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K E Y T O I N D E X
Branch Banks, Domestic, FRBanks end
Foreign, see Branch Banks
Clayton Act Applications, see Inter
locking Directorates
Directors of FRBanks and Branches
see Directors
National Banks are listed under
heading National Banks
Section 32 of Banking Act of 1933,
see Relations with Dealers in
Securities
Securities Exchange Act, see Securi
ties Exchange Administration
State Banks are listed under State
Member Banks, Nonmember Banks,
and Membership
Stock of FRBanks and Member Banks,
see Stock
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
I N D E X1935
"A "
Abel Stanford E . : (See Hechinger Engineering Corporation)
Abr8Gold*shipped to FRBanks by postmasters, letter from Mr. Eilen-berger requesting reimbursement for losses to
postmasters referred to Secretary of Treasury
who has charge of Emergency Appropriation Act
Acceptances, bankers:Munitions of war, based on exports o f , memo prepared by Governor
Harrison as assistant counsel of Board re right
to restrict rediscount o f, copy requested by
Mr. Logan, approved, document was requested by
Senate Committee from Board s records
Regulation A, letter to FRAgents on suggestion of Mr. Yohe,
that some banks are not complying with, re
questing examiners to check, and letter to
Comptroller
Adams, J . W .: (See American Telephone and Telegraph Co.)
Addresses:
Board members, Mr. M iller requested discussion of Governor
Eccles request for authority to send copies of
May 25 and June 5 speeches to member banks, Gov
ernor Eccles* reasons, Mr. Hamlin offers no ob
jection, objections of Mr. M iller
Statements of Governor Eccles, Mr. Hamlin, Mr. M iller , Mr.
O'Connor and Mr. Szymczak, Governor authorized
to have addresses printed and mailed to member
banks as o ffic ia l business and at expense of
Board
Governor Eccles* speech before Ohio Bankers Association, report
that Senator Fletcher has had reprinted in
Congressional Record, desire to have reprints
made and sent to a ll member banks with letter
of transm ittal, suggestion of Mr. O Connor as to
change in letter , reprinting and transmittal ap-
^ proved, change le ft to Governor Eccles decision
Statement of Governor Eccles that President had read speech
and was in accord with it
Bill for 1500 reprints ordered by Governor Eccles, ordered
p ? a id eyton, John N . , Banking Act of 1935 , noted that he discussed
before Minnesota Bankers Association on Sept.
24 and October 3 , and that w ill discuss at
Affiliat s Hutchinson and Owatonna October 15 and 18
Anglo Safe Deposit C o ., apparently a ffiliated with Consolidated
Securities Co. and Anglo National Corporation ,
San Francisco, i f so Exhibits L and N should be
furaished
Pages
4 / 9 876
12/27 2873
1 /30 298
6/14 1384-5
6/14 1386-8
2/27 548
2/27 549
2/27 554
10 /14 2087
12/19 2787
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A f f i l i a t e s :BancOhio SecSri t ie s C o . , le t t e r to M r . O Connor re vo ting perm u
application o f BancOhio C orporation in connec
tion with nine n atio n al banks, questioning
method of term ination o f t h e ir a f f i l i a t i o n with
Bankers Trust Co. New York, N . Y . , q u estio n o f r e la t io n s with
certain corporations stock o f w hich i s held in
fiduciary cap ac ity , a c tio n d e fe r r e d pending
d isposition o f Banking Act o f 1 9 3 5
California Lands, I n c . , reply to M r . Sargent on q uestio n of af
f i l ia t io n with Bank o f Am erica N a t io n a l Trust
and Savings A s s o c ia t io n
Capital C o ., reply to M r. Sargent on q u estio n o f a f f i l i a t i o n
with Bank o f Am erica N a t io n a l T rust and Savings
Association
Central Securities C o ., in a c t iv e a f f i l i a t e o f R iv e r v ie w State
Bank of Kansas C it y , K a n s a s , r e p ly to M r . McAd
ams to rec o n c ile c o n f l ic t in g in fo rm a tio n re i s
suance o f stock b efo re p u b lic a t io n o f condition
report is waived
City Bank Farmers Trust C o ., New Y o rk , N . Y . , q u e st io n o f re la
tions a r is in g from h o ld in g stock o f corporations
in fid u c ia ry c a p a c ity , a c t io n d e fe r r e d pending
d isposition o f Banking Act o f 1 9 3 5 , David
Blustein & B r o s . , I n c . , i s not a f f i l i a t e
Columbus Bank and Trust C o ., Colum bus, G a . , r e p ly to M r . Clark
that as a f f i l i a t e r e la t io n s have been terminated
no further co rrectiv e a c t io n i s n e ce ssary
Community Water Works and fifty- tw o s u b s i d ia r i e s , d ra ft o f l e t
ter that they are a f f i l i a t e s o f Chem ical Bank
and Trust C o . , memoranda o f M e s s r s . Thomas and
Kamlin that they be h e ld not a f f i l i a t e s , approved
Letter to Mr. Case that Board ru led on M arch 22 that it and it s su b s id ia r ie s are not a f f i l i a t e s o f Chemical
Condition r e p o r t ? * T m S t C * NeW Y o r k N ' Y *
Twln3^ ? ! 1811^ 68^111 those u s ed by S ta te member banks Win Falls Bank & Trust C o . , Twin F a l l s , Id a h o , rep ly to Mr.
argent, noting h is l e t t e r t o , re rep ublicatio n
o f. of Alm ira State Bank, and P a c i f i c State
Waiver: 0 t t0 be re
sAffilifltss* ( Continusd)Lavid Blustein & Bros., I n c . , is not a f f i l i a t e of City Bank
Farmers Trust C o ., New York, N. Y . , which is
one of co-trustees of stock
Edward Aaron, In c ., discovered to be a ffilia te of Merchants
Bank of Kansas City, M o ., through examination,
steps to be taken to terminate relationship and
reports of not to be required i f consummated
before next call
Equitable Trust Co ., Wilmington, D e l . , reply to Mr. Austin on
question of a ffil ia te relationships arising
from holding of stock of corporations in fidu
ciary capacities, action deferred pending dis
position of Banking Act of 1935
Examinations:Cost of, reply to Mr. Sargent on assessment of
State member banks at time of examination of banks, reply
to Mr. Peyton on scope of
Farmers & Merchants Bank of Salisbury , M d ., a f f il ia t e report of,
not of same date as that of bank
Fidelity Building Corporation, Philadelphia , P a . , advances to ,
by F idelity Philadelphia Trust Co. approved
First Farmers &. Merchants National Bank, Troy, A l a ., reply on
request for consideration of termination of re
lationships with corporations so requirements
of Sec. 23A w ill not apply to loans to
First National C o ., Troy, A l a . , loan to by First Farmers &
Merchants National Bank on "rental sales con
tracts", not within provisions of Sec. 23A of
FRAct
First Security Bank of Idaho, Boise, Idaho, subsidiaries of
First Security Corporation of Ogden, Utah, are
not a ffil ia te s o f, and condition reports need
not be obtained, loan to Franklin Investment Co.
does not come within provisions of Sec 23A
First Trust Co ., Lincoln, N e b r ., reply to Mr. McAdams, in con
nection with First National Bank of Lincoln,
that Sec. 32 of Banking Act of 1933 is not ap
plicable , nor is it a securities company under
Sec. 20
tord otor Co., letter to Mr. Stevens that it is not a ffiliate
.j, of Manufacturers National Bank of Detroit
ee old Bank, Pittsburgh, P a . , indication of possible abuse
of a ffilia te relationship with Colonial Trust
Co.
