1926Part2_Index.pdf

KEY TO INDEX

Branch Banks, Domestic, FRBanks, andForeign, see Branch Banks

Clayton Act Applications, see Inter-locking Directorates

Collection, see Clearing and Collec-tion

Directors of FRBahks and Branches,see Directors

National Banks are listed under head-ing National Banks

State Banks are listed under StateMember Banks and Nonmember Banks

Stock of FRBahks and Member Banks,see Stock

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

I IT D X

HA'S

1Pages

Absorption of Banks: (See Consolidations)

Acceptances:Bankers:

Elevator o r warehouse companies, proposed amendr

ment to Regulation to make

eligible for rediscount 7/23 45

Reply of Governor of FRBank of Minneapolis

to letter from FRBoard 8/3 59

Report of Law Committee with suggestion of

Mr. Hamlin to make eligible 8/6 74

Topic on program of Conference of Governors 8/11 91

Recommendation of Conference of Governors 11/26 372

Income tax derived from purchases by foreign

holders, ruling of Internal Revenue

Bureau to be discussed by Federal

Advisory Council

Recommendation of Council on amendment to

law to be transmitted to Secretary

of the Treasury

9/2

10/26

134

298

Recommendation approved by Undersecretary

of the Treasury 11/ 2 316


Report of General Committee on, approved by Con-

ference of Governors, memo of

Counsel on 11/9 329

Views of Federal Advisory Council requested 11/19 349

Report again recommended by Conference of

Governors and referred to Law Com-

mittee 11/26 377

Ruling of FRBoard on financing of storage of

cotton seed, modification of 8/23 106

Drafts drawn on national banks by other banks against

import and export bills of exchange,

ruling on 11/24 368

Ruling adopted 11/30 392

Acceptances up to 100 per cent of Capital and Surplus:

American Exchange-Pacific Bank, New York, application

approved 11/1° 346

Fidelity Trust Co., New York, application approved 7/27 50

Addresses, FRAgent of New York:

Before Industrial Club of Chicago, no objection to

publication 841 85

Before National Association of Supervisors of State

Banks, no objection to publication 9/10 156


Adjusted Service Certificates:Collateral security for FRnotes, memo of Counsel that

they can not be used asRegi1ations for rediscount of notes secured by:

Topic on program of Conference of GovernorsLaw Committee to draft regulationsRecommendation of Conference of GovernorsRegulation NV presented. by Counsel and adopted

in amended form

10/26

8/ 611/1711/26

12/ 9

Pages

298

74342373

431-5Agencies, Federal Reserve:

Havana, Cuba, consolidation of, hearing to be held onNovember 11, as special order 10/19 276

Letter from Director W. H. Kettle on appearanceof his committee before FRBoard 10/20 283

Secretary to notify interested. parties 10/21 292Letter from Secretary of State on continuation

and consolidation of 11/19 348Report of committee that agencies be consolidated

and put under FRBank of Atlanta,12/ 7 419adopted

Resolution on consolidation adopted, to be filedwith Republic of Cuba 12/22 515

Stenographic report of hearing 11/30 395Havana, FRBank of Atlanta:

Cash uosition of from $15,000,000 to $20,000,000to be maintained 7/20 36

Currency shipment to: (See also Hearings, Campbell)Expense voucher of five clerks in connection

with /11 83Exnense voucher of cashier of Jacksonville

Branch, report of Committee of Di-rectors on 12/17 471

Report on expenses of officers and employeesin connection with 11/22 353

Currency situation in Cuba with particular refer-ence to furnishing one and twodollar bills 8/23 109

Examination of 8/ 3 60Fumctioning of, Director Black and Kettig appoint-

ed special committee to confer withFRBoard on 12/17 471

Power of attorney to be filed with Cuban authori-ties to empower Manager of Agencyto exercise authority 12/23 526

Memo of Counsel on action of Law Committee 12/30 546Salaries of officers approved as recommended 12/22 504

Havana, FRBank of Boston:Action of board of directors to close agency 8/23 97


Agencies: (Cont'd)Savannah:

Examination report of

Salaries of officers approved as recommended

Staff:Avery, D. E., resignation as Assistant Manager

Goethe, James A., elected Assistant Manager

Groover, R. N., removal as Manager

8/ 312/22

9/229/2210/26

3Pages

60504

171171295

Tampa; request of Tampa Clearing House Association

for establishment of 7/20 36

American Bankers Association:

Committee on Noncash Collections:

Barton, John W., telegram stating action of FR-

Board on noncash collections 9/24 192

(See also Clearing and Collection)

Committee on Standardization of Checks:

Request of Mr. Dunbar for Committee to meet with

FRBoard on December 6 12/ 3 406

Meeting held and standardization plan of

size and arrangement of checks,

notes, drafts, etc., approved 12/ 6 410

Draft of letter to Governors of FRBanks

approving plan 12/ 7 414

Convention of:Decision on noncash collections of FRBanks de-

sired before meeting 9/22 168

Heath, W. A., reason and expenses of attending 9/29 197

Reply of Governor of FRBank of Chicago on 10/ 8 253

Representation of FRBanks at, referred to Con-

ference of FRAgents and Governors 10/ 8 253


Angell, M. B., statement for services in Pascagoula Nation-

al Bank par clearance case 10/20 284

To be paid by FRBank of Atlanta and prorated among

all FRBanks 11/ 3 322

Annual Reports:FRBank of Chicago, question of including discussion

of bank failures in district 12/28 536

FRBank of Philadelphia, statement of expenses by

functions to be included in 12/28 537

FRBank of Richmond, statement of expenses by func-

tions to be included in 12/28 537

Arizona, State Superintendent of Banks, simultaneous exami-

nations of Valley Bank of Phoenix

and branches 8/ 3 57

Assessment on FRBanks for expenses of FRBoard, resolution

levying 12/23 519

Assistant FRAgents: (See FRAgents)


4

Atlanta Clearing House Association:Resolution abolishing exchange charges on checks col-

lectible through FRBanks 8/23

Pages

99Attorney General of Missouri: (See Missouri)Attorney General of Philippine Islands:

Foreign branches of National City Bank, legality ofestablishMent being considered 12/ 7 417

Opinion that local law prevails 12/ 8 428Memo of Counsel on opinion 12/17 475

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

Automobiles:Purchase by parent corporation for use by. subsidiaries,

rediscount of notes secured by,publication of ruling in FRBulletin 7/23 44

IIBII

Bachaxach, Hon. Isaac, letter re interlocking directoratesapplication of Richard McAllister 11/ 2 318

Baker, Newton D.:Fee in Pascagoula National Bank case referred to

Governor 7/23 47Report of Governor submitted and statement ap-

proved for payment 8/11 88Special System Counsel, recommendation that he be re-

tained as, disapproved 10/ 5 221Bank Failures:

Chicago District, inclusion of discussion in annualreport of FRBahk 12/28 536

List in each State with amount of losses, request ofSenator Reed for 12/17 470

Draft of reply referred to Vice Governor 12/23 523Losses to depositors because of, report being prepared

by Division of Research & Statistics 8/11 85Bank of France:

Reciprocal relations with foreign banks, letter toGovernor of, from FRBank of New Yorkexplaining 10/ 5 220

Noted 10/12 260Report of Mr. Harrison on visit of Governor Strong

with Governor Robineau 7/16 33Bank of Poland:

Credit agreement with FRBank of New York extended forthree months 8/11 82

Renewal not to became effective, advice of 8/23 106


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

Beckhart, Prof. B. H., request for corregpondence on pro-

posed amendment to Sec. 9 of FRAct

Belgium:Credit to National Bank of Belgium by foreign central

banks, to be participated in by

FRBank of New York

Draft of letter to Governor Strong advising of

action of FRBoard, approved

New developments in plan presented by Mr.Harrison

Letter to Governor Strong advising of action of

FRBoard on recommendation ofdirectors of FRBank

Letter from Mr. Harrison commenting on terms andconditions of agreement

Purchase of bills to be shown in weekly state-

ment, memo of Mr. Smead on

Article for FRBulletin suggested by Dr. Golden-

weiser, not to be printed without

approval of FRBoard

Article on agreement prepared and also on

monetary reform in Belgium

Article approved in revised form

Credit to foreign banks to be discussed by Fed-

eral Advisory Council

Comment to be made in analysis of weekly state-

ment when first purchases are made

Separate mention reconsidered but "bills

bought in open market" to show for-

eign and domestic bills separately

Memo of Mr. Smead with draft of revised form

of weekly statement, approved

Terms and conditions under which FRBank of New

York will purchase bills and Gov-

ernment securities for, etc.

Gold deposited by Czechoslovak National Bank with

National Bank of Belgium, termina-

tion of arrangement by FRBank ofNew York for loans

Royal Decree of Monetary Stabilization, copy of

Publication in FRBulletin suggested by Dr. Gol-

denweiser

10/12

10/ 5

10/ 510/19

10/20

10/26

10/28

10/28

10/2910/30

11/ 9

11/19

12/ 3

12/28

12/10

12/1010/26

10/28

5Pages

259

210-6

219268

286

295

305

306

310312

334

350

408

538

441

441295

306

Benet, Christie: (See Cotton Seed)

Bonds:Circulation, advice of no applications received from

national banks:

For second quarterFor third quarter

7/10/

25

6217


6Pages

Bonds: (Contld)Liberty:

Controversy between Fourth and First NationalBank, Nashville, and FRBank of At-lanta, members of Tennessee dele-gation invited to inspect records 7/ 2 9

Third, sale to Treasury from open market invest-ment holdings of Monks 8/23 106

Surety:Fry, John G., Assistant FRAgent at Richmond 11/24 362Gilbert, Claude, Assistant FRAgent at Atlanta 8/23 101Hill, Ernest Clarke, Assistant FRAgent at Phila-

delphia 7/20 35Julick, E. J., Assistant FRAgent at Oklahoma City

Branch 7/20 35nosher, Curtis L., Assistant FRAgent at ninneapolis 11/19 345Papin, J. Vion, Acting Assistant FRAgent at

St. Louis 8/11 80White, William H., Assistant FRAgent at Chicago 10/21 290

Borrowings of First National Bank of New York from FRBankof New York to be investigated andreported to FRBoard 9/29 201

Reply of Deputy Governor that Comzdttee of Directorshas been appointed to investigate 10/12 256

Letter from Deputy Chairman on uses of credit facili-ties by bank 10/20 284

Borrowings of parent corporations for funds to be loanedto subsidiaries, eligibility ofnotes representing 10/12 258

Recommendation of Conference of Governors on 11/26 376Branch Banking:

Report of Conference on, request of nortor, D. Hullfor portions of 8/23 110

Branch Banks, Domestic:Albany Trust Co., Albany, N. Y., merger with First Bank

of Albany, includes taking over ofbranches 11/30 381

American Bank of San Francisco:Berkeley - 2033 Shattuck Ave., College National

Bank to be taken over and consoli-dated with 9/23 179

Oakland:Santa Clara and Grand Ave., temporary removal

to 3249 Grand Ave., pending erectionof new building 7/27 49

Seventy-third Ave., and East 14th St., exten-tion of time for opening refused 7/27 50

Application for opening approved 10/ 7 234


7Pages

Branch Banks, Domestic: (Contld)American Bank of San Francisco: (Contld)

San Francisco:1550 Larket St., temporary location of

branch approved for Market St. atVan Ness Ave.

2626 Mission St., temporary location at2581 Mission St., and permanentlocation at 2595 Mission St.

11/ 2

12/14

315

450American Trust Co., New York:

30 Bay St., St. George, Staten Island, extensionof time for opening 7/20 35

Time for opening again extended 8/12 94Temporary quarters opened at 57 Bay St. 9/7 140

Bank of America, New York City:Manhattan, 79th St. and Madison Ave., notice of

application to State Superintendentof Banks 9/29 197

Bank of Italy:Fresno, Belmont and Blackstone Sts., removed from

Mariposa and Broadway Sts. 10/12 256Removed to 517 Blackstone Ave. until perma-

nent quarters at Belmont and Black-11/17 340stone Sts. are ready

Los Angeles:214-220 North Main St. removed from 225

North Spring St. 9/29 200Bank of the Manhattan Co., New York City:

Greenpoint Bank of Brooklyn, absorption and opera-tion as branch 8/11 80

Advice of absorption 8/23 102Bank of the United States, New York:

Claremont Parkway, Third Ave. and 171 St., BronxBorough, advice of opening 11/ 9 329

Central Mercantile Bank, Nev: York:8 West 40th St., to be discontinued 12/ 3 406

Citizens & Southern Bank, Savannah, Ga.:Bank of East Point, permission to take over and

operate as branch 7/14 23Decision of bank not to take over 8/11 82

East Point, application refused 8/11 82Citizens Trust & Savings Bank, Columbus, Ohio:

Grandview Heights, Grandview Ave. near West FirstSt., application approved 11/30 382

Main St. and Ohio Ave., extension of time foropening and location changed toMain St. near Miller St. 11/19 345

Cleveland Trust Co., Cleveland, Ohio:Cleveland Heights, Cedar and Fairmount Roads, ex-

tension of time for opening 10/ 6 229


8

Branch Banks, Domestic: (Contld)Corn Exchange Bank, New York:

5588 Broadway, Borough of Bronx, authorized byState Banking Department

Detroit Savings Bank, Detroit, Mich.:Chalmers and Harper Ayes., notice of establishment,

letter to FRAgent on necessity of

7/20

Pages

36

approval of FRBoard 12/14 454Application approved 12/28 530

First Bank of Utica, Utica, N. Y.:Oneida County Trust Co., merger and operation as

branch 9/7 138First Trust & Deposit Co., Syracuse, N. Y.:

Eastwood, purchase of assets of Eastv,00d Bank andoperation as branch 9/ 2 131

Advice of opening as branch 10/ 5 218Guardian Trust Co., Cleveland, Ohio.:

Parkwood Drive and St. Clair Ave., extension oftime for opening 8/23 103

Advice of opening of 9/15 160Pearl Road and Broadview Road, extension of time

for onening 9/29 200Hibernia Bank & Trust Co., New Orleans, La.:

Bourbon St. entrance of D. H. Holmes Co., Ltd.:Advice of opening 8/23 103

Irving Bank & Trust Co., New York:Twenty-first St. and Fifth Ave., approved by State

Superintendent of Banks 10/26 294Lake Erie Trust Co., Cleveland, Ohio:

Superior Ave. and Addison Road, applicationapproved 9/ 2 131

Liberty National Bank, Syracuse, N. Y.:Elmwood section of Syracuse, authorized 11/17 340

Mechanics Bank, Brooklyn, N. Y.:Fourth Ave. and 51st St., application to New York

State Banking Commission 8/3 56Mercantile Trust Co., San Francisco, Calif.:

2593 Mission St. temporary location at 2581 MissionSt., with permanent quarters at2595 Mission St. 12/14 450

Midwood Trust Co., Brooklyn, N. Y.:Flatbush and Flatlands Aires., authorized by New

York State Banking Department 9/2 130Municipal Bank, Brooklyn, N. Y.:

Fifth Ave. and 15th St., application approved 10/ 7 234Temporary opening at 5th Ave. and 14th St. 11/ 2 315

New Lots and Georgia Ayes., application approved 10/ 7 234


9Pages

Branch Banks, Domestic: (Contld)Pacific Southwest Trust & Savings Bank, Los Angeles:

Huntington Park, 165 South Pacific Boulevard,temporary removal to ClarendonAve. and Pacific Boulevard toallow erection of new building

Lennox, permission to take over Lennox StateBank and operate as branch

Advice of opening ofLos Angeles:

La Brea Ave. and Country Club Drive, appli-cation approved

Santa Monica Boulevard and Fairfax Ave.:Extension of time for establishingPermission to take over West Hollywood

National Bank and operate branchon premises

Sixty-ninth St. and Western Ave., applica-tion to transfer permit foranother location denied

1029 South Broadway, removal from 1027Broadway Place

Washington St. and Burlington Ave., to bediscontinued

Montrose, application to take over Bank of Mont-rose and operate as branch refused

Application for reconsideration disapprovedPearl St. Savings & Trust Co., Cleveland, Ohio:

West Park Branch, Lorain Ave. and Triskett Road,opening of

Regulations of FRBoard on, inquiry of W. H. WoodReply of FRBoard approved

Security Trust & Savings Bank, Los Angeles, Calif.:Van Nuys, Bank of Van Nuys to be taken over and

operated as branchEstablished as branch at 6302 Van Nuys

BoulevardUnion Trust Co., Cleveland, Ohio:

Altoona Ave. and Pearl Road, extension of timefor opening refused

Broadway and East 55th St., consolidation ofColumbia office with Broadway office

118th St. and Buckeye Road, opening ofPearl Road and Henritze St. ,application approvedState Office to be moved into main office and

discontinued as branchValley Bank, Phoenix, Ariz.:

Prescott, advice of opening ofWestern Bank & Trust Co., Cincinnati, Ohio:

1530 Harrison Ave. not to be established

10/ 5

9/2310/26

9/23

8/11

12/ 7

12/ 7

7/27

9/23

10/ 712/10

9/2911/2412/14

9/23

11/ 2

11/24

9/159/29

12/10

12/17

8/ 3

11/30

219

180294

179

80

415

416

49

179

234439

197369453

180

315

364

160197438

470

56

382


10

Branch Banks, FRSystem:Assistant FRAgents at: (See RAgents, Assistants)Baltimore:

Directors: (See Directors)Salaries of officers approved as recommendedStaff:

Dudley, A. E., reappointed Managing DirectorHowat, Mary E. K., leave of absence on ac-

count of illness

12/22

12/10

8/23

Pages

503

438

103Birmingham:

Building, protective features to be installed,report of Secret Service Division 12/ 7 422

Directors: (See Directors)Examination report of 8/ 3 60Salaries of officers approved as recommended 12/22 503

Buffalo:Building, working conditions in present, report

of Mr. Platt on visit to 11/30 392Bylaws, amendment increasing allowance to di-

rectors for attending meetings 11/30 383Directors: (See Directors)Examination report of 12/14 456Salaries of officers approved 12/22 499Staff:

Schneckenburger, W. W., salary approved 12/22 499Cincinnati:

Directors: (See Directors)Examination report of 12/14 456Salaries of officers approved as recommended 12/22 501Staff:

Faulkner, P. J., designated Assistant FRAgent12/23 522for six months

Denver:Directors: (See Directors)FRnotes, carrying of unissued, discontinuance

being considered 11/30 391To be transferred to head office 12/17 470(See also FRnotes)

Salaries of officers approved as recommended 12/22 508Staff:

Burkhardt, Charles A., eligible to serveas Assistant FRAgent 7/23 45

Managing Director, salary inadequate toresponsibility 12/22 509

Detroit:Building:

Committee to come to Washington to discuss 11/24 370Bids and plans submitted and approved 12/ 1 397-400

Payment of fee to Mr. Trowbridge byFRBank of Chicago approved 12/10 447


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

Building: (Contld)

11Pages

Payment of FRBoardls share of fee approved 12/17 472

Directors: (See Directors)FRnotes, unissued carried at, letter from Mr.Heath 12/ 3 407

To be carried in banking department for sixmonths as experiment 12/10 440

Salaries of officers approved 12/22 505

Staff:Baskin, Jelin G., salary approved 12/22 505Cation, W. R., Managing Director:

Present at meeting of FRBoard to con-sider bids for building 12/ 1 397-400

Reappointed for 1927 12/23 518

Officers elected for 1927, notice of 12/23 517

Schrader, W. C., to remain as AssistantFRAgent 9/2 135

El Paso:Directors: (See Directors)Salaries of officers approved as recommended 12/22 509

Helena:Bylaws, amendments made necessary by reduction

in number of directors and aboli-tion of office of Assistant FRAgent 12/14 455

Directors: (See Directors)Salaries of officers approved as recommended 12/22 508

Houston:Bylaws, amendment changing time of meeting of

board of directors 9/15 161

Directors: (See Directors)Salaries of officers approved as recommended 12/22 509

Staff:Briggs, L. C., salary increase disapproved 7/21 40

Letter from Governor of FRBank to re-consider, disapproved 8/3 56

Jacksonville:Directors: (See Directors)

Examination report of 8/3 60

Salaries of officers approved as recommended 12/22 503

Staff:Cashier, report of committee on voucher for

expenses in connection with ship-ment of currency to Havana, Cuba 12/17 471

Kendall, C. P., designated Alternate Assis-tant FRAgent for six months 12/23 522

Saussy, Fulton, designated Assistant FRAgentfor six months 12/23 522


12

Branch Banks, FRSystem: (Contld)

12/22

12/22

Pages

506

506

Little Rock:Directors: (See Directors)Salaries of officers approvedStaff:

Bailey, A. F., Manager, salary approvedLos Angeles:

Directors: (See Directors)Examination report of 12/14 456Salaries of officers approved as recommended 12/22 510Staff:

McRitchie, Mudie, transferred from headoffice as Assistant Manager 7/14 21

Louisville:Salaries of officers approved as recommended 12/22 506

Memphis:Directors: (See Directors)Salaries of officers approved as recommended 12/22 506Staff:

Cummings, H. T., leave of absence on accountof illness 11/ 9 328

Glasgow, W. H., exnense allowance as ActingManager 7/14 26

Nashville:Directors: (See Directors)Examination report of 8/3 60Salaries of officers approved as recommended 12/22 503

New Orleans:Directors: (See Directors)Examination report of 8/3 60Salaries of officers approved as recommended 12/22 504Staff:

Miller, William E., salary approved 12/22 504Stevens, J. R., designated Alternate Assis-

tant FRAgent for six months 12/23 522Walker, J. A., designated special examiner 12/17 468

Oklahoma City:Directors: (See Directors)FRnotes, carrying of unissued to be discontinued 11/30 391

(See also FRnotes)Salaries of officers approved as recommended 12/22 508Staff:

Estes, A. M., leave on account of illness 11/24 365Julick, E. J., memo of Counsel re appoint-

ment as Assistant FRAgent 7/14 24Bond of 7/20 35

Managing Director, salary inadequate forresponsibility 12/22 509


Branch Banks, FRSystem: (Contld)Omaha:

Directors: (See Directors)FRnotes, carrying of unissued to be discontinued

(See also FRnotes)Salaries of officers approved as recommended

Staff:Yanaging Director, salary inadequate for

responsibility

Pittsburgh:Building and vaults, change in plan for charging

off depreciationDirectors: (See Directors)Examination report ofSalaries of officers approvedStaff:

Griggs, Thomas C., salary increase disap-

proved and approved as before

Jones, Thomas M., designated AssistantFRAgent for six months

Portland:Directors: (See Directors)Examination report ofSalaries of officers approved as recommended

Staff:Bonne, H. A., appointed examiner

Salt Lake City:Directors: (See Directors)Examination report ofSalaries of officers approved as recommended

Staff:Flo, Hans, leave on account of illnessHupp, C. R., appointed examiner

11/30

12/22

12/22

12/ 3

12/1412/22

12/22

12/25

12/1412/22

12/23

12/1412/22

10/2812/23

13Pages

391

509

509

409

456502

502

522

456511

517

456511

304517

San Antonio, letter from Hon. Harry M. Wurzbach onestablishment of

Seattle:Directors: (See Directors)Examination report ofSalaries of officers approved as recommended

Spokane:Directors: (See Directors)Examination report ofSalaries of officers approved as recommended

Staff:McBride, E. B., appointed examiner

Branch Banks, Foreign:International Banking Corporation, New York City:

England, to be later absorbed by National City

Bank of New York

7/14

12/1412/22

12/1412/22

12/23

12/17

26

456511

456511

517

476


14

Branch Banks, Foreign: (Contld)International Banking Corporation: (Contld)

Spain, to be later absorbed by National City

Pages

Bank of New York 12/17 476(See also National City Bank)

National City Bank of New York, New York City:China:

New application for establishment of to befiled 12/ 7 421

Arrangements for taking over branches ofInternational Banking Corporation 12/17 474

Application discussed by Mr. Lancaster,action postponed until statementfrom Comptroller of the Currency onexaminations of branches 12/30 543

Branches in Canton, Dairen, Hankow, Harbin,Hongkong, Peking,Shanghai andTientsin, approved and to be exam-ined by Comptroller of the Currency 12/30 551

Cuba:Bayamo, to be discontinued 12/17 469Palma Soriano, to be opened 'January 2 12/17 468

India:New application for establishment to be filed 12/ 7 421Application approved for Bombay, Calcutta

and Rangoon 12/17 473Japan:

New application for establishment to be filed 12/ 7 421Application approved for Kobe, Osaka, Tokio

and Yokohama 12/17 473Java:

New application for establishment to be filed 12/ 7 421Application approved for Batavia 12/17 473

Philippine Islands:Application for establishment in Minila with

agency in Cebu, referred to theSecretary of War 11/24 362

Reply of Secretary of War that policy ofDepartment does not interfere withgranting application 12/ 7 417

Letter to Shearman and Sterling that new ap-plication be filed 12/ 7 421

Opinion of Attorney General of Philipinesthat local law prevails 12/ 8 428

Memo of Counsel on propriety of approvingapplication 12/17 475

Straits Settlements:New application for establishment to be filed 12/ 7 421Application approved for Singapore 12/17 473


Brokers Loans: (See Loans)Budget:

FRBank of Dallas, estimated expenses for six months

15Pages

submitted and noted with approval 9/ 2 133

FRBoard, Divisions of 12/22 511

Building and Loan Associations, connection of FRAgent at

San Francisco with 7/14 27

Nr. Newton to be advised that FRBoard does not favor

his connection with these companies 8/23 109

Buildings, FRBank Branches:Birmingham, protective features to be installed in 12/ 7 422

Buffalo, working conditions in present building, re-

port of Mr. Platt on 11/30 392

Detroit, committee to come to Washington to discuss 11/24 370

Bids and plans submitted and approved 12/ 1 397-400

Fee to Mr. Trowbridge to be paid by FRBank of

Chicago approved 12/10 447

Fee to Mr. Trowbridge to be paid by FRBoard 12/17 472

Pittsburgh:Change in plan for charging off depreciation 12/ 3 409

Bureau of Chemistry: (See Department of Agriculture)

Bureau of Engraving and Printing, shipment of FRnotes to

be from main post office instead

of Treasury Branch 11/19 348

Bureau of Investigation: (See Department of Justice)

Business conditions, report of FRAgents Committee on Na-

tional Summary of 11/30 387

Bylaws:FRBank of Atlanta, amendment to change time for meeting

of directors 9/ 2 131

FRBank Branches:Buffalo, amendment increasing allowance to di-

rectors for attending meetings 11/30 383

Branches of FRBank of San Francisco, Chairmanof board of directors, proposedamendment on election of 12/31 558

Helena, amendments made necessary by reduction

in number of directors and aboli-

tion of office of Assistant RAgent 12/14 455

Houston, amendment to change time of meeting of

board of directors 9/15 161

FRBoard:Committee composed of Messrs. Miller and Platt

appointed to consider amendment 8/24 116

Report of Committee presented to Executive

Committee and recommended to FRBoard

for adoption 8/26 125

Revised Article VI approved 9/23 186

Byrne, J. W.: (See Liberty Bond Transactions)


16

"Cu

Cable transfers, buying rates in New York City, dailystatement to be released to press

Caldwell, George B., letter on qualifications for appoint-ment as FRAgent at New York

Canadian Club of Ottawa, invitation to Mr. Miller to appearbefore and describe FRSystem

Canners, methods of handling products of, Mr. Yohe to appearbefore Conference of FRAgents andGovernors

Capital and other requirements of national banks exercisingfiduciary powers, recommendation ofConference of Governors

Capital requirements of banks exercising fiduciary powersin Florida

Capital Stock: (See Stock)Cash position of Havana Agency to be maintained at from

$15,000,000 to $20,000,000 and re-port to be made each Friday

Certificate of membership of Union Bank & Trust Co., BatonRouge, La., lost

Chamber of Commerce of United States, one hundred copies ofDigest of Rulings to be given to

Chart from July FREulletin, request of Professor Dice topublish in College text book

Charts, farm, contribution of FRBank of Dallas to TexasState Farming Association for distri-bution of

Charters of national banks, discussion by Conference ofFRAgents on right of FRBoard todeny applications for stock inFRBanks

Circulars:FRBank of Atlanta:

Cotton loans, letter to member banks on positionof FRBank

FRBank of Richmond:Pamphlet on iRSystem to be submitted to FRBoard

before being distributedFRBoard:

Acceptances, drafts drawn on national banks byother banks against security of im-port and export bills of exchange,ruling on

Compensation or salary allowances Should not bepaid to officers and employees ofFRBahks after services are termi-nated for cause

