Bogmin 1935 v22 Index

K E Y T O I N D E X

Branch Banks, Domestic, FRBanks end

Foreign, see Branch Banks

Clayton Act Applications, see Inter

locking Directorates

Directors of FRBanks and Branches

see Directors

National Banks are listed under

heading National Banks

Section 32 of Banking Act of 1933,

see Relations with Dealers in

Securities

Securities Exchange Act, see Securi

ties Exchange Administration

State Banks are listed under State

Member Banks, Nonmember Banks,

and Membership

Stock of FRBanks and Member Banks,

see Stock

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

I N D E X1935

"A "

Abel Stanford E . : (See Hechinger Engineering Corporation)

Abr8Gold*shipped to FRBanks by postmasters, letter from Mr. Eilen-berger requesting reimbursement for losses to

postmasters referred to Secretary of Treasury

who has charge of Emergency Appropriation Act

Acceptances, bankers:Munitions of war, based on exports o f , memo prepared by Governor

Harrison as assistant counsel of Board re right

to restrict rediscount o f, copy requested by

Mr. Logan, approved, document was requested by

Senate Committee from Board s records

Regulation A, letter to FRAgents on suggestion of Mr. Yohe,

that some banks are not complying with, re

questing examiners to check, and letter to

Comptroller

Adams, J . W .: (See American Telephone and Telegraph Co.)

Addresses:

Board members, Mr. M iller requested discussion of Governor

Eccles request for authority to send copies of

May 25 and June 5 speeches to member banks, Gov

ernor Eccles* reasons, Mr. Hamlin offers no ob

jection, objections of Mr. M iller

Statements of Governor Eccles, Mr. Hamlin, Mr. M iller , Mr.

O'Connor and Mr. Szymczak, Governor authorized

to have addresses printed and mailed to member

banks as o ffic ia l business and at expense of

Board

Governor Eccles* speech before Ohio Bankers Association, report

that Senator Fletcher has had reprinted in

Congressional Record, desire to have reprints

made and sent to a ll member banks with letter

of transm ittal, suggestion of Mr. O Connor as to

change in letter , reprinting and transmittal ap-

^ proved, change le ft to Governor Eccles decision

Statement of Governor Eccles that President had read speech

and was in accord with it

Bill for 1500 reprints ordered by Governor Eccles, ordered

p ? a id eyton, John N . , Banking Act of 1935 , noted that he discussed

before Minnesota Bankers Association on Sept.

24 and October 3 , and that w ill discuss at

Affiliat s Hutchinson and Owatonna October 15 and 18

Anglo Safe Deposit C o ., apparently a ffiliated with Consolidated

Securities Co. and Anglo National Corporation ,

San Francisco, i f so Exhibits L and N should be

furaished

Pages

4 / 9 876

12/27 2873

1 /30 298

6/14 1384-5

6/14 1386-8

2/27 548

2/27 549

2/27 554

10 /14 2087

12/19 2787


A f f i l i a t e s :BancOhio SecSri t ie s C o . , le t t e r to M r . O Connor re vo ting perm u

application o f BancOhio C orporation in connec

tion with nine n atio n al banks, questioning

method of term ination o f t h e ir a f f i l i a t i o n with

Bankers Trust Co. New York, N . Y . , q u estio n o f r e la t io n s with

certain corporations stock o f w hich i s held in

fiduciary cap ac ity , a c tio n d e fe r r e d pending

d isposition o f Banking Act o f 1 9 3 5

California Lands, I n c . , reply to M r . Sargent on q uestio n of af

f i l ia t io n with Bank o f Am erica N a t io n a l Trust

and Savings A s s o c ia t io n

Capital C o ., reply to M r. Sargent on q u estio n o f a f f i l i a t i o n

with Bank o f Am erica N a t io n a l T rust and Savings

Association

Central Securities C o ., in a c t iv e a f f i l i a t e o f R iv e r v ie w State

Bank of Kansas C it y , K a n s a s , r e p ly to M r . McAd

ams to rec o n c ile c o n f l ic t in g in fo rm a tio n re i s

suance o f stock b efo re p u b lic a t io n o f condition

report is waived

City Bank Farmers Trust C o ., New Y o rk , N . Y . , q u e st io n o f re la

tions a r is in g from h o ld in g stock o f corporations

in fid u c ia ry c a p a c ity , a c t io n d e fe r r e d pending

d isposition o f Banking Act o f 1 9 3 5 , David

Blustein & B r o s . , I n c . , i s not a f f i l i a t e

Columbus Bank and Trust C o ., Colum bus, G a . , r e p ly to M r . Clark

that as a f f i l i a t e r e la t io n s have been terminated

no further co rrectiv e a c t io n i s n e ce ssary

Community Water Works and fifty- tw o s u b s i d ia r i e s , d ra ft o f l e t

ter that they are a f f i l i a t e s o f Chem ical Bank

and Trust C o . , memoranda o f M e s s r s . Thomas and

Kamlin that they be h e ld not a f f i l i a t e s , approved

Letter to Mr. Case that Board ru led on M arch 22 that it and it s su b s id ia r ie s are not a f f i l i a t e s o f Chemical

Condition r e p o r t ? * T m S t C * NeW Y o r k N ' Y *

Twln3^ ? ! 1811^ 68^111 those u s ed by S ta te member banks Win Falls Bank & Trust C o . , Twin F a l l s , Id a h o , rep ly to Mr.

argent, noting h is l e t t e r t o , re rep ublicatio n

o f. of Alm ira State Bank, and P a c i f i c State

Waiver: 0 t t0 be re

sAffilifltss* ( Continusd)Lavid Blustein & Bros., I n c . , is not a f f i l i a t e of City Bank

Farmers Trust C o ., New York, N. Y . , which is

one of co-trustees of stock

Edward Aaron, In c ., discovered to be a ffilia te of Merchants

Bank of Kansas City, M o ., through examination,

steps to be taken to terminate relationship and

reports of not to be required i f consummated

before next call

Equitable Trust Co ., Wilmington, D e l . , reply to Mr. Austin on

question of a ffil ia te relationships arising

from holding of stock of corporations in fidu

ciary capacities, action deferred pending dis

position of Banking Act of 1935

Examinations:Cost of, reply to Mr. Sargent on assessment of

State member banks at time of examination of banks, reply

to Mr. Peyton on scope of

Farmers & Merchants Bank of Salisbury , M d ., a f f il ia t e report of,

not of same date as that of bank

Fidelity Building Corporation, Philadelphia , P a . , advances to ,

by F idelity Philadelphia Trust Co. approved

First Farmers &. Merchants National Bank, Troy, A l a ., reply on

request for consideration of termination of re

lationships with corporations so requirements

of Sec. 23A w ill not apply to loans to

First National C o ., Troy, A l a . , loan to by First Farmers &

Merchants National Bank on "rental sales con

tracts", not within provisions of Sec. 23A of

FRAct

First Security Bank of Idaho, Boise, Idaho, subsidiaries of

First Security Corporation of Ogden, Utah, are

not a ffil ia te s o f, and condition reports need

not be obtained, loan to Franklin Investment Co.

does not come within provisions of Sec 23A

First Trust Co ., Lincoln, N e b r ., reply to Mr. McAdams, in con

nection with First National Bank of Lincoln,

that Sec. 32 of Banking Act of 1933 is not ap

plicable , nor is it a securities company under

Sec. 20

tord otor Co., letter to Mr. Stevens that it is not a ffiliate

.j, of Manufacturers National Bank of Detroit

ee old Bank, Pittsburgh, P a . , indication of possible abuse

of a ffilia te relationship with Colonial Trust

Co.

Abuse by Colonial Trust Co. of relations with, should be

absorbed^eneva Metal Wheel C o ., Geneva, Ohio, Geneva Savings and Trust

Co. need not now publish report of, as it was

unaware of a ffiliatio n and it has now been ter

minated

t

5/11 1116

12 / 5 2635

5/11 1113

8/19 1766

3 /13 659

8 / 2 1685

6/14 1395

9 / 4 1868

3/11 645

7 / 2 1569

8 /14 1753

3 /15 679

3 /18 698

8 /12 1730

3 / 1 566

Pages


H and T Feed and E le v a t o r C o ., rep ly to M r . bargent t h a t i ff i l ia t io n has been or w i l l im m ediately be ter

minated by Commercial Bank , S p a n is h fo r k , Utah*"

condition report need not be p u b lish e d *

Hollister Land C o ., a f f i l i a t e o f Tw in F a l l s Bank & T ru st C o ., 3 / 8 63

Twin F a l l s , Id a h o , Board w i l l not re q u ir e re

publication o f co n d itio n report from w hich items

were omitted

Hols ton A g r i c u l t u r a l C o r p o r a t io n , a f f i l i a t e o f Bank o f Glade 4 IQ69Spring and Farmers Exchange Bank o f A bingdon ,

V a . , report should be secu red and p u b lis h e d , not

necessary to r e p u b lis h report o f form er bank,

and not necessary to p u b l is h as a f f i l i a t e o f lat-

ter i f r e la t io n s h ip has been term in ate d

Jones & Woodland C o ., Newark, N . J . , w a iv e r o f p u b l ic a t io n of ^report o f , requested by F i d e l i t y U n io n Trust C o .,

not ju s t i f i e d , but e x t e n s io n o f tim e granted

pending m o d ific a t io n o f w a iv e r c o n d it io n s 12/23 &U

Loans to:

Member banks, statement on m a r k e t a b i l it y o f c o l l a t e r a l se

curing subm itted by M r . V e s t fo r p u b l ic a t io n in

F R B ulletin , approved 5/25 1241

National banks, reply to C o m ptro ller in t e r p r e t in g f i r s t

paragraph o f S e c . 23A in two c a se s 3/29 794

Peoples City Bank, M cK eesport , P a . , p o s s ib l e v io l a t io n o f

S ec . 23A o f FRAct by rea so n o f a d d it io n a l in

vestment in and advances secu red by stock o f

Columbia R a d ia to r C o . , no a c t io n at present 6/18 1416(See also Loans)

