u lle t in c l a s s i f i e d 

King County M e d ic a l S o c i e t y , d e p o s i t s me) P ra n - 

a s , l e t t e r t o M r. S a r g e n t . FRBank o f ban I r a n 

Labor u n io n fu n d s , p r o p o s e d r e v e r s a l o f r u l i n g 

t i o n 4 i t b fu n d s o f . B oard t o a d h e re t o r u i l 6 ^ ^ 



and make s t u d y o f q u e s t io n R -ew ery< e t c . 6 / ^ 

R e p ly t o I n t e r n a t i o n a l U n ion o i n i e 

1347 

606 

1474 

1538 

1538 

1521 

1660 

1529 

1522 

777 

1478 

1351 

1530 

887 

1024 

1531 

776 

824

Savings accou n ts: < < ^ * i n u ^ ^ S p rin g s, Id a h o , sa v in g s 

L s r g i l l i e r e ^ P ^ ^ v i o l a t i o n o f r e g u la t io n s 3 /S 3 

M iddle Coal F ie ld P oor D i s t r i c t , d e p o s it may be c l a s s i f i e d 

M iddle ^ ^ to C o m p t K l l e r o f C urrency in r e p ly 

to*H azleton N ation al E ant, H a zle to n , P enn. 1 1 /H 

M orris Plan Bank o f T oled o, O h io, th o s e not q u a lify in g as 

such under B oa rd 's r e g u la tio n must be c a r r ie d 

in some o th e r manner, a ls o r a te o f i n t e r e s t on 

mu.st be reduced 1 0 / 8 1333 

M unicipal co rp o ra tio n fu n d s, r e p ly t o Deputy C o m p tro lle r 

th a t both Board and FDIC have r u le d th a t th ey 

may not be so c l a s s i f i e d 1 /1 5 9^ 

N ational P ress Club, d e p o s its may be c l a s s i f i e d a s , N a tio n a l 

M e trop olita n Bank o f W ashington, D. C. 1 1 /1 6 1536 

Navy Mutual A id A s s o c ia tio n , d e p o s its may n o t be c l a s s i f i e d 

a s, N ation al M e tro p o lita n Bank o f W ashington, 

D. C. 1 1 /1 6 1536 

Pension Fund Comniseion o f th e P o l i c e and F ir e D epartm ents 

o f th e Township o f U nion, N. J . , d e p o s it may 

be c l a s s i f i e d a s, r e p ly t o Mr. D i l l i s t i n , 

FRBank o f New York 1 1 /1 2 1529 

R ailroad Rnployees* N ational P en sion A s s o c ia t io n , d e p o s it s 

may be c l a s s i f i e d a s , l e t t e r t o M r. McRae, 

FRBaim o f B oston , r e q u e stio n o f W orch ester 

County Trust Company, W orch ester, M ass. 1 1 /1 5 1533 

School d i s t r i c t fu n d s, r e p ly t o Deputy C o m p tro lle r th a t 

n e ith e r Board nor FDIC has ru le d w h eth er funds 

may be so c l a s s i f i e d 1 /1 5 96 

May be c l a s s i f i e d a s, l e t t e r t o C om p tro lle r o f C u rren cy 1 1 /1 1 1522 

ime c e r t i f i c a t e s o f d e p o sit n ot m atured, may be d e p o s ite d 

in , re p ly t o .fir s t N a tion a l Bank o f S a lid a , 

Colorado n p / g 1359 

T m st funds o f n a tion a l tanks, d e p o s it in sa v in g s a cco u n ts 

iBEy Le made i f funds rep resen t c la s e e s T&ich 

c l a s s i f i e d as savin gs a ccou n ts 4/ 3 501 

-ashington Trade A ssocia tio n E x e cu tiv e s, may be c l a s s i f i e d 

s . . . . . . . . M , , , . . I " " 

tio n ^ to iRBank o f Chicago " v i s i n g S ta te member 

Sleepy Hollow Cemetery A s s o c i * * ^ ^ 

s a v in L r ^ ' Payment o f i n t e r e s t on 

s ta te and 8 /1 9 1163 

-m icip a i funds, in t e r e s t ^ ^____ , . . . ' 

request o f F e d e r ^ A o v f ^ ^ .p o s i t s , 

t io n re ^ ^ f o n n e - 

o f m A ct m o m e n t t o amend &eo. 19 

T 'H S on, l o o s e d by S tate o f ^ c a p l i n 



banks to pay ta x as nc ^ member 

t o in q u iry o f Mr ^ ° ^ t . r s , r e p ly 

t i n cases f o r c o n s id e r a t io n "' i , ^

( e n t i t l e d ) 

^ " " c o n s o l i d a t i o n o f s e v e r a l c e r t i f i c a t e s w ith d i f f e r e n t m atari 

t i e s i n t o o n e c e r t i f i c a t e and paym ent o f a ccru e d 

i n t e r e s t , r e p l y t o C e n t r a l N a tio n a l Bank 

b u s , N e b r ., t h a t i t i s p e r m is s ib le 

I n t e r p r e t a t i o n s o f R e g u la t i o n Q, c o p i e s o f l e t t e r s r e . f u r - 

n is h e d FDIC w it h u n d e r s t a n d in g t h a t t h e y J d n 

b e t r e a t e d a s c o n f i d e n t i a l 

payment b e f o r e m a t u r it y t o p a y t a x e s o f e s t a t e where nonpay 

m ent w ou ld com p el s a l e o f a s s e t s , r e p ly t o York 

N a t io n a l Bank and T r u s t C o. t h a t paym ent may 

5 /2 6 753 

b e m ade u n d e r e m e rg e n cy p r o v i s i o n 

Texas S t a t e T r e a s u r e r 's may b e t r e a t e d a s , p r o v id e d n o t i c e 

o f w it h d r a w a l i s g iv e n i n w r i t i n g and fo n a o f 

a p p l i c a t i o n f o r d e s i g n a t i o n a s S t a t e d e p o s i t o r y 

1 / 1 9 

r e v i s e d t o r e q u i r e w r i t t e n n o t i c e 1 2 / g 1585 

Utah S ta t e I n d u s t r i a l C o m m issio n , d e a th co m p e n sa tio n fu n d s w ith 

C arbon B n e ry B an k, P r i c e , U ta h , q u e s t io n o f b e in g 

f i d u c i a r y f u n d s , no o b j e c t i o n t o c o n tin u a n c e o f 

a c c o u n t s 

D e p re cia tio n on s e c u r i t i e s , t r e a t m e n t o f , i n e x a m in a tio n r e p o r t s , 

memo o f Mr* P a u lg e r s e t t i n g f o r t h p o l i c i e s o f 

C o m p t r o lle r , FDIC and FRSystem , and s u g g e s tin g 

3 /1 2 395 

f o r m u la , a c t i o n d e f e r r e d u n t i l J u ly 1 5 /2 1 732 

Memo o f Mr. P a u lg e r 

Determination o f f a i r v a l u e o f a s s e t s , B irm ingham T r u s t and S a v in g s 

C o . , new d e t e r m in a t io n t o b e made a f t e r each 

8 /1 7 1152 

e x a m in a tio n b y FRBank, l e t t e r t o M r. Newton 6 / 3 773 

D ictionary o f A m erican B io g r a p h y , p u r c h a s e a p p r o v e d 

Dictograph P r o d u c t s C o ., W a s h in g to n , D. C ., b i d f o r i n s t a l l a t i o n ot 

i n t e r i o r t e le p h o n e s e t i n C h a irm a n 's o f f i c e , 

1 -9 

a c c e p t e d ^ ^ 

Dlgeat o f R u lin g s , p r i n t i n g o f r e v i s e d e d i t i o n a u t h o r iz e d and 

S e c r e t a r y t o d e t e n n in e r e a s o n a b le p r i c e 

Statement on p u b l i c a t i o n o f r e v i s e d e d i t i o n t o b e p u b lis h e d in . 

M K M lls t in 1566 

Dinmick, Frank: (S e e L o u is ia n a B a n k e rs A s s o c i a t i o n ) 

Director o f t h e B u d g e t: 

b e ll, D. w ., A c t in g : , 

Amendment t o S e c . 1 3 a o f FRAct p r o p o s e d b y Faun C r e d it 

m i n i s t r a t i o n , r e p l y t h a t i t i s c o n tr a r y t o 

in t e r d e p a r t m e n t a l l o a n com m ittee p o l i c y r e 

g a r d in g n o new l e g i s l a t i o n , o b j e c t i v e may e ^ ^ ^ 

a c h ie v e d i n o t h e r ways 

L e g is la t io n p r o p o s e d a u t h o r i z i n g FRBanks t o con uc 

m a rk et o p e r a t i o n s i n F e d e r a l Home ^ a n 

o b l i g a t i o n s , and m akin g a v a i l a b l e t o HOLC i t s 



u n u sed b on d a u t h o r i z a t i o n , r e p l y re ^ ^ 

a b i l i t y o f

Directors: 

FRBank o f A tlan ta : ^ ^ t i . n . " " v i e s o f 

Clay. R- appointment f o r th re e y e a r ten a 

C o m e r . Donald Cla f o r th re e y e a r p e r io d 

F i t ^ e r ^ " C lass B. r e e le c t io n f o r th r e e y e a r 

branch d ir e c t o r s p ro p o sed , no o b je c t i o n 

K s M i / 'w H° d e p u t y Chainnan, appointm ent a s FRAgent on 

K e ttig . W. ^ s d s , Mr. N eely t o su cceed as 

Deputy Chainnan 

M eetin gs o f e x e cu tiv e com m ittee, to review n e c e s s it y o f .frequency 

o f , and a d v is e Board o f G overn ors 

N eely, F. H ., C lass C, appointm ent as Deputy Chairman, t o 

take e f f e c t on e f f e c t i v e date o f appointm ent o r 

Mr. K e ttig as FRAgent 

D e sig n a te d Chairman and FRAgent f o r y ea r 1938 and s a la r y 

b a s is approved 

P o rte r J . Frank, Mr. D avis a u th o rized t o te n d e r appointm ent 

as C lass C f o r tenn ending D ec. 31, 1939, w ith 

understanding th a t be w i l l r e s ig n a s d i r e c t o r 

o f N a sh v ille Branch 

Appointment as C lass C f o r term ending D ec. 31, 1939, 

t o sever con n ection as d ir e c t o r at N a s h v ille 

Branch 

iRBank o f Boston: 

C la s s ific a t io n o f member banks f o r purp ose o f e l e c t i n g 

C lass A and B d ir e c t o r s t o rem ain unchanged 

C u rtiss, I*. 3 . , Chairman, d e sig n a tio n a s , and s a la r y b a s is 

approved 

Dennison, Henry S .: 

Appointment as C lass C f o r th re e year term en din g 

Dec. 31, 1939 

Deputy Chainnan, appointment f o r 1938 

Dodge, Leon A ., e le c t io n as C lass A, a d v ice o f 

rren ch, E. S . , C lass B, r e e le c t io n f o r th r e e year p e r io d 

f r o s t , Eoward J . , C lass B, r e e l a c tio n , a d v ic e o f 

m eetings, u n ifon n dates f o r , p roced u re su g g ested by Mr. 

Young a cce p ta b le to Board, pending f i n a l a c t io n 

on rep ort by com m ittee o f P r e s id e n t s ' C on ference 

^ S ., Class A, r e e le c t io n f o r th re e y e a r p e r io d 

KRBank o f Chicago: 



oabo, Max V^., C lass B, r e e le c t io n , a d v ice o f 

Crapo, S. T ., Class B, r e e le c t io n f o r th re e y e a r p e r io d 

^ M i n e a K s l t e r J . , e l e c t i o n aa C la ss A, a 4 l = . ^ 

L e ^ i s ^ F j S'* CiMS A. r e e l a c t i o n f o r th re e year p e r io d 

" i s . F. J . , c l a s s C, a p p oin tm en t f o r th re e year term 

1 / 4 

12/21 

12/10 

6 

1706 

I 647 

12/10 164a 

7 /2 6 1033 

5/25 745 

1 / 4 6 

3 /1 6 419 

9 /1 6 1290 

5 /2 5 745 

12/21 1706 

5 /2 5 745 

6 /1 5 832 

9/21 1312 

1 2 /3 0 1757 

1 / 7 33 

1 2 /3 1 1763 

1 / 4 

5 

1 2 /1 0 164? 

6 

1 / 4 

1 2 /1 0 1641 

1 2 /1 0 164*7 

6 

1 / 4 

1 2 /1 0 1643 

6 

l / 4 

1 2 /1 0 

164? 

1706 

1 2 /2 1

(Continued) 

C h ic a g o : (C o n tin u e d ) 

Wood, R- E . , D ep u ty C hairm an: 

G en eral c o n d i t i o n s , d i s c u s s i o n may be had w ith Board 

w h ile on t r i p t o W a sh in gton 

D is c u s s io n t o b e h e l d i n f o r m a l l y a t lu n ch w ith 

B oard m em bers 

R e d e s ig n a t io n f o r 1 9 3 8 

yRBank o f C le v e la n d : 

B ra in a rd , G. C . , a p p o in t e d C la s s C d i r e c t o r and d e s ig n a te d 

D ep u ty C hairm an f o r y e a r 1936 

Burke, E. S . , C h a in n a n , d e s i g n a t i o n a s , and s a la r y b a s is 

a p p r o v e d 

Conner, Ben R . , C la s s A , r e e l e c t i o n , a d v ic e o f 

Galvin, John E . , C la s s B , r e e l e c t i o n , a d v ic e o f 

Group c l a s s i f i c a t i o n o f m em ber b a n k s f o r purpose o f e l e c t 

i n g , n o ch a n g e con tem p lated 

Klages, R e y n o ld E . , a p p o in tm e n t a s C la e s C f o r t h r e e y e a r 

p e r i o d 

L is t o f d i r e c t o r s s i n c e b a n k 's o r g a n i z a t i o n , B oard has no 

o b j e c t i o n t o i n f o n n a t i o n b e in g fu r n is h e d Mr. 

B u r c h a r d , C o lu m b ia , M i s s o u r i , r e p l y t o M r. 

Z u r lin d e n , FRBank o f C le v e la n d 

M cD ow ell, H. B . , C la s s A , e l e c t i o n f o r t h r e e y e a r p e r io d 

b r ig h t , R . P . , C la s s B , r e e l e c t i o n f o r t h r e e y e a r p e r io d 

FRBank o f D a lla s : 

R ooks, P a t E . , C la s s A , r e e l e c t i o n f o r t h r e e y e a r p e r io d 

M e r r it t , J . H. , C h a in n a n , d e s i g n a t i o n a s , and s a la r y b a s is 


Milam, J . R . , C la s s B , r e e l e c t i o n , a d v ic e o f 

T a y lo r , J a y , P e r s o n n e l C om m ittee p r e p a r e d t o recommend 

a p p o in tm e n t a s C la s s C, M r. D a v is a u th o r 

i z e d t o a s c e r t a i n a v a i l a b i l i t y and i f p o s ^ iY le 

t o v i s i t W a sh in g ton t o m eet m em bers o f th e 

B oard 

A ppoin tm en t a s C la s s C f o r u n e x p ir e d p o r t i o n o f t h r e e 

y e a r term e n d in g D e e . 5 1 , 1939 

W iess, H a rry C . , C la s s B , e l e c t i o n f o r t h r e e y e a r p e r io o 

W inton, Ed H ., C la s s A , e l e c t i o n a s , a d v ic e o f 

FRBank o f K ansas C i t y : ^ r 

B e m a rd in , J . M ., C la s s B , r e e l e c t i o n f o r t h r e e 

Chairman o f e x e c u t i v e c o m m itte e , d i s c u s s i o n c l p r c v i. 

o f b y la w s ^ 

E le c t io n o f d i r e c t o r t o s u c c e e d M r. P a r k s , d e c e , 

t o FTiAgent Thomas t h a t i t i s n o t P ^ c t i c e o^ 

B oard t o f i x o r a p p r o v e d a t e s f o r op _ ^ g 

c l o s i n g o f p o l l s i n annual o r s p e c i a l e l e c t i o n s 

Fees and e x p e n s e s d is c u s s e d - 

R o s fo rd , W illa r d D ., C la s s B, r e e l e c t i o n , a d v ic e ^ 

M eetin gs o f , no j u s t i f i c a t i o n f o r h o ld in g o - 



9 /3 0 1348 

1 0 / 5 1566 

1 2 /3 1 1763 

1 2 /2 1 1705 

1 2 /3 0 1757 

1 / 4 6 

1 / 4 6 

9 /2 8 1342 

1 / 6 28 

1 1 /1 8 1544 

1 2 /1 0 1647 

1 2 /1 0 1647 

1 2 /1 0 1647 

1 2 /3 1 1764 

1 / 4 7 

2 / 2 215 

3 / 4 366 

1 2 /1 0 1648 

1 / 4 6 

1 2 /1 0 1648 

8 /2 4 

1184 

7 /1 0 945 

8 /2 4 1184 

1 / ^ 

8 /2 4 

7 

1185

(C ontinued) 

Parks, C . C . , C lass A: 

R e e le e tio n , a d v ice o f 6 

death o f and e le c t io n o f s u c c e s s o r t o be h e ld 7 / 1 0 ^ 

s , J S T r ^ " " 

j . - < . " " * " * " " - " * ' " ' 

a p p roved 12/31 ipgp 

Funk, A lbert ^ * v 

Geery W. B ., Chairman, d e s ig n a tio n a s , and s a la r y b a s is 

approved 1 2 /3 0 1757 

Grangaard, M. 0 . , C lass A, r e e le c t io n f o r th r e e y e a r p e r io d 1 2 / 1 0 1547 

Hensen, H. C ., C lass A, r e e l e c t i o n , a d v ic e o f 1 / 4 & 

Peck F* W., appointment as C la ss C f o r u n exp ired p o r t io n 

o f tenn ending D ec. 31, 1939, a u th o r iz e d t o be 

tendered by Mr. D avis upon recom m endation o f 

P erson nel Committee 4 /1 3 54*7 

Telegram a d v isin g o f appointm ent 4 /2 2 593 

Washburn, W. 0 . , C lass B, r e e le c t io n f o r t h r e e y e a r p e r io d 1 2 /1 0 1648 

FRBank o f Hew York: 

P loch , N illie n F ., e le c t io n as C la ss A, a d v ic e o f 1 / 4 6 

P o tte r , W illiam C ., C lass A, r e e le e t io n f o r t h r e e y e a r 

p e rio d 1 2 /1 0 1647 

Ruml, B eardsley, C lass C, a p p oin ted f o r u n e x p ire d term 1 /1 5 85 

Stevens, Robert T ., C lass B, r e e le e t io n , a d v ic e o f l / 4 6 

Watson, Thomas J ., C lass B, r e e le e t io n f o r th r e e y e a r 

p e rio d 1 2 /1 0 1647 

Young, Owen D ., C lass C, appointm ent, a d v ic e o f appointm ent 

to be w ith h eld pending d e c is io n on w h eth er he 

be d esign ated Chainnan and FRAgent o r D eputy 

Chainnan f o r year 1938 1 2 /2 1 1707 

Appointed Class C d ir e c t o r and d e sig n a te d D eputy C h a irman 

** * i g / 3 1 1763 

KRaank o f P h ila d elp h ia : 

A ustin, R ichard L ., Chairman, d e s ig n a tio n a s , and s a la r y 

b a s is approved 1 2 / 3 0 1757 

LeLaCour, J . C erl, C lass B, r e e le e t io n , a d v ic e o f l / 4 & 

M c C ^ ' i ^ A ' ^ ^ l o n f o r th r e e y e a r p e r io d 1 2 /1 0 164? 

McCabe. Thomas B .. under c o n s id e r a tio n f o r appointm ent as 

^ "D e ip ire d te r n o f Mr. b t e m 8 /1 ? 

Appointed C lass C 1169 

P e i l y ^ o ^ ' ? ° r 1938 12/31 1 ^ 

R o s e L a X f ^ n t n e n t f' ^ l / 4 ' 

p ired tpi^r C lass C d i r e c t o r f o r u n e x - 

S tou t, C. F r e d ^ e k T C l^ * " 

p e rio d ' r e e le e t io n f o r t h r e e y e a r ^ 

FRBank o f Richmond: 1 2 / 1 0 1^ 



'< K , < h r .. , . . r

tn.i-9- ( C o n t i n u e d ) 

^ ^ H a n k o f R ichm ond: (C o n t in u e d ) 

Hanna, lo h n H '' C l-ass B r e e l e c t i o n f o r t h r e e y e a r p e r io d 1 2 / 1 0 

L a s s it e r , R o b e r t , C la s s C, d e s i g n a t i o n a s Chairm an and 

FRAgent on h o n o r a r iu m b a s i s 

Appointment a s C la s s C d i r e c t o r and d e s ig n a t e d Chairman 

f o r y e a r 1938 ^ 

Reed, C harles C. , C la s s B , r e e l e c t i o n , a d v i c e o f 1 ' 1 

Rlanan, C harles E . , C la s s A , r e e l e c t i o n , a d v ic e o f 1 / ^ 

Sherwood, D on ald H. , a p p o in tm e n t a s C la s s C f o r u n e x o i r e d 

p o r t i o n o f te rm e n d in g D e c . 3 1 , 1 9 3 0 1 / ? 

Wysor, 

A ppoin tm en t a s C la s s C f o r t h r e e y e a r term 1 / g 

Deputy C h airm an, a p p o in tm e n t f o r 1 9 3 8 1 2 /3 1 

FRBank o f S t . L o u is : 

Couch, H a rvey C ., C la s s B , e l e c t i o n f o r t h r e e y e a r p e r io d 1 2 /1 0 

Group c l a s s i f i c a t i o n s f o r e l e c t i o n o f C la s s A and B, no 

ch a n g e t o b e m ade t h i s y e a r 9 / 3 

H a rris , Jam es W .: 

G overn m en tal R e s e a r c h I n s t i t u t e , c o n n e c t io n w it h , h e ld 

n o t t o b e a f f i l i a t i o n p r o h i b i t e d a s p o l i t i c a l 2 /2 3 

R e e l e c t i o n a s C la s s B , a d v i c e o f 1 / 4 

H it t , F. G ., C la s s A: 

R e e l e c t i o n f o r t h r e e y e a r p e r i o d 1 2 /1 0 

R e s ig n a t io n a s C la s s A t o a c c e p t a p p o in tm e n t a s F i r s t 

V i c e P r e s i d e n t 1 2 / 6 

Nahm, Max B. , C la s s A , r e e l e c t i o n , a d v ic e o f l / 4 

N ardin, W illia m T . , a p p o in tm e n t a s C la s s C , f o r t h r e e y e a r 

term and d e s i g n a t i o n a s FRAgent f o r 1957 1 /1 ^ 

D e s ig n a tio n a s C hairm an and s a l a r y b a s i s a p p ro v e d 1 2 /3 0 

(S e e a l s o F R A gen ts) 

FRBank o f San F r a n c i s c o : 

B a llo t on w h ich f i r s t c h o i c e o n l y i s i n d i c a t e d , B oard 

a g r e e s w it h FRBank t h a t i t i s i n v a l i d ^ ^ 

C lass A, e l e c t i o n o f : 

Bank o f A m erica N a t io n a l T r u s t and S a v in g s A s s o c i a t i o n 

may p a r t i c i p a t e in d e p e n d e n t ly o f any o t h e r 

b anks c o n t r o l l e d b y T r a n s a m e r ic a C o r p o r a t io n , 

a s T r a n s a m e r ic a C o r p o r a t io n i s n o t c o n s i i e r e ^ 

h o l d i n g com pany a f f i l i a t e 

N a tio n a l Bank o f W a s h in g to n , T acom a, ^ a s h in ^ to n , que 

t i o n o f T r a n s a m e r ic a C o r p o r a t io n b e in g n o l 3 . 

com pany a f f i l i a t e o f , s u g g e s t io n o f B oard n et 

FRBank o f San F r a n c is c o d e te r m in e in ^ ^ 

r e a c h c o n c l u s i o n t h e r e o n f o r p u r p l e s o 1 2 / 1 0 

Cox, Elm er H. , C la s s B , r e e l e c t i o n f o r t h r e e y e a r p ^ ^ 

êes and a llo w a n c e s f o r 1 9 3 7 , a p p r o v e d n a r i o d 1 2 /1 0 

M cIn tosh , C. K . , C la s s A , r e e l e c t i o n f o r t h r e e _ ^ 4 

McNaghten, M a lco lm , C la s s B, r e e l e c t i o n , a d v ic e ^ ^ 

P ow ell, K e it h , C la s s A , r e e l e c t i o n , a d v ic e o 



1647 

4 

1705 

6 

6 

33 

50 

1763 

1648 

1226 

330 

7 

1647 

1626 

6 

86 

1757 

240 

1508 

1539 

1648 

240 

1647 

7

^ e ^ , A. 0 - , Chainnan, d e sig n a tio n a s , and s a la r y b a s is 

approved 12/30 

Thnme C a r ly le , appointment as C la ss C f o r u n exp ired p o rt 

io n o f th ree year term ending D ec. 31, 1939 3/ % ^ 

C onfinnation o f appointment 4 / 1 ^ 

^ ^ B i-w e e k ly m eetin gs, committee a p p oin ted by P r e s id e n t s ' 

C onference to in v e s t ig a t e d e s i r a b i l i t y 10/19 

Class C, chairmanship o f e x e cu tiv e com m ittee, p o s it io n 

taken upon m otion by Mr. Ransom, th a t chairm an, 

o r in h is absence o r d i s a b i l i t y , th e d eputy 

chain^nan, o r in h is absen ce o r d i s a b i l i t y , th e 

th ir d c la s s C d ir e c t o r sh ou ld h o ld 5 /H gyp 

A dvice to FRBank o f A tlan ta o f p o s it io n taken b y Board 

regard in g 7/10 946 

E le c t io n : 

B a llo t upon which o n ly f i r s t c h o ic e i s in d ic a t e d , r e p ly 

t o FRBank o f San F ra n cisco a g re e in g th a t i t i s 

in v a lid 2 / 6 240 

Dates f o r opening o r c lo s in g o f p o l l s in annual o r 

s p e c ia l e le c t io n s , not p r a c t ic e o f Board to 

f i x o r approve 7 /1 0 945 

M eetings, uniform d ates, su ggested as t o p i c f o r P r e s id e n t s ' 

C onference 6/27 1199 

P rev io u sly p la ced on program o f P r e s id e n t s ' C on feren ce 

as t o p ic f o r d is c u s s io n 1 0 / 5 1365 

Procedure fo r FRBank o f B oston su ggested by Mr. Young 

a ccep ta b le t o Board, pending f i n a l a c t io n on 

rep ort by committee o f P r e s id e n t s ' C on feren ce 12/10 1641 

M eetings with Board o f G overnors at op en in g o f new b u ild 

in g , b e n e fic ia l r e s u lt s ob ta in e d and s u g g e s tio n 

o f more frequ en t m eetin gs, l e t t e r from Mr. 

ila m n g , FRBank o f C levela n d , r e p ly t o be p re 

pared * 1 1 /2 3 1554 

Reply prepared and copy sent each FRBank, t o g e th e r w ith 

^ . i request f o r c o n s id e r a tio n by d ir e c t o r s 1 2 / 4 1619 

-pKoranch banks: 

Bal timore: 



B ir m in :h ^ ' "P P °i-"ted f o r th re e year term 1 2 / 2 1 I?°6 

Comer, Donald, appointment f o r u n e ip ir e d p o r t io n o f 

r - H ^ Dec. 31, 1936, by Board 2 /1 5 ^ 

aPPsistEeat f o r t e n . ending D ec. 31. 

= " ^ o r n . i to be ten dered by Mr. D avis 

Chainnan, m eets w ith 

approval o f Mr. Ransom 5/25 ?46 

Telegram advisin g o f appointment 5/27 ^6



« . . a / * 

Appointment f o r two y ea r t e n . 13/21 i ,„ , 

H ouston: .^ -in t m e n t by Board f o r u n e x p ire d p o r - 

Chance, George, appointment _ 

t io n o f t e m ending Dec. 

tio n th a t he r e s ig n as T ic e p r e s id e n t o f C ity 

N ation al BanK o f Bryan, T e ia s / 4 MS 

AnooiLted f o r th ree year term W 3 1 170? 

E en fsrt H-, retirem en t from b u sin e ss fir m . r e p l3 t o 

Mr. Walsh th a t th e re i s no rea son f o r r e s i g n - 

in g as d ir e c t o r 5 / 5 6M 

B. W ., appointm ent f o r th re e y e a r ten n 1S/S1 1706 

' "b e rn e tt, I . N -, J r . , appointm ent f o r th re e y e a r term 1S/E1 1706 

Los A ngeles: . . 

Newnan, Carl V ., w illin g n e s s t o a cce p t appointm ent f o r 

tenn ending D ec. 31, 1937 and s u c ce e d in g t w - 

v ea r te r n t o be a s c e r ta in e d 7/20 1009 

Appointment o f ^ ^ 

Appointed f o r two year tenn 

Memphis: 

B rooks, Douglas, appointm ent f o r term ending D ec. 5 1 , 

1939, a u th orized t o be ten d ered b y Mr. D avis 

through Chairman o r Deputy Chainnan 5 / ^ ^ 

A dvice o f appointment 6/ 2 771 

Johnston, O scar, appointment f o r term en din g D ec. 31, 

1937, having in d ic a te d t o Mr. D avis th a t he would 

accept 5 /2 5 746 

Lynch, B. A ., no o b je c t io n to s e rv in g as C om m issioner 

o f Drainege f o r S ta te o f Arkansas w h ile s e r v in g ^ 

as d ir e c t o r 12/29 17 ^ 

Sherard, Holmes: 

Appointment, a cco rd in g t o su g g e stio n o f Mr- D illa r d 

r e determ in ation o f e f f e c t o f a f f i l i a t i o n w ith 

M is s is s ip p i Levee B oard, f o r u n exp ired tenn 93 

ending Dec. 31, 1938 l / 6 ^ 

M is s is s ip p i Levee Board, l e t t e r t o Mr. D illa r d th a t 

ôard h o ld s membership i s D O lit ic a l o f f i c e , a d - 

n requ ested o f a c t io n taken l/2 9 

N a sh v ille: 

A ustin, Clyde, under c o n s id e r a tio n f o r appointm ent f o r m 3 

unexplred tenn 6/17 1 ^ ; 

Appointment o f g/19 1^

t o r s ' (Continued) 

^ " b r a n c h bank a : < 

N a s h v illa : (C o n tin u e d ) 

McEwen, W. E . . u n d e r c o n s i d e r a t i o n f o r appoin tm en t 

f o r u n e x p ir e d term 

A p p oin tm en t o f 8 /1 7 1 1 5 3 

P o r t e r , J - F ra n k : e / 1 9 l i e i 

A p p oin tm en t f o r t h r e e y e a r term 

A p p oin tm en t t o b e t e n d e r e d a s C la s s C d i r e c t o r o f ^ 

FRBank o f A t l a n t a , u p on u n d e r s ta n d in g t h a t he 

r e s i g n from b r a n c h d i r e c t o r a t e ^ , 

R e s ig n a t io n a c c e p t e d ? 4 5 

He* O r le a n s : ^ 847 

C h a lk le y , H en ry G. , J r . , reco m m e n d a tio n o f P e r s o n n e l 

C om m ittee t h a t Mr* D a v is b e a u t h o r iz e d to 

t e n d e r a p p o in tm e n t f o r term e n d in g D ec. 21 

1 9 3 9 , a p p r o v e d " ' ^ ^ ^ 

A p p oin tm en t f o r u n e x p ir e d term e n d in g D ec. 31 

1 9 39 6 /2 2 Q66 

C la rk , L . M ., M anaging D ir e c t o r , a p p oin tm en t and s a la r y 

a p p r o v e d 1 1 /2 7 1574 

F lta -H u g h , A le x a n d e r , a p p o in tm e n t f o r te n n en d in g D ec. 

2 1 , 1 9 3 6 , a u t h o r i z e d t o b e t e n d e r e d by M r. 

D a v is th r o u g h C hainnan o r D ep u ty C hainnan, 

m e e ts w it h a p p r o v a l o f M r. Ransom 5 /2 5 746 

T ele g ra m a d v i s i n g o f a p p o in tm e n t 5 /2 7 756 

W alk er, M a rcu s, r e s i g n a t i o n a s M anegin g D i r e c t o r 1 1 /2 7 1574 

Oklahoma C it y : 

C lin t o n , L e e , a p p o in t e d f o r t h r e e y e a r term 1 2 /2 1 1707 

R o b e r ts , C la r e n c e , u n d e r c o n s i d e r a t i o n f o r appoin tm en t 

f o r u n e x p ir e d te n n 8 /1 7 1153 

A p p o in te d 8 /3 0 1169 

Omaha: 

S ch e llb e rg , W. H ., a p p oin ted f o r th re e y e a r term 1 2 / 2 1 1707 

P ittsburgh: 

W herrett, H. S . , a p p o in te d f o r tw o y e a r term 1 2 /2 1 1?05 

P o rtla n d : 

Engbretsen, A . E. , appointm ent f o r u n e x p ir e d p o r t i o n o f 

two y e a r term ending D e c. 3 1 , 1938 

A dvice o f appointm ent te le g ra p h e d b y B oard 4 / 

G e rlin g e r, George T . , recom m endation o f P e r s o n n e l Comm 

itte e th a t FRAgent a t San F r a n c is c o be r e 

quested t o in d ic a t e th a t B oard i s c o n s id e r in g 

appointm ent f o r term ending D e c. 3 1 , 19r7 an^ 

subsequent two y e a r term and to a s c e r t a iD 833 

w illin g n e s s t o a c c e p t , approved 

Appointment f o r u n ex p ired p o r tio n o f term en ^ 

D e c. 3 1 , 1937 1 2 /2 1 1707 

Appointment f o r two year term 

^-alt Lake C it y : 1 2 / 2 1 1707 

Auerbach, H. S . , a p p oin ted f o r two year tenn 



S alt Lake C ity. by IRBank a f t e r s e r v ic e o f 

f o r e l h a n PP^ in v i o l a t i o n o f 

S a r d 's r e g u la tio n , l e t t e r t o FRBank r e s/a g 

L etted a d v isin g th a t Board *111 not o b je c t as p r e s s 

Statement was m isco n stru e o . M r. McKee °P P °3ed 

t o be revised to s ta te th a t Board i s n ot w illin g 

to make exception 4 / 9 624 

Revised letter presented and approved 4/21 599 

^ F la t o fM w in F ., appointment by Board f o r th r e e y ea r 

term 4 4 

D ickey, U. M ., r e s ig n a tio n a cce p te d 10/ 2 1353 

S e a ttle : ^ ^ ^ 

Y e rra b ee, C harles F . , appointed by Roard f o r u n e ip ir e d 

p o rtio n o f tenn ending Dec. S I, 1927 s u b je c t t o 

r e s ig n a tio n o f v ic e p re s id e n cy o f Am erican Nat 

io n a l Bank o f Bellingham 1 / 6 2B 

Telegram a d v is in g o f appointm ent 1 / 6 50 

Appointed f o r two year tenn 12/21 1707 

Spokane: 

5aston, S. A ., appointed f o r two year term 12/21 1707 

Discount schedules o f FRBanks, review o f req u ira n en ts w ith r e s p e c t 

t o re p o rtin g o f e x ce ss o f m arginal c o l l a t e r a l 1 1 / 5 1511 

L lsn issa l v;ages, m o d ific a tio n o f a u th o riz a tio n t o FRBanks t o pay 

on account o f change in e l i g i b l e age f o r r e 

tirem ent 6/24 882 

Dividends: 


Amendment agreed upon t o lim it cu m u lative, t o 4% w ith 

a u th ority to pay up t o 6% i f earned 1 / 7 37 

Payment on June 30 a u th orized , FRBank o f New York o n ly bank 

rep o rtin g requirem ents in e x ce ss o f amount a v a i lable 

fo r d iv id en d s 6/23 876 

Payment authorized 12/21 1696 

-om in ick , Gayer G ,: (See New York Stock Exchange) 

Doughton, Congressman Robert L .: 

o e c. i ( f ) o f R egulation Q, con fe ren ce o f Mr. Ransom and Mr. 

-T e ib e lb is w ith , re making e f f e c t i v e and i n - 

t i Board would d e fe r , i f re q u e ste d by 

D ra fts: Chainnen o f banking and cu rren cy com m ittees l/2 9 196 

C on m odities, c o v e r in g p u rch a se o f . w hich a r e n o t p a y a b le im 

m e d ia t e ly upon p r e s e n t a t io n , r e p ly t o Deputy 

b e ' r s g a r d K " 

le c t io n in p r o c e s s o f c o l - ,, 

"CoEmodity", drawer perm itted t i f f i ^ ^ s e r v e computations i/2 7 - ' 



h a l f ^ ' h e l d 

- i s - 7 / . ' *

^ C arl M.=

S a m in g s and ex p a n ses: (C o n tin u e d ) 

FRBanks: (C on tin u ed ) ^ r l 9 5 6 , p r e s e n t e d by M r. Smead 

— - 

M d ^ t h a t ^ e t i r ^ I n t sy sten c o n t r ib u t io n s 

^ d l ^ i s L l ^ a s be i n c lu d e d in " 5 a l . r i s s - 1 / 7 ^ 

4. +

n a t io n s : (C o n tin u e d ) 

P * lL i-ic E D T ru st C o .. San i r a n c i e c o : (C o n tin u e d ) 

^RBaDk o f San F r a n c is c o n o t t o m ake, „ o r p a r t i c i p a t e ^ 

e x a m in a tio n t h i s y e a r , b u t t o a c c e p t s t L 

e x a m in a t io n , no o b j e c t i o n ^ 

H im in gh "" T r u s t and S a v in g s C o . . B irm in gh am , A l a . , d a t ^ t - ^ 

HmUDt- ^ e s M t s new L t ^ f 

t o b e m ade a f t e r e a ch e x a m in a tio n by FH3a^k K/ 

m ackshear Bank, B la c k s h e a r , G a ., p o s s i b l e a f f i l i e t e r e l a t i f .r 

s h ip w it h A . P . B r a n t le y C o. d i s c l o s e d by 

^ r b a n - A ^ r i c u l t u r a l Bank and T r u s t C o ., P a r i s . K y ., m anbers 

h ip c o n d i t i o n on d e p r e c i a t i o n o f b a n k in g house 

p a r t i a l l y w a iv e d 

C a lifo rn ia Bank, L o s A n g e le s , C a l i f o r n i a , e x a m in a tio n t o be 

m ade a s u s u a l 

7 / 1 915 

5 / 7 670 

Camden 5 a f e D e p o s it and T r u s t C o ., Camden, N. J . , FLIC g r a n t e d 

p e i m i s s i o n t o p a r t i c i p a t e i n n e x t e x a m in a tio n , 

n o t t o b e p r e c e d e n t 3 /1 0 377 

Chase Bank, New Y o r k , N. Y . : 

Examiners T r e p a n ie r and J e n n in g s com m issio n e d b y B oard t o 

exam in e f o r e i g n b r a n c h e s 9 / 8 1241 

F oreign b r a n c h e s i n P a r i s , S h a n g h a i, h on gk on g and T i e n t s i n , 

l e t t e r t o C o m p t r o lle r r e q u e s t in g t h a t he have 

h i s e x a m in e r s m ake e x a m in a tio n s o f 3 / 2 359 

Head o f f i c e t o b e exam in ed by B o a r d 's e x a m in ers and b ra n ch e s 

b y n a t i o n a l bank e x a m in e r s 2 /1 6 307 

Hongkong b r a n c h , n a t i o n a l bank e x a m in e rs t o make 4 / 2 496 

P a ris b r a n ch , n a t i o n a l bank e x a m in e r s t o make ^ J - 

Report o f , a s o f O c t o b e r 3 

A d v ic e o f c o s t s e n t t o bank and l e t t e r t o FRBank o f New 

Y ork r e ^ ^ 

Shanghai b r a n c h , n a t i o n a l bank e x a m in e rs t o make ^ 

Tientsin b r a n c h , n a t i o n a l bank e x a m in e rs t o nake 

C itizen s S tate Bank o f S h e b o y g a n , W is c o n s in , v io la t io n o f re 

v i s e d s t a t u t e s i n p u r c h a s e o f investm ent s e - ^ ^ ^ 

c u r i t i e s 

Coffman-Dobson Bank and T r u s t Com pany, C h e h a lis , Y .ashingt , 

FDIC g iv e n w r i t t e n a p p r o v a l t o make exam ine ^ ^ 

t i o n o f ^ 

D ep recia tion on s e c u r i t i e s , m ono o f Mr* P a u lg e r r e 

s e t t i n g f o r t h p o l i c i e s . 4 3 ,and 

F R S ystem , and s u g g e s t in g fo n n u la , ^ 3 2 

d e f e r r e d u n t i l J u l y 1 u n - 

Leuel County S t a t e B ank, C h a p p e ll, N e b r ., r e p o r ^ - ^ t o r s 

sou n d p r a c t i c e s , d i s s e n s i o n among d i r e c t o r s ^ 

and o t h e r c r i t i c i s m s 

fed eral D e p o s it I n s u r a n c e C orp ora tion : +

Examinations: (Continued) r^winration: (Continued) 

fe d e ra l D eposit ^ C o ., Camden, N. J . . '-ranted 

Caaden Safe in next ^ n a t i o n , 

not to be p reced en t ^ ^ ^ ^ * - 0 377 

C itizen s fr o ^ ' 2 /1 ? 3^ 

?arner^ ana f o r , in co n n e ctio n i^dth 

continuance o f d e p o s it in su ra n ce a f t e r w ithdraw al 

from FRSystem 2/24 3% 

F irst S tate Bank o f W ykoff, M in n., p e m is s io n g ra n ted f o r , 

in con n ection w ith d e s ir e t o co n tin u e in s u re d 

sta tu s u n in te rru p te d ly upon w ithdraw al from 

FRSystem 

Perth Anboy T m s t C o., P erth Amboy, N. J . , a d v ic e o f jo i n t 

exam ination by S ta te and FRBank, and p e rcu s 

? / 6 9% 

sio n t o p a r t ic ip a t e 

R aritan Trust C o., P erth Amboy, N. J*., a d v ic e o f j o i n t exam 

ination by S ta te and FRBank, end p e im is s io n 

2/17 315 

to p a r t ic ip a t e 

Southington Bank and Trust C o., S ou th in g ton , C onn., p e r 

m ission grou ted t o make in c o n n e ctio n w ith con 

tinuance o f d e p o s it in su ra n ce a f t e r w ithdraw al 

2/17 315 

from FRSystem 

Watkins Banking C o., Faunsdale, A la ., p e im is s io n g ra n ted 

3/10 376 

f o r , in con n ection w ith w ithdraw al from FRSystem 

Westwood Trust C o., Westwood, N. J . , p erm issio n granted 

to make exam ination, in con n e ctio n w ith p ro 

posed c o n s o lid a tio n by P e o p le s T r i s t Company 

2/19 325 

o f Bergen County 

FRBank o f A tlan ta: 

A uditing department, survey o f , l e t t e r t o Mr. K e t t ig r e , 

r e fe r r in g to r e la tio n s h ip betw een departm ent 

2/15 296 

and board o f d ir e c t o r s , and o p e ra tin g fu n c t io n s 

performed by department 

Report as o f Ju ly 10, 1937, co n ta in in g r e fe r e n c e t o guards 

7 / 1 

913 

at branches, freq u en t m eetin gs o f e x e c u tiv e comm 

itte e , e t c . 

9/16 1239 

Survey o f examinations departm ent, l e t t e r to P re s id e n t 

Newton re 

FRBank o f Boston: 

7 / 1 

912 

3uarei.ty funds do not c o n s titu te su rplu s f o r d eterm in in g 

amount o f FRBank stock purchased 

FRBank o f Chic&go: 

B tm dnetion department, fu r r e y o f , l e t t e r to P r e s id e n t 

s c h a lle r re 

F R b a ^ o fK a n s a s C i t y ^ ' commenting on 



- rt La o f reb. 27, d iscon tin u a n ce o f c o n t r o l by a u d itin g 

apartm ent o f cu stod y o f s e c u r i t i e s , e t c . 

1 0 / 2 0 

7 / 1 

1 2 / 6 

6/16 

1407 

914 

162? 

841

^ t i c n s : (C o n tin u e d ) 

^ -!?RnaX o f Mew Y o rk : 

survey o f a u d i t i n g d e p a r tm e n t, r e f e r e n c e t o w eaknesses 

i n p e r s o n n e l and p r o p o s e d r e v i s i o n o f a u d it 

i n g p r o c e d u r e 

Survey o f e x a m in a tio n s d e p a r tm e n t, l e t t e r t o P r e s id e n t 

H a r r is o n r e 

tuBank o f P h ila d e lp h ia : 

Report a s o f May 2 3 , n e e d f o r s t r e n g t h e n in g o f a u d it in g 

d e p a rtm e n t and r e f e r e n c e t o o v e r - d e p a r t 

m e n t a liz e d s i t u a t i o n 

Payment o f t u i t i o n f e e s f o r t h r e e e m p lo y e e s a tte n d in g 

G ra d u a te S c h o o l o f b a n k in g, w ith o u t o b t a in in g 

a d v a n ce a p p r o v a l o f B o a r d , Inr. S i n c l a i r d es 

i r e s t o r e v ie w m a t t e r w ith B oard 


C h ief o f D i v i s i o n o f E x a m in a tio n s d i r e c t e d t o make one 

e x a m in a tio n o f e a ch FRBank d u r in g y e a r 1938 

FR notes, p i e c e c o u n t i n g o f n o t e s o f l a r g e d e n o m in a tio n s , 

r e p l y t o FRBann o f P h i l a d e l p h i a on n e c e s s i t y 

f o r 

F irs t o f B oston I n t e r n a t i o n a l C o r p o r a t i o n , n o t t o b e exam ined 

by B o a r d , r e p o r t s t o b e o b t a in e d from New York 

S t a t e B a n k in g D ep a rtm en t 

F irst S ta te Bank o f L o r a i n e , T e x a s , l i a b i l i t y f o r a d v a n ces made 

b y fo r m e r p r e s i d e n t o f bank 

Foreign b a n k in g c o r p o r a t i o n s and b r a n c h e s , p r o c e d u r e a p p roved 

Foreign b a n k in g c o r p o r a t i o n s , n a t i o n a l bank e x a m in e rs t o make, 

o f f o r e i g n b r a n c h e s o f C h ase B ank, con n n ission s 

i s s u e d i n nam es o f F r a n c i s R . S t e y e r t and 

T h e o d o r e T . T r e p a n ie r 

Frenoh A m erican B a n k in g C o r p o r a t i o n , n o t t o b e exam in ed by 

B o a r d , r e p o r t s t o b e o b t a in e d irom New io r k 

S t a t e B a n k in g D ep a rtm en t 

G. W. Jon es E xchange B an k , M a r c e l l u s , M i c h ., a d m in is t r a tio n 

t r u s t a c c o u n t w it h o u t h a v in g o b t a in e d p e n n is - 

s i o n o f B o a r d , p r o p e r r e c o r d s n o t m a in ta in e d 

and v i o l a t i o n s o f S e c . 5 1 3 6 , R .S . and R e g u la - 

Gery-Wheaton Rank^ W h ea ton , 1 1 1 . , n o n c o m p lia n c e w ith c o n d i t i o n s 

o f m em b ersh ip r e l a t i n g t o b a l i n g 

in d o r s e m e n t o f s t o c k c e r t i f i c a t e s 

Government s e c u r i t i e s , p a r v a l u a t i o n , q u e s t io n P b r i n g - 

b y C hairm en E c c l e s a s t o a d v i s a b i l i t y 

i n g a b o u t u n ifo r m p o l i c y by f e d e r a l a g e n c ie s , 

o u t l i n e o f p r e s e n t c l a s s i f i c a t i o n 

Mr. P a u lg e r and M r. M cKee t o a a te n n ln e p r e s e n t P 

o f C o l l i e r and and t o ^ j e c o ^ 



t i o n r e a n y ch a n g e ana aa FRBank r a t e s 

w ith two a g e n c i e s , d i s c u s s i o n o f H t B a - 

Pages 

6 /2 0 909 

7 / 1 912 

7 /1 0 945 

7 /1 0 946 

1 2 /2 2 1721 

6 /1 0 812 

2 /1 6 307 

1 /1 2 72 

2 /1 6 306 

4 / 2 

2 /1 6 

7 /2 8 

8 /2 5 

4 / 9 

4 / 9 

496 

307 

1047 

1190 

521 

522

International r ^ o r t s t o 'b e ob ta in e d from New York 

S ta te Banking E epartm ett^^ re p o rt shows 

I ^ e S h or. ^ t and Savings L n 'c o ^ e r = ia l departm ent 

^ ^ f l a t e r a l p ledged t h e r e fo r , banks In 1111- 

^ i s ° L ° t make v a lid p ledge and such d e p o s its 

should ^ ' / " r e p o r t , ^ - ^ e n t a in f ix e d ' 

Linden T ^ s t C o . , ^ 1 ^ ôund c a p it a l, rev ie w o f 

Si n a t io n h e r e b y in c r e a s e in c a p it a l has 

been d eferred f o r o v e r two y e a r s , a c t io n shou ld 

be taken by bank 7 / 8 934 

L o u is v ille T m st C o., L o u is v ille , K y ., c o n d itio n ^ v e a l e d by 

L o u is v ii ^ p ro b lg n , re p o rt made a v a ila b le 

to FDIC and RFC, o th e r ste p s taken , q u e stio n 

o f v io la t io n s o f law in c o n d itio n r e p o r t 3/12 394 

Merchants Bank o f Kansas C ity , M o., s e l l i n g o f m ortgage lo a n s 

t o i t s e l f 3/^*7 424 

Ohio Savings and Trust C o., New P h ila d e lp h ia , O h io, c r e d it 

in v e s t ig a tio n r e p o r t, u n s a t is fa c t o r y m anagsnent, 

hanaony w ith in bank, q u estion o f e lim in a tio n 

o f u n d esira b le a s s e t s , in adequ ate t r u s t d e p a rtment 

re co rd s 6 / 1 764 

P eoples Bank, P ra tt, Kansas, expen ditu re on banking q u a rte rs 

re v e a le d , no o b je c t io n as i t was n ot c a p it a liz e d 2/25 546 

P eop les Savings Bank o f Grand Haven, Grand Haven, M ich *, c r i t i - 

c is n o f tr u s t department as shown in 6 /2 3 1178 

P eoples Trust C o ., M artinsburg, W. V a ., q u estion o f c a n c e la tio n 

o f msnbership c o n d itio n 7 , c r i t ic is m s o f 

"S tock h olders R ecovery A ccount" and q u e s tio n o f 

l e g a l i t y , v a lu a tion re serv e n ot in c o n d it io n 

r e p o r t, proposed c a p it a l re d u ctio n 4 /1 4 565 

P erth Amboy Trust C o., Perth Amboy, N. J . , jo i n t exam ination 

by S tate a u t h o r it ie s and FRBank, a d v ic e t o 

FDIC and p erm ission to p a r t ic ip a t e 2/17 31- 

Perm ission to examiners f o r FDIC t o examine 6/27 1201 

Pulimmi State Bank, Pullman, W ash., s e c u r it ie s h e ld b y , do not 

confonn to re g u la tio n s o f C om p troller o f the 

Currency 1/21 ^ 

R aritan Trust C o., Perth Amboy, N. J . , jo in t exam ination by 

S tate a u th o r itie s and FRBank, a d v ice t o FDIC 

and perm ission to p a r t ic ip a t e 2/17 

Perm ission t o examiners f o r FDIC t o examine 6/27 130* 

e c u r itie s d e p re cia tio n , mano . f Mr. P au lger on treatm en t in 



S tate Msnber b e J e ' 8/17 1^2 

C a lifo rn ia , procedure proposed by FRBank o f San F r a n c is c o . 

a L * n !!r ^ eiam ination o f W ell a Fargo Bank 

T r u s ^ c T E l e c t i o n , but American ,9 

ir u s t Co. should be examined 5/ 7 ^

, -S - (C o n t in u e d ) ?a g e s 

member b a n k s : (C o n t in u e d ) 

S " a ,p lo y s s s o f FRBanks u s e d t o l e n d c l e r i c a l a s s i s t a n c e , adv 

i c e t o a l l FRBanks t h a t nam es s h o u ld b e Lub. 

m i t t e d t o B o a rd f o r a p p r o v a l and t h a t such 

a u t h o r i z a t i o n w i l l b e c o n t in u in g 

L e t t e r s t o FRBanks o f B o s t o n and S t . L o u is a p p r o v in g ^ 

u s e o f n a t i o n a l bank e x a m in e rs i n e x a m in a tio n " 

O f S t a t e m em ber b a n k s 

State S avin gs Bank, L o w e l l , M i c h ., r e p o r t r e v e a l s d o m in a tio n ^ ^ 

b y M r. R uncim an and h i s u n w a rra n te d u s e o f fu n d s 

and v i o l a t i o n s o f S e c . 2 2 ( g ) , a c c o u n t s h e ld 

a p p a r e n t ly a s t r u s t e e w it h no a u t h o r i t y t o exe 

r c i s e s u c h p o w e r 6 / ^ ^ 

T ru st Company o f G e o r g ia , A t l a n t a , G a. , c o r p o r a t e s t o c k s h e ld 

i n t r u s t fu n d r e p r e s e n t i n g a s s e t s o f bank r e 

v e a l e d i n r e p o r t o f 1 0 / 2 5 1 4 4 1 

Tiust d epartm e n ts, p u b l i c a t i o n i n a d v e r t i s i n g cam paign o p p o sed 4 / 7 5 1 4 

Union T ru st Company o f M a r y la n d , B a l t i m o r e , M d ., a c t i v i t i e s 

i n p u r c h a s in g and a c c e p t i n g from d e b t o r s 

c e r t i f i c a t e s o f C i t y C e r t i f i c a t e s C o r p o r a t io n 

v i o l a t e m e m b e rs h ip c o n d i t i o n 3 /2 3 443 

W ells Fargo Bank and U n io n T r u s t C o . , San F r a n c i s c o , C a l i f . , 

e x a m in a t io n m ay b e o m it t e d t h i s y e a r 5 / 7 670 

Eiaminers: 

A ssista n t e x a m in e r, a d v i c e t o FRBank o f S t . L o u i s t h a t a p p o in t 

m e n ts m u st b e a p p r o v e d b y B o a rd 

Board o f G o v e r n o r s : 

Buck, E. D . , l e a v e , a d d i t i o n a l a n n u a l g r a n t e d , i n c o n n e c t io n 

w it h d i s m i s s a l w h ic h w as e f f e c t i v e D e c . 3 1 , 

3 /2 6 455 

1 9 3 6 

Bush, F. W+, A s s i s t a n t , a d d i t i o n a l a n n u a l l e a v e a p p r o v e d , in 

c o n n e c t i o n w it h d i s m i s s a l w h ich was e f f e c t i v e 

1 /1 1 62 

D e c . 3 1 , 1 9 3 6 

C allow ay, R . M. , a d d i t i o n a l a n n u a l l e a v e g r a n t e d , i n c o n 

n e c t i o n w it h d i s m i s s a l w h ich was e f f e c t i v e 

D e c . 3 1 . 1 9 3 6 

C o n tr ib u tio n f o r p u b l i c a t i o n i n T r u s t C om panies m a gazin e ^ ^ ^ ^ 

n o t p r a c t i c a b l e n / i = s 151*3 

Cooke, R o b e r t W ., A s s i s t a n t , a llo w e d p e r diem f o r i l l n e s s 1 / 

Folsom , G eorge H ., S e n a t e R a i l r o a d I n v e s t i g a t i n g C om m ittee, 

l e t t e r t o M r- L o w e n th a l a g r e e in g t o make s e r 

v i c e s a v a i l a b l e f o r f u r t h e r p e r i o d w ith un e r - ^ 

s t a n d in g t h a t C om m ittee w i l l p a y s a la r y 

L eave w ith o u t p a y g r a n t e d f o r p e r i o d R a i l r o a d I ^ s 

g a t i o n C om m ittee u t i l i z e s s e r v i c e s . B oard o 

c o n t in u e t o make c o n t r i b u t i o n s t o Re r 

S ystem b u t t o b e r e im b u r s e d i f s a l a r y e x c 3/ I 6 411 



t h a t p a id b y B oard 

1 /1 1 62 

1 /1 1 62

Board by Board t o e x tn in e 

Jennings. chase Bank 9 / a ^ 

L 3 granted le a v e o f absence and tr a n s p o r ta tio n 

* l i c e n s e s assumed fo r atten dance at Graduate 

Sch ool o f Banking 3/25 453 

Lee A W A s s is ta n t, recommendation o f P erson n el Committee 

' ' ' that he be granted le a v e o f absence and tra n s 

p o rta tio n expenses assumed i f B o a r d 's quota i s 

in crea sed at Graduate S ch ool o f Banking 3 / 2 5 ^ 

Leave with pay granted to a tte n d , as FRBanks a re not 

sending f u l l quota 6/17 

L e tte r re rep ort o f attendance 7/22 1024 

Malone, C. T ., granted le a v e o f absence and tr a n s p o r ta tio n 

expenses assumed f o r atten dance at G raduate 

School o f Banking 3/25 453 

Reply r e re p o rt o f attendance 7 / 8 933 

Newnan, Harold J . , headquarters changed from C hicago t o 

Washington 8 /2 6 1195 

R ichner, J u liu s B ., A s s is ta n t, h eadqu arters changed from 

Washington to L o u is v i lle , Ky. 1 /1 2 70 

S te y e rt, F ran cis R ., n a tio n a l bank exam iner, com m issioned 

t o examine fo r e ig n branch es o f Chase Bank, New 

York, N. Y. 4 / 2 496 

Conmission ca n ce lle d 9 / 8 1241 

T rep anier, Theodore T . , n a tio n a l bank exam iner, com m issioned 

t o examine fo r e ig n branches o f Chase Bank, New 

York, N. Y. 4 / 2 496 

Memo o f Mr. Leonard on commission 9 / 8 1241 

FRBank o f A tlan ta: 

A ssista n ts: 



D esignation o f 12 approved, t o le n d c l e r i c a l a s s is t a n c e 

t o reg u la r examiners 

resig n a tion o f eight branch em ployees f o r one examina 

4/IO 535 

t io n , approved 5/ 2 $ 751 

Barnes E ., d esign ated tem porary a s s is ta n t exam iner 

Manheim, M. H ., removed from l i s t o f tem porary a s s is ta n t 

1 0 / 2 1357 

examiners 1 0 / 2 135? 

M artin, J . raM ved from U s t o f tem porary a s s is ta n t 

examiners i n / p 13&7 

P ^ k e r ^ s ' * ""P °r a r y a s s is ta n t exam iner 1 0 / S 135? 

Parker. R. s . F irst V ce P re sid e n t, appointm ent a s L a m in a r 

d U " " su p e rv isio n o v e r exam in ation 

' - i n e r W 3 1357 

Stephenson, Robert M a n n n f ^ ^ a s s is t a n t exam iner 1 2 / 9 1 6^* 

walker, Chas. R as a s s is ta n t exam iner 9 / 3 1226 

T 'S . R -. d esign ated t ^ p o r a r y a s s is ta n t exam iner 1 0 / Z


o f B o s to n : 

A s s is t a n t s , d e s i g n a t i o n o f 29 a n p lo y e e s t o le n d c l e r i c a l 

a s s i s t a n c e t o r e g u l a r e x a m in e r s 

N a tio n a l bank e x a m in e r s , u s e i n e x a m in a tio n s o f s t a t e 

b e r b a n k s a p p r o v e d 

-R ank o f C h ic a g o : 

A nderson, E r n e s t H . , d e s i g n a t e d fr o m a s s i s t a n t exam in er 

A ssistants, d e s i g n a t i o n o f t h r e e t o l e n d c l e r i c a l assistan ce 

t o r e g u l a r e x a m in e r s 

E s s e r, W ilb u r D . , d e s i g n a t e d fr o m a s s i s t a n t e x a m in e r , subj 

e c t t o r e d u c t i o n o f in d e b t e d n e s s t o n a t io n a l 

bank 

Helmar, Hugh J * , d e s i g n a t e d fr o m a s s i s t a n t e x a m in e r 

J o s e p h , E. M ., i n d e b t e d n e s s t o F i r s t N a t io n a l Bank, Danv 

i l l e , 1 1 1 . , n o t v i o l a t i o n o f s e c o n d p a ra g ra p h 

o f S e c . 2 2 ( a ) o f F R A c t, r e f e r r e d t o C om p troll 

e r f o r d e t e r m i n a t i o n o f p o s s i b l e v i o l a t i o n 

o f f i r s t p a r a g r a p h 

L e t t e r r e p o r t i n g t o C o m p t r o l l e r 

M artin , J o h n , s a l a r y , p a y m en t i n e x c e s s o f maximum f o r 

g r a d e , a p p r o v e d 

Pitm an, C. L . , n o o b j e c t i o n t o e x t e n s i o n o f l e a v e f o r s e r 

v i c e t o FDIC o r t o p r e v i o u s e x t e n s io n 

S ca n lon , C h a r le s , d e s i g n a t i o n a s a s s i s t a n t , t o le n d temp 

o r a r y a s s i s t a n c e t o r e g u l a r e x a m in e rs 

T eaner, H en ry B . , a p p o in t m e n t a s a s s i s t a n t a p p ro v e d 

T urner, W. W ., t e m p o r a r y a p p o in t m e n t a s a s s i s t a n t , FRBank 

e x p e c t s t o r e q u e s t a p p o in tm e n t a s exam in er in 

n e a r f u t u r e 

T e m p o r a r ily a s s i g n e d a s a s s i s t a n t e x a m in e r 


A ppointm ent o f s o n o f d i r e c t o r i n c o n s i s t e n t w it h p o l i c y 

B oard 

Baehr, Wm. H ., a p p o in t m e n t a s te m p o r a r y a s s i s t a n t exam in er 

t e n n in a t e d 

Baker, 1 . C . , d e s i g n a t e d t e m p o r a r y a s s i s t a n t e x a m in e r 

Brannon, H* C * , d e s i g n a t e d t e m p o r a r y a s s i s t a n t e x s m a e r 

D a n iel, C ly d e , d e s i g n a t e d t e m p o r a r y a s s i s t a n t exam in er 

D e s ig n a tio n o f c e r t a i n e m p lo y e e s a s a s s i s t a n t s , t o en 

c l e r i c a l a i d t o r e g u l a r e x a m in e rs 

D ie r in g e r , L e s t e r , a p p o in tm e n t a s te m p o r a r y a s s 

i n e r t e n n i n a t e d 

F rede, G e o ., d e s ig n a t e d te m p o r a r y a s s i s t a n t exam 

K ohte, H. C . , d e s ig n a t e d t e m p o r a r y a s s i s t a n t ^ 

S ch a fe r , R o b e r t , d e s i g n a t e d te m p o r a r y j ^ g i p t a n t exam- 

T s y lo r , Howard E . , a p p o in tm e n t a s t a n p o r a r y 

i n e r t e n n in a t e d r e s i s t a n t e x - 

Wiegand, A r th u r F . , a p p o in tm e n t a s te m p o ra ry 

a m in e r t e n n in a t e d 



4 /1 2 538 

4 / 3 4 9 9 

1 0 /2 9 1^66 

4 /1 4 553 

1 0 /2 9 1466 

1 0 /2 9 1466 

3 /1 7 427 

3 /1 7 430 

1 /2 7 170 

2 / 5 234 

6 / 2 2 8 6 6 

7 / 7 928 

1 / 2 2 148 

7 / 2 920 

9 /1 6 1283 

9 /2 0 

9 /2 0 

9 /2 0 

9 /2 0 

4 /1 9 

9 /2 0 

9 /2 0 

9 / 2 0 

9 /2 0 

9 /2 0 

9 /2 0 

1304 

1304 

1304 

1304 

575 

1304 

1304 

1304 

1304 

1304 

1304

Examiners: (Continued) 

^ ^ a n c a l l o r , E. A ., d esig n a tion a s a s s is ta n t t o le n d c l e r i c a l 

assistan ce 2/K) p 

Evans W. J . , C h ie f, in d ebtedness t o U n ited S a vin gs Bank, ^ 

D e t r o it , M ich ., not v io la t io n o f S e c . 2 2 (a ) o f 

FRAct as i t was in cu rre d b e fo r e he became exam 

in e r 3/17 4^ 

FRBank o f Kansas C ity ; 

A ssista n t exam iners: 

D esign ation o f ce r ta in anployees to le n d c l e r i c a l a s 

s is ta n c e , in fu tu re o n ly a d d it io n a l names need 

be subm itted and Board a d vised o f d e d u c tio n s 

from l i s t 2 / e 244 

D esign ation o f th ree em ployees as a s s is t a n t exam iners to 

len d c l e r i c a l a id t o exam iners approved 2/26 35^ 

D esignation o f 14 em ployees o f Denver Branch (tw o no 

lo n g e r a u th orized to p a r t ic ip a t e in exam in a tion s) 

whose u se t o le n d c l e r i c a l a s s is t a n c e Board approved 

May 21, 1936 4 / 1 2 53$ 

Keck, George E ., Denver Branch, d e sig n a ted a s s is t a n t examin 

e r to le n d c l e r i c a l a s s is ta n c e t o r e g u la r examiners 

4 / 1 2 539 

W orthington, C. A ., F ir s t V ice P r e s id e n t, appointm ent as 

examiner t o su p e rv ise bank exam in ation departm ent 

approved 1 2 /2 8 1743 

Young, V .illism R ., Denver Branch, d e sig n a ted a s s is t a n t examiner 

t o len d c l e r i c a l a s s is ta n c e t o r e g u la r 

examiners 4 / 1 2 539 

FRBank o f M inneapolis: 

A ssis ta n ts , d esign a tion o f em ployees a s, t o le n d a s s is t a n c e 

to reg u la r examiners 5 / 1 9 728 

G robel, Roger K ., d esign ated tem porary a s s is t a n t exam iner 9 /2 2 1318 

FPBank ^ N e w l ' ^ : t o be A s s is ta n t C ounsel I S / 4 1619 



Assistants, designation o f 32 anployees o f fRBank and 

Campbell " " " i s t in a la m in a tio n s 6/21 S59 

' appointment a s a s s is t a n t exam iner 

Cleary E f ^ 9 / 3 1226 

" ° t ° - * s i t comes w ith in 

lim it s o f p resen t p erson n el c l a s s i f i c a t i o n 

Appointment approved ^ MC 

D i c k i n s M ° ° P M l i p 'L ^ ^ '" ? ^ ^ approved 6/21 959 

b a s is , approved a s s is t a n t , on pennanent

. . (C o n tin u e d ) âges 

^gainer*- ^ ^ ^ c o n t in u e d ) 

H a rold F . , a p p o in tm e n t a s a s s i s t a n t , a p p roved . 

mmphrey! Frank J . , J r . , a p p o in tm e n t a s a s s i s t a n t on p e r - " 

^ m anent b a s i s , a p p r o v e d 

tr.yes Edward B . . e p p o in tm e n t a s a s s i s t a n t ^ 8 

Lawrence, D on ald D . , a p p o in tm e n t e e a s s i s t a n t 

Lynch. F r e d e r ic k T . , a p p o in tm e n t a s a s s i s t a n t P / i , 

Meyer, B a rry J - , a p p o in tm e n t a p p r o v e d ^ S70 

Duackenbush, L a w re n ce E . , a p p o in tm e n t a s a s s i s t a n t 1 2 / g 

RLedel, R o b e r t L . , e p p o in tm e n t a s a s s i s t a n t on perm anent 

b a s i s , a p p r o v e d ^ 2 ^ 

R obinson, C h a r le s A . , A s s i s t a n t , in d e b t e d n e s s t o F i r s t Nat 

i o n a l B an k, M e d ia , P a . , r e p l y t o M r. P l l l i e t l n 

t h a t a s h e h a s n o a u t h o r i t y t o exam in e n a t io n a l 

b a n k s o u t s i d e s e c o n d F R D i s t r i c t , i t i s n o t v i o l a 

t i o n o f S e c . 2 2 ( a ) o f FRAct 3 / 1 ? ^ 

S e t t le r , R o b e r t L . , a p p o in tm e n t a s a s s i s t a n t exam in er 2 /1 1 270 

a n ith , G eorge C . , a p p o in tm e n t a s a s s i s t a n t on pennanent 

b a s i s , a p p r o v e d 5 /1 2 688 

Warner, D orr W ., a p p o in tm e n t a s a s s i s t a n t 9 / 3 1226 

FKBank o f P h i l a d e l p h i a : 

A s s is ta n ts t o e x a m in e r s , u e e o f c e r t a i n e m p lo y e e s t o le n d 

c l e r i c a l a s s i s t a n c e t o e x a m in e rs a p p roved 1 /1 2 71 

D e s ig n a tio n o f e m p lo y e e s a s , t o l e n d a s s i s t a n c e t o 

r e g u l a r e x a m in e r s 5/1& 669 

Durkin, T . A . , J r * , d e s i g n a t i o n m ade perm an en t and a p p roved 2 / 6 239 

Hummel, John C . , a p p o in tm e n t a s a s s i s t a n t 1 2 / 2 1585 

M arkford, L e o n a r d , A s s i s t a n t , d e s i g n a t i o n made perm anent and 

a p p r o v e d 2/' 6 a3 9 

N eilan, E. P . , a p p o in tm e n t a p p r o v e d ^ ^ 

R obinson, G e o rg e C . , A s s i s t a n t , in d e b t e d n e s s t o T radesm ens 

N a t io n a l Bank and T r u s t C o ., i n i t s c a p a c i t y 

a s t r u s t e e , n o t v i o l a t i o n o f s e c o n d p a ra g ra p h 

o f S e c - 2 2 ( a ) o f F R A ct, r e f e r r e d t o C o m p t r o lle r 

f o r d e t e m d n a t i o n a s t o p o s s i b l e v i o l a t i o n o f 

f i r s t p a r a g r a p h ^ 7 ^ 

L e t t e r r e p o r t i n g t o C o m p t r o lle r 

Shadle, G. W ., A s s i s t a n t , in d e b t e d n e s s t o F id e lit y -P h ila c e i- 

p h ie T r u s t Co* i n i t s f i d u c i a r y c a p a c i t y , s h o u ld 

b e r e p o r t e d t o U . S . A t t o r n e y a s p o s s i b l e v i o - ^ 

l a t i o n o f S e c . 2 2 ( a ) o f FRAct ^ P gyp 

R eport n e e d n o t b e m ade t o U. S . A t t o r n e y 

Snyder, C h a r le s W ., A s s i s t a n t : 2 / 6 239 

D e s ig n a tio n m ade p erm a n en t and a p p r o v e d 

In d e b te d n e s s t o F i r s t N a t io n a l B an k , S u n b u ry, a . , 

c o l l a t e r a l n o t e i s n o t v i o l a t i o n o f ^ 

p a r a g r a p h o f S e c . 2 2 ( a ) o f F R A ct, p a r a - 

C o m p t r o lle r f o r d o t e n n in a t io n u n d e r f - ^ 7 428 



gra p h 3 /1 7 430 

L e t t e r r e p o r t i n g t o C o m p tr o lle r

sppointM ent as a s s i s t s . re q u e st f o r re p o rt 

C M , James b u sin ess a f f i l i a t i o n 

i- < -L + io n as s p e c ia l a s s is ta n t t o exam iners 

Gay, S. J . , oee^gn ^ appointm ent o f two em- 

S p ecial a s s is ta n ts ° t . l e n d 'd e r i c a l a id , re q u e st f o r 

o f 30 employees p r e v io u s ly d e sig n a te d 

^ ^ J f t f ' c ^ r g r i r w i n , appointm ent as a s s is t a n t approved 

B a g g o tt. O a o ^ ^ Mr. Wood th a t B o a r d 's approval 

i s r e q u ir e d f o r a l l appointm ents o f a s s is t a n t 

examiners n ^ . i 

Chapin, E arl, appointment as a s s is t a n t , t o le n d c l e r i c a l 

a ssis ta n c e to re g u la r exam iners 

Evans, J . Hadley, appointm ent as a s s is t a n t , t o le n d c l e r i c a l 

a ssis ta n c e t o re g u la r exam iners 

g a rtm eister, L ou is A ., appointm ent as a s s is ta n t 

National bank exam iners, u se in exam in ation s o f S ta t e member 

banks approved 

FRBank o f San F ra n cisco: 

Annstrong, Heward, d esign ated tem porary a s s is t a n t exam iner 

Armstrong, L . B ., loa n from O ccid e n ta l L i f e In su ra n ce C o ., 

r e p ly to FRBank o f San F ra n c is co t h a t th e r e i s 

no le g a l o b je c t io n to s e c u r in g , d i r e c t o r s shou ld 

d ecid e any o th e r q u estio n s re 

A s s is ta n ts , d esign a tion o f fo u r em ployees a s , t o le n d 

c l e r i c a l a s s is ta n c e t o exam iners, approved 

Dryden, Henry F ., appointment as a s s is ta n t 

Swengel, H. D ., FRAgents R e p re s e n ta tiv e , L os A n g eles 

Branch, to remain under branch p la n even though 

on Head o f f i c e p a y r o ll 


A ssis ta n ts , appointment o f , r e p ly t o V ic e P r e s id e n t Wood 

th a t Board.'a approval o f a l l , i s n e ce s sa ry 

Employees used in exam inations to le n d c l e r i c a l a s s is t a n c e , 

l e t t e r t o a l l FRBanks th a t names sh ou ld b e subm 

itted to Board f o r approval and th a t such auth 

o r iz a tio n w i l l be co n tin u in g 

L e tte rs to FRBanks o f Boston and S t. L o u is a p p rovin g 

use o f n a tio n a l bank exam iners i n exam in a tion s 

o f S tate member banks 

Losn from O ccid en tal L ife In su ran ce C o ., r e p ly t o FRBank 

o f San F ra n cisco th a t th e re i s no l e g a l o b j e c - 

on to Mr. L. B. Arm strong s e c u r in g , d i r e c t o r s 

N ational ^ ^ Q u estion s r e 

tio n a l bank exam iners, l e t t e r s to FRBanks o f B oston and 

b r a n c h banks: 

S alt Lake C ity: 



t . L ou is approving u s e , in exam in ation s o f 

Barnard, 0 . E ., d esign ated tm p o r a r y a s s is ta n t 

1/23 

1/29 

^54 

20o 

1/23 155 

3/26 455 

4/16 562 

4/1 & 562 

10/14 1394 

4 / 3 499 

12/29 1752 

4/30 630 

1/15 96 

3 / 4 366 

10/29 1467 

3/26 

4 / 3 

455 

496 

4 / 3 499 

4/30 

4 / 3 

12/29 

650 

499 

1752

R a t i o n a l b e n * : 

g ^ i n a t i o n s o f f o r e i g n b r a n c h e s o f C h ase B ank, t o b* ^ 

m is s io n e d b y B o a r d f o r com - 

J e n n in g s, L e w e lly n A . , c o m m is s io n e d t o exam in e fo r e ig n 

b r a n c h e s o f C h a se Bank 

S t a t e mstnber banks, l e t t e r s t o FRBanks o f B o s to n and ^t 

L o u i s a p p r o v i n g u s e o f , i n e x a m in a tio n s 

S t e y e r t , F ra n c is R . , com m issioned b y B o a rd t o make exam inat 

i o n s o f f o r e i g n b r a n c h e s o f C h ase Bank 

Y o r k , N. Y . 

Plana ch a n g e d and n o t t o b e sen t a b r o a d 

T repan ier, T h eod ore T . , com m issioned b y B oard t o make exami 

n a t i o n s o f f o r e ig n b r a n c h e s o f C hase Bank 

Memo o f M r. L e o n a r d on com m ission 

3 / 2 359 

9 / 8 1241 

4 / 3 499 

4 / S 496 

9 / 8 1241 

4 / 2 496 

9 / 8 1241 

Executive o f f i c e r s : 

Assistant c a s h i e r , Mr* S t r e i c h e r , R a c e S t r e e t B ranch o f C e n tra l 

T r u s t C o . , C i n c i n n a t i , d u t i e s a r e c l e r i c a l , 

r u l e d n o t t o b e e x e c u t i v e o f f i c e r w it h o u t r u l 

i n g g e n e r a l l y a s t o p o s i t i o n 2 /1 7 315 

Borrowings b y , u p t o $ 2 5 0 0 , s t a te m e n t in r e s p e c t t o , o r d e r e d 

p u b l i s h e d i n F R B u l l e t i n 1 0 /1 5 1397-E 

Endorsement o r g u a r a n t e e o f c o m m e r c ia l p a p e r , r u l e d t o b e i n 

d e b t e d n e s s w h ic h J . W. N orw ood m ust r e p o r t t o 

d i r e c t o r s o f W ilm in g t o n S a v in g s and T r u s t C o ., 

W ilm in g t o n , N . C . , m ay re m a in a s d i r e c t o r i f 

fo u n d n e c e s s a r y t o r e l i n q u i s h v i c e p r e s id e n c y 7 /1 6 990 

In a c tiv e o f f i c e r s , r e q u e s t t h a t t h e y b e e x c lu d e d from R e g u la t io n 

0 and a l l o w e d t o b o r r o w on same b a s i s a s d i r e c 

t o r s , B o a r d c a n n o t a l l o w ^ 1 ? ^ 

In d ebtedn ess o f M r. B u t t o n t o D o l l a r S a v in g s and T r u s t G o ., 

Y o u n g s to w n , O h io , o n h o u s e p u r c h a s e d fro m b a n k , 

a p p e a r s t o f a l l w i t h i n e x c e p t i o n p e r m it t in g i n - ^ 

d e b t e d n e s s t o p r o t e c t bank 

Indebtedn ess B . F* K a u ffm a n t o B a n k e rs T r u s t C o ., Des M o in e s , 

I o w a , a s t r u s t e e o f B a n k e rs Employees T r u s t , ^ 

B o a rd o f f e r s no o b j e c t i o n t o t r a n s a c t i o n 

Loans by member bank t o fin a n c e company, a p p l i c a b i l i t y * ^ ig 2 4 

2 2 ( g ) o f FR A ct 

S tr e ic h e r , R . W ., R a c e S t r e e t B ra n ch o f C e n t r a l Tru ' ' 

C i n c i n n a t i , O h io , t i t l e i s ^ ^ ^ ' ^ e c u - 

b u t d u t i e s a r e c l e r i c a l , r u l e d n o t ^ _____ ^ 

t i v e o f f i c e r w it h o u t r u l i n g g e n e r a l ) 3 1 3 


C losing a t 1 :0 0 p . m. S e p te m b e r 1 7 o f th e 

o b s e r v a n c e o f a n n i v e r s a r y o f t h e s i g n i n g ^ ^ 1 2 3 5 

M i C o n s t i t u t i o n + b e c l o s e d 1 2 /1 0 i 4 

H oliday on D ecem ber 2 4 , o f f i c e s o f B o a rd a l s o 





appointment as a s s is t a n t , re q u e st f o r rep o rt 

Dodd, James ^ , . ^ e busin ess a f f i l i a t i o n 

r . S J d e s ig n a t io n a s s p e c i a l a s s i s t a n t t o e x a m in e rs ^ 

Cay, S. o e .-rm niners a p p o in tm e n t o f tw o o n - 

s p e c i a l " s s l s t a n s^ ^ l e n d 'c l e r i c a l a i d , r e q u e s t f o r 

s t a t u s o f 30 a a p lo y e e s p r e v i o u s l y d e s ig n a t e d 1 / 3 3 ^ 

*G ^ o r g r I r -in , appointment as a s s is ta n t approved 

B aggott, O e o ^ ^ ^ approval 

i s r e q u ir e d f o r a l l a p p o in tm e n ts o f a s s i s t a n t 

exam in ers n i ^5 

C hapin, E a r l, appoin tm en t a s a s s i s t a n t , t o l e n d c l e r i c a l 

a s s is t a n c e t o r e g u la r e x a m in e rs 4/16 553 

Evans, J . H a d ley, a p p oin tm en t a s a s s i s t a n t , t o l e n d c l e r i c a l 

a s s is t a n c e t o r e g u la r e x a m in e rs 4/16 562 

H a rtm e is te r , L o u is A ., appoin tm en t a s a s s i s t a n t 1 0 /1 4 1394 

N a tio n a l bank exam in ers, u s e i n e x a m in a tio n s o f S t a t e member 

banks a p p roved 4 / 3 49$ 

FRBank o f San F r a n c is c o : 

A rm strong, Reward, d e s ig n a te d te m p o ra ry a s s i s t a n t e x a m in e r 12/29 1752 

A rm stron g, L . B ., lo a n from O c c id e n t a l L i f e I n s u r a n c e C o ., 

r e p ly t o FRBank o f San F r a n c is c o t h a t t h e r e i s 

no l e g a l o b j e c t i o n t o s e c u r in g , d i r e c t o r s s h o u ld 

d e c id e any o t h e r q u e s t io n s r e 4/30 630 

A s s is t a n t s , d e s ig n a t io n o f fo u r e m p lo y e e s a s , t o le n d 

c l e r i c a l a s s is t a n c e t o e x a m in e r s , a p p r o v e d 1 /1 5 96 

Dryden, Henry F . , appoin tm en t a s a s s i s t a n t 3 / 4 366 

Sw engel, H. D ., FRAgents R e p r e s e n t a t iv e , L o e A n g e le s 

B ranch, t o rem ain u n d e r b ra n ch p la n even th ou gh 

on Head o f f i c e p a y r o l l 1 0 /2 9 1467 


A s s is t a n t s , appointm ent o f , r e p l y t o V i c e P r e a id e n t Wood 

th a t B o a r d 's a p p r o v a l o f a l l , i s n e c e s s a r y 3/26 4.* 

em ployees u sed in e x a m in a tio n s t o le n d c l e r i c a l a s s i s t a n c e , 

l e t t e r t o a l l FRBanks t h a t names s h o u ld b e su bm 

itte d t o B oard f o r a p p r o v a l and t h a t such a u - 

t h o r iz a t io n w i l l be c o n t in u in g 4 / 3 49 

L e t t e r s t o FRBanks o f B oston and S t . L o u is a p p r o v in g 

u se o f n a t io n a l bank e x a m in ers i n e x a m in a tio n s 

o f S ta te member banks 4 / 3 

Loan frtm O c c id e n ta l L i f e I n s u r a n c e C o ., r e p l y t o FRBank 

^ ° i ° c o * h a t t h e r e i s no l e g a l o b j e c - 

° i** L* B . A rm stron g s e c u r in g , d i r e c t o r s 

N a tion a l b . J ^ ^ ° * b e r b a s t i o n s r e 4/30 

t io n a l bank exam in ers, l e t t e r s t o FRBanks o f B o s to n and 

L o u is a p p ro v in g u s e , i n e x a m in a tio n s o f ^ 

b r a n c h banks: 

S a lt Lake C ity : 

^ * / 3 " 

E * n n r d . o . H ., d .e ig n a t e d tem p ora ry a s s is t a n t 

1752 

690

„i*s: (C o n tin u e d ) 

bank: 

E x a m in a t io n s o f f o r e i g n b r a n c h e s o f C h a se B ank, to b* 

m i s s i o n e d b y B o a r d f o r ^ com - 

J e n n in g s . L e w e lly n A . , c o m m ia s io n e d t o e te m ln e fo r e ig n 

b r a n c h e s o f C h a se Bank 

State m em ber banks, l e t t e r s t o FRBanks o f B o s t o n and St 

L o u is a p p ro v in g u s e o f , in e x a m in a tio n s 

S te y e rt, F r a n c i s R . , c o m m is s io n e d b y B oard t o make examinat 

i o n s o f f o r e i g n b r a n c h e s o f C hase Bank New 

Y o r k , N. Y . 

P lans changed and n o t t o b e sen t abroad 

Trepanier, T h e o d o r e T . , c o m m is s io n e d b y B oard t o make exami 

n a t i o n s o f f o r e i g n b r a n c h e s o f C h ase Bank 

Mono o f Mr* L e o n a r d o n c o m m is s io n 

Executive o f f i c e r s : 

A s s is ta n t c a s h i e r , M r. S t r e i c h e r , R a c e S t r e e t B ranch o f C e n tr a l 

T r u s t C o . , C i n c i n n a t i , d u t ie s a re c l e r i c a l , 

r u l e d n o t t o b e e x e c u t i v e o f f i c e r w ithout r u li 

n g g e n e r a l l y a s t o p o s i t i o n 

Borrowings b y , u p t o $ 2 5 0 0 , s t a te m e n t i n r e s p e c t t o , ord ered 

p u b l i s h e d i n F R B u lle t in 

Endorsement o r g u a r a n t e e o f c o m m e r c ia l p a p e r , r u l e d t o b e i n 

d e b t e d n e s s w h ic h J . W. N orw ood m ust r e p o r t t o 

d i r e c t o r s o f W ilm in g t o n S a v in g s and T r u s t C o ., 

W ilm in g t o n , N . C . , m ay re m a in a s d i r e c t o r i f 

fo u n d n e c e s s a r y t o r e l i n q u i s h v i c e p r e s id e n c y 

I n a c t iv e o f f i c e r s , r e q u e s t t h a t t h e y b e e x c lu d e d from R e g u la tio n 

2 2 ( g ) o f FR A ct 

S tre tch e r , R . W ., R a c e S t r e e t B ra n ch o f C e n t r a l f r u s t u o . , 

C i n c i n n a t i , O h io . t i t i e i s a s s i s t ^ t c a s h i e r 

b u t d u t i e s a r e c l e r i c a l , r u l e d n o t t o 

t i v e o f f i c e r w it h o u t m l i n g g e n e r a l l y a s t o 

, p o s i t i o n 

Rxecutive o r d e r s : m 

C losin g a t 1 :0 0 p . m. S e p te m b e r 17 o f ^ ^ L i n r o f t h e 

o b s e r v a n c e o f a n n iv e r s a r y o f th e sig in . e 

C o n s t i t u t i o n _ . 

H oliday o n D ectsnber 2 4 , o f f i c e s o f B o a rd a l s o t o 

3 / 2 359 

9 / 8 1241 

4 / 3 499 

4 / 2 496 

9 / 8 1241 

4 / 2 496 

9 / 8 1241 

2 /1 7 315 

1 0 /1 5 1 3 9 7 -8 

7 /1 6 990 

0 and a l l o w e d t o b o r r o w on same b a s i s a s d i r e c 

t o r s , B o a r d c a n n o t a l l o w 

In d e b te d n e ss o f M r. B u t to n t o D o l l a r S a v in g s and T r u s t C o ., 

Y o u n g s to w n , O h io , o n h o u s e p u r c h a s e d fro m b a n k , 

1 2 /3 0 1758 

a p p e a r s t o f a l l w i t h i n e x c e p t i o n p e r m i t t i n g i n 

d e b t e d n e s s t o p r o t e c t bank 

In d eb ted n ess o f B . F . K a u fR n a n t o B a n k e rs T r u s t C o ., Des M o in e s , 

5 /2 7 757 

I o w a , a s t r u s t e e o f B a n k e rs E m p loyees T r u s t , 

B o a r d o f f e r s n o o b j e c t i o n t o t r a n s a c t i o n 

7 /1 6 991 

Loans by member bank t o f i n a n c e com p an y, a p p l i c a b i l i t y o f 

1 2 / 4 1624 



2 /1 7 315 

9 / 7 1 2 35 

1 2 /1 0 1 6 45

E x h ib it s : Pan A m erican E x p o s i t i o n , t o be 

F ed e ra l r e s e r v e ^ e x h i b i t s a t o t h e r 

^ e i t i o n s . Mr. T h u rsto n t o head c c ^ m it t e e 1 3 / 1 0 

f o r e r e c t i n g a t t e n d a n t 's h o u s e and 

F. H. K a r t e ll C o .. 1 " = - ^ B o a r d 's p a r k in g l o t a c c e p t e d 13/31 

m A c t p r o p o s e d b y , c o n t r a r y t o i n t e r - 

Amendment * lo a n com m ittee p o l i c y r e g a r d in g 

no l e g i s l a t i o n , o b j e c t i v e t o be sou g h t i n o t h e r 

w ays, r e p ly t o Mr* B e l l 6 / 1 

FaiM r e a l e s t a t e , r e p ly t o nM an * o f San F r a n c is c o r e s c o p e o f 

ite m in c o n d it io n r e p o r t rorm 1 /1 9 

F ed era l A d m in istra tiv e C o u rt, e s ta b lis h m e n t fa v o r e d b y A m erica n B ar 

A s s o c ia t io n , M r. Wyatt t o a t t e n d c o n v e n t io n as 

o b s e r v e r 9 /2 2 

F ed era l A d v is o r y C o u n c il: 

B u sin e ss and c r e d it c o n d i t i o n s , r e p o r t s , s u g g e s t io n o f M r. 

B r o d e r ic k th a t members b e p r e p a r e d a t f u t u r e 

m e e tin g s t o make 2 /1 6 

R eview by members o f c o n d it io n s i n t h e i r d i s t r i c t s 2 /1 6 

R eview by members o f c o n d it io n s i n t h e i r d i s t r i c t s 5 /1 8 

R eview by members o f c o n d it io n s i n t h e i r d i s t r i c t s 1 0 / 8 

R eview by members o f c o n d it io n s i n t h e i r d i s t r i c t s 1 2 /1 4 

C handler B i l l , r e p o r t o f P r e s id e n t Sm ith r e c o n s i d e r a t i o n o f 

th a t p a r t o f b i l l w h ich w ou ld p r o h i b i t b anks 

from o f f s e t t i n g d e p o s i t s o f b a n k r u p ts a g a in s t 

t h e i r o b l i g a t i o n s t o b anks 2 /1 6 

Statem ent p re p a re d by C o u n c il, a d v ic e t h a t r e v i s i o n o f b i l l 

w ould be in t r o d u c e d i n H ouse 2 /1 6 

R ep ly t o P r e s id e n t S n ith r e v ie w s o f C o u n c il a s t o , a d v is in g 

th a t b i l l i s n o t now p e n d in g b u t i s e x p e c t e d t o 

be r e -in t r o d u c e d in r e v i s e d form 3 /1 0 

FRBank o f C h ica g o, f e e s and a llo w a n c e s , r e p l y t o M r. Y oung t h a t 

as amounts f i x e d a r e th e same a s t h o s e a p p ro v e d 

o ^ P r e v io u s ly b y B o a rd , no a c t i o n i s r e q u ir e d 2 / 9 

rân- ^ t a l l a s , f e e s and a llo w a n c e s f o r m em ber, a p p r o v e d , adv 

i c e th a t B oard p r e v i o u s l y g a ve c o n t in u in g app 

r o v a l t o payment o f sum tow a rd e x p e n s e s o f 

C o u n c il's S e c r e t a r y 3 / 4 

tRBank o f M in n e a o o lls f e e s n il 

th a t L a llo w a n c e s f o r m em ber, r e p l y 

^936 ^ " " t h 'U z a t i o n °

A d v isory C o u n c i l : (C o n t in u e d ) 

on danand d e p o s i t s o f S t a t e s and m u n i c i p a l i t i e s ^ 

1° f o r m a t i o n r e q u e s t e d r e g a r d in g p r o g r e s s o f m ovem 

ent t o em end S e c . 1 9 t o p e n u lt paym ent 

i n v e s t m e n t s e c u r i t i e s , p u r c h a s e o f b y m em ber b a n k s , c o m m i t t e e 

^ a p p o in t e d t o i n v e s t i g a t e d e s i r a b i l i t y 

Loans, q u e s t io n s a s t o e x t e n t o f c a s h b a l a n c e s c a r r i e d by c u s 

t o m e r s o f c o m m e r c ia l b a n k s and any l i k e l i h o o d 

o f i n c r e a s e d demand f o r , en d i f s o , from w t ^ 

s o u r c e , c o n s i d e r e d b y C o u n c il 

R e p o r t s O f m em bers r e s i t u a t i o n i n r e s p e c t i v e d i s t r i c t s 

L u n ch eon s e r v e d t o m e m b e rs, B o a r d t o assum e c o s t o f 

Members i n v i t e d t o d i n i n g room i n new b u i l d i n g on O ct. e 

M eetings: 

Feb. 1 5 -1 6 , t o b e h e l d 

May 1 7 -1 8 , r e p l y t o M r. L i c h t e n s t e i n a d v i s i n g th a t B oard 

h a s n o t o p i c s f o r c o n s i d e r a t i o n 

May 1 6 , m e e t in g w it h B o a r d 

S e p t. 2 0 -2 1 , m e e t i n g m oved u p t o O c t . 7 - 6 b e c a u s e o f con 

v e n t i o n o f A m ericetn B a n k e rs A s s o c i a t i o n on 

O c t . 11 

O cto b e r 7 - 8 , r e p l y t o M r. L i c h t e n s t e i n c o n f i n n in g d a te and 

s u g g e s t i n g f o r d i s c u s s i o n t h e p r o p o s e d amendm 

en t t o R e g u l a t i o n F 

O cto b e r 8 , m e e t in g w it h B o a r d , d i s c u s s i o n o f R e g u la t io n F , 

g e n e r a l d i s c u s s i o n a s t o b u s in e s s c o n d i t i o n s 

t h r o u g h o u t U . S . 

December 1 3 - 1 4 a p p o i n t e d a s d a t e f o r n e x t m e e tin g 

O f f i c e s o f B o a rd o r C o n f e r e n c e R oom , lu n c h , euid o f f i c e 

s p a c e m ade a v a i l a b l e t o , b y B o a r d , l e t t e r t o 

M r. L i c h t e n s t e i n 

December 1 4 , m e e t in g w it h B o a r d , re com m en d a tion thEu m aaber 

bank r e s e r v e s n o t b e c h a n g e d , d i s c u s s i o n o f 

a l l o w i n g m em ber b a n k s t o p u r c h a s e investment 

s e c u r i t i e s , and how FR System m ig h t i n c r e a s e 

v a l u e o f i t s s e r v i c e s t o m em ber banks 

Members: * f ____ 

A L d rich , W in th rop W ., e l e c t e d b y FRBank o f New ôrk f o r 

1937 

B a ll, E dw ard, e l e c t e d b y FRBank o f A t la n t a 

Brown, Edward E . , r e e l e c t e d b y FTiBank o f C h ica g o 

C rosb y, J o h n , e l e c t e d b y FRBank o f M in n e a p o lis 

D ick , P a u l S . , e l e c t e d b y FRBank o f San F ra n c is co 

Cohen, C h a r le s M ., r e e l e c t e d b y FRBank o f R ichm ond 

H ard in g, R . E . , e l e c t e d b y FRBank o f D a lla s 

Kemper, W. T . , r e e l e c t e d b y FRBank o f K a n sa s ^ i t y 

L oeb, Howard A . , r e e l e c t e d b y FRBank o f P h i ^ ^ P j 

S a ith , W a lt e r W ., r e e l e c t e d b y FRBank o f S t . L o u is 

S t e e le , Thomas M ., r e e l e c t e d b y FRBank ° f B o s to n 

W illiam s, L e w is B . , e l e c t e d b y FRBank o f C levelan d 



5 /1 6 721 

1 2 /1 4 1654 

2 /1 6 299 

2 /1 6 ZOO 

9 /1 6 1294 

9 /2 0 1308 

2 / 2 214 

4 /2 8 615 

5 /1 8 719 

5 /1 8 722 

9 /2 0 1308 

1 0 / 8 1383 

1 0 / 8 1385 

1 1 /1 7 1542 

1 2 /1 4 1651 

1 /2 3 

1 /2 3 

1 /2 3 

1 /2 3 

1 /2 3 

1 /2 3 

1 /2 3 

1 /2 3 

1 /2 3 

1 /2 3 

1 /2 3 

1 /2 3 

156 

156 

156 

156 

156 

156 

156 

156 

156 

156 

156 

156

. r ; = " ^ s . - - - - ° . 4 

R e co m m e n d a tio n s: r b a n e e i n , r e c o m m e n d a t io n t h a t n o 

R eserv e ^ ^ d e a t p r e s e n t tim e 1 2 /1 4 

TT -t c c n-f d r a ft o f amendment t o be s e n t t o , o r 

R e g u l a t i o n , "°P ^ and s u g g e s t io n s 8 /1 9 net) 

„+ i n c l o s i n g p r o p o s e d amendment on common t r u s t 

L e t t e r se n t e v e n t s 9/SO 1^ , 

p r o s e d a m e ^ e n t , d is c u s s io n end c r i t i c i s e i n m e e tin g 

w ith B oard o f G o v e rn o rs 1 0 / 6 1334. 

4 r e p o r t o f P r e s i d e n t Sm ith t h a t C o u n c il 

R e g u la tio n Q, S e c ^ l ( f ) , j e p o r t ^ ^ ^ c ^ e n d a t i o n o f N ov. 1 6 -1 7 , 

r e v ie w o f r e a s o n s f o r amendment o f I*eb. 9 , 

Board does not contem plate p u b lic a t io n o f r u l 

in gs regardin g com pliance w ith r e g u la t io n 2 /1 6 299 

S ervices o f FRSystem t o member banks, req u est b y , f o r f u r t h e r 

tim e t o c o n s id e r 1 2 /1 4 1655 

T opics fo r d iscu ssio n : ^ , 

Custom ers o f com m ercia l b a n k s, h a ve t h e y d e p o s i t s s u f f i c i e n t 

t o fin a n c e r e q u ir a n e n t s w ith o u t b o r r o w in g , t o 

b e t o p i c f o r m e e tin g F e b . 1 5 -1 6 2 / 4 226 

Danand f o r l o a n s , i f a n y, d o e s i t o r i g i n a t e w it h l a r g e c o r 

p o r a t io n s o r s n a il b u s in e s s e s and p u r p o s e s , t o 

be t o p i c a t m e e tin g F e b . 1 5 -1 6 2 / 4 226 

D e p o s it b a la n c e s o f com m ercia l h a n k s, s ta te m e n t o f M r. 

Ransom t h a t p r o p o s e d t o p i c r e p r a c t i c e o f m ain 

t a in in g w ith o t h e r b anks r a t h e r th a n FRBanks 

sh o u ld b e s tu d ie d f u r t h e r b e f o r e s u b m is s io n 2 /1 5 29? 

F R Systaa, s e r v ic e s t o member b a n k s, i n c r e a s e i n v a lu e o r 

sco p e o f 1 2 / 8 1654 

L i s t o f , re q u e s t o f S e c r e t a r y f o r , M e s s r s . Szym czak and 

D avis a p p o in te d t o draw up 1 1 /2 6 1568 

M eetin g F eb. 1 5 -1 6 , tw o , s u g g e s te d b y M r. Ransom and M r. 

G o ld e n w e ie e r, d r a f t o f l e t t e r s u b m it t in g t o p i c s 

t o be p re p a re d 2 / 2 214 

i o p i c su bm itted by M r. Ransom a p p ro v e d f o r r e f e r e n c e t o 

C o u n c il, l e t t e r t o b e p r e p a r e d s u b m it t in g , w ith 

e secon d t o p i c 2 / 4 ^ 

P rese n te d a t m e e tin g and c o n c lu s io n s t o b e p r e s e n t e d a t 

l a t e r m e e tin g g / 4 

R e g u la tio n F, p ro p o sed amendment on o p e r a t io n o f com non t r u s t 

funds s u g g e s te d 9 / 2 0 

tre a s u ry b i l l s , R e fe r e n c e o f Chainnan E c c l e s t o p r e v io u s d i s c u s - 



d i ^ ^ L m m arket f o r , fu r t h e r 

m a t u r i t i e s t o y i e l d r a t e s and 

- S t funds, ^ , R eflation F authorizing operation o f. 

° f C o u n c il th a t f i n a l d r a f t ^ 

t"* S E P rep a red f o r im m ediate a c t i o n I S /1 * ^

i A d v isory C o u n c i l : ( C o n t in u e d ) 

^ * T r u s t In d e n tu re A c t o f 1 9 3 7 , memo o f s p e c i a l co m m itte e i n su p - 

p o r t o f s t a t e m e n t o f M ay i s , c o p y t o b e sst-t 

t o SEC and M r. S n i t h t o b e a d v is e d B oard 

t r a n s m it t o c o n g r e s s i o n a l co m m itte e s i f C o u n tu 

so d e s i r e s an d t o c o m m itte e o f A m erica n B ankers 

A s s o c i a t i o n 

R equest o f P r e s i d e n t R n it h t h a t B o a r d f i l e memoranda w ith 

S e n a t e C o m m itte e , B o a r d b e l i e v e s c o m p lia n c e i n 

a d v i s a b l e , C o u n c i l t o f i l e d i r e c t l y 

. m rai Bureau o f I n v e s t i g a t i o n : 

^ Reports o f a p p a r e n t v i o l a t i o n s o f c r i m i n a l s t a t u t e s r e l a t i n g t o 

b a n k s t o l o c a l o f f i c e s , r e p l y t o FRBank o f 

A t l a n t a t h a t p r o c e d u r e c o n t e m p la t e s o n l y r e 

p o r t s o f bank r o b b e r i e s 

- deral C r e d it U n io n s : ( S e e C r e d i t U n io n s ) 

^ d eral D e p o s it I n s u r a n c e C o r p o r a t i o n : 

* American Bank and T r u s t C om pany, M ia m i, F l a . , m anagem ent o f , 

c l e a r a n c e m u st b e o b t a i n e d fro m FDIC r e t h i s 

q u e s t i o n b e f o r e B o a r d ca n c o n s i d e r a p p l i c a t i o n 

f o r m e m b e rsh ip i n F R System 

Annual r e p o r t , t a b l e and s t a t e m e n t p r o p o s e d t o b e f u r n i s h e d by 

B o a r d , l e t t e r t o Mr* Thom pson s u g g e s t in g m o d if 

i c a t i o n s 

R e v ised s t a t e m e n t , n o o b j e c t i o n t o p u b l i c a t i o n 

A p p lic a t io n s o f i n s u r e d and u n in s u r e d b a n k s f o r m em bersh ip in 

F R S ystem , l e t t e r t o a l l FRBanks r e c o o p e r a t io n 

w i t h c o r p o r a t i o n i n c o n n e c t i o n w it h 

Bank s u s p e n s io n s , r e q u e s t f o r i n f o n n a t i o n b y 

C e r t i f i c a t i o n o f b a n k s : 

Atoka S t a t e B an k, A t o k a , O k l a . , m e m b e rsh ip i n FRSystem e f 

f e c t i v e J u l y 2 

B rig h to n S t a t e B an k , B r i g h t o n , C o lo r a d o + if-i ri 

F ir s t Bank and T r u s t C om pany, P e r t h A m boy, N . J . , c e r t i i i e 

t o C o r p o r a t i o n a s m em ber o f FRSystem 

M e t r o p o lit a n T r u s t C om pany, C h ic a g o , I l l i n o i s 

M o rris F la n Bank o f T o l e d o , O h io , c e r t i f i c a t i o n o f m em ber- 

s h i p i n F R System 

Crowley, L e o , C h a in n a n : _ , 

F e d e ra l S a v in g s an d L o a n A s s o c i a t i o n s , ^ ^ - e _ 

c o n f e r w i t h , an d C o m p t r o l l e r r e s i t u a t i o n r e 

s u i t i n g fr o m p o w e r t o a c c e p t d e p o s - 

h ig h i n t e r e s t r a t e s +hnt i n - 

D ep osits, d i s t r i b u t i o n o f , am ong b r a n c h b a n k s , req u 

f o r m a t i o n b e ^ m i s h s d t o , ^ t h e r e d ^ 

D e c a n b e r c a l l f o r c o n d i t i o n r e p o r t s o f a 

m a n b e r b a n k s rM .=+-rict fu n d s , 

d e p o s its , m u n ic ip a l c o r p o r a t i o n and s c h o o l n e i t h e r B oard 

r e p l y t o D e p u ty C om p troller t h a t ^ n e i t h ^ 



n o r FDIC h a s r u l e d ^ 7 3 r u l e d th a t 

c l a s s e d a s s a v i n g s , b u t b o t h h a v e r ^ 

f o n n e r m ay n o t b e s o c l a s s i i e 

S / l l 820 

6 /1 5 Q33 

5 /2 1 736 

1 2 /2 6 1742 

6 / 8 795 

6 /1 6 645 

6 /2 6 694 

9 /1 6 1293 

7 / 2 920 

9 /1 5 1260 

1 0 / 6 1369 

1 2 / 6 1627 

1 0 /2 0 1406 

1 /1 5 93 

1 2 /1 0 1642

E x a m in a t io n s : ..< = ist in r e v ie w in g a s s e t s ta k e n o v e r 

Board 'i s ^ s s M p t O p i s s company from W estwood T r u s t 

Kzapany p e r m is s io n g ra n te d f o r , 

c i t i z e n s ^ n ° = o ^ e ^ o n w ith d ra w a l fro m FRSystem 

r ff^nn-D nbôn and T ru st Company, C h e h a lis , 'h a s h ., 

^ w r it t e n a p p ro v a l f o r P a r t i c i p a t i o n 

F ir s t S ta t e Bank o f W y k o f f , M in n ., p e r m is s io n g r a n t e d f o r , 

in c o n n e c t i o n w ith d e s i r e t o c o n t in u e in s u r e d 

s t a t u s u n in t e r r u p t e d ly u p on w ith d ra w a l from 

FRSystem 

Government s e c u r i t i e s , q u e s t io n o f a d v i s a b i l i t y o f B oard 

s e e k in g t o e s t a b l i s h a u n ifo r m p o l i c y t o e f 

f e c t u a t e p a r v a lu a t io n o f , M r. P a u lg e r and M r. 

McKee t o d e te rm in e p r o c e d u r e and m ake recom 

m en d a tion 

P e rth Amboy T ru st C o ., P e r th Amboy, N. J . , a d v ic e o f J o in t 

exam in a tio n by S t a t e a u t h o r i t i e s and FRBank and 

p e r m is s io n t o p a r t i c i p a t e 

R a r ita n T ru st C o ., P e r t h Amboy, N. J . , a d v ic e o f j o i n t exa 

m in a tion b y S t a t e a u t h o r i t i e s and FRBank and 

p e r m is s io n t o p a r t i c i p a t e 

Westwood T ru st C o ., W estw ood, N. J . , a u t h o r iz e d t o p a r 

t i c i p a t e i n exam in a tio n i n c o n n e c t io n w it h p r o 

p o sed m erg e r w ith P e o p le s T r u s t Company o f 

B ergen C ou n ty, B a ck e n s a ck , N. J . 

(S e e a ls o E xam in ation s, F .D .I .C .) 

