1926Part1_Index.pdf

4:4

KEY TO INDEX

Branch Banks, Damestic, FRBanks, andForeign, see Branch Banks

Clayton Act Applications, see Inter-locking Directorates

Collection, see Clearing and Collec-tion

Directors of FRBanks and Branches,see Directors

National Banks are listed under head-ing National Banks

Stock of FRBanks and Member Banks,see Stock

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

Absorptions of Banks: (See Consolidations)Acceptance for Dollar Exchange:

National Bank of the Republic, Chicago, Ill.,Application approved 4/ 8 336

Acceptances:Bankers, Rate for Purchases: (See Rates)Grain elevator comoanies, amendment to Regulation "A!'

recommended by Conference of Governors 4/27 393Acceptances up to 100% of Capital and Surplus:

Crocker First National Bank, San Francisco, Calif.,Application approved 3/29 310

Adair, Charles R.:Request for information on FRcurrency policy 4/15 357

Adding and Listing Machine:Purchase by Division of Research and Statistics 5/11 422

Adjusted Service Certificates:Loans on, draft of form for collateral notes for, sub-

mitted by Frank T. Ftller 3/12 256Rediscount of notes secured by, recommendation that

topic be re-submitted at next Con-ference of Governors 4/27 391

Agencies:Havana, Cuba:

Currency Shipment to: (See Cuba)Currency to be carried by, letter from Deputy

Governor Harrison 6/22 534Report by State Department on ran on branches of

Royal Bank of Canada and NationalCity Bank 4/30 404

Resolutions adopted by Atlanta Clearing HouseAssociation on consolidation of 6/10 504

Havana, Cuba; FRBank of Atlanta:Currency Shipment to: (See Cuba) .Currency supply held at, letter from Sherrill

Smith on 6/10 504Examination report of 5/27 469Staff:- Batallier, Sylvia, additional compensation

for, referred back to Committee 2/24 186Payment disapproved 2/25 195Draft of letter to FRAgent at Atlanta 3/ 2 201


2Pagel

Agencies: (Cont,d)Havana, Cuba; FRBank of Atlanta: (Contld)

Staff: (Contld)Brown, Grace, additional compensation for,

referred back to Committee 2/24 186Payment disapproved 2/25 195

Draft of letter to FRAgent at Atlanta 3/ 2 201

Frazer, H. C., additional compensation for,referred back to Committee 2/24 186

Payment disapproved 2/25 195

Draft of letter to FRAgent at Atlanta 3/ 2 201Magruder, L. L., additional compensation for,

referred back to Committee 2/24 186Payment disapproved 2/25 195Draft of letter to FRAgent at Atlanta 3/ 2 201

Vacation schedules for officers and employees 3/23 286

Havana, Cuba; FRBank of Boston:

Staff:Anderson, Walter V., salary adjusted for for-

eign service 5/11 424

Luscombe, Albert P., put in charge and salary

adjusted 5/11 423

Rich, William C., to return to head office

and salary adjusted 5/11 423

Savannah:Examination report of 5/27 469

Vacation schedule for officers and employees 3/23 286

Agricultural Credits Act of 1923:

Amendment to Section 202 suggested re loans and dis-counts of Federal IntermediateCredit Banks 6/ 9 492'

Draft of reply by FRBoard, approved 6/15 518

American Acceptance Council:Contributions by FRBahks to, memo of Hr. Smead 3/4 213

American Banker:Article on visit of Governor Wellborn to Florida and

discussing condition of banks 2/16 153

Letter from Governor Wellborn that word waschanged in reprint of article 2/24 187

American Bankers Association:

Convention at Los Angeles:

Exhibit of previous convention to be offered for 2/16 182

No exhibit to be prepared by FRBank ofSan Francisco 3/29 302

Federal Reserve Exhibits at conventions of, recommend-

ations of Conference of FRAgents

and Governors 2/16 162


3Pages

American Bankers Association: (Cont' a)Non-cash Items:

Analysis of replies to questionnaire on non-cashcollections, request of Mr. Bartonto present to Board 1/11 38

Reply of Board that hearing is unnecessary andbriefs may be forwarded 1/13 58

Analysis submitted, referred to Committee onVoluntary Services of Conferenceof Governors 2/ 2 114

Action of Conference of Governors on continuanceof function, referred back for ap-nointment of Committee 3/23 281

Recommendation of Conference of Governors and re-port by Mr. James on Conference ofGovernor Young with Mr. Barton 4/27 392

Plan of Mr. James re contract agreements tobe submitted to Mr. Barton for opinion 4/30 403

Report of Mr. James on correspondence withMr. Barton and resolution offered 5/25 464

No protest minimum of FRBanks, reason for continuingpresent, circular letter to Governorsof FRBanks 4/14 348

Reply of FRBoard to Deputy Manager of ClearingHouse Section that FRBanks followpractice of commercial banks 4/30 402

Paton, Thomas B., Counsel, request for ruling on de-posit of securities by national banksto secure trust funds deposited withother banks 3/31 315

American Bankers Association Journal:Request that FRAgent at Chicago write article for publi-

cation in 6/15 518American Institute of Banking:

Convention of, contribution by FRBank of Dallas forentertaining delegates to 4/23 379

Payment to local chapter by FRBank of St. Louis 2/ 4 118American Railway Express Co.: (See Express Rates)Annual Report of FRBoard:

Consideration of approval and publication, W. W. Stewartto be asked to attend meeting of Board 3/ 2 205

Report discussed with Dr. Stewart and ordered sent toprinter for galley proof 3/ 3 208

Printing to proceed in usual manner, revised draft tobe furnished to members of Board 3/ 4 217

Memo of Mr. Miller on relation of call loan market toFRSystem to be included in 3/ 8 232


4Pages

Annual Report of FRBoard: (Contld)Memo of Mr. Miller, etc.: (Contld)

Memo of Mr. Miller referred to Governor and ViceGovernor 3/ 9 238

Report of Governor that it should not be includedin Annual Report 3/11 249

Galley proofs considered and publication ordered asamended 3/22 260

Press copies to be delivered, date of release for pub-lication and presentation to Speakerof the House 4/ 2 320

Security loans paragraph quoted from 3/11 246

Argentina:Index number of prices for, agreement with Dr. Alejandro

E. Bunge for construction 5/12 432

Arizona, inability of State to conduct simultaneous examina-tions of State member banks andbranches 4/ 2 323

Assessment for expenses of FRBoard, increased allowance fortraveling expenses to be consideredin levying 6/22 534

Resolution levying assessment adopted 6/24 541

Atlanta Clearing House Association:

Resolution on consolidation of agencies of FRBanks ofAtlanta and Boston 6/10 504

Attorney General of the United States: (See Department ofJustice)

Automobiles:Notes of Saunders System, Inc., ineligible for rediscount

because funds to be used for capitalpurposes 6/ 2 479

Memo of Counsel with circular letter to FRBanks 6/29 556

Baker, Newton D.:Brookings State Bank par clearance case, terms for

settlement out of court, approved 1/ 5Memo of Counsel advising of settlement 2/10 145 .

Letter to Governors of FRBanks prorating expensesfor services in connection with appeal 5/ 5 406

Capital Feed and Grain Co. v FRBank of Atlanta, state-ment for services in connection with 3/ 2 204

Conference of Governors, to be invited to attend todiscuss cases of System-wide import-ance 3/16 26*,


5Pages

Baker, Nev,ton D.: (Contid)Conference of Governors, etc.: (Contld)

Notice from Mr. Baker that he will be present todiscuss Grimm-Alfalfa Seed GrowersAssociation case 3/22 279

Recommendation of Conference of Governors on fur-ther employment of 6115 522

Idaho Grimm-Alfalfa Seed Growers Association suitagainst FRBank of San Francisco,

1/19 72employed in connection withStatement for services for, to be prorated among

all FRBanks 4/21 370Discussion of case with Conference of Governors,

report of Assistant Secretary on 4/27 394Special counsel for FRSystem as whole, recommendation

of Conference of Governors 4/27 393Memo of Counsel on 6/ 9 492Report of Law Committee against retaining special

counsel 6/15 519Baker, Hostetler and Sidlo: (See Baker, Newton D.)Bancitaly Corporation:

Lionello Perera and Co., New York City, interest ac-quired and application made to con-vert into Perera Trust Co. 5/24 455

Purchase of control of Richmond Borough National Bankof Stapleton, Staten Island, tomerge with Bowery and East RiverNational Bank and operate as branch 5/24 455

Bank cheeks, notes, drafts, etc., letter from Department ofCommerce on simplification andstandardization of 5/11 426

Bank failures, national and State, during 1924 and 1925,analysis to be prepared 3/12 258

Bank of England, cablegrams exchanged with Governor of, recredit to rational Bank of Belgium 3/12 252

Bank of Haiti, Inc., purchase of stock by National CityBank of New York and also interlock-ing directorates, approved

lanking and credit conditions, policy of FRSystem re, replyto letter from Senator Lenroot

1/5

1/13

5

52Banking and Currency Committee of House: (See Committees)Banking and Currency Committee of Senate: (See Committees)Batkovni urad Ministerstva Financi, Prague, in liquidation

and taken over by Czechoslovak Na-tional Bank 4/27 387

Letter from Deputy Governor of FRBank of New York thatonly relations already establidhedwill be continued 5/5 412


6

Banks College of Philadelphia:H. R. 660, Bill to reimburse, for failure of FRBank to

Pages

renew lease 1/25 85

Barnett, Robert F., request for press release on commodityprices 5/18 439

Barton, John W.: (See American Bankers Association)

Belgium:Credit Extended to: (See National Bank of Belgium)

Bibliography of FRSystem, preparation suggested by Mr. Miller 5/5 414

Library of Congress not to undertake preparation of,work to be done by Board's Library 6/22 534

Bonds:Circulation:

Advice of no applications from national banks forfourth quarter, 1925 1/4 4

Forfirst quarter, 1926 4/ 2 321

Farm Loan:S. 616 to allow banks to buy or sell, etc., dis-

approved by Board 3/ 2 203

Securities of Farm Loan Registrars not to be re-ceived by FRBanks for safekeeping 6/29 556

Liberty Loan: (See Liberty Loan Bonds)

Surety:Baskin, John G., Assistant FRAgent at Detroit 6/ 9 487

DeCamp, George, as FRAgent at Cleveland 1/19 70

Faulkner, Peter J., Assistant FRAgent at Cincinnati 3/ 2 200

Jones, Thomas M., Assistant FRAgent at Pittsburgh 3/18 273

Kendall, Courts P., Alternate Assistant FRAgentat Jacksonville 6/ 9 48?

McAdams, A. U., as Assistant FRAgent at Kansas City 1/12 44Meigs, Dwight C., as Assistant FRAgent at Denver 6/ 2 474Newton, Isaac B., as FRAgent at San Francisco 3/29 300Saussy, Fulton, Assistant FRAgent at Jacksonville 6/ 9 487

Treasury 3-3/4 per cent, sale of Liberty bonds byFRBank of Dallas and purchase of 6/ 2 478

Borrowings of corporations for funds to be loaned to sub-sidiaries and others, eligibilityof notes for rediscount 1/16 65

Ruling of FRBoard not intended to modify Regulation "Au 1/28 98Notes of M. A. Hanna Co., not fully covered by recent

ruling, memo of Counsel on 3/12 257

Recommendation of Conference of Governors that topicbe resubmitted 4/27 390

Circular letter to all FRBanks giving position of Boardpending reconsideration by next Con-ference of Governors 5/11 425

Boston, loans to brokers by member banks, motion of Ur. Mil-ler re obtaining information on 3/4 215

(See also Loans to Brokers)


Bran: (See Flour and Bran)Branch Banking:

Hearing held in 1923, copy of report to be furnishedFRAgent at San Francisco

Resolution of member banks in southwestern Minnesotaopposing

Branch Banks, Domestic:American Bank of San Francisco:

Oakland, Seventy-third Avenue and East FourteenthStreet, extension of time for onening

San Francisco, Market Street near Van Ness Avenue,extension of time for opening

American Trust Co., New York, N. Y.:30 Bay Street, St. George, Staten Island, applica-

tion approvedAmerican Union Bank, New York, N. Y.:

Broadway at Twenty-first Street, removed from10 East 22nd Street, and main officeat 820 Broadway, authorized by StateBanking Department

Anglo-California Trust Co., San Francisco:Geary Street and 20th Avenue, advice of opening

Applications to be considered only on Thursday, broughtup by unanimous consent

Baltimore Trust Co., Baltimore, Md.:1501-3 North Gay Street, application approved1600 West Baltimore Street, application approved

Bancitaly Corporation of New York:Staten Island, purchase of controlling interest

in Richmond Borough National Bankof Stapleton to merge with Boweryand East River National Bank andoperation as branch

Bank of Italy, San Francisco, Calif.:Los Banos, absorption of Bank of Los Banos and

consolidation with present branchSan Francisco, 5000 Third Street, removed from

5025 Third StreetBank of the Manhattan Co., New York, N. Y.:

Bayside, 41-02 Bell Boulevard, establishment con-templated

Authorized by State Banking Department1119 Liberty Avenue, Brooklyn, to be discontinued

if other branch establishedHollis, queens Borough, 190-02 Jamaica Avenue,

authorized by State Banking Depart-ment upon discontinuance at 189-19Jamaica Avenue

7Pages

2/ 2 113

4/27 383

1/28 101

4/14 347

1/16 63

3/16 262

1/ 5 4

3/29 302

3/29 3046/ 2 476

5/24 455

3/16 263

3/ 5 226

3/ 4 2133/16 261

6/29 549

4/14 344


Branch Banks, Domestic: (Contld)Bank of the Manhattan Co. New York, IT. Y.:(Contld)

74-08 Jerome Avenue, Queens Borough, New York,

Page0

authorized by State Banking Department 6/29 549

St. Albans, Borough of queens, to be opened at188 Central Avenue on May 10 5/ 5 407

Woodside, Borough of queens, New York, approvedby State Banking Department 4/14 344

To be opened. at 27 Eighth Street on May 10 5/ 5 407

Citizens & Southern Bank, Savannah, Ga.:

Albany, Ga., application disapproved 1/11 32

Hearing requested by M. B. Lane 1/19 68

Mr. Lane presented reasons for wanting toestablish branch, action postponed 1/21 76

Letter from Mr. Lane, advised that applica-tion will be considered at subse-quent meeting 1/28 98

Valdosta, Ga.:Advised that application must be made for

opening of 1/21 77

Application to take over Merchants Bank of,

and operate as branch, action

ferred de-

M16 g:Application approved

Citizens Trust & Savings Bank, Columbus, Ohio:

Clintonville, application approved 2/25 196

Columbus, Main Street, near Ohio Avenue, applica-

tion approved 5/25 462

Cleveland Trust Co., Cleveland, Ohio:

Cleveland Heights, Cedar and Fairmont Roads, appli-cation approved 3/29 305

Columbus Exchange Bank, Providence, R. I.:Charles Street and Branch Avenue, extension of

time of opening 1/28 102

Shortage in accounts at one branch, to be reportedto Department of Justice 3/12 20

Corn Exchange Bank, New York, N. Y.:

Barclay and West Streets, Manhattan, authorizedby State Banking Department 4/14 044

1934 Broadway, authorized by State Banking Depart-

ment 3/31 312

3191-93 Broadway, Manhattan, authorized by StateBanking Department 5/12 400

First Avenue and 57th Street, Manhattan, authorized

by State Banking Department 5/24 456

Equitable Trust Co., New York, N. Y.:

Madison Avenue and 28th Street, Manhattan, author-

ized by State Banking Department 5/25 46


Branch Banks, Domestic: (Contld)Federal Commercial & Savings Bank, Port Huron, Mich.;

Tenth and Griswold Streets, application approvedHuron Avenue and Broad Street, application ap-oroved

Fidelity Trust Co., Portland, Maine:Fryeburg, Harrison, and South Portland, taken over

with United States Trust Co. of Port-land

Fourth & Central Trust Co., Cincinnati, Ohio:Stock Yards Bank, Durchase of, and operation as

branchFrench American Bank, San Francisco, Calif.:

Hayes and Octavia Streets, application approvedGuardian Trust Co., Cleveland, Ohio:

Pearl Road and Broadview Road, application approvedSt. Clair Avenue and Parkwood Drive, application

approvedHibernia Bank & Trust Co., New Orleans, La.:

Bourbon Street, entrance of D. H. Holmes Co. Ltd.,Department Store

Industrial Trust Co., Providence, R. I.:National Exchange Bank, permission to take over

and operate as branchAdvice of operation as Exchange Branch

Liberty Bank of Buffalo, N. Y.:512-514 Elmwood Avenue, authorized by State Bank-

ing Department1322 Hertell Avenue, authorized by State Banking

Department52 Triangle Street, authorized by State Banking

6/ 26/ 2

6/30

3/11

4/ 8

3/29

2/ 9

4/15

4/194/30

4/ 8

4/ 8

3/16

1/25

2/ 2

2/ 2

4/ 84/15

6/22

1/131/131/13

9Pages

475475

560

241

336

302

131

356

360400

335

335

262

81

111

111

340354

533

525252

DepartmentManufacturers & Traders Trust Co., Buffalo, IT. Y.:

2658 Main Street, notice of approval by New YorkState Banking Department

809 Tonawanda Street, advice of approval by StateBanking Department

Mechanics Bank, Brooklyn, N. Y.:1505 Avenue J, advice of approval by State Banking

Department after merger with FlatbushState Bank

First National Bank of Jamaica, merger with, andoperation as branch, proposed

Letter from FRAgent at New York re335 Fulton Street, Jamaica, queens Borough, N. Y.,

authorized by State Banking DepartmentMunicipal Bank, Brooklyn, N. Y.:

Flatbu.sh Avenue and Parkside Avenue, approved.Coney Island Avenue and Kings Highway, approved736 Manhattan Avenue, approved


10Page

Branch Banks, Domestic: (Cont' a)Pacific Southwest Trust & Savings Bank:

Fairview Heights Agency of First National Bank ofInglewood, application to take overand operate as branch

Application approvedAdvice of opening

Inglewood, permission to take over First NationalBank and Inglewood Savings Bank andoperate as branches

Advice of establishment of

3/113/2951 5

3/115/ 5

242304407

242401

Lennox, application to take over Lennox State Bankand operate as branch, action de-ferred 3/11

Los Angeles:Carthay Center District, near McCarthy Vista

and Bulalia Avenue 4/ 8 338Advice of opening of 5/11 422

727-29 North Broadway, permission to discon-tinue branch granted, but new appli-cation if relocated 3/29 303

Application to discontinue approvedAdvice of discontinuance 41/118 3421

Santa Monica Boulevard and Fairfax Avenue,application approved 2/15 148

Pearl Street Savings & Trust Co., Cleveland, Ohio:Lorain Avenue and Tridkett Road, extension of

time for opening 5/11 427Peoples Trust Co., Brooklyn, N.Y.:

181-183 Montague Street, with main office at 185Montague Street, pending conversionand later consolidation 5/ 5 40T

Notice of removal of main office and opera-tion of branch at former site 5/12 432

Provident Savings Bank & Trust Co., Cincinnati, Ohio:East End Bank and Liberty Banking & Savings Co.,

purchase and operation as branches 4/ 2 320Security Trust & Savings Bank, Los Angeles:

Compton, absorption of First National Bank andFarmers & Merchants Bank and opera-tion as branches 214

Application approved by Executive Committee 228Los Angeles:

7124 South Broadway, formerly known as 7124Moneta Avenue, name of street chonsed 1/12 46

710 West Tenth Street, Pan American PetroleumCompany Building, advice of opening 2/24 186


11Pages

Branch Banks, Domestic: (Contld)Security Trust & Savings Bank, Los Angeles: (Contid)

Lynwood, absorption of branch of Farmers & Mer-chants Bank of Compton and operationas branch 3/ 4 214

Application approved by Executive Committee 4 5 225

Sawtelle, permission to take over Citizens State

Bank with its branches at Palms and

West Los Angeles, approvedState Banking & Trust Co., Cleveland, Ohio:

Consolidation of six with Union Trust Co.State member banks, suggested revision of Regulation "H"

Survey for 1925 submitted by FRAgent at New York list-ing banks opening branches

Union Trust Co., Cleveland, Ohio:Altoona Avenue and Pearl Road, extension of time

for openingKinsman and Warrensville Center Road, extension

of time for openingUnion Trust Co., Providence, R. I.:

Pawtucket, extension of time for opening notnecessary

New application aT)roved subject to approvalof directors Committee of FRBank ofBoston

Approved subject to approval by State Bank-ing authorities

Valley Bank, Phoenix, Ariz.:Hayden, business to be transferred from Winkel-

man BranchMesa, application to take over Salt River Valley

Bank and Salt River Valley Trust &Savings Bank, and operation as branch

Prescott, application held up because of inabilityof State of Arizona to conduct simul-taneous examinations of banks andbranches

Application approvedWinkelman, to be closed and business transferred

to Hayden BranchWaltham Trust Co., Waltham, Mass.:

Weston, Mass., apnlication approved

Branch Banks, FESystem:Amendment proposed to FRket to give Board authority to

discontinue and opinion of Attorney

General to be askedDraft of letter to Attorney General for opinion

Application to establish branch at Charlotteheld pending opinion

3/11

4/ 22/16

3/23

3/ 9

6/29

1/25

2/15

3/18

4/30

2/19

4/ 24/ 6

4/30

4/23

1/161/25

3/23

243

319156

290

235

549

81

151

276

399

179

322333

399

379

6684

283


12

Branch Banks, FRSystem: (Cont'd)Assistant FRAgents unnecessary at, where unissued

FRnotes are not carried, opinion ofConference of FRAgents

Recommendation approved and Counsel to prepareruling

Baltimore:Building:

Proposal to introduce in Congress a resolution

2/16

3/29

Pages

160

308.

for erection of 1/11 40Resolution approved by FRBank of Richmond and

by Board 1/16 66Letter to Banking and Currency Committee of

Senate on S. J. 66 3/16 270Members of Board appeared before Banking and

Currency Committee of House to discuss 3/18 277Employment of Mr. Trowbridge as Consulting

Architect, question of 4/ 6 332Acceptance of terms by Mr. Trowbridge 4/21 368Letter from RAgent at Richmond approv-

ing employment of Mr. Trowbridge andadvising of contract with John T.Wilson 4/27 386

Report of Committee that contract withMr. Wilson was approved in 1921 4/30 402

Directors: (See Directors)Examination report of 6/ 9 493Shortage in account fixed upon Walter M. Snyder 4/ 6 328

Indictment and confession of Mr. Snyder 4/30 399Staff:

Carroll, Lillian, extension of leave of ab-sence on account of sickness 5/18 436

Leave extended for thirty days 6/15 517Dudley, A. H., reappointed MarAging Director

1/ 5 4for one yearHuffington, Mrs., leave of absence on account

of sickness 3/16 271Snyder, Walter M., Teller, shortage in account 4/ 6 328

Indictment and confession of 4/30 399Wilson, John T., contract to go over plans of

building with architect 4/27 386Employment approved in 1921 4/30 402

Birmingham:Bylaws, amendment that chairman of branch board

shall be member who is also memberof board at head office 1/16 64

Examination report of 5/27 469Notary fees collected at, employees not to turn

over to Employees Benefit Fund 2/24 185Report of Law Committee and draft of letter

to FRAgent at Atlanta 3/ 2 205


al

0

6

13Pages

Branch Banks, FRSystem: (Cont'd)Birmingham: (Cont'd)


Buffalo:Building:

Purchase of Manufacturers & Traders National

Bank Building approved 1/23 82

Mr. Trowbridge advised that his services will

not be needed in connection with 1/28 97

Approval of resolutions introduced in Houseand Senate for purchase of building 1/28 98

Senate Joint Resolution 44, authorizing expen-

diture apprcved 2/25 194

Attorney employed to look over contract and

deed, compensation of 3/ 2 202

Examination report of 2/ 2 115

Charlotte:Proposed establishment urged by Representative

Stevenson and Bulwinkle 2/ 6 128

Motion of Mr. Miller against establishmentof, laid on table 3/23 283

Cincinnati:Directors: (See Directors)

)2 Examination report as of September 5, 1925 2/24 191

Staff:)3 Faulkner, Peter J., bond as Assistant FRAgent 3/ 2 200

8 Manning, L. W., resignation as ManagingDirector 3/ 9 235

McCombs, C. F., appointed Managing Director

and salary fixed 3/ 9 235

56.7

4

38)9

36

'59

36

Denver:Staff:

Meigs, Dwight C., bond as Assistant FRAgent 6/ 2 474

Detroit:Building:

Committee of Board to visit Detroit to inves-

tigate question of erection of 1/25 87

Mr. Trowbridge advised that no steps are to

be taken until investigation by

Committee of Board 1/28 97

Report of Committee recommending erection of

suitable building, approved 2/ 9 131

Joint resolution to be introduced in Congress

by FRBank of Chicago 2/25 193

Senate Joint Resolution 61 authorizing expen-

diture for building, views of Board

requested on 3/ 2 203

Draft of reply of Board, comparing with other

branches 3/ 5 222


14Page

Branch Banks, FRSystem: (Contld)Detroit: (Contld)

Building: (Contld)House Joint Resolution 179, views of Board re-

quested by Hon. Joseph L. Hooper 3/12 251Members of Board appeared before Banking and

Currency Committee of House to discuss 3/18 277Employment of Mr. Trowbridge as Consulting

Architect, question of 4/ 6 332Acceptance of terms by Mr. Trowbridge 4/21 368Letter from FRAgent at Chicago approving

employment of Mr. Trowbridge 4/27 386Plans and. proposed expenditures submitted by

Governor McDougal and approved 6/21 525Bylaws, amendment to change date of meetings of

Directors and Discount Committee 6/ 2 477Directors: (See Directors)Examination report dated January 2, 1926 5/27 469Staff:

487

475

332475

ant FRAgent and designation of em-ployee to assume duties 4/14 346

Appointment of C. A. Woodhouse op-posedbecause employee of branch 5/ 5 43.2

Resignation withdrawn for present andother arrangements to be made 5/ 7 419

To continue temporarily 6/29 551Woodhouse, C. A., memo of Counsel on acting

as Assistant to FRAgent to receiptfor FRnotes, etc. 5/ 5 412

Mr. Schrader not to resign until July 1and other arrangements then to be made 5/ 7 419

Baskin, John G., bond as Assistant FRAgent 6/ 9Bowen, Floyd L., appointed Assistant Auditor

and salary increased 6/ 2Cation, W. R., present in Washington to dis-

cuss employment of Mr. Trowbridge asConsulting Architect 4/ 6

Jarvis, George T., appointed Assistant Cashier 6/ 2Schrader, W. C., resignation as Acting Assist-

El Paso:Examination report -

As of September 26, 1925 2/24 190As of February 20, 1926 6/ 9 49

FRBank of Richmond:

In southwestern portion of district, stenographerto be employed to make transcript ofproceedings 1/12 49

Location at Charlotte urged by RepresentativeStevenson and Bulwinkle 2/ 6 e


15Pages

Branch Banks, FRSystem: (Conttd)FRBank of Richmond: (Contid)

In Southwestern portion of District, etc.:(Contld)Motion of Mr. Miller against establishment,

laid on tableHelena:

Conversion to agency being considered so appoint-ment of director postponed

Proposed plan forDirectors: (See Directors)Staff:

Brown, Henry F., resignation as CashierZimmerman, H. L., appointed Cashier

3/23

1/113/12

6/226/22

283

36256

532532

Houston:Examination report -


Jacksonville:Examination report of 5/27 468Directors: (See Directors)Federal Reserve notes, placing of unissued at,

and appointment of employee as cus-todian 4/19 362

Appointment of Fulton Saussy as AssistantFRAgent at nominal salary to act as 4/23 376

Notary fees collected at, employees to discontinueturning over to Employees Benefit Fund 2/24 185

Report of Law Committee and draft of letterto FRAgent at Atlanta 3/ 2 205

Staff:Kendall, Courts P., designated alternate

Assistant FRAgent at nominal salary 5/11 423Bond of 6/ 9 487

Saussy, Fulton, designated Assistant FRAgentat nominal salary 5/11 423

Bond of 6/9 487White, George J., Assistant Cashier, increase

in salary of 5/24 456Vacation schedule for officers and employees 3/23 286

Little Rock:Staff:

Officers, notice of reelection of 1/11 34Los Angeles:

Directors: (See Directors)Examination report of 2/ 9 137Staff:

McRitchie, idie, Assistant Manager, salaryincreased 6/30 560

Scougall, A. W., designated Acting AssistantCashier for vacation period 6/15 515


III

16

Branch Banks, FRSystem: (Contld)Louisville:

Staff:

Page°

Officers, notice of reelection of 1/11Memnhis:

Directors: (See Directors)Staff:

Fuqua, V..S., resignation as Managing Director 3/ 2 201Glasgow, W. H., elected Managing Director 3/ 2 201

Officers, notice of reelection of 1/11 34

Nashville:Bylaws, amendment that Chairman of branch board be

member who is also member of board athead office 1/16 64

Examination report of 5/27 469

Notary fees collected at, employees to discontinueturning over to Employees Benefit Fund 2/24 185

Report of Law Committee and draft of letterto FRAgent at Atlanta 3/ 2 205


New Orleans:Bylaws, amendment that chairman of branch board

be member who is also member of boardat head office 1/16 64

Member appointed by FRBoard if none on boardat head office 2/19 180

Examination report of 5/27 469

Oklahoma City:Staff:

Julick, E. J., appointed Assistant FRAgent 6/30 568

Leamon, Oliver A., resignation as AssistantFRAgent 6/30 568

Pittsburgh:Directors: (See Directors)Examination report as of September 5, 1925 2/24 191

Staff:Jones, Thomas M., Assistant FRAgent, bond of 3/18 270

Nevin, J. C., salary to be offered with ap-pointment as Managing Director 1/? 10

Advice of appointment 1/11 30

Portland:Examination report of 2/9 131

Staff:West, R. B., appointed Managing Director 1/12 44

Salt Lake City:Building:

Plans and specifications, report of Mr. Trow-bridge suggesting modifications 1/7

Reply of FRAgent at San Francisco advising

of 15 days extension of bids and tel-egram of Board for report 1/11 31


17Pages

Branch Banks, FRSystem: (Contld)Salt Lake City: (Cont 'd)

Building: (Contld)Telegram from FRAgent and reply of Board for

definite figures 1/13 50Telegram from FRAgent with bids, approved by

Board and authorized to proceed withbuilding 1/21 77

Statement of Mr. Trowbridge for services inconnection with 1/28 97

Examination report of 2/ 9 137

Seattle:Examination report of 2/ 9 137Staff:

Reif, G. W., designated Acting AssistantCashier for vacation period 6/15 515

Spokane:Examination report of 2/ 9 137Staff:

Davis, D. L., appointed Managing Director 1/12 44Branch Banks, Foreign:

National City Bank of New York:Bayern°, Cuba, notice of intention to close 3/ 2 203Genoa, Italy, retransfer of main office from Milan,

approved and question of future changes 3/ 9 235Application formally approved and sub-branches

at Milan, Florence, Naples, Palermo,Rome, Turin and Venice 3/23 283

Authorized to locate main office in any citymentioned 3/29 306

Palma Soriano, sub-branch of Cuban Agency, appli-cation approved 3/ 4 213

Panama City with sub-brandh at Colon, applicationapproved 2/16 153

Brokers Loans: (See Loans)arodkhart, Smith W.:

Statement critical of FRSystem, no reply to be made 4/30 401(See also Political Candidates)

Brookings State Bank Par Clearance Case: (See Par ClearanceCases)

Zrown, Crosby & Co., insurance brokers, request to appearbefore FRBoard on Federal Reserve Pen-sion Plan 5/18 439

klaget System, in effect in nine FRBanks, report of Confer-ence of Governors on operation of 2/16 159

Form of letter to Governors of FRBanks of St. Louis,Kansas City and Dallas on establishing 4/ 6 329

To be installed at FRBank of St. Louis on July 1, 4/23 374


18

111

Budget System, etc.: (Contld)To be installed at FRBank of Dallas at once 4/27

4/275/5

Pagel

382389406

Discussed at Conference of GovernorsTo be installed at FRBank of Kansas City on July 1,

Buildings, FRBanks and Branches:Baltimore: (See Branch Banks, FRSystem)Buffalo: (See Branch Banks, FRSystem)Detroit: (See Branch Banks, FRSystem)Salt Lake City: (See Branch Banks, RSystem)

Bunge, Dr. Alejandro E.: (See Argentina)

Bureau of Efficiency:Letter to FRBank of New York expressing appreciation for

assistance and commending organizationand efficiency of bank 1/5 8

Bureau of Labor Statistics:Regrouping of wholesale price indexes to be discontinued

by Board 2/18 1'76

Bureau of Savings Research: (See Steiner, W. H.)Business Conditions:

Questionnaire of National Hardware Association, result 5/18 439

Butter:Eligibility for rediscount of notes of warehouse com-

panies secured by, memo of Counsel 2/9 136

Ooinion of Counsel that it is not staple agricul-tural product in raw state 2/15 145

Draft of letter to Governors of FRBanks 3/4 218

Circular letter to Governors approved for trans-

mittal 3/11 244

Ruling to be published in April FRBulletin 3/18 274

Bylaws:FRBranch Banks:

Birmingham:Amendment that chairman of board shall be

director who is also member of board

at head office 1/16 64Detroit:

Amendment to change meeting date of Board ofDirectors and Discount Committee 6/ 2 477

Nashville:Amendment that chairman of board Shall be

director who is also member of boardat head office 1/16 64

New Orleans:Amendment that chairman of board be director

who is also member of board at headoffice 1/16 64

Amendment re election of Chairman if nodirector connected with head office 2/19 180


19Pages

Bylaws: (Contld)FRBoard:

Amendment to Article 13 suggested by Mr. Millerthat no motion be made or adoptedwhen other persons present 3/ 3 211

Amendment adopted 3/11 240Amendment to omit requirement that special matters

be considered at certain meeting eachweek, suggested by Mr. Hamlin 3/ 4 220

Amendment adapted 3/11 240Membership of committees under newquorum, notice by Mr. Hamlin to move amendment to

by laws re

3/ 2

3/ 5

197

228Revision to be made by special committee and to

include suggested Changes 1/ 5 10Report of committee presented 1/19 75Committee ordered to prepare redraft includ-

ing amendments suggested as meeting 1/26 93Revised sections approved and complete draft

ordered submitted to Board 2/ 4 121Complete revised draft presented and adopted 2/18 168-176

Byrns, Hon. Joseph W.: (See Liberty Bond Transactions)

Cafeterias, FRBanks:Opinion of Conference of Governors that FRBanks should

2/16 160absorb part of expense of operationReport of Committee on Salaries and Expenditures, and

form of letter to Governors of FRBanks 4/ 6 329Call Loan Market: (See Loans to Brokers)Canned Corn and Other Products: (See Corn)Capital Feed & Grain Co. v FRBank of Atlanta:

Statement of Newton D. Baker for services for / 2 204Capital Stock: (See Stock)Certificates of Membership in FRSystem:

Question of returning by banks withdrawing 4/14 345Memo of Counsel with draft of letter to FRAgents 4/19 362Letter to FRAgent at St. Louis that certificates should

be returned to Board 6/ 9 490Chain Banking, FRAgent at San Francisco requested to check

Information for Dr. Willis 1/12 48

Chamber of Commerce of the United States:Renewal of charters of FRBanks supported by 5/ 5 411


If

flo

1

20

Charter of FRBanks, renewal supported. by Chamber of Commerceof the United States

Charters issued to new national banks, responsibility ofFRAgents in making recommendations

Copy of written statement read by FRAgent of Minneapolisat Board meeting

Chautauqua, Indiana, series of lectures on FRSystem byF. L. Huston deemed inadvisable

Paoli

5/5 413.

2/5 124

2/18 168

2/15 148

Chicago;Loans to Brokers: (See Loans to Brokers)

Circulars:Credit Utility Corporation of New York City quoting

from article on finance companies 3/ 9 236Memo of Counsel with draft of letter to, approved 3/16 2 4

FRBank of Atlanta:Collection circular, complaint by Mr. Clailorne

of wording of 4/23 376FRBoard:

Act of Congress limiting use of words "Federal",etc., in titles, prompt report ofviolations to be made to Departmentof Justice

Borrowings of funds to be loaned to subsidiaries,rediscount of notes secured by,position of FRBoard pending reconsid-eration by next Conference of Gov-ernors

Certificates of membership of State member banksto be surrendered upon withdrawalfrom FRSystem

Code words for telegrams showing Changes in ratesof discount and purchase

Corn, canned, not to be considered readily market-able staple product for purpose ofmaking rediscounts

Draft of letter approvedElection of Class "A!' and "B" Directors, partici-

pation by banks in liquidation, rul-ing on

Examinations of FRBanks, procedure to be followedIdaho Grimm-Alfalfa Seed Growers Association case,

prorating expense of employment ofNewton D. Baker

Information on member banks borrowing from FRBanks,requested from FRAgent

No protest minimum of FRBanks, reasons for continu-ing present

6/15 519

5/11

4/19

1/19

1/282/ 4

1/195/25

1/19

4/ 6

4/14

425

362

73

101

119

73,

461

72

328

349


Circulars: (Contld)FRBoard: (Contld)

Notes indorsed by Federal Intermediate Credit

Banks, eligibility for rediscount 3/23

Notes of Saunders System, Inc., ineligible for re-

discount because funds to be used for

capital purposes 6/ 2

Draft of letter approved 6/29

Notes secured by eggs, poultry and butter, eligi-

bility for rediscount 3/11

Par list, ruling of FRBoard on right of FRBank to

strike nonmember bank from 6/29

Rates in effect at FRBanks to be reported to

FRBoard after each meeting of directors 1/ 5

Securities received for safekeeping from FederalIntermediate Credit Banks but not from

Farm Loan Registrars 6/29

Trust departments of national banks, operation of 4/15

Weekly reports of assets and liabilities of re-

porting member banks, letter to

FRAgents 4/ 6

Strong, Hon. James G., to FRALents on amendment to

ci FRAct re stabilization of price level 6/29

,borne, Charles deB.:Complaint re wording of collection circular of FRBank

of Atlanta 4/23

Cla4c, Howard J.:Statements critical of FRSystem, no reply to be made 4/30

Draft of reply to FRAgent at Chicago on form of replies

to inquiries and criticisms 6/ 2

(See also Political Candidates)ClaYton, n Act: (See Interlocking Directorates)v4earine and Collection:

Circular of FRBank of Atlanta, complaint by Mr. Clai-

borne of wording of 4/23

Collection suits brought against FRBank of St. Louis,

compensation of attorneys in connec-

tion with 2/ 9

Draft of letter to all FRAgents that fees exceeding

$1,000 shall be submitted to Board 2/15

Exchange charge made by State bank on chock of First

National Bank of Corning, Ark., under

rules of Memphis Clearing House, ccm-

plaint of 1/ 5

Hanovia Chemical and Manufacturing Co., Newark, N. J.,

complaint re manner of handling non-

cash collection items by FRBanks 4/14

21Pages

288

479556

244

555

7

556355

331

557

376

401

477

376

134

151

9

348


22

Clearing and Collection: (Contld)Interdistrict Time Schedule:

Pagel

Between Dallas and Denver, change approved 5/24 454Conference of operating officers of FRBenks to

consider differences in 4/27 388New York Clearing House Association, amendment to con-

stitution providing for charge formaking loans secured by stocks, bondsand acceptances 3/ 4 212

Non-cash Items:Analysis prepared from replies to questionnaire of

American Bankers Association 1/11 38Reply of Board that hearing is unnecessary and

briefs may be forwarded for consider-ation 1/13 58

Analysis submitted and referred to Comittee onVoluntary Services of Conference ofGovernors 2/ 2 114

Action of Conference of Governors on continuanceof function, referred back for appoint-ment of committee

Meeting of Governors Committee with FRBoard, viewsto be transmitted individually by

3/23 281

letter 3/29 307Telegram from Salt Lake City Clearing House re

discontinuance of function by FRBanks 3/29 301

Maddox, Robert F., correspondence with GovernorHarding of Boston on 4/19 362

Recommendation of Conference of Governors and re-port of Mr. James on 4/27 390

Plan of Mr. James to be submitted to John W. Bar-ton for opinion 4/30 40

Report of Mr. James on correspondence with Mr.Barton and resolution offered 5/25 464

No protest minimum of FRBanks, circular letter to Gov-ernors on reasons for continuingpresent 4/14 340

Renly of FRBoard to letter from Deputy Manager ofClearing House Section of AmericanBankers Association 4/30 402

Par Clearance Cases: (See Par Clearance Cases)Par Clearance System:

Resolution of country member banks in central andnorthern Minnesota requesting elimi-nation of 2/ 2 115

Reply to be prepared by Counsel 2/15 148Resolution of member banks in southwestern Minne-

sota opposing 4/27


149

23Pages

Clearing and Collection: (Contld)Per Clearance System: (Contld)

Resolution of Wisconsin Bankers Association ondiscontinuance of

Right of FRBank to remove First State Bank, Wylie,Texas,. from

Circular to FRBanks on ruling by FRBoardSalt Lake City Clearing House Association, telegram

re discontinuing non-cash collectionfunction by FRBank

Suit brought by Louisville and Nashville Railroad Co.,against FRBank of Atlanta and Amer-ican National Bank of Nashville forfailure to collect checks

Cleveland, Loans to Brokers in: (See Loans to Brokers)Code words to be used in telegram submitting schedules and

changes in rates of discount and pur-chase

C°in, Currency, etc.:Express rates on shipments of: (See Ex-xess Rates)

Collateral notes discounted for member banks, right of oneFRBank to discount for another

Committees:Banking and Currency of House:

Buffalo building for branch, views of FRBoard onresolution authorizing

Messrs. Cunningham, Miller and James appear beforeand discuss branch buildings for De-troit and Baltimore, open marketoperations of FRSystem, etc.

Detroit Branch building, reply to CongressmanHooper on resolution for

FRAct:Section 9, views of Board on proposed amend-

ment requestedDraft of letter from Board disapproving

amendmentSection 13, amendment recommended by FRBoardSection 14, Mr. Miller and other members in-

vited to attend meeting to considerH. R. 7895 to amend

Copy of letter addressed by Governor toChairman of Committee

FRnotes, question re issuance, circulation, re-demotion, etc.

Proposed reply prepared by Messrs. Miller,Smead and Goldenweiser, referred back

6/10

6/156/29

3/29

5/27

1/19

1/26

1/28

3/18

3/12

1/28

2/ 21/16

3/22

3/23

5/11

5/12

503

520555

307

472

71

90

98

277

252

100

10764

279

288

426

431


24

Committees: (Contld)Banking and Currency of House: (Contld)

FRnotes, etc.: (Contld)Revised draft including suggestions, approved

"Federal" ,"United States", "Reserve", etc., legis-lation to prohibit use by banks andothers in their titles

Copies of letters from Counsel of FRBank ofNew York and FRAgent at Boston trans-mitted to Committee

Letter from FRBoard that bill has been passedby Senate

McFadden Bill, views of FRBoard on H. R. 2Hull amendment, letter from FRBoard re

omission of(See also McFadden Bill)Pension plan for fliSystem, bill to be introduced

Banking and Currency of Senate:Amendment to Revised Statutes suggested on priority

of claims of United States againstinsolvent State banks

Revised draft of letter to Committee referredto Vice Governor for consultationwith Treasury Department

Agricultural Credits Act, views of FRBoard request-ed on proposed amendment

Draft of reply by FRBoard approvedBaltimore Branch building, views of FRBoard re-

quested on S. J. R. 66Buffalo Branch building, views of Board requested

on S. J. R. 44Detroit Branch building, views of Board requested

on S. J. R. 61Reply of Board, apnroved

"Federal", "United States", "Reserve", bill to beintroduced to prevent use in titlesby private banks, etc.

Copies of letters from Counsel of FRBank ofNew York and FRAgent at Boston to besent to Committee

Farm Loan Bonds, views of Board requested on S.616to allow FRBanks to buy and sell,etc.

McFadden Bill, hearings to be held on, Governorand Vice Governor of Board willingto appear before Committee

Views of Board requested on amendment toSection 11(k) of FRAct

Draft of reply by Board, approved

5/12

1/16

3/16

4/271/ 7

6/ 2

4/27

3/ 9

Pagel

434

65

266

36411'4

44

388

231

3/12 25

6/992

506/15

3/16 210

VO2/25

203/ 2 ,223/ 5 P

1/16

3/16

3/ 2

2/15

3/234/ 8

265


25Pages

kmaattees: (Contld)Banking and Currency of Senate: (Contld)

McFadden Bill, etc.: (Contld)Bill apnroved by Board as reported to Com-

mittee 4/22

Pension bill for FRBank , to be introduced in

Senate 4/27

Report of Mr. Platt on meetings with Committee 4/30

Favorable report on bill and printed copiesof hearing available 5/ 7

S. 667 to amend Section 13 of FRAct to show rateof discount and commission charged,views of Board requested 2/ 4

Draft of reply to Committee, ordered circu-

lated 2/24

Draft of reply approved 3/12

Division of Credit Information: (See FRBoard)

FRAgents:Examinations:

Co-ordination of examining work of FRSystemunder supervision of FRBoard 2/16

Status of motion of Mr. Miller beforeCommittee 3/12

To meet with Board on April 5, andrender report 3/29

Report of, Secretary to ascertain when it may

be expected 3/12

Letter from FRAgent at New York onstatus of report 3/16

Public Relations:Report made at Conference of FRAgents and

Governors 2/16

Referred to Vice Governor for report 5/27

FRBank of Atlanta, Directors:Messrs. Black, nelvin and Ware to investigate cur-

rency shipment to Havana 6/ 9

Telegrams on meeting with Board 6/15

Meeting with Board 6/16

FRBank of San Francisco:Executive, members appointed for 1926 1/12

FRBoard:Agricultural Credit Conditions, ordered discontinued 1/ 5

Branches, ordered discontinued 1/ 5

Bylaws:Special appointed to revise, composed of Messrs.

Miller, Platt and James 1/ 5Report of Committee presented 1/19

Ordered to prepare redraft including chancesadopted 1/26

378

388404

420

119

189255

164

259

307

255

265

159472

499510524

44

1010

1075

93


26

Committees: (Contld)FRBoard: (Contld)

Bylaws: (Contld)Revised sections approved and complete draft

ordered submitted to BoardComplete draft presented and adopted

2/ 42/18

Clearings, ordered discontinued 1/ 5Cuba, ordered discontinued 1/ 5Currency, ordered discontinued 1/ 5Discount and Open Market Policy, ordered discon-

tinued 1/ 5Districts Nos. 1 to 12, personnel of 3/ 2District No. 7, to visit Detroit in connection

with building for branchReport of Committee recommending erection of

building, anproved

1/25

21 9Examination, personnel of 3/ 2Executive:

Cunningham, E. H., exniration of term asmember 1/ 5

Hamlin, C. S., appointed for three months 1/ 5Expiration of term as member 4/ 2To serve until June 30 in place of

Mr. MillerMiller, A. C., appointed member of, for three

6/10

months 4/ 2Governor, Vice Governor and Comptroller of the Cur-

rency to consider consolidation ofBank of Italy with other banks andto become national bank 3

International Finance, ordered discontinued 1/ 5Law, personnel of 3/ 2Nominations, ordered discontinued 1/ 5Research and Statistics, personnel of 3/ 2Rules and regulations on appointment and services

of Branch bank directors, Messrs.Miller and James to report on changes

Report of Committee adopted with changesSalaries and Expenditures, personnel ofSpecial to investigate Shipment of currency to

Cuba: (See Cuba)Governors of FRBanks:

Advisory, to be discontinuedCollections:

Non-cash function of RBanks, special, of fiveto meet with Board

Meeting of Committee with Board, viewsto be transmitted to Board by letter

3/23

3/29

Psi

121168'101010

lo198

61

151198

2

321

505

321

210

1019110

3.9e

2

301

1


Comzittees: (Cent 'a)Governors: (Contid)

Time schedule, study of changes before makingfinal report

Voluntary Services, analysis of replies to ques-tionnaire on non-cash collectionsreferred to

Miscellaneous:Bank Examination and Credit Functions, credit por-

tion of report, report of Committeeof Examination on 4 4 219

()Pen Market Investment:Apnointment and functions, letter from Norman

Lombard re 4/ 8 337Reply of Board to letter 4/15 354

Maturing Treasury certificates of indebtedness tobe replaced by purchase of shortterm Government securities 6/ 2 480

27Pages

4/27 388

2/2 114

Meetings:January 18, to be held in New York 1/16 61

Report of Governor on 1/19 73 -Report submitted at meeting of 1/19 75

March 15, to be held prior to 3/ 4 220Motion to be introduced by Mr. Miller

that future meetings be held in Wash-ington unless otherwise authorizedby Board 3/ 5 226

Motion carried 3/ 9 234Resolution adopted giving Governor of

Board power to arrange meeting else-where if necessary 3/29 309

Held March 20, minutes of 4/19 361June 21, to be held in Washington 6/ 9 492

Minutes of 6/29 553Renlacement of maturing Government securities

authorized 3/ 8 229-232 -Report to Conference of Governors approved 3/23 291

Recommendation of Committee and Conferenceof Governors to increase System ac-count if necessary, approval lost 3/24 294-296

Recommendation reconsidered and approved 3/25 297Repurchase agreements, recommended that practice

include Third Liberty Loan Bonds 6/24 540Recommendation approved by Board 6/29 553

C°M111°ditY Prices, request of Robert Barnett for press re-lease on 5/18 439

ec)slaPtometer machine, purchase by Divicion of Bank Operationsauthorized 1/11 32


28

Comptroller of the Currency:Charters isgued to new national banks, responsibility 2/ 5 124

Statement of FRAgent at Minneapolis read 2/18 168Consolidations involving National banks, chief exami-

ners, to advise banks of provisionsof Regulation "H" 2/10 1.

National Bank Examiners: (See Examiners)National banks granted fiduciary powers and now insol-

vent, list of, and summary of re-plies from receivers 4/27 386

Reserve deficiencies of national banks, report onchronic cases 2/16 16,5

Condition Reports:Member bank weekly statement:

No explanation of brokers loans in, for February 18 2/24 10

Loans to brokers on stocks and bonds in New York,figures not to be released in ad-vance of statement 2/ 5

Request of Mr. Jay to release figures refused 2/ 6 12°Date and manner of release of RBulletin

fixed and preliminary statement pro-vided for 2/ 6

Loans to brokers and dealers in New York andChicago, etc., memo of Mr. Smeadsubmitting 4/27

Press release to be made on Mondays 5/18Time and demand loans to be shown separately 5/18

National Banks:Call as of December 31, 1925, advice of 1/ 5Call as of April 12, 1926, advice of 4/15

State Member Banks:Call to be made as of December 31, 1925 1/ 5Call as of April 12, 1926 4/15

Conferences:Federal Advisory Council: (See Federal Advisory Council)FRAgents; Recommendations of:

Assistant FRAgents unnecessary at branches whereunissued FRnotes are not carried

Approved by FRBoard and ruling to be prenaredDividends of FRBanks, payment annually instead of

semi-annually not desirableExaminers of FRBanks not to be detailed to State

Banking Departments unless FRBankis concerned

Examining work of FRSystem, co-ordinating undersupervision of Board

Regulation "H", revision of section on branches ofState member banks suggested

4

0

4

,

le2/163/29

102/16 1

2/16

102/16

102/16


;e'

ie

10

95

6S

91

26

361P8

4

4

50;

100

29Pages

Conferences: (Cent' d)PRAgents; Recommendations of: (Contld)

Reserve requirements for deposit of member banksunder plan of segregation

FRAgents and Governors; Recommendations of:Counsel, employment of special, to assist in liti-

gation of all FRBanks, opposedDirectors, Class "B", eligibility of officer of

insurance company for election as

2/16

2/16

2/16

161

163

162Examinations of State member banks by FRExeminers 2/16 164Federal Reserve Exhibits at conventions of Ameri-

can Bankers Association 2/16 162Report of Committee on Public Relations, memo of

Secretary on sending to FRBanks 2/16 159Reserve deficiencies of member banks, procedure

for reporting 2/16 163FRBenk of St. Louis and Branches, members of Board in-

vited to attend 5/24 454PRBoard: (See also Hearings)

Representatives of FRBank of Minneapolis on re-sponsibility of FRAgents in makingrecommendations for charters fornew national banks 2/ 5 124

Governors:1921. Discussion of effect of acceptance of paper

for rediscount by FRBanks on accept-ance or rejection by FRAgents as col-lateral for FRnotes 1/28 100

Baker, Newton D., to appear before to discusscourt cases of System-wide importance 3/16 264

Notice from Mr. Baker that he will be presentto discuss Grimm-Alfalfa Seed GrowersAssociation case 3/22 279

Discussed with Mr. Baker 4/27 394Loans on adjusted service certificates, draft of

form of collateral note for 3/12 256March 22 approved as date for spring conference 1/19 73Meeting of Board. members with 3/24 295Recommendations of:

Baker, Newton D., retaining as special counselof FRSystem 4/27 393

Memo of Counsel on 6/ 9 492Report of Law Committee against retaining

special counsel 6/15 519Budget system in effect at nine FRBanks deemed :

effective 2/16 159Discussed at Conference, memo of Assist-

ant Secretary on 4/27 389


30page$

Conferences: (Contld)Governors: (Cont'd)

R,,commendations of: (Contld)Cafeterias, opinion that FRBanks should ab-

sorb part of expense of operation 2/16 16°

Report of Committee on Salaries and Ex-penditures, approved 4/ 6 329

Conference of operating officers of FRBanksto consider changes in time schedule 4/27 388

Credit functions of FRBanks, report of sub-committee on 2/16 164

Recommendations to FRBoard on report 3/ 4 219

Recommendations approved 3/12 258

Idaho Grimm-Alfalfa Seed Growers Associationcase, discussion with Newton D.Baker 4/27 394

Non-cash collection function of FRBanks tobe continued, referred back for ap-pointment of committee 3/23 281

Meeting of Committee with Board, views30to be transmitted to Board by letter 3/29

To be continued as at present 4/27 30

Pension plan for FRSystem, bills to be intro-duced in House and Senate 4/27 308

Proper FRBank protection, opinion that nouniform plan is possible 2/16 169

Rediscount of notes secured by adjusted ser-vice certificates, topic to be resub-mitted at next Conference 4/27 091

Rediscount procedure of FRBanks, reports tobe submitted to Newton D. Baker forstudy, memo of Counsel on 6/15 0

Regulation "A" of Board, amendment to ArticleB on acceptances of grain elevatorcompanies 4/27 395

Reserve requirements for deposits of memberbanks under plan of segregation 2/16 181

Report of Open Market Investment Committee to,approved 3/23 29/

Recowmendation of Conference and of Committee

if necessary, approval lost 3/24 294)to increase amount of System account

Recommendation reconsidered and approved 3/25 291

Topics for Discussion 3/ 2 20

Borrowings of corporations to be loaned tosubsidiaries and others, eligibilityof notes for rediscount 3/12

Recommendation that topic be resubmitted r490at next conference 4/27 '


Conferences: (Cont d)Governors: (Contid)

Topics for Discussion: (Contsd)Capital and other requirements of banks exer-

cising fiduciary PowersDiscussed and postponed until next Con-

ference, Counsel of Board to submitopinion

3 Consulting Counsel for FRSystem, plan suggest-ed by Governor of FRBank of Dallas

4 Jurisdiction over suits by and against FRBanks,9 amendment to law to restore to Federal8 Courts suggested by Counsel

Recommendation that Counsel of FRBanks

14 prepare opinions onRegulation "A", requirement that notes desig-

nate for whom rediscounted, memo ofCounsel and reply to FRBank of SanFrancisco

391

go

291

294'291,20'

g°

Report of FRAgentls Committee on Examinationsif ready

Letter from FRAgent at New York on statusof report

Operating officers of FRBanks to consider Federal Re-serve time schedule, recommended byConference of Governors

C°W3olidations:Bancitaly Corporation, New York, merger of Richmond

Borough National Bank of Stapletonand Bowery and East River NationalBank and operation as branch

Bank of Cheraw, Cheraw, S. C., merger of Merchants andFarmers Bank of Cheraw

Bank of Hartsville, S. C., and First National Bank ofHartsville, without approval of Board

Resolution of Board requesting bank to file appli-cation

Application approvedBank of Italy with Liberty Bank of San Francisco and

Bank of America and Commercial Nation-al Trust & Savings Bank of Los Angeles,and to become national bank, specialcommittee to consider

Absorption of Bank of Los Banos and consolidationwith branch there

Bank of Lunenburg, Kenbridge, Va., application to takeover First National Bank of Kenbridge,approved

31Pages

3/ 2 206

4/27 389

3/9 236

3/11 244

4/27 390

2/24 1873/ 2 206

3/12 255

3/16 265

4/27 388

5/24 455

5/ 5 409

2/ 2 109

2/10 1412/19 178

3/ 3 210

3/16 263

1/28 102


32

Consolidations: (Cont 'a)Bank of the Manhattan Co., New York City, purchase

of Greenpoint National Bank ofBrooklyn

Bank of Philip, S. D., and Bank of 1Towlin, S. D., appli-cation approved

Belgrade State Bank, Belgrade, Mont., absorption ofFarmers Bank of Belgrade, applicationfor

Application approvedCitizens Bank of Festus, Mo., absorbed Festus State

Bank, application approvedBank, West Point, Ga., permission to take over

First National Monk, West PointCitizens & Southern Bank, Savannah, Ga., application to

take over Merchants Bank of Valdostaand operate as branch

Application approvedNational Bank, Plainfield, N. J.,

Trust Co., approvedNational Bank & Trust Co., Miami, Fla., absorption

of Commercial Bank & Trust Co., andMiami Bank & Trust Co.

Coal & Iron Bank of City of New York, merger withFidelity International Trust Co.,approved

Cochise County State Bank, Tombstone, Ariz., purchaseof First National Bank of Tombstone,information requested

Application approvedFederal Bank & Trust Co., Little Rock, Ark., taking

over of First National Bank of NorthLittle Rock

Application approvedFidelity Trust Co., Portland, Maine, absorption of

United States Trust Co., Portland,and aperation of branches

Fidelity Union Trust Co., Newark, N. J.:Acquisition of City Trust Co., of NewarkPurchase of control of Ironbound Trust Co.

First National Bank, Albany, N. Y., notice of pendingmerger of Albany Trust Co.