Maryland Trust Build ing C o . , r e v e a le d by ex am in atio n report to

be a f f i l i a t e o f M ary land T r u s t C o . , B a l t im o r e ,M d .# reports should be subm itted even though com- ^

pany is dormant 8' 'Member bank shareholders own or con tro l more than 5 0 # o f shares

voted at la s t e l e c t io n , a lso own or control more

than 50^c o f shares o f b u s in e s s co rp o ratio n voted,

but le s s than a m a jo r it y o f s h a r e s , r e p ly to Mr. 4 jflO

M Fletcher on r e la t io n s h iprcantile Securities C o . , rep ly to M r . Sarg en t th at A m e r ic a n

Trust Co. must p u b lish c o n d it io n report even

though company is in a c t iv e and has no stock out- ^ 29*standing '

apoleon Mortgage Loan C o ., request o f Community Bank , Napoleon,

Ohio , that subm ission and p u b lic a t io n o f report

o f , be w aived , c o n sid e ra t io n to be g iv en to , in l2/29

National banks condfi^1011 With general terms o f w aiver* ? n rePo rts , p u b l ic a t io n o f , w aiver under

n ing Act o f 1 9 3 5 , Board approves proposed

regulation governing , fo r S ta te member banks, ^su ject to approval by Com ptroller o f s im ilarprovision8 t or

Affiliates: (Continued)


5Pages

A ff il ia t e s : (Continued)

N o r t h e a s t e r n Water and Electric Corporation and subsidiaries,telegram to Mr. Case that question of relation

with Chemical Bank and Trust Co. is under con

sideration and Board extends time for latter to

f ile a ffilia te reports

Board holds that corporation and its subsidiaries are af

filiates of Chemical Bank and Trust Co. and that

condition reports are required

Reply to Mr. D illistin re request of Chemical Bank and Trust

Co. for waiver of submission and publication of

reports of, that Board refuses to waive

Northwest Bancorporation, relationships with banks stock of which

is owned by both Corporation and R . F . C . , let

ter to Mr. Peyton on bases for determination of

Oswegatchie Securities Corporation, stocks acquired by Ogdens-

burg Trust C o ., Ogdensburg, N . Y . , in dissolu

tion of, may be violation of Sec. 9 of FRAct

and membership condition, Board to take no ac

tion

Phillips Milling C o ., I n c . , apparently a ffil ia te d with Consoli

dated Securities Co. and Anglo National Corpora

tion, San Francisco, i f so, exhibits L and N

should be furnished

R. F. C ., relationships with banks in which stock is owned by,

end by Northwest Bancorporation, letter to Mr.

Peyton on bases for determination of

Relationships of Northwest Bancorporation and R . F . C. with

banks in which both own stock, letter to Mr.

Peyton on bases for determination of

St. Joseph Paper Box C o ., newly discovered a ff il ia t io n with Em

pire Trust C o ., S t . Joseph, M o ., change in

directorate contemplated to terminate, publica

tion of condition reports not to be required

be8board Investment C o ., letter to Mr. Stevens that it is not

a ffilia te of Manufacturers National Bank of

Detroit

State member banks, condition reports, publication o f, waiver

under Banking Act of 1935, proposed regulation

governing and changes in forms, Schedule 0 for

reporting loans and advances irrespective of

waiver

U. S. Tile Corporation, possibility of a ffiliat io n with Fletcher

Trust C o ., Indianapolis , Ind . to be determined

eh Mortgage Loan Corporation, a ffilia t io n with Cache Valley

Banking C o ., Logan, Utah, has been terminated,

publication of corrected condition report not

required

Utah Savings and Trust C o ., Salt Lake City, Utah, reply to Mr.

Sargent that i f failure to report affiliates

was result of not recognizing relationships, re

ports for past calls will not be required

8 / 2 1684

8 / 5 1695

10 / 9 2066

9 / 3 1862

7/29 1664

12/19 2787

9 / 3 1862

9 / 3 1862

2 / 6 382

3 /15 679

8 /28

4 /23

1820-2

967

3/11 647

3/18 706


6AfflV ^ltaa securitleseCorporation, a f f i l i a t e o f YaJcima V a lle y Bank

Sc T ru st C o . , Board w i l l n o t r e q u i r e r e p u b l i c ^ t i o n o f c o n d it io n r e p o r t s from w h ich ite m s were om itted

W C. Bradley Company, and s u b s id ia r ie s , r e p ly t o Mr. Clark thatthey are not a f f i l i a t e s o f Columbus Bank & Trust C o ., Columbus, G a .

Wilm ington T ru st C o ., W ilm ington, D e l . , r e p l y t o Mr. A u s t i n onrelations w ith c e r ta in c o r p o r a t io n s , two of which

arise from h o ld in g o f stock in f id u c ia r y capa

city

Agencies, FRSystem:

Havana:Cable rates, proposed in c re ase to e l im in a t e lo s s from opera

tion o f , m eeting o f M r . Jam es and Governor Newton

with rep resen tativ e s o f banks h a v in g branches in

Havana

D iscussion o f o t h e r means o f e l i m i n a t i n g l o s s e s andp o s s ib il ity o f com m ercial banks in c r e a s in g rates,

reference to proposed o p e r a t io n on system b a s is ,

contract prepared fo r to be d is c u s s e d by M r .

Parker w ith M e s s r s . W yatt and M o r r i l l , action

deferred on cable r a te s

No information a v a ila b le as to w h e th er com mercial banks

would in c re a se r a te s a l s o , p o s it io n o f M r . Welles,

State Departm ent, that change b e fo r e p o s s ib le

e lectio ns in Cuba in Novem ber may a f f e c t p o l i t i

cal s it u a t io n , a c t io n d e fe r r e d and in te r e s te d

parties to be n o t i f i e d

Letter to Governor Newton on a c t io n and l e t t e r s to

rep resen tatives o f banks h a v in g branches in

Cuba

Cost of currency redem ption , r e p ly to M r . C o n n i f f on re p o rt

ing

Cost of operation, rep ly to Governor Newton re determ ining

Operation on system b a s is , r e fe r r e d to i n con n ection w ith

proposed in c re a s e in c a b le r a t e s , contract pre

pared, FRBank o f M in n e a p o l is doubted autho rity

to enter in t o , M r . P a r k e r to d is c u s s contract,

with M essrs . Yfyatt and M o r r il l Letter to a ll FRBanks except A t la n t a and M in n e a p o lis in

closing copies o f agreem ent f o r , and l e t t e r to M r. Peyton

Consideration of p la c in g agency on b a s is o f p ro ratin g

losses and income among a l l IR B anks Advice t o a ll FRAgents that FRBanks have e xe cu te d a g r e -

raent and o p e r a t i o n u n d e r , w i l l commence JuneProtection in event threatened s tr ik e in Cuba should raa-

t e r i a l i z e i n t o s e r i o u s s i t u a t i o n , r e s o l u t i o n FRBenk o f A t l a n t a t h a t Board u s e good o t J i c e secure through S t a t e D ep artm en t, t o be t r a n s m itte d t o S t a t e Department

V 4

10/u

5/11

I&69

2075

Uu

4 / 4 828

4 / 4 829-

4/11

4/16

8/15

7/ 5

936-S

17601577

4 / ^

4 / 8

4/H

d/&

&

I&

3/2*fj0


7PagesAgencies: (Continued)

Havana: (Continued)Protection: (Continued)

Letter to Secretary of State, approved

Staff:Alston, A. H . , Assistant Manager, salary approved Frazer, H. C . , Manager, salary approved

Statement to be forwarded to FRBanks monthly on operation

reply to Mr. Conniff on form of and suggested* changes

Savannah:Personnel classification plan, change approved providing for

position of "Guard", salary paid by Savannah

Clearing House Assn.., change made to provide coverage under blanket bond

3/27 774

1/29 270 1/29 270

5/25 1239

Staff:Bowden,

Goethe,

J. H . , Manager, salary approved

James A . , Assistant Manager, salary approved

Agencies, foreign department: (See State member banks, AmericanTrust Co.)

Agency accounts: (See Deposits)

Air conditioning:

FRBank cf Chicago, expenditure approved for

FRBank of Cleveland, survey on installation of

No objection to expenditure for 3rd and 8th floors

FRBank of Kansas City, payments made in connection with

FRBank of New York, expenditure for survey authorized to deter

mine needsAlaska:

Membership in FRSystem:

First National Bank of Ketchikan, letter that Board does not

approve application, memo of Mr. Hamlin that it

should be approved, letter to be prepared along

lines suggested by Mr. Szymczak, Mr. Hamlin to

prepare review of previous consideration and ac

tion on applications from outside U .S .