Abuse by Colonial Trust Co. of relations with, should be
absorbed^eneva Metal Wheel C o ., Geneva, Ohio, Geneva Savings and Trust
Co. need not now publish report of, as it was
unaware of a ffiliatio n and it has now been ter
minated
t
5/11 1116
12 / 5 2635
5/11 1113
8/19 1766
3 /13 659
8 / 2 1685
6/14 1395
9 / 4 1868
3/11 645
7 / 2 1569
8 /14 1753
3 /15 679
3 /18 698
8 /12 1730
3 / 1 566
Pages
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
H and T Feed and E le v a t o r C o ., rep ly to M r . bargent t h a t i ff i l ia t io n has been or w i l l im m ediately be ter
minated by Commercial Bank , S p a n is h fo r k , Utah*"
condition report need not be p u b lish e d *
Hollister Land C o ., a f f i l i a t e o f Tw in F a l l s Bank & T ru st C o ., 3 / 8 63
Twin F a l l s , Id a h o , Board w i l l not re q u ir e re
publication o f co n d itio n report from w hich items
were omitted
Hols ton A g r i c u l t u r a l C o r p o r a t io n , a f f i l i a t e o f Bank o f Glade 4 IQ69Spring and Farmers Exchange Bank o f A bingdon ,
V a . , report should be secu red and p u b lis h e d , not
necessary to r e p u b lis h report o f form er bank,
and not necessary to p u b l is h as a f f i l i a t e o f lat-
ter i f r e la t io n s h ip has been term in ate d
Jones & Woodland C o ., Newark, N . J . , w a iv e r o f p u b l ic a t io n of ^report o f , requested by F i d e l i t y U n io n Trust C o .,
not ju s t i f i e d , but e x t e n s io n o f tim e granted
pending m o d ific a t io n o f w a iv e r c o n d it io n s 12/23 &U
Loans to:
Member banks, statement on m a r k e t a b i l it y o f c o l l a t e r a l se
curing subm itted by M r . V e s t fo r p u b l ic a t io n in
F R B ulletin , approved 5/25 1241
National banks, reply to C o m ptro ller in t e r p r e t in g f i r s t
paragraph o f S e c . 23A in two c a se s 3/29 794
Peoples City Bank, M cK eesport , P a . , p o s s ib l e v io l a t io n o f
S ec . 23A o f FRAct by rea so n o f a d d it io n a l in
vestment in and advances secu red by stock o f
Columbia R a d ia to r C o . , no a c t io n at present 6/18 1416(See also Loans)
Maryland Trust Build ing C o . , r e v e a le d by ex am in atio n report to
be a f f i l i a t e o f M ary land T r u s t C o . , B a l t im o r e ,M d .# reports should be subm itted even though com- ^
pany is dormant 8' 'Member bank shareholders own or con tro l more than 5 0 # o f shares
voted at la s t e l e c t io n , a lso own or control more
than 50^c o f shares o f b u s in e s s co rp o ratio n voted,
but le s s than a m a jo r it y o f s h a r e s , r e p ly to Mr. 4 jflO
M Fletcher on r e la t io n s h iprcantile Securities C o . , rep ly to M r . Sarg en t th at A m e r ic a n
Trust Co. must p u b lish c o n d it io n report even
though company is in a c t iv e and has no stock out- ^ 29*standing '
apoleon Mortgage Loan C o ., request o f Community Bank , Napoleon,
Ohio , that subm ission and p u b lic a t io n o f report
o f , be w aived , c o n sid e ra t io n to be g iv en to , in l2/29
National banks condfi^1011 With general terms o f w aiver* ? n rePo rts , p u b l ic a t io n o f , w aiver under
n ing Act o f 1 9 3 5 , Board approves proposed
regulation governing , fo r S ta te member banks, ^su ject to approval by Com ptroller o f s im ilarprovision8 t or
Affiliates: (Continued)
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
5Pages
A ff il ia t e s : (Continued)
N o r t h e a s t e r n Water and Electric Corporation and subsidiaries,telegram to Mr. Case that question of relation
with Chemical Bank and Trust Co. is under con
sideration and Board extends time for latter to
f ile a ffilia te reports
Board holds that corporation and its subsidiaries are af
filiates of Chemical Bank and Trust Co. and that
condition reports are required
Reply to Mr. D illistin re request of Chemical Bank and Trust
Co. for waiver of submission and publication of
reports of, that Board refuses to waive
Northwest Bancorporation, relationships with banks stock of which
is owned by both Corporation and R . F . C . , let
ter to Mr. Peyton on bases for determination of
Oswegatchie Securities Corporation, stocks acquired by Ogdens-
burg Trust C o ., Ogdensburg, N . Y . , in dissolu
tion of, may be violation of Sec. 9 of FRAct
and membership condition, Board to take no ac
tion
Phillips Milling C o ., I n c . , apparently a ffil ia te d with Consoli
dated Securities Co. and Anglo National Corpora
tion, San Francisco, i f so, exhibits L and N
should be furnished
R. F. C ., relationships with banks in which stock is owned by,
end by Northwest Bancorporation, letter to Mr.
Peyton on bases for determination of
Relationships of Northwest Bancorporation and R . F . C. with
banks in which both own stock, letter to Mr.
Peyton on bases for determination of
St. Joseph Paper Box C o ., newly discovered a ff il ia t io n with Em
pire Trust C o ., S t . Joseph, M o ., change in
directorate contemplated to terminate, publica
tion of condition reports not to be required
be8board Investment C o ., letter to Mr. Stevens that it is not
a ffilia te of Manufacturers National Bank of
Detroit
State member banks, condition reports, publication o f, waiver
under Banking Act of 1935, proposed regulation
governing and changes in forms, Schedule 0 for
reporting loans and advances irrespective of
waiver
U. S. Tile Corporation, possibility of a ffiliat io n with Fletcher
Trust C o ., Indianapolis , Ind . to be determined
eh Mortgage Loan Corporation, a ffilia t io n with Cache Valley
Banking C o ., Logan, Utah, has been terminated,
publication of corrected condition report not
required
Utah Savings and Trust C o ., Salt Lake City, Utah, reply to Mr.
Sargent that i f failure to report affiliates
was result of not recognizing relationships, re
ports for past calls will not be required
8 / 2 1684
8 / 5 1695
10 / 9 2066
9 / 3 1862
7/29 1664
12/19 2787
9 / 3 1862
9 / 3 1862
2 / 6 382
3 /15 679
8 /28
4 /23
1820-2
967
3/11 647
3/18 706
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
6AfflV ^ltaa securitleseCorporation, a f f i l i a t e o f YaJcima V a lle y Bank
Sc T ru st C o . , Board w i l l n o t r e q u i r e r e p u b l i c ^ t i o n o f c o n d it io n r e p o r t s from w h ich ite m s were om itted
W C. Bradley Company, and s u b s id ia r ie s , r e p ly t o Mr. Clark thatthey are not a f f i l i a t e s o f Columbus Bank & Trust C o ., Columbus, G a .
Wilm ington T ru st C o ., W ilm ington, D e l . , r e p l y t o Mr. A u s t i n onrelations w ith c e r ta in c o r p o r a t io n s , two of which
arise from h o ld in g o f stock in f id u c ia r y capa
city
Agencies, FRSystem:
Havana:Cable rates, proposed in c re ase to e l im in a t e lo s s from opera
tion o f , m eeting o f M r . Jam es and Governor Newton
with rep resen tativ e s o f banks h a v in g branches in
Havana
D iscussion o f o t h e r means o f e l i m i n a t i n g l o s s e s andp o s s ib il ity o f com m ercial banks in c r e a s in g rates,
reference to proposed o p e r a t io n on system b a s is ,
contract prepared fo r to be d is c u s s e d by M r .