First National Bank & Trust Co., and Oneida CountyTrust Co., Utica, N. Y., under nameof First Bank & Trust Co., confiden-tial report

First Security State Bank, Red Wing, Minn., with Secur-ity Loan & Trust Co., without appro-val of Board

Citizens

City

City

with Plainfield

5/ 5

2/18

4/306/22

1/28

3/16

3/113/16

3/29

6/24

1/28

5/276/15

1/192/ 2

6/30

6/105/24

4/30

5/18

2/16

56°


33Pages

Consolidations: (Cant 'd)First Security State Bank, Red Wing, Minn.: (Contid)

Application approved under name of Security Bank& Trust Co. 3/11 244

First State Bank, Palmyra, Ill., absorption of PalmyraState Bank, approved 5/25 464

First Trust & Savings Bank, Hammond, Ind., with FirstNational Bank, approved 2/ 2 112

Fourth & Central Trust Co., Cincinnati, Ohio, purchaseof Stock Yards Bank, and operationas branch 3/11 241

Grand Rapids Savings Bank, Grand Rapids, Mich., absorp-tion of South Grand Rapids StateBank without permission of Board 2/19 182

Draft of letter to FRAgent at Chicago on conditionof membership under Regulation "H" 2/24 190

Grant Trust & Savings Co., Marion, Ind., absorption ofCitizens Trust & Savings Co. approved 6/22 536

Industrial Trust Co., Providence, R. I., permission totake over National Exchange Bank andoperate as branch 4/19 360

Advice of operation as Exchange Branch 4/30 400Jasper County Savings Bank, Newton, Iowa, absorption

of Clark National Bank 2/18 167Approved by State banking authorities 3/16 263

Manufacturers & Traders Trust Co., Buffalo, N. Y.,Central Park Bank, merger with, andto be operated as branch 1/25 81

Consolidation approved 2/ 2 110Merger with Riverside National Bank without con-

sent of Board 1/28 100Merger approved, also merger of Central Park Bank,

Buffalo, N. Y. 2/ 2 110Draft of letter to FRAgent at New York ordered

revised 2/ 4 119Revised draft referred to Law Comittee for fur-

ther revision 2/10 143Memo of Counsel with draft of reply to letter

from FRAgent at New York 3/23 289Consolidation noted without objection and pro-

posed letter laid on table 3/29 308Massachusetts Trust Co., and Atlantic National Bank

Mechanics Bank, of Boston, advice of 2/16 158

Brooklyn, N. Y.:Merger with Flattush State Bank, aPproval of

branch by State Banking Department 2/ 2' 111Draft of letter to FRAgent at New York re

action without approval of Board,ordered revised 2/ 4 119


34

Consolidations: (Cont 'd)Mechanics Bank, Brooklyn, N. Y.: (Cont'd)

Merger with Flatbush State Bank, etc.: (Contld)Revised draft referred to Law Committee for

Pages'

further revision 2/10 143Memo of Counsel with draft of letter to

FRAgent at New York 3/23 289Consolidation noted without objection and

proposed letter laid on table 3/29 308Merger with First National Bank of Jamaica, New

York City, and operation as branchproposed 4/ 8 340

Letter from FRAgent at New York re 4/15 354Letter from FRAgent with further information 5/5 408

Monticello State Bank, Monticello, Iowa, permission totake over Jones County Trust & Sav-ings Bank 1/5 1Application formally approved 1/11 35

National City Banc New York City, absorption of Peoples,Trust Co. of Brooklyn National Bank-ing Association of New York 6/29 549Pacific Southwest Trust & Savings Bank, to take overFirst National Bank of Inglewood,and Inglewood Savings Bank, and

3/11 240operate as branchesPeoples Trust Co. , Brooklyn, N. Y., with National City

Bank of New York, pending chance in

5/5 407

main office for conversion intonational bank

Notice of removal of main office and operation ofbranch at former site to becomebranch of National City Bank 5/12 430

Philadelphia Trust Co., and Fidelity Trust Co. ofPhiladelphia, proposed 4/15 355

Provident Savings Bank & Trust Co., Cincinnati, Ohio,purchase of East End Bank and LibertyBanking & Savings Co., and operationas branches 4/ 2 320

Security Trust & Savings Bank, Los Angeles, Calif.:Citizens State Bank, Sawtelle, with branches at

Palms and West Los Angeles, and oper-ation as branches 3/11 245

Transfer of stock in FRBank of San Franciscoas result of 4/ 6 327

First National Bank of Compton and Framers & Mer-chants Bank of Compton, with LynwoodBranch, absorption and operation asbranches 3/ 4 214

Application approved 3/ 5 225

1


Consolidations: (Cont 'a)State & City Bank & Trust Co., Richmond, Va., with

35Pages

Planters National Bank, aporoved 1/26 89State Bank, Cowden, Ill., and First National Bank of

Cowden, approved 2/15 146State member banks with others, requirements of Regula-

tion "H" in connection with 2/10 140Survey for 1925 submitted by FRAgent at New York, list-

ing banks merged or consolidated 3/23 290Union Trust Co., Cleveland, Ohio, and State Banking &

Trust Co., with its six branches,approved 4/ 2 319

Valley Bank, Phoenix, Ariz., to take over Salt RiverValley Bank and Salt River ValleyTrust & Savings Bank, Mesa, Ariz.,and establish branch 2/19 179

Contributions:FRBank of Atlanta to Federal Reserve Club for welfare

and educational work 3/29 304Reply of FRAgent to letter from Board 4/19 361

FRBank of Cleveland:Cleveland Chamber of Commerce Military Committee 6/29 551Ohio Bankers Association, expenses of convention 5/18 437

FRBank of Dallas:Convention of American Institute of Banking, fund

for entertaining delegates to 4/23 379National Association of Credit Men for credit

justice fund 2/19 182FRBank of Kansas City:

Grand Avenue Improvement Association 6/29 551FRBank of St. Louis:

American Institute of Banking, payment of uum tolocal chapter approved 2/ 4 118

FRBanks:American Acceptance Council, memo of Mr. Smead on 3/ 4 213

Conversions:Bank of Europe from State bank to trust company under

title of Bank of Europe Trust Co.,authorized by New York State BankingDepartment 3/ 2 202

Coal & Iron National Bank, New York, N. Y., into Coal& Iron Bank 1/28 103

Federation Bank of New York into Federation Bank &Trust Co. 3/ 2 202

First Trust & Savings Bank, San Diego, Calif., intoCitizens National Bank 5/24 452

Greenpoint National Bank, Brooklyn, N. Y., intoGreenpoint Bank of Brooklyn 6/29 548


36

Conversions: (Conttd)Peoples Trust Co., Brooklyn, N. Y., into national

banking association before consoli-

Pag 0

dation 5/5 40'7(See also Consolidations)

Cooksey, G. R., War Finance Corporation:Request to examine reports of hearing before Organiza-

tion Committee 4/15 351Cooperative Marketing Association:

Note discounted by member banks, eligibility for re-discount 2/16 156

Ruling of Board on 3/23 288Copeland, Senator R. S.:

Amenament to McFadden Bill proposed re investmentsecurity business of national banks 5/24 457

Corn, canned, not considered non-perishable, readily market-able, staple agricultural product byBoard 1/28 101

Circular letter to FRBanks re 2/ 4 13.9Counsel, Consulting, for FRSystem, suggested by FRBank of

Dallas 2/ 2 112Recommendations of Conferences of FRAgents and Gover-

nors opposing 2/16 165Report of Law Committee, to be placed on program of

Conference of Governors 3/ 9 236Recommendation of Conference of Governors that Newton

D. Baker be employed 4/27 385Memo of Counsel of 6/ 9 492Report of Law Committee against employing 6/15 519

Counsel, General:Brief on pax collection system to be prepared in answer

to resolution of country member banksin Minnesota 2/15 150

Memoranda of:Allderdice, Taylor, application to serve interlock-

ing directorates, approved 3/ 9 235Amendment to Section 11 of FRAct to nermit one

FRBenk to rediscount notes of another 2/16 158Form of amendment submitted, noted and order-

ed filed 3/16 268Arkansas Valley Bank, Fort Smith, Ark., probable

action if bank reduces capital belowrequired minimum 6/29 556

Baker, Newton D., statement for services in Cap-ital Feed & Grain Co. v FRBemk ofAtlanta 3/ 2 204

Recommendation of Conference of Governorsthat he be retained as Counsel ofFRSystem 6/ 9 492

1

1


3

3

a

37Pages

Counsel, General: (Contld)Memoranda of: (Contld)

Baker, Newton D.: (Contld)Rediscount procedure of FRBanks, employment

to study, referred to Law Committee 6/15 522

Barrel]., William L., permission to serve interlock-

ing directorates not necessary 2/16 158

Bean, Theodore L., application to serve interlock-

ing directorates held pending amend-

ment to Clayton Act 3/29 301

Bill recommended to Congress to prevent use ofwords "Federal", "United States", and

"Reserve" in corporate titles 1/16 65

Letters on use of title "Federal Reserve Life

Insurance Co." by ccmpany in Kansas

City, to be sent to Congress 3/16 265

Passed by Senate, draft of letter to Committeeon Banking and Currency of House 4/27 384

Report of violations to be made to Departmentof Justice 6/15 519

Borrowings of corporations to be loaned to subsid-iaries and others, eligibility ofnotes for rediscount 3/12 257

Circular letter to FRBanks giving position of

Board pending reconsideration by nextConference of Governors 5/11 425

Branch FRBanks, authority of Board to discontinue,

opinion of Attorney General requested 1/25 84

Broadway National Bank, Newburgh, N. Y., excessshares of stock of FRBenk of New York

purchased, not to be surrendered 1/ 5 6

Brookings State Bank par clearance case, adviceof settlement out of court 2/10 143

Butler, Morgan, application to serve interlockingdirectorates 4/27 396

Butter, whether considered staple, agriculturalproduct for rediscount of notes, re-

ferred back for consultation withDepartment of Agriculture 2/ 9 136

Opinion that tatter is not staple, agriculturalproduct, ordered circulated 2/15 145

(See also Butter)Cancellation of stock of FRBank of San Francisco

held by Jefferson County NationalBank, Rigby, Idaho 3/ 4 219

Certificates of membership of banks withdrawing

from FRSystem to be returned. - 4/19 362Cheston, Charles S., application to serve inter-

locking directorates 1/11 39


38


Citizens State Bank, Marianna, Fla., question ofholding its own stock, and also de-ficient reserves

Basis of, for requiring forfeiture of member-ship if desired

Letter from FRAgent at Atlanta that actionbe deferred, approved

City-Commercial Savings Bank, Mason City, Iowa,draft of reply to letter from SenatorMcLean on treatment by FRBank ofChicago

Codification of Federal laws, letter from PublicPrinter as to copies desired by Board

Compensation for certain employees of HavanaAgency, letter to FRAgent at Atlantadisapproving

Compensation paid by FRBank of St. Louis to attor-neys employed for particular suits

Corn, canned, not considered non-perishable, read-ily marketable, staple agriculturalproduct

Circular letter to FRBanks reCrowell v FRBank of Dallas, opinion of Circuit

Court of AppealsCurtis, Nelson, no new application necessary to

serve interlocking directoratesDeposit of securities by national bank in trust

department to secure trust funds de-posited in other banks

Design to be used on letterheads, etc., by UnitedStates Bank of St. Louis, disapprovedby Board

Designation on notes for whom rediscounted, replyto FRBank of San Francisco on require-ments of Regulation "A"

Directors Stuart and Johnson to resign from FRBankof Philadelphia or from saving fundsociety

Examinations of FRBanks, interpretation of FRActExpress rates on shipments of coin, etc., Petition

for rehearing before Interstate Com-merce Commission to be filed

(See also Exnress Rates)FRAgent in accepting paper as collateral for

FRnotes not committed by action ofboard of directors in accenting paperfor rediscount

Page'

5/ 5 415

5/27 472

6/ 9 490

3/16 261

3/18 277

3/ 2 201

2/ 9 104

1/28 1012/4 119

4/6 329

6/ 9 489

3/31 316

3/31 312

2/24 181

5/ 7 4195/25 466

2/19 181

2/10 142


Counsel, General: (Contld)Memoranda of: (Contid)

FRAgents assuming custodianship of reserve stock

of new United States notes, etc.

FRBulletin:April issue, material for publication in

May issue, material for publication in

June issue, material for publication in

Federal Reserve Life Insurance Co., Kansas City,

Mo., use of title"Federal", "United States", etc., letter to

FRAgents on legislation limiting use

of words by private institutions

Ferguson, Frank C., application to serve interlock-

ing directoratesNecessary to resign from one institution be-

fore application is approvedApplication apprcved

First Federal Foreign Investment Trust, articlesof association and organization cer-

tificate approvedPreliminary certificate to commence business

issuedFinal permit to commence business issued

Policies and investments ofFirst National Bank, Hallock, Minn., cancellation

of FRBank stock not applied for byreceiver

Comptroller of the Currency to direct re-ceiver to apply for surrender of stock

First National Bank, Massena, N. Y., applicationto exercise fiduciary powers

First National Bank, West Point, Ga., applicationto exercise fiduciary powers

(See also Fiduciary Powers)First State Bank, Carsonville, Mich., reduction

of capital stock below required min-

imumFishburn, J. E., application to serve interlocking

directoratesFlour and bran not to be considered as readily

marketable, staple, agricultural

productsOpinion of Counsel approved

Gerard, Julian M., application to serve interlock-

ing directorates

Goodhue, F. Abbott, interlocking directorates ap-

plication unnecessary

6/ 2

3/184/275/24

3/16

6/15

3/23

5/ 56/ 9

2/19

2/245/246/29

4/23

5/24

6/30

1/26

4/14

6/29

3 / 43/16

6/22

6/22

39Pages

478

274382454

265

519

286

410493

181

189457556

375

456

564

91

348

554

217266

535

536


40Pages


Gordon, C. W., formal applications to serve inter-

locking directorates to be submitted 4/27 381

H. R. 660, bill to reimburse Banks College ofPhiladelphia for failure of FRBank

of Philadelphia to renew lease 1/25 85

H. R. 10,000 to consolidate, codify and reenactall laws in force on December 7, 1925,errors contained in 5/27 471

Idaho Grimm-Alfalfa Seed Growers Association, suitagainst FRBank of San Francisco 1/13 56

Employment of Newton D. Baker for, letter toGovernors of FRBanks 1/19 72

Order of U. S. Supreme Court on, noted andordered filed 3/23 287

Interlocking Directorates:Applications, action to be deferred tending

passage of amendment to Clayton Act 4/ 8 339Permission for Messrs. Carr, DeMille and

Dorman to serve branch of Bank ofItaly unnecessary

:International Acceptance Bank, Inc., organization

of affiliated trust company by ::Jurisdiction over suits by and against FRBanks

amendment to law to restore to Fed-eral Courts, to be discussed at Con-ference of Governors 3/11 244

Memo of Counsel of FRBank of Richmond, andproposed letter to all FRAgents 4/ 2 322

Loans to needy employees of FRBanks of Dallas andKansas City from funds from unclaimedlife insurance policies 3/31 315

Louisville and Nashville Railroad Co., suit broughtagainst FRBenk of Atlanta and AmericanNational Bank of Nashville 5/27 472

Manufacturers & Traders Trust Co., Buffalo, absorp-tion of Central Park Bank and River-side National Bank 3/23 289

McFadden Bill, draft of reply expressing views ofBoard on H. R. 2 1/ 7

Amendment re National bank in fiduciary capa-city getting possession of its ownstock 4/ 8 337

(See also McFadden Bill)McLucas, W. S., permission to serve interlocking

directorates 1/19 69

3.5i1


41Pages

Counsel, General: (Oontld)Memoranda of: (Oontid)

Meadow Grove State Bank, Meadow Grove, Nebr., in-

solvent, surrender of stock in FRBank

of Kansas City

Mechanics Bank of Buffalo, absorption of Flatbush

State BankNational American Bank, New York, N. Y., applica-

tion to purchase one share of stock

in First Federal Foreign Investment

Trust, approved

National City Bank of New York; Branches of:

Italy, permission to have branch and sub-

branches and to relocate main office

in any of approved cities with proper

noticePalma Soriano, Cuba, application approved

Panama, with sub-branch in Colon, applica-

tion approvedNotary fees of employees of FRBank of Atlanta

and branches to be retained by them

Notes of Federal Intermediate Credit Banks dis-

continued by member bank, eligibility

for rediscount by FRBanks

Draft of letter to FRAgent at St. Louis ap-proved, and ruling to be publishedin FRBulletin

Notes of Saunders System, Inc., ineligible for

rediscount because funds to be usedfor capital purposes

Circular letter to FRBanks reNotes of warehouse company secured by butter,

eggs and poultry, eligibility forrediscount

(See also Butter)Noyes, C. R., formal application to serve inter-

locking directorates to be submittedOla City National Bank, Lima, Ohio, question of

revoking authority to exercise fi-duciary powers

Par list, right of FRBank to remove First State

Bank, Wylie, Texas.Circular to FRBanks on ruling of Board

Pascagoula National Bank par clearance case,opinion of United States Circuit

.Court of AppealsDecision to be published in FRBulletin

Phillips, Lee A., apolication to serve inter-

locking directorates

3/23

3/23

6/22

3/293/ 4

2/16

2/24

2/16

3/23

6/ 26/29

2/ 9

4/27

5/11

6/156/29

2/162/24

1/25

290

289

535

305213

153

185

156

288

479556

136

381

424

520555

154185

85


42Page0


Priority of claims of United States against in-solvent State banks, suggested amend-ment to Revised Statutes 3/ 9 237

Revised draft of letter to Banking and Cur-rency Committee of Senate referred toVice Governor 3/12 255

Promissory notes discounted for member banks, oneFRBank can rediscount with another 2/ 9 136

Regulation "H", suggested revision of sectionson branches of State member banks 2/16 156

Regulation on applications for rediscounts, amend-ment postponed until next generalrevision 6/15 521

Reserves of member banks, sight drafts drawn uponindividuals not deductible until ac-tually collected 6/22 536

Ruling of Board on eligibility for rediscount ofnotes of parent companies for fundsborrowed for subsidiaries 1/28 98

Securities received for safekeeping by FRBanksfrom Federal Intermediate CreditBanks, Farm Land Banks and Farm LoanRegistrars 6/29 556

Shepard, D. C., formal application to serve inter-locking directorates to be submitted 4/27 381

Southern Michigan National Bank, Coldwater, Mich.,application to exercise fiduciarypowers, approved 5/27 469

Stock in FRBank of San Francisco held by CitizensState Bank of Sawtelle, transferredto Security Trust & Savings Bank ofLos Angeles, because of consolidation 4/ 6 32'7

Transfer of territory from Eleventh to TenthFRDistrict, formal order approved 3/31 314

Volk, B. Jr., application to serve interlockingdirectorates, action deferred 1/25 79

Deferred indefinitely pending passage ofproposed legislation 3/ 2 199

Warburg, Paul M., interlocking directorates ap-plication unnecessary 6/22 538

Wills, D. C., legality of payment of salary afterhis death 1/12 45

Woodhouse, C. A., acting as Assistant to FRAgentat Detroit Branch to receipt forFRnotes, etc. 5/ 5 412

Opposed because not connected with FRAgentisDepartment, other arrangements to bemade after resignation of Mr. Schrader 5/ 7 419


Counsel, General: (Cont'd)Memoranda of: (Contld)

Woolwine, W. L., application to serve interlock-in.; directorates

Zimmerman, John E., application to serve inter-locking directorates

Counsel, Special, FRBanks:Atlanta, arrangements for compensation ofFees to special attorneys to assist in collection

gaits to be submitted to Board ifover $1,000

Letter from FRAgent at New York onCourt Cases:

Brookings State Bank: (See Par Clearance Cases)Capital Feed & Grain Co. v FRBank of Atlanta, fee of

Newton D. Baker, in connection withCrowell v FRBank of Dallas, opinion of Circuit Court

of AppealsFRBank of Dallas agvinst National Bank of Cleburne,

6/29

2/24

3/11

2/153/ 2

3/ 2

4/ 6

43Pages

554

184

241

151202

204

328

Texas, settlement of litigation asresult of failure of

Idaho Grimm-Alfalfa Seed Growers Association, suitagainst FRBank of San Francisco

Employment of Newton D. Baker for, letter toGovernors of FRBanks

Invited to attend Conference of Governors todiscuss

Notice from Yr. Baker that he will be presentMemo of Counsel on order of United States Supreme

Court, noted and ordered filedStatement of Mr. Baker for services, to be pro-

rated among all FRBanksDiscussion of case by Conference of Governors,

memo of Assistant Secretary onEffect of decision on other cases to be studied

Louisville and Nashville Railroad Co. v FRBank of At-lanta, for failure of Nashville Branchto collect checks

Pasca,-oula Par Clearance Case, decision of CircuitCourt of Appeals in

To be nublished in FRBulletinCredit Extended to Belgium: (See National Bank of Belgium)Credit functions at FRBanks, recommendation of Conference

of Governors on report of subcommitteeCredit Utility Corporation of New York City:

Circular quoting from article in FRBulletin on Fi-nance Companies

Memo of Counsel with drrft of letter to, approved

1/16

1/13

1/19

3/163/22

3/23

4/21

4/276/15

5/27

2/162/24

2/16

3/ 93/16

65

56

72

264279

287

370

394521-2

472

154185

164

236264


44

Crowell v /EBank of Dallas, opinion of Circuit Court ofAppeals 4/ 6 328

Cuba, Currency Shipment to:Letter from Senator E. D. Smith on 4/15 356Copies of dispatches from American Ambassador at

Havana, describing run on banks 4/30 404Mr. James to proceed to Hav3na to investigate run on

banks and assistance rendered byagencies of FRBanks 5/ 7 416

Informal report of Special Committee presented byMr. James 5/1 427

Formal report to be made at meeting on Thursday 5/18 440Formal report presented with recommendations and fully

discussed 8,5/20 441-e'

Draft of letter to Secretary of Treasury 5/21 449"''Governor directed to forward letter to Secretary of

Treasury 5/25 466Report of Mr. James on visit to Atlanta 6/ 2 481Detailed report by Mr. James and resolutions and 4

letters approved 6/ 9 496Letter from Atlanta Clearing House Association on con-

"

solidation of Agencies 6/10 504Report on attitude of Treasury Department on consoli-

dation 6/10 505Letter and telegrams re hearing and detailed statement

of Mr. Campbell 6/15 507'14Hearing of Committee of Directors of FRBank of Atlanta 6/16 524Hearing of Mr. Campbell postponed 6/22 526Report of Secretary on communicating with Mr. Campbell

re postponement of hearing 6/22 529Letter from Mr. Ileviton on postponement of hearing of

Mr. Campbell 6/22 531Telegram from Mr. Campbell acknowledging receipt of

notice of postponement of hearing 6/24 539Hearing of Yr. Campbell set for July 19, and detailed

report by Mr. James on DirectorMcCrary 6/30 565"°

Currency:Cuba, Shipment to: (See Cuba)Cuban agency, letter from Deputy Governor Harrison on

amount to be carried 6/22 534Fund at Miami, increase to $3,000,000 by FRBank of

Atlanta, approved 1/11 34Gold Certificates, redemption of those unfit for cir-

culation, amendment to Treasury'sCurrency Instructions 4/21 369

Havana Agency of FRBank of Atlanta, letter fromSherrill Smith on supply held at 6/10 504


Currency: (Contld)Policy of FRSystem, letter from Charles R. AdairSilver Certificates, redemption of those unfit for

circulation, amendment to Treasury'sCurrency Instructions

United States, letter from Assistant Secretary ofTreasury on placing stocks of notesunder custody of FRAgents

4/15

4/21

5/25

45Pages

357

369

465Memo of Counsel on legality 6/ 2 478

United States notes, redemption of those unfit forcirculation, amendment to Treasury'sCurrency Instructions 4/21 369

Czechoslovdk National Bank, transfer by FRBank of New Yorkof account formerly kept with Bankovniurad Ministerstva Financi of Prague 4/27 387

Letter from Deputy Governor of FRBank of New York thatonly relations already establishedwill be continued 5/ 5 412

HDH

Department of Agriculture:Butter as a staple agricultural product, Counsel to

consult with 2/9 136(See also Butter)

Department of Commerce:Bank checks, drafts, notes, etc., letter from Divi-

sion of Simplified Practice on stand-ardization of 5/11 426

Department of Justice:Columbus Exchange Bank, Providence, R. I., shortage

in accounts of branch of, to be re-ported to 3/12 253

Mutual Savings Banks are banks, and officers, directorsor employees can not be elected Class"B" or "C" Directors of FRBanks 3/ 9 238

Opinion to be published in April FRBalletin 3/18 275Opinion to be asked as to authority of Board to dis-

continue any FRBank branch 1/16 66Draft of letter requesting opinion 1/25 84Application to establish branch at Charlotte held

pending opinion 3/23 283Shortage at Baltimore Branch fixed upon Walter M.

Snyder, Teller, to be reported to 4/ 6 328Shortage in Currency Division of FRBank of Boston

traced to Laura E. Thurber, report of 5/ 2 477


46

Department of Justice: (Contid)Violations of Act of Congress on use of words "Federal",

"United States", etc., by private in-stitutions to be reported to, letter

Pages

to FRAgents 6/15 519Violations of Revised Statutes by officers of Mound

City Trust Co., St. Louis, Mo.,notice of 5/7 418

Department of State:Cuban Agencies, attitude of administration toward

continuing, committee to confer pithSecretary of Treasury on 5/20 446

Draft of letter to Secretary of Treasury 5/21 449-vLetter ordered transmitted 5/25 466Report of Mr. James on conference with Secretary

of Treasury 6/10 505Dispatches on recent run on branches of Royal Bank of

Canada and National City Bank inHavana 4/30

First Federal Foreign Investment Trust, articles ofassociation and organization certi-ficate approved if no objection by 2/19 180

Report of Counsel on visit to, Department dis-claiming jurisdiction 2/24 189

Telephone calls with United States Embassy at Havana,bill to be paid by Board 6/29 551

Depositors:Losses through failed banks, report to be prepared by

Division of Research and Statistics 2/9 '37Deposits:

Florida banks during 1925, article in American Banker 2/16 153Member banks in Ohio, credit investigation to dis-

cover reasons for losses 6/15 516Design to be used on letterheads, checks, etc., by United

States Bank of St. Louis 3/12 254Design disapproved by Board, memo of Counsel 3/31 312

Dewey, C. S. : (See Secretary of Treasury)Directors:

Branch Banks, FRSystem:Baltimore:

Dudley, A. H., reappointed Managing Director 1/ 5 4Phillips, Levi B., reappointed for three years 1/ 5 4

Birmingham:Chairman, amendment to bylaws re 1/16 64

Cincinnati:Kroger, B. H., elected to fill unexpired term 6/ 9 489Manning, L. W., resignation as Yanaging

Director 3/ 9 235McCombs, C. F., appointed Managing Director

and salary fixed 3/ 9 235


47Pages

Directors: (Cont 'd)Branch Banks, FRSystem: (Cont'd)

Cincinnati: (Cont 'd)Qmwake, John, no objection to service on

Bureau of Municipal Research in Cin-cinnati 1/25 80

Shitkle, A. Clifford, resignation of 5/11 422Detroit:

Bylaws, amendment to Change date of meeting 6/ 2 477Inglis, James, present at meeting of Board to

discuss building for 2/24 193Helena:

Appointment postponed pending considerationof conversion to agency 1/11 36

Marlow, T. A., opposition to conversion frombranch to agency 3/12 257

Jacksonville:Kendall, Courts P., designated Assistant

FRAgent 5/11 423Bond of 6/9 487

Saussy, Fulton, designated Assistant FRAgent 5/11 423Bond of 6/9 487

Los Angeles:Harrison, George B., appointed for three years 1/5 1Newton, Isaac B., appointed FRAgent at San

Francisco 1/5 2Memphis:

Fuqua, V. S., resignation as Managing Director 3/ 2 201Glasgow, W. H., elected Managing Director 3/ 2 201

Nashville:Chairman, amendment to bylaws re 1/16 64

New Orleans:Chairman, amendment to bylaws re 1/16 64

Bylaws again amended re election of 2/19 180Joint meeting in April with directors of

FRBank of Atlanta in 2/19 180Pittsburgh:

DeCamp, George, appointed FRAgent at Cleveland 1/ 7 13Nevin, J. C., salary to be offered with ap-

pointment as Managing Director 1/ 7 13Advice of appointment 1/11 33

Portland:West, R. B., appointed Managing Director 1/12 44

Rules and regulations of Board re appointment of,proposed revision of 1/11 36

Amendments approved 1/26 92Spokane:

Davis, D. L., appointed Managing Director 1/12 44


46

Directors: (Contld)FRBank of Atlanta:

Pages

April meeting to be held in New Orleans 2/19 180

Black, E. R., member of committee to investigatecurrency shipment to Havn.na, letterfrom 6/ 9 499

Telegram re appearance of committee beforeBoard 6/15 509

Hearing before Board 6/16 524Election of Class "A" to succeed P. R. Kitties 1/26 89Hopkins, Lindsey, protest against withholding ap-

plication of First National Bank ofWest Point, Ga., to exercise fiduc-iary powers 2/ 4 121

Kitties, P. R., Class "A", death of 1/25 85Election of successor, procedure for 1/26 89

McCrary, J. A., Class "B", connection with tripto Cuba to be investigated 5/20 442

Statement of Mr. Campbell on 6/15 512 ADetailed report by Mr. James 6/30 5654(See also Cuba)

Melvin, E. C., member of committee to investigatecurrency shipment to Havana 6/ 9 499

Committee to appear before Board 6/15 509Present at hearing before Board 6/16 524

Ottley, J. K., protest against withholding anoli-cation of First National Bank of WestPoint, Ga., to exercise fiduciarypowers 2/ 4 121

Ware, G. G.:Elected Class "A" for unexpired term of

P. R. Kitties 3/11 240Member of committee to investigate shipment

of currency to Havana 6/ 9 499Committee to appear before Board 6/15 509Present at hearing before Board 6/16 524

FRBank of Boston:Manchester, Charles H., Class "C", resignation

as trustee of Peoples Savings Bankof Providence

2/19

3/16

182

275FRBank of Dallas:

Minutes of meeting of February 11 2/19 182FRBank of New York:

Whitmarsh, Theodore F., serving as trustee ofGreenwich Savings Bank, illegal underFRAct 5/18 437

Notice of resignation as trustee 5/27 470


49Pages

Directors: (Contld)FRBank of Philadelphia:

Class "B" and "C", increase in difficulty of se-curing because of decision of AttorneyGenercl that mutual savings banks are"Banks"

Application of ruling of Attorney General totwo directors who are trustees ofmutual savings banks

Johnson, Alba B., director also of PhiladelphiaSaving Fund Society, legality referredto Coullsel

3/23

5/18

3/18

286

438

274Memo of Counsel that he resign 5/7 419Resignation should be made at once and not

at end of term 5/18 438Notice of resignation from Philadelphia Sav-

ing Fund Society 6/9 489Stuart, Edwin S., director also of Western Saving

Fund Society, legality referred toCounsel 3/18 274

To resign from Saving Fund Society or FRBank,memo of Counsel on 5/7 419

Resignation should be made at once 5/18 438FRBank of San Francisco:

Class "A" and "B", member banks to be furnishedwith sketches of nominees 1/5 8

Sketches to be prepared by FRAgent, letterfrom Yr. Perrin re 1/28 99

Class "1r, election of, evil of making public thenames of member banks nominating can-didates 1/12 46

Amendment to FRAct, suggested so as not tomake Public names of nominating banks 2/9 131

Cox, E. H., Class "B", number of banks nominatingas compared with number voting for 2/9 131

Fees and allowances for attending meetings 1/28 96Executive committee appointed for 1926 1/12 44Merritt, Ralph P., number of banks nominating as

compared with number voting for, asClass "B" 2/9 131

Sproule, William, Class "C", letter on dutiesand responsibilities of FRAgents 2/2 114

FRBanks:Class "A" and "B", voting power of member banks

in process of liquidation 1/5 7Redraft of reply prepared by Counsel, in

form of circular letter to all FRBanks,stating that such banks are not eligi-ble to vote 1/11 38


50Pages

Directors: (Contld)FRBanks: (Contld)

Class "A" and Hy, etc.: (Contld)Draft of reply to FRBank of San Francisco 1/16 64Draft of letter to all FRAgents, approved 1/19 71

Class "B", eligibility of officer of insurancecompany for election as 2/16 162

Election of Class "A" and "B", reasons for memberbanks not participating, to be fur-nished with brief sketches of nominees 1/ 5 8

Sketches to be furnished by FRAgents, letterfrom Mr. Perrin re 1/28 99

Election system in effect at FRBanks, views ofFRAgent at San Francisco requested 2/15 149

Mutual Savings Banks, opinion of Attorney Generalthat officers, directors or employeesare ineligible for election as Class"B" or "C" 3/ 9 238

Letter from FRAgent at Chicago whether di-rector of National bank must securepermission to serve also Mutual Sav-ings Bank 3/18 274

Letter from Governor of FRBank of Philadel-phia that difficulty in securingdesirable directors is increased bydecision 3/23 267

(See also Mutual Savings Banks)Discount Rates: (See Rates)

Dividends:FRBanks:

Annual instead of semi-annual not desirable 2/16 160Atlanta, payment authorized 6/24 544Boston, 6/24 542Chicago, 6/29 550Cleveland, 6/24 543Dallas, 546Kansas City," 6/24 546Minneapolis," 6/24 545New York, 6/24 542Philadelphia, 6/24 543Richmond, 6/24 545St. Louis, 0