Farmers S ta te Bank, W a lla c e , N ebra sk a , a p p l i c a t i o n f o r membersh 

ip in FRSystem, no r e a s o n from s t a n d p o in t o f 

FDIC why B oard s h o u ld n o t c o n s id e r 

Government s e c u r i t i e s , p a r v a lu a t io n , q u e s t io n o f a d v i s a b i l i t y 

o f Board s e e k in g t o e s t a b l i s h a u n ifo r m examin 

a t io n p o l i c y t o e f f e c t u a t e , M r. P a u lg e r and 

Mr. McKee t o d e te rm in e p r o c e d u r e and m ake recom 

m endation 

^roup and ch ain b a n k in g, d ata r e l a t i n g t o , se n t t o M r. Thom pson, 

+ j a s p e r r e q u e s t o f Chairm an C ro w le y 

I n t e r e s t on danand d e p o s it s o f p u b l i c fu n d s , memo o f M r. V e s t 

r e t h r e e b i l l s in h ou se f o r e x t e n s io n o f tim e 

member banks may p a y , M r. Ransom t o d i s c u s s 

I n t e r e s t C o m p tro lle r and FDIC p o s i t i o n t o b e ta k en 

t e r e s t r e g u la t io n r e p o r t o f M r. Ransom o f a greem en t w ith 



t o a m e n d i n t e r e s t r e g u la t io n s t o e lim in a t e 

P rop osed J o in t p r e s s t o ^ a s c e r t a in e d 

P r e s s c e r t a in ch an ges a r e a g r e e a b le 

l a ^ l l ^ t h "*** **Bsom a u t h o r iz e d t o 

end S en a tor G l ^ t o ! ^ " ^ ^ ' ' " 

9/16 

2/17 

12/ 6 

7 / 6 

4 / 9 

2/17 

2/17 

2 /1 5 

1 2 /2 3 

4 / 9 

11/ 4 

2/ 9 

2/ 9 

2/ 9

i D e p o s i t i n s u r a n c e C o r p o r a t i o n : ( C o n t i n u e d ) ***^

s t a f f : (C on tin u ed ) f e t i n g C h ie f, D iv is io n o f R e search and 

Thompson. snnuel r e p o r t , r e p ly s u g g e s t in g m o d if 

i x a t i o n s in t a b l e and e ta ta n e n t p r o p o s e d t o be 

in c o r p o r a te d in ?9S 

R e v is e d s ta te m e n t, no o b j e c t i o n t o p u b l i c a t i o n 6 /H ^ 

T e ^ n a t i o n o f d e p o s i t ^ n s u r a ^ e ^ ^ ^ ^ ^ ^ ^ E y . , r e p o r t o f M r. 

T a y lo r " s t i o n a l ^ B a n ^ ^ ^ . y ^ s a t i o n s w ith M r. N i c h o l s and 

d eputy c o m p t r o l le r s o f th e C u r r e n c y r e p r o c e e d in g s 

by B oard t o r o n o v e M r. M o rto n a s p r e s i d e n t and 

by c o r p o r a t io n t o t e n n in a t e in s u r a n c e 6/30 e99 

Time d e p o s i t s , op en a c c o u n t , i n t e r p r e t a t i o n s o f R e g u la t i o n Q 

r e , t o b e fu r n is h e d f o r c o n f i d e n t i a l u s e 5 /2 6 753 

F ed era l F ir e C o u n c il; 

*'^^Spurây!^y! E . , B u ild in g M anager, d e s ig n a te d a s 1 0 /2 8 146: 

F ed era l Home Loan Bank B o a rd : , , , 

F e d e ra l S a v in g s and Loan A s s o c i a t i o n s , r e g u l a t i o n s a u t h o r i z i n g , 

p e r m it t in g t o a c c e p t d e p o s i t s and p a y h ig h r a t e s 

o f i n t e r e s t , e f f e c t i n g u n s a t i s f a c t o r y s i t u a t i o n , 

C h a im e n t o c o n f e r w ith C o m p t r o lle r and C h a ir 

man o f FDIC r e s t e p s t o b e ta k e n t o c o r r e c t 1 /1 5 93 

F ed e ra l Home Loan Banks: 

O b lig a t io n s , p r o p o s e d amendments t o la w a u t h o r i z i n g FRBanks t o 

con d u ct op en m ark et o p e r a t i o n s i n , a n a l y s i s o f , 

and r e a s o n s f o r u n d e s i r a b i l i t y , r e p l y t o A c t in g 

D ir e c t o r o f B udget 6 / 7 787 

F ed e ra l H ou sin g A d m in is tr a t io n : 

M cD onald, S te w a rt, A d m in is t r a t o r , t i t l e I I o f F e d e r a l H o u s in g A c t , 

r e q u e s t f o r conm ents o f C h ain n an E c c l e s r e 

e co n o m ic, s o c i a l and m o n e ta ry a d v a n t a g e s o f , 

r e p ly l / l 5 94 

M ortgage lo a n s in s u r e d u n d er N a t io n a l H o u s in g A c t , in v e s t m e n t o f 

t r u s t fu n d s i n 3 /1 7 424 

F ed era l R e g is t e r : 

R e g u la tio n M on f o r e i g n b r a n c h e s t o b e s e n t t o , f o r f i l i n g 6 /1 4 114' 

FRAct: 

Amendmente: 



- 5 ^.i Lai r e a u ir a n e n ts f o r m em bership and b r a n c h e s , amendment 

^ . 

a g re e d upon t o e x te n d a u t h o r it y o f B o a rd t o 

d eterm in e a d e q u a te , w it h in c e r t a i n l i m i t a t i o n s l / ? 

37 

chainnan and FRAgent, amendment t o e f f e c t s e p a r a t io n o f 

o f f i c e a g re e d upon and a l s o r e q u a l i f i c a t i o n s 

.'T ? se o f a u t h o r it y o f a s s i s t a n t F U A gents l / ? 

37 

. ... ce Chainnan o f B o a r d , amendment a g r e e d upon 

"h e re b y term o f a p p o in tm e n t w ou ld b e f o u r y e a r s 

&n p r o h i b i t i o n on e n g a g in g i n b a n k in g b u s in e s s 

im m e a ia te ly a f t e r e x p i r a t i o n w ou ld b e r e p e a le d 

BE LO 7 

38

(Continued) 

^ 'L e n d a e n t s ? ( C o n tin u e d ) 

D iscou n t r a t e s , e s ta b lis h m e n t b y FRBank a , amendment asi-snn 

upon t o r e q u ir e o n ly o n ce a month o r o f+ J T 

i f deemed n e c e s s a r y by Board f t e n e r 

D iv id en d s o f F R B anks, am endm ent a g r e e d u p on t o ? 39 

l a t i v e t o 4% w it h a u t h o r i t y t o p a y H * " 

i f e a r n e d 

Federal Open M a rk e t C o m m itte e , m e m b e rs h ip , am endm ent 

a g r e e d u p o n t o ch a n g e r e p r e s e n t a t i o n o f FRBanks 

and c l a r i f y p r o v i s i o n o f la w , M r. McKee f a v o r - 

^ 37 

a b l e t o l a t t e r b u t o p p o s e d t o fo r m e r 1 

F R n otes, p e n a l t y f o r p a y i n g o u t o f n o t e s o f on e FRBank by ^ 

a n o t h e r , am endm ent a g r e e d u p o n t o r e p e a l 1 / 7 ^ 

B e a rin g s b y B o a r d , am endm ent a g r e e d u p o n t o f a c i l i t a t e co n 

d u c t and p e r m it e s t a b lis h m e n t o f p r o c e d u r e 

M gnbers o f B o a r d o f G o v e r n o r s , a s s ig n m e n t o f d u t i e s , 

am endm ent a g r e e d u p o n w h e re b y p e r fo r m a n c e o f 

s p e c i f i c d u t i e s n o t i n v o l v i n g n a t io n a l p o l i 

1 / 7 39 

c i e s c o u l d b e a s s i g n e d 

M em bership r e q u i r e m e n t s , am endm ent a g r e e d u p on w h ich w ou ld 

m ake a u t h o r i t y o f B o a r d t o w a iv e e f f e c t i v e 

1 / 7 39 

im m e d ia t e ly r a t h e r t h a n i n 1941 

S e c. l l ( k ) , am endm ent t o w a iv e r r e q u ir e m e n t t h a t c o l l a t e r a l 

b e p l e d g e d f o r t r u s t fu n d s d e p o s i t e d i n comm 

e r c i a l d e p a r t m e n t t o e x t e n t in s u r e d , Comp 

l / 7 38 

t r o l l e r o p p o s e d 

S e c. 1 3 a , am endment p r o p o s e d b y Farm C r e d i t A d m in is t r a t io n , 

c o n t r a r y t o in t e r d e p a r t m e n t a l lo a n com m itte e 

p o l i c y r e n o l e g i s l a t i o n , o b j e c t i v e t o b e 

3 /1 8 434 

s o u g h t i n o t h e r w a y s , r e p l y t o M r. B e l l 6 / 1 7 66 

S e c. 1 6 , e x t e n s i o n o f a u t h o r i t y t o p l e d g e G overnm ent s e 

c u r i t i e s a s c o l l a t e r a l f o r F R n o te s 1 4 c 

D r a ft o f am endm ent and s t a t a n e n t o n d e s i r a b i l i t y o f 

e n a c tm e n t t o b e s e n t t o C o n g r e s s 

S ec. 1 9 , amendment t o p e r m it paym ent o f i n t e r e s t on danand 

d e p o s i t s o f fu n d s o f S t a t e s and m u n i c i p a l i t i e s , 

1 / 6 24 

i n q u i r y o f F e d e r a l A d v i s o r y C o u n c il a s t o 

p r o g r e s s i n m ovem ent to w a r d 

Sec. l l ( m ) , s u r p lu s d o e s n o t i n c l u d e u n d iv id e d p r o f i t s and c o n - 

^ 

t i n g e n t r e s e r v e s 

Sec. 23A, s t o c k o f D on n on t S a v in g s and T r u s t C o ., p r o p o s e d a c - 

q u l s i t i o n b y P e o p l e s - P i t t s b u r g h T r u s t C o ., 

P i t t s b u r g h , P a - , fr o m t r u s t o f w h ich l a t t e r 

i s b e n e f i c i a r y , w i l l b e i n n a t u r e o f l i q u i d a t ^ ^ 

i n g d i v i d e n d , n o o b j e c t i o n 

Agreements o f nonm em ber b a n k s o n fo im s T - l and 

f u n c t i o n s i n c o n n e c t i o n w it h J ^ a - 

b e c o n t in u e d b y , p e n d in g 

t i o n T , o t h e r s e c u r i t i e s e x ch a n g e * ^ 

h a n d le d o n b a n k in g s i d e , r e p l y t o F3B p/ 2 5 4 5 3 



D a l l a s

H tAgants: ^ t i e s , r e t i r e m e n t s , c l a s s i f i c a t i o n s , 

Alternates, 

s a l a r i e s ^ ^ 499 

- ^ s ^ t 1 . 



" ^ r ^ ^ i e ^ A l t e S I t ^ a t ^ A t l a n t a , c o n t in u a n c e ^ ^ ^ 

B a m e t t , M rs. ^ ^ ^ ^ \ e m p o r a r y p e r i o d a p p r o v e d , u n d e r - 

ha desired to o e r m it M r- M cC ra v ey t o 

s p ^ d some tim e in B o a r d 'e D i v i s i o n o f R e s e a r c h 

and S t a t i s t i c s 1 / 3 , 

A T ^ A s s i s t a n t a t .e w Y o r k , a p - ^ ^ 

B u llo c k , i ts,gn t and s a la r y a p p r o v e d 1S/Z9 ^ 

-r ^ Ai + ^T-nnte a t i-lRBank o f M i n n e a p o l i s , b on d 

C a ria n d e r, and F i d e l i t y and D e p o s it Company 

o f M a r y la n d t o b e a d v is e d o f t e r m i n a t i o n o f 

l i a b i l i t y on o l d bon d 7/17 992 

Changes n a d e i . o f f i c e a s r e s o l t o f t r a n s f e r o f F R A gen ts 

n o n s t a t u t o r y d u t i e s t o FRBanks % ^ 4^: 

C la rk , J . C ., J r . , A c t in g a t Oklahom a C i t y B r a n c h , r e a p - 

p oin tm en t ' 

C ooper, N. C ., A lt e r n a t e a t New Y o r k , s a l a r y , B o a rd adv 

i s e d o f a p p r o v a l S e p t . 2 9 , 1 9 3 6 , and no f u r t h e r 

a c t io n n e c e s s a r y 

S a la r y a p p roved 

Eddy, W a lte r L . , FRBank o f B o s to n : 

" 

A ppointm ent and S a la r y 6 

Bond o f 

FRAgent s ' R e p r e s e n t a t iv e s , B oard t o a d v is e FRBank o f S t . 

L o u is r e u s e o f d e s i g n a t i o n i n p e r s o n n e l c l a s - 

3 / 3 ^ 

s i f i c a t i o n p la n 

F enner, Z e l l G ., FRBank o f P h i l a d e l p h i a : 

A ppointm ent a s A c t in g , r e p l y t h a t B oard h a s ta k e n 

2 /^ ' 

p o s i t i o n t h a t t i t l e s h o u ld b e A l t e r n a t e 

A ppointm ent a s A lt e r n a t e , r e p l y t o M r- A u s t in a ssu m in g 

1/1^ 

th a t such a p p oin tm en t i s no l o n g e r c o n t e m p la t e d 

G e ttsn y , C h a rle s F . , FRBank o f B o s to n : 

C o n tr ib u tio n t o R e tire m e n t S ystem t o s u p p le m e n t a l l o w 

a n ce , no o b j e c t i o n t o paym ent o f am ount b a s e d 

on s a la r y r e c e i v e d up t o end o f 1 9 3 6 

S/10 

E x ten sion o f a p p oin tm en t t o M arch 1 and s a l a r y f i x e d l / ^ 

Rowland, C. P . , A c t in g a t D a lla s , b on d o f 

n a c e .o m , M l l i s m J . , J r . , FRBank o f S t . L o u i s : 

^ 

PPD^ntm^nt was a p p ro v e d S e p t . 3 0 , r e a p p o in tm e n t and , 

new o a th o f o f f i . e n o t n e c e s s a r y 

-âiary approved 

3 a H * C. C. , FRBank o f D a lla s : 

^ 

12/31 

Bond o f 6/23 

s a la r y a p p r o , . ! ^ n t i l j . n s XI and d i r e c t o r s t o c o n s i d e r 

S a la ry f U e d ^ 7^ 1

^ A ^ s i stauts: ( Continued) 

HenX, L e s t e r J . , A l t e r n a t e a t C le v e la n d , b on d o f , Ame-ri 

S u r e t y C o . t o b . a d v l . . d o f t e ^ a t l o ^ 

can 

o l d b o n d 

M c C r a v e y , J . R - . J r - . FRBank o f A t la n t a , con tin u an ce an 

p r o v e d , u n d e r s t o o d th a t M r s . B a r n e t t 's con 

t i n u e d s e r v i c e a s A lt e r n a t e A s s is ta n t FRAeent 

i s t o p en al t s p e n d in g o f some tim e In B o a r d 's 

D i v i s i o n o f R e s e a r c h and S t a t i s t i c s 

M o n c r i e f , D* E . : 

A p p o in tm e n t, t e m p o r a r y , a s A l t e r n a t e , a p p r o v e d 

Bond o f , and l e t t e r t o F ir e m a n 's Fund I n d a n n it y Comp 

a n y t h a t w h i l e r e c i t a l s t a t e s a p p o in tm e n t y/as 

m ade b y F R A gen t i t w as a c t u a l l y m ade b y A s - 

s i s t a n t F R A gent 

M o r r is s e y , C l i f f o r d E . , A l t e r n a t e a t B o s t o n , b o n d o f 

P a r k e r , F rank S . , FRBank o f S t . L o u i s : 

A p p o in tm e n t w as a p p r o v e d S e p t , 3 0 , r e a p p o in tm e n t and 

n ew o a t h o f o f f i c e n o t n e c e s s a r y 


P h in n e y , R . H . , A l t e r n a t e A s s i s t a n t a t New Y o r k : 

R e s i g n a t i o n e f f e c t i v e J a n u a r y 1 , 1 9 3 8 

S a l a r y , B o a r d a d v i s e d o f a p p r o v a l S e p t . 2 9 , 1936 and 

n o f u r t h e r a c t i o n n e c e s s a r y 

P o s t , A r t h u r E . , FRBank o f P h i l a d e l p h i a : 

Bond o f 

C o n tin u a n c e on p a y r o l l o f F R A gent u n d e r s t o o d , may be 

a s s i g n e d t o o t h e r w ork n o t i n c o n s i s t e n t w ith 

d u t i e s 

R e a p p o in tm e n ts a n d n ew o a t h s o f o f f i c e a t FRBank o f S t . 

L o u i s , r e p l y t o M r- S t e w a r t t h a t a p p r o v a l o f 

B o a r d i n S e p t . and O c t . w e re n o t in t e n d e d t o 

b e f o r t h e r e m a in d e r o f t h e y e a r o n l y and no 

new a c t i o n i s n e c e s s a r y 

R e h fu s s , J . F r a n k , A l t e r n a t e a t P h i l a d e l p h i a : 

B on d , r i d e r a p p r o v e d r e c i t i n g ch a n g e i n t i t l e from 

A c t i n g A s s i s t a n t FRAgent 

C o n tin u a n c e o n p a y r o l l o f F R A gent u n d e r s t o o d , may be 

a s s i g n e d t o o t h e r w ork n o t i n c o n s i s t e n t w ith 

d u t i e s 

R e id , M argaret J . , FRBank o f P h i l a d e l p h i a : 

Appointm ent a s A c t i n g , recom m endation o f , r e p ly t h a t 

work she i s t o p e r fo n n d oes n o t a p p e a r to n eed 

d e s ig n a t io n and a s s a la r y i s w ith in p e r s o n n e l 

c l a s s i f i c a t i o n p la n l i m i t , B o a r d 's a p p r o v a l 

o f in c r e a s e i s n o t n e c e s s a r y 

Appointm ent a s A l t e r n a t e , approved upon r e c o n s i d e r e d 

Bond o f 

Robb, T . B m c e , FRBank o f K a n s a s C i t y : 

Appointm ent and s a la r y a s A l t e r n a t e 

Bond o f 



6 / 9 806 

1 / 5 9 

1 /1 2 71 

1 /2 1 132 

1 /2 7 169 

2 /2 5 345 

1 2 /3 1 1 7 65 

1 2 /2 9 1751 

2 /1 6 305 

1 2 /3 0 1756 

1 /1 4 76 

2 /2 5 345 

2 /1 5 294 

1 /1 4 76 

1 / i 4 

2/10 

2 /2 4 

76 

265 

335 

664 

727

^ I s s i s t a i t s : ^ " " " " ^ . r a a t e a t B o s to n : 

Saw yer, Dana A/.. ^ 

Bond o f 

S a la r y approved ___ êw Y ork, s a la r y In cre a s e 

S try k er, J e r e V. reason t h a t r e s p o n s i b i l i - 

th a n a t o t h e r FRBanks 

t i e a a r e a ^ F r a n c i s c o , r e n e w a l b on d 

Sw angal, Henry D ., A c t i ^ ^ ^ n a t e a t D a l l a s , b on d o f 

T h a it o ., jn m e tt *1 ^ B ra n ch , r e a p p o in tm e n t 

T h orn ton I - A . a t M in n e a p o lis , b on d o f , s p - 

T im berlak e, ^ ^ ^ i t y D e p o s it Company o f 

M a r y la n d t o b e a d v is e d o f t e r m in a t io n o f l i a 

b i l i t y on o l d bond 

u n n ile v D. W -, A l t e r n a t e a t K ansas C i t y , r e s i g n a t i o n a s , 

u n d e rsto o d , a s he has beam a p p o in te d A s s is ta n t 

C a s h ie r 

Young, W. R ., A c t in g a t D en ver B ra n ch , r e a p p o in tm e n t 

&ehner, Edward A ., A lt e r n a t e a t S t . L o u is : 

Appointment was a p p ro v e d O c t . 1 9 , 1 9 3 6 , r e a p p o in tm e n t 

and new o a th o f o f f i c e n o t n e c e s s a r y 

S a la r y approved 

A u s tin , R ich a rd L . , FRBank o f P h i l a d e l p h i a : 

Bond o f 

D e s ig n a tio n a s FRAgent and C hairm an, s a l a r y b a s i s a p p r o v e d 

A u t h o r is a t io n p r e v i o u s l y g iv e n t o a p p r o v e c e r t a i n t r a n s a c t i o n s 

r e q u ir in g B o a r d 's a p p r o v a l u n d e r m em b ersh ip 

c o n d it io n s , t r a n s f e r r e d t o p r e s i d e n t s , and 

pow er may be d e le g a t e d 

B urke, E. S . , FRBank o f C le v e la n d , d e s i g n a t i o n a s FRAgent and 

Chairman and s a la r y b a s i s a p p r o v e d 

C u r t is e , F. R . , FRBank o f B o s to n , d e s ig n a t io n a s FRAgent and 

Chairm an, s a la r y b a s i s a p p ro v e d 

G eery, 1M. B ., FRBank o f M in n e a p o lis , d e s i g n a t i o n a s FRAgent 

and Chairman and s a la r y b a s i s a p p r o v e d 

In d e b te d n e s s and o u t s id e b u s in e s s r e l a t i o n e , r e p o r t s n e e d n o t 

be made r e g a r d in g a f f a i r e o f , t o d i r e c t o r s , 

in view o f t r a n s f e r o f n o n s t a t u t o r y d u t i e s t o 


^ e t t i g , 3 . , FRBank o f A tla n ta : 

Appointanent on h on orariu m b a s is 

Bond o f 

L a s site r, Robert, 3RBank o f R ichm ond: 

Bond o f 



_on r j r 1 3 3 7 and co m p e n sa tio n f i x e d o n u n ifo r m 

h o n o r a r iu m b a s i s 

------- vaoAO 

A d vice r e s u r e ty bond and o a th o f o f f i r * 

e n g n a t i .n ^ C h a in n a n . . g y ^ e n t and s a la r y b a s i s a p - 

^ ' Chair^ d e s ig n a t io n a s FRAgent and 

C h a in s , *ad sa la ry b a s is approved 

1/27 

12/31 

2/16 

3/15 

1 / 7 

1 / 4 

7/17 

4/30 

1 / 4 

2/25 

12/31 

12/30 

12/30 

1/22 

12/30 

12/30 

12/30 

7 /2 6 

5/25 

6/ 5 

1 / 9 

1 / * 

1 / * 

13/21

(c o n tin u e d ) 

^ N a r d i n , W illia m T . , FRBank o f S t . L o u l a : 

Bond o f 

D e s ig n a tio n f o r 1 9 3 7 1 /2 7 

D e s ig n a tio n a s FRAgent and C hairm an and s a l a r y b a ai n 

p r o v e d ^ ^P* 

S o c i a l S e c u r i t y B o a r d , n o o b j e c t i o n t o a c c e p t a n c e o f ar. 

p o in t m e n t o n P* 

Nealy. F- H " FRBank o f A t l a n t a , d e s ig n a t e d C haim an and 

FRAgent f o r y e a r 1 9 3 8 and s a l a r v b a si . ^ , 

Separation o f o f f i c e from t h a t o f C hainnan, amendment to ef^ ^ 

f e e t , a g r e e d u p on and a l s o r e q u a l i f i c a t i o n e 

and s c o p e o f a u t h o r i t y o f a s s i s t a n t FRAênts 1 / 7 

Stew art, A. 0 * , FRBank o f San F r a n c i s c o : 

Bond and oath o f o f f i c e , a d v i c e r e e x e cu tio n o f 1 / 4 

Bond o f ^ ^ 

D esignation a s FRAgent and C h a in n a n and s a la r y b a s is ap- 

P ^ Y e d 1 2 /3 0 

Thomas, J* J . , FRBank o f K a n s a s C i t y : 

D e s i g n a t i o n a s F R A gent and C hairm an a n d s a l a r y b a s i s a p 

p r o v e d 1 2 /3 1 

P r e s e n t a t B o a r d m e e t i n g t o d i s c u s s b y l a w s o f b a n k r e l a t i n g 

t o c o m m it te e s 8 /2 4 

Walsh, C. C . , FRBank o f D a l l a s , b o n d o f 6 /2 3 

iRAgents* R e p r e s e n t a t iv e s : 

Anderson, L . E ., B a ltim o re B ran ch, bond o f , and bonding company 

b e i n g a d v i s e d o f t e r m i n a t i o n o f o l d bond 5 / 6 

Clark, J . C ., J r . , O klahom a C i t y B ra n ch : 

Bond a p p r o v e d a s , N a t io n a l S u r e t y C o . , New Y o r k , t o b e adv 

i s e d o f t e n n i n a t i o n o f b on d a s A c t in g A s s is 

t a n t FR A gent 5 / 1 

S a la ry a p p r o v e d 7 / 1 

F ra n cis, C. E . , C h a r l o t t e B r a n c h , b o n d o f , b o n d in g company 

a d v is e d o f t e r m in a t io n o f o ld bond 5 / 6 

Coldschmid, J . P . , L i t t l e R ock B ranch, bond o f , bonding company 

t o b e a d v i s e d o f t e r m in a t io n o f o l d b on d - 

Cowland, C. P . , San A n t o n io B r a n c h , b on d o f , b o n d in g company t o 

b e a d v is e d o f t e n n i n a t i o n o f o l d bond ^ 

J a c k s o n v ille B ra n ch , s u g g e s t i o n o f a p p o in tm e n t o f , i n c o n n e c - &/P4 

t i o n w it h c u s t o d y o f u n is s u e d F R n otes ' ^ 

Moore, L . A . , L o u i s v i l l e B r a n c h , bon d o f , b o n d in g com pany t o be ^ 

a d v is e d o f t e n n i n a t i o n o f o l d bond 

New O rlean s B ra n ch , s u g g e s t i o n o f a p p o in tm e n t 0 1 , i n con n e c on 

w it h c u s t o d y o f u n is s u e d F R n otes 4 / 3 

O ffic e o f , d u t i e s , r e q u ir e m e n t s , c l a s s i f i c a t i o n , s a l a r e s . 

Page, C. c . , E l P a so B r a n c h , b on d o f , b o n d in g com pany t o ^ ^ 

a v i s e d o f t e n n i n a t i o n o f o l d bond . ^ 

Raethar, B ern a rd L . , D e t r o i t B ra n ch , bon d * J f t l v e 

j e c t i o n t o r e l e a s e o f o l d bond and r ^ ^ 



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fR A g e n ts' F e p r e e e n t a t i v ^ : ) c o n t i n u e d ^ com pany t o b e 

Read, 1 . J . . te r m in a tio n o f o l d bon d 5/ e 

r FRBank o f San F r a n c is c o , bond o f , F i d e l i t y 

Sw engal, H enry c c t o be a d v is e d o f t e m i n a t i o n 

I A B r ^ c h , bond a p p roved a s . S ta n d a rd A c - 

T h orn ton , I - in s u r a n c e Co. t o b e a d v is e d o f te r m in a t io n 

o f bond a s A c t in g A s s is t a n t FRAgent 5 / i ^ 

^ ^ n d ^ f ! ' b o n " n " e ^ p ! n y t b e a d v is e d o f t e r m in a t io n o f o l d 

r r i s / a ^ 

v S a la ry appro e ^ bond a p p ro v e d a s , S ta n d a r d A c c id e n t 

Young. ^ R -. CO. t o b e a d v is e d o f t e n n i n a t i o n o f 

bond a ? A c t in g A s s i s t a n t FRAgent 5/ 1 ^ 

P"gs. 

FRBank o f A tla n ta : 

A ir c o n d it io n in g : , 

E xpen d itu re f o r i n s t a l l a t i o n a u t h o r iz e d 1 1 /2 6 1572 

R eserv e s e t a s id e t o c o v e r c o s t o f 1 2 /2 1 1698 

A u d itin g d ep artm en t, s u rv e y o f , l e t t e r t o M r. K e t t i g r e , r e f e r 

r in g t o r e l a t i o n s h i p b etw een d e p a rtm e n t and 

b o a rd o f d i r e c t o r s , and o p e r a t in g f u n c t i o n s 

p e rfo rm e d b y d ep a rtm en t 7 / 1 913 

R ep ort o f su r v e y o f 8 /1 6 114^ 

B ylaw s: 

Amendment p r o v id in g t h a t two m anbers o f e x e c u t i v e com m ittee 

s h a ll c o n s t i t u t e quorum, p o s i t i o n o f B oard r e 

g a rd in g ch a ln n a n sh ip o f c o m m itte e , s u g g e s t io n 

t h a t FRBank c o n s id e r a d o p t in g 7 /1 0 946 

R e v is io n o f , no o b j e c t i o n 3 / 1 356 

E xam ination departm en t: 

Budget f o r 1937 a p p roved 4 / 9 529 

P a i^ e r , R. S . , F i r s t V i c e P r e s i d e n t , a p p o in t e d t o s u p e r v is e 1 2 /1 8 16?3 

Survey o f , l e t t e r t o P r e s id e n t N ew ton r e 7 / 1 91^ 

E xam in ation s, r e p o r t as o f J u ly 1 0 , 1 9 3 7 , c o n t a in i n g r e f e r e n c e 

t o Guards a t b r a n c h e s , m e e tin g s o f E x e c u t iv e 

C om m ittee, e t c . 9 / 1 6 1269 

Z o n i n g , J . C. and Owen, M. A . , paym ent a p p ro v e d f o r l e g a l 

s e r v i c e s i n c la im a g a in s t W. C. B r a s w e ll 7 /2 2 10^ 

Group c l a s s i f i c a t i o n o f banks f o r e l e c t o r a l p u r p o s e s , l i s t each 

y e a r n o t n e c e s s a r y 8 /2 5 

M eetin g s o f E x e c u tiv e C o ^ t t e e , fr e q u e n c y o f , t o b e r e v ie w e d 

f D i r e c t o r s , B oard o f G o v e r n o r s t o be 

Owens, M. A ., and F lt ^ in c n e c e s s i t a t i n g same 9 /1 6 

; J . C ., paym ent a p p roved f o r l e g a l 

P erson n el c l u e l f ^ o n p l a ^ B r a s w e ll 

" " " ^ 



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A t l a n t a : (C o n tin u e d ) 

c l a e s i f i c a t i o n p l a n : (C o n t in u e d ) 

Changes a p p r o v e d p r o v i d i n g f o r i n c r e a s e i n maHmum s a l 

a r i e s o f H i e C l e i ^ - A and F i l e C le r k -B 

^ . r t e r e , e x p e n d ! t u r e ^ f o r a i r c o n d i t i o n i n g and r e n o v a t io n a p . 

^ " ^ t l t b o r l z e d t o s e t u p f o r B irm in g h a m and J a c k s o n v i l l e Branch 

b u i l d i n g s , and t o s e t u p f o r c o s t o f a i r c o n - 

d i t i o n i n g e q u ip m e n t a t FRBank 

Binninghsm B ra n ch b u i l d i n g , i n c r e a s e a p p r o v e d 

I n d u s t r ia l a d v a n c e s , a u t h o r i z e d t o s a t a s i d e 

S a la rie s o f o f f i c e r s , a d ju s t m e n t s f o r 1 9 3 7 , d i s c u s s i o n o f p ro^ 

p o s a l s 

Approved 

S ta ff: 

A ssistant e x a m in e r s , d e s i g n a t i o n o f 1 2 a p p r o v e d , t o le n d 

c l e r i c a l a s s i s t a n c e t o r e g u l a r e x a m in e rs 

D e s ig n a t io n o f e i g h t b r a n c h e m p lo y e e s f o r o n e exam inat 

i o n o n l y , a p p r o v e d 

B a r n e tt, M r s . G e n e v i e v e , A l t e r n a t e A s s i s t a n t F R A gent, con 

t i n u a n c e f o r f u r t h e r t a n p o r a r y p e r i o d a p p ro v e d , 

u n d e r s t o o d t o b e d e s i r e d t o p e n n it M r. M cC ravey 

t o s p e n d som e t im e i n B o a r d 's D i v i s i o n o f Res 

e a r c h and S t a t i s t i c s 

A p p o in tm e n t m ade p e n n a n e n t 

Bowian, V . K . , A s s i s t a n t C a s h i e r , s a l a r y a p p r o v e d 

Camp, C. R . , A s s i s t a n t C a s h i e r , s a l a r y a p p r o v e d 

C la rk , L . M .: 

A p p o in tm e n t a s M a n a g in g D i r e c t o r o f Mew O r le a n s B ranch 

and s a l a r y a p p r o v e d 

S a la r y a s V i c e P r e s i d e n t a n d S e c r e t a r y a p p r o v e d 

C o n n iff, 3 . F . , V i c e P r e s i d e n t , s a l a r y a p p r o v e d 

H ia t t , Jam es E . , d e s i g n a t e d t e m p o r a r y a s s i s t a n t exam in er 

H onour, J . W ., A s s i s t a n t A u d i t o r , r e t i r a n e n t e f f e c t i v e 

D e c . 3 1 , 1 9 3 6 , p aym en t o f t h r e e m on th s s a l a r y 


K e t t ig , W. H .: 

A p p o in tm e n t a s F R A gen t on h o n o r a r iu m b a s i s 

Bond o f . . ^ . 

Manheim, M .H ., re m o v e d fr o m l i s t o f te m p o r a r y a s s i s t a n t 

e x a m in e r s . .+ - - + 

M a rtin , J . H ., rem o v e d fro m l i s t o f te m p o r a r y a s s i s t a n t 

e x a m in e r s 

M cCravey, J . B . . J r . , A s s i s t a n t F R A g en t, 

p r o v e d , u n d e r s t o o d t h a t M r s . P a r n e t t ^ ^ c o n ^ ^ 



t l n u e d s e r v i c e a s A l t e r n a t e B o a r d ' s 

i s t o p e n n i t s p e n d i n g o f som e t i m e i n B o a .a 

7 /2 8 1047 

H / 2 6 1572 

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P R B an* o f A t l a n t a : ( C o n t i n u e d ) 

S ta ff: (Continued) P r e s id e n t and C a s h ie r , s a la r y 

M cL arin , S . . J r . , 

a p p r o v e d ^ 

M o n c r e if. D- E - ' te m p o ra ry , a s A l t e r n a t e .A s s is t a n t FRAgent l / i g 

A p p oin tm en t, ta n p o ra y . I n d e m n ity Company 

s t a t e s a p p o in tm e n t . a s made 

by F R A g e n t i t w a s a c t u a l l y made b y .A s s is t a n t 

FRArent ^ . 1/21 13,9 

M R E d e s ig c a t e d te m p o ra ry a s s i s t a n t e x a m in e r l o / 2 

N e ^ y ! F! H !! C h ^ I^ a n and F R A gent, d e s i g n a t i o n f o r 1 9 3 6 

and s a la r y b a s i s a p p ro v e d 1 2 /2 1 l?Qg 

Newton, O s c a r , P r e s i d e n t , s a l a r y a p p r o v e d 1 /1 5 99 

P a rk e r R. S -t F i r s t V ic e P r e s i d e n t : 

A p p o i n t m e n t a s exam in er i n c o n n e c t io n w it h s u p e r v is i o n 

o v e r e x a m in a tio n d ep a rtm en t 1 2 / 1 8 I 673 

S a la r y a p p roved 1 /1 5 90 

W orking h o u rs and s a l a r i e s a t Birm inghsnn B r a n c h , t o be 

r e q u e s t e d t o v i s i t W a sh in g ton t o d i s c u s s w ith 

S e n a to r B la ck 6/15 S34 

R eview o f c o n v e r s a t io n w it h S e n a t o r B la c k 6 /1 8 850 

P a r is , B. P . , G en era l A u d it o r , s a l a r y a p p r o v e d 1 /1 5 90 

R a in ey, C a r l, d e s ig n a t e d te m p o ra ry a s s i s t a n t e x a m in e r 1 0 / 2 1357 

S c h u e s s le r , S. P . , A s s is t a n t C a s h ie r , s a l a r y a p p r o v e d 1 /1 5 90 

S h e ffe r , G eorge W ., J r . , E xam in er, a p p o in t e d fro m a s s i s t a n t 

exam in er 1 2 / 9 1636 

S tep h en son , R o b e r t M ., a p p oin tm en t a s a s s i s t a n t e x a m in e r 

a p p roved 9 / 3 1226 

W alker, Chas. R . , d e s ig n a t io n a s te m p o r a r y a s s i s t a n t e x 

am iner 1 0 / 2 1357 

S t a t i s t i c a l and a n a l y t i c a l f u n c t i o n , b u d g e t a p p r o v e d f o r 1937 4 / 9 528 

FRBank o f B oston : 

A m erican I n s t i t u t e o f B an k in g, w i l l r e im b u r s e e m p lo y e e s * f e e s 

f o r c o u r s e s , no o b j e c t i o n 3/16 419 

A u d itin g d epartm en t, cop y o f r e p o r t o f s u r v e y s e n t t o M r. 

C u r t is s 1 1 / 2 6 1570 

B ankers a c c e p t a n c e s , g ra d u a ted r a t e s n o t e s s e n t i a l , r e p l y t o M r. 

Y oung, P r e s id e n t 9 / 2 2 1313 

C l a s s i f i c a t i o n o f member banks now i n u s e f o r p u r p o s e o f e l e c t 

in g C la ss A a n d B d i r e c t o r s , re co m m e n d a tio n o f 

co n tin u a n c e a p p ro v e d 9/21 121' 

^ c i i r ^ t i e s a tta c h e d , ch a rg e b e in g m ade f o r , n o t 

vices * ^ C om m ittee on F r e e S e r - ^ 

E xam ination d epartm en t: 

budget f o r 1937 a p p roved 4 / 9 5% 



^ a m iD ^ io n ^ r e p o ^ ^ ^ ^ 6 1 2 / 9 

f o r d e t e r m i n i ^ * ^ c o n s t i t u t e s u r p lu s ^ 6 

d e te r m in in g amount o f FRBank s t o c k owned 10/20 ^

^ S t a t e K K ^ e r 

. , - M o n e l c l a s s i f i c a t i o n p l a n : 

R e v is io n o f , a p p r o v e d , p a y m e n t t o t e n < m p lo y e e a o f s a l a r i e s 

i n e x c e s s o f g r a d e a p p r o v e d , t o b e r e q u e s t e d 

t o s u b s t i t u t e s t a n d a r d d e s c r i p t i o n o f wovif 

A s s i s t a n t F R A g en t 

^ ^ I n d u s t r i a l a d v a n c e s , a u t h o r i z e d t o s e t a s i d e 

L osses on i n d u s t r i a l a d v a n c e s a n d com m itm ents, in c r e a s e in 


S a la r ie s o f o f f i c e r s f o r 1 9 3 7 , a p p r o v e d 

S e c u r i t i e s a c q u i r e d i n s e t t l e m e n t o f c l a i m s a g a i n s t c l o s e d 

b a n k s , m u s t b e sh o w n i n w e e k l y c o n d i t i o n r e 

p o r t , b a n k t o b e g i v e n o p p o r t u n i t y t o s e l l 

S t a ff: 

A ssista n t e x a m i n e r s , d e s i g n a t i o n o f 29 e m p lo y e e s t o le n d 

c l e r i c a l a s s i s t a n c e t o r e g u l a r e x a m in e r s 

B r y a n t, D a v i s , p a y m e n t o f s a l a r y i n e x c e s s o f g r a d e a p 

p r o v e d 

C arrick , K . K . , S e c r e t a r y a n d G e n e r a l C o u n s e l , s a la r y app 

r o v e d 

C a r r o l l , H. F r a n k , p a y m e n t o f s a l a r y i n e x c e s s o f g r a d e 


C u r r ie r , H a r r y F . , A u d i t o r : 

R e t ir e m e n t t o t a k e p l a c e o n M a r c h 3 1 , M r. F o g g a p 

p o i n t e d t o s u c c e e d 

S a l a r y a p p r o v e d 

C u r t i s s , F . H . , F R A g e n t a n d C h a ir m a n , d e s i g n a t i o n a s , and 

s a l a r y b a s i s a p p r o v e d 

E ddy, W a lt e r L . : 

A p p o in t m e n t a n d s a l a r y a s A s s i s t a n t F R A gen t 

Bond o f 

R w ing, F r a n c i s L . , p a y m e n t o f s a l a r y i n e x c e s s o f g r a d e ap 

p r o v e d + n - ,+ 

F e e s o f e m p lo y e e s f o r c o u r s e s g i v e n b y A m e r ic a n I n s i e 

o f B a n k i n g , n o o b j e c t i o n t o r e im b u r s e m e n t 

F o g g , J o h n J . , a p p o i n t m e n t a s A u d i t o r and i n c r e a s e i n s a l 

a r y a p p r o v e d , t o s u c c e e d M r* C u r r i e r * o 

r e t i r e 

G e tte m y , C h a r l e s F . , A s s i s t a n t F R A g e n t: 

C o n t r i b u t i o n t o R e t i r e m e n t S y s ttz n t o su p p len ieE 

a n c e , n o o b j e c t i o n t o p a y m e n t o f am ou n t b a s e d 

o n s a l a r y r e c e i v e d u p t o e n d o f ^ f i x e d 

E x t e n s io n o f a p p o i n t m e n t u n t i l M a r c h 1 , s a n - 

H e r in g , M a ry E . , p a r e n t o f s a l a r y i n e x c e s s o f g r a d e ap 

H ughes, F ra n k S . , M a n a g e r , p a y m e n t o f s a l a r y i n e x c e - - 

g r a d e a p p r o v e d 

R *L *, E . G . , A s s i s t a n t C a s h i e r , s a l a r y a p p r o v e o 



4 / 3 499 

2 / 2 216 

1 2 /2 1 1 6 98 

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URBank o f B oston : (C on tin u ed ) 

S t a f f : (C on tin u ed ) o f s a la r y i n e x c e s s o f g ra d e 2/ p 

p ^ p * ' A s s o c i a t e C o u n s a , r e t a i n e r a p p r o v e d l / l s 

K a tc h n m . P h il ^ ^ c a s h i e r , s a l a r y a p p r o v e d 1/15 

ysr^: ^ **""" - 

^ A lt e r n a t e A s s is t a n t F R A gent, bond o f I / 2 7 

M o r r is s e y . ^ C l i f f o r d E .^ A l t e r n ^ ^ g ra d e a p - 

p rov ed ^ ^ 21? 

P .^ n r k W W F i r s t V ic e P r e s i d e n t , s a la r y a p p r o v e d 1 / 1 5 

P ^ ' c B ^ 'Z s i s t a n t C a s h ie r , s a l a r y a p p ro v e d ^ ^ 

S a - y .r , Dan. D ., A lt e r n a t e A s s is t a n t FRAgent. 

Bond o f . ^ 7 i n 

S a la r y approved -*-^/.31 1765 

S t e a m s , G eorge A . , payment o f s a la r y i n e x c e s s o f g r a d e 

approved 2 / 2 21? 

S t o y le , L e ^ is E ., paym ent o f s a la r y i n e x c e s s o f g r a d e , a p - 

p ro v e d 2/ 2 217 

S w e e tser, L . W ., A s s is t a n t C a s h ie r , s a l a r y a p p r o v e d 1 /1 6 eg 

W i l l e t t , W ., C a s h ie r , s a la r y a p p ro v e d 1 /1 5 58 

Young, R . A ., P r e s i d e n t , s a la r y a p p ro v e d 1 /1 5 68 

S t a t i s t i c a l and a n a l y t i c a l f u n c t i o n , b u d g e t f o r 1937 a p p r o v e d 4 / 9 527 

S to c k h o ld e r s m e e tin g , reim bursem en t f o r o n e m em ber o f e a ch bank 

f o r r a i l r o a d f a r e and P u llm a n a p p r o v e d 9 /1 3 1258 

FRBank o f C h ica g o: 

A ssessn e n t on b u ild in g f o r 1 9 3 6 , s p e c i a l c o u n s e l a n p lo y e d t o 

seek r e d u c t io n i n 7 /2 9 1064 

A u d itin g D epartm en t, s u r v e y , r e p o r t o f , l e t t e r t o D ep u ty 

Chairman r e , c r i t i c i s n o f n o n - a u d i t i n g d u t i e s , 

t o be k e p t c o n f i d e n t i a l 6/ 0 792 

B ylaw s, amendments t o , l e t t e r t o M r. S c h a l l e r t h a t amendment r e 

e l e c t i o n o f member and a l t e r n a t e o f F e d e r a l 

Open M arket C om m ittee b e r e v i s e d 1 2 /2 9 I*?!"* 

C urren cy h a n d lin g f o r member b a n k s , e lim i n a t i o n o f u n n e c e s s a r y 

s o r t i n g 7 /3 0 1078 

L e t t e r t o M r. S c h a l l e r r e h a n d lin g i n C h ica g o and D e t r o i t 3/19 

E xam ination D epartm ent: 

Budget f o r 1937 a p p roved 4 / 9 325 

S u rvey o f , l e t t e r t o P r e s id e n t S c h a l l e r r e 7 / 1 9^ 

s e m in a t io n r e p o r t a s o f S ep tem ber 2 5 , l e t t e r t o FRBank com m ent- ... 

in g on 1 2 / 6 

E x cess r e s e r v e s : 

e n tra l r e s e r v e c i t y b a n k s, recom m en d a tion t h a t in fo r m a 

t i o n be made p u b l i c b y B oard p u t o n d o c k e t f o r 

fu t u r e c o n s i d e r a t i o n 9 /3 0 

A r e p o r t in g m anber ban ks t o b e r e l e a s e d a s o f W ednee- , 2i§ 

Qaye and S a tu rd a y s 9 / 1 

t e e s and a l l . w m . e e f o r F e d e r a l A d v is o r y C ou n cilm a n and f o r 



S e c r e t a r y o f C o u n c i l, r e p l y t o M r. Y ou n g t h a t 

ar

^ ^ n e r a l c o n d it io n s , l e t t e r from D eputy Chairman Wood on ai 

c u s s io n may be had w ith B oard numbers 

t r i p t o W ashin gton 

Legal departm ent, Boara p r e f e r s t o w ith h o ld comment u n t il sur 

^ ^ v e y s have b e e n com p leted a t a l l FRBank. 

t o in q u ir y o f M r. S c h a l l e r 

Maver, Meyer, A u stria n and P l a t t , em ploym ent, w ith Mr. A d e lb * ^ 

Brown t o com bat i l l e g a l p o r t io n o f a s s e s ^ n t 

on FRBank b u i l d i n g f o r 1 9 36, approved 

Meeting o f d i r e c t o r s and o f f i c e r s w ith B oard o f G overnors sugg 

e s te d 

Reply th at s u b je c t be fu r t h e r c o n s id e r e d by d ir e c t o r s 

Personnel c l a s s i f i c a t i o n p la n : 


Change in c r e a s in g maximum s a la r y o f "book k eep er" 

Changes in c r e a s in g maxi mum s a la r y o f th re e p o s it io n s , app 

roved 

Changes approved 

Changes approved e lim in a t in g "E xam iner" from c e r ta in t i t l e s 

and d is c o n t in u in g p o s i t i o n o f "Check Examiner" 

Changes approved in c r e a s in g maximum s a l a r i e s f o r "P lan n in g 

S p e c i a l i s t " and "C o st A cco u n ta n t" 

Changes t o p r o v id e f o r i n c r e a s e s i n maximum s a la r ie s f o r 

p o s i t i o n s o f P u rch a sin g A g en t, C h ie f o f P r o te c 

t i o n D iv is io n , P a y r o ll C lerk 

Change t o p r o v id e f o r new p o s i t i o n o f A s s is t a n t B u ild in g 

S u p e rin te n d e n t approved 

Changes t o p r o v id e f o r in c r e a s e s in maximum s a l a r i e s o f 

C h ie f Exam iner and A s s is t a n t Examiner approved 

Changes to p r o v id e f o r payment o f s a la r y in e x ce ss o - maximum 

f o r S u p e r v is o r y and J u n io r C lerk A 

Records, In d iana B ankers A s s o c i a t io n , r e q u e s t f o r acce5S to 

c o n d it io n r e p o r t s and ea rn in g s and d iv id en d s 

r e p o r t s o f member banks f o r u se i n study o f 

t r a n s i t i o n s in bankin g in S t a t e , approved on 

c o n d it io n C o m p tr o lle r co n se n ts 

Reserves: ^ 

Member banks, f i g u r e s o f e x c e s s t o be release o . 

W ednesdays and S a tu rd a y s a sse ss e d as 

P e n a ltie s f o r d e f i c i e n c i e s , may o r may n ot be 

FRBank s h a ll d eterm in e g a i n s t b a n k ^ ^ bank 

r e s e r v e com p u ta tion p e r io ^ subsequent 

became member, and f o r îrt= W a l l e r 

t o such p e r i o d , l e t t e r t o + „-t-is tics a u th or- 

eview, charge f o r , D iv is io n o f R e search an alternatives 

iz e d t o d is c u s s s im ila r move o r 

w ith o t h e r FRBanks Broderick t o c o n fe r 

salaries o f o f f i c e r s , a c t io n d e f e r r e d , Mr. Washington 

w ith P r e s id e n t S c h a lle r ' ° ^ o Board 

J a n . 25 and subm it recommendation 



9 /3 0 1348 

H /1 0 1513 

7 /2 9 1064 

1 1 /2 3 

1 2 / 4 

1 /2 8 

4 / 7 

4/29 

7 / 1 

7 / 6 

7 /2 6 

1554 

1620 

182 

510 

619 

914 

923 

1032 

8 /3 0 1204 

1 0 /2 5 14!% 

1 1 /1 7 1541 

1 2 / 3 1616 

1 /1 5 92 

9 / 1 1215 

1 1 /1 9 1547 

4 / 9 52? 

1 /1 9 130

yEBank o f 

s a la r ie s o f o f f i c e r s - co n fe re n ce , recom m endations ap- 

Report o f Mr. B roderick th a t a d v ic e w i l l be 



^ I p a ^ in g return o f Mr. McKee 

No o b je c tio n by Mr. McKee to a c tio n 

1 1 . C ia i* - Change approved in c r e a s in g maUjnua sa la ry 6/ 9 

^ S J e s t 'H , Examiner. fo n n e r ly a s s is ta n t examiner 

j ^ t " t M i n e r s , d e sig n a tio n o f th re e t o le n d c l e r i c a l 

a ssis ta n ce to r e g u la r exam iners 

Bachman, W illiam C ., A s sis ta n t V ic e P r e s id e n t, s a la r y approved 

Batanan, Fred, A ssista n t C ashier: 

Board p r e fe r s not to pass upon m a tter o f p r o s p e c t iv e 

retirem ent so f a r in advance 


B lack, A lla n , Manager, s a la ry approved 


Callahan, Joseph C ., A ssista n t C a sh ier, s a la r y approved 

C ou lter, Robert E ., T e l le r , sa la ry approved in e x c e s s o f 

grade 

Crear, Anna, Stenographer, s a la r y , payment in e x c e s s o f 

maximum f o r grade, approved 

Dawes, N e il B ., A ssista n t C ash ier, s a la r y approved 

D illa r d , J . E ., V ic e P r e s id e n t, s a la r y approved 

Dunn, C. B ., General Counsel: 

Leave o f absence f o r seven days in a d d it io n t o r e g u la r 

le a v e granted, approved 


Endres, J . J . , A u ditor, sa la ry in c r e a s e , a c t io n d e fe r r e d 

pending survey o f a u d itin g departm ents o f 



E^ser, R ilbur D ., Examiner, d esig n a ted from form er p o s it io n 

a s s is ta n t examiner on c o n d itio n he red u ce in - 

debtedness to n a tio n a l bank 

6c^ R ., C h ief, Personnel Departm ent, r e le a s e o f , 

^rraaged f o ^ Mr. Meyer to r e p la c e 

Hargreaves, R obert, Manager; 


T r a n s fe r t o n o n - o f f ic i a l p o s it io n b eca u se o f d e c lin in g 

h ealth present s a la ry t o be con tin u ed u n t il 

M r ^ o L ^ ' f f l u e n t " I t h in 

Helmer, Hugh J . e o n o i ^ ! ^ ! : ^ 

Hopkins, Walter*A T ell examiD^r, fo r m e r ly a s s is ta n t 10/29 

gr^de ' in e x c e s s o f , , 

Joseph, E. u 7 / 1 

D l n v i n ^ ^ i i ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ *st N a tio n a l Bank, 

graph o f 's e c . 22(e) o f secon d p a ra - 

t r o H e r fo r d e t e r ^ l ^ i ^ ^ ' ^ ^ ^ r r e d t o Comp- 

, ^ o f f i r s t p a r a ^ ^ p o s s ib le v io la t io n , 

1/29 

1/30 

10/29 

191 

312 

80? 

1466 

4/14 553 

1/29 192 

11/29 1575 

1/29 192 

1/29 192 

6/ 8 793 

1/29 192 

7 / 1 914 

1/27 170 

1/29 192 

1/29 192 

4/20 581 

1/29 192 

1/29 191 

6/ 8 793 

10/29 1466 

6/ 8 

1/29 

794 

192

„ o f C h i c a e o : ( C o n t i n u e d ) 

f ' ( C o n t i n u e d ) 

L indsten, Franh A . , A s s i s t a n t C a s h ie r , s a la r y a m r r ^ - i 

Martin, yoh n , R âm lner. s a l a r y , payment in e x = e ! s ^ f ^ 

mum f o r g r a c e , a p p roved 

^ eyer, L o u is C . , A s s i s t a n t C a s h ie r : 1/27 

S a la ry a p p rov ed 

Transferred from bond departm ent end p la c e d in chaT 

o f p e r s o n n e l, s a la r y approved i f fix e d by d ir e c 

t o r e a t r a t e s t a t e d * e c - 

N etterstrom , O tto J . , A s s i s t a n t V i c e P r e s id e n t , 

p roved 

s a la ry an 

^ 

^ ^ 

Olson, A rthur L . , A s s is t a n t V ic e President and Assistant 

S e c r e t a r y , s a la r y approved 

Pitman, C. L . , e x te n s io n o f le a v e t o a s s i s t FDIC, no o b je c 

t i o n o r t o p r e v io u s e x te n s io n granted 

Leave o f a b sen ce t o a id FMC fu r t h e r extended to Dec. 

2 1 , 1 9 3 7 , no o b j e c t i o n , assumed m a tter has been 

2 ' 5 

r e f e r r e d t o R e tire m e n t Committee 7 / 1 3 

P reston , Howard P . , F i r s t V ic e P r e s id e n t , s a la r y approved 1/29 

P u rrin gton , F r a n k lin , A s s is t a n t C a s h ie r, s a la r y approved 1/29 

R oberts, J e s s e G. , A s s is t a n t C a s h ie r , s a la r y approved 1/29 

S a ltn es, C arl M ., A s s is t a n t C a s h ie r , s a la r y approved 

Scanlon, C h a rle s, d e s ig n a t io n a s a s s is t a n t exam iner to len d 

1/29 

tem p ora ry a s s is t a n c e t o r e g u la r exam iners 6/22 

S ch a lle r, & eorge J * , P r e s id e n t , s a l a r y app roved 

S ih le r , A lfr e d T . , A s s is t a n t V i c e P r e s id e n t : 

1 /2 9 

S alary approved 

S e c u r it ie s exchan ge a d m in is t r a tio n w ork, arrangement 

1 /2 9 

t o ta k e ch a rg e on t r i a l b a s is approved 2 / 9 

Snith, M in or, s a la r y , payment in e x c e s s o f maximum f o r 

g ra d e , a p p roved 

i /2 7 

Snyder, W illia m E . , V ic e P r e s id e n t and C a s h ie r, s a la r y in 

c r e a s e d is a p p r o v e d , approved a t r a te in e f i e c t 

l a s t y e a r 

Stubbins, C h e ste r, C h ie f, C o l le c t io n Departm ent, s a la r y , 

1 /2 9 

payment in e x c e s s o f maximum f o r grade approved 

Sweet, John L . , C h ie f, D iv is io n o f R esearch and S t a t i s t i c s , 

1/^. 

s a la r y a p p ro v e d , t o b e e le c t e d M anager ^ 

Teaaer, Henry B . , appoin tm en t a s a s s i s t a n t exam iner a p - 

p roved 

Turner, W. W .: 

A ssignm ent t o p o s i t i o n b e lo w s a la r y g ra d e approved, 

^ ^ 

s a la r y h as b een re d u ce d and as soon as p o s si e 

w i l l b e a s s ig n e d t o p o s i t i o n commensurate * ^ ^ 



s a la r y ex— 

Temporary ap p oin tm en t a s a s s i s t a n t ' in 

p e c t s to r e q u e s t app oin tm en t as e i 

n e a r fu t u r e 

192 

170 

192 

794 

192 

192 

234 

960 

192 

192 

192 

192 

666 

192 

192 

260 

170 

191 

170 

794 

928 

920

* ° " * * " " " - 

- . d " " * " ^' * s 

°** CODY Of re p o rt o f su rvey o f , forw a rd ed to 

A id it D e p a r t m e n t - ^ 8/Eo ^ 

l e t t e r r e co n tin u in g arrangem ent 

A udits o f a c c o u n ^ ^ ^ ' Grayson end bank a u d it o r s make, 

a u d its to be reduced to two p e r y e a r , p er dian 

allow ance to be reduced 4 / 3 504 

^ s r -i n ation Department, budget f o r 1937 approved 4 / 9 5^ 

^ e d areas, re p ly to Mr. F l y i n g r e l e t t e r sen t to b a s k e d 

fin a n c in g i n s t i t u t i o n s o f f e r i n g e v e ry p o s s i b l e 

a s s is ta n c e and su g g estin g th a t in d u s t r i a l advances 

made in co n n e ctio n w ith , be a t minimum 

ra te 2/1? 316 

Group c l a s s i f i c a t i o n o f member banks f o r p u rp ose o f e l e c t i n g 

d ir e c t o r s , no change c o n ts n p la te d 9/28 1342 

M eeting o f d ir e c t o r s and o f f i c e r s w ith Board o f G overn ors sugg 

ested 11/23 1554 

Reply to su g g estion , re q u e stin g th a t s u b je c t b e fu r t h e r 

con sid ered by d ir e c t o r s 1 2 / 4 1619 

Pemphlet on System o p e r a tio n s , d e s ir e o f bank to is s u e , r e p ly 

to Board th a t m a te ria l p u b lis h e d in B u lle t in 

appears to make iss u a n ce u n n ecessa ry 9 / 3 1229 

Personnel c l a s s i f i c a t i o n p lan : 

Change o f name from S t a t i s t i c a l Department t o B u sin ess 

S t a t i s t i c s Department 11/17 1540 

Changes approved p ro v id in g f o r change in t i t l e o f "A u d it 

Examining C lerk" t o "A u d it S e n io r C le r k " at 

head o f f i c e and bran ch es 7/26 1031 

Maximum sa la ry f o r E n g in e e r's M echanic in c r e a s e d 5/28 762 

R evision , e c tio n w ithheld pending d e c is io n on lo w e r b ra ck e t 

s a la r ie s in co n n e ctio n w ith in c r e a s e d c o s t o f 

l i v i n g , Board would be sym p ath etic to m e rite d 

R ^ . ^ . but not to f l a t p e rce n ta g e I n c r e a s e s 3/30 462 

R evision o f . approved, HiBank t o be req u ested t o adopt 

Standard d e s c r ip t io n o f work f o r A s s is t a n t and 

S a la rie s : A ltern ate A s s is ta n t FRAgent 6/29 89? 

B -P loy se.. i p e a s e s in l o f e r b ra ck e ts to com pensate f o r 

p a th e tic in c r e a s e , Board w ould b e symp 

t r c t n t L ! ° i " " " * " ^ i " " - 6 * s e s but n o t t o f l a t 

O ffic e r s , f o r 1 9 ^ ^ t 

S t a ff: " 7 ' approved l / l 5 ^ 



Appointment o f d ir e c t o r 's 

p o lic y o f Board°** examiner I n c o n s is t e n t with

f C leveland: (C o n tin u e d ) 

^f. (Continued) 

* Arnold- C. W ., A s s i s t a n t T i . e P r e s i d e n t . s a la r y approved 

A ssistan t ex a m in e rs, d e s ig n a t io n o f c e r t a in e m p l o y e e ! ^ 

le n d c l e r i c a l a id t o r e g u la r exam iners ' 

Baehr, W". H ., ap p oin tm en t as tem p ora ry a s s is t a n t examines 

te r m in a te d 

Baker, I . C*, d e s ig n a t e d te m p o ra ry a s s is t a n t examiner 

Bradley. C h a rles E . , r e t ir e m e n t , o f f i c e r s authorized to arra 

n g e , and g r a n t s i x m onths* le a v e with 

a p p ro v e d P 

B r a n n o n , H . C . , d e s ig n a t e d te m p o ra ry a s s is t a n t e x a m i n e r 

B u r k e , E. S - , FRAgent and Chairm an, d e s ig n a t io n a s , a n d 

s a la r y b a s i s a p p ro v e d 

C a r t e r , E. A *, A s s i s t a n t C a s h ie r , s a la r y a p p r o v e d 

C l o u s e r , D. B . , A s s i s t a n t C a s h ie r , s a la r y a p p r o v e d 

D a n i e l , C ly d e , d e s ig n a t e d te m p o ra ry a s s is t a n t e x a m i n e r 

D i e r i n g e r , L e s t e r , a p p o in tm e n t as t e m p o r a r y a s s i s t a n t exam 

in er te r m in a te d 

Fleming, M. J . , P r e s i d e n t : 

P resen t a t m e e tin g o f B oard t o d is c u s s r e o r g a n iz a tio n 

o f U n ion T r u s t C o. o f C le v e la n d 


F le tch e r , W. H ., V i c e P r e s i d e n t : 

P resen t a t m e e tin g o f B oard t o d is c u s s r e o r g a n iz a t io n 

o f U n ion T r u s t Company o f C le v e la n d 

S a la ry a p p ro v e d 

F oster, A. G ., A s s i s t a n t C a s h ie r , s a la r y approved 

Frede, G e o ., d e s ig n a t e d te m p o ra ry a s s i s t a n t examin e r 

Grayson, F. V . , A u d it o r : 

Arrangement t o a u d it a c c o u n ts o f B oard t o be renewed 

f o r y e a r 


H all, Z. V ., s a l a r y in e x c e s s o f maximum in p e rso n n e l c l a s 

s i f i c a t i o n p la n , c o n tin u a n c e approved 

Hays, R . B ., A s s is t a n t C a s h ie r , s a la r y approved 

Henk, L e s t e r J . , A l t e r n a t e A s s is t a n t FRAgent, bond o f , 

A m erican S u r e ty C o. to be a d v is e d o f te rm in a tio n 

o f o l d bon d 

Kohte, H. C ., d e s ig n a t e d tem p ora ry a s s is t a n t exam iner 

Newell, S t e r l i n g , p r e s e n t a t m e e tin g o f B oard t o d iscu s^ 

r e o r g a n i z a t i o n o f U n ion T r u s t Company o f C leve 

O sten dorf, H arry H ., c o n t in u a t io n o f s a la r y in e x c e - 

TnaTlTmim f o r p e r i o d Of s i x m onths -r-miTiar 

Sch afer, R o b e r t, d e s ig n a t e d te m p o ra ry a s s i s t a o e 

S ch rein er. H elen , s a l a r y i n e x c e s s o f maximum in P 

c l a s s i f i c a t i o n p la n . co n tin u a n ce a p p r^ v e d ^ 

Squire, S an d ers and Dem psey, C o u n se l, r e 



Pages 

1 /1 5 89 

4/19 575 

9/20 1304 

9/20 1304 

6 / 7 786 

9/20 1304 

12/30 1757 

1 /1 5 89 

1 /1 5 89 

9/20 1304 

9/20 1504 

1 0 / 5 1361 

1 /1 5 89 

1 0 / 5 1361 

1 /1 5 89 

1 /1 5 89 

9 /2 0 1304 

4 / 3 

1 /1 5 

1 /2 1 

1 /1 5 

6 / 9 

9 /2 0 

504 

89 

133 

69 

806 

1304 

1 0 / 5 1361 

5 /2 4 

9 /2 0 

1 /2 1 

1 /1 5 

741 

1204 

133 

69

S t a ff: (Continued) p r ^ e n t a .d S e c r e t a r y , s a la r y a p - 

S tra te r, R. F ., 

T a y lor. H o - a r ^ r , appointm ent a , t m p o r a r y a s s i s t s e , - ' ^ 

srniner term inated ^/20 

w ir r*A^hier. s a la ry approve 1/15 no 

W ^ d . ^ h u r F .. appointment as t c p o r a r y a s s is t a n t 

- lir d e n F ^ ° ^ F i r ^ T i c e P r e s id e n t , s a la r y approved 1 / 1 5 

S t a t ^ t i ^ ^ d ^ a i ^ t i c a l fu n c tio n , budget approved f o r 1937 4 / 9 533 

^ u s charging o f ? and ca rry in g to r e s e r v e s f o r c o n t in g e n c ie s 

Surplus, chargi g ^ amount o f n et e a rn in g s rem ainin g 

a f t e r th e payment o f d iv id e n d s app roved 12/sg 1739 

Surveys, exam ination departm ent, r e p o r t o f Mr. C a g le may be d i s - 

cussed w ith s e n io r bank o f f i c i a l s 9/16 1203 

vRBank o f D a lla s: ^ , 

Agresnents f i l e d by nonmaaber banks u n der S e c u r i t i e s Exchange 

A ct, a d m in istra tio n to co n tin u e un der v i c e 

p r e s id e n t w ith lim it e d d u t ie s t o rem ain un der 

FRAgent 

A ir co n d itio n in g , a d d itio n a l ex p en d itu re a u th o r iz e d f o r rea rra n g 

in g 

A u d itin g departm ent, copy o f r e p o r t o f su rvey sen t t o Mr. Walsh 

Charge o f f s , s i t e o f El Paso Branch to red u ce book v a lu e to 

market v a lu e , and Houston branch b u ild in g to 

co v e r co st o f r e fa c in g b u ild in g 

Communications to Board, m atters r e q u ir in g Board a c t i o n t o be 

subm itted s e p a ra te ly 

E x a m in a t io n department: 

Budget f o r 1937 approved 

Survey o f , r e p ly acknow ledging l e t t e r c a l l i n g a t t e n t io n to 

I n a ccu ra cie s in re p o rt and a d v is in g t h a t approp 

r ia t e n o ta tio n s have been made, l e t t e r t o Mr. 

McKinney 

Expenses, in q u iry o f S e c u r ity S ta te Bank and T ru st C o ., Beaumont, 

Texas, re l e g a l i t y o f a b s o r p tio n o f c e r t a in 

types o f o u t - o f - p o c k e t , a p p r e c ia t io n e x p ressed 

. n ^ manner in which P r e s id e n t McKinney h a n d led 

Fees and allow ances f o r F ederal A d v iso ry Councilm an, app roved , 

a a vlce th at Board p r e v io u s ly gave c o n tin u in g 

S ^ L . s * s e c r ^ e r a s e s o f 

indebtedness - ' o u t s i d e bu sin ess r e l a t i o n s , r e p o r t o f , r e p ly 



r e J i^ t T " ^ r e u s e d p r o c e d u r e such 

t h a t ^ f - t subm itted to d i r e c t o r s and 

eluded " ^ need n ot b e i n - 

t r e n a f e r ^ f ^ ^ s ^ g to p r o f i t and l o s s and au- 

^ = ° " " " * « < "« < 

3/25 453 

10/ 8 1361 

11/10 1519 

12/21 1696 

10/16 1399 

4/ 9 529 

12/ 4 1622 

4/ e 516 

3/ 4 

7/26 

366 

1054 

12/26 174?

H e r e o n " '* c l a s s i f i c a t i o n p la n : 

Changes n e c e s s it a t e d b y in c r e a s e s in s a la r ie s of- . 

" K s : x - " " " " " " 

"Examination and R e s e a rch D ep a rtm en t", d i v i s i o n in+ 7 /1 4 

d e p a rtm e n ts, a p p ro v e d m-co 

g a r t e r s , a d d it io n a l e x p e n d it u r e f o r r e a r r a n g in g a i r condi 9 5 

t i o n i n g equipm ent a u t h o r iz e d " 

RassrveS, a u t h o r iz e d t o a e t a s i d e sum f o r p u rp ose o f b r in g in g ^ 

p r e s e n t b ook v a lu e o f b u ild in g m ore i n l i ^ t 

w ith e s tim a te d c o s t o f s i m i l a r b u ild in g 1 2 / 3 i ^ 

gal&rias: __ 

em ployees, su rv e y b y o f f i c e r s o f bank and recom m endation 

t o b e made t o d i r e c t o r s f o r f l a t in c r e a s e s in 

two g r o u p s and m e r it e d i n c r e a s e s i n t h i r d 

g ro u p , p e r s o n n e l c l a s s i f i c a t i o n p lan changes 

n e c e s s a r y , a p p ro v e d s u b je c t t o ap p rova l o f 

d i r e c t o r s 7 , ^ 

O f f i c e r s , f o r 1 9 3 7 , a p p ro v e d ^ 

Staff: 

Austin, E. B . , A s s i s t a n t C a s h ie r , s a la r y approved 1/19 1 1 9 

C h a n cellor, E* A . , d e s i c c a t i o n a s a s s i s t a n t exam iner to len d 

c l e r i c a l a s s i s t a n c e 2 /1 0 266 

C h ild ers, C. L . , e a la r y a p p ro v e d i n e x c e s s o f maximum 3/17 422 

Clarke, W. P . , G en era l A u d it o r , s a l a r y approved 1 /1 9 119 

Colenan, R. B . , V i c e P r e s i d e n t : 

Leave, a d d i t i o n a l g r a n t e d b y d i r e c t o r s , approved, l e t t e r 

t o a l l FRBanks a d v i s i n g th a t in fu t u r e B o a rd 's 

a p p r o v a l f o r a d d i t i o n a l le a v e n eed n ot b e secu 

r e d 6/15 8^7 

S a la ry a p p ro v e d 1 /1 9 119 

D igin gs, Joh n , s a l a r y a p p ro v e d in e x c e s s o f grad e ' ^ 

Evans, W. J . , V i c e P r e s i d e n t and C h ie f Examiner: 

In d e b te d n e ss t o U n ite d S a v in g s Bank, D e t r o i t , M ic h ., 

n o t v i o l a t i o n o f S e c . 2 2 (a ) o f FRAct as i t was ^ 

in c u r r e d b e f o r e h e becam e exam iner 

S a la ry a p p roved 

Ford, W. 0 , , A s s i s t a n t V i c e P r e s i d e n t : i ++ ,. 

L eave, a d d i t i o n a l g r a n te d b y d i r e c t o r s , approve , " ^ 

t o a l l FRBanks a d v i s i n g th a t in fu t u r e , Board s 

a p p r o v a l f o r a d d i t i o n a l le a v e need not be &e 

cu red 1 /1 9 11? 

S a la ry a p p ro v e d - 1 / 1 9 119 

G ilb e rt, R. R . , F i r s t V i c e P r e s i d e n t , s a la r y appro l / 3 0 312 

Cowland, C. P . , A c t i n g A s s is t a n t FRAgent, bond o f 

B a ll, C. C*, A s s i s t a n t FR Agent: 6 /2 3 868 



S a la ry approved u n t i l June 30 and d i r e c t o r 1 /1 9 1-3 

f u r t h e r b y e x p ir a t io n o f th a t tim e 7 / 1 915 

S a la ry f ix e d f o r p e r io d J u ly 1 * & ec.

U N M * o f D ^ . s : < Continued) 

S t a ff: (Continued; - ^ C ounsel, r e e l e c t i o n o f , w ith ou t 

" " ; r r ^ r . 

cMnpensation f o r any s e r v ic e i s t o b e s u b je c t 

to approval o f Board 1/19 ^ 

L o ^ e , L ock e! S t^ u d and Randolph, C ounsel, r e t a in e r 3p- 

proved 1/19 H& 

v ^ i i e v B. 4. , P resid en t, sa la ry approved 1 /^ 

M ^ t ^ ' j . B -, FRAgent and Chairman, d e s ig n a tio n a s . and 

sa la ry b a s is approved 12/31 1754 

Pnndrom L. A ssista n t C ash ier, s a l a r y approved 1 /1 3 ng 

Thaxton! Bnmett A lb e rt, A lte rn a te A s s is ta n t FRAgent, bond o f l / 7 ^ 

Walsh, C. C ., FRAgent, bond o f 6/23 868 

Webb, R. 0 *, A ssista n t C ash ier, s a la r y approved 1 /1 9 

Wilson, L. R ., salary approved in e x c e s s o f grade 3/17 422 

S ta tis tic a l and a n a ly tic a l fu n c tio n , budget approved f o r 1937 4/ 9 523 

Surveys, examination department, copy o f r e p o r t sen t t o Mr. 

McKinney 10/25 I441 


A bsorption o f postage on cash l e t t e r s forw arded b y member banks 

d ir e c t to o th e r FRBanks, to be r e fe r r e d to 

Standing Conm ittee on C o lle c t io n s 8 / 2 4 1198 

A dm inistrative con m ittee, view s o f Board re fu n c t io n s o f , and 

expenses due to freq u en cy o f m eetin g s and r e l a 

t io n to e x e cu tiv e con m ittee 7/14 968 

O rganization and fu n c tio n s , l e t t e r from P r e s id e n t H am ilton 

r e , Mr. M o r r ill to d r a ft r e p ly f o r B o a r d 's cons 

id e r a tio n 7/20 1008 

Reply approved 7/29 1062 

A udits, Board d e s ir e s co p ie s o f p e r io d ic departm ental a u d its 

and any gen eral a u d its o f bra n ch es 5/ 4 641 

Bylaws: 



unairman o f ex ecu tiv e com m ittee, Board ta k es p o s i t i o n th a t 

chainnan o r deputy chairman o r t h ir d c l a s s C 

d ir e c t o r should serve in o r d e r named, t o be 

d iscu ssed w ith P re sid e n t H am ilton 5/11 679 

nours o f b u sin ess, amendment r e , and re hours a t Omaha and 

Oklahoma C ity branches 5/17 ^ 

r e v is io n o f , mano o f Mr. V est c a l l i n g a t t e n tio n t o changes 

in com position o f e x e cu tiv e com m ittee and p r o 

v is io n f o r a d m in istra tiv e com m ittee, a rra n gement 

may be u n d e s ir a b le , Mr. M o r r i l l t o a s c e r - , ^ 

ta in u n d erly in g reason s 3/30 

Amendments re com position o f com m ittees, Mr. Ransom 

d iscu ssed w ith P re sid e n t Ham ilton who was a d - , „ ggi 

Views o f o n - 3 ' s p o s it io n , no fu r t h e r a c t io n & 

r= com m ittees, freq u en t m eetin gs and ex- 

chainnanship o f e x e c u tiv e 

be by o f f i c e ^ ^ °** 9%

.ws* ( C ontinued) 

^ r e v is io n o f : (C o n tin u e d ) 

O rga n iza tion and f u n c t i o n s o r com m ittees, l ^ t f ^ ___ 

P r e s i d e n t H a m ilton r e , M r. M o r r i l l t o d r a f f ^ 

r e p l y f o r B o a r d 's c o n s id e r a t io n 

R eply a p p ro v e d 

P r o v i s i o n s r e g a r d in g c o m p o s it io n and m eetin g s o f com 

m i t t e e s , M r. Thomas p r e s e n t a t m eetin g o f B o a ^ 

t o d i s c u s s 

Contributions t o K ansas C i t y C i t i z e n s P r o t e c t i v e C o u n c il, In c 

n o t r e l a t e d t o co n d u c t o f a f f a i r s o f the bank 

and B o a r d 's a p p r o v a l m ust be o b ta in e d in fu tu re 

C redit u n ion . e s t a b lis h m e n t , r e p l y t o M r. W orth in gton that 

B oard i n t e r p o s e s no o b j e c t i o n , e n c lo s in g c o p y 

o f A ct and b y la w s and memoranda o f B o a r d 's 

c r e d i t u n io n 

Examination d ep a rtm en t: 

Budget f o r 1937 a p p ro v e d 

W orthington, C. A . , F i r s t V i c e P r e s i d e n t , a p p o in t m e n t to 

s u p e r v is e o p e r a t i o n s o f 

E xam in a tion r e p o r t a s o f F e b . 2 7 , d is c o n t in u a n c e o f c o n t r o l o f 

a u d i t i n g d ep a rtm en t o f cu s to d y o f s e c u r i t i e s , 

o n l y s e c u r i t i e s o f member banks sh ou ld be h e ld , 

a b s o r p t io n o f p o s t a g e on cash l e t t e r s forw arded 

d i r e c t b y member banks to o t h e r FRBanks 

Executive com m ittee, v ie w s o f B oard r e f u n c t i o n s o f , and p o s it 

i o n ta k e n r e ch a irm a n sh ip 

O rga n ization and f u n c t i o n s , l e t t e r from P r e s id e n t H am ilton 

r e , M r. M o r r i l l t o d r a f t r e p l y f o r B o a r d 's cons 

i d e r a t i o n 

Reply a p p roved 

Industrial lo a n s , r e q u e s t e d b y B oard t o f u r n is h statem en ts o i 

l o a n s and com m itm ents t o M r. Oekker in r e p ly 

t o h i s q u e s t i o n n a i r e r e o p e r a t io n s o f FRBanks 

Legal d iv is io n , r e p o r t o f s u r v e y b y M r. D r e i b e l b i s , Mr. Leedy 

a l s o r e t a in e d b y t r u s t company 

(See a ls o FRBanks, L e g a l d i v i s i o n s ) 

Notary fe e 8 , arrangem ent r e g a r d in g paym ent at head o f f an 

b r a n c h e s , a c t i o n d e f e r r e d p en d in g fu r t h e r a 

v l ce 

Persona e l c l a s s i f i c a t i o n p la n : . , 

"Manager" o f R e se a rch and S t a t i s t i c a l D epartm ent, 

from " S u p e r v i s o r " a p p rov ed 

Salary paym ents i n e x c e s s o f maximum a p p rov e ^ ^ f 

^ b l i c r e l a t i o n s , im provem ent o f , B oard a g r e e s o ^ g to 



s t a t i n g t h a t U n c t i o n i s ^ s u ^ ^ ^ ^ r s h o u l d 

e x e c u t iv e o f f i c e r s o f bank, d i r e c t o r s shoul 

g i v e c a r e f u l c o n s id e r a t io n to 

7 /2 0 1008 

7/29 1062 

8 /2 4 1182 

1 2 /10 1638 

1 2 /28 1746 

4 / 9 529 

1 2 /2 8 1740 

6 /1 6 841 

7 /1 4 968 

7 /2 0 1008 

7 /2 9 1062 

1 0 /2 8 1462 

7 /2 3 1026 

1 2 /2 2 1720 

6 /i o 808 

7/27 1045

FRBank o f Kansas ^ t y : i ^ r e s e r ^ e s f o r c o n t in g e n c ie s n ot approved, 

R eserves, tran — c r e d it amount equal t o estim a ted 

net earnings rem aining a f t e r payment o f d i v i 

dends . . 1 2 /2 1 

âfakseping, s e c u r it ie s , o n ly th o se owned by member banks 

âfaxeep ng, ê h e ld , p o l i c y t o be rev iew ed by d ir e c 

t o r s 6/ig 

841 

S a l a r i e s o f o f f i c e r s f o r 1937 approved l / i 9 ^ 

S t a ff: . . . - 

Addison, Clyde C ., payment o f s a la r y m e x c e s s o f maximum 

in person n el c l a s s i f i c a t i o n p la n app roved 7/27 i04* 

A ssista n t examiners, d e sig n a tio n o f th r e e em ployees to 

le n d c l e r i c a l a id t o exam iners app roved g/gg 3,. 

D esign ation o f c e r ta in em ployees as a s s is t a n t exam iners 

to len d c l e r i c a l a s s is t a n c e , in fu t u r e o n ly 

a d d itio n a l names need be su b m itted and Board 

ad vised o f d e d u ctio n s from l i s t 2/ g ^ 

E arly, W. I . , sa la ry approved in e x ce s s o f maximum 3 /1 7 ^ 

E l l i s , J. 0 . , In form ation C lerk , e x te n s io n o f s e r v i c e under 

Retirem ent System u n t i l March 1 , 1938 2 / 6 239 

E xtension o f s e r v ic e o f fo u r a a p loy ees u n t i l Jan . 1 , 1938 

and o f M essrs. E l l i s and Graham u n t i l March 1, 

1938 in co n n e ctio n w ith R etirem en t System 2 / 6 239 

Graham, W. R . , R e g iste re d M ail C lerk , e x te n s io n o f s e r 

v ic e under R etirem ent System u n t i l March 1 , 1939 2 / 6 2S9 

Hamilton, George H ., P r e s id e n t, s a la r y app roved 1/19 113 

H arrison , M abel, s a la ry approved in e x c e s s o f maximum 3/17 422 

Helm, J , Vi., V ic e P re sid e n t and C a s h ie r, s a la r y app roved 1/19 118 

Leedy, H. G ., V ice P r e s id e n t, G eneral C ounsel and S e c r e ta r y : 

Appointment, a d v ice o f , s a la r y approved 12/26 1740 

Report on survey o f le g a l d iv is io n th a t he i s a ls o re 

ta in ed by Commerce T ru st Co. 7/23 1026 

R etain er approved w ith u n d erstan d in g th a t he w i l l contin 

u e to m aintain o f f i c e in FRBank b u ild in g 

and pay r e g u la r r e n t a l 1/19 R 8 

McAdam^, A. M ., V ic e P re sid e n t and S e c r e ta r y , s a la r y approved 

^ 1 / 1 9 118 



P h i l l i t ^ s t a n t C a sh ier, s a la r y approved l / l 9 ^ 

r ' A s s ^ a n t C a sh ie r, s a la r y app roved l/1 9 ^ 

Robb T. C ash ier, s J a r y p r o v e d i / H ^ 

Bond sa la ry as A lte r n a te A s s is t a n t FRAgent 5 / ^ ^ 

^RAênt and Chairman: 

" " . n . s. M } ! . 

^698

W o.H ey, D. W ., A lt e r n a t e A s s is t a n t FRAgent. a p p o in t m ^ 

as a s s i s t a n t c a s h i e r , s a la r y approved ^ 

s t o o d t h a t h e w i l l r e s i g n as ' s'** 

Worthington* C. A . , F i r s t V i c e P r e s id e n t : 

Appointment a s ex a m in er and o f f i c e r in charge o f ban!, 

e x a m in a tio n d epartm en t app roved 


S t a t is t ic a l and a n a l y t i c a l fu n c t io n , budget app roved f o r 1.957 

T erritory, t r a n s f e r o f c e r t a i n c o u n t i e s o f M is s o u r i o f 8th " 

F R D is t r ic t t o , p e t i t i o n o f b a n k ers n ot approved 

r e p l y t o M r. H o e fe r t o b e p rep a red 

L e tte r p re p a re d and a p p ro v e d 

L e tte r to be r e v i s e d t o e t a t e t h a t B o a r d 's r e p r e s e n t a t iv e 

w ou ld make i n v e s t i g a t i o n to determ in e whether 

a d d i t i o n a l in f o n n a t i o n was a v a i la b le 

FRBank o f M in n ea p olis: 

Air c o n d itio n in g , r e s e r v e t o c o v e r c o s t o f , a u th o riz e d to 

s e t up 

Auditing d epartm en t, c o p y o f r e p o r t o f su rv e y sen t t o Mr. 

G eery 

Reply a ck n o w le d g in g l e t t e r on c o n s id e r a t io n o f re p o rt by 

d i r e c t o r s 

Deposits, f i g u r e s shown i n c o n d i t i o n r e p o r t s and sem i-m onthly 

r e p o r t s s u b m itte d f o r r e s e r v e p u rp o se s, d i f 

f e r e n c e s t o b e c o r r e c t e d 

Examination d ep a rtm en t, b u d g e t f o r 1937 ap p roved 

Fees and a llo w a n c e s f o r member o f F e d e r a l A d v is o r y C o u n c il, adv 

i c e t h a t B o a r d 's a p p r o v a l o f March 11, 1936 

was c o n t in u in g and no a c t i o n n e ce s s a ry 

Graduate S ch ool o f B a n k in g , e x p e n s e s o f s t a f f members a tte n d in g 

w h ich may b e assumed b y FRBank, r e p ly t o P r e s i 

d en t P e y to n 

Holding s e c u r i t i e s in c u s t o d y f o r FDIC a s r e c e i v e r o f member 

bank ^ 

Kiting o p e r a t io n s , t o c o o p e r a t e w ith C o m p t r o lle r , FLIC and hfC 

in r u n n in g down v i o l a t i o n s 

Legal d iv is io n , r e p o r t on s u r v e y n o t r e a d y f o r comment 

Moving p ic t u r e , f u r n i s h i n g t o N orth B a ltim o r e K iw an is Clu , 

l e t t e r t o M r. P e y to n th a t B oard has ^ 

t i o n , but m a tt e r s h o u ld be c le a r e d w ith FHRanx 

^ o f D i s t r i c t in v o lv e d 

ersonnel c l a s s i f i c a t i o n p la n : 

Changes a p p roved ^ ^ 

Reorganization, e f f e c t o f , l e t t e r from P r e s id e n t P eyton 

sta tem en t o f s a v in g s , M r. M o r r i l l 

l e t t e r e x p r e s s in g B o a r d 's a p p re ^ is 1 2 



s u i t e 

4/30 528 

1 2 /26 1740 

1 /1 9 l i e 

4 / 9 528 

10/22 1415 

10/29 1472 

1 2 / 3 1609 

12/21 1698 

1 1 / 1 1435 

1 2 / 4 1621 

9 / 7 1236 

4 / 9 529 

2 / 2 223 

3 /1 9 441 

8 /3 1 1206 

7 / 1 916 

11/17 1541 

4 /2 1 592 

2/11 270

R e s e rv e s :

" M in n e a p o lis : (C o n tin u e d ) Pagea 

( C o n t i n u e d ) 

^ ^ T im b a rla k e, H. C ., A l t e r n a t e A s s is t a n t F R A p e n t - 

Bond ap p roved and F i d e l i t y and D e p o s it Company o f v a ^ 

Penniasion to v i s i t variou s cen tra l and commercial h. v 

i n E urope oanKs 

Upland. R o l f , A s s i s t a n t C o u n s e l. r e t a i n e r approved 

Ueland, S ig u rd , C o u n s e l, r e t a i n e r app roved ^ 5 91 

Yaeger, H arry, V ic e P r e s i d e n t , s a la r y approved 

Z im e r , 3 . I . , T i c e P r e s i d e n t and C a s h ie r , s a la ry approved l / i s ^ 

S ta tis tica l and a n a l y t i c a l f u n c t i o n , bu d get approved f o r 193? 4 / 9 

o f New York: ^ ^ 

Acceptances, e l i g i b l e d o l l a r b a n k e r s , p u rch a s e o f , FRBanks re 

d is c o u n t f a c i l i t i e s n ot a v a i la b le t o fo r e ig n 

b a n k s, may h ow ever buy i n fu t u r e in open market, 

r e p l y t o Bank f o r I n t e r n a t io n a l S ettlem en ts 

Advances t o Bank f o r I n t e r n a t i o n a l S e ttle m e n ts o f 98% on 

1 0 / 2 3 1 4 3 5 

$ 1 0 ,0 0 0 ,0 0 0 g o ld i n t r a n s i t a u th o riz e d to make 

Annual balan ce s h e e t a u d it d is c o n t in u e d and o t h e r a u d its to 

9 / 1 7 1 2 9 7 

b e made i n p l a c e t h e r e o f 6 / 1 7 8 4 8 

Auditing D epartm ent, s u r v e y r e p o r t o f , weakness in p erson n el 

and p r o p o s e d r e v i s i o n s in a u d it in g p roced u re re 

f e r r e d t o i n l e t t e r t o M r. Young 

Reply a ck n ow led g in g l e t t e r on c o n s id e r a t io n o f re p o rt by 

6/30 909 

d i r e c t o r s 11/19 1546 

Banco de M ex ico, r e s e a r c h d ep a rtm en t, r e p l y t o FRBank that 

B oard b e l i e v e s i t d e s i r a b l e t o co o p e r a te in 

d e v e lo p in g , w ith u n d e rs ta n d in g th a t any person s 

se n t w i l l a c t o n ly in in d iv id u a l c a p a c it ie s 4/12 ^41 

Banco de V en ezu ela , s a fe k e e p in g o f g o ld f o r , ap p roved , to be 

a d v is e d t h a t i f a cco u n t i s open ed, no charge 

w i l l b e made f o r s e r v i c e 

Banco N acional de C o sta R i c a - - I s s u e D epartm ent, FRBank au th ori 

z e d t o m a in ta in a cco u n t f o r , agreen en t to be 

r e v ie w e d upon a d o p t io n o f stan d ard agreem ent, 

p a r t i c i p a t i o n o f FRBanks approved 

Bank f o r I n t e r n a t io n a l S e t t le m e n t s , p u rch a s e o f b i l l s f o r a c 

" 

cou n t o f , c o r r e s p o n d e n c e w ith FRBank in ^ ^6 

p o s s i b l e e a r l y r e q u e s t f o r , q u e s tio n r a is e as 

t o a u t h o r i t y o f FRBank u n der p ro ce d u re recan t y ^ 

Review and e f f e c t o f p r a c t i c e , FRBank a u th o riz e d 

f o r f o r e i g n c e n t r a l banks and Bank o r 1 /2 2 140 

n a t io n a l S e tt le m e n t s w it h in f i x e d lim " PP 

Bask o f Canada, Governm ent s e c u r i t i e s purchased f o r a 

b y ITlBank w ith o u t s e c u r in g 

i s t i n g p r o c e d u r e , memo o f Mr. re 

FRBank a u t h o r iz e d , s u b je c t t o th e ^ ^ ^ t e 

o f FOMC 

amount 

L etter to FRBank o f New Y ork r e 



t o make such p u rch a s e s up to a ^ r , _ ^ 5 3 4 

613

FRBank o f New York: M e s s r s . Mynors and Niem eyer 

C ontribution t o c o n t r i b u t i o n s o f t h is s o r t and requests 

s u b m is s io n to Board i n fu tu r e 3 /2 6 ^ 

" ' ; x r s s n ; " : s : i . r . . . . 

Davis. P olk . ^ F in k e ls te in v. FRBank o f New Y ork, 

d iscu s sio n o f , in l i g h t ° f memo " r - D r e ib e lb 

is , payment approved 7 / 1 3 9^ 

with s e c u r it ie s a tta ch ed , charge b e in g made f o r , n ot a f - 

fe c te d by rep ort o f Committee on F ree S e r v ic e s 10/19 1403 

E x a m in a tio n d e p a r t m e n t : 

Budget f o r 1937 approved " 4/ 9 529 

C orrection o f c r i t i c i z e d m a t t e r s i n S ta te m s n b e r banks o f 

S e c o n d d i s t r i c t , q u e s t i o n o f ta k in g more e f f e c 

t i v e s t e p s , Mr. M c& ee to s u b m it recomm endation 

t o B o a rd a f t e r f u r t h e r c o n s id e r a t io n 1 2 /1 0 1645 

Survey o f , l e t t e r to P re sid e n t H arrison r e 7/ 1 912 

Excess reserves o f ce n tra l re se rv e c i t y banks, recom m endation 

th a t in fo n n a tio n be made p u b lic by Board put on 

docket f o r fu tu re c o n s id e r a tio n 9/30 1345 

Expenditure f o r c e r t i f i c a t i o n o f documents l i s t e d in cu rren t 

expense r e p o rt, amendments to c h a r t e r s need be 

a c c u r a t e b u t n o t n e c e s s a r i l y c e r t i f i e d 9 / 8 1240 

Foreign benks: 

Agreanents w ith , p o s s ib le r e v is io n s in form o f 1/14 76 

R evision subm itted by FRBank, approved, s u b je c t to esta 

b lis h e d p roced u re re g a rd in g such r e l a t i o n 

sh ip s, and a u th o r iz a tio n to p u rch a se, w ith in 

lim it s , Government bonds and a c c e p ta n c e s f o r 

fo r e ig n accou n ts 

Time extended f o r purchases f o r a ccou n ts d u rin g p e rio d 

re v ise d agreem ents are b e in g made e f f e c t i v e and 

nev. fonns o f agreement t o be fu rn ish e d Board as 

8 / 9 1112 

accepted 8 / 2 0 11*^ 



s e c u r it ie s , a u th o r ity t o make p u rch ases up to 

§50,000,000 f o r accou n t o f fo r e ig n c e n tr a l 

banks 4 / 2 1 566 

R e l a t i o H ^ t ^ a u th orized re q u e ste d , gran ted 6/15 9? 

R elation s with p u rch a s e o f h i l l s f o r a c c o u n t o f , q u e s t io n 

^ l e t t e r o f Mr. Knoke as t o a u th o r ity -23 

o f IRBank in co n n ection K ith 

^ v i s i o n o f agreem ents 

^ P r o v i s i o n r e fe r r e d t o , 

^ * ° Purchase M i l e f o r fo r e ig n 

s ! t ^ ? and. Bank f o r In te r n a tio n a l , „ 

L e tte r to f i n d lim it 

b i l l s fo r °°a approval o f purchase o f 263 

f ° r . and c la r if y in g procedure S/ 9 ^

„ . f He* York: (C o n tin u e d ) 

^ L d u . t e S ch ool o f B an kin g: 

Expenditures on b e h a l f o f em p loyees a t te n d in g to t, 

t o le a v e w ith p a y p lu g tr a m s p o r t a t ^ L lim it e d 

t o p ay e n t i r e e x p e n s e s o f one 

T i o u s l y e n r o l l e d upon th a t u n d e ra ta ^ d ^ P***' 

Mtmber o f s t a f f ch osen t o a t te n d ca n n ot g o, n oted t h ^ */S9 

a n o th e r member w i l l a tte n d and th a t n o i a ^ 

p a y e x p e n s e s ^ 

personnel a t t e n d in g , r e p l y t o Mr. S p ro u l as t o su c^ e st^ t. 

. th a t bank assum e e n t i r e c o s t s , th a t Board 

l i e v e e su ch c o s t s s h o u ld b e lim it e d t o tra n e - 

le a v e w ith p a y f o r a tten dan ce 4 / i 

jeokins, Deyo and H it c h c o c k , E s q ., payment o f a d d it io n a l a t - 

t o m e y s f e e s i n c o n n e c t io n w ith p r e fe r r e d claim s 

a g a in s t S t a t e Bank o f Bingham ton, N. Y. " 1 2 / 1 

N ational Bank o f B u lg a r ia , p u r c h a s e o f b i l l s f o r accou n t o f * " 

r e q u e s t f o r , q u e s t io n r a is e d as to a u th o r ity o f 

FRBank u n d e r p r o c e d u r e r e c e n t l y adopted 1 / 2 1 

Review and e f f e c t o f p r a c t i c e , FRBank a u th o r iz e d to purch 

a se f o r f o r e i g n c e n t r a l banks and Bank f o r 

I n t e r n a t i o n a l S e t t le m e n t s w ith in fix e d l im it 1 /2 2 

National Bank o f H ungary: 

Central bank c r e d i t s , r e p l y t o FRBank o f f e r i n g no o b je c t io n 

t o t r a n s m i t t i n g p r o p o s e d l e t t e r r e , t o Bank f o r 

I n t e r n a t i o n a l S e t t le m e n t s 4 /1 5 

In te re s t on F i r s t and S e co n d S y n d ic a t e C r e d its , r e p ly to 

Mr. S p r o u l r e arran gem en ts t o t r a n s f e r to 

FRBank, paym ent t o b e made in d o l l a r s 4 /1 3 

To be p a id FRBank on J u l y 1 9 , FRBank to a d v is e th at i t 

p r e f e r s paym ent in d o l l a r s and i s w i l l i n g to 

h ave amount c o n v e r t e d i n t o p r e s e n t d o l l a r s ? / 8 

Renewal o f c r e d i t s f o r t h r e e y e a r s , p a r t i c i p a t i o n by FRBank 

a p p ro v e d , n o te d t h a t FRBank d e s ir e s r e c o n s id 

e r a t io n a t end o f on e and two y e a r s and in 

c r e a s e in p r o p o s e d paym ents on p r i n c i p a l , 

p o l i c y o f a c c e p t i n g d o l l a r payments t o be con - 

t in u e d d e s p i t e g o l d c la u s e 

R eply t o Mr. K noke n o t i n g t h a t H ungarian bank i s w i l l 

i n g t o e lim in a t e d i s c r e t i o n a r y t r a n s f e r o f paym 

ents o n p r i n c i p a l o r i n t e r e s t pnd ha^ 

to make annual paym ents o f 5% on p r in c ip * ^ ^ 

.. a p p rov ed ^ _ 

-* Irian, John H ., F s q . , a p p o in t e d t o r e p r e s e n t bank n ma

FRBani; o f New (C ontinued) 

Personnel c l a ^ i i m edical d iv is io n 

Change approved . f c e r ta in s a la r ie s in e x c .s e 

o f rnaiimum approjed^,^^^ un d erstan d in g that 

Changes in ^ g l ^ p „-^ n be granted o n ly upon m erit 

^ t " a r a u t o m a t i e . i t h i n c e r t a in lim it s 

^ at p re se n t s a l a r i e s which are 

^ < 1,1 v ith r^ rta in e x c e p tio n s , a d v ic e th a t 

R a is e d a p p r o v a 's a la r y in e x cess 

o f grade ra th er than s e t maximum f o r grade at 

higher fig u r e , uniform p r o v is io n s f o r A s s is ta n t 

and A ltern a te A s sis ta n t FRAgents 

S a la rie s o f c e r ta in a sp lo y e e s, a c t io n d e fe r r e d pen din g a c - 

tio n on new plan 

Salary in c re a s e s on f l a t b a s is , changes n e c e s s a r y t o e f 

fe c tu a t e , approved 

Pitney, Hardin and Skinner, employment in case o f cla im a gain st 

L sm b e rtv ille Rubber C o ., I n c . , approved 

R eserves, in d u s tr ia l advances, a u th o rize d to s e t up 

S alaries: ^ 

Bnployees, a ctio n d e fe rre d on c e r t a in , p en din g a c t io n on 

new p erson n el c l a s s i f i c a t i o n p lan 

Approval by Board in cases where re tire m e n t i s c a r r ie d 

o v er f i r s t month o f new y e a r, r e p ly t o in q u ir y 

i f n ecessa ry , th a t Board b e lie v e s re tire m e n t 

should not be c a r r ie d p ast end o f y e a r 

In crea se on general b a s is , memo o f Mr. B ro d e r ick r e , 

recommending approval o f changes in p erson n el 

c l a s s i f i c a t i o n plan n e ce ssa ry t o e f f e c t u a t e , 

approved 

O ffic e r s , f o r 1937, spproved 

S t a ff: 



Alexander, F rederick L ., S u p ervisor: 

S erv ices to Board f o r tem porary p e r io d , Mr. Smead auth 

o rize d to n e g o tia te f o r , in co n n e ctio n with 

d ra ftin g re v ise d in s t r u c t io n s f o r p r e p a ra tio n o f 

co n d itio n re p o rt6 , sa la ry and p e r diem t o be 

paid 

Vû t e r suDmitted t o Board co v e r in g s e r v ic e s t o Board 

fo r two months au th orized and f o r a d d it io n a l day 

worked, payment approved and t r a n s p o r t a tio n expenses 

assumed by Board 

Pêr, Robert R. , In te rv ie w e r, s a la ry in ex cess o f grade 

A ssistan t remainder o f employment w ith bank 

- detent ^ ^ d esig n a tion o f 32 u n ployees o f 3HBm* 

^ B u f f a l o branch a s, to a s s is t in examine- 

B m itch . - l * r y in excess o f grade approved so lon g 

as s e rv ic e s con tin u e s a t is fa c t o r y 

^836 

1 0 / 8 1S?9 

M / 5 1509 

1 2 /s o 

4/30 

1757 

623 

4/21 568 

2/16 304 

5/11 675 

4 /2 3 597 

12/2 1 1698 

2/16 304 

3/30 476 

5/11 

1 /1 9 

3/29 

7 / 1 

675 

114 

471 

913 

1 1 / 5 1510 

6/21 

1 1 / 5 

069 

1610

He* York: (C o n tin u e d ) Pages 

ruB""*'' ° ( con tin u ed ) 

A rrow s, & id le y H . . M an ager, s a la r y a p p roved 

^ i n , R - r y ^ T e l e t y p e O p e r a t o r , s a l a r y in e . c e s . „ 

Boyan, A lfr e d J . , C h e ck e r, c o n t in u a n c e o f tem porary a s s u ^ ^ ^ 

m eet t o w ork on a d ju s t e d s e r v i c e bonds* and 

c h e c k s u n t i l A p r i l 1 a p p roved 

B ullock, R ob ert W ., A l t e r n a t e A s s i s t a n t FRAgent, appointm ent ^ ^ ^ 

and s e l a r y a p p ro v e d menu 

Burgess, W. R . , V i c e P r e s i d e n t : 12/^9 1751 

Reserve r e q u ir e m e n ts i n c r e a s e , i n a ccord w ith proposed 

p la n t o make o n e - h a l f e f f e c t i v e at one tim e'en d 

th e o t h e r h a l f a t a l a t e r d a te 


Burt, W esley W ., M an a ger, s a l a r y a p p roved 

Calyer, C h a r le s , t o b e r e t a i n e d in s e r v i c e u n t i l Feb. 1, 

1 9 3 8 , a lt h o u g h h e w i l l r e a ch re tire m e n t a ^ e 'b e 

f o r e J a n u a ry 1 , 1 9 36 

Cameron, D onald J . , M an ager, s a l a r y ap p roved 

Campbell, Edward B . , J r . , a p p o in tm e n t as a s s is t a n t examiner 


Cleary, E. F. , E xam in er, s a l a r y , no o b j e c t i o n t o , as i t 

com es w it h i n l i m i t s o f p r e s e n t p e rso n n e l c l a s s i 

f i c a t i o n p la n 

Coe, C h arles 3 . , V i c e P r e s i d e n t , s a l a r y ap p roved 

Cooper, N. C ., A l t e r n a t e A s s i s t a n t FR Agent, s a la r y , Board 

a d v is e d o f a p p r o v a l S e p t . 23, 1936 and no fu r t h e r 

a c t i o n n e c e s s a r y 


Crosse, Roward D. , a p p o in tm e n t a s a s s i s t a n t exam iner on 

perm anent b a s i s , a p p ro v e d 

A ppointm ent a s e x a m in e r a p p ro v e d 

Daly, Randolph V. , a p p o in tm e n t a s exam in er approved 

Davis, F e l i x T . , A s s i s t a n t C o u n s e l, s a la r y in c r e a s e recom 

m ended, a c t i o n d e f e r r e d p en d in g su rvey o f leg & l 

d i v i s i o n s o f a l l FRBanks 

Davis, Honnan, p r e s e n t a t m e e t in g o f B oard w ith r e p r -n .^ a 

t i v e s o f New Y ork S to c k E xchange in c o n n e c ,io n 

w ith p la n t o e l i m i n a t e in -n n d -o u t t r a d in g 

D ickinson, P h i l i p L . , a p p o in tm e n t as exam iner 

D i l l i s t i n , W illia m H ., A s s i s t a n t V i c e P r e s id e n t , s a - a n 

Dodge, E. L .^ G e n e ra l A u d i t o r , r e t ir e m e n t c o D t i n . ^ ^ 

bank, r e q u e s t f o r a u t h o r i t y t o ? ^ / n 

o f g e n e r a l a u t h o r i z a t i o n , a d d it io n a l sum d is 

a p p ro v e d uriitim r 

L e t t e r t o M r. Young s t a t i n g t h a t Board ^ no ^ 

t o a u t h o r i z e paym ent o f sum ^ ^ \ yês 

a u t h o r iz e d f o r a l l o f f i c e r s an i 

Douglas, Edward 0 . , M an ager, s a la r y ap p roved 



1/29 195 

1/19 115 

1/19 115 

4/10 535 

1/19 115 

9 / 3 1226 

2 /1 6 305 

1 /1 9 115 

2 /1 6 305 

12/29 1751 

5 /1 2 688 

6/21 859 

6/21 859 

1 /1 9 

114 

1 /1 8 100 

1 2 / 2 1585 

1 /1 9 

1/19 

2 / 2 

1 /1 9 

115 

121 

218 

115

^ Of N e. York: {Continued) 

S ta ff: (Continued) s a la r y approved 

Downs, Herbert b -, as a s s is ta n t exam iner 

O p erator, s a la r y in e x c e s s o f 



^ ^ " p p o t ' ^ e D t as a s s is ta n t exam iner 

f " ^ n ' G e ^ g e 'w . f General A u d ito r , s a la r y approved 

Ferguson, George ,

MdAurray* R o b e rt F. , M anager, s a l a r y approved 

M eyer, H arry J . , E xam iner, a p p oin tm en t approved 

1 /1 9 

M iH er, S i l a s A . . M an ager, s a l a r y a p p roved 12/16 

M itch e ll, J a cq u e s A . , M an ager, s a la r y app roved ^/19 

Morgan, W. C ., s a l a r y , p r o p o s e d amount i s w ith in new n .< n n 

f i c s t i o n p la n , 

ta k e n on p la n 

a c t i o n d e fe r r e d u n t i l a c t i ^ ? 