Letter presented and approved, statement of Mr. Miller

that he is not in accord with view stated

thereinReply to Mr. Sonne that any survey should be made within

Ail 30 daysSaints Episcopal Church, reply to Mr. Crowder on payment of in

terest on certificate of deposit for period be

tween maturity and renewal len Mitchell & Co.: (See (quarters of Board of Governors, Demoli-

Aii tion)"J-Len, Ronald H . : (See Reconstruction Finance Corporation)^erican Banker:

"Member of F. D. I . C ." , comment that use of term may causeconfusion with members of FRSystem, memo of Mr. Wyatt re and suggesting F. D. I . C. regulation III be amended to "insured bank", memo to

be prepared for Chairman Eccles to take up with

Corporation

9/20 1957

1/29 270

1/29 270

12/ 9 2672

1/29 261

3/21 729

1/14 111

4 / 2 825

3/22 745-7

3/25

3/29

752

791

4/12 916

11/ 8 2301


8American Bankers Association:Executive Council meeting in i ass Christian , .vliss., on March 1

and 2 , Governor Eccles to attend x

Handbook for Trust Examiners, copy sent to Mr. Sargent of, wit,letter on coordination of trust departmentexamination procedure

Reply to Mr. Sargent acknowledging receipt of h is letter

and advising that copy is being transmitted to * Mr. Peyton

Regulation Q, absorption of exchange and collection charges, advice of communications from M essrs. Hecht and

Fleming re situation which would arise from pro

hibition of, i f F . D . I . C. d id not prescribe similar lim itation

Regulations of Board of Governors, committee o f , to meet withBoard s staff this week on revision of

Special Committee on Banking Act of 1933 , tentative draft of re

vision of Regulation Q referred to Mr. Hecht for

comment

American Institute of Banking:

FRBank of Atlanta, appropriation for chapters in Atlanta and

branch c ities , approved

Martin, William M cC ., no objection to service as member of Board

of Regents of Graduate School of Banking

Tampa Chapter, Educational Committee, reply to Chairman Boushall

that no member of Board or it s s ta ff w ill be in

vicinity at a time which would permit acceptance

of invitation to address forum of bankers American Statistical Association:

Sickness records of FRBank of New York, reply to Dr . King that

there is no objection to FRBank makipg available

to, in study being conducted under auspices of

U. S. Public Health Service American Telephone and Telegraph C o .:

Chicago-Kansas City, letter to Mr. Adams requesting installa

tion of teletype service Letter to Mr. Adams requesting nine hour service instead of

eight

Chicago-New York-Washington, letter to M r. Adams requesting in

stallation of three-way switch at New York to permit sending through New York from both Wash

ington and Chi cago as Chicaeo circuit, letter to Mr. Adams requesting install2

jjrrjTi v tion of teletype serviceBank of Minneapolis - .FRBank of Chicago, letter to Mr. Adaras^

requesting conversion of Morse service to te 0 w , type

ear ng before F^ e r a l Communications Commission, reply to

Dillard on feeling of Leased Wire Committee *ny action should be on System basis , o nee

New York Ph< aPParent at present han**New York - Chicago circuit, letter to Mr. Adams r e q u e s t i n g chanS

from duplex to single line

2/2?

8/28

10/11

2ms

10/21 213j

8/28 lau

4/23 97(

1 /4

American Telephone and Telegraph Co.: (Continued)Teletype service betv/een FRBanks of Chicago and San Francisco,

letter to Mr. Adams requesting discontinuance Teletype service betv/een FRBanks of Dallas and Chicago, letter

to Mr. Adams requesting installation

Anderson, Grant W.: (See National banks, Northwestern NationalRnk and Trust Company of Minneapolis)

Annual reports, FRBoard, 1934.Page proof presented with letter of transmittal, approved, to

be sent to Speaker of House when printed and to President of Senate and released to press

under date of June 24, approved

Anthony, E. E . : (See National banks, First Farmers & Merchants* National Bank, Troy, Ala.)

Applications, return of: (See Files)Architectural Forum, authorized to photograph certain entries in

competition for architect for Board s building

Architectural League of New York:Drawings submitted by Mr. Cret in competition for selection of

architect for Board s new building, to be exhibited by

Archivist: (See National Archives)

Arizona:

Fiduciary powers, State member banks, Board unwilling to waive

compliance with membership condition requiring

deposit of securities for trust funds in bank

ing department

Reply to Mr. Walsh that Board s letter of March 8 relative

to deposit of securities for trust funds in com

mercial department was not concerned with right

of bank to make deposit, but whether funds

were adequately safeguardedArmstrong College of Business Administration, reserve requirements

of member banks, reply to Mr. Leatherraan as to

whether Banking Act of 1935 authorized Board

to change reserve requirements for individual

banks or for all banks in given class os, Viilliam T ., reply that Board cannot certify Senate Document

310 as exact copy of Transcript of minutes of

conference of Board with Federal Advisory Council and Class A directors, and that it is

p not clear what charts he requestedeP y to Mr* Arnos that Board can furnish typed and certified

copy of transcript and charts on Bank Credit, Money Rates and Business Activity, and proposed

Ashb cost thereofrook, Grover H . : (See Quarters of Board of Governors, Demoli-

Asht tion)a> Linwood E .: (See National banks, Portland National Bank,

Portland, Me.)

2/ 2 347

5/25 1242

9Pages

6/24 1444

5/18 1156

12/18 2759

3/ 8 629

3/25 763

11/16 2410

12/ 9 2672

12/20 2800


.ng

Assessments:FRBanks for expenses of Board:

Building fund, letter to FRBanks calling for remainder Resolution levying on FRBanks for expenses of Board July

Dec. 31Resolution levying, including sum for Board s new buildi^

Atlanta clearing house banks, suggestion, transmitted through. MrOttley, that Sec. 324 of Banking Act of 1 9 3 s \

amended to prohibit absorption of exchange collection charges

Attorney General of the U .S . :Rwnk Robbery Statute, reply to, re procedure in reporting viola

tions

Overdrafts of Elk Paper Manufacturing Company of Childs, Md.

reply to, re overdrafts with Maryland Trust Co.

Postal Savings legislation, reply to, on effect of Sec. 324 and

341 of Banking Act of 1935 on, Board s counsel

having rendered opinions re opinion of Solicitor of Post Office Department

Reserve Investing Corporation, use of "re se rv e " in t it le re

ported to, as possible statutory violation

Violations of criminal provisions of banking law s, reply to, on

Mr. Keenan s letter re procedure for reportingAudits:

Accounts of Board of Governors, report o f , reply to Mr. Grayson

on, and that bonds of F iscal Agent and Deputy

Fiscal Agent are not affected by change in Board s t itle

FRBoard*s accounts as of March 30 , reply to M r. Grayson on suggestions

Austin Clearing House Association, collection charges imposed by

members of, on out-of-town checks which exceed

legal rate, letter to Mr. Walsh to seek through

Mr. Bremond, President o f , discontinuance of practice

Automobiles, production and distribution , d iscussion , led by Mr.James

Ayers, Congressman Roy, letter from secretary re industrial loan

application of Hansen Bros. Garage

6/20 ,- U3&

*/z\ u

8/14 175,

l0/2B 2805

H/ll 2332

11/ 1 2236

11/ 8 2314

11/13 2384

11/ 8 2312

5/ 6 1064

12/23 2829

5/25 I224

1/ 3

"B "

Bad debt8

Classification of certain obligations as , under Sec. 5204,

Revised Statutes, Comptroller requested for in- c/\Aterpretation '

Dividend payment while they exceed net income, reply to Mr.

Curtiss that United States Trust Co. of Boston ,Mass., may not make on common stock, and that payment on preferred stock depends on a r t i c l e s 5/ 2I

Baker, Newton D . : incorporatin and Statw law

Gold certificates Board has no objection to IHBank of New Yorkretaining to consult on leal questions in v o l v in return of old form to Treasury

&


11

Page 8

Baker. Newton E .: (Continued)Payment of fee to Baker, Hostetler, Sidlo and Patterson by

fRBank of New York for services in connection with return of old form gold certificates to Treasury, authorized

Baker Hostetler, Sidlo and Patterson: (See Baker, Newton D .) Balance sheet of FRBanks, Fom 34, changes in, letter to governors

reBangert G. H .: (See National banks, First National bank, Kenmore,

N. Y.)Bank credit, Availability in Seventh FRDistrict: (See Viner report)

Bank failures:Utah, study being made by Mr. Garlock, Bureau of Agricultural

Economics, FRBank of San Francisco authorized

to make certain records available to

Reply to Mr. Sargent re procedure and records to be fur

nished

Wisconsin, study to be made by Mr. Garlock, Department ofAgriculture, authorized to utilize informa

tion from FRBanks of Chicago and Minneapolis,

letter to FRAgents in accordance with

Bank for International Settlements:

Directors: (See Directors)

Bank robberies, procedure in case of, reply to Mr. Hoover that

document covering has been sent to FRBanks for

distribution to member banks

Bank Robbery Statute, violations of, reply to Attorney General re

procedure in reporting

Bankers Development Corporation, New York, N .Y . :

Savings devices such as coin banks, reply to Mr. Carhart that

distribution by banks does not constitute in

direct payment of interest Bankers Utilities Co., In c ., San Francisco:

Savings devices such as coin banks, reply to Mr. Greer that

distribution by banks does not constitute in

direct payment of interest Bankette Co., Inc ., Boston, Mass.

Savings devices such as coin banks, reply to Mr. Eisendrath

that distribution by banks does not constitute

indirect payment of interest banking Advisory Board of New Jersey:

Regulation limiting maximum rate of interest, controlling on na-

r% , . tional banks and State member banksSinking quarters:

Ashland Bank and Savings Co., Ashland, Ohio, no objection to

proposed investment in Bank of Southern Utah, Cedar City, Utah, Cedar Finance Co.

should be removed from Reply to Mr. Sargent that removal of Cedar Finance Co. to

another part of building appears to comply with Board s requirements

9/13 1914

12/13 2726

10/ 9 2066

10/11 2079

11/13 2381

3/15 690

10/28 2205

12/21 2810

12/21 2810

12/21 2810

11/26 2533

3/21 726

2/18 480

4 / 1 805


Banking quarters: (Continued)Citizens Bank and Trust Co ., Concord, N . C . , m em bership condi

tion requiring removal of building and loan a

ciation, effective date extended in d e fin ite lySS~

Citizens State Bank, Osage City, Kansas, permission granted tomake additional investment in

Dothan Bank 5c Trust Co., Dothan, A l a . , no objection to invest

ment in

Elliott State Bank, Jacksonville, 1 1 1 . , permission granted toincrease investment in

Fall River Trust Co., Fall River, M a ss ., condition of membershiprequiring removal of Lafayette Cooperative Bank waived indefinitely

Farmers & Merchants State Bank, Darlington, I n d . , removal of

building and loan association , advice requested by end of year as to progress toward