6/24 545San Francisco 6/24 547

Lincoln Bank & Trust Co., Louisville, Ky., reserveson date of payment of 4/14 346

Dollar Exchange: (See Accept for Dollar Exchange)Dulany, H. R., Jr., recuest for ruling on deposit of securi-

ties by national banks to secure trustfunds deposited with other banks 3/31 315


Dunn, E. G., Mason City, Iowa, letter to Senator McLeanon treatment of City-CommercialSaving i Bank of Mason City by FRBankof Chicago

Duties and responsibilities of FRAgents, letter from Messrs.Sproule, Martin and Perrin on

Manual of instructions being consideredDiscussion by Mr. Miller of statement he is preparing

fl Ell

51Pages

3/16 267

2/ 2 1142/10 1422/10 143

Ecuador, leave of absence granted to H. N. Jefferson ofFRBank of New York to assist inmonetary reforms in 5/ 5 411

Educational and Welfare Work: (See Welfare and EducationalWork)

Eggs;Eligibility for rediscount of notes of warehouse

company secured by, memo of Counsel on 2/ 9 136Opinion of Counsel that notes secured by are eligible

for rediscount 3/ 4 218Circular letter to Governors of FRBanks transmitting,

approved 3/11 244Ruling to be published in FRBulletin 3/18 274

Elevator company, grain, proposed amendment to RegulationA on receipts issued by 4/27 393

Ernst, Senator Richard P.:H. R. 10,000 to revise all laws of United States, letter

from FRBoard re 4/27 395Examinations:

Baltimore Branch, report of 6/9 493Bank of Detroit, resignation of Harry Olmstead to be

effective at completion 4/14 346Birmingham Branch, report of 5/27 469Buffalo Branch, report of 2/2 115Cincinnati Branch, as of September 5, 1925 2/24 191Citizens State Bank, Marianna, Fla., question of owner-

ship of its own capital stock andalso deficient reserves 5/5 413

Memo of Counsel on procedure if forfeiture ofmembership be desired 5/27 472

Letter from FRAgent that action be deferred 6/9 490Citizens State Bank, Wessington, S. D., in connection

with organization of Citizens NationalBank to take over 2/19 179


52

page;

Examinations: (Cont 'd.)Commerce Trust Co., Kansas City, Mo., to be made by

FRBank of Kansas City 2/ 2 110Division of Examination of Board to assist 2/16 157

Detroit Branch, report as of January 2, 1926 5/27 469El Paso Branch, report of:


FRBank of Atlanta, its branches and agencies,renort of 5/27 469FRBank of Boston, report of 2/ 2 115YRBank of Chicago, report as of January 2, 1926 5/27 469FRBank of Cleveland, as of September 5, 1925 2/24 191FRBank of Dallas, report of:

As of September 26, 1925 2/24 190As of February 20, 1926

FRBank of flew York, report ofProcedure for

conductingep 251 9 224 419153458

Begun on May 29, letter from FRAgent re 6/ 2 480FRBank of Philadelphia, report of:

As of May 2, 1925 2/ 2 115As of April 10, 1926

FRBank of Richmond, report of:of San Francisco and branches, report of

6/2/ 9

493FRBank 137

Number of banks requiring special attention andprobable losses 2/24 191

FRBanks:(See also Examining Work of FRSystem)Procedure discussed with special reference to

questions raised by FRBank of New York 5/24 456Interpretation of FRAct re, and circular let-

ter to all FRBanks on procedure 5/25 466i1First National Bank of Boston, to be arranged with

next examination of First NationalCorporation of Boston 2/16 155

Acceptance of drafts drawn by Yokohama SpecieBank, Ltd. 2/19 182

First National Corporation of Boston:Report of 2/9 137Chief examiner directed to arranc-e for examination

of affiliated First National Bank ofBoston with next examination of 2/16 155

Foreign banking corporations with branches in foreigncountries, referred to Chief Examiner 4/27 387

Report of Chief Examiner on 5/ 5 411Report of Committee on Examinations and proposed

letter to FRAgent at New York on ex-amination of International BankingCorporation 5/11 426


Examinations: (Contld)Foreign banking corporations, etc.: (Contld)

FRBank of Boston to be furnished with copies ofexamination of those in that district

Havana Agency, report ofHouston Branch, report of:

As of September 26, 1925As of February 20, 1926

International Acceptance Bank, Inc., as of September12, 1925

International Banking Corporation, New York City, pro-posed letter to FRAgent at New York

Reply of FRAgent at New York to letter fromChief Examiner of Board

Jacksonville Branch, report ofLos Angeles Branch, report ofMarathon County Bank, Wausau, Wisc., analysis of re-

port in connection with notice ofwithdrawal

Report of Committee on ExaminationsMember State banks and branches, simultaneous, pro-

visions of Board's circular and in-ability of State of Arizona to conduct

Nashville Branch, report ofNational banks exercising fiduciary powers, Governor

to confer with Comptroller of the Cur-rency on nature and extent of

National Shawmut Bank, Boston, to be arranged withnext examination of Shawmut Corpora-tion of Boston

New Orleans Branch, report ofOld City National Bank, Lima, Ohio, unsatisfactory

condition, question of revokingauthority to exercise fiduciary powers

Memo of Counsel onPittsburgh Branch, as of September 5, 1925Portland Branch, report ofSalt Lake City Branch, report ofSavannah Agency, report ofSeattle Branch, report ofShawmut Corporation of Boston, report of

Chief examiner directed to arrange for examina-tion of National Shawmut Bank withnext examination of

Spokane Branch, report ofState member banks by FRExaminers, recommendation of

Conferences of FRAgents and Governors

6/ 95/27

2/246/ 9

2/24

5/11

5/245/272/ 9

2/192/24

4/ 25/27

4/ 8

2/165/27

4/145/112/242/ 92/ 95/272/ 92/ 2

2/162/ 9

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190493

190

426

458469137

177187

323469

340

155469

349424191137137469137114

155137

164


54pager!

Examiners:FRBank of Chicago:

Brown, Harry L., appointed and salary fixed 4/15 353Olmstead, Harry, resignation deferred until com-

pletion of examination of Bank ofDetroit 4/14 346

FRBank of Cleveland:Boyd, Hugh, designated and transferred from another

department 4/23 374McClure, James H., resignation of 1/28 95

FRBank of Dallas:46

109109109109109109

Eaton, Charles F., designated Assistant 1/16 63Fenner, Z. G., appointment and salary as Assistant

to Examiner 5/18 437FRBank of Richmond:

Brock, R. S. Jr., appointment of 6/29 552Mercer, Roger W., appointment of 6/29 552Turner, P. Vialker, designated 1/ 5 3

FRBank of St. Louis:Geiger, J. L., from Assistant Examiner to Examiner 1/11 35List of regular and special 1/11 35

MBank of San Francisco:Moore, Louis H., resignation as Assistant Chief 1/26 89

FRBanks:Clerical help need not be designated examiners 1/12 46Examination of State member banks by, recommenda-

tion of Conference of FRAEents andGovernors 2/16 164

Not to be detailed to State Banking Departmentunless FRBanks directly concerned 2/16 161

Betts, I. F., designated specialFRBank of Nev York:

1/12

Byrne, J. F., designated Assistant 2/ 2Fallon, A. P., 2/ 2Guild, A. C., Il

2/ 2Phelan, Arthur, Examiner 2/ 2Stevenson, S. H., Assistant 2/ 2Stryker, J. V. D., Examiner 2/ 2

FRBank of Philadelphia:

FRBoard:Furbershaw, J. F., appointment as Assistnnt made

permanentHerson, J. F.: (See Staff of FRBoard)

National Bank, Salaries of:Anderson, O. A.Beaton, O. W.Bleakley, B. J.Clark, Joseph A.

1/19 69

2/9 1301/25 80

3/29 3012/15 147


Examiners: (Contld)National Bank, Salaries of: (Contld)

Dwyer, Thomas R.Folger, W. P.Foster, Charles W.Gough, E. H.Harris, T. E.Huck, William F.Kane, W. W. Jr.,Lamm, R. FosterLanning, L. C.McBrYde, W. W.Newnham, S. L.Northcutt, V. H.

H H 0

Patterson, B. K.Penn, D. V.Persons, H. Z.Piper, Frank W.Pole, J. W.Proctor, J. L.Ransom, Frank T.Robb, E. D.Roberts, L. K.Sawyer, L. M.Shapirer, LeoSims, Howard M.Smith, Clarence F.Smouse, M. C.Stewart, A. M.Wilde, M. C.Williams, F. D., appointed Chief of First DistrictWilliams, Thomas M.Wilson, C. F.Wood, John S.

Examining Work of 'RSystem:Coordinating under supervision of Board, motion of

. Mr. MillerStatus before FRAgentscommittee requestedFRAgents committee to meet with Board on April 5 and

render reportExchange charge made by State bank on check of First Na-

tional Bank of Corning, Ark., underrules of Memphis Clearing House, com-plaint of

Exhibit for Convention of American Bankers Association:(See American Bankers Association)

1/253/ 94/193/ 93/ 94/ 82/ 96/221/253/ 93/ 91/282/103/ 92/151/252/ 23/ 93/ 95/123/ 93/ 96/ 23/165/ 71/251/ 53/ 96/ 26/226/ 23/ 93/ 9

2/163/12

3/29

1/ 5

55Pages

802393592392393401305328023923910214023914780108239239431239239475263418803

239475532475239239

164259

307

9


56

Express rates on shipments of coin, etc., question ofappeal of decision of Interstate

Page0

Commerce Commission - 2/15 150Filing of petition by FRBank of New York for rehearing 2/19 181Rehearing denied 4/27 386Letter to FRBanks prorating expense of petition 5/5 409

Uri

Failed banks, losses to depositors in connection with, re-port to be prepared by Division ofResearch and Statistics 2/9 137

Farm Loan Bonds:S. 616 to make paper secured by, eligible for redis-

count at FRBanks 3/ 2 203Securities of Farm Loan Registrars not to be received

by FRBanks for safekeeping 6/29 556Federal Advisory Council:

Alexander, James S., elected by FRBank of New York 2/2 109Coulton, George A,, reelected by FRBank of Cleveland 1/25 80

Gill, B. L., appointed alternate member by FRBank ofDallas 1/16 64

Houston, P. D., elected by FRBank of Atlanta 1/11 34Jones, Breckinridge, reelected by MBank of St. Louis,

and compensation fixed 1/11 34Loans on securities by New York City banks, Mr. Miller

to introduce resolution for advice toprevent misuse of credit facilitiesof FRSystam 3/4 216

Draft of letter to President of Council, copiesto be furnished Board members forconsideration 3/5 228

Letter presented and discussed and ordered laidon table 3/11 246-9

McKee, Henry S., reelected by FRBank of San Francisco4943Compensation for attending meetings 11/1/1226

McKinney, B. A,, elected by FRBank of Dallas 1/11 34Meeting to be held February 18, topics for discussion

to be furnished members 2/2 108Recommendations to Board 2/24 198

Meeting to be held on May 21, topics for discussionrequested by Mr. Vietmore 4/14 344

Topics for discussion submitted by Mr. Platt 5/5 414Recommendations of 6/2 477


Federal Advisory Council: (Contld)Mores, Charles A., appointed by FRBank of BostonRue, L. L., reappointed by FRBank of Philadelphia

Federal Intermediate Credit Banks:Loans and discounts of, amendment to Agricultural

Credits Act suggestedDraft of reply to Committee on Banking and Cur-

1/161/16

6/ 9

57Pages

6363

492

rency of Senate 6/15 518Notes discounted by member banks, eligibility for re-

discount 2/16 156Ruling of Board and circular letter to FRAgents 2/23 288

Securities of, FRBanks can receive for safekeeping 6/29 556Federal Land Banks:

Securities of, FRBanks not to receive for safekeeping 6/29 556Federal Laws, codification to be published by Public

Printer, letter to Board as tonumber of copies desired 3/18 277

(See also Legislation)FRAct:

Amendments Proposed:Circular letter of Hon. James G. Strong, to

FRAgents on amendment re stabiliza-tion of price level 6/29 557

Election of Class "A" and "B" Directors, so asnot to make public the names ofnominating banks 2/9 131

FRBoard to be given authority to discontinue abranch FRBank if justified 1/16 66

Draft of letter to Attorney General foropinion on authority of Board todiscontinue branches 1/25 84

McFadden Bill, views of Board on, and additionalamendments proposed by Board to beincluded in 1/ 7 13-26

(See also McFadden Bill)Section 9 re rights of State bank members, views

of Board requested 1/28 100Draft of reply to Chairman of Banking and

Currency Committee of House disap-proving amendment 2/2 107

Section 11(b) to allow one FRBank to rediscountfor another, collateral notes dis-counted for member banks 1/26 90

Referred to Law Committee 2/9 135No action by Board at present but Counsel

to prepare a form of amendment forsubmission 2/16 158

Form of amendment submitted, noted, andordered filed 3/16 268


58

FRAct: (Contld)Amendments Proposed: (Contld)

Section 11(k), to be included in McFadden Bill,views of Board requested

Section 13, increasing maximum maturity of ad-vances from 15 to 90 days

Amendment proposed by Mr. Hamlin, approvedLetter to Chairman of Committee on Banking

and Currency of House transmittingamendment

3/23

1/71/13

1/16

Pages

287

2653

65S. 667 to amend, to show rate of discount and

commission on paper discounted, viewsof Board requested . 2/4 119

Draft of reply to Banking and Currency Com-mittee of Senate ordered circulated 2/24 189

Draft of reply, approved 3/12 255Section 14, to paragraph (d) on discount rates,

members of Board invited to attendmeeting of House Committee to consider 3/22 279

Copy of letter from Governor Crissinger toChairman of House Committee 3/23 288

H. R. 10,000 to revise all laws of United States, let-ter to Senator Richard P. Ernst onpart relating to FRAct 4/27 395

Memo of Counsel on errors contained in 5/27 471FRAgents:

Assistants:Baskin, John G., Detroit Branch, bond of 6/9 487Faulkner, Peter J., Cincinnati Branch, bond of 3/ 2 200Jones, Thomas M., Pittsburgh Branch, bond of 3/18 273julidk, E. J., appointed at Oklahoma City Branch 6/30 568Kendall, Courts P., designated alternate at Jack-

sonville Branch at nominal salary • 5/11 423Bond of 6/9 487

Leamon, Oliver A., resignation at Oklahoma CityBranch 6/30 568

McAdams, A. M., FRBank of Kansas City, bond of 1/12 44Meigs, Dwight C., Denver Branch, bond of 6/2 474Saussy, Ftlton, designated at Jacksonville Branch

at nominal salary 5/11 423Bond of 6/9 487

Schrader, W. C., Detroit Branch, probable resig-nation as Acting, and designation ofemployee to assume duties of 4/14 346

Appointment of C. A. Woodhouse opposed be-cause employee of branch 5/5 412

Resignation withdrawn for present and otherarrangements to be made 5/7 419

To continue temporarily 6/29 551


FRAgents: (Contld)Assistants: (Contld)

Sproul, Allan, FRBank of San Francisco, increasein salary recommended

Increase granted but less than recommendedUnnecessary at branches where unissued FRnotes

are not carried, opinion of Confer-ence of FRAgents

Recommendation approved and counsel to pre-pare ruling

3/184/27

2/16

3/29

59Pages

275395

160

308Austin, R. L., FRBank of Philadelphia, leave of ab-

sence for trip abroad 6/15 517Custodians of reserve stock of United States Currency,

letter from Assistant Secretary ofTreasury re 5/25 466

Memo of Counsel on legality 6/ 2 478DeCamp, George, FRBank of Cleveland, bond of 1/19 70

To address Maryland Bankers Association at At-lantic City and remain there for tendays 4/30 400

Duties and responsibilities of, letters from Messrs.Sproule, Martin and Perrin, memo ofMr. Hamlin on 2/ 2 114

Manual of instructions being considered 2/10 142Discussion by Mr. Miller of statement being pre-

pared by him 2/10 143Heath, Wm. A., Chicago, present in Washington, but not

to be heard re newspaper reports ofstatement critical to FRSystem madeby political candidates 4/30 401

Jay, Pierre, New York:Request for permission to release figures on loans

to brokers by member banks in New Yorkrefused 2/ 6 126-7

Salaries of certain employees of MBank, desireto meet with Board re 6/24 539

Martin, Wm. McC., St. Louis:Letter on duties and responsibilities of FRAgents 2/ 2 114Member of Committee on Division of Credit Infor-

mation of Board, resolution of Mr.Miller on 4/ 2 323

Resolution adopted 4/ 8 339Report of Committee presented by Mr. Smead 4/27 385

Present at meeting of Board to discuss conditionof Crittenden County Pemk & Trust Co.,Marion, Ark. 2/ 1 104

Application as Bank of Crittenden County ap-proved on condition 2/ 9 137


60

FRAgents: (Contid)Mitchell, John R.:

Present at meeting of Board to discuss respon-sibility of FRAgents in making recom-mendations on new charters issued to

Pageo

national banks 2/5 124Copy of statement read at meeting presented

to Board 2/16 168Newton, Isaac B., RAgent at San Francisco, bond of 3/29 300Perrin, John, FRBank of San Francisco:

Chain banking information to be checked forDr. Willis 1/12 48

Election system in effect at FRBanks, views re-quested on 2/15 149

Letter on duties and responsibilities of FRAgents 2/2 114Report of hearinE on branch banking, copy to be

furnished to 2/2 113Responsibility in making recommendations for charters

for new national banks 2/5 124Wills, D. C., FRBank of Cleveland, payment of salary

after date of death 1/5 3Memo of Counsel that bank has no right to make

payment 1/12 45Draft of letter to FRBank disapproving action and

calling for detailed information 1/13 59FRBank of Atlanta:

Birmingham Branch: (See Branch Banks, FRSystem)Contribution to Federal Reserve Club for welfare and

educational work 3/29 604Reply of FRAgent to letter from Board 4/19 361

Counsel other than regular, arrangements for compen-sation of 3/11 241

Currency Shipment to Havana: (See Cuba)Directors: (See Directors)Dividend payment authorized 6/24 544Earnings for six months 6/24 544Examination report dated January 30, 1926 5/27 469Havana Agency: (See Agencies)Jacksonville Branch: (See Branch Banks, FRSystem)Liberty bond transactions with Fourth & First National

Bank, Nashville, inquiry made byMessrs. Hull and Byrns re controversybetween 4/30 403

To be referred to Governor Harding 6/29 554Reference to Governor Yarding reconsidered 6/30 559Memo of Mr. James on disposition of controversy 6/30 569

Nashville Branch: (See Branch Banks, FRSystem)New Orleans Branch: (See Branch Banks, FRSystem)


FRBank of Atlanta: (Contld)Notary fees, practice of employees turning over to

Employees Benefit Fund, to be discon-

61Pages

tinued 2/24 185Report of Law Committee and draft of letter to

FRAgent at Atlanta 3/ 2 205Rates: (See Rates)Staff:

Beavers, P. L. T., increase in salary of 5/24 456Campbell, Joseph L., Deputy Governor, dismissal

to be ordered because of connectionwith trip to Cuba 5/20 442

(See also Cuba)Milling, Roy, increase in salary of 3/18 276Wellborn, M. B., Governor, article in American

Banker on visit to Florida and dis-cussion of banking conditions there 2/16 153

Letter from, that word was changed in reprintof article 2/24 187

Stock: (See Stock)Suit brought against, by Louisville and Nashville Rail-

road Co. for failure of NashvilleBranch to collect checks 5/27 472

Vacation schedules of officers and employees 3/23 286PRBank of Boston:

Directors: (See Directors)Dividend payment authorized 6/24 542Earnings for six months 6/24 542Examination,report of 2/ 2 115Examination reports of foreign banking corporations in

that district, copies to be furnished 6/ 9 491Open Market bills acquired by and methods used 1/19 74Rates: (Sec Rates)Shortage in currency division traced to Laura E.Thurber 6/ 2 477Staff:

Bissell, Clarence A., leave of absence for sixtydays with pay and services to be dis-pensed with, referred to Vice Governor 6/ 2 480

McRae, Wm. D., increase in salary as Manager ofBank Examination Division 1/19 71

Officers appointed for 1926, advice of 1/16 62Rich, William C., transferred from Havana Agency

and salary adjusted 5/11 423Thurber, Laura E., shortage in Currency Division

traced to 6/ 2 477Warren, Robert A-, increase in salary of 1/19 71

Stock: (See Stock)


62page0

FRBank of Chicago:Detroit Branch: (See Branch Banks, FRSystem)

Earnings for six months 6/29612 5"56°0Dividend payment authorized

Examination report as of January 2, 1926 /

469Expenditure for entertainment purposes, memo of Mr.Smead :/274 213Rates: (See Rates)Staff:

Barton, William, leave of absence on account ofillness, with pay 6/11 424

Brown, Harry L., appointed Examiner and salaryfixed 4/15 363

Diercks, W. R., employed in Failed Banks Division 1/25 80Huston, Frank M., request to appear on Indiana

Chautauqua to lecture on FRSystem,deemed inadvisable by Board 2/15 148

Leave of absence in excess of regular allowance to be approved by FR.Board, opinion ofExecutive Committee of bank that itis local matter 1/11 35

Olmstead„Harry, resignation as examiner postponeduntil completion of examination ofBank of Detroit 4/14 346

Olson, Arthur L., appointed Assistant Secretary to Board of Directors 4/ 2 321

Action of Board withheld because Mr. Olson is not connected with FRAgent's Depart-ment 4/

Draft of letter to FRAgent approved 4/ 86 333318

Appointment to stand until FRAgent securesadditional competent help 4/14 346

Smith, Tom C., Attorney, payment of fee for filing claim with receiver of Bank of Lewis,Lewis, Iowa 4/30

White, Nick, appointed carpenter and salary fixed r9,5FRBank of Cleveland:

Cincinnati Branch: (See Branch Beaks, FRSystem)Contributions:

Cleveland Chamber of Commerce, Military Committee 6/29 551Ohio Bankers Association, for expenses of conven-

tion 5/18 43/Credit investigation of member banks in- Ohio to study

reasons for losses in deposits 6/15 516Dividend payment authorized 6/24 543Earnings for six months 6/24 543Examination report as of September 5, 1925 2/24 191Pittsburgh Branch: (See Branch Banks, FRSystem)Rates: (See Rates)


FRBank of Cleveland: (Contld)Staff:

Boyd, Hugh, designated examiner and transferredfrom another department

Brumley, Fred L., increase in salary of

DeCamp, George, bond as FRAgentTo address Maryland Bankers Association at

Atlantic City and remain there forten days

McClure, James H., resignation as Examiner

Nevin, J. C., Cashier and Secretary, salary to beoffered with appointment as ManagingDirector of Pittsburgh Branch

Advice of appointmentSquire, Sanders and Dempsey, retained as CounselStrater, H. F., appointed Cashier and Secretary,

salary approvedWills, D. C., FRAgent, payment of salary after

date of deathMemo of Counsel that FRBank had no right to

make paymentDraft of letter to FRBank disapproving

action and calling for detailed report

Zurlinden, Frank J., to advise with Board on es-tablishment of a Division of CreditInformation

Resolution of Mr. Miller on, adoptedReport of Committee presented by Mr. Smead

PRBank of Dallas:Budget system, form of letter to Governor on establish-

ment ofReply of Governor that budget will be established

Contributions:Convention of American Institute of BankingCredit Justice Fund of National Association of

Credit Men, approvedCrowell v, opinion of Circuit Court of AppealsDeposit in Gold Settlement Fund to be built up by

selling gold to FRBank of New Yorkand earmarking it for them

Directors: (See Directors)Dividend payment approvedEarnings for six monthsEl Paso Branch; (See Branch Banks, FRSystem)Examination Report::

As of September 26, 1925As of February 20, 1926

Houston Branch: (See Branch Banks, FRSystem)Liberty bonds held by, sale of, and purchase of Treas-

ury 3-3/4 per cent bonds

4/235/111/19

301/28

1/ 71/111/16

1/11

1/ 5

1/12

1/13

4/ 24/ 84/27

4/ 64/27

4/23

2/194/ 6

6/29

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64

FRBank of Dallas: (Contld)Litigation as result of failure of National Bank of

Pageo

Cleburne, Texas, settlement of 1/16 66Loans to needy employees from funds from unclaimed

group life insurance policies 3/31 313Rates: (See Rates)Staff:

Bette, I. F., designated special examiner 1/12 46Franklin, W. C., employed as Field Representative

3/18 276of Bank Relations DepartmentLanier, Albert E., resignation as Field Represent-

ative of Bank Relations Department 3/18 275Schwulst, E. B., increase in salary as Manager of

Loan Department 6/22 533Talley, Lynn P., Governor, reply to letter charg-

ing that engaged in speculativeactivities 4/30 401

Stock: (See Stock) .Transfer of certain banks in New Mexico to Kansas City

District, application for 1/13 60Replies of FRAgents of Dallas and Kansas City 1/26 91Transfer approved 3/11 246Effective date of transfer approved 3/29 3caFormal order of transfer submitted and approved 3/ 31 313Transfer of FRBank stock approved 4/15 351Effective date of stock transfer, etc. 4/15 357

FRBank of Kansas City:Budget System,, form of letter to Governor on estab-

lishment 4/ 6 329To be put in operation on July 1 5/5 406

Contribution to Grand Avenue Improvement Association 6/29 553.Denver Branch: (See Branch Banks, FRSystem)Dividend payment approved 6/24 546Earnings for six months 6/24 546Loans to needy employees from funds from unclaimed

group life insurance policies 3/31 313Oklahoma City Branch: (See Branch Banks, FRSystem)Rates: (See Rates)Staff:

Arnold, Oliver, employed to look after rediscountsheld from failed Stockmen's NationalBank, Brush, Colo. 3/18 276

Bailey, T. J., reelected Governor and salary in-creased 1/19 70

Brooks, Charles L., police officer, leave ofabsence on account of illness 5/11 422

Hewitt, R. B., Field Agent, increase in salary of 2/9 130McAdams, A. U., bond as Assistant FRAgent 1/12 44McCarthy, J. L., Proof clerk, salary increased 4/15 353Thornton, Harry M., Claim clerk, salary increased 4/15 353


FRBank of Kansas City: (Contld)Staff: (Contld)

Tsuji, Hiataro, granted leave of absence forthree months with half pay

Webb, Mrs. Elizabeth, matron, leave of absencefor sixty days granted

Stock: (See Stock)Transfer of certain banks in New Mexico from Dallas

District, application for

Replies of FRAgents of Dallas and Kansas City

Transfer approvedEffective date of transfer approvedFormal order of transfer submitted and approvedTransfer of FRBank stock approvedEffective date of stock transfer, etc.