Page

8/23 105

12/30 549

10/12 263

10/28 302

11/26 373

7/16 32

7/20 36

11/19 349

11/ 2 314

9/15 165

11/30 381

11/30 387

10/14 265

8/3 60

11/30 392

12/30 548


17Pages

Circulars: (Contld)FRBoard: (Contld)

Cotton seed oil, to be considered manufacturedproduct instead of agricultural

Directors, election of Class "JO' and "B", views

of FRAgents on working of present

system requestedReplies of FRAgents submitted with aormary

10/26

9/23

10/28

12/23

7/23

9/ 8

9/22

12/ 3

7/219/24

11/22

297

183

307

522

44

143

177

407

39191

359

of Assistant Secretary

Examinations of FRBanks, to be conducted at leastonce each year

Expenses chargeable to functions essential tooperations of FRSystem, statementshowing

FRnotes:Collateral for, discretion of FRAgents in ac-

cepting or rejecting paper offeredDraft of letter submitted by Counsel

and approvedUnissued carried at branches, plan for handl-

ing in banking departmentInterlocking directorates, applications involving

banks in more than one districtNoncash items, collection by FRBanksOrganization and operation of trust departments of

national banks, requirements for

Pascagoula National Bank v FRBank of Atlanta, ex-penses prorated among FRBanks 11/ 9 329

Pension Committee report, recommendation of Con-ference of Governors disapproved 12/ 3 401

Special counsel for RSystem as whole to considerlitigable matters 10/ 5 221

Standardization of size and arrangement of checks,drafts, etc. 12/ 7 414

Strong, Honorable James J., on amendment to FRActwith relation to stabilization ofprice levels, proposed replies ofcertain FRAgents 7/ 7 15

Civil Service Commission:Warning against political assessments and activities

by employees 8/11 83

Claiborne, Charles DeB., protest against member banks send-ing noncash items direct to FRBanksor branches of another district 7/16 33

Clayton Act, Joint Stock Land Banks as banks under, opinionof Attorney General to be requested 11/30 386

Clayton Act Applications: (See Interlocking Directorates)


18

Pages

Clearing and Collection:Checks of First National Bank, West Palm Beach, Fla.,

use by First American Bank ea TrustCo., a nonmember, ordered discon-tinued .8/23

Reply of Vice President of Bank that checks ofnational bank were not being used

Clearing House Association of Grand Rapids, Mich., reso-lution on pax clearance of checks onMichigan banks

Detroit Clearing House Association, resolution on col-lection of checks on banks in Michi-gan at par

9/ 2

12/30

11/30

109

134

542

383Exchange Charges on checks collectible through FRBanks,

resolution of Atlanta Clearing HouseAssociation abolishing 8/23 99

Exchange charges under clearing house regulations,right of FRBoard to eliminate orregulate 10/12 261

Memo of Counsel noted and ordered filed 11/ 2 318Noncash Items:

Protest of Mr. Claiborne against member banks send-ing items direct to FRBanks orbranches of another district 7/16 33

Elimination of handling as free service by FRBanks,letter from FRAgent at Minneapolison curtailing expenses 8/24 114

FRAgent advised that questions on free serviceshould not be raised at this time 8/26 122

Authority of FRBoard to direct FRBank to discon-tinue collection of, Counsel torender opinion 9/22 168

Memo of Counsel submitted and resolution of-fered by Mr. Platt adopted 9/23 184

Letter to Governors of FRBanks advising ofaction of FRBoard 9/24 191

Telegram sent to John W. Barton and to Gov-ernors of RBanks advising of ac-tion of FRBoard 9/24 192

Letter from Deputy Governor of FRBank of Dallas,question to be discussed at Confer-ence of Governors 10/ 5 219

Report of Conference of Governors on reconsidera-tion of ruling of FRBoard 11/22 354

Recommendation of Conference of Governors onruling of FRBoard 11/26 376

Reconsideration of ruling made special order forDecember 7 11/30 380


19Paces

Clearing and Collection: (Contld)Noncash Items: (Contld)

To be considered at afternoon meeting 12/ 7

Discussed, but action deferred 12/ 7

Recommendation of Conference of Governors laidon table and plan of FRBank ofMinneapolis to be studied 12/ 8

Replies from FRAgents at Minneapolis, Kansas Cityand Atlanta on practice of handlingitems collectible at street addresses 12/17

Plans of three FRBanks discussed and action de-

ferred until FRAgents Jay and Mit-chell meet with FRBoard 12/23

Plans of FRBank of Minneapolis discussed withFRBoard by Mr. Jay 12/30

Letter to FRBank of Minneapolis with permission

to change procedure 12/30

Pascagoula National Bank Case: (See Par Clearance Cases)

Removal of member banks from par list before officiallyclosed not legal 7/21

Resolutions of country member banks in Minnesota ondiscontinuance of par clearancesystem 10/12

Standardization of checks, drafts, notes, etc., re-quest of Committee to meet withFRBoard 12/ 3

Meeting with FRBoard and plan approved 12/ 6

Draft of letter to Governors of FRBanks approv-

ing plan 12/ 7

Commissioner of Finance of Missouri: (See Missouri)

Committees:American Bankers Association:

Noncash Collections: (See Clearing and Collection)

Standardization of checks, notes, drafts, etc.,request to meet with FRBoard 12/ 3

Meeting with FRBoard and plan approved 12/ 6

Draft of letter to Governors of FRBanksapproving plan 12/ 7

FRAgents Conference:Election of Class "101 and "B" directors, report

on procedure for 11/30

Executive, meeting in Chicago, FRAgent at Boston

to discuss program with FRBoard 8/11

Member Bank Reserves, recommendation of Conferenceof Governors on report of 11/26

National Summary of Business Conditions, report 11/30

Right of FRBoard to deny applications of newnational banks for stock in FRBanks 11/30

423425-6

428-30

466

525

544

552

38

262

406410

414

406410

414

389

83

372387

387


20Pages

Cormittees: (Contld)FREank of Atlanta:

Directors Black, Ware and Melvin to investigateconduct of Er. Campbell: (See Directors

Directors Black, Ware and Newton to confer withFRBoard on matters of interest toFRBank and FRSvstem

Directors Black and Kettig to confer with com-mittee of RBoard on future func-tioning of Havana Agency

Salary, appointed to investigate increase in ex-penses for nine month period, re-port of

11/22

12/17

11/22

352

471

353FRBank of Chicago:

Building Committee for Detroit Branch, meetingwith RBoard to consider plans andbids for Detroit building 12/ 1 397-400

FRBoard:Bylaws, to consider amendment to, Messrs. Miller

and. Platt appointed 8/24 116Report of Committee presented to Executive

Committee and recommended to FRBoardfor adoption 8/26 125

Amendment adopted 9/23 187Examination:

Report on resolution of Mr. Miller on co-ordi-nating examining work of FRSystemunder supervision of FRBoard 11/ 2 319

Report tentatively approved 11/ 3 323-5Executive:

Amendment to bylaws on 8/26 124Cunningham, E. H., appointed for three months 9/29 198

Expiration of term 12/30 554Hamlin, C. S., member during absence of

Mr. Platt 8/ 3 54Designated member for three months 12/30 554

James, George R., appointed member for threemonths 7/ 2 10

Expiration of term 9/29 198Fiduciary powers, appointment of Messrs. Eddy

Pole and Carter 7/14 28Law:

Platt, Edmund, designated to act during ab-sence of Er. McIntosh 11/26 374

Special;Governor, Comptroller of the Currency and

Committee on Examinations on rela-tion between FRBanks and Commissionerof Finance of Missouri 9/30 205


Committees: (Cont a)FRBoard: (Contld)

Special: (Contld)To employ examiners for State Bank Examina-

tion Division, Governor and Comp-troller of the Currency

To study need of establishing Division ofCredit Information, report to be sub-

mitted by Mr. SmeadReport submitted

Governors Conference:General Committee on Bankers Acceptances: (See

Acceptances)Three operating men from FRBanks to assist in draft-

ing regulations for rediscount of

adjusted service certificates

Open Market Investment:Meetings:

August 17, minutes ofSeptember 10, to be held in Washington

Held. with FRBoardMinutes, revised copy submitted

December 20, to be held in New York, dis-approved

Recommendation on System's special investment ac-

count, action of FRBoard onLetter from Mr. Case on action of FRBoard

Report to Conference of Governors on possible pur-

chase of securities to be later

resoldAction of FRBoard reconsidered and letter to

Mr. Case on future action of Com-mittee

Sale of Third Liberty Loan bonds to Treasury

Pension, Report of: (See Pension Committee)

Comptroller of the Currency:Classification of deposits of national banks, practice

of national bank examiners inchecking

Reply of Comptroller of the Currency

Copy of letter to be sent to Governor of FRBankof Dallas

Condition Reports of National Banks:Call as of June 30

Call as of December 31Federal Reserve bank notes stored in Issue Division,

cancellation and destruction of

FRBank of Dallas, refusal to extend rediscount facili-ties to City National Bank, Decatur,Texas

21Pages

8/23 108

7/ 7 127/21 39

11/26 373

8/24 1149/ 7 l40"9/10 1529/15 l62

12/15 464

9/10 153-5 --9/15 162'-

11/ 9 335.

11/10 338'8/23 106

10/26 29911/ 9 331

12/ 7 423

7/ 2 612/31 558

8/23 110

10/20 284


22

Comptroller of the Currency: (Contld)Fiduciary powers of national bank, conditions under

which it would be advisable to

Pages

refuse applications 8/26 123Report of Comptroller of the Currency on 9/ 2 134

Laws of States covering investments of corporate fidu-ciaries, etc., request for informa-tion on 12/10 443

Stock in FRBanks held by national banks which haveceased to do business 11/30 387

Memo of Counsel and letter to Comptroller request-ing opinion on amendments to FRActand Revised Statutes 12/28 532

Condition Reports:National Banks:

Call to be made as of June 30 7/2 6Call to be made as of December 31 12/31 558

State Member Banks:Bank credit used in real estate and building,

plan for obtaining data on 12/ 7 418Report of Mr. Goldenweiser and Mr. Smead

that form of report not be changedpending passage of McFadden Bill 12/ 7 426

Call to be made as of June 30 7/ 2 6Call to be made as of December 31 12/31 558

Weekly FRBank Statement:Credit to National Bank of Belgium, comment to be

made in analysis when first pur-chases are made 10/28 305

Letter from Deputy Governor of FRBank of Nev. Yorkagainst proposed statement 11/19 350

Plan reconsidered but "bills bought in open market"to show foreign and domestic billsseparately 12/ 3 408

Draft of form of statement submitted and approved 12/28 538Weekly Member Bank Statement:

Figures for New York and Chicago to be releasedon Friday and consolidated state-ment on Monday 10/26 300

Proposed Change ordered laid on table forthe present 11/ 2 318

Topic for discussion by Federal AdvisoryCouncil 11/ 9 333

Report of Federal Advisory Council andFRAgents Confer,nce on, advancerelease disapproved 11/30 385

Conferences:Attorney General of Missouri with FRAgents at St.Louis

and Kansas City on examinations ofState member banks in Missouri 8/11 87


Conferences: (Cont 'd)Branch banking, request of Hon. Morton D. Hull for

portions of report ofCotton seed, bankers acceptances as applied to finan-

cing storage of, Messrs. Yohe,Thomas, Benet and Kenzel withMr. James on

Cotton situation, to be held in New Orleans, letterfrom Mr. Hoover on

(See also Cotton)Federal Advisory Council: (See Federal Advisory Council)FRAgents:

Meeting to be held November 4, 5 and 6Program to be discussed with FRBoard by FRAgent

at BostonReport of Executive Committee on program and

reduction in reserve requirementsadded as topic

Program submitted by Mr. CurtissRecommendations:

Assistant FRAgents at branches, necessityfor, and procedure for handlingnote functions at branches

Charters of national banks, committee ap-pointed to study right of FRBoardto deny applications for stock inFRBanks

Directors of FRBanks, procedure in electionof Class "A" and "B"

Dividends on FRBank stock held by nationalbanks which have ceased business

Examination function of FRBanks, report onConsideration of report postponed pend-

ing meeting of Mr. Gilbert withCommittee on Examinations

Member banks granted permission to carryreduced reserves to be reviewedeach year

Release of figures of reporting member banksin Chicago and New Yo4, in advanceof consolidated statement, resolu-tion against

Report of Committee on National Summary ofBusiness Conditions

Resolution on release of figures for Chicagoand New York in advcmce of consoli-dated statement

Surrender of FRBank stock by national banksthat have closed but not yet goneinto liquidation

8/23

8/23

10/ 8

9/10

8/11

8/2610/20

11/30

11/30

11/30

11/3011/30

12/10

11/30

11/30

11/30

11/30

12/28

23Pages

110

107

251

154

83

121285

388

387

389

387387

444

390

385

387

384

532


24Pages

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

Topics for Discussion:Assistant FRAgents at branches merely to

handle unissued FRnotes 9/29 199Directors, election of Class "10 and "B",

discussion of criticisms of presentplan and Changes in group classifi-cation 9/22 173

Letter to all FRAgents submitting astopic for Conference 9/23 183

Representation of FRBanks at bankers conven-tions 10/ 8 253

Safekeeping of securities of Farm LoanRegistrars, etc. 7/21 39

Governors:First part of November probable date for next 9/7 141November 8, 9 and 10 set as dates 9/10 154Recommendations of -

Adjusted service certificates, regulationson rediscount of notes secured by 11/26 373

Borrowings of parent corporations to beloaned to subsidiaries, eligibilityof notes representing 11/26 376

Capital and other requirements of nationalbanks exercising fiduciary powers 11/26 373

Counsel for FRSystem as whole, employment ofNewton D. Baker, disapproved 10/ 5 221

Deposits of securities for safekeeping fromFederal Intermediate Credit Banks,Federal Land Banks, and Farm LoanRegistrars 11/26 374

Directors of mutual savings banks as direc-tors of FRBanks, amendment to FRActto make eligible 11/26 378

Jurisdiction over suits by and againstFRBanks, amendment to law to restoreto Federal Courts 11/26 375

Mail robberies, correspondence between Post-master General and FRBoard 11/26 378

Noncash collection items, reconsideration ofruling of FRBoard on 11/22 354

Date for reconsideration to be fixed byGovernor

el/11/20 354

(See also Clearing and Collection)Pension Committee, report of 11/26 378

Report disapproved by FRBoard 11/30 395Draft of letter to Governors of FRBanks

stating position of FRBoard 12/ 3 401


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

Recommendations of: (Cont'd)Recommendations submitted to FRBoard 11/24Regulation "A", amendment to make bankers

acceptances drawn by elevator orwarehouse companies eligible forrediscount 11/26

(See also Accentances)Report of General Committee on Bankers Accep-

tances ap?roved and referred toFRBoard 11/ 9

View of Federal Advisory Council re-quested 11/19

Report again recommended and referredto Law Committee 11/26

Representation of FRBanks at bankers con-vention 11/26

Reserves, report of FRAgents' Committee onMember Bank 11/26

Taxes on income from bankers acceptancespurchased for foreign banks 11/26

Topics for discussion, program submitted byMr. Harrison 10/20

Adjusted service certificates, regulationsfor discount of 8/ 6

Jurisdiction over gaits by and against FRBanksmemo of Counsel on 10/12

Noneash collection items, circular of FRBoard 10/ 5Notes of parent corporations for funds to

be advanced to subsidiaries 10/12Representation of FRBanks at bankers con-

ventions 10/ 8Revision of Regulation "A" to make eligible

for rediscount bankers acceptancesdrawn by elevator companies 8/11

Safekeeping of securities of Farm Loan Regis-trars, etc. 7/21

Research and statistical representatives of FRBanks,suggested for September 8/ 6

Conference approved by Mr. Miller and date to beset by Governor 8/24

Held October 4 and 5, memo of Mr. Goldenweiserreporting on 10/12

Congressional Service of Corporation Trust Co., subscrip-tion to 12/ 7

Consolidations:American Bank of San Francisco to take over College

National Bank of Berkeley and con-solidate with branch 9/23

25Pages

370

372

329

349

377

375

372

377

285

74

258219

258

253

91

39

71

115

257

416

179


Consolidations: (Contld)American Union Bank, New York, merger with Municipal

Bank of Brooklyn, being considered 12/30 543Bank of the Manhattan Co., New York City:

Absorption of Greenpoint Bank of Brooklyn, andoperation as branch 8/11 80

Advice of absorption 8/23 102Purchase of majority stock of Bronx Borough Bank

and operation as unit bank 8/11 81Bank of Monroe, Monroe, Ga., taking over Union Banking

Co. without making application 9/15 162Bank to be asked to make formal application 9/22 175Application approved 10/ 5 219

Central Mercantile Bank, New York City:American Bank of New York, merger reported 10/20 281National American Bank, proposed merger 8/11 81

Application approved 8/23 104Main office to be established at Fifth Ave.

and 44th St., branch at 8 West 40thSt. to be discontinued 12/ 3 405

Citizens & Southern Bank, Savannah, Ga., permission totake over Bank of East Point andoperate as branch 7/14 23

Notice from bank of decision not to take over 8/11 82City Bank Trust Co., Syracuse, N. Y., to take over Bank

of Onondaga, Onondaga Valley, N. Y. 12/28 530Fidelity-Philadelphia Trust Co., Philadelphia, Pa.,

formed by Fidelity Trust Co. andPhiladelphia Trust Co. 7/14 23

First Bank of Albany, Albany, N. Y., absorption ofAlbany Trust Co., approved 11/24 366

Merger includes also taking over of branches 11/30 381First Bank of Utica, Utica, N. Y., merger with Oneida

County Trust Co., and operation asbranch 9/ 7 138

Notice of merger under title of First Bank & TrustCo. of Utica 9/29 197

First National Bank, Albany, N. Y., control of AlbanyTrust Co. obtained, and consolida-tion planned 8/26 120

First National Bank and Haskell National Bank, Haskell,Okla., consolidation to be soughtthrough National Bank Examiner 12/31

Fir et National Bank, Monessen, Pe., with National Bank& Trust Co., to form First NationalBank & Trust Co., application forfiduciary powers 11/17

First National Bank, Mt. Sterling, Ohio, with CitizensNational Bank, adjustment in capi-tal as result of 9/27 194


Consolidations: (Cont 'd)First Trust & Deposit Co., Syracuse, IT. Y., purchase

of assets of Eastwood Bank, East-wood, and operation as branch

Advice of completion of transactionFourth & Central Trust Co., Cincinnati, Ohio, merger

of Citizens National BankGunnison Valley Bank, Gunnison, Utah, absorption of

Bank of CenterfieldApplication approved

Irving Bank-Columbia Trust Co., New York City, mergerof National Butchers & Drovers Bankwith, and title changed to IrvingBank & Trust Co.

Adjustment in stock as result ofIrving Bank & Trust Co. and American Exchange-Pacific

National Bank, Nev. York, merger

Merger approvedApplication for membership as American Exchange-

Pacific Bank of New York

Merger of American Exchange-Pacific Bank intoand title chanced to American Ex-change Irving Trust Co.

Lake Erie Trust Co., Cleveland, Ohio, absorption ofOhio Trust Co., application to besecured by FRAgent

Application approvedMercantile Trust Co. of California, application to

take over American Bank of SanFrancisco and branches

Telegram from FRAgent at San Francisco submittinginformation on, motion to approvelaid on table

Action again deferredMr. Herman Phleger, attorney for bank, appeared

before FRBoard and discussed capitalstock and real estate holdings

Written statement of Mr. Phlecer and telegramfrom President Drum presented,merger approved

Telegram to FRAgent at San Francisco advising ofaction of FABoard

Operation of branches pending permanent locationafter consolidation

Merchants & Manufacturers National Bank, Newark, N. J.,

to convert into trust company,application for membership, andmerger with Newark Trust Co.

9/ 210/ 5

12/30

9/159/29

9/229/30

10/2110/28

11/ 9

12/14

12/ 312/14

9/29

10/ 410/ 5

10/ 5

10/ 6

10/ 6

12/14

12/10

27Pages

131218

549

160200

173204

292305

327

450

406452

201

208209

222

228

231

450

438


28

Consolidations: (Cont 'd)Merchants National Bank and Hellman Commercial Trust

& Savings Bank, Los Angeles, toform Merchants National Bank &Trust Co.

New title to be "Merchants National Trust & Say-ings Bank of Los Angeles"

10/ 6

10/ 7

Page

226

244Montclair Trust Co., Montclair, N. J., purchase of

control of Peoples National Bank 12/14 450Pacific Southwest Trust & Savings Bank, Los Angeles:

Bank of Montrose, apolication to take over andoperate as branch refused 10/ 7 234

Application for reconsideration disapproved 12/10 439Lennox State Bank, to take over and operate as

branch 9/23 180West Hollywood National Bank, permission to take

over and operate as branch 12/ 7 416Phoenix National Bank, Hartford, Conn., with State

Bank & Trust Co., after conversioninto State bank, and procedure tobecome member 7/ 7 14

Security Trust & Savings Bank, Los Angeles, Calif., totake over Bank of Van Nuys andoperate as branch 9/23 180

Merger consummated and branch established 11/ 2 315Union Trust Co., Cincinnati, Ohio, merger of Fifth-

Third National Bank with, and tocontinue as State member 12/30 549

Wood & Huston Bank, Marshall, Mo., absorption ofNapton Stock Bank, Napton, Mo. 9/ 2 130

Contributions:F.Bank of Chicago:

Credit Justice Fund of National Association ofCredit Men 7/7 11

Approved 7/14 24FRBank of Cleveland:

Chamber of Commerce Military Committee 7/14 24FRBank of Dallas:

Texas Safe Farming Association for distributionof Chart 11/30 381

FRBank of Kansas City:Grand Avenue Improvement Association 7/7 11

Approved 7/16 32Conventions, bankers, representation of FRBanks at, recom-

mendation of Conference of Governors 11/26 375(See also American Bankers Association)


Conversions:American Exchange-Pacific Bank, New York, from Amer-

ican Exchange-Pacific NationalBank, permission to accept up to100 per cent

Hellman Commercial Trust & Savings Bank, Los Angeles,Calif., into national banking as-sociation

Merchants & Manufacturers National Bank, Newark, N. J.,into trust company prior to merger

Phoenix National Bank, Hartford, Conn., into Statebank prior to consolidation

(See also Consolidations)Corporation Trust Co., subscription to Congressional ServiceCotton:

Article for FRBulletin read by Dr. Goldenweiser andreferred to committee for revision

Committee Appointed by President:James, George R., letter from President appointingMeyer, Eugene, report of investigation being

made byRediscounts of banks in cotton section, policy of

FRBanks of Richmond, Atlanta, St.-Louis, and Dallas to be ascertained

Copy of telegram to FRBanksReplies of FRBanks of Atlanta, St. Louis,and

DallasReplies of FRBank of RichmondLetter from Secretary of Commerce advising of

Conference to be held in New OrleansTelegram to four FRBanks re ConferenceRevised telegram of FRBank of RichmondSupplementary telegram from FRBank of RichmondReport of Governor 7;el1born end Mr. Newton on

New Orleans Conference and circularletter to be sent by FRBank of At-lanta to its member banks

ruling on bankers acceptances as applied tofinancing the storage of

Cotton Seed Oil, to be considered manufactured product in-stead of agricultural, memo ofCounsel on

Reconsideration of ruling, letter from Governor ofFRBank of Dallas suggesting

Counsel, General:Memoranda:

Acceptance of drafts drawn on national banks byother banks against import and ex-port bills of exchange

Ruling adopted

11/19

9/ 2

12/10

7/ 7

12/ 7

11/ 2

10/19

10/19

10/ 610/ 6

10/ 710/ 7

10/ 810/ 810/ 810/12

10/14

8/23

10/26

12/23

11/2411/30

29Pages

346

127

438

14

416

314

271

267

229231

235245

251252254257

265

106

297

524

368392


30Pages

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

Acceptances, bankers, report of General Committeeon, approved by Conference of Gover-nors

Views pf Federal Advisory Council requestedAgain recommended by Conference of Governors

and referred to Law CommitteeAdjusted Service Certificates:

Collateral security for FRnotes, not to beused as

Regulations governing discount, to be placedon program for Governors Conference

Law Committee to draft regulations

11/ 911/19

11/26

10/26

8/611/17

329349

377

298

74342

Recommendation of Conference of Gov-ernors 11/26 373

Regulation "M" presented and adopted 12/ 9 431-6Angell, M . B., statement of expenses in connec-

tion with Pascagoula National Bankcase approved for payment 11/ 3 322

Assistant FRAgents at branches where unissuedFRnotes are carried 7/14 24

Bean, Theodore L., application to serve interlock-ing directorates approved 10/20 279

Branches of International Banking Corporation inChina to be taken over by NationalCity Bank of New York, arrangements 12/17 474

Brengle, Henry G., permission to serve interlock-ing directorates not affected byconsolidation of banks 7/27 52

Bruns, John F., application to serve interlockingdirectorates approved 8/23 102

Burkhardt, Charles A., eligible to serve as As-sistant FRAgent at Denver Branch 7/23 45

Cadmus, Wilmer A., application to serve interlock-ing directorates refused 8/11 81

Refusal to be effective as of January 1, 1927 11/30 385Capital requirements of national banks exercising

fiduciary powers in Florida 7/16 32Central National Bank, New York, application to

exercise fiduciary powers 10/28 302Citizens National Bank, Harlan, Ky., draft of

letter re application to exercisefiduciary powers 9/15 163

Application withdrawn 12/14 454Commercial Guaranty State Bank, Longview, Texas,

possible violation of RAct andRevised Statutes to be reported 7/14 25

Copy of part of examination report to be fur-nished Department of Justice 8/26 123


Counsel, General: (Contld)Memoranda: (Cent' d)

Congressional Service of Corporation Trust Co.,subscription to

Cotton seed oil, to be considered manufacturedproduct and not agricultural

Letter from Governor of FRBank of Dallassuggesting reconsideration of ruling

Counsel for FRSystem as whole disapnroved byFRBoard, and. plan for consideringlitigable matters

Coyle, John A., application to serve interlockingdirectorates

Department of Justice,request that employee ofFRBoard be named to appear at trialof United States v Beaucamp ifnecessary

Deposits of First National Bank, Letcher, S. D.,and other banks, classification

Deposits of securities of Farm Loan Registrars,etc., with FRBanks for safekeeping

Dividend checks of banks in liquidation can not bewithheld by FRBank of Chicago

Elgin State Bank, Elgin, Nebr., hearing on for-feiture of membership

Examination report of First State Bank & Trust Co.,Hereford, Tex., showing violationof Revised Statutes, copy of parttransmitted to Attorney General

Exchange charges under clearing house regulations,right of FRBoard to eliminate orregulate

Noted and ordered filedFailey, Bruce F., to continue to serve interlock-

ing directorates until Jan. 1, 1927Draft of letter to FRkgent at Chicago re,

and other applicationsAction postponed pending consolidation of

banksFRBulletin:

August, publication of ruling on purchase ofautomobiles to be used by subsid-iaries

December, material for publication inJanuary, material for publication in

FRnotes:Collateral for, discretion of FRAgent in

accepting paper offered asControl of unissued by FRkgent at head office,

to be released to branches by wire

12/ 7

10/26

12/23

10/ 5

10/20

9/15

10/ 5

7/21

12/28

8/11

9/15

10/1211/ 2

8/23

9/15

11/19

7/2311/3012/23

9/22

9/29

31Pages

416

297

524

221

279

163

220

39

531

87

166

261318

102

164

347

44393520

177

199


32

1 Pageo

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

Fidelity Trust Co., Portland, Maine, conditionof membership limiting loans andinvestments for one person waived

Fiduciary powers of state member banks in KentuckyLetter from FRAgent at St. Louis on

First National Bank, Fort Dodge, Iowa, applicationto rediscount paper originating innonmember banks

First National Bank, Lake Geneva, Wis., applica-tion to exercise general fiduciarypowers approved

Fisher, V. S., temporary refusal of permission toserve interlocking directorates tobecome final unless additional in-formation is furnished

Ford, Edsel B., application to serve interlockingdirectorates

Gest, William P., permission to serve interlock-ing directorates not affected byconsolidation of banks

Green, H. T. S., permission to serve interlockingdirectorates

Griffin, J. L., application to serve interlockingdirectorates held pending conversionof bank 8/24 113codification of Federal laws, errorsin sections of FRAct and other lawsrelating to FRSystemdirectorate applications awaitingamendment to Clayton Act, to beacted on

Interlocking directorates applications of T. H.Eckerson, J. M. Enright, Frank C.Ferguson, E. F.