Parker w ith M e s s r s . W yatt and M o r r i l l , action
deferred on cable r a te s
No information a v a ila b le as to w h e th er com mercial banks
would in c re a se r a te s a l s o , p o s it io n o f M r . Welles,
State Departm ent, that change b e fo r e p o s s ib le
e lectio ns in Cuba in Novem ber may a f f e c t p o l i t i
cal s it u a t io n , a c t io n d e fe r r e d and in te r e s te d
parties to be n o t i f i e d
Letter to Governor Newton on a c t io n and l e t t e r s to
rep resen tatives o f banks h a v in g branches in
Cuba
Cost of currency redem ption , r e p ly to M r . C o n n i f f on re p o rt
ing
Cost of operation, rep ly to Governor Newton re determ ining
Operation on system b a s is , r e fe r r e d to i n con n ection w ith
proposed in c re a s e in c a b le r a t e s , contract pre
pared, FRBank o f M in n e a p o l is doubted autho rity
to enter in t o , M r . P a r k e r to d is c u s s contract,
with M essrs . Yfyatt and M o r r il l Letter to a ll FRBanks except A t la n t a and M in n e a p o lis in
closing copies o f agreem ent f o r , and l e t t e r to M r. Peyton
Consideration of p la c in g agency on b a s is o f p ro ratin g
losses and income among a l l IR B anks Advice t o a ll FRAgents that FRBanks have e xe cu te d a g r e -
raent and o p e r a t i o n u n d e r , w i l l commence JuneProtection in event threatened s tr ik e in Cuba should raa-
t e r i a l i z e i n t o s e r i o u s s i t u a t i o n , r e s o l u t i o n FRBenk o f A t l a n t a t h a t Board u s e good o t J i c e secure through S t a t e D ep artm en t, t o be t r a n s m itte d t o S t a t e Department
V 4
10/u
5/11
I&69
2075
Uu
4 / 4 828
4 / 4 829-
4/11
4/16
8/15
7/ 5
936-S
17601577
4 / ^
4 / 8
4/H
d/&
&
I&
3/2*fj0
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
7PagesAgencies: (Continued)
Havana: (Continued)Protection: (Continued)
Letter to Secretary of State, approved
Staff:Alston, A. H . , Assistant Manager, salary approved Frazer, H. C . , Manager, salary approved
Statement to be forwarded to FRBanks monthly on operation
reply to Mr. Conniff on form of and suggested* changes
Savannah:Personnel classification plan, change approved providing for
position of "Guard", salary paid by Savannah
Clearing House Assn.., change made to provide coverage under blanket bond
3/27 774
1/29 270 1/29 270
5/25 1239
Staff:Bowden,
Goethe,
J. H . , Manager, salary approved
James A . , Assistant Manager, salary approved
Agencies, foreign department: (See State member banks, AmericanTrust Co.)
Agency accounts: (See Deposits)
Air conditioning:
FRBank cf Chicago, expenditure approved for
FRBank of Cleveland, survey on installation of
No objection to expenditure for 3rd and 8th floors
FRBank of Kansas City, payments made in connection with
FRBank of New York, expenditure for survey authorized to deter
mine needsAlaska:
Membership in FRSystem:
First National Bank of Ketchikan, letter that Board does not
approve application, memo of Mr. Hamlin that it
should be approved, letter to be prepared along
lines suggested by Mr. Szymczak, Mr. Hamlin to
prepare review of previous consideration and ac
tion on applications from outside U .S .
Letter presented and approved, statement of Mr. Miller
that he is not in accord with view stated
thereinReply to Mr. Sonne that any survey should be made within
Ail 30 daysSaints Episcopal Church, reply to Mr. Crowder on payment of in
terest on certificate of deposit for period be
tween maturity and renewal len Mitchell & Co.: (See (quarters of Board of Governors, Demoli-
Aii tion)"J-Len, Ronald H . : (See Reconstruction Finance Corporation)^erican Banker:
"Member of F. D. I . C ." , comment that use of term may causeconfusion with members of FRSystem, memo of Mr. Wyatt re and suggesting F. D. I . C. regulation III be amended to "insured bank", memo to
be prepared for Chairman Eccles to take up with
Corporation
9/20 1957
1/29 270
1/29 270
12/ 9 2672
1/29 261
3/21 729
1/14 111
4 / 2 825
3/22 745-7
3/25
3/29
752
791
4/12 916
11/ 8 2301
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
8American Bankers Association:Executive Council meeting in i ass Christian , .vliss., on March 1
and 2 , Governor Eccles to attend x
Handbook for Trust Examiners, copy sent to Mr. Sargent of, wit,letter on coordination of trust departmentexamination procedure
Reply to Mr. Sargent acknowledging receipt of h is letter
and advising that copy is being transmitted to * Mr. Peyton
Regulation Q, absorption of exchange and collection charges, advice of communications from M essrs. Hecht and
Fleming re situation which would arise from pro
hibition of, i f F . D . I . C. d id not prescribe similar lim itation
Regulations of Board of Governors, committee o f , to meet withBoard s staff this week on revision of
Special Committee on Banking Act of 1933 , tentative draft of re
vision of Regulation Q referred to Mr. Hecht for
comment
American Institute of Banking:
FRBank of Atlanta, appropriation for chapters in Atlanta and
branch c ities , approved
Martin, William M cC ., no objection to service as member of Board
of Regents of Graduate School of Banking
Tampa Chapter, Educational Committee, reply to Chairman Boushall
that no member of Board or it s s ta ff w ill be in
vicinity at a time which would permit acceptance
of invitation to address forum of bankers American Statistical Association:
Sickness records of FRBank of New York, reply to Dr . King that
there is no objection to FRBank makipg available
to, in study being conducted under auspices of
U. S. Public Health Service American Telephone and Telegraph C o .:
Chicago-Kansas City, letter to Mr. Adams requesting installa
tion of teletype service Letter to Mr. Adams requesting nine hour service instead of
eight
Chicago-New York-Washington, letter to M r. Adams requesting in
stallation of three-way switch at New York to permit sending through New York from both Wash
ington and Chi cago as Chicaeo circuit, letter to Mr. Adams requesting install2
jjrrjTi v tion of teletype serviceBank of Minneapolis - .FRBank of Chicago, letter to Mr. Adaras^
requesting conversion of Morse service to te 0 w , type
ear ng before F^ e r a l Communications Commission, reply to
Dillard on feeling of Leased Wire Committee *ny action should be on System basis , o nee
New York Ph< aPParent at present han**New York - Chicago circuit, letter to Mr. Adams r e q u e s t i n g chanS
from duplex to single line
2/2?
8/28
10/11
2ms
10/21 213j
8/28 lau
4/23 97(
1 /4
American Telephone and Telegraph Co.: (Continued)Teletype service betv/een FRBanks of Chicago and San Francisco,
letter to Mr. Adams requesting discontinuance Teletype service betv/een FRBanks of Dallas and Chicago, letter
to Mr. Adams requesting installation
Anderson, Grant W.: (See National banks, Northwestern NationalRnk and Trust Company of Minneapolis)
Annual reports, FRBoard, 1934.Page proof presented with letter of transmittal, approved, to
be sent to Speaker of House when printed and to President of Senate and released to press
under date of June 24, approved
Anthony, E. E . : (See National banks, First Farmers & Merchants* National Bank, Troy, Ala.)