PRBank of Minneapolis:Budget for Federal Reserve Club, approvedDividend payment approvedEarnings for six monthsHelena Branch: (See Branch Banks, FRSystem)Rates: (See Rates)Staff:

Mitchell, John R., present at meeting of Board todiscuss responsibility of FRAgent inrecommending charters for new nationalbanks

Statement of Mr. Mitchell read at meeting

Young, R. A., Governor, present at meeting ofBoard

Stock: (See Stock)PRBank of New York:

Agreement entered into with Swiss National BankBuffalo Branch: (See Branch Banks, FRSystem)Credit extended to Belgium, amendment to arrangements

Letter from Governor Strong submitting cablegramsexchanged with Bank of England andother details

Telegram from Governor Strong re plan approvedby Board, motion of Mr. Platt laidon table

Statement of Governor Crissinger on arrangement,and motion of Mr. Miller on statusof proposed credit

Draft of letter to Governor Strong that agreementwill be formally approved when sub-mitted

Reply of Governor Strong that transaction can notbe consummated

1/11

2/15

1/131/263/113/293/314/154/15

1/136/246/24

2/ 52/18

2/ 5

1/25

3/ 8

3/12

3/23

3/31

4/27

6/30

65Pages

33

147

6091245301314351357

51545545

124168

124

82

229-32

252

291

316

387

561


66

FRBank of New York: (Contld)Currency carried by Cuban Agency, interest in decision

Pages

of Board on supply of 6/22 534Czechoslovak National Bank, account opened with, trans-

ferred from Bankovni urad MinisterstvaFinanci of Prague 4/27 387

Letter from Deputy Governor that only relationsalready established will be continued 5/5 412

Directors: (See Directors)Dividend payment authorized 6/24 542Earnings for six months 6/24 542Examination procedure, discussion of program to be

followed in 5/24 458Interpreataion of FRAct on, and circular letter

to all FRBanks on procedure 5/25 466-7Examination of:

Begun on May 29, letter from FRAgent 6/ 2 480Report of 2/2 115

Foreign accounts held by, report submitted to OpenMarket Investment Committee 1/19 75

Hearing before Interstate Commerce Commission on ex-press rates on shipments of coin, etc.question of appeal of decision 2/15 150

(See also Express Rates)Loans to needy employees, operation of plan for 1/5 9

Discussion of 1/11 39Organization and efficiency commended by Chief of

Bureau of Efficiency 1/5 8Pension Bill: (See Pension Bill)Percentages of participation in foreign account by

other RBanks 1/7 12Rates: (See Rates)Salaries of employees, desire of Mr. Jay to meet with

Board on adjustment in 6/24 539Staff:

Byrne, J. F., designated Assistant Examiner 2/2 109Carmalt, J. H., Special Counsel in hearing before

Interstate Commerce Commission, com-pensation of 2/15 150

Approved 2/19 181Fee for representing FRBanks on petition

for revision of express rates 4/27 386Fallon, A. P., designated Assistant Examiner 2/2 109Guild, A. C., designated Assistant Examiner 2/2 109Harrison, George L., to appear before Board to

present letters from Governor Strongon his activities abroad 6/15 507


FRBank of New York: (Contld)Staff: (Cont'd)

Jay, Pierre, desire to meet with Board re

67Pages

salaries of certain employees 6/24 539

Request to publish figures on loans to

brokers refused 2/6 126

Jefferson, Howard N., leave of absence to accom-

pany Prof. Kemmerer to Ecuador and

other South American countries 5/5 411

Loans to needy employees, operation of plan 1/ 5 9

Discussion of 1/11 39

Moore, 0. Ernest, employed as Secretary to Gov-

ernor Strong 2/4 117

Phelan, Arthur, designated Examiner 2/ 2 109

Plan for standardization of jobs and clas:Afica-

tion of grades, approved 1/11 39

I.odification of plan for Auditing Depart-

ment, memo of Yr. Smead on 6/29 554

Plan noted by Board 6/30 560

Report of Messrs. Eddy, Smead and Sailer on

plan 6/30 562-4

Sailer, L. F., Deputy Governor, leave of absence

for two months 1/26 91

Sedgwick, J. A., employed as Foreman Carpenter 1/11 33

Stevenson, S. H., designated Assistant Examiner 2/2 109

Strong, Benjamin, contemplated leave of absence 1/19 73

Letter to Mr. Harrison on activities abroad 6/15 507

Present at Board meeting to discuss open

market operations and credit to

National Bank of Belgium 3/8 229

Stryker, J. V. D., designated Examiner 2/2 109

Warren, Robert B., resignation from staff of

Board to accept position with, laid

on table 4/19 359

Appointment approved and salary fixed 4/21 366-8

Stock: (See Stock)

FRBank of Philadelphia:Directors: (See Directors)

Dividend payment authorized 6/24 543

Earnings for six months 6/24 543

Examination report ofAs of May 2, 1925 2/2 115

As of April 10, 1926 6/9 493

Lease to Banks College of Philadelphia, H. R. Bill 660

to reimburse for failure to renew 1/25 85

Rates: (See Rates)

Sesqui-centennial half dollar, to act as distributor 6/2 476

Staff:Austin, R. L., leave of absence for trip abroad 6/15 517


68

FRBank of Philadelphia: (Contld)Staff: (Contld)

Beckman, Barbara A., leave of absence for three

Pageo

months 2/2 109Eaton, Charles F., designated Assistant Examiner 1/16 63Fenner, Z. G., Assistant to Examiners, appoint-

ment and salary 5/18 437Fralick, Charles H., leave of absence with pay,

granted 3/11 241Gallagher, Joseph H., leave of absence for not

over ninety days 1/13 51Extended for three months 4/27 383

LaBold, F., Assistant Cashier, salary increased 6/30 561McCreedy, William G., salary increased as Comp-

troller 1/16 63McIlhenny, C. A., Cashier, salary increased 6/30 561Yaguire, John P., leave of absence for not over

three months 1/26 90Extended for three months 4/27 383

Norris, George W., Governor, director of Benefi-cial Saving Fund Society, legalityreferred to Counsel 3/18 274

Officers elected for 1926, advice of 1/16 63Toy, J. M., Assistant Cashier, salary increased 6/30 561

FRBank of Richmond:Baltimore Branch: (See Branch Banks, FRSystem)Charlotte, Proposed Branch: (See Branch Banks, FRSystem)Dividend payment authorized 6/24 543Earnings for six months 6/24 543Examination report of 6/9 493Non-cash collection items handled by, complaint by

Hanovia Chemical & Manufacturing Co.of Newark, N. J., re manner of 4/14 348

Rates: (See Rates)Staff:

Baylor, George D., leave of absence 1/26 90Brock, R. S., Jr., appointed Examiner 6/29 552Clements, W. T., increase in salary of 6/15 516Clerical employees may aid examiners without being

designated examiners 1/12 46Gordon, H. N., increase in salary of 6/15 516Martenstein, D., increase in salary of 6/15 516Meade, Charlotte, extension of leave of absence

with pay while sick 2/19 178Extended for thirty days with pay 3/16 271

If II II II II II

ft II II II II II4/195/18

361436

II II II II II II 6/15 517Mercer, Roger W., appointed Examiner 6/29 552


FRBank of Richmond: (Cont'd)Staff: (Contld)

Shortt, Bernice, extension of leave of absence

Further extension through April 30

Turner, P. Walker, designated Examiner

Increase in salary of

Van Pelt, G. S., increase in salary of

Wallace, M. G., Counsel, memo on Jurisdiction of

suits by and against FRBanks

Stock: (See Stock)PRBank of St. Louis:

Budget System, form of letter to Governor on establish-

ment of

2/194/191/ 56/156/15

4/ 2

4/ 6

69Pages

1783613

516516

322

329

To be installed July 1 4/23 374

Compensation paid to attorneys for single cases must

be approved by Board 2/ 9 134

Conference with branches, members of Board invited to

attend 5/24 454

Contribution to local chapter of American Instituteof Banking authorized 2/ 4 118

Dividend payment approved 6/24 545

Earnings for six months 6/24 545

Little Rock Branch: (See Branch Banks,FRSystem)

Louisville Branch: (See Branch Banks, FRSystem)

Memphis Branch: (See Branch Banks, FRSystem)

Rates: (See Rates)Reserve percentages, decrease reported by Mr. Smead,

report on causes requested 6/ 2 479

Staff:Brown, J. A., extension of leave on account of

illness 1/12 45

Examiners, list of regular and special 1/11 35

Geiger, J. L., designated Examiner 1/11 35

Glasgow, W. H., Assistant Cashier, elected Manag-

ing Director at Memphis Branch 3/ 2 201

Martin, Wm. McC., to advise with Board on estab-

lishment of a Division of Credit In-

formation 4/ 2 323

Resolution of Mr. Miller on, adopted 4/ 8 339

Officers, advice of reelection of 1/11 34

Rothschild, J. S., night watchman, leave of ab-

sence on account of illness 2/24 185

Toler, Grace, leave of absence for thirty days

on account of illness 4/21 370

Extension of leave with pay 6/22 532

Whiting, Fay, leave of absence for thirty days on

account of illness 5/18 436

Stock: (See Stock)


70

FRBank of San Francisco:Credit policies in relation to failure of member banks

, in Idaho, letter from FRAgent onDirectors: (See Directors)Dividend payment approvedEarnings for six monthsExamination report of

Vumber of member banks requiring special atten-tion and probable losses

Executive Committee for 1926, members appointedExhibit for convention of American Bankers Association

at Los Angeles not to be preparedLos Angeles Branch: (See Branch Banks, FRSystem)Member banks to be furnished with sketches of nominees

for Class "A!' and "B" Directors, astest for plan

National banks during 1925, organization and charteringof, letter from FRAgent summarizingapthcations

Overlending to member banks, destructive effect of,letter from FRAgent

Noted and ordered filedPortland Branch: (See Branch Banks, FRSystem)Rates: (See Rates)Salt Lake City Branch: (See Branch Banks, IRSystem)Seattle Branch: (See Branch Banks, FRSystem)Spokane Branch: (See Branch Banks, FRSystem)Staff:

Bold, Fred C., Assistant Cashier, salary increasedEichaker, Helene S., Secretary to FRAgent, in-

crease in salary recommendedSalary increased but less than recommended

Hupp, C. R., Examiner, salary increasedKlein, Mrs. Elise, leave of absence for three

months with payMailliard, E. C., Assistant Cashier, salary in-

creasedMcBride, E. B., Examiner, salary increasedMcBride, K. S., Salary increasedMoore, Louis H., resignation as Assistant Chief

ExaminerNewton, Isaac B., FRAgent, bond ofOfficers, advice of appointment for 1926Perrin, John: (See FRAgents)Read, J. P., Assistant Examiner, salary increasedSproul, Allan, appointed Secretary to Board of

DirectorsIncrease in salary recommendedIncrease granted but less than recommended

3/ 5

6/246/242/ 9

2/241/12

3/29

1/ 5

3/ 5

3/ 53/12

6/30

3/184/276/30

3/16

6/306/306/30

1/263/291/12

6/30

1/123/184/27

Pages

226

547547137

19144

302

8

226

226254

560

276395560

271

560

560560

8930044

560

44276395


PRBank of San Francisco: (Contld)

Staff: (Contld)

71Pages

Thompson, D. S., Statistician, salary increased 6/30 560

Stock: (See Stock)Suit brought by Idaho Grimm-Alfalfa Seed Growers As-

sociation against, memo of Counsel on 1/13 56

Employment of eton D. Baker for, letter to

Governors of FRBanks re 1/19 72

(See also Court Decisions)

.Banks, General:Branches: (See Branch Banks, FRSystem)

Budget system of expenditures satisfactory at nine

FRBanks, recommended for other three 2/16 159

(See Budget)Cafeterias, opinion of Conference of Governors that

part of expense of operation should

be absorbed by 2/16 160

Report of Committee on Salaries and Expenditures

and form of letter to Governors of

FRBanks, approved 4/ 6 329

Charters, renewal supported by Chamber of Commerce of

the United States 5/ 5 411

Contributions to American Acceptance Council, memo of

Mr. Smead on 3/ 4 213

Credit functions of, recommendation of Conference of

Governors on report of gab-committee 2/16 164

Dividends, annual instead of semi-annual not desirable 2/16 160

(See also Dividends)

Educational and Welfare Work:

Expenditures for December 2/15 151

" January 3/ 4 213H " March 4/23 374

" April 5/24 456It " May, with exceptions for FRBanks

of Cleveland and Kansas City 6/29 551

(See also Welfare and Educational 77ork)

Examination and credit functions of, credit portion of

report of, approved by Conference of

Governors 3/ 4 219

Approval of recommendation of Conference of Gov-

ernors on 3/12 258

Procedure to be followed, with special reference

to questions raised by FRBank of

New York 5/24 458

Interpretation of FRAct on, and circular

letter to all FRBanks 5/25 466-7

Fees to special attorneys in excess of $1,000 to be

submitted to Board for approval 2/15 151

Loans to needy employees, report of plans for 1/ 5 9


72

Pages

FRBanks, General: (Cont'd)Loans to needy employees, etc.: (Contld)

Board to ascertain if FRBanks not mentioned inmemo have any similar plan

Losses, actual and estimated, statement to be preparedPercentages of participation in foreign accounts as of

January 2, 1926Protection, opinion of Conference of Governors that no

uniform plan is possible

1/112/24

1/ 7

2/16

39191

12

159Rates:

Complete schedule to be presented to Board of Di-rectors of FRBanks at each meetingand telegraphed to Board 1/ 5 7

Motion of Mr. Miller on minimum rates forpurchases of bankers acceptances 1/11 37

Motion lost 1/13 57Also to be informed of Changes made by Ex-

ecutive Committee of Directors 1/13 58Code words to be used in telegrams submit-

ting schedules and changes 1/19 71(See also Rates)

Suits by and against FRBanks, amendment to law to re-store jurisdiction to Feder]. Courts,memo of Counsel on 3/11 244

Memo of FRBank of Richmond and proposed letter toFRAgents 4/ 2 322

Recommendation of Conference of Governors thatCounsel of FRBanks prepare opinion 4/27 390

FRBoard:Annual Report:

Consideration of approval and publication, Dr.Stewart to attend meeting of Board on 3/ 2 205

Report discussed with Dr. Stewart and orderedsent to printer for galley proof 3/ 3 208

Printing to proceed in ordinary course, reviseddraft to be furnished members of Board 3/ 4 217

Men* of Mr. Miller on relation of call loan mar-ket to FRSystem to be included in 3/ 8 232

Memo of Mr. Miller referred to Governor Crissingerand Mr. Platt 3/ 9 238

Paragraph on security loans quoted from 3/11 246Report of Governor that paragraph on call loan

market should not be included in re-port

/Galley proofs submitted and publication authorized 3/ 212 2:gPress conies from printer, late for presentation

to House of Representatives and re-lease to press 4/ 2 320


73Pages

FRBoard: ( Cont,d)Bylaws:

Amendment to Article 13 suggested by Mr. Millerthat no motion be made or adopted ifothers present at meeting 3/ 3

Adopted 3/11Amendment to omit requirement that special mat-

ters be considered at certain meet-ing each week 3/ 4

Adopted 3/11Memo of Governor on and committee personnel under 3/ 2quorum, notice of Mr. Hamlin to move amendment

changing number for 3/ 5Revision to be made by special committee and to

include suggested changes 1/ 5Report of Committee presented 1/19Committee ordered to prepare redraft includ-

ing changes adopted at meeting 1/26Revised sections approved and complete draft

ordered submitted 2/ 4Complete revised draft presented and adopted 2/18

Committees: (See Committees)Division of Bank Operations:

Comptometer machine, purchase authorized 1/11Loans of member banks in Boston, Philadelphia,

Cleveland, Chicago, St. Louis andSan Francisco, to investigate andreport on procedure necessary toobtain 3/ 4

(See also Staff of FRBoard)Division of Credit Information:

Resolution of Mr. Miller on establishment 4/ 2Resolution discussed and part relating to Com-

mittee to advise with Board adopted 4/ 8Memo of Mr. Smead on scope of work and possible

plan of procedure 4/27Division of Examination:

Cooperation with FRBank of Kansas City in examina-tion of Commerce Trust Co., Kansas City 2/ 2

Examination arranged, memo of Mr. Herson on 2/16Examining work of FRSystem to be coordinated

under, recommendation of Conferenceof FRAgents 2/16

Status before FRAgents Committee 3/12FRAgents Committee to meet with Board on

April 5, and render report 3/29To be moved from Otis Building to Treasury Depart-

ment about July 1 6/ 9

211240

220240197

228

1075

95

121168-76

32

215

323

339

385

110157

164259

307

488


74

FRBoard: (Cont'd)Division of Research and Statistics:

Pagel

Burroughs adding and listing machine, purchase of 5/11 422Compilation of statistics on wholesale price in-

dexes for United States and Japan tobe discontinued 2/18 176

Losses to depositors in connection rith failedbanks, report to be prepared 2/ 9 137

(See also Staff of FRBoard)Expenses:

Increasedallowance for traveling expenses to beconsidered in levying assessment 6/22 534

Resolution levying assessment adopted 6/24 541Telephone calls between State Department and

Embassy at Havana, Cuba, to be paid by 6/29 551Fiscal AEent, office to be moved from Otis Building

to Treasury Department, about July 1 6/ 9 489Library, bibliography of FRSystem to be prepared by 6/22 534Meetings as provided under new bylaws, approved 3/ 2 197Members:

Crissinger, D. R., Governor, telegram givingview on Hull Amendment to McFaddenBill 6/ 2 482

Cunningham, E. H.:Trip through West for a month, notice of 3/ 9 233With Mr. James and Mr. Miller to appear be-

fore Banking and Currency Committeeof House to discuss branch bankbuilding, etc. 3/18 277

Hamlin, C. S.:Amendment to bylaws to omit requirement that

special matters be considered at par-ticular meeting, suggested 3/ 4 220

Amendment adopted 3/11 240Amendment to bylaws re quorum, notice of in-

tention to move 3/ 5 228Expiration of term as member of Executive

Committee 4/ 2 321Appointment to Executive Committee until

June 30 in place of Mr. Miller 6/10 505Invited to attend conference of FRBank of St.Louis

and its branches 5/24 454James, George R.:

Consolidation of State member banks withother banks, securing of approval ofBoard 2/10 140

Havana, Cuba, appointed to investigate run onbanks and Shipment of currency to 5/ 7 416


75Pages

FRBoard: (Contld)James, George R.: (Contld)

Havana, Cuba: (Cont' a)Informal report of Special Committee pre-

sented byFormal report to be made at meeting on

ThursdayFormal report presented with recommendations

and fully discussedDraft of letter to Secretary of TreasuryGovernor directed to forward letter to

Secretary of Treasury

5/11

5/18

5/205/21

5/25

427

440

441-8449-51

466

Report on visit to Atlanta 6/ 2 481

Detailed report on visit and resolutionadopted 6/ 9 496-502

Report on attitude of Treasury Department onconsolidation of agencies 6/10 505

Letters and telegrams on hearing and detail-ed statement of Mr. Campbell 6/15 507-14

Hearing of Committee of Directors of FRBankof Atlanta 6/16 524

Hearing of Mr. Campbell for June 23 postponed 6/22 528Report of Secretary on communication with

Mr. Campbell 6/23 529

Letter from Mr. Newton on postponement ofhearing of Mr. Campbell 6/22 531

Telegram from Mr. Campbell acknowledgingreceipt of notice of postponement of

hearing 6/24 539

Hearing of Mr. Campbell set for July 19 andreport of Mr. James on DirectorMcCrary 6/30 565-8

Proposed visit to FRBank of San Francisco, dutiesof FRAgent to be discussed with Mr.Newton 2/10 143

Resolution of country member banks in Minnesotaon collection system, memo on 2/15 150

Miller, A. C.:Appointment as member of Executive Committee for

three months 4/ 2 321

Bibliography of FRSystem, preparation referred toDivision of Research and Statistics

for report 5/ 5 414

To be prepared by Library of Board 6/22 534

Bylaws of Board, suggested amendment that no mo-

tion be made or adopted when others

are present at meeting 3/ 3 211

Amenthnent adapted 3/11 240

Duties and responsibilities of FRAgents, state-ment being prepared on 2/10 143


76

Pageo

FRBoard: (Contld)Members: (Contld)

Miller, A. C.: (Contld)Examination work of FRSystem, coordinating

under Board 2/16 164Status before FRAgents Committee re-

quested 3/12 259FRAgents Committee to meet with Boardand make report 3/29 307

Loans to brokers in Boston and other cities,Division of Bank Operations to reporton procedure in obtaining data on 3/ 4 215

Draft of letter to President of FederalAdvisory Council, copies to be fur-nished members of Board 3/ 5 227,

Ordered laid on table 3/11 245-7Loans to member banks in New York City, week-

ly statement to be furnished membersby Division of Bank Onerations 3/ 4 215

Loans to member banks in call loan market assecondary reserve, memo to be sub-mitted for inclusion in annual report 3/ 3 209

Memorandum submitted 3/ 8 232Referred to Governor and Vice Governor

with power 3/ 9 238Report of Governor not to include in

Annual Report 3/11 249Meetings at which salary recommendations aremm

considered for year, report to be inhands of members three days in advance

Meetings of Open Market Investment Committeeto be held in Washington unless other-

3/ 2 199

wise authorized, motion re 3/5 228Motion carried 3/ 9 254

McFadden Bill, approval of 4/27 396Rediscount rate of FRBank of New York, views

on reduction in 4/27 396Resolution on establishment of Division of

Credit Information submitted 4/ 2 325Discussed and part relating to Committeeto advise with Board, adaDted 4/ 8 339

Resolution on release date of FebruaryFRBulletin 2/ 6 128

Stable Money Association dinner in New YorkCity, Probable accentance of invita-tion to speak at 4/15 356

Trio to Europe contemplated, notice of 3/ 5 228Letter from, advising of trip 3/ 9 233Leaving for Europe, place on Executive

Committee to be taken by Mr. Hamlin 6/10 505


FRBoard: (Contld)Members: (Contld)

Miller, A. C.: (Contld)qeekly statement of condition of member

banks to show changes in amount ofloans to brokers in New York City

Platt, Edmund:Statement re reduction of rediscount rate

by FRBank of New Yorkquorum, inability to maintain, notice by Mr. Hamlin

to move amendment to bylawsRegulations: (See Regulations)Representation on:

Resolution of country member banks in central andnorthern Minnesota for

Reply referred to CounselResolution of country banks in southwestern Min-

nesota requestingRules and regulations on appointment and service of

branch bank directors, revision ofAmendments approved

Rulings: (See Rulings)Staff: (See Staff of FRBoard)

FRBulletin:Article on Finance Corn- anies:

Circular of Credit Utility Corporation of Nev Yorkquoting from

Memo of Counsel with draft of letter to Cor-poration, approved

Permission to Mr. Milton Nelson to reprint inbook on corporation finance

Commodity price statement furnished to Mr. RobertBarnett

Loans to Brokers in New York City by Member Banks:Weekly figures to be published inFigures to apnear in February issueAdvance release of statement aDoearing in, state-

ment of Mr. Jay onDate and manner of release fixed and preliminary

statement provided forMaterial for Publication Submitted by Counsel:

April issueMay issueJune issue

Notes of Federal Intermediate Credit Banks, publica-tion of ruling on eligibility forrediscount

Pascagoula National Bank Par Clearance Case, decision

of Circuit Court of Appeals to bepublished in

2/24

4/22

3/ 5

2/ 22/15

4/27

1/111/26

3/ 9

3/16

3/ 5

5/18

1/112/ 5

2/ 6

2/ 6

3/184/275/24

3/23

2/24

191

372

228

113149

383

3692

236

264

227

439

30123

125

128

274382454

288

185


78

FRBalletin: (Contld)Publication of ruling on eligibility for rediscount

of notes secured by eggs, poultry

Page°

and butter 3/18 274Federal Reserve Club:

FRBank of Atlanta, contribution for welfare and educa-tional work 3/29 304

Reply of FRAgent to letter from Board 4/19 361FRBank of Minneapolis, budget approved 1/13 51

Federal Reserve Currency:Policy, request for information by Charles R. Adair,

Flint, Mich. 4/15 357Shipments to Havana,Cuba, during run on banks, request

of Senator Smith for information 4/15 356(See also Cuba; FRnotes)

Federal Reserve Exhibits at conventions of American BankersAssociation, recommendations of Con-ference of FRAgents and Governors/12: 162

Decision of FRBankof San Francisco not to have /

302Federal Reserve Life Insurance Co., Kansas City, Mo., memo

of Counsel on use of title by 3/16 265FRnotes:

Assistant FRAgents unnecessary at branches where unis-sued are not carried, oninion of Con-ference of FRAgents 2/16 160

Recommendation approved and Counsel to prepareruling 3/21 306

Collateral security for, effect of acceptance of paperfor rediscount by FRBanks on acceptanceor rejection by FRAgents as 1/28 99

Memo of Counsel that FRAgent is not committed byaction of Board of Directors in ac-cepting 2/10 142

Jacksonville Branch, lacing of unissued at, and an-°ointment of employee as custodian 4/19 362

Appointment of Fulton Saussy as Assistant FRAgentat nominal salary to act as 4/23 376

Issuance, circulation and redemption of, questionssubmitted by Banking and CurrencyCommittee of Haase 5/11 426

Proposed reply prepared by Messrs. Miller, Smeadand referred back 5/12 431.Goldenweiser,

Revised draft including suggestions, approved 5/12 434FRSystem:

Bibliography of, preparation suggested by Mr. Miller 5/ 5 414To be prepared by Library of Board 6/22 534

Counsel, consulting, to be employed to serve allFRBanks, suggested by FRBank of Dallas 2/ 2 112

(See also, Baker, Newton D.)


PRSystem: (Cont'd)

79Pages

Examining work, coordinating under supervision of Board 2/16 164Status before FRArents Committee on Examination 3/12 259FRAgents Committee to meet with Board on April 5,

and render report 3/29 307Membership in: (See Membership)Newspaper clippings criticising, statements made by

political candidates in Iowa 4/30 401FRBank of Chicago to refrain from activity that

might be termed political 5/7 416Draft of letter to FRAgent at Chicago to refrain

from politic21 activity 5/11 425Draft of reply to FRAgent on form of replies to

inquiries and criticisms 6/2 477Policy re banking and credit conditions, reply to let-

ter from Senator Lenroot 1/13 52Withdrawals: (See Withdrawals)

"Federal", "Reserve", "United States", bill recommended toCongress to prevent use in corporatetitles 1/16 66

Memo of Counsel with letters on use of title "FederalReserve Life Insurance Co." by acompany in Kansas City 3/16 265

Passed by Senate, memo of Counsel with draft of letterto Committee on Banking and Currencyof House 4/27 384

Report of violations to be made to Department of Jus-tice, circular to FRAgents 6/15 519

Pees for directors of FRBank of San Francisco and branchesfor attending meetings 1/28 96

Fiduciary Powers:American Union Bank, New York, N. Y., authorized by

State Banking Department 3/16 262Applications held for examination and not then approved,

to be considered disapproved 2/ 4 118Broad & Market NationAl Bank, Newark, N. J., applica-

tion reconsidered and approved ifcapital increased 4/15 352

Capital and other requirements of banks exercising,topic for discussion at Conferenceof Governors 3/ 2 206

Discussed by Conference of Governors and postponeduntil next Conference, Counsel to sub-mit opinion 4/27 389

Citizens National Bank, San Diego, Calif., applicationapproved upon conversion from FirstTrust & Savings Bank 5/24 452

Examinations of national banks exercising, Governor toconfer with Comptroller of the Cur-rency on nature and extent of 4/ 8 340


80Pages

Fiduciary Powers: (Contld)First National Bank, Massena, N. Y., application ap-

proved if capital increased 6/30First National Bank, West Point, Ga., application

referred to Comptroller of the Currency 1/26APnlication held pending improvement in condition

of bank 1/28Protest of Directors Ottley and Hopkins of FRBank

564

91

97

of Atlanta against withholding approval 2/ 4 121Florida, exercise of trust powers by national banks in 6/29 553Framingham National Bank, Framingham, Mass., applica-

tion approved 4/14 342Insolvent national banks exercising, list of 3/ 2 201

Letter from FRAgent at New York on study of results 3/12 258Memo of Comptroller of the Currency with summary

of replies of receivers of banks 4/27 385Knoxville National Bank & Trust Co., Knoxville, Iowa,

application approved subject to ap-proval of Comptroller of the Currency 2/ 4 121

List of national banks granted, which have failed,request of Dr. Willis for 1/12 47

McFadden Bill:Proposed amendment to Section 11(k) of FRAct,

viers of Board requested 3/23 287Board opposed to, memo of Counsel on 4/8 337

Michigan national banks, rely to Deputy Commissionerof Banking on rip-ht of Board to grant 2/ 9 136

National banks in liquidation, trusts to be transferredand semi-annual reports to be made toBoard by liquidating agent 6/9 491

Old National City Bank, Lima, Ohio, revocation of per-mission to exercise,recommended 4/14 349

Memo of Counsel on right of FRBank to revokepermit 5/11 424

Operations of trust departments of national banks,circular letter to all FRBanks 4/15 355

Orange City National Bank, Orange City, Iowa, applica-tion approved 1/25 87

Peoples Trust Co., of Brooklyn National Banking Asso-ciation, application approved 5/12 435

Port Richmond National Bank, Port Richmond, N. Y.,application approved 3/29 299

State member banks granted permission in New YorkState, list of 3/9 237

Southern Michigan National Bank, Coldwater, Mich.,application approved 5/27 469

Virginia National Bank, Norfolk, Va., application de-ferred pending examination 1/16 61

Annlication approved 1/19 68


Finance companies, article in FRBulletin, permission toMr. Milton Nelson to reprint in bookon corporation finance

(See also FRBulletin)First Federal Foreign Investment Trust:

Articles of association and organization certificateapnroved

Preli:ninary certificate of permission to commencebusiness

Final permit to commence business issued

Policies and investments of, memo of Counsel on

Purchase of stock by National American Bank, New York

Florida:Article in American Banker on visit of Governor Well-

born to, and discussion of bankinginstitutions there

Letter from Governor Wellborn that word waschanged in reprint of article

Fiduciary powers exercised by national banks inFlour and bran, opinion of Counsel that Should not be con-

sidered readily marketable, staple,agricultural products

Opinion of Counsel, approvedForeign Accounts:

Czechoslovak National Bank, account opened by FRBankof New York

Letter from Deputy Governor of FRBank of New York

that no formal agreement will be made,

but old relations continued

FRBank of New York,report submitted to Open Market In-

vestment Committee

Percentages of participation of FRBanks as of January

2, 1926Swiss National Bank, agreement with FRBank of New York

Foreign Banking Corporations:Bank of Haiti, Inc., purchase of stock by National City

Bank of New York and interlockingdirectorates apnroved

Examination of those with branches in foreign countries

Report of Chief Examiner onReport of Committee on Examinations and proposed

letter to FRAgent at New York on ex-

amination of International BankingCorporation

MBank of Boston to be furnished with copies of

examinations of those in that district

First Federal Foreign Investment Trust, articles of

association and organization certifi-

cates, approved

81

Pages

3/ 5 227

2/19 180

2/24 1895/24 4576/29 5566/22 535

2/16 153

2/24 1876/29 553

3/ 4 2173/16 266

4/27 387

5/ 5 412

1/19 75

1/ 7 121/25 82

1/ 5 54/27 3875/ 5 411

5/11 426

6/ 9 401

2/19 180


82

Foreign Banking Corporations: (Contld)First Federal Foreign Investment Trust, etc.: (Contld)

Preliminary certificate to commence businessFinal permit to commence business issuedPolicies and investments of, memo of Counsel onPurchase of stock by National American Bank of

New YorkFirst National Corporation of Boston, renort of exami-

nation ofChief examiner directed to arrange for examination

of First National Bank of Boston withnext examination of

International Acceptance Bank, Inc.:Examination report as of September 12, 1925Organization of affiliated trust comlany, notice

of intentionNo objection by Board

International Banking Corporation, New York City, pro-posed letter to FRAgent at New Yorkon examination of

Reply of FRAgent to letterShawmut Corporation of Boston, report of examination of

Chief examiner directed to arrange for examinationof National Shawmut Bank with nextexamination

Foreign Banks:Bankovni urad Ministerstva Financi of Prague, in lioui-

dation, account with FRBank of Newel 1 York transferred to Czechoslovak Na-

tional BankLetter from Deputy Governor of FRBank of New York

that only relations already establish-ed will be continued

Czechoslovak National Bank: (See supra Bankovni uradMinisterstva Financi of Prague)

National Bank of Belgium: (See National Bank of Belgium)Swiss National Bank, agreement entered into with FRMank

of New YorkForeign Branches: (See Branch Banks, Foreign)Forms:

Collateral notes for loans on adjusted service certi-ficates, draft submitted by Frank T.Fuller

Forster, H. W., insurance broker, request to appear beforeBoard on Federal Reserve Pension Plan

Fuller, Frank T., draft of form of collateral note for loanson adjusted service certificates

Pages

2/24 189

5/24 45'7

6/29 556

6/22 535

2/9 137

2/16 156

2/24 190

2/9 1332/16 154

5/11 4265/24 4562/ 2 114

2/16 165

4/27 387

5/ 5 412

1/25 83

3/12 256

5/18 439

3/12 256


General Accounting Office:Transportation requests, regulations governing

issuance ofGold Certificates: (See Currency)Gold Settlement Fund:

FRBank of Dallas to build up deposit in, by sellinggold to FRBank of New York and ear-marking it

Government Securities:Holdings of Open Market Investment Committee discussed

at meeting in New YorkSale of not over $50,000,000 approved

Maturing certificates of indebtedness in System's in-vestment account to be replaced bypurchase of Short tern

(See also Liberty Bonds)Governors Conference: (See Conferences)Grain Elevator Companies: (See Elevator Companies)Grimm-Alfalfa Seed Growers Association: (See Court Cases)

Hanna, M. A., Co., Cleveland, Ohio:

83Pages

2/4 120

09 552

1/19 731/25 84

6/2 480

Borrowings for subsidiaries and other companies, memoof Counsel on eligibility of notesfor rediscount

(See also Rediscounts)Hanovia Chemical and Manufacturing Co., Newark, N. J.:

Complaint re manner of handling non-cash collectionitems by FRBanks

Havana, Cuba:Shipments of FRcurrency to, request for information

by Senator E. D. Smith(See Cuba)

Hearings, FRBoard:Branch banking held in 1923, copy of report to be fur-

nished to FRAgent at San FranciscoBranch of FRBank of Richmond:

Stenographer to make transcript of proceedingsauthorized

Committee of directors of FRBank of Atlanta on Ship-ment of currency to Havana Agency

3/12

4/14

4/15

2/ 2

1/12

6/16

257

348

356

113

49

524


84

Hearings, FRBoard: (Cont'd)Gianinni, A. P., Chairman of Bank of Italy:

Consolidation of Bank of Italy with other banks,and become national bank, special

Pages

committee to consider 3/3 210Present at meeting to discuss service of Messrs.