Kinkead.J. Ualoney not necessary 9/22 172 1and Thomas

Joint Stock Land Banks as "tanks" under ClaytonAct, opinion to be submitted toAttorney General through Secretaryof the Treasury 11/30

Jurisdiction over suits by and against FRBanks,topic for Conference of Governors 10/12

Lake County Loan & Savings Bank, Lakeview, Ore.,new application for membershipnecessary because of new charter 8/11

Lotte, C. W., application to serve interlockingdirectorates refused 6/11

Refusal to be effective as of January 1, 1927 11/30

H. R. 10,000,

Interlocking

12/288/269/15

531122161

12/17 471 4

12/10 437

9/29 196

12/23 520

7/27 52

11/24 362

111/9 330 i4

7/14 25

396

258

84

81385


33Pages

Counsel, General: (Contld)Lemoranda: (Cont' a.)

McAllister, Richard, temporary refusal to serveinterlocking directorates to be-came final if additional informa-tion is not furnished

Letter from Hon. Isaac Bachrach re10/ 611/ 2

225318

Mellette County State Bank, White River, S. D.,reduction in capital stock belowrequired minimum 10/12 260

Minnesota country member banks, resolution on dis-continuance of par clearance system,etc. 10/12 262

National Bank of Mattoon, Mattoon, Ill., applica-tion to exercise fiduciary powers 10/ 5 216

National Bank of Rising Sun, Md., acting as as-signee under voluntary deed ofassignment 10/ 6 226

Newton, Isaac B., connection as director of build-ing and loan association not favoredby FRBoard 8/23 109

Noncash collection items, opinion that FRBoardhas no authority to require FRBanksto handle 9/23 184

(See also Clearing and Collection)Notes of Kansas City Cold Storage & Warehouse Co.,

ineligible for rediscount 8/3 5°Ruling to be published in FRBulletin and

FRBanks to be advised 8/12 95Request for reconsideration of ruling denied 9/23 180

Penn National Bank, Reading, Pa., issue of mort-gage trust certificates by 11/24 567

Philipnine Islands, establishment of foreignbranches in: (See Branch BanksForeign)

Phoenix National Bank, Hartford, Conn., procedurefor conversion into State bank, con-solidation with nonmember bank, andsubsequent membership in FRSystem 7/7 14

Power of attorney to be filed with Cuban authori-ties to empower Manaer of HavanaAgency to exercise authority 12/30 546

Regulation A10, proposed amendment to make bankers'acceptances drawn by elevator com-pany eligible for rediscount 7/23 45

(See also Acceptances)Regulation AY": (See Adjusted Service Certificates)Renkel, George W., application to serve interlock-

ing directorates refused 8/11 81Refusal to be effective as of January 1, 1927 11/30 385


34

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

Reserve requirements of member banks in boroughof New York City, memo to be pre-pared on

Memo submittedReserves of member banks, reply to Governor of

FRBank of Kansas City on deductionsto be allowed in computing

Robinson, Walter, probable violation of provisionsof FRAct, to be reported to U. S.District Attorney

Report of Committee on District No. 10Romfh, G. B., application for interlocking direc-

torates held pending conversion ofbank

Slater, Albert H., application to serve interlock-ing directorates refused

Refusal to be effective as of January 1,1927Smith, John F., application to serve interlocking-

directorates approvedStock, capital, right of FRBoard to impose certain

conditions in granting permissionfor reduction

Surrender of FRBank stock by banks closed but notyet in liquidation, amendments toFRAct and Revised Statutes recom-mended

Texas State Bank & Trust Co., San Antonio, Tex.,surrender of excess shares of FRBankstock allotted to

Union Bank & Trust Co., Baton Rouge, La., certifi-cate of membership lost, to be re-turned if found

Violation of FRAct and Revised Statutes by Com-mercial Guaranty State Bank, Long-view, Tex., and First State Bank &Trust Co., Hereford, Tex., to bereported to local United StatesAttorney

(See also Revised Statutes)

Volk, B.,Jr., necessary to resign from one bank be-fore approval of application to serveinterlocking directorates

Warner, A. L., application to serve interlockingdirectorates approved

Windholz, L. H., application to serve interlockingdirectorates approved

Woolwine, W. D., to file new application to serveinterlocking directorates

Draft of reply to letter from L.r. 7;oolwine

Pages

11/ 9 33311/19 346

10/20 282

12/23 52312/30 548

8/24 113

8/11 8111/30 385

8/23 102

10/ 6 227

12/28 532

10/21 291

11/19 349

7/14 25

11/19 346

9/23 181

8/ 4 63

9/15 16411/24 363

I

1


Court Cases:Pascagoula Case: (See Par Clearance Cases)

United States v Beaucamp, Mr. Eddy designated to appear

at trial if necessaryCox, Walter S., revised contract for doing reporting work

for FRBoard, apnrovedCredit Investigations and examinations of member banks made

by FRBank of New York, copies to be

furnished to FRBoardCredit Justice Fund: (See National Association of Credit Men)

Credits to Foreign Countries: (See FRBank of New York)Cuba:

Agencies, FRBank: (See Agencies)Currency situation in, memo of Mr. James on letter from

Governor WellbornResolution of FRBoard on consolidation of Havana Agen-

cies to be filed with Government

Cunningham, J. B., Bureau of Investigation: (See Departmentof Justice)

Currency:Counterfeiting of, letter from Financial Committee of

League of Nations on meeting todiscuss suppression of, and ques-tionnaire on

Cuba, situation with reference to one and two dollarbills, memo of Mr. James on

(See also FRnotes)Currency Stations:

First National Bank, Miami, Fla., revolving fund to bediscontinued

Discontinued as of October 15, 1926Letter from Governor Wellborn that bank has been

notifiedFirst National Bank, Tampa, Fla., apolication of FRBank

of Atlanta to establish fund at,disapproved

Custody of Securities: (See Safekeeping)Czechoslovak National Bank, arrangement with FRBank of New

York for loans against gold de-posited with National Bank ofBelgium terminated

9/15

12/14

8/12

8/23

12/22

8/24

8/23

8/ 68/23

9/ 2

8/23

12/10

35Pages

163

454

94

109

515

114

109

7598

129

98

441


Dearborn Independent, inquiry from Washington Office onamount of FRnotes issued from1918 to 1921, etc. 12/ 3 406

Department of Agriculture:Canners, methods of handling products of, and adminis-

tration of Warehouse Act, Mr. Yoheto appear before Conference ofGovernors and FRAgents 10/28 302

Regulation of Bureau of Chemistry imposed on shippersof fruit with reference to sprayresidue 8/23 108

Department of Commerce:Booklet issued by, on plan for size and arrangement

of checks, drafts, etc. 12/ 6 410(See also Secretary of Commerce)

Department of Justice:Commercial Guaranty State Bank, Longview, Texas:

Part of examination report showing violations ofRevised Statutes to be furnished 8/26 123

Ounningham,J. B., Bureau of Investigation:Report of previous investigation of conduct of

Director McCrary of FRBank of Atlanta 7/ 1Suggestions on proposed investigation and draft

of letter to Attorney General 7/ 2Examination report of First State Bank & Trust Co.,

Hereford, Tex., showing violationof Revised Statutes, transmitted to 9/15 166

Furman, Roy, irregularities in credit files at FRBankof New York, reported to DistrictAttorney 12/28 536

Discussed by Mr. Jay at meeting with FRBoard 12/30 544Letter to Attorney General that offence does not

warrant criminal proceedings 12/30 553Joint Stock Land Banks, as banks under Clayton Act,

opinion of Counsel to be trans-mitted with request for opinion

quorum of FRBoard, right to fix four members as,opinion to be asked through Secre-tary of the Treasury

11/30

8/11

386

79Request to be laid on table until report of Com-

mittee on amendment to bylaws 8/24 116Rank, H. E., commission as Assistant Examiner cancelled

after completion of examination ofFRBank of Atlanta 8/ 6 71

Report on examination at FRBank of Atlanta 8/23 99Consideration of report of 10/19 273


Department of Justice: (Contld)Record of previous investigation into conduct of

Director McCrary and request fornew investigation

Report of Mr. Cunningham on investigation anddraft of letter to Attorney General

Reply of Assistant Attorney General that it hadbeen referred to Bureau of Investi-gation

Robinson, Walter, relieved of duties as Examiner atFRBank of Kansas City and questionof reporting case to U. S. Dis-trict Attorney

Memo of Counsel that case should be reportedReport of Committee on procedure in case and pay-

ment of salary beyond date of ter-mination of services

Shivers, R. L., report on investigation at FRBank ofAtlanta

Tower, J. M., report on conduct of Director McCraryof FRBank of Atlanta

United States v Beaucamp, Mr. Eddy designated to appearat trial if necessary

Department of State:Havana Agencies, letter from Secretary of State on con-

tinuation and consolidation ofIssue and redemption of currency in China by Inter-

national Banking Corporation, to bereferred to

Department of War: (See Secretary of War)Depositors:

Losses in connection with failed banks, report beingprepared by Division of Researchand Statistics

DePosits:First National Bank, Letcher, S. D., and other banks,

classification ofMember banks, practice of classifying time and demand

Letter from Comptroller of the Currency on prac-tice of national bank examinersin checking

Copy of letter to be sent to Governor of FRBankof Dallas

Orangeburg National Bank, Orangeburg, S. C., depositof bonds in trust department tosecure trust funds deposited insavings department not necessary

Public funds, correspondence of Commercial NationalBank, San Antonio, Tex., on clas-sification of

37Pages

7/ 1 1

7/ 2 3

7/14 19

12/10 44112/23 523

12/30 548

8/23 99

7/ 1 2

9/15 163

11/19 348

12/17 474

8/11 85

10/ 5 22010/26 299

11/ 9 331

12/ 7 423

11/24 368

12/23 524


38

Deposits: (Contld)Ratio of bmilf deposits to total deposits, bank in

St. Louis District granted permis-sion to carry reduced reserves 9/23

Detroit Clearing House Association, resolution on collectionof checks on banks in Michigan at par 11/30

Dice, Prof. Charles A., request to use chart from FRBulletin

Pageo

185

383

in college text book 9/15 165Digest of Rulings, copies to be given to Chamber of Commerce

of the United States 11/ 2 314Directors, Branch Banks, FRSystem:

Appointment of, regulations of Placard to be givenfull effect 10/20 285

Baltimore Branch:Cahill, Edmund P., reappointed for three years 12/15 460Dudley, A. H., reappointed Managing Director 12/10 438Osburn, Carter G., reappointed for three years 12/10 438

Birmingham Branch:Crawford, W. ‘i;.,reappointed for three years 12/14 448Walker, A. E., reappointed Managing Director 12/14 448Wells, Oscar, reappointed for three years 12/15 460

Buffalo Branch:Amendment to bylaws to increase allowance for at-

tending meetings 11/30 383Cooley, F. B., appointed for three years 12/15 459McNulty, James H., advice of death of 10/20 280Ramsdell, Harry T., reappointed for three years 11/30 393

Cincinnati Branch:Anderson, B. A., resignation to serve on political

committee 9/7 140Dupuis, Charles W., reappointed for three years 12/ 7 413Geier, Fred A., appointed for unexpired term of

E. A. Anderson 12/15 459McCombs, C. F., reappointed Managing Director 12/ 7 413Omwake, Jahn, reappointed for three years 12/15 459

Circular to FRAgents as to whether branch directorswill be five or seven 9/23 178

Denver Branch:Davis, R. H., reappointed for three years 12/15 462Gano, Merritt W., appointed for unexpired term

of W. L. Petrikin 12/15 462Olson, J. E., reappointed Managing Director

for 1927 12/14 449Swan, Henry, elected for three years 12/14 449

Detroit Branch:Bassett, H. H., advice of death of 10/20 280Cation, William R., reappointed Managing Director

for 1927 12/23 518Hull, N. P., reappointed for three years 12/15 461McMorran, David, appointed for unexpired term

of H. H. Bassett 12/15 461


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

Staley, John W., reappointed for three yearsEl Paso Branch:

Cahoon, E. A., reelected for three years

Coles, A. P., reappointed for three years

Crumo, M., reappointed Managing Director for 1927

Helena Branch:Kaufman, R. O., reelected for two years

Kelly, C. J., appointment recommended but actionpostponed

Reappointed for two yearsNumber to be reduced from seven to five

Amendments to bylaws as result ofTowle, R. E., reelected Managing Director for 1927

Houston Branch:Amendment to bylaws to change time of meeting

Gossett, E. F., reelected for three years

Reordan, D. P., reappointed Managing Director

12/23

12/1412/1512/14

12/17

12/ 312/1512/ 312/1412/17

9/1512/1412/1412/15

12/1412/1412/15

12/1712/1512/17

12/2312/3112/2312/317/16

12/23

12/1512/1712/17

12/1712/1712/15

12/15

9/ 9

39Pages

518

449463449

469

404462404455469

161449449463

448448460

468461468

51855851855831518

461468468

468468462

460

145

Wilson, J. C., reappointed for three yearsJacksonville Branch:

DeSaussure, George R., reappointed Managing Di-rector for 1927

Lane, E. W., reelected for three yearsSaussy, Fulton, reappointed for three years

Little Rock Branch:Bailey, A. F., reappointed Managing Director

Campbell, Gordon H., reappointed for three yearsWilson, Stuart, reappointed for three years

Los Angeles Branch:Alexander, J. B., appointed for unexpired term

of G. B. HarrisonAppointments effective January 1Chairman reappointed for 1927

Telegram from FRBoard onHarrison, George B., resignation ofValentine, W. L., reappointed for three years

Louisville Branch:Black, William, reappointed for three years

Hoge, Eugene E., reappointed for three years

Kinchloe, W. P., reappointed Managing Director

Memphis Branch:Glasgow, W. H., reappointed Managing Director

McDowell, John D., reappointed for three yearsOrgill, William, appointed for three years

Nashville Branch:Davis, Paul m., reappointed for three years

Embrey, T. A., present as witness in hearingof Mr. Campbell


40

Directors, Branch Banks, FRSystem: (Contld)Nashville Branch: (Contld)

Fort, Joel B., Jr., reappointed Managing Director

Lindsey, E. A., reelected for three years

New Orleans Branch:Foote, F. W., reelected for three years

Simon, L. C., reappointed for three years

Walker, Marcus, reappointed Managing Director

12/1412/14

12/1412/1512/14

Pagee

448448

449460449

Oklahoma City Branch:Daniel, C. E., reappointed Managing Director 12/14 449

Ferguson, Walter, elected for three years 12/14 449

Miller, Austin, appointed for three years 12/15 463

Omaha Branch:Davis, T. L., elected for three years 12/14 449

Earhart, L. H., reappointed Managing Director 12/14 449Hardy, William E., appointed for three years 12/15 463

Pittsburgh Branch:Eisaman, Joseph R., reappointed for three years 12/ 7 413Humphrey, Arthur L., appointed for three years 12/15 460

Nevin, J. C., reappointed Managing Director 12/ 7 413

Portland Branch:Appointments effective January 1, notice of 12/31 558

Chairman reappointed for 1927 12/23 518

Telegram from FRBoard on election of 12/31 558

Strauss, Nathan, reappointed for three years 12/23 518

Salt Lake City Branch:Appointments effective January 1, notice of 12/31 558


Telegram from FRBoard on appointment of 12/31 558

Hanchett, Lafayette, reappointed for three years 12/23 518

Seattle Branch:Appointments effective January 1, notice of 12/31 558



Clarke, Charles H., reappointed for three years 12/23 518

Spokane Branch:Appointments effective January 1, notice of 12/31 558



Toevs, G. I., reappointed for three years 12/23 518

Directors, FRBanks:FRBank of Atlanta:

Amendment to bylaws to change time of meeting 9/2 131

Black, E. R., appointed on special committee toconfer with FRBoard on future func-tioning of Havana Agency 12/17 471

Committee composed of Messrs. Black, Melvin andWare to investigate conduct ofMr. Campbell: .

Date of hearing of Mr. Campbell,letter toMr. Black on 7/ 2


Directors, FRBanks: (Contld)FRBank of Atlanta: (Contld)

Committee composed of, etc.: (Contld)Hearing proposed, advice ofPresent at hearingAgain present at meeting and documents givenDesire to come to Washington to discuss their

reportGovernor authorized to receive committeeReport of Governor on meetingFinal report of committee receivedReport made part of records(See also Hearings, Campbell)

7/149/ 99/10

9/229/239/2410/ 610/ 7

41Pages

18145151

176182190232237

Committee composed of Messrs. Black, Ware andNewton, to confer with FRBoard onmatters of interest to FRBank andFRSystem 11/22 352

Kettig, W. H.:Action of directors in approving report on

currency shipment to Havana, let-ter expressing disapproval 10/ 5 222

Appearance of Cuban Agency Committee beforeFRBoard, letter on 10/20 284

Appointed on special committee to confer withFRBoard on future functioning ofHavana Agency 12/17 471

Designated Deputy Chairman 12/15 464McCrary, J. A., record concerning conduct of, rep-

resentative of Department of Justiceto appear before FRBoard

Suggestions of Ur. Cunningham of Department7/ 1

7/ 2

7/14

10/ 710/19

10/1912/15

12/17

10/12

11/22

1

3

19

242270

275460

471

258

352

of Justice and draft of letter toAttorney General

Reply from Assistant Attorney General that ithad been referred to Bureau of In-vestigation

Action made special order of business formeeting October 19

Special order for afternoon meetingResolution adopted that evidence insufficient

to demand resignationNewton, Oscar, reappointed for three years

(See also FRBank of Atlanta, Staff)Report of committee on expense voucher submitted

by Cashier of Jacksonville BranchResolutions on action of FRBoard in removing

Mr. CampbellParagraph from resolution ordered expunged

from records


42

Directors, FRBanks: (Contld)FRBank of Atlanta: (Contld)

Simon, Leon C.:Reelected Class "B"Report on conditions in Sixth FRDistrict

and FRBank of AtlantaWare, G. G., reelected Class 11.W1

FRBank of Boston:Allen, Philip R., reelected Class "B"

12/ 3

9/3012/ 3

12/ 3

Pages

403

207403

402Curtiss, Frederic H., reappointed for three years 12/15 458

(See also FRBank of Boston, Staff)Decision to close Havana Agency 8/23 97Hollis, Allen, designated Deputy Chairman 12/15 464Ripley, Alfred L., reelected Class 0.0 12/ 3 402

FRBank of Chicago:Heath, William A., redesignated FRAgent for 1927 12/15 461

(See also FRBank of Chicago, Staff)Johnson, E. L., reelected Class "A" 12/ 3 403Lueller, Robert, reelected Class "B" 12/ 3 403Simpson, James, reappointed Class "C" for three

years 12/15 461Designated Deputy Chairman 12/15 464

FRBank of Cleveland:Crabbs, George D., reelected Class "E" 12/ 3 402DeCamp, George, reappointed for three years 12/15 459

Salary approved 12/22 501Wardrop, Robert, reelected Class "A!' 12/ 3 402Williams, L. B., designated Deputy Chairman 12/15 464

FRBank of Dallas:Culbertson, J. J., reelected Class "B" 11/30 392Linz, Clarence E., reappointed Class "C" for

three years 12/15 463Designated Deputy Chairman 12/15 464

Smith, Howell E., reelected Class "A" 11/30 392Walsh, C. C., redesignated FRAgent for 1927 12/15 463

Salary approved 12/22 509FRBank of Kansas City:

Bulkley, W. S., Class "C", resignation of 11/30 382Letter from Governor of Bank referring to

vacancy 12/ 3 404Gibson, H. W., advice of death of, and extension

of time for closing nominationsfor regular election 11/ 3 322

Hord, Heber, designated Deputy Chairman 12/15 464LeClure, M. L., reappointed Class "C" for three

years 12/15 462(See also FRBank of Kansas City, Staff)

Mullaney, E. E., reelected Class "A" 12/ 7 413


Directors, FRBanks: (Contld)FRBank of Kansas City: (Contld)

Petrikin, William L., appointed Class "C" for

43Pages

unexpired term of V. S. Buikley 12/15 462

Phillips, L. E., elected Class "B" 12/ 7 413

FRBarik of Minneapolis:Bassett, J. C., reelected Class "A" 12/ 7 413

Clark, Hamer P., designated Deputy Chairman 12/15 464

Holter, Norman B., reelected Class "B" 12/ 7 413

Mitchell, John R., appointment as Class "C"recommended, action postponed 12/3 404

Reappointed for three years 12/15 462(See also FRBahk of Minneapolis, Staff)

FRBank of New York:Caldwell, George B., letter on qualifications

for appointment as Class "C" andFRAgent 12/30 549

Class "C", committee not yet ready to recommendsuccessor to Mr. Jay 12/15 459

Appointment discussed but committee notready to submit nominations 12/31 555

Committee to investigate borrowings of First Na-

tional Bank of New York 10/12 256

Letter from Deputy Chairman on 10/20 284

Jay, Pierre, resignation as Class "C" accepted 12/28 531

Appointment of successor discussed but com-mittee not ready to submit nomina-tions 12/31 555

Discussed while Secretary of the Treasury

was present 12/31 557

(See also FRBahk of New York, Staff)

Saunders, William L., expiration of term, com-mittee not ready to submit nomi-nation for successor 12/31 555

Successor discussed with Secretary of theTreasury 12/31 557

Treman, R. H., reelected Class "AP 12/ 3 403

Whitmarsh, Theodore F., reelected Class "B" 12/ 3 403

Woolley, Clarence M., designated Deputy Chairmanfor 1927 12/31 555

FRBahk of Philadelphia:Austin, R. L., reappointed for three years 12/15 459

Salary approved 12/22 500

Harrison, Charles C., designated Deputy Chairman 12/15 464

Sewall, Arthur W., elected Class "B" 12/ 7 412

Wayne, Joseph, Jr., reelected Class "A" 12/ 7 412

FRBahk of Richmond:Coker, D. R., reelected Class "B" 12/ 3 403


44

Directors, FRBanks: (Contld)7RBank of Richmond: (Contld)

Delano, Frederic A., designated Deputy ChairmanHoxton, W. W., reappointed for three years

Salary approvedJohnson, L. E., reelected Class ".0

MBank of St. Louis:Boehne, John W., rea7opointed for three years

Designated Deputy ChairmanDillard, Paul, appointed Class "C" for unexpired

term of Mr. MooneyAdvice of acceptance of appointment

Lonsdale, John G., reelected Class "A"

12/1512/1512/2212/ 3

12/1512/15

11/3012/ 312/ 7

Pages

464460502403

461464

395403413

Martin, William McC., redesignated FRAgent for 1927 12/15 461Mooney, C. P. J., Class "C",. advice of death of 11/22 359

Election of Mr. Paul Dillard to fill un-expired term 11/30 395

Percy, LeRoy, reelected Class liBil 12/ 7 413FRBank of San Francisco:

Dohrmann, A. B. C., reelected Class "B" 12/14 448Moore, Walton N., designated Deputy Chairman 12/15 464Newton, Isaac B., reappointment Class "C" for

three years 12/15 463(See also FRBahk of San Francisco, Staff)

Ramsay, T. H., elected Class "10 12/14 448PRBanks:

Amendment to FRAct proposed to make directors ofmutual savings banks eligible as 11/26 378

Appointment made special order of business forDecember 15 12/ 7 423

Chairmen and FRAgents, present and future statusof position to be subject ofspecial meeting 12/15 458

Class "JV and "B", polls for election to openNovember 15, and changes in presentplan discussed 9/22 173

Draft of letter to FRAgents with regard toworking of present system 9/23 183

Replies from FRAgents submitted with summaryof Assistant Secretary 10/28 307

Illection of, vote of First National Bank, Britt,Iowa, to be counted although. closed 11/24 363

Election of Class 111 1 and "B", report of Confer-ence of FRAgents on procedure for 11/30 389

LUtual Savings banks, amendment to FRAct to mice eli-gible as Directors of FRBanks,recommended by Conference of Gov-ernors 11/26 378


Discount Rates: (See Rates)Dividends:

FRBank of Atlanta, payment authorizedFRBank of Boston,FRBank of Chicago,

Checks for banks in liquidation can notFRBank of Cleveland, payment authorizedFRBank of Dallas,FRBank of Kansas City,FRBank of Minneapolis,

Amount ofMBank ofFRBank ofFRBank ofFRBank ofFRBank ofFRBanks:

Stock held by national banks which have ceasedto do business

Memo of Counsel and letter to Comptrollerof the Currency on proposed amend-ments to FRAct and Revised Statutes

Docket of FRBoard, Secretary to write memoranda to members, to clear up unfinished business

Dunbar, Alex.: (See Committees, A. B. A.)

U II

New York, paymentPhiladelphia, "Richmond,St. Louis,San Francisco,"

tl

authorizedIi

Elevator comnanies, proposed amendment to Regulation "10to make bankers' acceptancesdrawn by, eligible for rediscount

Reply of Governor of FRBank of Minneapolis to letterfrom FRBoard

Report of Law Committee with suggestion of Mr. Hamlinthat they be made eligible

To be placed on nrogram of Conference of GovernorsRecommendation of Conference of Governors

Europe:

Report of Secretary of the Treasury on visit toEuropean financial affairs, newspaper accounts of discussion

of Governor Strong with foreignbankers

Letter from Mr. Harrison reviewing statements onExamination function of FRBanks, report and recommendation

of Conference of FRAgents

45Pages

12/17 48312/17 47612/17 484

be withheld 12/28 53112/17 48012/17 48912/17 48712/28 53012/30 54112/17 47712/17 47912/17 48112/17 48512/17 490

11/30 387

12/28 532

8/11 91

7/23 45

8/3 59

8/6 748/11 91

11/26 372

9/24 193

EV 3 578/6 77

11/30 387


46

Examination function of FRBanks, etc.: (Contld)Consideration of retort postponed pending meeting of

Mr. Gilbert with Committee on Examrination 12/10

Pages

444Examinations:

Agencies of FRBanks, report of:Havana 8/3 60Savannah 8/3 60

Branches of FaBanks, report of:Birmingham 8/3 60Buffalo 12/14 456Cincinnati 12/14 456Jacksonville 8/3 60Los Angeles 12/14 456Nashville 8/3 60New Orleans 8/3 60Pittsburgh 12/14 456Portland 12/14 456Salt Lake City 12/14 456Seattle 12/14 456Spokane 12/14 456

Commerce Trust Co., Kansas City, Mo., report of,Chief Examiner to prepare analysis 11/ 2 317

Commercial Guaranty State Bank, Longview, Tex., reportnot to be furnished to Departmentof Justice 8/26 123

FRBank of Atlanta:Mr. Herson to meet with FRBoard on advisability of

undertaking at once 7/1: 2

To begin on July 10 7/2 3Report of Chief Examiner that no nonmember bank

paper or "Witham" paper was inFRBankis portfolio 7/23 44

Report submitted 8/3 60Report of Committee on Examinations and District

No. 6 with recommendations 8/6 75Report of agents of Department of Justice in con-

nection with 8/23 99I,RAgent to be requested to report on action taken

on criticisms of examiner 9/23 183Letter from FaAgent reporting on action on sug-

gestions of examiner 10/ 5 222Letter from FRAgent referred to Ur. Herson 10/20 286

FRBank of Boston, report of 12/14 455

FRBank of Cleveland as of October 16 12/14 456

FRBank of New York:Expenses of employees of FRBanks of Boston, Phila-

delphia, Cleveland and Richmond,detailed to assist in 7/ 7 12 1


Examinations: (Cont Id)FRBank of New York: (Contld)

Letter from Deputy Governor commenting on cri-

47Pages

ticisms contained in 8/26 121Report submitted 12/14 456

FRBank of San Francisco, report of 12/14 456FRBanks, circular letter advising of instructions to

Chief Examiner 12/23 523FRBanks and State Banking Departments, report on suf-

ficiency of, Mr. Claude Gilbertemployed to study 11/22 355

Resolution on, adopted 11/22 358Report on survey of State bank examinations 12/10 444Report of Committee on Examinations, Mr. Gilbert

authorized to proceed to FRBank ofSt. Louis 12/14 454

First National Bank, Green River, Wyo., report of useof its FRBank stock 7/ 2 6

Memo of Deputy Comptroller of the Currency thatstock has been repossessed 8/23 108

First State Bank & Trust Co., Hereford, Tex., showingviolation of Revised Statutes, parttransmitted to Attorney General 9/15 166

International Banking Corporation, New York City, post-poned upon recommendation of ChiefExaminer 12/17 475

Member banks made by FRBank of New York, copies to befurnished FR3oard 8/12 94

National City Bank of New York, foreign branches,Comptroller of the Currency to re-port on method of conducting 12/30 543

Reasonable expenses of examinations to be borneby bank 12/30 551

Pacific Southwest Trust & Savings Bank, Los Angeles,Calif., letter from State Superin-tendent of Banks to 11/ 2 316

Referred to Committee on Examinations 11/ 9 329State member banks, advisability of establishing Di-

vision of Bank Examinations for 8/ 6 77Resolutions on establishment approved 8/11 90Governor and Comptroller of the Currency apnointed

committee to negotiate for employ-ment of examiners 8/23 108

Report of committee on employment of examiners 9/ 2 135Scope of, Mr. Miller to submit revised resolution 9/23 187Report of Mr. Miller on, and employment of Mr.