"** a c t io n i s 

S a la ry a p p rov ed i n e x c e s s o f g r a d e 2/16 

Miether, H. A . , s a l a r y , no o b j e c t i o n t o , as i t comes w ith in ^ 

l i m i t s o f p r e s e n t p e r s o n n e l c l a s s i f i c a t i o n plan s / i s 

N ellsn, E. P . , E xam in er, B oard n o t w i l l i n g f o r FRBank to 

p ay c o s t s i n a d d i t i o n t o t r a n s p o r t a t io n and 

le a v e w it h p a y f o r a tte n d a n c e a t Graduate S ch ool 

o f B an k in g ' 

O'Hara, John, t o b e r e t a i n e d in s e r v i c e u n t i l Feb. 1 

1 9 3 8 , a lt h o u g h h e w i l l r e a c h re tire m e n t age bef 

o r e J a n . 1 , 1 9 3 8 4/10 

O'Mahoney, C a t h e r in e , T y p i s t , c o n tin u a n c e o f tem porary assign 

m en t t o w ork on a d ju s t e d s e r v ic e bonds and 

c h e c k s u n t i l A p r i l 1 a p p ro v e d 1 / 7 

Papenfuss, C h a rle s A . , s a l a r y in c r e a s e d upon p rom otion to 

c h i e f e n g in e e r w it h o u t B o a r d 's a p p r o v a l, app 

r o v e d 3 / 2 

Phelan, A rth u r, A s s i s t a n t V i c e P r e s i d e n t , s a la r y approved 1/19 

Phinney, R. H. , A l t e r n a t e A s s i s t a n t FRAgent: 

R e s ig n a tio n e f f e c t i v e J a n u a ry 1 , 1 9 36 12/29 

S a la ry , B oard a d v is e d o f a p p r o v a l Sept* 2 9 , 1936 and 

no f u r t h e r a c t i o n n e c e s s a r y 2/16 

Quackenbush, L a w ren ce E . , A s s i s t a n t E xam iner, appointm ent 1 2 / 2 

Reitmeyer, P a u l, T e le t y p e O p e r a t o r , s a la r y i n e x ce ss o f 

maximum a p p r o v e d 

R etirem ents, r e p l y on i n q u i r y w h e th e r B o a r d 's ap p rova l is 

n e c e s s a r y f o r paym ent o f s a la r y in v o lv e d i r 

c a r r y in g r e t ir e m e n t o n e m onth p a s t end o f y ea r, 

B oard b e l i e v e s i t s h o u ld n o t be c a r r ie d p a st 

f i r s t o f y e a r , i n q u i r y t o be made i f any 

s p e c i f i c c a s e s a r e in v o lv e d 

R ice, James M ., A s s i s t a n t V i c e P r e s i d e n t , s a la r y appro 

R ied el, R o b e rt L . , a p p o in tm e n t a s a s s i s t a n t exam iner on p e 5 / 1 2 

m anent b a s i s , a p p ro v e d 

R in a ld i, C arm ela, T y p i s t , c o n t in u a n c e o f ta n p o r e r y ^ gn 

ment t o w ork on a d ju s t e d s e r v i c e bonds and 

c h e c k s u n t i l A p r i l 1 a p p rov ed .^n-m ved 

R oelse, E . v . , A s s i s t a n t V i c e P r e s i d e n t , s a la r y 

Rounds, L . R . , V i c e P r e s i d e n t : . o p t a t i v e s 

C on feren ce w it h N. Y . S t o c k E xchange l iq u id a - 

on p ro b le m o f m e e t in g m argin c a l l s by H Q ^ 3 



t i o n , t o b e i n v i t e d t o b e p r e s e n t 

ages 

115 

1668 

115 

115 

305 

693 

305 

505 

535 

41 

356 

115 

1751 

305 

1585 

1510 

478 

115 

688 

41 

115

S t a ff: ' ^ * " 3 T ic e P r e s id e n t: (C on tin u ed ) 

Rounds, i.. 



P r e s e t w ith r e p r e s e n t a t iv e s o f New York 

S tock Exchange in co n n e ctio n w ith p le n to 

oi^m inate in —and—out tra d in g 1/18 ity. 

S ta te m e n t re e f f e c t o f p lan and b e l i e f th a t Board 

l o u l d a llo w Exchange th e o p p o r tu n ity t o c o - 

o p e ra te ^ 8 106 

sa la ry approved ^ ^ Exam iner, in d e b te d n e s s t o ^ 

R obinson. C h a rle, A . . . A ssista n t^ ^ 

p i l l i s t i n th a t as he has no a u th o r ity t o examine 

n a tio n a l banks o u t s id e secon d F R & is t r ic t , i t 

i s not v i o l a t i o n o f S e c. 2 2 (a) o f FRAct 

S a ile r L. F . , V i c e P r e s id e n t, re tire m e n t c o n t r ib u t io n by 

bank, requ est f o r a u t h o r it y t o make in e x ce ss 

o f gen eral a u th o r iz a t io n , a d d it io n a l sum d i s 

approved, memo o f p r e v io u s a c t io n t o b e p repared 

f o r c o n s id e r a tio n o f payment o f a u th o r iz e d sum 

Review o f p re v io u s a c t io n w ith r e s p e c t t o con tin u a n ce 

and s a la ry o f , Board n ot w i l l i n g t o ex ceed p o s it 

io n fo rm erly adop ted, l e t t e r t o b e p rep a red re 

R eply t o Mr. Young th a t Board c o n s id e r e d i t s p r e v io u s 

a c tio n f i n a l , and th a t i t i s n ot w i l l i n g to approve 

s p e c ia l c o n t r ib u tio n in e x c e s s o f th at 

au th orized f o r o f f i c e r s and em ployees g e n e r a lly 

Sanford, H orace, A ssista n t S e c r e ta r y , s a la r y approved 

S a t t le r , R o b e r t ! . , Examiner, appointm ent ae a s s is t a n t examiner 

Schug, Joseph F . , T e le ty p e O p erator, s a la r y in e x c e s s o f 

maximum approved 

S c o tt, W illism A ., Manager, s a la r y approved 

Sheehan, W illism F . , Manager, s a la r y approved 

S la te r, C harles, salary in ex cess o f grade approved f o r s ix 

months 

an lth , George C ., appointment as a s s is ta n t exam iner on p ermanent 

b a s is , approved 

Sniu^konski, V ipcen ty, c o n trib u tio n in e x ce ss o f maximum 

au th orized t o in c re a s e d i s a b i l i t y retirem en t 

allow ance 

Snyder, John, con tin u ation at p resen t s a la r y which i s in 

S' T relber. W illia m F. A s s i s t a n t C o u n s e l, s a la r y 

recom m ended, a c t i o n d e f e r r e d pending 

o f l e g a l d i v i s i o n s o f a l l F R B ^ S a ^ survey 

Trimble, R ufus J . , A s s i s t a n t C o u n s e l, s a la r y In cre a s e 

m ended, a c t i o n d e f e r r e d p en d in g survey 

d i v i s i o n s o f a l l FRBanks s u r v e y o f le g a l 

TUlly. Joseph A . , c o n t in u a n c e o f assign m en t to lowei- d 

a r ie d p o s i t i o n f o r s i x m onths approved 

Tyndall. H arvey L . , T e l e t y p e O p e r a t o r , s a la r y in excess 

maxi mum a p p ro v e d * 

V anE outen, C h a r le s N. , M an ager, s a la r y approved 

Earner, D orr W ., a p p oin tm en t a s a s s i s t a n t examiner approved 

Waters, I - Ward, M an ager, s a l a r y a p p roved 

W illiam s, John H . , V i c e P r e s i d e n t : 

B usin ess and c r e d i t c o n d i t i o n s , statem en t o f . befm-P 

P r e s i d e n t s ' C o n fe r e n c e 

C redit and b u s in e s s s i t u a t i o n , t o make statem ent at 

m e e tin g o f B oard w ith P r e s i d e n t s o f FRBanks 

S tatem en t m ade 

S a la ry , r e p o r t th a t d u r in g th e p a s t y e a r he had given 

m ore th an tw o d a y s a week t o bank and had been 

p a id a c c o r d i n g l y , B oard r e f u s e s t o approve 

i n c r e a s e in b a s i c p a y 

W illis , V a le n t in e , A s s i s t a n t V i c e P r e s i d e n t , s a la r y approved 

S a la ry i n c r e a s e a p p ro v e d 

State Bank o f th e U n ion o f S o v i e t S o c i a l i s t R e p u b lic s , accou n t, 

te le g r a m t o P r e s i d e n t H a r r is o n th a t T reasu ry 

h a s b e e n i n f o r m a l l y a d v is e d th a t Board would 

a p p ro v e r e q u e s t f o r o p e n in g i f and when r e 

c e iv e d fro m FRBank 

Opening o f a c c o u n t a p p r o v e d , w ith u n d e rs ta n d in g th a t p r e s 

en t agreem en t w i l l b e o p e r a t iv e o n ly u n t il 

B oard a p p r o v e s s ta n d a r d form o f agreement 

S ta tistica l and a n a l y t i c a l f u n c t i o n , bu d get approved l o r 19-*? 

"Riggestions t o E xam iners r e R e g u la t io n U ", m^no prepared by 

M r. Rounds f o r d i s t r i b u t i o n t o S t a te banking 

d ep a rtm en ts i n d i s t r i c t and t o FDIC, change 

g e s t e d and memo a p p ro v e d 

-veriges R iksbank, p r o p o s e d l e t t e r o f FRBank t o , approve 

a d v ic e t o Mr. S p r o u l th a t s e c . 3d o f P roced u re 

i s in t e n d e d t o b e a p p l i c a b l e to ^^ ^ i+ ion al 

Uaited H osp ital Fund o f New Y ork C i t y , r e q u e s t f o r ad - 

in fo r m a t io n r e o r g a n i z a t i o n , in c o n n e ctio n wi 

payment p r o p o s e d t o b e made t o ^ 

Reply to P r e s id e n t H a r r is o n t h a t B o a r d 's l e it e r a t io n 



im p ly tim e had n o t b een ^ gd ^ d e fe r 

o f c o n t r i b u t i o n b u t t h a t Boar^ J n t i l some ^ 3 

r e a c h in g any d e f i n i t e c o n c lu s 4 ^, 9 

fu t u r e c a s e a r i s e s 

1 /1 9 114 

1/19 114 

2 / 6 239 

1 1 / 5 1510 

1/19 115 

9 / 3 1226 

1/19 115 

6/ 8 800 

1 / 2 2 147 

1 /2 5 166 

1/19 113 

1/19 115 

6/17 847 

4/29 619 

6/17 848 

4 / 9 528 

7 /2 2 

4 / 7 

1 / 7 

1 0 2 2 

515 

43

FHBtm* o f P h ila d e lp h ia . ^ s e r v ic e s in ca se o f jfRBank v . 

C ole, Judge, Iê o ^ ^ ^ payment a p p roved g, 

r e p ly t o Mr. A u s tin n o tin g s t e p s taken 3ii 

C ontrol o f s e c ^ number o f p e rs o n s h a v in g a c c e s s to 

se cu ritie s 5/27 yc. 

E ducational p r o g r ^ , board p le a se d t o have r e v ie w o f , i n person " 

at any tim e . 11/29 

^ n a t i o n departm ent, budget f o r ^ ' 

any reimbursements fo r exam inations; 4/ p 

^ n a t i o n r e p o r t as o f May 23, need f o r s tr e n g th e n in g o f 

" a u d itin g d ep a rtm en t and r e fe r e n c e t o o v e r - 

d ep a rtm en talized s it u a t io n 7/10 $45 

Payment o f t u i t i o n fe e s f o r th r e e em ployees a tte n d in g 

Graduate S ch ool o f Banking w ith o u t o b t a in in g 

advance approval o f B oard, Mr. S i n c l a i r d e s ir e s 

to review m a tter w ith Board 7 /lo 94$ 

FRnotes, p ie c e cou n tin g o f , o f la r g e d en om in a tion s d u rin g examin 

a t io n s , r e p ly on n e c e s s i t y f o r 6 /1 0 812 

Personnel c l a s s i f i c a t i o n p la n : 

Changes approved in c r e a s in g maximum s a la r y o f E le v a t o r 

O perator and Cook 6/23 869 

Changes approved 10/15 1397 

Changes in maximum s a la r y f o r p o s i t i o n s o f B ook k eeper and 

Guard approved 12/29 1742 

Records f o r d e s t r u c t io n , exam iners' w orking p a p e r s , r e p l y th a t 

Board app roval i s not n e c e s s a r y f o r d e s t m c t i o n 7/19 1000 

S a la rie s o f o f f i c e r s f o r 1937 approved 1/15 68 

S t a ff: 

A ss is ta n ts to exam iners, u se o f c e r t a in em ployees to le n d 

c l e r i c a l a s s is ta n c e t o exam iners app roved 1 / 1 2 71 

D esign ation o f em ployees t o le n d a s s is t a n c e t o r e g u la r 

examiners 5/12 689 

A ustin, R ichard L . , FRAgent and Chairman: 

Bond o f 12/30 1756 

D esignation a s, and s a la r y b a s is approved 12/30 1?-' 

Davis, J . , V ic e P re s id e n t, s a la r y approved l/1 5 ^ 

p o n a liso n , L . E ., A ssista n t V ic e P r e s id e n t , s a la r y approved 1/15 3. 

^rinnen, ifrank J . , F ir s t V ic e P r e s id e n t , s a la r y approved 1/1$ ^ 

Tg. n, .A., J r . , iLxaminer, d e s ig n a tio n made permanent - 

and approved 2 / 6 ^ 

E arl, Samuel R . , A ssista n t C ash ier: 



s - ^ v ^ e beyond re tire m e n t age r e q u e s te d , 

o o a r . does not b e lie v e circu m sta n ces w arrant ^ 

s . ^ * 

Employees e n r o l l ^ in Graduate S ch ool o f B anking, c o n t r ib u - 

t io n toward expenses lim it e d to tr a n s p o r t a tio n ,=77 

Fum er, Z < d l w i t h pay ^ l l / s 9 

re p ly to A s s is ta n t FRAgent, 

t i t l ^ should Board ta k es p o s i t i o n th a t 

t i t l e should be a lt e r n a te A s s is ta n t FRAgent ^ 

76

Philadelphia: 

'ff= < C o n t i - ^ ' . 

Fenner, 

Z e l l C -: (C o n tin u e d ) 

Appointm ent a s a l t e r n a t e A s s i s t a n t FRA^Mt - ^ 

M r. A u s t in a ssu m in g t h a t such apDoiTit^ 

no l o n g e r c o n t ^ n p la t e d ttient i s 

pinlaw, D avid: 

C o n tr ib u tio n o f b a n * t o R e t ir a n e n t S yatan to 

r e t ir e m e n t a llo w m ic e o f , a p p roved PP^^nent 

E xtension o f s e r v i c e u n t i l end o f y e a r re q u e ste d 

n o te d ' 

H ill, E rnest C ., V i c e P r e s i d e n t , s a l a r y approved 

Hughes, M on tford H . , c o n t i n u a t i o n o f assignm ent to low er 

s a l a r i e d g r a d e a p p ro v e d 

F^tmmel^ John C . , A s s i s t a n t E xam in er, appointm ent 

Kurtz, John, e x t e n s io n o f s e r v i c e u n t i l end o f yea r re 

q u e s t e d , n o t e d 

MacCoy, B r i t t a i n , E vans and L e w is , C o u n s e l, r e t a in e r app 

r o v e d 

Markford, L e o n a rd , A s s i s t a n t E xam in er, d e s ig n a t io n made 

pennanent and a p p ro v e d 

McAdams, H e r b e r t , l e t t e r on c a n d id a c y f o r p o s i t i o n o f 

M ayor o f B orou g h o f C lem en ton , N, J . , opposed 

McCreedy, W. G . , A s s i s t a n t V i c e P r e s i d e n t , s a la r y approved 

Mcllhanny, C. A . , V i c e P r e s i d e n t and C a s h ie r , s a la r y app 

r o v e d 

Moore, Raymond, G e n e ra l A u d i t o r , s a la r y approved 

M orris, G. K . , A s s i s t a n t C a s h ie r , s a la r y approved 

Moss, Wm. W ., r e t e n t i o n i n s e r v i c e u n t i l Aug* 51, p e im issio n 

r e q u e s t e d o f R e tir e m e n t C om m ittee, was 65 in 

1 9 3 4 , n o te d 

N eilan, E. P . , a p p o in tm e n t a s e x a m in e r, approved 

P eoples, Sara G . , a d d i t i o n a l l e a v e g r a n te d f o r one week 

w ith p a y and t h r e e w it h o u t , n oted w ith ou t o b je c 

t i o n 

Post, A rthur E . , A s s i s t a n t FRAgent: 

Bond o f 

C ontinuance on p a y r o l l o f FRAgent u n d e r s to o d , 

a s s ig n e d t o o t h e r work n o t in c o n s is t e n t v-T.tn 

d u t ie s 

S alary a p p ro v e d a s S e c r e t a r y ( a l s o r e c e i v e s s ary 

a s A s s i s t a n t FR Agent, non-official p o si 

Rehfuss, j . F rank, A l t e r n a t e A s s is t a n t FRAgent: 

Bond, r i d e r a p p ro v e d r e c i t i n g change in t i t l e irom 



A c t in g A s s i s t a n t FRAgent . 

C ontinuance o n p a y r o l l o f BRAgent ^ 

a s s ig n e d t o o t h e r work n o t in c o n s is t e n t w itn 

d u ti es 

2/10 266 

10/29 1466 

6 / 5 781 

1 /1 5 89 

7 /1 3 960 

1 2 / 2 1585 

6 / 5 781 

1 /1 5 89 

2 / 6 239 

8 /2 0 1186 

1 /1 5 89 

1 /1 5 88 

1 /1 5 89 

1 /1 5 89 

6 / 5 

7 / 6 

4/19 

12/30 

1 /1 4 

1 /1 5 

2 /1 5 

1 /1 4 

781 

923 

574 

1756 

76 

89 

294 

76

R eid . M a r g a r e t 7- - . A s s is ta n t F R A gent, r e p l y r e r e com- 

A ppoin tm en t as A c t i n g A* ^ p e r fo r m d oes 

r r ^ s r , ^ 

upon r e c o n s id e r a t io n 

t o n eed d e s ig n a t io n and a s s a la r y 

Bond o f A .d is t a n t E xam in er, in d e b t e d n e s s t o 

R obin son . N a t i o n a l Bank and T r u s t C o. i n i t s 

r L a c i t y as t r u s t e e , n o t v i o l a t i o n o f se co n d 

paragraph o f S e c . 2 2 (a ) o f F R A ct. r e f e r r e d t o 

C o m p t r o l l e r f o r d e te r m in a t io n a s t o p o s s i b l e 

v i o l a t i o n o f f i r s t p a ra g ra p h 

T o t t e r r e p o r t in g t o C o m p t r o lle r 

R u tte r, W illiam I . , e x t e n s io n o f s e r v i c e u n t i l end o f 1937 

Shadle! O. W ., A s s is t a n t E xam iner, in d e b t e d n e s s t o F i d e l i t y - 

P h ila d e lp h ia T ru st C o ., i n i t s f i d u c i a r y capa 

c i t y , s h o u ld b e r e p o r t e d t o U . S . A tt o r n e y as 

p o s s i b l e v i o l a t i o n o f S e c . 2 2 (a ) o f FRAct 

R eport need n o t be made t o U . S . A t t o r n e y 

S i n c l a i r , J . S . , P r e s id e n t : 

D ir e c t o r s h ip in James J . B id d le C o ., memo o f Mr* C arp 

e n te r t o Mr. B r o d e r ic k r e , l a i d on t a b l e w ith 

u n d e rs ta n d in g th a t any o t h e r c a s e s w i l l b e con 

s id e r e d on b a s i s o f c ir c u m s t a n c e s i n v o l v e d 

S a la ry approved 

Snyder, C h arles W ., A s s is t a n t E xam iner: 

D e sig n a tio n made perm anent and a p p ro v e d 

In d eb ted n ess t o F i r s t N a tio n a l B ank, S u n b u ry , P a . , on 

c o l l a t e r a l n o t e i s n o t v i o l a t i o n o f s e c o n d 

paragraph o f S e c . 2 2 (a ) o f F R A ct, r e f e r r e d to 

C o m p tro lle r f o r d e te r m in a t io n u n d e r f i r s t p a r a 

graph 

L e t t e r r e p o r t in g t o C o m p t r o lle r 

S t a J s + ! ^ r ^ * ' f s s is * a n * C a s h ie r , s a l a r y a p p ro v e d 

IRBank o f Richmond: *** 3 ^ ^ fu n c t i o n , b u d g e t a p p ro v e d f o r 1937 

ep artm en t^ B u rvey o f , r e p ly a c k n o w le d g in g l e t t e r on 

C o n trib u to ry group l i f e i n s ^ ° r e p o r t b y d i r e c t o r s 



C H n s . a p p r o v e r " 

^ P ^ o p e r a t o r ° L ^ t ^ l e ^ ' '^ C o u n se l and t e l e -

° nnel c l a a a i f i c a t i o n p l a n : (C o n t in u e d ) 

'""'"change a p p r o v e d , a l t e r i n g -E x a m in e r f o r I n d u s t r i e 

C o m m itte e " t o " S e c r e t a r y , I . A. C a n m t t t t e ^ " ° ^ 

Changes a p p ro v e d 

C on su ltin g ^ o ° " ° m i s t , r e p l y t o P r e s i d e n t L ea ch th a t m 

a p p o in tm e n t l a e x p e r im e n t a l, no provision need 

b e m ade a t p r e s e n t , a s s u g g e s t e d by Board 

. .ai-rea. i n d u s t r i a l a d v a n c e s , a u t h o r i z e d t o s e t a s id e 

V a r i e s o f o f f i c e r s f o r 1 9 37 a p p r o v e d 

S e c u r i t i e s a c q u ir e d i n s e t t l< s n e n t o f c la im s a g a in s t c lo s e d banks 

m ust b e show n i n w e e k ly c o n d i t i o n r e p o r t , bank 

t o b e g i v e n o p p o r t u n i t y t o s e l l 

Staffs 

B r o a d d u s , — R. a. — - 

L eave o f a b s e n c e w it h p a y u n t i l D ecem ber 31, 1 9 3 7 

g r a n t e d ; a l s o c a s h paym ent w ith u n d e rsta n d in g 

r e t i r e m e n t w i l l b e a p p l i e d f o r e f f e c t i v e Jan. 

1 , 1 9 3 8 


D illa r d , W. W ., A s s i s t a n t C a s h i e r , s a l a r y approved 

Dodd, James W. , a p p o in tm e n t a s a s s i s t a n t exa m in er, re q u e st 

f o r r e p o r t o f a n y o u t s i d e b u s in e s s a f f i l i a t i o n 

Epes, T . F * , A u d i t o r , s a l a r y a p p r o v e d 

Fry, J. G . , V i c e P r e s i d e n t , s a l a r y a p p ro v e d 

G a r r e tt, Joh n T- , M a n a g e r , s a l a r y a p p ro v e d 

Gay, S . J . , d e s i g n a t i o n a s s p e c i a l a s s i s t a n t t o exam iners 

G u th rie, C. L . , a p p o in t m e n t a s a s s i s t a n t c a s h i e r and in 

c r e a s e i n s a l a r y a p p r o v e d 

J oh n ston e, A l b e r t S . , A s s i s t a n t C a s h ie r , s a la r y approved 

K eesee, G e o r g e H . , C a s h i e r and S e c r e t a r y , s a la r y approved 

K in ca id , Dr* E. A . : 

A p p oin tm en t o n f u l l t im e b a s i s f o r summer m onths to o r 

g a n i z e r e s e a r c h a n d s t a t i s t i c a l work: a p p r o v e , 

t o b e r e t u r n e d t o p a r t tim e employment and com 

p e n s a t i o n t h e r e a f t e r 

R n p l o y m e n t o n f u l l t im e b a s i s and s a la r y 

P e r s o n n e l c l a s s i f i c a t i o n p l a n , r e p l y to 

t h a t a s a p p o in t m e n t i s e x p e r i m e n t a l no p r -3 ^ 

s i o n n e e d b e m ade a t p r e s e n t as su*^

FRBank o f Richmond: (C ontinued) 

S t a f f : (C on tin u ed ) ^ . m i n e r s a p p oin tm en t o f two em- 

S p e cla l ^ / l ^ l e n d c l e ^ c a l a i d , r e q u e s t f o r 

s ^ a ^ s o f SO a n p lo y e e s p r e v i o u s l y d e s ig n a t e d 

J s J r . . F ir s t V ic e P r e s id e n t , s a la r y approved 1/19 

S t a t ^ ^ L d * L a i c a l f u n c t i o n , bu d get a p p ro v e d f o r 1937 4 / 9 ^ 

E d i t i n g departm ent. c o p ie s o f r e p o r t 10/S5 1 ^ 

Exam ination departm ent, r e p o r t o f Mr. W ild e s may be d ie 

cussed w ith s e n i o r bank o f f i c i a l s 9 / 2 9 ^ 

^ ^ n t r i ^ t o ^ ^ - u p l i f e in s u r a n c e , i n c r e a s e i n maximum b e n e f i t s 

t o em p loyees, a p p roved 7/30 1079 

Dubinsky and Duggan, S t . L o u is , M o ., i n q u i r y as t o R e g u la t io n T, 

re q u e st from B oard th a t bank fo r w a r d a d d i t i o n a l 

in fo n n a tio n r e l a t i n g t o 12/16 1666 

Exam ination departm ent, bu d get app roved f o r 1937 ( e x c l u s i v e o f 

reim bu rsan en t f o r e x a m in a tio n s ) 4 / 9 529 

F looded a re a s , l e t t e r t o P r e s id e n t M a rtin s u g g e s t in g t h e t l e t t e r 

be s e n t t o banks and f i n a n c i n g i n s t i t u t i o n s o f 

f e r i n g e v e r y p o s s i b l e a s s i s t a n c e and t h a t con 

s id e r a t io n be g iv e n t o d e c r e a s in g r a t e on i n 

d u s t r ia l advances 2/17 316 

Graduate S ch ool o f B anking, r e im b u r s s c e n t o f o f f i c e r s and anp 

lo y e e s , r e p ly th a t B o a r d 's a u t h o r i s a t i o n d id 

n ot I n c lu d e r e g i s t r a t i o n , d o r m it o r y o r d in in g 

h a l l f e e s 1 /2 6 188 

Group c l a s s i f i c a t i o n s f o r e l e c t i o n o f C la s s A and B d i r e c t o r s , 

no change t o b e made t h i s y e a r 9 / 3 1226 

N a tion a l bank exam in ers, u se in e x sia in a tio n a o f S t a t e mamber 

banks app roved 4 / 3 499 

P erson n el c l a s s i f i c a t i o n p la n : 

Changes approved 5/26 456 

Changes approved 10/22 1 ^ 4 

F ed eral R eserve A g e n t's R e p r e s e n t a t iv e s , B oard t o a d viB e 

r e u se o f d e s ig n a tio n 2/25 3*6 

R eserves: ' 



A d d itio n a l t r a n s f e r t o , e u th o r iz e d 1 / 7 ^ 

c o n t in g e n c ie s n o t a p p r o v e d , how - 

e a m l r ^ ' ^ amount equ al t o e s t im a te d n et 

" " " " " " s t r * ' - . t b . 

Assistant ^ ^ n t and alternates, 

° ' ' % 5 * 

approval o f S tew a rt th a t 

^ r ^ i n t e n d e d ^ T ^ ^ ^ 

o n ly and new oath* ° ^ ^ r a n a in d e r o f y e a r 

n ecessa ry ^ ^^ appointm en t a r e n ot 

3/26

,< ,f St- L ° " i" = ( c o n t i n u e d ) 

fE P "R ( C o n t i n u e d ) 

^ M te b e ry , O l i n M . : 

R e s ig n a tio n a e F i r s t V i c e P r e s i d e n t and 

V i c e P r e s i d e n t e p p r o v e d ^ s la r y eg 

S a la ry a p p r o v e d ^ 

B a ggett. G e o r e e I r w i n , a p p o in tm e n t a s a s s i s t a n t * 1 /1 5 9 ^ 

a p p r o v e d and a d v l e e t o Mr examiner 

a ^ p ^ v a l o f a p p o i n ^ t a ' f 

i n e r s i s r e q u i r e d *" exsn- 

Bagot, G. H-* s a l a r y a p p r o v e d i n e x c e s s o f ^55 

B a iley , L . H . , G e n e r a l A u d i t o r , s a l a r y ap p roved 421 

B aseler, A. W ., s a l a r y a p p r o v e d i n e x c e s s o f m a xim a ^1 

Bode, G e o r g e , J r . , s a l a r y a p p r o v e d i n e x c e s s o f maximum 

Brauroth, R u th , s a l a r y a p p r o v e d in e x c e s s o f maximum ^ 

B u ck n e r, F. J . , s a l a r y a p p r o v e d i n e x c e s s o f maximum 

Burkhart, M a b e l, s a l a r y a p p r o v e d i n e x c e s s o f maximum 

Chapin, E a r l, a p p o in t m e n t a s a s s i s t a n t exam iner t o len d 

c l e r i c a l a s s i s t a n c e t o r e g u l a r exam iners 

" C o n t r o lle r " , l e t t e r t o P r e s i d e n t M a r tin c a l l i n g a tte n tio n 

t o f a c t t h a t a l l o t h e r b a n k s u se t i t l e " A s s is 

t a n t C a s h i e r " f o r s i m i l a r p o s i t i o n and s u g 

g e s t i n g c o n s i d e r a t i o n o f change 

DeBrecht, A . E . , A s s i s t a n t A u d i t o r , s a l a r y approved 

D oem er, D e l l a , s a l a r y a p p r o v e d in e x c e s s o f maximum 

R iesin g , C. J . , s a l a r y a p p r o v e d i n e x c e s s o f maximum 

Evans, J . H a d le y , a p p o in t m e n t a s a s s i s t a n t exam iner t o len d 

c l e r i c a l a s s i s t a n c e t o r e g u l a r exam in ers 

Federal R e s e r v e A g e n t 's R e p r e s e n t a t i v e s , used in new p e r 

s o n n e l c l a s s i f i c a t i o n p l a n , B oard t o a d v is e re 

u s e o f d e s i g n a t i o n 

G ilm ore, S . F . , c o n t r o l l e r , s a l a r y a p p ro v e d 

Goddard, A nna, s a l a r y a p p r o v e d i n excess o f maximum 

Hagedom, W illia m J . , J r . , A l t e r n a t e A s s is t a n t FRAgent: 

A pp oin tm en t w as a p p r o v e d S e p t . 3 0 , reap p oin tm en t &E 

new o a t h o f o f f i c e n o t n e c e s s a r y 

S a la ry a p p r o v e d 

H a ill, A. E . , C o n t r o l l e r , s a l a r y a p p ro v e d 

H a ll, F. N ., C o n t r o l l e r , s a l a r y a p p r o v e d 

H a rtm eister, L o u i s A . , a p p o in tm e n t a s a s s i s t a n t exam iner 


Harvey, E. P . , s a l a r y a p p r o v e d in e x c e s s o f maximum 

H itt, F. Guy, F i r s t V i c e P r e s i d e n t , a p p oin tm en t an-. 

H o llo ch e r, G. 0 . , C o n t r o l l e r , s a l a r y a p p rov ed 

P- E . , s a l a r y a p p r o v e d in e x c e s s o f 

Johnston, R . B . . s a l a r y a p p r o v e d In e i c e s e 

ourek, E le a n o r , s a l a r y a p p r o v e d i n e x c e s s ' 

uten, Dreiw, s a l a r y a p p r o v e d i n e x c e s s o f maxi 

^ a rtin , w. M cC ., P r e s i d e n t , s a l a r y a p p ro v e d 



4 /1 6 562 

1 /2 3 155 

1 /1 5 91 

3/17 421 

3/17 421 

4 /1 6 562 

2 /2 5 346 

1 /1 5 91 

3/17 421 

2 /2 5 

12/31 

1 /1 5 

1 /1 5 

345 

1765 

91 

91 

1 0 /1 4 1594 

3/17 421 

1 2 / 6 1626 

1 /1 5 91 

3/17 421 

3/17 421 

3 /1 7 421 

3/17 421 

1 /1 5 90

„ ^ (C on tin u ed ) 

p-pBanK o f S t . ^ ^ 

S t a f f : (Cont^nueo? ^ P r e s i d e n t and G e n e r a l C o u n s e l: 

McConkey, n t i n u a t i o n o f s e r v i c e s b e y o n d end o f 

R e tira n e n t ^ ^ ^ a lth o u g h p a s t r e t i r ^ n e n t a g e r e - 



Chairman t o d i s c u s s w it h M r. H a rd in 4 ^ 

r ^ i e w l n s P ° " ^ ^ ' t s t - 

i n c r e a s o n s o f f e r e d f o r f u r t h e r e x t e n s i o n o f 

s e r v i c e a r e n o t s u f f i c i e n t t o c o n s t i t u t e e x - 

B o s r d ° c ^ n o t e x te n d a p p r o v a l o f s a l a r y b e y o n d end " 

o f y e a r , te le g r a m t o M r. N a r d in o f f e r i n g lo a n 

O f b o a r d 's c o u n s e l , ^ ^ 5 

O f f e r t o le n d s e r v i c e s o f o n e o f B o a r d 's c o u n s e l 

p en d in g s e l e c t i o n o f s u c c e s s o r 1 2 / 2 3 

S a la ry ap p roved 1/16 

Mudd, E liz a b e t h , s a la r y a p p ro v e d i n e x c e s s o f maximum 3 /1 7 

N ardin , W illia m T . , FRAgent: 

Bond o f 1/27 i 7Q 

D e s ig n a tio n f o r 1937 1/15 gg 

D e s ig n a tio n and s a la r y b a s i s a p p r o v e d 12/30 1757 

S o c ia l S e c u r it y B oa rd , no o b j e c t i o n t o a c c e p t a n c e o f 

app oin tm en t on 6/18 653 

P a rk er, Frank S . , A s s is t a n t FR Agent: 

A ppointm ent was a p p ro v e d S e p te m b e r 3 0 , 1 9 3 6 , r e a p p o in t 

ment and new o a th n o t n e c e s s a r y 2/25 345 

S a la ry ap p roved 12/31 176? 

P f y l , F. J . , s a la r y a p p ro v e d i n e x c e s s o f maximum 3/17 421 

P h i l l i p s , 0 . C ., C o n t r o l l e r , s a l a r y a p p r o v e d 1/15 91 

R e n g s t o r f f , F. W ., s a la r y a p p ro v e d i n e x c e s s o f maximum 3/17 421 

S ilben n a n , L i l y , s a la r y a p p ro v e d i n e x c e s s o f maximum 3/17 421 

Smith, E. W ., s a la r y a p p ro v e d i n e x c e s s o f maximum 3/17 421 

S tew art, C. M ., A s s is t a n t V i c e P r e s i d e n t a n d S e c r e t a r y , s a l 

a r y a p p rov ed 1/15 91 

tAtood, John S . , V ic e P r e s i d e n t : 

r e tir e m e n t, w i l l b e 65 j u s t b e f o r e c l o s e o f y e a r . B oard 

w i l l n o t o f f e r o b j e c t i o n t o e x t e n s i o n o f s e r - . 

v i c e f o r on e y e a r 5 /H ^ 

^ r e ft o f r e p l y t o M r. N a r d in s t a t i n g d i f f e r e n c e in 

amounts p a y a b le b y R e tirta n e n t S y s t a n f o r d ea th 

d u rin g a c t i v e s e r v i c e and a f t e r r e t i r e m e n t t o , „ 

b e p re p a re d 11/23 I?; 

S a l s ^ ^ ' ^ " T d m a p p ro v e d 11/29 15 

b a la ry approved l / l 5 ^ 

A ppointm ent^*' A s s i s t a n t F R A gent: 

o a t h " o f r e a p p o in tm e n t and new ^ 

S a l ^ y a p p ^ n e c e s s a r y ^ ^

H ^ L L h o l d e r s r e p o r t . B o a rd h a s n o o b j e c t i o n t o form ni- 

Stc

( C o n t i n u e d ) 

i — -p craii F r a n c i s c o - t 

^ r ^ c la s s ific a t io n plan. 

C b ^ g e s ^ g e o f C h ie f o f D i v i s i o n o f R aaearch 

in c r e a s e m 

R e se rv e s: ^ h arce sum t o s u r p lu s a c c o u n t f o r p u r p o s e 

A u th orized ^ i t s r e s e r v e f o r c o n t in g e n c ie s i g / 

a u t h o r iz e d t o s e t a s i d e IP/pi 

I n d u s t r i ** ^ b a n k in g h o u s e s i n Sam F r a n c i s c o , L os 

S e t t in g *6136 sum^^ ^ a p p r o v e d , may 

how ever w r it e down b o o k v a lu e s t o p o i n t where 

r e g u la r d e p r e c i a t i o n c h a r g e - i l l r e s u l t in 

such a r e s e r v e in 40 y e a r s 12/si 

^ ir c i z e o f . D i v i s i o n o f R e s e a r c h and S t a t i s - 

B s v i e * . r e d u c t i o n ^ n ^ ^ 

a l t e r n a t i v e s w ith o t h e r FRBanks 4 / 9 

S a la r ie s o f o f f i c e r s f o r 19Z7 a p p ro v e d 1/19 

" ^ A^new, A. C ., C o u n se l, r e t a i n e r a p p r o v e d , B oa rd n o t p re p a re d , 

p en d in g s u r v e y o f c o u n s e l o f FR Banks, t o a pp rove 

p ro p o s e d a llo w a n c e and t r a n s f e r o f M r. A n n stron g 



t o em ploy o f 1/19 

A rm strong, H. B ., A t t o r n e y , t r a n s f e r t o M r. A gnew and a llo w 

a n ce t o l a t t e r . B oard n o t p r e p a r e d t o a p p ro v e 

u n t i l s u r v e y o f c o u n s e l o f M tBanks h a s been 

m ade, no o b j e c t i o n t o r e t e n t i o n on p a y r o l l o f 

FRBank 1/19 

A rm strong, Reward, d e s ig n a t e d te m p o r a r y a s s i s t a n t ex a m in er 12/29 

A nnstron g, L . B. , Frrnriner, l o a n fr o m O c c i d e n t a l L i f e I n 

su ran ce C o ., r e p l y t h a t t h e r e i s n o l e g a l o b j e c 

t i o n t o m aking, and t h a t d i r e c t o r s s h o u ld d ec 

id e any o t h e r q u e s t io n s r e 4/30 

A s s is ta n t exa m in ers, d e s i g n a t i o n o f f o u r e m p lo y e e s t o le n d 

c l e r i c a l a s s i s t a n c e t o e x a m in e r s a p p r o v e d l / l ? 

Brown, Bonnar, Head o f D epartm ent o f S e c u r i t y L oa n R e g u la tio n : 

D ig est o f R e g u la tio n 0 p r e p a r e d b y 3/26 

T r a n s fe r t o B o a r d 's D i v i s i o n o f S e c u r i t y L o a n s a s S p e c ia l 

A s s is t a n t a p p rov ed 8 / 3 

Day P r e s i d e n t , s a l a r y a p p r o v e d I ^ 

* ' r e s i d e n t , s a la r y a p p r o v e d l / l ' 

Earhart ^P P°^**ênt a s a s s i s t a n t e x a m in e r a p p rov ed ^ ^ 

t M* ^ " * * r y a p p r o v e d 1 / 1 

Haid4 ; 7 ' s a l a r y a p p r o v e d 1/^9 

a p p ro v e d l / 

M aillietra^ E. C. ^ " ^ i t o r , s a la r y a p p ro v e d 

M angels, H. N . , A s s i e t L i t " r ^ h ? " ^ ' a p p ro v e d 

M cR iteh ie, M ., A s s is ta n t Casht s a la r y a p p ro v e d / 

Oaner, J . M ., A s s is ta n t a p p ro v e d 

P atch, w. o . , re tire m e n t o f * * ^ * ry a p p ro v e d 

P h il! ^3St ' s it e n a io n o f s e r v i c e t o August 

C. D ., A s s is t a n t C a s b ie r . s a l a r y a p p ^ v a d

u r g e n t , s . G ^ V i c e P r e s id e n t and S e c r e t l y , . e l . r y 

^heiman, M e r r i t t , D i v i s i o n o f R e s e a r c h , neco+itu^,b 

y D r. C o ld e n w e is e r a u t h o ^ z e d ^ r 

s e r v i c e s t o D i v i s i o n o f R e se a rch and S t a ^ I L 

C8 

i n c o n n e c t i o n w it h Bank S u s p e n s io n ; study 

P e r d ia n t o b e a l l o w e d f o r s u b s i s t e n c e f o r c e r io d ^ 

s e r v i c e t o B oard in l i e u o f a d d it io n a l comên 

e a t i o n a u t h o r i z e d M arch 1 5 np^n 

E x te n s io n o f a s s ig n m e n t t o B o a r d 's D iv is io n o f 

and S t a t i s t i c s f o r n o t m ore than i 5 days to 

c o n t in u e w ork on Bank S u sp e n sio n Study au th ori 

z e d 

Slade, E* F** A s s i s t a n t C a s h ie r , s a l a r y app roved 

Stew art, A. 0 . , F R A gen t: 

Bond, a d v i c e r e n e c e s s i t y o f e x e c u t in g and r e oa th o f 

o f f i c e 

Bond o f 

D e s ig n a tio n and s a l a r y b a s i s a p p ro v e d 

Swengel, H en ry D . : 

A c t in g A s s i s t a n t F R A gen t, re n e w a l bond as 

F R A g en t's R e p r e s e n t a t i v e , bon d a s , F i d e l i t y and C asu alty 

Co* t o b e a d v i s e d o f t e n n in a t io n o f o ld bond 

L os A n g e le s b r a n c h p l a n , t o rem ain u n d e r , b eca u se o f 

a s s ig n m e n t a s F R A g e n t 's R e p r e s e n t a t iv e , even 

th ou g h on H ead O f f i c e p a y r o l l 

V am es, S. Z . , s e c u r i t i e s l o a n w ork a s s ig n e d t o 

Watkins, D. H . , r e t i r e m e n t o f , e x t e n s io n o f s e r v i c e u n t i l 

D e c . 5 1 , 1 9 3 6 

Statement t o s t o c k h o l d e r s , c u r r e n t o p e r a t i n g ex p en ses 1 + an in , 

s h o u ld a g r e e w it h B o a r d 's s ta t^ n e n t, telegram 

t o FRBank 

S t a t is t ic a l and a n a l y t i c a l f u n c t i o n , b u d g e t app roved f o r 19^/ 

T erritory, fo n n a l r e q u e s t f o r a p p r o v a l b y B oard o i changes re 

c e n t l y m ade s u g g e s t e d b y B oard and re q u e st o r 

d e s c r i p t i o n o f ch a n g e s 

Change in c o u n t i e s a s s i g n e d t o h ea d o f f i c e , Po &n * 

S e a t t l e and S p ok an e b r a n c h e s 

PRBaaka; 

Agreement * i t h T r e a s u r y r e i n d u s t r i a l lo a n 

o f fu n d s , r e p l y t o P r e s i d e n t S c h a l l e r th a t 

^ ____^ 1 1 

B oard w i l l t a k e up 

urith 

w ith 

Com 

Com 

m 

ittee 

ittee 

a p p oin te 

Annual re p o rt: 



b y P r e s i d e n t s ' C o n fe r e n c e FRBanks 

d^ i s------- c o n--- t i n--------- u a n c e ° of f * , te le g r a m ^ ^ g t banks 

b u t tw o h a v e , a g r e e d tto o , 

and economic 

publish - v i e w o ^ ^ 

a r e f r e e t o p u b l i s h ann— ^ h ^ l d e r s 

d e v e lo p m e n ts i n r e p o r t t o sto ck h 

t o r e v ie w b y B oard 

1 /1 9 116 

3/15 401 

4/10 534 

7 /2 1 1016 

1/19 116 

1 / 4 5 

1 /1 2 70 

1 2 /20 1757 

3/15 401 

4 /2 8 612 

10/29 1467 

1 0 / 8 1379 

1 0 /2 2 1424 

1 /2 5 

4 / 9 

2 /1 2 

3/10 

2 / 2 

1 / ^ 

160 

528 

289 

383 

225 

31

yRpanks: o f B oard: 

Assessment f o r ^ v e r i n g r e n t o n l y u n t i l end o f J u ly , 

R e s o l u t i o n ^ ^ p a D c y o f new b u i l d i n g and expen se 

o f m aintenance o f b u i l d i n g 6 /2 

i ,+ton le v y i n g , c o v e r in g B o a r d 's g e n e r a l e x p e n s e s f o r 8?i 

R e solu tio n l v y ^ g ^ ^ 

f + ^ su rv ey t o b e made b y B oard o f 1 /p ^29 

Mr, B r o d e r i c k that such a survey be made, ^ 

A thorizations r a t i o n s o f preferred stock o r debentures by ^ 

A u t h o r ! - , s t a t e member b a n k s, a u t h o r i t y p r e v i o u s l y g iv e n 

exten d ed , r e v ie w o f c o n s i d e r a t i o n s and g e n e r a l 

p o l i c y i n v o lv e d , r e d u c t i o n s b r i n g i n g c a p i t a l 

b elow 1 0 % o f d e p o s i t s r a t i f i e d 4/30 ^ 

Bank and p u b lic r e l a t i o n s r e p o r t s , summary o f r e p o r t s su b m itted 

b y Mr- Hammond, t o b e m im eograp h ed and se n t t o 

FRBanks, l e t t e r a p p ro v e d r e , and r e s c o p e o f 

r e p o r t s 4 / 3 5Q4 

Budgets: 

Exam ination d ep a rtm en ts, a p p ro v e d , i n c l u d i n g b u d g e t s f o r 

FRBanks o f P h il a d e lp h ia and S t . L o u i s , w h ich 

are e x c lu s iv e o f any re im b u rs e m e n ts f o r examin 

a t io n s 4/ 9 529 

S t a t i s t i c a l and a n a l y t i c a l f u n c t i o n s , a p p r o v e d , b a n k s to 

be a d v is e d th a t t r a d e r e p o r t i n g and m o n th ly r e 

v iew s i t u a t i o n w i l l b e g iv e n c o n s i d e r a t i o n 4 / 9 527 

^ a sh le rs' ch eck s, t r u s t fu n d s , may n o t b e h e ld a s s e c u r i t y f o r 

such fu n d s u sed i n co n d u c t o f b u s in e s s b y memb 

e r bank, b u t B oard h a s a p p ro v e d p r o c e d u r e 

whereby such ch e ck s may b e h e ld a s a s s e t s o f 

t r u s t s . 3 /3 1 486 

P roposed amendment t o R e g u la tio n F t o p e im it p l e d g i n g f o r 

.ru.bt fu n d s u s e d in com m ercia l d e p a rtm e n t, Board 

t o d eten n in e w i l l i n g n e s s t o make r a t h e r th a n 

r e f e r Mr. P e y t o n 's s u g g e s t io n t o P r e s i d e n t s ' 

Charge o f f s : 5/11 MS 

1937 t o c o v e r c o s t o f B o a r d 's new b u i l d - 

t, ^ 8 ip /21 1699 

< j r * " " - - J s . 



Broderick FRBanks by Mr. 

o f c o m p e n s a t e S T a n g * n e n ts ^ ^

3 ^ ! t r a c t i o a f i s c a l a g e n c y and d e p o s i t a r y r e c o ^ . 

D** committee re p o rt o f P re sid e n ts' r ^ 

t o S e c r e t a r y o f T r e a s u r y r e c o n m J ^ ? sent 

p r o v a l b e o b t a i n e d f o r c o n tl-m i ^ apd 

e s t r u c t i o n e a ch f i v e y e a r ! ^ ^ h . r i t y ^ 

L e tte r s t o F R A gents and t o P r e s i d e n t H a r r is o n r e 406 

i n g a t t e n t i o n t h a t s i n c e t r a n a f e ? ^ 

n o n s t a t u t o r y d u t i e s . C o n g r e s s io D s i 

w i l l n o t b e n e e d e d i n c e ^ i n t t t s 

Dividends: 3 /1 5 4 0 6 

Amendment a g r e e d u p o n t o l i m i t c u m u la t iv e t o 4% 

t h o r i t y t o p a y up t o 6% i f earn ed " 

Payment o n J u n e 30 a u t h o r i z e d , FRBank o f New Y ork anl ^ ^ 

bank r e p o r t i n g r e q u ir e m e n t s m e ^ e s s o f ^ . m t 

a v a i l a b l e f o r d i v i d e n d s ^ 

Payment a u t h o r i z e d 

Eammgs. t r a n s f e r t o s u r p lu s ^ / E l 1696 

Eamings and e x p e n s e s : 

P re lim in a r y s t a te m e n t r e , f o r 1 9 3 6 , p r e s e n t e d by M r. Smead 

w it h r e c o m m e n d a tio n o f ch a n g e s in fo n a , authori 

z i n g a d d i t i o n a l r e s e r v e a t FRBank o f St. Louis 

and t h a t r e t i r e m e n t c o n t r i b u t i o n s and dismissal 

w a g es b e i n c l u d e d i n " S a l a r i e s " 1 / 7 3 5 

P ress s t a te m e n t , p r e p a r e d i n a c c o r d a n c e w ith a c t i o n o f 

B oa rd o n D e c . 2 6 , r e v i s e d b y M r. McKee and 

f u r t h e r r e v i s e d b y B oa rd and a p p rov ed 1 / 7 34 

Examination d e p a r t m e n t s : 

Budget f o r 1 9 3 7 , a p p r o v e d , i n c l u d i n g t h o s e f o r FRBanks o f 

P h i l a d e l p h i a and S t . L o u i s , w h ich are exclusive 

o f a n y r e im b u r s e m e n ts fo r examinations 4 / 9 529 

Survey o f , r e c o m m e n d a tio n o f Mr* B r o d e r ic k that one be made, 


Examinations, C h i e f o f D i v i s i o n o f E x a m in a tio n s d i r e c t e d to 

make o n e e x a m in a t io n o f ea ch FRBank d u rin g i^ /? 2 17^1 

y e a r 193& ^ 

Examiners, e m p lo y e e s u s e d i n e x a m in a t io n s t o le n d c l e r i c a l 

a s s i s t a n c e , l e t t e r t o a l l FRBanks th a t names 

s h o u ld b e s u b m it t e d t o B oa rd f o r a p p r o v e 

t h a t su ch a u t h o r i z a t i o n w i l l b e c o n tin u in g 

L e tte r s t o FRBanks o f B o s t o n and S t . L o u i s a p p ro v in g ^ 

n a t i o n a l bank e x a m in e r s i n e x a m i n a t i o n s 3 4 / 3 499 

m em ber b a n k s 

*"3vernaient s e c u r i t i e s : a - to 

Lending a t p a r , q u e s t i o n p l a c e d on d o c k e t b y ^ a ir m a n ^ 

a d v i s a b i l i t y o f FRBanks s s ^ ^ s h i n ^ P âant 



u n a n im ou s o p i n i o n t h a t any such 4 / 9 521 

w o u ld b e i n a d v i s a b l e sch e d u le 

D is c u s s io n o f FRBttnK r a t e s i n c o n n e c t io n . 

o f r a t e s i n e f f e c t a t FRBank o f New YorK p r ^ ^ 3 3 2 

s e n te d

i l ^ ^ d ^ s ^ s s i L ^ o f ^ a n k s ^ t a k i n g b i l l s ^ i t h ^ 

T reasu ry from member ban k s u n d e r re p u r 

ch a se a greem en ts. r e f e r e n c e t o m anner o f h a n d lin 

g p u rch a ses o f a c c e p t a n c e s i n New Y ork m arket 5^ 

^ t. b u v ln c r a t e s s u g g e s t e d b e c a u s e o f sm all 

S c h a d u l a ^ ^ . ^ b i H s i ° m a rk et and t o stim 

u l a t e i n t e r e s t in T r e a s u r y b i l l m a rk e t, t o b e 

fu r t h e r d is c u s s e d Ju n e 1 5 / 2 4 7^ 

t i d i n g f u l l , A . W, L e e o f B o a r d 's s t a f f 

g ra n ted l e a v e t o a t t e n d 6/17 @47 

R e im b u r s e m e n t o f o f f i c e r s and e m p lo y e e s o f yR B anks, r e p l y 

t o FRBank o f S t . L o u is t h a t B o a r d a u t h o r i z a t i o n 

d id n o t i n c l u d e r e g i s t r a t i o n , d o r m it o r y o r 

d in in g h a l l f e e s 1/28 18§ 

I n d u s t r ia l lo a n s , payment t o U n ite d S t a t e s T r e a s u r y o f p e r 

ce n ta g e o f t o t a l am ounts r e c e i v e d f o r p u r p o s e 

o f m aking 12/21 1697 

Leaves o f a b sen ce o f o f f i c e r s and e m p lo y e e s , a d d i t i o n a l l e a v e , 

a d v ic e t o a l l FRBanks t h a t i n t h e f u t u r e . 

B oard*s a p p r o v a l n e e d n o t b e s e c u r e d , b u t 

r e c o r d sh ou ld b e k e p t 6/15 837 

L egal d i v i s i o n s , su rv ey o f M r. D r e i b e l b i s o f FRBank o f K an sas 

C it y , Mr. L eed y a l s o r e t a i n e d by tru st com pany, 

p o s i t i o n s u g g e s te d by Mr. Ransom t h a t FRBanks 

r e t a in f u l l tim e c o u n s e l 7/23 1026 

Mr. B ro d e rick in agreem ent b u t b e l i e v e s s u r v e y s s h o u ld be 

com p leted b e f o r e t a k in g a c t i o n , p rom pt a c t i o n 

u rged by M r. Ransom, a c t i o n d eferred pending 

co m p le tio n o f s u rv e y s 7/23 102o 

Loans t o e s t a b lis h e d i n d u s t r i e s f o r working c a p i t a l p u r p o s e s , 

a u t h o r it y o f , a sk ed t o c o o p e r a t e w ith B oard and 

communicate w ith R e c o n s t r u c t i o n F in a n c e C o r - , 

p o r a t io n 1 0 / 2 2 14^ 

O f f i c e r s , r e t i c e n t o f p a r so n s 65 o r who w ou ld b ecom e 65 

e end o f calen dar y e a r, l e t t e r in cir cu la 

tio n to advise FRBanks th a t Board in fu tu re in 



p r ^ e ° s a ^ r K r ^ . w i l l n o t a p - ^ % 

- -r - ana s = P ^ y e e s . r e tir e m e n t a t a g e 6 5 , B oard t o a d v is e 

tn a t i t w i l l n o t , i n t h e a b s e n c e o f 

that rcumstances, approve s a la r ie s beyond 

R a t i r ^ ^ r s y s t ^ ^ * 1 , ^ reg u la tion s o f 

O r d a n c e ^ l / 4 ' 

A d vice to FRBanks o f . 

and f i r s t v i c e presidents p r e s i d e n t s ^ 1-^

e p l y t o q u e s t i o n n a i r e o f M r. E . N . D ek lr^ 

Ope^ i n c l o s i n g s t a te m e n t o f i n d u s t r i a l ^ ^ 

com m itm en ts b y d i s t r i c t s nances and 

r e d u c t i o n , s u g g e s t i o n o f M r. B r o d e r ic k ^ ^ 

;onn^ 

Parse— . ^ A l l o w e d i n e v e n t o f n e c e s s i t y o f *° 

.^ n e L c l a s s i f i c a t i o n p l a n s : 

^ ^ A s s i s t a n t F R A gents i n c l u d e d i n 

S a la r ie s , memo o f M r. Smead t h a t i n r e v i s i n g , banks had 

t e n d e d t o f i x s a l a r i e s a t r a t e s p a id and i t 

h ad b e e n s u g g e s t e d t h a t t h e y b e fixed at 3 0 

p r a i s e d r a t e s and p e r m i s s i o n o f B oard o b ta in e d 

f o r p a y m e n ts in e x c e s s , su ch payments b y FRBanks 

o f S t . L o u i s , K a n s a s C i t y and D a lla s approved 

Presidents, a u t h o r i s a t i o n g r a n t e d t o e x e r c i s e pow er o f approval 

u n d e r c e r t a i n c o n d i t i o n s o f m ^nbersh ip p re 

v i o u s l y d e l e g a t e d t o FR Agents 

^ r e fits d e r iv e d fro m s a l e o f G overn m en t s e c u r i t i e s d u rin g 

1 9 5 6 , r e p l y t o R e p r e s e n t a t i v e P a tm a n 's In 

q u i r y r e 

Purchases o f a r t i c l e s f o r e m p lo y e e s b y p u r c h a s in g agen t o f a 

FRBank b e l o w r e t a i l p r i c e , p r o t e s t o f N a tion a l 

R e t a i l D ry G o o d s A s s o c i a t i o n th rou g h R e t a ile r s 

N a t i o n a l C o u n c i l , l e t t e r t o a l l FRBanks r e 

q u e s t i n g p r a c t i c e s f o l l o w e d and o p in io n 

Records f o r d e s t r u c t i o n , e x a m in e r s * w o r k in g p a p e r s , r e p ly to 

FRBank o f P h i l a d e l p h i a t h a t B oard a p p ro v a l i s 

n o t n e c e s s a r y f o r d e s t r u c t i o n o f 

Regulation A, p r o p o s e d r e v i s i o n o f , c i r c u l a r l e t t e r c o n ta in 

i n g FRBanks s u g g e s t i o n s and c r i t i c i s m s sen t to 

Regulation F, c o p i e s o f d r a f t o f amendment t o b e se n t t o , f o r 

c r i t i c i s m and s u g g e s t i o n s 

R eorgan iza tion , a u t h o r i z a t i o n p r e v i o u s l y g iv e n FRAgent to app 

r o v e f o r B o a r d c e r t a i n t r a n s a c t i o n s r e q u ir in g 

B o a r d 's a p p r o v a l u n d e r m em bership c o n d it io n s , 

t r a n s f e r r e d t o p r e s i d e n t s 

Reserves, s p e c i a l , M r. S n ead t o m ake s tu d y so a s to 

u n ifo r m p o l i c y t o b e f o l l o w e d b y Board re 

f u t u r e a d d i t i o n s t o 

Retirement o f o f f i c e r s and e m p lo y e e s at a g e .h s e n c e 

v i s e FRBanXs t h a t I t w i l l n o t , 1* ^ 

o f s p e c i a l c ir c u m s t a n c e s , ^ P P ^ ^ , -e m u la tio n s 

b e y o n d t h a t a g e and t h a t r u l^ s ^ m a c - 

o f R e tir e m e n t S y stem s h o u ld b e 

c o r d a n c e t h e r e w i t h ^ r e s id e n t s 

A dvice t o FRBanks o f a c t i o n , d o e s n o t a p p ly 

land f i r s t v i c e p r e s i d e n t s - f Board 

10/28 

6/ a 

4 / 3 

Reply t o FRBank o f S t . L o u i s r e v ie w in g p o i 

Rati? 

cnent S ystem : ô amounts amoun

FRBanks: (C o n tin u e d ) + + „ i 

Retiram ent '- . Q t e d from B oard members t o t a k e p la c e 

T ru stee to 3e PP^ r e s ig n e d 

, . R esearch and S t a t i s t i c s a u t h o r i z e d , as ^ ^ 

R eview s, o f M in n e a p o lis and San F r a n c is c o have 

red u ced s i z e and C h ica g o i n s t i t u t e d ch a rg e 

fo r to discuss sim ilar move with oth er FRBanks 

a n d 't o p e rm it d is c o n t in u a n c e i f d e s i r a b l e ^ ^ ^ 

^ ^ ^ L t m a n t s in fo r m a l d i s c u s s i o n r e p r o p o s e d , FRBanks t o be 

^ ^ 'a d v is e d th a t B oard w i l l n o t a p p r o v e s a l a r i e s 

f o r o f f i c e r s o r e m p lo y e e s b e y o n d a g e o f 65 

in a b se n ce o f s p e c i a l c ir c u m s t a n c e s and th a t 

r u le s and r e g u l a t i o n s o f R e tir e m e n t System 

sh ou ld b e amended in a c c o r d a n c e t h e r e w it h 1 / 4 ^ 

A d v ice to FRBanks o f a c t i o n , d o e s n o t a p p l y t o p r e s i 

d en ts and f i r s t v i c e p r e s i d e n t s I / 2 1 ^ 



R n p loyees: 

I n c r e a s e s i n lo w e r b r a c k e t s b e c a u s e o f i n c r e a s e d c o s t 

o f l i v i n g , d i s c u s s i o n o f , B oard w ou ld b e symp 

a t h e t i c t o m e r it e d i n c r e a s e s b u t n o t t o f l a t 

p e r c e n ta g e i n c r e a s e s 3/30 434 

Statem ent o f Mr* B r o d e r ic k b e f o r e P r e s i d e n t s ' Confe 

r e n c e th a t FRBanks s h o u ld c o n s i d e r in c r e a s e s 

in re a s o n a b le amount, i n l i g h t o f i n c r e a s e d c o s t 

o f l i v i n g , f o r em p loy ees i n lo w e r s a l a r y 

b r a c k e t s , and t h a t a d ju s tm e n ts b e w it h o u t r e 

gard t o com m ercial s a l a r y r a n g e s 6 / 8 803 

Summary o f sta tem en ts w ith annual s a l a r i e s , d i f f e r e n c e s 

between s a l a r i e s and p e r s o n n e l c l a s s i f i c a t i o n 

p la n s c a l l e d t o a t t e n t i o n o f iR B a n k s, l e t t e r s 

t o FRBanks and a p p r o v a l o f c e r t a i n s a l a r i e s 

in e x c e s s o f g ra d e 3/17 4^' 

Memo o f Mr. Smead th a t as ban k s h a d te n d e d t o f i x 

s a l a r i e s in p e r s o n n e l c l a s s i f i c a t i o n p la n s a t 

r a t e s p a id , i t had b een s u g g e s t e d t h e y b e f i x e d 

at a p p ra ise d r a t e s and p e r m is s io n o f B oard o b 

ta in e d l o r paym ents i n e x c e s s , su ch paym ents 

by iRBanks o f S t . L o u is , K a n sas C i t y and D a lla s 

approved 3/17 

O ffi c e rs : 

P roposed a d ju stm e n ts t o b e made b y d i r e c t o r s 

at January m e e tin g s 1 2 / 2 8 

s s t . i n q u i r y r e 3/26 

R ep ort o f B oard f o r 1 9 3 6 , o f 

V ic e P r e s i d e n t s , q u e s t io n e d by 

P ^ H s H s d i . f . m ^ 101° 

R e c o r d a t i o n s ^ t o a r d s o f d i r e c t o r s , c o n s i d e r a t i o n 

t i o H n l ^ .a n sad r e , B oard t o ta k e a . - 

r e co v e ry o f \ ^ B ^ d e r i c k * ^ Q u e s tio n p en d in g ^ 5 

422 

1740 

465

(Continued) ?agea 

.upanK*- (c o n t in u e d ) 

^ * ^ f f i c e r s : (C o n tin u e d ) 

R e tire m e n t o f p e r s o n s 65 o r who w ou ld becom e ^ 

end o f c a l e n d a r y e a r , l e t t e r in c i r c u i t *** 

t o a d v is e FRBanks t h a t B oard m 

s e n c e o f s p e c i a l c ir c u m s t a n c e s w i l l not 

p r o v e 

O ffic e r s and e m p lo y e e s , r e q u e s t fro m B oard t h a t u su a l ^ 

" ^ t t i n „ .i r e u l a r 

salary paym ents t o o f f i c e r s en d a a p l o y e e s p a s t 6 s , r e p ly t o 

^ S t L o u is r e v ie w in g p o M . y ^ L d 5/11 684 

S .^ a l S e c u r it y A c t , am endm ents p r o p o s e d t o b r in g n a tio n a l and 

S t a t e m em ber b a n k s u n d e r , w i l l n ot a f f e c t i / i - 

S ta tistica l and a n a l y t i c a l f u n c t i o n s , b u d g e t s a p p ro v e d , banks 

t o b e a d v i s e d t h a t t r a d e r e p o r t in g s e r v ic e and 

m o n t h ly r e v i e w s i t u a t i o n w i l l be g iv e n co n s id 

e r a t i o n 4 / 3 ^gy 

Surveys, l e g a l d i v i s i o n , a u d i t i n g and e x a m in a tio n departm en ts, 

s u p e r v i s o r t o b e d e s ig n a t e d b y Board from i t s 

m em bers t o t a k e p l a c e o f M r. B r o d e r ic k , re 

s ig n e d 9 /2 8 1340 

Taxation b y S t a t e s and p o l i t i c a l s u b d i v i s i o n s a s t o p r o p r ie t a r y 

o p e r a t i o n s , r e p l y t o S e n a t o r Hayden r e l e g i s 

l a t i o n t o p e r m i t , s u g g e s t e d b y C h a rle s W oolf 2 /2 4 540 

FRBulletin: 

Acceptance p r a c t i c e , t i t l e and s u b t i t l e o f summary o f r e p o r t 

o f c o n m i t t e e o n , t o b e p u b lis h e d - 1 

A dditional tim e f o r o b t a i n i n g s t a t e m e n t s i n c o n n e c t io n w ith 

s p e c i a l o m n ib u s a c c o u n t s u n d e r r e v is e d Regu- 

l a t i o n T , s t a t e m e n t r e o r d e r e d p u b lis h e d in 1 2 / ^ 1 ^ 

Advance paym ents o n G overn m en t s e c u r i t i e s a s d e p o s i t s a g a l i s t 

w h ich r e s e r v e s m u st b e c a r r i e d , r u l in g to ê 

p u b l i s h e d i n 

A lternates f o r m a n b e rs o f t r u s t in v e s tm e n t com m ittee, r u l in g ^ 

o f B o a rd r e , t o b e p u b lis h e d in 

"Analyses o f t h e B a n k in g S t r u c t u r e " , r e p r i n t t o b e turn - - 

G r a d u a te S c h o o l o f B a n k in g i^* re q u e s e 

Analyses o f S t a t e la w s r e l a t i n g t o b a n k in g , no such ^ 

o f t h i s t y p e p r o j e c t e d o r p la n n e d n * 2 

. f u t u r e , r e p l y t o M r. C le v e la n d . f o r 

A pplication o f R e g u l a t i o n U t o l o a n t o s e c u r i t i e s g 

p u r c h a s e o f b o t h r e g i s t e r e d and u n r ^ - ^ / 2 6 606 

. s t o c k s , r u l i n g t o b e p u b lis h e d in 

A rticle s: s o f 

Program o f p u b l i c a t i o n o f f a c t u a l ^ d r a ft 

w r i t e r s s u g g e s t e d . R e s e a r c h 5/31 ?31 

p r e f a c e , G rou p B a n k in g a r t i c e 



F R B u lletin : (c o n tin u e d ) 

Articles:

-.TP^ m 'o f tn iS * in v e s t m e n t c o m m it te e o f n a t io n a l Hem* 

w r i t t e n a p p r o v a l o f t r a n s a c t i o n s h v ^ L I . 

o f c c m m itte e w it h o u t m e e tin F r u l i n g ^ 

p u b l i s h e d r u l in g s to be 

n a t io n s : 4/S 6 6o& 

a t a t ^ e n t r e amendment w it h r e s p e c t t o r e s e r v e s mei,.+ i ^ 

a g a i n e t demand d e p o s i t a , sta tem en t re 

p u b l i s h e d i n 

statem en t o n , t o b e p u b l i s h e d a / 1 3 1 1 3 4 

3 ] re c e n t am endm ents r e paym ent o f i n t e r e s t on d ep ositE 

s t a t a n e n t r e , t o b e p u b lis h e d i n ^ * 

T statem en t r e amendment N o . $ t o b e p u b lis h e d in ^ 

'

tr&notes- (C on tin u ed ) 

C ustody: < C " ^ ^ " f . L t a t i T e s , s u g g e s t io n o f a p p o in tm e n t a t New 

FRAgsnts' J a c k s o n v i l l e b r a n c h e s 

c o l l a t e r a l , amendment t o ex ten d au- ^ 

Govemmept e e c u r m ^ ypBanks t o p l e d g e , C ou n sel requ ested 

d r a ft fo n n s o f , * i t h s t a t a n e n t o f r e a s o n s 

f % g f s o ^ " o r ^ d e s i r a b i l i t y o f am endm ent. C h a ir- 

D is c u s s io n o f t o p i e c e b e f o r e C o n g r e s s a d r a f t 

and a s t a t n n e n t r e d e s i r a b i l i t y 

o f enactm ent ^ ^ ^ , 1 / 6 

t h o r i t y o f FRBanks t o p l e d g e 1/lS 

s 4 ,1 7 t o e it e n d a u t h o r i t y o f FRBanks t o p l e d g e , r e p l y t o 

' S e n a to r W agner fB T o rin g e n a ctm e n t 1 /2 1 

P e n a l t y f o r p a y in g o u t o f n o t e s o f o n e FRBank b y a n o t h e r , amendment 

a g re e d upon t o r e p e a l 1/ ^ 

P ie ce counting o f l a r g e d e n o m in a tio n n o t e s d u r in g e x a m in a tio n s 

P ie ce coun g ^ FRBanks, r e p l y t o FRBank o f P h i l a d e l p h i a o f 

n e c e s s i t y f o r 6 /1 0 

P r in t in g req u irem en ts f o r 1956 f i s c a l y e a r , l e t t e r t o C o m p tr o lle r 

r e q u e s t in g t h a t h e p l a c e o r d e r f o r , w it h Bureau 

o f E n gravin g and P r i n t i n g 6/19 

S e r ie s o f 1926, s t a t u s o f u n d e r t a k in g o f T r e a s u r y t o s e c u r e app 

r o p r i a t i o n f o r r e p la c a n e n t w it h n o t e s o f s e r i e s 

o f 19 24 , r e p o r t o f Chairm an E c c l e s o f l e t t e r 

a d d re ss e d t o S e c r e t a r y o f T r e a s u r y and t h a t he 

w ould f u r t h e r a s c e r t a i n s t a t u s - 9 

R e s o lu tio n p re p a re d b y T r e a s u r y D ep a rtm en t f o r C o n g r e s s io n a l 

a u t h o r it y t o r e p l a c e w it h 1 9 3 4 o r s u b s e q u e n t 

s e r i e s o u t o f g o ld i n c r a n e n t , M e s s r s . 5mead and 

V est t o s u g g e s t c l e a r e x p l a n a t i o n o f c ir cu m 

s ta n c e s t o C o n g re s s 5/^1 

A u th o riz a tio n f o r r e p la c e m e n t, T r e a s u r y d e s i r o u s o f w ithdraw 

in g r e q u e s t made o f C o n g r e s s , C hairm an E c c le s 

a u th o r iz e d t o d i s c u s s f u r t h e r , and w ith m anbers 

o f House B an kin g and C u r r e n c y C om m ittee and to 

F K S ygt^ . e x e r c is e own judgm ent i n m a t t e r ^ 

A ctio n s which m ight be taken i n l i g h t o f p r e s e n t c o n d i t i o n s and 

p o s s i b l e d e v e lo p m e n ts th r o u g h o u t r e m a in d e r o f 

D i s s i p a t i o n o f l ^ ^ "**- ^ ^ n w e i s e r r e ^ 

M r e s p e c t t o , M e s s r s . T h u rs to n , 

S o ld e n w e ia e r , and H o m e a p p o in te d 

Legislation i . r e L ^ " ° ° " , visu al education 

CoTi^n ' a p p o i n t e d b y P r e s i d e n t s ' m /19 

Pamphlet on o p s r ^ i ^ r ^ ^ < 1? q u e s t i o n 1 ° ^ 

deeded ^ is s u a n c e b y 1-HBank o f C le v e la n d not 



u s h : ' ^ ^

S o w a r s , 

a d d i t i o n a l , s t a te m e n t o f M r- G o ld e u w e ie e r r e ^ 

i n o r d e r t o c o n t r o l c r e d i t s i t u a t i o n 

c h a r g e r e s p o n s i b i l i t i e s 

. ^ i c e s t o member t a n k s , i n c r e a s e in v a lu e o r sco p e o f 

Servi g e s t e d t o p i c f o r dlecusnl

(C on tinued) . a p p l i c a t i o n on b e h a lf o f 

^ C ^ ' t ° S t s t e Bank o f Hsnnnond a p p ro v e d upon 

C ^ j o ^ , N . Y . . s u r r e n d e r o f . ^ 

C a n a job a rie c e r t i f i c a t e o f ^ ^ ^ ^ g t ^ t i o n o f o n e g u a r d ia n - ^ 

rarbon Bnery Bank, P r ^ 'c o m p e n s a t i o n fu n d s d e p o s i t e d by 

f C o L f ^ L n , n o o b j e c t i o n b u t i f . = - 

t i ^ t i e e a r e e x p a n d e d , p e i m i a s i o n s h o u l d b e o b - 

C a r r o llt o n , M o . , o p e r a t i o n o f t m s t 

C a r r o ll C o ^ t y T r u s t ^ o ^ g ^ o u ld c o n fo r m t o r e c o g n i s e d p r i n - 

c i p i e s H ., a c t i o n d e f e r r e d on ap- 

C a r r o ll County p e n d in g n e x t e x a m in a t io n , n o o b j e c t i o n 

^ ^ i s t L i n g N r u a t e e s h i p n o * h e l d 4/1. 

o e n d in g e l in n n a t i on o f se— 

A c tio n d e p r e c i a t i o n , n o o b j e c t i o n i n m eantim e 

t o a d m in is t e r in g o n e t r u s t now h e l d ^ ; 

j u r a t i o n a p p ro v e d e u b je c t t o a c c e p t a n c e o f s t a n d a r d co n - 

App d l t i o n s o f m a n b e rsh ip p r e s c r i b e d f o r b a n k e h a v - 

in g t r u s t p ow ers 

Chase n a t io n a l Bank, New Y o r k , N. Y . . t m s t 

p r o p o s a l f o r a p p o in tm e n t o f a l t e r n a t e m em bers, 

no o b j e c t i o n , s u g g e s t i o n o f e n la r g e m e n t o f comm 

it t e e 

C it iz e n s N a tio n a l Bank o f A lt o n , 1 1 1 . , s u r r e n d e r o f 

7/17 

3/25 

C it iz e n s N a tio n a l Bank, B r a d fo r d , P a . , a p p l i c a t i o n a p p r o v e d 

b u t t o b e c a r e f u l i n a c c e p t i n g t r u s t s te n d e r e d 

by oy o t hn e r banks Danxs 

C itiz e n s N a tio n a l Bank i n G a s t o n ia , N . C . , a c t i o n o n a p p l i c a 

***/ ^ 

t i o n d e f e r r e d p e n d in g i n q u i r y i n t o p r o p o s e d 

t r u s t o f f i c e r s 

A p p lic a t io n a p p roved 

C ity Bank Farmers T ru st C o ., New Y o r k , N . Y . , t r u s t d e p a rtm e n t, 

r e p ly t o M r. D i l l i s t i n r e c o m p lia n c e o f c e r t a in 

8/17 

9/23 

fe a t u r e s o f p la n f o r o p e r a t i o n s o f t r u s t comm 

it t e e w ith R e g u la t i o n F 

3/15 

C ity N a tion a l Bank o f S ou th B end, I n d i a n a , a p p l i c a t i o n f o r fM ll 

f i d u c i a r y p o w e rs , r e p l y o f B oa rd t h a t a c t i o n 

- 

i s b e in g d e f e r r e d a w a it in g a d v i c e fro m C o m p tro l- 

l e r o f C u rren cy 

12/IB 

-onzncr t r u s t fn n d s, d r a ft o f amendment t o R e g u l a t i o n F t o p r o - 



v i c e f o r e s t a b lis h m e n t and o p e r a t i o n o f , 

c o p ie s t o b e s e n t t o FRBanks, e t c . , f o r c r i t i - 

C orporate t ^ s t e e t S p r b i ^ r ^ ^ 

Cn„Tiî ' s ta te m e n t o f F e d e r a l A d v is o r y 

B e lla s Bank and T ru st r ^ e f f e c t on b a n k s , a c t i o n t o be taken 

e f f e c t ! a p p l i c a t i o n a p p rov ed 

N a tio n a l Ben* c o n v e r t e d i n t o D a lla s 

3/12 

3/16 

9/19 

5/18 

1 /1 ' 

I # 

7H 

IS*

n a tio n a l Bant:, D *^-Ias, T e x a s , a p p l i c a t i o n o f D a li- 

C-1H- T r u s t C o. a p p r o v e d i f a J \ f 

v e r t e d i n t o ^ and ^ e n co n - 

„ . t t o f t r u s t fu n d s i n c o m m e r c ia l d ep a rtm en t: 

^ I l l i n o i s , p l e d g e o f c o l l a t e r a l f o r . ca n n ot b e v a l i d l v „ 

s u c h d e p o s i t s s h o u ld n o t b e made l e t t ^ V ' 

FRBank o f C h ic a g o i n c o n n e c t io n ^ t h 

S h o r e T r u s t and S a v in g s Bank, Chicago 111 

^ s to n -T a y lo r T r u s t C o . , S t . L o u i s , M o ., a p p l i c a t i o n approved 

County S t a t e B ank, H a r b o r S p r in g s , M ic h ., a u t h o r i t y t o 

e x e r c i s e c e r t a i n p o w e r s , t o b e re q u e s te d t o 

d e s i g n a t e t r u s t o f f i c e r and t o m ate a p p l i c a t i o n 

f o r an y a d d i t i o n a l p ow ers 

E scrow fu n d s, r e p l y t o FRBank o f D a l l a s r e q u e s tio n o f EL Paso 

N a t io n a l B an k, E l P a s o , T e x a s , a s t o whether 

su ch fu n d s a r e t r u s t fu n d s u n d er R e g u la tio n F 

Farmers and M e rch a n ts B an k, P r o v o , U ta h , a c t i n g as t r u s t e e 

u n d e r b o n d i s s u e w it h o u t o b t a in in g p erm ission 

o f B o a rd 

Fanners Bank o f P e lh a m , G a . , e x e r c i s e w it h o u t p e rm is s io n o f 

B o a r d , no o b j e c t i o n t o c o n t in u a t i o n o f th e one 

t r u s t 

First Bank and T r u s t Com pany, P e r t h Amboy, N. J , , a p p lic a t io n 

t o e x e r c i s e t r u s t p o w e r s a p p rov ed s u b je c t to 

c e r t a i n a c t s b e i n g c a r r i e d ou t 

First N a tio n a l Bank o f C a l d w e l l , I d a h o , a p p l i c a t i o n to a ct as 

t r u s t e e f o r b o n d h o ld e r s o f C axton P r in t e r s , 

g r a n t e d i n s t a t e d em erg en cy 

First N a tio n a l Bank i n D o l t o n , 1 1 1 . , a p p l i c a t i o n t o a c t as 

t r u s t e e i n l i q u i d a t i o n o f n a t io n a l ta n k s, Compt 

r o l l e r d o e s n o t f a v o r su ch a g e n cy , a p p lic a t io n 

t o b e c o n s i d e r e d a s w ith d raw n 

First N a tio n a l Bank o f E l y , N e v ., a p p l i c a t i o n approved 

First N a tio n a l Bank o f R n le n t o n , P a . , l e t t e r t o FRBank o f C le v e 

la n d r e d e s i r e o f bank t o a d m in is te r few a cc 

o u n t s now on b o o k s , B o e rd w oul^ be w i l l i E f to 

c o n s i d e r a p p l i c a t i o n f o r l i m i t e d powers 

A p p lic a t io n a p p r o v e d . 

PTret N a tio n a l Bank o f F i n d l a y , O h io , s u r r e n d e r o f , c e r t i f i c a t e 

^ r a t N a tio n a l Bank o f H ig h la n d P a r k , 1 1 1 . , a p p l i c a t i o n app 

r o v e d u p o n c o n v e r s i o n o f H ig h la n d P e .k 

îrst N a tio n a l Bank in H u n t in g t o n , I n d ia n a , a p p l i c a t i o n approved 

H - t N a tio n a l ^ 0 ^ ^ M o u n ta in , N . C ., R a t i o n J - c t 

a s t r u s t e e u n d e r m o r t g a g e , question o 

r e e x e r c i s e b y bank v-Hich w i l l n o t m eet^req 

AO c ot3 ^ j ---------- - M - c- c y s . 

m e n ts o f R e g u l a t i o n F , d isa p p ro v e , 



M cKee and D a v is v o t i n g " n o " 

1/19 124 

4 / e 516 

2 / 1 0 267 

2 / 4 230 

4 /1 3 546 

5/27 756 

3/10 379 

1 0 / 1 1356 

3 /1 8 433 

2/19 

7 /3 0 

326 

1071 

7 /1 5 979 

9 / 9 1246 

2 / 2 222 

9 / 9 1246 

10/21 

7 /2 0 

1412 

1002

F irs t o f a c t io n y. 

L e t t e r ^ t r u s t e e i n p a r t i c u l a r ca se 

A p p lic a t io n PP ^ ^ s u r r e n d e r o f 

F ir s t N ational o f M edia, P a - , p l e d g e o f c o l l a t e r a l f o r 

F ir s t N ational ^ u s e d i n c o n d u c t o f b u s i n e s s , r e p ly 

t o Mr- Hartman t h a t B o a r d h a s r u l e d re q u ir e m e n t 

- s - n o t be w a i v e d t o e x t e n t s u c h f u n d s a r e in 

su red and o u t l i D i n g c o n s i d e r a t i o n g i v e n t o 

q u e s t io n 4 / 1 

^ Bank M iam i, F l a - , new p e n n i t u n n e c e s s a r y - but 

f i r s t â d e p o s it s e c u r i t i e s w it h S t a t e au 

t h o r i t i e s t o e x e r c i s e p o w e r s 

r i 7-

N a t i o n a l Bank O f W i l k e s - B a r r e , P . . , s u f f i c i e n c y 

c a p i t a l q u e s t i o n e d i n c o n n e c t io n 

O f 

c a p j.n ,j. m c o n n e c t io n wi +vr 

e t i r e m e n t o f p r e f e r r e d s t o c k 

b e i n g l i q u i d a t e d 

,gee a ls o S t o c k , p r e f e r r e d ) 

' departm ent 

o s t e i n S ta te B ank, H o l s t e i n , I o w a , r e p l y t o FRBank o f C h i^ 

t h a t a s i t i s n o t c l e a r what p ow ers b ^ k d t ^ 

s i r e s a n d n e c e s s a r y i n f o r m a t io n i s n ot a v a i la 

b l e , a c t i o n w i l l b e h e l d i n a beyan ce 

T r u s t e e s h i p a c c e p t e d i n b e l i e f t h a t bank was q u a l i f i e d 

c r i t i c i s m o f h a n d lin g o f a c c o u n t , no o b je c t i o n 

t o c o n t in u a n c e 

Rome N a tion a l Bank o f M i l f o r d , M a s s ., su p p lem en ta ry a p p lic a t io n 


I n v e s t m e n t in o b l i g a t i o n s i n w h ic h d i r e c t o r s h ave interest, 

r e p l y t o FRBank o f K a n s a s C it y r e d e te rm in a tio n 

o f a p p l i c a b i l i t y o f p r o h i b i t i o n o f R e g u la tio n 

F, a s t o i n q u i r y o f Omaha N a t io n a l Bank 

R eply t o FRBank t h a t U n i t e d S t a t e s N a t io n a l Bank a t Omaha 

i s p r o h i b i t e d fro m p u r c h a s in g r e a l e s t a te 

m o r t g a g e l o a n s th r o u g h company o f w hich d ir e c 

t o r i s c h a in n a n , and c a l l i n g a t t e n t io n t o l e t 

t e r r e Omaha N a t i o n a l Bank 

J e ffe r s o n -G r a v o is Bank o f S t . L o u i s , M o ., e x e r c i s e w ith ou t 

o b t a i n i n g p e r m i s s i o n , a c t i o n d e fe r r e d on a p p lic 

a t i o n b e c a u s e o f c a p i t a l im pain n en t but no 

o b j e c t i o n t o a d m i n i s t r a t i o n o f f o u r a cco u n ts 

now h e l d 

P e n n ls s io n t o b e g r a n t e d u p o n e l i m i n a t i o n o f im pairm ent 

e x i s t i n g i n c a p i t a l 

Lake C h arles Bank and T r u s t Company, L a k e C h a r le s , L a. , c o n d it 

i o n s u n d e r w h ic h m em bersh ip was g ra n te d m ist 

b e c o m p lie d w it h 

Limited p ow ers, d i s c u s s i o n o f a d h e r in g t o g e n e r a l policy where 

a p p l i c a t i o n s a r e o n l y g r a n t e d in term^ o 

R e g u l a t i o n F and n o t t o a c t as t r u s t e e , ? n e r - 

r e q u ir e m e n t s o f r e g u l a t i o n a r e no 

M e s s r s . M cK ee and D a v is v o t i n g "n o " 

Lindell T ru st C o ., S t . L o u i s , M o ., a p p l i c a t i o n 

MahoMng N a t io n a l Bank o f Y o u n g sto w n , O h io , o f 

g r a n t e d a r e s t i l l i n f o r c e as 

s u r r e n d e r w as n e v e r p e . ^ 

t o bank a s c o n s o l i d a t i o n w itn 

Manchester Bank o f S t . ° L ^ i s , M o ., a p p l i c a t i o n made 

t o r e t a i n in s u r a n c e a g e n c y ^ ^ t o ree 

x e r c i s e l i m i t e d p o w e r s , con - 

t e n t i o n o f a g e n c y , a p p l i c a t i o n w i l l 



s i d a r e d 

163 

3 

3/27 469 

2 / 9 261 

6 /1 6 840 

4 /2 2 594 

8 / 4 1098 

8 / 4 1096 

5/11 681 

9 /1 6 1287 

9 /1 7 1300 

7 /2 0 1003 

1 / 5 9 

1 2 /29 1752

F id u c ia r y pow ers. ( L o u i s , (C o n t in u e d ) 

M anchester Baiuc o f ^_ a p p l i c a t i o n f o r I g n i t e d p e n d in g exam ina- 

A c tio n d e f e r r e c ^ p i t a l r e a d ju s t m e n t r e c e n t l y m ade w ith ou t 

f o ^ a p p r o v e o f R iC 3/ ^ 

A c t i o n o . a p p l i c a t i o n d e f e r r e d b e c a u s e o f c a p i t a l i m p a l e 

B i l l i n g s , M o n t .. *RBan* c a s h i e r ' s ch eck s 

Montana be u s e d a s s e c u r i t y f o r t r u s t fu n d s 

u s e d b y bank i n c o n d u c t o f b u s i n e s s , B oard has 

uTinwtved p r o c e d u r e w h e re b y su ch c h e c k s may be 

h e ld a s a s s e t s o f t r u s t s 3/31 

Bank s a t i s f i e d r e r e f u s a l o f p e r m i s s i o n t o p l e d g e f o r t m s t 

fu n d s u s e d b y bank 6 / 3 

M ountain N a tio n a l Bank o f C l i f t o n F o r g e . V a . , a p p l i c a t i o n a p - 

p r o v e d 3/ 5 

N a tion al Bank o f B lo o m in g to n , 1 1 1 - , a p p l i c a t i o n a p p r o v e d 5/27 

N ational Bank o f B u r lin g to n , N . C ., a p p l i c a t i o n a p p r o v e d 3/19 

N ation al Bank o f Commerce o f L o r a i n , O h io , s u r r e n d e r o f 7/17 

N ational Bank o f L o r a in , O h io , a p p l i c a t i o n a p p r o v e d 5/13 

N ational Bank o f Waupun, W is c o n s in , r e q u e s t f o r c e r t i f i c a t e o f 

s u r r e n d e r o f f i d u c i a r y p o w e r s 8/30 

C e r t i f i c a t e o f s u r r e n d e r a p p r o v e d 12/28 

N a tio n a l ban ks, a p p l i c a t i o n f o im s , l e t t e r t o a l l FIRBanks a d v is 

in g th a t form 61 c n e e d n o t b e s u b m it t e d in 

f u t u r e 2/24 

N a tio n a l C ity Bank o f New Y o rk , N . Y . : 

Cuban b r a n ch e s , p e r m is s io n g r a n t e d t o e x e r c i s e 2/24 

T ru st d ep a rtm en t, r e p l y t o M r. D i l l i s t i n r e c o m p lia n c e o f 

c e r t a i n f e a t u r e s o f p la n f o r o p e r a t i o n s o f t r u s t 

com m ittee w ith R e g u la t i o n F 3/15 

N a tio n a l D e p o sit Bank o f A r n o ld , P a . , s u r r e n d e r o f 4/13 

N a tion a l Exchange Bank and T r u s t C o ., C a r t h a g e , N . Y . , s u r r e n d e r 

o f , n o t t o b e r e q u i r e d t o e l i m i n a t e "ct T r u s t 

C o ." from t i t l e a s bank i s i n l i q u i d a t i o n , imp 

o s s i b l e t o r e t u r n p e n o i t a s i t i s f i l e d in 

s u r r o g a t e 's o f f i c e 2/16 

N a tion a l M e ta ls Bank o f H a n cock , M ic h ig a n , s u r r e n d e r a p p r o v e d 1 0 /^ 

R a tio n a l Mohawk R iv e r Bank o f F on d a, N .Y . , s u r r e n d e r o f 3/11 

i.orwDOG-Hyde Park Bank and T r u s t C o ., N orw o o d , O h io , a p p l i c a t i o n 

a p p roved , c o m p lia n c e w it h c o n d i t i o n r e q u i r i n g 

p le d g e o f s e c u r i t y f o r t r u s t fu n d s i n com - 

^ m e r c ia l d ep artm en t w a iv e d 

Omaha N a tio n a l Bank, Omaha. N e b r ., t r u s t in v e s t m e n t s i n co n c e r n s 

O p eration o f S e c t o r s a r e i n t e r e s t e d 

..n ^ t fu n d s b y n a t i o n a l b a n k s , p r o p o s e d 

p F R B ^ k s ° V B ^ P e r t a i n i n g t o , se n t to 

P e o p le s Bank and T ru st ^ o t h e r s 

exerriQp- ^ ^ S e a t t l e , Y.'aah., a p p l i c a t i o n to 

N a tio n a l c o n v e r s i o n i n t o P e o p le s g 

ank o f W ash in gton i n S e a t t l e , Wash- 



3/ 

6 /

N a t i o n a l B a n k o f W a s h i n g t o n , S e a t t l e , W a s h . . 

peopl t i o n t o e x e r c i s e a p p r o v e d ' ^ P P lic a - 

^ S a vin gs Bank o f G ran d H a v en , M ic h . 

1 0 /2 6 1 4 4 5 

Psop " bank d i s c o n t i n u e t r u s t d e p ^ r t m - ^ . ^ " ^ ^ 

q u a t e r e c o r d s a r e m a in t a in e d R le s s Qdeo 

f c o l l a t e r a l f o r t r u s t fu n d s : 

0 /2 3 H 7 8 

^ C o n n e c tic u t, c o n f e r e n c e p r o p o s e d f o r d i s c u s s i o n o f p r o b l- n . 

i n v o l v e d i n o p e r a t i o n s o f S t a t e m anbe- b ^ 

FRBank c a s h i e r s c h e c k s , p r o p o s e d amendment t o Rp-cm ^ 5 /1 2 689 

F t o p e ^ i t p l e d g e o f , B oard t o 6 6 t e ^ t i ! l 

in g n e a s t o m ake r a t h e r th a n r e f e r t o P r e s id e n t!.. 

C o n f e r e n c e A coîan ,3 

M o n t a n a N a t i o n a l Bank s a t i s f i e d r e r e f u s a l t o perm it 

5 /1 1 683 

u s e o f , B o a r d u n w i l l i n g t o m a k e amendment to 

M a r y l a n d , 

R e g u l a t i o n F 

d e c i s i o n o f C o u rt o f A p p e a ls t h a t s t a t u t o r y 

6 / 3 774 

p r e f e r e n c e f o r t r u s t fu n d s a p p l i e s o n l y t o 

fu n d s h e l d u n d e r c o u r t a p p o in tm e n t, w i t h d r a w a l 

o f w a i v e r o f m e m b e rs h ip c o n d i t i o n r e q u ir in g 

p l e d g e , d o u b t a s t o a u t h o r i t y o f banks to 

m ake p l e d g e 

F e e lin g o f M r. R ansom t h a t c o n s i d e r a t i o n sh o u ld be 

g i v e n p r o b le m p r e s e n t e d w here banks a re n ot p er 

7 /2 9 1051 

m i t t e d t o m ake p l e d g e , l e t t e r ap p roved 

7 /2 9 1053 

Quorum o f t r u s t in v e s t m e n t c o m m itte e o f n a t i o n a l bank and 

w r i t t e n a p p r o v a l o f t r a n s a c t i o n s b y m a jo r it y 

o f c o m m it te e w it h o u t m e e t in g , r u l i n g s t o be 

p u b l i s h e d i n F R B u lla t in 

4 /2 6 606 

Rapides Bank and T r u s t C om pany, A l e x a n d r i a , La* , c o n d it io n s 

u n d e r w h ic h m e m b e rs h ip was g r a n te d must be comp 

l i e d w i t h 

9 /1 7 1300 

Regulation F, am endment t o , r e common t r u s t fu n d s , s u g g e s tio n s 

o f P e n n s y l v a n i a B a n k e r s A s s o c i a t i o n , r e p ly t o , 

t h a t a c t i o n c a n n o t b e d e f e r r e d on p r o p o s a l now 

b e f o r e B o a r d 

1 2 /17 1571 

Renewal o f n o t e o f d i r e c t o r h e l d a s a s s e t o f t r u s t a cq u ire d y 

F i r s t N a t i o n a l Bank and T r u s t C o ., L exin gton ^ 

K y . , s u b s e q u e n t t o m a k in g t h e r e o f , i s no 1 

v e s tm e n t o f t r u s t fu n d s and t h e r e i o r e , no 

6 / 4 1095 

v i o l a t i o n o f R e g u l a t i o n F

F i d u c i a r y p e e r s : ' ^ " Y o w ^ l l , M i c h . , a c c o u n t s h e l d a p p a r e n t l y 

S t a t e S a v in g s S ^ ' ^ g t e e c a p a c i t y , b a n k h a s mo a u t h o r i t y t o 

e x e r c is e such pow er ^ . 6/10 ^ 

^ t Co Suiomit, N. J . , e x t e n s i o n o f t im e t o a c t a s 809 

Sum m it T r u s t ^ i n c o n n e c t io n w it h m o r tg a g e p a r t i c i p a 

t i o n b o n d s o f Summit T i t l e and M o r tg a g e G uaranty 

. ^ * i , ^ r m < ! i b l e f o r N a t i o n a l E xch a n g e Bank and ^ ^ 6*5 

S u r r e n d e r , p e r m i t , P " /in ^ h a c -e . N . Y , . t o r e t u r n , a s i t i s 

T ûst C o ., C a r th a g e , N . Y , , t o r e t u r n , a s i t i s 

f i l e d i n s u r r o g a t e 's o f f i c e 2 /ig 

^ v i t i e s o f ban ks, r e p o r t o f M r. Ransom r e m e e t in g s w ith 

T ru st a c t i v i t i e s o o t h e r s o f SEC o n l e g i s l a t i o n 

r e i s s u e s o f s e c u r i t i e s u n d e r t r u s t in d e n t u r e s , 

M e s s r s . M o r r i l l and W i n g f i e l d t o d r a f t l e t t e r 

t o M r. D o u g l a s r e p r o c e d u r e i n p r e s e n t i n g 

l e g i s l a t i o n 4 / 9 533 

L e t t e r p r e s e n t e d , M r. Ransom a d v is e d M r. D o u g la s t h a t i t 

d id n o t r e p r e s e n t a p p r o v a l o f l e g i s l a t i o n , 

o r d e r e d s e n t 4/13 544 

T iu s t com m ittee. B oard o p p o s e d t o p la n o f N a t i o n a l C i t y Bank 

o f New Y ork t o make tw o o f s i x m em bers a quorum, 

q u e s t io n o f t h r e e m a n b e rs w it h a l t e r n a t e s , 

a ls o p u r c h a s e o f in v e s t m e n t s fr o m a p p r o v e d 

l i s t w ith su b s e q u e n t r e p o r t t o c o m m itte e 3/13 403 

T ru st in d e n t u r e s , amendment t o S e c . l l ( k ) o f F R A ct s u g g e s t e d 

b y S e n a to r H e r r in g 7/13 952 

T ru st in v e s tm e n ts : 

P u rch ase o f s e r i e s o f n o t e s o f same o b l i g o r and s e c u r e d b y 

same d eed o f t r u s t d o e s n o t c o n t r a v e n e R e g u la 

t i o n F, r e p l y t o C o m p t r o l l e r o n i n q u i r y o f 

R ig g s N a t io n a l Bank, W a s h in g t o n , D . C. 4/10 535 

Renewal o f m ortga g e n o t e s p u r c h a s e d p r i o r t o e f f e c t i v e 

d a te o f R e g u la t i o n F t h r o u g h c o r p o r a t i o n owned 

b y d i r e c t o r , w h ich r e c e i v e s c o m m is s io n from 

b o rro w e r f o r r e n e w a l, d o e s n o t c o n t r a v e n e 

r e g u l a t i o n 4/10 5" 

.r e r n s m , r e p l y t o C r o c k e r F i r s t N a t i o n a l Bank o f San Franc 

i s c o th a t B oard h a s no d a t a a v a i l a b l e r e g a r d - , 

in g ^ 7 / 1 5 98. 

. n s t e e o f m ortgage p a r t i c i p a t i o n b o n d s o f Summit T i t l e and 

M ortgage G u aran ty C o ,, e x t e n s i o n o f tim e f o r ^ 

Union Bank o f Cotnm m s t C o ., Sum m it, N . J . t o a c t a s ^ 

Company, C le v e la n d , O h io , a p p l i c a t i o n t o 



P ow ers a p p r o v e d s u b j e c t t o a u th o r - 

comnanf- i, ^ t a t e B a n k in g D ep a rtm en t t o 

Board o f n e s s , and t o c e r t a i n c o n d i t i o n s o f , . 15OO 

ment o f t n o t . * i n q u i r y on i n v e s t - 

lo a n s ^ ^ r e a l e s t a t e m o r t g a g e ^ ^ 109°

Beach A t l a n t i c N a t io n a l Bank, West Pain. R 

West a p p l i c a t i o n a p p roved . Beach, F l a ., 

^ and B uston B ank, M a r s h a l l , M o ., a p p l i c a t i r ^ 

Woo b y M r. Ransom f o r r e c o n s i d e r a t i o n 

a s bank d e s i r e s t o en g a g e in ? P o lic y 

i n m in o r way o n l y , p o l i c y r e a f f i ^ ^ ^ s i n e s s 

p l i c a t i o n a p p r o v e d r e a l fin n e d and ap- 

^ ^ re h o u s in g , p u b l i c a t i o n p r o p o s e d , i n c o n n e c t io n with ^ 

m i n i s t r a t i o n o f U . S . W areh ou sin g A ^ i t t 

t o M r. Y oh e s u g g e s t i n g c e r t a i n changes 

nnance companies: 

^ C e r t i f i c a t e s fro m , i ^ o s e p a p e r i s o f f e r e d f o r d is c o u n t , s t a t i c 

u s e o f p r o c e e d s and c o r r o b o r a t e d by fin a n c ia l 

s t a t e m e n t o f com p an y, q u e s t io n o f b e in g suf 

f i c i e n t e v i d e n c e o f p r o c e e d s o f p a p er o ffe r e d 

f o r d i s c o u n t 

Notes o f , p r o c e e d s o f w h ic h a r e u s e d in d is c o u n t in g f o r d e a le rs 

p a p e r e v i d e n c i n g t h e s a l e o f g o o d s on an in 

s t a l l m e n t b a s i s , e l i g i b i l i t y o f , f o r d isco u n t 

paper e l i g i b l e f o r r e d i s c o u n t i n g a t FRBanks, r e s o l u t i o n o f 

P r e s i d e n t s ' C o n fe r e n c e in r e g a r d t o 

Reply o f B oard t h a t i n t e n t i o n i s t h a t p r o c e e d s be used f o r 

c o n z n e r c ia l o r a g r i c u l t u r a l p u rp o s e s 

Financing in d u s tr y , T i o g a M i l l s , r e f i n a n c i n g o u ts ta n d in g o b lig a 

t i o n s a t l o w e r c o s t , r e p l y t o M r. Palm er that 

B o a rd h a s n o s u g g e s t i o n s t o m ake, how ever 

t e m p o r a r y fu n d s m ig h t b e a v a i l a b l e from FRBank 

o f New Y o rk 

Hranan's Fund In d e m n ity C o . : 

Moncrief, D. E. , l e t t e r t o , t h a t b o n d a s A lt e r n a t e A s s is t a n t 

FR A gent a t A t l a n t a r e c i t e s th a t appointm ent was 

m ade b y F R A gent w h e re a s i t was a c t u a l l y made by 

A s s i s t a n t FR A gent 

Hood co n d itio n s: 

PRBank o f C le v e la n d , r e p l y t o P r e s i d e n t F lem in g re l e t t e r sent 

t o b a n k s and f i n a n c i n g i n s t i t u t i o n s i n flo o d e d 

a r e a s o f f e r i n g e v e r y p o s s i b l e a s s is t a n c e , and 

s u g g e s t i n g t h a t i n d u s t r i a l a d v a n ces made in 

c o n n e c t i o n w i t h , b e a t minimum r a t e 

HRani: o f S t. L o u i s , l e t t e r t o P r e s i d e n t M a r tin s u g g e s t i n g t n a t 

l e t t e r b e s e n t t o b a n k s and f in a n c in g i n s t i t u 

t i o n s o f f e r i n g e v e r y p o s s i b l e e 

t h a t c o n s i d e r a t i o n b e g iv e n t o d e c r e a s ^ 

R)avni^ „ °R i n d u s t r i a l a d v a n c e s .„+irtnK F ir s t 

' D* R .: ( S e e F e d e r a l s a v i n g s and lo a n a s s o c i 

F e d e r a l S a v in g s and L oan A s s o c i a 



l i n g t o n , N .C .) 

3 / 2 36i 

1 / 6 1 3 

2 /H 273 

1 2 / 4 1622 

1 2 / 4 1622 

10/19 1403 

1 2 /31 1770 

12/11 1649 

1 /2 1 132 

2/17 316 

2/17 31^

New^York. s h a n g h a i, H ongkon g and T ie n t s i n , 

^ B r a n c h e s i ° P a r i s . F ra ' ^ c o m p t r o l l e r r e q u e s t i n g th a t 

C h in a, l e t * g o n e r s "*ake e l i m i n a t i o n s o f 3/ 

h * i r e q ^ s t f o r o r d e r a u t h o r i z i n g c l o s i n g o f 

China, S h a n g h a i , re q ^ e 

. e a ^ p o w e rs , p e ^ n is s io n g r a n t e d t o e x e r . i e e in 

C orp ora te 

E xam in ation s: ^ ^ i - t as o f O ct* 3 , 1 9 3 6 1 /gg 

^ ^ \ d ^ r o / c o s t s e n t t o bank and l e t t e r t o FRBank ' - 

K - O f f i = e " t o h u m m e d b y B o a r d 's e x a m in e rs and 

B eaa ^ n a t i o n a l bank e x a m in e r s S/16 

b ra n ch es ^ n a t i o n a l bank ex a m in ers 4/ Z 

Hongkong b ra n ch , T r e n a n ie r a n d J e n n in g s com m ission ed 

, . t i o n a l bank s e i n e r s T r e p a n ^ ^ ^ ^ ^ ^ ^ 

t. ha exam ined b y n a t i o n a l b a n t e x a m in e rs 4 / 2 

P a r is b ra n ch , j o ° * ^ * * n ^ t e d s t a t e s , C o u n s e l t o p r e - 

R e se rv e s a g a in s t R e g u l a t i o n K t o r e q u i r e 

c a r r y in g o f seme r e s e r v e s a s m em ber b a n k s in 

c e n t r a l r e s e r v e c i t i e s ? 

L e t t e r a d v is in g o f a d o p t io n o f amendment t o R e g u la t io n K 7/30 

Shanghai b ra n ch , t o b e exam ined b y n a t i o n a l bani- e x a m in e r, 

T ie n ts in b ra n ch , t o b e exam ined b y n a t i o n a l ban k exam iner^ 

C o n d i t i o n r e p o r t s , p r e s e n t p r a c t i c e o f o b t a i n i n g sesai-an n u a t.y 

^ ^ 

t o b e c o n tin u e d 

Examination and s u p e r v is io n o f c o r p o r a t i o n s and b r a n c h e s , p r o 

ce d u re a p p rov ed 

E xam inations, n a t io n a l bank e x a m in e rs t o m ake, o f f o r e i g n 

b ra n ch e s o f C hase Ba n k , c o m m is s io n s i s s u e d in 

names o f F r a n c is R . S t e y e r t and T h e o d o r e T. 