Applications, return of: (See Files)Architectural Forum, authorized to photograph certain entries in
competition for architect for Board s building
Architectural League of New York:Drawings submitted by Mr. Cret in competition for selection of
architect for Board s new building, to be exhibited by
Archivist: (See National Archives)
Arizona:
Fiduciary powers, State member banks, Board unwilling to waive
compliance with membership condition requiring
deposit of securities for trust funds in bank
ing department
Reply to Mr. Walsh that Board s letter of March 8 relative
to deposit of securities for trust funds in com
mercial department was not concerned with right
of bank to make deposit, but whether funds
were adequately safeguardedArmstrong College of Business Administration, reserve requirements
of member banks, reply to Mr. Leatherraan as to
whether Banking Act of 1935 authorized Board
to change reserve requirements for individual
banks or for all banks in given class os, Viilliam T ., reply that Board cannot certify Senate Document
310 as exact copy of Transcript of minutes of
conference of Board with Federal Advisory Council and Class A directors, and that it is
p not clear what charts he requestedeP y to Mr* Arnos that Board can furnish typed and certified
copy of transcript and charts on Bank Credit, Money Rates and Business Activity, and proposed
Ashb cost thereofrook, Grover H . : (See Quarters of Board of Governors, Demoli-
Asht tion)a> Linwood E .: (See National banks, Portland National Bank,
Portland, Me.)
2/ 2 347
5/25 1242
9Pages
6/24 1444
5/18 1156
12/18 2759
3/ 8 629
3/25 763
11/16 2410
12/ 9 2672
12/20 2800
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
.ng
Assessments:FRBanks for expenses of Board:
Building fund, letter to FRBanks calling for remainder Resolution levying on FRBanks for expenses of Board July
Dec. 31Resolution levying, including sum for Board s new buildi^
Atlanta clearing house banks, suggestion, transmitted through. MrOttley, that Sec. 324 of Banking Act of 1 9 3 s \
amended to prohibit absorption of exchange collection charges
Attorney General of the U .S . :Rwnk Robbery Statute, reply to, re procedure in reporting viola
tions
Overdrafts of Elk Paper Manufacturing Company of Childs, Md.
reply to, re overdrafts with Maryland Trust Co.
Postal Savings legislation, reply to, on effect of Sec. 324 and
341 of Banking Act of 1935 on, Board s counsel
having rendered opinions re opinion of Solicitor of Post Office Department
Reserve Investing Corporation, use of "re se rv e " in t it le re
ported to, as possible statutory violation
Violations of criminal provisions of banking law s, reply to, on
Mr. Keenan s letter re procedure for reportingAudits:
Accounts of Board of Governors, report o f , reply to Mr. Grayson
on, and that bonds of F iscal Agent and Deputy
Fiscal Agent are not affected by change in Board s t itle
FRBoard*s accounts as of March 30 , reply to M r. Grayson on suggestions
Austin Clearing House Association, collection charges imposed by
members of, on out-of-town checks which exceed
legal rate, letter to Mr. Walsh to seek through
Mr. Bremond, President o f , discontinuance of practice
Automobiles, production and distribution , d iscussion , led by Mr.James
Ayers, Congressman Roy, letter from secretary re industrial loan
application of Hansen Bros. Garage
6/20 ,- U3&
*/z\ u
8/14 175,
l0/2B 2805
H/ll 2332
11/ 1 2236
11/ 8 2314
11/13 2384
11/ 8 2312
5/ 6 1064
12/23 2829
5/25 I224
1/ 3
"B "
Bad debt8
Classification of certain obligations as , under Sec. 5204,
Revised Statutes, Comptroller requested for in- c/\Aterpretation '
Dividend payment while they exceed net income, reply to Mr.
Curtiss that United States Trust Co. of Boston ,Mass., may not make on common stock, and that payment on preferred stock depends on a r t i c l e s 5/ 2I
Baker, Newton D . : incorporatin and Statw law
Gold certificates Board has no objection to IHBank of New Yorkretaining to consult on leal questions in v o l v in return of old form to Treasury
&
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11
Page 8
Baker. Newton E .: (Continued)Payment of fee to Baker, Hostetler, Sidlo and Patterson by
fRBank of New York for services in connection with return of old form gold certificates to Treasury, authorized
Baker Hostetler, Sidlo and Patterson: (See Baker, Newton D .) Balance sheet of FRBanks, Fom 34, changes in, letter to governors
reBangert G. H .: (See National banks, First National bank, Kenmore,
N. Y.)Bank credit, Availability in Seventh FRDistrict: (See Viner report)
Bank failures:Utah, study being made by Mr. Garlock, Bureau of Agricultural
Economics, FRBank of San Francisco authorized
to make certain records available to
Reply to Mr. Sargent re procedure and records to be fur
nished
Wisconsin, study to be made by Mr. Garlock, Department ofAgriculture, authorized to utilize informa
tion from FRBanks of Chicago and Minneapolis,
letter to FRAgents in accordance with
Bank for International Settlements:
Directors: (See Directors)
Bank robberies, procedure in case of, reply to Mr. Hoover that
document covering has been sent to FRBanks for
distribution to member banks
Bank Robbery Statute, violations of, reply to Attorney General re
procedure in reporting
Bankers Development Corporation, New York, N .Y . :
Savings devices such as coin banks, reply to Mr. Carhart that
distribution by banks does not constitute in
direct payment of interest Bankers Utilities Co., In c ., San Francisco:
Savings devices such as coin banks, reply to Mr. Greer that
distribution by banks does not constitute in
direct payment of interest Bankette Co., Inc ., Boston, Mass.
Savings devices such as coin banks, reply to Mr. Eisendrath
that distribution by banks does not constitute
indirect payment of interest banking Advisory Board of New Jersey:
Regulation limiting maximum rate of interest, controlling on na-
r% , . tional banks and State member banksSinking quarters:
Ashland Bank and Savings Co., Ashland, Ohio, no objection to
proposed investment in Bank of Southern Utah, Cedar City, Utah, Cedar Finance Co.
should be removed from Reply to Mr. Sargent that removal of Cedar Finance Co. to
another part of building appears to comply with Board s requirements
9/13 1914
12/13 2726
10/ 9 2066
10/11 2079
11/13 2381
3/15 690
10/28 2205
12/21 2810
12/21 2810
12/21 2810
11/26 2533
3/21 726
2/18 480
4 / 1 805
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Banking quarters: (Continued)Citizens Bank and Trust Co ., Concord, N . C . , m em bership condi
tion requiring removal of building and loan a
ciation, effective date extended in d e fin ite lySS~
Citizens State Bank, Osage City, Kansas, permission granted tomake additional investment in
Dothan Bank 5c Trust Co., Dothan, A l a . , no objection to invest
ment in
Elliott State Bank, Jacksonville, 1 1 1 . , permission granted toincrease investment in
Fall River Trust Co., Fall River, M a ss ., condition of membershiprequiring removal of Lafayette Cooperative Bank waived indefinitely
Farmers & Merchants State Bank, Darlington, I n d . , removal of
building and loan association , advice requested by end of year as to progress toward
Fidelity-Philadelphia Trust C o ., P h ilad e lp h ia , P a . , permission
granted to increase investment in , through ad
vances to a ffilia te d i i d e l i t y B u ild in g Corpora
tionInvestments in, comparison of, reply to M r. So b elo ff in connec
tion with liquidation of Baltimore Trust Co.
that Board cannot furnish any s p e c ific data re
Merrill Trust Co., Bangor, M e ., branch bank bu ild ings at East-
port and Searsport, no objection to transfer
from collateral to directors* notes to assets
Peoples Savings Bank, Clanton, A l a . , perm ission granted to in
vest in addition to b u ild in g and land for same
Saginaw State Bank, Saginaw, M ic h ., perm ission granted to make
expenditure for purchase of St8te Bank of Wheatland, W y o ., expenditure exceeds that author
ized, approved up to certain lim it Banthrico In c ., Chicago, 1 1 1 .:
savings devices such as coin banks, reply to M r . Eisendrath
that distribution by banks does not constitute
indirect payment of interest Barber, M .: (See Foreign banking corporations, Chase Bank)
Barnes, G. o .: (See Treasurer of United States)
Barnett, Bion K . : (See National banks, Barnett N ational Bank)
Barr, Dr. E. 0 . : (See Staff of FRBoard, Examining Physician )
Barringer, M. L . : (See Denison University) vBates, Robert W ., newspaper articles and memoranda concerning Bank
of America National Trust and Savings A s s o c i a
tion forwarded Board, re fe rre d to Com ptroller
of the Currencyuman, c. S . : (See State member banks, American Bank Sc T r u s t Co.,
New Orleans)ckman, Irland McK., Deputy Secretary of Banking of Pennsyl^11^ *
copy of letter sent to Northwestern Nation Bank in Philadelphia advising that State c 0-ary tificate is not necessary to exercise tiuuc powers sent to
(See Department of Commerce)
B/26
12/23
7/l?