H. W. Black 9/24 192Survey on efficiency of, to be made by Mr. Gilbert 11/22 355Resolution on, adopted 11/22 358


48

Examinations: (Contld)State member banks, etc.: (Contld)

Pages

Report of Mr. Gilbert on survey of examinations 12/10 444

Report of Committee on Examinations, and Yr. Gil-bert to proceed to St. Louis 12/14 454

State member banks in Lassouri, opinion of Attorney

General of Missouri that joint ex-

aminations can not be made 8/ 3 58

Letter from Assistant FRAgent at St. Louis and

FRAgent at Kansas City that prepara-

tions to make examinations will bemade 8/11 87

New opinion of Attorney General of Missouri, re-ferred to special committee 9/30 205

Order of FRBoard rescinded and relations withState Banking Department to be re-sumed• 11/30 394

Valley Bank of Phoenix, Ariz., and branches, StateSuperintendent of Banks to makesimultaneous 8/ 3 57

Examiners:FRBank of Atlanta:

Albertson, ward, designated special 12/17 468Byrne, J. J., designated 12/17 468

Conniff, H. F., designated special 12/17 468

Honour, J. W., designated special 12/17 468Johns, W. S., designated special 12/17 468

McGuire, J. Edward, resignation of 7/16 33

Paris, Earl P., designated 12/17 468

Taul, T. L., designated 7/16 32Redesignated 12/17 468

Taylor, Creed, designated special 12/17 468

FRBank of Dallas:Birdsong, E. A., salary increase disapproved 7/21 40

'Letter from Governor of FRBank to reconsider,disapproved 8/3 56

FRBank of Kansas City:Robinson, Walter, termination of services because

of violation of Section 22 of FRAct 12/10 441

Memo of Counsel on reporting case to DistrictAttorney 12/23 523

Report of Committee on procedure in case andpayment of salary beyond date oftermination of services 12/30 548

Wardell, S. A,, designated special 11/30 381

FRBank of New York:Byrne, John F., appointment of 7/2 6

Cokelet, William V. V., appointed Assistant 7/ 2 6

Guild, Alan C., resignation as Assistant 7/2 6


Examiners: (Contld)FRBank of Philadelphia:

49Pages

Anderson, C. W., designated 8/ 3 55Burke, C. P., resignation of 8/ 3 55

Flood, Charles B., designated to assist 11/19 345

Foulk, Morris, appointed Assistant 8/23 104

Saunders, William N., appointed Assistant 8/23 104

FRBank of San Francisco:Force to be increased by five, plan for 12/10 441

Read, J. P., Assistant, plan to commission as 12/10 444Appointment ap-oroved 12/23 517

Sargent, S. G., appointed Chief 12/23 517FRBranch Banks:

New Orleans:Walker, J. A., designated special for 1927 12/17 468

Portland:Sonne, H. A., appointment approved 12/23 517

Salt Lake City:Hupp, C. R., appointment approved 12/23 517

Spokane:McBride, E. B., appointment.approved 12/23 517

FRBoard:Buchanan, J. L., resignation of 8/3 55

Division of Bank Examinations:Governor and Comptroller of the Currency to

negotiate for employment of 8/23 108Employment of Mr. Black and suggested appoint-

ment of Messrs. Gilbert, Griffin,Hodgson and Smiley 9/ 2 135

Resolution on scope of work and employment ofMr. Claude Gilbert 11/22 355

Resolution adopted 11/22 358(See also Examinations, State Member Banks)

Heising, John D., appointed Assistant 9/15 159Herson, James F.:

Examination report of Commerce Trust Co., ofKansas City, Mo., analysis to be

11/ 2 317preparedSalary approved 12/22 513

To appear before FRBoard on advisability ofundertaking examination of FRBankof Atlanta at once 7/1 2

Present at meeting and report that exami-nation can be started July 10 7/2 3

Koppang, H. O., appointed Assistant 9/15 159Rank, H. E., commission as Assistant cancelled

after completion of examination ofFRBank of Atlanta 8/6 71

Report in connection with examination sub-mitted 8/23 99

Consideration of report of 10/19 273


50

Examiners: (Contld)National Bank:

Classification of deposits of national banks,practice in checking •

Copy of letter from Comptroller of the Cur-rency to be sent to Governor ofFRBank of Dallas

11/ 9

12/ 7

331

423Salaries of:

Bailey, Jennings L. 9/22 170Beise, S. Clark 10/26 293Boardman, Paul 9/22 170Brennan, Prank P. 7/27 51Chorpening, I. I. 8/3 55Connor, Lawrence R. 8/ 6 73French, Horace S. 7/27 51Green, Charles W. 7/27 51Greer, S. Marcus 11/ 9 328Hallman, George R. 11/ 9 328Hodgson, R. M. 11/ 9 328Hughes, J. G. 11/ 2 316Laird, Harry A. 10/28 306Taylor, William 7/27 51Utt, John F. 10/ 5 218Whipple, A. P. 9/29 198Wilson, William M. 11/ 9 328Wright, Elmer M. 11/17 340

State bank, complimentary copies of.FRBulletin sent 11/17 340Examining work of FRSystem, coordinating under supervision

of FRBoard, report of Committee onExaminations on resolution ofMr. Miller

Report of Committee tentatively approved11/2 319 )

11/ 3 323-5

fir

Failed Banks: (See Bank Failures)Farm Chart, contribution by FRBank of Dallas for distri-

bution of 11/30 361Farm Loan Registrars:

Deposit of securities with FRBahks for safekeeping 7/21 39Recommendation of Conference of Governors on 11/26 374

Federal Advisory Council:Alexander, J. S., to be requested to give observations

during trip abroad 11/ 9 333Braswell, J. C., elected alternate by FRBank of Richmond 12/10 436Bruton, John F., reelected by FRBank of Richmond 12/10 438


Federal Advisory Council: (Contld)Credits to central banks for stabilizing foreign cur-

rencies, discussion of 11/ 9

51Pages

334

Goebel, P. W., reelected by MBank of Kansas City 12/14 448

Houston, P. D., reelected by FRBank of Atlanta 12/14 448

Jones, Breckinridge, reappointed by FRBank of St.Louis 12/17 468

McKinney, B. A., fee and expenses for attending meeting 1'0/21 291

Meeting to be held September 17, topics for discussion 8/26 121

Recommendations:Condition statement of renorting member banks, re-

lease of figures for New York andChicago in advance of consolidatedstatement 11/30 385

Meeting held September 17, submitted, includingamendment to income tax law on in-come from American bankers accept-ances by foreign holders 10/26 299

Recommendation approved by Undersecretaryof the Treasury 11/ 2 316

Reserve requirements of outlying banks in centralreserve and reserve cities 11/30 384

Topics for Discussion:Meeting to be held November 19, topics to be

submitted 10/28 306Topics discussed by FRBoard 11/ 9 332-4Topics submitted by Secretary of Council 11/17 341

Publication of condition reports for New Yorkand Chicago in advance of completestatement 11/ 9 333

Recommendation of Conference of Governors on re-port of General Committee on Bank-ers Acceptances 11/19 349

Reserve requirements of banks in outlying dis-tricts of reserve and centralreserve cities 11/ 9 332

Ruling of Internal Revenue Bureau imposing taxon discount received by foreigncorporation from American bankersacceptances 9/ 2 134

Traylor, M. A., to represent FRBank of Chicago at meet-ing during absence of Mr. Wetmore 11/17 341

7,etmore, Frank 0., abroad, FRBank of Chicago to berepresentated by M. A. Traylor 11/17 341

Reelected by FRBank of Chicago for 1927 12/23 517

Vold, Theodore, reelected by MBank of Minneapolis 12/17 469

Federal Farm Loan Board, request for opinion of AttorneyGeneral whether Joint Stock LandBanks are banks under the ClaytonAct 11/30 386


52

Federal Intermediate Credit Banks:

Pages

Deposit of securities with FRBanks for safekeeping 7/21 39Recommendation of Conference of Governors on 11/26 374

Federal Land Banks:Deposit of securities with FRBanks for safekeeping. 7/21 39

Recommendation of Conference of Governors on 11/26 374Plan of FRBank of Minneapolis to impose charge

for, action postponed 12/30 548FRAct:

Amendments Proposed:Directors of FRBanks, to make directors of mutual

savings banks eligible 11/26 378Section 6, appointment of receivers of national

banks in liquidation by Comptrollerof the Currency 12/28 532

Section 9, request of Professor Beckhart of Colum-

10/12 259bia University for correspondenceon proposal to amend

Stabilization of price levels, letter to certainFRAgents from Hon. James J. Strong 7/ 7 15

H. R. 10,000, codification of all Federal laws, memoof Counsel on errors in part con-taining FRAct 11/ 9 330

Index Digest of, complimentary copies to be sent touniversities and colleges 11/19 345

Possible violations by Commercial Guaranty State Bank,Longview, Tex., and First StateBank & Trust Co., Hereford, Tex, 7/ 2 9

Memo of Counsel that report Should be made tolocal United States Attorney 7/14 25

Copy of part of examination report to be furnishedDepartment of Justice 8/26 123

Letter to Attorney General with part of examinationreport of First State Bank & TrustCo., Hereford, Tex. 9/15 166

FRAgents:Assistants:

Albertson, Ward, FRBank of Atlanta, salary in-creased 12/22 503

Designated for 1927 12/23 521Designated special Examiner 12/12 468

Anderson, J. B., FRBank of Cleveland, salaryapproved 12/22 501

Designated for 1927 12/23 521Appointment at branches where unissued FRnotes

are carried, memo of Counsel on 7/14 24Draft of letter to FRAgent at Kansas City

on plan suggested by him 8/26 124Memo of Counsel on control at head office

and release to branches by wire 9/29 199


PRAgents: (Contld)Assistants: (Contld)

Appointment at branches, etc.: (Contid)Report of Committee of FRAgents ConferenceTo carry notes in banking department for

six months as experimentTo be made for six months only, pending ex-

periment at Detroit BranchBaskin, J. G., Detroit Branch, salary approved

Designated for six months

11/30

12/ 3

12/1012/2212/23

53Pages

389

407

440505522

Burgess, W. R.:Advertisement of book of Mr. Snyder,letter re 10/ 5 219Article on Money Market in 1926, to be pub-

lished in Harvard Economic Review 12/ 7 419Designated for 1927 12/23 521Recommendation for increase in salary to be

deferred to end of year 7/ 7 13Salary increased but less than recom-

mended 12/22 498Burkhardt, Charles A., eligible to serve at

Denver Branch 7/23 45Ebersole, John F., FRBank of Minneapolis, salary

approved 12/22 507Designated for 1927 12/23 522

Evans, W. J., FRBank of Dallas, salary approved 12/22 509Designated for 1927 12/23 522

Faulkner, P. J., designated at Cincinnati Branchfor six months 12/23 522

Fletcher, W. H., FRBank of Cleveland, salaryapproved 12/22 501

Designated for 1927 12/23 521Foster, S. U., designated Acting at FRBank of

Richmond for 1927 12/23 521Fry, John G., FRBank of Richmond, bond of 11/24 362

Designated for 1927 12/23 521Salary approved 12/22 502

Gettemy, Charles F., FRBank of Boston, salaryapproved 12/22 497

Designated for 1927 12/23 521Gilbert, Claude, FRBank of Atlanta, to investigate

banking situation in Georgia andFlorida 8/ 3 60

Appointment and salary approved 8/ 4 63Bond of 8/23 101(See also FRBank of Atlanta, Staff)

Hall, Charles C., FRBank of Dallas, salary ap-proved 12/22 509

Designated for 1927 12/23 522Helena Branch, office abolished, amendment to

bylaws as result of 12/14 455


54

FRAgents: (Contid)Assistants: (Contld)

Hill, Ernest C., appointed at FRBank of Phila-delphia

Bond ofDesignated for 1927Salary approved

Jones, Thomas Y., designated at Pittsburgh Branchfor six months

Julick, E. J., Oklahoma City Branch, memo of

7/77/2012/2312/22

12/23

Pages1

1135521500

522

Counsel re appointment of 7/14 24Bond of 7/20 35

Kendall, C. P., designated Alternate at Jackson-ville Branch for six months 12/23 522

Compensation of 12/23 522McAdams, A. M., FRBank of Kansas City, salary

approved 12/22 508Designated for 1927 12/23 522

Mier, William L., New Orleans Branch, salaryapproved 12/22 504

Designated for six months 12/23 522Mosher, Curtis L., bond at FRBank of Minneapolis 11/19 345

Designated for 1927 12/23 522Salary approved 12/22 507

Papin, J. Vion, appointed Acting at FRBank ofSt. Louis 7/27 50

Bond of 8/11 SODesignated Acting for 1927 12/23 521

Post, Arthur E., FRBank of Philadelphia, salaryapproved 12/22 500

Designated for 1927 12/23 521Rehfuss, J. F., designated Acting at FRBank of

Philadelphia for 1927 12/23 521Report of Conference of FRAgents on necessity for,

at branches, and procedure for han-dling FRnotes 11/30 388

Sargent, S. G., FRBank of San Francisco, salaryapproved 12/22 510

Designated for 1927 12/23 522Saussy, Fulton, designated at Jacksonville Branch

for six months 12/23 522Compensation of 12/23 522

Schrader, W. C., to remain at Detroit Branch 9/2 135Designated Acting for one months 12/23 522

Sproul, Allan, FRBank of San Francisco, salaryapproved 12/22 510

Designated for 1927 12/23 522Stevens, J. R., designated Alternate at New Or-

leans Branch for six months 12/23 522Compensation of 12/23 522


FRAgents: (Contld)Assistants: (Cont'd)

Stewart, C. L., FRBank of St. Louis, salaryapproved

Designated for 1927White, William H., FRBank of Chicago, bond of

Designated for 1927 .Salary approved

Austin, R. L., reappointed at FRBank of PhiladelphiaSalary approved

12/2212/2310/2112/2312/2212/1512/22

55Pages

506521290521504459500

Caldwell, G. B., letter on qualifications for appoint-ment at FRBank of Nev; York 12/30 549

Collateral for FRnotes, discretion in accepting, re-port of committee accepted 9/ 8 143

Circular letter to YEAgents on 9/22 176Letter from FRAgent at Dallas re 10/ 5 221Letter referred to Secretary and General Counsel

for reply 10/12 259Conference: (See Conferences)Curtiss, Frederic H., FRBank of Boston:

Leave of absence to mire sea trip 7/23 47Reappointed for 1927 12/15 458Salary approved 12/22 497To appear before FRBoard to discuss nrogram of

Conference of FRAgents 8/11 83DeCamp, George, redesignated at FRBank of Cleveland 12/15 459

Salary approved 12/22 501Heath, William A., FRBank of Chicago:

Plan to attend convention of American BankersAssociation referred to Committee 9/29 196

FRBoard to interpose no objection to FRBankdefraying expenses of 10/ 8 253

Redesignated at FRBank of Chicago for 1927 12/15 461Salary approved 12/22 504

Hoxton, W. W., redesignated at FRBank of Richmond 12/15 460Salary approved 12/22 502

Jay, Pierre, FRBank of New York:Address before Industrial Club of Chicago, no

objection to publication 8/11 85Address before National Association of Supervisors

of State Banks, no objection topublication 9/10 156

Invited to appear before FRBoard to discuss non-cash collections at street addresses 12/23 525

Discussion before FRBoard of plan of FRBankof Minneapolis in making noncashcollections 12/30 544

Resignation accepted 12/28 531Vacation for six weeks during September and Oc-

tober contemplated 7/14 21


56

FRAgents: (Contld)Jay, Pierre, FRBank of New York: (Contld)

Vacation for six weeks, etc.: (Contd.)

ApprovedTo begin September 11 instead of September 15

8/128/24

Pages

95113

McClure, M. L., redesignated at FRBank of Kansas Cityfor 1927 12/15 462

Salary approved 12/22 508Vacation following attendance at convention of

American Bankers Association 9/15 162Martin, W. McC., redesignated at FRBank of St. Louis 12/15 461

Salary apnroved 12/22 506Mitchell, John R., FRBank of Minneapolis:

Appearance before FRBoard to discuss safekeepingfunction of FRBank 12/28 529

Reappointment recommended, action postponed 12/ 3 404Redesignated for 1927 12/15 462Salary approved 12/22 507To appear before FRBoard on charge-offs in con-

nection with closing of books 12/17 491Discussion with FRBoard and replacement fig,-

ures of building to be readjusted 12/18 493Action postponed for several days 12/28 530

To be invited to meet with FRBoard to discussplans for noncalfh collections atstreet addresses 12/23 525

Newton, Isaac B., FRBank of San Francisco:Connection as director of building and loan as-

sociation in Los Angeles 7/14 27TO be advised that FRBoard does not favor

continuance of such connection 8/23 109Redesignated for 1927 12/15 463Salary approved 12/22 509

Newton, Oscar, FRBank of Atlanta:Hearing of Mr. Campbell, copy of letter re 7/ 2 8

Copy of letter postponing hearing 7/14 18(See also Hearings)

Present at meeting of RBoard to discuss cottonsituation 10/14 265

Redesignated for 1927 12/15 460Salary approved 12/22 503

Perrin, John, FRBank of San Francisco:Collateral for FRnotes, discretion of FRAgents

in accepting, report of committeeaccepted 9/ 8 143

(See also FRnotes)Report on bills and securities of finance and credit

companies held by member banks, tobe discontinued 8/26 124

Walsh, C. C., redesignated at FRBank of Dallas 12/15 463Salary approved 12/22 509


Federal Reserve bank notes, cancellation and destructionof $25,000,000 stored in IssueDivision

FRBank of Atlanta:Agencies: (See Agencies)Birmingham Branch: (See Branch Banks, FRSystem)Bylaws, amendment to change time of meeting of directors 9/ 2 131Collection of noneash items, plan for handling 12/ 8 430

Reply of FRAgent describing plan 12/17 466Plan discussed and letter to be prepared 12/23 525

Committee composed of Directors Black, Ware and Newton,to confer with FRBoard on mattersof interest to FRBank and 121System 11/22 352

Committees: (See Committees)Controversy with Fourth and First National Bank, Nash-

ville, Tenn., over Liberty bondtransactions, members of Tennesseedelegation invited to inspectFRBoardls records 7/ 2 9

Cotton Rediscounts: (See Cotton)Currency Revolving Fund:

First National Bank, Miami, Fla., to be discon-tinued 8/ 6 75

Discontinued as of October 15, 1926 8/23 98Letter from Governor Wellborn that bank has

been notified 9/ 2 129First National Bank, Tampa, Fla., application to

establish, disapproved 8/23 98Directors: (See Directors)Dividends for six months, payment authorized 12/17 483Earnings and expenses, statement of 12/17 483Examination of:

Mr. Herson to meet with FRBoard on advisabilityof undertaking at this time 7/ 1 2

7/2 3

7/23 448/3 608/6 75

9/23 183

10/ 5 222

10/20 286

8/11 83

11/22 353

57Pages

To begin examination on July 10Report that no nonmember bank or "Witham" bank

paper was found in portfolioReport submittedReport of Committee with recommendationsFRAgent requested to report on action taken on

criticisms of examinerReport of FRAgent on action on suggestions of

examinerReport of FRAgent referred to Chief Examiner of

FRBoardExpense voucher of five clerks who accompanied cur-

rency shipment to HavanaExpenses for nine months' period, report of special

committee on increase in

8/23 110


58Pages

FRBank of Atlanta (Conttd)Jacksonville Branch: (See Branch Banks, FRSystemNashville Branch: (See Branch Banks, FRSystemNew Orleans Branch: (See Branch Banks, FRSystem)Pascagoula National Bank Case: (See Par Clearance CasesRates: (See Rates)Rediscount for Polk County National Bank, Bartow, Fla.,

of paper of certain nonmember banks 8/11 86Report of committee on expenses of officers and employ-

ees in connection with shipment ofcurrency to Havana Agency 11/22 353

Salaries of employees approved 12/22 497Salaries of officers approved 12/22 503Staff:

Albertson, Ward:Designated Assistant FRAgent for 1927 12/21 521Designated special Examiner 12/17 468Salary increased 12/22 503

Alston, A. H., increase in salary on 11/24 364Byrne, J. J., designated Examiner 12/17 468Campbell, Joseph L., hearing to be postponed

until after examination of FRBank 7/ 2 5Copy of letter to Mr. Camobell fixing July 1

as date of hearinc, 7/ 2 7Hearing again postponed 7/14 17Hearing date set for September 9 8/24 118Letter from Messrs. Campbell, Newton and

Black, acknowledging receipt ofnotice of hearing 9/ 2 131

Stenographic report of hearing made 9/ 9 145Documents containing evidence turned over to

Atlanta Committee with statement ofconditions 9/10 149-51

Telegram from Senator Harris re Mr. Campbell 9/15 163Desire of Ur. Black of Atlanta Committee to

discuss report with FRBoard beforepresenting to directors 9/22 176

Atlanta Committee present in Washington andGovernor Crissinger to receive them 9/23 182

Report of Governor Crissinger on meetingwith Atlanta Committee 9/24 190

Letter from W. H. Kettig disapproving actionof directors in approving report ofcommittee 10/ 5 222

Report of Atlanta Committee received 10/ 6 232Review of reports and proceedings and removal

of Mr. Campbell ordered 10/ 7 236-42Telegram from Mr. Campbell with request to

defer action until after meeting ofAtlanta Directors 10/ 7 245


59Pages

FRBahk of Atlanta: (Contld)Staff: (Contld)

Campbell, Joseph L.: (Contld)Draft of letter to Mr. Campbell, FRBank of

10/ 8 247-50

Atlanta and FRAgent, approved asamended

Resolutions adopted by board of directors ofFRBank of Atlanta 10/12 258

Letter from FRAgent acknowledging receipt ofletters re dismissal 10/20 280

Paragraph from resolution of board of direc-tors on, to be expunged from records 11/22 352

Conniff, H. F., designated special Examiner 12/17 468Donald, H. R., increase in salary of 11/24 364Gilbert, Claude, employment as Assistant FRAgent

to investigate banking situationin Georgia and Florida 8/ 3 60

Appointment approved and salary fixed 8/ 4 63Bond of 8/23 101Report on situation in Florida submitted

jointly with Mr. Creed Taylor 8/23 99Letter from FRAgent that employment be extend-

ed for several months 9/15 161Report on conditions and banking institutions

in Florida 9/15 161Discussion on conditions in Atlanta District 11/22 355-7(See also Staff of FRBoard)

Honour, J. W., designated special Examiner 12/17 468Johns, W. S., designated special Examiner 12/17 468McGuire, J. Edward, resignation as Examiner 7/16 33Newton, Oscar:

Hearing of Mr. Campbell: (See Hearings)Present at meeting of FRBoard to discuss

cotton situation 10/14 265Redesignated FRAgent for 1927 12/15 460Salary approved 12/22 503

Paris, Earl P., designated Examiner 12/17 468Shropshire, Frances, extension of leave on account

of illness 10/20 281Taul, T. M., designated Examiner 7/16 32

Redesignated 12/17 468Taylor, Creed, Deputy Governor, designated special

Examiner 12/17 468Report on situation in Florida 8/23 99

Walker, J. A., designated Examiner 12/17 468Wellborn, L. B., Governor, present at meeting of

FRBoard to discuss cotton situation 10/14 265Statistical and analytical functions, budget for 12/28 535

PRBank of Boston:Directors: (See Directors)


60

FRBank of Boston: (Cont'd)Dividends for six months, payment authorizedEarnings and expenses, statement ofExamination report ofPamphlet descriptive of FRSystem to be revised and

submitted to FRBoardDr. Goldenweiser to go to Boston to make sugges-

tions on revisionReport of Dr. Goldenweiser that suggestions were

12/1712/1712/14

7/23

8/4

Pages

476476455

46

69

adopted and issuance approved 8/11 84Copy of revised pamphlet presented to FRBoard 9/7 141

Rates: (See Rates)Salaries of employees approved 12/22 497Salaries of officers approved 12/22 497Staff:

Bissell, C. A-, leave for two months with pay 7/14 22Curtiss, Frederic H., leave to make trip abroad 7/23 47

Reappointed FRAgent for 1927 12/15 458Salary approved 12/22 497To appear before FRBoard to discuss program

for Conference of FRAgents 8/11 83Employees detailed to assist in examination of

FRBank of New York, expenses of 7/7 12Farrar, Walter F., salary increased as Assistant

Manager, Discount Division 7/14 22Gettemy, Charles F., salary approved 12/22 497Gilbody, Frank C., salary increased as Manager,

Accounting Division 7/14 22Harding, W. P..G., Governor, leave of absence to

go to Warsaw, Poland, to advise onrecommendations regarding bankingpolicy 9/30 206

Invitation extended by National Economic Bankof Poland 10/ 5 223

Sweetser, L. W., salary increased as AssistantCashier 7/14 22

Statistical and analytical functions, budget for 12/28 535Stock: (See Stock)

FRBank of Chicago:Annual report, advisability of including discussion of

bank failures in district 12/28 536Contribution to Credit Justice Fund 7/7 11

Approved 7/14 24Detroit Branch: (See Branch Banks, FRSystem)Directors: (See Directors)Dividend checks of banks in liquidation can not be

withheld 12/28 531Dividends for six months, payment authorized 12/17 484Earnings and expenses, statement of 12/17 484Rates: (See Rates)


PRBank of Chicago: (Contld)Reserves for losses on paper of failed banks, reply

61Pages

to FRAgent on charging to 12/23 520Salaries of employees approved 12/22 497Salaries of officers approved 12/22 505Staff:

Anderson, Frank D., leave on account of illness 8/23 105Blair, J. H., Deputy Governor, expenses for at-

tending convention of AmericanBankers Association 10/ 8 253

Salary approved 12/22 505Childs, K. C., salary approved 12/22 505Dillard, J. H., present at meeting of FRBoard to

consider bids and plans for Detroitbuilding 12/ 1 397-400

Flannigan, Catherine, extension of leave on ac-count of illness 12/ 3 405

Gasparo, Jessie, extension of leave on accountof illness 12/3 405

Heath, William A., FRAgent:Plan to attend convention of American Bank-

ers Association referred to committee 9/29 196Expenses to be paid by FRBank, no ob-

jection by FRBoard 10/ 8 253Redesignated FRAgent for 1927 12/15 461Salary approved 12/22 504

Huston, F. M., salary approved 12/22 504Kirk, Glenn, redesignated to act for FRAgent for

receipt and delivery of FRnotes 12/23 522Korf, H. C., payment of sum for representing

FRBank in foreclosure proceedings 9/ 2 132McDougal, J. B., Governor, present at meeting of

FRBoard to present plans and bidsfor building for Detroit Branch 12/ 1 397-400

Salary approved 12/22 504McKay, C. R., Deputy Governor, salary approved 12/22 505Martin, John, Loan Department, salary approved 10/20 281Officers elected for 1927, notice of 12/23 517Olson, Arthur L., salary increase disapproved 12/22 497Patton, J. H., payment for services as attorney

approved 10/20 281Powell, Charles L., Counsel, salary approved 12/22 505White, William H., bond as Assistant FRAgent 10/21 290

Salary approved 12/22 504Statistical and analytical functions, budget for 12/28 535

PRBank of Cleveland:Cincinnati Branch: (See Branch Banks, KaSystem)Contribution to Chamber of Commerce Military Committee 7/14 24Directors: (See Directors)


62

FRBank of Cleveland: (Contld)Dividends for six months, payment authorizedEarnings and expenses, statement ofExamination renort ofInvestment of reserve for self-insurance, to follow

same plan as FRBank of New YorkPittsburgh Branch: (See Branch Banks, FRSystem)Printing department to be established and hirina of

printer to manage authorized

12/1712/1712/14

12/10

7/14

Pages

480480456

442

21Rates: (See Rates)Salaries of employees approved 12/22 497Salaries of officers approved 12/22 501Staff:

Anderson, J. B., salary increased 12/22 501DeCamp, George, redesignated FRAgent for 1927 12/15 459

Salary annroved 12/22 501Emnloyees detailed to assist in examination of

FRBank of New York, expenses of 7/ 7 12Fancher, B. R., salary approved 12/22 501Fletcher, W. H., salary increased 12/22 501Printer, employment authorized to manage print-

ing department 7/14 21Statistical and analytical functions, budget for 12/28 535Stock: (See Stock)