Fidelity-Philadelphia Trust C o ., P h ilad e lp h ia , P a . , permission

granted to increase investment in , through ad

vances to a ffilia te d i i d e l i t y B u ild in g Corpora

tionInvestments in, comparison of, reply to M r. So b elo ff in connec

tion with liquidation of Baltimore Trust Co.

that Board cannot furnish any s p e c ific data re

Merrill Trust Co., Bangor, M e ., branch bank bu ild ings at East-

port and Searsport, no objection to transfer

from collateral to directors* notes to assets

Peoples Savings Bank, Clanton, A l a . , perm ission granted to in

vest in addition to b u ild in g and land for same

Saginaw State Bank, Saginaw, M ic h ., perm ission granted to make

expenditure for purchase of St8te Bank of Wheatland, W y o ., expenditure exceeds that author

ized, approved up to certain lim it Banthrico In c ., Chicago, 1 1 1 .:

savings devices such as coin banks, reply to M r . Eisendrath

that distribution by banks does not constitute

indirect payment of interest Barber, M .: (See Foreign banking corporations, Chase Bank)

Barnes, G. o .: (See Treasurer of United States)

Barnett, Bion K . : (See National banks, Barnett N ational Bank)

Barr, Dr. E. 0 . : (See Staff of FRBoard, Examining Physician )

Barringer, M. L . : (See Denison University) vBates, Robert W ., newspaper articles and memoranda concerning Bank

of America National Trust and Savings A s s o c i a

tion forwarded Board, re fe rre d to Com ptroller

of the Currencyuman, c. S . : (See State member banks, American Bank Sc T r u s t Co.,

New Orleans)ckman, Irland McK., Deputy Secretary of Banking of Pennsyl^11^ *

copy of letter sent to Northwestern Nation Bank in Philadelphia advising that State c 0-ary tificate is not necessary to exercise tiuuc powers sent to

(See Department of Commerce)

B/26

12/23

7/l?

12/23

28*

10/31 2231

10/16 2Q9q

6/14 1295

12/11 2706

2/11 408

6/27 1529

12/21 2805

7/19 I*31

12/21 2810

4/25$

l/l*

Beckman report:


Bel don & Co.

Belligerent

,, New York, short sale of common stock and purchase of preferred stock of same company, reply to Mr. Willett on margin requirements

nations, financing of shipments of goods to, question of procedure in case of requests for, by FRBanks, referred to State Department for views

Benton, F. E . : (See State member banks, First State Bank, Norton,Kansas)

Berger, G. Fred:(See Legislation, Mortgage pool)(See State member banks, Norristown-Penn Trust Co., Norristown,

Pa.)Better Business Bureau of Philadelphia, repudiation of order by cus

tomer who purchases securities without deposit

ing margin, and refusal of broker to remit profit to such customer, reply to Mr. Smyth

Bill, Ray: (See Sales Management, New York, N. Y .)

Bi-metallic standard, views of Governor Geery and Board members on,requested by Senator Thomas in relation to silver

policy, referred to Counsel for determination of Board s jurisdiction

Binns, Ben G . : (See National Banks, Union National Bank of Donora)

Bishop, Crawford M.: (See Foreign banking corporations, Inter-Ameri

can Highway)

Blandy, Mooney &. Shipman, fiduciary powers, reply on letter addressed

to Senator Glass inquiring as to intention of

Congress in enacting Sec. ll(k) of FRAct and as

to "funds deposited or held in trust by the bank

awaiting investment"Board of Governors of FRSystem:

Accounts:

Audit, reply to Mr. Grayson on report of, and that bonds

of Fiscal Agent and Deputy Fiscal Agent are not

affected by change in Board s title Building account, voted by Governors Conference that

FRBanks be permitted to charge assessments for,

to profit and loss Indorsement of checks received by Board, form approved

Names of, Secretary authorized to direct FRBank of Richmond

to change in accordance with change in title of FRBoard to

Addresses, Tampa Chapter of American Institute of Banking, reply

to Mr. Boushall that no member of Board or its staff will be in vicinity to accept invitation

to address forum of bankers king Act of 1935, statement that approval by President would

change title of FRBoard to, present stocks of stationery, checks, etc., to be used up

Accounts of FRBoard, Secretary authorized to direct FRBank of Richmond to change names of, to conform to new title, Mr. Miller and Mr. Morrill to give consideration to new design for seal

Records required to be kept under, Mr. Morrill and Mr# Wyattto determine, question of providing for stenographic record of meetings of Federal Open Market Committee

13

Pages

6/20 1431

11/30 2598

1/23 225

9/17 1937-9

6/18 1419

11/ 8 2312

10/24

9/26

21652012

8/21 1780

11/22 2475

8/21 1779

8/21 1780

8/21 1700Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

*89

Board of Governors of FRSystem: (Continued) K

Banking Act of 1935: (Continued)Inscription on Board s new building to be federal ResrVfan FRAgents, question of appointments, matter to be left

action after Feb* 1 , 19156 1?^

Advice of approval of Act by President, press release re m *'*1 , Miller may prepare memo re cffect of Act * %

Budget for 1936, question of procedure, to be prepared by Xeci 8/23tive Cojomittee and submitted in usual way

Messrs. Clayton and Morrill requested to prepare letter to division heads re policy in preparation and to be requested before certain date

Salaries of staff of Board, suggestion of M r. James that

wishes of Board be made known to Executive Com

mittee, policy for FRBanks to be ap plied , draft of letter to division heads re

Report of Executive Committee re, approved

Salaries of Messrs. Folsom and Malone transferred to, from

Division of Examinations budget w hile serving

Senate Committee on In tersta te Commerce

Checks, stationery, e tc ., voted to use up present supply bear

ing name of FRBoard

Destruction of useless records: (See in fra Records)

Division of Issue and Redemption:

Expenses of, Mr. Wyatt requested to study change in method

of meeting, so that Board would reimburse Comptroller for

Division of Research and S ta tistic s :

Budget exceeded for year, authorized to purchase additional

equipment, stationery , etc .

Storeroom, temporary employment and compensation of Mr.

Drury until completion of inventory of material

Study of activity and distribution o f deposits to be made

with funds allocated by WPA Division of Security Loans:

Budget for 1935, recommendation for add ition to , for equip

ment and subsistence expenses, approved Haskins & Sells, renewal of arrangement w ith , for coopera

tion with d iv ision , for further temporary perio< Regulation applying to extension and m aintenance of c r e d i t

by banks, Division preparing , and i t is better

j. e

Board of Governors of FRSystem: (Continued)Meetings: (Continued)

Suggestions of Dr. Miller that two should be held each week for discussion of many matters wnich will be

presented in near future 10/18 2109

Members:Eccles, Marriner S ., Chairman:

Housing construction, memo re request that Mr* Daiger give consideration to means of giving vigorous

impetus, and that he keep in touch with mort

gage and housing, financing, asking cooperation of division heads, approved n / q 2300

Hamlin, C .S .:Stockholders* meeting of FRBank of Boston, to attend 10/21 2130

Letter to Governor Young re 10/25 2191

James, George R .:Stockholders* meeting of iHBank of Boston, to attend if

he can so arrange his affairs 10/21 2130

Letter to Governor Young re 10/25 2191

Miller, A. C .:Banking Act of 1935, advice that he may file memo dis

cussing significance of, as creating new status

for Board 8/23 1789

Review of Month for FRBulletin for September, meeting

requested by, to consider statement re Banking

Act of 1935, changes agreed upon 8/29 1832

Sponable, F. W ., suggested letter to FRBank of Kansas

City, with respect to consideration of removal,

as director, that Board will accept assurances

of no further violations 10/30 2217

Statements outside of Board meetings, cautioned against,

as result of reference in Wall Street Journal

to hearing of Mr. Giannini on voting permit for Transamerica Corp. 11/22 2462

Thomas, J .J . , Vice Governor:

Agency accounts of Industrial Trust Co*, not in concur

rence with proposed ruling that they are not deposits 10/30 2214

(See also Deposits)Minutes:

Executive Committee meetings, approved and actions ratified:August 23

August 26, 28, 29, and 30 and September 3, 4, and 11

September 7 and 9 (Interim)October 4 (Interim)

Sept. 24, with Federal Advisory Council Sept. 12, 13, 14, 16, 18, 19, 20, 21, 23, 24, 25, 26,

27, 28, 30, October 2, 7, 8, 9, 15, and 16 Meetings of the Board, approved:

Sept. 17, Oct. 11 and 14 Oct. 18, 19, 21 and 22 Oct. 25, 26 and 28

15

Pages

9/17 1941

10/18 2115

10/18 2115

10/21 2136

10/21 2136

10/21 2136

10/21 2136

10/31 2227

11/12 2349


^ L r ; r br ^ r r ; . . ! cs r L d a . to vOffice. thet of Engreving and P r in tin g w u ? t8

also close so thet currency orders should be

placed early ^

POliRecordrrequired to be kept under Banking Act o f 1935 , Mr. ^

Morrill and Mr. Wyatt to determ ine, Question of

providing for stenographic record of proceeding* of Federal Open Market Committee ^

Mano of Mr. Morrill re procedure in keeping , early decision 8/81 l76o urgent, opinions of M r. M il le r and M r. Eccles

thet record should be confined to broad policy

matters lo/iaReferred to Mr. M iller end M r M o r r ill for recomroenda-

tion, Mr* Eccles of opinion that record should

be confined to broad policy m atters , concurred

in , question of instructing Secretary to prepare

statements of reasons 10/21 2150.Memo of Mr. Miller recommending procedure for preparing and

keeping 12 / 7 2650Rediscount rate changes, letter to FRAgents requesting in

clusion in advice o f , o f statement of reasons 12/10 2674Policy record of Federal Open Market Committee: (See Committees)

Press reports, actions taken by Board have leaked out, discus

sion occasioned by complaint of M r. Coolidge re

report of his statement before Federal Open

Market Committee, Board members warned re , Mr.