12/23
28*
10/31 2231
10/16 2Q9q
6/14 1295
12/11 2706
2/11 408
6/27 1529
12/21 2805
7/19 I*31
12/21 2810
4/25$
l/l*
Beckman report:
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Bel don & Co.
Belligerent
,, New York, short sale of common stock and purchase of preferred stock of same company, reply to Mr. Willett on margin requirements
nations, financing of shipments of goods to, question of procedure in case of requests for, by FRBanks, referred to State Department for views
Benton, F. E . : (See State member banks, First State Bank, Norton,Kansas)
Berger, G. Fred:(See Legislation, Mortgage pool)(See State member banks, Norristown-Penn Trust Co., Norristown,
Pa.)Better Business Bureau of Philadelphia, repudiation of order by cus
tomer who purchases securities without deposit
ing margin, and refusal of broker to remit profit to such customer, reply to Mr. Smyth
Bill, Ray: (See Sales Management, New York, N. Y .)
Bi-metallic standard, views of Governor Geery and Board members on,requested by Senator Thomas in relation to silver
policy, referred to Counsel for determination of Board s jurisdiction
Binns, Ben G . : (See National Banks, Union National Bank of Donora)
Bishop, Crawford M.: (See Foreign banking corporations, Inter-Ameri
can Highway)
Blandy, Mooney &. Shipman, fiduciary powers, reply on letter addressed
to Senator Glass inquiring as to intention of
Congress in enacting Sec. ll(k) of FRAct and as
to "funds deposited or held in trust by the bank
awaiting investment"Board of Governors of FRSystem:
Accounts:
Audit, reply to Mr. Grayson on report of, and that bonds
of Fiscal Agent and Deputy Fiscal Agent are not
affected by change in Board s title Building account, voted by Governors Conference that
FRBanks be permitted to charge assessments for,
to profit and loss Indorsement of checks received by Board, form approved
Names of, Secretary authorized to direct FRBank of Richmond
to change in accordance with change in title of FRBoard to
Addresses, Tampa Chapter of American Institute of Banking, reply
to Mr. Boushall that no member of Board or its staff will be in vicinity to accept invitation
to address forum of bankers king Act of 1935, statement that approval by President would
change title of FRBoard to, present stocks of stationery, checks, etc., to be used up
Accounts of FRBoard, Secretary authorized to direct FRBank of Richmond to change names of, to conform to new title, Mr. Miller and Mr. Morrill to give consideration to new design for seal
Records required to be kept under, Mr. Morrill and Mr# Wyattto determine, question of providing for stenographic record of meetings of Federal Open Market Committee
13
Pages
6/20 1431
11/30 2598
1/23 225
9/17 1937-9
6/18 1419
11/ 8 2312
10/24
9/26
21652012
8/21 1780
11/22 2475
8/21 1779
8/21 1780
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*89
Board of Governors of FRSystem: (Continued) K
Banking Act of 1935: (Continued)Inscription on Board s new building to be federal ResrVfan FRAgents, question of appointments, matter to be left
action after Feb* 1 , 19156 1?^
Advice of approval of Act by President, press release re m *'*1 , Miller may prepare memo re cffect of Act * %
Budget for 1936, question of procedure, to be prepared by Xeci 8/23tive Cojomittee and submitted in usual way
Messrs. Clayton and Morrill requested to prepare letter to division heads re policy in preparation and to be requested before certain date
Salaries of staff of Board, suggestion of M r. James that
wishes of Board be made known to Executive Com
mittee, policy for FRBanks to be ap plied , draft of letter to division heads re
Report of Executive Committee re, approved
Salaries of Messrs. Folsom and Malone transferred to, from
Division of Examinations budget w hile serving
Senate Committee on In tersta te Commerce
Checks, stationery, e tc ., voted to use up present supply bear
ing name of FRBoard
Destruction of useless records: (See in fra Records)
Division of Issue and Redemption:
Expenses of, Mr. Wyatt requested to study change in method
of meeting, so that Board would reimburse Comptroller for
Division of Research and S ta tistic s :
Budget exceeded for year, authorized to purchase additional
equipment, stationery , etc .
Storeroom, temporary employment and compensation of Mr.
Drury until completion of inventory of material
Study of activity and distribution o f deposits to be made
with funds allocated by WPA Division of Security Loans:
Budget for 1935, recommendation for add ition to , for equip
ment and subsistence expenses, approved Haskins & Sells, renewal of arrangement w ith , for coopera
tion with d iv ision , for further temporary perio< Regulation applying to extension and m aintenance of c r e d i t
by banks, Division preparing , and i t is better
j. e
Board of Governors of FRSystem: (Continued)Meetings: (Continued)
Suggestions of Dr. Miller that two should be held each week for discussion of many matters wnich will be
presented in near future 10/18 2109
Members:Eccles, Marriner S ., Chairman:
Housing construction, memo re request that Mr* Daiger give consideration to means of giving vigorous
impetus, and that he keep in touch with mort
gage and housing, financing, asking cooperation of division heads, approved n / q 2300
Hamlin, C .S .:Stockholders* meeting of FRBank of Boston, to attend 10/21 2130
Letter to Governor Young re 10/25 2191
James, George R .:Stockholders* meeting of iHBank of Boston, to attend if
he can so arrange his affairs 10/21 2130
Letter to Governor Young re 10/25 2191
Miller, A. C .:Banking Act of 1935, advice that he may file memo dis
cussing significance of, as creating new status
for Board 8/23 1789
Review of Month for FRBulletin for September, meeting
requested by, to consider statement re Banking
Act of 1935, changes agreed upon 8/29 1832
Sponable, F. W ., suggested letter to FRBank of Kansas
City, with respect to consideration of removal,
as director, that Board will accept assurances
of no further violations 10/30 2217
Statements outside of Board meetings, cautioned against,
as result of reference in Wall Street Journal
to hearing of Mr. Giannini on voting permit for Transamerica Corp. 11/22 2462
Thomas, J .J . , Vice Governor:
Agency accounts of Industrial Trust Co*, not in concur
rence with proposed ruling that they are not deposits 10/30 2214
(See also Deposits)Minutes:
Executive Committee meetings, approved and actions ratified:August 23
August 26, 28, 29, and 30 and September 3, 4, and 11
September 7 and 9 (Interim)October 4 (Interim)
Sept. 24, with Federal Advisory Council Sept. 12, 13, 14, 16, 18, 19, 20, 21, 23, 24, 25, 26,
27, 28, 30, October 2, 7, 8, 9, 15, and 16 Meetings of the Board, approved:
Sept. 17, Oct. 11 and 14 Oct. 18, 19, 21 and 22 Oct. 25, 26 and 28
15
Pages
9/17 1941
10/18 2115
10/18 2115
10/21 2136
10/21 2136
10/21 2136
10/21 2136
10/31 2227
11/12 2349
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^ L r ; r br ^ r r ; . . ! cs r L d a . to vOffice. thet of Engreving and P r in tin g w u ? t8
also close so thet currency orders should be
placed early ^
POliRecordrrequired to be kept under Banking Act o f 1935 , Mr. ^
Morrill and Mr. Wyatt to determ ine, Question of
providing for stenographic record of proceeding* of Federal Open Market Committee ^
Mano of Mr. Morrill re procedure in keeping , early decision 8/81 l76o urgent, opinions of M r. M il le r and M r. Eccles
thet record should be confined to broad policy
matters lo/iaReferred to Mr. M iller end M r M o r r ill for recomroenda-
tion, Mr* Eccles of opinion that record should
be confined to broad policy m atters , concurred
in , question of instructing Secretary to prepare
statements of reasons 10/21 2150.Memo of Mr. Miller recommending procedure for preparing and
keeping 12 / 7 2650Rediscount rate changes, letter to FRAgents requesting in
clusion in advice o f , o f statement of reasons 12/10 2674Policy record of Federal Open Market Committee: (See Committees)
Press reports, actions taken by Board have leaked out, discus
sion occasioned by complaint of M r. Coolidge re
report of his statement before Federal Open
Market Committee, Board members warned re , Mr.