FRBank of Dallas:Budget for last six months of year submitted 9/ 2 133Collateral required against advances to First .National

Bank, El Paso, report of Comptrollerof the Currency on 12/30 550

Contribution to Texas Safe Farming Association for dis-tribution of chart 11/30 381

Cotton Rediscounts: (See Cotton)Directors: (See Directors)Dividends for six months, payment authorized 12/17 489Earnings and expenses, statement of 12/17 489El Paso Branch: (See Branch Banks, FRSystem)Gold earmarked by FRBank of New York for sixty days to

build up Gold Settlement Fund 7/27 52Earmarking of additional gold coin approved 8/11 83

Houston Branch: (See Branch Banks, FRSystem)Rediscount facilities, refusal to extend to City National

Bank, Decatur, Texas, except undercertain conditions 9/15 165

Memo of Comptroller of the Currency upholdingright of FRBank 10/20 284

Salaries of employees anproved 12/22 497Salaries of officers approved 12/22 509Staff:

Ashley, J. M. salary increase disapproved 7/21 40Letter from Govelmor of FRBank to reconsider

disapproved 8/ 3 56


63Pages

FRBank of Dallas: (Contld)Staff: (Contld)

Becker, Vernon, additional leave of absence onaccount of illness

Extension of leaveBirdsong, E. A,, salary increase disapproved

Letter from Governor of FRBank to reconsider

10/2112/147/21

29145140

disapproved 8/ 3 56Doerner, G. H., salary increase disapproved 7/21 40

Letter from Governor of FRBank to reconsiderdisapproved 8/ 3 56

Evans, W. J., Assistant FRAgent, salary approved 12/22 509Hall, Charles C., Assistant FRAgent, salary

approved 12/22 509Huff, C. C., General Counsel, proposed fee re-

ferred to Mr. Wyatt for report 12/22 509Locke, Locke, Stroud, and Randolph, employed as

Counsel, in place of E. B. Stroud,resigned 10/20 282

Salary approved 10/26 297Proposed fees as counsel referred to

Mr. Wyatt for report 12/22 509Rowland, C. M., salary increase disapproved 7/21 40

Letter from Governor af FRBank to reconsiderdisapproved 8/ 3 56

Walsh, C. C., redesignated FRAgent for 1927 12/15 463Salary approved 12/22 509


PRBank of Kansas City:Collection of noncash items, plan for handling 12/ 8 430

Reply of FRAgent describing plan 12/17 466Plan discussed and letter to be prepared 12/23 525

Contribution to Grand Avenue Improvement Association 7/ 7 11Approved 7/16 32

Denver Branch: (See Branch Banks, FRSystem)Directors: (See Directors)Dividends for six months, payment authorized 12/17 487Earnings and expenses, statement of 12/17 487Examination of State Member Banks in Missouri:

(See Missouri)FRnotes, unissued, at branches of, plan for maintain-

ing without keeping AssistantFRAgents at branches 8/26 124

(See also FRnotes)Oklahoma City Branch: (See Branch Banks, FRSystem)Omaha Branch: (See Branch Banks, FRSystam)Salaries of employees approved 12/22 497Salaries of officers approved 12/22 508


64

FRBank of Kansas City: (Centld)Staff:

Bailey, W. J., Governor, vacation not to conflictwith next Conference of Governors

Fisher, Edward S., foreman in charge of carpenterwork, increase in salary

McAdams, A. Y., Assistant FRAgent, salary approvedMcClure, M. L., redesignated FRAgent for 1927

Salary approvedVacation following attendance at convention

of American Bankers AssociationRobinson, Walter, relieved of duties as Examiner

Memo of Counsel on reporting case to districtattorney

Report of Committee on procedure in case andpayment of salary beyond date oftermination of services

Seibert, Verna D., extension of sick leave grantedLeave extended for sixty days with half pay

Wardell, S. A., designated special ExaminerStatistical and analytical functions, budget forStock: (See Stock)

FRBank of Minneapolis:Charge-offs in connection with closing of books,

Ur. Mitchell to appear before FR-Board re

Discussion with FRBoard and replacement figureof building to be readjusted

Action postponed for several daysCollection of noncadh items, plan for making charge

for serviceRequest for more information on planReply of FRAgent describing planPlan discussed by FRBoardDiscussed with FRAgent Jay of New YorkLetter to FRAgent that plan be tried as exneriment

Directors: (See Directors)Dividends for six months, payment approved

Amount of,Earnings and expenses, statement ofExoenses for first six months, memo of Mr. Smead com-

paring with budget and previousexpenses

Helena Branch: (See Branch Banks, FRSystem) Purchase of government securities from national banks

with agreement to resellReply of FRBoard to letter from Governor of FRBank

Rates: (See Rates)

Pages

9/ 7 141

9/22 17012/22 50812/15 46212/22 508

9/15 16212/10 441

12/23 523

12/30 54810/ 5 21812/17 46911/30 38112/28 535

12/17 491

12/18 49312/28 530

12/ 7 42712/ 8 43012/17 46612/23 52512/30 54412/30 552

12/28 53012/30 54012/30 540

8/ 6 73

10/12 26210/20 285


MBank of Minneapolis: (Contld)Rediscount of nonmember bank paper for City National

Bank of Bismarck, N. D.Safekeeping function, proposal to make charge for

Referred to Committee on District No. 9Discussed by FRAgent Mitchell with FRBoardNo Charge to be made until committee makes study

and submits report as to Systempolicy

To accept securities from member banks withoutcharge but not to accept from non-member banks

Salaries of employees approvedSalaries of officers approvedStaff:

Bailey, Fred M., salary increasedBoteler, Clarence W., increase in salary ofEbersole, John F., Assistant FRAgent, salary

approvedFRAgents Department, necessity for present, re-

port to be made by Committee onDistrict No. 9

Geery, W. B., Deputy Governor, salary approvedMitchell, John R., FRAgent:

Apnearance before FRBoard to discuss safe-keeping function of FRBank

Reappointment recommended, action postponedRedesignated FRAgent for 1927Salary apnrovedTo appear before FRBoard on charge-offs in

connection with closing of booksDiscussion with FRBoard and replacement

figures of building to be readjustedAction postponed for several days

To be invited to meet with FRBoard to dis-cuss plans for noncash collectionsat street addresses

Mosher, Curtis, L., Assistant FRAgent, bond ofSalary aporoved

Statistical and analytical functions, budget forPRBank of New York:

Account to be opened with Finlands Bank

7/2711/1911/3012/28

12/30

12/3112/2212/22

12/2211/2

12/28

12/2212/22

12/2812/ 312/1512/22

12/17

12/1812/28

12/2311/1912/2212/28

11/ 9

11/19

9/29

10/12

65Pages

51349393529

547

557497508

507316

507

507508

529404462507

491

493530

525315507535

331

347

202

256

Letter to Governor of Finlands Bank advising ofapproval of plan

Borrowings of member banks and First National Bank ofNew York, in particular, to belooked into and reported to FRBoard

Letter from Deputy Governor of Bank that Committeeof Directors had been appointed toinvestigate


66

FRBank of New York: (Contld)Borrowings of member banks, etc.: (Contld)

Reply of FRBank on uses of credit facilities of

Pages

FRBank by First National Bank 10/20 284Buffalo Branch: (See Branch Banks, FRSystem)Credit agreement with Bank of Poland extended for three

months 8/11 82Letter from Deputy Governor that agreement will

not become effective 8/23 106Credit to be extended to National Bank of Belgium,

conditions of 10/ 5 210-6Draft of letter to Governor Strong approved 10/ 5 219(See also Belgium)

Credit investigations and examinations of member banks,copies to be furnished to FRBoard

Czechoslovak rational Bank, termination of arrangementfor loans on gold deposited withNational Bank of Belgium

Directors: (See Directors)

8/12

12/10

94

441

Dividends for six months, payment authorized 12/17 477Earnings and expenses, statement of 12/17 477Examination of, as of May 29, 1926:

Expenses of employees of FRBanks of Boston, Phila-delphia, Cleveland and Richmond de-tailed to assist in 7/7 12

Letter from Deputy Governor commenting on criti-cisms contained in 8/26 121

Report submitted 12/14 456Gold earmarked for FRBank of Dallas to help build up

Gold Settlement Fund 7/27 52Earmarking of additional gold coin approved 8/11 83

Loans to brokers by member banks to be published inmonthly review 10/26 299

Rates: (See Rates)Salaries of employees approved 12/22 497Salaries of officers approved 12/22 499Salary recommendations and changes in grades considered

and approved 12/28 533Salary standardization plan, modification recommended

by FRAgent 7/7 13Letter from Deputy Governor recommending amendment

to FRBoardts memorandum on plan 7/7 14Memo of Committee on Salaries and Exnenditures

approved 8/23 110Summary of promotions and changes in grades 12/ 7 421

Self-insurance plan, necessity for, to be studied later 12/10 442Staff:

Burgess, W. R., Assistant FRAgent:Advertisement of book by Mr. Snyder, letter re 10/ 5 219


67Paces

FRBank of New York: (Contld)Staff: (Contld)

Burgess, W. R.: (Contld)Article on Money Market in 1926 to be pub-

lished in Hnrvard Economic Review 12/ 7 419Redesignated for 1927 12/23 521Salary,,recommendation for increase to be

deferred to end of year 7/ 7 13Salary increased, but less than recommended 12/22 498

Byrne, John F., appointed FRExaminer 7/ 2 6Case, J. H., Deputy Governor: (See Committees,

Open Market Investment)Clifford, William V., resignation as foreman

elevator mechanic 12/28 534Cokelet, William V. W., appointed Assistant

Examiner 7/ 2 6Crawford, Mary M., salary increased 12/28 533Downs, Herbert S., salary increased and made Man-

ager of Bank Relations Department 7/ 7 13Salary approved for 1927 12/22 499

Employees, summary of promotions and changes underplan of standardization 12/ 7 421

Ferguson, George W., salary increased 12/28 533Furman, R. W., withdrawal of recommendation for

increase in salary and appointmentto another position 12/23 526

Report of irregularities in credit files tobe reported to District Attorneyand services should be terminatedat once 12/28 536

Discussed by Mr. Jay with FRBoard 12/30 544Proposed letter to Attorney General of United

States that offence does not war-rant criminal proceedings 12/30 553

Guild, Alan C., resigned as Assistant Examiner 7/ 2 6Harrison, George L., Deputy Governor:

Report on activities of Governor Strong inEurope and visit with Governor ofBank of France 7/16 33

Letter re conditions in Paris and Frenchsituation generally 7/21 38

Newspaper account of Governor Strong'svisit, comments of Mr. Harrison 8/ 3 57

Letter from Mr. Harrison reviewingstatement 8/ 6 77

Hendricks, Laurence H., resignation of 12/30 542Jay, Pierre, FRAgent:

Address before Industrial Club of Chicago,no objection to publication 8/11 85


68Pages

FRBank of New York: (Contld)Staff: (Conted)

Jay, Pierre: (Contld)Address before National Association of Super-

visors of State banks, no objectionto publication 9/10 156

Invited to appear before FRBoard to discussnoncash collections at street ad-dresses 12/23 525

Discussion before FRBoard of plan ofFRBank of Minneapolis in making non-cash collections 12/30 544

Resignation accepted 12/28 531Vacation for six weeks during September and

October contemplated 7/14 21Vacation approved 8/12 95To begin Sept. 11 instead of Sept. 15. 8/24 113

Kenzel, E. R., conference with Mr. James on bankersacceptances secured by cotton seed 8/23 106

Line, Adolph J., resignation as Manager of CreditDepartment 9/ 2 130

Morgan, Robert M., salary increased 12/28 533O'Hara, R. E., leave on account of illness 12/ 7 414Persons, Henry Z., Examiner, salary increased 12/28 533Philbin, J. H., salary increase disapproved and

approved at same figure as 1926 12/22 499Letter from FRAgent on increase 12/22 516

Scott, William, salary increased 12/28 533Simpson, William G., salary increased 12/28 533Snyder, Carl, statistician, advertising connec-

tion with FRBank, impropriety of 9/29 202Letter from Mr. Snyder re 10/ 5 219Salary approved 12/22 498Services to be discontinued at end of 1927 12/28 535

Strong, Benjamin, fiscal agency operations inEurope, letter from Secretary ofthe Treasury re 7/20 36

Leave of absence on account of illness 10/26 295Leave extended with pay 12/ 7 414Leave extended to April 1, 1927 12/30 546

Report of Mr. Harrison on activities inEurope,visit with Governor Robineauof Bank of France 7/16 33

Newspaper comments, on presence in Europeand comments of Mr. Harrison on 8/3 57

Letter from Mr. Harrison reviewingstatement on 8/6 77

Ten Eyck, Otto W., Superintendent of Building,salary increase recommended but re-ferred to Secretary for report 12/28 534


69Pages

MBank of New York: (Contld)Staff: (Contld)

Vincent, Arthur S., Chief Engineer, salary in-crease recommended but referred toSecretary for report 12/28 534

Wagner, John C., made foreman elevator mechanicand salary increased 12/28 534

Statistical and analytical functions, budget for 12/28 535Statistical research work on long time trends of pro-

duction, trade, etc., to be discon-tinued 12/28 534

Stock: (See Stock)PRBank of Philadelphia:

Annual report, statement of expenses by functions tobe included in 12/28 537

Directors: (See Directors)Directors meeting not held because of lack of quorum 8/23 101_Dividends for six months, payment authorized 12/17 479Earnings and expenses, statement of 12/17 479Rates: (See Rates)Salaries of employees approved 12/22 497Salaries of officers approved 12/22 500Staff:

Anderson, C. W., designated Examiner 8/3 55Austin, R. L., FRAgent:

Reappointed for 1927 12/15 459Salary approved 12/22 500

Burks, C. P., resignation as Examiner 8/3 55Employees detailed to assist in examination of

FRBank of New York, expenses of 7/7 12Flood, Charles B., designated to assist examiners 11/19 345Faulk, Morris, appointed assistant to Examiner 8/23 104Hill, Ernest C., appointed Assistant FRAgent 7/7 11

Bond of 7/20 35Designated for 1927 12/23 521Salary approved 12/22 500

Hutt, William H., salary approved 12/22 500Norris, George W., salary approved 12/22 500Post, Arthur E., salary approved 12/22 500Rehfuss, J. F., designated Acting Assistant

FRAgent for 1927 12/23 521Rutter, W. I., Jr., extension of leave on account

of illness 12/7 414Sanders, William N., appointed assistant to

Examiner 8/23 104Statistical and analytical functions, budget for 12/28 535

PRBank of Richmond:Amnial report, statement of expenses by functions to

be included in 12/28 537


70

FRBank of Richmond: (Contld)Baltimore Branch: (See Branch Banks, FRSystem)Cotton Rediscounts: (See Cotton)Directors: (See Directors)

Pages

Dividends for six months, payment authorized 12/17 481Earnings and expenses, statement of 12/17 481Publication of pamphlet on "questions and answers on

FRSystem", to be submitted to FR-Board first 8/3 60

Report by Dr. Goldenweiser that manuscript wouldbe submitted to him 8/11 84

Publication approved 9/29 203Rates: (See Rates)Salaries of employees approved 12/22 497Salaries of officers approved 12/22 502Self-insurance plan, necessity for, to be studied later 12/10 442Staff:

Employees detailed to assist in examination ofFRBank of New York,expenses of 7/7 12

Ford, Earle C., extension of leave on account ofillness 12/14 451

Foster, S. M., designated Acting Assistant FRAgentfor 1927 12/23 521

Fry, John G., bond as Assistant FRAgent 11/24 362Salary approved 12/22 502

Ganzert, Mrs. Marie E., extension of leave on ac-count of illness 12/14 451

Hoxton, 17, W.:Redesignated FRAgent for 1927 12/15 460Salary approved 12/22 502

Mitchell, Anne, extension of leave on account ofillness 12/ 3 405

Moore, Helen, extension of leave on account ofillness 12/ 3 405

Tener, Roberta, .extension of leave on account ofillness 7/20 35

Statistical and analytical functions, budget for 12/28 535FRBank of St. Louis:

Cotton Rediscounts: (See Cotton)Directors: (See Directors)Dividends for six months, payment authorized 12/17 485Earnings and expenses, statement of 12/17 485Examination of State Member Banks in Missouri: (See

Missouri)Expense allowance of Acting Manager of Memphis Branch 7/14 26Memphis Branch: (See Branch Banks, FRSystem)Little Rock Branch: (See Branch Banks, FRSystem)Louisville Branch: (See Branch Banks, FRSystem)Rates: (See Rates)


71Pages

MBank of St. Louis: (Contld)Salaries of employees approved 12/22 497Salaries of officers approved 12/22 506Staff:

Glasgow, W. H., Assistant Cashier, expense allow-ance as Acting Manager of MemphisBranch 7/14 26

Martin, W. kcC., redesignated FRAgent for 1927 12/15 461Salary approved 12/22 506

Mathes, E. P., salary in connection with receiver-ship of First National Bank, Jones-boro, Ark. 9/29 200

Papin, J. Vion, appointed Acting Assistant FRAgent 7/27 50Bond of 8/11 80

Seaman, Stella, extension of leave on account ofillness 11/24 365

Thirty day extension granted 12/10 438Stewart, C. M., Assistant FRAgent, salary increased 12/22 506Toler, Grace, extension of leave for sixty days

on account of illness with noticeof no further extension 8/ 6 73


MBank of San Francisco:Directors: (See Directors)Dividends for six months, payment authorized 12/17 490Earnings and expenses, statement of 12/17 490Examination report of 12/14 456Los Angeles Branch: (See Branch Banks, FRSystem)Portland Branch: (See Branch Banks, FRSystem)Rates: (See Rates)Salaries of employees approved 12/22 497Salaries of officers approved 12/22 510Salt Lake City Branch: (See Branch Banks, FRSystem)Seattle Branch: (See Branch Banks, FRSystem)Spokane Branch: (See Branch Banks, FRSystem)Staff:

Bold, F. C., appointed Assistant Cashier 7/14 21Calkins, J. U., Governor, salary approved 12/22 510Day, W. A., Deputy Governor, salary approved 12/22 510Examiners, plan to build up organization by ap-

pointment of new 12/10 444McRitchie, Mudie, transferred to Los Angeles

Branch as Assistant Manager 7/14 21Newton, Isaac B.:

Connection with building and loan associationin Los Angeles 7/14 27

To be advised that FRBoard does notfavor continuance of such connection 8/23 109

Redesignated FRAgent for 1927 12/15 463Salary approved 12/22 509


72

PRBank of San Francisco: ( ontld)Staff: (Contld)

Pontious, L. C., Deputy Governor, extension in

Pages

leave of absence without pay 7/14 21Read, J. P., plan to commission as Examiner 12/10 444

Appointed Examiner 12/23 517Sargent, S. G., appointed Chief Examiner 12/23 517

Salary approved 12/22 510Sproul, Allan, Assistant FRAgent, salary approved 12/22 510

Statistical and analytical functions, budget for 12/28 535FRBanks:

Assessment on, for expenses of FRBoard 12/23 519Branches: (See Branch Banks, FRSystem)Budget for statistical and analytical work 12/28 535Directors: (See Directors)Examination function at, report of Conference of

FRAgents 11/30 387Consideration of report postponed pending meeting

of Mr. Gilbert with Committee 12/10 444Examinations: (See Examinations)Expenditures for Educational and Welfare Work for:

June, ditopx="teet 8/3 56July 9/2 132August 9/22 173September 10/20 282October 11/30 382November 12(28 538

Expenditures for s atisticel and analytical work ascomnared with budget 10/12 257

Expenses:Chargeable to functions essential to operations

of FRSyst em, circular to FRAgents 7/23 44Functional, report for first half of year 8/24 115Letter from FRBank of Minneapolis on elimination

of certain free services to curtail 8/24 114Opinion of FRBoard that question Should not

be raised now 8/26 122Financial results of operation for 1926 compared with

1925, memo of 14r. Smead 12/17 476Holdings of Third Liberty Loan bonds, sale of $40,000-

000 to Treasury 8/23 106Jurisdiction over suits by and against, amendment to

law referred to Conference of Gov-ernors 10/12 258

Recommendation of Conference of Governors 11/26 375Publications, amendment to principles governing sub-

mission to FRBoard 8/ 3 59Amendments oresented by Mr. Goldenweiser and

approved 8/11 85

Rates: (See Rates)


FRBanks: (Cont 'd.)Representation at bankers conventions, referred to

Conferences of FRkgents and Gov-

73Pages

ernors 10/ 8 253


Research and statistical representatives, suggestedconference to be held in September 8/ 6 71

Conference approved and date to be set by Governor 8/24 115

Held October 4 and 5, memo of Dr. Goldenweiserreporting on 10/12 257

Salary recommendations to be considered December 21 12/15 464

Salaries considered and approved subject to for-mer provision on approval of ex-tended leaves of absence with pay 12/22 495

Stock: (See Stock)FRBoard:

Budget for 1927 12/22 511

Bylaws: (See Bylaws)Cox, Vialter S., revised contract for doing reporting

work, approved 12/14 454

Division of Bank Examinations, advisability of estab-lishing 8/ 6 77

Resolution on establishment approved 8/11 90

Governor and Comptroller of the Currency to nego-

tiate for employment of examiners 8/23 108

Report of Governor and Mr. McIntosh on employmentof examiners for 9/ 2 135

Resolution on scope of work and employment ofMr. Claude Gilbert 11/22 355

Resolution adopted 11/22 358(See also Examinations, State Member Banks)

Division of Bank Operations:Budget for 1927 12/22 512(See also Staff of FRBoard)

Division of Credit Information:Report of Committee to be submitted by Mr. Smead

and Mr. Sprague then to be calledif necessary 7/ 7 12

Report on establishment of, submitted, and hearinggranted Prof. Sprague on 7/21 39

Secretary of FRBoard unable to get in touch withProf. Sprague 7/23 48

Division of Examinations:Budget for 1927 12/22 511

Resolution of Mr. Miller on coordinating examin-ing work of 'ESystem under 11/ 2 319

Report of Committee on Examinations tenta-tively approved 11/ 3 323-5

(See also Staff of FRBoard)


74

FRBoard: (Cont'd)Division of Issue:

Budget for 1927(See also Staff of RBoard)

Division of Research and Statistics:Budget for 1927Real estate and building, investigation of amount

of banking paper based onMemo of Dr. GoldenweiserReport of Dr. Goldenweiser and Mr. Smead

12/22

12/22

10/2112/ 712/ 7

Pages

512

512

289418426

Report on losses to depositors because of failedbanks being prepared 8/11 85

Research and statistical work of FRBanks, amend-ment to principles governing 8/ 3 59

Amendments presented and approved 8/11 85(See also Staff of FRBoard)

Expenses, assessment on FRBanks for, resolution levying 12/23 519

Fiscal Agent:Budget for 1927 12/22 512

Members:Budget for 1927 12/22 511

Cunningham, E. H.:Appointed member of Executive Committee for

three months 9/29 198Expiration of term as member of 12/30 554

Prolonged illness, committee assignments tobe taken over by Mr. James 7/14 17

Letter from Dr. S. R. Miller on condi-tion of, and resolution of FRBoard 7/14 19

Hamlin, C. S.:Executive Committee, appointed during absence

of Mr. Platt 8/ 3 54• Appointed for three months 12/30 554

Recommendation on report of examination ofFRBank of Atlanta 8/ 6 75

Invitation to attend meeting of Stable Money As-sociation in St. Louis, none ableto accept 12/17 472

James, George R.:Appointed member of Executive Committee for

three months 7/ 2 10Committee assignments of Mr. Cunningham to

be taken over during illness 7/14 17Cotton Committee, letter of appointment on 10/19 271Recommendations on report of examination of

FRBank of Atlanta 8/ 6 76

Miller, A. C.:Canadian Club of Ottawa, invitation to appear

before to describe FRSystem 10/12 263


Capital account of certain banks be maintained atnot less than 10% of their depositliabilities

Legality of condition as requirement in act-ing on applications for reductionin capital stock, referred to Counsel

on scope of State member bank examinationwork

Statement on proposed trip of Governor Harding toPoland to advise on banking policies

To be absent from Washington for several daysPlatt, Edmund:

Report on visit to Buffalo Branch and workingconditions in building

quarters, allotment of additional space in TreasuryBuilding requested

Additional space alloted and expenditure author-

ized to prepare rooms for occupancy

quorum, opinion of Attorney General to be asked onright to fix four members as

Committee appointed to report on amendments tobylaws

Report of Committee presented to Executive Com-mittee and recommended to FRBoardfor adoption

Regulations: (See Regulations)Rulings: (See Rulings)Secretaryts Office:

Budget for 1927Staff: (See Staff of FRBoard)Unfinished business on docket, Secretary to write fol-

low-up memoranda to members

75Pages

FRBoard: (Conttd)Miller, A. C.: (Contld)

Examining work of FRSystem, resolution on coordi-nating under supervision of FRBoard 11/ 2 319

Report of Committee on Examinations tenta-tively approved 11/ 3 323-5

Report9/24 192

9/22 175

9/23 183

9/30 20612/ 7 423

11/30 392

011 85

9/22 171

8/11 79

8/24 116

8/26 125

12/22 511

011 91

PRBulletin:Acceptances, bankers, report of General Committee on,

memo of Counsel on publishing 11/ 9 329

(See also Acceptances)Belgium:

Monetary reform in, and credit to National Bankof, article proposed, to be sub-mitted to FRBoard 10/28 306

Article discussed, ordered revised, and tobe resubmitted 10/29 310

Article approved in revised form 10/30 312


76

FRBulletin: (Contld)Chart showing relation between rediscount and COM—

mercial rate, request of Prof.Dice to publish in college text book

Cotton situation, article prepared by Dr. Goldenweiserread to FRBoard

Index-digest to be brought up to date by Mr. J.P. Moore

Loans to brokers by member banks in New York City,article on Change in reports to be

published in

Material for Publication in:August issue, ruling on rediscount of notes used

to purchase automobiles for use bysubsidiaries

DecemberJanuarySeptember, ruling on use of bankers acceptances

as applied to financing the storageof cotton seed

Rate for students at University of Michigan, special

rate for six months

Ruling on rediscount of notes of Kansas City Cold Stor-

age & Warehouse Co. to be published

State bank examiners to receive complimentary copies

FRnotes:Amount issued from 1918 to 1921, inquiry of Washington

Office of Dearborn Independent

Assistant FRAgents at branches where unissued notesare carried, memo of Counsel on

Draft of letter to FRAgent at Kansas City on plansuggested by him

Memo of Counsel on plan whereby control of notesis held at head office and releasedby wire to branches

Report of Committee of Conference of FRAgents on

To carry notes in banking department for sixmonths as experiment

Appointment to be made for six months only,pending experiment

Collateral for, discretion of FRAgents in accepting,report of Committee accepted

Circular letter to FRAgents on action of FRBoard

Letter from FRAgent at Dallas re

Letter referred to Secretary and General Counselfor reply

Notes secured by adjusted service certificates not tobe used as collateral security for

Shipments to be made from main Post Office insteadof Treasury branch

Pages

9/15 165

11/ 2 3147/23 44

10/26 299

7/23 4411/30 39312/23 520

8/23 106

9/ 7 140

8/12 9511/17 340

12/ 3 406

7/14 24

8/26 124

9/29 19911/30 389

12/ 8 407

12/10 440

9/ 8 1439/22 17610/ 5 221

10/12 259

10/26 298

11/19 348

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

FRNotes: (Contld)Unissued:

77Pages

Denver Branch, to be transferred to head office 12/17 470

Oklahoma City and Omaha Branches, carrying of,

to be discontinued at, and probab-

ly at Denver Branch 11/30 391

Plan for carrying in banking department ofFRBranch Banks 12/ 3 407

Plan to be tried at Detroit Branch for sixmonths as experiment 12/10 440

(See supra Assistant FRAgents at Branches)

PRSystem:Counsel to consider litigable matters, employment of

Newton D. Baker recommended by Con-ference of Governors, disapproved 10/ 5 221

Expenses chargeable to functions essential to opera-

tions, letter to FRAgents re 7/25 44

Members: (See National Banks; State Member Banks)

Pamphlet descriptive of, prepared by FRBank of Boston,to be revised and submitted toFRBoard 7/23 46

(See also Publications)Withdrawals: (See Withdrawals)

Piduciary Powers:Broadway National Bank, Paterson, N. J., action on ap-

plication for fiduciary powers post-poned pending annual election ofdirectors 12/14 451

Capital and other requirements of national banks ex-ercising, recommendation of Con-ference of Governors 11/26 373

Capital National Bank of New York, application approved 8/11 89

Central National Bank, New York City, application ap-proved if action ratified by boardof directors 10/28 302