T r e p a n ie r 

F ir s t o f B oston I n t e r n a t io n a l C o r p o r a t io n : 

C on d ition r e p o r t r e v e a l s h o l d i n g o f c o r p o r a t e s t o c k s w hich 

F i r s t N a t io n a l Bank o f B o s to n c o u l d n o t p u rch 

a se and co m p u ta tio n o f r e s e r v e s on im p r o p e r 

b a s i s 

Exam ination, Board n o t t o h o l d , r e p o r t s t o b e o b t a i n e d 

from New Y ork S t a t e B a n k in g D ep a rtm en t 

R eserves a g a in s t d e p o s i t s in U n ite d S t a t e s , C o u n s e l t o p r e 

p a re amendment t o agreem en t t o r e q u i r e c a r r y in g 

o f same r e s e r v e s as member b a n k s l o c a t e d in 

c e n t r a l r e s e r v e c i t i e s 

L e t t e r a d v is in g th a t B oard h a s amended a g r e e m e n t r e 



F ir s t i ^ r e s e r v e re q u ir e m e n ts and r e q u e s t f o r a c c e p t a n c e 

i l r s t ie d e r a l F o re ig n Banking C o r p o r a t io n . New Y o r k , N. Y . ( i ° 

i i u i d a t i o n ) , c o n d i t i o n r e p o r t o f , r e p l y t o Mr. 

r.ewton r e , r e q u e s t in g s i m i l a r s ta te m e n t D ec- 31, 

L937 o r a d v ic e o f c o m p le tio n o f l i q u i d a t i o n 

2/16 

2/16 

4 / 2 

3/12 

2/16 

7/13 

7/20

nanKiBS co rp o ra tio n s: (Continued) 

Fof'S" Am erican B a n k in g C o r p o r a t i o n , New Y ork N v 

^ " c o n d i t i o n r e p o r t r e v e a l s c o m p u t a t io n o f r e s e r v e s ' , 

p r o p e r b a s i s , B oa rd w i l l c o n s id e r 

a g re e m e n t t o p e n n it p r e s e n t m ethod ^ 

Exam ination, B o a rd n o t t o h o l d , r e p o r t s t o b e o b t a i n 

from New Y o r k S t a t e B a n k in g D e p a r t ' 

p .s a r r e s a g a i n s t d e p o s i t s i n U n it e d S t a t e s , to be re q u ire d 

t o m a in t a i n same a s member banks in 

s e r v e c i t i e s , C o u n s e l ------- - - - n t r a l r e - 

o f a c t i o n ° 

Letter t h a t B o a r d h a s reconsidered w i l l i n g n e s s to 

agreement re r e s e r v e s a s r e q u e s t e d and a d v i < ^ 

o f a c t i o n t a k e n t o i n c r e a s e requirements ^ 

I n t e r n a t io n a l B a n k in g C o r p o r a t i o n , New Y o r k , N .Y .: 

Capital s t o c k o f . N a t i o n a l C i t y Bank o f New York gran ted 

e x t e n s i o n o f t im e f o r in v e s tm e n t o f a d d itio n a l 

am ou n ts i n 

C o n d i t i o n r e p o r t r e v e a l s c o m p u t a t i o n o f r e s e r v e s on imp 

r o p e r b a s i s , B oa rd w i l l c o n s i d e r amending 

a g re e m e n t t o p e r m it p r e s e n t m ethod 

E xam ination, B o a r d n o t t o h o l d , r e p o r t s t o b e o b ta in e d 

fr o m New Y o rk S t a t e B a n k in g Department 

I n t e r n a t i o n a l F u n d in g C o r p o r a t i o n , o r g a n i z a t i o n , p la n e o f 

o r g a n i z e r s n o t f u l l y d e v e lo p e d , h e ld in abeyance 

Reserves, am endm ents t o a g r e e m e n t s and R e g u la t io n K t o be prep 

a r e d t o r e q u i r e c a r r y i n g o f same r e s e r v e s as 

m em ber b a n k s i n c e n t r a l r e s e r v e c i t i e s 

R e s o lu t io n e m b o d y in g am endm ent t o R e g u la t io n K p re se n te d 

and a d o p t e d , l e t t e r t o a l l FRBanks r e and l e t 

t e r s t o c o r p o r a t i o n s r e , and amendment to 

a g r e e m e n t o f o n e c o r p o r a t i o n o p e r a t in g uncier 

S e c . 25 o f FR A ct 

Supervision and e x a m in a t io n , p r o c e d u r e a p p ro v e d 

Foreign banks: 

Acceptances, b a n k e r s , p u r c h a s e f o r , l e t t e r from FRBan^ o- 

Y o rk t o Bank f o r I n t e r n a t i o n a l S e ttle m e n ts 

Agreements c o v e r i n g c o r r e s p o n d e n t r e l a t i o n s , r e v i s i o n o -t 

r e p l y t o FRBank o f New Y ork n o t i n g ° ' 

i n a n t i c i p a t i o n o f r e v i s i o n , and 

s m a l l e r b a n k s a r e t o b e a d v is e d r

hanks* (Continued) 

^ i S e ^ s n t s : FRBank o f New Y o r k , a p p r o v e d , 

R e v i s i o n o f f e s t a b l i s h e d p r o c e d u r e r e g a r d in g such 

s u b je c t ^ a u t h o r i z a t i o n t o URBank t o 

d e b a s e , ^ I tA in l i m i t s , G overn m en t b on d s and 

a c c e p t a n c e s f o r f o r e i g n a m o u n t s 6 ^ 

p u r c h a s e s e x te n d e d d u r in g p e r i o d r e - ^*3 

A u t h o r i t y a g re a n s n ta a r e b e i n g m ede e f f e c t i v e and 

J L agreem en ts t o b e f a m i s h e d B oa rd a s a c - 

Changee i n f o ^ d o n o t a f f e c t s u b s t a n c e , r e p l y t o M r. Knoke. ^ 

FRPank o f New Y ork 12/ 4 

^ " " e l L r ! ^ d ep artm en t. r e p l y t o BUBank o f New Y o rk t h a t Board 

b e H e v e s i t d e s i r a b l e t o c o o p e r a t e i n d e v e lo p in g , 

w ith u n d e r s ta n d in g t h a t a n y p e r s o n s s e n t w i l l 

a c t o n ly i n i n d i v i d u a l c a p a c i t i e s 4/12 541 

S i l v e r h e ld earm arked b y FRBank o f San F r a n c i s c o f o r , term s 

and c o n d i t i o n s o f a rra n g e m e n t a p p r o v e d 1 / 9 59 

Banco de V e n e zu e la , s a fe k e e p in g o f g o l d b y FRBank o f New Y ork 

f o r , a p p ro v e d , t o b e a d v i s e d t h a t i f a c c o u n t i s 

op en ed , no ch a rg e w i l l b e m ade f o r s e r v i c e 5 / 5 656 

Banco N a cio n a l de C osta R ic a — I s s u e D e p a rtm e n t, FRBank o f New 

Y ork a u t h o r iz e d t o m a in t a in a c c o u n t f o r , a g r e e 

ment t o b e r e v ie w e d u p on a d o p t io n o f s ta n d a r d 

a g re a n e n t, p a r t i c i p a t i o n o f FRBanks a p p ro v e d 4/13 549 

Bank o f Canada, Government s e c u r i t i e s p u r c h a s e d f o r a c c o u n t o f , 

by FRBank o f New Y ork w it h o u t s e c u r i n g p e r m is 

s io n u n d er e x i s t i n g p r o c e d u r e , mano o f M r. 

D r e i b e l b i s r e , FRBank a u t h o r i z e d , s u b j e c t to 

th e s u p e r v is io n o f POMC t o make su ch p u r c h a s e s 

up t o a g g r e g a te amount 4 / 2 1 584 

L e t t e r to FRBank o f New Y ork r e 4/29 61? 

government s e c u r i t i e s , p u rch a s e f o r a c c o u n t s o f , b y FRBank o f 

Rew Y ork , a u t h o r iz e d , s u b j e c t t o s u p e r v i s i o n o f 

i*uMC t o make su ch p u r c h a s e s up t o a g g r e g a t e 

amount u n d er e x i s t i n g p r o c e d u r e 4 /^ 1 

L e t t e r t o FRBank o f New Y ork r e 4/28 

in c r e a s e In l i m i t on amount a u t h o r iz e d , r e q u e s t e d b y FRBank 

„ „ ° f "ew Y ork , g r a n te d 6/15 

, 3 n ank o f B u lg a r ia , p u rch a s e o f b i l l s f o r a c c o u n t o f . 

r e q u e s t f o r , q u e s t i o n r a i s e d a s t o a u t h o r i t y o f 



a d 3 p t ^ a ° " Y o r k u n d e r p r o c e d u r e r e c e n t l y 129 

^ ch a^ l f ' FRBank authorized t o p u r - 

In t^ i-n n ff central banks and Bank f o r 14P 

Purchase o f ban k er- Settlements w ithin fix e d lim it 

*o

naoXs: (C o n tin u e d ) Pages 

Bank o f H u n gary: 

^ rL tra l bank c r e d it s , re p ly to FRBank o f Ntn,, ^ 

" n o o b j e c t i o n t o t r a n s m i t t i n g ^ 

C^dit to . p a ^ ticip a tio n e o f ^ a n ^ s , r a . o ^ e n ^ i ° n \ f M 550 

Snead th a t in f u t u r e i t b e in rl^ r) ^ ^ ^ o f Mr. 

a s s e ts " in FRBanks' weekly statement ^ 

in t e r e s t on F i r s t and S e c o n d S y n d ic a t e C r e d it s ên lv + ^ ^ 9 

M r- S p r o u l r e a r r a n g a n e n t s t o t r a n s f e r to 

iR B ank o f New Y o r k , paym ent t o be made in 

To b e p a i d FRBank o f New Y o rk on J u l y 1 9 , FRBaul- to ^ 

v i s e t h a t i t p r e f e r s paym ent in d o l l a r s and 

i s w i l l i n g t o h a v e amount c o n v e r te d in t o p res 

a n t d o l l a r s 

Renewal o f c r e d i t s f o r t h r e e y e a r s , p a r t i c i p a t i o n by FRBank ^ 

o f New Y o r k a p p r o v e d , n o t e d th a t FRBank d e s ir e s 

r e c o D S i d e r a t i o n a t end o f o n e and two years 

and i n c r e a s e i n p r o p o s e d paym ents on p r i n c i p a l , 

p o l i c y o f a c c e p t i n g d o l l a r paym ents to b e c o n 

t i n u e d d e s p i t e g o l d c l a u s e 6/21 863 

R ep ly t o M r. K n o k e n o t i n g t h a t H u n ga ria n b a n k i s w i l l 

i n g t o e l i m i n a t e d i s c r e t i o n a r y t r a n s f e r o f 

p a y m e n ts o n p r i n c i p a l o r i n t e r e s t and h a s a g r e e d 

t o m ake a n n u a l p a y m e n ts o f &% o n p r i n c i p a l , 

a p p r o v e d 7 / 9 942 

S erv ice o f i n t e r e s t o n n o n s t a t e l o n g te im b o n d s , d e s i r e o f 

Mr* Q uandt t h a t FRBank o f New Y ork make p u b l i c a 

t i o n o f r e s u m p t io n o f and a rra n g a n en t f o r m e e t 

i n g o f f i s c a l b a n k e r s , no o b j e c t i o n t o s e n d in g 

conmjunicrue t o su ch b a n k e r s , l e t t e r co v e r in g 

*r 7 /2 0 1007 

a p p r o v e d ' 

Procedure, G overnm ent s e c u r i t i e s , p u r c h a s e b y FRBank o f New 

Y ork a u t h o r i z e d f o r a c c o u n t s o f up to a g g r e g a t e ^ 

am ount s u b j e c t t o s u p e r v i s i o n o f fOMC ^ ^ ^ 

L e tte r t o FRBank o f New Y o r k r e vppurL n f 

Relations o f FRBanks w i t h , S v e r i g e s R ik s b a n k , r e p l y t o - 

New Y o r k t h a t s e c , 3d o f P r o c e d u r e ^ s 

t o b e a p p l i c a b l e t o t r a n s a c t i o n s o i k in o r ^ ^ ^ 

f e r r e d t o i n p r o p o s e d l e t t e r t o „,.rou n t. 

State Bank o f t h e U n io n o f S o v i e t S o c i a l i s t R e p u b lic -., 

t e le g r a m t o P r e s i d e n t H a r r is o n g a t i n g 

T r e a s u r y h a s b e e n i n f o ^ ^ y o f 

B oa rd w o u ld a p p r o v e r e q u e s t r e c e iv e d */29 

New Y o r k f o r o p e n in g o f , i^ th a t 

opening o f a c c o u n t s p p ^ v e d w l t b u n d e r s t ^ ^ g ^ ^ t i l ^ 

p r e s e n t a g re e m e n t w i l l b e op ^g-ggment 

^ B oard a p p r o v e s s t a n d a r d form - ^ y ork t o , 

^ ges R ik sb a n k , p r o p o s e d l e t t e r o f —^ 1 th a t s e c . 3d 

a p p r o v e d and a d v i c e t o ^**r p i i c a b l e to 

o f P r o c e d u r e i s in t e n d e d t o 



anks: C o n t in u e d ) v i s i t v a r i o u s c e n t r a l and com- 

H. ^ , ^ s s i o n t o ^ ^ 

T^td^^YokaLam a, J a p a n , l o a n s made b y 12% 

Yokahsma S p e c ie Bank. J r ^ Company and C h ase N a t i o n a l Bank. 

N e ^ Y o r k , on s e c u r i t y o f G overn m en ts 

and g o l d , r e p o r t e r e/3 7 

F oreig n Bondholders Prot e c t i T ^ C o n n c ^ ^ ^ Bank o f E n g la n d t o 

N ion eyer, S i r O tto * " '^ S ^ ^ g n b e r o f B r i t i s h C o u n c il o f 

T ^ r e i c n B o A d h o i d e r s f o r d i s c u s s i o n s w it h American 

F o r e ig n B o n d h o l d e r s P r o t e c t i v e C o u n c il 1 / 4 

2 = t o Bank t o r I n t e r n a t i o n a l S e t t l s n e n t s 

F o r e i g n exch a n ges, ^ $ 1 0 ,0 0 0 ,0 0 0 g o l d i n t r a n s i t f o r pur 

p o s e o f m a in t a in in g o r d e r l y m a rk e t in B elgiu m , 

a u t h o r iz e d t o make 9/17 129? 

^ I ^ l i c a t io n s f o r d e s ig n a t in g T e x a s S t a t e d e p o s i t o r i e s m ust be 

A pplications 1 0 1 ^ ^ ^ w r i t t e n n o t i c e o f w ith d ra w a l 

b y S t a t e T r e a s u r e r 12/ 2 1586 

Board o f G o v ern ors: 

C a ll r e p o r t , r e p ly t o M r. W e lls on r e s o l u t i o n o f Perm anent 

Comm ittee on S t a n d a r d i z a t i o n o f Bank R e p o r t 

Forms 4/ 7 513 

C o n d itio n r e p o r t s o f S t a t e member b a n k s and a f f i l i a t e s , 

form s f o r n e x t c a l l and i n s t r u c t i o n s s e n t t o 

FRBanks 2/23 

Changes i n , r e p ly t o M r. O 'C o n n o r r e s u g g e s t e d and s t a t e 

ment r e d e s i r a b i l i t y o f u n i f o r m i t y b e tw e e n 

S ta te member b a n k , n a t i o n a l bank and in s u r e d 

bank form s 4/17 57^ 



Form f o r n ext c a l l , memo o f M r. S&ead w it h s u g g e s t e d 

chan ges a p p ro v e d 6/ ^ ^ 

Foim f o r n e x t c a l l a p p ro v e d and p r i n t i n g o f s e p a r a t e 

S ch e d u le E, L o a n s end D i s c o u n t s , a p p r o v e d 8 

Changes t o b r in g abou t u n i f o r m i t y , l e t t e r t o M r. O 'C on - 

n o r r e q u e s t in g c o n f e r e n c e t o d i s c u s s H ^ 

Engraved b o n d s , r e p l y t o K ih n B r o t h e r s on u s e o f w ord s .,t 

"U n ited S t a t e s o f A m e r ica " 

Examination r e p o r t : 

iAyckoj.f, D avid A ., r e p l y t h a t B oard ca n n o t f u r n is h 

cop y , but t h a t upon p r o p e r s h o w in g , FRBank o f o%6 

C h icago m igh t ? / 6 - 

fu r t h e r r e q u e s t r e f e r r e d t o FRBank o f C h ic a g o w ith 

S B txnent o f c ir c u m s t a n c e s u n d e r w h ich com- ,-p io23 

F u n ction a l e ^ T " ">* j u s t i f i e d ^ 

MrJ FRBanks, c h a n g e s , memo o f 

d e n ts ' a p p o in tm e n t b y P r e s i - 

r e p o r t on o f co m m itte e t o r e v ie w and , g 

^ °n p ro p o s e d ch a n g e s , a p p ro v e d ^

^ f ^ G o v e r n o r a : ( C o n t in u e d ) 

'l i i T i s h * " 6 ^ o p r i v a t e p e r a o n s , r e p l y Mr. W y c t o ff ^ 

B o a rd c a n n o t m ake e l i m i n a t i o n r e ^ ^ + 

a v a i l a b l e , b u t t h a t u p o n p r o p e r c o ^ d i ^ * " 

FRBank m ig h t ^ c o n d it io n s , 

F u rth er r e q u e s t r e f e r r e d t o FRBank o f C h ica cn nr!+i. 

s t a t s n e n t o f c i r c u m s t a n c e s u n d e r w h ^ / 

p l i a n c e m ig h t b e J u s t i f i e d 

3 4 , d a i l y s t a te m e n t o f F R B an k s, l e t t e r t o FRBanks or 

c h a n g e s i n " " 

R e v is e d copy to be sent FRBanks 

61a, s u p p le m e n ta l p a g e t h r e e recom m ended b y M r. P a u l e y 

s u b m is s io n o f a d d i t i o n a l in f o r m a t io n w ith fid ^ " 

c i a r y p o w e r a p p l i c a t i o n s , l e t t e r t o FRBanks re 

approved * 

61c, f i d u c i a r y p o w e r a p p l i c a t i o n o f n a t i o n a l b an k s, l e t t e r 

t o FRBanks t h a t i t n e e d n o t b e su b m itted in 

f u t u r e 

95, m on th ly r e p o r t o f e a r n i n g s , l e t t e r t o FRBanks on 

c h a n g e s i n 

95, 96, and 9 6 a n e e d n o t b e f o l l o w e d in c o m p ilin g comp 

a r a b l e f i g u r e s o f e a r n in g s and ex p en ses o f 

FRBanks f o r p e r i o d 1 9 1 4 -1 9 3 6 w ith e x c e p tio n o f 

l o s s e s b y y e a r s , l e t t e r t o FRBanks 

96, m o n th ly r e p o r t o f e a r n i n g s , l e t t e r t o FRBanks on 

c h a n g e s i n 

96a, r e im b u r s a b le e x p e n s e s , i n e a r n in g s and expen se r e p o r ts 

o f F R B an k s, n ew f o n n , s e n t t o FRBanks 

105, c o n d i t i o n r e p o r t s , c h a n g e s i n , r e p l y t o M r. O 'Connor 

r e s u g g e s t e d , and s t a t a n e n t r e d e s i r a b i l i t y 

o f u n i f o r m i t y b e t w e e n S t a t e member tan k, nat 

i o n a l ban k a n d i n s u r e d bank fo n a s 

R ecom m endation o f M r. Smead t h a t i t b e same f o r next 

c a l l a s M a rch 3 1 , r a t h e r than form approved by 

B oa rd A p r i l 1 7 , w it h o n e e x c e p t io n end a ltern ate 

fo r m E t o b e p r i n t e d f o r w e e k ly r e p o r t in g member 

b a n k s , c o p i e s t o b e f u r n i s h e d C om p troll^ i 

A p p roved i n c o n n e c t i o n w it h n e x t c a l l f o r c o n d itio n re 

p o r t s o f S t a t e m em ber b a n k s _ . ^ 

I05e, Board c a n n o t a c c e p t co n d itio n statanent pu ^ ^ 

FDIC fo r m i n l i e u o f , however where 

t o m eet S ta te requirem ents certain 

f o r m a t ! ^ mnv b e a d d e d to report as public 

105f? 



f o r m a t i o n m ay b e a d d ed 

D istrib u tion in a d d itio n to regu la r condition 

b y FRBanks i n o r d e r t o g e t ^ owned by 

c u l t u r a l l o a n s and fa rm rea^ ^ 

m em ber b a n k s i n n e x t c a l l ? l e t t e r 

FRBanks . „ 

In terp reta tion o f item "F arm re a l e s t a t e 

Pages 

*7/ 6 926 

7 /2 2 1023 

2 /2 5 54a 

1 2 / 6 1630 

1 /2 3 157 

2 /2 4 343 

2 /2 5 346 

1 2 / 6 1631 

2 /2 5 348 

2 /2 5 346 

4 /1 7 572 

6 / 5 782 

6 /2 3 1160 

12/11 1649

Forms: (Continued) (co n tin u e d ) 

Board o f G overnors. an,3 D iscou n ts, p r i n t i n g o f separate 

1 0 5c. Schedule 

a lo n e " w it h D ecem ber c a l l f o r c o n d i t i o n ^ ^79 

105h, to be u e s ^ ^ ^ f u r n is h i n f o r m a t io n r e d i s t r i 

b u tio n o f d e p o s i t s among b ra n ch b a n k s f o r u s e 

r e n o r t s o f a f f i l i a t e s r e v i s e d lp/^? 

^ S S - M l . " " 

* f u n c t io n s in c o n n e c t io n w ith e x e r c i s e o f , pendin 

g amendment o f R e g u la t i o n T 

2 1 3 0 . e d i t i o n r e p o r t o f n a t io n a l i n d i c a t e d t o 

con fon n w ith ch a n ges in form 105 

3/M 

1/17 573 

^ P o l i s h S t a b i l i z a t i o n Loan o f 1 9 S 7 . c o r r e s p o n d e n c e r e a r r a n g e - 

m e n t th rou g h w h ich F ra n c e p r o p o s e s t o c o l l e c t 

f u l l payment o f i t s s h a r e 5 / 1 2 ^ 

F u n c t i o n a l expense r e p o r t s , form s and m anual o f i n s t r u c t i o n s , memo 

o f Mr- Snead recom m ending a p p o in tm e n t b y P r e s i 

d e n t s ' C o n fe re n c e o f co m m itte e t o r e v ie w and r e 

p o r t on p ro p o s e d c h a n g e s , a p p r o v e d 6/ 8 794 

Funds, gu aran ty, do n o t c o n s t i t u t e s u r p lu s f o r p u r p o s e o f d e te rm in 

i n g amount o f s t o c k i n FRBanks t h a t S t a t e member 

banks sh o u ld own 10/20 1406 

"G " 

G arlock, Fred L .: (S e e Departm ent o f A g r i c u l t u r e ) 

G a rrett, R obert E .: (S e e S t a t e member b a n k s , N o r t h e r n T u i s t C o .) 

Gauss Paper Co. , mimeograph p a p e r , recom m en d a tion t h a t c o n t r a c t be 

e x e cu te d w it h , t o f u r n i s h r e q u ir e m e n t s o f Board 

f o r 19 37 , a p p ro v e d I / B ^ 

gen eral ^ ir e p r o o fin g C o ., c o n t r a c t f o r f u r n i s h i n g f i l i n g equipm ent 

and f u r n i t u r e f o r new b u i l d i n g 5/15 706 

^ eorge A. F u lle r Company: (S e e Board o f G o v e r n o r s , B u ild in g ) 

G lass, S en ator C a rter: 

I n t e r e s t payment on danend d e p o s i t s o f p u b l i c a g e n c i e s , r e p l y 

r e l e t t e r s o f S e n a to r M cN ary and M r. K e h r li and 

r e s o l u t i o n o f L eagu e o f O regon C i t i e s s u g g e s tin g 

i amendment t o la w r e 6/16 

on which comes b e f o r e su b com m ittee h ea d ed b y , B oard to 

1 ° ^ s r e ^ ce n t w it h , t h a t n o r e p o r t s be 

901 

P o r t r a it r e l i e f s p e c i f i c a l l y r e q u e s t e d by ^ 

in " on m e d a llio n in B o a r d 's new b u i l d - 

madu r e t ir e m e n t , a u t h o r i t y g r a n te d t o have g)C 

G lover, W. T * f c tr. 2 / 3 

^ F i r s t N a t io n a l Bank i n O ran ge- 



Custody, Banco de V en ezu ela s a fe * < 

f o r , bv T u n L f E n g lis h s o v e r e ig n s 

Approved Rew V ork, p r o p o s e d a r r a n g e m e n t ^ ^ 6 

843

d) ^ 

wH' r e s o l u t i o n o f Open M a rk et Commits 

t a r y o f t h e T r e a s u r y b e r e q u ^ t l ^ ^^^re- 

H .so lu tio n o f B o y d o f G o v e r n o r s r e q u e s t in g 9 /1 2 i p ^ 

t h e T r e a s u r y t o d e s t e r i l i z e ^ ^ ^ retary o f 

o f New Y o r k , a d v a n c e s t o Bank f o r 9 /iP i ^ 

m en te o f 9 8 ^ o n $ 1 0 , 0 0 0 , 0 0 0 p o ld S e t t l e - " ^ 3 

a u t h o r i z e d t o m ake ^ t r a n s it 

tnportB, c o n t in u a n c e o f , s t a t e m e n t o f M r. G o ld e n w e ise r r^ ^ 9 7 

T r e a s u r y e x p e c t e d t o aban don s t e r l l i z l j o n 

p o l i c y , im p o r t a n t t h a t System b e ^ ^ ? 

t o a b s o r b i m p o r t s , a d d i J o n S ^ w t r s ^ d T 

Statement o f M r. W i l l i a m s t h a t p r o b le m p r e s e n t e d bv ^ ^ ^ 799 

i n f l o w and a f f e c t o n c r e d i t c o n d it io n s 1 s t 

im p o r t a n t b e f o r e FR System ' 

Inflow, conference h eld between Chairman E ccles and member.! rtf ^ ^ S°° 

B o a r d 's s t a f f a n d T r e a s u r y s t a f f re problem s 

p r e s e n t e d b y , d i s c u s s i o n o f q u e s t io n s , no 

a c t i o n 

S t e r i l i z a t i o n p o l i c y o f T r e a s u r y , s t a te m e n t o f M r. G old en w eiser 

r e e v e n t u a l aban don m en t o f , im p o rta n t th at 

F R System b e i n p o s i t i o n t o a b s o r b im p o rts , 

a d d i t i o n a l p o w e r s n e e d e d ' 6 / g 7 9 9 

C essation d i s c u s s e d a n d d e s t e r i l i z a t i o n o f g iv e n amount o f 

g o l d , r e p o r t o f M r. Ransom on d is c u s s io n w ith 

S e c r e t a r y M o r g e n th a u 9 / 7 1 2 3 3 

Gourrich, Paul P . : ( S e e S e c u r i t i e s a n d E xch a n ge Com m ission) 

Government ch eck s, p a r p aym en t o f , r e p l y t o S e n a t o r Thomas re sugg 

e s t i o n o f O k lahom a nonmsm ber banks th a t as 

t h e y a r e r e q u i r e d t o c a s h a t p a r , FRBanks abs 

o r b c o s t o f c u r r e n c y sh ip m en ts in v o lv e d 3 /1 9 440 

jovemment f in a n c in g , r e s e r v e r e q u ir e m e n t s o f m enber banks, S e cre 

t a r y o f T r e a s u r y d e s i r o u s t h a t B oard rea ch dec 

i s i o n r e p o s s i b l e i n c r e a s e b y F eb. 1 becau se 

o f M a rch 1 5 T r e a s u r y f i n a n c i n g 

Remnant s e c u r i t i e s : 

1 /1 5 80 

Advance paym ents o n , a s d e p o s i t s a g a i n s t w h ich r e s e r v e s must b e 

c a r r i e d , r u l i n g t o b e p u b lis h e d in iR B u lle tiR 

Advances o r d i s c o u n t s u p o n s e c u r i t y o f , s u g g e s t io n o f Mr. ..cHee 

o f i n c l u s i o n o f p r o v i s i o n in R e g u la tio n ^ t a y/ 1 5 9 7 7 

f u l l c r e d i t a t p a r b e g iv e n t o ^ 

- P ra cla tio n , d i s c u s s i o n w it h F e d e r a l A d v is o r y C o u n cil o i ygg 

pr. m ent b y b a n k s ^ 

tea, c o l l a t e r a l f o r , am endm ent t o e x te n d a u t h o r i t y o . 

FRBanks t o p l e d g e , C o u n s e l r e q u e s t e d 3 

fo r m s o f , w it h s t a te m e n t o f r e a s o n s l / 4 2 

D iscu ssion o f ^ r e a s o n s ^ f o r d e s i r a b i l i t y o f 

man a u t h o r i z e d t o p l a c e b e f o r e ^ j i i t y o f . . 

o f amendment and a s ta te m e n t r e l / 6 ^ 



e n a ctm e n t

176 ^*93 

(c o n tin u e d ) 

G o v e r n m e n t s e c u r * ^ . (C on tin u ed ) 

F R n o t e s , c o l l a t o r p r e s e n t e d t o C o n g r e s s p r i o r 

Banking i , t o p e r m it t im e f o r a c t i o n on au 

t h o r i t y o f'p R B a n k s t o p l e d g e 

S 417 t o e x t e n d a u t h o r i t y o f FRBanks t o p l e d g e , r e p l y to 

S* ^ ' s e n a t o r Wagner f a v o r i n g en a ctm en t 

. a c c o u n t s o f . a u t h o r i z e d up t o a g - 

y o r e ig n ban ks, amount s u b j e c t t o s u p e r v i s i o n o f FOMC 

u n d e r e x i s t i n g p r o c e d u r e 

L e t t e r t o FRBank o f New Y ork r e 

L oan s b y t o cu stom er f a r w h ich d e p o s i t s a r e m ade a s c o l - 

. l a t e r a l , r e p l y t o M r. S c h a l l e r t h a t su ch d e p o s its 

a r e s u b je c t t o r e s e r v e 

R u lin g r e n e c e s s i t y f o r m a in t a in in g r e s e r v e s a g a i n s t d ep 

o s i t s s e c u r in g , t o b e p u b l i s h e d i n F R B u lle t ln 

Member bank H o ld in g s , in f o r m a t io n r e , t o b e r e q u e s t e d i n s u r r e y 

o f r e s e r v e p o s i t i o n s i n c o n n e c t i o n w it h May 1 

i n c r e a s e i n r e s e r v e r e q u ir e m e n t s 

Par loa n v a lu e , q u e s t io n p la c e d o n d o c k e t b y C hairm an E c c l e s as 

t o a d v i s a b i l i t y o f FRBanks e s t a b l i s h i n g , u n a n imous 

o p in io n t h a t an y su ch a n n ou n cem en t w ould 

be i n a d v is a b le 

D is c u s s io n o f FRBank r a t e s in c o n n e c t i o n w it h , s c h e d u le 

o f r a t e s i n e f f e c t a t FRBank o f New Y o rk p r e 

s e n te d 

No o b j e c t i o n t o Chairman i n f o r m a l l y a s c e r t a i n i n g p o l i c y o f 

FRBanks and s u g g e s t in g t h e y c o n s i d e r a d v is a 

b i l i t y o f le n d in g a t p a r 

P ar v a lu a t io n , q u e s t io n p la c e d on d o c k e t b y C hairm an E c c l e s as 

t o a d v i s a b i l i t y o f b r i n g i n g a b o u t u n ifo r m exami 

n a t i o n p o l i c y b y F e d e r a l a g e n c i e s , o u t l i n e o f 

p r e s e n t c l a s s i f i c a t i o n 

Mr. ^ a u lg e r and Mr. McKee t o d e te r m in e p r e s e n t p r o c e d u r e o f 

C o m p t r o lle r and FLIC and t o make recom m en d a tion 

r e any change and a s t o t a k i n g m a t t e r up w ith 

two a g e n c ie s , d i s c u s s i o n o f FRBank r a t e s 

r r i c e s , d e c lin e i n , d i s c u s s i o n w ith F e d e r a l A d v i s o r y C o u n c il 

p -rt-i+ a - tre a tm e n t b y b a n k s o f d e p r e c i a t i o n 

. ,s ,rom s a le o f b y FRBanks and member b a n k s d u r in g 1 9 3 6 , 

P u rch a se- bv e n q u ir y o f R e p r e s e n t a t i v e Patman 

^ c h a s e s by FRBank o f New Y ork f o r a c c o u n t o f f o r e i g n b a n k s, 

A n t h o r i z a t i o n " ^ t M n r o a s t e d , g r a n t e d 

-tin l i m i t s g r a n te d in c o n n e c t io n w ith app 

r o v a l o f r e v i s e d fo rm o f f o r e i g n bank a g r e e - 

ment 

f m^nber^banks r e p l y t o F i r s t N a t io n a l B ank, N ash- 

D&T-+ th e y may n o t b e c o u n te d ae 

p a rt o f re q u ir e m e n ts 

System Open M arket A c c o s t " ! 

P r o f i t r e a l i z e d on s a l e o f 



1 /1 5 

1/21. 

4/21 

4 /2 3 

65 

139 

556 

613 

3 /1 2 397 

4 /2 6 606 

3 /3 0 433 

4 / 9 5a 

4 / 9 522 

4 /1 3 

4 / 9 

4 / 9 

5 /1 8 

2 /2 4 

6 /1 5 

8/ 9 

3 / 1 

12/3 1 

543 

521 

522 

722 

333 

63? 

1113 

353 

169°

„ s e c u r i t i e s : ( C o n t in u e d ) Pages 

b ills : 

T f . fo r * r e f e r e n c e o f C h a in n a n R c c le p 

" s i o n w it h F e d e r a l A d v ie o r y C o u n c ? i ^ ° " ^ ^ is e u s - 

i n € b a n k s i n , f u r t h e r d i s c u s s i o n ^ 

y i e l d r a t e s and m a t u r i t i e s reg a rd to 

presidents' C o n f e r e n c e , d i s c u s s i o n o f means o f stlnn,i ^ 3 ?gs 

g r e a t e r i n t e r e s t in . P residents 

in r e s p e c t i v e d i s t r i c t s tudy pi-obl^n 

purchase by FTtBanka at s l i g h t l y higher rates than maw, + ^ ^ 

suggested t o g iv e l iq u id it y t o b i l l s a r m l^ 

id le funds in t o market * rin g 

P r e s i d e n t s d e s ir e more tim e to c o n s i d e r g r e a t e r ^ ^ ^ 

l i q u i d i t y might be a c h ie v e d by is s u e o f onl? 

9 0 - d a y b i l l s , d i s c u s s i o n o f e f f e c t , d e c is io n 

would be h e lp fu l t o Treasury in deteimininE 

i t s b i l l p o l i c y w i t h i n n e x t tw o weeks 6 / s an 

Purchase u n d e r r e p u r c h a s e a g re e m e n t o f b i l l s w ith sh ort 

m a t u r i t i e s b y FRBanks d i s c u s s e d , r e fe r e n c e to 

m a n n er o f h a n d l i n g p u r c h a s e s o f a c c e p ta n c e s in 

New Y o r k m a r k e t 5/ 2 ^ ^ 

S ch ed u le o f b u y i n g r a t e s s u g g e s t e d b e c a u s e o f s n a il 

v o lu m e o f b a n k e r s ' b i l l s i n m arket and to stim 

u l a t e i n t e r e s t i n T r e a s u r y b i l l m a rk et, to be 

f u r t h e r d i s c u s s e d J u n e 1 5 /2 4 741 

raduate School o f B a n k in g : 

"Analyses o f t h e B a n k in g S t r u c t u r e " , r e p r i n t from F R B u lletin 

t o b e f u r n i s h e d t o 8 /2 5 1192 

Costs o f a t t e n d a n c e , r e p l y t o FRBank o f New Y ork r e d e s ir e that 

ban k a ssu m e e n t i r e c o s t s o f , th a t B oard b e lie v e s 

s u c h c o s t s s h o u l d b e l i m i t e d to t r a n s p o r t a t io n 

and l e a v e w it h p a y f o r a t te n d a n c e 4 / ^ ^ 

Rnployees, FRBank o f P h i l a d e l p h i a , c o n t r i b u t i o n tow ard expenses 

o f , l i m i t e d t o t r a n s p o r t a t i o n c o s t s and le a v e ^ 

w it h p a y - 

-xpenses o f s t a f f m em bers a t t e n d i n g w h ic h may b e assumed by 

FR Banks, r e p l y t o FRBank o f M in n e a p o lis 

o f New Y o r k : 

E xp en d itu res o n b e h a l f o f e m p lo y e e s a t t e n d in g , to be 

l i m i t e d t o l e a v e w it h p a y p lu s tra n sp orta tion 

e x p e n s e s t o p a y e n t i r e e x p e n s e s o i ^ r'em 

p l o y e e who p r e v i o u s l y e n r o l l e d upon 4 / 2 9 620 

s t a n d in g 

snber o f s t a f f c h o s e n c a n n o t a t t e n d , n o te d th a t ^ 

m em ber h a s b e e n s u b s t i t u t e d a n d ^ 6/10

^ o S ch ool o f B a l i n g : r e p o r t o f a t te n d a n c e 

M alone, C. T., ^ t e d l e a v e and payment o f tr a n s p o r - 

Manbers o f 'n s e s assumed in c o n n e c t io n w ith a t - 

^ n d ^ H J r e c o ^ e n d a t i o n o f P e r s o n n e l Com- 

r e i m b u r s e m e n t o f e x p e n s e s , r e p ly to 

Officers and L o u is t h a t a u t h o r i z a t i o n o f Board 

S T t t in c lu d e r e g i s t r a t i o n , d o ^ n it o r y o r 

, ^ M B ^ s r i e t t e r to a l l p r e s i d e n t s r e f e r r i n g to 

participation ^ ^ ' p r e s i d e n t s ' C o n fe r e n c e re l e a v i n g ex- 

^ J 

n t o f t o i n d iv id u a l FRBanks, a d v i s i n g th a t 

J y e ^ e n d i t u r e s in e i c e s s o f t h o s e p r e v io u s ly 

anDrOved sh o u ld h a ve a d v a n ce a p p r o v a l o f Board 2/36 Mg 

o o f t u i t i o n f e e s o f t h r e e e m p lo y e e s b y iRBank o f P h i l - 

Payment 01 a d e lp h ia w ith o u t s e c u r in g a d v a n ce a p p r o v a l o f 

B oard, Mr. S i n c l a i r d e s i r e s t o r e v ie w m a tte r 

w ith Board 

Support g iv e n by FRBank o f B oston 

G rant, J o h n M .: (S ee T ran sam erica C o r p o r a t io n ) 

Gray, Edward R .: (S e e C en tra l S t a t i s t i c a l B oard) 

Green, Paul Edson: 

S e c u r i t i e s Exchange A c t o f 1 9 3 4 , r e p l y r e l e t t e r s t o P r e s id e n t 

and SEC t o e f f e c t t h a t r e g u l a t i o n s o f Board 

u n d er, a re d is c r im in a t o r y a s t o A m erican c i t i 

zens 

Group banking: 

A r t i c l e p rep a red i n c o n n e c t io n w ith hank s u s p e n s io n stu d y , 

q u e s t io n o f tim in g o f p u b l i c a t i o n i n F R B u lle tin , 

t o be on e o f grou p t o a p p e a r l a t e r 

Data r e la t in g t o , sen t t o M r. Thom pson, FBIC 

Lata r e la t in g t o , sent t o C o m p tr o lle r o f C u rre n cy i n answ er to 

r e q u e s t 

Group M ed ical S e r v ic e f o r F e d e ra l R n p lo y e e s : (S e e C om m ittees) 

Hancock, R e p re s e n ta tiv e , c a l l t o Mr. E c c l e s ' o f f i c e and s u g g e s t io n 

"E " 

th a t r e q u e s t f o r re p la ce m e n t o f 1928 s e r i e s o f 

-r , FRnotes be withdraw n 6/18 

' ' * * ' member ban ks, C i t i z e n s S t a t e Bank, 

j Cheboygan, W isco n sin ) 

*,wiag, P h o to g ra p h e rs: (S e e P h o to g ra p h s , B u ild in g , Board 

3 /2 5 

7 /1 0 946 

3 /1 6 419! 

R a r r i s B M v - ° ^ v e ^ o r s o f F R S y s t e m ) 

Harry A lexander in c banks, N a t io n a l Bank o f S a n fo r d , N .C .) 

' ^ P ""h b u t t o n s , b u z z e r s , te le p h o n e ^ 

H arsha., E. B .; (S e e N a tio n a l b u i l d i n g 



C h a r l e s H - 

* N a t io n a l Bank o f 

6 /1 6 

5 /2 1 

731 

1 1 / 4 1502 

1 1 /2 6 

157l! 

853

prt" 

B - . 

Nash- 

, a « . L. t " " * s . K . t i o n e l 

3*t 

S t a t o r c a r l , t a x a t i o n o f F r a n k s by S t a t e and p o l i t y , 

^ s u b d i v i s i o n s o n p r o p r i e t a r y o p e r a t io n s 

t o , r e s u g g e s t i o n o f M r. W o o lf o f n , . J \ ^ ^ 

t o p e r m it l e g i s l a t i o n 

riDgs: 

R ^r^rd o f G o v e r n o r s : 

^ Amendment a g r e e d u p o n t o f a c i l i t a t e c o n d u c t and p eim it 

t a b l i s h m e n t o f p r o c e d u r e 

179 

Pa&es 

2 /2 4 340 

Giannini, A. P - , m ^ n bers o f B oa rd a v a i l a b l e w i l l d i s c u s ^ ^ ^ 

v o t i n g p e r m it a p p l i c a t i o n o f Bank o f 

N. T . a n d S . A . 

Morton, T . 0 . , P r e s i d e n t , T a y l o r N a t io n a l Bank o f Camp- ^ ^ 

b e l l s v i l l e , K y . , r e m o v a l p r o c e e d in g s : (S ee 

R a n o v a l o f o f f i c e r s and d i r e c t o r s ) 

o^ss Charles L . : ( S e e W i s c o n s i n S t a t e B a n k e rs A s s o c ia t io n ) 

s'derson, A. L . : ( S e e N a t i o n a l b a n k s , F i r s t N a t io n a l Bank, 

T r a c y C i t y , T e n n .) 

Eerring, Senator C ly d e L . : 

Amendment to T r u s t I n d e n t u r e A c t o f 1 9 3 7 t o amend S e c . 11 (k) 

o f F R A ct s u g g e s t e d b y 7 /1 3 952 

First Bank and T r u s t C o . , O ttu m w a , I o w a , r e p l y th a t d i f f i c u l t y 

ban k i s h a v i n g i n o b t a i n i n g m em bership w ith ou t 

g i v i n g u p b r a n c h e s i s b e c a u s e o f la c k o f c a p it a l 

r e q u i r e d b y l a w 7 /1 6 986 

Eoefer, Samuel E . , P r e s i d e n t , B a n k e r s A s s o c i a t i o n o f L a fa y e tte -R a y 

C o u n t i e s , H i g g i n s v i l l e , M i s s o u r i : (S e e T e r r i 

t o r y , FRBank o f S t , L o u i s ) 

Holding company a f f i l i a t e s : 

American H o ld in g C o r p o r a t i o n , C h i c a g o , 1 1 1 . , d e te n m n e d not to 

b e , a t p r e s e n t , o f A m e r ica n N a t io n a l Bank ana 

T r u s t C om pany o f C h i c a g o , B oard u n w illin g o 

e x p r e s s o p i n i o n a s t o s t a t u s i f c o r p o r a &cq 

u i r e s e x a c t l y 50% o f s h a r e s o f bank, s u ts e c t ^r 

( c ) o f S e c . 5 1 4 4 , R * S . a p p li c a b l e as t o r e e e i e ^ ^ 

r e q u i r e m e n t s ^ 

C orp oration n o t n ow h o l d i n g com pan y b u t w i l l becorr.^ - - 

r e a s o n o f c a p i t a l c h a n g e s b y A m erican ^ ^ n o e 

. Bank and T r u s t C o . , d e te r m in e d n ot o . 

cohio C o r p o r a t io n , C o lu m b u s , O h io , v o t i n g P ^ ^ N a tio n a l 

p e r m it g r a n t e d t o v o t e s t o c k o f T i f f i 12/31 1?6 

?!*

H old in g company Spokane, W ash ., l i m i t e d p en n it 

Investm ent and S ecu ri s t o c k o f O ld N a t io n a l Bank and 

g ^ t Company o f Spokane, and a l e c F i r s t Na 

t i o n a l Bank in Spokane 

+ rvifn^Rnv Brigham C i t y , U ta h , d e te im in e d 

Knudson b e , "of S t a t e S e c u r i t y Bank, Brigham 

C it y , Utah 

, - ^ tabu lation Of number end aggregate re s o u rce s o f tanks 

L i s t o f , ta co n tro lle d arranged a cco rd in g to S ta te s , sect 

t o Mr. McAdoo in answer t o re q u e st 

Marine Midland C orp ora tion . J e r s e y C ity N. J . , g en era l peim lt 

p a n t e d t o v o t e s t o c k o f t h r e e n a t io n a l banks 

a n d o n e S t a t e b a n k 

M i d d l e b u r g h H o l d i n g C o r p o r a t i o n , M i d d l e b u r g , New York, advice t o 

Mr. B l i s s th a t i t i a Dot h o ld in g company a f 

f i l i a t e o f F i r s t N a tio n a l Bank o f M id d le b u rg h , 

New Y o r k 

N orthw est B a n c o r p o r a t i o n , M i n n e a p o l i s , M in n e s o ta , " c u t b a c k " 

p r e f e r r e d s t o c k , r e t ir e m e n t o f , B o a r d 's app 

r o v a l n o t n e c e s s a r y , l e t t e r t o M r. Swanson, 

FRBank o f M in n e a p o lis 

O ld N a tion a l C o r p o r a tio n , Spokane, lA ash., l i m i t e d p e rm it granted 

to v o te s to c k o f O ld N a t io n a l Bank and U nion 

T ru st Company o f S p ok an e, and a l s o F i r s t Nat 

i o n a l Bank in Spokane 

P roced u re fo llo w e d by h o ld in g company a f f i l i a t e i n o b t a in in g 

permit to vote stock o f n ew ly a c q u ir e d banks 

R ea d ily marketable assets, must comply w ith r e q u ir e m e n ts conc 

e iv in g w h eth er o r n o t bank s t o c k s c o n t r o l l e d 

carry double l i a b i l i t y , s u g g e s t io n o f Board 

in l e t t e r t o M r. M a r tin , FRBank o f S t . L o u is 

San Diego First National C o., San D ie g o , C a l i f . , d e te n n ln e d 

not to b e , o f F i r s t N a tio n a l T r u s t and S a vin gs 

Bank o f San D iego 

Shelby Loan and Mortgage C o ., S h elb y, N. C ., d eten n in ed n ot to 

be, o f F i r s t N a t io n a l Bank o f S h e lb y 

State manber banks c o n t r o l l e d by, sta tem en t i n c o n n e c t io n w ith 

r e v e s t o f S e n a to r McAdoo on b i l l S . 2348 

rransam erica C o rp ora tion : 



^ - - .l u t io L o, .Lntcr-Am erice C o r p o r a tio n p r o p o s e d and r e 

quest f o r p e n n is s io n t o h o ld B ankam erica C o ., 

a s e c u r i t i e s company, w h ich w ou ld becom e a f 

f i l i a t e o f member b an k s, u n t i l N ov. 2 0 , 1938, 

Q uestion Of b e i ^ n i d ^ ^ ^ ^ ^ c o n t r o l s 

O f c o m p a n y a f f i l i a t e o f N a t i o n a l Bank 

o f V '* sb ln g to n , s u g g e s tio n 

i n ^ ^ ^ * * * o f San F r a n c is c o d e t e m in e 

p o s e e ? reach c o n c lu s io n th e re o n f o r p u r- 

p oses Of e l e c t i n g C la ss A d i r e c t o r 

12/31 

6/ 4 

12/la 

12/31 

1 2 /2 3 

11/15 

12/31 

9/16 

10/29 

2 /1 6 

7/1? 

6/25 

6/30

.ompany a f f i l i a t e s : ( C o n t in u e d ) 

Eoid*^ N a t i o n a l Bank o f L o u i s v i l l e tr 

v ic e t o Mr. M a r tin t h a t i t i s . o t l " ^ ^ ' = 

f i l i a t e o f F ir s t -O w e n s b o y o Ban^ a f - 

Company T ru st 

o f f u t t , H enry Y . , B o a r d h a s c o m p ile d no l i s t o f ^ 

p a n i e s w h ic h w o u ld h a v e t o o b t a ^ „ 

COIR- 

m i t s fr o m B o a r d , n o r h a s t h ^ ^ ^ ^ i n g per- p e r - 

a l i s t O f c o m p a r e s 

r e p l y t o , c o p y s e n t ^ * 7 " ^ 

Readily m a r k e ta b le a s s e t s , must com p ly w ith r e t n l i r ^ ^ 

c o n t r o l l e d ^ 

d o u b le l i a b i l i t y , s u g g e s t i o n o f Board i n l i t - 

t e r t o M r. M a r t in , BiiBank o f S t. Loui^ 

Union Bond and M o r t g a g e C o . , P o r t A n g e le s , W ash., r e a d ily 

m a r k e t a b l e a s s e t s , B o a r d cannot rule on in clu 

s i o n o f c a s h , a c c o u n t s re ce iv a b le o r notes r e 

c e i v a b l e i n a b s e n c e o f s p e c ific case in conn 

e c t i o n w i t h t a x c r e d i t 

Voting pennit a g r e e m e n t s , c o n d i t i o n s 4 and 5 , recommendation o f 

M r. Baumann t h a t t h e y be advised Board w i l l not 

r e q u i r e a n y a c t i o n under, in o l d form , Mr. 

M cK ee b e l i e v e s a l l should be o ffe re d op p ort 

u n i t y t o execu te agreements in new form , l e t 

t e r s r e , t o be re v ised 

Voting peim its, B o a r d h a s c o m p ile d n o l i s t o f t h o s e com panies 

w h ic h w o u ld h a v e t o o b t a i n from B oard, c o r has 

t h e r e b e e n p u b l i s h e d a l i s t o f com panies now 

h o l d i n g s u c h p e r m i t s , r e p l y t o M r. O f f u t t , 

T r u s t e e s * * * F i r s t N a t i o n a l Bank o f L o u i s v i l l e , 

K y . , c o p y o f r e p l y s e n t FRBank o f St. L ou is 

Eolidaya: 

July 3, em p loy ees who c a n b e s p a r e d t o b e excused 

Manorial Day, a l l e m p lo y e e s who c a n b e sp ared t o be excused 

a l s o o n M ay 29 . 

October 20, o p e n in g o f new b u i l d i n g , a l l ^ n p lo y e e s -o 

s p a r e d t o b e e x c u s e d fr o m d u ty ^-Mr.n^T- 

-)ifice o f B oard o f G o v e r n o r s c l o s e d a t 1 :0 0 p.m . on " 

17 i n o b s e r v a n c e o f a n n iv e r s a r y o f - 

o f C o n s t i t u t i o n 1 9 3 7 

O ffices Of B oard o f G o v e r n o r s t o b e c l o s e d on Decambe 

J'nera Loan C o r p o r a t i o n : ^ ^ unused 

authorization, p r o p o s e d am endm ents to re a so n s f o r 

p o r t i o n a v a i l a b l e , a n a l y s i s o , + ^ o f the 

u n d e s i r a b i l i t y , r e p l y t o Acting D i r e c t o 

Roa*a u B u d g e t , - -.nx o f B u tte, 

*' ax L.: ( s e e N a tio n a l b an k s, F i r s t N a t io n a l 

F u, N e b r a s k a ) A .^ n c ia t io n ) 

' V*-: (S e e W e lf a r e and R e c r e a t i o n a l A ss 



12/23 1727 

10/30 1482 

10/29 1 4 6 8 

2/25 349 

4/ 9 525 

10/30 1482 

6/30 904 

5/21 7 32 

10/ 5 1366 

9/ 7 1235 

12/10 1645

tiria s r e t e n t i o n o f em ploym ent o f M r. D aiger 

H o u s i n g m a tters an m e m o r a n d a o n 

H u n g a r y : n o n s t a t e l o n g term b o n d s , d e s i r e o f N a - 

S e r v ic e o f A n g a r y t h a t FRBank o f New York 

make p u b l i c a t i o n o f r e s u m p tio n o f , and a rra n g e 

ment f o r m e e tin g o f f i s c a l b a n k e r s , no o b j e c t i o n 

t o se n d in g communique t o su ch b a n k e r s , l e t t e r 

c o v e r in g a p p roved 7/%) 

tTj^n 

" ^ ^ ^ r e n c y ^ c h a n g e s , r e p ly t o o f S t . L o u i s t h a t a s th e y 

app ear t o be en gaged in b a n k in g i n v i o l a t i o n o f 

S e c. 21 o f B anking A c t o f 1 9 53 and a r e n o t under 

s u p e r v is io n o f S t a t e a u t h o r i t i e s , r e p o r t sh ou ld 

b e made t o A tt o r n e y G e n e ra l 6/23 874 

T ru st funds: 

P led g e o f c o l l a t e r a l can n ot b e v a l i d l y made f o r t h o s e dep 

o s it e d in com m ercial d e p a rtm e n t, su ch d e p o s it s 

sh ou ld n ot be m ade, r e p l y t o FRBank o f C hicago 

in c o n n e c tio n w ith L ak e S h o re T r u s t and S a vin gs 

Bank, C h ica g o, 1 1 1 . 

P led g e o f s e c u r i t i e s w ith t r u s t d ep a rtm en t t o s e c u r e funds 

4 / 8 513 

d e p o s ite d in b a n k in g d ep a rtm en t, B oard t o be adv 

is e d o f any c o u r t d e c i s i o n s on 

I l l i n o i s B e ll T elep h on e Company: 

9 / 9 1244 

C hicago-San F ra n c is c o TWX s e r v i c e , s e r v i c e a t C h ic a g o t o be 

h an d led by, as A s s o c ia t e o f A m erican T e lep h on e 

and T eleg ra p h C o ., v o u c h e r s su b m itte d t o Board 

in d ebtedn ess and o u t s id e b u s in e s s r e l a t i o n s : 

9/27 1 336 

Armstrong, L. B ., exam iner a t FRBank o f San F r a n c i s c o , p r o 

p r i e t y o f lo a n from O c c id e n t a l L i f e In s u r a n c e 

Co. 

4/30 630 

B utton, A. T ., p u rch ase o f h ou se from D o l l a r S a v in g s and T ru st 

to save bank from l o s s , no o b j e c t i o n 

5/27 757 

Crump M ., Managing D ir e c t o r , San A n to n io B ra n ch , e l e c t e d P r e s i - 

San A n to n io R o ta r y Club 

-in a on o f e f f e c t o f o u t s id e b u s in e s s r e l a t i o n s and a c t io n 

i3oard ,'jili ta k e , t o be c o n s id e r e d on b a s i s o f 

circu m sta n ces in v o lv e d 

s s e r , ,.iio ^ r L. , appointm ent as exam iner a t FRBank o f C hicago 

maae on c o n d it io n h e c o n tin u e t o re d u c e i n - 

Lvans, * . J. I T bank 

t o U n i t ^ a " ^ J ^ M3Bank o f D a l la s , in d e b te d n e s s 

Bank, D e t r o i t , M ie h ., a c t 



4 / 2 

2 / 9 

10/29 

curred nri^ o f FRAct b e ca u s e i n - , - 

curred p r i o r to appointm ent as exam iner 

497 

256 

1466

lo d e P t^ ^ D a lla s , r e p o r t o f , r e p l y t o FRAgent t h a t u n d „ 

^ HtBaE* v i s e d p r o c e d u r e s u c h r e p o r t s sh ou ld ^ 

m i t t e d t o d i r e c t o r s o f FRBank 

o f t r a n s f e r 

r*f* 

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no i n f o r m a t i o n r e h i s . a f f a i r s 

^ e n t 

c o p y t o a l l FRBanks b e i n c l u d e d , 

E- M ., a s s i s t a n t e x a m in e r a t FRBank o f Chica^n ^ 1034 

Joseph. d e b t e d n e s a t o F i r s t N a t io n a l Bank B a n d it ? ' 

m * ? ^ s e c o n d p aragrap h o f^ ' 

S e c . 2 2 ( a ) , r e f e r r e d t o C o m p t r o lle r f o r d e- 

t e n n i n a t i o n u n d e r f i r s t p a ra g ra p h 

Letter r e p o r t i n g t o C o m p t r o l l e r 427 

.snorts to B oard t o b e d i s c o n t i n u e d and t o b e made t o d ir e c t o r s 

o f bank 

H in s o n , Charles A . , assistant e x a m in e r a t FRBank o f New York 

i n d e b t e d n e s s t o F i r s t N a t io n a l Bank, M edia Pa! 

n o t v i o l a t i o n o f S e c . 2 2 ( a ) o f KRAct ' * ' 3 / 1 7 ^ 7 

RobiDSon, G eorg e C . , a s s i s t a n t e x a m in e r a t FRBank o f P h ila d e lp h ia , 

l o a n fr o m T r a d e s n e n s N a t io n a l Bank and T ru st 

C o . , i n i t s c a p a c i t y a s t r u s t e e , n ot v i o l a t i o n 

o f s e c o n d p a r a g r a p h o f S e c . 2 2 (a ) o f FRAct, 

r e f e r r e d t o C o m p t r o l l e r f o r d e te n n in a t io n under 

f i r s t p a r a g r a p h 3/17 428 

L e tte r r e p o r t i n g t o C o m p t r o l l e r 3/17 430 

Rotary C lub, M. Crump, M a n a g in g D i r e c t o r , San A n to n io Branch 

e l e c t e d P r e s i d e n t o f San A n t o n io clu b 4 / 2 4 9 7 

Shadle, G. W. , a s s i s t a n t e x a m in e r a t FRBank o f P h ila d e lp h ia , 

i n d e b t e d n e s s t o F i d e l i t y - P h i l a d e l p h i a T ru st 

C o. i n i t s f i d u c i a r y c a p a c i t y , sh ou ld be r e - 

p o r t e d t o U . S . A t t o r n e y a s p o s s i b l e v i o l a t i o n - 

Need not b e r e p o r t e d t o U . S . A t t o r n e y 

S in clair, J . S . , p r e s i d e n t o f FRBank o f P h i l a d e l p h i a , mono o f 

M r. C a r p e n t e r r e d i r e c t o r s h i p in James 

B i d d l e C o . , l a i d o n t a b l e w it h u n d e r s t a t i n g 

t h a t a n y o t h e r c a s e s w i l l b e c o n s ia e r e d on ^ ^ ^ 

b a s i s o f c i r c u m s t a n c e s in v o l v e d 

cnyder, C. W. , a s s i s t a n t e x a m in e r a t FRBank o i i"hi &ae P ' 

i n d e b t e d n e s s t o F i r s t N a t io n a l B a n k Sunbury. 

f a . , o n c o l l a t e r a l n o t e i s n o t v i o l a t i o n o i 

r e - 

s e c o n d p a r a g r a p h o f S e c . 2 2 (a ) °r* f ^ ^ ' ^ n d e r 

f e r r e d t o C o m p t r o l l e r f o r d e te r m i - g / l ? 4 ^ 

f i r s t p a r a g r a p h 3/17 

In ^ r e p o r t i n g t o C o m p t r o l l e r 

'êbtednggg o f e x e c u t i v e o f f i c e r s : though = 

E H is , G e o rg e T . , m u st b e r e p o r t e d t o d i r e c t o r s eve 1 5 6 . 

- m ade p r i o r t o b e c o m in g g t ^hat they 

I n a c tiv e o f f i c e r s o f S t a t e m em ber b a n k s , ^ " ^ t l o n 0 and 

b e e x c l u d e d fr o m p r o v i s i o n s 0 1 as o th e r 

t h u s a l l o w e d t o b o r r o w on same ^ ^ i - 

d i r e c t o r s , r e p l y t h a t B oard w ould 1 . / . 



f i e d f o r c e r t a i n r e a s o n s

I n d e x e s , I d lin g s , H a r r is o n , C h a iw a n o f P r e s i d e n t s ' 

t o p r e s s u g g e s t io n o f M r. P e y to n re and 

^ n ^ M r . B e t h e a t o s i t w i t h c o m m i t t e e o n 4/ 1 , 

o f P r e s i d e n t s ' C o n f e r e n c e r e c o m m e n d in g 

R e p o r t o f s u 6 = ° ' ^ ^ ° d l o o s e l e a f s e r v i c e o n , a p p r o v e d . 

^ f n s e f ' s O f f i c e t o e s t a b l i s h a n d m a i n t a i n , 

S e c r e t a r y ' s O f f i c e t o a d m i n i s t e r , n e c e s s a r y 

expenses* a u th o r i zed 7/3o 

In d ia n a : T e ck a n e y e r t h a t a s drawn a t p re se n t 

D e p o s i t o r y a c t , ^ J ^ ' p ^ v i d e d f o r w i l l n o t come w ith in 

p r o v i s i o n s r e l a t i n g t o paym ent o f i n t e r e s t on 

d e p o s i t s . ^ 

1/13 

R ep ly t o Deputy C o m p tr o lle r o f t h e C u rre n cy t h a t t h e y do 

n ot c o n s t i t u t e payment o f i n t e r e s t o n d e p o s i t s 3/17 

R e p ly to FRBank o f C h ica go r e , b i l l h a s becom e la w 5 /1 9 

In dian a B a n k e r s A s s o c i a t i o n : -r ^ 

Study o f t r a n s i t i o n s i n b an k in g i n I n d ia n a , r e q u e s t f o r a c c e s s 

t o c o n d it io n r e p o r t s and e a r n in g s and d iv id e n d 

r e p o r t s o f member banks a t FRBank o f C h ica g o , 

ap p roved on c o n d i t i o n C o m p t r o lle r c o n s e n t s 1/15 

R e fe re n ce t o a c t io n on r e q u e s t f o r a c c e s s t o r e c o r d s o f 

FRBank o f C h icago made i n c o n n e c t io n w ith r e 

q u est o f W is c o n s in S t a t e B a n k ers A s s o c i a t i o n 

f o r c e r t a in data 2 / 9 

Indiana U n iv e r s it y , l e t t e r from Mr. C le v e la n d o n p u b l i c a t i o n o f 

a n a ly s e s o f S t a t e la w s r e l a t i n g t o b a n k in g 10/ 2 

I n s t r u c t io n s , Board o f G ov ern ors: (S e e I n d e x e s ) 

Insurance: 

American Bank and T ru st C o ., S u f f o l k , V a. , t o b e a d v is e d th a t 

Board has ce a s e d t o p r e s c r i b e m em bersh ip c o n d it 

i o n p r o h i b i t i n g o p e r a t i o n o f in s u r a n c e agen cy 

w hich was re a so n f o r w ith d ra w a l o f bank l / 6 

Lâte Bank, M ilw aukee, W is. , m em bership c o n d i t i o n p r o 

h i b i t i n g o p e r a t io n o f in s u r a n c e d ep artm en t 

. . . ^ ca n c e le d as p a r t o f g e n e r a l p o l i c y I / 6 

oi B oard, l e t t e r t o M a n u fa ctu re rs* C a s u a lt y In su ra n ce 

C o ., a d v ig m g t h a t i f p r o p o s e d in s u r a n c e i s 

w r itt e n company must a g r e e n o t t o d e fe n d any 

c aim b eca u se Board i s immune a s Governm ent 

agency a n i r e q u e s t in g w r i t t e n c o n fir m a t io n o f 

C itiz e n s Mutual ^ 

tto n r

' ' 

.Continued) 

^nd p u b l i c l i a b i l i t y , b u i l d i n g o f 

vatoi* in 1 asum r a* n ^ c e b o u g h t o f w. " . C . S t r a a s e r 

zed 

R ichm ond, n o o b j e c t i o n t o 

p o l i c y ' 

new 

g ro u p l i f e in s u ra n 

ce 

^ t,ir o f S t. L o u i s , c o n t r i b u t o r y g r o u p l i f e 

fRBR*^ maxdnnmi b e n e f i t s tr. ____ ' c r e a s e in 

yire, on 

maximum b e n e f i t e t o e m p lo y e e s 

n e w b u i l d i n g o f B o a r d , r e l e a s e o f ^ e ^ rg e 

Company o f rresp e son psib o nility s i bfor l e - r 

. a c t i o n t o b e m ade a^ 

r io t a n d < = ° ^ ° ^ ; ^ a g e l l ^ o X o ^ ' a ^ r ^ f t ' 

m o t o r v e h i c l e and sm oke damage on b u l l d l n c ^ 

B o a r d , a m o u n ts l e f t t o d i s c r e t i o n o f P e ra o n n L 

C o m m itte e " 

B ought th r o u g h S t o c k Com pany A s s o c i a t i o n 

yiret State Bank o f V a l p a r a i s o , I n d . , m em bership c o n d i t i o n p r o 

h i b i t i n g o p e r a t i o n o f in s u r a n c e departm ent 

c a n c e l e d a s p a r t o f g e n e r a l p o l i c y 

F lood, on b u i l d i n g o f B o a r d , n o n e t o b e c a r r i e d b u t i f p o s s i b l e 

p r o t e c t i o n a g a i n s t w a t e r damage t o m a c h i n e r y be 

i n c l u d e d i n i n s u r a n c e on m a ch in e ry 

Home State Bank o f S o u th M ilw a u k e e , W i s . , m em bership c o n d i t i o n 

p r o h i b i t i n g o p e r a t i o n o f in s u r a n c e d e p a r t m e n t 

c a n c e l e d 

Machinery in b u i l d i n g o f B o a r d , am ount a s t o c o v e r a g e l e f t to 

B u i l d i n g M a n a g e r , s u b j e c t t o a p p ro v a l o f P ers 

o n n e l C o m m itte e 

Insurance o n m a c h in e r y b o u g h t o f H a r t f o r d Steam B o ile r In 

s p e c t i o n and I n s u r a n c e Company 

Manchester Bank o f S t . L o u is , M o ., f i d u c i a r y pow er a p p lic a t io n 

m ade n o t a l o n e f o r r e t e n t i o n o f in s u ra n ce 

a g e n c y , n o o b j e c t i o n and a p p l i c a t i o n w i l l be 

c o n s i d e r e d 

'4anbership condition proh ibitin g, recom m en d a tion o f D iv is io n ot 

E x a m in a t io n s t h a t B o a rd no lo n g e r p r e s c r i b e , 

o p p o s i n g r e c o m m e n d a tio n o f C o u n se l, lorm er ap 

^'Chants T r u s t and S a v in g s Company o f M u n cie , I n d . , nenb r -h P 

c o n d i t i o n p r o h i b i t i n g o p e r a t i o n o - , 

d e p a r tm e n t c a n c e l e d u p on r e c o m m e n d a t i o n 

FRBank o f C h ic a g o . 

General l e t t e r r e , a d v i s i n g o f g e n e r a l p o l i c y adop ted 

Parki 

S e a t ^ i o t ? P u b l i c l i a b i l i t y , t h r e e y e a r p o l i c y "PIP 

S " t t n T m s t and S a v in g s B an k, S e a t t l e , ^ ^ d e - 

d i t i o n p r o h i b i t i n g o p e r a t i o n o ^ p o l i c y 

Southern A p a r tm e n t c a n c e l e d a s p a r t o f 8 ^ membership 

m A rizo n a Bank and T r u s t C o * , T u cso n , ^ 

c o n d i t i o n p r o h i b i t i n g o p e r a t io n c ^ 



o f g e n e r a l p o l i c y 

10/26 

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In su ran ce: (C ontinued) M o . , no a c t i o n on f i d u c i a r y a p p l^ a . 

Southwest Ban* p^^rd u n d e rs ta n d s a u t h o r i t y i s d e s ir e d 

^ r s o le p u rp o se o f r e t e n t i o n o f e a rn in g s o f 

in s u ra n ce a g en cy t o w h ich B oard o f f e r s no o b je c - 

*st** P e t e r s b u r g , F l a . , c o n d i t i o n o f mtanbership 

Union T rust Co., o p e r a t io n o f in s u r a n c e departm ent 

c a n c e le d as p a r t o f g e n e r a l p o l i c y 

^ „ ^ n ^ i t i o n r e p o r t fo rm s , sta te m e n t i n r e p l y t o Comp- 

Insured banks, co ^ d e s i r a b i l i t y o f u n i f o r m i t y between 

S ta te member bank, n a t io n a l bank and in s u r e d 

bank form s 

T -n .M tu t" o f Advanced Study o f P r in c e t o n U n i v e r s i t y : 

Mvnors head o f Eoonom ics and S t a t i s t i c s S e c t i o n o f aak o f 

^ * E ngland, t o spend some tim e a t , and t o v i s i t 

FRBank o f New Y ork , no comment i n v ie w o f p r o 

ced u re r e c e n t l y a d o p te d 

I n t e r - D e p a r t m e n t a l Committee on R e se a rch in S o c i a l S e c u r i t y : {S ee 

Commi t t e es) 

Interest* _ _ 

A b sorp tion o f exchange c h a r g e s , N a t io n a l C o m n e rcia l Bank and 

T ru st C o ., A lb a n y , N. Y . , r e p l y t o M r. D i l l i s t i n 

r e p ro p o s e d l e t t e r t o , t h a t B oard b e l i e v e s any 

r e p ly s h o u ld b e l i m i t e d t o p o s i t i o n a d o p te d by 

B oard and s u g g e s t in g r e v i s i o n o f l e t t e r 

A b sorp tion o f expen se o f p r i n t i n g names o f c u s to m e rs on ch e c k s , 

r e p ly t o F i r s t N a t io n a l Bank i n O ran geb u rg, 

S. C ., as t o q u e s t io n o f i n d i r e c t paym ent, th a t 

Board w i l l r e l y on b a n k 's g o o d f a i t h 

A b so rp tio n o f o u t - o f - p o c k e t e x p e n s e s , l e g a l i t y o f , r e p l y t o 

P r e s id e n t M cKinney e x p r e s s in g a p p r e c i a t i o n at 

manner in w hich h e h a n d le d i n q u i r y o f S e c u r it y 

S ta te Bank and T r u s t C o ., B eaum ont, T ex a s re 

A ssessn en ts on d e p o s it o r y banks u n d er S e n a te B i l l N o. 1 o f 

In d ian a L e g i s l a t u r e , r e p l y t o D ep u ty C o m p tr o lle r 

o f th e C u rren cy t h a t th e y do n o t c o n s t i t u t e payment 

o f i n t e r e s t o n d e p o s i t s 

Reply to FRBank o f C h ica go r e , b i l l h a s becam e la w 

A sses^nents on member bank d e p o s i t o r i e s u n d e r p r o p o s e d amendments 

t o Iowa Code, r e p l y t o FRBank o f C h ica g o th a t 

payment w ould n ot c o n s t i t u t e paym ent o f 

Danks, r e p ly t o G rove C it y N a t io n a l Bank, G rove C i t y , P a ., 

r e ty p e o f d i s t r i b u t i o n t o cu s to m e rs w h ich does 

Demend d e p o s i t s , " " * i n d i r e c t paym ent o f i n t e r e s t 



P u b lic funds: 

R i l l s m House f o r e x te n s io n o f tim e member banks may 

p ay, mono o f Mr. V est r e , p r o v i s i o n s i n l i n e with 

s u g g e s tio n s o f Mr. B a te s , M r. Ransom t o d is c u s s 

-ith ^ C om p troller and F. D. I . C. p o s i t i o n t o be 

V 6 

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7/26 1033

^ f u n d s : ( C o n t i n u e d ) 

^ N a t io n a l Bank, P a n d ora , Ohio 

FRBank o f C l e v e l a n d , B o a r d ' l l to 

paym ent o f i n t e r e s t i f con tract ^ J e c t to 

c o u n t y fu n d s ca n n o t b e t e n d e d 

Law, amendment t o , r e p l y t o S e n a t o r C l a s s r e 1 *++ 

S e n a t o r M cN a ry a n d M r . K e h r l i and 

L e a g u e o f O r e g o n C i t i e s 6u e u gK gseLB t tir ? L ^ 

^ 

Payment o f , r u l i n g t o b e p u b l i s h e d i n F R B u lie tir 6 / i g 

s . S660 t o e x t e n d t im e f o r p a y m e n t, r e p o r t re q u e ste d 

B oa rd o p p o s e d t o e n a c t m e n t o f S . 2680 ' 

Tnist fu n d s , i n q u i r y o f K e n e f i c k , C o o k e , M i t c h e l l Base and ^ ^ 

L e t c h w o r t h , r e p l y t o i n q u i r i e s t o b e made only^ 

when r e c e i v e d fr o m m em ber b a n k s o r t h e i r r e p re 

s e n t a t i v e s 

I n q u ir y o f la w f i r m r e f e r r e d t o F R B a n k o f New York 9 / 3 1 2 2 7 

Depository a c t o f I n d i a n a , r e p l y t o I n d i a n a T r e a s u r y th a t as 

draw n a t p r e s e n t a s s e s s m e n t s p r o v id e d f o r w i l l 

n o t com e w i t h i n p r o v i s i o n s r e l a t i n g t o payment 

o f i n t e r e s t o n d e p o s i t s 1 /1 9 126 

federal S a v in g s a n d L o a n A s s o c i a t i o n s , a u t h o r i z e d t o a c c e p t dep 

o s i t s a n d p a y h i g h r a t e , Chairm an a u th o r iz e d to 

t a k e s t e p s t o s e e k c o r r e c t i o n 1 /1 5 93 

Loans, r a t e s p a i d b y m em ber b a n k a , memorandum b a s e d on in form a 

t i o n s u p p l i e d b y FRBanks o n Fonn F .R . 249, sent 

t o F R B an k s, n o t t o b e m ade p u b l i c 3 / 1 3o5 

Mar!mum r a t e p a y a b l e o n t i m e d e p o s i t s , s u g g e s t io n o f P r e s id e n t 

o f N a t i o n a l Bank o f R i s i n g Sun f o r r e d u c t io n o f 9 / 1 1215 

Payment by b a n k s , d r a f t o f r e p l y t o R e p r e s e n t a t i v e V 'right Patmen 

g i v i n g i n f o n n a t i o n r e q u e s t e d i n c o n n e c tio n w ith 

d e f i n i t i o n o f i n t e r e s t i n R e g u la t io n Q, epproved c / 9 ^ 

Public fu n d s: ( S e e s u p r a D ^nand d e p o s i t s ) 

Rates paid b y m a n b er b a n k s , m em orandum b a s e d on in fo n n a tic ^ 

p l i e d b y F R B anks on fo r m F .P . 2 4 9 , sen t to ^ ^ 

F R B ank s, n o t t o b e m ade p u b l i c 

êfiiDd o f p o r t i o n p a i d o n m o r t g a g e l o a n , l e t t e r t o 

t i o n s l B a n k i n S t . L o u i s , M e . r e l e t t e r ^ 

M r . J . R . S t e p h e n s o n e x p r e s s i n g d e s i r e 

o p i n i o n e x p r e s s e d b y B o a r d , s t a t s n e n 3 / 1 5 4 0 5 

r r e q u e s t e d f o r - 

eply t o M r. S t e p h e n s o n t h a t t h e r e i s no ru e ^ j u r i s - 

b i d d i n g r e f u n d b u t t h a t m a t t e r i s w i t h ^ 4 7 4 

d i c t i o n o f B o a r d s t a t u te 

^ Of u n e a r n e d , o n n o t e p a i d p r i o r t o ^ p i y t o 7 2 9 

p r e v e n t i n g

i n t e r e s t : ent on d e p o s i t s r e c e i v e d d u r in g f i r s t n ? e 

S a v i n g s s c K ^ * * t , j 3 y g t r e a t m e n t w h e n f i f t h d a y i s 

Sunday o r h o li d a y 6/ 2$ 

^ t m h l i s h e d in F R B u l l e t i n 7 / 9^ 

R uling fu n d s, r e q u e s t o f F e d e r a l A d v is o r y C ou n cil 

S t a t e a n a m uni in fo r m a tio n r e p r o g r e s s i n movement t o 

amend S e c. 19 o f FRAct t o p e rm it paym ent, on 

demand d e p o s it s o f 5/ ^ 

^ i f i r a t e * o f d e p o s i t , c o n s o l i d a t i o n o f s e v e r a l c e r - 

Time c e r t t i f i c a t e e w ith d i f f e r e n t d a t e s o f m a t u r it y in t o 

on e c e r t i f i c a t e and paym ent o f a c c r u e d i n t e r e s t , 

r e p ly t o C en tra l N a t io n a l Bank, C olum bus, Nebr. 

th a t i t i s p e r m i s s i b l e 3/ 1 ? 

U n e a r n e d r e f u n d o f , o r d is c o u n t , on n o t e p a id p r i o r t o m a tu rity , 

no s t a t u t e p r e v e n t in g member bank from m aking, 

r e p ly t o Mr. L in k e r 5/19 7^ 

V e r m o n t, maximum r a te p a y a b le on tim e and s a v in g s d e p o s i t s under 

o r d e r o f C om m issioner o f B an k in g and I n s u ra n ce , 

l e t t e r o f FRBank o f B o s to n t o ban k s a p p roved 5/27 759 

I n t e r lo c k in g d i r e c t o r a t e s : 

"A d ja cen t o r c o n t ig u o u s " , San F r a n c is c o and O a k la n d , B oard not 

w i l l i n g t o r e c o n s i d e r p o s i t i o n t h a t t h e y are 

a d ja c e n t a t p r e s e n t 5 / 5 $58 

C layton A c t, s e r v ic e s as d i r e c t o r o f two b a n k s u n d e r p r o v is io n s 

o f , r e l a t i o n s h i p w hich h a s b een te r m in a te d cannot 

be resumed 12/28 1747 

M is c e lla n e o u s : 

B en n ett, E. G ., s e r v ic e s w it h in p r o v i s i o n s o f C la y to n A c t, 

r e p ly t o Mr* C a n f ie ld , F i r s t S e c u r i t y Company, 

Ogden, Utah 10/22 1425 

Browning, M. A . , s e r v i c e s w it h in p r o v i s i o n s o f C la y to n A ct, 

r e p ly t o Mr. C a n f ie ld , F i r s t S e c u r i t y Company, 

Ogden, U tah 10/22 14K 

^ rovn ing, V. A ., s e r v i c e s w it h in p r o v i s i o n s o f C la y to n A ct, 

r e p ly t o M r. C a n f ie ld , F i r s t S e c u r i t y Company, 

Ogden, Utah 10/22 1425 

D avis, E. A sbury, s e r v ic e r u le d n o t l e g a l 3/23 447 

C layton A ct a p p lic a b le t o 4/28 617 



Amendment to R e g u la tio n L sou gh t by M r. C u t le r t o perm it 

s e r v ic e t o S a fe D e p o s it and T r u s t C o. o f B a l t i - ^ 

P eel** r **d F i r s t N a tio n a l Bank ? / ? ^ 

eorge . , s e r v ic e s w ith in p r o v i s i o n s o f C la y to n 

^ ^ C a n f ie ld , F i r s t S e c u r it y 142$ 

E ccle s ^ Company, Ogden, U tah 1 0 /2 2 

r e n l v ^ T ^ v i t h i n p r o v i s i o n s o f C l a y t o n A c t , 

Ogdsn, 

L e m o n , G. W . , 

C a n fie ld , F i r s t S e c u r it y Company. ^ 

Lemon! J. c ! ' no 110 THr^Tc.4.^ C la* y to ----- n MB A ct HIU&HUHU a s amended 

v i o l a t i o n o f C la y to n A ct a s a m e n d e d 

^ 

3/31 

46'

' B la n c h a r d , s e r v i c e r u l e d n o t l e s a i 

A c t a p p l i c a b l e t o ^ 

^ e n d m e n t t o R e g u l a t i o n L s o u g h t b y M r. C utlni- t 

m i t s e r v i c e t o S a f e D e p o s i t and r- 

B a l t i m o r e a n d F i r s t N a t i o n a l Bank 

s - l t o a e t a l l , L e v e r e t t . s e r v i c e s a s d i r e c t o r o f tim 

u n d e r p r o v l E i o n s o f C la y t o n A ct T-d 

Vihich h a s b e e n t e r m i n a t e d ca n n o t b e r e s t e d * * * 

s c ^ g i . . L e le n d n o v i o l a t i o n o f C la y t o n A ct a . 

d.rriB Plan b a n k s , o f f i c e r s a n d d i r e c t o r s o f member banks s e n , 

i n g , am endm ent t o R e g u l a t i o n L e l i m i n a t i n g pro 

v i s i o n a l l o w i n g . FRBanks t o make su rv e y t o d e 

t e r m i n e e x t e n t o f i n t e r l o c k i n g r e l a t i o n s w i t h 

r e g a r d t o o f f i c e r s a n d d i r e c t o r s , a l s o e x t e n t 

t o w h ic h f i e l d o f c o m p e t i t i o n i s b e i n g e x t e n d e d 

b e f o r e a n y a c t i o n i s t a k e n 

L e tte r p r e p a r e d a n d s e n t FRBanks 

S e r v ic e on S t a t e m em ber b a n k and M o r r i s P la n bank w hich has becom 

e m em b er l o c a t e d i n same c i t y , p e r m is s ib le 

S e r v ic e u n der B a n k in g A c t o f 1 9 3 5 : 

Baker, S p e n c e r , J r . , r e p l y t o FRBank o f New Y ork th a t h e may 

c o n t i n u e p r e s e n t s e r v i c e s a s a b s o r b e d E q u ita b le 

T r u s t C o . i s n o t now e n g a g e d i n same c l a s s o r 

c l a s s e s o f b u s i n e s s a s M a n u fa c t u r e r s T ru st Co. 

Brown, T h a t c h e r M . , l e t t e r r u l i n g t h a t s e r v i c e t o Brown 

b r o t h e r s , R a r r im a n a n d C o . and U n ite d S ta te s 

T r u s t C o . i s n o t p e n n i e s i b l e , sta tem en t o f Mr. 

B r o d e r i c k t h a t h e b e l i e v e s s e r v i c e w ith in ex 

c e p t i o n i n r e g u l a t i o n , l e t t e r a p p roved 

C onversion o f L a t i n A m e r ic a n Bank o f Y b o r C it y i n t o Broaci-.ay 

N a t i o n a l B a n k , T am pa, F l a . , d o e s n ot a i t e c t 

s t a t u s o f d i r e c t o r s who m ay c o n t in u e t o s e rv e , 

and F i r s t N a t i o n a l Bank u n t i l F eb. 1 , 1 - 9 

Kinney, R. w . , r e q u e s t o f r e c o n s i d e r a t i o n o f s e r v i c e p r o 

h i b i t e d b y a d j a c e n c y o f O ak lan d and San I raD- 

c i s c o , C a l i f . , c i r c u m s t a n c e s n o t s u 'f i c i e n y 

K irby, S . R . , J r f , e x c e p t i o n i n S e c . 2(d)(4) o f R e g u l^ iu n 

L n o t a p p l i c a b l e a n d s e r v i c e p r o h i b i t s 

L ig g e tt, R. A ^ ^ e l a t i o n s w it h b a n k s p erm itted to continue 

- u n t i l F e b . 1 , 1 9 5 9 ^ ^ + 4 rme 

Ykes, H. T . , r e l a t i o n s w i t h b a n k s p e n n i t t e d to c 

u 

'^rthcutt 

u n tti i l F e b . 1 , 1 9 3 9 

ir V . H u . , __ r e i l â 4-^ t i ----.^;+h o n s w i t h tsATitcs b a n k s p ep rmitted e 

. +- co n tin u e 

Bn . uu n ntt i l FF e b . 1 1 , 119.39 9 5 9 

"adjac ent' 

K. E ., C h a r l e s t o n , and S o u th C h a r le s t o n a re 



and s e r v i c e n o t p e r m i t t e d 

3 /2 3 447 

4 /2 8 617 

7 / 7 930 

1 2 /&Q 1747 

3 /3 1 487 

1 1 / 8 1516 

1 2 / 6 1628 

8 /2 3 1180 

8 / 3 1091 

5 /1 1 677 

8 / 4 1102 

5 / 5 656 

4/29 620 

8 / 4 H 0 2 

8 / 4 H 0 2 

6 / 4 1102 

1 / 8 54

d i r e c t o r a t e s : [C o n tin u e d ! 

I n t e r l o c k i n g o f 1935= (C o n tin u e d ) 

S erv ice un der 

-r Banking 

Bank n€ j.= o ly t o FRBank o f New YTi ork th a t he may 

S t e e le , ^ " ^ r d E .. r e p n 

^ ^ e o n t i n u e " p r e 5 ent s e r v i c e s a s a b s o r b e d E q u ita b le 

T ru st Co. i s n o t now en gaged i n same c l a s s o r 

c la s s e s o f b u s in e s s a s M a n u fa c tu r e r s T r u s t Co. 

2 p ^ r e l a t i o n s w ith ban k s p e r m it t e d t o con 

T a lia fe r r o , 

tin u e u n t i l F eb. 1 , 1959 

W illiam J - , M o n t c la ir and N ew ark, N. J . , n o t con 

W elle, 

t ig u o u s o r a d ja c e n t and s e r v i c e n o t p r o h ib it e d 

T rust com panies d oin g s u b s t a n t i a l l y a l l f i d u c i a r y b u s in e s s , 

* am en dm ent t o R e g u la tio n L p e n n i t t i n g s e r v i c e t o 

m a n b e r b a n k i e i n c o n f l i c t w ith p u rp o s e o f 

C layton A c t , r e p l y t o M r. L e a c h , FRBank o f 

R ic h m o n d , r e s u g g e s t io n o f M r. C u t le r 

I n t e r n a t i o n a l Union o f U n ited B rew ery, F lo u r , C e r e a l and S o f t Drink 

W orkers o f A m erica, p r o p o s e d r e p l y to Mr. 

p a lm er r e c l a s s i f i c a t i o n o f fu n d s a s sa v in g s 

a ccou n t and l e t t e r c o n s t i t u t i n g r e v e r s a l o f 

r u l in g r e . B oard to a d h ere t o m l i n g and study 

t o be made o f q u e s tio n 

R ep ly t o Mr. P alm er re 

I n t e r p r e t a t io n s o f law , r e g u l a t i o n s , e t c . , r e p o r t o f su bcom m ittee 

o f P r e s id e n t s * C o n fe r e n c e recom m ending in d e x 

and l o o s e l e a f s e r v i c e o n , a p p r o v e d , C o u n s e l's 

O f f i c e t o e s t a b lis h and m a in t a in . S e c r e t a r y 's 

O f f i c e t o a d m in is te r , n e c e s s a r y e x p e n se s aut 

h o r ! zed 

Investm ent s e c u r i t i e s : 

A c q u is it io n by F i r s t T ru st and D e p o s it C o ., S y r a c u s e , N. Y . , in 

c o n s o lid a t io n o f F a y e t t e v i l l e C om m ercial Bank, 

l a y e t t e v i l l e , N. Y. o f s e c u r i t i e s n o t w ith in 

c l a s s i f i c a t i o n , t o b e s u g g e s te d th a t t h e y be 

d is p o s e d o f 

A m ortiza tion o f bonds b a sed on a v e ra g e o f c o s t o f g iv e n is s u e 

o r s p e c i f i c c o s t o f ea ch l o t , in q u i r y o f Mr. 

c iB s s ifir n + i^ ,, l e t t e r o f C o m p t r o lle r o f th e C u rren cy on 

C l a s s i f i c a t i o n in exam in ation r e p o r t s o f S t a t e m anber banks, 

p re s e n t p ro ce d u re 

D ealin gs in in vestm en t s e c u r i t i e s b y n a t i o n a l b a n k s , n o t t o b e 

^ t o p i c s f o r d i s c u s s i o n a t P r e s i d e n t s ' 

in s te a d d is c u s s e d in f o r m a lly at 

E l i g i b i l i t y u n d er B o a r d 

t h o - e h C o m p t r o l l e r o f t h e C u r r e n c y o f 

L im ita tio n o f 1 0 % ^ 3 ^ . 

i s s u e d b v ^ " M o u n t b a n k m a y h o l d 

B e l t V a l i e v R c"'**' B o a r d w i l l n o t r e q u i r e 

p. c e s s a t t i m e t o d i s p o s e o f e i - 

P u r c h a s e o f b y m a n b e r b a J ^ t f s d n l B s i o n t o m a o b e r s h i p 

d iscu B sion "n + ^ ^ e n t o f p r e s e n t la w t o a llo w , 



C ou n cil w ith B o ^ ^ ^ F e d e ra l A d v is o r y 

v e a tig a t e ^ ' com m ittee a p p o in te d t o in - 

S/ 3 la,, 

3 / 4 nog 

6 /1 0 an 

IS / 3 i e J 

6/ 4 77( 

6/11 821 

7/30 1076 

3/18 

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9 / 2 121! 

4 / 9 

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1 0 / 5 136< 

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s e c u r itie s : (C o n tin u e d ) 

o f C o m p tr o lle r o n , r e p l y t o w - ^ . 

T a . . t h a t " I n t e r p r e t i v e H u l l A e s ^ * ^ - 

t o n a t i o n a l b a n k s * a p p ly o n ly 

s e c u f i t y T r u s t C o . , L e x i n g t o n , K y . , p r o p o s e d u n d e r w r i t e 3 / l i ^ 

w a t e r r e v e n u e b o n d s o f L drs^r-4- ^ w r it in g o f 

s e c u r i t i e s a r e n o t -w ith in e x 6 0 D t i " ^ ^ Y ^ "** 

5 1 3 6 , U .S . exem p tion o f S e c. 

stock o f Dormont S a v i n g s a n d T r u s t C o . , p r o p o s e d a c a u i* i + < 6/ M a n 

P e o p l e e - F i t t s b u r g h T r u s t C o ., f r o ^ ^ 

w h ic h l a t t e r i s b e n e f i c i a r y , w i l l b e in net 

o f l i q u i d a t i n g d i v i d e n d , n o o b je c tio n , 

Treatment o f d e p r e c i a t i o n i n r e p o r t s o f e x a n tic a tio n = ^ ^ 

Tiolations o f S e c . 5 1 3 6 , R . S . , C i t i z e n s S t a t e Bank o f Shebovcn ^ 

W i e . , a s s u r a n c e s o f c o r r e c t i o n 

IcTeetment t r u s t s and c o m p a n ie s , s t u d y b e i n g c o n d u c te d u n d er Sec 

30 o f P u b l i c U t i l i t y A c t b y S e c u r i t i e s and 

E x c h a n g e C om m issi o n , r e p l y t o M r. G ou n -ich re 

e x t e n t o f d i v o r c a n e n t o f co m m e rcia l ta n k in g 

fr o m , a n d b e l i e f t h a t m a t e r i a l in B o a r d 's f i l e s 

w o u ld n o t b e o f a s s i s t a n c e 1 / 1 2 7 3 

Iova: 

Assessments o n m em ber b a n k d e p o s i t o r i e s u n d e r p r o p o s e d amendm 

e n ts t o C o d e , r e p l y t o FRBank o f C h icago t h a t 

p aym en t w o u ld n o t c o n s t i t u t e p a y m e n t o f in 

t e r e s t 5/11 687 

Branch b a n k i n g , p o s i t i o n o f C o m p t r o l l e r r e e s t a b l i s h m e n t by n a 

t i o n a l b a n k s o f l i m i t e d p o w e r o f f i c e s u n d e r 

s t a t u t e , b a s e d u p o n d e f i n i t i o n o f " b r a n c h " i n 

S e c . 5 1 5 5 , R .S . 3 /2 6 4 5 9 

-^ soo, W illiam H . : (S e e New Y o r k S t o c k E xch a n ge) 

ns, Deyo and H i t c h c o c k , B in g h a m to n , N . Y . , paym ent t o o f a d d i 

*6: 

" j " 

t i o n a l a t t o r n e y s f e e s b y FRBank o f New c 

c o n n e c t i o n w i t h p r e f e r r e d c la im s a g a in s t ^ 

Bank o f B in g h a m to n , N . Y . y 

D etw eiler, c a l l r e p o r t , c o n t r a c t f o r p r i n t i n g o f , o,

lQ 

P i-r^ tective C o u n c i l , I n c . , c o n t r i b u t i o n s by 

K a n s a s C ity C i t i z e n s F ro ^ C i t y n o t r e l a t e d t o con d u ct 

a f f a i r s o f t h e bank and B o a rd s a p p r o v a l 

^ s t be o b t a in e d i f f u t u r e 

W i n c i n g on am ending fo n n o f s ta te m e n t in /*° 

Kansas C ity Tim as, c i l p p c o n A itiO !! s ta te m e n t 

fS e e S t a t e m anber b a n k s , B a n k e rs T r u s t C o ., Dee 

E aufiH si-. B. F-= I c ^ ) 

^ a c u e o f O regon C i t i e s ) 

K e h r li, Herman ( m argin r e q u i r a n e n t s do n o t a f f e c t d i - 

K e llo g g , -J- m e e tly p u r c h a s in g and c a r r y i n g o f co m m o d itie s, 

but th a t B oard r e g a r d s co m m o d ity p r i c e s a s an 

in d e x 8 

^ m o k e M i t c h e l l , B ass a n d L e t c h w o r t h , A t t o r n e y s , in q u ir y 

r .e n e f i c - , — - , i n t e r e s t on demand d e p o s i t s o f t r u s t fu n d s, 

r e p l y t o i n q u i r y t o b e m ade i f r e c e i v e d from 

member ban k s o r t h e i r r e p r e s e n t a t i v e s 6 /%? 

R ep ly r e f e r r i n g i n q u i r y t o FRBaak o f New Y o rk 9 / g 

Kennedy. C ongressnan Am brose J . : ^ 

" R e l i e f o f Banks B u s in e s s C o l l e g e " , H .P . 6 3 1 9 , r e p l y t h a t Board 

d id n o t h a v e i n f o n n a t i o n r e q u i r e d and i n c l o s i n g 

s ta te m e n ts o f FRBank O f P h i l a d e l p h i a r e g a r d in g 7/1? 93 

K entucky, Banking C om m issioner o f : 

L o u i s v i l l e T ru st C o ., L o u i s v i l l e , K y . , M r. Wood t o c o n f e r w ith , 

r e s e r i o u s c o n d i t i o n o f bank and t h e r e a f t e r t o 

make recom m en d ation r e c o r r e c t i v e s t e p s 3/12 39 

Kihn B r o th e r s , r e p ly r e u s e o f " U n it e d S t a t e s o f A m e r ic a " on engraved 

bond fo n n s 3/26 46 

K itin g o p e r a tio n s : 

FRBank o f M in n e a p o lis a u t h o r iz e d t o c o o p e r a t e w it h C o m p t r o lle r , 

FDIC and RFC in m akin g a v a i l a b l e a n y in fo r m a tio n 

r e v i o l a t i o n s 7 / 1 91 

K it z m ille r , M rs. H. W. , paym ent o f a d d i t i o n a l sum b y R e tir e m e n t Sys-tern 

f o r d ea th o f h u sb an d 1 1 /^ 2 ^ 

"L " 

L e o c r , expert q u a l i f i e d in eco n o m ic a s p e c t s o f l a b o r a s r e l a t e d 

t o c r e d i t and m o n e ta r y m a t t e r s , s u g g e s t io n o f 

Chairman E c c le s t h a t B oard o b t a i n , f o r D iv is io n ^ 

Lamh*.T-+Trm ^ R e s e a r c h and S t a t i s t i c s 

& Rubber C o ., I n c . , em ploym ent b y FRBank o f New Y ork o f 

P it n e y , H ardin and S k in n e r i n c o n n e c t i o n w ith 

T. v . cla im a g a in s t ??' 

^ h o r i x e d ^ ' 

(^ e e N a tio n a l b a n k s , C r o c k e r F i r s t N a t io n a l Bank 

League o f Oregon C i t i L ^ ^ ^ i s c o ) 

* ep 3, to S e n a to r G l a s s r e l e t t e r s o f 

e n a to r McNary a n d M r . K e h r l i a n d r e s o l u t i o n 

t h a t B o a r d h a s t a k e n n o a c t i o n re 

t s t io n o f amendment t o l a w r e p a y m e n t o f 

on danand d e p o s i t s o f p u b l i c a g e n c ie s 



S. R -. appointed to serve on subromnin-+ 

" CPiT^ code book and decide matter^ r,f ^ revise 

p ra c tic e P o l i c y and 

boo*, g e n e r a l r e v i e w o f . corn tn ittee o f P r e s i d ents* 

e n c e a p p o i n t e d t o r 

C o n fe r 

Mr. C a r p e n te r t o r e p r e s e n t B o a r d o n com m itt 

ee 

- . ^ r s i o n o f C h ic a g o - S a n F r a n c i s c o w i r e t o 

v e r t e d a t c o n v e n i e n t ^ t i m e wW3.tn i t h BOm^ ' ^ 

c o n - 

c a p t i o n s , s u g g e s t io n o f com mittee a o n r ^ d * 

„t,M«3Bb°r t a n k s f i l i n g a g r e e m e n t s o n fOTms 

t o FK B anks t o b e m a d e b y m a il 1 3 ^ t u r e 

adv: 

thsLn b y w i r e * rather 

Telegraph C ode, r e c o m m e n d a t io n o f L e a s e d W ire C o s m itte e f o r Ed 

d i t i o n o f c o d e w o r d s t o . f o r purpose o f r e L c 

i n g n u m b e r o f w o r d s tra n sm itted , a p p r o v e d 

Teletype equipment: 

C h ica g o-K a n sa s C i t y c i r c u i t , l e t t e r t o - A m e r i c a n T e l e p h o n e 

and T e l e g r a p h C o . r e q u e s t i n g i n s t a l l a t i o n o f 

TWX e q u ip m e n t , a d v i c e t o F R B a n k s o f C h icago and 

K a n s a s C i t y 

E xperim en tal i n s t a l l a t i o n o n New Y o r k -W a s h in g to n , P h il a d e l- 

p h i a - W a s h i n g t o n , C l e v e l a n d - W a s h i n g t o n and 

A t l a n t a - W a s h i n g t o n c i r c u i t s and program f o r , 

l e t t e r t o M r . A dam s, A .T . & T . r e 

TWX i n s t a l l a t i o n , l e t t e r t o L e a s e d W ire C om m ittee r e su rv 

e y s o f c i r c u i t s i n c o n n e c t i o n w i t h , s u g g e s tin g 

f o r c o n s i d e r a t i o n a n d r e f e r e n c e t o FRBanks o f 

q u e s t i o n o f d e l a y s f o r b u s i n e s s t o a ccu m u late, 

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c o m p u t in g p e r - w o r d c o s t 

R e p ly t o M r. S c h a l l e r r e s u r v e y o f iR B a n k s' o p in io n s r e , 

a n d d e f e r r i n g a c t i o n on r e c o m m e n d a t i o n o f i n s t a l 

l a t i o n o n W a s h l n g t o n - C l e v e l a n d c i r c u i t 

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a d o p t i o n o f m e th o d w h e r e b y num bers c o u n t as o n e 

w o r d , b u t s u g g e s t s L e a s e d T h i r e C om m ittee con " 

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B u sh , E x a m in e r s , w h o se d i s m i s s a l vâs e f i e c t ^ v - 

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'Maann, John C . , A s s i s t a n t C o u n s e l , B o a r d , g r a n t e d f o r a^ten 

a n c e a t G r a d u a t e S c h o o l o f B an kin g 

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FRBanks a d v is in g i n f u t u r e B oard a p p rov a l 

Tiaad n o t b e s e c u r e d 6/ i s 

„ D i r e c t o r , San A n t o n io B ra n ch , g ra n ted 

Crump, Mi era . Managi g i^ a v e t o a t t e n d R o t a r y I n t e r n a t io n a l 

^ n v ! n t i o n a t N i c e , F r a n c , no o b j e c t i o n ^ ^ 

^ a tT?Bank o f C hicago, seven days in a d d itio n to regu- 

Dann. C. B .. le a v e granted, approved 4/gQ ^ 

M w C o u n s e l ' s O f f i c e , n o d e d u c t i o n f r o m s a l a r y a t ^ 

Dyas, ^ r s . M. ^ . g g i g n a t i o n on a c c o u n t o f e x c e s s le a v e 

taken 6/15 gM 

T C hief Draftsman, D i v i s i o n o f R e s e a r c h and 

Elder, N -. up t o 30 d a y s a d d i t i o n a l s i c k leave, 

w ith p a y , g r a n t e d 6/15 gap 

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a p p r o v a l n e e d n o t b e s e c u r e d f o r a d d i t i o n a l 

le a v e g r a n t e d , b u t t h a t r e c o r d s h o u ld b e k e p t 6 / 1 5 837 

Folsom , G eorge H . , FREiam ineri 

R a ilro a d I n v e s t i g a t i o n C om m ittee o f S e n a t e , g r a n t e d le a v e 

w ith ou t p ay f o r p e r i o d o f f u r t h e r s e r v i c e t o , 

Board t o c o n t in u e t o make c o n t r i b u t i o n s t o 

R etirem en t System 3/16 41i 

Ford, W. 0 . , A s s is t a n t V ic e P r e s i d e n t , iRBank o f D a l l a s , a d d it 

i o n a l l e a v e g r a n te d b y d i r e c t o r s , a p p r o v e d , 

l e t t e r t o a l l FRBanks a d v i s i n g t h a t i n f u t u r e , 

B o a r d 's a p p r o v a l f o r a d d i t i o n a l l e a v e n e e d not 

b e s e c u r e d 6/15 8^7 

Gayer, A rth u r D . , te m p o ra ry S e n io r E c o n o m is t , D i v i s i o n o f Rese 

a rch and S t a t i s t i c s , a p p o in tm e n t e x te n d e d 

f o r such p e r i o d a s w i l l p e r m it t a k in g o f annual 

le a v e a ccu m u la ted ^ - * 

J on es, L. H ., FRExamin e r , g r a n te d f o r a t t e n d a n c e a t G ra d u a te . 

S ch o o l o f B anking 3/25 4^ 

Kennedy, Lavid M ., D iv is io n o f Bank O p e r a t i o n s , g r a n t e d f o r a t - ^ 

. . . . ten d an ce a t G rad u a te S c h o o l o f B a n k in g ' 

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G raduate S c h o o l o f B an k in g i f B o a r d 's q u ota i s 

in c r e a s e d 3/25 

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' '^ E xam in er, g ra n te d f o r a t t e n d a n c e a t G raduate 

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, a b s e n c e ( C o n t in u e d ) Pages 

L e g i s l a t i o n : B a n k ru p tcy A c t , c o n s i d e r a t i o n b y F ederal 

C handlar B i ll . Council o f t h a t p a r t o f b i l l w hich w o ^ 

p r o h i b i t banks from o f f s e t t i n g d e p o s i t s o f 

b a n k ru p ts a g a in s t t h e i r o b l i g a t i o n s t o banka , , 

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b would be in t r o d u c e d i n H ou se 

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in ^ b u t i s e x p e c t e d t o b e r e - i n t r o d u c e d i n r e 

v is e d form „ . , 3 /1 0 

c o r p o r a t e t r u s t e e s h i p s , s ta te m e n t o f F e d e r a l A d v i s o r y C o u n cil 

^ r e e f f e c t on b a n k s , a c t i o n e x p e c t e d o f B oard, 

m ore d e t a i l e d s ta te m e n t o f o b j e c t i o n s , re v ie w 

o f c o n s id e r a t io n and s u g g e s t i o n s o f B oa rd , 

C o u n c il t o su bm it b r i e f r e 

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sta tem en t o f p r i n c i p l e s a p p l i c a b l e t o l e g i s l a t i o n 

h a v in g , a s o b j e c t i v e , and B o a r d t o c o n s i d e r 

J u ly 15 7/13 

D r a ft o f s ta te m e n t, p la c e d on d o c k e t f o r c o n s i d e r a t i o n J u ly 

20 and t o b e c a r e f u l l y s t u d i e d b y B oa rd members 

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7/15 977 

and M r. T h u r s to n , t o p r e p a r e f u r t h e r r e v i s i o n 7 / 2 3 1035 

R e v is io n f u r t h e r d is c u s s e d and a d d i t i o n a l ch a n g e s t o be 

made 

R ep ly t o S e n a to r & n ith , i n c l u d i n g s t a t e m e n t , w h ich had been 

su lxn itted t o M r. Upham and A s s i s t a n t S e c r e t a r y 

o f T re a s u r y T a y l o r , a p p r o v e d , n o t t o b e r e 

le a s e d t o p r e s s u n l e s s S e n a t o r S m ith r e l e a s e s 

7/26 1030 

o r r e p o r t e r s l e a r n o f t r a n s m i s s i o n 

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7/29 1056 

g e s t io n o f Chairman E c c l e s 7/30 1066 

r a .e s , e s ta b lis h m e n t b y FRBanks, amendment a g r e e d upon 

t o r e q u ir e o n l y o n c e a m onth o r o f t e n e r i f 

deemed n e c e s s a r y b y B oa rd l / ? ^ 

o . FRBanks, amendment a g r e e d u p on t o l i m i t cu m u la tiv e 

Economy A ct o f ^ ^ ^ ^ t y t o p a y up t o 6 % i f earned l / *7 

1932, m a rrie d p e r s o n s i n em p loy o f B o a r d , r e p ly 

o Congressman C ochran r e t h o s e w hose husband -2 



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W iry to be made by D ivision heads re present statu s o f ^ 

^ cases 3 / 5 37' 

Labor Standards A ct r*-r lot-? 