M iller inclined to exclude reporters from Board ^
members* section in new b u ild in g 10/25 *1 *Records:
Banking Act of 1935, required by:
(See supra Policy record)
(See Committees, Federal Open M arket, P o lic y record)Destruction of useless, letter to N ational Archives describ- go#
ing certain papers Senete Committee Investigating M unitions In d u stry , r e q u e s t 69-
of release of certain documents for publication
renscript of stenographic minutes of conference with led-
eral Advisory Council and Class A directors in
1920, reply to Mr. A m o s that Board cannot cer
tify Senate Document 310 as exact copy of Keply to Mr. Arnos that Board can furn ish typed and
certified copy of transcript and charts on Ban ~
Credit, Money Rates and Business A c t iv it y , sD l2/20 >, proposed cost thereof*
. r. Morrill and Mr. M iller to give c o n s i d e r a t i o n t o de- ^
for new, in accordance with new t i t l e g/2
Stationery, checks, ^ . ^ ^ 0^ ^ ^ L p p V / - - ^
Works Progress A ^ n ^ L n ^ b l t e c o l l a r " p r o j e c t , q u e s t io n
8Pnsring , views on, suggestion o f Mr. iO Connor th a t i t be l i m i t e d t o c l o s e d n a t i o n _ j
anks, filing of application approved, sup* 9/1sion of
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17
Pages
Mk ^ "Bad debts", classification as, under Sec. 5204 of Revised
Statutes, request Comptroller for interpre
tation 2/14 Called, credit to be extended under Regulation T 2/2 6 Depreciation on defaulted, classification in examination reports 9/14
Home Owners Loan Corporation:Advances to Federal Home Loan Bank on note secured by, reply
to FRBank of Boston that FRBanks are not author
ized to make 1/23 Purchase by FRBank of Kansas City for self-insurance fund,
recommendation of Mr. Snead that they be shown
against "Other securities" rather than "Securi
ties fully guaranteed by U. S. Gov t . " , approved 10/ 9
Joint stock land bank, redemption, reply to FRBank of KansasCity suggesting communication with Farm Credit
Administration re procedure for 9/16
Savings, issued by Treesury Department, statement of Mr. Cool-
idge on 10/24
Surety:Anderson, J . B . , renewal as Assistant FRAgent at FRBank of
Cleveland 10/18
Barnett, Mrs. Genevieve M . , as acting assistant FRAgent at
FRBank of Atlanta 10/25
Case, J. Herbert, renewal as FRAgent at New York 3/27
Cooper, Norman C ., FRBank of New York, approved in connection
with authorization to act for FRAgent in issue
of FRnotes 12/ 5
Dillistin, W. H ., renewal as Assistant FRAgent at New York 3/27
Downs, H. S . , renewal as Assistant FRAgent at New York 2/20
Employees of FRAgents' departments acting for FRAgents in
receipt and delivery of FRnotes, letters to
FRAgents at Boston and New York that they should
be qualified and bonded 10/25
Fiscal Agent and Deputy Fiscal Agent of Board, reply to Mr.
Grayson that change in title of Board does not
affect 11/ 8Foulk, Oliver E . , Fiscal Agent, premium assumed by Board 5/ 1
Gettemy, Charles F ., renewal as Assistant FRAgent at Boston 11/ 9
Harrell, C. E . , as Acting Assistant FRAgent at CincinnatiBranch ' 2/28
Hudson, Alfred J . , FRBank of New York, approved in connec
tion with authorization to act for FRAgent in issue of FRnotes 12/ 5
Lally, Josephine E . , Deputy Fiscal Agent, premium assumedby Board 5/ 1
Morrissey, Clifford E . , to act for FRAgent at Boston 12/20Odom, L. M ., El Paso Branch, to be re-executed because ap
pointment as acting assistant FRAgent had not ^been approved at time of execution 11/13
Bond approved 11/23
Phinney, Robert H . , FRBank of New York, approved in connec
tion with authorization to act for FRAgent in issue of FRnotes 1^' ^
459538
1919
226
2065
1929
2158
2115
2187
773
2632
773
492
2192
2312
10282323
556
2632
10282794
23662478
2632
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Bonds: (Continued)Surety: (Continued)
Powell, 0 . S . , FRBank of M inneapolis:
18
Present bond to remain in effect u n til f in a l d e te r s
tion as to appointment as A ss istan t FRAgent ~ Approved as Assistant FRAgent
Prugh, G. A ., renewal as Assistant FRAgent at Chicago Representatives of FRAgent in other departments o f bank
designated to hold, in jo in t custody, co liate ^
lo/i*
5/2b
Sargent, IS/ 5 7/16
9/2012/20
12/ 5
11/19
3/18
12/ 5
for FRnotes, reply to FRBank o f New York that
there is no requirement or n e c ess ity for indi vidual bonding
S. G ., as Assistant FRAgent at San Francisco
Sav&nnah Agency, position of* "Guard created in personnel
classification plan to secure coverage under
bankers* blanket bond, sa lary o f guard is paid
by Savannah Clearing House A ss o c ia t io n
Sawyer, Cana D . , to act for FRAgent at Boston
Sheehan, William F . , FRBank o f New Y ork , approved in connec
tion with authorization to act fo r IHAgent in
issue of FRnotes
Shepherd, Robert L . , renewal as acting a s s is ta n t .FRAgent at
* Ri chmond
Sonne, Herman A . , as acting ass istan t FRAgent at San Fran
cisco
Stryker, Jere V .D . , FRBank of New York , approved in connec
tion with authorization to act fo r FRAgent in
issue of FRnotes
U. S. Treasury 4j% $1 0 ,00 0 , series 1947- 1952 , r e p ly to Com
missioner of Internal Revenue H e lv e rin g that
instructions have been issu ed to FRBanks re
questing that they c a r e fu lly examine Oct* 15 coupons
(See American In s t it u t e o f B an k in g , Tampa Chapter)
(See National banks, Rhode Is la n d H o sp ita l Netion-
al Bank, Providence)Boyer, Frank J . , reply that FRBanks cannot make in d iv id u a l loan% ^ nk
real estate and that it does not seem that ^ l /
n f Cleveland had pressed unduly as to note heBranch group and chain banking report: ^
rary of Congress, reply to Mr. Putnam that there is not a C
Branch banking: Plet* Py avuilable f i l i n g in
Policy toward, considered in conjunction with action to he
regarding amendments in Banking Act o f 1 9 J garding Sec. 32 of Banking Act o f 1933 an {qT
8 and aA of Clayton A c t , Board should Prep :or- next session of Congress le g is la t io n to ? +ted
/'-e limited branch banking and to be su
Branch banks, d o m e s t i c bef re 8ent t0 ConsresS
American Trust Co., San Francisco. C a l i f . :Wscontinuance of certain branches contemplated. Board
Pnoval not required, no objection
16H
13572794
26S
2416
696
9 /H 189?