Citizens National Bank, Englewood, N. J., application

for extension of time to increase

capital as condition for

Extension of time from six months to one year

refusedAction reconsidered and one year given for in-

crease in capital

Citizens National Bank, Harlan, Ky., MRMO of Counsel

9/ 2

9/ 7

9/10

9/1512/14

7/14

11/ 3

132

137

152

163454

27

321

on application

Application withdrawn

Detailed analysis prepared by Mr. Carter and transfer

of Mr. Carter to Office of Secretary

to keep continuous record of

Doylestown National Bank, Doylestown, Pa., application

approved


78

Fiduciary Powers: (Contld)First National Bank, Clinton, Ind.,.action on appli-

cation deferredApplication approved

First National Bank, Fairfield, Ala., applicationdisapnroved

First National Bank, Lake Geneva, Wis., applicationapproved

First National Bank, Stanton, Iowa, additional powers

10/1211/ 2

12/10

12/10

Pages

261317

445

437

granted to 11/30 380

First National Bank & Trust Co., Monosson, Pa., appli-cation approved 11/17 341

Florida national banks, memo of Counsel on capitalrequirements of 7/16 32

Hellman Commercial Trust & Savings Bank, N. A., LosAngeles, application approved uponconversion from State bank 9/ 2 127

Laws of States covering investments of corporate fidu-ciaries and also deposit requiredof national banks with Stateauthorities 12/10 443

Merchants National Bank & Trust Co., Los Angeles, Calif.application approved 10/ 6 226

New title to be "Merchants National Trust & Sav-ings Bank of Los Angeles" 10/ 7 244

Monosson Trust Co., Monosson, Pa., application whenconverted into National Bank & TrustCo. of Monosson 9/30 206

National banks, conditions under which it would be ad-visable to refuse applications 8/26 123

Report of Comptroller of the Currency on conditionsthat justify refusal 9/ 2 134

National Bank of Mattoon, Ill., application to exerciseapproved 10/ 5 216

National Bank of Rising Sun, Md., memo of Counsel onacting as assignee under voluntarydeed of assignment 10/ 6 226

Old National Bank, Grand Rapids, Mich., applicationapproved 10/12 262

Organization and operation of trust departments, let-ter to be addressed to nationalbanks on reauirements for 11/22 359

Penn National Bank, Reading, Pa., issue of mortgagetrust certificates does not comeunder 11/24 367

Seaside National Bank, Long Beach, Calif., action onapplication deferred pending exami-nation 10/21 290

State member banks in Kentucky, memo of Counsel on 8/26 122


79Pages

Fiduciary Powers: (Contld)State member banks, etc.: (Contld)

Letter from FRAgent at St. Louis that he had ad-vised State member banks of properexercise of powers

Waynesboro National Bank & Trust Co., Waynesboro, Pa.,application approved

Pinlands Bank:

9/15

10/ 5

161

209

Account to be opened by FRBank of New York for 11/ 9 331

Letter to Governor of Finlands Bank advising of ap-proval of plan 11/19 347

Fiscal agency operations in Europe, letter from Secretaryof the Treasury 7/20 37

Florida:Banking situation in, correspondence between Mr. Wins-

ton and Governor Wellborn 7/23 47

Employment of Mr. Claude Gilbert as AssistantFRAgent at Atlanta to investigateconditions 8/ 3 60

Report of Mr. Gilbert and Mr. Creed Taylor on 8/23 99

National banks exercising fiduciary powers in, capitalrequirements of 7/16 32

Foreign Banking Corporations:International Banking Corporation, New York, memo of

chief examiner on conducting exami-nation of 12/17 475

(See also Branch Banks, Foreign)Foreign Banks:

Bank of France: (See Bank of France)Bari!: of Poland: (See Bank of Poland)Credit extended to stabilize foreign currencies, to be

discussed at meeting of FederalAdvisory Council 11/ 9 334

Finlands Bank:Account to be opened by FRBank of New York for 11/ 9 331

Letter to Governor of Finlands Bank advising ofapproval of plan 11/19 347

Income derived from American Bankers Acceptances, re-peal of tax on: (See Acceptances,Bankers)

National Bank of Belgium: (See Belgium)Yokohama Specie Bank: (See Yokohama Specie Bank)

Foreign Branches: (See Branch Banks, Foreign)Prance: (See also Bank of France)

Conditions in Paris and general situation, letterfrom Mr. Harrison On 7/21 38

Reciprocal relations with foreign banks, letter fromFRBank of New York to Bank of Franceexplaining 10/ 5 220

Noted 10/12 260


80

Fruit, regulations of Bureau of Chemistry with referenceto spray residue, opposition of

Pages

banks to 8/23 108

11G11

Georgia:Banking situation in, correspondence between Mr. Wins-

ton and Governor Wellborn 7/23 47

Employment of Mr. Claude Gilbert as AssistantFRAgent at Atlanta to investigateconditions 8/ 3 60

Gold:Denosited with National Bank of Belgium by Czechoslovak

National Bank, termination of arrange-ment by FRBahk of New York for loans 12/10 441

Earmarked by FRBahk of New York for FRBahk of Dallasto help build up Gold Settlement Fund 7/27 52

Earmarking of additional gold coin approved 8/11 83

Gold Credit to Bank of Poland: (See Bank of Poland)

Government Securities:Purchase by FRBahk of Minneapolis from member banks

with agreement to resell 10/12 262

Reply of FRBoard to letter from Governor of FRBahk 10/20 285

Governors Conference: (See Conferences)

Grand Avenue Improvement Association, donation by FRBahk ofKansasCity to 7/ 7 11

Grand Rapids Clearing House Association, resolution on paxclearance of checks on Michigan banks 12/30 542

11H.11

Harris, Honorable William J., telegram commending Joseph

L. Campbell 9/15 163

Harvard Economic Review, article by W. R. Burgess on MoneyMarket in 1926 to be published in 12/ 7 419

Havana: (See Agencies)Hearings, FaBoard:

American Bankers Association Committee on Standardiza-

tion of Checks: (See American Bank-

ers Association)


81Pages

Hearings, RBoard: (Conte)

Campbell, Joseph L., to be postponed until after ex-

amination of FRBank of Atlanta

Copy of letter to Mr. Campbell fixing July 19 as

date of hearing

Hearing again postponedHearing set for September 9

Letters from Messrs.Campbell, Newton and Black

7/ 2

7/ 27/148/24

5

717118

acknowledging receipt of notice of

hearing 9/ 2

Stenographic report made 9/ 9

Documents containing evidence turned over to At-

lanta Committee with statement of

conditions 9/10

131145

149-51

Telegram from Senator Harris supporting Mr. Campbell 9/15 163

Desire of Mr. Black of Atlanta Committee to dis-cuss report with members of FRBoardbefore presenting it to meeting of

directors 9/22 176

Atlanta Committee present in Washington and Gov-ernor Crissinger to receive them 9/23 182

Report of Governor Crissinger on meeting withAtlanta Committee 9/24 190

Letter from W. H. Kettig disapproving action of

directors in approving report of

Committee on investigation 10/ 5 222

Report of Atlanta Committee of Directors received 10/ 6 232

Review of reports and proceedings and removal of

Mr. Campbell ordered 10/ 7 236-42

Telegram from Mr. Campbell with request to defer

action until after meeting of At-

lanta directors 10/ 7 245

Draft of letter to Mr. Campbell, MBank of At-

lanta and FRAgent, approved as

amended 10/ 8 247-50

Resolutions adopted by board of directors ofFRBank of Atlanta 10/12 258

Letter from FRkgent acknowledging receipt ofletter re dismissal 10/20 280

Paragraph from resolution of board of directors,to be expunged from records 11/22 352

Consolidation of agencies of FRBank of Atlanta andBoston in Cuba 10/19 276

Secretary to prepare letters to interested parties 10/21 292

Stenographic report of hearing 11/30 395

Elgin State Bank, Elgin, Nelr., forfeiture of member-

ship, set for September 7 8/11 87

Forfeiture of membership ordered 9/ 7 139

Failey, Bruce F., application to serve interlocking

directorates 11/19 347


82

Hearings, FRBoard: (Contid)Grand National Bank, St. Louis, Mo., on requiring in-

crease in reserve requirements 12/30 542Mitchell, Jahn R., on charge-offs in connection with

building of MBank of Minneapolis 12/18 493Sprague, 0. M. W., establishment of Division of Credit

Information, set for July 23 7/21 39Secretary of FRBoard unable to get in touch with

Mr. Sprague 7/23 48Hov,ard, W. $.: (See Hearings, FRBoard, Campbell)Hull, Cordell: (See Liberty Bond Transactions)Hull, Morton D.:

Request for portions of report of Conference on BranchBanking 8/23 110

II III

Income Tax Law:Income derived from purchases of American bankers ac-

ceptances by foreign holders, rulingon Internal Revenue Bureau 9/2 134

Recommendation of Federal Advisory Council onamendment to law 10/26 298

Recommendation approved by Under Secretary of theTreasury 11/ 2 316

Recommendation of Conference of Governors 11/26 377Index Digest of FRAct, complimentary copies to be sent to

universities and colleges 11/19 345Industrial Club of Chicago, address delivered by FRAgent

at New York, no objection to pub-lication 8/11 85Installment buying, request of New York Academy of Politi-cal Science for some one to presentpaper on 10/12 263Insurance:

Reserve for self-insurance at FRBank of Cleveland, in-vestment of funds held as 12/10 442Interlocking Directorates:

Applications awaiting amendment to Clayton Act to beacted on without further delay 7/14 25

Applications involving banks in more than one district,circular letter to FRAgents 7/21 39

Applications approved:Abbott, Albert C. 7/14 29Alpern, Isaac 8/26 126Ankeny, John D. 9/15 166


Interlocking Directorates: (Cont' a)Applications approved: (Contld)

83Pages

Bailey, Charles W. 10/28 307

Borne, Adolph 10/ 7 242

Barrell, William L. 10/28 307

Bassett, Neal 9/7 142

Bauer, Harry J. 8/12 96

Bean, Theodore L. 10/20 279

Bechtel, S. B. 7/14 28

Becker, August E. C. 7/21 41

Bonham, Robert C. 9/22 177

Bowerfind, H. J. 7/21 41

Browning, M. A. 8/11 92

Bruns, John F. 8/23 102

Bullock, Chandler 8/11 92

Cavagnaro, James F. 12/17 492

Chaffey, A. M. 8/12 95

Collett, George R. 12/30 515

Couch, H. C. 8/24 118

Cutshall, Frank H. 7/14 28

Dembe, Harry B. 8/24 119

Dickson, Fred C. 8/4 69

Doherty, Edward B. 8/26 126

DIClier, Franklin 11/30 396

Eccles, George S. 8/11 91

Eccles, M. S. 8/11 92

Elenbogen, Herman 10/ 7 242

Feyler, Ernest 10/20 288

Foreman, Gerhard 12/10 446

Fox, C. B. 11/ 3 325

Fuller, Henry J. 8/23 112

Giannini, A. H. 12/17 492

Goree, Robert E. 12/14 456

Green, H. T. S. 11/24 362

Griffin, J. L. 11/17 343

Griffing, L. G. 8/24 118

Hattersley, Willis 7/21 41

Hay, J. Lewis 9/15 166

Hedrick, W. C. 12/14 457

Heppenheimer, Ernest 8/3 62

Herman, E. S. 8/24 118

Hilles, Charles Dewey 8/3 62

Hobby, W. P. 12/14 456

Hollocher, F. J. 8/11 92

Howard, George A. J. 8/12 96

Hoyer, George E. 12/17 492

Huff, S. H. 8/24 118

Hutchinson, William N. 10/28 307

Kagan, S. W. 9/22 177

Kates, John B. 8/23 112


84

Interlocking Directorates: (Cont 'd)Applications approved: (Cont'd)

Kemp, A. N.Kesner, JacobKincaide, Henry L.Kountze, Charles ThomasLanport, Arthur M.

12/2311/ 310/2812/239/7

Pages

527325307528142

Lenfestey, Nathan C. 7/23 48

Leslie, G. M. 7/21 41

Lewis, E. E. 11/17 342

Lippincott, R. K. 10/26 301

Litsinger, Edward R. 10/ 7 242

McAuliffe, T. F. 11/17 343

McFadden, George 12/23 527MdRoberts, John 7/7 16Manley, F. T. 10/20 288Maremont, Leo S. 10/7 242Moellering, Henry F. 7/14 29Moore, Henry D. 9/15 166Moraller, Max 8/24 119Morris, Nelson 12/30 545

Mueller, Gustav H. 8/4 69

Neise, George N. 12/10 446

Newman, C. H. 8/4 69

Oak, Calvin 11/17 342

Pearsall, William H. 11/24 370

Reaney, Joseph H. 10/28 308

Reiss, Jacob L. 9/7 142

Schilling, I. E. 11/17 343Schley, Reeve 7/14 29

Shoup, Guy V. 7/27 53Silver, Charles W. 10/7 242Silzer, George S. 7/14 29Sinclair, Donald G. C. 12/23 527Smith, Gordon C. 8/12 96Smith, Harry A. 10/28 308Smith, John F. 8/23 102Smith, Stanton M. 9/22 177Southwick, L. E. 7/14 29Stamler, John J. 7/? 16Thayer, Eugene V. R. 7/7 16Thompson, Arthur W. 10/7 242Van Buskirk, Daitt 8/24 119Veghte, Charles B. 8/6 77'

Verity, Ansel P. 12/14 457Voorhees, Leon G. 9/22 177

U II 12/23 527

Vose, C. A. 12/10 446

Vose, R. A. 11/17 343

Waddell, B. A. 11/17 342


85Pages

Interlocking Directorates: (Cont'd)Applications approved: (Contld)

:tagner, J. E. 11/ 9 334

Warner, A. L. 9/23 181Wilson, Edward M. 7/14 29

Windholz, L. H. 8/ 4 63

Applications refused:Bruns, John F. 7/14 29

Approved 8/23 102

Cadmus, Wilmer A. 8/ 4 64

Memo of Counsel on advice of action of FRBoard 8/11 81Refusal to be effective first of year 11/30 386

Ellsworth, J. C. 7/21 41

Failey, Bruce F. 7/21 41

Allowed to continue until January 1, 1927,memo of Counsel on 8/23 102

Memo of Counsel with further reference to 9/15 164Action postponed pending consolidation of

banks 11/19 347

Fisher, V. S., temporary refusal to become finalunless additional information isfurnished 9/29 196

Lewis, Francis A. 7/21 41

Lotte, C. Walter 8/ 4 64

Memo of Counsel on advice of action of FRBoard 8/11 81

Refusal to be effective first of year 11/30 386

McAllister, Richard, temporary refusal to becomepermanent unless additional informa-

tion is furnished 10/ 6

Letter from Hon. Isaac Bacharach re 11/ 2

Renkel, George W. 8/ 4

Memo of Counsel on advice of action of FRBoard 8/11Refusal to be effective first of year 11/30

2253186481386

Slater, Albert H. 8/ 4 64

Memo of Counsel on advice of action of FRBoard 8/11 81

Refusal to be effective first of year 11/30 386

Smith, Jahn Frederick 7/14 30

Approved 8/23 102

Volk, B.,Jr. 7/21 42

Miscellaneous:Brengle, Henry G., formerly granted, not affected

by consolidation of banks 7/27 52

Coyle, John A., temporarily refused 10/20 279

Eckerson, T. H., directorate of Pavonia Bank notunder Clayton Act 9/22 172

Enright, J. M., directorate of Pavonia Bank notunder Clayton Act 9/22 172

Ferguson, Frank C., directorate of Pavonia Banknot under Clayton Act 9/22 172

Ford, Edsel B., memo of Counsel on application 12/23 520


86

Interlocking Directorates: (Cont 'a)Miscellaneous: (Contld)

Gest, William P., formerly granted, not affectedby consolidation of bsrars

Griffin, J. L., application held pending conver-sion of bank

Kinkead, Eugene F., directorate of Pavonia Banknot under Clayton Act

Maloney, Thomas J., directorate of Pavonia Banknot under Clayton Act

Romfh, G. B., application held pending conversionof bank

Terre Haute, Ind., directors of banks consideringconsolidation, not necessary to fileapplication until first of calendaryear

Volk, B., Jr., necessary to sever connection withone bank

Woolwine, W. D., necessary to file new applicationbecause of change in banks

New application to be submittedInternal Revenue Bureau:

Ruling imposing tax on discount received by foreigncorporation from American bankersacceptances

(See also Income Tax Law)Intermediate Credit Banks: (See Federal Intermediate Credit

Banks)Iowa Bankers Association, request for information on amount

of loans to member banks in districtand total earning assets of FRBankof St. Louis

II jil

Joint Stock Land. Banks as "banks" under Clayton Act, opinionof Counsel to be submitted to At-torney General

Jurisdiction over suits by and against FRBanks, amendmentto law referred to Conference ofGovernors

Recommendation of Conference of Governors

7/27

8/24

9/22

9/22

8/24

9/15

11/19

9/1511/24

9/2

9/30

11/30

10/1211/26

52

113

172

172

113

164

346

164363

134

204

386

258375


87Pages

Xansas City Cold Storage & Warehouse Co., notes ineligiblefor rediscount 8/ 3 59

Ruling to be published in FRBulletin, memo of Counsel 8/12 95Request for reconsideration of ruling denied 9/23 180

Itentudky:Fiduciary powers of State member banks in, memo Of

Counsel on 8/26 122Letter from FRAgent at St. Louis that he had advised

State member banks of proper exer-cise of fiduciary powers

t(3rf, H. C., attorney at Newton, Iowa, payment by FRBank of9/15 161

Chicago for services in connectionwith foreclosure 9/ 2 132

LII

Lancaster, W. W.: (See National Banks, National City Bankof New York)

League of Nations:Counterfeiting of currency, notice of meeting to be

held to suppress, and copy of ques-tionnaire on 8/24 114

Leased Wire System:Business over Washington to New York direct line and

Washington, New York, Philadelphia,and Boston circuit wire to bestudied as to continuance 9/22 172

Reimbursement by Treasury Department for handling Trea-sury telegrams 7/21 39

Survey of business conducted over two circuits 11/24 368Telegrams chargeable to Treasury under certain appro-

priation, Secretary to discontinuebills until funds are available inTreasury 9/22 171

Leave of Absence, FRBanks:Salaries approved subject to provision on extended

leave with pay 12/22 495(See also FRBank of - , Staff)

Legislation:H. R. 10,000 codification of all Federal laws, memo

of Counsel on errors in 11/ 9 330


88

Legislation: (Cont' a)Jurisdiction over suits by and against FRBanks, amend-

ment to law to be discussed at Con-ference of Governors 10/12 258

Recommendation of Conference that law be amendedto restore to Federal courts 11/26 375

Laws of States covering investments of corporate fiduc-iaries, etc., request of Comptrollerof the Currency for 12/10 443

McFadden Bill, no change to be made in form of condi-tion retort of State member bankspending passage of 12/ 7 426

Reserves of member banks, recommendation of Conferenceof Governors on report of FRAgentsCommittee 11/26 372

(See also FRAct, Revised Statutes)Liberty Bond Transactions:

Controversy between Fourth & First National Bank, Nash-ville, and MBank of Atlanta, mem-bers of Tennessee delegation toinspect FRBoardss records 7/ 2 9

Third, sale to Treasury from Open Market Investmentholdings of FRBanks 8/23 106

Liquidations:Exchange Bank & Trust Co., Memphis, Tenn., agreement

with Fidelity Bank & Trust Co. 7/14 24New Kingston State Bank, New Kingston, Pa., to be

liquidated by Carlisle Trust Co.,Carlisle, Pa. 7/16 33

Loans:Brokers:

New York City, publication in monthly review ofFRBank of New York with explanatoryarticle 10/26 299

Report of Mr. Goldenweiser on situation with re-card to 8/4 67

Member banks in Eighth District, request of Iowa Bank-ers Association for information onamount of 9/30 204

(See also Rediscounts)


Mail robberies, correspondence between Postmaster Generaland FRBoard presented to Confer-ence of Governors

McKellar, Kenneth; (See Liberty Bond Transactions)Member Banks: (See also National Banks; State Member Banks)

Bills and securities of finance and credit companies,FRAgents to discontinue reports

Collection of checks at par, and removal from par list,telegram to FRBank of Atlanta re

Deposits, classification of time and demand, letterfrom FRBank of Dallas

(See also Deposits)Georgia and Florida, Mr. Claude Gilbert appointed As-

sistant FRAgent at Atlanta to makestudy of banks in

(See also Florida)Members, FRBoard: (See FRBoard)Membership in FRSystem: (See also State Member Banks)

American Exchange-Pacific Bank of New York, applica-tion approved

First Bank of Albany, Albany, N. Y., application ap-proved and also absorption of Al-bany Trust Co.

Merger includes also taking over of branchesFirst Bank of Utica, Utica, N. Y., application approvedLake County Loan & Savings Bank, Lakeview, Ore., new

application necessary because ofnew charter

Murray Hill Trust Co., New York City, applicationapproved

Phoenix Bank, Hartford, Conn., application filed byPhoenix National Bank, approved

Times Square Trust Co., New York City, applicationapproved

Wheaton, Ill., State bank being organized in, FRBoardlooks favorably .on proposed member-ship

Mergers; (See Consolidations)Meyer, Eugene, report on work of cammittee appointed to in-

vestigate cotton situationMichigan, par clearance of checks on banks in:

Resolution of Clearing House Association of GrandRapids

Resolution of Detroit Clearing House Association onMiller, Dr. Sydney R., letter recommending complete rest

for Mr. Cunningham

89Pages

11/26 378

8/26 124

7/21 38

10/26 299

8/ 3 61

11/ 9 327

11/24 36611/30 3819/ 7 138

8/11 84

9/ 2 127

8/ 3 54

10/ 5 217

11/30 391

10/19 267

12/30 54211/30 383

7/14 19


90

Minnesota:Elevator or warehouse companies, supervision by Rail-

road and Warehouse Commission overreceipts issued by

Resolutions of country member banks on discontinuanceof par clearance system, etc.

Missouri:Opinion of Attorney General that Commissioner of Fi-

nance can not conduct joint exami-nations of State member banks withExaminers

Letter from Assistant FRAgent at St. Louis andFRAgent at Kansas City that nrepa,rations to make examinations willbe made

New opinion of Attorney General of Missouri re-ferred to special committee

Order of FRBoard rescinded and relations with StateBanking Department to be resumed

Money Market in 1926, article by W. R. Burgess to be pub-lished in Harvard Economic Review

Mortgage trust certificates, issue by Penn National Bank,Reading, Pa., memo of Counsel on

uNn

National Association of Credit Men:Contribution to Credit Justice Fund by FRBahk of

ChicagoApproved

National Bank of Belgium: (See Belgium)

National Banks:American Exchange-Pacific National Bank, New York City,

proposed merger with Irving Bank &Trust Co.

Merger approvedApplication for membership in behalf of American

Exchange-Pacific Bank of New YorkAdvice of merger under title of American-Exchange

Irving Trust CO.American National Bank, Fort Towson, Okla., reduction

in capital stockBloomington,-Lake National Bank, Minneapolis, Minn.,

application for reduction in reserverequirements approved

Pages

11/26 373

10/12 262

8/ 3 58

8/11 87

9/30 205

11/30 394

12/ 7 419

11/24 367

7/7 117/14 24

10/21 29210/28 305

11/ 9 327

12/14 450

12/14 452

8/24 117


National Banks: (Contld)Bonds, circulation, advice of no applications received

during second quarterDuring third quarter

Broad & Market National Bank, Newark, N. J., purchaseof control in Washington Trust Co.

7/ 210/ 5

9/ 2

91Pages

6217

130

Broadway National Bank, Paterson, N. J., action onapplication for fiduciary powerspostponed pending action on inter-locking directorates 12/14 451

Capital National Bank, New York, apnlication to exer-cise fiduciary powers 8/11 89

Central National Bank, New York City, application toexercise fiduciary powers 10/28 302

Charters, discussion by Conference of FRAgents onright of FRBoard to deny applica-tions for stock in FRBanks 387

Chase National Bank, New York, opposition to regulationof Department of Agriculture onshippers of fruit with reference tospray residue 8/23 108

Citizens National Bank, Cincinnati, Ohio, merger withFourth & Central Trust Co. 12/30 549

Citizens National Bank, Englewood, N. J., applicationfor extension of time to increasecapital in order to exercise fiduc-iary powers 9/ 2 132

Extension of time from six months to one year re-fused 9/ 7 137

Action reconsidered and one year granted 9/10 152Citizens National Bank, Harlan, Ky., application to

exercise fiduciary powers, memo ofCounsel on 9/15 163

Application withdrawn 12/14 454Citizens National Bank, Mt. Sterling, Ohio, to consoli-

date with First National Bank, ad-justment in capital stock as result 9/27 194

City National Bank, Bismarck, N. D., rediscount ofnonmember bank paper for, by FRBankof Minneapolis 7/27 51

City National Bank, Decatur, Texas, refusal of FRBankof Dallas to extend rediscount facil-ities except under certain conditions 9/15 165

Memo of Comptroller of the Currency approving rightof FRBank 10/20 284

City National Bank, Kearney, Nebr., application forstock in FRBank of Kansas City 12/10 436

City National Bank, Lincoln, Nebr., application forstock in FRBank of Kansas City 12/28 530


92

National Banks: (Contld)College National Bank, Berkeley, Calif., to be taken

over by American Bank of San Fran-

cisco and consolidated with branch

Pages

at 2033 Shattuck Ave. 9/23 179

Commercial National Bank, Phoenix, Ariz., reduction incapital stock approved 12/17 470

Commercial National Bank, San Antonio, Texas, corre-spondence on classification ofpublic funds 12/23 524

Condition reports, call to be made:As of June 30 7/2 6

As of December 31 12/31 558

Deposits, Classification of: (See Deposits)Doylestown National Bank, Doylestown, Pa., application

to exercise fiduciary powers 11/ 3 321

Examiners: (See Examiners)Farmers rational Bank, Butler, Pa., application to re-

duce capital stock approved 8/23 104

Fiduciary Powers:Capital and other requirements of those exercis-

ing, recommendation of Conferenceof Governors 13/26 373

Conditions under which it would be advisable torefuse applications 8/26 123

Report of Comptroller of the Currency on con-ditions that justify refusal 9/ 2 134

Deposit of securities with State authorities toexercise, request of Comptroller ofthe Currency for information 12/10 443

Detailed analysis prepared by Mr. Carter and con-tinuous record to be kept 7/14 27

Organization and operation of trust departments,draft of letter on requirements 11/22 359

(See also Fiduciary Powers)

Fifth-Third National Bank, Cincinnati, Ohio, mergerwith Union Trust Co. 12/30 549

First National Bank, Albany, N. Y., control of AlbanyTrust Co., and plan for consolida-tion 8/26 120

Application on behalf of First Bank of Albany formembership in FRSystem 11/24 366

First National Bank, Boston, Mass., acceptance ofdraft drawn by Yokohama SpecieBank, Ltd. 11/ 9 331

Ruling submitted by Counsel 11/24 362


First National Bank, Britt, Iowa, now closed but votefor election of directors to be

counted 11/24 363


National Banks: (Contld)First National Bank, Chatham, Va., application for re-

duction of capital stockApproved on condition that no money be returned to

stockholdersFirst National Bank, Clinton, Ind., application to ex-

ercise fiduciary powersApplication approved

First National Bank, El Paso, Tex., report of Comptrol-ler of the Currency on condition,requirements of FRBank of Dallasas collateral against advances

8/23

9/ 2

10/1211/ 2

12/30

93Pages

103

133

261317

550

First National Bank, Englishtown, N. J., applicationfor reduction in capital stock 7/14 26

First National Bank, Fairfield, Ala., application to ex-ercise fiduciary powers disapproved 12/10 445

First National Bank, Fort Dodge, Iowa, request for per-mission to rediscount nonmemberbank paper 12/ 7 417

Memo of Counsel on, referred to Vs. Cunninghamto develop additional information 12/17 471

Mr. Cunningham and Governor Crissinger madespecial committee to act after con-sultation with FRBank of Chicago 12/22 514

First National Bank, Grayson, Ky., application forstock in FRBank of Cleveland 8/ 3 54

First National Bank, Green River, Wyo., examinationreport re FRBank stock 7/ 2 6

Memo of Deputy Comptroller of the Currency thatstock has been repossessed 8/23 108

First National Bank, Haskell, Okla., application forreduction in capital stock 12/31 556

First National Bank, Jonesboro, Ark., salary of E. P.Mathes in connection with receiver-ship of 9/29 200

First National Bank, Lake Geneva, Wis., application toexercise general fiduciary powersapproved 12/10 437

First National Bank, Letcher, S. D., classification ofdeposits of 10/ 5 220

First National Bank, Miami, Fla., revolving currencyfund at, to be discontinued 8/ 6 75

Discontinued as of October 15, 1926 8/23 98

Letter from Governor Wellborn that bank has beennotified 9/ 2 129

First National Bank, Minneapolis, Minn., purchase ofgovernment securities from, byFRBank of Minneapolis with agreementto resell 10/12 262

Reply to letter from Governor of FRBank 10/20 285


94

National Banks: (Cont'd)First National Bank, Mt. Sterling, Ohio, reduction

in capital stock approved pendinglater adjustment as result of con-solidation with Citizens NationalBank

First National Bank, New York City, report on heavy bor-rowings requested from FRBank ofNew York

Reply of FRBank that Committee of Directors hasbeen appointed to investigate

Letter from Deputy Chairman on uses of creditfacilities by

First National Bank, Parlier, Calif., application forreduction in capital stock approvedbut advice withheld

of condition suggested by Mr. Miller re-ferred to Counsel

Executive Committee approving ratifiedBank, Stanton, Iowa, additional fiduci-

ary powers granted toBank, Tampa, Fla., application of FRBank.

of Atlanta to establish revolvingcurrency fund at, disapproved

Bank, Valentine, Nebr., reduction incapital stock approved

First National Bank, West Palm Beach, Fla., use ofchecks by nonmember bank ordereddiscontinued

Reply of Vice President of nonmember bank thatchecks of national bank were notbeing used

First National Bank, Wibaux, Mont., application forduction in capital stock

First National Bank & Trust Co., Monessen, Pa., appli-cation for fiduciary powers

First National Bank & Trust Co., Utica, N. Y., appli-cation for surrender of stock inFRBank of New York, to be succeededby First Bank of Utica, a member

Florida, capital requirements of banks exercising fi-duciary powers in

Fourth & First National Bank, Nashville, Tenn., contro-versy with FRBank of Atlanta overLiberty bond transactions, membersof Tennessee delegation invited toinspect records

Georgia National Bank, Athens, Ga., payment to SavannahAgency in connection with failure of

Legality

Action ofFirst National

First National

First National

re-

Pages

9/27 194

9/29 201

10/12 256

10/20 284

9/22 174

9/23 18310/ 6 227

11/30 380

8/23 98

12/17 491

8/23 109

9/2 134

11/24 365

11/17 341

9/7 138

7/16 32

7/ 2 9

10/26 296


National Banks: (Contsd)Grand National Bank, St. Louis, Mo., increase in

reserve requirements recommendedReport of Committee on Examinations and increase

approvedCorrespondence between President of bank and

FRAgent at St. LouisRequest of President of bank for hearing

Hamilton National Bank, New York, report of negotia-tion for purchase of Italian Dis-count & Trust Co.