^37* s ta te m e n t o f Chairm an E c c le s 

^ e f f e c t s , and re co m n e n d a tio n 

RavmriTi^ ^ ^ * ^ o i* iz e d t o n e g o t i a t e w ith Mr- . . g22 

^ a n n C r e d i t A d m i n i s t r a t i o n ^ ^ o f , a p p ro v e d ^ 

p rop osed b* sn*sadment t o S e c . 13a o f FRAct 

c o m m i t t e e in t e r -d e p a r t m e n t a l loa n 

J e c t iv e t o \ i r e g a r d in g no l e g i s l a t i o n , o b - 

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e i a t i o n f a v o r i n g e s t a b lis h m e n t o f ^ s s o - 

1 Mniae L oan Bank o b l i g a t i o n s , a u t h o r i z i n g F E n.-i, 

yedefai m a r k e t o p e r a t i o n s in^ 

a v a i l a b l e t o HOLC i t s ^ u s e d ^ n ? ! 

a n a l y s i s o f a n d r e a s o n s f o r u n d e a i r a b i i ^ ^ 

p l y t o A c t i n g D ir e c to r o f Budget 

^ âral H ousing A c t , T i t l e I I , r e q u e s t o f F e d e r a l H ou sin g Afi 

^ m i n i s t r a t o r M c D o n a l d f o r com n en ts o f Chat 

E c c l e s r e s o c i a l , e c o n o m ic and m on eta ry adv 

a n t a g e s o f , r e p l y 

Federal Open M a rk at C o n n n itte e m g n b e r s h ip . r e p r e s e n ta tio n o f 

' F R B a n k B , a m e n d m e n t a g r e e d u p o n t o c h a n g e a n d 

t o c l a r i f y p r o v i s i o n o f la w , M r. McKee fa v o r - 

a b l e t o l a t t e r b u t o p p o s e d t o fo rm e r 

n&otea: 

Penalty f o r p a y i n g o u t o f n o t e s o f o n e F R B a n k b y a n o t h e r , 

am endm ent a g r e e d u p o n t o repeal 

R e s o l u t i o n p r e p a r e d b y T r e a s u r y f o r a u th ority to r e p l a c e 

1 9 2 8 s e r i e s w i t h 1 9 3 4 o r s u b s e q u e n t s e r i e s out 

o f g o l d i n c r s a e n t , M e s s r s . S m e a d a n d V e s t to 

s u g g e s t c l e a r e x p l a n a t i o n t o C o n g r e s s o f c i r 

c u m s t a n c e s 

FRSystem, p r o p o s a l s w ith r e s p e c t t o , d is cu ssio n b y P r e s id e n ts * 

C o n f e r e n c e , c o m m it t e e a p p o in t e d t o stu d y ques 

t i o n 

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q u e s t i n g com m en ts o n p r o v i s i o n s w h i c h a f f e c t 

F R S y ste m , memo o f M r. W y a tt s u m m a r i z i n g , 

C h a irm a n E c c l e s t o r e p l y r e q u e s t i n g a d d it io n a l 

t im e f o r s t u d y o f b i l l 

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u t h o r i t y o f FR Banks t o p l e d g e , C ounsel to 

p r e p a r e f o r m s o f am endm ent ana s ta . = — 

r e a s o n s o f d e s i r a b i l i t y 

D is cu s s io n o f r e a s o n s f o r d e s i r a b i l i t y o f amendment, 

C h airm an a u t h o r i z e d t o p l a c e b e f o r e 

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s i r a b i l i t y o f e n a c tm e n t __ 

Banking l e g i s l a t i o n n o t t o b e p r e s e n t e d t o C o n g r e ^ P - 

t o M a rch 1 , t o p e n n i t t im e f o r a c t i o n on au 

t h o r i t y o f FR Banks t o p l e d g e ^ q 4 1 7 

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S- 5010, a n a l y s i s o f b i l l p r e p a r e d b y D i v i s i o n 

and S t a t i s t i c s i n c o n n e c t i o n ^ E c c le s to 

t e r o f C o n g re ssm a n S t e a g a l l , o f no 

d i s c u s s w i t h , i n v ie w o f u n d e r s t a n d i n g 

, m a jo r b a n k in g l e g i s l a t i o n t h i s 

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f ^ ^ - e a s u r y T a y lo r, a p p r o v e d , n o t t o be released 

n-ess u n le s s S e n a to r S n i t a r e l e a s e s o r r e - 

r,r,rters l e a r n o f t r a n s m is s io n 

^ ^ n ^ t t o l a s t p a ra g ra p h o f s ta te m e n t at sug- 

Change mads i n ^ ^ ^ ^ chairm an E c c l e s 

P u blic U t ilit y Act o f 1935- S e c u r itie s 

Investment t r u s t s s*ou y 

and Exchange Commission; 

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(S e e s u p ra I n t e r e s t p aym en t on p u b l i c fb n d .l 

(S e e G overn m en t r e o r g a n i z a t i o n ) ' 

r e q u e s t in g B o a r d f o r r e p o r t o f r e a s o n s u n d e r l i e 

B o a r d 's a c t i o n o f J a n , 30 i n i n n ^ I ^ ^ ^ 

bank r e s e r v e r e q u i r e m e n t s , M essrs - 

G o l d e n w e i s e r t o ^ * Thurston and 

p r e p a r e d r a f t o f r e p ly 

Rsoiy p r e s e n t e d , c h a n g e s m ade a n d a u t h o r iz e d t o b e ^ 

t h e P r e s i d e n t o f t h e S e n a t e , M r. MtKee , 

t o b e r e l e a s e d t o p r e s s a f t e r fo im a l p r e s l n t a ^ " ^ ' 

t i o n 

^ cia l S e cu rity A c t , e f f e c t o n R e t ir e m e n t System o f proposed 

am endm ents t o b r i n g n a t i o n a l end State member 

b a n k s u n d e r , w i l l n o t a f f e c t F R B a n k s 

S ta b iliza tion fu n d , b a n k i n g l e g i s l a t i o n n o t to b e presented to 

C o n g r e s s p r i o r t o M a rch 1 , t o permit a c t io n on 

e x t e n s i o n o f 

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T h om a s, M r. G o l d e n w e i s e r t o a n a ly z e , in conj 

u n c t i o n w i t h b i l l H .R . 

m o n e t a r y p o l i c y 

5010 t o e s t a b lis h 

Mr. G o l d e n w e i s e r t o d r a f t s t a t e m e n t o f p r i n c i p l e s a p p lic a b le 

t o l e g i s l a t i o n h a v i n g , 

t o c o n s i d e r J u l y 15 

a s o b j e c t i v e , sna Board 

Draft o f s t a t e m e n t , p l a c e d o n d o c k e t f o r c o n s id e r a t io n J u ly 

20 and t o b e c a r e f u l l y s t u d i e d b y Board msnbers 

i n m e a n tim e 

R evised s t a te m e n t p r e s e n t e d , M r. D a v is , w ith M r. G oldenw 

e i s e r a n d M r. T h u r s t o n , t o p r e p a r e fu r t h e r re 

R evision 

v i s i o n 

f u r t h e r d i s c u s s e d a n d a d d i t i o n a l ch an ges to 

m ade 

Reply t o S e n a t o r S m it h , i n c l u d i n g s t a te m e n t , which had been 

s u b m it t e d t o M r. Upham and A s s i s t a n t S e c r e ta r y 

o f T r e a s u r y T a y l o r , a p p r o v e d , n o t t o b e r ^ 

t o p r e s s u n l e s s S e n a t o r S m ith r e l e a s e s o r 

p o r t e r s l e a m o f t r a n s a i s s i o n 

sta tem en t a t su g- 

Change m ade i n n e x t t o l a s t p a r a g r a p h o f 

g e s t i o n o f C h a in n a n E c c l e s n n b iish ed 

'Hate laws r e l a t i n g t o r e s e r v e s , c o m p i l a t i o n t o be 

i n F R B u l l e t i n Statute giTiRK 

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o f F R B a n k s b y S t a t e a n d p o l i t i c a l R a y d e n 

p r i e t a r y o p e r a t i o n s , 

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-momas b i l l (S . i S ^ ' i - o r r e p o rt on , s u g g e s t io n o f Mr. Davis 

f H o a r d e n d e a v o r t o a g r e e o n g e n e r a l p r i n - 

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t o ^ r d c u r r e n c y o r p r i c e s t a b i l i z a - 

G o ld e n w e ie e r t o d r a f t f o r c o n s id e r a - 

^ o n ' a t a m e e t i n g o n J u l y 1 5 

+ d c l e c e d o n d o c k e t f o r J u l y 20 

s ta te m e n t Pres

Report o f M r. Ransom r e amendment t o S e c 

3°"° i n t r o d u c e d b y S e n a t o r H e r r ? ' ; ^ 

f o r , and p l a c i n g r e s p o n s i b i l i t y 

^ g t funds: 

Louisiana, 

t r a t i o n on B oa rd , no s e r io u s c o n l i d e ^ " ^ ' 

n o a c t i o n r e q u ir e d - i t e r a t i o n o f , 

do n o t have t o b e d e p o site d in o t h e r banks in 

o r d e r t o com p ly w ith c o n d itio n s o f 

p e n d in g p a s s a g e o f. a u th o rizin g L ou isia n a b ^ t ; 

t o p le d g e s e c u r i t i e s t o c a r r y r e f e r ^ ^ I 

R a p id e s Bank and T r u s t Company end la k e Chari 

e s 

Bank and T r u s t Company ^ 

Southern A r iz o n a Bank and T r u s t C o ., T u cson , A r iz . Board 

ca n n o t d a f e r l o n g e r in a n t ic ip a t io n o f . member- 

s h ip r e q u ir e m e n ts m ust b e met 

U, S. W arehousing A c t , f i e l d w a re h o u sin g , l e t t e r t o Mr. Yohe re 

p r o p o s e d p u b l i c a t i o n r e g a r d in g , su ggestin g 

ch a n ges 

ewitt, A. F . , co m p la in t a g a in s t b r o k e r a g e fir m f o r s e l l i n g s e cu rit 

i e s d e p o s i t e d a s c o l l a t e r a l d is c o v e r e d to be 

n o t r e g i s t e r e d on n a t io n a l s e c u r i t i e s exchange 

nker, Ma-: (S e e Wm. L in k e r C o ., P h il a d e lp h ia , P a .) 

quor, bonded w areh ou se r e c e i p t s , a c c e p t a b i l i t y and c o l l a t e r a l and 

e l i g i b i l i t y f o r r e d is c o u n t , r e p ly t o Mr. 

W atson r e 

st o f Stocks R e g is t e r e d o n N a tio n a l S e c u r i t i e s Exchanges, p rin tin g 

o f , memo o f Mr- P a r r y recomm ending, and l e t t e r 

t o FRBanks r e d i s t r i b u t i o n , approved 

ste, nonmanber banks f i l i n g agreem en ts on form s T -1 , T -2 , a d v ice 

t o FRBanks t o b e made by m a il in fu tu re rath er 

th an b y w ir e 

aa values, s to c k o f new company when n o t g iv e n , f o r p u rp oses o f 

R e g u la tio n T , may b e a cce p te d in m a r g i n accoun ts 

even i f u n r e g is t e r e d , when r e g is t e r e d i t ^ 1 1 

h a ve u s u a l lo a n v a lu e o f r e g is t e r e d s e c u r ity 

an s: 

A g ricu ltu ra l, Form 1 0 5 - f t o b e d i s t r i b u t e d by FRBanks in addit 

i o n t o r e g u la r c o n d it io n re p o rt so as * 66 

amounts o f , owned b y member banks in next cai , 

l e t t e r t o FRBanks re 

bonded w arehouse l i q u o r r e c e i p t s , r e p ly to ^ ^ s ta tin g 

e l i g i b i l i t y a s c o l l a t e r a l ^ 

th a t B oard may n o t e x p r e s s any o p in i 

t i o n o f q u a l i t y as in e q u a l v a l u e 

a sh le r's ch eck s a s c o l l a t e r a l f o r , r e in v e s c o l l a t e r a l , 

o f s t o c k s t o b e s u b s t it u t io n Of c o lls ^ ^ 

q u e s t io n r a i s e d by Mr- G a r r e t t o f N or. 

Company o f C h icago 

(See a ls o C a s h ie r 's checks) 



7 /1 3 952 

1 0 /23 1433 

9/27 1333 

2/11 273 

6/25 887 

5 / 1 635 

2 / 6 246 

2/25 350 

10/28 1461 

1 2 / 2 1536 

1 / 2 1 1 3 ? 

9 / 3 1S2S

L o a n s : w e e K l y r e p o r t i n g S ta te "P h o n a l 

C la s s if ic a t io n j ^ 

C l a s s i f i c a t i o n i^ 

^ iv and c a l l r e p o r t s o f m em ber b a n k s , u n i- ^ 3 

^ f ^ c e d p o r t io n o f d o e s n o t r e p r e s e n t a n „ _ 5 ^ 

O o n s ti^ ctio "- a s a in s t w hich i t i s n e c e s s a r y t o m aintain 

r e s e r v e s , p r o v i d e d c o n d i t i o n r e p o r t shov,a as 

a s s e t s o n l y t h o s e p o r t i o n s w h ic h h a v e b een a c 

t u a l l y a d v a n ce d , M a n u fa c t u r e r s N a t i o n a l Bank, 

D e t r o i t , M ic h ig a n , r e p l y t o C o m p t r o l l e r o f Cur- 

q u e s t io n s a s t o e x t e n t o f d e p o s i t s o f c u s to m e r s o f ^ 

Demanc . , q com m ercia l banks p r e s e n t e d t o F e d e r a l A d v is o r y 

C o u n cil and l i k e l i h o o d o f i n c r e a s e i n , and from 

what s o u r c e 2/ ^ 

R e p o rts o f C ouncilm an r e s i t u a t i o n in r e s p e c t i v e d i s t r i c t s ^ 

D r a fts f o r p u rch a s e o f c o m m o d it ie s , w h ich a r e n o t p a y a b l e imm 

e d ia t e ly u p on p r e s e n t a t i o n , r e p l y t o D eputy 

C o m p t r o lle r t h a t t h e y s h o u ld b e r e g a r d e d a s 

l o a n s and n o t a s ca sh i t e m s i n p r o c e s s o f c o l 

l e c t i o n in r e p o r t s and r e s e r v e c o m p u t a t io n s 1 /2 7 ^ 

Examiner f o r FRBank o f San F r a n c i s c o , r e p l y t h a t t h e r e i s no 

l e g a l o b j e c t i o n t o M r. A r m s t r o n g s e c u r i n g from 

O c c id e n t a l L i f e I n s u r a n c e C o . a n d t h a t d i r e c 

t o r s s h o u ld d e c i d e an y o t h e r q u e s t i o n s r e 4 /3 0 630 

E x ce ss, o f S t a t e member b a n k s , S t a t e Bank o f W i l b u r , W a s h ., i n 

v estm en t i n C i t y o f Tacom a W a te r R e v e n u e bonds 

c l a s s i f i e d b y S t a t e e x a m in e r a s e x c e s s l o a n , 

may c o n t in u e t o b e h e l d w i t h o u t c o n t r a v e n t i o n 

o f la w 5 /1 3 705 

E x e c u tiv e o f f i c e r s : 

Amoun. up t o $

(Continued) 

ament s e e m 

^ % aar r v a lluu e , q u e s t io n p i e c e d on d o c k e t b y C h a l ^ . ^ 

t o a d v i s a b i l i t y o f FRBanks e s t s b ^ " ^ ^ ^ 

m ous o p i n i o n tth h a t any ^nv suHh . is h m g , n n en ib 

e i n a d v i s a b l e un cement ?^3uld 

Discussion o f FRBank r a t e s in connection with ^ ^ 

s L t e d " ^ ^ 

M O o b j e c t i o n t o C h a i r m a n i n f o r m a l l y a s c e n t s ^ . . .. ^ ^ ^ 

o f i X B s m s a n d s u g g e s t i n g they o o n a t f a d ^ t ^ 

a b i l i t y o f le n d i n g a t p a r d v is - 

R eserves a g a in s t d e p o s i t s s e c u r in g lo a n s o f r u l in c ^ 

F R B ^ l l ^ i n ^ " * ^ p u b lish e d in 

I n d i v i d u a l s , p a r t n e r s h i p s and c o r p o r a t i o n s : ^ 

Tioga M i l l s , r e p l y t o M r. P a lm er th a t B oard has no su ggestion 

a s t o f i n a n c i n g a t lo w e r c o s t , however temporary 

fu n d s m ig h t b e a v a i l a b l e from FRBank o f New 

Y o r k 1 2 / 1 1 1650 

Industrial a d v a n ce s : 

A c t i v i t i e s o f F R B a n k s , t o a n p lo y m e m b e r o f s t a f f to study 1 0 / 2 2 1 4 2 9 

A g r e e m e n t b e tw e e n F R B a n k s and T r e a s u r y , Board w i l l con fer 

w it h co m m itte e o f P r e s i d e n t s ' C on feren ce re in 

v e s tm e n t o f fu n d s r e c e i v e d under S e c. 13b 2 / 2 225 

A p p l i c a t i o n s , FRBanks r e q u e s t e d b y B oard t o g iv e sym pathetic 

c o n s i d e r a t i o n t o , s in c e RFC no lo n g e r gran ts 10/29 1473 

Arrangement b y w h ich fu n d s a r e made a v a i la b le f o r , and f o r 

com m itm en ts, stu d y b e in g made o f 12/21 1699 

A u th o rity o f FRBanks t o make t o e s t a b lis h e d in d u s t r ie s f o r 

w o r k in g c a p i t a l p u rp oses FRBanks asked to co 

o p e r a t e and t o com m unicate w ith RFC f o r purpose 

o f m aking 

Earnings fro m , and amount t o b e p a id t o T reasury 

Flooded a r e a s , l e t t e r s t o FRBanks o f C levelan d and S t. 

L o u is r e o f f e r i n g e v e r y p o s s i b l e a s s is ta n c e 

and s u g g e s t in g lo w r a t e s on 

O p eration s o f FRBanks a s t o , r e p l y to q u e stio n n a ire o. . 

D ek k er, i n c l o s i n g sta tem en ts as t o a c v e n c ^ 

com m itm ents b y d i s t r i c t s - . n i v t o 

P a l a c e C r e d i t C lo t h in g Company o f P i t t s b u r g h , ^ f 

Congressm an E l l e n b o g e n r e r e a s o n s ° ^ 

C le v e la n d f o r r e f u s in g to grant a p p lic a tio n 

R e s tr ic tio n a s c o n d i t i o n o f membership cancel ^ Board 

&oall h ou se i n d u s t r y , r e p l y t o Mr. Radfor ^ ^ to 

h a s taken t o b r in g ^ i l i t i e s o f S e c . ^ ^ 



10/2S 1421 

12/21 1697 

a t t e n t i o n o f banks and a p p lica tio n 

i^ in g M in in g Company, G reat ? a l l s , working capital, 

n o t f o r p u rp o s e s ^ p r ° ^ ^ ^ M in neapolis, 1524 

h e n ce n o t a p p r o v e d bj. 

r e p l y t o S e n a to r IV&ee e r 

2/17 

316 

10/23 1461 

7/14 

5/18 

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724 

151

, (C on tin u ed ) m an ber b a n k s , m ^norandum b a s e d on 

L oans- ch a rg ed by ^^^d b y FR Banks o n F o n a F .R . 

i n t e r e s t r* in form a tion - p p l i ^ ^ ^ 

2 4 9 , sen t t o 3/ ^ 

L im itation o f 1°%= l i s t i t on s t o c k o r b o n d s e c u r i t y and 

cu stom er p a r t y b o r r o w in g o n s a o u r i t i e s o f o u s - 

^ ^ * ^ t o FRBank o f D a l l a s r e a p p l i c a b i l i t y o f . ^ 

s e c . 5S00, r e p -^ y ^ ^ c u s to m e r o f n a t i o n a l b a n k o n s e c u r it y 

f- tim e c e r t i f i c a t e ! a/^, 

^ f ^ l l a t e r a l , r e p l y t o M r. D i l l i s t i n t h a t s u r - 

S to ck o r o ^ g a g , n ( m ) o f F R A ct d o e s not 

i n c l u d e u n d iv i v id i d e d p r o ^f i 

t s a n d c o n t i n g e n t r e - 

s e r v e s , F i f t h A ven u e Bank o f New Y o r k m ust r e 

d u ce l o a n s 3/12 -M* 

M a n u f a c t u r e r s N a t io n a l Bank, D e t r o i t , M i c h i g a n , c o n s t r u c t i o n 

l o a n s , u n ad van ced p o r t i o n o f d o e s n o t r e p r e s e n t 

a l i a b i l i t y a g a i n s t iA±Lich i t i s n e c e s s a r y to 

m a in t a in r e s e r v e s , p r o v i d e d c o n d i t i o n r e p o r t 

shows a s a s s e t 3 o n l y t h o s e p o r t i o n s w h ic h have 

b e e n a c t u a l l y a d v a n c e d , r e p l y t o C o m p t r o l l e r 

o f C u rre n cy 10/23 1434 

M erch a n d ise Bank and T r u s t C o . , C h ic a g o , 1 1 1 . , l o a n t o 10% l im it 

t o trustom er and l o a n t o a n o t h e r o n c o l l a t e r a l 

o f f i r s t c u s to m e r 2/18 3& 

Refund o f p o r t i o n o f i n t e r e s t p a i d on m o r t g a g e l o a n , l e t t e r 

from J . R. S te p h e n s o n e x p r e s s i n g d e s i r e t o secu 

r e from F i r s t N a t i o n a l B an k i n S t . L o u i s , 

s ta te m e n t from b ank r e q u e s t e d 3/15 405 

R eply t 3 Mr. S te p h e n s o n t h a t t h e r e i s n o r e g u l a t i o n o r law 

f o r b i d d i n g r e f u n d b u t t h a t m a t t e r i s w it h o u t 

j u r i s d i c t i o n o f B o a r d 3/29 47* 

^ c e d r -t i- 3 3 : (S e e Bank l o a n s on s e c u r i t i e s ) 

o f , w h ich s t o c k w as r e g i s t e r e d a t t im e lo a n was 

nas s i n c e b e co m e u n r e g i s t e r e d , n o t 

t o R e g u l a t i o n U , r e p l y t o M r . C le r k , 

T ra n sam erica S e r ^ ^ ^ F r a n c i s c o 13/18 lW 

311 

Y o k a h s n t a S p e c i e B a n k L t d " ^ b ^ ° r ' °f p r o p o s e d 

N a t iin o i ^ G u a r a n ty T r u s t Com pany and Chase 

g o l d 

L oose l e a f s e r v i c e o f 

r

Hial, MR*' (S e e C om m ittees, S en a te R a ilr o a d i 

OhristiaD C ., E d i t o r o f T r u s t Companies ^ ^ ^ ^ S e t i o n ) 

^ ' c o n t r i b u t i o n s f o r p u b lic a t io n h 

B oard 

l e t t e r 

^^smingyg Qf 

a lso P u b l i c a t i o n s , T r u s t com p an ies) 

Open M a rk et^ C oM n lttee co a t t o be absorbed by 

V isito rs. Board t o assum e c o a t o f lu n ch e o n s o f 

C o u n c i l . P r e s i d e n t s ' C o n f e r e n c e 

Open M a r k e t C o m m i t t e e m s n b e i - s f e d e r a l 

ling equipm ent, p u r c h a s e a u t h o r iz e d b y B oard 

augment o f S t a te member b a n k s: 

Liberty Bank o f B u f f a l o , B u f f a l o , New Y ork , a b i l i t y o f Thomas 

R. Dwyer t o s e r v e in e x e c u t iv e c a p a c ity 

Union Bank and T r u s t Company, Kokomo, I n d ia n a , a d v is a b ili t y o f 

e n g a g in g o f f i c e r t o s tre n g th e n 

ners, T. S . , M a n s f i e ld , O h io , in v e stm e n t o f bank funds r e s t s 

p r i m a r i l y w ith bank d i r e c t o r s and i s not changed 

b y C o m p t r o l l e r 's r e g u la t io n as to r a t in g manu 

a l s , r e p l y t o 

ual o f I n s t r u c t i o n s G o v e r n in g t h e P r e p a r a t io n o f E arnings and 

E xp en se R e p o rt s * * * * b y FRBanks, r e v is e d pages 

f o r m anual se n t FRBanks 

u fa ctu rers' C a s u a lty I n s u r a n c e C o ., P h ila d e lp h ia , P a ., l e t t e r 

a d v i s i n g t h a t i f p ro p o s e d in s u ra n ce i s w ritten 

on B o a r d 's a u t o m o b ile s , company must agree not 

t o d e fe n d any cla im b e ca u se Board i s immune as 

G overnm ent a g e n c y and r e q u e s tin g w r itte n conf 

i r m a t i o n o f B o a r d 's in t e r p r e t a t i o n o f p o lic y 

P in Board Room, i n c r e a s e i n c o n t r a c t p r i c e t o Ezra W inter f o r 

p a i n t i n g 

'gin accou n ts: 

R e stricte d , p u b l i c a t i o n o f s t a t i s t i c s r e f l e c t i n g s ta tu s o f , 

c o m p ile d b y S e c u r i t i e s and Exchange Commission 

Rules, q u e s tio n o f a l l o w i n g S to c k Exchange to ad op t, in stea d 

o f am ending R e g u la tio n T 

i*gin requ irem en ts; 

Change su g g e s te d b y M r. Gay b e c a u s e o f p r e s s u r e on the ' 

a c t i o n n o t deemed n e c e s s a r y at the P ^ s e n t time, 

B oard p r e p a r e d to ta k e a c t io n when nece ^ 

Combining o f c e r t a i n a c c o u n t s c a r r i e d b y same p erson in to 

- s i n g l e a c c o u n t ^ . f . 

C °-M .ditK ,s, r e p ly t o M r. K e ll o g g th a t but 

f e e t d i r e c t l y p u r c h a s in g end c a i ^ ^ 

t h a t B oard r e g a r d s com m odity p ri^ 



in d e x 

9/ 1 

9/10 

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6/ 3 

9/13 

9/16 

13/10 

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8/11 

3/31 

8/19 

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9 / 7 

8 /1 6 

1214 

1249 

1294 

775 

1257 

1285 

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1631 

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490 

1163 

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M argin r e ^ u i r ^ e n t s : t o R e g u l a t i o n s T and U r a i s i n g 

L o a n v a l u e s o f ^° ° *' t i s f y b a n k ' s r e q u i r e m e n t s o n l y , c e r t l f i a g 

M a r g i n d e p o s i t s ^ ^ ^ e r v e f o r s h o r t p e r i o d o f t i m e , 

i ^ r t o M r. G id n e y , t T ! B a n k o f New Y o r k 

+ Ian f o r s a l e o f s e c u r i t i e s , r e g u l a r m a rg in s 

P a r t i a l payment ^ ^ M . g , p e r t i n e n t p r o v i s i o n s o f R e g u la t io n 

T t o be c l a r i f i e d u p o n r e v i s i o n 

i+ iin r lo w e r m a r g in s w i t h a n o t h e r who i n tu rn 

P u r c h a s e r depos ^ n a t u r a l c o u r s e o f b u s i n e s s w it h b rok er 

i s in c o n f l i c t w it h R e g u l a t i o n T , r e p l y t o Mr. 

M a r t in , r e l e t t e r o f M r. D u b in s k y 

R eduction u n d e r R e g u la tio n T and U d i s c u s s e d , a c t i o n d e fe r r e d 

A m e n d m e n t t o b e p r e s e n t e d t o B o a r d 

S t u d y t o b e c o n t i n u e d 

R e d u ctio n and e s ta b lis h m e n t on s h o r t s a l e s , e n t r y f o r p o l i c y 

r e c o r d a p p r o v e d 

Sh ort s a l e s : 

Amendment t o R e g u l a t i o n T r e g u l a t i n g 

B rok er may ask cu s to m e r t o p r o v i d e n o m a t t e r i f s a l e was 

made p r i o r t o N o v . 1 

M argin al c o l l a t e r a l and c r e d i t e x te n d e d o n s e c u r i t y o f o b l i g a t i o n s 

o f U n ite d S t a t e s , t o b e c o v e r e d i n R e g u la t io n 

A 

M arine M id lan d G roup, I n c . , B u f f a l o , New Y o r k , r e p l y o f B oa rd on 

in v e s t m e n t s o f s n a i l a m o u n ts o f t r u s t fu n d s in 

p o o l s o f m o r t g a g e b o n d s o r o t h e r s e c u r i t i e s 

Market f o r s e c u r i t i e s , co m p la in t o f C hairm an o f M i c h i g a n P u b l i c 

U t i l i t i e s C om m ission o n i l l i q u i d c o n d i t i o n o f 

M aryland: 

P le d g e o f c o l l a t e r a l f o r t r u s t f u n d s , d e c i s i o n o f C o u r t o f 

A p p e a ls th a t s t a t u t o r y p r e f e r e n c e f o r t r u s t 

fu n i s a p p l i g s o n l y t o fu n d s h e l d u n d e r c o u r t app 

o in tm e n t, w it h d r a w a l o f w a i v e r o f c o n d i t i o n 

o f m sn b e rsh ip r e q u i r i n g p l e d g e , b a n k s a u t h o r it y 

^ t o make p l e d g e d o u b t f u l 

o_ Ransom t h a t c o n s i d e r a t i o n s h o u ld b e g iv e n 

proOj.em p r e s e n t e d w h e re b a n k s a r e n o t p e r m itt e d 

M a ssach u setts c o o p e r a t i v ^ h a S ^ h ' "P P i-o v e d 

w-i+in ' s h a r e s s h o u ld b e c o n s i d e r e d s t o c k 

Mayer, M eyer. A u s t r i ^ ^ p ^ ^ R e l a t i o n U 

^ + ^ e m p l o y m e n t b y F R B a n k o f C h i c a g o , 

^ i o ^ * ^ " ^ 3 ^ - t o c o n t e s t i l l e g a l 

1 9 3 6 ^ a s s e s s m e n t o n F R B a n k b u i l d i n g f o r ^ 

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f i l i a t e ^ ^ S7 e" n a t e , l i s t o° i f h o l d i n g company c o m p ly a:T' 

r e s o u r c e s o f num ber and a g g reg a te 

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Senator C h a rle s L . , i n t e r e s t payment on denand 

' ^ o u b l i c fu n d s . a tiesnand d e p o s it 

p u b l i c n m d s, r e p l y to Senator G l a ^ 

o f , and o f M r. K e h r li and r e s o l u M ^ 

banks* 

o f O regon C i t i e s s u g g e s t in g amendc;ect' 

s e c u r i t y h o l d i n g s , in fo r m a t io n r e , t o 

i n s u r v e y o f r e s e r v e p o s i t i o n s In 

r e 

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c l a s s i f i c a t i o n o f ^ t t e r t o FRBank o f A tla n ta th a t l i s t 

n e e d n o t b e su b m itte d each year 

in qu iries on r i g h t s o f n o t t o be answ ered u n le s s r e c e iv e d from 

m anber b a n k s o r t h e i r l e g a l r e p re se n ta tiv e 

Operating r a t i o s , J . H. H o r b e t t t o work w ith committee to p rep 

a r e u m f o i m s c h e d u le o f operating ratio s o f 

member ban k s 

P rofits d e r iv e d from s a l e o f Governm ent and o t h e r s e c u r it ie s 

d u r in g 1 9 3 6 , r e p l y t o in q u ir y o f R ep resen ta tiv e 

Patman 

R eply t o i n q u i r y o f C ongressm an Patman re 

R e f u n d o f u n earn ed i n t e r e s t o r d is c o u n t on n o te p a id p r io r to 

m a t u r it y , no s t a t u t e p r e v e n t in g , r e p ly to Mr. 

L in k e r 

Reserve r e q u ir e m e n ts : 

In cre a s e : 

D e c is io n a s t o a c t i o n r e f u r t h e r in c r e a s e should be 

ta k e n s o o n , S e c r e t a r y o f T rea su ry d e s iro u s o f 

a c t i o n b y F e b . 1 b e ca u s e o f March 15 Treasury 

f i n a n c i n g , t o be d is c u s s e d w ith Mr. Golden- 



w e ie e r and s t a f f on Jan . 19 

S ta tem en ts b y M e s s r s . G o ld e n w e is e r , C u r r ie , Gardner, 

G a r f i e l d and L o n g s t r e e t r e c e r t a in a sp ects o f 

m onetajry and eco n o m ic s it u a t io n 

S ta tem en ts o f M e s s r s . Thomas, P i s e r and Edmiston, d is 

c u s s i o n , f u r t h e r m e e tin g t o be h eld tomorrow 

A n a ly B is o f s i t u a t i o n b y M e s s rs . G old en w eiser and 

W illia m s a t m e e tin g w ith P residen ts, opinions 

c o i n c i d i n g t h a t a c t i o n sh ou ld be taken fo r 

C o n fe re n c e o f C hainnan E c c le s and Mr. Go cecwe ^ 

S e c r e t a r y o f T re a s u ry and members o f ^ 

o u t l i n i n g s i t u a t i o n w ith r e s p e c t to e i e e .s 

s e r v e s , p o s i t i o n o f S e c r e ta r y 

P r e s id e n t o f t h e U n ite d S t a t e s g ^ . r v Morgenthau, 

E c c l e s r e c a l l o n , ?^th ^ 1m r,n Board 

i n d i c a t i o n th a t 

and t h a t h e w ou ld o f f e r no o b je c t io n 

cre a se l

^ ^ ^ i J c r e a s e ; h a l f °f i n c r e a s e e f f e c t i v e a t o n e 

P r o c e d u r e o ^ ^ ^ ^ e r d a t e , su g g e st 

ed by Chairtnan E c c l e s , w as d i s c u s s e d n i t h Mr. 

J c K e e , w ould e n a b le o r d e r l y a d ju s t m e n t o f market 

a.^T -etarv o f T re a su ry h a s n o o b j e c t i o n t o p r o p o s e d p r o - 

S e e r e t a r 3 ^ ^ ^ m ak in g e f f e c t i v e and M r. B u r g e s s in 

a c c o r d , p r o p o s e d p r e s s s t a t ^ n e n t , c o n s i d e r a t i o n 

R e s o lu t io n m akin g i n c r e a s e e f f e c t i v e and s u p p ls n e n t to 

R e g u l a t i o n D a d o p t e d , M r. M cK ee v o t i n g " n o " , 

p r e s s s ta te m e n t i n r e v i s e d fo r m a p p r o v e d 

S .R . 73 r e q u e s t in g s ta te m e n t o f r e a s o n s u n d e r l y i n g 

B o a r d 's a c t i o n o f J a n . m a k in g e f f e c t i v e , 

M e s s r s . T h u r s t o n and G o l d e n w e i s e r t o p r e p a r e 

d r a f t o f r e p l y 

R ea son s, sta te m e n t o f , r e q u e s t e d b y S . R . 7 8 , fo rm o f 

r e p l y p r e s e n t e d , c h a n g e s m ade and a u t h o r i z e d to 

b e sen t t o P r e s i d e n t o f t h e S e n a t e , M r. Mc&ee 

n o t v o t i n g , t o b e r e l e a s e d t o p r e s s a f t e r form al 

p r e s e n t a t i o n 

Supplem ent t o R e g u la t i o n D r e , s t a t e m e n t c o n c e r n i n g 

a d o p t io n t o b e p u b l i s h e d i n F R B u l l e t i n 

S u rvey o f r e s e r v e p o s i t i o n s o f m em ber b a n k s s u g g e s t e d 

b y C hairm en i n c o n n e c t i o n w i t h i n c r e a s e t o take 

e f f e c t May 1 , i n f o n n a t i o n t o b e r e q u e s t e d t o 

i n c l u d e G overnm ent s e c u r i t y h o l d i n g s 

recom m endation o f F e d e r a l A d v i s o r y C o u n c i l t b a t n o change 

b e made a t t h i s t im e , n o o b j e c t i o n t o B oard 

m aking re co m m e n d a tio n p u b l i c 

R e se rv e s, a u t h o r i z a t i o n s t o c a r r y r e d u c e d , con tin u ed 

s e r v i c e s t o . b y F R S y s t e m , i n c r e a s e i n v a l u e o r s c o p e o f , sug 

g e s t e d t o p i c f o r d i s c u s s i o n a t m e e t i n g o f 

F e d e r a l A d v i s o r y C o u n c i l 

T r u s t ' H d l ^ ^ a d d i t i o n a l t im e t o c o n s i d e r 

ir u s t fu n d s, in v e stm e n t in s h a r e s o f F e d e r a l s a v i n g s and loa n 

r e p l y t o F i r s t F e d e r a l S a v in g s 

Mtsnberabip in FRSystem- a s s o c i a t i o n o f B u r l i n g t o n , N . C. 

Am erican Ban* and T ru st 

in a h li * ' F l a . , a p p l i c a t i o n t o be hel

,ship i " (C o n tin u e d ) Pages 

" * # e r i" < a S ta te Bank G rea t B end. K a n s ., a p p l i e s 

^ and ll ea t t e r tt o FRBank BRBank o f f K a cs .= p^ Pr oP v^ e d 

t i o n r e e llim i m iin n a t iio o n o f l o ^ s s. eH s a n d , 

o f e f f e c t i n g c o r r e c t i o n s in 

° ° ^ ' 

^,eri=a^ S ta te Bank, M ilw a u k ee. W i e . , in s u ra n ce d 

d itio n p roh ibitin g o ^ e ra ^ n 

o f g e n e r a l p o l i c y R e e l e d aa part 

2 / a 

ZSQ 

A p p lica tion s: 

C ooperation w ith FDIC i n c o n n e c t io n w ith aon iir;,+ t 

1 / g 

SO 

b o t h in s u r e d and u n in su re d 

FRBanks r e oanKs, l e t t e r to 

C on sid eration b y B o a rd , t o b e aent by FRBanks b u f 

t o a p p l e t b . n T b y ^ 

FRBanks, c i r c u l a r l e t t e r t o be prepared n . / 

R ecom m endation t h a t l e t t e r be n o t sen t f o r c e r ta in * 

r e a s o n s , a p p ro v e d 

Loans t o i n a c t i v e o f f i c e r s , r e q u e s t th a t p r o v is io n s o f 

FRAct and R e g u la tio n 0 be changed thus allow in g 

b o r r o w in g on same b a s i s as d ir e c t o r s th ereby ' 

e n c o u r a g in g m em bersh ip , r e p l y th a t Board would 

n o t b e j u s t i f i e d 12/30 1 7 5 8 

P roced u re f o r p r e s e n t i n g t o b e d is c u s s e d at P r e s id e n t s ' 

C o n fe r e n c e 12/23 1724 

Arkansas T ru st C o ., H ot S p r in g s N a tio n a l P ark , A r k ., a p p lic a tio n 

a p p r o v e d and l e t t e r t o FRBank o f S t . L ou is that 

c e r t a i n s t o c k s s h o u ld b e d is p o s e d o f , and re 

sh ow in g o f in s u r a n c e , t i t l e and r e a l e sta te 

d ep a rtm en t l i a b i l i t i e s in c o n d it io n r e p o r ts 2 / 5 234 

R e c o n s id e r a t io n r e q u e s t e d o f c o n d it io n r e q u ir in g elim in a tion 

o f r e n t a l and t i t l e a b s t r a c t departm ents, Board 

n o t w i l l i n g t o w a iv e , tim e f o r com p letion o f 

m em bership ex te n d e d 

Atoka S ta te Bank, A to k a , O k la ., a p p l i c a t i o n approved and l e t t e r 

t o IRBank o f D a lla s r e re a so n s f o r not p r e s c r ib 

i n g s p e c i a l c o n d i t i o n s 

Auburn s t a t e Bank, A uburn, I n d ia n a , a p p lic a t io n approved su b ject 

t o c e r t a i n ch a rg e o f f s and d is p o s a l o : loan s ê- ^ 1 4 3 0 

cu r e d b y own s t o c k ^ 

Bank o f C anton, G a ., s t o c k o f Canton C otton M i l l s h e ld , con 1 

t i o n r e q u i r i n g d is p o s a l ca n ce le d w ith 

s t a n d in g B oard i s n ot r e c e d in g from poc^ 4 / 2 6 605 

t h a t such s t o c k i s not s u it a b le bank 

Raiik o f Commerce, O a k la n d , C a l i f , , a p p lic a t io n approved s J 

a t o c e r t a i n g e n e r a l c o n d it io n s .=,hiect to 

Baa* o f G reat N eck , New Y ork , a p p l i c a t i o n approved su oje ^ 6 ^ 4 

R. , c e r t a i n c o n d i t i o n s l e t t e r to 

"a* o f K a u k a u n a , W i s . , a p p l i c a t i o n a p p r o v e c a l l e d t o 

FRBank o f C h ica g o , ^ n g s a ca 

c c o u n ts w h ich do n o t q u a l i f y as savin g ^ 5 5 3 



cou n t s

H ^ b s r s h lp in b u s in e a a p o l i c y o f p i ^ g 

Banks doing l i t t l e c . ^ ^ a t i o n t o a p p l i c a t i o n s o&, n o t 

r -raoly t o FRBank o f C h ic a g o 

d ^ s t ' c o . . Bay c i t y , T e x a s , t e le g r a m t o iRBank ^ 

Bey C ity Bank ^ a p p r o v in g a p p l i c a t i o n , a d v i s i n g th a t 

b-=-nk w i l l b e r e q u ir e d t o o b t a i n B o a r d ' s a p p r o v a l 

t o e x e r c i s e c e r t a i n p o w e r s a n d r e q u e s t i n g o r 

g a n i z a t i o n d o c u m e n t s 

n M o n t . , a p p l i c a t i o n a p p r o v e d a n d l e t t e r 

B alt V a lle y v R B a n k o f M i n n e a p o l i s t h a t h o l d i n g s o f i n 

v e s t m e n t s e c u r i t i e s i n e x c e s s o f 1 0 % a t t i m e o f 

a d m iss io n n eed n o t b e r e d u c e d 

B errien Springs S t a t e Bank, B e r r ie n S p r i n g s M i c h i g a n , a p p l i c a - 

n e r . i e n ^ ^ approved s u b j e c t t o c e r t a i n c o n d i t i o n s 

Branch o f f i c e s , l i m i t e d p o w e rs , r u l i n g o f B o a rd r e a d m is s io n 

3/ ^ 

l o ^ 

370 

1410 

o f S t a t e banks m a in t a i n in g , i n S t a t e s p r o h i b i t 

in g bran ch b a n k in g 

B rig h to n S ta te Bank, B r ig h t o n , C o l o . , r e p l y t o M r. H a m ilto n re 

d e te r m in in g p o p u l a t i o n o f B r i g h t o n a s b a s is 

3/gg 

45? 

f o r c a p i t a l re q u ir e m e n t f o r e l i g i b i l i t y , sugg 

e s t i o n o f a d v ic e o f i n q u i r y t o FDIC 

R ep ly t o FRBank o f K ansas C it y a c c e p t i n g e s t im a t e l e s s 

than 3000, b u t s t a t i n g q u e s t i o n r e a d e q u a cy 

4/ 9 ^ 

o f c a p i t a l 6/ 3 772 

A p p lic a t io n a p p rov ed and c r i t i c i z e d p r a c t i c e s t o b e c o r r e c t e d 9 / 7 1237 

Broward Bank and T ru st C o ., F o r t L a u d e r d a le , F l a . , a p p l i c a t i o n 

a p p rov ed and l e t t e r t o FRBank o f A t l a n t a r e 

e m is s io n o f c o n d i t i o n r e q u i r i n g e l i m i n a t i o n o f 

e s tim a te d l o s s e s 

a^laway Bank, F u lto n , M o ., a p p l i c a t i o n a p p r o v e d and l e t t e r to 

2/16 306 

FRBank o f S t . L o u is r e e x c e s s l o a n s , w r i t i n g 

up o f b o n d s , s t o c k s e c u r i t y l o a n t o A . G. Edwards 

and Sons w h ich may b e v i o l a t i o n o f la w 3/27 467 

Canaseraga S ta te Bank, C a n a sera g a , N. Y . , a p p l i c a t i o n a p p roved 

*^RQ l e t t e r to FRBank o f New Y o r k , S t a t e a u th o r - ^ . 

Caoac S ta t* a p p ro v e d r e t i r e m e n t o f d e b e n tu r e s 

ngs Bank, C ap ac, M i c h . , a p p l i c a t i o n a p p ro v e d and 

l e t t e r t o FRBank o f C h ic a g o , b o n d s t o b e w r itte n 

t o c a l l p r i c e , n o c o p y o f r e o r g a n i z a t i o n 

l/22 ^ 

C a p ita l r e q u i r ^ r ^ ! ' ^ ^ ^ ^ ^ 4/21 

BoHT-d a g r e e d t o e x t e n d a u t h o r i t y o f 

a ls o tn h w it h in c e r t a i n l i m i t s , t o a p p ly 

A f f i r m * b ra n ch e s l / 7 



r s P l y t o FRBank o f D a lla s in 

R anis c o n t e m p la t e d a p p l i c a t i o n o f 

sh o u ld b^ ^ E n n is , T e x a s r e e v id e n c e which ^ 

R eply t o P r e s i d ^ t ^ r t ^ 

B r ig h to n Col n ^ d e t e im in in g p o p u l a t i o n o f 

B r i g h t o n 's t a t e Bank w ith i n q u i r y o , ^

m FR5 ystetQ: ( C o n t in u e d ) Pages 

11 County T r u s t Com pany o f C a r r o l l t o n Mn 

p r o v e d a n d l e t t e r t o FRBani o f S t ^ T upb 

r i n g i n g o p e r a t i o n s o f t r u s t d a n s ^ T " ^ " ^ 

c o n f o r m i t y w it h r e c o g n i z e d p rln cl^ T ^" 

^ .t e r -S c h r o o n -H o r ic o n B an k , C h e s t e r t o w n , N y ^/16 4 1 ^- 

0 " " " ^ a p p r o v e d , l e t t e r t o r e 

p r e s c r i b i n g s p e c i a l c o n d i t i o n s n e e " " 

c o m p e te n t in v e s t m e n t c o u n s e l ^ ^ e a s ity f o r 

Extension o f tim e f o r a c c o m p lis h m e n t o f 5 / 4 6 3 9 

Citizens Bank, 1 ^ . , a p p l i c a t i o n ap p roved and l e t t e r ^ ^ 

t o ^T^Bank o f C h ic a g o r e b a s i s f o r i s s u e r s 

FRBank s t o c k and r e q u ir e m e n ts o f c o n d i t i o , r e - 

p o r t s 

Citizens M utual T r u s t C o . . W h e e lin g , W. V a . , c o n d it io n oro 

h i b i t i n g o p e r a t i o n o f in s u r a n c e department 

c a n c e l e d as p a r t o f gen era l p o lic y ^ 

Citizens State Bank o f C h o t e a u , M ontana, a p p lic a tio n approved 

s u b j e c t t o c e r t a i n c o n d i t i o n s 1 1 / 1 ? 1 ^4 - 

Citizens S ta te B an k , C o lu m b ia C i t y , I n d . , a p p lica tio n approved 

and l e t t e r t o FRBank o f C h i c a g o r e im proper 

c l a s s i f i c a t i o n o f s a v in g s a cco u D ts, ex cess 

l o a n s and p r e s c r i p t i o n o f c o n d it io n r e q u ir in g 

p l e d g e o f a s s e t s f o r t r u s t f u n d s a n d w aiver o f 

same 8 / 5 1106 

Citizens S t a t e B an k, H o u s t o n , T e x a s , a p p l i c a t i o n a p p r o v e d 12/27 1732 

City B a n k and T r u s t Company o f M o b e r ly , M o . , a p p l i c a t i o n app 

r o v e d 7 / 9 941 

C l a r k s t o n S t a t e B an k, C l a r k s t o n , M i c h . , a p p l i c a t i o n approved, 

c a p i t a l r a t i o b e lo w s ta n d a r d , s a v i n g s accou n ts 

i m p r o p e r l y c l a s s i f i e d 

C o l u m b i a n a S a v in g s B an k, C o lu m b ia n a , A l a . , i n s u r a n c e departm ent, 

c o n d i t i o n p r o h i b i t i n g o p e r a t io n , ca n ce le d as ^ 

p a r t o f g e n e r a l p o l i c y " 

Commerce U n i o n B a n k , N a s h v i l l e , T enn. , a p p lic a t io n approved and 

l e t t e r t o FRBank o f A t la n t a r e i m p r o p e r c l a s s i 

f i c a t i o n o f a c c o u n t s , lo a n s in s u ffic ie n t ly 

m a r g in e d , connnent r e s u p e r v is io n c f operating 7/29 1060 

. d e t a i l s and a c c o u n t i n g s y s ta a 

^ fm e rcia l Benk, C h i l t o n , W is c o n s in , a p p l i c a t i o n a p p r o v e an 

. c o r r e c t i o n s t o b e made in 

Comaunty S t a t e B ank, G r a n d v i l l e , M i c h ., a p p lic a t io n app 

e f f e c t i v e u p on a u t h o r i z a t i o n t o - .^ ^ d 

n e s s , P r e s i d e n t S c h a l l e r shoul a sc 

a p i t a l h a s b e e n p a id i n an a^ 3/ 3 



i ^ o l v e d 

^ ____________ connnittee o f Orosse_ 

-eptance b y r e s o l u t i o n o f e x e c u t iv e committ ^^Qîng on 

P o i n t e Bank s a t i sai'M f a cntorv t o r y i f llega-L^j e g a l l y ^ 2/17 

bank 

313

S n d it io n s = ^ . n t i n u e d ) ^ ^ ^ ^ ^ r i n g B o a r d 's a p p r o v a l , a u th o r- 

A pp roval o f ^ p r e v i o u s l y g i v e n F R A g en ts f o r , g ra n te d 

^ d e n t s and p o w e r m ay b e d e l e g a t e d 

i ^ l t u r a l Bank and T r u s t C o . . P a r i s , K y . , w a iv er 

B ourbon-A gric-^ p ^ ^ n o f c o n d i t i o n r e q u i r i n g a n n u a l ch arge 



o f f on b a n k i n g h o u s e 

^ b e n e f i c i a l i n t e r e s t , r e t i r e m e n t b y U n i o n 

C e r t i f i e s e c o m p a n y o f M a r y la n d : ( S e e S t a t e m e m b e r 

b a n k s ) 

i n d u s t r i a l o r s n a il l o a n s , r e s t r i c t i o n c a n c e l l e d 

Tpsurance d e p a rtm e n ts, r e c o m m e n d a t i o n o f D i v i s i o n o f E x a m i 

n a t io n s t h a t B oard n o l o n g e r p r o h i b i t , o p p o s in g 

recom m en d ation o f C o u n s e l , f o r m e r a p p r o v e d 

L e t t e r o f a d v ic e t o F R B a n k s , c a n c e l a t i o n o f c o n d i t i o n 

w h e r e a p p l i c a b l e , b a n k w h i c h w i t h d r e w o n a c c o u n t 

o f c o n d i t i o n t o b e a d v i s e d o f a c t i o n 

P e o p le s T r u s t C o . , M a r t i n s b u r g , W . V a . , q u e s t i o n o f c a n c e l a 

t i o n o f N o . 7 r e q u i r i n g m a i n t e n a n c e o f u n e a r n e d 

i n t e r e s t a c c o u n t , B o a r d w i l l c o n s i d e r F R B a n k ' s 

r e c o m m e n d a t i o n 

P le d g e o f c o l l a t e r a l f o r t r u s t f u n d s : 

C o n n e c t ic u t, c o n f e r e n c e p r o p o s e d f o r d i s c u s s i o n o f 

p ro b le m s in v o l v e d 

M arylan d , d e c i s i o n o f C o u rt o f A p p e a l s t h a t s t a t u t o r y 

p r e f e r e n c e f o r t r u s t f u n d s a p p l i e s o n l y t o 

fu n d s h e ld u n d e r c o u r t a p p o i n t m e n t , w ith d ra w a l 

o f w a iv e r o f c o n d i t i o n r e q u i r i n g p l e d g e , a u 

t h o r i t y t o p le d g e d o u b t f u l 

F e e lin g o f M r. Ransom t h a t p o s i t i o n i s c o r r e c t b u t 

th a t B oard s h o u ld g i v e c o n s i d e r a t i o n t o p ro b la n 

p r e s e n t e d w h ere b a n k s a r e n o t p e r m i t t e d t o make 

p le d g e , l e t t e r a p p r o v e d 

R eiver t o e x te n t in s u r e d , m t m o o f M r . W i n g f i e l d t h a t 

^ i v i ^ i o D o f A . B . A . a n d C o m p t r o l l e r a r e o p - 

a c t i o n ^ a m e n d m e n t t o b e e . l l ( k ) r e , n o 

B o a r d n o t ^ i i i n * t o * ^ f ^ T r u s t C o . n o t t o e n g a g e i n 

r e c n e - t ^ v ^ c o n d i t i o n p r o h i b i t i n g , a s 

S t o c k o f L o r m o h t S a v i n - K a n s a s T r u s t C o . 

b y P e o p l e s - P i ^ t f * * ^ C° *' p r o p o s e d a c q u i s i t i o n 

T h i c h l a t t ^ i C o . f r o m t r u s t o f 

t i o n o f arJ b e n e f i c i a r y , w i l l n o t b e v i o l a 

t i o n Bank, E a t o n , C o l o r e d c o n d i t i o n 

^ P r a c t i c e s ^ P P ^ i c a t i o n a p p r o v e d v/ith c e r t a i n 

B c o r a e S a v i n g s B a i ^ . , ^ c o r r e c t e d 

l e t t e r a p p l i c a t i o n a p p r o v e d a n d 

P r o h i b i t i n g ? i C h i c a g o r e r e a s o n f o r n o t 

b o u s e , a n d r i n i n v e s t m e n t i n b a n k i n g 

c o u n t s ^ ^ P r o p e r l y c l a s s i f i e d s a v i n g s a c -

m FRSystem: (C o n t in u e d ) 

E n n is S t a t e B ank, r e p l y t o FP^n P P^^cation o f 

t r u s t b u s in e s s ov.rvî ^ , cago th a t 

t h e r e i , 

any a d d i t i o n a l pow ers would re q u ire B oa rd 's 

a p p r o v a l ^ 

s t a t e Bank E n n is T e x a s c o n t e m p l a t e d a p p l i c a t i o n , re p ly 

2/ 4 

t a FRBank o f D a l l a s r e a f f i d a v i t s es to populat 

i o n and a s t o e v id e n c e t o s u p p o r t than 

Fanners a n d M e r c h a n ts S t a t e B a n k o f D a r l i n g t o n , In d . b u i l d i c ? 

and l o a n a s s o c i a t i o n , FRBank o f C hicago authori 

z e d t o g r a n t i n d e f i n i t e e x te n s io n o f tim e f o r 

c o m p lia n c e w it h c o n d i t i o n r e q u ir in g removal 

1 /2 6 

from b a n k in g q u a r t e r s . 

Fanners S ta te Bank o f M o n ta g u e , M ic h ig a n , a p p lic a t io n approved 1 2 / 3 

Fanners S ta te B ank, W a l l a c e , N e b r ., a p p l i c a t i o n n ot subm itted to 

B o a r d , p o l i c y i n v o l v e d 1 1 / 4 

FRBank o f K a n s a s C i t y n o t f a v o r a b l e t o a p p lic a t io n because 

o f l o c a t i o n in o v e r —banked commun i t y 1 1 / 4 

A p p lic a t io n f o r m em b ersh ip w o u ld b e approved by Board on 

b a s i s o f a d d i t i o n a l in fo r m a t io n and stand o f 

FD IC, w it h u l t i m a t e g o a l as c o n s o lid a t io n , i f 

recom m ended b y FRBank o f K ansas C it y 12/23 

features r e f e r r e d t o b y T e m p le to n S a v in g s Bank, T an p leton , 

I o w a , a s u n f a i r , r e p l y r e l e g a l c a p it a l re 

q u ir e m e n ts f o r b ra n ch e s ta b lis h m e n t, b a s is o f 

i n c r e a s e i n r e s e r v e re q u ire m e n ts and e f f e c t , 

s u g g e s t e d t h a t bank d o e s n ot a v a il i t s e l f o f 

f a c i l i t i e s f o r c l e a r i n g and c o l l e c t i o n , copy 

o f r e p l y f u r n is h e d FRBank o f C hicago ^ 

"^rst Bank and T r u s t C o . , Ottumwa, Io w a , r e p ly to S en ator Herr 

i n g t h a t d i f f i c u l t y bank i s having in o b ta in in g 

w h ich r e t a i n i n g b r a n c h e s i s becau se o l la ck o- 7 / 1 $ 

c a p i t a l r e q u ir e d b y la w 

rst Rank and T r u s t Company, P e r th Amboy, N. J - , aPP-*-*^ ^ 

a p p r o v e d s u b je c t t o c e r t a in conditions e e c ^ ^ 

u p on a u t h o r i z a t i o n o f S ta te Banking ^ 

U r s t-C e n tr a l T r u s t Co. , A k ron , O h io , sm all lo a n aepartênt. 

p e n n is s io n g r a n t e d t o e s t a b l i s h , u n cer ^ ^ 

' ^ s t N a tio n a l B a ^ T o f 'x e t c h i k a n , A la s k a , a p p lic a t io n 

and l e t t e r t o FRBank o f San F r a n c is c o , " ° 3 / 3 9 

d it io n s p re s crib e d 



184 

230 

184 

240 

1615 

1494 

1495 

1724 

1082 

988 

1355 

242

F H Systsa: (C o n t in u e d ) 

' c o n t i n u e d ) ^ q ^ ^ i n g B o a r d 's a p p r o v a l , a u th o r . 

A p p ro v a l o f t^ a n p r e v i o u s l y g i v e n F R A g e n ts f o r , g r a n te d 

n a t i o n p r e d e l e g a t e d 

and T r u s t C o . , P a r i s . K y . , 

B ourbon-A gricuJ-û c o n d i t i o n r e q u i r i n g a n n u a l ch arge 

o f f on b a n k in g h o u se 

b e n e f i c i a l i n t e r e s t , r e t i r e m e n t b y U n ion 

C e r t i f i c a t e s ^ ^ ^ com pany o f M a r y la n d : ( S e e S t a t e member 

b a n k s ) , - -, 

irtnn s r e s t r i c t i o n c a n c e l l e d 

d e p a r tm e n ts , r e c o m m e n d a tio n o f D i v i s i o n o f F ia m i- 

I n s u -s n t h a t B o a rd n o l o n g e r p r o h i b i t , o p p o s in g 

recom m en d a tion o f C o u n s e l , f o r m e r a p p r o v e d 

L e t t e r o f a d v i c e t o F R B anks, c a n c e l a t i o n o f c o n d i t i o n 

w h ere a p p l i c a b l e , b a n k w h ic h w it h d r e w on accou n t 

o f c o n d i t i o n t o b e a d v i s e d o f a c t i o n 

P e o p le s T r u s t C o ., M a r t in s b u r g , W. V a . , q u e s t i o n o f c a n c e la 

t i o n o f N o. 7 r e q u i r i n g m a in t e n a n c e o f u n earn ed 

i n t e r e s t a c c o u n t , B o a r d w i l l c o n s i d e r FR B ank's 

recom m en d a tion 

P le d g e o f c o l l a t e r a l f o r t r u s t f u n d s : 

C o n n e c t ic u t , c o n f e r e n c e p r o p o s e d f o r d i s c u s s i o n o f 

p r o b le m s i n v o l v e d 

M a ry la n d , d e c i s i o n o f C o u rt o f A p p e a l s t h a t s t a t u t o r y 

p r e f e r e n c e f o r t r u s t f u n d s a p p l i e s o n l y t o 

fu n d s h e l d u n d e r c o u r t a p p o i n t m e n t , w ith d ra w a l 

o f w a iv e r o f c o n d i t i o n r e q u i r i n g p l e d g e , aut 

h o r i t y t o p l e d g e d o u b t f u l 

F e e l i n g o f M r. Ransom t h a t p o s i t i o n i s c o r r e c t but 

t h a t B oard s h o u ld g i v e c o n s i d e r a t i o n t o p roblem 

p r e s e n t e d w h ere b a n k s a r e n o t p e n o i t t e d t o make 

P l& dge, l e t t e r a p p r o v e d 

A a iv e r t o e i t e n t i n s u r e d , memo o f M r . W i n g f i e l d t h a t 

j.ru^t L i v i s i o B o f A .B .A . a n d C o m p t r o l l e r a r e op - 

a c t i o n ^ ° ' am endm ent t o & e c . 11 (k ) r e , no 

B o a r d ^ n o t ^ i i i ^ T r u s t C o . n o t t o e n g a g e in 

r e c u e < t -d ^ v-'sd-ve c o n d i t i o n p r o h i b i t i n g , as 

S tock o f Loim ont S a ^ K a n s a s T r u s t C o. 

b v P a o r a T r u s t C o . , p r o p o s e d a c q u i s i t i o n 

* X i = n s + r ^ f ° ^ i - g h T m s t C o . f r o n t r u s t o f 

t i o n o f on ^ ^ b e n e f i c i a r y , w i l l n o t b e v i o l a - 

* * to n Ban*, E aton" ^ o lo r a d ^ 

p . ^ ^ p r a c t i c e ^ c a t i o n a p p r o v e d w it h c e r t a in 

^ o r s e S a v i n s Bank, E co r ^ c o r r e c t e d 

l e t t e r ^ P P ^ i c a t i o n a p p r o v e d and 

P r o h i b i t i n g ^ C h ic a g o r e r e a s o n f o r not 

h o u s e , ana r i n i n v e s t m e n t in ban kin g 

cou n ta ^ ^ p r o p e r l y c l a s s i f i e d s a v in g s a c- 



p o p u l a t i o n o f E n n is . T e x a s , a f f i d a v i t B 

* i n c o n n e c t i o n w it h c o n t e m p l a t e ^ " . f ^ ^ t t e d 

E n n ie S t a t e B ank, r e p l y t o F R b a n k ^ o f^ -^ ^ "" 

r e e v i d e n c e t h a t s h o u ld b e s u h d t t . ^ t " ^ s 

p o r t t o sup. 

raunty S t a t e B an k, H a r b o r S p r i n g s , M ich , a ^ n 

9% ^ p r o v e d a n d l e t t e r t o FRBank o f ' c h i c a e o ^ ° t 

t r u s t b u s i n e s s s h o u ld n o t b e a c c e p t ^ u S " , 

d e p a rtm e n t and th a t e x e r c is e o f 

a n y a d d i t i o n a l p o w e r s w ou ld r e q u ir e B o a ^ r ! 

a p p r o v a l 

^ e s t a t e Bank, E n n is , T e x a s , c o n te m p la te d a p p lic a t io n , re p ly 

t o FRBanK o f D a l l a s r e a f f i d a v i t s as to D o t J v 

t i o n and a s t o e v id e n c e t o su p p ort than 

Fencers and M e r c h a n ts S t a t e Bank o f D a r l i n g t o n , I n d . , b u ild in g 

and l o a n a s s o c i a t i o n , F R B a n k o f C hicago authori 

z e d t o g r a n t i n d e f i n i t e e x te n s io n o f tim e f o r 

c o m p lia n c e w it h c o n d i t i o n r e q u ir in g removal 

fro m b a n k in g q u a r t e r s 

Fanners S ta te Bank o f M o n ta g u e , M i c h i g a n , a p p l i c a t i o n approved 

Farmers S ta te Bank, W a l l a c e , N e b r ., a p p l i c a t i o n n ot subm itted to 

B o a r d , p o l i c y i n v o l v e d 

FRBank o f K a n s a s C i t y n o t f a v o r a b l e t o a p p lic a t io n because 

o f l o c a t i o n i n o v e r -b a n k e d community 

A p p lic a tio n f o r m e m b e rs h ip w o u ld b e ap p roved by Board on 

b a s i s o f a d d i t i o n a l in fo r m a t io n and stand o f 

FD IC , w i t h u l t i m a t e g o a l a s c o n s o lid a t io n , i f 

recom m en d ed b y FRBank o f K ansas C ity 

Features r e f e r r e d t o b y T e m p le to n S a v in g s Bank, Tem pleton, 

I o w a , a s u n f a i r , r e p l y r e l e g a l c a p it a l req 

u ir e m e n t s f o r b r a n c h e s ta b lis h m e n t, b a s is cl 

i n c r e a s e i n r e s e r v e r e q u ir e m e n ts and e f f e c t , 

s u g g e s t e d t h a t bank d o e s n o t a v a il i t s e l i o f 

f a c i l i t i e s f o r c l e a r i n g and c o l l e c t i o n , copy 

o f r e p l y f u r n i s h e d FRBank o f C hicago 

îret Rank and T r u s t C o . , O ttum w a, Io w a , r e p l y t o ^ 7 

r i n g t h a t d i f f i c u l t y bank i s h avin g in 

w h ich r e t a i n i n g b r a n c h e s i s b eca u se o - 

^ c a p i t a l r e q u i r e d b y la w ^ n ^ t i o n 

K rst Bank and T r u s t Com pany, P e r t h A n b oy . N . ^ e f f e c t i v e 

a p p r o v e d s u b j e c t t o c e r t a i n ° ° ° commissioner 

ht. + u P °n a u t h o r i z a t i o n o f S t a t e Bank ^ 

' ^ -C e n tra l T r u s t C o . , A k r o n , O h io , sm all lo a n ^ con d i- 

p e m i s s i o n g r a n t e d t o e s t a b l i s h , under 

' ^ R a t i o n a l Bank o f K e t c h ik a n , A la s k a , a p l ^ ^ ^ o no^con- 

and l e t t e r t o FRBank o f San F r a n c i s c o , 



d i t io n s p r e s c r ib e d 

1 /2 6 i&4 

2 / 4 230 

1 /2 8 164 

2 / 6 240 

1 2 / 3 1615 

1 1 / 4 1494 

1 1 / 4 1495 

1 2 /23 1724 

7/31 1082 

7 /1 6 988 

1 0 / 1 1355 

g / 6 242

. /c o n t i n u e d ) 

^ ^ b e r s b i P in FR Systâ- ^ ^ O w e n s b o r o , K y . , a p p l i c a t i o n 

F irs t-O w e n e b o ro and l e t t e r t o *RBank o f S t . L o u i s , 

^ t i o n o f u n d e s i r a b l e a s s e t s and p r o p e r 

°r . ; - r ' y . r ° " - " 7/a 

a p p l i c a t i o n a p p r c T e d . c o n a i- 

F i r s t s t a t e B a n k , R u ^ , ^ ^ 6 p l e d g e o f c o l l a t e r a l f o r t r u s t 

fu n d s p r e s c r i b e d b u t c o m p l i a n c e w a i v e d , c r i t i 

c is m s o f t r u s t d e p a r t m e n t g. 

+ . Bank o f V a l p a r a i s o , I n d . , i n s u r a n c e d e p a r t m e n t , mas- 

F i r s t S t a t e B c o n d i t i o n p r o h i b i t i n g o p e r a t i o n c a n c e le d 

a s p a r t o f g e n e r a l p o l i c y ^ ^ 

t S a T in cs Bank o f R i v e r d a l e , 1 1 1 . , a p p l i c a t i o n ap- 

F ir s t Tt^st and Savings ^ ^ carryin g 

s e c u r i t i e s in e x c e s s o f c a l l p r i c e and s a l e o f 

r e a l e s t a t e m o r t g a g e s 3/ ^ 

F orn ey S t a t e Bank o f F o m e y , T e x a s , f o r f e i t u r e , n o t t o b e r e 

q u ir e d and o r d e r d i r e c t i n g , r e s c i n d e d g/H 

F o rt Lupton S t a t e Bank, F o r t L u p t o n , C o l o . , r e p l y t o M r. H am ilt 

o n o n i n q u i r y m ade b y , a d v i c e t o FDIC s u g g e s te d 4 / $ 

E l i g i b i l i t y , r e p l y t o FUBank o f K a n s a s C i t y r e e f f e c t o f 

S t a t e la w r e q u i r i n g m a in t e n a n c e o f c a p i t a l 

s t r u c t u r e a t a r a t i o o f o n e t o t e n o f d e p o s i t s 6/ 3 

F u lton S t a t e Bank, F u lt o n , S . D a k ., a p p l i c a t i o n a p p r o v e d 1/28 

Green Lake S t a t e Bank, G reen L a k e , W i s . , a p p l i c a t i o n a p p ro v e d 

and l e t t e r t o FRBank o f C h i c a g o r e 4/15 

Girosse P o in t e Bank, G r o s s e P o i n t e , M i c h . , a p p l i c a t i o n a p p rov ed 

and l e t t e r t o FTtBank o f C h ic a g o t h a t c a p i t a l r e 

a d ju s tm e n ts s h o u ld b e c o m p l e t e d b e f o r e a d m iss io n 2/ 2 

R esolution o f e x e c u t i v e c o m m it te e a c c e p t i n g c o n d i t i o n s 

^ s a t i s f a c t o r y i f l e g a l l y b i n d i n g u p o n bank 2/17 

- t a t e Benk, H axtun, C o l o r a d o , a p p l i c a t i o n a p p r o v e d s u b je c t 

^ t o c e r t a i n c o n d i t i o n s 9 /2 1 

Bank j f ôu th M ilw a u k e e , W i s . , i n s u r a n c e d ep a rtm en t, 

^3nî.Lion p r o h i b i t i n g o p e r a t i o n c a n c e l e d a s part 

o f g e n e r a l p o l i c y l / 6 



C o ., U nion C i t y , N. J . , r e p l y t o FRBank o f New York 

a p p r o v in g c o n t in u a n c e o f h o l d i n g a p p l i c a t i o n in 

P e n d in g c o m p o s u r e o f d i f f i c u l t i e s w ith ^ 

- tru

Bank and T r u s t C o . , L a k e C h a r le s , La 

approved ' application 

-= C o * , Mew Y o r k , N . Y . , e x t e n s io n o f tim e fr. 

Lawyer p l i a n c e w it h c o n d i t i o n r e q u ir in g 

own s t o c k h e l d a s c o l l a t e ^ 

t i o n a l g r a n t e d ' a d d i- 

County S a v in g s B an k, R ich m o n d , M i c h ., a p p lic a t io n . 

^ p r o v e d a n d c e r t a i n p r a c t i c e s t o he corrected 

Extension o f tim e l i m i t t o a c c o m p lis h m em bership 

Maui sti cue Bank o f M a n i s t i q u e M i c h . , B oard n o t w i l l i n g t o apa 

p p l i c a t i o n , s u g g e s t w ith d ra w a l, 

i e p o s s i b l e s o l u t i o n t o s i t u a t i o n ^ 

Merchants T ru st and S a v in g s Com pany, o f M u n cie, I n d . , in su rance 

d e p a r t m e n t , c o n d i t i o n p r o h i b i t i n g o p e r a tio n 

c a n c e l e d u p o n recom m en d a tion o f FRBank o f 

Chi c a g o 

General l e t t e r r e , a d v i s i n g o f g e n e r a l p o l i c y adopted 

M etropolitan T r u s t C o ., C h ic a g o , 1 1 1 . , r e p l y t o FRBank o f 

C h ic a g o t h a t B o a r d h a s n o t changed p o l i c y o f 

c o n s i d e r i n g a p p l i c a t i o n s o f i n s t i t u t i o n s doin g 

5 / 5 644 

3 / 4 367 

9 / 5 

1 0 / 5 

1224 

1367 

3/16 415 

1 / 6 

1 / 6 

n o co n E n e rcia l b u s i n e s s 8 /1 0 1122 

A p p lic a t io n a p p r o v e d 1 1 /2 5 1556 

Moaongahela T r u s t C o . , H o m e s te a d , P a . , e x t e n s io n o f tim e f o r 

a c c o m p lis h m e n t o f m em bersh ip 1 /2 8 183 

E rtension o f t im e f o r a c c o m p lis h m e n t o f m em bership 4/19 575 

Bank u n w i l l i n g t o a c c e p t c o n d i t i o n r e q u i r i n g d is p o s a l o f 

s t o c k o f H a ys N a t i o n a l Bank o f H ays, mano o f 

M r. M cK ee recom m en d in g m o d i f i c a t i o n t o perm it 

f i v e y e a r s f o r d i s p o s a l and e x te n s io n o f tim e 

f o r a c c o m p lis h m e n t o f m sn b e rs h ip , approved 6 /2 3 870 

Morris Plan Bank o f T o l e d o , O h io , a p p l i c a t i o n approved s u b je c t 

t o c e r t a i n g e n e r a l and s p e c i a l c o n d it io n s 10 1 3 

National S a v in g s and T r u s t Com pany, W a sh in gton , D. C. , a p p lic a 

t i o n a p p r o v e d and l e t t e r t o FRBank o f Richmond 

r e r e t i r e m e n t o f d e b e n t u r e s , w hich C om p troller 

i s n o t d i s p o s e d t o a u t h o r i z e at p re se n t 

^rvood-H yde P a rk Bank and T r u s t C o ., N orw ood, O h io , a p p lic a t io n 

a p p r o v e d and l e t t e r t o FRBank o f C lev ela n d ^ 

r e o r g a n i z a t i o n d ocu m en ts and bam: aut . 3 - ^ - ^ l / l l 63 

r e t a i n and o p e r a t e b r a n c h i n Hyde Par^ 

' "3Rd County S t a t e B ank, M i l f o r d , M ic h ig a n , a p p lic a t io n ep 

p r o v e d s u b j e c t t o h a v in g transferred c , - 3- 

s a v in g s a c c o u n t s , r e d u c in g b a la n c e .--t., 

m em ber bank and c o n f o r m it y w ith S e c t io n - 1 2 /18 1673 

Bank and S a v in g s 'c o m p a n y , F i n d l a y , O h io , a p p l i c a t i o n ^ - 



p r o v e d and l e t t e r t o FRBank o f f ^ ^ e s t i n g 

l o a n i n e x c e s s o f l e g a l l i m i t s and r e q u e s t ! ^ ^ ^ 

d o cu m e n ts o f o r g a n i z a t i o n 

20 

20

M ^ b e r s h ip A d a ^ O ^ * . ^ p l i c a t i o n a p p r o v e d and l e t t 

Oklahoma 

____ S ta te Ban^-y ^ r

T liist nad S a v in g s B ank, S e a t t l e , Wash 1 . 

' saatti m e n t, m e m b e rsh ip c o n d i t i o n p r o h ib ? ^ ? ^ " " ^ ^ ep artc 

a n c e l e d a s p a r t o f g e n e r a l p o U ^ "P era tion 

A r iz o n a BanK and T r u s t C o . , T u c s o n , A r iz ^ 1 / 6 91 

5C**b d e p a r t m e n t , m em b ersh ip co n ^ i< -!- * ' *Rsm*ance 

o p e r a t i o n c a n c e l e d a s p a r t o f ^ P ^ ° ^ b it in g 

^ and T ru st Bank, H ig h la n d , 1 1 1 . , a p p l i c a t i o n ^ ^ I"^ *= y 1 / 6 ?i 

State ana l e t t e r t o FRBank o f S t . L o u is ^ l a n d ^ 

p l l c a b i l i t y o f S e c 32 t o H r J t o r ° ^ " ^ " ' 

t r u s t fu n d s i n b a n k in g departm ent ^ ili^ n n + \ ° ^ 

p e i ^ i t t e d . r e q u e s t f o r c o p y o f a p p lic a t io n ^ 

o r g a n i z e '" n o n to 

b r a n c h a t M e c h a n i c v i l l e ap p roved " ^ 

C e r t i f i c a t i o n t o FDIC o f a d m is s io n 

State Bank o f D eK a lb , T e x a s , a p p l i c a t i o n a p p roved and l e t t e r to ^ 

FRBann o f D a l l a s re red u cin g balance with nonm 

em ber ban k t o r e q u ir e d li m i t , no copy o f cons 

o l i d a t i o n a g r e s n e n t 

State Bank o f V a ssa r, M i c h . , a p p lic a t io n approved 7/21 ioia 

Stockmens Bank, C a s c a d e , M o n ta n a , a p p lic a tio n approved su b je ct to 

h a v in g c h a r g e d o f f n e t d e p r e c ia t io n in s e c u r it ie s 

and o t h e r c o n d i t i o n s 11/16 1536 

Summit T ru st C o ., Sum m it, N. J . , c o n d i t i o n s , e x te n s io n o f time 

f o r d i s p o s a l o f s t o c k o f Summit T i t l e and 

M o r t g a g e G u a r a n ty C o. and t o a c t as tr u s te e o f 

m o r t g a g e p a r t i c i p a t i o n b on d s o f 5 / 5 645 

Tenafly T ru st C o ., T e n a f l y , N. J . , a p p l i c a t i o n approved and l e t 

t e r t o FRBank o f New Y ork r e n e c e s s it y f o r bank 

t o s e c u r e B o a r d 's p e n n i s s i o n t o e x e r c is e unusual 

p o w e r s 

1/28 182 

Irenton S ta te B ank, T r e n t o n , M i c h . , a p p l i c a t i o n approved and 

l e t t e r t o FRBank o f C h ic a g o r e lim it a t i o n s on 

b a l a n c e s c a r r i e d w ith nonm anber banks 

1/11 66 

Trust com panies: (S e e s u p r a B anks d o in g l i t t l e o r no commer 

c i a l b u s i n e s s ) 

inist Company o f New J e r s e y , J e r s e y C i t y , N. J . , a p p lic a t-o n 

h e l d i n a b e y a n c e u n t i l n e x t in 3 7 6 

w h ich S t a t e and FDIC exa m in ers w i l l p a r tic ip a t e 

m oalm nk and T r u s t C o . , C e d a r F a l l s , Io w a , a p p lic a t io n app 

r o v e d , l e t t e r t o FRBank o f C h icago re - P - 3 9 2 

Unjftn ti im p r o p e r l y c l a s s i f i e d a s sa v in g s 

^ Bank and T r u s t Company, K okom o, I n d ia n a , a p p lic a t io n ap ^ ^ 4 

Union n 1 p r o v e d s u b j e c t t o c e r t a i n c o n d it io n s ^ 

o f Commerce Company, C le v e la n d , ^ h io , app ^ ^ t y 

c e r t a i n s t a t e m e n t s and o p in io n s - 

o f p r o p o s e d p la n must be obtained before ap ^ ^ ^ 



p r o v a l o f

in FRSystem: ^ C le v e la n d , O h io : {C o n tin u e d ) 

Commerce ^ P ^ d f o r a d d i t i o n * ! f i n a n c i a l 

I n f o r m a t i o n . and l e g a l o p i n i o n s fr o m O h io S t a t e 

A p p li c a ti on 

S u p e r i n t e n d e n t ^ ^ b y O h io S ta te 

d ep artm en t t o com m ence b u s i n e s s , and 

^ j t c t to c e r t a i n c o n d i t i o n s o f B o a r d o f C o v - 

^ U n f L t i o n , c o n d i t i o n s o f m e m b e rs h ip , l e t t e r 

P lan f o r ^ F lem in g s t a t i n g why i t i s n o t n e c e s s a r y 

to amend t o p e r m it m i n o r i t y r e p r e s e n t a t i o n on 

b o a rd o f d i r e c t o r s o f U n io n P r o p e r t i e s , I n c . , 

r e p ly o f B oard t o b e s e n t a d v i s i n g o f c o n c u r 

re n c e 

U nion B rid ge B anking and T r u s t C o . , U n ion B r i d g e . M d ., q u e s t io n 

o f d i s p o s i t i o n o f s t o c k o f P e o p l e s Ban* o f 

L ib e r t y to w n , Md. , i n e v e n t o f a p p l i c a t i o n f o r 

m em bership, r e f e r e n c e t o p r o c e d u r e f o l l o w e d in 

c a s e o f Bank o f G la d e S p r i n g , V a. 

U nion T ru st Company o f M a ry la n d , B a l t i m o r e , Md. , c e r t i f i c a t e s 

o f b e n e f i c i a l i n t e r e s t , p u r c h a s e b y bank o r 

C it y C e r t i f i c a t e s C o r p o r a t i o n , o n a n y b u t p ro 

r a t a b a s i s i s v i o l a t i o n o f c o n d i t i o n o f 

Union T ru st C o ., S t . P e t e r s b u r g , F l a . , i n s u r a n c e d e p a rtm e n t, 

c o n d i t i o n p r o h i b i t i n g o p e r a t i o n c a n c e l e d as 

p a r t o f g e n e r a l p o l i c y 

West S id e T ru st C o ., Newark, N. J . , e x t e n s i o n o f t im e f o r fu r th e 

p e r io d f o r c o m p lia n c e w it h c o n d i t i o n r e q u i r i n g 

d is p o s a l o f own s t o c k h e l d 

W inters S ta te Bank, W in te r s , T e x a s , a p p l i c a t i o n a p p r o v e d 

Y a le S ta te Bank, Y a le , M i c h ., a p p l i c a t i o n a p p r o v e d and l e t t e r 

t o FRhank o f C h ic a g o r e c l a s s i f i c a t i o n o f 

^ n d e p o s i t s and weak d i r e c t o r a t e 

i ' E .: (S e e C om m ittees, N a t io n a l R e s o u r c e s ) 

M ichigan Bankers A s s o c ia t io n , a d d r e s s t o h e ^ d e b e f o r e l b y Mr. 

P ey ton 

K t ' " « f " r . T . M 

st-tr.vo ^ c o n d i t i o n o f m a r k e t f o r common 

C o n m i B s i o n ^ '* S e c u r i t i e s s a d E xch an ge 

* ° ? g r a t i t u d e due f o r s f - 

Mimeograph p a p er. c o n s t r i c t i o n o f new 

M in n ea p olis M olin a P ow er ^ P P l i e s ) 

^ it h stamped i n t i o r a ^ ° ^ ^ ^ ^ ^ p r e f e r r e d sto ck 

, on statu s* ^ r e q u e s t f o r o p in io n 

O p in ion o f S e c u r i t i e s ^ ^ R e g u la t io n T 



n o t becom e C om m ission t h a t s t o c k does 

^ n e r e n t s e c u r i t y 

11/ 4 

13/21 

5/21 

1701 

734 

5/14 712 

1 / 6 19 

1/18 

12/31 

1 / ? 

109 

1765 

41 

4/28 616 

9 / 9 12.48 

11/ i s 

1545 

9/1^ 1302 

9/24 1333

e p o r t s , r e p l y t o FRBank o f M in n e a p o lis 

* Gondii l e t t e r o f S t a t e Banking r ônnec- 

M in n e s o t a r e d u p l i c a t e p u b l i f „ n ^ ^P^rtment o f 

s t e p s t a k e n t o w a r d u n ifo r m form ^ ^ l i n i n g 

tntti L e ?e e B o a r d , m tm b e r s h ip i s p o l i t i c a l o f f i - . ^ 

gjgptssl^P n e c t i o n w it h a p p o in tm e n t o f Mr 

b y B o a rd aa d i r e c t o r o f M em phL B ra ^ h 

D o licy i (S e e C u r r e n c y , s t a b i l i z a t i o n ) 

e x c e s s r e s e r v e s , s t a t a n e n t o f Chaiim an E c c le - b.f-^ 

iimW" P r e s i d e n t s ' C onference th at th e ir influent-^ 

n o t b e i n g e x e r t e d , s u g g e s t io n th a t F R B ^ s 

t o p u r c h a s e T r e a s u r y b i l l s a t r a te s s l i ^ t l v 

h i g h e r th a n m a r k e t , g i v i n g l i q u i d i t y to b i l l s 

and b r i n g i n g i d l e fu n d s i n t o market 

Presidents d e s i r e m o re t im e t o c o n s i d e r , g r e a t e r l i q u i d i t y 

m ig h t b e a c h i e v e d b y iB s u e o f o n ly 90-day b i l l s 

d i s c u s s i o n o f e f f e c t , d e c i s i o n would be h e lp 

f u l t o T r e a s u r y i n d e te r m in in g i t s b i l l p o lic y 

w i t h i n n e x t tw o w eek s 

Moody and H u tch in son , m e c h a n ic a l e n g i n e e r s , f e e s approved f o r two 

i n s p e c t i o n t r i p s b y M r. Moody in con n ection with 

c o n s t r u c t i o n o f B o a r d 's new b u ild in g 

Moody's Analyses o f I n v e s t m e n t s , p u r c h a s e app roved 

Moore, Senator A. H a r r y , l e t t e r o n c a n d id a c y o f H erb ert McAdams, 

e m p lo y e e o f FRBank o f P h ila d e lp h ia , f o r p o s it 

i o n o f M a y o r o f t h e B orough o f Clanenton, N .I ., 

o p p o s e d 

Morris, Donald S . : ( S e e S t a t e m em ber b a n k s , F le t c h e r T ru st Company, 

I n d i a n a p o l i s , I n d ia n a ) 

Morris Plan banks, i n t e r l o c k i n g r e l a t i o n s w ith o t h e r tanKs as reg 

a r d s o f f i c e r s and d i r e c t o r s , and exten t to 

w h ic h f i e l d o f c o m p e t it io n i s b e in g ca r r ie d , 

l e t t e r t o b e s e n t FRBanks r e q u e s tin g survey be 

m ade t o d e t e r m in e e x t e n t o f , b e fo r e a ctio n ^ 

ta k e n t o amend R e g u la t io n L 

Letter p rep ared and s e n t 

^rtgageg. . . ^ 

First Trust and S a v in g s B ank, R i v e r d a l e , H I - , 

b e r s h i p p r o h i b i t i n g d e a l in g s in r e a l e . a - 

T m o r t g a g e s 

en d i t s 

^ e lf - d e a lin g b e tw e e n M e r c h a n ts Bank o f apt 

r u s t d e p a r tm e n t, same p r i n c i p where 

p l i e d a s t o an y o t h e r tra n sa ctio n s 

t r u s t in s tr u m e n t a u t h o n - e s o c ia l and 

T it le I I o f F e d e r a l H o u s in g A c t , econom y ^ r a l 



m o n e ta ry a d v a n ta g e s o f , ^ cotameDts 

Housing Administrator M c D o n a ld f o r 

o f Chairm an E c c l e s re 

Pages 

3/26 4 6 Q 

1/29 200 

6 / 6 801 

6/ 8 604 

7/21 1020 

10/15 1392 

8 /2 0 1168 

1 1 / 8 1516 

1 2 / 6 1628 

3/12 393 

3/17 424

^ n i-in u ed ) K v - , o b j e c t i o n b y B oard to 

M ortg a g ee: ^ ^ s e d ' r e f u n d i n g n o t e s , B oa rd cann ot 

^ i . v i l l e H r ^ 

e x p r e s s opi-u*^ 

J t o a p p l i c a b i l i t y o f S e c . s i 

2 1 (a) 

^ t v " t ^ 6 t e Of n a tio n a l ban^ at tim e o f 

Renewal $ ? ^ t i v e d ate o f l a t e s t r e v is io n o f B oa rd 's 

P o t i o n F . t° b e p u b l i s h e d i n B U B u l - 

S a l e o f o n e t o C o l l e g e 

o f W ooster by F i r s t - C e n t r a l T r u s t Co., 

r e p ly t o ^RBank o f C le v e la n d th a t 

l y t o .ritP&BMs. v - unat 

A k ron , ^ T r ir ^ a tio n o f m s n b e r s h ip c o n d it 

1 7 " w ou ld n o t b e v i o l a t i o n o f m e m b e rsh ip c o n d it io n 1 /2 9 

t y C o . , e x t e n s i o n o f tim e 

S u m m i t T i t l e T r u s t C o . , Sum m it, N . J . , t o 

a c t as t r u s t e e i n c o n n e c t i o n w it h m o r tg a g e p a rt 

i c i p a t i o n b o n d s o f 

^ , . ;

N a tio n a l Bank, N a s h v i l l e , T e n n ., Commerce U m o ^ 

^ t o d i s p o s e o f o w n e r s h ip o f s + r ^ Bank 

in t o branch convert 

.vport N a tio n a l B ank, B r o c k p o r t , N . Y . , a b s o r p tio n bv 1 0 6 0 

BfOcKP L m c o l n - A l l i a n c e Bank and T ru st Co c 

N. Y . , and o p e r a t i o n a s b ra n ch *' ^ s s ^ e r . 

Bank o f Hammond, I n d . , f i d u c i a r y now*,. i . ^ 331 

c a t i o n m ade b y C alum et S t a t e B a S o f 

on b e h a l f o f , a p p r o v e d upon conversion of 

l a t t e r i n t o 

-.n ajoh erie N a t io n a l B ank, C a n a jo h a r ie , N. Y . , f id u c ia r y ^ 

p o w e r s , c e r t i f i c a t e o f su rren d er 

central N a tio n a l B ank, C olu m b u s, N e b r . , tim e c e r t i f i c a t e s o^ ^ 

d e p o s i t m a t u r in g on d i f f e r e n t d a te s , r e p ly to 

M r. N o r t h t h a t t h e y may b e c o n s o lid a t e d in to 

o n e c e r t i f i c a t e and paym ent o f a ccru ed in t e r e s t 3 / 1 7 4-^3 

Chase N a tion a l Bank o f t h e C i t y o f N e w Y o r k , N. Y .: 

Branches: 

London: 

5 1 B e r k e le y S q u a r e , e s t a b l i s h m e n t o f branch aut 

h o r i z e d I / 2 7 172 

5 - 6 L om bard S t r e e t , r e m o v a l o f b r a n c h at 10 Moorg 

a t e t o , n o o b j e c t i o n 1/27 172 

Loan t o Yokahama S p e c i e B ank, L t d . , o n s e c u r it y o f Governm 

e n ts and g o l d , r e p o r t o n 8/27 1197 

Trust in v e s tm e n t c o m m it te e , p r o p o s a l f o r appointm ent o f 

a l t e r n a t e m em b ers, n o o b j e c t i o n , su g g estion 

o f e n la r g e m e n t o f c o m m i t t e e 7 1^ 

Citizens N a tio n a l Bank o f A l t o n , 1 1 1 - , f i d u c i a r y pow ers, surr 

e n d e r o f 2/25 347 

Citizens N a t i o n a l Bank o f B r a d f o r d , P a . , f i d u c i a r y a p p lic a tio n 

a p p r o v e d w it h w a rn in g a g a in s t t r u s t s o f Comm 

e r c i a l N a t i o n a l Bank and McKean County -rus+. ^ ^ ^ 

Co* 

Citizens N a tio n a l Bank i n G a s t o n ia , N . C. , a c t io n on application 

f o r f i d u c i a r y p o w e r s d e f e r r e d pen din g in c -^ r ) 

i n t o p r o p o s e d t r u s t o f f i c e r s g/ 2 3 1321 

Application a p p r o v e d *\.ii 

CHy National Bank o f S o u th B en d , I n d ia n a , a p p lica tion :or_ 

f i d u c i a r y p o w e r s , r e p l y o f Board th at a c t i o n ^ 

b e in g d e f e r r e d a w a it in g a d v ic e from o^P 12/18 1675 

C olonial-A m erican N a tio n a l^ B a n k , R oan ok e, V a ., in d ebted n ess o f 

M r. E l l i s , F i r s t N a t io n a l Exchange Bank o ^ _ 

R o a n o k e , V a. t o , m ust b e r e p o r t e d unde 1565 

Conditio t io n 22(g ) 3 

^ t i o n re p o rts : l / 3 * 

^*11 as o f D e c. 51 S - 

Call as o f M arch 31 



K e tio n a l banks: ^ ^ ^ ^ ^ n t i n u e d ) 

C o n d itio n r e p o r t s . ^ 

C a ll as o f r e p l y t o M r. O 'C o n n o r r e s u g g e s t e d , 3 3 3 

Form s, ' h s ^ s i * a t d e s i r a b i l i t y o f u n i f o r m i t y betw een 

S t a t e m e m b e r b a n k , n a t i o n a l bank and in s u r e d 

bank fo rm s 

. ^ T u cso n , A r iz o n a , 

i i .. . 

c a n c e l l a t i o n o f 

C o n . t s o lid e t e a Na rRBank o n l y p o s s i b l e t h r o u g h v o lu n t a r y 

liq u id a t io n o r r e c e iv e r s h ip 

+ „i N a t i o n a l Bank and T ru st Company. S a lt Lake C ity , 

C o n t i n e n t a l . ^ d e p o s its o f sa v in g s a cco u n t by S ta te memb 

e r bank in v i o l a t i o n o f r e g u la t io n s 

^ r^ r.n + nTi N a tio n a l Bank o f C h ic a g o , 1 1 1 . , r e s e r v e s , a u t h o r - 

Cosmopol ' iz e d t o c a r r y r e d u c e d , a p p l i c a t i o n p r e v i o u s l y 

a p p r o v e d b y M r. D a v is 

C rocker F ir s t N a tion a l Bank o f San r r a n c i s c o , C a l i f . , t r e n d s in 

t r u s t in v e s t m e n t s , r e p l y t o M r. L a w r e n c e t h a t 

B oard h a s no d a ta a v a i l a b l e r e g a r d i n g 

L a iia s N a tio n a l Bank, D a l l a s , T e x a s , f i d u c i a r y p o w e r a p p l i c a t i o n 

o f D a lla s Bank and T r u s t C o. a p p r o v e d i f and 

when c o n v e r t e d i n t o 

El P aso N a t io n a l Bank, H P a s o , T e x a s , e s c r o w f u n d s , r e p l y t o 

FRBank o f D a lla s r e q u e s t i o n o f w h e th e r such 

fu n d s a r e t r u s t fu n d s u n d e r R e g u l a t i o n F 

F id u c ia r y p o w e rs, form 61 c n e e d n o t b e s u b m it t e d i n c o n n e c t io n 

w ith a p p l i c a t i o n s in f u t u r e , a d v i c e t o FRBanks 

F ir s t N a tio n a l Bank, B u t t e , N e b ra s k a , paym ent o f i n t e r e s t on 

d e p o s i t s o f I n d i a n fu n d s 

F ir s t N a tio n a l Bank o f C a ld w e ll, I d a h o , f i d u c i a r y p o w e r s , a p p l i 

c a t i o n t o a c t a s t r u s t e e f o r b o n d h o l d e r s o f 

C axton P r i n t e r s , g r a n t e d i n s t a t e d e m erg en cy 

F ir s t N a tio n a l Bank, D a n v i l l e , 1 1 1 . , l o a n t o e x a m in e r E . M. 

J o s e p h , FRBank o f C h ic a g o , i s n o t v i o l a t i o n o f 

secon d p a ra g ra p h o f S e c . 2 2 ( a ) o f F R A ct, r e 

f e r r e d t o C o m p t r o lle r f o r d e t e n a i n a t i o n a s to 

p o s s i b l e v i o l a t i o n o f f i r s t p a r a g r a p h 

s e t t e r r e p o r t in g t o C o m p t r o lle r 

i r s t r a t i o n a l Bank in D o lt o n , 1 1 1 . , f i d u c i a r y p o w e r s , a p p l i c a 

t i o n t o a c t a s t r u s t e e i n l i q u i d a t i o n o f n a t io n a l 

ban ks, C o m p t r o lle r d o e s n o t f a v o r s u c h a g e n cy . 

F ir s t -t t o b e c o n s i d e r e d a s w ith d ra w n 

- r s t n a t io n a l Bank, E a g le P a s s , T e x a s , 10% l i m i t a t i o n on lo a n 

? ir e t N ational ^ 6 u l a * i ° " Q 

E ly , N e v ., f i d u c i a r y p o w e r a p p l i c a t i o n 

a p p roved 



- - - t . c r . 6 l o f R a le n to n , P a . , f i d u c i a r y p o w e r s , l e t t e r 

A p p lic a t io n 

miTH t C le v e la n d r e d e s i r e o f bank t o a d - 

bo ^ a c c o u n t s now on b o o k s , B oard woul^ 

pow ers 

ap p roved 

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H ig h la n d P a rk S t a t e Bank i n t o o f 

First N ation al Bank i n H u n t in g t o n , I n d ia n a f i d u c i a ^ 9 124^ 

p l i c a t i o n o f F i r s t S t a t e Bank ^ 

I n d ia n a a p p r o v e d i f and when b a n k l t ^ ^ ' 

in t o ^ i s converted 

pirst N a tion a l Bank, I t h a c a , N . Y . , d e p o s i t s , saviny^ ^ ^-^12 

B oard o f F i r e C o m m iss io n e rs R e M ^ . r 

c l a s s i f i e d a s , l e t t e r t o C o m p tM lle - ' 

First N a tion a l Bank o f K e n t , A a s h ., a s s e t s tak^n o v ^ ^ H / l l 1521 

N a tion a l a p p l i , . t l . , - 

n o c o n d i t i o n s p r e s c r i b e d " ' 

First N a tion a l B ack o f K in g s M o u n ta in , N. C ., fid u c ia r y power ^ 

a p p l i c a t i o n t o a c t a s t r u s t e e under m ortgage, 

q u e s t i o n o f p o l i c y r e e x e r c i s e where bank w ill 

n o t m e e t r e q u ir e m e n t s o f R e g u la tio n F, d isap 

p r o v e d , M e s s r s . McKee and D avis v o t in g "no" 7/20 1002 

L e tte r a d v i s i n g o f a c t i o n 7 / 3 0 1 0 7 2 

A p p lic a tio n a p p r o v e d t o a c t a s t r u s t e e in ca se c it e d 8 / 2 4 1186 

Hret N a tion a l Bank o f L a k e C i t y , F l a . , f i d u c i a r y pow ers, surr 

e n d e r o f 5/18 725 

First N a tio n a l Bank o f M e d ia , P a . : 

Loan to a s s i s t a n t e x a m in e r C h a r le s A . R obin son o f FRBank 

o f New Y o rk n o t v i o l a t i o n o f S e c. 22(a) o f 

FRAct ^ 

Trust fu n d s , r e p l y t o M r. Hartm an t h a t Board has ru led that 

r e q u ir e m e n t t h a t s e c u r i t i e s b e p led ged f o r those 

u s e d i n c o n d u c t o f b u s in e s s may n ot be waived 

t o e x t e n t s u c h fu n d s a r e in s u re d and o u t lin e o f 

c o n s i d e r a t i o n g iv e n q u e s t io n 

?st N a tion a l B ank, M ia m i, F l a . , f i d u c i a r y p ow ers, new perm i 

u n n e c e s s a r y b u t bank m ust d e p o s it s e c u n ^ 

p, ^ w ith S t a t e a u t h o r i t i e s t o e x e r c is e powers 

ret N a tion a l Bank o f M id d le b u r g h , New Y o r k , r e p ly 

o f M r. B l i s s t h a t M id d le b u rg h H oldin g co rp cr 

Mro+ M t i o n i s n o t h o l d i n g company a f f i l i a t e - 

H'Et N a t i o n B ank, N a s h v i l l e , I l f . , C o - i ^ ^ t i r e d r l - 

b e c o u n t e d a s p a r t o f member banks 3/ 1 ^55 

First M s e r v e s , r e p l y t o M r. H a rtn a g e l expense 

'- a t o n a l Bank i n O r a n g e b u r g , S . C ., r e p ly to 

o f p r i n t i n g c u s t o m e r s ' names " '^ d i r e c t 



M r. C l o v e r r e q u e s t io n ^ i y on , „ 

paym ent o f i n t e r e s t t h a t b o e r c w j 18 

b a n k 's g o o d f a i t h 

4 / 1 493

N a tio n a l ban ks: { ^ ^ f ' o w a t o n n e . M in n ., f i d u c i a r y pow ers, e e ^ 

f i r s t N a t io n a l f s u r r e n d e r 

^ P a i n t s v i l l e , ^ y . . f i d u c i a r y p o w a r a p p u _ 

F ir s t N a tio n a l B a n p r o v e d 

p .n d o rs O h io , i n t e r e s t on danand d ep osits 

N a t io n a l i n q u i r y o f M r . H a t f i e l d r e - 

^ ^ d ^ t o FTtcank o f C le v e la n d , B o a r d w ill n ot 

f b ^ c t t o p a ^ n t i f c o n t r a c t c a n n o t b e t e r - 

im inated w it h o u t l i a b i l i t y 

T ^ ^ r,f- P e r t h Am boy, N . J . , p u r c h a s e o f a s s e t s 

F i r s t N a t io n a l ^ Bank and T r u s t C om pany, P e r t h Amboy 

i o f P o r t l a n d , O r e g o n , p a r t i c i p a t io n i n e l e c - 

F i r s t N a t i o n a l Bank ^ d a s e A d ir e c t o r , q u e s t i o n o f T ra n sa 

m e r i c a C orporation a s h o ld in g company a f f i l i a t e 

HT R*nk in P r a t t , K a n s a s , in t e r l o c k i n g d ir e c to r a te s , 

F i r s t N a t i o n a l Bank ^ 's c r o g i n t h a t S e c . 6A o f C la y to n 

A ct p r o h i b i t i n g , w h ere l o a n s a r e m ade on s t o c k 

o r bond c o l l a t e r a l , h a s b e e n r e p e a l e d end r e 

s u p e r v i s i o n o f b a n k s , e x t e n t , p u r p o s e and 

m eth od o f p r e p a r a t i o n o f B o a r d 's r e g u l a t i o n s 

F i r s t N a t io n a l Bank i n S t . L o u i s , M o ., r e f u n d o f p o r t i o n o f i n 

t e r e s t p a i d on m o r t g a g e l o a n , l e t t e r from J .R . 

S te p h e n so n e x p r e s s i n g d e s i r e f o r , r e q u e s t f o r 

sta te m e n t from bank 

R ep ly t o M r. S te p h e n so n t h a t t h e r e i s n o r e g u l a t i o n o r law 

f o r b i d d i n g r e fu n d b u t t h a t m a t t e r i s w it h o u t 

j u r i s d i c t i o n o f B o a rd 

F i r s t N a tio n a l Bank o f S a l i d a , C o l o r a d o , s a v i n g s d e p a r tm e n t, 

tim e c e r t i f i c a t e s o f d e p o s i t n o t m a tu r e d , may 

b e d e p o s i t e d in 

F i r s t N a tio n a l Bank o f S a l t L a k e C i t y , U t a h , f i d u c i a r y p o w e rs , 

s u p p l^ c e n t a l a p p l i c a t i o n a p p r o v e d 

M r s t n a t io n a l Bank o f S h e lb y , N. C . , v o t i n g p e n n i t r e q u e s t e d 

f o r S h e lb y L oan and M o r t g a g e C o . , r e p ly to Mr. 

B la n to n d eterm in in g l a t t e r n ot to be h old in g 

company a f f i l i a t e 

i-ir s t N a tio n a l Bank, Sunbury, P a . , c o l l a t e r a l n o t e s ig n e d by 

C. ih. S n y d e r, A ssista n t E x a m in e r , FRBank o f 

P h i l a d e l p h i a , in d eb ted n ess i s n ot v io la t io n o f 

se co n d paragraph o f S e c . 2 2 ( a ) o f F R A ct, r e 

fe rre d t o C om ptroller f o r d eterm in a tion under 

^ f i r s t p a ra g ra p h 

m im p o r tin g t o C o m p t r o lle r 

i r s t N a tio n a l Bank, T ra cv Cl t v n ^ 

r-h itr ^ ^ ty , i e n n . , p a r c l e a r a n c e o f 

Mr. Henderson r e su ggestion 

^ F D I C r e q u ir e a l l hanks to accept 



M - t N a tio n a l ^ , 

n o te o f d f i \ ' L exin g ton , K y . , renewal o f 

subsecuR^t e c t o r h eld as a s s e t o f tr u s t acquired 

o f t r u s t ^ m aking t h e r e o f , i s n o t in vestm en t 

R e g u la tio n ^ ^ t h e r e f o r e not v i o l a t i o n o f 

V 7 

4/15 

7/14 

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1 1 / 5 

3/31 

3/15 

3/29 

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1/19 

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nation^ R a tio n a l Bank and T r u s t Company o f M iddletow n n 

First ^ f i d u c i a r y p o w e r s , s u r r e n d e r o f . ' Y ., 

t i t l e n o t r e q u i r e d a s bank i s ' o f 

^ + if\ n a l Bank and T r u s t Company Non, ^ ^ ^ ^ id a t ic n ^ /i ^ 

^ N a t i o n a l ^ , ^ ^ y p o w e r s , a d d i t i o n ^ ' ^ ^ t i c u t , ^ ^ 

r N a t i o n a l E x ch a n g e B a n k o f R o a n o k e , V a .: ^ 1 0 / 2 

m liB . C e o rg e T . , A s a is t a m t T r u a t O f f i c e r 1^,1 v.4. 

C o l o n l a l - A m e r i e a n N ation al 

m u st b e r e p o r t e d u n d e r S e c t io n 

M r. L e a c h , URBank o f R ichm ond l e t t e r to 

X rst N a tion a l T r u s t a n d S a v i n g s B a c k , P o r t Huron, M i c h i ^ . ^ 5 

t r u s t c o m m it t e e , q u e s t i o n o f t r u s t o f f i c t ^ ' 

s e r v i n g o n , r e p l y t o t h a t e i t h e r o f f i c e r s o r 

d i r e c t o r s m ay s e r v e u n d e r r e c e n t amendment to 

R e g u l a t i o n F 

vysnklin N a t io n a l B an k, F r a n k l i n , M a s s ., a b s o r p tio n by N orfolk 

C o u n ty T r u s t C o . , B r o o k l i n e , M a s s ., approval 

o f B o a rd n o t r e q u i r e d , e s ta b lis h m e n t bv l a t t e r 

o f b r a n c h a p p r o v e d 6 ^ ^ 

Franklin N a t io n a l Bank o f N u t l e y , N. J . , a b s o r p tio n b y Bank o f 

N u t l e y p r o p o s e d , B o a r d 's a p p ro v a l not req u ired 8/10 1125 

FultOD N a tio n a l B ank, A t l a n t a , G a ., t r u s t departm ent, s in g le comm 

i t t e e o f d i r e c t o r s p e r fo r m s a l l su p e rv iso ry 

f u n c t i o n s e x c e p t a u d i t i n g , r e p l y th a t p ro 

c e d u r e c o m p l i e s w ith R e g u la t io n F, Mr. Ransom not 

v o t i n g a s p r o c e d u r e was p u t i n t o e f f e c t under 

h i s s u p e r v i s i o n 3/30 477 

G ain esville N a t io n a l B an k, G a i n e s v i l l e , G a ., f id u c ia r y power app 

l i c a t i o n t o a c t as t r u s t e e u n der m ortgage or 

d e e d o f t r u s t o f G a i n e s v i l l e R eplacm tent Homes, 

I n c . , d e n ie d 

Grove C ity N a t io n a l B an k , G r o v e C i t y , P a - , c o in banks, r e p ly to 

M r, H arshaw r e t y p e o f d i s t r i b u t i o n which does 

n o t c o n s t i t u t e i n d i r e c t payment o f in te r e s t on ^ ^ 1 0 3 5 

d e p o s i t s 

Hanover N a tio n a l Bank o f W i lk e s - B a r r e , P a . , p r e fe r r e d stock:, 

no o b j e c t i o n t o retirem en t, ca p ita l in 

s u f f i c i e n t a s bank h a s fid u cia ry por.e-r-, r*^ 3 / 2 7 4 6 9 

d e p a r tm e n t b e i n g l i q u i d a t e d 

No o b j e c t i o n t o p r o p o s e d r e t ir e m e n t o f p ortion , 

o f P h i l a d e l p h i a a u t h o r iz e d t o approve ^ lO gl 

r e d u c t i o n s b y bank i n f u t u r e ^ tter 

R etira n en t o f p r e f e r r e d s t o c k h e ld b y RFC approved, 1793 

. t o C o m p t r o lle r o f C u rre n cy ac- 

on N a t io n a l H a z le t o n , P e n n ., ^ ^ 

c o u n t s , M id d le C oa l H e l d P o o r ^ p f'c u r r e n c y 1 1 /1 - 

HonmuT c l a s s i f i e d a s , l e t t e r t o C ^ P ^ - L _ ^ 

N a tion a l Bank o f M i l f o r d , M a s s ., f i d u c i a r y pow ers, ^ 594 



m e n ta ry a p p l i c a t i o n a p p r o v e d

n a t io n a l ta n k s : B o i s e . I d a h o , a c q u i s i t i o n o f h u s i- 

Idah o F i r s t N a tio n a l b r a n c h b y F i r s t S e c u r i t y Bank o f 

I d a h o , B o i . s e ^ ^ ^ o t h e r bank m ust b e ^ 9^ 

in d e b te d n e s s o f ^ c u L S e c t i o n S S ( g ) , n o t w it h s t a n d in g 

f a c t th a t in d e b t e d n e s s o c c u r r e d p r i o r t o tim e 

O f b e g in n in g d u t i e s ^ ^ /2 4 

i t^r,k- end T r u s t Company, I r v i n g t o n on H udson, ^ 5 

I r v i n g t o n n a t io n s a v in g s d e p o s i t s , F e m c l i f f C ^ e t e r y 

A s s o c i a t i o n , d e p o s i t o f m ay b e c a r r i e d a s , un der 

^ R t ^ ^ e a r n y N. J - , p r e f e r r e d s t o c k p u r c h a s e d ^ ^ ^ 

K ea m y N a tio n a l ^ y ^ d e r a l T r u s t C o. and F e d e r a l S e c u r i t i e s C o ., 

no a c t i o n 1/26 ig? 