M iller inclined to exclude reporters from Board ^

members* section in new b u ild in g 10/25 *1 *Records:

Banking Act of 1935, required by:

(See supra Policy record)

(See Committees, Federal Open M arket, P o lic y record)Destruction of useless, letter to N ational Archives describ- go#

ing certain papers Senete Committee Investigating M unitions In d u stry , r e q u e s t 69-

of release of certain documents for publication

renscript of stenographic minutes of conference with led-

eral Advisory Council and Class A directors in

1920, reply to Mr. A m o s that Board cannot cer

tify Senate Document 310 as exact copy of Keply to Mr. Arnos that Board can furn ish typed and

certified copy of transcript and charts on Ban ~

Credit, Money Rates and Business A c t iv it y , sD l2/20 >, proposed cost thereof*

. r. Morrill and Mr. M iller to give c o n s i d e r a t i o n t o de- ^

for new, in accordance with new t i t l e g/2

Stationery, checks, ^ . ^ ^ 0^ ^ ^ L p p V / - - ^

Works Progress A ^ n ^ L n ^ b l t e c o l l a r " p r o j e c t , q u e s t io n

8Pnsring , views on, suggestion o f Mr. iO Connor th a t i t be l i m i t e d t o c l o s e d n a t i o n _ j

anks, filing of application approved, sup* 9/1sion of

\


17

Pages

Mk ^ "Bad debts", classification as, under Sec. 5204 of Revised

Statutes, request Comptroller for interpre

tation 2/14 Called, credit to be extended under Regulation T 2/2 6 Depreciation on defaulted, classification in examination reports 9/14

Home Owners Loan Corporation:Advances to Federal Home Loan Bank on note secured by, reply

to FRBank of Boston that FRBanks are not author

ized to make 1/23 Purchase by FRBank of Kansas City for self-insurance fund,

recommendation of Mr. Snead that they be shown

against "Other securities" rather than "Securi

ties fully guaranteed by U. S. Gov t . " , approved 10/ 9

Joint stock land bank, redemption, reply to FRBank of KansasCity suggesting communication with Farm Credit

Administration re procedure for 9/16

Savings, issued by Treesury Department, statement of Mr. Cool-

idge on 10/24

Surety:Anderson, J . B . , renewal as Assistant FRAgent at FRBank of

Cleveland 10/18

Barnett, Mrs. Genevieve M . , as acting assistant FRAgent at

FRBank of Atlanta 10/25

Case, J. Herbert, renewal as FRAgent at New York 3/27

Cooper, Norman C ., FRBank of New York, approved in connection

with authorization to act for FRAgent in issue

of FRnotes 12/ 5

Dillistin, W. H ., renewal as Assistant FRAgent at New York 3/27

Downs, H. S . , renewal as Assistant FRAgent at New York 2/20

Employees of FRAgents' departments acting for FRAgents in

receipt and delivery of FRnotes, letters to

FRAgents at Boston and New York that they should

be qualified and bonded 10/25

Fiscal Agent and Deputy Fiscal Agent of Board, reply to Mr.

Grayson that change in title of Board does not

affect 11/ 8Foulk, Oliver E . , Fiscal Agent, premium assumed by Board 5/ 1

Gettemy, Charles F ., renewal as Assistant FRAgent at Boston 11/ 9

Harrell, C. E . , as Acting Assistant FRAgent at CincinnatiBranch ' 2/28

Hudson, Alfred J . , FRBank of New York, approved in connec

tion with authorization to act for FRAgent in issue of FRnotes 12/ 5

Lally, Josephine E . , Deputy Fiscal Agent, premium assumedby Board 5/ 1

Morrissey, Clifford E . , to act for FRAgent at Boston 12/20Odom, L. M ., El Paso Branch, to be re-executed because ap

pointment as acting assistant FRAgent had not ^been approved at time of execution 11/13

Bond approved 11/23

Phinney, Robert H . , FRBank of New York, approved in connec

tion with authorization to act for FRAgent in issue of FRnotes 1^' ^

459538

1919

226

2065

1929

2158

2115

2187

773

2632

773

492

2192

2312

10282323

556

2632

10282794

23662478

2632


Bonds: (Continued)Surety: (Continued)

Powell, 0 . S . , FRBank of M inneapolis:

18

Present bond to remain in effect u n til f in a l d e te r s

tion as to appointment as A ss istan t FRAgent ~ Approved as Assistant FRAgent

Prugh, G. A ., renewal as Assistant FRAgent at Chicago Representatives of FRAgent in other departments o f bank

designated to hold, in jo in t custody, co liate ^

lo/i*

5/2b

Sargent, IS/ 5 7/16

9/2012/20

12/ 5

11/19

3/18

12/ 5

for FRnotes, reply to FRBank o f New York that

there is no requirement or n e c ess ity for indi vidual bonding

S. G ., as Assistant FRAgent at San Francisco

Sav&nnah Agency, position of* "Guard created in personnel

classification plan to secure coverage under

bankers* blanket bond, sa lary o f guard is paid

by Savannah Clearing House A ss o c ia t io n

Sawyer, Cana D . , to act for FRAgent at Boston

Sheehan, William F . , FRBank o f New Y ork , approved in connec

tion with authorization to act fo r IHAgent in

issue of FRnotes

Shepherd, Robert L . , renewal as acting a s s is ta n t .FRAgent at

* Ri chmond

Sonne, Herman A . , as acting ass istan t FRAgent at San Fran

cisco

Stryker, Jere V .D . , FRBank of New York , approved in connec

tion with authorization to act fo r FRAgent in

issue of FRnotes

U. S. Treasury 4j% $1 0 ,00 0 , series 1947- 1952 , r e p ly to Com

missioner of Internal Revenue H e lv e rin g that

instructions have been issu ed to FRBanks re

questing that they c a r e fu lly examine Oct* 15 coupons

(See American In s t it u t e o f B an k in g , Tampa Chapter)

(See National banks, Rhode Is la n d H o sp ita l Netion-

al Bank, Providence)Boyer, Frank J . , reply that FRBanks cannot make in d iv id u a l loan% ^ nk

real estate and that it does not seem that ^ l /

n f Cleveland had pressed unduly as to note heBranch group and chain banking report: ^

rary of Congress, reply to Mr. Putnam that there is not a C

Branch banking: Plet* Py avuilable f i l i n g in

Policy toward, considered in conjunction with action to he

regarding amendments in Banking Act o f 1 9 J garding Sec. 32 of Banking Act o f 1933 an {qT

8 and aA of Clayton A c t , Board should Prep :or- next session of Congress le g is la t io n to ? +ted

/'-e limited branch banking and to be su

Branch banks, d o m e s t i c bef re 8ent t0 ConsresS

American Trust Co., San Francisco. C a l i f . :Wscontinuance of certain branches contemplated. Board

Pnoval not required, no objection

16H

13572794

26S

2416

696

9 /H 189?

Boushall, John H.

Bowen, Ralph W .:

9/19

5/J

BP" g/2*


19

Pages

Branch banks, domestic: (Continued)American Trust Co., San Francisco, Calif.: (Continued)

Stockton, establishment approved 11/12

Bank of Sheboygan, Wis.:Haven, permission granted to operate, upon completion of

membership 12/26California Bank, Los Angeles, Calif.:

Ocean Park, Atlantic Avenue and Beverly Hills, application for retention of branches, on which action had been deferred, approved 9 / 3

Camden Safe Deposit and Trust Co., Camden, N. J . :Haddonfield, no objection to absorption of Haddonfield

Trust Co. and establishment of 12/23

Consideration given to memo re following ruling of Comptroller and allowing bank with impaired capital

to establish branch where other factors fevor

approval 12/23Capital requirements, impairment, advice requested of Comptrol

ler as to whether a national bank having im

paired capital, but unimpaired residue greater

than minimum requirement, would be permitted

to establish, in connection with State member

bank requirements 1 1 / 1 2Commercial Bank of Spanish Fork, Utah:

Payson, Utah, reply to Mr. Sargent as to whether Commercial

Service Corporation is a branch 7/24

County Trust Co., White Plains, N. Y . :

Mamaroneck, recommendation to Comptroller of approval of

application to establish 1/29

Debentures, inclusion by State member bank in capital required

for establishment, reply to Mr. Evans that it

is permissible, in connection with contemplated

application of Lorain Street Bank, Cleveland 6/20Establishment by State member banks with impaired capital,

memo of Mr. Wingfield expressing opinion that

Board would be justified in following Comp

troller's interpretation of law and permit, where other factors justify approval 12/23

Fidelity Union Trust Co., Newark, N .J . :

c-ast Orange, recommendation to Comptroller for establish

ment of two branches after purchasing assets and assuming liabilities of Essex County Trust Co. 7/29

Approved by Board in view of provisions of Banking Actof 1935, previously approved by Comptroller 9/16

arvard Trust Co., Cambridge, Mass.:

Belmont, letter to Comptroller recommending modification of

condition to permit establishment on basis of corrections made ^ / ^

ntra-city establishment, reply to Mr. Fletcher re case ofUnion Trust Co., Pittsburgh, Pa ., explanatory of Board's position that its approval is not required 1 1 / 8

2350

2848

1852

2819

2819

2350

1645

262

1431

2820

1664

1923

339

2305


Branch banks de^ : d e v e l w d t ^ h i o :

LOrl t o n u S ^ e b S t i r e s , reply to Mr. Fletcher that when aP cation is made by, for establishm ent o f , c ^ Z ^

troller will include those sold to RBC i n d *T

mining amount of capital required er-

' Lakewood, recommendation to Comptroller o f operation of, iriconnection with admission to membership

4 Marine Trust Company of Buffalo, N . f . :Batavia, absorption of Bank of Batavia and eeteblishment of

branch, approved

East Aurore, absorption of Bank of East Aurora and establishment of branch, approved

Merrill Trust Co., Bangor, M e .:Eastport, branch building, no objection to tra n s fe r from

collateral for directors* notes to assets

Searsport, branch building, no objection to tran sfe r from collateral for directors* notes to assets