DeMille and Dorman on advisory boardof branch of Bank of Italy 3/ 2 200

Harrison, George L., FRBank of New York, to presentletter from Governor Strong on hisactivities abroad r/15 507

Lane, M. B., reouest for hearing on branch of Citizens& Southern Bank, Savannah, Ga., atAlbany, Ga. 1/19 68

Present at meeting of Board to request permissionfor branch, action nostponed 1/21 76

Letter from Mr. Lane, advised that applicationwill be taken up at later meeting 1/28 98

Meadow Grove State Bank, Meadow Grove, Nebr„ forfei-ture of membership in FRSystem setfor April 27 4/6 330

Resolution of Board requiring forfeiture of mem-bership 4/27 380

Peoples Bank & Trust Co., Bell Buckle, Tenn., on for-feiture of membership 1/12 47

Bank waived right to appear and resolution offorfeiture of membership adopted 1/25 86

Representatives of FRBank of Chicago submitted plansand proposed expenditures for build-ing for Detroit Branch

Subcommittee of Committee on Banking and Currency of6/21 526

Senate on McFadden Bill, appearanceof Governor, Vice Governor and Mr.Sprague before q15 1'18

Article in Wall Street Journal reporting state-ments of Mr. McFadden at hearing 2/17 166

Hooper, Hon. Joseph L., letter requesting views on HouseJoint Resolution 179 authorizingbuilding for Detroit Branch 3/12 261

House of Representatives:Annual Report of Board to be presented to Speaker,

4/ 2 320date forBanking and Currency Committee: (See Committees)

Hull Amendment to McFadden Bill: (See McFadden Bill)Hull, Hon. Cordell: (See Liberty Bond Transactions)


85Pages

Idaho:Failure of member banks in, credit policy of FRBank

of San Francisco in relation toIdaho Grimm-Alfalfa Seed Growers Association: (See Court

Cases)Index Numbers:

Prices for Argentina, agreement with Dr. Bunge ofBuenos Aires for construction of

Wholesale prices for United States and Japan, regroup-ing to be discontinued by Board

Insolvent national banks, exercising fiduciary powers, listLetter from FRAgent at New York on study of results of

analysisMemo of Comptroller of the Currency with summary of

replies from receivers of banksInsolvent State Banks: (See Revised Statutes)Insurance Brokers:

Request of Brown, Crosby a co., to appear before Boardon Pension Plan

Insurance Companies:Eligibility of officer of, for election as Class "B"

DirectorsFederal Reserve Life Insurance Co., Kansas City, Yo.,

memo of Counsel on use of title byInsurance Policies:

Fund from unclaimed to be used for loans to needy em-ployees by FRBanks of Dallas andKansas City

Interdistrict Time Schedule: (See Clearing and Collection)Interlocking Directorates:

Applications where banks are in competition to be de-ferred pending amendment to ClaytonAct

kpplications Approved:Ahearn, Wm. J.Akin, T. R.Allderdice, TaylorAppel, John J.Arend, Francis J.Astor, VincentBadet, H. S.Baker, W. R.Banks, Thomas W.Barrell, William L.Bauer, George W.Bauer, ThomasBelz, John C.

3/ 5

5/12

2/183/ 2

3/12

4/27

5/18

2/16

3/16

3/31

4/ 8

6/293/ 23/ 94/235/186/224/194/191/112/166/155/113/ 4

226

432

176

201

258

385

439

162

265

313

339

55720623337744053736436343158523429221


86

Interlocking Directorates: (Contld)Applications Approved: (Contld)

Bennett, Henry W.Berlovitz, JuliusBirney, H. L.Bize, Louis A.Black, Van LearBliss, W. E.Boardman, 11illiamBogert, Frederick D.Borden, D. C.Bowsher, J. C.Brainerd, Ezra, Jr.Brannan, George E.Brant, T. J.Brooks, John H.Burrell, C. R.Butler, B. M.Butler, L. F.Butler, MorganByam, J. G.Campbell, YarvinCannon, Adliam T.Carlin, Walter JeffreysCaswell, Nelson R.Champlin, Edgar R.Chancellor, T. A.Cheston, Charles S.Christman, H. G.Clark, Stanley A.Cochrane, R. R.Colby, Kimball G.Cook, Clarence S.Corey, Peter J.Crampton, T. J.Culver, B. B.Daniels, OscarDavis, Jonathan R.Dobbs, Samuel B.Docking, WilliamDorrance, John T.Driscoll, RobertDunlop, John D.Earle, RalphEckerson, Thomas H.Evans, ilrsot R.Fassnacht, G.Ferguson, Frank C.Forward, DeWitt A.Gamble, David A.

PageS

2/25 195

c,-//177. 42928

5 4111 5

1/11 42

12/5 125/25 884/ 2 325Lp2 29 r:636

g 52753/4 2212/ 2 115

://121

433430

4/27 3961/11 42

Y/295 7.6;18

://23 292

g24,1

n 4336

4/19 3636/22 537

Y/1 3225:

4/ 575/T4 43161

5/12 4333/ 2 2072/16 1654/19 3636/22 5373/16 272

4/27 39/3/23 292

6/22 5373/23 293

3/23 293

6%199 f611414 6/9 4931/51/13 55


Interlocking Directorates: (Cont 'a)Applications Agoroved: (Contld)

Geer, B. E.Gerard, Julian M.Goodenough, Luman W.Gordon, C. W.

" a, formal application filedGossler, Philip G.Gregory, G. EdwinHampton, John R.Haskins, S. L.Heyman, EmanuelHeymann, WalterHill, IrvingHowell, Vann M.Hubbard, Arthur L.Irvin, William G.Iselin, ErnestJaffray, C. T.James, Ellery S.Johnson, F. P.Julian, W. A.Jurden, Ralph L.Keniper, James M.King, Allan H.Kusey, MeyerLambden, John F.Lemon, H. Y.Lenfesty, Nathan C.Levy, Robert R.Little, Leon M.Lloyd, J. T.Long, James E.Maher, N. D.Maloney, Thomas J.Mayham, RayMcCready, R. T.McKnight, Summer T.McLean, Andrew, Jr.McLucas, W. S.

H II

McMichael, G. H.Merriam, C. B.Miller, Jo Zack, 3rdMillhouse, C. L.Mitchell, Charles E.Monahan, James T.Morrisey, T. A.Mueller, F. W.Mueller, George F.

87Pages

5/24 4606/22 5351/13 554/27 3816/9 4953/16 2721/5 56/9 4943/4 2216/22 5371/25 885/11 4296/9 4944/14 3492/25 1961/7 283/16 2723/9 2395/24 4611/? 296/15 5234/30 4053/23 2936/22 5374/2 3251/11 421/5 53/16 2726/9 4941/16 675/12 4336/22 5383/23 2936/22 5383/29 3111/13 544/ 2 3251/11 421/19 693/29 3113/31 3175/5 4144/19 3651/5 55/27 4731/11 434/19 3644/2 325


88

rages

Interlocking Directorates: (Cont 'a)Applications Approved: (Cont'd)

Mueller, Henry 5/24 461Murdock, Charles L. 5/11 429National City Bank of New York directors to serve

also on Bank of Haiti, Inc. 1/ 5 5Nolan, E. J. 1/11 43Noyes, C. R. 4/27 381

II II ", formal application filed 6/ 9 494Noyes, Jansen 2/19 183O'Brien, George L. 4/19 364O'Brien, Miles W. 4/19 364Olin, J. M. 3/23 293Olmstead, George .. 2/24 192Ott, Adolph 5/12 433Page, Benjamin 1/11 43Palmer, Edgar 2/ 2 115Pentz, William R. 6/ 9 494Perkins, John A. 3/12 260Pflager, H. M. 3/ 2 206Phillips, Lee A. 1/25 85Phillips, Wm. Abbott 2/ 9 159Fitz, John F. 5/ 5 414Pratt, Harold I. 1/ 5 11Parks, W. A. 3/ 2 206Raeder, Emil G. 5/ 5 415Rand, R. R. Jr. 1/13 54Rennie, Robert R. 4/ 2 325Rentschler, Gordon S. 1/ 5 5

Reynolds, Herbert S. 2/24 192Robertson, George A. 4/19 364Robertson, Mrs. Lucy C. 2/19 185Roddey, W. J. 5/24 460Roddey, W. J. Jr. 5/24 460Rodecker, C. W. 1/ 7 28Rose, William R. 2/15 15Sample, Richard B. 5/11 4P9Scales, T. D. 3/29 311Schechner, Samuel 6/22 538Shafer, C. C. 4/19 363Shaffer, J. K. D. 5/24 461Shaneberger, Roy C. 4/19 363Shannon, C. J. 5/24

460

Shepard, David C. 4/27 381H " " application filed 6/ 9 494,formal

Siebrecht, Henry A. 4/ 2 325Sirrene, J. E. 6/29 557Smith, J. S. A. 5/12 453Smith, Whitfield 1/25 88


Interlocking Directorates: (Contld)Applications Annroved: (Cont'd)

89Pages

Spence, Levis J. 5/24 462

Spencer, S. R. 5/24 460

Steinmeyer, William A. 2/25 196Studebaker, George I. 4/19 364

Swann, Theodore 2/ 2 116

Tabak, Samuel 1/26 94

Talbot, J. A. 1/11 42

Taylor, Charles H. 5/24 461

Tenney, Daniel G. 2/15 152Tinkham, Herbert L. 2/16 165Toplitsky, Joe 1/11 42

Tyson, James 5/24 461

Van Etten, Lawrence 4/ 2 325

Van Natta, John W. 5/11 429Vernon, W. S. 4/ 2 326Walbridge, John H. 1/ 5 11Wallace, Robert B. 5/11 429Ware, Howard R. 4/ 2 325Warren, John 2/19 183

Watson, George 4/19 363

Watters, E. McLain 6/10 506

Watts, Ridley 1/16 67

Weore, H. G. 5/24 461Westerburg, Edward R. 5/12 433Williams, Henry A. 1/25 88Williamson, Ben 1/ 5 11Wilson, E. C. 3/12 259Wittpenn, H. Otto 2/ 2 115

Zimmerman, John E. 2/24 184Miscellaneous:

Bean, Theodore L., action postponed pendingamendment to Clayton Act 3/29 301

Carr, J. E., application refused 2/ 9 133Permission to serve branch of Bank of Italy

unnecessary 3/ 2 200Curtis, Nelson, no new application necessary 6/ 9 489DeMille, Cecil B., application refused 2/ 9 133

Permission to serve branch of Bank of Italyunnecessary 3/ 2 200

Dorman, D. M., application refused 2/ 9 133

Permission to serve branch of Bank of Italyunnecessary 3/ 2 200

Ferguson, Frank C., to resign from one bank andsubmit application for other three 3/23 286

To resign from one institution before ap-plication is approved 5/ 5 410

Application approved 6/ 9 493


90

Interlocking Directorates: (Contld)Miscellaneous: (Contld)

Fishburn, J. E., memo of Counsel on application 6/29

Page°

554Goodhue, F. Abbott, application unnecessary 6/22 556Mutual Savings Banks directors if also directors

of national banks to file applicationunder opinion of Attorney General 3/18 274

Volk, B., Jr., application deferred 1/25 79Deferred indefinitely 3/2 199

Warburg, Paul M., application unnecessary 6/22 536'k)olwine, W. L., memo of Counsel on aprlication 6/29 554

Intermediate Credit Banks: (See Federal Intermediate CreditBanks)

International Acceptance Bank: (See Foreign Banking Cor-porations)

International Banking Corporation : (See Foreign BankingCorporations)

Interstate Commerce Commission:Decision on rates charged by express companies on

shipments of coin, etc., questionof appeal 2/15 150

Filing of petition by FRBank of New York for hearingapproved 2/19 181

Rehearing denied 4/27 586Letter to FRBanks prorating expense of petition 5/5 406

Investment Bankers Association of America:Request of Frank M. Huston to lecture on Indiana

Chautauqua platform deemed inad-visable by Board 2/15 148

Investment security business of national banks, amendmentto McFadden Bill proposed by Sena-tor Copeland 5/24 457

Iowa:Political Controversy re FRSystem: (See Political

Candidates)Italy: (See Branch Banks, Foreign)

It JII

Japan:Wholesale price indexes, compilation to be discontinued

by Division of Research and Statistics 2/18 176Joint Resolution of House and Senate: (See Legislation)Jurisdiction over suits by or against FREanks, proposed

amendment to law to restore to Fed-eral courts 3/11 244


Jurisdiction over suits, etc.: (Contld)Memo of MBank of Richmond and proposed letter to

FRAgentsRecommendation of Conference of Governors that Counsel

of FRBanks prepare opinions

111(11

Kemmerer, Prof. E. W., leave of absence granted to HowardN. Jefferson from FRBank of New York

to accompany to South America

111)1

Leave of Absence:Austin, R. L., FRAgent at Philadelphia, for trip abroad

Jefferson, Howard N., to visit South American countries

Officers and employees of FRBanks in excess of regularallowance, approval by Board disap-proved by FRBank of Chicago

Sailer, L. F., Deputy Governor at FRBank of New York,apnroved for two months

Strong, Benjamin, Governor of FRBank of New York,contemplated trips

, (See also FRBank of - -,Staff).L'egislation: (See also FRAct)

Agricultuxal Credits Act of 1923, amendment to Section202 proposed, re loans and discountsof Federal Intermediate Credit Banks

Draft of reply to Committee on Banking and Cur-rency of Senate

Bill recommended to Congress to prevent use of words"Federal", "United States", etc., aspart of firm name

Memo of Counsel with letters on use of title"Federal Reserve Life Insurance Co."by a company in Kansas City

Passed by Senate, memo of Counsel with draft ofletter to Committee on Banking andCurrency of House

Report of violations to be made to Department ofJustice, circular to FRAgents

Branch banks of State and national banks in New Jersey

4/ 2

4/27

5

6/155/ 5

1/11

1/26

1/19

6/ 9

6/15

1/16

3/16

4/27

6/155/24

91Pages

322

390

411

517411

35

91

73

492

518

65

265

384

519456


92

Legislation: (Cont 'd)Clayton Act, annlications where banks are in competi-

tion to be deferred tending amendment 4/ 8

Pages

339Codification of all Federal laws to be published by

Public Printer, number of copies de-sired by Board 3/18 277

House Joint Resolution 179 to authorize building forDetroit Branch, letter from Congress-man Hooper requesting views of Board 3/12 251

H. R. 660, bill to reimburse Banks College for failureof FRBank of Philadelphia to renewlease 1/25 85

H. R. 7895 to amend paragraph (d) of Section 14 of theFRAct, members of Board invited tomeeting of House Committee to con-sider 3/22 279

Copy of letter from Governor Crissinger to Chair-man of Committee 3/23 288

H. R. 10,000 to revise all laws of United States, let-ter to Senator Richard P. Ernst on 4/27 395

Memo of Counsel on errors contained in 5/27 471Jurisdiction over suits by and against PRBanks, amend -

ment to law to restore to FederalCourts, suggested by Counsel 3/11 244

Memo of Counsel of FRBank of Richmond and pro-posed letter to FRAgents 4/ 2 322

Recommendation of Conference of Governors thatCounsel of FRBanks prepare oninions 4/27 390

McFadden Bill, views of Board on provisions of, withrecommendations 1/ 7 13'26

Hearing before Senate subcommittee, question ofappearance of Governor, Vice Governorand Mr. Sprague before 2/15 149

Amendment to Regulation "H" on branches of Statemember banks postponed pending pas-sage of 2/16 156

Application to serve interlocking directoratespostponed pending possible amendmentto Clayton Act included in 3/ 2 199

Article in '7a11 Street Journal reporting state-ment of Mr. McFadden at hearing 2/17 166

Proposed amendment to Section 11(k) of FRAct onfiduciary powers, views of Boardrequested 3/23 287

Board opposed to, memo of Counsel on 4/ 8 337Resolution of Board apnroving 4/23 376Resolution of member banks in Southwestern Min-

nesota endorsing 4/27 38,5Amendment proposed by Senator Copeland on invest-

ment security business of nationalbanks 5/24 457


Legislation: (Cant td)

McFadden Bill: (Contld)Reply to letter from Mr. McFadden endorsing

93Pages

bill with Hull amendment eliminated 6/ 2 481

Revised letter ordered transmitted 6/ 3 484

Letter of June 2 returned to Board 6/ 9 486

Pension plan for RBanks, bills to be introduced inHouse and Senate as recommended byConference of Governors 4/27 388

Report by Mr. Platt on attendance at meetings ofSenate Banking and Currency Committee 4/30 403

Reported favorably by Committee on Banking andCurrency of Senate and hearing printed 5/ 7 420

Revised Statutes: (See Revised Statutes)Senate Joint Resolution 44 authorizing e:Tenditure for

site and building for Buffalo Branch,ap:Iroved 2/25 194

(See also Branch Banks, FRSystem - Buffalo)Senate Joint Resolution 61 to authorize expenditure

for building for Detroit Branch, views

of Board requested 3/ 2 203

Draft of letter to Banking and Currency Committeeof Senate comnaring with other branches 3/ 5 222

Letter from FRAgent Heath approving amendmentsuggested by Board 3/12 252

Adopted by Congress 4/ 6 333(See also Branch Banks, FRSystem - Detroit)

Senate Joint Resolution 66 to authorize building forBaltimore Branch, letter to SenateCommittee on 3/16 270

(See also Branch Banks, FRSystem - Baltimore)

Senate 616, to make paper secured by Farm Loan Bondseligible for rediscount, disapproved 3/ 2 203

Senate 667 to amend Section 13 of FRAct to show rateof discount and commission charged,views of Board requested 2/ 4 119

Draft of reply to Committee on Banking and Cur-rency of Senate ordered circulated 2/24 189

Draft of reply approved 3/12 255Lenroot, Senator Irvine, reply of Board to letter re bank-

ing and credit conditions 1/13 52Liberty Bond Transactions:

Fourth & First National Bank, Nashville and FRBank of

Atlanta, inquiry of Joseph W. Byrne

on controversy between 4/30 403

Referred to Governor Harding 6/29 554

Reference to Governor Harding reconsidered 6/30 559

Memo of Mr. James on disposition of controversy 6/30 569


94

Fagot,

Liberty Bonds:Sale by FRBank of Dallas and nurchase of Trea:ury

3-3/4 per cent bonds 6/ 2 478Third, recommendation of Onen Market Investment Com-

mittee that renurchase agreementpractice include 6/24 540

Recommendation approved by Board 6/29 555Library of Congress, preparation of bibliopraphy of FRSystem

to be taken up with 5/ 5 414Unwilling to consider preparation, work to be done by

Board's Library 6/22 534Life Insurance: (See Insurance)Liquidating banks, right to vote for Class "A" and 11311

Directors: (See Directors)Loans: (See also Rediscounts)

Brokers, by Member Banks:Boston, Philadelphia, Cleveland, Chicago, St.Louis

and San Francisco, Division of BankOperations to report on procedure inobtaining information on 3/ 4 215

Proposed letter to Federal Advisory Councilrequesting views on relation of FRBanksto call loan market 3/ 5 227 0

Letter ordered laid on table 3/11 245'dFRAgents to furnish Board with working sheets

of each reporting member bank, etc. 4/ 2 324Draft of circular letter to FRAgents re-

questing information, approved 4/ 6 32S

Chicago:Time and demand loans for weeks ending January

6 and 13 1/25Weekly figures to be furnished FRAgent at New York 3/23Memo of Mr. Smead submitting statement of loans

to brokers and deders 4/27Statement for April 21 4/30

" 28 5/ 5" May 19, with sumnary of changes 5/27

New York:Letter to FRAgent at, on weekly report of Board 1/11Figures not to be published in advance of weekly

statement 2/ 5Request of Mr. Jay to publish figures refused 2/ 6Date and manner of release of FRBulletin and

preliminary statement provided for 2/ 6Explanation of figures in weekly statement of

condition of member banks, to beshown each week 2/24

Weekly statement to be furnished members of Boardby Division of Bank Operations 3/ 4

E34286384

40143.0471.

12:3126126

191

216


95Pages

Loans: (Contld)Brokers, by Member Banks: (Contld)

New York: (Contld)Proposed letter to Federal Advisory Council

requesting views on relation ofFRBanks to call loan market 3/4 216

Draft of letter to Mr. Wetmore 3/5 227Letter discussed and ordered laid on

table 3/11 245-9

FRAgents to furnish Board with working sheetsshowing detailed figures 4/2 324

Draft of circular to all FRAgents to furnishweekly reports of principal assetsand liabilities, etc. 4/6 331

Statement of Mr. Smead with results ofreports 4/27 384

Statement for April 21 4/30 401" " 28 5/5 410

Time and demand loans to be shown separately 5/16 439

Statement for May 19 5/27 471

FRBanks to needy employees, plans for 1/5 9

Board to ascertain if FRBanks not mentioned inmemo have any similar plan 1/11 39

FRBank of Dallas and Kansas City, funds from un-claimed group life insurance to be

used for 3/31 313

Member Banks:Destructive effect of overlending, letter from

FRAgent at San Francisco 3/5 226

Noted and ordered filed 3/12 255

Lombard, Norman:Letter re appointment and operations of Open Market

Investment Committee 4/ 8 337

Reply of Board to 4/15 354

Request that representative of Board attend monthlydinner of Stable Money Association 4/15 356

Los Angeles, Convention of American Bankers Association:(See American Bankers Association)

Loc,Les of all FRBanks, statement to be prepared showingollisville and Nashville Railroad Co., suit brought against

2/24 191

FRBank of Atlanta and American Na-tional Bank, Nashville, on failureto collect Checks 5/27 472

1444dox, Robert F., correspondence with Governor Harding of

Boston on non-cash collection ofFRBanks 4/19 362


96

Maryland Bankers Association:Convention at Atlantic City, FRAgent at Cleveland to

addressMcFadden Bill:

Views of Board on provisions of, with recommendationsHearing before Senate subcommittee, question of ap-

pearance of Governor, Vice Governorand Mr. Sprague before

Amendment to Regulation "H" on branches of State memberbanks postponed pending passage

Article in Wall Street Journal reporting statement ofYr. McFadden at hearing

Applications to serve interlocking directorates post-poned tending possible amendment toClayton Act included in

Proposed amendment to Section 11(k) of FRAct on fidu-ciary powers, views of Board requested

Board opposed to, memo of Counsel onResolution of Board approvingResolution of member banks in southwestern Minnesota

endorsingAmendment proposed by Senator Copeland on investment

security business of national banksReply of letter from Mr. McFadden endorsing bill with

Hull Amendment eliminatedRevised letter ordered transmittedLetter of June 2 returned to Board

McKellar, Hon. Kenneth: (See Liberty Bond Transactions)McLean, Hon. G. P., draft of reply to letter on treatment

of City-Commercial Savings Bank,Mason City, Iowa, by FRBank of Chicago

Memphis Clearing House:Rules allowing State bank to make exchange charge on

4/30

1/ 7

2/15

2/16

2/17

3/ 2

3/234/ 84/23

4/27

5/24

6/ 26/ 361 9

3/16

P ag e

400

148

156

6

99

2873373'79

38

45'?

481.484

486

261

cashiers checks of First NationalBank of Corning, Ark. 1/ 5

Member Banks: (See also National Banks; State Member Banks)Election of Class "A" and "B" Directors of PRBanks,

reason for not participating in, tobe furnished with Sketches of nominees 1/ 5

Loans to Brokers: (See Loans)Minnesota:

Resolutions adopted by sixty in central and north-ern, reouesting elimination of parclearance system 2/ 2

Reply to be prepared by Counsel 2/15Resolutions adopted by member banks in southwestern 4/27

Overlending to, destructive effect of, letter fromFRAgent at San Francisco with specialreference to bank failures in Idaho 3/ 5

Noted and ordered filed 3/12

9

1153.49s

226254


Member Banks: (Contld)Reserve deficiencies of, reporting of, recommendation

of Conference of FRAgents and Gover-

norsReserves, plan to segregate assets of savings depart-

ments, recommendation of Conferenceof FRAgents and Governors

Voting power of those in process of liquidation for

Class "A" and "B" Directors of FRBanks

Redraft of reply prepared by Counsel, in form ofcircular letter to all FRBanks, stat-

ing that such banks are not eligible

to voteDraft of reply to FRBank of San Francisco

Draft of letter to all FRAgents, approved14,embers; FRBoard: (See FRBoard)liembership in FRSystem: (See also State Member Banks)

Bank of Crittenden County, Marion, Ark., applicationas successor to Crittenden County Bank

annroved on conditionCoal and Iron Bank of City of New York, application

upon conversion from national bank

Farmers State Bank, Palouse, Wash., action on apnlica-

tion postponed for six months

First Trust & Deposit Co., Oriskany Falls, N. Y., ex-tension of time for completion of

Greenpoint Bank of Brooklyn, H. Y., application ap-proved upon conversion from nationalbank

Municipal Bank, Brooklyn, N. Y., extension of thirty

days to accept condition of member-

shipTrust Co. of Northern Virginia, Rosslyn, Va., apnlica-

tion ordered circulatedApnlication refused

t!ereantile Securities Co., San Frnncisco, ajolication to

purchase more than 20 per cent of

stock in Mission Savings Bank

1,4?rgers: (See Consolidations)b'lami Revolving Currency Fund:

Increase to $3,000,000 by FRBank of Atlanta, approved4ichigan:

Capital requirements of banks exercising fiduciarypowers in, memo of Counsel on

Fiduciary powers granted to national banks in, replyto Deputy Commissioner of Banking

Resolutions of country member banks in central andnorthern, requesting elimination ofpar clearance system and for repre-sentation of country banks on Board

97Pares

2/16 163

2/16 161

1/ 5 7

1/11 381/16 641/19 71

2/ 9 137

1/28 103

6/24 539

5/ 5 407

6/29 548

1/25 81

6/22 5306/29 548

6/ 2 476

1/11 34

5/27 469

2/ 9 136

2/ 113


98

Minnesota: (Cont' d)Resolutions of country member banks, etc.: (Contld)

Reply to be prepared by CounselResolutions of member banks in southwestern

Missouri:Commissioner of Finance, correspondence on examination

of Commerce Trust Co., Kansas CityMitchell, C. E., President of National City Bank, to dis-

cuss situation in Cuba with Secretaryof Treasury

Mutual Savings Banks, Directors of:Opinion of Attorney General that officers, directors

or employees are ineligible forelection as Class "3" and "C"

FRBulletin, opinion to be published inInterlocking directorates under opinion, letter from

FRAgent at ChicagoJohnson, Alba B., application of ruling to

Reply to FRAgent that ruling applies toTo be advised to resign at onceAdvice of resignation from directorate of Mutual

Savings BankLetter from FRAgent at Philadelphia on effect of rul-

ing on securing good directorsManchester, C. H., advice of resignation from Peoples

Savings Bank of ProvidenceNorris, Governor Geo. W., application of ruling toStuart, Edwin S., application of ruling to

Reply to FRAgent that ruling applies toTo be advised to resign at once

Whitmarsh, Theodore F., application of ruling toNotice of resignation as trustee

"N"

Pages

2/154/27

2/ 2

5/25

3/ 93/18

3/183/185/ 75/18

6/ 9

3/23

3/183/183/185/ 75/185/185/27

149383

466

238276

274

274419438

489

287

275274274419439437470

Nash, T. E.: (See Minnesota)National Association of Credit Men:

Contribution to credit justice fund by FRBank ofDallas, approved 2/19 182

National Bank Act:Amendments proposed in McFadden Bill, views of Board

on, and other amendments proposedby Board to be included 1/ 7

(See also McFadden Bill)National Bank of Belgium: oa,g

Credit extended to, amendment to arrangements for 3/ 8 2°-


National Bank of Belgium: (Contld)Credit extended to, etc.: (Contld)

Letter from Governor Strong submitting cable-grams exchanged with Bank of Englandre, and other details

Telegram from Governor Strong re plan approvedby Board, motion of Mr. Platt laidon table

Statement of Governor Crissinger on arrangementand motion of Mr. Miller on statusof credit

Draft of letter to Governor Strong that arrange-ment will be formally approved whensubmitted

Reply of Governor of FRBank of New York thattransaction can not be consummated

National Banks:Albuquerque National Bank, Albuquerque, N. M., appli-

cation for transfer from Dallas toKansas City District

Replies from FRAgents at Dallas and Kansas CityTransfer approvedTransfer of stock from FRBank of Dallas to FRBank

of Kansas City, approvedAmerican National Bank, Nashville, Tenn., suit brought

against, by Louisville & NashvilleRailroad Co., for failure of Nash-ville Branch to collect checks drawnon

Atlantic National Bank, Boston, Mass., consolidationwith Massachusetts Trust Co.

Bonds, applications for sale under Section 18 of FRAct,none received during quarter

No applications for first quarterBowery & East River National Bank, New York, N. Y., to

be merged with Richmond National Bankof Stapleton by Bancitaly Corporation,and to be operated as branch

Broad & Market National Bank, Newark, N. J., applica-tion for fiduciary powers reconsid-ered and approved if capital in-creased

Broadway National Bank, Newburgh, N. Y., purchase ofstock in FRBank of New York, surrenderof excess shares not to be required

Capital and other requirements of those exercisingfiduciary powers, topic for discus-sion at Conference of Governors

Discussed by Conference of Governors, Counsel tosubmit opinion

99Pages

3/12 252

3/23 291

3/31 316

4/27 387

6/30 561

1/13 601/26 913/11 245

4/15 352

5/27 472

2/16 158

1/ 5 44/ 2 321

5/24 455

4/15 352

1/ 5 6

3/ 2 206

4/27 389


100

National Bane: (Contid)Charleston National Bank, Charleston, W. Va., non-

cash collection of Hanovia Chemical& Manufacturing Co., Newark, N. J.,

4/14

2/ 5

2/18

3/11

4/14

5/24

3/16

2/19

3/29

6/24

2/183/16

1/28

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Page°

348

124

168

243

342

452

262

3.19

3o5

54°

102

4352

310

259

491

400

60

handled byCharters issued to new, responsibility of FRAgent in

making recommendations, conference onCopy of statement read by RAgent at Minneapolis

at Board meetingCherokee National Bank, St. Louis, Mo., reduction in

reserve requirements, approvedCitizens National Bank, Muskogee, Okla., application

for stock in FRBank of Kansas City,approved

Citizens National Bank, San Diego, Calif., anDlicationfor fiduciary powers approved uponconversion

Citizens National Bank, Valliant, Okla., reduction incapital stock, approved

Citizens National Bank, Wessington, S. D., applicationfor stock in FRBaak of Minneapolis

City National Bank, Plainfield, N. J., consolidationwith Plainfield Trust Co.