L iq u id a t in g a g e n t, C o m p t r o lle r d o e s n o t a p p r o v e o n e n a t i o n a l 

b a n k a c t i n g f o r a n o t h e r 2 /1 9 335 

o a n s c o n s t r u c t i o n , u n a d v a n ced p o r t i o n o f , d o e s n o t r e p r e s e n t 

a l i a b i l i t y a g a i n s t w h ich i t i s n e c e s s a r y t o 

m a in ta in r e s e r v e s , p r o v i d e d c o n d i t i o n r e p o r t 

show s a s a s s e t s o n l y t h o s e p o r t i o n s w h ic h h ave 

b een e c t u a l l y a d v a n c e d , M a n u fa c t u r e r s N a t io n a l 

Bank, D e t r o i t , M ic h ig a n , r e p l y t o C o m p t r o lle r 

o f C u rre n cy 

Loans t o e x e c u t iv e o f f i c e r s n o t e x c e e d i n g $ 2 5 0 0 , m a j o r i t y o f 

d i r e c t o r s may g r a n t l o a n o r e x t e n s i o n o f 

10/23 142 

c r e d i t n o t t o e x c e e d t w e l v e m o n th s 

M ahoning N a tio n a l Bank o f Y ou n g stow n , O h io , p o w e r s p r e v i o u s l y 

g r a n te d a r e s t i l l i n f o r c e a s c e r t i f i c a t e o f 

s u r r e n d e r was n e v e r i s s u e d , p e i m i t s r e t u r n e d 

t o bank a s c o n s o l i d a t i o n w it h T r u s t Company i s 

9/30 1352 

b e in g n e g o t i a t e d 

M a n u fa ctu rers N a t io n a l Bank o f D e t r o i t , M i c h . : 

In d e b te d n e s s o f b o r r o w e r f o r p u r p o s e o f &1000 e x e m p tio n 

12/29 1752 

o f R e g u la t io n U, r e p l y t o M r. V e r h e l l e t h a t 

o r d in a r y r e a l e s t a t e l o a n s s h o u ld b e in c lu d e d 

and n o n c o n t in g e n t l i a b i l i t i e s o n co m m e rcia l 

p a p e r 7 / 1 917 



-o a n ^ , c o n s t r u c t io n , u n ad v ejiced p o r t i o n o f , d o e s n o t r e p r e 

se n t a l i a b i l i t y a g a i n s t w h ic h i t i s n e c e s s a r y 

t o m a in ta in r e s e r v e s , p r o v i d e d c o n d i t i o n r e p o r t 

snouts &s a s s e t s o n l y t h o s e p o r t i o n s w h ich h ave 

.. , O f ^ r r e n ^ ^ v a n c e d , r e p l y t o C o m p t r o lle r ^ ^ 

M erchants N a tio n a l Bank P o r t l o a n s t o s i e c u - 

3 t a t ^ e x c e e d $ 2 5 0 0 , r e p l y t o , 

loBn r " m a j o r i t y o f d i r e c t o r s may g r a n t 

t w e l v ^ ^ x ^ R s i o n o f c r e d i t n o t t o e x c e e d ^ 

Midland N a t i o n a l 9/30 

Newton d i s c o u n t o f l o a n s o f 

anoe and I n v e s tm e n t Company a f t e r 

c o n v e r s io n 1 4- ------OAKS?* 

section a p p l i c a b i l i t y o f , 

and R e g u la t i o n 0 ^

„ nks: (C o n t in u e d ) i 

N a tio n a l B ank, B i l l i n g s , M o n t ., FRBank c.= .s.< 

^ tnay n o t b e u s e d a s s e c u r i t y foi- s checks 

u s e d b y ban k i n c o n d u c t o f i t s t- funds 

B o a rd h a s a p p r o v e d p r o c e d u r e w h e r ^ " " ' 

c h e c k s m ay b e h e l d a s a s s e t s ^ 

T-ust f " R d s i n c o m m e r c i a l , d e p a r tm e n t, bank s a t ^ f „ 3 / 3 1 

r e f u s a l o f r e m i s s i o n t o u s J l T , ^ ^ ^ ^ 

c h e c k s a s c o l l a t e r a l f o p * c a s h i e r 's 

M - . r . . . t . , ^ ' 

yational Bant: ^ ^ u c i s r y pow er a p p lic a tio n 

N a tio n a l Bank o f C o m m e r c e o f L o r a i n , O h io , f i d u c i a r y powers 

s u r r e n d e r o f 

National Bank o f L o r a i n , O h io , f i d u c i a r y power application app 

r o v e d 

National Bank o f R i s i n g S u n , M a ry la n d , suggestion that maximum 

r a t e O f i n t e r e s t p a y a b le b y member banks on 

t im e d e p o s i t s b e r e d u c e d 9 / 1 

National Bank o f S a n f o r d , N . C . , r e s e r v e re q u ire m e n ts , r e p ly to 

Mr* H a r r i e s on e f f e c t o f in c r e a s e on d iffe r e n t 

c l a s s e s o f b a n k s 7 / 8 

National Bank o f W a s h in g t o n , T a com a, W ash ., p a r t i c i p a t i o n in 

e l e c t i o n o f C l a s s A d i r e c t o r , q u e s tio n o f 

T r a n s a m e r ic a C o r p o r a t i o n a s h o ld in g company 

a f f i l i a t e 1 1 / 5 

National Bank o f W aupun, W i s c o n s i n , r e q u e s t f o r c e r t i f i c a t e o f 

s u r r e n d e r o f f i d u c i a r y p ow ers 

C e r t i f i c a t e o f s u r r e n d e r a p p r o v e d 

National C it y Bank o f C l e v e l a n d , O h io , r e p l y t o q u estion n a ire 

o f E. N. D e k k e r , r e o p e r a t io n s o f FRBanks, in 

c l o s i n g s t a t e m e n t s a s t o in d u s t r i a l advances 

and com m itm en ts b y F R D is t r ic t s 

National C it y Bank o f New Y o r k , N . Y . : 

fo r e ig n b r a n c h e s : _ 

5/27 

3/19 

7/17 

5/19 

Cuban b r a n c h e s , p e r m i s s i o n g r a n t e d t o e x e rc - 2/24 

c i a r y p o w e r s ^ ^ 

S h an gh ai, C h in a , r e q u e s t f o r r e g u l a t i o n to a i * 8/14 

c l o s i n g o f b r a n c h having 

T em p ora ry c l o s i n g a p p r o v e d , R e g u ls o 10/23 

b e e n c o m p lie d w it h .t o c k o f I n t e r - 

Investment o f a d d i t i o n a l am ou n ts i n c a p i t a l ^ fo r 

n a t i o n a l B a n k in g C o r p o r a tio n , 1 2 /-J 

^ e x t e n s i o n o f tim e t o ^ l o ' " ^ P ^ ^ l - D l i a n c e o f 

* ^ s t d e p a r t m e n t , r e p l y t o M r . D i l l i s t n ^ r a t i o n s o f 

c e r t a i n f e a t u r e s o f p la n ^ ^ ^ 

t r u s t c o m m itte e w it h R e g u l a t i o n 



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t io D a l b a n k s : and T r u s t C o ., A lb a n y , N .V ., a b s o r p - 

Nai 

N a tio t i o n a l Cuonnc-^^- o m m e^ r c ia l B a n k ^ ^ ^ ^ ^ ^c h a r^g e s , ^ r e p l y t o - M— r- D----- i l i i g ^ 

° p r o p o s e d l a t t e r t o , t h a t B oa rd b e l i e v e s 

^ n l v s h o u l d b e l i m i t e d t o p o s i t i o n a d op ted 

^ B o a r d and s u g g e s t i n g r e v i s i o n o f l e t t e r ^ 

L - i , A r n o ld , P a . , 

N a t i o n a l D e p o s i t Bank o f A r n o ld , 

f i d u c i a r y p o w e r s , s u r - 575 

-I^R^nk and T ru s t C o ., C a r t h a g e , H .lL., f i d u c ia r y *" ^ 

N a tion a l s u rre n d e r a p p r o v e d , n o t t o b e r e q u ir e d 

t o e lim in a t e "a n d T r u s t C o . " fr o m t i t l e as bank 

i s in l i q u i d a t i o n , i m p o s s i b l e t o r e t u r n c e r 

t i f i c a t e a s i t i s f i l e d i n s u r r o g a t e 's o f f i c e 2 / 1 5 ^ 

N a t i o n a l M e t a l s B a n k o f H a n < = . < * , M i c h i g a n , f i d u c i a r y pow ers. 

s u r r e n d e r a p p r o v e d 1 0 /2 6 144 

+ M e t r o p o l i t a n Bank o f W a s h in g to n , D .C .: 

' L e r i can A u tom obile A s s o c i a t i o n , A m e r ic a n A s s o c i a t i o n o f 

C e r t i f i e d P u b l i c A c c o u n t a n t s , W a s h in g to n T rad e 

A s s o c i a t i o n E x e c u t i v e s , N a t i o n a l P r e s s C lu b , 

d e p o s i t s may b e c l a s s i f i e d a s s a v i n g s a c c o u n t s , 

and t h o s e o f N avy M u tu a l A id A s s o c i a t i o n may 

n o t b e so c l a s s i f i e d 11/16 1537 

N a tio n a l Mohawk R iv e r Bank o f F on d a , N , Y . , f i d u c i a r y p o w e rs, 

s u r r e n d e r o f 2/11 27 

New York S t a t e N a tio n a l Bank o f A lb a n y , N . Y . , m a m b ersh ip app 

l i c a t i o n on b e h a l f o f S t a t e Bank o f A lb a n y , 

and o u r c h a s e o f a s s e t s a n d a s s u m p t io n o f l i a 

b i l i t i e s o f , b y l a t t e r , a p p r o v e d 1/27 17T 

N orth ea st N a tio n a l Bank o f P h i l a d e l p h i a , r e s e r v e s , g r a n t e d p e r 

m is s io n t o c a r r y r e d u c e d 3/16 417 

N orth S h ore N a tio n a l Bank o f C h ic a g o , 1 1 1 . , r e s e r v e s , a u t h o r iz e d 

t o c a r r y r e d u c e d , a p p l i c a t i o n p r e v i o u s l y app 

r o v e d b y M r. D a v is 3 / 1 5 402 

Old N a tio n a l Bank o f New B r ig h t o n , P a . , a s s e t s a c q u i r e d and l i a 

b i l i t i e s assum ed b y B e a v e r C o u n ty T r u s t Company, 

New B r ig h t o n , P a . 12/28 

Juajia n a t io n a l Bank, Omaha, N e b r . , t r u s t f u n d s , in v e s t m e n t in 

o b l i g a t i o n s i n w h ich d i r e c t o r s h a v e i n t e r e s t , 

r e p l y t o FRBank o f K a n s a s C i t y r e i n q u i r y o f , 

as t o d e t e r m in a t io n o f a p p l i c a b i l i t y o f p r o h i - 

R e f l a t i o n F 8 / 4 ^ 

- ^ to n a l Bank o f W a sh in g ton i n S e a t t l e , 1A

X,-. (C o n t in u e d ) 

^ o ^ ^ i o n a i B an k, W a s h in g to n , D. c . : 

' ary c h e c k s o f s t a f f o f B o a rd o f G ov ern ors

N a t i o n a l ( C o n t i n u e d ) ^ o f f i c e r s e r v i n g o n , r e p l y 

T r u s t com m ittee, ques F i r s t N a t i o n a l T r u s t and S a v - 

s Bank P ° r t H u ron , M ic h , t h a t e i t h e r o f f i 

c e r s o r d i r e c t o r s may s e r v e u n d e r r e c e n t amend 

m ent t o R e g u l a t i o n F 12/29 

„ .issX"' ^ i n g , b i l l w h ich m ay b e p r o p o s e d t o p r o h ib it . . 

a l l o w i n g S t a t e b a n k s t o m a in teiL lim ih r i 

o f f i c e s , e f f e c t o n n a t i o c e l banks 

b e r e h i p , p o s i t i o n o f C o m p tr o lle r " 

Pages 

, FRBank s : 3/S6 4 5 3 

C le v e la n d , a p p o in t m e n t o f d i r e c t o r 's eon 

^ ^Bank o f ^ c o n s i s t e n t w it h p o l i c y o f Board 

„ stock E x ch a n g e : ^/16 12B3 

" " lic h t t r a d in g : ( S e e i n f r a M a r g in re q u ire m e n ts ) 

& ayer M a n b e r . G o v e r n in g C o m n itte e , p resen t at 

^ m e e t i n g o f B o a r d i n c o n n e c t io n w ith plan to 

e l i m i n a t e i n - a n d - o u t t r a d in g 

G.T Charles R . , P r e s id e n t , p re s e n t a t m eeting o f Board to ^ 

p r e s e n t p la n t o e l i m i n a t e in -a n d -o u t tra d in g i / i a ion 

Ip-and-out t r a d i n g : ( S e e i n f r a M a rg in req u irem en ts) 

Jackson, W illia m H. , C o u n s e l , p r e s e n t a t m e e tin g o f Board in 

c o n n e c t i o n w i t h p l a n t o e lim in a t e in -a n d -ou t 

t r a d i n g - 1 / l g 

Margin r e q u ir e m e n ts , p r o p o s a l t o end p r a c t i c e o f m eeting margin 

c a l l s b y l i q u i d a t i o n b y amendment t o ru le s o f , 

r a t h e r th a n b y amendment to R e g u la tio n T 1/15 81 

Draft o f amendment l e f t b y M r. W o r c e s te r , m eetin g to be arr 

a n g e d w i t h r e p r e s e n t a t i v e s o f , Mr. Rounds aDd 

r e p r e s e n t a t i v e o f SEC f o r J a n . 18 1 /1 5 82 

C on feren ce h e l d 

SEC a g r e e a b le i f p r o p e r r e p o r t s a r e su & n itted t o i t , p ro 

c e d u r e t o b e f o l l o w e d and Board t o g iv e fin a l 

c o n s i d e r a t i o n J a n . 29 ^ 

D e cisio n o f B o a r d , f e e l i n g o f Chairman th a t i t should be 

d e f e r r e d a t l e a s t u n t i l n e x t week, to be ^ 

f u r t h e r c o n s i d e r e d tom orrow 

Final d e c i s i o n o n p e r m i t t i n g e x ch a n g e t o ettan p 0 a 

" t h r e e - d a y r i d i n g " d e f e r r e d and Mr. Parry 

a d v i s e M r. V J o r c e s te r t h a t Board .s ill pro & 1* 2 / 4 227 

n o t a c t f o r a w eek . . * ^ ig - 

P rop osa l o f e x c h a n g e t o e l i m i n a t e " t h r e e -d a y n d m & , - ^ 2 ^ 

c u s s i o n , t o b e c o n s id e r e d F eb. ^ 

R e s o lu tio n p o s t p o n i n g amendment t o R e g u l a t i o n , ** 

E x ch a n g e o p p o r t u n i t y t o a t t m p t t ° 

" t h r e e -d a y r i d i n g " , l e t t e r to h r . ây ^ g/lS 391 

h im o f a c t i o n and p r e s s sta ta n en ^ ^ m eet- 

" r c e s t e r , Dean K . , E x e c u t i v e V i c e F r e s i d e n t , p re ^ ^ 

i n g o f B o a r d i n c o n n e c t io n w ith P 1/18 

, n a t e i n —and—o u t t r a d i a c f e o f . 11 up 

' s e r v ic e to be i n s t a l l e d in roon- a d join in g o f f i c e ^ 

M r. T h u r s t o n ^ - e+atôent o f 

r c l i p p i n g s r e w e e k ly FRBank c o n d i t i o n p r e s p sply 



B oard o f G o v e r n o r s , s u g ^ s n t h a t 

t o M r. W o r t h in g t o n , FRBank 0 1 i i / 

B oa rd d o e s n o t w is h amendment

- ° - . - - = ' ' ' 

o f l ! t t e r t o M r. H a m ilto n r e l e t t e r o f 

f S e e ^ F e d ^ ^ l T ^ o s i t I n s u r a n c e C o r p o r a t i o n , S t a f f ) ^ ^ 

N ich o ls , t g . (S e e Bank o f E n g la n d ) 

N i e m e y e r . S i r O t t o E * . 

Nonmsnber banks: ^ i ^ d T -3 : 

to r ^ a n k s t o b e m ade b y m a il i n f u t u r e r a t h e r than 

w ir e s S/25 

iTRAênts t o c o n t in u e t o e x e r c i s e l i m i t e d f u n c t i o n s i n e x e c u - 

t i o n o f * r e p l y t o i

MOP*"'""-. S ta te Bank, W a l l a c e , N e b r .: ( C on tin u ed ) 

P lic a t io n f o r m e m b e rs h ip w o u ld be approved bv R 

APP b a s i s o f a d d i t i o n a l in fo r m a t io n s J i ° " 

FDIC, w i t h u l t i m a t e g o a l c o n s o l i d a ^ ^ ^ 

recon n ten d ed by FRBank o f K ansas C it ^ 

n^HTllle C om m ercial B an k, F a y e t t e v i l l e , N. Y ^ 

f-y^tt a b s o r p t i o n b y F i r s t T ru st and r ° 

S y r a c u s e , N . Y . , c e r t a i n s e c u r it ie s i 1' 

t o b e d i s p o s e d o f a c q u i r e d 

^ , m p t.n S ta te Bank, F o r t L u p to n , C o l o ., in q u iry r e ^ ^ 

rcrt LUP 6 ^ i n F ^ y s t ^ , s u p e r v ^ s i^ 

FDlC t o b e a d v i s e d 

^ m m e n t c h e c k s , r e p l y t o S e n a t o r T h o m a s r e s u g g e s t i o n o f ^ ^ ^ 

m em ber b a n k s i n Oklahom a t h a t a s t h e y are req 

u i r e d t o c a s h a t p a r , F R B a n k s absorb co st o f 

c u r r e n c y s h ip m e n ts i n v o l v e d 

Loans to i n a c t i v e o f f i c e r s , r e q u e s t t h a t p r o v is io n s o f Regulat 

i o n 0 b e ch a n g e d t h u s a l l o Y d n g borrow ing on 

same b a s i s a s d i r e c t o r s , and so encouraging 

a p p l i c a t i o n s f o r m em bersh ip , r e p ly th at Board 

w o u ld n o t b e j u s t i f i e d f o r c e r t a in reasons 12/50 1758 

Personal lo a n d e p a r t m e n t s , r e p l y t o R u s s e l l Sage Foundation re 6/15 837 

Prospect Park S t a t e B an k, P r o s p e c t P a r k , P a . , a b so rp tio n by 

I n t e r b o r o Bank and T r u s t C o ., no o b je c t io n 1 / 8 52 

Safe D eposit and T r u s t Company o f B a lt im o r e , M d., suggestion 

o f M r. C u t l e r t h a t R e g u la t io n L be amended, the 

im m e d ia te p u r p o s e b e in g t o p en n it M essrs. 

R a n d a ll a n d L a v i s t o s e r v e as d ir e c t o r s o f , and 

n a t i o n a l bank 

Amendment t o R e g u l a t i o n L p e r m i t t i n g d ir e c t o r s to serve 

m o n b e r b a n k s i s i n c o n f l i c t w ith purpose oi ^ i ^ q 

C la y t o n A c t , r e p l y t o s u g g e s tio n o f Mr. Cutler 

State Bank o f B in g h a m to n , N . Y * , a t t o r n e y s f e e s , payment o f 

a d d i t i o n a l b y FRBank o f New York in ccnErc - - ^ ^ 

w it h p r e f e r r e d c la im s f i l e d a g a in st 

State Bank o f W ayne, L o a , U t a h , a s s e t s t o b e p u rch aser r, 

S t a t e Bank o f S a l i n a , U tah 

am River V a l le y S t a t e B ank, S im n s, M o n t ., c o n s o lid a t io n ^ ^ 

M on tan ta na a Bank Bann and ana Tir ru u nsb t C o .. Great . F a lls q^-t-tle , Mon 

lo*er Savings Bank, S e a t t l e , W a sh ., c o n s o lid a t io n H ^ ^ 4 

T r u s t and S a v in g s Bank „ _ ^ p^rulaa 

r b ite rs Trust -*-*v w C o * ., , New Y o r k , -N - . Y . , * v io la tio -c*nts n fo r u v * ^ " 

t i o n U i n a c t i n g a s c l e a r i n g ^ p r a c tic e s ^ 

c o u n t e r b r o k e r s and d e a l e r s , fu tu r e P 7 / 5 

^ tTO o boe e ii n coniorBLn^j c o n f o r m i t y Mel . min t e rr - 

brid ge B an k in g and T r u s t C o ., 

e s t e d i n m ^ b e r s h i p , 

^ o f'o ^ n e r s h ip o f 

q u e s t io n o f ov,n 5 / 2 1 



s t o c k i n a n o t h e r bank 

554

^ ^ C i u t ^ l e t t e r t o M r. P e y t o n i n c l o s i n g l e t - 

N o r t h B a ltim o re h.iwani& M cCoy r e u s e o f f i l m o f FRBank o f 

^ n r e a D o l i s , B oa rd h a s n o o b j e c t i o n t o f u m i s h - 

but s h o u ld b e c l e a r e d w it h IRBank o f 

d i s t r i c t in v o l v e d 

N o r t h in n > o s e d b y S t a t e , r e q u i r i n g m o n b e r b a n k s t o 

ja ^ e s on d e p o s i t o r s , r e p l y t o i n q u i r y 

o f Mr. L i l l i s t h a t B oard c a n n o t a f f o r d t o exp 

r e s s ' o p i n i o n b u t 

st d e r a t io o 

c i t i n g c e r t a i n c a s e s f o r con 

Norwood, J . V-: 

(S e e S t a t e member b a n k s , W ilm in g to n S a v in g s and 

T ru st C o ., W ilm in g to n , N . C .) 

n orw ood, John W.: (S e e F e d e r a l T r a d e C om m ission ) 

N o t a n * f e e s : 

FTtBank o f K ansas C it y and b r a n c h e s , a r r a n g e m e n ts f o r paym ent 

o f , a c t i o n on r e v i s e d p e r s o n n e l c l a s s i f i c a t i o n 

p la n d e f e r r e d 

Nugent, H o lf: (S e e R u s s e ll S age F o u n d a tio n ) 

Oaths o f o f f i c e : 

A s s is t a n t FRAgent and a l t e r n a t e s a t FRBank o f S t . L o u i s , r e p l y to 

Mr. S tew a rt t h a t new , a r e n o t n e c e s s a r y a s 

B oard d id n o t l i m i t a p p o in tm e n ts i n S e p t . and 

O c t. t o re m a in d e r o f y e a r 

O ' B r i e n , John H ., E s q ., W atertow n , New Y o r k , a p p o in t e d b y FRBank o f 

New Y ork t o r e p r e s e n t i t i n m a t t e r o f Sherman 

P a p e r Company, I n c . 

o p e r a t io n s : (C o n t in u e d ) 

from s a le o f G overn m en t s e c u r i t i e s in s y s t ^ 

^ t?ro?i^ a c c o u n t ^sten open market 

^ by M a rk et C o m m itte e t o b e c o n s id e r e d 

? r o ^ T r e a s u r y c h a n g e s p o l i c y o f + e 

o f th e M on th , r e v i s i o n o f p o r t i o n d e ^ i n / ^ ^ ^ 

open m ark et a c c o u n t , r e d u c t i o n o f p o i - t f c ^ ^ 

P p o s s i b l e , irn c o n n e c t io n !

^36 ^ l E i l v t o b e c o n t i n u e d en d c o n t r a c t awarded 

P . r L i s t , p r i n t i n g ^ ^ . n a i C a p i t a l P r e a s , I n c . ^ ^ 

P a r k in g l o t . **"? a t t e n d a n t 's h o u s e and ^ . c e 

, / ^ ^ * c ! L B 6 n y f o r g r a d i n g and p a v i n g a c c e p te d i? 

B id o f y e a r p o l i c y o f p u b l i c l i a b i l i t y in s u r a n c e ^ 

I n s u r a n c e o n , t h r e e y e a i ^ 

a p p r o v e d 12/pg ^ 

Patm an, ^ n ^ r e s s m a A i n q u i r y r e p r o f i t s d e r iv e d from 

govern m en t s c ^ ^ ' J ^ r i n g ^ MKBanks and member 

b a n k s p/p. 

i n t e r e s t paym ent b y b a n k s , d r a f t o f r e p l y t o , g i v i n g in fo im a - ^ ^ 

^ n .e re ^ i. pa. r e q u e s t e d i n c o n n e c t i o n w i t h d e f i n i t i o n o f 

i n t e r e s t i n R e g u l a t i o n Q, a p p r o v e d 

M o n e ta ry p o l i c y o f U . S . . c o p y o f H. 5 0 1 0 t o e s t a b l i s h , sen t t o ^ 

B oard b y C on gressm a n S t e a g a l l a t r e q u e s t o f , 

f o r r e p o r t , D r. G o l d e n w e i s e r t o p r e p a r e a n a ly s is 

a s b a s i s f o r r e p l y 3/ ^ 

A s s i s t a n c e o f B o a r d 's s t a f f i n r e d r a f t i n g , l i m i t e d t o fu r 

n i s h i n g i n f o r m a t i o n a n d d r a f t i n g s e r v i c e 

S a l a r i e s o f FRBank o f f i c e r s and p r o f i t s o f m em ber b a n k s , r e p ly 

5/H ^ 

Patman B i l l , 

t o i n q u i r y r e 

s t a t u s o f , and s u p p o r t b e i n g g i v e n t o , d i s c u s s i o n at 

465 

m e e t in g o f F e d e r a l A d v i s o r y C o u n c i l w ith Board 

P a t t e s o n , R o b e r t A . : (S e e N a t i o n a l B a n k s , T a r r y t o w n N a t io n a l Bank 

and T r u s t Company) 

12/14 

1 6= 

P a u ls o n , 

P aym ents: 

G. A . : (S e e B u reau o f I n v e s t i g a t i o n ) 



D a v is , P o lk , A a r d w e ll, G a r d n e r and R e e d , f e e f o r s e r v i c e s in 

c a s e o f F i n k e l s t e i n v . FRBank o f New Y o rk , d is 

c u s s io n o f , in l i g h t o f m ono o f Mr. D r e ib e lb is , 

FRBank o f New Y o r k f ^ 

l e e s , paym ent o f a d d i t i o n a l i n c o n n e c t i o n w ith 

Nnv c l a i m s a g a i n s t S t a t e Bank o f Binghamton, 

- r — ^ 

p o s e d tn v ^ c o n n e c t i o n w it h paym ent p ro - 

p o s e d t o b e m ade t o ^ ^ ^ i / 7 

^ ^ t o P r e s i d e n t 

im p ly tim ^ h r i s e n t h a t B o a r d 's l e t t e r d id not 

o f c o n ti'iT -s ,* ^ b e e n g iv e n f o r c o n s id e r a t io n 

rea ch in g a n y ^ e f i ! ^ + ^ ^ B °ard d e s ire d to defer 

P f u t u r e c a s e 'n ^ i ^ c o n c l u s i o n u n t i l some 

R e tir e m e n t System - a r i s e s 4/ 9 

K i t z m l l i e r , M rs. R . ^ 

b a n d 's e d d it io n a l sum f o r h u s - ^5 

53?

Bankers A s s o c i a t i o n , M o rtg a g e I n v e s t 7t

^ ^ p l e t i ^ ^ p i w " * o f " s t a f f t o o c c u p y b u i l d i n g u n t i l 

^ d e s i r a b l e f o r ^ 

. A t e l l e r C o . r e f a i l u r e t o w ork p a in te r s 

T e ls g r a n t o S u nday 

^ a i d i n g a u t h o r i z e d t o c h a r g e o f f amount p aid 

C ost o f g 

b e o p e n e d t o s e r v e l u n c h e o n t o m em bers o f i e d - 

D in in g room t o M a rk e t C o m m itte e and i t s s t a f f and 

c o s t t o b e a b s o r b e d b y B o a r d 

* ^ " T - a t i o n . and t r a n s f e r o f B o a r d 's o f f i c e s t o , 

Equipm ent p e r s o n n e l C om m ittee a u t h o r i z e d t o d e c i d e a l l 

q u e s t i o n s r e 

F e d e r a l A d v is o r y C o u n c il m e e t i n g s , B o a r d o r C o n f e r e n c e Room, 

l u n c h , and o f f i c e s , m ade a v a i l a b l e f o r , l e t t e r 

t o M r. L i c h t e n s t e i n 

F u r n i s h i n g s and e q u ip m e n t: (S e e a l s o i n f r a P u r c h a s e o r d e r s ) 

A d d r e s s o g r a p h w ith a t t a c h m e n t s a n d B o s t o n VMre S t i t c h e r , 

p u r c h a s e a u t h o r i z e d 

Amount and c o s t o f , M r. M o r r i l l a u t h o r i z e d t o p u r c h a s e and 

c o n t r a c t w i t h i n l i m i t s o f e s t i m a t e s , an y exc 

e s s t o b e s u b m it t e d t o B o a r d 

B oard m em bers' s e c t i o n , m on u m en ta l s t a i r c a s e , l o b b y and 

p r i v a t e d i n i n g r o o m s , r e v i e w b y M r. M o r r i l l , 



P e r s o n n e l C o m m itte e a u t h o r i z e d t o a p p ro v e cont 

r a c t s w i t h i n e s t i m a t e d c o s t 

C o n t r a c t aw arded t o W. & J . b l o a n e , a r t i c l e s in Item 

? /l3 

95$ 

7/23 1029 

12/21 

1693 

9/10 1S49 

4/21 

581 

11/17 1^2 

N o. 80 t o b e p u r c h a s e d o n s c h e d u l e . S e c r e t a r y 

-c T a u t h o r i z e d t o m ake m in o r c h a n g e s 5 /1 0 

P a y ^ t t o H. & J . S l o a n e , C o. an c o n t r a c t 

^ d g e t r u c k , p u r c h a s e o f , a u t h o r i z e d 

i l e c t r i c ^ i ^ c i ^ c u ^ t i ^ ^ ^ f e q u ip m e n t, p u r c h a s e a u t h o r iz e d 

^ o f 

U l i n s ' ^ ^ - ^ s r e n c . f c o s t between b i d , and Gsn- 

t h o r i z e d Z P e r s o n n e l C om m ittee aup 

u r c h a s e d ^ e rm in e w h ic h eq u ip m e n t sh ou ld be 

6/24 88$ 

4/16 56? 

C o n t r a c t aw arded tn r " ^ 

A s h i n g o f f i i ? ^ ^ r e p r o o f i n g C o. f o r f u r - 

P u r c h a s e o f f i l i n g ^ ^QU-ipment and f u r n i t u r e ^1 

1 8 0 8 , 1 8 69 l i s t e d in o r d e r s N os. ..g 

^ r n i , h i n g o f c e ^ a i ^ ^ ^ t h . r i ^ d 6/H ^95 

"**' ' ° " " l/M " 

" ' " " M M " " " 

f u r n i t u r e Co b i d o f C om m ercial O f f ic e 

° f W eaver B r o s and a c c e p t a n c e o f b id 

4/30 

9/15 

6/23 

6 / 3 

12/28 174? 

u n i t s now i n u g ^ ° * * ^ * * s e c o n d i t i o n i n g ^ ^

f Board o f G o v e r n o r s : (C o n tin u e d ) 

tuart*^ hiR6S and eq u ip m en t: (C o n tin u e d ) 

^ i n t e r i o r t e le p h o n e sy stem o f f o u r s t a t i o n s in c n .i 

o f f i c e s and m ovin g p r e s e n t system " 

aw arded D ic to g r a p h P r o d u c ts Co ? 

t i o n o f °* ^°- i n a t a l l a - 

U g h tin g f i b r e s . ° " ° r d ° f ' " " t r a c t t o H arry A lexander, 

P a n t in g , ^ ^ r d o f c o n t r a c t to N o^ a n Cs=,p. 

push b u t t o n , b u z z e r and a n n u n cia to r system M d te le o h n n . 

o u t l e t s , c o n t r a c t awarded t o ,a r r y 

m e . * 

R^gB, a d d it io n t o b u d g e t f o r p u rch a se o f new, and renovB- 

t i o n o f e x i s t i n g 

Payment t o Grooms E a reck son f o r sp rea d in g, cu ttin g and 

b in d in g 

S teel s h e l v i n g , c o n t r a c t awarded DeLuie M etal F urniture 

Co. f o r d e l i v e r i n g , m oving and i n s t a l l i n g 

S teel s h e lv in g and f u r n i t u r e , 

Rand, I n c . 

c o n t r a c t awarded t o R e m i n g t o n 

V enetian b l i n d s , c o n t r a c t l e t w ith W e s t e m V e n e t i a n B l i n d 

C o. t o f u r n is h 

I n s t a l l a t i o n o f s i x V e n e tia n b lin d s in c a f e t e r i a , b i d 

a c c e p t e d 

Insurance: 

F ire, on new b u i l d i n g , r e l e a s e o f G eorge A. F u l l e r C o m p a n y 

from r e s p o n s i b i l i t y f o r con tin u in g to c a r r y 

F ire, p u b l i c l i a b i l i t y , f l o o d , e t c . , in v e s t ig a t io n end r e 

p o r t t o b e made on 

P erson n el com m ittee a u t h o r iz e d t o p ro v id e 

Insu ran ce b o u g h t th ro u g h S to ck Company A ss o cia tio n 

Map fo r Board Room, i n c r e a s e i n com pensation f o r M r . Ezra 

W in te r a p p ro v e d b e ca u se o f in c re a se i n s i z e 

o f map 

Medallion, r e p o r t o f M r. M o r r i l l th a t he had advised Senator 

C a r te r G la s s o f d e s ir e t o p la c e p o r t r a it r e l i e f 

i n , a f t e r r e t ir e m e n t , w ith s u ita b le in s c r ip tio n , 

^ a u t h o r i t y g r a n te d t o have p o r t r a it r e l i e i made 

M iller, A. C . , l e t t e r t o , a ck n o w le d g in g debt o f g ra titu d e due 

f o r e f f o r t s i n c o n n e c tio n w ith con stru ction o r 

new b u i l d i n g ^ ^ .. M ni'rill 

"*°vlng, S e r v ic e s o f M r. Koppang made a v a ila b le to Mr. 

w ith a d v ic e o f Mr. M yrick , in clu d es d e t a r -^ 

m in a t lo n o f p u rch ase o f new '^ t i o n 

v a t i o n o f o l d , o r g a n iz a t io n , and preparati 

^ o f s p e c i a l budget f o r

- o f B oa rd o f G o v e r n o r s . 

^ ^ f f i c i a l opening: i n v i t a t i o n t o p a r t i c i p a t e , Chairman 

P r e s i d e n t R ° o s < ? ^ ^ q u e s t e d t o o b t a in im m ediate and 3efl^ 

n it e answer a s t o a c c e p t a n c e so th a t p la n s 

m ight he made . . , ^ ^ 9/ ^ 

+ a n d ad m ission ca rd s a p p rov ed w ith amendments, ' ^ 

le v it a t io n ^ e x e r c i s e s a d o p te d , l i s t o f in v it a 

t io n s approved w ith amendments 

G l i d i n g c lo s e d to p u b lic e n t i r e day O c t. 20 1937, em- 

p lo y e e s who can be sp a red ex cu se d from work, 

adm ission on ca rd o n ly ^ ^ 

C eranonies and b u ffe t su p p er, sta tem en t o f exp en ses in conn 

e c tio n w ith , a l s o coun t o f g u e s t s showing a t 

ten dan ce _ ip /2. 

O p e r a t i o n and m aintenance o f new b u i l d i n g f o r b a la n ce o f year, 

Parking l o t : 

budget approved 

9/ 2 

Bid o f F. R. M a r te ll C o ., I n c . f o r a t t e n d a n t 's house and 

fe n c e a cce p te d 

Bid o f W i l m o t h P a v i n g C o m p a n y f o r g r a d i n g a n d p a v i n g a p - 

12/31 

P r°ved n / ; i 

I n s u r a n c e o n , th r e e y e a r p o l i c y o f p u b l i c l i a b i l i t y i n 

surance approved ^ , 3 

Payments t o c o n t r a c t o r , recoim nendation o f M r. M o r r i l l that as " 

s a t i s f a c t o r y p r o g r e s s i s b e in g made, that payment 

be made so a s t o r e t a i n 5% r a th e r than ' 

lOyc o f c o n t r a c t p r i c e , ap p roved 

Value o f work p erfon n ed d u rin g J a n u a ry , t o b e p a id f o r in 

^ Board h as r e t a in e d S% o f t o t a l amount 

Anoun„

f Board o f G o v e r n o r s : (C o n tin u e d ) 

" ^ ^ g r a p h s , purchase o f , fo r purpose o f supplying set 

pnotogr F FRBank and each board member 

^ . ^ t s and b u s t s , p o l i c y n o t y e t d e c id e d upon, r e p ly ^ 

P°- Robert re b u s t o f G ov ern or B lack " 

p,,robase o r d e r s . 

C ertain e q u ip m en t, o r d e r ^ 1 7 3 3 , a u th o r iz e d 

F ire e x t i n g u i s h e r eq u ip m en t and s w iv e l c h a ir s , o rd e rs No. 

1 7 3 4 and 17 3 9 , a u t h o r i z e d 

P l a t e g l a s s fo r desks, s t i c k s t r i p p i n g , ch a rt fram es 

b r o n z e c a s t i n g s and e l e c t r i c lam ps, purchase 

a u t h o r i z e d 

J a n it o r s ' s u p p l i e s , p u r c h a s e a u t h o r iz e d 

C om bination t o w e l c a b i n e t s and w a ste p a p er r e c e p t a c le s , 

p a p e r t o w e l c a s e s and c e r t a in j a n i t o r s ' supp 

l i e s a u t h o r iz e d 

M is c e lla n e o u s a r t i c l e s , p u r c h a s e a u th o r iz e d 

Emergency room s u p p l i e s , c a s t e r fra m e s, c h a ir c a s t e r s , o i l , 

k n e e l i n g p a d s and p e r f o r a t e d m ats, au th orized 

f i l i n g equ ip m en t i n o r d e r s l i s t e d 

F ilin g e q u ip m e n t, p a i l s , e t c . , and m oving o f boxes o f 

s t o r e d p u b l i c a t i o n s 

Rubber d e sk s h o e s , e t c - , a s l i s t e d i n o r d e r s enumerated 

C h a irs, s t e e l p i t c h e r s , e t c . , i n o r d e r s l i s t e d 

M ats, b r u s h e s , e t c . , in o r d e r s l i s t e d 

Rugs, la m p s , e t c . , i n o r d e r s l i s t e d 

Rugs, a p p ro v e d 

Mopping a p p a ra tu s and s n e r g e n c y room s u p p lie s in o rd e rs 

l i s t e d 

Straw h o l d e r s aLnd d u p l i c a t i n g s u p p lie s i n o r d e r s l i s t e d 

U n ifo m s and d r e s s e s f o r b u i l d i n g p e r s o n n e l and fu r n itu r e 

and eq u ip m en t i n o r d e r s l i s t e d 

Cup d i s p e n s e r s , paym ent o f v o u c h e r s approved 

F u r n itu re and eq u ip m en t i n o r d e r s l i s t e d 

R e v o lv e r s and equ ip m en t i n o r d e r s l i s t e d , approved 

C arp ets, e m e rg e n cy k i t s , s u p p ly c a b in e t and R e se rv e - 

c a r d s and h o l d e r s , as l i s t e d in p u rch ase ord ers 

K itch en e q u ip m e n t, g l a s s t o p s f o r d e s k s , f i l e cabtr-, 

p r i n t s , and w ra p p in g p a p e r end tw in r 

World A lm an ac, B a n k e r 's Alm anac end Y earbook, 

B a n k e rs R L r e c t o r y , D ic tio n a r y o f 

B i o g r a p h y , M o o d y 's o f I n v e s t . e n t s , ^ a n ^ 

O x fo r d E n g lis h D ictionary, p u rch a -e a 

a l s o equ ip m en t f o r t a b le s , 

P a in ts , alum inum t r a y s , cu p s f o r f e e o ^ r .s e v e lt 's address 

and r e c o r d i n g o f P r e s i-t n ^ ^ as l i s t e d 

a t o p e n in g + ^ cu rta io s in s * a ff 

In sta lla tio n o f fou r p a irs oi ca^ 

d i n i n g room 

In sta lla tio n o f kitchen equipment 



âgee 

1 1 / 4 1 5 0 3 

11/23 1560 

7 / 1 918 

7 / 6 927 

7 /1 4 971 

7/19 1000 

7/21 1020 

7/26 1035 

8 / 3 1093 

8 /1 3 1135 

8 /2 0 1172 

8 /2 3 1180 

8 /2 4 1189 

8/27 1202 

8 /3 0 1206 

8/31 1209 

9 / 1 1215 

9 / 3 1231 

9 / 7 1238 

9 / 7 1238 

9 / 8 1241 

9 /1 0 1250 

9 /3 0 1352 

1 0 / 6 1371 

1 0 /13 1392 

10/29 1 47 6

Q u a r t e r s o f 3 ° ° ^ ^ C o n t i n u e d ) 

P u r c h a s e o r d e r s . \ s t o r a g e c a b in e t , m a il t a b l e , telep h on e 

E lectric m iscellaneous equipm ent f o r cafeteria 

, approved 

iTi+s eauipment fo r ca fe te ria and p h o t o s t a t room. 

Blue cooler and sanitary equipm ent fo r f i ^ t 

aid roam, fire p la ce s c r e e n s f o r Board meBber'g 

o ffic e s , approved 

C a f e t e r i a equipment, waste baskets, pen and pencil sets, 

and BLUUL rugs 

Kent f o r space o c cu p ie d in W ashington and Shoreham B u ild in gs 

^2/&3 

d u rin g A ugust, payment e u t h o r iz e d 

Snack b a r, change in plan o f c a f e t e r i a t o p r o v id e f o r 

Sodding in s te a d o f se e d in g c e r t a in a r e a s , c o n t r a c t v lt h Towson 

N u r s e rie s , I n c . , a p p ro v e d , adju stm en t o f con 

8/31 

1/27 

t r a c t on accou n t o f 

Tennis c o u r ts , b id o f W ilmoth P a v in g Company f o r la y in g three 

c la y c o u r ts a c c e p te d , w ith u n d e rsta n d in g FRBoard 

6/1? 

Club i s to com p lete t h e c o n s t r u c t io n 

T errace on r o o f , c o n s tr u c t io n a u th o r iz e d 

12/31 

1/14 

V o u c h e r s : 

E le c t r ic work, and f o r b u l l e t i n and k ey b o a r d s , desk pads 

e t c . 

9/20 13M 

E l e c t r i c cu rren t consumed d u rin g A u g u st, 19 37 , approved io ''s 

1261 

E l e c t r i c a l work, p u rch ase o r d e r No. 2315, approved 1 * - 

1425 

Ih e s t C o u r t g a te t o be c lo s e d a t a l l tim es ^ i , ,. 

Q u e s t i o n n a i r e s : ^ 

I n d u s t r i a l l o a n s , r e p l y t o Mr. Bekker on a p p l i c a t i o n s and co m - 

m itm ents f o r m/po 

" in t e r e s t " , Mr. Ransom a u th o riz e d t o sen d , t o banks which have 

p r o te s te d m a tin g e f f e c t i v e S e c . 1 ( f ) o f Regula 

t o r ^ o f t m e t investm ent com m ittees, p la n o f N a tio n a l C ity Bank o f 

New York 3 ^ 3 ^ 

R a d c l i f f e , S e n a t o r G e o r g e L . : 

fin* it - inB&n E c c le s w ith , re proposed plan 

R adford, W. D .. ( C e r t i f i c a t e s Corporation ?/!= 

"R" 

Pand McNally Bankers ^ c t o r ^ r ^ C o .) ^ ^ 

R ates: ^ r e c t o r y , s u b s c r ip t io n approved 1 °/^ ^ 

D iscount and Burchac^ ^ 



t io n Mr^ tra n s m is s io n , suggasbroadened 

t eming th a t M arsoon and M arsopebe 

t o r a te s s p e c i f i c a l l y a referen ce i?6l 

t e r e s t n o t approved by Board

° f A tla n ta : 

acceptances purchase with agreem ent t . r e s ^ i 

elim in ation o f r a t e from sch e d u le o f , 

and purchase ^ *^scount 

Government s e c u r it ie s , n-ith agreement t o r e a e l l , e lim in . 

tio n o f ra te from s c h e d u le o f d iscou n t ^ d 

purchase 

Minimum buying rate fo r bankers a c c e p t a n c e s , e lim in a tion Pirate 

from schedule o f d is c o u n t and purchase 

R e d is co u n t: 

R e d u c tio n t o 1^% u n d e r S e c t i o n s 13 and 15a 

R e d u ctio n t o 2% o n a d v a n ce s u n d er S e c tio n 10(b) 

S c h e d u le o f d i s c o u n t and p u rch a s e 

FRBank o f Boston: 

Individuals, partnerships and corporations, paper co n 

e l i g i b l e and r a t e s not to be in clu d e d in 

s ch e d u le 

To b e d is c o n t in u e d 

R ed e d iscou isco u n t: .. 

Reduction to 1^% under S e c tio n s 1^ ^ _ io(b) 

Reduction to 2% on advances under ^ ecti^ 

Schedule o f discount and purch ase 



7 / 2 919 

7 / 2 919 

8/20 1165 

8/20 1165 

1 / 4 3 

1/15 95 

1/29 199 

2/11 269 

2/26 352 

3/13 391 

3/26 455 

4 / 9 530 

4/23 596 

5 / 7 664 

5/21 733 

6 / 4 780 

6/18 853 

7 / 2 919 

7/16 985 

7/50 1071 

8/13 1133 

8/27 1200 

9/11 1251 

9/24 1328 

1 0 / 8 1378 

10/23 1 430 

1 1 / 5 1507 

11/19 1546 

1 2 / 3 1613 

12/17 1670 

12/31 1764 

9/22 1318 

9/29 1343 

9 / i 1211 

9/ 1 1211 

1 / 6 28 

1/21 132

Statem ent o f t h o s e in e f f e c t 

FRBank o f C h ica g o: 

R e d is co u n t: 



R ed u ction t o 1 ^ % u n d e r S e c t i o n s 1 5 a n d 1 5 a 

^ t o 2% on a d v a n c e s u n d e r S e c t i o n 1 0 ( b ) 

sch ed u le o f d isco u n t and p u rch a se

. (con tin u ed ) 

^%Bank o f C h ica g o : (C o n tin u e d ) 

* sch edu le o f d is c o u n t and p u rch a s e : (C ontinued) 


I n d u s t r ia l a d v a n c e s , f l o o d e d a r e a , su g g e s tio n th at loa n s 

made m c o n n e c t io n w ith , be made at minimum 

r a t e 

R e d is c o u n t, c o n t in u a t i o n o f r a t e o f 1^% fa v ored by Mr. 

B r o d e r ic k and Mr. E c c le s 

S ch edu le o f d is c o u n t and p u rch a se 

o f D a l l a s : 

R e d is co u n t: ^ 

R e d u c t i o n t o 1 ^ % u n d e r S e c tio n s ^ ^ 

R e d u c t i o n t o 2 % on a d v a n ces u n d e r Sec 



7/23 1028 

3 / 9 1112 

8/27 n a g 

9 /H 1251 

9 /2 4 132Q 

1 0 / 8 1378 

10/23 1430 

1 1 / 5 1507 

11/19 1546 

1 2 / 2 1584 

12/10 1646 

12/17 1670 

12/30 1756 

2/17 316 

9 / 3 1223 

1 / 8 48 

1/22 148 

2 / 5 233 

2/19 324 

3 / 5 370 

3/19 438 

4 / 2 495 

4/16 562 

4/30 628 

5/14 711 

5/26 761 

6/11 823 

6/25 886 

7 / 9 941 

7 /2 3 1028 

8 / 9 1112 

8/20 1165 

9 / 3 1222 

9/17 1299 

1 0 / 1 1354 

10/15 1296 

10/29 1464 

11/12 1527 

11/27 1573 

12/10 1646 

12/27 1732 

8/30 1203 

8/30 1203____

Statem ent o f th o s e in e f f e c t 

FRBank o f C h icago: 

R ed iscou n t: 

R edu ction t o under S e c tio n s 13 and 13a 

R edu ction t o 2% on advances under S e c tio n 1 0 (b) 

sch ed u le o f discount, and purchase 




I n d u s tr ia l a d v a n ce s , f l o o d e d a r e a , su g g estion that loan s 

made i n c o n n e c tio n w ith , be made at minimum 

r a t e 

R ediscou n t, c o n t in u a t io n o f r a t e o f 1^% fa v ored by Mr. 

B r o d e r ic k and Mr. E c c le s 

Schedule o f d is c o u n t and p u rch ase 

^Bank o f D a lla s : 

R e d i s c o u n t : ^ ^ l ^ p 

R e d u c t i o n t o 1^% u n d e r S e c tio n s ^ ' 1 0 (b) 



R e d u c t i o n t o J o n a d v a n c e s u n d e r S e c t i o n 

7/23 1028 

0 / 9 1112 

8/27 1199 

9/11 1251 

9 /2 4 1526 

1 0 / 8 1378 

10/23 1430 

1 1 / 5 1507 

H /1 9 1546 

12/ 2 1584 

12/10 1646 

12/17 1670 

12/30 1756 

2/17 316 

9 / 3 1223 

1 / 8 48 

1/22 148 

2 / 5 233 

2/19 324 

3 / 5 370 

3/19 438 

4 / 2 495 

4/16 562 

4/30 628 

5/14 711 

5/28 761 

6/11 823 

6/25 886 

7 / 9 941 

7/23 1028 

8 / 9 1112 

8/20 1165 

9 / 2 1 2 2 2 

9/17 1299 

1 0 / 1 1354 

10/15 1396 

10/29 1464 

11/12 1527 

11/27 1573 

12/10 1646 

12/27 1732

- +-s- (C ootlD ued) ( c o n t i n u e d ) 

o f ^ ^ d i e c o u n t and p u r c h a s e 

Schedule 

iRBenk o f Kansas C ity : 

R ed iscou n t :\ 



P.eductid^ t o 1^% u n d e r S e c t i o n s 1 3 and 13a 

S c h e d u i r n ^ d / ° ^ a d v a n ce s u n d e r S e c t i o n 1 0 (b ) 

sch ed u le o f u is co u n t and p u r c h a s e

^ Schedule o f d is c o u n t and p u rch a s e : (C o n t in u e ) 

FRBank o f M in n e a p o lis : 

R ed iscou n t: 



R e d u ctio n t o ljL% u n d e r S e c t io n s 1 3 and 1 3 a 

5 1 1 0 4 

S/19 1161 

9 / 2 121? 

9/10 1249 

9/24 1323 

1 0 / 7 1 3 7 2 

10/21 1410 

10/29 1464 

H /1 0 15ie 

11/24 1564 

12/ 6 1633 

12/10 1646 

12/23 1723 

8/23 1174 

8 /2 3 1174 

8/27 1200 

1 / 4 3 

1/18 109 

2 / 2 216 

2 / 8 243 

2/23 329 

3/10 375 

3/23 443 

4 / 5 507 

4/12 538 

4/26 605 

5/10 672 

5/24 741 

6/ 3 771 

6/17 846 

6/50 905 

7/12 948 

7/26 1031 

8 / 9 1113 

8/27 1200 

9 / 7 1236 

9/13 1254 

9/28 1341 

10/12 1388 

10/25 1439 

10/30 1477 

11/15 1532

Schedule o i 

mBanX o f t o 1% u n d e r s e c t i o n s 1 3 and 13a 

R ediscount* rtmn 

p r o v e d 

sch ed u le o f d is c o u n t and p u r c h a s e 



trnntiDued) 

teS- . o f Mew Y o r k : (C o n t in u e d ) 

^ a e d u l e O f d i s c o u n t and p u r c h a s e : (C on tin u ed ) 

Trade b i l l s a n d G overn m en t s e c u r i t i e s , reduced 

o f P h i l a d e l p h i a : t o l , 

Rediscount: 

R e d u c t i o n t o 1 ^ % u n d e r S e c t i o n s 1 3 and 13a 

R e d u c t i o n t o 2% o n a d v a n c e s u n d e r S e c t io n 1 0 ( b ) 

S c h e d u le o f d i s c o u n t a n d p u r c h a s e 

^ ^ R ich m on d : tnbliehed 

^ ^ P ta n ce s, b a n k e r s , mininmm b u yin g ra te^ i— 



H / l l 1521 

H /1 9 1546 

11/27 1573 

1 2 / 3 1613 

12/10 1646 

12/17 1670 

12/27 1732 

12/31 1764 

8/26 1194 

9 / 3 1222 

9 / 3 1222 

1 / 6 28 

1/21 132 

2 / 4 229 

2/17 312 

3 / 3 363 

3/17 420 

3/31 485 

4 / 7 510 

4/21 587 

5 / 5 643 

5/19 727 

6 / 2 768 

6/17 846 

6/30 905 

7 / 7 928 

7 /1 4 964 

7 /2 3 1028 

8 / 9 1112 

8/20 1165 

9 / 3 1223 

9/16 1281 

9/24 1328 

1 0 / 1 1354 

10/15 1396 

10/29 1464 

1 1 / 5 1507 

11/19 1546 

1 2 / 3 1613 

12/17 1670 

12/31 1764

256 

R ates: 

y^Bank mi; o f Richm ond. ond: t -cou 

( C o n t i n u e d ) ( c o n t i n u e d ) 

R e d is co u n t: u n d e r S e c t i o n s 1 3 and 13a approved 

H ed u ctioa t ° 2% a d v a n ce s u n d e r S e c t i o n 1 0 (b ) a p p ^ ^ g 

S c h e d u l e o f d i s c o u n t a n d p u r c h a s e 

FRBank o f S t. L o u is : 



I n d u s t r ia l advan ces: 

E stablish m en t o f new s ch e d u le 

R e d i s c o u n t s : 

a rea , s u g g e s tio n th a t c o n s id e r a t io n be given 

h a b i l i t a t i o n 

c o n n e c t io n w ith lo a n s f o r re- 

R edu ction to 2 ? ^ ^ a iic e s u n d er S e c t io n s 13 and 13a 

Schedule o f d is co u n t ^ d ^ c h L r ' ^ 

e/$6 

9 / 9 

1 /6 

l/l4 

i/2e 

2/u 

2/25 

3/U 

3/25 

4/ e 

4/22 

5/ 6 

5/13 

5/2? 

6/10 

6/23 

7/ 6 

7 / 8 

7/22 

8 / 5 

8/12 

8/26 

9 / 9 

9/23 

10/7 

10/24 

11/4 

11/12 

11/27 

12/10 

12/22 

?4'

^ ^ B a n k o f S t. L o u is : (C o n tin u e d ) 

Schedule o f d is c o u n t and p u r c h a s e : 

FRBank o f San F r a n c i s c o : 

R e d i s c o u n t : 

A m e n d m e n t t o b y l a w s g i v i n g e x e c u tiv e committee a u th ority 

t o e s t a b l i s h 

R e d u c t i o n t o 1^% u n d e r S e c t io n s 15 and 15a 

R e d u c t i o n t o 2% on a d v a n ces u n der S e ctio n 1 0(b) 

r e e s t a b lis h m e n t , B oard n o t fa v o r a b le t o p rop osa l to send 

a d v i c e o f e x e c u t i v e co m m itte e 's a ctio n by a ir 

m a i l , n o r p r o p o s e d change in bylaws lim it in g 

a c t i o n o f e x e c u t i v e com m ittee to re a ffirm a tio n 

o f r a t e s f i x e d b y b o a r d o f d ir e c t o r s 

s c h e d u l e o f d i s c o u n t a n d p u rch a se 



4/21 

4/22 

5 / 5 

5/19 

6 / 2 

6/16 

6/24 

7 / 8 

7/21 

8 / 3 

6/17 

9 / 1 

9/15 

9/29 

1 0 / 7 

10/20 

10/28 

11/10 

11/17 

12/ 2 

12/15 

12/29 

3/11 

9 / 2 

9/16 

1 / 8 

1 / 7 

2 / 4; 

2/18 

3 / 2 

3 / 4 

3/10 

3/16 

3/18 

3/23 

3/30 

4 / 1 

4 / 7 

4/13 

4/15 

4/21 

5Q7 

593 

643 

727 

768 

839 

879 

933 

1016 

1069 

1157 

1210 

1279 

1344 

1372 

1405 

1459 

1518 

1540 

1584 

1659 

1750 

389 

1218 

1281 

49 

40 

229 

319 

358 

366 

375 

411 

432 

443 

484 

492 

510 

547 

558 

587

F R B a n k s : 



Buying r a te s on a ccep ta n ces ^ ^ 

v ls a b i l i + v " ' ^ e c t i v e , d is c u s s io n o f 

fu r th e r June 1*^ be con sid ered 

4/2? 

5 / 4 

^/ 6 

3/11 

5/18 

5/21 

5/25 

6/ l 

6/ 3 

6/ 8 

6/15 

6/17 

6/22 

6/29 

? / 1 

7 / g 

7/13 

7/15 

7/20 

8/ 3 

8/ 5 

8/10 

8/17 

6/19 

9 / 2 

9 / 7 

9/15 

9/16 

9/21 

9/23 

1 0 / 5 

1 0 / 7 

10/20 

10/21 

11/ 2 

11/ 4 

11/10 

11/18 

11/23 

12/ 1 

12/ 2 

12/8 

12/15 

12/17 

12/22 

?: 

?: 

?41 

?6j 

77! 

?9 

83 

64 

86 

89( 

9] 

92: 

9! 

97! 

ioi: 

1084 

1104 

n: 

1151 

l i d 

121t 

1236 

127$ 

128% 

131( 

134 

1367 

137! 

140! 

1 4 l( 

149( 

1934 

151i 

l ! 

15^ 

1! 

1584 

1622 

1659 

167( 

1?H

ates: ^ ^ ^ C o n t i n i e d ) 

" on govern m en t s e c u r i t i e s , d is c u s s io n 

n e c t i o n w it h p o s s i b l e e s t a b u ^ con - 

o f l e n d i n g a t p a r . s c h e ^ ^ ' ^ 

Y ork p r e s e n t e d ' ^RBank o f Ne^ 

No o b j e c t i o n t o C hairm an in fo r m a l! v 

o f FRBanks and s u g g e s t in g t h e - 

a b i l i t y o f l e n d i n g a t p a r ^ ^ s i d e r a d v is - 

pedi sco u n t: 

E s ta b lis h m e n t o f , amendment a g r e e d 4o 

n l y o n c e a m onth o r ^ H n e r ^ f 

s a r y b y B o a r d ° ^ e n e r i f Earned n eces- 

E a ta b lish m e n t e v e r y f o u r t e e n d a y s , u n i f r ,^ ^ 

o f d i r e c t o r s t o b e d i s J s s e d ^ t ^ 7 ^ 

R e d u c tio n i n , d i s c u s s i o n o f a d v i s a b i l i t y 

s i d e r e d f u r t h e r Ju n e 1 3 . o be con - 

° ° - * ^ 

-C p r o v n m , , , . 

f r o ^ W a s h t n ^ o n ^ '' ^ n c s 

S ta te m e n t o f M r. M cKee o f a p p ro v a l o f re d u ctio n 

t o 1^% o f a n y r e q u e s t e d d u rin g h is absence 

ire a su ry b i l l s , s u g g e s t i o n o f e s ta b lis h m e n t o f sch edu le bec 

a u s e o f s m a ll volu m e o f b a n k e r s' b i l l s in market 

and t o s t i m u l a t e i n t e r e s t in T reasu ry b i l l 

m a r k e t , t o b e f u r t h e r d is c u s s e d June 1 

-3^ manuals, c o m p t r o l l e r 's r e g u l a t i o n a s t o investm ent o f bank 

f u n d s , in v e s t m e n t s t i l l p r im a r ily in hands o f 

bank d i r e c t o r s and n o t changed by, r e p ly to Mr 

, M a n n ers 

-eal estate: 

Fana: 

3 .r u s t C o . , H o t S p r i n g s n a t i o n a l P a rk , A rk ., co n d itio n 

o n o p e r a t i o n o f , ca n n ot be c a n c e lle d 

C on d ition r e p o r t fo r m , r e p l y t o FRBank o f San F ra n cisco 

r e s c o p e o f it e m in 

fon a 1 0 5 - f t o b e d i s t r i b u t e d by FRBanks in a d d itio n to rag 

u l a r c o n d i t i o n r e p o r t so as t o ^?et amounts 

ov-rned b y m em ber banks i n n ext c a l l , l e f t - - ^ 

4 / 9 522 

4/13 543 

I / 7 

8/27 

5/24 

8/20 

MtBanks ., ^ 

" R e a lt y C o . , a p p l i c a b i l i t y o f m embership co n d ition 

S t . L o u i s C ou n ty Bank, C la y to n , M o., to 

5 / 7 

iv o r c e fro m S t . L o u i s C ou n ty Bank, L o u i s 1 1 / 4 

Sê o f i . 3 ° - d ' l e t t e r t o Mr. ^ o d , ^ 

oan t o C o l l e g e o f W o o s te r by Fi**st y ^ a n d that 

A k ro n , O h io , r e p l y t o 

i t w o u ld n o t b e v i o l a t i o n o 

^ L ,t,^ s h ip condition 1/29 



39 

1199 

740 

1166 

6/20 1167 

6/27 1199 

5/24 740 

12/10 1639 

3/26 457 

1/19 120 

1 2 / 2 

1586 

665 

1504

t o C o m p t r o l l e r o f th e Currency 

R e c a i v e r o f ca tio n s o f A very J . B ra d fo rd 

R econ stru ction o f , r e p o r t o f Chairman E ccle s 

Extension o f cert^ apt to p re se n t banking l e g i s l a t i o n 

In d u stria l 

L o a n s t o 

to C ongress p r io r t o March 1 to p erm it tim e fo r 

a c t io n on 

advances, may n ot make in fu t u r e , 

b y Board t o g iv e sym pathetic 

a p p lic a t io n s i n view o f 

FRBanks requ ested 

c o n s id e r a t io n to 

e s t a b l i s h e d in d u s t r ie s f o r w orkin g c a p it a l p u rp oses, 

FRBanks asked to communicate w ith , t o determine 

i f a p p lic a t io n s f o r such lo a n s e x is t 

L o u i s v i l l e T r u s t C o ., L o u i s v i l l e , K y ., exam in ation re p o rt made 

a v a ila b le t o , in c o n n e c tio n w ith s e r io u s cond 

it io n o f bank 

R e c o v e r y m o v s n e n t , d isapp earan ce o f speed o f p r o g r e s s and in d ica tio n s 

o f undue expan sion , statem ent o f Mr. W illiam s 

r e , b e fo r e P r e s id e n t s ' C o n fe re n ce , e f f e c t o f in 

crea se in c o n s tr u c tio n c o s t s and la b o r tro u b le s,, 

l i t t l e ev id e n ce o f b u s in e s s r e c e s s io n , recovery 

exp ected t o resume in f a l l 

R ediscou n ts: 

Rank f o r In te r n a tio n a l S e ttlem en ts, by FRBank o f New York, 

f a c i l i t i e s f o r purch ase o f e l i g i b l e d o lla r 

bankers a cce p ta n ce s n ot a v a i la b le t o fo r e ig n 

banks, FRBank may how ever buy in fu tu r e in 

open market 

Bonded warehouse l iq u o r r e c e i p t s , r e p ly t o Mr. P a n d o lfo re 

e l i g i b i l i t y a s c o l l a t e r a l f o r lo a n s and s t a t 

in g th at Board may not e x p re ss any o p in io n re 

q u e stio n o f q u a lit y as investm ent 

Reply t o Mr. Watson re e l i g i b i l i t y , and r e a c c e p t a b ili t y 

as c o l l a t e r a l 

E lig ib ility o f n o te s given d i r e c t l y to member banks, proceeds 

which are used by maker o f n ote to purchase 

goods f o r u s e and n ot f o r r e s a le , l e t t e r to 

E l i g i b i l i t v I ' ° f ân F ra n c is co 

- l i a b i l i t y r e q u i r e m e n t s b r o a d e n e d b y r e v is e d R eg u la tion A, 

... p r e s s statem ent on 

- . 3 t , n . e c o m p a n y P ^ P e r s t a t e s a s t o e l i g i b i l i t y f o r d i s c o u n t i n g , 



C e r t i f i c a t e o f f ^ t d f o / d C o n f e r e n c e 

and r," ^ s c o u n t , s t a t in g use o f proceeds 

panv j ^ gratae by fin a n c ia l statem ent Of corn- 

u se^ of n ^ s u f f i c i e n t evidence o f 

l e t t e r t ^ M r ! f e y t o n " ^ ^ d i s c o u n t , 

q u estion o f how tn -e y to n 

i-ngs to fi whether n otes rep resen t borrow- 

in t e n tio n i s ' * * ^ 7 o f Board that 

c ia i " P roceeds be used f o r commerc 

ia l o r a g r ic u ltu r a l purposes 

1/15 

P. 

10/29 141 

10/22 i4g 

3/12 

6/ 8 

10/23 143 

1/21 

5 / 1 

11/23 

9/24 

10/19 

137 

63^ 

156 

1321 

140! 

12/4 162!


s e c u r i t i e s a s c o l l a t e r a l , ^ 

f o r i n c l u s i o n o f p r o v i s i o n i n '" * 

u l a t i o n A f o r g i v i n g c r e d i t ^ S - 

.



Statem ent o f M r. Ransom r e , s u g g e s t i o n o f M r . 

McKee r e c r e d i t i n g a t p e r o b l i g a t i o n s o f U .S . 

as s e c u r i t y r e v i s e d , t o b e m a d e s p e c i a l o r d e r 

f o r n e x t m e e tin g 

D is c u s s io n o f , ch an ges m a d e , d r a f t t o be subm itted 

to FRBanks and l e t t e r c o v e r i n g , t o b e p r e p a r e d 

C op ies o f d r a f t s e n t t o FRBanks w ith l e t t e r re 

f o r comments and s u g g e s t io n s 

R e v is io n a d o p te d , o r d e r e d p r i n t e d a n d d is t r ib u t e d 

emong FRBanks and m e m b e r b a n k s 

Statem ent f o r p r e s s w i t h r e s p e c t t o r e v i s e d e d it 

i o n o f , app roved 

C ir c u la r sen t FRBanks c o n t a i n i n g FRBanks own sugg 

e s t io n s and c r i t i c i s m s 

Branch d i r e c t o r s , v i o l a t i o n by F H B a n k o f San F r a n c is c o in 

reap p oin tm en t o f E. 0 . Howard a f t e r m ore than 

s i x c o n s e c u t iv e y e a r s o f s e r v i c e , l e t t e r to 

FRBank re 

D, r e s e r v e re q u ir e m e n ts , su pplem en t a d o p te d t o e f f e c t in 

c r e a s e i n , t o 100% o f l i m i t s in S e c . 19 o f 

FRAct 

Statem ent on a d o p tio n t o b e p u b lis h e d in F R B u lletin 

D is t r ib u t io n by FRBanks in s t e a d o f B oa rd , d is c u s s e d a t Confe 

r e n c e o f P r e s id e n t s 

F, T ru st Pow ers o f N a tio n a l Banks: 

Common t r ^ s t fu n d s, d r a f t o f amendment t o p r o v id e fo r 

e sta b lish m e n t and o p e r a t io n o f , c o p ie s to be 

sen t t o FUBanks, A .B .A ., e t c . , f o r t h e i r c r i t i - 

c ia n and s u g g e s t io n s 

o p ie s o f p ro p o s e d amendment se n t t o FRBanks, A.B.A. 

and o t h e r s 

o f t e n t a t i v e d r a f t o f amendment may be furnished 

Mr. Donald M o r r is , F l e t c h e r T r u s t Company, 

E R R ^ * ^ l e t t e r t o M r. S c h a lle r, 

i?RBan^_ o f C h icago 

c r i t i c i s m s o f p r o p o s e d a m e n d m e n t by 

Subm ission r,f C o u n cil in m e e tin g w ith Board 

b^-

i-pBank c a s h i e r s ' c h e c k s , p ro p o s e d amendment +r, 

p l e d g i n g f o r t r u s t fu n d s u s e d 'in Permit 

d e p a r tm e n t , B oard t o d e t e c t 

make r a t h e r th a n r e f e r Mr Pnv+ ,^mgRe3B to 

t o P r e s i d e n t s ' C o n fe re n c e ^ ^ s u g g e s t i o n 

c4o a r d u n w i l l i n g t o make amendment 5 / n 6 8 3 

Renewal o f n o t e o f d i r e c t o r b y b a n k In + 6/ 3 ?74 

a c q u ir e d s i n c e m aking o f * ^ " t e'siats 

o f C le v e la n d r e i n q u i r y o f F i r s t N a t ^ ° 

and T m s t C o. o f L e x i c o n , K y ! 

n o t v i o l a t i o n o f R e g u l a t i o n 

T ru st c o m m itte e , q u e s t io n o f c o m p l i a n c e o f p l a n o f N ^ ^ 

t i o n a l C it y Bank o f New Y o r k w ith . r ^ ^ i ^ ' 

was d e s ig n e d f o r p r a c t i c a l o p e ra tio n Board 

w o u ld a m e n d o n l y a f t e r c a r e f u l co n s id e ra tio n 3 / 1 5 

T ru st c o m m itte e s , n a t i o n a l b a n k s , q u e stio n o f tru s t o f . 

f i c e r s e r v i n g o n , r e p l y t o F i r s t N ational Trust 

and S a v in g s Bank, P o r t H u r o n , M ich, that e ith e r 

o f f i c e r s o r d i r e c t o r s may s e r v e under recen t 

amendment t o 1 2 / 2 9 

T ru st fu n d s i n v e s t e d i n sm all a m o u n t s in p o o ls o f mortg 

a g e b o n d s o f s e c u r i t i e s u n d e r R egu lation F, 

r e p l y t o M r. A u f f i n g e r o f M a r i n e M idland Group, 

T ^ ^ I n c . 9 / 9 1247 

n - r p r e t a t i o n s , in d e x o f , and r u l in g s and in s tr u c t io n s , 

r e p l y t o Chainnan H a r r is o n , P r e s i d e n t s ' Confere 

n c e r e s u g g e s t io n o f Mr. P e y t o n r e , a n d namin 

g M r. B eth ea t o s i t w i t h c o m m i t t e e o n 4/13 550 

X ) r e s e r v e s , amendment t o be p re p a re d t o r e q u i r e f o r e i g n 

I*: 



b a n k in g c o r p o r a t i o n s o p e r a t i n g u n d e r (Chase 

Bank) t o c a r r y same r e s e r v e s a g a i n s t d e p o s i t s 

i n U .S . a s member banks in c e n t r a l r e s e r v e 

c i t i e s ? / l ? 

R e s o lu t io n a n b o d y in g amendment ad op ted , l e t t e r t o FRBanks 

and C hase Bank r e * 7/30 1^67 

s ta te m e n t r e amendment to be p u b lis h e d in FR B ulletin 6 /1 - il^-i 

Amendment s u g g e s t e d by M r. C u t le r o f S a fe D eposit and 

TitLSt Company o f B a ltim o re , immediate purpose 

t o p e r m it M e s s r s . D avis and Randall to serve ^ ^ 

t r u s t company and n a t io n a l bank 

Amendment i s in c o n f l i c t w ith purpose o f Clayton 

A c t , r e p l y t o Mr. L each, FRBank o f Richmon , ^ 1609 

r e s u g g e s t io n o f Mr. C u tle r +h*t 

Amendment t o , l e t t e r t o be sent FRBanks requ^s 

s u r v e y be made t o d aten n in e exten t o- ^ ^ , 

l o c k i n g r e l a t i o n s between M orris 

o t h e r b a n k . a s reg a rd s o f f i c e r s and 

and a l s o e x te n t t o w hich = ^ 0 ^ * ^ n / 6 1516 

i s b e in g e x te n d e d , b e fo r e any a ctio n ^ ^ 

L e t t e r p r e p a r e d and sent

Board o f ^ f ^ c h a s o f n a tio n a l banks and o f c o r p o r a tio n s 

M, F o r e i g n . g un der S e c t io n 3 5 ( a ) , a d op ted 

, i n w h f ^ t o be p u b lis h e d in F R R H le tin 

, t r a n c e and In vestm en t Company, lo a n s o f , a f t e r 

o , Newton ^ ^ g i a n i n t o p a r t n e r s h ip , q u e s tio n o f coming 

under, l e t t e r t o Mr. H a m ilto n , iRBank o f Kansas 

C ity , re l a t t e r from M r. Suderman 

p r e p a r a t i o n o f , r e p ly t o Mr. S c r o g in o u t l i n i n g m ethod, and 

s te p s taken t o a ssu re r e a s o n a b le n e s s and worka^ 

Q: 

b i l i t y 

Funds o f la b o r u n io n s, q u e s t io n o f c l a s s i f i c a t i o n as 

sa v in g s d e p o s its a g a in r a i s e d , stu d y t o be made 

o f q u estion and e s t a b lis h e d r u l in g adhered to 

R eply t o I n t e r n a t io n a l U nion o f U n ite d Brewery 

F lo u r, C ereal and S o ft D rink W orkers o f 

Am erica re 

I n t e r p r e ta t io n o f S e c. 3 ( d ) , c a l c u l a t i o n o f in t e r e s t 

nhen f i f t h day f a l l s on Sunday o r h o lid a y 

Savings d e p o s it s : 

Sec. 



D e fin it io n o f , memo o f s e n i o r s t a f f , a ls o pertinent 

memo o f Mr. Ransom 

F e m c l i f f Cemetery A s s o c ia t io n may be c a r r ie d as 

by I r v in g to n N a tio n a l Bank and T r u s t Company' 

under ^ 

Hi), co n fe r e n ce w ith r e p r e s e n t a t iv e s o f S ta te 

banking a s s o c i a t io n s and c le a r in g houses in 

southern S ta te s and r e q u e s t th a t e f f e c t i v e date 

t i o n " ^ ^ pow er t o p r o h ib it absorpd 

r a L ? and c o l l e c t i o n c h a r t s , withdraw 

als from m embership and p a r l i s t do not 

R e p o ^ 3 ° * ^ u n w illin g t o d e fe r 

M s r " ^ c a l l , w ith Mr. D reibel- 

in te r e s t ^ d e f i n i t i o n o f 

O f Banking ° ^ f o r m a l c o n fe r e n c e w ith members 

o th e r P m r C urrency Committee o f House and 

r R e p r e s e n t a t i v e s 

r e j " t o ^ b e ^ i ^ ^ P l i c a t i o n i n F R B u l l e t i n 

R e p r e s e n t a t i v e s ^ ^ i n t e r e s t e d 

in q u ir ie s r e c e iv e d b y ^ ^ r d ' ' 

C on.erence o f Mr Por.. oara 

R e p r e s e n t e d 

ment o f ^ ^ t o n , su g g estion o f d efertaken 

Lintii l e g i s l a t i v e a ctio n can be 

R e p r e s e n t a t i v e B o a r d d e f e r , an d 

quest e a g a l l t o m a k e w r i t t e n re - 

3/31 

1624 

437 

6/ 4 776 

6/11 824 

6/25 837 

10/30 1478 

9 /3 0 1351 

1/16 10?! 

l/28 

1/2B 

1/29 

177!

S e c. 1 ( f ) : (C o n t in u e d ) 

L e t t e r from M r. S t e a g a l l , ^ ^ 

May 1 , M r. Ransom a u ^ o r l ' t d t o l ^ ^ 

l a t i o n and sen d q u e s t io n n a ir e to ^ ^ l e g i e - 

s ta te m e n t and l e t t e r t o Mr. S t e a a a i i 

S e n a t o r V agn er t o be a d v is e d ^ p r o v e d , 

L e g i f l ^ i v e a c t i o n t o ^ S ec. 1 9 o^ 

F R A ct, d i s c u s s i o n r e p roblem s which - ^ 1 1 I < 

R e p o r t o f M r. Ransom o f agreem ent -^ th FLIC to 

amend i n t e r e s t r e g u l a t i o n s to e lu n in .t e d e fin it 

i o n s o f i n t e r e s t and make p r o v is io n d e c H r . 

t o r y o f la w , r e s o l u t i o n adop ted making amendm 

ent e f f e c t i v e ^ onana- 

^ 

P r o p o s e d fo rm o f j o i n t p r e s s r e le a s e , Mr. D reib elb is 

t o a s c e r t a i n i f c e r t a in changes are agreeable 

t o J?DIC 

2 / 9 248 

2 / 9 250 

P r e s s r e l e a s e ch a n g e s a g reed upon, M r. Ransom authori 

z e d t o c a l l w ith Chairman C row ley upon Chairman 

S t e a g a l l and S e n a to r G la ss t o re p o rt a ctio n 

P aym ent o f i n t e r e s t b y b an k s, d r a ft o f r e p ly to 

R e p r e s e n t a t i v e W right Patman g iv in g in f o m a - 

t i o n r e q u e s t e d in c o n n e c tio n w ith d e fin it io n 

2/ 9 2 5 3 

o f i n t e r e s t , a p p rov ed 2 / 9 257 

F e d e r a l A d v i s o r y C o u n c il, c o n s id e r a tio n o f recomm 

e n d a tio n o f N ov. 1 6 -1 7 , re v ie w o f reasons 

u n d e r l y i n g amendment o f F eb. 9, Board does not 

c o n t e m p la t e p u b l i c a t i o n o f r u lin g s regardin g 

c o m p lia n c e w ith r e g u l a t i o n 

P r e s i d e n t s ' C o n fe r e n c e statem en t th a t making e f 

f e c t i v e w o u ld a c c e n t u a t e co m p e titiv e d isa d 

2/16 299 

v a n t a g e b etw een member and noma sob er banks 

Am endm ents r e paym ent o f i n t e r e s t on d e p o s its , 



t io n s in c o n n e c tio n w ith e x e c u t io n o f , pending 

amendment o f R e g u la tio n 

Amendments p rop osed on Nov. 18, a t t e n t io n c a l l e d by Dr. 

P a rry t o f a c t th a t i f p r o p o s a l o f New York Stock 

Exchange w ith r e fe r e n c e t o " i n - a n d - o u t " tra d in g 

i s adop ted t h e r e w i l l be no n eed t o d e fe r a ctio n 

on 

Q u estion o f am ending, o r re w ritin g , r e g u la t io n , 

amendments am ounting to g e n e r a l r e v i s i o n to be 

made 

Amendment t o S e c. 5 ( c ) and (d ) t o exten d t o Jan. 1 

1928 p e r io d d u rin g w hich c r e d i t may be m aintained 

w ith ou t c o l l a t e r a l o r on u n r e g is t e r e d c o lla t e r a l 

r e s o lu t io n e f f e c t i n g 

Amendment No. 9 , statem en t r e , to be p u b lis h e d in 

F R B u lletin 

Amendment r a i s i n g maximum lo a n v a lu e s o f r e g is t e r e d 

s e c u r i t i e s and r e q u ir in g m argin on sh o rt sa le s 

Amendment adopted e f f e c t i v e December 6 

C e r t i f i c a t e s o f d e p o s it g iv e n in exchange f o r bond and 

stamped s t o c k , p ro p o s e d A llegh an y-C h esap eak e 

r 1 - -O R s o iid e tio n , s ta tu s a s r e g i s t e r e d s e c u r it ie s 

-'a y lig h t tr a d in g : (S ee i n f r a M argin req u irem en ts) 

M argin req u irem en ts) 

I n t e r p r e t a t io n s , d i s t r i b u t i o n o f X - l e t t e r s co n ta in in g , 

r e p ly t o Mr. S ih le r t h a t o n ly 46 numbered r o l l 

H i f in te n d e d f o r d i s t r i b u t i o n 

-tap y o FRBank o f San f r a u d sco t o b e guided by 

* h °u ld n o t b e d is tr ib u te d 

M argin requ irem en ts amendment d e sig n e d t . end p r a c t ic e 

Of New York ^ l i q u i d a t i o n , proposal 

_ amendment to i t s ^ 

p o s lt i^ n ^ ^ f^ S E c " H * " t? * ^ ° r ° e s t e r , 

° f ExchBnce Mr' ^ ^*** r e p r e s e n ta tiv e s 

SEC t o be a r ^ t ' ^ r e p r e s e n t a t iv e o f 

TMith SEC re n r^ ^ n i- ^ r t h e r meeting 

C on feren ce h e ld ' N a tiv es to be arranged 

p roced u re t o b e ^ n f i f P ^ t s a re subm itted to i t , 

^ f i n a l c o n s i d e ^ t f ^ ? to g iv e 

D e c is io n o f Board ^ 29 

Should be d eferr^ ^ ^ Chairman th at i t 

t o b e fu r th e r iêtst u n t i l next week, 

r c o n s id e r e d tomorrow 

3/25 

1 /1 5 

l/ie 

1/15 

1/15 

1/18 

1/22 

ei 

107 

4 /1 3 545 

4/26 606 

10/27 1451 

1 2 / 3 1607 

1 0 / 2 1559 

4/24 602 

6/19 855 

61 

10^ 

10



M a r g i n r e q u ir e m e n t s : (C o n tin u e d ) 

A gretin en t b e tw e e n SEC and New Yor!r ^ , 

r e a c h e d , l a t t e r h a s f o r w a r d Exchange 

t o b e c o n s i d e r e d Feb 3 normal p rop osal 

P a r ry t o a d v is e M r. W orcester ^ " r - 

p r o b a b l y n o t a c t f o r a week 

New Y o rk S t o c k E x ch a n ge p r o p o s a l f o r e l b .i n ,,n ^ ^ ^ 7 

" t h r e a - d a y r i d i n p " , d is c u s s io n 

F e b . 1 6 n s c u s B i o n . t o be considered 

R e s o l u t i o n p o s t p o n i n g amendment, t o g iv e New ^ ^ 

S t o c k ^ c h a n g e o p p o r t u n it y ^ a t t ^ p t H ! 

n a t e t h r e e - d a y r i d i n g , l e t t e r to M r! Gay 

i n g h im o f a c t i o n and p r e s s statem ent approved 2 / 1 ^ -9 1 

A c t i o n on r e d u c t i o n d e f e r r e d u n t i l fu r t h e r study 9 / ^ 

C hange m , d i s c u s s i o n engaged in but no d e c is io n 

r e a c h e d ^ 

R e d u c t io n o f m a r g in r e q u ir e m e n ts , c e r t a in memoranda 

s u b m i t t e d , a c t i o n d e f e r r e d u n t i l fu r th e r study 9 / 3 3 1 5 4 9 

P r o p o s e d p l a n a l l o w i n g p u r c h a s e r to d e p o s it low er 

m a r g in s w it h a n o t h e r who in tu rn d e a ls in 

n a t u r a l c o u r s e o f b u s in e s s w ith b ro k e r i s in 

c o n f l i c t w it h R e g u la t io n T , r e p ly t o Mr. M artin, 

FRBank o f S t . L o u i s , r e l e t t e r o f Mr. Dubinsky 11/19 1547 

I n q u i r y fr o m D u b in sk y and Duggan, S t . L o u is , M o., 

r e q u e s t fr o m B oard t h a t FRBank o f S t . L ou is 

fo r w a r d a d d i t i o n a l in fo n n a t io n r e la t in g to 12/16 1666 

Member o f n a t i o n a l s e c u r i t i e s exchange m a in ta in in g 

s p e c i a l c a s h a c c o u n t f o r custom er d w e llin g 

a b r o a d , e x t e n s i o n o f tim e to 15 days f o r each 

t r a n s a c t i o n , on b a s i s o f s in g l e a p p lic a t io n 

b y c u s t o m e r t h e p e r i o d f o r e l l tr a n s a c t io n s 

s u c h t y p e t h a t may b e e f f e c t e d f o r th a t custom er ^ 

i n f u t u r e i s e x te n d e d 

P a r t i a l p aym en t p l a n f o r s a l e o f s e c u r i t i e s , re g u la r 

m a r g in s a p p l i c a b l e , p e r t in e n t p r o v is io n s 0 1 

R e g u l a t i o n t o b e c l a r i f i e d upon r e v is io n 

R e p la ce miurt e n+ t o f ex c-'rcnrsn+ em p ted s e c u r i t i e s w ith regi

R egulations: continued) 

B o a rd o f G o v e r n o r s . ^ 

Tr (ContiDue-d) . . (C on tin u ed ) 



* ° * ' ^ e ' l i ^ t ^ r e la t in g t o , two b u s in e s s days allow ed, 

r e p ly to P r e s t o n , Watt and S ch o y e r, P itts b u r g h , 

Pa 

R e v is io n , Amendments to be made am ounting t o gen era l 

R ev ision o f , Board members fu r n is h e d w ith re 

v is io n p rep a red by FRBank o f New York 

M argin req u irem en ts, a p p l i c a b i l i t y t o s a le s o f sec 

u r i t i e s on p a r t i a l payment p la n , p r o v is io n s to 

be c l a r i f i e d 

R eferen ce to r e v is io n and d is c u s s io n o f p roced u re 

f o r c o n s id e r in g , l a i d on t a b le 

Copy o f r e v is io n sent t o Chainnan L a n d ie , SEC, fo r 

comment and su g g e s tio n 

D raft o f , reviev. by Mr. P a r r y o f ch a n ges, p r o v is io n 

r e q u ir in g same m argin f o r s h o r t s a le s as f o r 

p u rch ases on m argin d is c u s s e d w ith , and approved 

by SEC, l e t t e r fo rw a rd in g t o FRBanks f o r t h e ir 

comments and comments o f s e c u r i t i e s exchanges 

Program o u t lin e d by Mr. Szym czak, r e subm ission o f 

d r e ft to Board and to New York S tock Exchange, 

Board members exp ressed agreem ent w ith 

R e v isio n o f R eg u la tion and Supplem ent adopted e ff 

e c t i v e January 1 

Short s a le s , m argin r e q u ir e d , b r o k e r may ask customer 

to p r o v id e m argin f o r s a le s p r i o r t o November 

1 i f he w ish es, r e p ly t o M r. B ellm an, Brooklyn, 

N* Y* 

S p e cia l omnibus a cc o u n ts , i f cu stom er i s in co rp o ra te d 

s e c u r it ie s firm , s e c u r i t i e s and sh o rt s e le s o f 

o i f i c e r s , d ir e c t o r s o r s to c k h o ld e r s t h e r e o f need 

n ot be d en ied lo a n v a lu e o r ex clu d ed from account 

as th o se o f a p a r tn e r 

cam p ed stock and c e r t i f i c a t e s o f d e p o s it in proposed 

A iiegnany-C heaapeake c o n s o lid a t io n , sta tu s Of, 

p oses o f th^ g iv en loa n v a lu e fo r purm 

8 m n n r e g u la tio n may be a ccep ted in 

^ ^ r e g i s t e r e d , when 

re& igterfid * **^3 u su a l loa n value o f 

^ s e c u r it y 

signed^stpt r e v is e d r e g u la tio n , member's own 

a s ^ e L i r e ^ l ' * * b e lie v e s fa c t s to be 

used ^ t i l r e f l a t i o n may be 

1 0 / 7 

1 /1 8 

1376] 

107] 

6 /1 6 e J 

6 /3 0 903] 

7 /2 0 10-75] 

7 /2 7 1043] 

11/ 4 

12/ 3 

1493 

if3a] 

1 1 /2 2 1551] 

12/26 174^ 

10/13 IM1 

9/24 

. (C o n tin u e d ) 

^ G o v e m o r e : (C o n tin u e d ) 

t r a v e l r e f l a t i o n s , amended and a d op ted as rev ised 

U * A d m in is tr a t io n o f , n o t t o be i n c l u d e 



c u s s io n a t P r e s i d e n t s ' C on f!^ " 

b e d i s c u s s e d i n f o r m a l l y a t ^ t o 

w it h B oard ^ ^ " e a t in g o f Conference 

Amendment s u g g e s t e d t o make r e g u i a t i ^ 

Amendment s u g g e s t e d by M r. B rod erick t l f 

d i s t i n c t i o n b etw een o l d and new l o L f t " " ' 

P a r r y t o p r e p a r e d r a f t o f such a m ^ ' 

Foim o f amendment p r e s e n te d b y Mr. P a r t e d 

f o r , p r e f e r a b l e t o make e f f e c t i v p ' ^ 

v i s i o n o f R e g u la tio n T , r e s o lu t io n a d o p ^ n g ^ ' 

Amendment r a i s i n g lo a n v a lu e s o f sto ck s whether o r 

n o t r e g i s t e r e d 

A p p lic a b le t o l o a n made p r i o r t o enactment o f Secu rit 

i e s E xch an ge A ct o f 1934 b eca u se stock i s now 

r e g i s t e r e d 

C a s h i e r 's c h e c k s a s c o l l a t e r a l f o r lo a n , reinvestment 

i n e q u a l v a lu e o f s t o c k s to be su b s titu tio n o f 

c o l l a t e r a l , r e p l y t o in q u ir y o f Mr. G arrett o f 

N o r t h e r n T r u s t Company o f Chicago 

T o b e p u b l i s h e d i n F R B u lle tin 

L e b e n tu re s o f A f f i l i a t e d Fund, I n c . , d r a ft o f rep ly to 

C o m p t r o lle r t h a t i f th e y are s e c u r it ie s under 

S e c . 5 1 3 6 , R . S . , th e y a re not s u b je c t to regul 

a t i o n a s w r i t t e n , app roved , Mr. Ransom votin g 

" n o " , t o b e h e ld f o r r e c o n s id e r a tio n o f Mr. 

S z y m c z a k 

D i g e s t p r e p a r e d b y F R B a n k o f San F r a n c is c o , rep ly sugg 

e s t i n g c e r t a i n d e l e t i o n s and a d d itio n s , no 

o b j e c t i o n t o d i s t r i b u t i o n t o FRBank, national 

b a n k a n d S t a t e b a n k exam iners 

Q u e s t i o n s s u g g e s t e d f o r in c lu s io n 

I n d e b t e d n e s s o f b o r r o w e r f o r p u rp ose o f $1000 extanptio^, 

r e a l e s t a t e l o a n s sh ou ld be in clu d ed an^ non 

c o n t in g e n t l i a b i l i t i e s on com m ercial P ^P ^ 

In te rp re ta tio n s, shares o f Mass. cooperative an- 

L oan s o n l i s t e d s e c u r i t i e s o f investm ent 

g e s t i o n O f C a l i f o r n i a S s c u r ity D e a l e r ^ s ^ i a 

t i o n t h a t r e g u l a t i o n be amended ^ on 

l a r g e r l o a n s o n , Board unv.dll 

r e l a t i v e m e ritB o f s e c u r it ie s 

12/15 1662 

1 0 / 5 1364 

7 / 6 926 

7/27 1043 

7/29 1053 

7/29 1055 

10/27 1453 

9 / 2 1219 

9 / 3 1228 

9/22 1319 

6/11 816 

3/26 461 

5 / 5 655 

7 / 1 917 

8/26 1195

- . . . . . 

Margin r e q u i r e m e n t s , a c t io n on r e d u c t io n d e fe r r e d u n til 

fu r th e r study 

P roposed amendment to b e d r a fte d 

C e r t a i n memoranda su b m itted , a ls o d r a ft o f proposed 

amendment, a c t io n d e fe r r e d u n t i l fu r t h e r study 

Margin d e p o s ite d to s a t i s f y b a n k 's requ irem en ts only 

c e r t i f i e d check w i l l se rv e f o r s h o r t p e r io d 

o ^ f tim e, l e t t e r t o Mr. G id n ey, FRBank o f New 

York 

P r o t e c t io n o f banks, e c t io n s deemed n e c e s s a r y fo r , r e - 

s t r lc t e d a ccou n ts may be t r a n s fe r r e d from 

brokerage o f f i c e to bank, r e p ly t o Mr. Robert 

Broome, Guaranty T ru st Company 

Stock becoming u n r e g is te r e d a f t e r lo a n i s made, not 

su b je c t to R e g u la tio n U, r e p ly t o Mr. Clerk 

iEBank o f San F ra n c is co 

Stock r e g is t e r e d a f t e r lo a n i s made, a p p l i c a b i l i t y to 

to be p u b lish e d in F R B u lletin 

"S u g g estion s to Examiners re R e g u la tio n U ", memo prepared 

by Mr. Rounds, BRBank o f New York, fo r 

d is t r ib u t io n to S ta te banking departm ents in 

d i s t r i c t and to FDIC, change su ggested and 

memo approved 

T ra n sfer ° ? l ° s n un der, e s s e n t i a ls o f , in d ebted n ess and 

c o lla t e r a l to be t r a n s fe r r e d , and determ ination 

o f fa c t e re g a rd in g 

Working hours adop tion o f o f f i c i a l h ou rs f o r a l l d iv isio n s 

o r B oa rd 's s t a f f 

Uentraj. S t a t i s t i c a l Board: 

H°. 1 . s "K M s s i.n o f m a tter t o S t a t i s t i c a l Board f o r review, 

C om ptroller o f the Currency: 



1 °s is n * * e d by B o a r d to confer 

- ° 

n a tion a l banks ^ " P P ^ *° 

^ C o l o r a t i o n : 

^ n t X ^ o f agreement to amend 

o f in terp ^ t ^ i ° ° s to elim in a te d e fin it io n 

law ^ p r o v is io n d e cla ra to ry o f 

Proposed form o f jo in t 

i f certain P r e le a s e , to be ascertained 

P ress r e le a s e c h a n g e s ^ * f " a g reea b le to FDIC 

iz e d to c a ll with rh authorman 

S teacali Crowley upon Chair- 

ênator G lass to report action 

9/22 

9/24 

3/30 

10/29 

10/20 

12/18 

9/22 

i3i: 

1323 

1349 

1457 

1675} 

1219] 

7/22 1022 

7/15 

12/15 

9801 

lfol 

3/19 441 

3/11 

2/ 9 

2/ 9 

2 /9 

?97 

243 

250 

25?

9 * ^ r J HMBS L oan Bank B o a r d : 

? ' Federal S a v in g s and L oa n A s s o c i a t i o n s , p e n a l t y 

o f d e p o s i t s and paym ent o f ^ t ! ^ ^ ^ p t e n c e 

t e r e s t , e f f e c t i n g u n s a tia f* r.+ ^ 

C h airm an t o c o n f e r iwith C o m p t ^ i ^ ^ ^ ^ ' 

man o f FDIC r e s t e p s t o c ! ^ ^ and C hair- 

S ystem : 

;MneDdments a d o p t e d a t m e e t in g o f T r u s te e s 

t h a t c h a n g in g maximum s a l a r y " ' except 

lations w ith d e a l e r s i n s e c u r i t i e s : '' 5 / 1 2 

^ A n e n t t . R e g u l a t i o n E . B o a rd d o e s n ot f e e l amendment m 

^ s c a lla n e o u s : H / l l 

Bay, C h a r le s U . , S e c t i o n 32 n o t a p p lic a b le 

E dler, S. L . , S e c t i o n 32 n o t a p p l i c a b l e ^ " 

Bro-*ne, G i l b e r t G a p p l i c a b i l i t y o f S e c. 32 o f Banking Act ^ ^ 

o f 1 9 ^ 3 , r e l & t i o n s h i p t o b e brought in to conf 

o r m i t y 

Keen, R o b e r t W in th r o p , p r o v i s i o n s o f S ee. 33 h e ld not ao- 

p l i c a b l e t o 

ityers, L . R . , c o n i e r r e d w ith M r. M c K e e t h e n submitted pert 

i n e n t i n f o n n a t i o n , S e c . 32 h e ld not a p p lica b le 

t o s e r v i c e 

3/12 

Osborn, F r e d e r i c k , S e c t i o n 32 a p p lic a b le to 9 / 2 2 

R i p p e l , J . S . , S e c t i o n 32 n o t a p p l i c a b l e t o re la tio n s h ip 3 / 1 

S t i l l m a n , W a lt e r N . , S e c t i o n 32 a p p lic a b le to 1 1 / 1 

S t o e c k l i n , L . M. , c a n n o t c o n t i n u e t o s e r v e S ta te and Trust 

B ank, H ig h la n d , 1 1 1 . a f t e r i t i s adm itted to 

m em b ersh ip 5/16 

Vtetzel, F o r r e s t B . , s e r v i c e u n d e r S e c . 32 i n con n ection 

w it h m em bersh ip o f S t . L o u is County Bank 

W hite, A. M. , J r . , a p p l i c a b i l i t y o f S e c tio n 32 t o , r e la 

4/S3 

t i o n s h i p s t o b e b rou g h t in t o con form ity 3 1 

Wood, Edward J . , S e c t i o n 32 a p p lic a b le to s e r v ic e to P .^ . 

B r o o k s and C o ., I n c . 

ecu rity T r u s t C o . , L e x in g t o n , K y . , no o p in io n can be expressed 

6/23 

t o A l l e n , Duncan and Duncan re v a l i d i t y 0 : prop 

o s e d c o n t r a c t w ith re g a rd to L exington weter 

r e v e n u e b o n d s , b u t s e c u r i t i e s are 

e x e m p tio n o f S a c. 5136, H .S. and p a r tic ip a tio n 

Relati,. i n u n d e r w r it in g u n la w fu l . , ^ + 

as o f FRBanks w ith f o r e i g n banks, p roced u re, * 2^ p 

FRBank o f New York c l a r i f y i n g 

Agreements b etw een FRBank o f New York and 

v i s i o n o f , app roved su b je ct to p - g / ? 



p r o c e d u r e 

1/28 

6/10 

93 

702 

1526 

1229 

1230 

1259 

190 

399 

1321 

356 

i486 

414 

598 

1259 

877 

811 

262

. ^ n p loy ees, l e t t e r t o a l l p r e e i- 

Ranonbrances f o r ^ e t ir ng n o tin g th a t P r e s i d e n t s ' C o n fe re n ce in 

c ^ s i d e r i c ^ m a tte r l e f t i t s d e c i s i o n t o each 

FRRank Board assumes i t s a p p ro v a l w i l l be 

s o u g h t'b e fo r e i n i t i a t i n g p r a c t i c e 

T. ^ T^f. contract fo r s t e e l s h e lv in g and fu r n it u r e 

K i n g t o n B a n d . 1 ^ . . ^ o o n t r . ^ ^ _ ^ 

Penovel N a tio n a l Bank, W. V a ., evidence 

.ohnô , . d is c u s s e d , c l e a r th a t c o n tin u e d v i o l a t i o n s o f 

law s and u n sa fe and unsound p r a c t i c e s , o rd e r rem 

oving from o f f i c e is s u e d , C o m p tr o lle r to be 

a d v is e d when s e rv e d ^ ^ 

A dvice th a t o rd e r had been s e rv e d upon M r. Johnson and 

bank ^ 

M orton, T. 0 . , T a y lo r N a tion a l Bank o f C a m p b e lle v ille , K y ., cer- " ^ 

t i f i c a t e o f C o m p tr o lle r on v i o l a t i o n s o f law and 

con tin u ed unsound p r a c t i c e s , memo o f M r. D reib 

e l b i s recom mending i n s t i t u t i o n o f p ro ce e d in g s 

under S e c. 20 and p r o c e d u r e f o r ^ ^ 

O rder ad op ted , naming J . C. Baumann a s t r i a l exam iner and 

p ro ce d u re t o b e f o llo w e d ia h e a r in g , t o be 

serv ed upon M r. M orton and bank d i r e c t o r s 4 /3 0 ^ 

C ontinuance o f h e a rin g re q u e s te d f o r s u p e r c e s s io n by S tate 

bank, rem oving from j u r i s d i c t i o n o f B oard, arrangem 

ents f o r h e a r in g co m p le te d , v iew s o f 

C o m p tro lle r, re a so n i n s u f f i c i e n t , con tin u an ce 

n o t g ra n ted 6/ 4 777 



R eport o f Mr. D r e ib e lb is r e p r o c e e d in g s b y FDIC t o t e r 

m inate d e p o s it in s u r a n c e and c o n s id e r a t io n by 

C o m p tro lle r o f a p p o in t in g c o n s e r v a t o r t o p re - 

„ - ., se rv e d o u b le l i a b i l i t y on s t o c k 6/30 899 

r . -.^ ^ ^ e lb is a a v ise d Mr. L yon s th a t i t w ould n ot be pract 

i c a b l e f o r B oard t o r e a ch d e c i s i o n tod a y , Mr. 

—o rto n t o b e a d v is e d th a t no e x t e n s io n would be 

-ra n te d t o f ile - b r i e f b u t Board w ould con sid er 

any f i l e d by J u ly 1 3 6/30 9M 

n e gran ted t o f i l e b r i e f has e i p i r e d , B oard shou ld consider 

1 in fo r m a tio n b e f o r e i t , memo o f Mr. D reibelbis 

ed J ^ l y \ s ^ and e v id e n c e , to be con sid er- ^ ^ 

No answer t o ch a rg es in c e r t i f i c a t e o f C o n t r o l l e r , agreed 

. . . e v id e n ce Board w ould be j u s t i f i e d in 

m o v a l ^ o r d e r a d op ted d ir e c t in g r e - 973 

^ r ^ o v a l ^ o f b e in g r e c o r d e d in fa v or o f ^ 975 

e r v i - - o f o r d e r i n s t r u c t i o n s o f Board r e , l e t t e r to Man- 

N o t i f i c a t i o n o f C a ^ t ^ l ? ! ' Branch ^ 

1* o f th e C u rren cy and FDIC ^ 

63i

i za tion o f b a n k s: Pages 

S ta te Bank, M u s c a tin e , Iow a, e a r n i n g o l . d ^ 

cent d e p o s i t o r s ca n n ot be i n c l u L ^ f 

a c c o u n t s as shown in c o n d i t i o ca p ita l 

n a r s v ill* S t a t e Bank, C o o p e r s v i l l e , M ich 

t ° " l i v i n g d e p o s i t o r s ' c a ^ o f 'b e f ° ^ 6 d 

10/26 1446 

c a p i t a l a c c o u n t s as s h o w T in c ^ n d it lo f " 

^ n i n g s p le d g e d f o r t h e b e n e f i t o f w a ivin g depos " r s 

10/26 1448 

and p ^ U s h e d 

gone S ta te Bank o f L a w ren ce, M ic h ., ea rn in gs pledged to 

d e p o s i t o r s ca n n ot be in c la d e d ia c J p i m ^ ^ 

c o u n ts a s shown in c o n d it io n rep orts 

Mount Clemens S a v in g s Bank, Mount Clemens, M i c h , / e a r n i n g 

p le d g e d t o w a iv in g d e p o s ito r s cannot be in 

c lu d e d m c a p i t a l a cco u n ts as shown in condition 

r e p o r t s 

10/26 1447 

10/26 1443 

10/26 1448 

peoples S ta te bank o f H o lla n d , M ic h ., earnin gs pledged to waivi 

n g d e p o s i t o r s cannot be Included i^ ca o ita l 

a c c o u n t s a s shown in c o n d itio n re p o rts 

Union Bank o f Commerce Company, C lev ela n d , O hio, a p p lica tion fo r 

m em bership in FRSystem approved su b ject to aut 

h o r i z a t i o n by Ohio S ta te Banking Department to 

commence b u s in e s s as reorg a n ized form o f Union 

T r u s t Company H / 4 1 ^ 6 

Union T ru st Company, C le v e la n d , O h io, reorg a n ized in to Union 

Bank o f Commerce Company 1 1 / 4 1496 

Reports: 

A ffilia t e s , r e v i s i o n o f p r o c e d u r e f o r w aiver o f , l e t t e r to 

C o m p t r o lle r o f th e Currency on proposed changes 9 / 9 1245 

FRBanks, bank and p u b l i c r e l a t i o n s , summary o f rep orts prese 

n te d by Mr. Hammond, to be mimeographed and 

t r a n s m it t e d t o FRBanks, l e t t e r approved re, 

and r e s c o p e o f r e p o r ts - 

Hsaber fin n s o f n a t io n a l s e c u r i t i e s exchanges on fonn 240, 

c e r t a i n member firm s to f i l e rep orts sani- 

a n n u a lly in s te a d o f m onthly * 

Miller B ros. R e a lt y C o ., I n c . , requirement for publication on ^ ^ 

p form 220a w aived 

Reserve Board C lub: 

Tannig c o u r ts , c o n s t r u c t io n o f , Club to com plete construction, 

in c lu d in g e r e c t io n o f an en closure and ms n ig / 3 1 1 7 7 2 

Reg ^y t a in in g c o u r ts at a l l times 

10/26 1448 

Advance paym ents a g a in s t Government s e c u r it ie s , ^ 

b e in g d e p o s it s requiring reserves, to y ^ 174 

" " " New *o ' ^ ^ f ' " 

p re p a re d by C o ^ l j o r e ^ r a ^ ^ ^ 

s a m e r e s e r v e s a s m e m o e r 

T se rv e c i t i e s _ ^ Reputation K 

b e tte r a d v is in g o f a d op tion o f amendment; 



R eserves: tC o n ti^ e d ) ^ coupons may be co n sid e re d by 

Computation o f , ^ ^ 3 j^n New York C ity as cash item s in 

^ c l s s o f c o l l e c t i o n and may be deducted from 

L o s e demand d e p o s it s in com puting req u ired 

„ n t * n N ation al Bank o f C h ica go, 1 1 1 ., a u th o r iz e d to carry 

Cosmopolitan e d u c e d , a p p lic a t io n h a v in g been p r e v io u s ly 

approved by Mr. D avis 

D e fic ie n c ie s , p e n a lty l o r : . - . ^ 

C i t a t i o n p e r io d w ith in which th e bank became manber, and 

f o r f i r s t tim e subsequent t o such p e r io d , may 

o r may n ot be a s s e ss e d as FRBank s h a ll determine, 

l e t t e r to Mr. S c h a lle r 

S e cu rity N a tion a l Bank, L a u r e l, N e b r ., no o b j e c t i o n to 

w aiver o f p e n a lt ie s b e ca u se o f f a i l u r e o f not 

i c e o f in c r e a s e in req u irem en ts t o come to 

a tte n tio n o f bank 

Waiver o f p e n a lty on Farmers S ta te Bank, B e lv id e r e , 1 1 1 ., 

becau se o f e r r o r s in r e p o r t s s in c e c o r r e c te d , 

no o b je c t io n 

D ep osits made as c o l l a t e r a l to lo a n s by bank o f Government sec 

u r i t i e s to custom er, r e p ly t o P r e s id e n t 

S c h a lle r th a t th ey a re s u b je c t t o r e s e r v e s 

R u lin g to be p u b lish e d in F R B u lletin 

D ra fts f o r purchase o f com m odities n ot p a y a b le im m ediately upon 

p r e s e n ta tio n , s h o u li be r e p o r te d as lo a n s 

E xcess: 

C entral re s e r v e c i t y banks, showing in w eekly co n d itio n 

statem ent o f FRBanks 

Msno o f Mr. -iinead th a t FRBank vêekly s ta te n e n t show, 

put on docket 

Msnber banks in C h icago, f i b r e s t o b e r e le a s e d as o f 

Wednesdays and Saturdays 

Money m arket, statem ent o f Chairman E c c le s b e fo r e P r e s i 

den ts ônêrence th at in flu e n c e was not being 

e x e rte d , su ggestion th a t FRBanks o f f e r to buy^ 

rea su rj ^ H s at r a t e s s l i g h t l y h ig h e r than 

l i q u i d i t y t o b i l l s and bringing 

i d l e funds in t o market 

^ r e s id e n ts d e s ir e more tim e to c o n s id e r , g re a te r 

90-dnv ^ a ch iev ed by is s u e o f only 

would b " \ /^ s c u s s i o n o f e f f e c t , d e cisio n 

i t s b i l l to T reasu ry d eteim in ing 

FRBank o f A tla n ta : n ext two weeks 



^ ^ I n g h a m and J a c k s o n v ille branch 

d i ^ i o M f ' ^ ^ up f o r co st o f a ir con- 

Blm inghas, 

in d u s t r ia l advances, 

e / 5 

3/15 

H /19 

6/ 8 

12/21 

12/26 

UK)! 