National banks:Amendment to law suggested by M r. Sargent to permit estab

lishment within 25 m ile rad iu s by banks with

capital of not less than # 2 0 0 ,0 0 0

Old Kent Bank, Grand Rapids, M ic h .:

Wyoming Park, M ich ., recommendation to Com ptroller of ap

proval, after absorption o f Wyoming Park State

Bank

Advice to FRAgent of approval o f branch and consolida

tion

Peoples Bank and Trust C o ., S e attle , W a sh .:

Everett, absorption of Security N atio n al Bank o f Everett,

no objection and establishm ent of branch ap

proved subject to increase in cap ita l

Peply to Mr. Sargent re purpose o f c a p ita l increase re

quirement and that cap ital notes and debentures

may be included

Policy toward branch banking considered in conjunction with

action to be taken regarding amendments in

Banking Act of 1935 to S e c . 32 o f Banking Act

of 1933 and Sec. 8 and 8A o f Clayton Act ard should prepare for next session of Congress

tion to authorize lim ited branch banking and^ _

c . submitted to President before sent to Con^1*

O r L I.nvetme^t end Trust C o ., East Orange, N . T .zge, Board cannot give approval at th is time to oper?

tion of branch on site of absorbed Trust Com- c. ., pany of Orange

u kota, lav; passed authorizing establishm ent o f o f f ic ^

without regard to capital r e q u i r e m e n t s , reP d to M r . Peyton on effect o f , on m e m b e r bank-

RbdIv u aPP|*cnts for membership v.r * llibridge giving views o f Board re este

liehment by State member banks under State

Letter +n Sttute recently enacted i-exter to Senator Bulow re

20

6/Sq

7/31U?j

12/24

12/242838

2/11 4oe

2/11 e

11/13 23$

5 /21 1187

5 /2 5 1230

10/H

10/14

5/18

5/1*

9/20

4 /

2071

2062

J}5*

u59

to#


21

Pages

Branch banks, domestic: (Continued)Union Trust Company of Pittsburgh, Pa.:

Pittsburgh, at present site of City Deposit and Trust Co.,Board s approval of establishment not necessary, no objection iq / g

Reply to Mr. Fletcher explanatory of position taken by Board that intra-city branches do not require approval of Board 1 1 / 8

York Trust Co., York, Pa.:Shrewsbury, establishment approved 1 1 / 2

Branch banks, FRSystem:

Baltimore:

Staff:Anderson, L. E . , reappointment on temporary basis as

Acting Assistant ifRAgent for 1935 1 / 2Temporary reappointment 12/28

Cupit, J. R ., Cashier, salary approved 1/29

Johnston, J. A ., Assistant Cashier, salary approved 1/29

Leach, Hugh, Managing Director, salary approved 1/29

Wrightson, F. W ., Assistant Cashier, salary approved 1/29

Birmingham:Audit reveals that branch Cashier receives small salary as

Secretary of Clearing House, feeling that situa

tion is not desirable 2/18

Management and operating efficiency, no advice of any steps

in connection with examiner s comments 1/12

Staff:

Frye, J . H . , Managing Director, salary approved 1/29

Knowlton, T. N . , Assistant Cashier, salary approved 1/29

Urauhart, H. J . , Cashier, salary approved 1/29Buffalo:

Personnel classification plan, changes approved 7/13Salaries approved for 1935 3/29Staff:

Blakeslee, C. L . , Assistant Cashier, salary approved 3/29

OHara, R. M . , Managing Director, salary approved 3/29

Snow, H. W ., Cashier, salary approved 3/29

ftiltse, R. B . , Assistant Manager, salary approved 3/29Charlotte:

Staff:

Brooks, Louis D . , Assistant Cashier, salary approved 1/29

Cherry, R. L . , Cashier, salary approved 1/29

Clements, V.'. T . , Managing Director, salary approved 1/29

Francis, Charles E . , Acting Assistant FRAgent, reap

pointment on temporary basis for 1935 1 / 2 Temporary reappointment 12/28

Harrell, C. E . , Acting Assistant FRAgent: , Bond of 2/28

Continuance of temporary appointment for 1936 12/28Designation as Acting Assistant FRAgent approved,

should resign present clerkship, may be assigned to perform duties in audit department 2/21

2062

2305

2242

3

2884

268

268

266

268

480

100

269

269

269

1607

787

787787

787

787

268268268

32884

5562884

505


and

Branch banks. FRSystem: (Continued)

Cincinnati: (Continued)Staff: (Continued)

Johnson, R G . : . ,_ . . . .Continuance of appointment as Actinp Assistant

FRAgent for 1935 on temporary basis

Salary approved for 1935 , e ffe c t iv e March 1

Kennelly, Bruce, Assistant C ashier , salary approved

Lazar, B. J-, Cashier, salary approved u n t il Feb. g8 salary approved as Managing D irecto r

McCombs, C. F . , Managing D irecto r , salary approved u n tu

February 28Ott, Henry, Assistant Cashier, salary approved until

Feb. 28 and increased e ffe c t iv e March 1 as

Cashier

Denver:Drafts, practice of handling those drawn on business concern

and presented on Saturdays

FRnotes, control of unissued, reply to U r . McAdams that

there is no objection to t r ip l e control proce

dure outlined

Personnel classification plan:

Action on changes deferred

Changes approved except as to one t i t l e , and suggestion

re change in another t i t l e

Quarters, mural decorations, Board agrees w ith branch in

refusal to accept, even though Federal funds

are available forStaff:

Brown, S. A . , Cashier, salary approved

Cronan, J . A . , Assistant C ash ier , s a la ry approved until

date of retirement

fourteen employees, use in exam inations by fRBank of

Kansas City of State member banks a p p r o v e d Jones, Judd W .:

Appointment as Assistant C ashier .Noted that he has been appointed A ss istan t Cas^i^1*

to succeed Mr. Cronan, sa lary approved for 19-

effective F e b . 1 Continuance of appointment as A ctin g A ssistant

FRAgent for 1935 on temporary basis a p p r o v e

Detroit*0^SOn* J * E* ManGn8 D irector , sa lary a p p r o v e d

Personnel classification plan:Changes approved

Staff;

Buss, Ralph H . , Managing D irector , salary a o p r o v e d

Tvs o k i * Cashier, salary approved* d i s t a n t Casnier, salary approved

t - A * Assistant Auditor, salary a p p r o v e d

^ H* * Assistant FRAgent:Reappointment for 19 3 5 Reappointment for 1936

22

*

V *

2/20 5

2/So

2/2049J

2/20433

2/20

s

49!

7/24 1649

1/25 248

1/31 21?

3/21 720

9/28 2022

1/29 274

1/29 2?4

4 / 9070

1/25 246

1/29274

$1/ 2 2741/29

/l0 6112/ 4

ill1 /*? &l/*f 0l /** 2?*

1 / * 9 4

l / f


23Pages

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

Staff: (Continued)Vogt, A. H . , Assistant Cashier, salary approved

paSo:Personnel classification plan, "Guard", reduction in salary

range approved

Staff:Acting Assistant FRAgent, no action on reappointment

pending further information

Allen, G. to., Acting Assistant FRAgent:Illness of, Board would be willing to approve ap

pointment of Mr. Odom if transferred to Agent s

payrollTemporary appointment of Mr. Odom during illness

Temporary reappointment, and appointment of Mr.

Odom to act during illness of

Reappointment on temporary basis for 1935

Hermann, J. L . , Managing Director, salary approved

Odom, L. M .:Appointment as Acting Assistant FRAgent if trans

ferred to FRAgentfs payroll during illness of

Mr. Allen, Board would be willing to approve

Temporary appointment as Acting Assistant FRAgent

during illness of Mr. Allen, bond to be re-ex

ecuted because appointment had not been ap

proved at time of execution

Temporary reappointment during illness of Mr.

Allen, to serve during absence of latter or un

til successor is appointed Bond of

Sayles, Allen, Cashier, salary approved FRBank of Atlanta:

Quarters, repairs and alterations, no objection to proposed,

directions for charging off FRBank of Kansas City:

Bylaws:

Amendment relative to signing vouchers by officers approved

Amendments to, question raised as to whether proper num

ber of directors voted, suggestions re changes

in section numbersHelena:

Bylaws:

Amendment to be made to provide for directors* meetings

only on call of Managing Director Changes vesting in executive committee power to conduct

and supervise all business of branch, approved Suspension of requirement that one director reside

outside branch city, no objection Regulations for operations of, reply to Mr. Peyton making

one suggestion reStaff:

Hoerr, Albert A ., Cashier, salary approved

1/29 271

4/ 9 870

12/28 2887

10/31 223011/13 2366

12/31 2904

1 / 2 4

1/29 275

10/31 2230

11/13 2366

12/31 2904

11/23 2478

1/29 275

5 / 6 1073

3/22 748

3 / 4 580

5/14 1129

7 / 8 1586

1/31 318

12/ 3 2610

1/29 273


Larson, Clinton J . . Assistant Cashier, salary aPProTowle, Robert E . , Managing D irector , salary appro, e(i Q 1 /^

Weir, Taylor B . , Counsel, retainer approved for 19 3 5 l/$9

Houston: . 1/2^ Personnel classification plan: *>3

Changes approved

3/29 *KIO/30 ^

Staff: 700DeMoss, H. R ., Cashier, salary approved for 1935

Gentry, W. D . , Managing D irector , salary approved t'f*

Lawhon, D. S . , Acting Assistant FRAgent: ^ ^

Reappointment for 1935 on temporary basis

Temporary reappointment lJd/2fi *Moore, L . 0 . , J r . , continuance authorized o f temporary 2881

employment at salary in excess of grade for

Senior Clerk 6/ ,

Continuation of temporary assignm ent to position for

which his salary is in excess o f grade for addi

tional six months, approved 12/27 2855

Jacksonville:

Quarters, alterations proposed, no o b je c t io n , i f protected

space for loading trucks costs substantial sum,

should be included in carrying value o f building 5/ 6 1075 Personnel classification plan , change approved 9/20 1957Staff:

Lanford, T . A . , Cashier, salary approved l/29Mahon, Mary E . , Assistant C ash ier , sa lary approved

Vardeman, George S . , J r . , Managing D ir e c to r , salary Little Rock:

Staff:

Bailey, A. J . , Managing D irecto r :

Reappointment for 1936 x?/29Salary approved for 1935

Goldschmid, J . P . , Acting A ssistant FRAgent: ^ / 2Peappointment for 1935 on temporary basis 12/ 2$Reappointment for 1936 l/29

Long, M. H . , Cashier, salary approved \f&

t^o a i * ' ^ ssi s^ant Cashier, salary approved Los Angeles: * * Jg/30 *

building, additional reserves authorized btaff:

Ambrose w. N . , Managing D irector , salary a p p r o v e d 3/2? ^

nr Assista*it Manager, salary approved v0d g J -Durran, W D ., Acting A s s i s t L t C ashier , salary PProT S/J *

Meyer6*!, r M*I Assistant Manager, salary approve / .J It Assistant Cashier, salary approve^d ^ ^

* Henpy Acting Assistant FRAgent, conti J. / 0 $ance of temporary appointment a p p r o v e d I 1 j

Louisville: ^ InU8tlon of temporary appointment 6

rsonnel classification plan, changes a p p r o v e d

Branch banks, FRSystan: (Continued) \ ((

Helena: (Continued)(Continued)

1/29

12/27


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

Staff:Jenks, S. B . , Assistant Cashier, salary approved Moore, John T . , Managing Director:

Reappointment for 1936 Salary approved for 1935

Moore, L. A ., Acting Assistant FRAgent, reappointment for 1935 on temporary basis

Temporary reappointment

Schacbt, C. A ., Cashier, salary approved Summers, A. K . , temporary assignment to lower salaried

grade, approved

Memphis:Staff:

Belcher, S. K ., Cashier, salary approved

Glasgow, W. H . , Managing Director:

Reappointment for 1936

Salary approved for 1935

Martin, C. E . , Assistant Cashier, salary approved

Walker, L . T . , Acting Assistant FRAgent, reappointment

for 1935 on temporary basis

Temporary reappointment

Nashville:

Errors in Custodian Division, found as result of recent ex

aminationStaff: .

Fort, J. B ., J r ., Managing Director, salary approved

Harrison, E. P . , Cashier, salary approved

Starr, L. W ., Assistant Cashier, salary approved New Orleans:

Staff:

Black, W. H ., Cashier, salary approved

Miller, Wm E . , Assistant Auditor, salary approved

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

Walker, James A ., Assistent Manager, salary approved

talker, Marcus, Managing Director, salary approved Oklahoma City:

Personnel classification plan:

"Assistant Teller and Clerk", change to provide for new

position of, in Currency and Coin Department Change approved

Staff:

Clark, J. C . , J r ., Acting Assistant i'RAgent, continu

ance of appointment for 1935 on temporary basis approved

Continuation of temporary appointment Daniel, C. E . , Managing Director, salary approved Mathes, P. L . , Assistant Cashier, salary approved Wunderlich, R. 0 . , Cashier, salary approved

Omaha:

Expenditures, reply to Senator Burke that FRBank of Kansas City contemplates only those in connection with

operation of branch in Nebraska

25Pages

1/29 272

12/27 28561/29 272

1/ 2 312/28 28851/29 272

11/ 5 2250

1/29 272

12/27 28561/29 272

1/29 272

1 / 2 312/28 2885

8 / 5 1692

1/29 269

1/29 269

1/29 269

1/29 269

1/29 269

1/29 269

1/29 269

1/29 269

5/21 1185

8/15 1758

1 / 2 5

12/28 2886

1/29 274

1/29 274

1/29 274

8/14 1752


Branch banks, FRSyetem: (Continued)

**nS*1personnel1 olassiflcation plan, changes approved

Staff:lo/2l

1/291/291/291/29

1/ 2 !2/28

Cordill 0 . P . , Assistant Cashier, salary approved

Earhart * L . H . , Managing Director, salary approved

Gregory! G. A . , Cashier, salary approved

phillips, William* Assistant C ashier, salary approved

Sanders, T . Gordon, Acting Assistant FRAgent, continuance of appointment for 1935 on temporary

basis approved Continuation of temporary appointment

Pittsburgh:

Staff:Bolthouse, C. J-, Assistant C ashier , salary recommenda

tion disapproved, fixed pending further action

of directors

Cobun, F. E . , Assistant Cashier, salary approved

Griggs, T . C . , Managing D irector, salary approved

Nolte, W. H . , Acting Assistant FRAgent, continuance of

appointment for 1935 on temporary basis

Continuance of temporary appointment fo r 1936

Wagner, G. E . , Cashier, salary previously f ix e d , ef

fective Jan. 16

Portland:

JTCnotes, no objection to shipping large denom ination notes

to head o ffice , noted that temporary appointment

of Mr. Snow as Acting A ssistan t FRAgent on ex

haustion of present supply w il l term inateStaff:

Blanchard, J . P . , Assistant C ashier , sa lary approved

MacEachron, S. A . , Assistant M anager, salary approved

Snow, G. A . , Acting Assistant FTiAgent:

Continuance of temporary appointment with authority

to act also at Seattle and Spokanes branches for ^

1935 approved

Temporary appointment to be term inated on e x h a u s t io n

of present supply of ITRnotes

/,est B . , Managing Director, salary approvedSalt Lake City:

2/202/202/20

1/ 2 12/28

2/20

2/ 6

3/293/29

2/ 6 3/29

Q+Sf^VeS' building, additional reserve authorized btarf:

Partner, W . L . , Managing D irector, salary a p p r o v e d -cott, .v. m ., Acting Assistant C ashier , salary a p p r o v e

San Antonio**^ * Assistant Manager, salary a p p r o v e d

Personnel classification plan, changes approved, not in

27Pages

(Continued)

, Assistant Cashier, salary approved A ., Assistant Manager, salary approved , Managing Director, salary approved

Branch banks, FRSystem:

Seattle:Staff:

Relf, G. W.Russell, B.

Shaw, C. R

Spokane:Staff:

Bold, F. C . , Assistant Manager, salary approved

Davis, D. L . , Managing Director, salary approved Dumm, A. J . , Assistant Cashier, salary approved

Branch banks, foreign:American Trust Co., San Francisco, C alif.:

"Foreign department agencies" on S. S. Mariposa and S. S.Monterey, reply to Mr. Sargent that Board pre

fers to defer ruling whether they are branches

until counsel for trust company submits brief

Chase Bank, New York, N. Y . :Mexico City, reply to Mr. Barber on discontinuance and re

quest for actual date of

Reports of branches, figures for, included in examination

report of head office were taken from reports

submitted by branches

Chase National Bank of the City of New York:

Colon, Panama, authority granted to establish

"Foreign department agencies", proposed by American Trust Co.

on S. S. Mariposa and S. S. Monterey, reply to

Mr. Sargent that if they do not negotiate checks

and negotiable paper, they are not branchesInterest:

China and British Crown Colony of Hong Kong, permission

granted member banks to pay 7% on time deposits

at branches in

Reply to Mr. Case that Harbin, Mukden and Dairen may be

considered as in Republic of China for purposes

of payment of 7%Rate payable under Regulation Q,, letter to FRAgents fixing,

and letters to member banks having foreign

branchesRates paid by, advice to member banks concerned that be

cause of amendment in Sec. 524 of Banking Act

of 1935, reports re, need not be made nternational Banking Corporation:

Branches at Barcelona and Madrid, consolidated condition

statement, to be forwarded with certain amalgamated accounts but supplemental break-down to

. be forwarded laterNational City Bank of New York, N. Y . :

Branches in China and British Crown Colony of Hong Kong, permission granted to pay interest on time de

posits at lioPhilippine branches, case in Supreme Court re right of

Philippine Government to tax, memo of Mr.Wyatt re

3/293/293/29

3/293/293/29

2/26

3/29

789789789

789789789

5/29 1265

1/16 146

535

791

10/11 2072

3/15 688

4 / 8 855

2/11 411-3

11/25 2497

9/20 1978

3/15 608

11/13 2382


Branch banks, foreign:H1%

icn oaim, & Supreme Court re right of P h i l i p ,

PhiliPPire ^ e r n m e n t to tax branches of National City ln

Bank of New York, memo of Mr* Wyatt re and that it is not necessary to f i l e b r ie f as friend of

the court ^

to ^encrTheeS ^ n io rB S iN^bYo^K. N. Y-, Form T-2 siene(i b ** ***Age y rather than Dominion >ank, Toronto, Canada, 8t_

tention of Mr. Case called to

Faiences payable in dollars due from, reply to M r. Timberlake Ae U?4that pending consideration o f question they may

be deducted from gross demand deposits in comput

ing reserves

Banque Beige Pour L fEtranger, New York Agency, B russels , Belgium 1860not clear whether Bank or Agency is seeking to

qualify on Form T-2 5/l8Canadian Bank of Commerce, New York, Form T-2 signed by, rather

than Canadian Bank of Commerce, Toronto, Canada,

attention of Mr. Case called to 5/13 1174Bremond, Walter, J r .: (See Austin Clearing House A ssociation )

Brewer, W. R .: (See State member banks, L ib e r ty Trust C o ., Cumber

land , M d .)

Brock, Malcolm C . : (See Malcolm C. Brock & C o .)