Haskell National Bank, Haskell, Okla., application forreduction in capital stock

Hellman Commercial Trust & Savings Bank, N. A., LosAngeles, application for fiduciarypowers and for stock in FRBank ofSan Francisco approved

Live Stock National Bank, South Omaha, Nebr., applica-tion for reduction in capital stockapproved but advice withheld

Legality of condition suggested by Mr. Miller re-ferred to Counsel

Approval by Executive Committee ratifiedApnroved with conditions recommended by Acting

Comptroller of the CurrencyMerchants & Manufacturers National Bank, Newark, N. J.,

to convert into trust comnany, manlyfor membership, and merge with New-ark Trust Co.

Merchants National Bank, Grinnell, Iowa,.failure of:Payment to H. C. Korf, for services in connection

with foreclosure at Newton, IowaPayment to J. H. Patton for services in represent-

ing FRBank of ChicagoMerchants National Bank, St. Paul, Minn., transactions

of FRBank of Minneapolis withReply to letter from Governor of FRBank

Merchants National Bank & Trust Co., Los Angeles,Calif.,application to exercise fiduciarypowers approved

New title to be "Merchants National Trust & Sav-ings Bank of Los Angeles"

Missouri rational Bank, St. Louis, Mo., formerly grant-ed reduced reserves, question ofrequiring increased reserves

National American Bank, New York City, consolidationwith Central Mercantile Bank pro-posed under State charter

Application of Central Mercantile Trust Co., tomerge with

9/23

10/26

12/2312/30

9/15

12/31

9/ 2

9/22

9/2310/ 6

12/ 7

12/10

9/ 2

10/20

10/1210/20

10/ 6

10/ 7

9/23

011

8/23

95Pages

186

294

523542

160

556

127

174

183227

415

438

132

281

262285

226

244

186

81

104


96

National Banks: (Cont ,d)National Bank of Hollywood, Hollywood, Calif., appli-

cation for reduction in reserverequirements approved 8/24

Pageo

117Bank Mattoon, Mattoon, Ill., applicationNational of

to exercise fiduciary powers 10/ 5 216National Bank of Rising Sun, Rising Sun, Md., memo of

Counsel on acting as assignee undervoluntary deed of assignment 10/ 6 226

National Bank of Yorkville, New York City, applicationfor stock in FRBank of New York ap-proved 7/27 51

National Bank & Trust Co., Monessen, Pa., conversionof Monessen Trust Co., applicationto exercise fiduciary powers 9/30 206

National Butchers & Drovers Bank, New York City, mergerwith Irving Bank-Columbia Trust Co.,under title of Irving Bank & Trust Co. 9/22 173

Adjustments in stock as result of 9/30 204National City Bank of New York:

Branches, Foreign: (See Branch Banks, Foreign)National Stock Yards National Bank, National City, Ill.,

application for stock in FRBank ofSt. Louis 9/22 169

New Georgia National Bank, Albany, Ga., applicationfor reduction in capital stock 12/30 543

Northwestern National Bank, Minneapolis, Minn., trans-actions of FRBank of Minneapolis 10/12 262

Reply to letter from Governor of FRBank 10/20 285Old National Bank, Grand Rapids, Mich., application

to exercise fiduciary powers 10/12 262Orangeburg National Bank, Orangeburg, S. C., deposit

of bonds in trust department tosecure trust funds deposited insavings department 11/24 368

Pascagoula National Bank: (See Par Clearance Cases)Penn National Bank, Reading, Pa., issue of mortgage

trust certificates by, memo ofCounsel on 11/24 367

Peoples National Bank, Montclair, N. J., purchase ofcontrol of Montclair Trust Co. 12/14 450

Phoenix National Bank, Hartford, Conn., procedure forconversion into State bank, consol-idation with State Bank & Trust Co.,and subsequent membership inFRSystam 7/7 14

Application for membership as Phoenix Bank filedand approved 8/3 54

Polk County National Bank, Bartow, Fla., rediscount ofpaper of nonmember banks for 8/11 86


National Banks: (Contld)Roseland rational Bank, Chicago, Ill., application

for reduction in reserve require-ments approved

St. Louis National Bank, St. Louis, Mo., apnlicationfor reduction in reserve require-ments refused

Seaside National Bank, Long Beach, Calif., applicationfor fiduciary powers held pendingnext examination

South Broadway National Bank, Denver, Colo., apolica-tion for stock in FRBank of KansasCity, aporoved

Southwark National Bank, Philadelphia, Pa., questionof improved real estate for makingloans

Stock Growers National Bank, Cheyenne, Viyo., applica-tion for reduction in capital stock

Application approved on conditionStock in FRBanks: (See Stock)Third National Bank, Miami, Fla., reduction in canital

stock approvedTraders National Bank, Brooklyn, N. Y., application

for stock in FRBank of New YorkTrust departments, letter on reauirements for organi-

zation and operation ofWaynesboro National Bank & Trust Co., Waynesboro, Pa.,

application to exercise fiduciarypowers annroved

West Hollywood National Bank, Los Angeles, Calif., per-mission to Pacific Southwest Trust& Savings Bank to take over andoperate as branch

Winder National Bank, Winder, Ga., application for re-duction in capital stock

Approved with changes in conditionsNational Economic Bank of Poland, invitation to Governor

Harding to visit WarsawNew York Academy of Political Science, request for some one

to read paper on installment buyingNoncash Collections: (See Clearing and Collection)Nonmember Banks:

Albany Trust Co., Albany, N. Y., control obtained byFirst rational Bank and consolida-tion planned

Absorption by First Bank of Albany, approvedMerger includes also taking over of branches

American Bank of New York, merger into Central Mercan-tile Bank of New York

9/23

9/ 7

10/21

8/ 6

10/20

11/2411/30

12/23

8/ 3

11/22

10/ 5

12/ 7

10/2812/30

10/ 5

10/12

8/261112411/30

10/20

97Pages

179

141

290

72

283

366383

519

54

359

20e

416

304547

223

263

120366381

281


98

Nonmember Banks: (Contld)Bank of Centerfield, Centerfield, Utah, absorbed by

Gunnison Valley BankApplication approved

Bank of East Point, East Point, Ga., permission toCitizens & Southern Bank of Savan-nah to t-°,-e over and operate asbranch

Notice from bank of decision not to take over

9/159/29

7/148/11

pages

160200

2382

Bank of Onondaga, Onondaga Valley, N. Y., to be takenover by City Bank Trust Co., Syra-cuse, N. Y. 12/28 530

Bank of Van Nuys, Van Nuys, Calif., to be taken overby Security Trust & Savings Bank,Los Angeles, and operated as branch 9/23 180

Bronx Borough Bank, New York City, purchase of majoritystock by Bank of the Llanhattan Co.,and operation as unit bank 8/11 81

Commercial Bank & Trust Co., Haines City, Fla., redis-count of paper for Polk County Na-tional Bank, Bartow, Fla. 8/11 86

Eastwood Bank, Eastwood, N. Y., purchase of assets byFirst Trust & Deposit Co., Syracuse,N. Y., and operation as branch 9/2 131

Advice of opening as branch 10/ 5 218Exchange Bank & Trust Co., Memphis, Tenn., liquidation

agreement with Fidelity Bank & TrustCo. 7/14 24

First American Bank & Trust Co., West Palm Beach, Fla.,use of checks of First NationalBank, to be ordered discontinued 8/23 109

Reply of Vice President of bank that checks ofnational bank were not being used 9/2 134

First Trust & Savings Bank, Avon Park, Fla., redis-count of paper for Polk County Na-tional Bank, Bartow, Fla. 8/11 86

Frostproof State Bank, Frostproof, Fla., rediscount ofpaper for Polk County National Bank,Bartow, Fla. 8/11 86

Italian Discount & Trust Co., New York City, salerumored 9/15 160

Lee County Bank, Title & Trust Co., Ft. Wel', Fla.,rediscount of paper for Polk CountyNational Bank, Bartow, Fla. 8/11 86

Lennox State Bank, Lennox, Calif., to be taken over byPacific Southwest Trust & SavingsBank and operated as branch 9/23 180

Napton Stock Bank, Napton, Mo., deposit liabilities tobe assumed by Wood and Huston Bank,Marshall, Mo. 9/2 130


99Pages

Nonmember Banks: (Contld)New Kingston State Bonk, New Kingston, Pa., to be

liquidated by Carlisle Trust Co.,Carlisle, Pa. 7/16 33

Newark Trust Co., Newark, U. J., merge with Merchants& Manufacturers National Bank afterconversion of national bank 12/10 438

Rediscount of Paper of:FRBank of Chicago, request of First National Bank

of Fort Dodge, Iowa, for permission 12/ 7 417

Memo of Counsel on, referred to Mr. Cunning-ham for additional information 12/17 471

Yr. Cunningham and Governor Crissinger madespecial committee to act afterconsultation with FRBank of Chicago 12/22 514

FRBank of Minneapolis, for City Natiortn, Bank ofBismarck, N. D., request for 7/27 51

FRBamk of Richmond, for member banks, letter fromFRAgent on 10/29 310

State Bank & Trust Co., Hartford, Conn., consolida-tion with Phoenix National Bankafter conversion into State bank 7/? 14

State Bank of Boca Grande, Boca Grande, Fla., redis-count of paper for Polk CountyNational Bank, Bartow, Fla. 8/11 86

State Bank of Dundee, Dundee, Fla., rediscount of paperfor Polk County National Bank,Bartow, Fla. 8/11 86

Union Bank & Trust Co., Baton Rouge, La., formerlymember, certificate of membershiplost 11/19 349

Washington Trust Co., Newark, N. J., control sold toparties interested in Broad &Market National Bank, Newark, N. J. 9/2 130

0011

°Pan Market Investment Committee: (See Committees)

Pamphlets, FRBanks: ( See Publications)


100

Par Clearance Cases:Pascagoula National Bank Case:

Angell, Uontgomery B., statement for services

Pages

in connection with 10/20 284To be by FRBank of Atlanta and

11/ 3 322paid prorated

among all F.Banks Baker, Newton D., fee for services 7/23 47

Report of Governor submitted and statementordered paid 8/11 88

Statement of FRBank of Atlanta proratingamong other FRBanks 8/23 107

Circular letter to Governors of FRBanks pro-11/ 9 329rating expenses

Par Clearance System: (See Clearing and Collection)Patton, J. H., payment for services by MBank of ChicagoPension Committee, recommendation of Conference of Governors

on report of

10/20

11/26

281

378Report disapproved by FRBoard 11/30 395Draft of letter to Governors of Banks stating posi-

tion of FRBoard 12/ 3 401Perkins, J. H., suggested to New York Academy of Political

Science to present paper on instal-lment buying 10/12 263

Philip3ine Islands: (See Branch Banks, Foreign)Poland, leave of absence to be granted Governor Harding of

FRBank of Boston to go to Warsawto advise on recommendations re-garding banking policy 9/30 206

Invitation from National economic Bank of PolandPolitical assessments and activities of employees, warning

of Civil Service Commission

10/ 5

8/11

223

83Postmaster General, correspondence with FRBoard on mail rob-

beries presented to Conference ofGovernors 11/26 378

Post Office, shipments of no tee to be made from main of-fice instead of Treasury Branch 11/19 348

Power of attorney, foru to be filed with Cuban authoritiesto empower 1:anager of Havana Agencyto exercise authority 12/23 528

Liemo of Counsel on action of Law Committee 12/30 546Prentiss, Yorton D., suggested to New York Academy of Poli-

tical Science to present paper oninstallment buying 10/12 263

Press Releases:Rates for cable transfers, noon buying in New York

City, to be issued as 8/23 106Weekly Statements: (See Condition Reports)

Price levels, stabilization of, letter from Hon. James J.Strong to certain FRAgents on pro-posed amendment to FRAct 7/ 7 15


101Pages

Public Funds, Deposit of: (See Deposits)Publications of FRBanks:

Amendment to principles governing

Revised principles read by Dr. Goldenweiser and

ordered transmitted to FRBanks

FRBank of Boston, descriptive of FRSystem, to be revised

and submitted to FRBoard

Dr. Goldenweiser to go to Boston to make sugges-

tions on revision

Report of Dr. Goldenweiser that suggestions were

adopted, and issuance approved

Copy of revised pamphlet presented to FRBoard

FRBank of New York, "Business Cycles and Business Eea-

surements", by Carl Snyder, impro-

priety of reference to connection

with FRBank in advertisement

Letter from Lr. Burgess and Mr. Snyder of FRBank

of New York re

FRBank of Richmond: on "Questions and answers on/ESystem" to be submitted to FRBoard

Report by Dr. Goldenweiser that manuscript would

be submitted to him

Publication apnroved

11(4,11

questionnaires:League of Nations Financial Committee on counterfeiting

of currency

quorum of FaBoard: (See FRBoard)

IIRII

Rates:Cable transfers in New York City, to be issued as

regular press release

FRBank of Atlanta, schedule of discount and purchase

8/ 3

8/11

7/23

8/ 4

8/119/ 7

9/29

10/ 5

8/ 3

8/119/29

8/24

8/237/148/239/29/1510/1211/1712/14

59

85

46

69

84141

202

219

60

84203

114

10520101128158255339447


102Fagot;

Rates: (Contld)FRBank of Boston, schedule of discount and purchase 7/16 32

8/12 939/15 1579/23 178

111

233

11/ 9 32611/19 34412/3 40112/17 46712/30 540

FRBank of Chicago, schedule of discount and 7ourchase 7/27 498/23 1018/24 1159/2 1289/24 18910/26 29311/24 36112/ 7 -4a212/17 467

FRBank of Cleveland, schedule of discount and. purchase 7/14 208/11 809/15 15710/12 25511/ 9 32612/ 7 412

FRBank of Dallas:Rediscount, discussion of possible change in 9/15 165Schedule of discount and purchase 7/14 20

9/15 15810/ 7 2331

Bank of Kansas City, schedule of discount and purchase .24 436

57/16 328/3 558/12 939/2 1299/15 1589/24 19010/20 27810/29 30911/17 33912/3 40212/10 43612/28 530

FRBank of Minneapolis, schedule of discount and purchase 7/27 499/15 15810/12 25511/24 36112/17 467


103Pages

Rates: (Contld)MBank of New York:

Open Market establidhed . 8/23 100Rediscount discussion of question of raising,

with report by Dr. Goldenweiseron conditions 8/ 4 65-8

Raised to 4 per cent 8/12 93Schedule of discount and purchase 7/ 2 5

7/14 207/16 317/23 448/3 558/6 718/12 938/23 998/23 1009/ 2 1279/2 1289/7 1399/15 1579/22 1699/24 18910/ 5 21710/12 25510/20 27810/26 29310/29 30911/9 32611/17 33911/19 34411/30 38112/ 3 401

12/14 447; 12/17 467; 12/28 529171113a-Ak of Philadelphia, schedule of discount and

purchase 7/ 7 158/6 729/2 1289/22 16910/7 23310/20 27811/19 34412/ 3 40212/17 467

FRBank of Richmond, schedule of discount and purchase 7/14 208/12 939/15 15810/12 25511/17 33912/10 436


104

Rates: (Contld)

Pages

FRBank of St. Louis, schedule of discount and purchase 8/ 6 729/ 2 12910/ 7 23310/21 28911/ 9 3261121//173 430329

12/17 467FRBank of San Francisco, schedule of discount and

purchase 7/ 2 57/16 328/6 728/23 1018/26 1209/7 1399/22 16910/26 29511/ 9 32711/19 34412/ 3 40212/17 467

Real estate, letter from Southwark National Bank of Phila-delphia on improved, for purposeof making loans 10/20 283

Real estate and building, amount of bank paper based on,Division of Research and Statisticsto submit plan to investigate 10/21 289

Memo of mr. Goldenweiser on proposed survey 12/ 7 418Report by Dr. Goldenweiser and Mr. Smead, no change to

be made in condition report at pre-sent but to make survey of existingdata 12/ 7 426

Rediscounts:Adjusted service certificates, regulations for dis-

count of:Topic on program of Conference of Governors 8/ 6 74Law Committee to draft regulations 11/17 342Recommendation of Conference of Governors onRegulation °II" presented by Counsel and adopted 1121%296 433731-5

Bankers acceptances drawn by elevator companies, pro-posed amendment to Regulation 11A0to make eligible for rediscount 7/23 45

Reply of Governor of FRBarik of Minneapolis toletter from FRBoard a/ 3 59

Report of Law Committee with suggestion of Kr.Hamlin that they be made eligible 8/ 6 74

To be placed on program of next Conference ofGovernors 8/11 91



Rediscounts: (Cont'd)Borrowings of parent corporations to be loaned to

subsidiaries, ruling on

Recommendation of Conference of Governors on

Cotton, Loans on: (See Cotton)Cotton seed oil, to be considered manufactured oro-

duct instead of agricultural

FRBank of Dallas, refusal to extend facilities to

City National Bank, Decatur, Tex.,except under certain conditions

Memo of Comptroller of the Currency aperovingright of FRBank

Nonmember Bank Pacer:FRBank of Atlanta:

Examination does not Show any discount di-

rect or through member bank

Paper in certain nonmember banks in Florida

to be rediscounted for Polk County

National Bank, Bartow, Fla.FRBank of Chicago:

Request of First National Bank, Fort Dodge,

Iowa, for permission to rediscount

Memo of Counsel on, referred to Mr. Cun-ningham for additional information

Mr. Cunningham and Governor Crissinger

made special committee to act after

consultation with FRBank

FRBank of Minneapolis:For City National Bank of Bismark, N. D.,

request forFRBank of Richmond:

Notes endorsed by, for member banks, letterfrom FRAgent

Notes of Kansas City Cold Storage & Warehouse Co., in-eligible, memo of Counsel on

Ruling to be published in FRBulletin

Request for reconsideration of ruling denied

Notes of parent corporations to purchase automobiles

for use by subsidiaries, publicationof ruling in FRBulletin

Reed, Senator James A., request for list of failed banks ineach State with amount of losses

Draft of reply referred to Vice Governor with power

Regulations:Bureau of Chemistry of Department of Agriculture, im-

posed on shippers of fruit with

reference to spray residue, opposi-

tion of banks to

10/1211/26

10/26

9/15

10/20

7/23

8/11

12/ 7

12/17

12/22

7/27

10/29

8/ 38/129/23

7/23

12/1712/23

8/23

105Pages

258376

297

165

284

45

86

417

471

514

51

310

5995180

44

470523

108


106Pages

Regulations: (Cont Id)FRBoard:

proposed amendment to make bankers' accept-ances drawn by elevator company eli-gible for rediscount 7/23 45

Reply of Governor of FRBank of Minneapolis toletter from FRBoard 8/ 3 59

Report of Law Committee with suggestion ofMr. Hamlin that they be made eligible 8/ 6 74

To be placed on program for next Conferenceof Governors 8/11 91

Recommendation of Conference of Governors 11/26 372Adjusted service certificates, rediscount of notes

secured by, to be placed on nrogramof Conference of Governors 8/ 6 75

Law Committee to submit draft to Board 42Recommendation of Conference of Governors 11%372-6 373

FR

"M", presented by Counsel and adopted 12/ 9 431-5Branches of State member banks, inquiry of W. H..

Wood on establishment of 11/24 369Renly of FRBoard 12/14 453

Directors of FRBranch Banks, apnointment of 10/20 285Reports of Condition: (See Condition Reports)Repurchase Agreements:

Purchase of Government securities from member bank, byFRBank of Minneapolis, with agree-ment to resell 10/12 262

Reply to letter from Governor of FRBank 10/20 285Research and statistical representatives of FRBanks, sug-

gested conference to be held inSentember 8/ 6 71

Conference approved by Mr. Miller and date to be fixedby Governor 8/24 115

Held October 4 and 5, memo of Dr. Goldenweiser report-on 10/12 257

Research and statistical work of FRBanks, amendment toprinciples governing publications 8/ 3 59

Amendments submitted by Dr. Goldenweiser and approved 011 85Reserve Requirements:

Banks in outlying districts of reserve and central re-serve cities, topic for discussionby Federal Advisory Council 11/ 9 333

Recommendation of Federal Advisory Council 11/30 384Bloomington-Lake National Bank, Minneanolis, Einn., ap-

plication for redaction approved 8/24 117Grand National Bank, St. Louis, Mo., increase in,

recommended 9/23 186Report of Committee on Examinations and increase

approved 10/26 294


107Pages

Reserve Requirements: (Contld)Grand National Bank, St. Louis, Mo.: (Contld)

Correspondence between President of bank and

FRAgent at St. Louis 12/23 523

Request of President of bank for hearing 12/30 542

Member banks in Boroughs of New York, Counsel to pre-

pare memo on 11/9 333

Memo of Counsel submitted 11/19 346

Missouri National Bank, St. Louis, Mo., question or

requiring increased reserves 9/23 186

National Bank of Hollywood, Hollywood, Calif., agoli-

cation for reduction approved 8/24 117

Reduction in outlying banks of large cities, topic for

discussion at Conference of FRAgents 8/26 121

Roseland National Bank, Chicago, Ill., application for

reduction approved 9/23 179

St. Louis FRDistrict granted permission to carry re-

duced, statement showing ratio of

bank deposits to total deposits 9/23 185

St. Louis National Bank, St. Louis, Lo., applicationfor reduction refused 9/? 141

Reserves:Member Banks:

Deductions in computing,reply to Governor of FRBank

of Kansas City on 10/20 282

Granted permission to carry reduced, recommenda-

tion of Conference of FRAgents to

review each year 11/30 390

Report of FRAgents Committee on, recommendationof Conference of Governors 11/26 372

Resolutions:Atlanta Clearing House Association abolishing exchange

charges on checks collectiblethrough FRBanks 8/23 99

Clearing House Association of Grand. Rapids, Mich., onpar clearance of checks on Michiganbanks 12/30 542

Detroit Clearing House Association on collection ofchecks on banks in Michigan at par 11/30 383

Directors of FRBank of Atlanta on removal of Mr. Camp-

bell as Deputy Governor 10/12 258

FRBoard:Assessment on. FRBanks for expenses of FRBoard 12/23 519

Conference on cotton situation to be held in

New Orleans 10/ 8 251

Cunningham, E. H., approving instructions of at-

tending physician re absence from

duties 7/14 19

Detroit building, approving plans and bids for 12/ 1 399


108pageS

Resolutions: (Contld)FRBoard: (Contld)

Elgin State Bank, Elgin, Nebr., forfeiture ofmembership ordered

Examinations by FRBanks and State Banking Depart-ments, survey of efficiency of, Mr.Claude Gilbert to be employed

Resolution adoptedExaminations of State member banks, employment of

examiner to report on sufficiency of

9/ 7

11/2211/22

8/11

139

355358

90Examining work of FRSysten, coordinating under

supervision of FRBoard, report ofCommittee on Examinations

Report of Committee tentatively approvedHavana Agencies, consolidation of, to be filed

with Republic of CubaMcCrary, J. A., Director of FRBank of Atlanta,

evidence re conduct insufficientfor removal

11/ 211/ 3

12/22

10/19

319323-5

515

275Noncash collections of FRBanks 9/23 185

Revised Statutes:Amendment proposed, appointment of receivers of na-

tional banks in liquidation by Comp-troller of the Currency 12/28 532

Possible violations by Commercial Guaranty State Bank,Longview, Tex., and First StateBank & Trust Co., Hereford, Tex. 7/ 2 9

Memo of Counsel that report should be made tolocal United States Attorney 7/14 25

Copy of part of examination report of CommercialGuaranty State Bank to be furnished

8/26 123to Department of JusticePart of examination report of First State Bank &

Trust Co., Hereford, Tex., trans-mitted to Attorney General 9/15 166

Revolving Currency Fund:First National Bank, Miami, Fla., to be discontinued 8/ 6 75

Discontinued as of October 15, 1926 8/23 98Letter from Governor Wellborn that bank has been

notified 9/ 2 129First National Bank, Tampa, Fla., application of FRBank

of Atlanta to establish, disapproved 8/23 98Robert Morris Associates, subscription to membership in, to

be continued in name of Dr. Golden-weiser 7/ 2 9

Robineau, Governor of Bank of France: (See Bank of France)Royal Decree of Monetary Stabilization, signed by King of

Belgium, copy of 10/26 295Publication in FRBulletin suggested 10/28 306


109Pages

Rulings:FRBoard:

Acceptances, bankers, as applied to financing of

storage of cotton seed, modifica-

tion of 8/23 106

Accentances, drafts drawn on national banks byother banks against imnort and ex-port bills of exchange 11/24 368


Automobiles, rediscount of notes of parent corpor-

ations to purchase for subsidiaries 7/23 44

Borrowings of parent corporations to be loaned tosubsidiaries, eligibility of notesrepresenting 10/12 258


Cotton seed oil, to be considered manufacturedproduct instead of agricultural 10/26 297

Reconsideration of ruling suggested by Gov-ernor of RBank of Dallas 12/23 524

Noncash Collection Items: (See Clearing and Col-lection)

Notes of Kansas City Cold Storage & Warehouse Co.,ineligible for rediscount 8/3 59

Ruling to be published in FRBulletin, memoof Counsel on 8/12 95

Request for reconsideration of ruling denied 9/23 180

Internal Revenue Bureau:Tax imposed on discount received by foreign corpor-

ation from American bankers accept-ances, topic for Federal Advisory

Council 9/2 134

(See also Acceptances)

S

Safekeeping function of FRBarik of Linneapolis, proposal to

make charge for 11/19 349

Referred to Committee on District No. 9 11/30 393

Discussed with FRBoard by FRAgent Mitchell 12/28 529

No charge to be made until Committee makes study and12/30 547submits report

To accept securities from member banks without charge,

but not from nonmember banks 12/31 557

Safekeeping of securities of Farm Loan Registrars, etc.,

by FRBanks, memo of Counsel on 7/21 39


110

Safekeeping of securities of Farm Loan Registrars, etc.:(Contld)Recommendation of Conference of Governors and opin-