40; 

1547 

3/10 382 

5/18 726 

3/12 

4/26 

397 

606! 

1/27 174 

9/30 1243 

10/ 5 1365 

9/ 1 1215 

6/ 8 601] 

804 

1697] 

17?9,


I t * o f B o s to n - 

in d u s t r ia l a d v a n c e s , a u t h o r i z e d t o s e t up 

I n d u s t r ia l a d v a n c e s and co n m itm e n ts, l o s s e s nn 

a p p r o v e d on , in c re a s e 

mBMk ° f C le v e la n d : 

S u rp lu s, c h a r g in g o f f and c a r r y i n g t o r e s e r v e s f n - 

t t n g e n c i e a th ^ e s tim a te d amount o f net 

vugank o f D a l l a s . 

A u th o riz e d t o s e t a s i d e sum on b u i l d i n g f o r purpose o f 

b r i n g i n g p r e s e n t b ook v a lu e m ore in lin e 

e s t i m a t e d c o s t o f s i m i l a r b u ild in g 

jRBank o f K a n sa s C i t y : 

T r a n s fe r s t o r e s e r v e s f o r c o n t in g e n c ie s n ot approved, how 

e v e r m ay c r e d i t amount equ al to estim ated net 

e a r n i n g s r e m a in in g a f t e r payment o f d ividen ds 

FRBank o f M i n n e a p o l i s : 

A ir c o n d i t i o n i n g o f b u i l d i n g , a u t h o r iz e d to se t up f o r 

c o s t o f 

C o n t in g e n c ie s , t r a n s f e r s t o r e s e r v e s f o r , n ot approved, 

h o w e v e r may c r e d i t amount equ al to n et p r o f i t s 

o f s a l e o f s e c u r i t i e s from sy sta a open market 

a c c o u n t d u r in g 1937 

D is co u n te d b i l l s , t r a n s f e r o f r e s e r v e f o r l o s s e s on, to res 

e r v e f o r o t h e r l o s s e s and co n tin g e n c ie s and 

r e l e a s e o f r e s e r v e f o r d e p r e c ia tio n on Governm 

en t s e c u r i t i e s , ap p roved 

I n d u s t r i a l a d v a n c e s , a u t h o r iz e d t o s e t a s id e 

FRBank o f New Y o r k : 

I n d u s t r i a l a d v a n c e s , a u t h o r i z e d t o se t up 

FRBank o f R i c h m o n d : 

I n d u s t r i a l a d v a n c e s , a u t h o r iz e d t o s e t a sid e 

FRBank o f s t , L o u i s : 

A d d i t i o n a l t r a n s f e r t o , a u t h o r i z e d 

C o n t i n g e n c i e s , t r a n s f e r s t o r e s e r v e s f o r , not ^ppr Y .j, 

h o w e v e r m a y c r e d i t amount equal to ^ 

n e t e a r n i n g s rem a in in g a f t e r pa.^D-n 

d e n d s 

'ôank o f San F r a n c i s c o : ^ , . . - d S alt 

Banking h o u s e s a t San F r a n c is c o , L os Ange approved, 

L a k e C i t y , s e t t i n g - i d e ^ 

may h o w e v e r w r it e down w iH create 

w h ere r e g u l a r d e p r e c ia t io n charg 

su ch a r e s e r v e i n 40 year;? surplus account 

C o n tin g e n c ie s ^ a u t h o r iz e d t o ch arge ^ s e r v e fo r 

f o r p u r p o s e o f 

I n d u s t r ia l a d v a n c e s , a u t h o r i z e d t o se 



12/21 1696 

12/2Q 1739 

12/28 1 7 3 9 

12/21 1698 

12/21 1698 

12/21 1698 

12/21 1598 

2 / 2 223 

12/21 1698 

12/21 1698 

12/21 1698 

1 / 7 36 

12/21 1698 

12/21 1698

R eserves: Rnead t o make s tu d y so a s to recommend 

FRBanks, p o l i c y to b e f o l l o w e d b y B oard r e 

fu tu r e a d d it io n s to 

' ^ ' c J p u ^ t i o n ^ 'f m p r o p a r ^ a s i s 'r e v e a l s d by c o n d i t i o n re p o rt 

f t s i n U . S ., C ou n sel t o p r e p a r e amendment t o a g re e - 

repo^- - r e q u ir e c a r r y in g o f same r e s e r v e s as 

member banks l o c a t e d i n c e n t r a l r e s e r v e c i t i e s 

L e t t e r a d v is in g th a t B oard h a s amended agreem ent r e 

r e s e r v e re q u ir e m e n ts and r e q u e s t f o r a cce p ta n ce 

F oreign b a la n c e s in c r e a s e d t o o f f - s e t e f f e c t o f g o ld im p o r ts , 

d is c u s s e d 

F oreign bankin g c o r p o r a t io n s , amendments t o agreem en ts and 

R e g u la tio n K to b e p r e p a r e d t o r e q u ir e c a r r y 

in g o f some r e s e r v e s a s member ban k s in c e n tr a l 

r e s e r v e c i t i e s 

R e s o lu tio n em bodying amendment t o R e g u la t io n K p r e s e n te d 

and a d o p te d , l e t t e r t o a l l FRBanks r e and l e t 

t e r s t o c o r p o r a t io n s r e , and r e amendment to 

agreem ent o f one c o r p o r a t io n s u b je c t to S e c. 

25 o f FRAct 

f o r e ig n d e p o s it s , p ro p o se d l e g i s l a t i o n t o g r a n t a d d it io n a l aut 

h o r i t y t o B oard t o i n c r e a s e re q u ir e m e n ts 

French American Banking C o r p o r a tio n : 

Com putation on im p rop er b a s i s , c o n d i t i o n r e p o r t r e v e a ls , 

Board w i l l c o n s id e r am ending agreem ent to permit 

p re s e n t m ethod 

D e p o s its in U. S ., t o be r e q u ir e d t o m a in ta in same as 

member banks in c e n t r a l r e s e r v e c i t i e s , Counsel 

to p re p a re l e t t e r a d v is in g o f a c t i o n 

L e t t e r th a t Board h as r e c o n s id e r e d w i l l i n g n e s s to amend 

agreem ent re r e s e r v e s as r e q u e s te d and a d v isin g 

Government s e c u ^ i t i ! ^ ^ taken t o in c r e a s e req u irem en ts 

- t i . s , r e p ly t o F i r s t N a t io n a l Bank, N a s h v ille , 

-L-, th a t th e y may n o t b e cou n ted as requ ired 

r e s e r v e s 

v o id in g company a f f i l i a t e s : 

American a i d i n g C o r p o r a tio n , C h ica g o , 1 1 1 . , su b se ctio n 

seir-vp. S . , a p p l i c a b l e as to r e - 

IncreasH in req u irem en ts 

in c r e a s e in req u irem en ts: 



s o o n ^ ^ * b r i b e r in c r e a s e sh ou ld be taken 

e H i ^ : n i r r b o f d efin 

a n c in a to b t ^ ^ e e o f March 15 Treasury 

weise-r ? d is c u s s e d w ith M r. Golden- 

Statsm en ts b ^ M e s L s " 

f i e l d anr) T e n w e i-e r , C u r r ie , Gardner, Gar- 

ry and econom ic s it u a t io n 

1729 

39 J 

*^/30 ôgj 

^ 1233] 

7 /1 3 957 

7/30 1067 

9 / 7 1234 

3/12 396 

7/13 957 

7/30 1068] 

5 / 1 353 

6/21 

1/15 

1/19 

862 

801

^ '''s t a te m e n t s o f M e s s r s . Thom as, P i s e r and Edmiston 

s i o n , f u r t h e r m e e tin g t o b e hrl-i t ' ^ s c u s - 

A n a ly s is o f s i t u a t i o n b y M e s s r s , ^ ld e n w e i s e r a n d l ^ i . ^ 131 

a t m e e t in g w it h P r e s i d e n t s ' ^ ^ ^ 8 

t h a t a c t i o n s h o u ld be tak en f o r ^ ^ m e l d i n g 

C on feren ce o f C h ain n an E c c l e s and Mr. G o ld e n w e is ^ 161-8 

S e c r e t a r y o f T r e a s u r y and members o f 

o u t l i n i n g s i t u a t i o n w ith r e s p e c t t o 'e x c e s s 

s e r v e s , p o s i t i o n o f S e c r e ta r y 

P r e s id e n t o f t h e U n it e d S t a t e s , r e p o r t o f Chainnan E ccles rp. 

c a l l o n , w ith S e c r e t a r y M orgenthau, in d ic a tio n 

t h a t r e s p o n s i b i l i t y was on Board and that he 

w o u ld o f f e r no o b j e c t i o n to in c r e a s e ^ 1 / 2 3 

Mr. McKee a d v is e d b y C hainnan E c c le s o f co n fe r e n ce s with 

S e c r e t a r y o f T r e a s u r y and P r e s id e n t, suggestion 

b y fo r m e r t h a t a c t i o n b e d e fe r r e d u n t il h is re 

t u r n , J a n . 3 ) " 1 / 2 8 ^ 9 

P ro ce d u re o f m a k in g h a l f o f in c r e a s e e f f e c t i v e at one time 

and t h e o t h e r h a l f a t a l a t e r d a te , suggested 

b y C hairm an E c c l e s , was d is c u s s e d w ith Mr. McKee, 

w o u ld e n a b le o r d e r l y adjustm en t o f market 1/26 179 

S e c r e ta r y o f T r e a s u r y h a s no o b j e c t i o n to p roposed procedure 

f o r m a k in g e f f e c t i v e and M r. B urgess i s in acc 

o r d , p r o p o s e d p r e s s sta tem en t, con sid e ra tio n o f 1/29 195 

R e s o lu t io n m a k in g i n c r e a s e e f f e c t i v e , a d op ted , Mr. McKee 

v o t i n g " n o " and supplem ent t o R eg u la tion D, 

p r e s s s ta te m e n t i n r e v is e d form approved 1/30 207 

L e g i s l a t i v e a c t i o n i n amendment o f S e c. 19 in con n ection 

w it h d e f i n i t i o n o f i n t e r e s t , d is c u s s io n o f in 

c r e a s e in r e l a t i o n t o problem s which w ill a r is e - 

Senate r e s o l u t i o n 7 8 r e q u e s t in g r e p o r t o f rea son s u n d erlyi 

n g a c t i o n on J a n . 30 in making in c re a s e e f f e c 

t i v e , M e s s r s . T h u rston and G oldenw eiser o 

p r e p a r e d r a f t o f r e p ly 

R e a s o n s , s ta te m e n t o f , r e q u e s t e d by S. R. 78, f o m OL rep .x 

p r e s e n t e d , ch a n ges made and au th orized to be 

s e n t t o P r e s i d e n t o f th e S en ate, Mr. Mcêe not 

v o t i n g , t o b e r e le a s e d to p re s s a f t e r -or^n 2/12 275 

Supplem ent t o R e g u la t io n D r e , statem ent con cern in g aaopti^n ^ 

t o b e p u b lis h e d in F R B u lletin bv 

^ r v e y o f r e s e r v e p o s i t i o n s o f to take e f - 

Chairm an in c o n n e c tio n T^miested to in 

f e c t May 1 , in fo r m a tio n to be r^q - 3 / 3 0 4 3 2 

e lu d e Government s e c u r it y h o i3 

Ransom, R o n a ld , w i l l b e a v a i la b le on t be con- 

Ap^-il 23 to May 1 i f any a c tio n i s to ^ ^ 



s id e r e d

t t o ^ ^ ^ o r a t i o n : l?:j 

First o f Boston 1 f t eras r e v e a l ad by c o n d i t i o n r e p o r t 

^ ---- 

Computation on . Counsel to p pre rep p a re 

amendment t o a g r e e - 

Deposits in 3 . b ., ca rry in * ** g o f same oomt? r^ e s e r v e s as voo ng 

3 / 1 - 

^ ^95 

m ^ b er banks lo c a te d in c e n t r a l r e s e r v e c i t i e a 

y .t t p r advising dvism g that Board --- ------------------ has amended agreem - ent r e - - - - 

L etter reserve requirem ___+ and ents r e oand u e srt e qf ou r e s t a^c^nôrt-. f o r a c c e p ta n c e 

7/13 

7/ % 

9,.g 

Foreign b a i l e e s increased to o f f - s e t e f f e c t o f g o ld im p o r ts , 

fOiCA&H - --"------- - 

discussed 

F orage banking corp ora tion s, amendments t o agreem en ts and 

9 / ? 

1069 

1233 

^ Regulation K to be p rep ared t o r e q u ir e c a r r y 

ing o f seme reserves as member banks in c e n t r a l 

reserve c i t i e s 

Resolution anbodying amendment to R e g u la tio n K p r e s e n te d 

end adopted, l e t t e r t o a l l FRBanks r e and l e t 

ters to co rp o ra tio n s r e , and r e amendment t o 

agreement o f one c o r p o r a tio n s u b je c t t o S e c. 

7 / I 3 ^ 

2c o f fRAct 7/30 1067 

toreign deposits, proposed l e g i s l a t i o n t o g ra n t a d d it io n a l auth 

o rity to Board to in c r e a s e re q u ire m e n ts 9 / 7 ig ^ 

French American Banking C orporation: 

Computation on improper b a s is , c o n d it io n r e p o r t r e v e a ls , 

Board ? d ll con sid er amending agreem ent to p en n it 

present method 3 /1 5 396 

Deposits in U. S ., to be req u ired to m a in ta in same as 

member banks in ce n tra l r e s e r v e c i t i e s , Counsel 

to prepare l e t t e r a d v is in g o f a c t io n 7/13 957 

e .te r that Board has re co n sid e re d w il lin g n e s s t o amend 

-hTeenwnt re reserves as re q u e s te d and a d v isin g 

c o v e n a n t s e c u r i ^ t s " ^ ^ ^ * = ^ s e req u irem en ts " 7/30 1063 

at secu ritie s rep ly to F ir s t N a tion a l Bank, N a s h v ille , 

r&

Statements o f M e s s r s . Thomas, P is e r and Edms.t 

s i o n . f u r t h e r m eetin g to be h i t ' ^ s < " s - 

A nalysis o f s i t u a t i o n b y M e s s rs . G o l d e n w e i t ^ " ^ ^ ^ 1 / 2 1 131 

a t m e e tin g w ith P r e s i d e n t r i n i M ^ 

t h a t a c t i o n sh o u ld be take^ f o r coin cid in g 

C onference o f Chairm an E c c l e s a n d M r . G o l d e n s * ^ 5 161-8 

S e c r e t a r y o f T r e a s u r y a n d R e i s e r with 

o u t l i n i n g s i t u a t i o n w ith r e s p e c lT -^ s t a ff, 

s e r v e s , p o s i t i o n o f 

re- 

S e c r e t a r ^ r a - 

P reaid en t o f t h e U n ite d S t a t e s , rep ort o f C haiân E cc^ a 

1/28 178 

c a l l o n , w i t h S e c r e t a r y Morgenthau, in d ir -a ti^ 

t h a t r e s p o n s i b i l i t y wes on B o a r d J d t h a t h e 

w o u ld o f f e r no o b j e c t i o n to in crea se 

Mr. McKee a d v is e d b y Chainnan E eeles o f conferences w i t h ^ 

and P resid en t, ^ g g e s tio n 

b y fo rm e r th a t a c t io n be d eferred u n t i l M s ret 

u r n , J a n . 30 

P roced u re o f m aking h a l f o f in c r e a s e e f f e c t iv e at one time 

ana th e o t h e r h a l f at a l a t e r date, suggested 

b y Chainnan E c c le s , ?;as d iscu ssed with Mr. McKee, 

1/28 179 

w ou ld e n a b le o r d e r ly adjustment o f market 

S e cr e ta ry o f T re a su ry has no o b je c t io n to proposed procedure 

f o r m aking e f f e c t i v e and Mr. Burgess i s in ac 

1/28 1 7 9 

c o r d , p ro p o s e d p r e s s statem ent, consideration o f 

R e s o lu tio n m aking in c r e a s e e f f e c t i v e , adopted, Mr. McKee 

v o t in g "n o " and supplement t o Regulation D, 

1/29 195 

p r e s a statem en t in re v is e d form approved 

L e g i s l a t i v e a c t i o n in amendment o f S ec. 19 in connection 

w ith d e f i n i t i o n o f in t e r e s t , d iscu ssion o f in 

1/30 207 

c r e a s e in r e l a t i o n to problems which w ill a rise 2/ 2 214 

Senate r e s o l u t i o n 78 r e q u e s tin g re p o rt o f reasons underly* 

in g a c t io n on Jan. 30 in making in crease e ife c - 

t i v e , M e ss rs. Thurston and Goldenweiser to ^ 

p re p a re d r a ft o f r e p ly 

R easons, sta tem en t o f , req u ested by S. R. 78, ionn 3. repl.- 

p r e s e n t e d , changes made and authorized to e 

se n t t o P r e s id e n t o f the Senate, Mr. McKee not 

v o t in g , to b e re le a s e d to p ress a fte r fortu 

p r e s e n ta tio n 

Supplement t o R e g u la tio n D re , statement concerning p 

t o be p u b lish e d in FRBullatin 

Survey o f r e s e r v e p o s it io n s o f member banks e . 

C h a in n L in con n ection with in crease t . take ef 

f e e t May 1, i n f o m . t i o n to b e requested to 

e lu d e Government s e c u r ity holding ^ 

2/12 275 

Ransom, R on ald, w i l l be a v a ila b le on s ^ 

A p r il 23 to May 1 i f aany n y aaction ction is i s ^ l 586 



s id e re d 

328

Reasons sta tin g 6/

^ Rnard o f G ov ern ors: (C ontinued) 

C entral H anover Bank end T rust Conmamy b r*-i^ ^ , 

England a p p rov a l ' * --^-h in London, 

Chase N a tio n a l Bank o f the C ity o f Hew York K v 

i z i n g esta b lish m en t o f b r a n ^ ^ 

S q u a re. London. England " ^ Berkeley 

C h ief a - ^ i n i s t r a t i v e o f f i c e r , r e s o lu tio n designating Secre- 

R a t ify in g r e s o l u t i o n o f F ederal Open Market Com ^ttee req 

u i t i n g S e c r e ta r y o f Treasury t o l ^ u ^ 

R e g u la tio n F, amendment to 

R e g u la tio n K, amendment r e q u ir in g maintenance by foreign 

b a n k in g c o r p o r a tio n s o f same reserves against 

d e p o s i t s in U. S. as maober banks in central 

r e s e r v e c i t i e s 

R e g u la tio n Q, S e c. 1 ( f ) d e fin in g " in t e r e s t " , deferrin g e ff 

e c t i v e d ate u n t il May 1 

Amendment e lim in a tin g d e f in it io n o f in te r e s t and m a k in g 

S e c . 1 ( f ) d e c la r a to r y o f law 

R e g u la tio n T: 

Amendment l a i d on t a b le to g iv e New York Stock Exchange 

o p p o r t u n it y to attem pt to elim inate "three-day 

r i d i n g " 

Amendment t o S e c. 5 (c ) and (d) 

Amendment changing lo a n v a lu es o f stock s 

Amendment a d op ted e f f e c t i v e December 6 

T r a n s it io n from o ld to re v ise d form, m anber's own signed 

statem en t th at he b e lie v e s fa c ts to be as req 

u ire d un der r e v is e d reg u la tion may be used 

u n t i l March 1 , 1938 in ord er to f a c i l i t a t e mat 

t e r s 

R egulation U: 

Amendment e lim in a t in g d is t in c t io n between old and new 

lo a n s 

Amendment changing loa n valu es on stocks 

R eserve req u irem en ts o f maaber banks, in c r e a s iii ^ - 

o f l i m i t s in S ec. 19 o f FRAct . _ -r 

T erm in ation o f membership on, by-law s prevent passing o- 

r e s o l u t io n , l e t t e r to be prepared 

Union T ru st Company o f Maryland, ^ i c h 

by Chairman and sta tin g con d ition s u n e 

would co n sid e r waiver o f 

t i o n re liq u id a t io n o f C ity C e rtifica te s 

p o r a tio n 

R e s o lu tio n a d op ted , Mr. Mcêe voîc^ 

^ e r a l Open M arket Committee: ^ Treasury b i l l s and 

A u th o riz in g p u rch ase in open marks o ^ that 

s h o r t-te n n o b lig a tio n s " " i ^ ^ s t e r i l - 

S e c r e ta r y o f Treasury be request 



i z e g o ld 

1 1 / 2 1 4 9 0 

1/27 

6/15 

9/12 

12/21 

7/30 

1/30 

2/ 9 

2/15 

4/13 

10/27 

12/ 3 

172 

831 

1253 

1682 

1067 

205 

250 

291 

546 

1452 

1607 

12/20 1737 

7/29 

10/27 

1/30 

9/30 

7/29 

7/29 

1054 

1452 

207 

1345 

1051 

1059

Resolutions: ' f o ' ^ ' l r o s s e P o i n t e . M i c h . , a c c e p t in g c o n d it io n s 

CMSse Points ^ ^ t '^ ^ e r s h i p be e x e c u tiv e com m ittee, s a t i s 

factory i f l e g a l l y b in d in g 

r. ^ C ities, rep ly S en a tor C la s s re s u g g e s tio n o f 

League o f Orego law with re g a rd t o payment o f 

in terest on demand d e p o s its o f p u b l i c funds 

Presênts' L,on-erence. paper f o r , sh ou ld n ot have 

^ d is c o u n t ,n ^ e lig i^ in s t a n c e - f o r pro 

d u c i n g , purchasing, c a r r y in g o r m a rk etin g goods 

t o be made to Board o f G overn ors 

6/16 

10/19 

requesting Board f o r rep ort o f re a so n s u n d e r ly in g 

B o a r d ' s a ction o f Jen- 30 in in c r e a s in g member 

hank r e s e r v e requirem en ts, M e s s rs . T h u rston and 

G o l d e n w e i e e r to p repare d r a ft o f r e p ly 2/ $ 

3eply approved 2/1 g 

Retail trade reporting serv ice, D iv is io n o f R esearch and S t a t i s t i c s 

authorised to n e g o tia te w ith Departm ent o f Commerce 

fo r tra n s fe r to l a t t e r , - 

Petailers National Council, p rotest o f N a tio n a l R e t a il Dry Goods 

A ssociation against a c t io n o f p u rch a s in g agent 

o f a Federal Reserve bank in b u yin g a r t i c l e s fo r 

employees below r e t a i l p r i c e , l e t t e r to a l l 

F rank s requestin g p r a c t ic e s fo llo w e d and op in ion 6/24 

P.etirsnent System: 

Chairwomen placed on permanent b a sis and re q u ir e d t o j o i n 12/28 

Contributions; 

URBanks, treatment in statement o f ea rn in g s and expenses l / 7 

Folsom, George E ., Rxeminer, aoard , to co n tin u e t o make, 

during p eriod s e r v ic e s are loa n ed t o R a ilro a d 

in vestiga tion Committee, to reim bu rse Board 

i. salary exceeds th a t p a id by Board 3/16 

.isK issal wages, m odification o f a u th o r iz a tio n t o FRBanks to 

pay on account o f re d u ctio n in e l i g i b l e age fo r 

. . . . ^ retirement 6/24 

^ Pedenption, retirem en t o f fo u r em ployees, 

le t t e r to Retirement System th a t Board con- 

aGplatea payments should commence when se rv ice 

t e n s i o n s o f ^ ' 



^ ^ ° ' ° ' * y - " " t H March 1 , 19BS ^ ' 

nnd M ^ employees u n t i l Jan 1, 1928, 

19^8 ^ sn^ Graham u n t i l March 1, 6 

o f y e a r, noted ^ 6 ^ 

Kurt^, * recu e^-d^ u n t i l March 1 , 19-8 , ^ 73l 

Moss, VM. TiT3D^, t ^ i l m d Of y ea r, noted nuteu 

, ^ 

to T^+ i * P h ila d e lp h ia , p erm ission requeetea . ^ 

° " " t i l Aug. 3 i , ^ 65 in 1934, noted "

^ p a tch . 0 . , F^Bank o f ban i r a n c i s c o , m a y be r e t a i n e d 

u n t i l August 20, 1938 

R utter, W illiam I . , to end o f 1937 10/22 1424 

, a t * i 3 " D. o f S a n ^ i a c o . may be retained 

Wood, J - S . . FRBank o f S t. L o u is , v d l l be 65 ju st before ^ 

c l o s e o f y e a r. Board not o f f e r o b je ctiM 

to e x te n s io n f o r one year ^ 

D i f f e r e n c e in a m o u n t s payable fo r death during active ' 

s e r v i c e and a f t e r retirem en t, rep ly to Mr. 

N ardin t o b e amended to show * 1 1 /^ 

R ep ly t o Mr. Nardin approved 1 1 /2 9 1 5 7 5 

Leave gran ted t o a id o t h e r a g e n c ie s : 

Pitm an, C a r o l, no o b je c t i o n to exten sion o f leave granted 

by FRBank o f Chicago to a id FDIC, assumed matt 

e r h as been r e fe r r e d to Retirement System 7/13 960 

Manbers, in fo r m a tio n a s t o amounts payable f o r death during act 

i v e s e r v ic e and a f t e r retirsn en t should be 

f u m i s l e d t o , d is c u s s io n by Board 11/23 1556 

O ffic e r s and s n p lo y e e s t o be r e t ir e d at age 65 except in part 

i c u l a r c a s e s , l e t t e r to P resid en ts o f FRBanks 

app roved 1/21 134 

O ffic e r s o f age 65 o r who w i l l become 65 during year, r e t ir e 

ment o f , l e t t e r in c ir c u la t io n to advise 

FRBanks th a t Board, in absence o f special 

cir cu m sta n ce s, w il l not approve sa la rie s fo r 1/15 8 6 

Payments: - . 

K i t a n i l l e r , M rs. H. W., a d d itio n a l sum 

L e t t e r t o Mr. Pullman 

Physical ex a m in a tio n s: 

Bass, Sampson R . , made member d esp ite in a b ilit y to pass ^ ^ 

exam in ation _ 

Charwomen f o r B o a r d 's b u ild in g , to be required ^ e, 

n o t t o be req u ired to jo in system u n til torce ^ ^ 

i s s t a b i l i z e d 

Employees o f Board and FRBanks in connection 1 f- ^ 1 6 1 2 

s h ip , memo o f Mr- ^nead 

S p u m ey, F. E .. Superintendent ° f 

b lo o d p re ssu re revealed. 

up o f 5%. appointment s P P r ° ^ m th u D ^ 

in g th a t he w ill become manber o f Re ^ 7 7g5 



System + presidents' 

^ : ° n * s S S ' . . " ' . ^ 

t i c e

Retir^neDts: TWhHnk o f Chicago, Board p r e fe r s n ot to 

Mta.63, ^ .n m atter so fa r in advance 

fh.rleE E.. ^"RBaD^ ° f C leveland, o f f i c e r s a u th o r- 1&?5 

Bradley, ^ arrange retirem ent a f t e r g ra n tin g s ix 

months' leave vAth pay. approved 

o H granted leave o f absence and cash payment, ?86 

Broaodm, sp e cia l s e r v ic e re tirtm e n t 

r. i ^ rhR-rie^ FRBank: o f New York, to be re ta in e d in se r- 

vice u n til Feb. 1, 1928, alth ou gh he w il l reach 

retirement age b efore Jan. 1, 1938 

,-arrving one month past end o f year, in q u ir y o f FRBank o f 

New York i f Board's approval o f s a la r y payment 

i s necessary, Board b e lie v e s i t should not be 

carried past f i r s t o f y ea r, in q u ir y t o be made 

i f any s p e c ific cases are in v o lv e d 

Currier, Harry F ., Auditor, FRBank o f B oston oo March 31 

Dodge, B. L ., General A uditor, FRBank o f New Y ork, co n trib u 

tion by bank, request f o r a u th o r ity t o make in 

excess o f general a u th o riz a tio n , a d d itio n a l sum 

disapproved 

Letter to Mr. foung sta tin g that Board i s n ot w illin g to 

authorize payment o f sum in ex cess o f th a t authorized 

fo r a ll o f f i c e r s and em ployees 

Earl, Samuel R ., FRBank o f P h ila d e lp h ia , r e t e n t io n beyond 

retiranent age requested, Board does n ot belie 

v e circumstances warrant d epartu re from retirement 

p o lic y 

Eligible age, reduction in , m o d ific a tio n o f a u th o r ity o f 

FRBanks to pay dism issal wages on account o f 

L'a?i.a, iRBank o f P h ilad elp h ia , banks co n trib u tio n 

systan to supplgaent retirem ent allow an ce author! 

zed 

3 /1 3 

honour, J. v,., FRBank o f A tlanta, e f f e c t i v e Dec. 21, 1936, 

payment o f three months' sa la ry approved 

^0 ?,lin g, Nathaniel, FRBank o f New York, to be reta in ed in 

service u n til Feb. 1 , 1938, although he w ill 

n recrem en t ^ b e fo r e Jan. 1, 1938 

^ -L4.êr, . , D ivision o f Research and S t a t i s t i c s , to 

fe carried on r o lls u n til end o f yea r, and con- 

T tributton o f s ix months sa la ry then to be made 

McConkey, James G., FRBank o f S t. L o u is, re te n tio n beyond 

enc o f year requested, i s 68 years o f age, 

^ in a a n E ccles to d iscu ss with Mr. Nardin 

o f p olicy o f Board and statement that reasons 

oi.erea io r further extension o f s e r v ic e are 



roard co n s titu te exception 

nnot extend approval o f sa la ry beyond end o f 

year, telegram to Mr. Nardin o ffe r in g loan o f 

coard s counsel 

535 

478 

375 

1/19 121 

2/ 2 218 

4/24 600 

6/24 882 

10/29 1466 

1/14 

78 

4/10 535 

3/25 

4/21 

5/11 

451 

58? 

664 

12/ 1^ 1660

McConkey, J - , FRBank o f S t. Louie- rp 

O ffe r to la n d s e r v ic e s o f one o ^ R 

in g s e le c t io n o f s u c c e s s o r ^ ^ ^ ^ s e i 

Mooney, J*. J . , C h ie f Telegraph Operator ^ 12/53 1 7 P? 

re r e t i r m e n t and *°s 

a la r y had been paid to J L months' 

O ffic e r s and em ployees at 65, review o f p o ! i c ^ f T ° L < 294 

r e p ly t o FRBank o f S t. Louis *" 

O'Hara, John, FRBajik o f New York, to be r e t a i l - ^ 

u n t i l Feb. 1. 1938. e l t h o u ^ h e t n r L T ' " 

tir tm e n t age b e fo r e Jan. 1 1 9 5 3 

S a ile r , L . F - . V ic e P re s id e n t, FRBank o f York, contrihu- 

^ ^ o r i t y to Make ir, 

e x c e s s o f general a u th oriza tion , additional sum 

d isa p p ro v e d , memo o f previous action to be prep 

ared f o r con sid e ra tio n o f payment o f author- 

i zed sum 

1/19 1 2 1 

Review o f p r e v io u s a c tio n with resp ect t o c o n t i n u a n c e 

and s a la r y , Board not w illin g to exceed p o s i t i o n 

fo im e r ly adopted, l e t t e r to be p r e p a r e d r e 1/22 1 4 3 

R eply to Mr. Young that Board considered i t a p r e v i o u s 

a c t io n f i n a l , and that i t i s not w illin g t o ap 

prove s p e c ia l co n trib u tio n in excess o f t h a t 

a u th o rize d f o r o f f i c e r s and employees generally 2/ 2 218 

Sniurkow ski, V in cen ty , F R B a n k o f New Y o r k , c o n t r i b u t i o n i n 

e x ce ss o f maximum authorized to i n c r e a s e d i s 

a b i l i t y retirem en t allow ance 5/21 736 

Rules and r e g u la t io n s : 

Amendments t o , mono o f Mr. 3nead recommending approval o f 

a l l excep t a u th oriza tion to Board o f Trustees 

to f i x maximum salary b a sis 5/1 ^ 

O ffic e r s and em ployees o f FRBanks, Board to advise iRBanks 

th a t i t w i l l not approve sa la rie s beyond age 65 

and th at ru le s should be amended in accordance 

th erew ith 

S ocial S e c u r ity A c t, e f f e c t on, memo o f Mr. Smead re, p ro p o se d 

amendments to b rin g national end State member 

banks under Act w ill not a ffe c t FRBanks 

S pecial c o n t r ib u tio n s : to nav- 

Gettemy, C harles F ., FRBank o f Boston, no 

ment o f amount based on salary r e c e iv e d up to ^ ^ 

end o f 1936 

^ ta ff o f Board o f G overnors: . , tanporary 

Charwomen f o r B oard 's b u ild in g , to be P ^ ^ force is 

b a s is and not required to ^ ^ o n s 7/12 949 

s t a b iliz e d , to take p hysical exsminat 

Appointment from Board members to ta*e p iece o f 



e r ic k , resigned

2 ° ' u n able to 

bro ' * attend, My. Snead to attend as o b s e r v e r 

S ^ czsir, M. S.. appointed temporary member 4A 3 

ReTde- Of the Mopth: (See j.HBulletm) / 5 

Revised Ststutes. _ 

"Branch", p o s i t i o n o f C o m p t r o l l e r r e establish m en t under Iowa 

S t a t u t e b y n e t i o n a l tanks o f lim it e d power o f 

f i c e s , b a s e d u p o n d e fin it io n in S e c. 5155 

Sec. 5136, stock o f D o r m o n t Savings and T ru st C o ., p rop osed ^ 

a c q u i s i t i o n b y P e o p le s-P ittsb u rg h T ru st Co. 

Pittsburgh, P a ., from t r u s t o f which l a t t e r 'i s 

b en eficiary, w ill be in nature o f liq u id a t in g " 

dividend, no o b je ctio n 

Sec. 5155, o ff ic e maintained in home o f employee at Waymart ' ^0? 

by Wayne County havings Bank, H onesdale, Pa. 

fo r receip t o f d e p o s its , making o f change and 

occa sion a lly , cashing o f ch eck s, i s "b ra n ch " 

Sec. 5200, a p p lica b ility o f 10% lim it a tio n t o lo a n by n a tio n a l ^ ^ 

bank to customer upon s e c u r it y o f tim e d e p o s it 

reply to FRBank o f D allas th a t a u t h o r it a t iv e ' 

ruling could be obtain ed from C om p troller and 

that Board agrees with FRBank's p o s it io n th at 

lim ita tion i s a p p lica b le oA,, 

nice, ^tuert. A.: (See Central S t a t is t ic a l Board) '*'* 

M chfield Oil CorpoM tion, s e c u r itie s issu e d by, lo a n v a lu e under 

Regulation T 

. (C ontinued) Pages 

rd o f G overn ors: (Continued) 

A rb itra g e tr a n s a c tio n s : 

M argin requirem en ts on bona fid e 

Warrant t o purch ase s e c u r ity i Sckles 

and s e c u r it y i t s e l f ^ ^ 

p a r it y in Price b t ^ e e ^ h ! 

o f th e l e t t e r ° s^Les 

1/S8 ie& 

Branch o ffic e s exercising limited p eers Bn.^ t. . I04e 

that they are branches r^ i-' 

Kansas C ity in c o n n e c t i o n ^ 

l a t i o n p r o h ib it in g branch b a n k i n ^ ^ s t 

D ebentures, a p p lic a t io n o f R egulation (J to o L r h . 

l i cation in M ^ ^ t i n ^ p p U e d ' 

D eduction o f v.lthdraw able dividen ds from account o f demand ^ 

i r ^ t ^ ^ 

D e p o sits made as c o l l a t e r a l t o loan s o f Government secu ri- 

t i e s by bank t o customer, are subject to rese 

rv e s 

D ig est o f , sta ta n en t on re v is e d e d itio n to be published 

i n F R B u l l e t i n H / . . 

D ra fts f o r p u r c h a s e o f com m odities not payable immediately 

upon p r e s e n ta tio n , are loan s and not cash items 

in p r o c e s s o f c o l l e c t i o n in connection with 

c o n d it io n and reserv e re p o rts 1/27 1 7 4 

E x ecu tiv e o f f i c e r s , endorsement o r guarantee o f commercial 

p a p er, ru le d to be indebtedness which must be 

r e p o r te d to d ir e c t o r s o f bank 7/16 990 

Finance company p a p e r, e l i g i b i l i t y f o r discount under Regul 

a t i o n A, r e p ly o f Board that in ten tion i s fo r 

p ro ce e d s to be used f o r commercial o r a g ricu lt 

u r a l p u rp oses 12/31 1770 

Government s e c u r i t i e s may not be counted as part o f required 

r e s e r v e s , r e p ly to F ir s t N ational Bank, Nashv 

i l l e , 111. 3 / 1 355 

I n a c t iv e o f f i c e r s o f a member bank su bject to the provisions 

o f S e c tio n 2 2 (g) o f FRAct and to the Board's 

R e g u la tio n 0 , request that p rovision s be changed 

a llo w in g borrow ing on same b a sis as d irectors, 

r e p ly th a t Board would not be ju s t ifie d lL/^0 i 8 

In dex o f , and o f in t e r p r e t a tio n s and in s tru ctio n s o f 

B oard, r e p ly to P residen t Harrison re suggest 

io n o f Mr. Peyton re and naming Mr. Bethea to ^ ^ ^ 

s i t w ith committee on 

I n t e r p r e t a t io n s o f R egu lation T, distribution o f , replô 

FRBank o f San F ran cisco to be guiced by " i - . 

o f exchanges, should ^ g /^ gg^ 

foim other than that published in 

Interpreting lew or regulations, to decline fg

. ^ ^ t a t i o n Of 1 0 % i * Sec 5136 R .s . ^ 

Board ^ secu rities. ^ ie s u e d by on e o b l i g o r , 

lavsstn.s ^ n o f r e t i r e B e lt V a l le y Bank, B e lt , 

Board o f e x cess e t tim e o f adm ission 

Mont-- ^ 

t° m ^ b e rsh iP ^ d e b e n tu re s , r u l in g re ap- ^ !?Q 

L.M to o f R egu la tion U , t o b e p u b lis h e d in 

^ h t l i t v fo r d iscou n t o f n o te g iv e n f o r p u r- ^ *°2* 

Machicery, elig^ r^ply o f Board th a t e l i g i b i l i t y w ill 

Iep^d°upon type o f m achinery and le n g t h o f 

11 fe 17

R eserves a gain st d e p o sits securing loans nf ^ 

c u r it ie s , to be p u b l i ^ e H n , 

Savings accou n ts: u iie tin ^ 6 606 

I n te r e s t payment when received durina f ir s t fiir. ^ 

To be p u b l i s h e d i n F R B u l l e t i n ^ 

Labor un ion funds, proposed reversal o f rulim? m 

n e c t i o n ^ i t h n ^ d s o f I n t e m a t i o ^ n i ^ n 

M a k ers o f S o f t brir.^ 

Workers o f America, Board to adhere to establis 

h e d in lin g and make study o f question 

R eply t o U nion re - 

5/ 4 7 7 , 

M u n icip al co rp o ra tio n funds, rep ly to Deputy Comptroller 

th at Board has r ile d that they may not be so 

c l a s s i f i e d 

6/11 824 

1/15 96 

S ch ool d i s t r i c t funds, rep ly to Deputy Comptroller that 

Board has not ruled whether they may be so cla s- 

s i f i e d 

Stock becom ing u n re g iste re d a ft e r loan i s made, not subject 

to R egu lation U, rep ly to Mr. Clerk, FRBank o f 

1/15 96 

San F ra n cisco 

Su rplu s, does not in clu d e undivided p r o fit s and reserves 

f o r co n tin g e n cie s, in connection ?.lth Sec. ll(m ) 

12/18 167 6 

o f FRAct 

Time d e p o s its : 

C o n s o lid a tio n o f several c e r t ific a t e s with d ifferen t 

m a tu r itie s in to one c e r t ific a t e and payment o f 

3/12 398 

in t e r e s t accrued, ruled p erm issible 

I n t e r p r e ta t io n s o f Regulation Q, copies o f le t t e r s re, 

fu rn ish ed FDIC with understanding that they w ill 

3/17 425 

be tre a te d as co n fid e n tia l 

T ra n sfe r o f loa n under R egulation U, essen tia ls o i , in 

debtedness and c o lla t e r a l to be transferred, 

and determ ination o f fa c t s regarding 

- 

P u b lic a t io n in FR Bulletin approved 

Trust fu n d s: 

Investm ent in o b lig a tio n s in which d irectors have in 

t e r e s t , r e p ly to FRBank o f Kansas City on in - 

q u iry o f Omaha N ational Bank re determination 

- ^ ^ 



. f ^ p U c b i l i t y ° ? . t 

R eply to IRBank that United States "a tio n e l Bant at 

Omaha i s p ro h ib ite d from purchasing r e a i j s t . s 

mortgage loa n s through company o f 

i s chairman, and c a llin g attention ^ ^ 

Omaha N ational Bank

Trust . awaiting investm ent, may be d e p o s ite d 

N ations p r e s e n t c la s s e s o f funds w hich may be 

classified as saving a c c o u n ts , no p r o h ib it io n 

against commingling such funds 

To be'published in F R B ulletin 4 / 2 

^,r^hase o f series o f n otes o f same o b l i g o r and secured ^ 

^ by same deed o f tru st does n ot con tra v en e Reg, 

ulatlon P 

Renewal o f mortgage notes purchased p r i o r to e f f e c t i v e 

4/10 

date o f R e f l a t i o n F, through c o r p o r a t io n owned 

by d ire cto r, which r e c e iv e s com m ission from 

borrower fo r renewal, does n ot con tra v en e Regulation 

i 

4/lo 

Savings accounts, funds h e ld by n a t io n a l banks may be 

deposited i f they re p re se n t c l a s s e s o f funds 

which may be c l a s s i f i e d as sa v in g s a cco u n ts, 

no p roh ib ition again st com m ingling such funds 4 ' . 

Trust investment committee, a lte r n a te s f o r members, s t a te 

ment re ru lin g to be p u b lis h e d i n F R B u lletin 8 / 1 ' 

Comptroller o f the Currency: 

Investment s e c u r i t i e s , r e p l y to K a n a w h a V a lle y Bank, C h a r l e s 

ton,

-.,,Ksept3S: {C ontinued) 

^ rRBank o f Kansas C ity , s e c u r it ie s , only thos^ ^ , 

banka should be held r.^n °*"ed by menber 

d ir e c t o r s - ^ reviewed by 

trRBanX o f New York, g o ld sovereign s held foT* ^ ^ 

p roposed a r r a n g ^ n t ^ p ^ v e d ^ T s u s ^ e l., 

Sealed box and lo c k e d army f i e l d safe held ^ 

O r i e l s branch, d is p o s i^ o n ^ 

S ^ lcr, Vance L .: (See^F ederal Deposit I n s u r e C orp.r^tioa, 

St. John, C. E . . m argin requ iran en ts in combining o f certain accounts 

c a r r ie d by same person in to sin gle account 

Sakeailler, H* 0 . : (S ee N ation al banks, York National Bank and 

Truat C o ., York, P a.) 

289 

Pages 

6/16 841 

5 / 5 656 

8/ 4 1102 

6/16 1148 

Salary payments to em ployees o f Board, plan fo r August 15 paymente 

ana fu tu re p o lic y to be studied by Mr. Foulk 8 / 1 3 1 1 3 4 

Sargent, Renry E .: (S ee American Bankers A ssociation) 

School o f B u sin ess A d m in istration , no o b je c tio n to Mr. Powell part 

i c i p a t i n g in program o f 5/ g ggg 

Scnreck, L o u is: (S ee S ta te member banks, Templeton Savings Bank, 

Tem pleton, Iowa) 

Scrogin, Leland: (S ee N ation al banks, F irs t National Bank in Pratt, 

Kansas) 

Secretary o f S ta te : 

Sealed box and lo c k e d anny sa fe h eld in custody at New Orleans 

branch, l e t t e r t o , requesting d isp osition o f 8/ 4 1102 

Secretary o f the T reasu ry: 

Advances t o Bank f o r In te rn a tio n a l Settlem ents o f 9&? on 

$10,000,000 g o ld in tr a n s it, by FRBank o f New 

York, approved by 9/17 1298 

D estru ction o f re c o r d s at FRBanks on f i s c a l agency and depositary 

a f f a i r s , l e t t e r on ^ 

Reserve requ irem en ts in c re a s e , no o b je ctio n to proposed plan to 

make o n e -h a lf e f f e c t iv e at one time and the other ^ 

h a l f at a l a t e r date ^ ' *' 

C onference o f Chairman E ccles and Mr. G o ld e n w e ise r 7.1 th, 

p o s s ib le i n c r e a s e , p o ssib le increase, position 

o f , c a l l o n P resident with Chainnan Eccles 1/28 ^177 

R e s o l u t i o n r e q u e s t i n g c o n s i d e r a t i o n o f d e s te n lin a tio n o. ^0 

T a y l o r , W a y n e C . , A s s i s t a n t S e c r e t a r y , p r e s e n t a t c o n f e ^ 

o f Chaiman E ccles and Mr. 

S e cre ta ry o f Treasury re p ossible in crs ^ 

member bank reserve requirenents yBDis- 

Hithdrawals from d ep osita ry banks and tra n sfers bet*e ^ ^ 

t r i c t s , Board to be n o tifie d by 

^QCHyj.1;^ 9g- 

lavestment o f bank funds r e s t s prim arily ^ g ^ a t i o n 

and i s n o t c h a n g e d b y r e ^ ^ 

as t o r a t i n g m a n u a l s , l e t t e r 



Securities ^ ^ ^ ^ ^ ^ c h e s a p a a k e C orp oration , p roposed con - 

Alleghany ^ ^ t i o n , c e r t if ic a t e s o f d e p o s it given in 

Ixchanê fo r bond and stamped s to c k , sta tu s as 

to being reg istered securities, re q u e st o f Board 

fo r opinion under R egu lation T 

Jr conferences with Mr. Hansom, Mr. M orrill 

Burxe, S a r d 's staff on trust a c tiv itie s o f banks 

romoHint o f Chaiiman o f Michigan P u b lic U t i l i t i e s Commission 

on illiq u id con d ition o f market f o r common sto< 

referred to 

Corporate trusteeships b i l l , statement o f F ed eral A d v iso ry 

Council re e ffe c t on banks, a c t io n t o be taken 

Davis A. N ., present at meeting o f Board with r e p r e s e n ta tiv e s 

o f New York Stock Exchange in co n n e ctio n with 

plan to elim inate in -a n d -ou t tra d in g 

Daylight trading: (See in fra Margin tra n s a c tio n s ) 

Douglas, William 0 ., conferences with Mr. Ransom, Mr. M o r r ill 

and Board's s t a f f on tru s t a c t i v i t i e s o f banks 

Ribinsky and Riggan, inform ation requested from FRBank o f St. 

Louis on in qu iry o f 

Gourrich, Paul P ., D irector, D ivision o f R esearch, investm ent 

tru sts and companies, study b ein g conducted 

und3r Sec. 30 o f P u b lic U t i l i t y A c t, r e p ly r e 

extent o f divorcement o f commercial banking 

from, and b e l i e f that memoranda, e t c . , in 

l o / 2 1359 

V 6 

26 

9 / 9 1248 

5/18 

719 

1/18 100 

1 / 6 26 

12/18 1668 

board's f i l e s would not be o f a s s is ta n c e 1/12 7^ 

.n-and-out trading: (See in fr a Margin tra n s a ctio n s ) 

-n-==tnent t n s t s and companies, study bein g conducted under 

aec. 30 o f P u blic U t i l i t y A ct, r e p ly to Mr. 

Gourrich re extent o f divorcem ent o f commercial 

iron , and b e l i e f that memoranda in 

Loan vain* r.? f i l e s would not be o f assistance 1/12 73 

Loan value o f registered s e c u r itie s , qu estion raised r e , where 

secu ritie s have not been c a lle d f o r tra d in g , 



têcomes e ffe c t iv e as o f e f f e c t i v e r e g is t r a t io n 

^ amendment to RepHation T to end 

3ue-4 ion margin calls by liquidation, 

+ ^ P osition re p roposal o f New York 

rulec ^3 êet problem by amendment to 

ran ged rep resen ta tives to be a r - ^ 

Conference held ^ 

SEC agreeable i f 

to give ^ submitted to i t , Board 

Decision o f Board ^ ^ ^ r a t i o n on Jan. 29 ^ 

^ rr e ^ ^t l ^ t ° L f ^ ^ ^ ^ 

MnsHerad tomorrow l/S3 

6/ 7 766 

101

A g r e e m e n t b e t w e e n S E C a n d E x c h a n g e r a . ^ ^ , 

f o r w a r d e d f o r m a l p r o p o s a l ^ ^ 

R esolution p ostp on in g amendment to considered 

New York S t o c k ^ ^ ° J , to 

to elim in a te "th ree-day r id i^ c ^ attanpt 

Gay a d v is in g him o f ac+ir r ^ to Mr. 

approved Press sta ten ^ t 

M i n n e a p o l i s - M o l i n e C o m p a n y , c o n v e r t i b l e p r e f e r r e d u. . . . 

s t a m p e d e n d o r s e m e n t u n d e r R p c n i " t ^ 

f o r o p i n i o n o n s t a t u . ^ . ' ? ' ^ q u e s t 

S t a m p i n g o f s t o c k d o e s not cause i t to become different 

s e c u r it y , o p i n i o n o f 

r e g u l a t i o n T, r e v i s i o n o f . p ro v is io n requ irin g same margin f . T - 

sh ort s a le s as f o r margin purchases, approved bi 

Mr. L andis and Mr. Saperstein 

Draft sent t o Chairman Landis f o r comment and suggestions 

R estricted a cco u n ts : 

Payment o f cash from, under R egulation T, inquiry o f Mr. 

Paul H. Todd re fe rr e d to Board o f Governors 

Time l i m i t as r e la t in g t o , under Regulation T, Board requ 

ested f o r op in ion by, at instance o f Preston, 

Watt and Schoyer, P ittsbu rgh , P a ., two busin 

ess days allow ed 

Saperstein, D avid, p resen t at m eeting o f Board with representa 

t i v e s o f New York Stock Exchange in connection 

w ith plan to elim inate in-and-out trading 

S e cu ritie s p r i c e s , m anipulation o f , a ll au th ority in regard to, 

v e s te d in S e c u r itie s and Exchange Conmission 

and not in Board o f Governors, rep ly o f Board 

to Mr. Wm. S. Bush 

S t a t is t ic s r e f l e c t i n g sta tu s o f r e s t r ic te d margin accounts, 

p u b lic a t io n o f 

Trust a c t i v i t i e s o f banks, rep ort o f Mr. Ransom re conference 

w ith Mr. Douglas, on con trol by SEC, that Mr. 

M o r r ill had con ferred with Mr, Douglas and Mr. 

Burke and s t a f f had also c o n f e r r e d on p re 

lim in a ry d ra ft o f b i l l , Messrs. Ransom and 

M o r r ill authorized to con fer with Mr. Douglas 

on re v is e d b i l l 

Report o f Mr. Ransom re m eetings w ith Mr. D ou glas an^. 

o th e r s o f SEC on le g is la t io n re issues o, sec 

u r i t i e s under tru st indentures, Messrs. -.or 

r i l l and W ingfield to d raft le t t e r to /* ' 

Douglas re procedure in presenting It 

L e t t e r p re se n te d . M r . R a n s o m a d v i e e d ^ r - ^ 

did not represent approval o- 

ordered sent 



1/29 1 9 4 

2/15 291 

9/17 1302 

9/24 1332 

7/27 1042 

7/M 1076 

10/12 1388 

10/ 7 1376 

1/18 100 

10/23 1438 

8/19 1163 

1/ 6 26 

4/ 9 523

y-iîes and Exchange f f 1337, copy o f mtano o f F e d e ra l Advi,so]-y 

" ^ t l K . ^ r s to be sent t . Mr. D ouglas 

v io la t io n o f S e c t io n SO o f Bank- 

Securities companies^, ^ ^ b e r b a n k s o f T r a n s a m e r i c a 

+ rep orts o f exam in ation s, memo o f Mr. 

Securities deprecia ^ treatm ent o f , a c t io n d e fe r r e d 

T^h.Ttce Act o f 1934, r e g u la tio n s o f B oard u n d e r, charge 

Securities Exchange ^ ^ Green th a t th e y a re d is c r im in a t o r y 

against American c i t i z e n s 

T-iti-as exchange adm inistration. 

! t ^ * l b e e a^d Co., rep ly to FXBank o f B oston r e q u e s t io n as to 

Tvhether company i s s u b je c t to p r o v i s i o n s o f 

Regulation T 

Agreements o f nonmsnber banks on fonns T - l and T -2 , l im it e d 

functions to continue t o be e x e r c is e d by 

FRAgents in conn ection w ith e x e c u tio n o f , pending 

amendment o f R e g u la tio n T , o t h e r s e c u r i t i e s 

work to be handled on bankin g s i d e , r e p ly to 

FRbank o f Dallas 

Arbitrage transactions: 

Margin requirements on bona f id e , r e p ly t o M r. E ck le s re 

Warrants to purchase s e c u r itie s d e f i n i t e l y to be is s u e d 

and the s e c u r itie s th em selv es, t a k in g advantage 

o f the d isp a rity in p r ic e betw een th e two by 

short sales o f the l a t t e r , r u l i n g re 

oanr: o. America National Trust and Savings A s s o c i a t i o n , r e p ly 

to Mr. Sargent that h is statem ent t o K ent re 

d istribu tion o f stock i s c o r r e c t , may be extension 

of cre d it on u n r e g is te r e d s e c u r i t i e s , no 

opinion re proposed lo a n s by T ran sam erica 

Service Coro. 

Certified check deposited on Saturday and s e c u r i t i e s t o be sub 

stitu ted on Monday, should be t r e a t e d as one 

transaction instead 

earnse o f s s ^ r i t y tran saction s by b ro k e r o r d e a le r f o r 

another broker o r d e a le r , th r e e ty p e s o f such 

Collateral to l o a n ' t ^ ^ ' P e rm iss ib le 

- d i l a t i o n U, lim it e d gu ara 

Daylight tr a d t^ . L ^ c a lc u la tin g maximum lo a n value 

L y in g s in i n t tr a n s a c tio n s ) 

j ^ ^-C 'l-it'ies by N a tion a l Banks, n ot to be 

Con-f^-n^ ^ to p ic f o r d is c u s s io n at P re sid e n ts' 

at to be d is c u s s e d in fo n a a lly 

reduction o f withdrawabi^ ^ - Board 

marxi^ ^ from accou n t o f demand fo r 



H s fs d in ^

,-e s e x c h a n g e a d m i n i s t r a t i o n : ( C o n t i n u e d ) 

S ' ^ ^ v i d e n d e p a id in t o r e s t r i c t e d a c c o u n t , rep ly t o i - R B a n k o f 

l*vi C hicago th a t such amount may b e d e d u c e f r c 

amount o f margin called for a fter tr a n s a c t^ 

i f ^ i t i s noted that dividends are not withdraw- 

Pages 

nanpted s e c u r i t i e s , replacem ent w ith reg istered n o n e ^ a n p t e d ^ 

s e c u r it ie s o f equal market value ce.not be perm 

itted u n less broker dmand. additional margin 10/S9 1470 

Extensions o f tim e , s e r v ic e charges proposed to be made by 

B oston S tock E x c h a n g e f o r p a s s i n g upon applicat 

i o n s f o r , no o b j e c t i o n but alternate courses 

su ggested 

In-and-out t r a d in g : (S ee in fr a Margin tran saction s) 

List o f s to c k s r e g is t e r e d on n a tion a l s e c u r it ie s exchanges, 

p r in t in g and d is tr ib u tio n o f 

Loan by C allaw ay Bank, F u lton , Mo., w h ile nonmember, to A. G. 

Edwards end Sons may be v io la tio n o f law, a lthough 

i t i s l i k e l y that loan was acquired from 

member b a n k 

Loan made p r i o r to enactm ent o f S e c u r i t i e s Exchange Act o f 1934, 

R e g u la tio n U now a p p lica b le because stock is 

now r e g is t e r e d 

Loan v a lu e o f r e g is t e r e d s e c u r it ie s , question r e i s e d r e , where 

s e c u r i t i e s have not been c a lle d fo r trading, 

v iew o f SEC concurred in by Board that loan 

v a lu e becomes e f f e c t i v e as o f e ffe c t iv e re g ist 

r a t i o n date 

Margin t r a n s a c t io n s : 

Amendment t o R eg u la tion T designed to end p ra ctice o f meetin 

g m argin c a l l s by liq u id a tio n , proposal o f 

New York Stock Exchange to meet protlen by 

amendment to i t s ru les 

D raft o f Exchange amendment l e f t by Mr. Worcester, p-^-- 

t i o n o f SEC, m eeting ?

Erchange p roposal to e lim in a te "th r e e -d a y 

riding", d iscu ssion , to be c o n s id e r e d F eb. 1 5 

Resolution postponing amendment, to R e g u la tio n T , t o 

give New York Stock Exchange o p p o r tu n ity to a t 

tempt to elim inate "th re e -d a y r i d i n g " , l e t t e r 

to Mr. Gay advising him o f a c t io n and p r e s s 

statement approved 

^ 

Plan whereby dealer allow s purchasers to put up lo w e r 

margins, in qu iry o f Dubinsky and Duggan 

291 

Purchase o f s e cu ritie s on margin, r e p ly t o Mr. Barrow re 

rules governing, in c lo s in g cop y o f R e g u la tio n 

" ^ 9 1547 

T S/ii 

Short sales, broker may ask fo r a d d itio n a l m argin f o r 388 

transactions made p r io r t o November 1 * 

Single account, combining ce rta in a ccou n ts c a r r ie d by same 

^ 8/1 f 

Member o f national s e c u ritie s exchange m a in ta in in g s p e c ia l cash 

account fo r customer d w e llin g abroad un der Regulation 

T, extension o f tim e to 15 days f o r each 

transaction, cn b a s is o f s in g le a p p lic a t io n by 

customer the p eriod f o r a l l t r a n s a c t io n s o f such 

type may be e ffe c te d f o r th a t custom er in fu tu re 

^ extended 

Nonmecber banks f ilin g agreements, a d v ice to ilRBanks f o r l i s t 

o f , to be made by m ail in fu tu re r a t h e r than by 

wire 

Northwest Bancorporation, M inneapolis, M in n ., a p p lic a t io n f o r 

re g istra tio n in con n ection w ith re tire m e n t o f 

"cutback p referred stock " 

ra rtiel p a ren t plan fo r sale o f s e c u r it ie s p rop osed by Mr. Roth, 

regular margin requirem ents a p p lic a b le , p e r 

tinent p ro v isio n s o f R egu la tion T t o be c l a r i - 

lie d upon re v isio n 

- u ^ s , c e r t if ic a t e s o f d e p o s it g iv e n in exchange 

-or jond and stamped stock in p rop osed A l l e - 

^hany-Chesapeake c o n s o lid a tio n , re q u e st o f 

Opinion o f °Pim-°n as to b ein g under R egu la tion T 

^Pim o. o f S ecu rities and Exchange Commission c i t e d in r e - 

r, . , to Mr. Rounds 

-ert&in classes o f firm s on form 240 to be made 

R e s t r i c t e d a c c o u n ^ m a n e ^ ^ f ^ ^ , ^ 

, " tra n sferred from brokerage o f f i c e to 



C ity' N Y Trust Company, New York 

prices manipulation o f , a n ^ c h power v ested in 

Boa^d\f^r Exchange Commission, n ot in 

*°ard o f Governors, r e p ly to Mr. Bush 

2/25 350 

11/15 1524 

6/16 

843 

10/ 2 1359 

10/13 1391 

9/ 1 121^ 

10/20 

140? 

10/23 14%

c it ie s exchange a d m in is tr a tio n : (Continued) 

S ^ .T ^ l c e ch arges p rop osed t o be made by B o s f^ ^ , 

f o r p a s sin g upon a p p l L e t i o ^ 

tim e , no o b je c t io n hut a l t ^ n + °^ o f 

g e s te d altern ate courses sug- 

Shares o f M a ssa ch u setts co o p e ra tiv e bank as stock M+Mn ^ ^ 0 

in g o f "A m m Qieac- 

Signed s t a ta c e n t , m anber'e ovm. sta tin g he believes fa,-t= ^ ^ 

as re q u ir e d under revised regu lation , t° 

t i e r ^ o l ^ t ' ' ' J ' " f ' c i l i t s ^ 

t i o n from o ld to rev ised Regulation T ir / 

Special omnibus accou n t under R egulation T, i f customer is in 

co rp o ra te d s e c u r itie s fin n , s e cu ritie s* and 

sh ort s a le s o f o f f i c e r s , d ir e c to r s o r stockh 

o ld e r s t h e r e o f need not be denied loan value 

o r exclu ded from account as those o f a partner 12/se 17A6 

Status o f a cco u n ts co n ta in in g u n reg istered , noneisnpted securit 

i e s a f t e r Jan. 1, 1936. Board i s considering 

a lt e r n a t iv e cou rses o f a ction 7 /1 9 9 9 9 

Stock becom ing u n r e g is te r e d a f t e r loa n i s made, not subject to 

R e g u la tio n U 12/18 1676 

Stock d e p o s ite d as c o l l a t e r a l and l a t e r discovered not to be 

r e g is t e r e d on n a tion a l s e c u r itie s exchange, comp 

l a i n t o f Mr. L ew itt against W. E. Hutton and 

Co. f o r s e l l i n g , no v io la tio n o f Regulation T 6/25 887 

Stock o f new company when not given loan value fo r purposes o f 

R e g u la tio n T may be accepted in margin accounts 

even i f u n re g iste re d , when registered it w ill 

have usu al loan value o f registered secu rity 10/28 1461 

Time l i m i t a t i o n in S ec. 5(d) o f Regulation T does not apply 

to c r e d it p rovided fo r in Sec. 5(b) and credit 

m aintained under l a t t e r may be maintained without 

regard t o date in S ec. 5(d) 7 /1 o. -d9 

Securities p r i c e s , m an ip u lation o f , Board i s vested with no such 

powers with re sp e ct to , S ecu rities and rxebaê 

Commission given a ll such authority, reply to , ^ 

Mr. Wm. H. Bush, Asbury Park, N. J. 

security t r u s t s , v i o l a t i o n s o f S ta te and national laws by engaging 

in banking, re p ly to iRBank o f Chicago that rep 

o rt should be made to Attorney General, Board 

does not fin d that Rational Exchange Trust system 

o f Washington, D. C. nor Elmon Annstron? ^ ^ 

^ and Co. are organized in B.C. 

^ te n s io n s o f tim e under Regulation T, ^ ^ ° o b j e c - 

Exchange f o r passing on app lication s, ^ ^ 

t io n but a lte rn a te courses s u g g e s t e d ^ ^ 

^ a n k o f New Y ork, charge f o r to Issu an ce ^ ^ 

c ir c u la r %856 re , no ob jection to issu 



296 FRBank o f San F ra n cisco f o r Banco de 

, ^ t ,a r R s r * fd h ° id in s s t e r m s a n d c o n d i t i o n s a p p r o v e d i / ^ 

Silver* ^ B a n k ers A s s o c ia tio n ) ' - 

F. W.: loan s, r e p ly t o Mr. R ad ford , Munson 

J u s . iB d u stiT . ^ CO., re s t e p s B o a r d h a s t a k e n t o 

^ f a c i l i t i e s ° f S e = - 1 3 b t ° a t t e n t i o n o f 

h ^ f a n d p r o s p e c t i v e b o r r o w e r s ^ 

a,ali C o . , A k ro n . O h i o , e s t a b l i s h m e n t , p e r m i s s i o n 

FiTst-Centraj. ^ ^ r , under m anbership c o n d it io n 1 , , 

Art E f f e c t on Retirement S ystan , amendments bein g * 

Social becunt^ -- n ation a l and S ta te member banks 

n o t a p p l i c a b l e to FRBanks 

committee on Research in S o c ia l S e c u r it y , 

reply d e s ig n a t in g Mr. G old en w eiser as B o a rd 's 

r e p r e s e n t a t iv e t o d iscu s s p la n s f o r 5/ ^ 

South Dakota Bankers A ssociation, address to be made b e f o r e , by 

Mr. Peyton 4/28 

Speddon, Cecil B., Baltimore, Md., in q u iry as t o s t a tu s o f stock 

owned in Union Trust Company o f M aryland, rep ly 

to, referrin g him to bank o f f i c i a l s 12/30 

Spence, Congressman Brent, Sec. 1 (f) o f R egu la tion Q, r e p o r t o f Mr. 

Ransom o f c a l l o n , with Mr. D r e ib e l b i s , t o d i s 

c u s s d e f i n i t i o n o f i n t e r e s t , and in fo n n a l c o n 

ference with m e m b e r s o f Banking and Currency 

Committee a n d o t h e r R e p re s e n ta tiv e s 1/28 

Statement prepared fo r p u b l i c a t i o n in * R B u lle tin r e , t o be mimeographed 

a n d sent t o in t e r e s t e d R e p r e s e n t a t i v e s 

a n i senators, a n d in r e p ly to i n q u i r i e s r e 

ceived b y B o a r d i / p g 

Stabilization fund, extension ° f . rep ort o f Chairman E c c le s re agreement 

not to p r e s e n t banking l e g i s l a t i o n to 

Staff of Board: ^ - - 1**=^ p r io r to March 1 , to p e im it a c t io n on 1/15 

Attendance: 

Regional Coherence o f American B a k e r s A s s o c ia t io n at P itt s - 

T rust C o n f e r e n c f . f ^ t ^ c r e t i o n o f d i v i s i o n h e e d s l/1 5 

cnpin+i . d iv is io n o f American Bankers As- 

^ ôrk, attean d an ce o f appro- 

^ ild in ^ staff: ^ ^ 

^ l t , J. 



designation ^ P P r ^ t ic e en g in eer " 

^ 

Sel^ry ^ ^ 13/21 

^ increased 10/28

^ cnildlBS a t a f f : (C ontinued) 

j a r r i s , ^ h L , appointm ent end salary as day maid 

i,ipdsm ood, C harles D .: 

Appointment and sa la ry as general m m t y engineer 

D esign ation changed from general u t i l i t y engineer tn 

second a s s is ta n t engineer and increase in 

s a la r y " 

L inke, R obert N ., r e s ig n a tio n accepted 

Mayhew, M o r r is , appointm ent and salary as landscape Gardner 

Spurney, F. E . , B u ild in g Manager: 

A ppointm ent and s a la ry 

P h y s ic a l exam ination shows high blood pressure, i n d i 

c a t in g r a c in g up 5/?, appointment approved w ith 

u n d erstan d in g that he w ill become manber o f 

R etirem en t System 

Charwomen, a u th o riz e d to employ 

D esign a ted r e p r e s e n ta tiv e to Federal F ire Council 

S a la ry in c r e a s e d 

Storm, C h a rles W.: 

A ppointm ent and sa la ry as carpenter 

S a la ry in c r e a s e d 

T oston , H arry E ., r e s ig n a tio n accepted 

W hite, W illa r d , r e s ig n a tio n accepted 

Young, H erb ert W .: 

A ppointm ent and s a la ry as f i r s t engineer 

D e s ig n a tio n changed from f i r s t engineer to f i r s t a ssista 

n t en g in eer 

Chairman's O f f i c e : 

Benton, M a d elein e E ., S ecreta ry to Mr. Thurston, salary 

in c r e a s e d 

D aiger, J . M ., S p e cia l A ssista n t to Chairman, payment in 

l i e u o f accumulated leave o f amount equal to 

15 days sa la ry . 

R it t e r , F r e d e r ic a G ., S ecreta ry to Mr. Clayton, 

creased 

T h u rston , E l l i o t t , S p e cia l A ssistan t to 

A pp oin ted member o f committee on visu , 

d la ssn in a tin g in foim ation as 

Committee on Expenditures i . Executive ^ P ^ e n t 5 , 

House o f R ep resen tatives, to appear before 

i f requ ested 

Charwomen: 

B a r d a l e s , M r s . A l i c e K . , a p p o i n t m e n t ensetioo 

B e a c h , M r s . I d a M . , a p p o i n t m e n t a n d r a t e o f com p 

B e r t o l i n i , M rs. Maaalena, eppointmcn 

B oltw ood, M rs. Mamie L ., appointmen ^ c o m p e n s a tio n 

B r a n n o n , M rs. Irma L . , a p p o in t m e n 

B r a z i n s k i , M rs. M a r y A ., appointing ^ c o m p e n s a tio n 

C a r r o ll, M rs. ALene, appointment end r a t e 



8 / 2 1085 

8 / 4 1094 

12/21 1711 

10/ 6 1368 

7/21 1017 

6/ 1 763 

6 / 7 785 

7/12 949 

10/28 1462 

12/21 1711 

8 / 4 1094 

12/21 1711 

1 2 / 4 1619 

10/ 6 1368 

7/29 1061 

12/21 1711 

12/21 1708 

5 / 3 

637 

12/21 1708 

12/10 1644 

3/15 

409 

e/ 1 2 1130 

8 / 3 1090 

8 / 5 1105 

8 / 3 1090 

8 / 4 1095 

8/12 1130 

8 / 5 1105

298 âcpal 

Staff o f Board o f Governors: C o n t i n u e d ) 

K-. 'P P 't " — ' , ^ 3 u . J 

CofRBSB, Mrs. Ooldle B ., appointment and ra te o f compensa 

tion 8/13 n .,- 

Cooke, Mrs. Clara, appointment Q/ ^ ^ 

Corbin, Mrs. Sarah F ., appointment Q/ g 

C r i s t , Mrs. Birdie L ., appointment g ^ g 

Crozier, Mrs. Alma: 

Appointment and salary as supervisor o f charwomen 6/gp , 

Salary increased 12/g^ ^ 

Diegelman, Mrs. MaryM ., appointment 3/ ^ ^ 

Dnployment by Mr. Spurney authorized, lim ite d to w hite ' 

women, wages and hours fix e d , procedure f o r ap^ 

proval, to be placed on temporary b a s is and not 

required to jo in Retirement System u n til fo r c e 

i s stabilized , but to take p h y sica l examination 7 / 1 ? 

Enrico, Mrs. Mary J . , appointment and sa la ry 9 / ^ 

France, Mrs. Z-eldaL., appointment g / 2 

G riffin, Mrs. Lula Mae, appointment end rate o f compensation 8 / 5 un t 

Rarrington, Mrs. Blanche V ., appointment o/-.^ 

Johnson, kre. Pearl, appointment g / 

Jones, Mrs. Mabel L ., appointment g / ^ 

Lanm, Mrs. Eunice, appointment g / ^ ! 

ânn, Mrs. Sadie, appointment g / g 

Marshall, Mary B ., appointment H / p 1 ^1 7 ! 

-d ^ eil, Mrs. Mary C., appointment a / p 

McRobie, Mrs. Julia, appointment o / p 

& . i i i e r ,-;rs. F r a n c e s I . , a p p o i n t m e n t g /5 H 05! 

^rs. Clara E., appointment end salary 9 / 2 ^ 1120 ! 

Nutwell, Mrs. Helen appointment ^ g f ^ M 94 

âra ise, Mrs. Josephine, appointment g / 5 1105 ] 

Placed on p e ^ e n t basis end r e t i r e d ^ Retirement ^ ] 

^^tem, granted regular annual and sick leave 

basiB o f four-hour day lp /p o 17^1 

- ^ P - ^ e n t ' s / I 

Rt ir \< ^ * appointment g / ^ 1090 

^ k e r Mra. Rita, appointment Z ^ 

Schroeder ^ r s "^ L illi^ 8 / 5 1105 

SeeboM, Grece'x 8 / 5 1105 

Spicer, Mrs. LibM e ? " ? ' 

Chauffeu;! ' ^pcm tm ent g/ 2 0 



Messenger or other employees ^ . 

1105' 

11^0 

949] 

1320 

chauffeur i s . . ^ ^ 1711

ff o f Board o f G o v e rn o rs: (C o n tlm e d ) 

^ n e u ff^ r^ * ^ C on tin u ed ) 

H e y e r , R i c h a r d T . : 

A p p o i n t m e n t a n d s a l a r y 

S a la r y i n c r e a s e d 

Counsel's O f f i c e : 

Baumann, J . C ., A s s is t a n t Counsel- 

G radu ate S c h o o l o f B asking, p a n t e d ^ ^ 

and tr a n s p o r t a tio n assumed f ' r a t ° ' 

— ^ t i o n o f 

T r i a l e x s n in a r nsned a s, in connection with r ^ o v a l 

p r o c e e d in g s a g a in st T. o . Morton ' 

b o is e a u , Eana b . : 

D e s ig n a tio n changed from stenographer to secretary and 

in c r e a s e in sa la ry 

S a la r y in c r e a s e d 

D r e ib e l b i s , J . P . , A s s is t a n t General C o u n s e l : 

S a la r y in c r e a s e d 

S u p e r v is io n o f o f f i c e , during absence o f Mr. Vtyatt and 

d u rin g any fu tu r e absences authorized and 

memo r e 

Dyas, M rs. M ild r e d M ainw right, Law C lerk, resignation o f, 

a c c e p t e d , w ith no deduction from salary for exc 

e s s le a v e taken 

E h trik en , E v e r e t t , Law C lerk , in c re a se in salary 

H i l l , R ic h a r d A ., d e s ig n a tio n changed from stenographer to 

f i l e c le r k and sa la ry increased 

H unley, John H . , M essen ger, in cre a se in salary 

I n a b n e tt , L u cy , d e s ig n a tio n changed from stenographer to 

s e c r e t a r y and sa la ry increased 

M organ, Mary A ., S ten ograp h er, in crea se in salary 

S e r v ic e s o f co u n se l o f f e r e d to FRBank o f - t . Louis penî-g 

s e l e c t i o n o f permanent counsel 

Shay, Jerom e W ., Law C lerk , salary increased 

Solom on, F r e d e r ic , A s s is ta n t Counsel, in crease m salary 

V e st, G. B ., A s s is t a n t G eneral Counsel, supervision oi 

o f f i c e , d u rin g any absence o f Mr. -

^ (Continued) 

Bank Operations: a u t h o r i z e d t o n e g o t i a t e 

A i e m n ^ r , ^ o r k f o r t e m p o r a r y s e r v i c e s 

^ " i f ! ^ t l . n with preparation o f i n s t ^ c 

t f ^ fo r preparation o f con d ition r e p o r ts , pay- 

+ rtf salary and per diem 

^ i t t ^ d bv FRBank o f New York f o r reim burse- 

Voucher additional day worked, p a r e n t approved 

and transportation expenses assumed by 

- + * f t r d ^ L . . I I . appointment and salary as technical 

^ assistant in connection with in d u s tr ia l loan act 

iv itie s 

Br^n, Tressa, Stenographer, salary in creased 

Bryan, Evelyn, Comptometer Operator, salary increased 

Buchanan, Avelyn, Secretary, salary in creased 

Cribbins, Thomas P ., appointment and salary as temporary 

sta tistica l clerk 

Temporary appointment extended six months 

Daniels, Mortimer B., Technical A ssista n t, sa la ry in creased 

Evans, Louise E., Stenographer, salary in crea sed 

Barrell, John R., Clerk, salary increased 

Hainer, Sybil E ., Stenographer, salary in crea sed 

hart, Bishop B.: 

Appointment and salary as messenger 

Salary increased 

Eorbett, J. H., appointed to work with committee to prepare 

unifona schedule o f operating r a t io s o f member 

banks 

Kennedy, LavidM.: 

Designation changed from clerk to tech nical assistant 

and salary increased 

Graduate School o f Banking, .ranted leave o f absence 

and transportation expenses assumed fo r a t- 

tenaance upon recommendation o f Personnel Com- 

Lawrence,^Rvelvn*M ^ °"P ^ "sier Operator, salary increased 

^ r tin , ^ A sH ary increased 

HeLelland, Beatrice 3 ^ '^ O p e ra to r, salary increased 

creased ' Operator, .a la ry in - 

L. S., Technical Aania* * 

Port 

^ g , advice o f to h T ' bu ild - 

Mr. available to Mr. M orrill 

* Joseph H ^ 'T e c r ! ^ / ^ ° ° ^ e ° * i° n with 

garters from 

and J 

o f head- 

^ V.'ashin^ton, D. C., 

îseaart, Mrs. Lorr^ne M ^ ^ ^ i v e Dec. 1 , l§37 

^ a r y as com^tL . appointment and 

comptometer operator 



3/M 

7 / 1 

3U] 

10/22 ! 

H /Z l 1 7 ll 

1Z/21 i?! J 

12/21 

8 / 5 U 04 

11/ 6 1514 

12/21 17H 

12/21 17H 

12/2 1 1714 

12/21 1714 

9 / a 1311 } 

12/21 1714 

9 /1 3 1255 

12/21 1714 

3/25 452 

12/21 1714 

12/21 1714 

12/21 1714 

12/21 1714 

1/26 169 

9/28 1% 

7/23 1028

George ^ period Railroad In v e st!- 

Leave u tiliz e s services. Board to 

e^tinue to make contributions to Retirement 

SyttL tMt to be reimbursed i f salary exceeds 

th a t paid by Board 3/1& 

^ z o n i , J o " C... Assistant ^ n e r . salary in creased 12/21 l ^ 

salary 4/3 3 596! 

Aopointment on permanent basis as stenographer, and 

salary, subject to passing physical examination 6/ I 9 354! 

balary increased 12/21 l ? ^ 

Goodaan, Glenn M., Examiner, salary increased 12/21 1 7 1 4) 

Hopkins, Julia Benton, Assistant Examiner, salary increased 12/21 1715 

Hostiun, Clarence C., Examiner, salary increased 1 2 /2 1 

Howard, Thomas P., Assistant Examiner, salary increased 1 2 /2 1 1715] 

Jones, L. H., Examiner: 

Graduate School of Banking, granted leave o f absence 

and transportation expenses assumed fo r attendance 

upon recommendation o f Personnel Committee 

3/25 452} 

Salary increased 12/21 1714! 

Kearney, Helene L., Stenographer, salary Increased 12/21 1715] 

Koppang, R. 0 ., examiner: 

Assignment to Secretary's O ffice temporarily to a ssist 

Mr. Morrill in making arrangements fo r moving 

into new building, salary to be carried on 

special budget 1 /2 8 139 

Salary increased 12/21 1714 

Lee, A. W., Assistant j^xaminer: 

Graduate School of Banking, recommendation o f Personnel 

Committee that he be granted leave o f absence 

and transportation expenses assumed i f Board's 

quota is increased, approved 3/25 452] 

Leave with pay granted to attend, as FRBanks are 

not sending fu ll quota, transportation expenses 

assumed by Board 6/17 84o ! 

Letter re report o f attendance 7/22 1024 ' 

-Salary increased 1 2 /2 1 171? 

Malone, C. T ., Examiner: 



^ -c-ooi of oanking, granted leave o f absence 

3m transportation expenses assumed fo r a t- 

jndance upon recommendation o f Personnel Com- ^ ^ 

^ ^ attendance. 7/ 8 ^ ] 

, 

M cC lelland, 

C., Secretary to Mr. Paulger, salary increa 

sed ' ' ' 

j . , ^ 

12/21 

171& 

I7i5

^ Boord o f G overnors: ( Continued) 

vision o f Exam inations: (Continued) 

^ Murff, Cordon R ., Examiner, salary increased 

N e w c o m e , E lnyr b . , Stenographer, salary increased 

^ , H arold J . : 

Headquarters changed from Chicago to Washington 

Salary in crea sed 

0'D.HR.11, Thomas B ., A ssistant Examiner. salary increased 

Paulger, L eo, C h ief: 

A p p lic a t io n s f o r membership in FRSystem o f Farmers 

S tate Bank, .-.allace, Nebraska, to discuss with 

Mr. Hamilton, FRBank o f Kansas City 

Examination o f FRBanks, to make at lea st one o f each 

during year 1938 

R ep resen ta tiv e o f Board, to work with Mr. Smead in determ 

in in g, to in v estig a te tran sfer o f certain 

M issou ri counties from 8th to 10th FRDistrict 

and to a scerta in 'whether additional informat 

io n i s forthcom ing 

P o lla rd , W illiam B ., Examiner, salary increased 

P orter, Haney R ., Stenographer, salary increased 

Radford., J . R . , J r . , cJLsniner, salary increased 

Richardson, Lulu C ., Stenographer, salary increased 

Richner, J u liu s B ., A ssistant Examiner, headquarters 

changed from Washington to L ou isv ille, Ky. 

S cott, Frances, Stenographer, salary increased 

Skees, Lawrence E ., Examiner, salary increased 

Snow, R. Thornton, A ssistan t Examiner, salary increased 

Stone, H arold F ., Stenographer, salary increased 

Strahorn, C harles A ., A ssistant Examiner, salary increased 

T u rn bu ll, Joseph A ., A ssistant Examiner, salary increased 

W inkler, P . J . , Examiner, salary increased 

W ishart, Harvey J . , A ssistant Examiner, salary increesed 

Division o f Issu e and Redanption: 

Retirement o f fou r employees, le t t e r to Retirement 

th a t Board contanplated payments should com 

mence when serv ice to Government terminates 

^-vision o f Research and S t a t is t ic s : 

B a m ett, L u c ille , Clerk, salary increased 

Barnett, M. E lizabeth : . three 

Appointment and salary on t&nporarv 

months approved, as clerk 

Temporary appointment made permanent 

12/21 

12/21 

8/26 

12/21 

12/21 

11/ 4 

12/22 

Salary in creased increased 

4/10 

7/16 

12/21 

12/21 

Barton, H. C ., J r ., Junior Economist, s e„,momist 

B assie, V. Lew is, appointment and pennanent 

f o r s ix months, to be permitted to 

employment at that time and to be penm ^ 

j o i n Retirem ent System 

Appointment made pennanent 

11/15 



12/ 3 

12/21 

12/21 

12/21 

12/21 

1/12 

12/21 

12/21 

12/21 

12/21 

12/21 

12/21 

12/21 

12/21 

2/ 2 

12/21 

1715 

1715 

1195 

1715 

1715 

1495 

1721 

1609 

1714 

1715 

1715 

1715 

70 

1715 

1715 

1715 

1715 

1715 

1715 

1715 

1715 

216 

1713 

534 

985 

1714 

1713 

748 

1532

St.rf . f s t a t i c s : ' (Continued) 

Di-vision Of Kesear^t* 

Baum^ Mrs. êulah ^ stenographer fo r three months 

^ ° ^ t ^d/perr,.nent, salary un.ha.5 aa 

^ " ^ j o ^ T ^ J u n i o r Economist, salary increased 

Bergeim, ' A s s i s t a n t D irector, salary increased 

Mr^ Hetalie, Secretary, transferred from Division 

boê . - deaminations and designation changed from 

stenographer 

Brandt, Jack, Jr., temporary appointment end salary as 

draftsman 

Bryan, Malcolm H., Senior Economist (temporary), appointment 

extended for one year 

Caskey, Mrs. Franc S., appointment and salary as secretary 

Coffey, Lyndali H., designation changed from clerk to economic 

assistant and salary increased 

Collier, Raymond J ., Economic Assistant, salary increased 

Conklin, Maxwell R ., Senior Economist, salary increased 

Counts, Catherine M., Clerk: 

Appointment made pennanent 


Currie, Lauchlin, Assistant Director: 

Rational Resources Comnittee, no objection to being 

made pennanent member o f Industrial Committee 

Dirks, Frederick C., Junior Economist, salary increased 

Loherty, êorgeP., Junior Economist, salary increased 

urury, R. F ., placed on fu ll time temporary basis to September 

30 

^dmiston, Henry H., designation changed from ju n ior econo- 

mist to senior economist and salary increased 

— ^-r, , Chief Draftsman, leave on account o f illn esi 

up to 30 days additional granted 

Additional granted with pay 

Additional leave with pay granted 

panted additional period o f 60 days with pay 

t A c tio n a l leave with pay granted 



Assistant, salary increased 

^ a j ' d i s t a n t , salary increased 

Appointment to be made pennana.t, 

economic assistant 

salary increased 

^°rd, ^ t r ,d e aizabeth. appointment 

porary clerk 

and salary, as 

and salary as tan- 

êyer, Arthur D ^^ômist, salary increased 

L s t ] ^ ^ ^ o r Bcono- 

êclare ^ subject and was required to 

asclere intention o f becoming U. S. citiz e n 

6/30 so 

9/29 1^, 

* 2 /2 1 1^ 

i a / 2i i,. 

1 2 /2 1 171 

1/33 15 

7/23 lo 

6/30 

6/30 

90 

90 

12/21 171 

1 2 / a 171 

1 2 /a 171 

2/17 31 

12/21 171 

5/21 738! 

1 2 /a 171 

12/21 171 

8/17 1157 

12/21 1713 

6/16 829 

7/15 979 

8/20 11M 

9/16 1K32 

12/16 1667 

12/21 1713 

12/21 1713 

12/21 1713 

4/14 552 

12/21 171" 

y/29 1061 

11/12 1 ^ 

12/21 1'^

' ^ v isio n o f Research end S t a t is t ic s : (r-nn+i 

Gayer, A rthur D .: (Continued) ^îoued) 

Appointment extended for surh - , . 

perm p eim it ta k in g c o f annual o f time ^ eas 

vdll 

Cehman, C la y ton , J u n io r Economist c i ^^cuirui^ted 

G oldenw eiser, E. A ., D ire cto r- ' ^ ^ i D c r e e s e d 

A ction s which m ight be taken by FRSv.t , 

p resen t con d ition s 3 ^ ^ " ^ ^ 

throughout remainder o f -ear 

B i l l s on m onetary p o lic y tn ^ t 

' 

views re 

B usiness and c r e d it con d ition s " t o ^ o f 

m eeting o f Board w ith "n rf-if^ + ^t 

Statem ent made " — 3ents o f F R B ^s 

btatQDent b e fo r e P resident^' 

C entral S t a t i s t i c a l Board Regulation ^ 

Committee on v is u a l education fo r disseminating infom a- 

T. ' i es to FRSystem, eppointed number o f 

fe d e r a l A d v isory C ou n cil, to hold him self available to 

respond to c a ll from, le t t e r to Mr. L ictten- 

s t ein 

Inter-D epartm en tal Committee on Research in Social 

S e c u r ity , reply designating as Board's repres 

e n ta tiv e to d iscu ss plans fo r creation o f 

Statem ent on econom ics end monetary situation in determ 

in in g required reserves 

Crunw ell, H elen R. , Draftsman, salary increased 

Haigh, J u lia , d esig n a tion changed from secretary to c le r k - 

stenographer 

Henry, E lla W., Draftsman, salary increased 

H ersey, A. B ., Junior Economist, salary increased 

H itch in g s, George P ., appointment on temporary basis and 

sa la ry 

Hodson, V io la A ., C lerk, salary increased 

Hoebreckx, C herie L ., Clerk, salary increased 

H om e, R. L .: 

Appointment and sa lary fo r probationary r e n o , e- 

s e n io r economist 

Committee on v isu a l education fo r dissam natirg inionna- 

tio n ae to FRSystem, appointee neo-er oi 

Jasai G eorge, Economic A ssistan t, salary 

Kenny, Gunhild Anderson, Junior E conom ist, salary increased 

K it z m ille r , H. W., P rin tin g Cler^: Retirement System 

Payment o f a d d ition a l sum to " navmeDt 



months' sa lary made, approve 

7/ 6 923 

12/21 1713 

5/24 740 

3/30 476 

1/22 147 

1/25 162 

6/ 8 798 

3/19 441 

12/10 1644 

11/17 1542 

5/26 753 

1/19 123 

12/21 1713 

12/21 1713 

12/21 1713 

12/21 1713 

10/29 1465 

12/21 1713 

12/21 1713 

8/12 1130 

12/10 1644 

12/21 1713 

12/21 1713 

11/23 1555 

12/ 3 1614 

3/25 

451

^ of Board o f Governors: (Continued) 

^ D iv is io n o f Research and S t a tis t ic s : (C ontinual 

Surgny, Joseph R ., appointment on t ^ ^ ^ , 

salary a , m u t a n t p r ^ ^ ^ ^ e r k 

Appointment made pennanent ^ c rx 

Swlndlehurst, A lic e , Clerk: 

Appointment made permanent 


Tappy. Mrs. E lizabeth P .. r a s ig n ^ i.n as clerk appm,ed 

Tewksbury, E lizabeth P ., Clerk, salary increased 

Thomas, W ood lief, A ssistant D irector, salary increased 

T resco tt, Charles G ., Messenger, salary increased 

Van B rakle, Raymond, Messenger, salary increased 

Walsh, J . Paymond, statement o f Chainnan Eccles re broad 

economic e ffe c t s o f Fair Labor Standards Act 

o f 1937, and recommendation that he be authorized 

to n egotiate with, to aid in study of, 

approved 

Webb, M uriel G .: 

Appointment, temporary, as clerk 

Temporary appointment made permanent 


Wenger, Jane, Clerk, salary increased 

W ills, Noima F ., Secretary, salary increased 

Witherspoon, Robert C ., Elevator Operator, transferred to, 

as lib r a r y clerk , salary unchanged 

Envision o f S ecu rity Loans: 

Branic, Otto H ., Messenger, salary increased 

Brown, Bonnar: 


T ran sfer from FRBank o f San Francisco as Special A ssista 

n t, approved 

Dembitz, Lewis N ., designation changed from research assistant 

to special assistant and increase in 

English, Earle Special A ssistant, resignation, effect 

iv e July 22, 1937 

G r in io ff, Vladimir B., Research Assistant, salary increase-. 

H all, Catherine A ., Economic Assistant, salary increased 

O'Hare, Florence C., Secretary, salary increased 

Schmidt, Catherine L ., Secretary, sal^r^ increoê 

Duplicating section : . ^ ^,î-rm id 



in crea se in salary salary increased 

Dyson, Nelson S ., Mimeograph Operator, -al 

Pages 

10/13 1391 

12/29 1750 

1/23 154 

4/14 553 

12/21 1714 

5/13 705 

12/21 1713 

12/21 1712 

12/21 1714 

12/21 1714 

6/11 822 

8/27 

11/12 

12/21 

12/21 

12/21 

9/28 

12/EL 

12/21 

8 / 3 

1201 

1528 

1714 

1713 

1715 

1342 

1715 

1715 

1089 

12/21 1715 

6 / 7 784 

12/21 1715 

12/21 1715 

12/21 1715 

12/21 1715

Duplicating section. ^ changed from messenger to 

Johnson, uordoni-., ^ 

mimeograph operator i . . 

^ n e v Raynt""i C-- ^ s ig r a tio . ch a fed from clerk to ch ief 

mimeograph operator 

Elevator operators: 

Handley, Thomas B.: 

Appointment and salary 

T r a n s fe r r e d to position as guard and salary 

Hanmond, Julian appointment and salary 

Harris, Joseph P ., J r., appointment and salary, Board to 

furnish uniform 

Kay, George R.: 

Appointment and salary, Board to furnish uni fonn 

Transferred to position as guard and salary 

O'Sullivan, David appointment and salary 

leaver, Douglas P ., appointment and salary 

Witherspoon, Robert C.: 

Appointment and salary, Board to furnish uni fonn 

Transfer to Division o f Research and S ta tis tic s as 

library clerk, salary unchanged 

employees who can be spared to be excused Saturday, May 29 as 

offices w ill be closed in celebration o f Manorial 

Day on Monday, May 31 

Salary checks to be issued on May 26 

rnpioyees who can be spared to be excused Saturday, July 3 

^ployees who can be spared to be excused from work on date o f 

opening o f new building on October 20, 1937 

fiscal Agent: 

Foulk, Oliver K., Fiscal Agent, salary increased 

c h ^ * ° ^ " " C l A6ent. salary increased 

P a ^ l l checks authorized to follow plans fo r cashing, 

i-orsigi citizen s^ =*sh payments to c p lo y e e s 

) r, A. . . j British subject, required to declare in - 

tontion o f becoming American citizen p rio r to 

° f ts * P °r a r y ap p oin tm en t a s s e n io r 

Guard... " ° 3 ° " is t 2/ 4 M9 



Sal&ry i ^ e K e d ^ " ^ o f the Guard 

12/21 

1^/21 

Q/ 2 

10/30 

11/24 

1711 

1711 

IO84 

1477 

1564 

7/23 1029 

7/23 

10/30 

8/ 2 

10/30 

1029 

1477 

1084 

1477 

7/23 1029 

9/28 1342 

5/21 

5/24 

6/30 

733 

740 

904 

10/ 5 1366 

12/21 

12/21 

to guard 12/H 

1712 

1712 

9/14 1277 

1062

°'ousrds: (Continued) 

C z o p e r, btan lay J ., appointment ana salary, Board w ill 

nish unifoim 

^ploym ent o f seven and transfer o f three telegraph operato 

r s to service with understanding that Board 

w ill furnish uniforms 

Handley, Thomas B ., transferred from position as elevator 

op erator to , and salary 

Heher, J . H ., tran sferred from Telegraph O ffice as night 

wat chman 

D esignation changed from night watchman to guard 

Kay, George R ., tran sferred from position as elevator 

operator t o , and salary 

Kay, W illiam H ., appointment and salary, Board w ill furnish 

uniform 

K elleh er, Joseph E ., appointment and salary, Board w ill 

fu rn ish uniform 

K e lly , Charles W+, J r ., appointment and salary, Board w ill 

fu rnish uniform 

O 'M alley, Charles M., appointment and salary, Board w ill 

fu rn ish uniform 

Shepherd, Warren D ., appointment and salary. Board w ill furnish 

uniform 

T ran sferred from Telegraph O ffice as night watchmen 

Unger, B. M ., tran sferred from Telegraph O ffice as night 

watchman 

D esignation changed from night watchman to guard 

Leaves o f absence, charwomen, granted regular annual and sick 

leave on basis o f four-hour day 

Mail room: 

Jones, Robert B ., assigned to 

D esignation changed from messenger to mail cler^ 

salary increased 

McDowell, Henry, C hief Mail Clerk, designation changed to, 

from c h ie f messenger 

Pinn, W illiam E ., designation changed from messenger t.c- 

mail clerk and increase in salary 

Catkins, F. L ., designation changed frommessenger-admeo- 

graph operator to mail clerk and salary 

Married p e r s o n s ,'r e p fy 't . query o f E e p r e s e .t a tiv e Cochr.n in 

connection with Economy Act o f 193c !*e 

whose husbands or wives are p lo y e d 

cent o r D. C., inquiry to temsde 

heads re present status o f a ll 

-Messengers; 

Berry, Benjamin D ., increase in salary 

Branic, Otto H ., salary increased 



7/12 949 

7/12 948 

10/30 1477 

7/12 949 

12/21 1712 

10/30 1477 

7/12 949 

7/12 949 

7/12 949 

7/12 949 

7/12 949 

7/12 949 

7/12 949 

12/21 1712 

12/28 1741 

9/24 1323 

12/21 1710 

12/21 1710 

12/21 1710 

12/21 1710 

3/ 5 

372 

12/21 1715 

12/21 1715

^ . ' ^ Y . ^ r y l e a s e d ^ 

Hart, Bishop B.: 

Appointment and salary 9/21 ig^ 

Salary increased 12/21 17^ 

Hunley, John R., s a l a r y increased 1 2 /2 1 ^ 

^ s ^ n , Gordon P., assigned to .^ eograph room 9/ ^ 

Jones, Robert H., assigned to Mail room 9/ 2^ ^ 

Trescott, Charles G ., salary increased 1 2 /2 1 , 

Van Brakle, Raymond, salary increased 1 2 /2 1 

Washin?ton, Sidney, salary increased 1 2 /2 1 1708 

Williams, Arthur, resignation accepted 9 / 1 3 

MimeogTaph room: 

Johnson, Gordon P ., assigned to 9 / 2 4 1 ^ 

Iûrse: 

Arrangenent with Comptroller's O ffice whereby Board reimbursed 

part o f salary o f Miss Coombs as nurse 

to be discontinued as o f Aug. 1 

Jones, Lois W., appointment and salary as nurse in charge o f 

first aid room in new building 

Office of Mr. McKee: 

Walters, Alvin C., Secretary, salary increased 

Office of Mr. Ransom: 

Cotten, Annie I . , Secretary, salary increased 

Pages: 

Cos ello, John .4., designation changed from messenger to 

page and salary increased 

Beinan, Bertram C., J r.: 

Appointment approved 

Appointed assistant index clerk 

FI

Malone, W illiam U ., appointment o f 

Newton, James H ., appointment and salary 

Pinn, WiUiam E ., tra n sfer from a n te s as measengar in 

S e cre ta ry 's O ffic e and salay-v ^ 

S a lv e t t i, Umberto ^ P. 

creased 


Salary in creased 

W ashington, L a fa y ette, transferred from messenger's duties 

in S e cre ta ry 's O ffice * 

W heeler, Rutledge R .: 

Leave o f absence with pay, granted additional, on a

of of ^vsm crs: (Continued) 

" appointment as a l e clerk and 

salary 1/23 ig- 

TaRporary appointment continued 1 2/ 2^ ^ 

Patricia M., tanporary appointment as f i l e clerk ?L0 

' and salary 1 / 2 3 ^ 

Resignation accepted 10/3Q 1^70 

Costello! John M., designation changed from messenger to 

page and salary increased 1 2 /2 1 17' 1 

Crews, Esther G., File Clerk, salary increased 12/ai 1709 

Cmmp, Allison M.: 

Appointment and salary as supply and duplicating clerk 6/ 7 70^1 

Designation changed from supply and duplicating clerk 

to photostat operator and salary increased 1 2 /2 1 l 7iQ 

Dedman, Bertram C., Jr.: 

Appointment as page 8 /1 5 

Appointment as assistant indei clerk 10/29 1 4^ 

Salary increased 12/21 1709 

Dyson, Nelson S., Mimeograph Operator, salary increased 12/21 1711 

Fleming, William S., I l l : * 

Appointment and salary as page 10/29 1^^= 

Resignation accepted H / ^ i 5Qg] 

Pilwiler, Lucy E., Stenographer, salary increased 12/21 1709 

Grimes, trank R., Assistant Index Clerk, appointed assistant 

voucher clerk and salary in/po i,*an 

Higdon, Margaret Lee: ' ^ 

Appointment and salary as stenographer on temporary 

basis ^ / ^ ^ ^ 

Appointment made pennanent q / i 1919 

Salary increased .A t * ^ 

Johns.., Gordon P.. designation changed from messenger to 

mimeograph operator 1 9 /9 1 1711 

Jones, Robert H designation changed from messenger to 



Kellogg scott n salary increased lg /S l 1710 

KiAwell' A llcaE * increased 1 2 /2 1 1709 

Ktley, John N j!- Ml ^ ^ e a s e d 13/21 1709 

Kilgore J Ed4ard''i,

L e s l i e , 3 e le n .J t e n o ,r a p b e r , transferred to personnel 

D esign ation changed from s te n o g r a p h e r 

sa la ry in creased ^ 

i 

ana 

McDowell, Henry, d esign ation changed from . 

to c h ie f m ail clerk 

messencer 

McKnew, E lva I I ., d esign ation chanced ^ 

c l e A end aalary i ^ L ^ " 

Meyer, R ichard T . , Cnauffeur. salary in c r e a s e 

M o r r ill, C h ester, S ecretary: increased 

C h ief a d m in istra tiv e o f f i c e r o f Board, reaobim ^ 

adopted ord erin g , to coordinate work o f ^ r d 

su p ervise survey o f personnel yearly and ' 

sta n dard ize form and manner o f presenting 

budget and submit not la te r than Bee. 1 

Committee on v is u a l education fo r dissaninating Inform 

ation as to FRSystem, appointed member of 

F urnishings and equipment fo r new building, authorized 

to purchase and contract fo r , within lim its 

o f estim ates 

O 'B rien , B ern ice, F ile Clerk, salary increased 

P a r k h ill, Dorothy M ., Stenographer, selary increased 

Paul, W alter E ., Page: 


S alary in crea sed 

P e e p le s , D orothy E .: 

Appointment as stenographer 

S a la ry in crea sed 

P eregory, W alter L ., Supply Clerk, salary increased 

Pinn, W illiam E ., Messenger, tran sfer to building sta ff as 

p o r te r and la b orer and salary increased 

D esign ation changed from messenger to mail clerk and 

sa la ry increased 

P it z e r , Ruby A ., temporary appointment as f i l e clerk continued 

P oeppel, Edna B ., C hief F ile Clerk, salary increased 

Poundstone, John M ., designation changed from messenger to 

page and salary increased 

P ritch a rd , John H .: __,+t. 

Appointment, tanporary, and salary i - ^ 

moving to new bu ilding, detem ining technical 

qu estion s, etc. 

R esign ation accepted, le t t e r to 

Quimby, Mary V .: ^ salary 

Appointment, ttm p ora y , as ^ 1 ° ^ ^ s ta tistics as 

T ran sferred to D ivision o f Ke- ^ salary 

tonporary stenographer at in cre— ^ - 



10/29 H64 

13/21 1709 

12/21 l? io 

12/21 1709 

12/21 1711 

6/15 831 

12/10 1644 

4/16 

12/21 

12/21 

9/24 

12/21 

9/ 1 

12/21 

12/21 

a / 5 

12/21 

12/21 

1 2 /^ 

567 

1709 

1709 

1328 

1709 

1212 

1709 

1711 

1105 

1710 

1710 

1709 

12/21 1709 

2/ 5 233 

12/21 1717 

1/23 

7 / 1 

153

^ w o l ^ n e n t . t^porsry. and salary as stenographed 6 /n 

Appointment made peimanent 8 / 2 3 

Salary increased 1 2 /2 1 

Snapp, John B., Page, appointment a n d salary H / ^ 

Thomason, Louise, Typist, salary increased ig / 2 1 

Thompson, Elizabeth, temporary appointment as f i l e clerk 

and salary 1/23 

Temporary appointment continued 12/21 

Thompson, R. X., General Assistant, salary increased 12/21 

Twomey, Raymond C., designation changed from clerk to ch ief 

mimeograph operator 1 2 /2 1 

Washington, Lafayette, Messenger, transfer to building s ta ff 

as porter and laborer g / 5 

Watkins, F. L ., designation changed frommessenger-mimeo- 

graph operator to mail clerk and salary in 

creased 1 2 /2 1 

Batson, Mrs. MaryE., designation changed from assistant 

f i le clerk to f i l e clerk 12/21 

Westergren, Ruth A., Personnel Clerk, salary increased 12/21 

Wheeler, Rutledge, Messenger, transfer to building s ta ff 

as porter and laborer g / 5 

Wolcott, Helen B., temporary appointment as f i l e clerk 

and salary 1/23 

Special Assistant to Chainnan: 

Daiger, J. M., continuation o f services through A pril, or 

-or such part o f month as may be required 

recommended by Chairman, approved, Mr. McKee 

voting "no" 3 /3 0 

survey of, and salaries, report o f Mr. Broderick, considered 

by Board and file d with Board's Secretary 6/15 

.-i-vey to be made at least once a year, Secretary directed 

t o supervise a/in 

Telegraph Office: ' 



Anderson, E. F ., Operator, transferred to building sta ff 

as night watchman 7 /1 2 

oaii, L. L., adjustment in salary 9 /pl 

C oolty^J*-' * ' s a l a r y 9/21 

n a g ^ M P ' ""'hanged 9/21 

âgg, tA. P ., adjustment in salary 9 /2 1 

erred to giard force for new 

Kidwell. ^ n t ^ ** 7 /^ 

^ Secretary's O ffice author- 

Merch, G. L a d l u ^ ^ ^ ^ additional days with pay 5/27 

* * adjustment in salary 9 /2 1 

924 

1176 

1709 

1507 

1709 

153 

1710 

1709 

1711 

1105 

1710 

1709 

1709 

1105 

153 

481 

831 

831 

949 

1311 

1311 

1310 

1311 

949 

1710 

755 

1311

Mooney, J . J . , Chief Telegraph Operator. r e t i ^ ^ + 

" H r . " " " 

O tt, H. M ., adjustment in salary 

P ool, W. S ., adjustment in salary 

Tanner, J . E ., adjustment in salary and assigned duties 

o th e r than as operator 

Unger, B. M ., O perator, tran sferred to building sta ff as 

n ig h t watchman 

T e le p h o n e O perators: 

Burke, C ath erin e, to be continued on Board's payroll at 

p resen t sa lary and placed in charge o f switchboard 

in new bu ilding 

D esign ation changed from telephone operator to chief 

telep h on e operator 

G r i f f it h , M rs. F lora J . , appointment and salary 

Vault C lerk: 

Rowan, W. J . , arrangement requested o f Treasury whereby 

compensation o f , may be included in cost o f 

FRnotes, as Board would p refer not to have on 

i t s p a y ro ll person who i s not responsible to it 

P resen t arrangement to be continued u n til retirement 

o f Mr. Rowan 

Working h ou rs, adoption o f o f f i c i a l hours fo r a ll divisions 

State bank su p e rv isors: 

Regulation F, c o p ie s o f d ra ft o f amendment to be sent to, for 

c r i t i c i a n and suggestions 

^tate Department: 

Loans by New York banks to Yokanama Specie Bank, L td ., on governments 

and g old , reported to Mr. Hornbeck 

State laws, an a lyses r e la tin g to banking, studies o f th is nature not 

p ro je c te d nor planned in immediate future, rep 

ly to Mr. Cleveland 

tate member banks: i 

American S ta te Bank, Great Bend, 

approved and le t t e r to FRBank o f Kansas City^ 

no con d ition re elim ination 

s t a b i l i t y o f a ffe c tin g corrections i . opera 

American S ta te Bank, Milwaukee, W is.. as 

membership condition proh ibiting cancer 

part o f general p o lic y 



2/15 294 

12/21 1710 

9/21 1311 

9/21 1311 

9/21 1311 

7/12 949 

7/21 1017 

12/21 1710 

7/21 1017 

6/ 2 768 

6/24 879 

12/15 1661 

8/19 1160 

8/27 1198 

10/ 2 1360

State nmber backs: Mich., eaminga pledged 

American ^ l i v i n g depositors, properly shown in con 

dition reports 

A frican Trust Co., San Francisco: 

Berkeley branch, moved from 1095 U niversity Ave., to 1990 

San Pablo Ave., Board concurs in opinion o f 

FRBank that i t is not such a move as con sti 

10/26 

tutes establishment o f new branch 

Branches at Sacramento and Modesto, contemplated removal 

to new locations does not constitute esta blish 

ment o f new branches and Board's approval not 

3 /1 7 

necessary 1/21 

Examination should be made as usual 

FRBank o f San Francisco not to make nor p a rticip a te in, 

this year, but to accept State examination, no 

5/ 

objection 

Arkansas Trust Co., Hot Springs National Park, Ark., membership 

application approved and le t t e r to FRBank o f St. 