Brown, Arthur, J r ., design submitted by, in com petition for architect

for Board s building 5/18 115$

Brown, Harold C .: (See Harold C. Brown & C o ., I n c . )

Brown Brothers, Harriman & C o ., New York, N . Y . , rep ly to Mr. Lovett

on suggested amendments to Banking Act of 1935 5/29 I**

B. T. Moran, In c ., Chicago, 1 1 1 ., savings devices such as coin banks

reply to Mr. Eisendrath that d istr ib u tio n by

banks does not constitute in d irec t payment of in- ^

terest 12/ ^Budgets:

Board of Governors, for 1936, question o f procedure, to be pre

pared by Executive Committee and submitted in 2^ 28 usual way

Saleries of staff of Board, suggestion of M r . James that

wishes of Board be made known to Executive ConJ' mittee, policy for FRBanks to be a p p l i e d , d r a i t

^ of letter to division heads re 12/5*Report of Executive Committee re , approved . ,Salaries of Messrs. Folsom and Malone t r a n s f e r r e d from bud

get of Division of Examinations to , while *=>e

DiTidr.ne senate Committee on In terstate CommerceDivisions of Board of Governors, policy to be followed

in preparation o f , for 1936 and to be requested before certain date, M essrs. Cla y t o n lX/ *

FRBank- ^ lorrill requested to prepare le tte r re . 3*^ f Cleveland, statement of, July - December, 1 9 3 6 , Xx/1$

FRBanks to Mr* Strater re , approved _ ved i0' istical and analytical functions, budgets appr , 6

^^P Q n ts to be advised to keep ex' penditures within lim its


29Pages

Budgets: (Continued)FRBoard, recommendation of Governor Eccles that budget for 1935

be approved, reference of Mr. Miller to requirement of bylaws that Executive Committee prepare budget, referred to Executive Committee

for review 4/11Report of Mr. Thomas that he and Mr. James generally concur

red that salary increases below $2000 should be granted and those above disapproved, except

that he thought any special circumstances might

be considered 4/12

Statement of Mr. James, views on examiners* salaries, statement of Governor Eccles, referring to salaries

paid Messrs. Gidney and Sheehan of FRBank of

New York and Chief National Bank Examiner

Roberts 4/12Statement of Mr. Miller that some salaries should be re

duced and that Board members should become ac

quainted with members of staff, suggestion of

Mr. Szymczak that heads of divisions be afforded

opportunity to be heard 4/12

Increases in salary recommended by majority of committee

approved, and others referred back to committee

for opportunity for division heads to be heard 4/12

Request of Governor Eccles that another member of Board

be substituted for him on committee to consider

salary adjustments, Mr. Szymczak appointed 4/12

Committee ready to make report, to submit written report 4/27

Report ready for oral delivery by Mr. Thomas, suggestion

that it be reduced to writing, agreed to, and

meeting to be called April 29 to consider 4/27

Report sutmitted, number of recommendations are compro

mises which may result in inequalities, sug

gestion of Mr. Szymczak that next year s budget

be submitted in advance of end of year, recom

mendations approved 5/ 1 division of Research and Statistics, exceeded for year, purchase

of additional equipment, stationery, etc., approved 9/19

United otates, considered in connection with possible action to

absorb excess reserves of member banks, at meet- _ ing of Board with Federal Open Market Committee 12/18auiaing and loan associations:

Banks", Seattle Trust Co. to be advised, with respect to

applicability of Sec. 22(g) of ERAct, that they- have been ruled not to be 11/

construction, means of giving vigorous impetus to new,memo of Mr. Eccles re request that Mr. Daiger consider, and that he keep in touch with mortgage and housing financing, asking cooperation of division heads, approved 11/

886

907

907-9

910

911

913997

997

1026-3 branch o ffices, letter to , re views of Boardestablishment in South Dakota by member banks un

12/21

der statute recently enacted

Burdick, Congressman Usher L . , collection charges imposed on Goveftl_raent checks in Jamestown, N . Dak*, reply on com

plaint of Mr- White that there is diecriminati as checks of private corporations are paid at n

Bureau of Agricultural Economics: (See Department o f A griculture)P8r 6/ 4

Bureau of Census:Payroll data, requested by, items included in -learnings and Divi

dends report r

Letter to FRAgents re 4 Letters to Messrs. Curtiss, Case, A u stin , F letch er , Fry, */21

Clark and Sargent, re securing special figures

where bank operates in more than one county

(See Department of Commerce)

Bureau of Engraving and Printing:

Offices to be closed at 1 p.m . Dec. 24 and 3 1 , advice to FRAgents,

and that currency shipments must be requested

early 12/23Bureau of Foreign and Domestic Commerce: (See Department o f Com

merce)

Bureau of Public Roads: (See Department of A g ricu ltu re )Burke, Senator Edward R .:

Expenditures and employment in Nebraska, rep ly that only expen

ditures contemplated by FRBank o f Kansee City are

in connection with operation o f Omaha Branch

Salaries of officers and employees of Board rec e iv in g $ 5 ,0 0 0 or

more per annum, opposition o f M r . Thomas to pro

posed reply to request for inform ation as to , to

be sent and information to be urinted in annual

report in future

Letter to Senator Burke inclosing inform ation turns, E. S . : (See National banks, National Bank of D e tro it , M ich.)

Bums, Josephine Joan: (See Committees, Senate Committee Investi-

^ . gating Munitions Industry)

^ CoU c U of Apartm ent of Commerce:Report on industrial advances, discussion by Mr. Szymczak before

conference of Chairmen of In d u s tr ia l Advisory

Committees, recommendation in report o f study for means to furnish sm all, sound business with needed capital

ediscount under Banking b ill of 1 93 5 , resolution of confer

ence re report, discussion o f small business

problems, suggested amendment by Mr. Clayton ^

suggestion of Mr. James o f authority to determine financial status of small business, resolu

* * 10n adPted as amended Statement of Mr. s 2ymc2,6k ^ sfcudy m not within

. rovince of board and resolution stating ,

fTno Mr* Jaa,es relative to establishing

carried ststus small business, r e s o l u t i o

2619261=

5:816

2830

8/14 152

5/18

5/29

6/Z51*78

6/25l4ir

e/26|4*


31

PagesBusiness Advisory Council of Department of Commerce: (Continued)

Report on industrial advances: (Continued)Letter to Chairmen of Industrial Advisory Committees, ad

vising of resolution

Business and credit conditions:Memo of Dr. Goldenweiser re, presented to Governors* Conference Review by Dr. Goldenweiser before Governors* Conference Statement begun by Dr. Goldenweiser at Board meeting, discus

sion of production and distribution of automobiles led by Mr. James

Business census, deposit balances of business firms, letter toSecretary of Commerce Roper requesting inclu

sion of item

Business conditions:Federal Advisory Council, reports reReview by Dr. Goldenweiser before Federal Open Market Committee

Business Editors report on direct loans to industry, letter to Mr.Bill re his letter to Mr. Wooton, Board request

ing specific criticisms of FRSystem*s indus

trial loan program

Bylaws:FRBank of Cleveland, amendment to designate Governor chairman

of executive committee, Board requests re-amend

ment to restore office to FRAgent

FRBank of Kansas City, amendments to sections dealing with opera

tion of branches, reply to Mr. McAdams that it

is not clear whether required majority of direc

tors voted on changes, and requesting further

amendment to bring about consistency as to sec

tion numbers

Amendment relative to signing of vouchers and checks by

officers, approved

FRBank of Philadelphia, amendment noted in connection with ex

amination report, authorizing service of Mr.

Mcllhenny as Deputy Governor, Cashier and

SecretaryFRBanks, revision, suggestion of Chairman Eccles in proposed

telegram re, in light of amendments to law

and with object of uniformity, procedure look

ing toward uniformity agreed upon, question

of power of executive committees to pass on

rates and as to chairmanship of Mr. Morrill and Mr. Wyatt to draft letter suggesting pro

cedure tending toward uniformity RBoard, revision necessary in connection with proposed review

of procedure for handling Board's business and relationships between Board and staf, action deferred pending disposition of pending banking

legislationHelena Branch:

Amendment to be made to provide for directors* meetings only on call of Managing Director

6/27 1530

10/24 2172

5/28 1254

5/25 1224

8/ 9 1725

9/24 1997 12/17 2729

11/ 5 2261

2/12 4:23

3/ 4 580

3/22 748

5/ 1 1034

12/28 2880-1

12/28 2882

5/ 1 1031

5/14 1129


BylT i iCDr^ohed> (Continued)Changes vesting in executive committee power to conduct and

supervise a ll business o f branch , approved ad

si.snension for 1935 of requirement that one d irec to r re-Suspensi outside of branch c it y , no o b jectio n 6

"C "

"CaleMeter": (See Interest. Savings devices)

California: ^ , .lam ination of State member banks inState departmental bank, reply to Mr* Clerk that it is not

"savings bank", in connection with prohibition

upon payment of interest on demand, deposits,

action deferred

California departmental bank:"Savings bank", proposed reply to Mr. Clerk ru lin g that savings

department is not, doubt o f M r . Hamlin that pro

posed ruling is correct, approved, M r. Hamlin

voting "no"

Cammerer, Amo B . : (See National Park Service )

Canadian stock brokers, applicability o f R egulatio n T to dealings

with

Canceled postage stamps, reply to Mr. Xom iners that Board could not

relax ruling p ro h ib itin g re s a le to dealers or

collectors by FRBanksCapital:

Security Trust and Savings Bank, B i l l in g s , M o n t ., proposed reduc

tion in debentures wrould bring ratio o f capital

to deposits below Board s standards , letter to

Mr. Peyton to take up w ith State Banking Depart

mentCapital Issues Committee:

Records, reply to Federal Trade Commission that those of sub

committees at FRBanks had not been r e q u e s t e d

and that FRBanks were being advised to forwar

to Commissioncapital movements:

International, highly confidential memo o f D r . Goldenweiser re,

CarhA-rt r ^ -n Presented to Governors Conference

Cartwright o c' f 69 Bankers development C o rp .) - C-: (See National banks, Central N ational Bank

Catterns: (See ^ elo> Texas)

Cavalier & Co (S e < ^ w J ^ k s * Ban* of> England)

Central Heatiag

Bogmin 1935 v22 Index

Documents

Transcript of Bogmin 1935 v22 Index