Boushall, John H.
Bowen, Ralph W .:
9/19
5/J
BP" g/2*
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19
Pages
Branch banks, domestic: (Continued)American Trust Co., San Francisco, Calif.: (Continued)
Stockton, establishment approved 11/12
Bank of Sheboygan, Wis.:Haven, permission granted to operate, upon completion of
membership 12/26California Bank, Los Angeles, Calif.:
Ocean Park, Atlantic Avenue and Beverly Hills, application for retention of branches, on which action had been deferred, approved 9 / 3
Camden Safe Deposit and Trust Co., Camden, N. J . :Haddonfield, no objection to absorption of Haddonfield
Trust Co. and establishment of 12/23
Consideration given to memo re following ruling of Comptroller and allowing bank with impaired capital
to establish branch where other factors fevor
approval 12/23Capital requirements, impairment, advice requested of Comptrol
ler as to whether a national bank having im
paired capital, but unimpaired residue greater
than minimum requirement, would be permitted
to establish, in connection with State member
bank requirements 1 1 / 1 2Commercial Bank of Spanish Fork, Utah:
Payson, Utah, reply to Mr. Sargent as to whether Commercial
Service Corporation is a branch 7/24
County Trust Co., White Plains, N. Y . :
Mamaroneck, recommendation to Comptroller of approval of
application to establish 1/29
Debentures, inclusion by State member bank in capital required
for establishment, reply to Mr. Evans that it
is permissible, in connection with contemplated
application of Lorain Street Bank, Cleveland 6/20Establishment by State member banks with impaired capital,
memo of Mr. Wingfield expressing opinion that
Board would be justified in following Comp
troller's interpretation of law and permit, where other factors justify approval 12/23
Fidelity Union Trust Co., Newark, N .J . :
c-ast Orange, recommendation to Comptroller for establish
ment of two branches after purchasing assets and assuming liabilities of Essex County Trust Co. 7/29
Approved by Board in view of provisions of Banking Actof 1935, previously approved by Comptroller 9/16
arvard Trust Co., Cambridge, Mass.:
Belmont, letter to Comptroller recommending modification of
condition to permit establishment on basis of corrections made ^ / ^
ntra-city establishment, reply to Mr. Fletcher re case ofUnion Trust Co., Pittsburgh, Pa ., explanatory of Board's position that its approval is not required 1 1 / 8
2350
2848
1852
2819
2819
2350
1645
262
1431
2820
1664
1923
339
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Branch banks de^ : d e v e l w d t ^ h i o :
LOrl t o n u S ^ e b S t i r e s , reply to Mr. Fletcher that when aP cation is made by, for establishm ent o f , c ^ Z ^
troller will include those sold to RBC i n d *T
mining amount of capital required er-
' Lakewood, recommendation to Comptroller o f operation of, iriconnection with admission to membership
4 Marine Trust Company of Buffalo, N . f . :Batavia, absorption of Bank of Batavia and eeteblishment of
branch, approved
East Aurore, absorption of Bank of East Aurora and establishment of branch, approved
Merrill Trust Co., Bangor, M e .:Eastport, branch building, no objection to tra n s fe r from
collateral for directors* notes to assets
Searsport, branch building, no objection to tran sfe r from collateral for directors* notes to assets
National banks:Amendment to law suggested by M r. Sargent to permit estab
lishment within 25 m ile rad iu s by banks with
capital of not less than # 2 0 0 ,0 0 0
Old Kent Bank, Grand Rapids, M ic h .:
Wyoming Park, M ich ., recommendation to Com ptroller of ap
proval, after absorption o f Wyoming Park State
Bank
Advice to FRAgent of approval o f branch and consolida
tion
Peoples Bank and Trust C o ., S e attle , W a sh .:
Everett, absorption of Security N atio n al Bank o f Everett,
no objection and establishm ent of branch ap
proved subject to increase in cap ita l
Peply to Mr. Sargent re purpose o f c a p ita l increase re
quirement and that cap ital notes and debentures
may be included
Policy toward branch banking considered in conjunction with
action to be taken regarding amendments in
Banking Act of 1935 to S e c . 32 o f Banking Act
of 1933 and Sec. 8 and 8A o f Clayton Act ard should prepare for next session of Congress
tion to authorize lim ited branch banking and^ _
c . submitted to President before sent to Con^1*
O r L I.nvetme^t end Trust C o ., East Orange, N . T .zge, Board cannot give approval at th is time to oper?
tion of branch on site of absorbed Trust Com- c. ., pany of Orange
u kota, lav; passed authorizing establishm ent o f o f f ic ^
without regard to capital r e q u i r e m e n t s , reP d to M r . Peyton on effect o f , on m e m b e r bank-
RbdIv u aPP|*cnts for membership v.r * llibridge giving views o f Board re este
liehment by State member banks under State
Letter +n Sttute recently enacted i-exter to Senator Bulow re
20
6/Sq
7/31U?j
12/24
12/242838
2/11 4oe
2/11 e
11/13 23$
5 /21 1187
5 /2 5 1230
10/H
10/14
5/18
5/1*
9/20
4 /
2071
2062
J}5*
u59
to#
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21
Pages
Branch banks, domestic: (Continued)Union Trust Company of Pittsburgh, Pa.:
Pittsburgh, at present site of City Deposit and Trust Co.,Board s approval of establishment not necessary, no objection iq / g
Reply to Mr. Fletcher explanatory of position taken by Board that intra-city branches do not require approval of Board 1 1 / 8
York Trust Co., York, Pa.:Shrewsbury, establishment approved 1 1 / 2
Branch banks, FRSystem:
Baltimore:
Staff:Anderson, L. E . , reappointment on temporary basis as
Acting Assistant ifRAgent for 1935 1 / 2Temporary reappointment 12/28
Cupit, J. R ., Cashier, salary approved 1/29
Johnston, J. A ., Assistant Cashier, salary approved 1/29
Leach, Hugh, Managing Director, salary approved 1/29
Wrightson, F. W ., Assistant Cashier, salary approved 1/29
Birmingham:Audit reveals that branch Cashier receives small salary as
Secretary of Clearing House, feeling that situa
tion is not desirable 2/18
Management and operating efficiency, no advice of any steps
in connection with examiner s comments 1/12
Staff:
Frye, J . H . , Managing Director, salary approved 1/29
Knowlton, T. N . , Assistant Cashier, salary approved 1/29
Urauhart, H. J . , Cashier, salary approved 1/29Buffalo:
Personnel classification plan, changes approved 7/13Salaries approved for 1935 3/29Staff:
Blakeslee, C. L . , Assistant Cashier, salary approved 3/29
OHara, R. M . , Managing Director, salary approved 3/29
Snow, H. W ., Cashier, salary approved 3/29
ftiltse, R. B . , Assistant Manager, salary approved 3/29Charlotte:
Staff:
Brooks, Louis D . , Assistant Cashier, salary approved 1/29
Cherry, R. L . , Cashier, salary approved 1/29
Clements, V.'. T . , Managing Director, salary approved 1/29
Francis, Charles E . , Acting Assistant FRAgent, reap