Louis that certain stocks held should be d isposed 

o f, and re showing o f insurance, t i t l e , 

and real estate department l i a b i l i t i e s in con 

7 / 1 4 

dition reports 

Reconsideration of membership condition requiring elimination 

o f rental and t i t l e abstract departments 

2/ § 

refused, time extended for completion o f membership 

AuDka ^t&te canx, Atoka, Okla., membership application approved 

and letter to FRBank o f Dallas re not p rescrib 

3/26 

ing special conditions * 6 /2 4 

Certification to FDIC as member bank 7 / 2 

Rioum ^ e te Bank, Auburn, Indiana, application fo r msnbership 

in FRSystem approved subject to certain conditions 

B. M. C. m rfee Trust Co., ta ll River, Mass., a f f i lia t e report&, 

may &e required i f corporations borrow, 

roera not w illing to extend waiver provisions, 

even though bank may withdraw, attention called 

10/23 

to Sec* 22A o f FRAct in connection with possible 

loans 

Mdger State Bank, Milwaukee, Y-is., condition reports o f a f f i l - 

istes, extension o f time fo r filin g , Board can- 

2/ 2 

Rant of CEBtnn f° r bank to f i l e i t s own report 

=f Canton. Ca.. stock o f Canton Cotton M ills held, condition 

o f rnantership requiring disposal canceled with 

un bretanding that Board i s not receding from 

position that such stock i s not su ita b le bank 

2/10 

investm ent 

C=nnei, Celiiornia, purchase o f site and expenditure for 

4 /2 6 

improving premises, approved e/23 



423 

136 

670 

966 

254 

457 

880 

920 

1430 

223 

268 

605

Bank o f Commerce, Oakland, C a lif., a p p l i c a t e ^ 

approved su bject to certain t " ^ ^ s h i p 

Bank o f Commerce and T ru sts, Richmond Va ^ ° ^ ^ o n a 1 0 /1 3 1391 

^ 22(a) Of FRAct by ^ E olation o f Sec. 

Deputy Commissioner Inm* and 

V ir g in ia , should be i-e p o r t ^ t ^ u ^ 

^ ^ ^ ^ 

L e tte r to a l l FRBanks l i v i n g requirement o f Regulation H 

and in such cases, extending time for M th- ' 

drawal to fou r months without reference to 

Board 

Bank o f Glade c o r in g , V a., d isp o sitio n o f stock o f another bank 

through d istrib u tio n as dividend, referred to 

in connection with n ecessity fo r Unior Bridge 

Banking and Trust C o., Union Bridge, Md., to 

d isp ose o f stock o f another bank 5 /2 1 7 3 4 

Bank o f Great Neck, New York, applica tion fo r membership in 

FRSystem, approved subject to certain conditio 

n s 1 1/ 6 1^,14 

Bank o f Hoquiam, Wash., con solid a tion with Peoples Bank and 

Trust C o., under charter o f la tte r , no object 

io n , epproval o f branch at Eoquiam conditioned 

upon in crea se in capital and surplus 4/22 594 

Bank o f Kaukauna, V is ., manbership application approved and 

l e t t e r to FRBank o f Chicago, attention to be 

c a lle d to accounts which do not qualify as 

savings accounts 4/16 

Bank o f Lansing, M ich ., preferred stock retiranent brings capital 

below one—tenth o f deposit lia b i lit i e s , should 

have been referred to Board, approval o f 

FRBank o f action confiimed - 

Bank o f Manhattan C o., New York C ity, extension o f time allowed 

f o r d isp osa l o f stock o f the County Trust Com- 

pany, White P la in s, N. Y. 3 - ^ ° 

Bank o f New York and Trust Co., New York, N. Y ., bankm. 

quarters. Board's approval was not secured for ^ ^ 

investment in branch s ite , approved ^ ^ 

No o b je c tio n to proposed 

Bank o f N u tle y , N. J . . p rop osed a b sorp tio n o f 

Bank by fonaer, capital ratio 

certa in secu r itie s must be disposed o , ^ 2 3 

rin g a t, not to be reported pending ^ ^ 

audit o f books n f c a p ita l and 

&ank o f Yorktown, N. Y ., acceptances up t o . l / 9 

surplua, application approved 



' ^ M ^ r T r -is t C°-. trustee o f B akers 

md.Medhess^f B -J - o f a p p lica b ility o f 

S ec 2 2 ( c ) of 1-RAct, Board o ffe rs no objection 

Violation of Sec. 22(a) o f FRAct with D. W. Petes, Super- 

Vio mtendent o f Banks o f Iowa, not necessary to 

r e p o r t to U. S. Attorney 

Rnnkers Trust Company of New York, N. Y.: 

êrôo, Guy, request for penaission to fum ish data on 

earnings furnished to ABA to A ssociation o f 

Reserve City Bankers, approved 

Bay City Bank and Trust Co., Bay City, Texas: 

Condition report, republication waived 

Kaabership application, telegram to FRBank o f Dallas approving, 

advising that bank w ill be required 

to obtain Board's pennission to exercise certain 

powers and requesting organization documents 

Beaver County Trust Company, New Brighton, P a., assets o f The 

Old National Bank o f New Brighton acquired and 

lia b ilitie s assumed 

Belt Talley Bank, Beit, Mont., application for membership approved 

Berrien Springs State Bank, Berrien Springs, M ich., application 

for membership in iHSystera approved subject 

to certain conditions 

Birmingham Trust end Savings Co., Birmingham, A la ., determination 

o f fa ir value o f assets, le tte r to P resident 

'iewton o f FRBank o f Atlanta, d irectin g 

that new detennlnetion be made upon each examination 

by FRBank 

Blackshear Bang, Blackshear, Ga.: 

^ filia tio n with A. P. Brantley Co. appears lik e ly in view 

o f rilin g o f Board o f Tax Appeals that certain 

record transfers o f stock were not g ift s 

i. 1 ration o f back condition reports o f a ffilia t e s not required 

Bourbon-Agricultural Bank and Trust Co., Paris, K y., condition 

o f membership requiring annual charge o ffs on 

anking house, waiver o f compliance with such 

portion only 

Branches, seasonal agencies, Manila, Arkansas does not come 

cla ssifica tion , application o f ia m ers 

ano Trust Company to establish branch 

there deni ed 

Brighton State Bank Brighton, Colorado, application fo r .sn ber- 



c ^ T " ° n tic l3 e d Practices to be 

Certification o f membership to FDIC 

7/16 §9i 

1 / 5 i o 

6/ H 920 

7/30 1076 

1/11 67 

12/28 1744 

3 / 5 370 

10/21 1410 

6 / 3 773 

3/29 473 

8/ 4 1100 

7 / 1 915 

10/22 1422

Pages 

pember banks: (Continued) 

"*Bro*srd Ban* and T n ist C o., Fort Lauderdale, ^ m em bership 

a p p lic a tio n approved and le tte r to FRBank of 

A tlanta re omission o f condition requiring 

elim in a tion o f estimated losses 

C ^ i f o m i a Bank. Los A ngeles, C a l i f . , e x a m in a tio n t o b e made 

as usual 

Callaway Bank, F u lton , M issou ri: ^ ^ 670 

C o n d it io n r e p o r ts o f a f f i l i a t e s , waiver not allowed 

Membership a p p lic a tio n approved and le t t e r to FRBank o f 

S t. Louia re excess loans, writing up o f 

bonds, stock secu rity loan to A. G. Edwards 

l i /H 

and Sons which may be v iola tion o f law 

Camden S afe D eposit and Trust C o., Camden, N. J ., FDIC granted 

p en n isaion to p a rticip a te in next examination, 

3/27 

i s not to be precedent 

Canaseraga S ta te Bank, Canaseraga, N. Y ., membership applicatio 

n approved and le t t e r to FRBank o f New York 

re approval o f State au th orities o f retirement 

3 /1 0 377 

o f debentures 

Capac S ta te Savings Bank, Capac, M ich., membership application 

approved and l e t t e r to FRBank o f Chicago re 

bonds to be w ritten down to c a ll p rices, no 

copy o f reorgan ization agreement included in 

1/2S 149 

papers 

Carbon Bnery Bank, P r ic e , Utah, fid u cia ry a c tiv it ie s in administr 

a t io n o f one guardianship and death compensatio 

n funds deposited by Industrial Commission, 

no o b je c tio n but i f a c t iv it ie s are expended, 

4/21 590 

perm ission should be obtained 

C arroll County T rust Company o f C arrollton , Mo.: 

A bsorp tion o f C a rro ll Exchange Bank, loa n o f FDIC to la tte r, 

- 

Board advised o f proposal by Mr. Wood, no object 

io n 

Membership a p p lic a tio n approved and le tte r to T^cank o: 

L ou is re bringing operations o f trust aepertment 

in to confonnity with recognized princip 

C arroll County Trust C o., Conway, N. E ., fiduciary p o^ r e.p 1- 

5/26 

c a tio n , action deferred pending next ' l o 

t io n , no o b je ctio n to administering tru ste e .,!? ^ ^ 

A ction d efe rred pending elim in ation 

e la tio n , no ob jection to administering one ^ ^ ^ 

tru st now h eld standard con- 

A p p lica tio n approved su b ject to ^ banks having 

d it io n s o f manbership prescribed 101 ^ ^ 



t r u s t powers ^.aler to purchase 

s u b je c t t o R e g u la tio n L?

w a iv e r o f notice and pennission granted fo r 

inznedlat e 

Central Hanover Ban* and Trust Company, New York, N. Y. , bre 

in London, England, pennission to e s ta b lis h , 

granted 1 1 / 2 

Central State Bank, Muscatine, Iona, earnings pledged to waiving 

depositors cannot be included in capital 

accounts as shown in condition reports 10/26 

Central Trust Co., Cincinnati, Ohio: 

Streicher, R. W-, Assistant Cashier, Race Street branch, 

duties are c le r ic a l, ruled not to be executive 

o ffic e r , without m lin g on o ffic e gen erally 2/ I 7 

Charters, copies o f amendments submitted to Board should be accurate 

but certifie d copies not necessary 9 / 8 

Chemical Bank ana Trust Co., New York, N. Y ., a p p lic a b ility o f 

Regulation U to three types o f loans to member 

finns 5 / 7 

Chester-Schroon-Eoricon Bank, Chestertown, N. Y ., manbarship 

application approved, le t t e r to FRBank re 

reasons for not prescribing special con dition s, 

necessity for competent investment counsel 5 / 4 

Extension of time for accomplishment o f membership 5 /2 1 

Citizens Bank o f Georgians, Ala., withdrawal from FRSystsn, 

waiver of notice, to be deferred u n til acceptance 

as nonmember insured bank, permission 

to FDIC to examine 2/17 

i^zens Bank, Hartford, Kentucky, expenditure fo r purchase o f 

building approved g/3 1 

Citizens Bank, Hebron, Ind., membership application approved 

anc le tte r to FRBank o f Chicago re basis fo r 

issuance o f FRBank stock and requirements o f 

condition reports 8 /1 2 

Citizens Mutual Trust Co., Wheeling, W. ? a ., insurance depart- 

ment, membership condition prohibiting operation 

. canceled as part o f general p olicy l / 6 

— i.ens btate Bank o f Choteau, Montana, application fo r membership 

m FRSystem approved subject to certain 

conditions 1 1 /1 7 

Citizens State Bank, Columbia City, In d ., membership application 

approved and le tte r to FRBank o f Chicago re im- 

proper cla ssifica tion o f savings accounts, excess 

loans and prescription o f condition requir- 

Citizens Pledge trust funds and waiver o f same &/ 5 

Citizens State Bank Houston. Texas, application for msnbership 

n + < ^ ^ BRSystem approved 12/27 

-n s .tate Rank Jamestown, In d., condition reports, reply 

to Mr. Roberts that Board cannot waive, ou tlin - 

ae Steps taken to avoid dual publication and 

toward uniform form 3/23 



1490 

1446 

315 

1240 

668 

639 

733 

313 

1207 

1131 

18 

1542 

1106 

1733

^ C it iz s R S s t a t e Bank^ Pawnee C ity, H ebr., a ffilia t e report of 

Pawnee Creamery and Cheese Factory not 

m itted because bank was not ew er7of 

sh ip , which no longer exists 

to be required ^ ^ s l o n not 

C itizens S ta te Bank, Puyallup, Wash., debentures, retirement ^ ^ 

o f , a tten tion o f ^ n k o f San fr a n c is c c^ le d 

o f fac^ ob jection was offered because 

o f fa c t s involved end without regard to techni- 

ca l le g a l ca p ita l requirement and was not a 

precedent 

No o b je c t io n to proposed retirement 

C itizens S ta te Bank o f Sheboygan, W is., viola tion s o f Sec. 5136, 

R. S ., and c r it ic iz e d a c tiv it ie s o f bond departm 

ent, assurances o f correction , securities 

should be w ritten down to c a ll prices 7/ 8 935 

C itizen s S ta te Bank and Trust C o., Goose Creek, Texas., capital 

debentures, application fo r permission to r e t ir e 

p o rtio n o f , approved 2/H 271 

City Bank and Trust Company o f Moberly, Mo., membership applicat 

io n approved 7/ 9 941 

City Bank Farmers Trust C o ., New York, N. Y.: 

A f f i l i a t e r e p o r ts fo r 19 su bsid ia ries submitted, publication 

a l l that i s necessary fo r June 30 c a ll, not to 

be requ ired fo r p rio r c a lls 1 / 6 31 

Granted exten sion o f time fo r f i lin g , as o f Dec. 31, 

1936 1/26 186 

Extension o f tim e fo r f i l i n g 4/22 595 

Trust departm ent, reply to Mr. D illis t in re ccmpliance o f 

certa in featu res o f plan fo r operations o f 

tr u s t conmiittee with Regulation F ^ 1 - ^ ' 

City S ta te Bank and Trust C o., McAllen, Texas: 

A f f i l i a t e s , r e p ly to FRBank o f Dallas that McAllen Securit 

i e s Corp. and M ille r Brothers Nurseries, Inc. 

a re , and certa in other corporations may be 1 / ^ ^ 

Commodity d r a fts , manner o f reporting on condition reports , 

Clarkston S ta te Bank, Clarkston, M ich., application formaii ership 

approved, attention to be called to main- ^ 

tenance o f adequate ca p ita l, etc. 

Cleveland T rust C o., Cleveland, Ohio: is 

Branches, request infon nation ^ C l e v e l a n d and as to 

o u tsid e corporate lim its o- Li P2g 

a l l branches ou tside lim its 72g 

Panna, Ohio, establishm ent o f branch authorized 

Coffman-Dobson Bank and Trust C o., ,^ i e t e s and 

C on solid a tion o f three nonmanber, g capital inestablishm 

ent o f branches proposed, P ^ 3 9 3 

s u f f i c i e n t u n d e r FRAct 12/ 6 1628 

FDIC g i v e n w r i t t e n a p p e a l t o make e x a m in a tion 



"'tete m&nber banks: ( Continued) 

Colonial Trust Company o f Pittsburgh, P a., confidential report 

relating to transactions o f Avery A. Bradford 

furnished to Comptroller o f Currency p/ p 

Columbiana Savings Bank, Columbiana, A la., insurance department, 

membership condition prohibiting operation canceled 

as part o f general p olicy 1 / ^ 

Columbus Trust Co., Newark, N. J . , bank stocks which were purchased 

in 1929 and 1950, no objection to holding 

of, with understanding that they w ill be d isposed 

o f as soon as possible 1 /^ 1 

Commerce Trust Co., Kansas City, Mo.: 

A ffiliate report o f Punche Valley Farms, not submitted because 

not aware o f relationship, submission 

waived for call as o f March 31 6/19 

Assumption of deposit lia b ilit ie s o f East Side Bank o f Commerce, 

no objection 3 /1 0 

Commerce Union Bank, Nashville, Tenn., membership application 

approved and le tte r to FRBank o f Atlanta re improper 

cla ssifica tion o f accounts, loans insufficien 

tly margined, comment re supervision o f 

operating details and accounting system 7/29 

Commercial Bank, Chilton, Wisconsin, application fo r membership 

approved and corrections to be made in certain 

practices p/ 2 

Commercial Bank, Delphos, Ohio, report o f a f filia t e , Tri-County 

Real Estate Co., waiver o f submission o f, as 

loan v.ill be repaid bank March 1 and company 

liquidated 2 /1 9 

Community btate Bank, Grandville, Mich., membership application 

approved effective upon authorization to commence 

business, President Schaller should be 

satisfied capital haa been paid in and as to 

legal aspects involved 3/ 3 

Condition reports: 

Call as of Dec. 31 l / 5 

Call as of March 31 g 

Cell as of June 20 7 / 6 

Instructions for next ca ll, sent to FRBanks 2/23 

tom 105, Changes in, reply to Mr. O'Connor re suggested, 

ana statement re d esirability o f u nifoncity be- 

t*een ^tate manber bank, national bank and insured 

bank forms 4 /1 7 

rorr 1.15- f to be distributed in addition to, by J-RBanks so 

as to get amounts o f agricultural loans and 

farm real estate owned by manber banks in next 

+ i ^ ' letter to FRBanks 1 2 / 2 

conditions of membership, trust funds, pledge o f securities 

with trust department to secure those deposited 

in banking department, applicability to banks 

m Illin o is 9 /9 



1247 

19 

124 

856 

377 

1060 

1224 

327 

363 

8 

517 

922 

332 

572 

1586

^C

State msnber banks: (Continued) j 

Easton-Taylor Trust Co., St. Louis, Mo., fidu ciary power application 

approved 2/ 1 Q 

Eaton Bank, Eaton, Colorado, application approved, with certain 

practices to be corrected 9 / 1 3 

Ecorse Savings Bank, Ecorse, Mich., manbership application approved, 

and le tte r to FRBank o f Chicago re 

reason for not prohibiting increase in investment 

in banking house, and re improperly c la s s ifie d 

savings accounts 7/16 

Bmnet County State Bank, Harbor Springs, M ich., membership application 

approved and le t t e r to FRBank o f 

Chicago that trust business should not be accepted 

unless there i s trust department and 

that exercise o f any additional powers would 

require Board's approval 2/ ^ 

Tanners and Merchants Bank, Provo, Utah, trustee under bond 

issue, acting as, without obtaining pennission 

o f Board 5/ 2? 

Fanners and Merchants State Bank o f Darlington, In d ., building 

and loan association, FRBank authorized in it s 

discretion to grant in d efin ite extension o f time 

for compliance ?nth membership condition requiring 

removal from banking quarters 2 / 6 

Farmers and Merchants State Bank o f Sacred Heart, Minn., withdrawal 

from ERSystsm, waiver o f n otice and permission 

for immediate, permission granted to 

BMC to examine in connection with continuance 

o f deposit insurance 2 / 2 4 

lor extension o f time for withdrawal, not necessary 

at present as time dates from Board's approval, 

not date o f application 5 /2 1 

.amer^ of Pelham, Ga., fiduciary powers, exercise without 

pennission o f Board, no objection to continuation 

o f the one trust 3/10 

Fanners Bank and Trust Company o f B lyth eville, A rk., operation 

o f t e lle r 's window at Manila, Ark., no action 

. ^ pending receipt o f application fo r branch 8/23 

Application to establish branch at Manila, Ark. denied, 

present branch may be operated fo r organization 

proposed new bank 1 0 /2 2 

Tamers State Bank Belvidere, 1 1 1 . , reserve d eficie n cies, 

^vaiver oi penalty for, because o f errors in re- 

Farnm-r

^ ^ d e lity -P h ila d e lp h ia Tiât C o., Philadelphia, Pa + 

A ssista n t Examiner G w ^ 

s . . . M . i . r ^ : r ' " 

Fiduciary b u sin ess, rep ly to ed itor o f Trust Companies on hanks ^ 

tran sa ctin g s o le ly tru st business ir / 

Fifth Avenue Bank o f New York, N. Y .: 12/30 1760 

Loans on stock o r bond c o lla t e r a l, undivided p rofits and 

contin gent reserves may not be included in 

"su rp lu s" in computing 1 0% lim it on i/IP ion 

Osborn, F red erick , S ection 32 applicable to 9/ ^ ^ 

F irst Bank and Trust Company, Perth Amboy, N. J ., application 

f o r membership in FRSystem and power to exerc 

is e tru st powers approved subject to the fu lfillm 

e n t o f certain acts 1 0 / i 1355 

C e r t ific a t io n to fDIC o f membership in FRSystem by Board 10/ 6 1369 

F irst-C en tra l T ru s t C o., Akron, Ohio: 

Real e s ta te lo a n , rep ly to FRBank o f Cleveland that proposed 

s a le , to C ollege o f Wooster would not fa ll 

w ithin p ro h ib itio n o f msnbership condition on 

engaging in such business 1/29 201 

Snail loan department, perm ission granted to establish 2/ 6 242 

First-Owensboro Bank and Trust C o., Owensboro, K y., membership 

a p p lica tio n approved and le t t e r to FRBank o f St. 

L ou is, elim ination o f unacceptable assets and 

proper c la s s ific a t io n o f certain accounts 7/21 1013 

Extension o f time fo r accomplishment o f membership 

F irst S e c u r ity Bank, Beaverton, O re., capital debentures, retirem 

ent o f , no objection - ^ 

F irst S e cu rity Bank o f Idaho, B oise, Idaho, acquisition o f business 

o f Enmett branch o f Idaho First National 

Bank o f B oise, Board's approval not required 6/^1 

F irst S tate Bank, Huntington, Indiana: 

F id u cia ry power a p p lica tion approved 1 0 /2 1 1412 

F ir s t National Bank in Huntington, Indiana 

Membership a p p lica tio n approved, condition ^ ^ 

pledge o f c o lla te r a l fo r trust funds Prescribed 

but compliance waived, c r itic is e s o ^ 

F irst S tate Bankf Libby.Montana, discussions ^ 9 / 7 1238 

serve requirements, ^ J ^ t i o n 

F irst S tate Bank o f Loraine, Texas,

State Htsnber b*"*s' i^ T lio a r a ls o , I n d ., insurance departm ent, 

fir s t state ^ ^ J ^ ^ d i t i o a p ^ h i b i t l a g o p e r a t i c . 

eacceled es part o f general p o l i c y 1 / 6 

^ 

Ftret state ^ 

nf !hôff. Minn., withdrawal from manbership, 

M e d i a t e a^d l e t t e r t o BTKC 

.-ranting pennission to cake examination in connection 

with desire to continue insured statue 

uninterruptedly 

First Trust and Deposit Co., Syracuse, N. Y ., absorption o f 

Fayetteville Commercial Bank, F a yetteville, N .Y ., 

no objection, certain securities acquired to be 

7 / 6 9g^ 

disposed of 

First Trust and Savings Bank o f Riverdale, 111., membership application 

approved, le tte r to FRBank o f Chicago 

re carrying securities in excess o f c a ll p rice 

3/18 432 

and sale o f real estate mortgages 

FLetcher Trust Company, Indianapolis, Indiana: 

Morris, Donald S., may be furnished with copy o f tentative 

3/12 391 

draft o f possible amendment to Regulation F 

Forney State Bank of Forney, Texas, forfeitu re o f membership, 

not to be required and order d irectin g, re 

10/14 1394 

scinded 

Fulton State Bank, Fulton, S. Dak., membership application ap 

2/11 271 

proved 

G. W. Jones Exchange Bank, Marcellus, M ich., examination reveals 

administration o f trust account without fidu ciary 

powers, no objection to retaining the one ac 

1/28 183 

count, violations o f Sec* 5136 and Regulation Q 

Gary-Wheaton Bank, Wheaton, I llin o is , non compliance with conditions 

o f membership relating to banking quarters 

and indorsement o f stock c e r tific a te s revealed 

7/28 1047 

in examination report 

ônâies State Bank, Gonzales, Texas, capital debentures, per 

8/25 1190 

mission granted to retire portion o f 

Green Island Bank, Green Island, N. Y ., merger by State Bank o f 

3/26 458 

Albany, N. Y ., no objection 

^.ate Bank, Green Lake, W is., membership application 

5/27 757 

approved and le tte r to FRBank o f Chicago re 

.reene County Bank, Greeneville, Tenn., fidu ciary powers, exercise 

without securing pennission o f Board, no 

objection w ill be made to administering two 

4/15 553 

_ guardianship accounts now held 4 /1 2 5^ 

^Dinte Bank, Grosse Pointe, Mich., membership application 

approved and le tte r to FRBank o f Chicago that ^ 

capital readjustments be made before admission 

+ accepting conditions sa tisfa ctory 

ârant/ Bond State Bank, Toaball, Texas, capital debentures, no 

objection to retirement o f part o f, although w ill 

bring capital below requirement for organization 

2/ 

2/17 

313 

of national bank and le tte r to RFC 2/13 



^ G u a r a n ty Trust Company, New York: 

Loan to Yokohama Specie Bank 

ênta L d ^ Govern- 

P rotection o f banks, actions deemed necessai^ . . ^ ^ 

tion U, restricted t r ^ L f ^ r 

from brokerage o ffic e to h*ntr nsferred 

Hagerstown Trust C o., Hagerstown, Md banking inquiry lo/2o 1407 

^ . . . = : E ^ = * - - 

r s s j " " " " " 

H olstein State Bank, H olstein, Iowa: " ^ 

Fiduciary powers, reply to FRBank o f Chicago that as it i" 

not clea r what powers bank desires and neces-^ 

sary infonnation is not available, action w ill 

be held in abeyance 2/ 9 261 

Trusteeship accepted in b e lie f that bank was qualified, 

c r it ic is a o f handling o f account, no objection 

to continuance 6/ig 840 

Home State Bank o f Lawrence, M ich., earnings pledged to waiving 

depositors cannot be included in capital accounts 

as shown in condition reports 10/26 1448 

Home State Bank o f South Milwaukee, M s ., insurance department, 

membership condition prohibiting operation, 

canceled as part o f general policy 1/ 6 20 

In d u stria l Trust C o., Wilmington, Del*, membership condition 

r e s tr ic tin g ratio o f industrial and snail loans 

canceled because banks engaging in this ciaas 

o f business are now e lig ib le for membership 5/18 724 

Insurance departments, recoMnendation o f Division o f Examination 

s that Board no longer prohibit, opposing 

recommendation o f Counsel, fom er approved l / 6 15 

L e tte r o f advice to FRBanks, cancelation o f condition where 

applicable, bank which withdrew on account of 

condition to be advised o f action ly ^ 

Interboro Bank and Trust Co., Prospect Park, Pa., consolidation 

o f Prospect Park State Bank, no objection i / e 

Irvin g Trust Co., New York, N.Y., inquiry on amount o f collater ^ ^ 

r e q u ir e d fo r certain loans 

Jefferson-G ravois Bank o f St. Louis, Mo., fiduciary powers exe 

r d s e without obtaining permission, action defarred 

on application because o f capital impaiimant 

but no objection to administration o f ^ ^ 

four accounts now held + +,- -nubia to 

Reduction in capital to eliminate impairment 9/16 1286 

exercise f i * " i a r y ^ " c o m p t r o l l e r 's m iss 

Kanawha V alley Bank, Charleston, . ' --âse o f inveat- 



Rulings" apply only to nations

S t a t e ngnber banks. ^ ^ i^ ^ c g M a n y * Lake Charles, La.: 

w f"h m ^ ersM p granted covering 

Conation collateral to secure trust funds, must 

be complied with 9/17 

Membership application approved ^ ^ -r 5 / 5 

M lica tton of report of M iller Bros. Pealty Co., I n c .. 

a ffilia te , waived 8 / 1 $ 

Trust funds, do not have to carry in other banks to comply 

nitt conditions o f membership, pending passage 

of legislation authorizing Louisiana banks to 

pledge securities to carry 10/23 

Lake Shore Trust and Savings Bank, Chicago, 111*, trust funds 

deposited in commercial department and c o llateral 

pledged for, banks in I llin o i s cannot 

make valid pledge and such deposits should not 

be made 4/ g 

Largilliere Company, Bankers, Soda Springs, Idaho, deposits in 

savings account with national bank in v iola tion 

of regulations 8 /2 3 

Lawyers Trust Co., New York, N. Y., extension o f time fo r compliance 

with manbership condition requiring disposal 

o f loans secured by own stock, additional 

approved 3/ 4 

Liberty Bank of Buffalo, Buffalo, Mew York, a b ility o f Thomas R. 

Dwyer to serve in executive capacity 9/13 

Lincoln Alliance Bank and Trust Co., Rochester, N .Y,, consolidation 

o f Brockport National Bank and operation as 

branch approved g/gg 

Trust Co., St. Louis, Mo., fiduciary power application 

approved l / $ 

Linden Trust Co., Linden, N. J ., examination report, investments 

in fixed assets exceed net sound ca p ita l, review 

of situation whereby increase in capital has been 

deferred for over two years, action should be 

taken by bank 7 / 8 

Lorain Street Bank, Cleveland, Ohio: 

Banking quarters, peimissloD was not secured from Board for 

purchase of property occupied by branch, no 

ocjectlon as there was no intent to viola te 

membership condition 3 /1 0 

Capital debentures, no objection to proposed retirement by 

setting aside an amount equal for stock dividend, 

ou ing on question re requirement of 

maintenance o f minimum capital for operation of 

, out-of-town branch 4 / 7 

Louisville Trust Co., Louisville, Ky.: 



Problem, examination report made 

cue^t? ' f° ^ other steps taken, 

violations of law in condition re 

1300 

644 

1150 

1433 

518 

1179 

367 

1257 

331 

9 

934 

379 

512

temanber banks: (Continued) Pages 

' L o u isv ille Trust C o., L o u is v ille , Ky,, ^ 

Refunding n otes, sale o f, objected tn h ^ \ 

stances, Board cannot ^ in clrcump 

l i c a b i i i ^ o ' ^ t° ^P- 

Macomb County Sayings Back, m ^ o n d , Mich 6 /^ 860 

membership approved 

be corrected * practices to 

. . . . . . ' r S r ^ : ; s s y n ; - . 

d esires to exercise lim ited powers, no o p t i o n 

to reten tion o f insurance agency, application 

to be considered 

Capital adjustment made without fennel approval o f RFC *" ^ 

action deferred on application for lim ited' 

fid u cia ry powers u n til examination has been 

made 

A p p lica tion deferred because o f capital impainaent 

Manufacturers Trust C o., New York, N. Y ., absorption of Equitable 

Trust C o., not within scope o f membership cond 

itio n and Board's approval cot required 

Merchandise Bank and Trust Co., Chicago, 111., loan to customer 

on stock or bond colla tera l equal to 10% 

o f ca p ital and surplus and loan to another party 

on secu rity o f customer, question o f application 

3/18 433 

8/16 1145 

6/11 824 

o f 10*% lim itation 2/18 221 

Merchants Bank o f Kansas City, Mo., mortgage loans insured 

under T itle II o f National Housing Act, reply to 

FRBank o f Kansas City that sale o f, to it s e lf 

must be judged on same basis as that o f aDy 

other security, unless trust instrument auth 

orizes " 'i " ^ 

Merchants Trust and Savings Company, o f Muncie, Ind., insurance 

department, membership condition prohibiting 

operation canceled on recommendation of FRBank 

o f Chicago 

General le t t e r re, advising o f general policy ^ op ^ 

M etropolitan Trust Company, Chicago, I llin o is , application f 

membership in FRSystan approved 

C e r tific a tio n to FEtC o f membership in ^ 

Reply to e d ito r o f Trust Companies on maabership o f 

doing sole ly fiduciary busine-s 

Mlnden Bank and Trust C o., Mindeo, ^ a-' ^ house 

ob jection to proposed . f time 

Monongahela Trust Company, H o m e s te a d , Pa., 

fo r accomplishment o f 

Extension o f time fo r accomplishment o 



1/ 6 20 

1 / 6 20 

11/23 1556 

12/ 6 1627 

12/30 1760 

4/23 598 

1/28 

4/19 

183 

575

" ^ M ^ s h t p E d itio n requiring disposal o f stock o f Mays 

National Bank o f Hays, unwilling to accept, 

mano of Mr. McKee recommending m odification to 

permit five years for disposal and extension 

of time for accomplishment o f manbership, approved 

6/23 

Montana Bank and Trust Co., Great Falls, Mont.: 

Condition report published on fonn furnished by State backing 

department by inadvertence, republication 

not required ^ /^ 

Consolidation of Sun River Valley State Bank, Simms, no ^ 

objection ^ 

Morris Plan Bank of Toledo, Ohio, application fom anbership in ^ 

FRSystan approved subject to certain conditions 10/ R ]- 

Certification to FDIC o f membership in FRSystem 10/fr 7 ^ 

Mount Clanens Savings Bank, Mount Clanens, M ich., earnings 

pledged to waiving depositors cannot be included 

in capital accounts as shown in condition reports 

i 

National Savings and Trust Co., Washington, D. C., membership ^ 

application approved and le tte r to FRBank o f 

Richmond re retirement o f debentures, which 

Comptroller is not disposed to approve 1 /n 

New England Tntst Company o f Boston, Mass., a ffilia t e report o f 

53 Hanover Street Trust, waived, as bank received 

Board's ruling re status too la te to te r - 

f. . relationship and has since done so 1/29 202 

^ r f.lk County Tmst Co., Brookline, Mass.: ' 

rsnklM, Mass. Board's approval o f absorption o f Franklin 

Rational bank not required, establishment o f 

branch approved e/iA 

horthem Trust Co., Chicago i n ^ ^ ^ 

rtocM inquiry on reinvestment o f 

cashiers checks as collateral to loan under 

M . RegMlation U o / ^ l ppa 

ôrvjood-Ryde Park Bank and Trust Cn M ^ 

Fiduciary power * Noiôod, Ohio: 

conditltt ? ^Proved, compliance vlth 

E P^dge o f security for 

Maabership application ^ ""'"e r c ia l department waived 3 / 2 ^ 

authorized t o ^ t ^ n ' l T ^ 

Hyda retain and operate branch in 

Oakland County state Bank, Milford Michi ^ 

mambership in FRSv&twn 



lag t r a n s f e r r e d ^ 

ducing balance w ith^^L T ^ 

f m i t y ^ t h S e c t i o n ^ r u I s . R ^ 12/16 H73

' * " * " * " - 

CleTBlana re loan tt, 

and requesting documents nf „ r, ? H ^ t s 

Ohio Savings and Trust C o., New Philadelphia 

v e stig a tio n report, u n l a t l t f L ^ ' ^ 

harmony within bank, question ^ 

1 / 8 50 

partment records 

Oklahoma S tate B ^k Ada, O kla.. ^ b a r s h ip application approved ^ 

and le t t e r to FRBank o f Kansas City re 6 /2 1 gsg 

P ennsylvania Company fo r Insurances on Lives and Granting 

A nnuities, Philadelphia, P a., extension o f time 

fo r f i l i n g reports o f a ffilia t e s and publishing 

same, Board cannot extend time fo r bank's own 

r e p o r t 8/10 

p eop les Bank, P ra tt, Kansas, banking quarters, expenditure, 

which was not ca p ita lized , revealed by examinat 

io n , no o b je ctio n , without ruling as to questio 

n o f "investment" 2/25 546 

Peoples Bank and Trust C o., S eattle, Wash.: 

C on solidation with Bank o f Hoquiam, no objection and operatio 

n o f branch at Hoquiam approved subject to 

in crease in capital and surplus 4/22 594 

F idu ciary power application approved upon conversion of bank 

in to Peoples National Bank o f Washington in 

S e a ttle , Wash. 10/26 1445 

Purchase o f F irst National Bank o f Kent, no objection and 

establishment o f branch approved, le tte r to Mr. 

Clerk re branch banking program o f bank and 

n ecessity fo r increase in capital 

P eoples-P ittsburgh Trust C o., Pittsburgh, Pa stock o f Dormont 

Savings and Trust Co., proposal to take

s t a t e montser banks: County. Hackensack. N .J., prop^pie, 

T^st C 3 ^ y J Trust Co., 

^ Of a s ^ r f f Sestwod Trust Company, Westwood. N. 

purcba-e . ^ establishment o f branch there, corporate 

sMck oêd by a ffilia te s to be disposed o f 

Examiners of Board to assist FDIC in lam ination o f 

p eop les T m s t C o .. M ai-tin sburg. '*. V a .: 

lamination report, question of cancelation o f membership 

condition No. 7, criticism s o f "Stockholders 

Recovery Account" and question o f le g a lity , 

valuation reserve cot in condition report, proposed 

capital reduction 

Manberabip condition requiring maintenance o f reserve for 

unearned interest canceled 

Personal loan departments, reply to Russell Sage Foundation re 

Perth 4mboy Trust Co*, Perth /niboy, N.J.: 

Examination, joint, by FRBank and State authorities, advice 

to FDIC and peimisslon to participate 

Unsafe and unsound practices, etatanent o f FDIC certify in g 

and looking toward termination o f insured 

status, direction for discontinuance o f practices 

and matters needing correction, 120 day 

limit fixed 

Letter to FRBank o f New York re, and containing instructions 

for service 

Letter to FDIC re lim it fixed by Board fo r correction 

o f practices 

Permission to examiners o f FDIC to examine a ffa ir s o f 

Pleesents County Bank. St. Mary's, Vi. Va., manbership condition 

4 amended to eliminate requirement fo r establishment 

o f reserve for unearned discount 

Policy followed in admitting trust companies to membership which 

a _ ^ substantially no commercial banking business 

- e.eired stock, reductions, authorization given FRBanks to approve 

extended, review o f considerations and 

general policy involved, reductions bringing 

Protection nf ^ ^ P osits ra tifie d 

anks, actions deaned necessary under Regulation 

0, restricted accounts may be transferred from 

bank, reply to Guaranty 

^ . Company, New York, N. Y. 

B°"* " d T ^ st Co.. Cincinnati, checks, reply 

to suggestion of Hr. Cuni re printing by par 

3". Showing HHUnk or 

Provident Trust Company o f ' p S l ^ h i a ' t 1 

nn " elphia, Pa., banking quarters, 

no objection to provide for future expansion 



9/16 lag? 

9/16 laog 

4/14 555 

S / 1 634 

6 /1 5 8 % 

2 /1 7 315 

5/ 5 646 

5/ 5 652 

5/ 5 654 

8/27 1201 

5/ 1 634 

11/23 1557 

4/33 622 

10/20 140?

" Pullman S tate Bank, Pullman, Wash., securities h .i, 

o f m arketability under Conm tt^ ? ' 

i s fo r FRBank's d atei^ n E tin ^ ^ regiUetio., 

Rapidas Ban«L and Ttust Company, Alexandria La ^ 

under which manbersblr, ^ ' '* ^ " ^ t io n s 

Pledge o f ' o l ^ t l ' T T ' 

must be complied with 

T n ist funds, do not have to carry t . other ^ ^ ^ 13)0 

to comply with conditions , f m^nbership, ^ d - 

f I ^ ^ ^ i o , authorizing Louisians 

p a r i t y Trust C o ' ^ ^ h t o y ? H T " " 14=3 

Examination, jo in t , by FRBank and State authorities, advice 

to FDIC and pennission to participate 2/i? 315 

Unsafe and unsouno p ra ctices, statsaent o f FDIC certifying 

and looking toward termination o f insured 

status, d irection fo r discontinuance of pract 

ic e s and matters needing correction, 120 day 

lim it fix ed 5/ 3 

L etter to FRBank o f New York re, and containing instruction 

s fo r service 5/ 5 552 

L e tte r to FDIC re lim it fixed by Board for correction 

o f p ra ctices 5/ 5 654 

Permission to examiners o f FDIC to examine affa irs o f 8/27 1201 

Rio Grande County Bank, Del Norte, Colorado, application approved 

subject to certain conditions, excess 

loan to be reduced 10/28 1460 

Routt County State Bank, Steamboat Springs, Colorado, application 

approved subject to certain conditions and 

special condition 9/24 1329 

R ushville State Bank, Rushville, 111., membership application 

approved and le tte r to FRBank o f Chicago re 

reduction o f excess balance with nonmember 

bank 7/ 7 928 

St. Joseph V alley Bank, Elkhart, In d., membership application, 

condition six prescribed but compliance naived, 

loan secured by own stock, showing figures for 

insurance department in condition reporta, 

lega l question re corporate existence, ap- ^ ^ 

St. 



proved 

Louis County Bank, Clayton, Mo.: 

Divorce from General Realty Company, pianapp^vedby 

Board, le tte r to Mr. Wood, mBsa* o f St. Loui* 

Membership application approved and le tte r to FRBank o 

11/ 4 1504 

St. Louis re applicability o f to 

D irector Wetzel, acquisition 01 cer 

and form o f capital note 

^ 

Manbership condition prohibiting sale oi re 

tion s, a p p lica b ility to General Realty 

^ 5/ 7 665

State m e mber banks: Savannah, Ga.: 

Savannah Bank and Tiust . , ^ submitted because o f 

r ^ t i o ^ i p , farther i n f l a t i o n 

requested to determine extent o f , and i f te r 

minated 5/14 749 

Relationship has cow been tenninated, submission waived 5/25 713 

^vlnê Investment and Trust Co., East Orange, N .J., reh a b ilita 

tion plan completed, fin a l approval given to 

consolidation o f East Orange Trust C o., which 

was tentatively approved Sept. 30, 1935, and 

operation o f branch at former o f f ic e o f Trust 

Company of Orange fin a lly approved 7/20 1012 

Seattle Trust and Savings Bank, Seattle, Hash.: 

Consolidation of Tower Savings Bank, Seattle, large amount 

o f other real estate can be disposed o f, secu ritie 

s not investment grade should be disposed o f 4/14 554 

Insurance department, msnbership condition prohibiting 

operation canceled as part o f general p o lic y 1/ 6 21 

Security State Bank and Trust Co., Beaumont, Texas, absorption 

of out-of-pocket expenses, reply to FRBank o f 

Dallas expressing appreciation o f manner in 

which inquiry re le g a lity o f, as p ossible payment 

of interest, was handled 4 / 8 518 

Security Trust Co., Lexington, Ky., underwriting o f water revenue 

bonds o f city , no opinion can be expressed to 

Allen, Rincan and Duncan re v a lid ity o f proposed 

contract, but securities are not within exemption 

o f Sec. 5136, R .S ., and particip ation unlawful 6/10 811 

Sedan State Bank, Sedan, Kansas, preferred stock, no ob jection 

to retirement, action not conditioned upon future 

defennent o f dividends, other real estate should 

be disposed o f 4 / 2 496 

Southern Arizona Bank and Trust Co., Tucson, A riz.: 

Banking quarters, expenditure for alterations and repairs 

approved 4/15 560 

Insurance department, membership condition prohibiting 

operation canceled as part o f general p o licy l / 6 ^ 

Trust fundB, must be handled in compliance with requirements 

of the applicable condition o f membership, ^ 

Board cannot defer longer 9/2? 13^ 

Soutnington Bank and Trust Co., Southington, Conn., withdrawal 

from FRSysten, permission fo r immediate and permission 

to FDIC to examine in connection with 

continuance o f deposit insurance 3/1^* 

Southwest Bank of St. Louis, Mo.: 

Fiduciary power application, no action as Board understands 

authority is desired for sole purpose o f retention 

of earnings of insurance department to which ^7 

Board offers no objection ^ 



Southwest Bank o f S t. L ouis, Mo.: (r-nn+i 

Southwest R ealty C o., Beard o f o p I n ^ n l h L 

i s not a f f i l i a t e * company s t ill 

Stete and Trust bank, Highland m . i / n 

proved and l e t ^ r t o ^ R ^ ^ ' ^ ^ e t l o n ap- ^ ^ 

v d ll not be permitted^ ^ department 

P lica tio n to o ^ ' ^ ^ copy of ap- 

State Bank o f Albany, N .Y.: 3/16 414 

Membership a p p lica tion made by New York St*t* w ^ 

o f Albany on behalf ^ National 3snk 

- t r a n ^ U o n l r a n S ^ t 

M echanicville approved 

^ t . manbership ^ ^ 

Merger o f Green Island Bajik, Green Island, N.Y., no objec- 

tio n ^ 

State Bank o f DeKalb, Texas, manbership application appix)ved 

and le t t e r to FRBank o f Dallas re reducing 

balance vdth nonmanber bank, no copy o f consolid 

a tion agreement 4 /2 1 591 

btate Bank o f London M ills , 111., withdrawal from membership, 

waiver o f n otice and permission for immediate 6/ 2 769 

State Bank o f Vassar, M ich., membership application approved 7 /2 1 1018 

State Bank o f TMilbur, Wash., investment in City o f Tacoma 

Water Revenue Bonds c la s s ifie d by State examin 

er as excess loan, may continue to be held 

without contravention o f law 5/13 705 

State Savings Bank, Low ell, M ich., examination report reveals 

domination by Mr. Runciman and his unwarranted 

use o f funds and violations o f Sec. 22(g), 

accounts held apparently as trustee with no 

authority to exercise such power 6/10 809 

Stockmens Bank, Cascade, Montana, application for manbership in 

FRSystem approved subject to having charged o ff 

net depreciation in securities and other cond 

ition s ^ ^ ^ 

Summit Trust C o., Summit, N .J., extension o f time for disposal 

o f stock o f Summit T itle and Mortgage Guaranty 

Co. and to act as trustee o f mortgage partici- 



Stste member banks; j . , membership application ap- 

Tenafiy Trust Co-. , ^ '^ ^ t e r to FBBank o f New York re 

necessity for bask to secure Board's penmieslon 

to exercise unusual powers 1/2Q 

^ ,t.cH of Federal Savings and Loan Associations may not 

Teias, sto ^ purchased for own account by, reply to Mr. 

Evans, FRBank o f Dallas 10/29 147^ 

^rade Bank of Kew York, N.Y., acceptances up to 100% o f capital 

and surplus, application approved 5/26 753 

Trenton State Bank, Trenton, Mich., membership application approved 

and le tte r to FRBank o f Chicago re lim itations 

on balances carried with nonmember banks l / l l gg 

Trust Company of Georgia, Atlanta, Ga., trust account contains 

corporate stock liste d as assets o f bank, must 

be corrected, letter to Mr. Clark, FRBank o f 

Atlanta 10/25 I 441 

Board will interpose no objection to manner in which bank 

proposed to dispose o f 11/24 1566 

Union Banx and Trust Co., Cedar Falls, Iowa, membership application 

approved, le tte r to FRBank o f Chicago re 

deposits improperly cla ssified as savings accounts 

3 /1 2 393 

Union Bank and Trust Company, Kokomo, Indiana, application for 

manbership approved subject to certain conditions 

9/16 i ?34 

Jin on Bank of Commerce Company, Cleveland, Ohio, application 

for membership, certain statsnents and opinions 

as to lega lity must be obtained before 

approval o f 1 0 / 5 1361 

Additional information to be secured from State Superintendent 

of Banks for Ohio 1 0 /7 1373 

Application for membership in FRSystem and to exercise 

trust powers approved subject to authorization 

by Ohio State Banking Department to commence 

business and to certain conditions o f Board 

of Governors H / 4 1496 

Plan for reorganization, conditions o f membership, le tte r 

iron Hr. Flsning stating why i t is not necessary 

to amend to peimit minority representa- 

ion on board o f directors o f Union Properties, 

in c., reply to be sent advising o f Board's 

concurrence 1P/P1 170! 

Union Trust Company, d e v a lu e nM ' 

reorganization o f, under 

Ohio C°"""T°6 Company, Cleveland, 



Baltimore, Md.= ' 

t i f l c M ^ ^ f ^ accepting from debtors certifica 

tes of City Certificates Corporation „ 

violate manbership condition 3 /2 3 ^

te manber banka: (Continued) 

Union Trust Company o f Maryland, Baltimore- 

Pages 

ty C e rtifica te s Corporation on any but pro 

rata basis is v iola tion o f ^ b e r s h lp c o .^ ! 

tion 

L iqu id a tion o f City C e rtifica te s Corporation pmposed and 

plan fo r tran sfer o f bank's stock to holders of 

c e r t ific a t e s o f b en eficia l interest, disapproved 

5/14 712 

because o f in eq u ities o f plan 

Report o f Chairman re conversation -with Senator Radcllffe 

re plan fo r liq u id a tion , Mr. Brewster desirous 

o f meeting with Board, should meet with Mr. 

6/30 904 

McKee, p osition o f Senator R&dcliffe 

L e tte r from Mr. Leach re revised plan for liquidation of, 

and retirement o f c e rtifica te s o f ben eficial' 

in te re s t, with h is comments and recommendation 

7/13 955 

o f approval 

Memo o f D ivision o f Examinations, recommending that i f plan 

receives approval o f stockholders, Board not 

withhold i t s assent and suggesting organization 

7/27 1036 

o f new bank as alternative 

Memo o f Mr. W ingfield that in any controversy re right of 

d irectors to d istribu te assets Board base any 

7/27 1039 

action on opinion o f attorneys for company 7/27 1040 

L e tte r advising o f action 

Revised plan d iffe r s only in provision for approval by 

stockholders, question re purpose o f condition 

o f membership providing for retention by cor 

7/30 1073 

poration o f stock o f company until payment of 

c e r t ific a t e s 

A ction deferred fo r further study, placed on docket for 

July 29 and Mr. Paulger to be prepared to dis 

7/27 1041 

cuss recommendation o f FRBank and present any 

recommendation o f his own 

Memo o f D ivision o f Examinations dated July 29, consideration 

in executive session, resolution proposed 

by Chairman Eccles stating under what condi 

7/27 1042 

tion s Board w ill consider request for waiver 

o f membership condition 27 

7/29 1050 

Resumption 

o f consideration in executive sessionând resolu 

tion adopted, Mr. McKee voting "no* 

D issolu tion o f City C ertifica tes Corporation, 

'**- conditions 

o f membership waived to allow 

7/29 

11/22 

1059 

1550 

Inquiry o f Mr. Spedden re status o f 

reply to , referrin g him to bank o ffic ia ls 

' 12/30 1758 

Union Trust C o., St. Petersburg, F la ., insurance 

manbership condition prohibiting operation 

c a n c e l e d as part o f general policy 

1 / 6 19 



State M .bef M ich.. loan to W. J. Evans, 

United Savings Ban^.^ ^ ^ ^ e r . F R B ^ o f D allas, not v io la 

tion o f Sec. 33(a) o f FBAct because made b efore 

he became examiner 3/17 43^ 

*.- h Hi* Bain and Tiust Co., Winston-Salem, N. C., condition 

Wachovia ^ ^ objection to internal accounting, 

but actual assets and l ia b i lit i e s should be 

carried in 5/ 7 §67 

Watkins Baling Co., Fstmsdale, A la., withdrawal fr o m ^ y s t e m , 

waiver of notice and permission fo r immediate, 

letter to FDIC authorizing examination 2/19 

Kavne County Savings Bank, Honesdale, Pa.: 

* Waymart* o ffice, maintained in home o f snployee who receives 

deposits, makes change and occasion ally 

cashes checks, reply to FRBank o f Philadelphia 

that it is "branch" under Sec. 5155 R.S. 4 / 7 

Kayne State Bank, Wayne, Michigan, in fraction s o f Section 5136 

U .S.R.S., criticism s o f, called to attention o f 

Oakland County State Bank in connection with 

application fo r manbership in FRSystem 12/18 1675 

7,eak banks, statement o f Mr. McKee before Presidents' Conference 

re action which might be taken in e ffe ctin g corrections 

or consolidations, reference o f Mr. 

Leonard to typical cases, Board to address 

letter to FRBanks requesting survey, and to be 

determined later i f conference o f examination 

heads be held 6/ 8 802 

Letter to FRBanks re 6/23 872 

Hells Fargo Bank and Union Trust Co., San Francisco, C a lif., examination 

may be omitted th is year 5/ 7 670 

West Side Bank, Milwaukee, IMis., banking premises, purchase o f 

building noted from examination report fo r which 

Board's pem ission was not obtained, no ob jection 

5 /2 8 762 

Vwest Side Trust Co., Newark, N. J ., extension o f time fo r further 

period for compliance with manbership condition 

requiring disposal of own stock held l/lS 109 

Westwood Tmst Co., Westwood, N .J., FDIC authorized to p a r tic ipate 

in examination in connection v/ith proposed 

merger with Peoples Trust Company o f Bergen 

County, Hackensack, N.J. 2/15 29b 

Assets purchased by Peoples Tmst Company o f Bergen County, 

Hackensack, N .J., corporate stock to be d isposed 

o f 9/16 12° 

Examiners o f Board to assist FDIC in examination o f 9/i6 

Wheeling Dollar Savings and Trust Co.. Wheeling, W. Va., capital 

stock reduction, retiranent o f own stock acquired 

account of debts previously contracted, p-6 

no objection 2/ 5 ^ 



Wilmington Savings and Trust Co., Wilmington N r 

o r guarantee o f commercial ^ ^°**sement 

s , : - r = - - - - - 

Winters S tate Bank, Winters, Texas, a n p lic a t ^ f 

in m syatan approved f°rm a.bership 

Wood and Biaton Bank. M arshall. M o., fiduciary power applies- ^ 

! i o n ' n ^ " ^ ^ ^ RM-som for reconsideration 

o f p o lic y as bank desires to engage in 

fid u cia ry business only in minor way, policy reaffirm 

ed and application approved i / , 

W orcester County Trust Company, Worcester, Mass., deposits 

savings accounts, Railroad Rnployees National 

Pension A ssociation, may be cla ssified as, le tte 

r to Mr. McRae, FRBank o f Boston re question 11/15 

Yale State Bank, Yale, M ich., manbership application approved 

and le t t e r to FRBank o f Chicago re cla ssifica 

tion o f deposits and weak directorate 1/ 7 

York Trust C o., York, Pa.: 

York-Hoover Body Corporation, waiver o f requirement that 

tru st company publish condition report as aff 

ilia t io n has been tenninated 3 /1 1 

State supervisors o f banking: 

Banking Commissioner o f Kentucky, Mr. Wood to confer with, re 

serious condition o f L ou isville Trust Co., 

L o u is v ille , Ky., and thereafter to make recommendation 

re corrective steps 3/12 

S ta tistics: 

Indiana Bankers A ssociation, reference to action on request o f, 

made in connection with request o f Wisconsin 

State Bankers Association for certain data ^/ 9 

Requests from organizations fo r data relating to manber banks, 

suggestion o f Mr. McKee that such infonnation 

be made available only through State banking ^ 

au th orities 

Wisconsin State Bankers A ssociation, request for earnings end 

expense figures for State member banks, question 

raised by Mr. Ransom because o f action on 

request o f Indiana Bankers Association, reply ^ ^ 



approved 

L etter requestingÎfe^nent o f effective 1/30 

Pages 

990 

1765 

13 

1533 

41 

367 

394 

251 

251 

251 

197 

204-6

Stephenson, J. R-, letter expressing desire to secure refund o f 

portion of interest paid on mortgage loan made 

by First National Bank in St. Louis, request 

for statement o f bank 

Reply that there i6 no regulation or law prohibiting, but that 

matter is without ju risdiction o f Board 

Stock, capital: 

Bank of America National Trust and Savings A ssociation, plan fo r 

distribution of 

Bank of Lansing, Mich., preferred stock retirement brings 

capital below one-tenth o f deposit l i a b i l i t i e s , 

should have been referred to Board, approval o f 

FRBank of action confinned 

Bank of Manhattan Co., New York City, allowed extension o f time 

for disposal o f stock o f County Trust Company, 

White Plains, N.Y. 

Brighton State Bank, Brighton, C olo., minimum required fo r msn- 

bership 

Citizens State Bank, Columbia City, In d ., increase as condition 

o f membership 

Citizens State Bank, Puyallup, Wash., debentures, retirsnent o f, 

attention o f FRBank o f San Francisco called to 

fact that no objection was offered because o f 

facts involved and without regard to technical 

legal capital requirement and was not a precedent 

No objection to retirgnent 

Citizens State Bank and Trust Co., Goose Creek, Texas, capital 

debentures, application for permission to retire 

portion o f, approved 

Com Belt Bank, Bloomington, 111., debentures, permission 

granted for retiranent o f portion o f 

Cowlitz Valley Bank, Kelso, Hash., retirement o f portion o f debentures 

autnorized by FRBank o f San Francisco, 

review o f policy involved and action r a tifie d 

Application for retirement o f debentures, reply to FRBank 

of oan Irancisco that delegation o f authority 

to approve did not contemplate extension to 

cases bringing capital below requirement for 

organizing national bank, authority granted to 

approve 

federal Savings and Loan Associations, Texas, State member banks 

may not purchase for own account, reply to Mr. 

Evans, FRBank o f Dallas 

Bank, Beaverton, Ore., no objection to retirement 

of capital debentures 

ôrt Lupton State Bank, Fort Lupton, C olo., minimum required 

for membership 

Conzales State Sank, Gonzales, Teias, pewilsel.n granted to 

retire portion of capital debentures 



3/15 405 

3/29 4?4 

6/10 810 

2/18 320 

9/13 1256 

6/ 3 772 

8 / 5 1106 

4/17 571 

5/11 686 

2/11 271 

3/ 4 

367 

4/17 571 

8 / 3 1090 

10/29 1474 

3/ 1 

355 

6/ 3 772 

3/26 

458

^ a r a n t y Bond State Bank, Tomball, Texas, retirement of part 

o ca p ita l notes, no objection although capita 

w ill be below requirement for orcani7aMnn ^ 

national bank, le tte r to RFC 

Hanover N ational Bank . f Wilkes-Barre, Pa., preferred stock no 2/18 321 

f i c l ^ I " " h retiranent, capital may be insuf- 

\ h bank has fiduciary powers, trust de- 

partment being liquidated 

No o b je c tio n to proposed retirement o f portion, and HRank 

o f Philadelphia authorized to approve sudlar 

reductions by bank in future 

Retirement o f that held by RFC approved, le tte r to Compt 

r o l le r o f Currency 

In tern a tion a l Banking Corporation, investment o f additional 

amounts in , by National City Bank o f New York, 

applica tion fo r extension o f time to accomplish 

approved 

Jefferson -G ra vois Bank o f St. Louis, M issouri, reduction so as 

to elim inate such impainnent as to enable to 

exercise fid u cia ry powers 

Kearny N ational Bank, Keamy, N .J ., preferred stock purchased 

by Federal Trust Co. and Federal Securities 

C o., no action 

Linden Trust C o., Linden, N. J*., should be increased to proper 

r a tio to deposit lia b ilit y 

Lorain S treet Bank, Cleveland, Ohio, capital debentures, no 

o b je ctio n to proposed retirement by setting 

aside an amount equal fo r stock dividend 

Manchester Bank, S t. Louis, Mo., adjustment made without formal 

approval o f RFC, action deferred on flduciary 

power application pending examination 

A ction deferred on application fo r fiduciary powers 

P eoples Bank and Trust Co., S eattle, Wash., branch at Eoquiam, 

operation approved upon condition that capital 

and surplus are increesed 

P eoples Trust C o., Martinsburg, W. Va., reduction proposed, 

ca p ita l large in proportion to deposits but 

criticism s should be given consideration before 

approval _ + 

Requirements fo r manbership and branch operation, amendment 

agreed upon to extend authority o f Board to determine 

adequate within certain lim itations 

Retirement o f debentures by State manber b a n k s , capital requirements, 

reply to FRBank o f San Francisco 

re p o lic y in cases there r e t i r ^ n t b r i ^ s 

below technical lega l requiranent o f capital 

necessary for organisation o f national bank 



3/27 469 

7/31 1081 

12/27 1733 

12/29 1753 

9/16 1286 

1/28 187 

7 / 8 934 

4/ 7 512 

3/18 433 

8/16 1145 

4/22 594 

4/14 556 

1 / 7 

37 

4/17 571

Stock capital: (Continued) 

Sedan State Bank, Sedan, Kansas, preferred stock, no objection 

to retirement, action not conditioned upon 

future defeiment o f dividends 4/ g 

State manber banks, reductions of preferred stock and debentures, 

authorization given FRBanks to approve 

extended, review o f considerations and general 

policy involved, reductions bringing capital 

below 10% of deposits ratified 4 /3 3 

Union Bank of Commerce Company, Cleveland, Ohio, change in 

capital structure not violation o f condition 

of membership 1 2 /2 1 

Union Trust Company of Maryland, Baltimore, Md*, inquiry o f Mr. 

Spedden re status o f his holdings, reply to, 

referring him to bank o ffic ia ls 12/30 

West Side Trust Co., Newark, N.J., own stock held as security 

for loans to be disposed o f 1/18 

Wheeling Dollar Savings and Trust Co., Wheeling, Va., retire* 

ment of shares o f own stock acquired account 

of indebtedness previously contracted, no objection 

2/ 5 

Stock, corporate: 

Acquisition by Peoples-Pittsburgh Trust Co., Pittsburgh, Pa., 

o f stock of Donnont Savings and Trust C o., from 

trust of which foimer is beneficiary, w ill be 

in nature of liquidating dividend, no objection 8 / 5 

Bank of Canton, Ga., membership condition requiring disposal 

ol stock o f Canton Cotton M ills canceled with 

understanding Board is not receding from position 

that such stock i s not suitable bank investment 

4/26 

CHumbus Trust Co., Newark, N. J ., no objection to holding bank 

stocks acquired in violation o f manbership condition 

upon understanding that they be d is- 

posed o f as soon as possible 1 /2 1 

^&cerei irust Co., Newark, N. J ., purchase o f stock o f Kearny 

national Bank is possible v iola tion , was made 

to protect investment, Board w ill not take action 

i f disposed of, purchase by a ffilia t e , 

Securities Co., contrary to lew 1/28 

Marketability under Comptroller's regulation, reply to MiBank 

0- ân Francisco re Pullman State Bank, Pullman, 

_ash., that question is for detenoination o f 

iKcank i/& l 

Massachusetts cooperative bam;, shares considered stock within 

n meaning o f Regulation U 8 /2 6 

Peoples Trust Company o f Bergen County, Hackensack, N .J., Mist 

spoê oi e ll in elig ib le securities o f Westwood 

irust Company 9 /1 6 



496 

622 

1701 

1758 

HO 

236 

1107 

605 

134 

187 

135 

1195

Summit Trust C o., Summit, N. J ., extension o f time for additi

Stock, preferred: (Continued) 

!4inneapolis-Moline Company: (Continued) 

Convertible stamped stock does not become d ifferen t security, 

opinion o f Securities and Exchange 

Commission 9/24 

Sedan State Bank, Sedan, Kansas, retirement o f, no ob jection , 

action not conditioned upon future defennent o f 

dividends ' 4/ g 

State member banks, reductions, authorization given FUBanks to 

approve extended, review o f considerations and 

general policy involved, reductions bringing 

capital below 1 0% o f deposits ra tifie d 4/30 

Stock certificates, indorsement in connect!OD with depositors deferred 

certifica tes, condition o f manbership o f 

Gary-Kheaton Bank, Wheaton, H I . 6/25 

Stock ownership, disposition o f stock o f another bank by bank entering 

FRSystem, suggested procedure, reference to 

procedure followed in case o f Bank o f Glade 

Spring 5 /2 1 

Stockholders meetings: 

FRBank of Boston, reimbursement for one member o f each bank 

for railroad fare and Pullman approved 9/13 

Stokes, B. F.: (See National banks, National Metropolitan Bank, 

Washington, D. C.) 

Stonier, Dr. Harold: (See Graduate School o f Banking) 

Studies: 

Transitions in banking in Indiana, by Indiana Bankers Association 

and request for access to condition reports 

and esmings and dividends reports at 

FRBank oi Chicago, approved on condition 

Comptroller consents 1 /1 5 

Sndenaan, C. K.: (Sea National banks, Midland National Bank, Newton, 

Kansas) 

Superintendent of Banks of Iowa: 

Bates, L. V.., violation, with Bankers Trust Co., Des Moines, of 

Sec. 22(a) of iRAct, reply to FRBank o f Chicago 

that it is not necessary to report to U.S. 

Attorney 1 / c 

Surplus: ^ ^ 

Manber banks, guaranty funds do not constitute, fo r purpose of 

aetennining amount of stock in FRBanks that 

j ^ member banks should own 1 0 /2 0 

- p rin ts and contingent reserves are not included in, 

Surveys: ^ connection with Sec. ll(m) o f FRAct 3/ l 2 

Board of Governors: 



unctions, operations, personnel and salaries o f Board and 

staff, report of Mr. Broderick re, considered 

by Board and file d vdth Secretary 6/15 

directed to supervise survey at least once a 

year 6/15 

1332} 

496 

622 

1190 ! 

734 

1258 

92 j 

10 

1406 

398 

831

A u ditin g department, l e t t e r to Mr. K ettig re r e f ^ n 

rela tio n s h ip between department ^nd boa-d ^ ° 

Report o f 7 / i 9 1 3 

A u d itin g department, copy o f report sent to Mr. Curtiss n/pK 

A u d itin g department, report o f , le t t e r to Deputy Chaiiân 

r e , c r itic is m o f non-auditing duties, to be 

kept con fid e n tia l 

Examination department, l e t t e r to President Schaller re i c ? ! 

Legal department. Board p re fe rs to withhold comment until 

surveys have been completed at a ll FRBanks, 

rep ly to in q u iry o f Mr. Schaller ' 1 1 /1 0 i',ia 

FRBank o f C leveland: 

A u d itin g department, cop ies o f report forwarded to FRBank 8/20 1170 

Examination department, report o f Mr. Cagle may be diseased 

with sen ior bank o f f i c i a l s 9 /1 6 1^39 

FRBank o f D a lla s: 

A u d itin g department, copy o f report sent to Mr. Walsh 11/10 1519 

Examination department, copy o f report sent to Mr. Mc 

Kinney 10/25 1441 

R eply acknowledging le t t e r ca llin g attention to inaccu 

racies in report and advising that appropriate 

n e g o tia tio n s have been made, le tte r to Mr. 

McKinney 12/ 4 1622 


Legal d iv is io n , report by Mr. D reibelbis, Mr. Leedy also retain 

ed by tru st company, position suggested by 

Mr. Ransom that banks retain fu ll time counsel *^/23 10T6 

Mr. B roderick in agreonent but believes surveys should 

be completed before taking action, prompt actio 

n urged by Mr. Ransom, action deferred pending 

completion o f surveys ' * ^ " 

FRBank o f M inneapolis: 

A u d itin g department, copy o f report sent to Mr. Geery 

Reply acknowledging le t t e r on consideration o f report ^ ^ ^ ^ 

by d ir e cto rs ^ 7 

Legal d iv is io n , report not ready fo r comment 

PRBank o f New York: 

A u ditin g department, le t t e r to Mr. Young re weaknesses 

personnel and proposed revisions m au 1 ng ^ 

procedure 

Reply acknolwedging le t t e r on c o n s id e r a tio n 01 l l / l 9 1546 

by d irectors 

Examination department, report o f, le tte r to President ^ ^ ^ 2 

Harrison re 



Surveys* ( Continued) 

FRBank o f Richmond: . _ _ , 

Auditing department, copies o f report forwarded to FRBank 1 0 /2 5 

Reply acknowledging letter on consideration o f report 

by directors 1 2 / 1 

Examination department, report o f Mr. Wilkes may be discussed 

with senior bank o ffic ia ls 9 / 2g 

fRBank of San Francisco: 

Auditing department, copy o f report sent Mr. Stewart 10/29 

Reply acknowledging letter on consideration o f report 

by directors 1 2 /5 

Examination department, copy o f report sent to Mr. Day 11/ 1 


Currency operations of, to be made 8/19 

Legal divisions, Mr. Broderick, Mr. Dreibelbis and Mr. 

Morrill to see that surveys are made 1/19 

Supervision by manber of Board, designation in place o f Mr. 

Broderick suggested 9 /3 3 

Interlocking relations between Morris Plan banks and other 

banks, FRBanks to be requested to make 1 1 / 8 

Letter requesting survey sent FRBanks 1 2 /6 

Reserve position of manber banks to be made by FRBanks 3/30 

State member banks in weakened condition, to be made by FRBanks 

to detenaine causes and possible ranedies 6/23 

Systan Open Market Account: 

Composition oi, discussion by Mr. Goldenweiser before P residents' 

Conference, short-term securities adequate 

to effect reduction o f reserves 6/ 8 

Participations of FRBanks, fonnula for readjustments, report 

of Messrs. Smead and Burgees, recommendation 

o f Presidents' Conference that July 1 adjustment 

be made on same basis as that o f April 

1 i f no substantial depreciation, Messrs. 

. ^ Snead and Hirgess to continue to study 6/ 8 

{See also Open Market Operations) 

Taxes: 

"T" 

Asseesunt on building of HBank o f Chicago, special counsel 

, „ . ^ anployed to contest ille g a l part of 7/29 

posits, statute of North Carolina requiring banks to pay as 

agent 01 depositors, no opinion expressed by 

Roard but cases cited 12/23 

tRBenks, reply to Senator Hayden re legislation to pem it taxation 

by State and p o litica l subdivisions on pro- 

Toreirn operations ae suggested by Mr. Woolf 2/24 

,.ments m this country, proposed legisla tion discussed 

by Mr. Bryan 9/ 7 



1440 

1582 

1344 

146? 

1616 

i486 

1164 

114 

1340 

1516 

1628 

483 

872 

799 

798 

1064 

1727 

340

g ild in g company a f f i l i a t e cred its, accounts, notes receivable 

S n d ' ° ° T "^ tion o f Union ' 

Bond and Mortgage C o., Port Angeles Wash 

as to in clu sion in readily marketable assess 

in absence o f s p e c ific case 

Teaching! 

Manbera o f Board^s s t a ff, reply to Mr. Norwood re Board's policy 

2/25 349 

P ow ell, 0 . S ., F irst T ice President. FRBank o f Minneapolis no 

4 / 9 532 

Teckaneyer, Ross: 

ob jection to p articip a tion in progrsn o f School 

o f Business Administration 

(See Indiana, Treasury) 

5/ 6 662 

Tefft, Edward C .: (See Federal Deposit Insurance Corporation, 

S t a ff) 

Telegraph code, Federal Reserve: (See Leased wire system) 

Tennis cou rts fo r use o f employees o f Board, bid o f Wilmoth Paving 

Company fo r laying three clay courts accepted, 

with understanding Reserve Board Club is to 

complete the construction 

Terrace on r o o f o f new building o f Board, change in plans to pro- 

12/31 1772 

vide fo r 

T erritory: 

FRBank o f Kansas City, tran sfer o f Missouri counties from St. 

Louis d is t r ic t not approved, reply to Mr. Hoefer, 

Banker's Association LaFayette-Ray counties to 

l / H 

be prepared 10/22 1415 

L e tte r prepared and approved 

L e tte r revised to state that Board's representative would 

make in vestigation to determine whether addi 

10/29 1472 

tion a l information i s forthcoming 

M essrs. anead and Paulger to determine representative for 

12/ 3 1609 

Board 

FRBank o f S t. Louis, tran sfer o f Missouri counties to Kansas 

C ity d is t r ic t not approved, reply to Mr. Hoefer, 

Banker's Association LaFayette-Ray counties to 

1 2 /3 1609 

be prepared 1C ^2 141; 

L e tte r prepared and approved 

L e tte r to be revised to state that Board's representative 

would make investigation to determine whether 

14"^ 

additional information is forthcoming 1^7 ^ 

M essrs. Snead and Paulger to detennine representative for 

Board 

FRBank o f San Francisco and branches, formal request ror approval 

by Board o f changes recently made sug 

^ 

gested by Board and request for description ^ 

o f changes „ ^ . 

Changes in , o f head o f f ic e , Portland, Seattle anc cpokane 

branches 

^ ^ 



^**State manber banks, stock o f Federal Savings and Loan A ssociations 

may not be purchased fo r own account by, 

reply to Mr. Evans, FRBank o f Dallas 10/29 

State Treasurer's deposits in manber banks, may be treated as 

time deposits, open account, provided n otice o f 

withdrawal is given in writing and form o f application 

for designation as State depository 

revised to require written n otice 1 2 / g 

Thomas, Senator Elmer, Government checks, reply to, re suggestion o f 

nonmanber banks in Oklahoma that as they are required 

to cash at par, FRBanks absorb cost o f 

currency shipments involved 3/19 

Thompson, Donald S.: (See Federal Deposit Insurance Corporation) 

Ticker service: (See News ticker service) 

Time schedules, interdistrict: 

Houston &nd San Antonio to San Francisco 4/14 

St. Louis to Nashville, change in time approved 1 0 / g 

Tioga M ills, refinancing outstanding obligations at lower cost, 

Board has no suggestions to make, however temporary 

funds might be available from FRBank o f 

New York, reply to Mr. A. C. Palmer 12/11 

Titles: 

"Controller", letter to FRBank o f St. Louis ca llin g attention 

to use by other FRBanks o f "Assistant Cashier" 

for similar position and suggesting consideration 

o f change 1/23 

FRAgent's Representatives, Board to advise FRBank o f St. Louis 

re use o f designation in personnel c la s s ific a 

tion plsn 2/25 

Todd, P. H., Chainnan o f Michigan Public U tilitie s Conmission: 

illiq u id condition of market, le tte r on, referred to S ecu rities 

and Exchange Commission 9 / 9 

Regulation T, payment o f cash from restricted accounts, reply 

of Board to le tte r from, referred to i t by 

Securities and Exchange Conmission 1 0 /1 2 

Tompkins, B. A.; (See Polish Stabilization Loan o f 1927) 

Trans wires, numbers on telegrams to be discontinued and those containing 

rulings to carry S-mmbers 5/24 

Transamerica Corporation, violation o f Section 20 of*Banking Act 

or 1933 by member banks through a ffilia t io n 

with Bankamerica Company, a secu rities company 9/17 

-r,v

B e ll, D. N ., D irecto r o f th e Budget, present at conference o f 

C h a p a s E c c le s w ith Secretary Mo 

manbara o f T reasu ry s t a f f in connection *,ith 

p o s s ib le in c r e a s e in rese rv e requirements o f 

member banks 

D i v i s i o n o f Research and S t a t is t ic s : 

Haas, George C ., D ire cto r, present at conference o f Chairman 

E ccles and Mr. Goldenweiser with Secretary of 

Treasury re p o ssib le increase in member bank 

i/aa 

reserve requirements 1 /^ 3 

Murphy, Henry C ., present at conference o f Chainnan Eccles 

and Mr. Goldenweiser with Secretary o f Treasury 

re p o ssib le increase in member bank reserve 

requirements 1/28 

S e lt z e r , Lawrence H ., present at conference o f Chairman 

E ccles and Mr. Goldenweiser with Secretary of 

Treasury re p o ssib le increase in manber bank 

reserve requirements 1/26 

W hite, Harry D. , present at conference o f Chainnan Eccles and 

Mr. Goldenv/eiser with Secretary o f the Treasury 

re p o ssib le increase in member bank reserve requirements 

1/23 

FRnotes o f 1928 s e r ie s , status o f undertaking to secure approp 

ria tio n to cover replacement with 1954 series 

n otes, report o f Chairman Eccles o f le tte r addressed 

to Secretary o f Treasury re, to further 

ascerta in status - - 

R esolu tion prepared fo r authority o f Congress to replace 

1928 se rie s with 1934 or subsequent series out 

o f g old increm ent, Messrs. Snead and Vest to 

suggest c le a r explanation o f circumstances to 

Congress 

A u th oriza tion fo r , Treasury desirous ofw itndraM ngreques 

made o f Congress, Chainnan Eccles authorise 

d iscu ss fu rth e r and d ispose o f 

Financing P ^ r s , / ^ — ^ H H s, ^ ^ 

e x e c u t iv e com m ittee o f F ederal Open 

Cold s t e r i l i z a t i ^ ' ^ c y eventual 

^ - p ^ ^ i r i b i ^ r t s , ^ 1 ^ ^ ^ 

p ow ers needed FRBanks o f p e rin 

d u s tr ia l received for purpose ^ 



o f m aking 

177 

1 7 8 

1 7 8 

1 7 8 

178 

254 

682 

851 

1233 

1338 

799

Treasury Department: (Continued) 

Press statement on September financing, report of Mr. Ransom 

on conversation with Mr. Taylor on 8/23 

Regulation of Board on foreign branches, no objection to is - ^ 

stance 

State Bank of U.S.3.R., advised that Board w ill approve open- 

8 / I 4 11 

ing of account by FRBank o f New York with 

Taylor, Wayne C., Assistant Secretary, FRnotes of 1928 aeries, 

discussion with Mr. Eccles of suggestion that 

Treasury withdraw request for Congressional 

4/29 

authorization for replacement with 1934 series 

Uphem, Cyril B., Assistant to Secretary, present at conference 

of Chairaan Eccles and Mr. Goldenweiser with 

Secretary of Treasury re possible increase in 

6 /1 3 

maaber bank reserve requirements 1 / 2 8 1^7 

Tmck, purchase for use at new building authorized 

Trust accounts: 

Corporate stock listed as assets of bank and must be corrected 

letter to Mr* Clark, iRBank of Atlanta, re Trust 

6 /3 3 077 

Company of Georgia, Atlanta, Ga. 

Board will offer no objection to manner in which Trust Com 

10/25 I 441 

pany of Georgia proposes to dispose o f 

rtust activities of banks, controlled by Securities and Exchange 

Commission, report of Mr. Ransom o f conference 

v.lth Mr. Douglas, that Mr. M orrill had conferred 

with latter and Mr. Burke and sta ff had 

also conferred on preliminary draft o f b ill 

Messrs. Ransom and Morrill authorized to confer 

11/24 

1566 

r, Mr. Douglas on revised b ill i / K pc 

Imst Companies, reply to editor that Metropolitan Trust Company, 

Chicago, H i ., fir s t and only institution transacting 

solely a fiduciary business and not an 

Tiust d e p o t s , supervisory functions at Fulton N ational Bank, 

Atlanta, (,a., perfom ed by sin gle committee o f 

^ procedure complies with 

w a ^ ! as procedure 

Trust funds: M s s u p e r v is io n 3/30 477 

Common: 



A.enanent to Regulation F to be f i s h e d to others fo r 

c t-; criticisms and suggestions 8 /1 9 1160 

Submission . f revised draft to in terested p a rties b efore 

adoption, request cannot be complied w ith, re- 

ply to Mr. Davis, Security National Bank Sav- 

^ Company, St. Louis, Mo. 1 2/ 8 1633 

Amendment suggestions of Pennsylvania Bankers Associa- 

lon, reply that Board cannot defer action on 

proposal now before it 12/17 1671

Conditions o f m embership in FRSysten, do not t-.T, *. ^ 

in o t h e r banks L or^ e r 

b ^ k s ^ t o " ^ ! ^ ^ ^ ^ ^ " a u th orizin g L o u is i.^ 

banks t o p le d g e s e c u r it i e s to carry r e f e r s . 

t o R apides Bank and Trust Company and Lak-" 

Charles Bank and Trust Company 

D eposit in conm ercial departm ent, pledge o f collateral for in 

I l l i n o i s , cannot be v a lid ly made, such deposits 

Should n ot be made, r e p ly to o f J c a g o 

in co n n e ctio n w ith Lake Shore Trust and Savings 

Bank, C h ica g o, 1 1 1 . ^ ^ 

E scrow fu n d s , r e p ly t o FRBank o f D a lla s re question o f n Paso 

N a tio n a l Bank, El P aso, Texas, as to whether 

such fu nds a re t r u s t funds under Regulation F 4 / 1 3 54R 

FRBank c a s h i e r s ' c h e ck s , may n ot be h eld as colla tera l for 

t r u s t fu n ds u sed in conduct o f business, Board 

has approved p roce d u re whereby such checks may 

b e h e ld as a s s e t s o f t r u s ts * 3/3 1 435 

P ro p o s e d amendment t o R e g u la tio n F to pennit pledge o f, 

Board t o d eten n in e w illingness to make rather 

than r e f e r M r. P e y t o n 's suggestion to Presid 

e n ts ' C on feren ce 5 / 1 1 &e3 

M ontana N a tio n a l Bank s a t i s f i e d re r e fu s a l to peimlt pledge 

o f , Board u n w illin g t o make amendment to Regul 

a t i o n F 6/ 3 774 

I n t e r e s t on danand d e p o s it s o f , in q u ir y o f Kennefick, Cook, 

M itch e ll, Bass and Letchworth referred to FRBank 

o f New York 9/ 3 1227 

In v e s tm e n ts : 

Member banks in sh a res o f F ederal savings and loan associat 

i o n s , r e p ly t o F irst Federal Savings and Loan 

A s s o c ia t io n o f B u rlin g ton , N. C. 2/11 272 

N a tio n a l banks, v a r io u s t r u s t s in n o te s constituting part 

o f s e r i e s secu red by same deed o f tru st, rilin g 

to be p u b lish e d in F R B u lletin 4/26 606 

O b l ig a t io n s in w hich d i r e c t o r s have in t e r e s t , reply to 

FRBank o f Kansas C ity 00 in q u iry o f Omaha Nat 

i o n a l Bank re d eten n in a tion o f a p p lic a b ilit y 

o f p r o h ib it io n o f R egu la tion F 3/ ^ 1^33 

R e p ly t o FRBank th a t U n ited S ta te s N ational Bank at 

Omaha i s p roh ibited from purchasing real estate 

mortgage loans through company o f which direc- 

to r ie chainnan, and ca llin g attention to le tte r ^ ^ 

re Omaha National Bank ' 

P u rch a se o f s e r i e s o f n o te s o f same obligor and secure y 

same deed o f tru s t does not contravene Reg^la 

t i o n F, r e p ly to Comptroller on inquiry o f ^ 

Riggs National Bank, Washington, &. - 



Trust funds: (Continued) 

Investments: ( Continued) 

Purchase of series of notes: (Continued) 

Renewal o f mortgage notes purchased p rio r to e ffe c t iv e 

date o f regulation through corporation owned 

by d irector, corporation receives commission 

from borrower fo r renewal, does not contravene 

Regulation F 4/10 

Snail amounts in p ools, reply to Mr. A uffinger o f Marine 

Midland Group on p ossib le amendment t o Regula 

tion F 

lake Charles Bank and Trust C o., Lake Charles, L a ., do not have 

to be deposited in other banks in order to comply 

with conditions o f membership, pending passage 

o f le g is la tio n authorizing Louisiana banks 

9 / 9 

to pledge secu ritie s to carry 10/23 

Louisiana, pledge o f co lla te ra l by State member banks to secure 

funds deposited by banking departments 9/17 

National banks, deposit of uninvested, in savings accounts, may 

be made i f funds represent cla sses which may be 

classified as savings accounts, no p roh ib itio n 

against commingling such funds 4./ 3 

Pledge of collateral: 

Connecticut, conference proposed fo r discu ssion o f problems 

involved in operations o f State member banks 5/12 

âryland, decision o f Court o f Appeals that sta tu tory p re ference 

fo r trust funds ap plies only to funds 

held under court appointment, withdrawal o f 

waiver o f condition o f membership requiring 

pledge, banks authority to make pledge doubtful 7/29 

ieelin g o f Mr. Ransom that consideration should be given 

problem presented where banks are not perm itted 

to make pledge, le t t e r approved 7/2 9 

.-aiver o f membership condition to extent insured, memo o f 

Mr. M n g field re sta tin g that Trust D ivision 

o f A.B.A. and Comptroller are opposed to , and 

re, no a ction 3/18 

f.eply to F irst National Bank o f Media, P a ., that Board 

has ruled against and ou tlin in g consideration 

given question 1 

Pledge o f secu rities with tm s t department to secure funds deposited 

in banking department, condition o f membership 

applicable to 0 / 9 

Operation o f. amendment to Regulation 3 authorizing, answer to 

inquiry o f Federal Advisory Council that fin a l 

Rapides Bank . n d P r e p a r e d fo r immediate a ction 12/1* 

Rapides Bank and Tntst Company, Alexandria, La., do not have to 



^ other banks in order to comply 

with condit one o f msaberahip. pending passage 

o f le g is la tio n authorizing Louisiana banka to 

pledge securities to carry 1 0 /2 3 

536 

1247 

1433 

1300 

501 

669 

1051 

1053 

434 

493 

1244 

1655

Renewal o f mortgage n otes held by tru sts o f n a t io n a l hank at 

tim e o f e ffe c t iv e date o f la test r e v i s ^ 

Renewal o f note o f d ir e c to r h e l d as asset o f t r u s t a cm iire d bv 

i-lr s t N ational Bank and Trust Co., Lexington ' 

K y ., subsequent to making thereof, is not ini 

vestment o f tr u s t funds and therefore, not 

v io la tio n o f Regulation F a/ i 

Southern Arizona Bank and Trust Company, Tucson, A riz., must be ' 

brought in to compliance with requirements o f 

the a p p lica b le condition o f membership, Board 

cannot d efer lon ger 3 /2 7 

Trust investm ents, tren ds in , rep ly to Crocker First National Bank 

o f San Francisco that Board has no data a vaila 

b le regarding 7 / 1 5 

"U" 

U n ifica tio n o f banking system, n e ce ssity fo r , statement o f Mr. 

Goldenweiser re, and that without additional 

powers, FRSystem w ill not be able properly to 

discharge r e s p o n s ib ilitie s 6/ 8 

United H osp ital Fund o f New York C ity, request fo r additional inform 

ation re payment proposed to be made to, by 

FRBank o f New York l / 7 

Board in c lin e d to question further contributions o f this charact 

e r and requests submission to Board in future 3/26 

Reply to P resid en t H arrison that Board's le t t e r did not imply 

time had not been given fo r consideration o f 

con trib u tion but that Board desired to defer 

reaching any d e fin ite conclusion u ntil some 

fu tu re case a rises 4 /9 

Board cannot approve contribu tion 

12/21 

"United S ta tes o f America", rep ly to Kihn Brothers re use o f words 

on engraved bond forms 

3/26 

Unsafe p r a c t ic e s : 

P erth Amboy Trust C o., Perth Amboy, N. J ., statement o f FDIC 

c e r tify in g and looking toward tennination o f 

insured status, d ire ctio n fo r discontinuance 

o f p ra ctic e s and matters needing correction , 

120 day lim it fixed 

L e tte r to FRBan* o f New York re, and containing instructions 

fo r serv ice 

5/ 

L e tte r to FDIC re lim it fix ed by Board for correction o. 

6/ 

R aritan Trust C o., Perth Amboy, N. J ., ^tatênt oi ^DIC cerî 

fy in g and looking toward tennination o f 

sta tu s, d irection fo r discontinuance o f p r i c e s 

and matters needing correction, 1 - 0 Y ^ ^ 

fix ed 



606 

1095 

1333 

983 

799 

43 

463 

533 

1717 

466 

646 

652 

654

Unsafe practices: (Continued) 

Raritan Trust Co.: (Continued) 

Letter to FRBank of New York re, and containing instructions 

for service 5/ 5 

Letter to FDIC re lim it fixed by Board for correction o f 

practi cee 5/ 5 

Verhelle, Joseph F.: (See National banks, Manufacturers National 

Bank of Detroit, Mich.) 

Venaont: 

Interest, maxi mum rate payable on time and savings deposits 

under order o f Commissioner o f Banking and Insurance, 

letter o f FRBank o f Boston re, to 

banks, approved 5/27 

Viking Mining Company, Great Falls, Montana, industrial advances, 

application for, not for purpose o f providing 

working capital, hence not approved by FRBank 

of Minneapolis, reply to Senator Wheeler l l / l l 

Violations: 

Bant: of Sturgeon Bay, Wisconsin, possible embezzlement occurring 

at, not to be reported pending further 

audit o f books 8/19 

Continental Netional Bank and Trust Co., Salt Lake City, Utah, 

deposit o f State member bank cla ssified as 

savings deposit in violation o f regulations e/23 

Criminal statutes relating to banks, reporting to loca l o ffic e s 

o f Federal Bureau o f Investigation, reply to 

FRBank of Atlanta that procedure contemplates 

only reports o f bank robberies 5 /2 1 

Zlmon Armstrong and Co., possible violations o f I llin o is end 

national laws by engaging in banking, should be 

reported to Attorney General 3/29 

C. V.. Jones Exchange Bank, Marcellus, Mich., adjustments o f v iolations 

of Sec. 5136 U.S.R.S. and Regulation 

Q to be reported 7/28 

operations, FRBank o f Minneapolis authorized to cooperate 

with Comptroller, FDIC and RFC in making available 

any infonnation re violations 7 / 1 

Louisville Trust Co., Louisville, Ky., request i f there were any 

violations o f law in last condition report 3/12 

National Exchange Trust System o f Washington, D. C., possible 

violations of I llin o is and national laws by engaging 

in banking, should be reported to Attorney 

General 3/29 

Regulation U, nonmanber banks in New York City in acting as 

clearing agents for over the counter brokers 

and dealers, Underwriters Trust Co. to conform . 

in future ? / ^ 



652 

654 

759 

1524 

1162 

1179 

736 

474 

1048 

916 

394 

474

Copies o f re p o rts made to Department o f . 

nishsd to lo c a l 

In v e s tig a tio n , le t t e r to a ll FRBanks re 7 /iK 

Criminal p r o v i s i o n s o f l a w , procedure, reply to Mr. Swanson, 

tRBank o f M inneapolis, that past procedure has 

not in volved reports to i.B .I . shoulj not in 

fu tu re except sp ecia l cases already provided fnr 

lUBanks to United S tates Attorneys and submission o f copies 

to Board f o r transm ission to Department o f 

J u s tic e , recon sideration o f p olicy and banks 

to detennine a d v isa b ility o f reporting misde 

meanors 

R evised S tatu tes: 

C itiz e n s S tate Bank, Sheboygan, W is., assurances o f conform 

ity with law in future 

Corporate stock s purchased by Trust Company o f Georgia to 

7/ 8 

7 / 8 

be disposed o f 11/24 

Sec. 8 (a ) o f S e c u r itie s Exchange Act o f 1934: 

A. &. Edwards and Sons, loan by Callaway Bank, Fulton, Mo. 

on stock secu rity may be v iola tion , although 

i t i s lik e ly that loan was acquired from member 

bank 3/27 

S ection 20 o f Banking Act o f 1933, manber banks in Transamerica 

group through a f f ilia t io n with Bankamerica Company, 

a s e c u r itie s company 8/17 

S ection 21 o f Banking Act o f 1933, currency exchanges in I l l i 

n o is , by engaging in banking without complying 

with law , should be reported to Attorney 

General 6/23 

Sec. 22(a) o f FRAct: 

Bank o f Commerce and Trusts, Richmond, \a., and Messrs. 

Bristow and Bowles, Commissioner and Deputy 

Commissioner o f Insurance and Banking, reply 

to FRBank o f Richmond that violation s should 

be reported to U. S. Attorney 1 

Bankers Trust Company, Des Moines, Iowa, and Mr. L. V.. 

Bates, Superintendent o f Banks o f Iowa, reply 

to FRBank o f Chicago that it is not necessary 

to report to !J. S. Attorney 

Bates, D. W., Superintendent o f Banka o f Iowa, and Bankers 

Trust C o., Des Moines, Iowa, reply to i-RBan* 

o f Chicago that i t is not necessary to report ^ 

to U. S. Attorney 

Bowles, George A ., Deputy Commissioner of 

Banking o f V irgin ia , and Bank o f Commerce and 

Trusts, R ic h m o n d , Va., reply to FRBan^ Oi 

Richmond that v io la tio n s should be repo ^ ^ 

to U. S. Attorney 



991 

97 

939 

935 

1566 

467 

1154 

874 

53 

11 

11

Violations: (Continued) 

Sec. 22(a) of FRAct: (Continued) 

Bristow, M. E., Commissioner of Insurance and Banking o f 

Virginia, and Bank of Commerce and Trusts, 

Richmond, Va., reply to FRBank of Richmond 

that violations should be reported to U. S. 

Attorney 1 / 8 

Evans, K. J ., Chief Examiner, FRBank of Dallas, indebtedness 

to United Savings Bank, Detroit, Mich., 

not violation because incurred prior to appointment 

as examiner 3/17 

Joseph, E. M., indebtedness to First National Bank, Danville, 

111., not violation o f second paragraph, referred 

to Comptroller as possible violation of 

first paragraph 3/17 

Letter reporting to Comptroller 3/17 

Robinson, Charles A., Assistant Examiner, reply to Mr. 

D illistin that as he has no authority to examine 

banks outside of second FRDistrict, loan by 

First National Bank, Media, Pa., is not violation 

and need not be reported 3/17 

Robinson, George C., Assistant Examiner, FRBank o f Philadelphia, 

indebtedness to Tradesmens National 

Bank and Trust Co. in it s capacity as trustee, 

not violation of second paragraph, referred to 

Comptroller for determination as to possible 

violation of first paragraph 3 /1 7 

Letter reporting to Comptroller 3/17 

Shadle, G. R., Assistant Examiner, FRBank of Philadelphia, 

indebtedness to Fidelity-Philadelphia Trust Co. 

in its fiduciary capacity, should be reported 

to U. S. Attorney as possible violation 3/17 

Need not be reported to U. S. Attorney 5/ 7 

Snyder, C. VJ., Assistant Examiner, iRBank of Philadelphia, 

indebtedness to First National Bank, Sunbury, 

Pa., on collateral note is not violation o f 

second paragraph, referred to Comptroller for 

determination under first paragraph 3/17 

Letter reporting to Comptroller " 3 /1 7 

Sec. 22(g) of FRAct: 

Runciman, Vice President of State Savings Bank, Lowell, 

Uich., extensions of credit to, end failure to 

iile report oi indebtedness to other banks 6/10 

security trusts, reply to FRBank of Chicago that report should 

be made to Attorney General of those believed 

to be engaged in banking contrary to Illin o is 

and national laws 3/29 



53 

431 

427 

430 

427 

428 

430 

429 

670 

428 

430 

809

Voting p en n its: 

Agreements: 

C onditions 4 and 5, recommendation o f n 

h old in g company a M ^ ^ L he 

s - - - " x s - : - 

Losaea and d ep recia tion , reply to Mr. Peyton re lnoiHi^, ^ ^ 

F irst Bank Stock Corporation that after charge 

f , required by paragraph 2, no further 

h ^ required, m odification made applicable 

to ^ lb sid ia ry national banks also 

Almours S e c u r it ie s , I n c ., J a ck son ville, F la ., general peir.it ^ 

granted to , and to Florida National Croup Inc. 

to vote stock o f s ix national banks ' ' i / a 

American Holding C orporation, Chicago, 111., determined not to ' ' 

be holding company a f f i l i a t e at present o f 

American N ational Bank and Trust Company of 

Chicago, Board unw illing to express opinion as 

to status i f corporation acquires exactly 50'& 

o f shares o f bank 6 /2 1 

C orporation not nov. holding company a f f ilia t e but w ill become 

so by reason o f capital changes by bank, 

determined not to be holding company a ffilia te 8/ 5 

BancOhio C orporation, Columbus, Ohio, general pemtit granted to 

vote stock o f T iffin National Bank, T iffin , 

Ohio 12/31 

F ir s t Bank Stock Corporation, Minneapolis, Minn.? 

General pennit granted, a ll provisions o f agreement having 

been complied with 9/21 

L osses and d ep recia tion , reply to Mr. Peyton re inquiry o f, 

that a ft e r charge o f f o f, as required by paragraph 

2 o f agresnent, no further ection is required, 

m odification made applicable to subsid 

ia ry national banks also 6/14 

F irst N ational Bank o f L o u is v ille , K y., not necessary to obtain, 

to vote stock o f First-Owensboro Bank and 

Trust Company 

F irst S ecu rity Corporation, Ogden, Utah, general pennit authoriz 

e d , Board w ill consider issuing le tte r

Voting pennits: (Continued) 

General: (Continued) ^ ^ 

List of holding company a ffilia te s that now hold, has not 

yet been published, reply o f Board to Mr. 

Offutt, Trustees***First National Bank of 

Louisville, Kentucky end copy sent to FRBank 

o f St. Louis 10/30 

Holding company a ffilia te s, no l is t o f those companies which 

would have to obtain from Board has been compiled 

by the Board, reply to Mr. O ffutt, 

Trustees***First National Bank o f L ou isville, 

Kentucky and copy o f le tte r sent to FRBank of 

St* Louis 10/30 

Inter-America Corporation, general pennit, review o f consideration 

given in past, new application file d , attention 

called to requirement re divorcement o f 

securities companies, condition o f Bank o f 

America N. T* & S. A., plan for ending relationship 

4/20 

Motion of Mr. McKee to grant, agreements to be teiminated 

upon surrender end Board would approve surrender 

i f satisfied as to teimination o f holding 

company status, carried 4/20 

Reply to FRBaaR of San Francisco on desire o f, fo r changes 

in agreement and certain understandings, stating 

position o f Board with regard to 4/27 

Amendment by deletion o f "San Francisco, California" and 

substitution o f "A Delaware Corporation" 5 / 4 

Investment and Securities Co., Spokane, Mash., lim ited pennit 

granted to vote stock of Old National Bank and 

Union Trust Company o f Spokane, and also First 

National Bank in Spokane 12/31 

List oi those held furnished to Senator MeAdoo 12/18 

Marine Bancorporation, general permit, agreement, le tte r to Mr. 

Price that as conditions 1 and 2 have been 

complied vdth, they are no longer binding, advice 

to FRBank o f San Francisco 1/19 

Marine Midland Corporation, Jersey City, N. J ., general permit 

granted to vote stock o f three national banks 

and one State bank 12/31 

Middleburgh Holding Corporation, Midaleburg, New York, not 

necessary to obtain, to vote stock o f First 

aid M.+ - i r KstiMHA Bank of Middleburgh, New York 12/23 

^ national Corporation, Spokane, V.ash., limited pennit 

granted to vote stock of Old Nationel Bank and 

Union Trust Company o f Spokane, and also First 

National Bank in Spokane 12/51 

Procedure of holding company a ffilia te in obtaining for purpose 

Karlina c;** voting stock of newly acquired banks 9/16 

Rawlins Securities Co., salt Lake City, Utah, extension o f time 

to execute agreanent 7 /1 9 

ân Diego Hret Nationel Company, San Di^r< r n** i- ^ 

c^peny a f j i e ? ' ^ ^ ^ . ^ r T ' ^ 



1483 

1463 

577 

576 

608 

641 

1768 

1676 

127 

1766 

1728 

1768 

1290 

1000 

309

S h e lb y Loan end Mortgage C orp., Shelbv. N r 

+ ^ " Dot necessary 

to obta in , to vote stock o f national 

T r a n ^ e r i c . C . ^ . r a t i o . y U c . t ^ r e p l, „ ^ e r i e a , 

1^. T. & S. A ., that Mr. McKee w ill meet with 

Mr. Giannim i f desirable, and that application 

or standard condition should be based on actual 

fa c ts only 

Review o f consideration given in past, new application ^ " 

f i l e d , a tten tion ca lled to requiranent re divorcement 

o f s e c u r itie s companies, condition 

o f Bank o f America N. T. and S. A ., plan for 

ending relation sh ip 

Motion o f Mr. McKee to grant, agreements to be terminated 

upon surrender and Board would approve surrender 

i f s a tis fie d as to tennination o f holding 

company statu s, carried 4 /2 0 S7a 

Reply to FRBank o f San Francisco on desire o f, for changes 

in agreanent and certain understandings, stating 

p o sitio n o f Board with regard to A/27 608 

Amendment by d eletion o f "San Francisco, California" and 

su bstitu tion o f "a Delaware Corporation" 5/ 4 641 

H olding company a f f i l i a t e 's procedure in obtaining, for 

purpose o f voting stock o f newly acquired 

banks 9 /1 6 1290 

T ru stees***F irst N ational Bank o f L o u is v ille , K y., le tte r to 

Mr. Crawford on amount o f readily marketable 

a ssets required 10/29 1468 

Not necessary to obtain , to vote stock o f First-Owensboro 

Bank and Trust Company 12/23 1727 

Vouchers fo r payment o f tra v e l expenses, procedure for, approval o f 12/15 1665 

"W " 

and J . Sloane, con tract fo r furniture and furnishings for Board 

members' section , e tc. 5/10 672 

E. Hutton and C o., complaint o f Mr. Lewitt because o f sale of 

stock deposited as colla tera l and la te r discovered 

not to be registered, no violation o f 

Regulation T 6/25 887 

Vagner, Senator Robert F .: 

S e c .1 (f) o f Regulation Q, request that Board defer effectiv e 

date o f 

E ffe c tiv e date postponed and advice to be sent to 1/30 

(See a lso Committees, Banking and Currency Committee o f 

Senate) 

'-arehouse re ce ip ts : 

F ield warehousing, le t t e r to Mr. Yohe, in connection with adm 

inistration o f U.S. Warehousing Act, re proposed 

publication with regard to, suggesting ^ 

changes 



W arehouse receipts: (Continued) 

F ield warehousing: (Continued) 

Article re, published by Bureau o f Agricultural Economics, 

to be published in iRBulletin 4 /2 5 

Liquor, bonded warehouse, reply to Mr. Pandolfo re e lig ib ilit y 

as collateral for loans and stating that Board 

may not express any opinion re question o f 

quality a6 investment 1/21 

Reply to Mr. Watson re acceptability as collatera l and re 

e lig ib ility for rediscount 5 / 1 

Watson, A. P., reply re acceptability as collateral o f bonded warehouse 

liquor receipts and re e lig ib ilit y for 

rediscount 5 / 1 

'Aelfere and Recreational Association: 

Operation of cafeterias, dining rooms and snack bar in Board's 

new building, revised agreement for, forwarded 

to Mr. Hoover 5/13 

Wells, Eennan B.: (See Committees, Standardization o f Bank Report 

i'oTTaa) 

Restem Acceptance Corporation, Pueblo, Colorado, lia b ilit y to Rio 

Grande County Bank in excess o f statutory lim itations 

and must be reduced 10/28 

nestem Venetian Blind Co., bid for installing blinds in new building 

accepted 4/14 

Wheeler, Senator Burton K.: (See Viking Mining Co., Great Falls, 

Montana) 

White, J. Ford: (See National banks, First National Bank, Salida, 

Colo.) 

Wholesale trade reporting service, Division o f Research and Statistic 

s authorized to negotiate with Department o f 

Commerce for transfer to latter 4 / 9 

R illis, f . C.: (See Pilot L ife Insurance Company, Greensboro, 

North Carolina) 

Wilmoth Paving Company, contract for grading and paving Board's 

parking lot and laying o f three clay tennis 

courts approved 12/31 

Winter, Ezra, increase in contract price for map in Board Room and 

payment of voucher approved 3/31 

Wisconsin: 

Lepoeits, restricted or deferred payments of member banks 

during banking emergency 1930-33, request by 

Mr. &arlock, Department o f Agriculture for 

use in preparing studies " 10/29 

Wisconsin State Bankers Association: 

Earnings and expenses of State member banks, proposed reply 

to request of Mr. Reiss for, in connection 

with study, brought up by Mr. Ransom because 

of action on request of Indiana Bankers Association, 

letter approved 2/ 9 



606 

137 

635 

635 

709 

1460 

557 

527 

1772 

490 

1474

' American Bank and Trust Co., S u ffolk , Va., m^bership c o n d itio n 

p roh ib itin g operation o f insurance departm ent, 

which was reason fo r withdrawal, to be advised 

that Board has ceased to prescribe i / * 

Bank o f Dawson, G a., time fo r completion o f, extended to four ° 

months as continuance o f deposit insurance has 

been applied fo r 

L e tte r to a l l FRBanks waiving requirement o f Regulation H 

re securing extension o f time and in such cases 

extending time to four months without reference' 

to Board 

Central Farmers Trust C o., West Palm Beach, F la ., waiver of 

n o tice and pennission fo r immediate ^ 4 /2 2 593 

C itizen s Bank o f Georgiana, A la ., waiver o f notice, to be deferred 

u n til acceptance as nonmanber insured 

bank, perm ission to FDIC to examine 2 /1 7 ? i 3 

Coffman-Dobson Bank and Trust C o., Chehalis, Wash., contemp 

la ted , i'DIC authorized to make examination 12/ 6 1628 

Extensions o f time fo r com pletion o f, le tte r to a ll FRBanks 

waiving p rovision o f Regulation H when bank has 

applied fo r deposit insurance extending time to 

fou r months without reference to Board 2/13 326 

Farmers and Merchants State Bank o f Sacred Heart, Minn., waiver 

o f n o tice and permission fo r immediate, FLIC 

granted perm ission to examine in connection 

with continuance o f deposit insurance 2/24 336 

Extension o f time requested fo r , not necessary at present, 

as time dates from Board's approval, not date 

o f a p p lica tion 5/21 735 

F ir s t S tate Bank o f Wykoff, Minn., pennission for immediate, 

and l e t t e r to FDIC granting permission to make 

examination in connection with desire to contin 

u e insured status uninterruptedly 7/ 6 924 

Forney S tate Bank o f Fom ey, Texas, fo rfe itu re o f membership, 

not to be required and order directing, rescinded 

- 

Southington Bank and Trust C o., Southington, Conn., permission 

fo r immediate and pennission to FDIC to examine 

in connection with continuance o f deposit insurance 

^ 

S tate Bank o f London M ills , 111., waiver o f notice and peimission 

fo r immediate ^ ' 

Watkins Banking C o., Faunsdale, A la ., waiver o f notice and perm 

ission fo r immediate 

L inker C o., I n c ., P h iladelphia, P a., reply that there is no 

sta tu tory p roh ib ition on member bank refunding 

unearned in terest or discount charged on note ^ 

paid before maturity 



Woolf Charles, suggestion that States and p o litica l subdivisions 

be pannltted by legislation to tax FRBanks on 

proprietary operations, reply to Senator 

Hayden re 2/24 

V.orcester, Dean E.: (See New York Stock Exchange) 

Horld Almanac, subscription approved 10/15 

Wyckoff, David A., reply re annual report and releases o f Board, 

and advising that Board cannot make examination 

report form available but that under proper 

circumstances, FRBank o f Chicago might 7 / 6 

Further request referred to FRBank of Chicago with statement o f 

circumstances under which compliance might be 

ju stified 7/22 

n y n 

340 

1392 

926 

1023 

Yohe, B. S., manuscript for publication on fie ld -warehousing, suggestions 

on 2/11 273

1937 - Complete Issue (53.5M) - Fraser - Federal Reserve Bank of ...

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