Pageo

ion of Counsel, approved 11/26 374

Secret Service Division:questionnaire on counterfeiting of currency sent by

Financial Committee of League ofNations, referred to 8/24 114

Protection features to be installed in new building ofBirmingham Branch 12/ 7 422

Secretary of Commerce:Conference to be held in New Orleans on cotton situa-

tion, advice of 10/ 8 251(See also Cotton)

Secretary of the Interior:Request for information on amount of money exoended by

Government in public land States 10/12 263Secretary of the Treasury:

Attorney General to be reeuested to render opinion onright of FRBoard to fix four membersas quorum 8/11 79

Fiscal agency operations in Eurcyoe, participated in byGovernor Strong and others 7/20 37

Income taxes derived from American Bankers Acceptancesby foreign holders, recommendationof Federal Advisory Council on re-peal, to be transmitted to 10/26 298

Letter from Undersecretary of the Treasury approv-ing recommendation 11/ 2 316

Report on visit to Europe 9/24 193Winston, G. S.:

Correspondence with Governor Wellborn on bankingsituation in Georgia and Florida 7/23 47

Present at meeting of FRBoard to discuss Treasuryfinancing and relation to recommen-dation of Open Market InvestmentCommittee 11/ 9 335

Secretary of War:Application of National City Bank of New York to estab-

lish branches in Philippine Islands,referred to 11/24 362

Reply of Secretary that no policy of War Depart-ment would interfere with grantingapplication 12/ 7 417

Reply of Secretary on opinion of Attorney Generalof Philippines that local law pre-vails 12/ 8 428

Memo of Counsel on reolies of Secretary of Warand opinion of Attorney General ofPhilippines 12/17 475


Securities, Custody of: (See Safekeeping)Securities, Purchase of: (See Committees, Open Market Invest-

ment)Shearman and Sterling: (See National Banks, National City

Bank of New York)Sprague, O. M. W., letter on report of desirability of set-

ting un a Division of Credit Infor-mation

Hearing on establishment of Division of Credit Infor-mation set for July 23

Secretary of FRBoard unable to get in touch withMr. Sprague

Stable Money Association meeting in St. Louis, no member ofFRBoard able to accent invitationto attend

Staff, FRBoard:Charwomen:

Freeman, Lizzie, dropped from rollGreen, Christiana, aPpointedSmith, Annie H., transferred to another building,

notice ofTembledk, Lucy, apnointed for additional roomsWilliams, Rachel, appointment approved

Chief Clerk's Office:Carpenter, S. R., employed as clerk-stenographerMoore, J. P., to be transferred from office of

Mr. Hamlin and continue index workPosition offered and acceptedResignation of

Counsel's Office:Costinett, Mrs. Grace L., appointed temporary

stenographer for six weeksDeHart, Mildred, transferred from Chief Clerk's

OfficeStenographer, authority to employ temporary for

six wedl:sStenographer, employment of additional approvedVest, George B., salary increased as Assistant

CounselWingfield, B. M., salary increased as Assistant

CounselWyatt, Walter, salary approved

Division of Bank Examinations: (See Division of Ex-amination)

Division of Bank Operations:Barnard, Louise, temporary appointment made

permanent

111Pages

7/ 7 12

7/21 39

7/23 48

12/17 472

9/22 1709/22 170

9/15 1599/15 1599/15 159

10/ 6 225

7/23 448/ 3 629/29 198

8/12 94

10/ 6 225

8/11 8010/ 6 225

12/22 513

12/22 51312/22 513

7/16 31


112Pages

Staff, FRBoard: (Contid)Division of Bank Operations: (Contld)

Greene, M. Virginia, appointed comptometer oper-ator

Lally, Kathleen T., resignation as clerkPatterson, Mrs. Thelma C., probationary appointment

as comptometer operatorSmead, Edward L.:

Financial results of operation of FRBank for1926 compared with 1925

Salary increasedZobel, Yrs. Edith M., temporary appointment ter-

minatedDivision of Examination:

Black, H. W., employed as ExaminerTo be attached to Examination Division for

presentBuchanan, J. L., resignation as ExaminerGilbert, Claude: (See Staff, Supervisor of Exami-

nation)Griffin, Roy, negotiations for employment as

Examiner, deferredHeising, John D., appointed AssistantHereon, James F.:

Salary approvedTo anpear before FRBoard on advisability of

conducting examination of FRBankof Atlanta

To begin on July 10Hodgson, R. M., negotiations for employment as

Examiner, deferredKoppang, H. O., appointed AssistantRank, H. E., commissioned Assistant to aid in

Atlanta examination, commissioncancelled

Renort submittedSmiley, U. D., negotiations for employment as

Examiner, deferredDivision of Issue and Redemption:

Martin, Martha J., resignation as bookkeeperDivision of Research and Statistics:

Croghan, Alvin, resignation as messengerEicke, Mrs. Merle R., permanent appointment as

stenographerElliott, J. Caurtland, appointment extended for

two monthsGardner, Walter R., Research Assistant, appoint-

ment made Permanent

7/277/27

7/16

12/1712/22

7/16

9/ 2

9/248/ 3

9/ 29/15

12/22

7/ 17/ 2

9/ 29/15

8/ 68/23

9/ 2

9/15

9/23

10/29

8/26

8/26

5352

31

476513

31

135

19255

135159

513

23

135159

7199

135

159

178

309

120

120


113Pages

Staff, FRBoard: (Contld)Division of Research and Statistics: (Contld)

Goldenweiser, E. A.:Address of Mr. Jay before Industrial Club of

Chicago, publication authorized 8/11 85

Advertisement of book of Mr. Carl Snyder,

impropriety of 9/29 202

Letter from Messrs. Burgess and Snyder 10/ 5 219

Appointment as Director of Division andsalary increased 12/28 539

Belgium, monetary reform in, and credit to

National Bank of Belgium, article

for FRBalletin 10/29 310

Article approved in revised form 10/30 312

Cotton situation, article for FRBulletin,referred to Committee for revision 11/ 2 314

Discussion of conditions in New York and else-where that might affect change inNet York discount rate 8/ 4 66

Losses to depositors of failed banks, status

of report being prepared 8/11 85

Pamphlet on FRSystem prepared by FRBank ofBoston, inaccuracies in 7/23 46

Suggestions for revision 8/ 4 69

Report that changes were adopted andissuance of pamphlet approved 8/11 84

Pamphlet of FRBank of Richmond to be submit-ted to FRBoard before publication 8/ 3 60

Report that manuscript would be submit-

ted to him 8/11 84

Publication approved 9/29 203

Publications of FRBanks, amendment to prin-

ciples governing research and sta-

tistical work 8/ 3 59

Amendments presented and approved 8/11 85

Review of present credit and business situa-tion, to appear before FRBoard togive 10/12 264

Requested to appear before meeting onOctober 21 10/20 287

Report by Dr. Goldenweiser and Division to

prepare plan for investigation of

banking paper based on real estate

and building 10/21 289

Subscription to membership in Robert Morris

Associates to be continued inname of 7/2 9


114Pages

Staff, FRBoard: (Cont' a)Division of Research and Statistics: (Contld)

Hamilton, Mrs. E. Bess, temporary appointment asstatistical clerk extended 8/ 6 72

Appointment made permanent 11/19 345Hammond, Mrs. Margaret T., employed for thirteen

days 12/10 437Joy, Aryness, temporary appointment extended until

September 15 8/26 120Millard, Mrs. Helen S., permanent appointment as

statistical clerk 10/29 309Perry, Mrs. Kathleen B., temporary appointment

as statistical clerk extended 8/ 6 72Appointment made permanent 11/19 345

Robinson, Harvey, temporary appointment as mes-senger 9/23 178

Appointment made permanent 12/17 472Robinson, Merle R., temporary appointment extended 8/ 6 72Wright, Dorothy A., appointed stenographer 10/12 256Young, Louise, resignation as stenographer 10/20 280

Employees, warning of Civil Service Commission againstpolitical assessments and activi-ties 8/11 83

Examiners: (See supra Division of Examination)Fiscal Agent:

Black, Burnetta, resignation as clerk 9/22 169Imlay, William h., salary approved 12/22 513

Gold Settlement Division:Houghton, A. L., granted leave without pay 9/ 2 129

Messengers:Authority to employ one permanent and one tempo-

rary granted to Secretary 10/28 303Plaine, Bliss, leave of absence without pay 10/28 303

Office of Mr. Cunningham:Beller, Leona H., salary increased 12/17 466

Office of the Governor:Giovanetti, Henry G., appointed private Secretary

and salary increased 7/23 43Office of Mr. Hamlin:

Laning, Margaret A., to be made Secretary andsalary increased 7/23 43

Appointment and salary approved. 8/ 3 61Moore, J. P., to be transferred to Office of

Chief Clerk 7/23 43Retirement as Secretary 8/ 3 61(See also Staff, Chief Clerk's Office)

Office of Mr. James:Bradley, C. S., salary increased 7/23 43


Staff, FRBoard: (Contld)Office of Er. Liller:

/licks, L. G., Secretary, salary increased 12/23 517Office of Er. Platt:

Y.00ney, Frances Y., resignation as stenogranher 9/23 185Secretaryls Office:

Carter, Aubrey B., transferred from Office ofGovernor to maintain record of fi-duciary powers 7/14 27

Eddy, Walter L., designated to appear at trial ofUnited States v Beaucamp if neces-sary 9/15 163

Salary approved 12/22 512To prepare statement on exceptional cases

for mid-year increases in salariesof employees of FRBanks 7/14 23

EcClelland, E. M., salary increased as AssistantSecretary 12/22 512

Noell, J. C., salary approved as Assistant Sec-retary 12/22 512

Supervisor of Examinations:Gilbert, Claude, contemplated employment when

present work is complete 9/ 2 135

11/22 355Resolution on a.-iloyment and on survey to

be made byResolution adopted 11/22 358Report that survey of State bank examina-

tions is partially completed andvisits to be made to FRBanks 12/10 444

Report of Committee on Examinations on workof, and authorized to proceed toFRBank of St. Louis 12/14 454

Telegraph Office:Anderson, E. F., salary increased 12/23 525Brannan, W. J., resignation as operator 8/3 55Burrows, Frederick G., appointed messenger 8/6 73Burrows, Raymond, resignation of 8/4 64Cutsail, Y. L., salary increased 12/23 525Flagg, n. P., salary increased 12/23 525Heflin, W. T., salary increased 12/23 525Lessenger, authority to employ one 8/4 65Mooney, J. J., salary increased 12/23 525Ott, H., salary increased 12/23 525Tanner, J. E., salary increased 12/23 525Walsh, William J., appointed operator 8/11 80

State banking departments, examinations by, Mr. ClaudeGilbert employed to make surveyon efficiency of 11/22 355


116

State banking departments, etc.: (Contld)

Paget;

Resolution on, adopted 11/22 358State Member Banks:

American Bank of San Francisco:To take over College National Bank of Berkeley,

Calif,and consolidate it withbranch at 2033 Shattuck Ave. 9/23 179

Application of Mercantile Trust Co., of Californiato take over, with branches 9/29 201

(See also Consolidations, Mercantile Trust Co.)American Exchange-Pacific Bank, New York City, applica-

11/19 346tion to accent up to 100 per centof caoital and surplus

American Trust Co., Charlotte, N. C., inquiry of Mr.W. H. Wood on regulations on estab-lishment of branches 11/24 369

Reply of FRBoard approved 12/14 453American Union Bank, New York City, merger with Muni-

cipal Bank of Brooklyn being con-sidered 12/30 543

Bank of the Manhattan Co., New York City:Bronx Borough Bank, purchase of majority of stock 8/11 81Greenpoint Bank of Brooklyn, absorntion of and

operation as branch 8/11 80Advice of absorption 8/23 102

Bank of Monroe, Monroe, Ga., taking over Union BankingCo., without making application 9/15 162

Bank to be asked to make formal application 9/22 175Apnlication approved 10/ 5 219

Branches: (See Branch Banks, Domestic)Carlisle Trust Co., Carlisle, Pa., to liquidate New

Kingston State Bank of New Kings-ton, Pa. 7/16 33

Central Mercantile Bank, New York City, consolidationwith National American Bank, pro-posed 8/11 81

Application for merger approved 8/23 104Advice of completion of merger 10/20 281

Citizens & Southern Bank, Savannah, Ga., permission totake over Bank of East Point, EastPoint, Ga., and operate as branch 7/14 23

Notice from bank of decision not to take over 8/11 82City Bank Trust Co., Syracuse, N. Y., to take over

Bank of Onondaga, Onondaga Valley,N. Y. 12/28 530

Commerce Trust Co., Kansas City, Mo., examinationreport of 11/ 2 317

Commercial Guaranty State Bank, Longview, Tex., pos-sible violations of FRAct and Re-vised Statutes 7/ 2 9


117Pages

State Member Banks: (Contld)Commercial Guaranty State Bank, Longview, Tex.: (Contld)

Memo of Counsel that report should be made tolocal United States Attorney

Copy of part of examination report to be furnish-ed Department of Justice

Condition Report, Call to be made:As of June 30As of December 31

Elgin State Bank, Elgin, Nebr., forfeiture of member-ship recommended. by FRBank of Kansas

7/14

8/26

7/212/31

25

123

6558

City 7/2 7Hearing to be held September 7 8/11 87Hearing held and forfeiture of membership ordered 9/7 139

Examinations, advisability of establishing Division ofBank Examinations for 8/6 77

Resolutions on establishment of division approved 8/11 90Governor and Comptroller of the Currency appointed

Committee to negotiate for employ-ment of examiners 8/23 108

Report of Committee on employment of examiners 9/ 2 135Scope of, Mr. Miller to submit revised resolution 9/23 187Report of Mr. Miller on, and employment of Mr.

H. V. Black 9/24 192Survey on efficiency of, to be made by Mr. Claude

Gilbert 11/22 355Resolution on, adopted 11/22 358Report of Mr. Gilbert on survey of examinations 12/10 414Report of Committee on Examinations, and Mr. Gil-

bert authorized to proceed to St.Louis 12/14 454

Examinations of: (See Examinations)Farmers State Bank, Eureka, Ill., application for re-

12/28 538duction in capital stock approvedFarmers State Savings Bank, Bay City, Mich., recommen-

dation that withdrawal from member-ship be requested 12/ 7 417

Fidelity Bank & Trust Co., Memphis, Tenn., liquidatingagreement with Exchange Bank &Trust Co. 7/14 24

Fidelity Trust Co., New York City, application to ac-cept up to 100 per cent of capitaland surplus approved 7/27 50

Fidelity Trust Co., Philadelphia, Pa., consolidationwith Philadelphia Trust Co. 7/14 23

Fidelity Trust Co., Portland, Maine, condition of mem-bership limiting amount of loans,letter from FRAgent at Boston on 12/10 443

Condition waived 12/28 531


118

State Member Banks: (Contld)First State Bonk & Trust Co., Hereford, Tex., pos-

sible violations of FRAct and Re-vised Statutes

Memo of Counsel that report should be made to7/ 2

Pages

9

local United States Attorney 7/14 25Part of examination retort showing violations of

-StatutesRevised transmitted toAttorney General 9/15 166

First Trust & Deposit Co., Syracuse, N. Y., purchase ofassets of Eastwood Bank and opera-tion as branch approved 9/ 2 131

Advice of completion of transaction 10/ 5 218Fourth & Central Trust Co., Cincinnati, Ohio, merger of

Citizens National Bank with 12/30 549Gilbert Savings Bank, Gilbert, Iowa, reduction in cap-

ital stock without approval ofFRBoard 8/23 104

Application for reduction approved 9/ 2 133Greenpoint Bank of Brooklyn, Brooklyn, N. Y., to be

absorbed by Bank of the Manhattan Co.and operated as branch 8/11 80

Advice of absorption 8/23 102Gunnison Valley Bank, Gunnison, Utah, absorption of

Bank of Centerfield 9/15 160Application approved 9/29 200

Irving Bank-Columbia Trust Co., New York City, mergerof National Butchers & Drovers Bankwith, and title changed to IrvingBank & Trust Co. 9/22 173

Adjustments in stock as result of 9/30 204Irving Bank & Trust Co., proposed merger of American

Exchange-Pacific National Bank with 10/21 292Merger approved 10/28 305Application of American Exchange-Pacific Bank of

New York for membership 11/ 9 327Advice of merger under title of American Exchange

Irving Trust Co. 12/14 450Kentucky, fiduciary powers of banks in, memo of Counsel 8/26 122

Letter from FRAgent at St. Louis that he had ad-vised State member banks of properexercise of powers 9/15 161

Lake County Loan & Savings Bank, Lakeview, Ore., newapnlication for membership necessarybecause of new charter 8/11 84

Lake Erie Trust Co., Cleveland, Ohio, absorption ofOhio Trust Co., application to besecured by FRAgent 12/ 3 406

Application approved 12/14 452


State Lember Banks: (Contld)Medford, Ore., opposition to regulation of Department

of Agriculture on shippers of fruit

119Pages

with reference to spray residue 8/23 108Mellette County State Bank, White River, S. D., reduc-

tion of capital below amount required 9/29 198

Memo of Counsel on courses of action to be taken 10/12 260Desire of bank to terminate membership 11/30 393

Withdrawal =Proved 12/ 7 418Mercantile Trust Co., of California, application to

take over American Bank of San Fran-cisco with branches 9/29 201

(See also Consolidations)Missouri, opinion of Attorney General on conducting

examinations of 8/ 3 58(See also Missouri)

Municipal Bank, Brooklyn, N. Y., merger with AmericanUnion Bank, New York City, beingconsidered 12/30 543

Montclair Trust Co., Montclair, r. J., purchase ofcontrol of Peoples National Bank 12/14 450

Murray Hill Trust Co., New York City, application formembership and for stock in FRBankof Yew York approved 9/ 2 127

Ohio Trust Co., Cleveland, Ohio, absorbed by Lake ErieTrust Co., application to be securedby FRAgent 12/ 3 406

Application approved 12/14 452Pacific Southwest Trust & Savings Bank, Los Angeles,

Calif., examination of, copy ofletter from State Superintendentof Banks 11/ 2 316

Referred to Committee on Examinations 11/ 9 329

Philadelphia Trust Co., Philadelphia, Pa., consolida-tion with Fidelity Trust Co. 7/14 23

Phoenix Bank, Hartford, Conn., application for member-ship and for FRBank stock, approved 8/ 3 54

Texas State Bank & Trust Co., San Antonio, Tex., formfor surrender of excess shares ofFRBank stock allotted 10/21 291

Union Banking Co., Monroe, Ga., taken over by Bank ofMonroe without application being made 9/15 162

Bank of Monroe to be asked to make formal appli-cation 9/22 175

Application approved 10/ 5 219

Union a Planters Bank & Trust Co., Memphis, Tenn., in-volved in case of United States vBeaucamp 9/15 163

Union Trust Co., Cincinnati, Ohio, merger of Fifth-Third National Bank with 12/30 549


120

State Member Banks: (Cont'd)Valley Bank of Phoenix, Phoenix, Ariz., simultaneous

examination of bank and branches tobe made by State Sunerintendent of

pages

Banks 8/3 57Wood & Huston Bank, Marshall, Mo., to assume deposit

liabilities of Napton Stock Bpnk,Napton, Mo. 9/2 130

Statistical and analytical work of FRBanks, expenditures ascompared with budget for 10/12 257

Budget for 1927 12/28 535

Stock:Capital:

American National Bank, Fort Towson, Okla., ap-plication for reduction approved 12/14 452

Citizens National Bank, Englewood, N. J., in-crease imposed as condition forexercise of fiduciary powers 9/2 132

Extension of time from six months to oneyear refused 9/7 137

Action reconsidered and one year given forincrease in capital 9/10 152

Commercial National Bank, Phoenix, Ariz., applica-tion for reduction approved 12/17 470

Farmers National Bank, Butler, Pa., applicationfor reduction approved 8/23 104

Farmers State Bank, Eureka, Ill., application forreduction approved 12/28 538

First National Bank, Chatham, Va., applicationfor reduction approved 8/23 103

Approved on condition that no money be re-turned to stockholders 9/2 133

First National Bank, Englishtown, N. J., applica-tion for reduction aporoved 7/14 26

First National Bank, Haskell, Okla., applicationfor reduction 12/31 556

First National Bank, Mt. Sterling, Ohio, reduc-tion amproved pending later adjust-ment as result of consolidation withCitizens National Bank 9/27 194

First National Bank, Parlier, Calif., applicationfor reduction approved but advicewithheld 9/22 174

Legality of condition suggested by La'. Millerreferred to Counsel 9/23 182

Approval by Executive Committee ratified 10/ 6 227First National Bank, Valentine, Nebr., apolication

for reduction approved 12/17 491First National Bank, Wibaux, Mont., application

for reduction approved 11/24 365


121Pages

Stock: (Contld)Capital: (Contld)

Gilbert Savings Bank, Gilbert, Iowa, reductionwithout approval of FRBoard

Application for reduction approvedHaskell 1ationn1 Bank, Haskell, Okla., application

for reductionLive Stock National Bank, South Omaha, Nebr., ap-

plication for reduction approved,but advice withheld

Legality of condition suggested by Mr. Miller,

referred to Counsel

8/239/ 2

12/31

9/22

9/23

104133

556

174

183

Approval by Executive Committee ratified 10/ 6 227

Approved with conditions recommended by Act-ing Comptroller of the Currency 12/ 7 415

Mellette County State Bank, Valite River, S. D.,reduction below reauired minimum 9/29 198

Memo of Counsel on action to be taken 10/12 260

Desire of bank to terminate membership 11/30 393

Withdrawal approved 12/ 7 418

New Georgia National Bank, Albany, Ga., applica-tion for reduction approved54312/30

Stock Growers National Bank, Cheyenne, Wyo., ap-plication for reduction 11/24 366

Application approved on condition 11/30 383

Third National Bank, Miami, Fla., applicationfor reduction approved 12/23 519

Winder National Bank, binder, Ga., applicationfor reduction approved 10/28 304

Approved with changes in conditions547

FRBank of Boston:

12/30

Phoenix Bank, Hartford, Conn., application filedby Phoenix National Bank approved 8/ 3 54

F.Bank of Cleveland:First National Bank, Grayson, Ky., application

approved 8/ 3 54

FRBank of Dallas:Texas State Bank & Trust Co., San Antonio, Tex.,

form for surrender of excess sharesallotted to 10/21 291

PRBank of Kansas City:City National Bank, Kearney, Nebr., application

approved 12/10 436

City National Bank, Lincoln, Nebr., applicationapproved 12/28 530

First National Bank, Green River, Wyo., examina-tion renort on 7/ 2 6

Memo of Deauty Comptroller of the Currency

that stock has been repossessed bynational bank 8/23 108

South Broadway National Bank, Denver, Colo., appli-8/ 6 72cation approved


122

Stock: ( Conti d)FRBank of New York:

American Exchange-Pacific Bank of New York City,application approved 11/ 9

Pages

327First Bank of Albany, Albany, N. Y., application

approved 11/24 366First Bank of Utica, Utica, N. Y., application

approved 9/7 138First National Bank & Trust Co., Utica, N. Y.,

application for surrender approved 9/7 138Irving Bank & Trust Co., New York City, applica-

tion for additional stock as resultof consolidation 9/30 204

Murray Hill Trust Co., New York City, applicationapproved 9/ 2 127

National Bank of Yorkville, New York City, app ii-cation approved 7/27 51

National Butchers & Drovers Bank, New York City,application for surrender as resultof consolidation 9/30 204

Times Square Trust Co., New York City, applicationapproved 10/ 5 217

Traders National Bank, Brooklyn, N. Y., applica-tion approved 8/3 54

FRBank of St. Louis:National Stock Yards National Bank, National City,

Ill., application approved 9/22 169FRBank of San Francisco:

Hellman Commercial Trust & Savings Bank, N. A-,Los Angeles, Calif., application ap-proved upon conversion from Statebank 9/2 127

FRBanks:Right of FRBoard to deny applications of new na-

tional banks, Committee of FRAgentsConference appointed to study 11/30 387

Memo of Counsel and letter to Comptroller ofthe Currency on proposed amendmentsto FRAct and Revised Statutes 12/28 532

Strong, Hon. James J.:Letter to certain FRAgents requesting views on amend-

ment to FRAct with relation tostabilization of price levels 7/? 15


123Pages

Tampa Clearing House Association:Request that Federal Reserve Agency be established

at Tampa 7/20 36Taxes:

Income on discounts derived from American bankers ac-ceptances by foreign holders, re-peal to be discussed by Federal Ad-visory Council 9/2 134

Recommendation of Council to be transmitted toSecretary of the Treasury 10/26 298

Letter from Undersecretary of the Treasury ap-proving recommendation 11/ 2 316

Recommendation of Conference of Governors 11/26 377Telegrams handled for Treasury Department over leased wire

system, reimbursement for 7/21 39Bills against certain appropriation to be discontinued

until funds are available 9/22 171Te X61 :

Commissioner of Banking, correspondence re violationof FRAct and Revised Statutes byState banks 7/ 2 9

Uemo of Counsel that report should be made toUnited States Attorney and to FRBoard 7/14 25

Draft of letter to Attorney General with copy ofpart of examination report of Com-mercial Guaranty State Bank 8/26 123

Copy of part of examination report of First StateBank & Trust Co., to Attorney General 9/15 166

Texas Safe Farming Association, contribution of FRBank ofDallas to, for distribution of farmchart 11/30 381

Thomas, J. T.: (See Cotton Seed)Tower, J. M.: (See Department of Justice)Treasury Department: (See also Secretary of the Treasury)

quarters for FRBoard, allotment of additional spacerequested 8/11 86

Additional space allotted and expenditure author-ized to prepare rooms for occupancy 9/22 171

Telegrams handled over leased wire system for, reim-bursement for 7/21 39

Bills against certain appropriation to be discon-tinued until funds are available 9/22 171

Trowbridge, A. B., Consulting Architect:Detroit building plans, to come to Washington to dis-

cuss with FRBoard 11/24 370


124

Trowbridge, A. B., Consulting Architect: (Cont'd)Detroit building plans, etc.: (Cont'd)

Present at meeting of FRBoard to consider plansand bids for

Payment of fee by FRBank of Chicago approvedPayment of FRBoard's share of fee approved

Trust Powers: (See Fiduciary Powers)'Dyson, L. D.: (See Liberty Bond Transactions)

United States Cold Storage Co., Kansas City, Mo.: (SeeKansas City Cold Storage &Warehouse Co.)

United States District Attorneys: (See Department of Justice)

Warehouse Act, administration of, Mr. Yohe to appear beforeConference of FRAgents and Governors

Washington Post, article on presence of Governor Strong inEurope

Watkins, Leonard L., Professor at University of Michigan,special rate on FRBulletin tostudents in his classes

10/28

8/ 3

9/.?

302

57

141Weekly Statements: (See Condition Reports)Welfare and Educational Work of FRBanks:

Expenditures for:June statement 8/ 3 56July 9/ 2 132August 9/22 173September 10/20 282October 11/30 382November 12/28 536

Winston, G. S.: (See Secretary of the Treasury)Witham banks, report that three member banks in Atlanta

District belong to this system 7/23 44'Withdrawals from FRSystem:

Elgin State Bank Elgin, Nebr., forfeiture of member,-Ship recommended by FRBank ofKansas City 7/ 2


Withdrawals from FRSystem: (Cont'd)Elgin State Bank, Elgin, Nebr.; (Contld)

Hearing to be held September 7Hearing held and forfeiture of membership ordered

Farmers State Savings Bank, Bay City, Lich., recommen-dation that anplication for, berequested

8/119/ 7

12/ 7

125Pages

87139

417Lellette County State Bank, White River, S. D., re-

duction of capital below requiredminimum 9/29 198

Memo of Counsel on action to be taken 10/12 260Desire of bank to terminate membership 11/30 393Withdrawal approved 12/ 7 418

Union Bank & Trust Co., Baton Rouge, La., certificateof membership lost 11/19 349

Wood, W. H., letter re regulations of FRBoard on branchesof State member banks 11/24 369

World War Adjusted Compensation Act: (See Adjusted ServiceCertificates)

Wurzbach, Harry M., letter re establishment of FRBankbranch at San Antonio, Tex. 7/14 26

II pi

Yohe, H. S., Deoartment of Commerce:Canners, methods of handling products of, and adminis-

tration of Warehouse Act, to ap-pear before Conference of FRAgentsand Governors 10/28 302

Conference with Mr. James on bankers acceptances asapplied to financing storage ofcotton seed 8/23 106

Yokohama Specie Bank, Ltd., acceptance by First NationalBank of Boston of drafts drawn 11/ 9 331

Ruling submitted by Counsel 11/24 368Ruling adopted 11/30 392


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