City National Bank & Trust Co., Miami, Fla., absorptionof Commercial Bank & Trust Co., andMiami Bank & Trust Co.

Clark National Bank, Newton, Iowa, absorption by Jas-per County Savings Bank

Approved by State Banking authoritiesCoal & Iron National Bank, New York, N. Y., applica-

tion for membership upon conversioninto State Bank

Condition Report:Advice of call as of December 31, 1925Advice of call as of April 12, 1926

Crocker First National Bank, San Francisco, Calif.,permission to accept up to 100 percent of capital and surplus

Examinations of those exercising fiduciary powers, Gov-ernor to confer with Comptroller ofthe Currency on nature and extent of

Failures during 1924 and 1925, analysis ofFiduciary powers of those in liquidation to be trans-

ferred and semi-annual reports to bemade to Board by liquidating agent

First National Bank, Albany, N. Y., notice of pendingmerger of Albany Trust Co.

First National Bank, Albuquerque, N. M., applicationfor transfer from Dallas to KansasCity District


Xational Banks: (Cont'd)First National Bank, Albuquerque, N. L.: (Contld)

Replies from FRAgents at Dallas and Kansas City

Transfer approvedTransfer of stock from FRBank of Dallas to FRBank

of Kansas CityFirst National Bank, Belen, N. M., application for

transfer from Dallas to Kansas City

DistrictReplies from FRAgents at Dallas and Kansas City

Transfer approvedTransfer of stock in FRBank of Dallas to FRBank

of Kansas CityFirst National Bank of Boston:

Examination to be arranged with next examinationof First National Corporation ofBoston

Examination of, question of acceptance of draftsdrawn by Yokohama Specie Bank, Ltd.

First National Bank., Butler, Okla., application forsurrender of stock in FRBank of Kan-

sas CityFirst National Bank, Compton, Calif., absorption by

Security Trust & Savings Bank, Los

Angeles and operation as branch

Application approved by Executive Committee

First National Bank, Corning, Ark., complaint of ex-change charge made by State bank

under rules of Lemphis Clearing House

First National Bank, Cowden, Ill., to be taken over by

State Bank of Cowden

First National Bank, Englishtown, N. J., application

for reduction in capital stock,

approvedFirst National Bank, Hallock, Minn., cancellation of

stock in FRBank of Minneapolis not

applied for by receiver

Comptroller of the Currency to direct receiver

to apply for surrender and cancella-

tion of stock

First National Bank, Hammond, Ind., consolidation with

First Trust & Savings Bank, approved

First National Bank, Hartsville, S. C., consolidation

with Bank of Hartsville without ap-

proval by BoardResolution requesting Bank of Hartsville to file

applicationAnnlication approved

1/263/11

4/15

1/131/263/11

4/15

2/16

2/19

6/22

3/ 43/ 5

1/ 5

2/15

2/15

4/23

5/24

2/ 2

2/ 2

2/102/19

101Pages

91245

352

6091245

352

155

182

529

214225

9

146

149

375

456

112

109

141178


102Pages

National Banks: (Contld)First National Bank, Inglewood, Calif., permission to

Pacific Southwest Trust et SavingsBank to take over and operate asbranch

Advice of establishment as branchFirst National Bank of Jamaica, New York City, pro-

3/115/ 5

242407

posed merger with Mechanics Bank,Brooklyn, N. Y., and operation asbranch 4/ 8 340

Letter from FRAgent at New York re 4/15 354Letter from FRAgent with further information 5/ 5 408

First National Bank, Kenbridge, Va., application ofBank of Lunenburg, Kenbridge, Va.,to take over 1/28 102

First National Bank, Massena, N. Y., application toexercise fiduciary powers approvedif capital increased 6/30 564

First National Bank, Miami, Fla., currency fund depos-ited by FRBank of. Atlanta, increaseapproved 1/11

34

First National Bank, North Little Rock, Ark., to betaken over by Federal Bank & Trust Co. 1/19 68

Application approved 2/ 2110

First National Bank, Parlier, Calif., condition of 3/ 4 219First National Bank, Pineville, La., reduction in

capital stock approved 3/11 245

First National Bank, Rigby, Idaho, claim of FRBank ofSan Francisco against, memo of Counsel 3/ 4 219

First National Bank, Ringling, Okla., application forreduction in capital stock 5/ 7 418

First national Bank, Tombstone, Ariz., purchase byCochise County State Bank, informationrequested 5/27 470

Application approved 6/15 517First National Bank, Tuckerman, Ark., application for

stock in FRBank of St. Louis approved 3/23 281First National Bank, West Palm Beach, Fla., former ap-

plication for stock in FRBank ofAtlanta cancelled and new applicationapproved 5/11 4 23,

First National Bank, West Point, Ga.:Application to exercise fiduciary powers referred

to Comptroller of the Currency 1/26 91Application held pending improvement in condition

of bank 1/28Protest of Directors Ottley and Hopkins of FRBank

121of Atlanta against withholding approval 2/ 4


/rational Banks: (Contld)First National Bank, West Point, Go.: (Contld)

Permission granted to Citizens Bank to take over

First National Bank & Trust Co., Utica, IT. Y., reportof proposed merger with Oneida CountyTrust Co. under title of First Bank

& Trust Co.Flora National Bank, Flora, Ill., reduction in capital

3/16

5/18

IC3'Dazes

263

438

stock approved 2/24 186

Florida, exercise of trust powers in, policy in regard

to chartering trust companies 6/29 553

Fourth & First National Bank, Nashville, Tenn., con-

troversy with FRBank of Atlanta re

Liberty Bond transactions, inquiry by

Messrs. Hull and Byrne 4/30 403

To be referred to Governor Harding 6/29 554

Reference to Governor Harding reconsidered 6/30 559

Memo of Mr. James on disposition of controversy 6/30 569

Framingham National Bank, Framingham, Mass., applica-

tion for fiduciary powers approved 4/14 342

Gainesville National Bank, Gainesville, Ga., applica-

tion for reduction in capital stock

apnroved 2/ 4 117

Grand & Sixth National Bank, Milwaukee, Wis., applica-

tion to reduce reserve requirements

not recommended by FRAgent at Chicago 4/14 344

Greennoint National Bank, Brooklyn, N. Y., purchase by

Bank of the Manhattan Co., New York 5/ 5 409

Conversion into Greenpoint Bank of Brooklyn, ap-plication for membership 6/29 548

Hillsdale National Bank, Hillsdale, N. J., application

for stock in FRBank of New York ap-

proved 3/23 281

Insolvent, exercising fiduciary powers, list of 3/ 2 201

Letter from FRAgent at New York on study of result 3/12 258

Memo of Comptroller of the Currency with summaryof replies of receiver of banks 4/27 385

Interstate National Bonk, Helena, Ark., reduction incapital stock approved 1/28 96

Investment security business, amendment proposed bySenator Copeland to McFadden Bill on

conduct of 5/24 457

Jefferson County National Bank, Rigby, Idnho, cancel-

lation of stock in FRBank of San Fran-

cisco because of liquidation 3/ 4 219

Knoxville National Bank & Trust Co., Knoxville, Iowa,

ap3lication for fiduciary powers 2/ 4 121

List of those granted fiduciary powers which have

failed, request of Dr. H. Parker

Willis for 1/12 47


104 page0

National Banks: (Contld)Michigan:

Reply to Deputy Commissioner of Banking on rightof Board to grant applications forfiduciary powers

National American Bank, New York, N. Y., applicationto purchase stock in First Federal For-eign Investment Trust, approved

National Bank of Cleburne,Texas,litigation with FRBankof Dallas as result of failure of

National Bank of Petersburg,Va„reduction in capitalstock approved

National Bank of the Republic, Chicago, Ill., applica-tion to accept for dollar exchangeapproved

National City Bank, New York, N. Y.:Absorption of Peoples Trust Co. of Brooklyn Na-

tional Banking Association of New YorkBranches, Foreign:

Bayamo, Cuba, notice of intention to closeGenoa, retransfer of main Italian Office

from Milan, approved and question offuture changes

Application formally approved with sub-branches

Authorized to locate main office in anyof cities mentioned

Havana, Cuba, run on: (See Cuba)Palma Soriano, sub-branch of Cuban Agency,

application approvedPanama, with sub-branch at Colon, applica-

tion approvedPurchase of stock in Bank of Haiti, Inc., and

also interlocking directorates, ap-proved

National Exchange Bank, Providence, R. I., permissiongranted to Industrial Trust Co. totake over and operate as branch

Application for surrender of FRBank stockNational Shawmut Bank, Boston, examination to be

arranged with next examination ofShawmut Corporation of Boston

Norwood-Carolina National Bank, Charleston, S. C., ap-plication for stock in FRBank ofRichmond

City Bank, Lima, Ohio, revocation of per-mission to exercise fiduciary powers,recommended

Counsel on right of Board to revoke permitNational Bank, Orange City, Iowa, applica-

tion for fiduciary powers approved

Old National

Memo ofOrange City

2/ 9

6/22

1/16

6/22

4/ 8

136

535

65

533

336

6/29 549

3/ 2

3/ 9

3/23

3/29

203

235

285

306

3/4 215

2/16

1/ 5

4/196/22

2/3.6

1/5

4/145/11

1/25

3.55

5

560

529

155

1.

349424


National Banks: (Cont 'a.)Organization and chartering of, in San Francisco

District,during 1925, letter fromFRAgent summarizing applications

Peoples National Bank, Henryetta, Okla., reduction incapital stock approved

Peoples Trust Co., Brooklyn, N. Y., change in mailoffice prior to conversion beforeconsolidating with National City Bank

Notice of removal, former main office to becomebranch of National City Bank

Peoples Trust Co., of Brooklyn National Banking Asso-ciation, application to exercise fi-duciary powers

Absorption by National City Bank of NeST YorkPlanters Nationnl Bank, Richmond, Va., consolidation

of State and City Bank & Trust Co.withPort Richmond National Bank, Port Richmond, N. Y.,

application for fiduciary powers,approved

Richmond Borough National Bank, Stapleton, Staten Is-land, N. Y., purchase of control byBancitaly Corporation to merge withBowery & East River National Bank,and operate as branch

Riverside National Bank, Buffalo, N. Y., merger byManufacturers & Traders Trust Co.,without consent of Board

Merger approvedDraft of letter to FRAgent at New York ordered

revisedRevised draft referred to Law Committee for fur-

ther revisionDraft of reply referred back to Law CommitteeConsolidation noted without objection and letter

laid on tableSecond National Bank, New Hampton, Iowa, closing of,

status with FRBank of ChicagoSouthern Michigan National Bank, Coldwater, Mich.,

application to exercise fiduciarypowers approved

State National Bank, Albuquerque, N. M., surrender ofstock in FRBank of Dallas

Stockthenis National Bank, Brush, Colo., failed, OliverArnold employed by FRBank of KansasCity to look after collection of re-discounts

Third National Bank, Greensburg, Ind., application forreduction in capital stock

105Pages

3/ 5 226

6/29 550

5/ 5 407

5/12 432

5/18 4356/29 549

1/26 89

3/29 299

5/24 455

1/28 1062/ 2 110

2/ 4 119

2/10 1433/23 289

3/29 308

5/ 5 409

5/27 469

3/29 299

3/18 275

4/23 375


106

National Ranks: (Contld)Trust departments, circular letter to FRBanks on

operations ofTrust funds deposited with other banks, request for

ruling on deposit of securities for

4/15

3/31

Page°

355

315

Virginia National Bank, Norfolk, Va., application forfiduciary powers held pending exami-nation 1/16 61

Application approved 1/19 68

Whitney-Central National Bank, New Orleans, La., MI-plaint of Vice President Claiborneagainst wording of collection cir-cular of FRBank of Atlanta 4/23 376

Witt National Bank, Witt, Ill., reduction in capitalstock approved 4/14 347

National Hardware Association, results of questionnaire onbusiness conditions 5/18 439

Nelson, Milton U., Ohio State University:Permission to use article on finance companies from

FRIulletin in book on corporationfinance 3/ 5 227

New Jersey:Law controlling establishment of branches or agencies

of State and national banks 5/24 456

New Mexico:Transfer of certain banks from Dallas to Kansas City

District 1/13 60

(See Territory of FRBanks)New York City:

Loans to Brokers in: (See Loans)New York Clearing House Association:

Amendment to constitution providing for charge tocustomers for making loans securedby stocks, bonds, and acceptances 3/4 212

New York State:State member banks granted fiduciary powers by Super-

intendent of Banks, list of 3/ 9 257Non-cash Collections: (See Clearing and Collections)Nonmember Banks:'

Albany Trust Co., Albany, N. Y., notice of pendingmerger by First National Bank of Albany 4/30 400

Bank of Nowlin, S. D., consolidation with Bank ofPhilip, S. D., approved 2/18 169

Brookings State Bank: (See Par Clearance Cases)Central Park Bank, Buffalo, N. Y., merger with Menu-

facturers & Traders Trust Co., approved 2/ 2 11,0

Draft of letter to FRAgent at New York orderedrevised 2/ 4 119

Revised draft referred to Law Committee for fur-ther revision 2/10 145


lionmember Banks: (Cont,d)Citizens State Bank, Wessington, S. D., examination in

connection with organization of Citi-zens National Bank to take over

Citizens Trust & Savings Co., Marion, Ind., absorption

by Grant Trust & Savings Co. approved

Closing of, and losses sustained by depositors

East End Bank, Cincinnati, Ohio, purchase by ProvidentSavings Bank & Trust Co., and opera-

tion as branchFarmers & Merchants Bank, Compton, Calif., absorption

by Security Trust & Savings Bank, and

operation as branchApplication approved by Executive Comuittee

Farmers Bank, Belgrade, Mont., application of BelgradeState Bank to absorb

Absorption approvedPastas State Bank, Pastas, Mo., absorption by Citizens

Bank of PastasFirst State Bank, Wylie, Texas, right of MBank to re-

move from pax listCircular letter to FRBanks on ruling of Board

Flatbush State Bank, Brooklyn, N. Y., merger with

2/19

6/222/ 9

4/ 2

3/ 43/ 5

4/306/22

1/28

6/156/29

107Pages

179

536137

320

214225

400534

95

520555

Mechanics Bank without approval byBoard 2/ 2 111

Draft of letter to FRAgent at New York, orderedrevised 2/ 4 119

Revised draft referred to Law Committee for fur-ther revision 2/10 143

(See also Consolidations)Inglewood Savings Bank, Inglewood, Calif., permission

to Pacific Southwest Trust & SavingsBank to take over and operate asbranch 3/11 242

Advice of establishment as branch 5/ 5 407

Jones County Trust & Savings Bank, Monticello, Iowa,authority granted to Monticello StateBank to take over 1/ 5 1

Formal approval 1/11 35

Lennox State Bank, Lennox, Calif., application ofPacific Southwest Trust & Savings

Bank to take over and operate asbranch 3/11 242

Liberty Banking & Savings Co., Cincinnati, Ohio, pur-chase by Provident Savings Bank &Trust Co., and operation as branch 4/ 2 320

Massachusetts Trust Co., consolidation with AtlanticNational Bank, Boston, Mass. 2/16 158


108

Nonmember Banks: (Contid)

3/113/16

6/24

5/25

2/16

3/11

6/30

2/24

3/ 2

6/15

5/18

3/18

1/191/253/ 8

4/27

4/15

6/10

Page°

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540

464

156

244

580

205

51,6

437

278

7084229'sg

365

351

504

Merchants Bank, Valdosta, Ga., application of Citizens& Southern Bank to take over and op-erate as branch, action deferred

Application approvedMiami Bank & Trust Co., Miami, Fla., absorption by

City National Bank & Trust Co.Palmyra State Bank, Palmyra, Ill., absorption by First

State Bank of PalmyraSecurity Loan & Trust Co., Red Wing, Minn., consolida-

tion with First Security State Bankwithout approval of Board

Consolidation approved under name of SecurityBank & Trust Co.

United States Trust Co., Portland, Maine, absorptionby Fidelity Trust Co.

NO-protest Minimum Amount of FRBanks: (See Clearing andCollection)

Notary fees, practice of FRBank of Atlanta and branches inhaving employees turn over to Employ-ees Benefit Fund, to be discontinued

Report of Law Committee with draft of letter to FRAgentat Atlahta

Notes Eligible for Rediscount: (See Rediscounts)

11011

Ohio:Credit investigation to study losses in deposits by

mmber brinksOhio Bankers Association, contribution by FRBank of Cleve-

land for expenses of conventionOpen Market Operations of FRSystem:

Discussed by members of Board with Banking and Cur-rency Committee of House

Holdings of Government securities of Open Market In-vestment Committee

Sale of not over $50,000,000 approvedReplacement of maturing Government securities authorizedResolution of member banks in southwestern Minnesota

opposing(See also Committees, Open Market Investment)

Organization Committee hearings, report of Mr. Cooksey toexamine

Ottley, John K., letter on hearing re consolidation ofHavana Agencies


sip"

Par Clearance Cases:

109PETC2

Brookings State Bank, terms for settlement out of

Court, approvedMemo of Counsel advising of settlement

Statement for services of rewton D. Baker in

connection with apoeal, prorated

among all FRBanks

Pascagoula National Bank v FRBank of Atlanta, opinion

of U. S. Circuit Court of Appeals

To be published in FRBulletinPar Clearance System: (See Clearing and Collection)

Paton, Thomas B.: (See American Bankers Association)

Pension Plan for FRBanks:Reply of Board that Governor Strong must introduce

bill upon own responsibility

Bill recommended by Conference of Governors to be in-

troduced in House and Senate

Report by Er. Platt on attendance at meeting of Senate

Banking and Currency Committee on

Reported favorably by Committee on Banking and Currency

of Senate and hearing printed

Forster, H. V., insurance broker, request to appear

before Board on

Percentages of participation of FRBanks in foreign accounts

as of January 2, 1926Philadelphia: Loans to Brokers: (See Loans to Brokers)

Political candidates in Iowa, criticism of FRSystem

No reply by FRBank of Chicago that might be termed

political propaganda

Draft of letter to FRAgent at Chicago to refrain from

political activity

Draft of reply to FRAgent on form of replies to in-

quiries and criticisms

Posters of Sesqui-centennial International Exposition not

to be distributed by Board

Poultry, eligibility for rediscount of notes of warehouse

companies secured by, memo of Counsel

Draft of letter to Governors of FRBanks that notes

secured by, arc eligible

(See also Rediscounts)President of the United States, Attitude of Administration

toward Cuban Agencies: (See Department

of State)

?ress release of Annual Report of Board, date of

Price Indexes: (See Index Prices)

1/ 52/10

5/ 5

2/162/24

1/11

4/27

4/30

5/ 7

5/18

1/ 7

4/30

5/ 7

5/11

6/ 2

4/19

2/ 9

3/ 4

4/ 2

5143

408

154185

41

588

403

420

439

12

401

416

425

477

361

136

218

320


110

Price levels, stabilization of, circular letter from Hon.James G. Strong to FRAgents on pro-posed amendment to FRAct

Private Banking Companies:Lionello Perera & Co., New York City, interest acquired

by Bancitaly Corporation and applica-tion made to convert into trust com-pany

Protection, FRBank, Opinion of Conference of Governors thatno uniform plan is possible

Public Printer, letter as to number of copies of completecodification of Federal laws desired

II Qll

Questionnaires:American Bankers Association on non-cash items

(See American Bankers Association)National Hardware Association on business conditions,

remit of

RU

Rates:Acceptances, bpnkers, increase in minimum for purchase

of, motion of Mr. MillerMotion lost

Discount:Amendment to Section 13 of FRAct re, views of

Board reauested on 667Draft of reply, ordered circulated

Express, on Shipments of Coin, etc.: (See Express Rates)FRBank, complete schedule to be presented to Boards of

Directors of FRBanks at each meetingand telegraphed to Board

Board also to be informed of changes made by Ex-ecutive Committee of Directors

Code words to be used in telegrams submittingschedules and changes

FRBank of Atlanta, schedule of discount and purchase

61'9

5/24

2/16

3/18

1/11

5/18

1/111/13

2/ 42/24

1/ 5

1/13

1/191/111/132/15

PaGee'

551

455

159

277

36

491

o756

119189

7

71,5757

146


Rates: (Contlet)MBank of Atlanta, etc.: (Contld)

FRBank of Boston, schedule of discount and purchase

FRBank of Chicago, schedule of discount and purchase

FRBani of Cleveland, schedule of discount and purchase

FRBank of Dallas, schedule of discount and purchase

MBank of Kansas City, schedule of discount andpurchase

111Pages

3/164/24/145/185/246/151/161/282/152/253/123/294/ 84/234/305/?5/246/221/111/131/252/23/ 23/294/275/55/246/26/291/111/132/103/94/144/305/116/92/153/94/145/116/9

1/162/22/153/ 23/123/29

26132134243645351561951461942512993353733984174535303758831112003003814064534745493757140234342398421486147234343421487

62112147201251300


MBank of New York:Acceptances, purchase of bankers, increaseGovernment securities, purchases under agreement

to resellRediscount:

Increase to 4 per centReduction to 3-1/2 per cent, approved

Letter from Secretary of bank confirm-ing action of Board of Directors

Statement by Mr. Miller on reductionSchedule of discount and purchase

112

Rates: (Contld)FRBank of Kansas City, etc.: (Contd.) 4/14

4/235/186/ 26/15

FRBank of Minneapolis, schedule of discount and pur-chase 1/19

3/294/236/22

1/ 7

1/13

1/ 74/22

4/234/271/111/131/161/252/ 22/ 52/152/183/ 53/163/233/294/ 24/ 84/194/224/234/274/3o5/ 75/185/20

5/246/ 26/ 96/156/226/29

Page°

343373436474515

70300374531

16

67

371

3733963767a Is3

111124146177226261286300321335358371373382398417435

448462474486616630646


113Pages

Rates: (Contld)FRBank of Philadelphia:

Acceptances, bankers, increase in Minimum 1/13 57

Increased 1/4 of 1 per cent 1/16 62

Schedule of discount and purchase 1/11 371/13 571/16 621/25 832/4 1172/19 1773/4 2123/18 2734/ 8 3354/23 3735/7 4175/24 4535/25 4636/2 4746/22 530

FRBank of Richmond, schedule of discount and purchase 1/16 622/15 1463/12 2514/19 3585/18 4356/15 515

FRBank of St. Louis, schedule of discount and. purchase 1/25 832/5 1242/19 1783/4 2123/18 2734/14 3435/7 4185/24 4546/9 4866/22 530

FRBank of San Francisco, schedule of discount andpurchase 1/25 83

2/5 1242/19 1783/5 2263/23 2854/19 3584/30 3995/7 4175/24 4546/9 487

Rediscount:Amendment to Section 14 of FRAct, members of

Board invited to meeting of HouseCommittee to consider H.R. 7895 3/22 279


114

Rates: (Contld)

Page,

Rediscount: (Contld)Amendment to Section 14, etc.: (Contld)

Copy of letter from Governor Crissinger toChairman of Committee 3/23 288

Rediscounts and advances of FRBanks to member banks groupedaccording to resources, request of

•H. Parker Willis for information 1/12 48Memo of Secretary on cost of compiling, question re-

ferred to Mr. Sprague 1/19 72Reply of Mr. Sprague that compilation is inadvisable,

Dr. Willis so notified 2/ 2 112

Rediscounts:Acceptance of paper by directors of FRBank, effect on

acceptance or rejection by FRAgentas collateral for FRnotes 1/28 99

Memo of Counsel that FRAgent is not committed byaction of Board of Directors in ac-cepting 2/10

Applications for, amendment to regulations on, actionpostponed until next general revision 6/15 521

Collateral notes discounted for member banks, right ofone FRBank to rediscount for another,suggested amendment to Section 11 ofFRAct 1/26

90

Referred to Law Committee 2/ 9 136No action on proposed amendment at present but

Counsel to prepare form of amendment 2/16Form of amendment submitted, noted, and ordered

filed 3/16 268

Collateral notes for loans on adjusted service certifi-cates, draft of form submitted by -Frank T. Fuller 3/12 266

Designation on notes for wham rediscounted, not neces-sary if member bank, memo of Counselon requirements of Regulation "A" 2/24 187

Flour and bran, opinion of Counsel that should not beconsidered readily marketable products 3/ 4 217

Opinion of Counsel approved 3/16 266

Notes of Federal Intermediate Credit Banks and co-oper-ative marketing associations dis-counted by member banks, eligibility 2/16

Ruling of Board on 3/23 288

Notes of parent companies for funds borrowed for sub-sidiaries, eligibility of 1/16 66

Ruling of Board not intended to modify Regulation"A", memo of Counsel 1/28

98

Memo of Counsel on application of ruling to notesof M. A. Hanna, Co. 3/12 267


115Pages

Rediscounts: (Contld)Notes of parent companies, etc.: (Contld)

Recommendation of Conference of Governors thattopic be resubmitted at next Con-

ference 4/27 390

Circular letter to all FRBanks giving positionof Board pending reconsideration 5/11 425

Notes of Saunders System, Inc., ineligible becausefunds to be used for capital purposes 6/2 479

Memo of Counsel with circular letter to FRBanks 6/29 556

Notes of warehouse company secured by butter, eggs,

and poultry, memo of Counsel oneligibility 2/9 136

Butter not staple agricultural product in opinionof Counsel 2/15 145

Draft of letter to Governors of FRBanks that eggs

and poultry are staple, agriculturalproducts, but that butter is not 3/4 218

Circular letter to Governors approved for trans-mittal 3/11 244

Ruling to be published in April FRBulletin 3/18 275

Notes secured by adjusted service certificates, recom-mendation of Conference of Governorsthat topic be resubmitted at nextConference 4/27 391

Promissory notes discounted for member banks, one

FRBank can rediscount for another 2/9 135

Stockmen's National Bank, Brush, Colo., failed, Oliver

Arnold employed to look after inter-

ests of FRBank of Kansas City 3/18 275

Regulations:FRBoard:

"A"

Amendment to Article "B" recommended by Con-

ference of Governors 4/27 393

Designation on notes for wham rediscounted,memo of Counsel with reply to FRBank

of San Francisco 2/24 187"H"

Revision of Sections on branches of State

member banks suggested 2/16 156

Directors of FRBranch Banks, amendment to rules

for appointment of 1/11 36

Amendments to circular letter adopted 1/26 92

Rediscounts, amendment to applications for, ac-

tion postponed until general re-vision of regulations 6/15 521

General Accounting Office:Transportation requests, governing issuance of 2/4 120


116

Reports of Condition: (See Condition Reports)Repurchase Agreement:

Recommendation of Open Market Investment Committeethat practice include Third LibertyLoan Bonds

Recommendation approved by BoardReserve deficiencies of member banks, reporting of, recom-

mendation of Conference of FRAgentsand Governors

Reserve percentage of FRBank of St. Louis, memo of Mr.Smeadon decrease in

pageg

6/24 540

6/29 553

2/16

6/ 2Reserve Requirements:

Cherokee National Bank, St. Louis, Mo., applicationfor reduction, approved 3/11

Deposits of member banks, plan to segregate assets ofsavings departments, recommendationof Conference of YEAgents and Governors 2/16

Grand & Sixth National Bank, Milwaukee, is., applica-tion for reduction not recommended byFRitgent at Chicago 4/14

Reserves:Citizens State Bank, Marianna, Fla.: (See State Members)FRnotes, question submitted by Banking and Currency

Committee of HouseProposed reply prepared by Messrs. Miller, Smead

and Goldenweiser, referred backRevised draft including suggestions, approved

Lincoln Bank & Trust Co., Louisville, Ky., on date ofpayment of dividends

Member Banks, sight drafts drawn upon individuals notdeductible from "due to" bank balancesuntil actually collected

Resolutions:Atlanta Clearing House Association on consolidation of

Havana AgenciesBaltimore Branch building, to be introduced in Congress

Approved by FRBank of Richmond and by BoardBuffalo Branch, to be introduced in Congress to allow

purchase of building forApproval of resolutions introduced in House and

SenateSenate Joint Resolution authorizing expenditure,

approvedDetroit Branch, Joint Congressional, to be introduced

to authorize expenditure for buildingFRAgents:

Assistant FRAgents unnecessary at branches whereunissued FRnotes are not carried

5/11

5/125/12

4/14

6/22

6/101/111/16

1/25

1/28

2/25

2/25

3/29

183

4'79

243

161

344

426

431434

346

535

5044066

82

98

184

193

508


117Pages

Resolutions: (Cent 'd)FRBoard:

Assessment for expenses of Board, increased allow-ance for traveling exnenses to be con-sidered

Resolution adoptedCitizens & Southern Bank, Savannah, Ga., permis-

sion to take over Merchants Bank ofValdosta, Ga., and operate as branch

Consolidation of Bank of Hartsville, S. C., andFirst National Bank of Hartsville,requested to file application

Currency shipment to Havana, removal of Mr. Camp-bell, etc.

Detroit Building, approval of plans and estimates

6/226/24

3/16

2/10

6/ 96/21

534541

268

141

496-502527

Establishment of Division of Credit Information,submitted by Mr. Miller

Resolution discussed and second. part adoptedMemo of Mr. Smead on scope of work and pos-

sible plan of procedureInvestigation of run on banks in Cuba and assist-

ance rendered by Agencies of FRBanksof Atlanta and Boston

(See also Cuba)Loans of member banks in New York City, Division

of Bank Operations to furnish Boardmembers with statement each week

McFadden Bill, H. R. 2, approval ofMeadow Grove State Bank, Meadow Grove, Nebr., re-

quired to surrender stock in FRBankof Kansas City

Meetings of Open Market Investment Committee tobe held in Washington, power to Gov-ernor of Board to arrange otherwiseIf necessary

Non-cash collections of FRBanks, offered by Mr.James, action postponed

Peoples Bank & Trust Co., Bell Buckle, Tenn.,forfeiture of membership in FRSystem

Release date of February FRBulletinMember banks in central and northern Minnesota, ask-

ing elimination of par clearancesystem, etc.

Reply to resolution to be prepared by CounselMember banks in southwestern Minnesota, on McFadden

Bill, branch banking, etc.Wisconsin Bankers Association on discontinuance of

par clearance system

4/ 24/ 8

4/27

5/ 7

3/ 44/23

4/27

3/29

5/25

1/252/ 6

2/ 22/15

4/27

6/10

323339

385

416

215378

380

309

464

86128

113149

383

503


118page0

Revised Statutes:Amendments included in McFadden Bill, views of BoardPriority of claims of United States against insolvent

State banks, memo of Counsel on sug-gested amendment to

Revised draft of letter to Banking and CurrencyCommittee of Senate referred to ViceGovernor

Violations by officers of Mound City Trust Co., ofSt. Louis, Mo.

Revolving currency fund at Miami, increase by FRBank ofAtlanta, approved

Royal Bank of Canada, Run on Branches in Havana: (See Cuba)Rulings, FRBoard:

Assistant FRAgents unnecessary at branches if unissuedFRnotes are not carried

Canned corn and other products are not considered non-perishable, readily marketable product

Circular letter to FRBanks reDirectors, Class "B", eligibility of officers of in-

surance company for election asNotes of parent companies for funds borrowed for sub-

sidiaries, eligibility for rediscount

1/ 7

3/ 9

3/29

S 1/282/ 4

2/16

1/16Application of ruling to notes of M. A. Hanna Co. 3/12(See also Rediscounts)

Notes indorsed by Federal Intermediate Credit Banks,eligibility for rediscount 3/23

Notes of Saunders System, Inc., ineligible for redis-count because funds to be used forcapital purposes 6/ 2

Memo of Counsel with circular letter to FRBanks 6/29Par list, right of FRBank to strike nonmember banks from 6/15

Circular letter to FRBanks on 6/29Trust funds deposited by national banks with other banks,

deposit of securities to secure, re-quest for ruling 3/31

St. Louis, Loans to Brokers: (See Loans to Brokers)Salt Lake City Clearing House Association, telegram re dis-

continuance of non-cash collectionfunction of FRBanksto Brokers; (See Loans to Brokers), notes ineligible for rediscount be-cause funds used for capital purposes

with circular letter to FRBanks

San Francisco, LoansSaunders System, Inc.

Memo of Counsel

3/29

6/ 26/29

237

20

418

34

308

3.01.119

289

4'79566520566

33.6

479566


Savings Deposits:Analysis of activity of, letter from W. H. Steiner

requesting Board to financeReply of Board declining financial aid

Secretary of the Treasury:Assistant Secretary Dewey:

Present at Board meeting to discuss responsibilityof FRAgent in recommending chartersfor new national banks

Present at Board meeting to discuss financingprogram of Treasury Department

Cuban Agencies, committee appointed to confer on at-titude of Administration on continuing

Draft of letter to SecretaryLetter ordered transmittedReport of Mr. James on conference with

FRBenks designated as agents for redemption of UnitedStates currency and FRAgents as cus-todian of reserve stocks

Relation of FRBenks to call loan market, opoosed topublicity of views of Board on

Secarities received by FRBanks for safekeeping from FederalIntermediate Credit Bank, Farm LandBanks and Farm Loan Registrar

Security Loans: (See Loans to Brokers)‘enate Bills and Resolutions: (See Legislation)Seequi-Centennial International Exposition:

Half dollars, FRBank of Philadelphia to act as dis-tributer for

Posters, letter from Director re distribution ofShaffer chain of banks in Iowa and Minnesota, closing of

certain units inShearman and Sterling: (See National Banks, National City

Bank of New York)Silver Certificates: (See Currency)Stath, Senator E. D., request for information on shipment of

FRcurrency to HavanaSru th, Sherrill, letter on supply of currency held at

Havana Agency of FRBank of Atlantaragae, Prof. O. M. W.:

McFadden Bill, question as to appearance before Com-mittee hearing on

Rediscounts and advances to member banks grouped ac-cording to resources, question ofvalue of compiling referred to

Reply that com-oilation is inadvisable, Dr. Willis

so notified(See also Staff of FRBoard)

Stable Money Association, request that representative ofBoard attend monthly dinner of

4/ 84/19

2/ 5

6/10

5/205/215/256/10

5/25

3/11

6/29

6/ 24/19

5/ 5

4/15

6/10

2/15

1/19

2/ 2

4/18

119Pages

337360

124

503

446449-51466505

465

248

556

476361

409

356

504

148

72

112

356


120Pages

Staff:FRBoard:

Comntroller of the Currency:Kimball, S. E., salary increased as Private

Secretary 1/ 5Counsel's Office:

File Clerk, employment authorized 4/ 6 321Hooff, Wilson Lee, apnointed file clerk 4/21Wyatt, Walter, to accompany Mr. James to

Havana, Cuba, to investigate run onbanks there 5/ 7

Memo of: (See Counsel, General)Division of Bank Operations:

Barnard, Louise, employed as camptometeroperator 1/25

Temporary appointment extended 4/14Chatfield, Madelon F., services terminated as

comptometer operator 1/25Clark, Helen C., employed as comptometer

operator 1/19Temporary appointment made permanent 4/14

Comptmneter operators, employment of two,authorized 1/11

Smead, E. L.Committee on establishment of Divisionof Credit Information, resolution on 4/ 2Committee appointed 4/ 8Report on scope of work and plan ofprocedure 4/27

Issuance of FRnotes and deposit reserves,reply to Committee on Banking and Cur-rency of House 5/12

Revised draft of letter approved 5/12Report on plan for standardization ofjobs at FRBank of New York 6/30

(See also Condition Reports)Zobel, Mrs. Edith M., emnloyed as comptometer

operator 1/19Temporary employment extended and salaryincreased 4/14

Division of Examination:Herson, James F., to accompany Mr. James to

Havana, Cuba, to investigate run onbanks there 5/ 7

Examination of FRBank of New York, pro-cedure for 5/24

Private office to be allotted by Trea-sury Department 6/ 9

(See also Examinations)To be moved from Otis Building to Treasury

Building about July 1 6/ 9

369

417

343

79

69345

32

325339

3 a 9

433.434

562

69

343

411

469

469

494'


121Pages

Staff: (Contld)F.Board: (Contld)

Division of Research and Statistics:Carpenter, Mrs. Lena G., appointed clerk 1/ 7 12Carson, W. J., increase in salary 1/11 32Collier, Raymond, transferred to Library 2/ 2 107Croathan, J. Alvin, appointed messenger 6/30 559Dawson, Frances, appointed assistant drafts-

man on temporary basis 1/ 7 12Appointment made permanent 3/23 285

Elliott, J. Courtland, employed to studybalance of payments with Canada 5/11 428

Gardner, Walter R., employed to study ex-pansion of bank credit 5/11 428

Goldenweiser, E. A., made Acting Director 3/ 9 234Annual Report of Board, present atmeeting to discuss 3/ 3 208

Committee on establishment of Divisionof Credit Information 4/ 2 323

Resolution appointing Committee adopted 4/ 8 339Report of Committee on scope of workand plan of procedure 4/27 385

Issuance of FRnotes and deposit of re-serves, reply to Committee on Bank-ing and Currency of House 5/12 431

Revised draft of letter approved 5/12 434Loans to brokers in New York City, pre-

sent at meeting of Board to discussletter to FRAgent at New York oncompilation of figures 1/11 30

Discussion of release of figures on 2/ 5 123Articles for February FRBulletin ex-plaining changes in statement showing 2/ 6 128

Hamilton, Mrs. E. Bess, temporary appoint-ment as statistical clerk 4/19 359

Appointment Changed to monthly basis 6/ 9 488Hodson, Yrs. Viola A., granted additional

leave on account of illness 3/31 312Hunter, Kenneth, expiration of appointment 1/13 50Joy, Aryness, employed for two months 5/11 428Lockhart, Oliver C., employed to deliver

completed manuscript on inter-bankborrowing under FRSystem 5/11 428

Milliard, Mrs. Helen S., appointed statisti-cal clerk to November 1, 1926 6/ 9 488

Nadler, Marcus, appointed Research Assistant 6/ 2 479Nelson, Robert, appointed messenger 2/ 2 107

Temporary appointment extended 5/ 5 406Resignation of 6/30 559


122pages

Staff: (Cont'd)FRBoard: (Contld)

Division of Research and Statistics: (Contld)Parry, C. E.:

Present at Board meeting during discus-sion of letter to FRAgent at New Yorkon compilation of figures on loans tobrokers in New York City

Present at Board meeting during discus-sion of release of figures on loansto brokers in New York City

Perry, Mrs. Kathleen B., temporary appoint-ment as statistical clerk

Appointment changed to monthly basisRobinson, Merle, temnorary appointment as

stenographerSprague, 0. M. W.:

Leave of absence without pay to maketrip to Europe

Opinion that his work for Board is fin-ished, Secretary to report on statusof workContinuance of employment referred toExecutive Committee with power

To advise with Board on establishmentof a Division of Credit Information

Resolution of Mr. Miller on, adopted(See also Sprague, 0. M. W.)

Wall, N. J., appointed Research AssistantWarren, Robert B., resignation to accent

position with FRBank of New York,laid on table

Resignation accepted and employment byFRBank of New York approved

Weirsmith, Olga E., date of resignationchanged to January 6, 1926

Examiners:Furbershaw, J. F., appointment as assistant

made permanentFiscal Agent:

Designated as procuring officer for transpor-tation requests

Space in Treasury Building allotted toGold Settlement Division:

Employment of extra man for emergency pur-poses authorized

Joyce, Charles V., as relief man on nightforce

1/ii

2/5

4/196/ 9

5/11

4/27

3/12

3/16

4/ 24/ 8

1/11

4/19

4/21

1/ 5

1119

2/ 46/ 9

2/ 2

6/15

30

123

359488

426

383

254

266

320339

32

359

366-'2

69

120

488

107

516


123Pages

Staff: (Contld)FRBoard: (Contld)

Gold Settlement Division: (Contld)Lavoie, R. E., resignation as clerk on night

force 2/ 2 107

Ryan, F. J., employed as extra man on night

force 1/28 95

Messengers:Piper, Robert, extended sick leave on account

of injury 4/ 6 327

Stills, James E., termination of services 4/19 358

Wheeler, Rutledge, appointment of 4/19 359

Office of Mr. Cunningham:Beller, Leona, promoted to private secretary 1/ 5 2

Office of Mr. Miller:Carter, Beverly, salary increased as messen6-:er-

clerk 1/ 5 2

Secretary's Office:Coe, Madison P., increase in salary 6/ 9 489

Enlargnment of office and purchase of addi-tional equipment approved 6/ 9 488

Laborers or painters, two, temporary employ-

ment to paint office of Secretary 6/ 9 488

Telegraph Office:Vacation relief operator for July and August

authorized e/ 2 475

State Banking Departments:Examiners of FRBanks not to be detailed to, unless

FRBanks are concerned 2/16 151

State Banks:Priority of claims of United States against insolvent,

memo of Counsel on suggested amendment

to Revised Statutes 3/ 9 237

Revised draft of letter to Banking and Currency

Committee of Senate referred to ViceGovernor 3/12 255

(See also Nonmember Banks, State Member Banks)

State Department: (See Department of State)

State Member Banks: (See also Branch Banks, Domestic)

Amendment to Section 9 of FRAct on rights of, proposed 1/28 100

Disapproved by Board, draft of letter to Committee

on Banking and Currency of House 2/ 2 107

American Union Bank, New York City, authorized byState Banking Department to exercise

fiduciary powers and to move main

office 3/16 262

Arkansas Valley Bank, Fort Smith, Ark., probable ac-

tion if bank reduces capital below

minimum for member bank 6/29 555


124

State Member Banks: (Cont'd)Bank of Cheraw, Cheraw, S. C., merger of Merchants

& Farmers Bank with 5/ 5Bank of Europe, New York City, converted into trust

company under title of Bank of EuropeTrust Co. 3/ 2

Bank of Hartsville, S. C., consolidation with FirstNational Bank without approval by Board 2/ 2

Resolution of Board requesting bank to file ap-plication 2/10

Application approved 2/19Bank of Italy, consolidation with other banks in San

Francisco and Los Angeles to formnational bank, special committee toconsider 3/ 3

Bank of Lunenburg, Yenbridge, Va., application to takeover First National Bank of Kenbridge,approved 1/28

Bank of the Manhattan Co., New York City, purchase ofGreenpoint National Bank, Brooklyn 5/ 5

Bank of Philip, S. D., consolidation with Bank of Now-lin, S. D., approved 2/18

Belgrade State Bank, Belgrade, Mont., application toabsorb Farmers Bank of Belgrade 4/30

Absorption approved 6/22Branches: (See Branch Banks, Domestic)Certificates of membership, question of returning upon

withdrawal 4/14Memo of Counsel with draft of letter to FRkents

approved 4/19Letter to FRAgent at St. Louis that certificates

should be returned to Board 6/ 9Citizens Bank of Festus, Lo., absorption of Festus

State Bank, approved 1/28Citizens Bank, West Point, Ga., permission to take over

First National Bank, West Point, Ga. 3/15Citizens State Bank, Marianna, Fla., examination of,

question of holding its own stock andalso deficient reserves 5/ 5

Memo of Counsel on procedure if forfeiture ofmembership is desired 5/27

Letter from FRAgent that action be deferred 6/ 9Citizens State Bank, Sawtelle, Calif., and branches at

Palms and West Los Angeles, permissiongranted to Security Trust & SavingsBank of Los Angeles to take over 3/11

City-Commercial Savings Bank, Mason City, Iowa,.closed,draft of letter to Senator McLean ontreatment by FRBank of Chicago 3/16

Page°

409

202

109

141179

210

102

409

168

400554

545

362

490

95

265

413

472490

245

267


State Member Banks: (Contld)City Trust Co., Newark, N. J., report of acquisition

125Pages

by Fidelity Union Trust Co. 6/10 503Coal & Iron Bank of City of New York, converted from

national bank 1/28 103Cochise County State Bank, Tombstone, Ariz., purchase

of First National Bank, Tombstone,information requested re 5/27 470

Application approved 6/15 517Columbus Exchange Bank, Providence, R. I., shortage

in account at one of branches, to bereported to Department of Justice 3/12 253

Commerce Trust Co., Kansas City, Mo., examination tobe made by FRBank of Kansas City 2/ 2 110

Board's Division of Examination to assist in,memo of Mr. Herson 2/16 157

Commercial Bank & Trust Co., Miami, Fla., absorptionby City National Bank & Trust Co. 6/24 540

Condition report, call to be made:As of December 31, 1925 1/ 5 A

As of April 12, 1926 4/15 352Consolidations, requirements of Regulation "H", memo

of Mr. James on procedure in 2/10 140Crittenden County Bank & Trust Co., Marion, Ark., new

bank to be organized to take place of,to be admitted to System on condition 2/ 1 104

Application as Bank of Crittenden County, approvedon condition 2/ 9 137

Dardanelle Bank & Trust Co., Dardanelle, Ark., member-ship terminated and certificate to bereturned to Board 6/ 9 490

Examinations by FRExaminers, recommendation of Confer-ence of FRAgents and Governors 2/16 164

Failures during 1924 and 1925, analysis of 3/12 258Federal Bank & Trust Co., Little Rock, Ark., approval

of taking over of First National Bankof North Little Rock 1/19 68

Application approved 2/ 2 110Federation Bank of New York, converted into Federation

Bank & Trust Co. 3/ 2 202Fidelity International Trust Co., New York, merger with

Coal & Iron Bank of City of New York,approved 1/28 103

Fidelity Trust Co.. Philadelphia, Pa., proposed con-solidation uit1 Philadelphia Trust Co. 4/15 353

Fidelity Trust Co., Portland, Maine, absorption ofUnited States Trust Co., and opera-tion of branches 6/30 560


126pages

State Member Banks: (Cont'd)Fidelity Union Trust Co., Newark, N. J.:

Acquisition of City Trust Co. of Newark 6/10 503

Purchase of control in Ironbound Trust Co. 5/24 455

Fiduciary porers,list of those granted permission byNew York State Superintendent of Banks 3/ 9 237

First Security State Bank, Red Wing, Minn., consolida-tion with Security Loan & Trust Co.,without approval of Board 2/16 156

Consolidation apnroved and name changed to Se-curity Bank & Trust Co. 3/11 244

First State Bank, Carsonville, Mich., reduction ofcapital below reouired minimum 4/14 348

First State Bank, Palmyra, Ill., absonrtion of PalmyraState Bank approved 5/25 464

First Trust & Savings Bank, Hammond, Ind., consolida-tion with First National Bank ofHammond, approved 2/ 2 112

Fourth & Central Trust Co., Cincinnati, Ohio, purchaseof Stock Yards Bank and operation asbranch 3/11 241

Grand Rapids Savings Bank, Grand Rapids, Mich., absorn-tion of South Grand Rapids State Bankwithout permission of Board 2/19 182

Draft of letter to FRAgent at Chicago on conditionsof membership under Regulation "H" 2/24

190

Grant Trust & Savings Co., Marion, Ind., absorption ofCitizens Trust & Savings Co., approved 6/22 556

Ironbound Trust Co., Newark, N. J., control nurchasedby Fidelity Union Trust Co. 5/24 455

Jasper County Savings Bank, Newton, Iowa, absorption ofClark National Rank approved 2/18

16/

Approved by State Banking authorities 3/16 2

Lincoln Bank & Trust Co., Louisville, Ky., reserves inconnection with date of payment ofdividend 4/14 348

Manufacturers & Traders Trust Co., Buffalo, N. Y.,merger of Riverside National Bankwithout consent of Board 1/28

100

Merger approved, also merger of Central Park Bankof Buffalo 2/ 2 11°

Draft of letter to FRAgent at New York, orderedrevised 2/ 4 119

Revised draft referred to Law Committee for fur-ther revision 2/10

145

(See also Consolidations)Marathon County Bank, Wausau, Wisc., examination report

submitted in connection with notice ofintention to withdraw

Report of Committee on Examination

2/192/24

177161


127Pages

State Member Banks: (Cont 'd.)Meadow Grove State Bank, Meadow Grove, Nebr., liqui-

dated, to be exnelled to simplifysurrender of FRMank stock

Hearing on forfeiture of membership set forApril 27

Resolution of Board requiring forfeiture of mem-bership

Mechanics Bank, Brooklyn, N. Y.:

3/23

4/ 6

4/27

290

330

380

Merger with Flatbush State Bank 2/ 2 111Draft of letter to FRAgent at New York, re

merger without approval by Board,ordered revised 2/ 4 119

Revised draft referred to Law Committee forfurther revision 2/10 143

Memo of Counsel with draft of letter toFRAgent 3/23 289

Consolidation noted without objection andletter laid on table 3/29 308

Merger of First National Bank of Jamaica, New YorkCity proposed, and operation as branch 4/ 8 340

Letter from FRAgent at New York re 4/15 354Letter from FRAgent with further information 5/ 5 408

Mercantile Trust Co., San Francisco, application forIts affiliated corporation to purchasestock of Mission Savings Bank 6/ 2 476

Merchants & Farmers Bank, Cheraw, S. C., merger withBank of Cheraw 5/ 5 409

Mission Savings Bank, San Francisco, application byMercantile Trust Co., for its affili-ated corporation to purchase stock of 6/ 2 476

Monticello State Ban:!,_, Monticello, Iowa, authority totake over Jones County Trust & SavingsBank of Monticello, approved 1/ 5 1

Formal approval 1/11 35Mound City Trust Co., St. Louis, Mo., violations of

Revised Statutes by officers 5/ 7 418Oneida County Trust Co., Utica, N. Y., report of pro-

posed merger with First National Bank& Trust Co., under title of First Bank& Trust Co. 5/18 438

Peoples Bank & Trust Co., Bell Buckle, Tenn., reply tonotice of hearing that it will sur-render stock any time 1/12 47

Resolution of Board on forfeiture of membership 1/25 87Peoples Trust Co., Brooklyn, N. Y., change in main of-

fice for purpose of conversion intonational bank before consolidationwith National City Bank 5/ 5 407


128

State Member Banks: (Contid)Peoples Trust Co., Brooklyn, N. Y.: (Contid)

Notice of removal, former main office to becomebranch of National City Bank 5/12

Philadelphia Trust Co., proposed consolidation withFidelity Trust Co. 4/15

Plainfield Trust Co., Plainfield, N. J., consolidationwith City National Bank 3/29

Security Trust & Savings Bank, Los Angeles, absorptionof First National Bank of Compton andFarmers & Merchants Bank of Comptonwith Lynwood branch, and operation asbranch 3/ 4

Application approved by aecutive Committee 3/ 5State & City Bank & Trust Co., Richmond, Va., consoli-

dation with Planters National Bank,approved 1/26

State Bank of Cowden, Cowden, Ill., approval of plan totake over First National Bank 2/15

State Banking & Trust Co., Cleveland, Ohio, and branches,consolidation with Union Trust Co. 4/ 2

Union Trust Co., Cleveland, Ohio, consolidation withState Banking & Trust Co., with itssix branches, approved 4/ 2

United States Bank, St. Louis, Mo., design to be usedon checks, etc., referred to Counsel 3/12

Design disapproved by Board, memo of Counsel 3/31Valley Bank, Phoenix, Ariz., taking over of Salt River

Valley Bank and Salt River Valley Trust& Savings Bank, Mesa, and operation asbranch 2/19

State Bank Supervisors:Amendment to Section 9 of FRAct on rights of State

member banks recommended to Congress 1/26Disapproved by Board, draft of letter to Chairman

of Committee on Banking and Currencyof House 2/ 2

Steiner, W. H., letter to Board re financing detailed analy-sis of activity of savings deposits 4/ 8

Reply of Board declining to extend financial aid 4/19Stewart, W. W., to attend meeting of Board to consider ap-

proval and publication of Annual Report 3/ 2Present at Board meeting, report ordered sent to

printer for galley proof 3/ 3Stock:

Capital:Arkansas Valley Bank, Fort Smith, Ark., probable

action if bank reduces capital belowminimum for member banks 6/29

Pages

432

353

303

214226

89

146

319

319

254312

179

100

107

337360

206

208

556


129Pages

Stodk: (Contld)Capital: (Contld)

Bank of Haiti, Inc., purchase by National CityBank of New York, approved 1/ 5 5

Citizens National Bank, Valliant, Okla., applica-tion for reduction, approved 3/14 262

Citizens State Bank, Larianna, Fla.: (See StateMember Banks)

First Federal Foreign Investment Trust, applicationof National American Bank, New York topurchase one share, approved 6/22 DOD

First National Bank, Englishtown, N. J., applica-tion for reduction, approved 2/15 149

First National Bank, Paineville, La., applicationfor reduction approved 3/11 243

First National Bank, Ringling, Okla., applicationfor reduction approved 5/ 7 418

First State Bank, Carsonville, Mich., reduction be-low required minimum, memo of Counsel 4/14 348

Flora National Bank, Flora, Ill., application forreduction approved 2/24 186

Gainesville National Bank, Gainesville, Ga., application for reduction approved 2/ 4 117

Interstate National Bank, Helena, Ark., applica-tion for reducticn approved 1/28 96

Mission Savings Bank, San Francisco, applicationby Mercantile Trust Co., for its affi-liated corporation to purchase morethan 20 per cent 6/ 2 476

National Bank of Petersburg, Va.,application forreduction approved 6/22 533

Peoples National Bank, Henryetta, Okla., reductionapproved 6/29 550

Third National Bank, Greensburg, Ind., applicationfor reduction, approved 4/23 375

Witt National Bank, Witt, Ill., reduction approved 4/14 347FRBank of Atlanta:

First National Bank, West Palm Beach, Fla., formerapplication cancelled and new applica-tion approved 5/11 421

FRBank of Boston:National Exchange Bank, Providence, R. I., applica-

tion for surrender approved 6/22 529FRBank of Dallas:

State National Bank, Albuquerque, N. M., applica-tion for surrender approved 3/29 299

FRBank of Kansas City:Albuquerque National Bank, Albuquerque, N. L.,

transfer from FRBank of Dallas 4/15 352


130

Stock: (Contla)FREank of Kansas City: (Cont'd)

Citizens National Bank, Muskogee, Okla., appli-cation approved

First National Bank, Albuquerque, N. M., transferfrom FRBank of Dallas

First National Bank, Belen, N. M., transfer fromFRBank of Dallas

First National Bank, Butler, Okla., applicationfor surrender, approved

Meadow Grove State Bank, Meadow Grove, Nebr., liq-uidated, to be expelled to simplifysurrender of stock


Resolution of Board requiring forfeiture ofmembership

FRBank of Minneapolis:Citizens National Bank, Wessington, S. r., appli-

cation forFirst National Bank, Hallock, Minn., cancellation

not applied for by receiverComptroller of the Currency to direct re-

ceiver to apply for surrenderFRBank of New York:

Broadway National Bank, Newburgh, N. Y., excessof shares purchased not to be sur-rendered

Coal & Iron Bank of City of New York, applicationapproved on conversion from nationalbank

Greenpoint Bank, Brooklyn, N. Y., application ap-proved upon conversion from nationalbank

Hillsdale National Bank, Hillsdale, N. J., appli-cation approved

FRBank of Richmond:Norwood-Carolina National Bank, Charleston, S. C.,

application approvedTrust Co. of Northern Virginia, Rosslyn, Va., ap-

plication ordered circulatedApplication refused

FRBank of St. Louis:Bank of Crittenden County, Marion, Ark., applica-

tion approved subject to conditionsstated

First National Bank, Tuckerman, Ark., ap'aicationapproved

4/14

4/15

4/15

6/22

3/23

4/ 6

4/27

2/19

4/23

5/24

1/ 5

1/28

6/29

3/23

1/ 5

4/226/29

2/ 9

3/23

Pages

342

352

352

629

290

330

380

179

375

458

6

100

546

281

1

530548

3.E3

261


Stock; (Contld)FRBank of San Francisco:

Farmers State Bank, Palouse, Wash., action on ap-plication postponed for six months

Jefferson County National Bank, Rigby, Idaho,cancellation of, because of liquida-tion

Security Trust & Savings Bank, Los Angeles, trans-fer of stock held by Citizens StateBank of Sawtelle because of consolida-tion

Strong, Hon. James G., circular letter to FRAgents request-ing views on proposed amendment toFRAct

Swiss National Bank, agreement entered into with FRBank ofNew York

Telephone calls between State Department and United StatesEmbassy at Havana, Cuba, bill to bepaid by Board

Territory of FRBanks:New Mexico, transfer of certain banks from Dallas to

Kansas City DistrictReplies from FRkgents at Dallas and Kansas CityTransfer approvedEffective date of transfer approvedFormal order of transfer submitted and approvedTransfer of FRBank stock, approvedEffective date of stock transfers, etc.

Time Schedule, Interdistrict: (See Clearing & Collection)Titles, use of words "Federal", "United States", and "Reserve"

in, bill recommended to Congress toprevent use of

(See also Legislation)Tra

nzportation recfuests, new form prescribed by Genera/

r

Ac-counting Office

aveling expenses, increased allowance to be considered inlevying assessment for expenses of

Tre, Board-rp„, sury Department: (See Secretary of the Treasury)

—easury Financing:Report by Mr. Dewey that no new financing will be nece

sary on June 15Trep,-suryls Currency Instructions:Amendment re redemption of unfit notes

131Pages

6/24 539

3/ 4 219

4/ 6 327

6/29 557

1/25 83

6/29 551

1/13 601/26 913/11 2453/29 3013/31 3144/15 3524/15 357

1/16 65

2/ 4 120

6/22 534

6/10 503

4/21 369

5


132

Trowbridge, A. B., Consulting Architect:

pageS

Baltimore Branch building, employment in connection with 4/ 6 332

Acceptance of terms for 4/21 368Letter from FRAgent at Richmond approving employ-

ment of 4/27 386

Buffalo building, advised that services will not benecessary in connection with 1/28 9/

Detroit building, advised that nothing is to be doneuntil investigation by Committee ofBoard 1/26 9/

Question of employment 4/ 6 352Acceptance of terms for 4/21 366Letter from FRAgent at Chicago approving employ-

ment of 4/27 386

Present at Board meeting and approval of plansand estimates for 6/21 525

Salt Lake City Branch building, report on plans andspecifications of 1/ 7 14

Statement for services in connection with 1/28 9/

Trust Companies:Organization of affiliated, by International Accept-

ance Bonk Inc. /2/9 135

No objection by Board 246Trust fund fund deposited by national banks with other banks,

request for ruling on deposit of se-curities of 3/31 515

Trust Powers: (See Fiduciar:i. rowers)Tyson, Hon. L. D.: (See Liberty Bond Transactions)

United States:Corporate Titles, Use in: (See Legislation)Revised Statutes: (See Revised Statutes)Wholesale price indexes, compilation to be discontin-

ued by Division of Research and Sta-tistics

United States Currency: (See Currency)United States Notes: (See Currency)

2/18 176


133Pages

Wall Street Journal, article reporting statements ofMr. McFadden at hearing on H. R. 2 2/17 166

War Finance Corporation:Cooksey, G. R., request to examine hearings before

Organization Committee 4/15 3511:ieek1y Statement of Member Banks: (See Condition Reports)Welfare and Educational Work:

FRBank of Atlanta, contribution to Federal Reserve Clubfor 3/29 304

Reply of FRAgent to letter from Board 4/19 361PRBanks:

Expenditures for December 2/15 151H II January 3/ 4 213il n March 4/23 374

April 5/24 456II If May, with exceptional expenditures

by FRBanks of Cleveland and Kansas City 6/29 551Wholesale price indexes for United States and Japan, com-

pilation to be discontinued 2/18 176Willis, H. Parker:

FRAgent at San Francisco, requested to check informa-tion on chain banking 1/12 48

National banks granted fiduciary powers which havefailed, request for list of 1/12 47

Rediscounts and advances of FRBanks for member banksgrouped according to resources, re-quest for 1/12 48

Memo of Secretary on cost of compiling, questionreferred to Mr. Sprague 1/19 72

Reply of Mr. Spragae that compilation is inadvis-able, Dr. Willis so notified 2/ 2 112

Wisconsin Bankers Association:w Resolution on discontinuance of par collection system 6/10 503"ithdrawals from FRSystem:

Certificates of membership, question of returning 4/14 345Memo of Counsel with draft of letter to FRAgents

approved 4/19 362Letter to FRAgent at St. Louis that certificates

should be returned to Board 6/ 9 490Dardanelle Bank & Trust Co., Dardanelle, Ark., member-

ship certificate to be returned toBoard 6/ 9 490

Marathon County Bank, Wausau, Wisc., notice of inten-tion, examination report submitted 2/19 177

Report of Committee on Examinations 2/24 187


134pageo

Withdrawals from FRSystem: (Contld)Meadow Grove State Bank, Meadow Grove, Nebr., liqui-

dated, to be expelled to simplifysurrender of FRBank stock


Resolution of Board requiring forfeiture of mem-bership

Peoples Bank & Trust Co., Bell Buckle, Tenn., forfei-ture of membership agreed to withouthearing

Resolution of Board on forfeiture of membershipWorld War Adjusted Compensation Act: (See Adjusted Service

Certificates)

ytt

Yokohm. Specie Ltd., acceptance by First National

3/23

4/ 6

4/27

1/121/25

2/18

290

330380

4186

182Bank of Boston of drafts drawn by


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