pointment on temporary basis for 1935 1 / 2 Temporary reappointment 12/28
Harrell, C. E . , Acting Assistant FRAgent: , Bond of 2/28
Continuance of temporary appointment for 1936 12/28Designation as Acting Assistant FRAgent approved,
should resign present clerkship, may be assigned to perform duties in audit department 2/21
2062
2305
2242
3
2884
268
268
266
268
480
100
269
269
269
1607
787
787787
787
787
268268268
32884
5562884
505
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
and
Branch banks. FRSystem: (Continued)
Cincinnati: (Continued)Staff: (Continued)
Johnson, R G . : . ,_ . . . .Continuance of appointment as Actinp Assistant
FRAgent for 1935 on temporary basis
Salary approved for 1935 , e ffe c t iv e March 1
Kennelly, Bruce, Assistant C ashier , salary approved
Lazar, B. J-, Cashier, salary approved u n t il Feb. g8 salary approved as Managing D irecto r
McCombs, C. F . , Managing D irecto r , salary approved u n tu
February 28Ott, Henry, Assistant Cashier, salary approved until
Feb. 28 and increased e ffe c t iv e March 1 as
Cashier
Denver:Drafts, practice of handling those drawn on business concern
and presented on Saturdays
FRnotes, control of unissued, reply to U r . McAdams that
there is no objection to t r ip l e control proce
dure outlined
Personnel classification plan:
Action on changes deferred
Changes approved except as to one t i t l e , and suggestion
re change in another t i t l e
Quarters, mural decorations, Board agrees w ith branch in
refusal to accept, even though Federal funds
are available forStaff:
Brown, S. A . , Cashier, salary approved
Cronan, J . A . , Assistant C ash ier , s a la ry approved until
date of retirement
fourteen employees, use in exam inations by fRBank of
Kansas City of State member banks a p p r o v e d Jones, Judd W .:
Appointment as Assistant C ashier .Noted that he has been appointed A ss istan t Cas^i^1*
to succeed Mr. Cronan, sa lary approved for 19-
effective F e b . 1 Continuance of appointment as A ctin g A ssistant
FRAgent for 1935 on temporary basis a p p r o v e
Detroit*0^SOn* J * E* ManGn8 D irector , sa lary a p p r o v e d
Personnel classification plan:Changes approved
Staff;
Buss, Ralph H . , Managing D irector , salary a o p r o v e d
Tvs o k i * Cashier, salary approved* d i s t a n t Casnier, salary approved
t - A * Assistant Auditor, salary a p p r o v e d
^ H* * Assistant FRAgent:Reappointment for 19 3 5 Reappointment for 1936
22
*
V *
2/20 5
2/So
2/2049J
2/20433
2/20
s
49!
7/24 1649
1/25 248
1/31 21?
3/21 720
9/28 2022
1/29 274
1/29 2?4
4 / 9070
1/25 246
1/29274
$1/ 2 2741/29
/l0 6112/ 4
ill1 /*? &l/*f 0l /** 2?*
1 / * 9 4
l / f
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
23Pages
Branch banks, FRSystem: (Continued)Detroit: (Continued)
Staff: (Continued)Vogt, A. H . , Assistant Cashier, salary approved
paSo:Personnel classification plan, "Guard", reduction in salary
range approved
Staff:Acting Assistant FRAgent, no action on reappointment
pending further information
Allen, G. to., Acting Assistant FRAgent:Illness of, Board would be willing to approve ap
pointment of Mr. Odom if transferred to Agent s
payrollTemporary appointment of Mr. Odom during illness
Temporary reappointment, and appointment of Mr.
Odom to act during illness of
Reappointment on temporary basis for 1935
Hermann, J. L . , Managing Director, salary approved
Odom, L. M .:Appointment as Acting Assistant FRAgent if trans
ferred to FRAgentfs payroll during illness of
Mr. Allen, Board would be willing to approve
Temporary appointment as Acting Assistant FRAgent
during illness of Mr. Allen, bond to be re-ex
ecuted because appointment had not been ap
proved at time of execution
Temporary reappointment during illness of Mr.
Allen, to serve during absence of latter or un
til successor is appointed Bond of
Sayles, Allen, Cashier, salary approved FRBank of Atlanta:
Quarters, repairs and alterations, no objection to proposed,
directions for charging off FRBank of Kansas City:
Bylaws:
Amendment relative to signing vouchers by officers approved
Amendments to, question raised as to whether proper num
ber of directors voted, suggestions re changes
in section numbersHelena:
Bylaws:
Amendment to be made to provide for directors* meetings
only on call of Managing Director Changes vesting in executive committee power to conduct
and supervise all business of branch, approved Suspension of requirement that one director reside
outside branch city, no objection Regulations for operations of, reply to Mr. Peyton making
one suggestion reStaff:
Hoerr, Albert A ., Cashier, salary approved
1/29 271
4/ 9 870
12/28 2887
10/31 223011/13 2366
12/31 2904
1 / 2 4
1/29 275
10/31 2230
11/13 2366
12/31 2904
11/23 2478
1/29 275
5 / 6 1073
3/22 748
3 / 4 580
5/14 1129
7 / 8 1586
1/31 318
12/ 3 2610
1/29 273
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Larson, Clinton J . . Assistant Cashier, salary aPProTowle, Robert E . , Managing D irector , salary appro, e(i Q 1 /^
Weir, Taylor B . , Counsel, retainer approved for 19 3 5 l/$9
Houston: . 1/2^ Personnel classification plan: *>3
Changes approved
3/29 *KIO/30 ^
Staff: 700DeMoss, H. R ., Cashier, salary approved for 1935
Gentry, W. D . , Managing D irector , salary approved t'f*
Lawhon, D. S . , Acting Assistant FRAgent: ^ ^
Reappointment for 1935 on temporary basis
Temporary reappointment lJd/2fi *Moore, L . 0 . , J r . , continuance authorized o f temporary 2881
employment at salary in excess of grade for
Senior Clerk 6/ ,
Continuation of temporary assignm ent to position for
which his salary is in excess o f grade for addi
tional six months, approved 12/27 2855
Jacksonville:
Quarters, alterations proposed, no o b je c t io n , i f protected
space for loading trucks costs substantial sum,
should be included in carrying value o f building 5/ 6 1075 Personnel classification plan , change approved 9/20 1957Staff:
Lanford, T . A . , Cashier, salary approved l/29Mahon, Mary E . , Assistant C ash ier , sa lary approved
Vardeman, George S . , J r . , Managing D ir e c to r , salary Little Rock:
Staff:
Bailey, A. J . , Managing D irecto r :
Reappointment for 1936 x?/29Salary approved for 1935
Goldschmid, J . P . , Acting A ssistant FRAgent: ^ / 2Peappointment for 1935 on temporary basis 12/ 2$Reappointment for 1936 l/29
Long, M. H . , Cashier, salary approved \f&
t^o a i * ' ^ ssi s^ant Cashier, salary approved Los Angeles: * * Jg/30 *
building, additional reserves authorized btaff:
Ambrose w. N . , Managing D irector , salary a p p r o v e d 3/2? ^
nr Assista*it Manager, salary approved v0d g J -Durran, W D ., Acting A s s i s t L t C ashier , salary PProT S/J *
Meyer6*!, r M*I Assistant Manager, salary approve / .J It Assistant Cashier, salary approve^d ^ ^
* Henpy Acting Assistant FRAgent, conti J. / 0 $ance of temporary appointment a p p r o v e d I 1 j
Louisville: ^ InU8tlon of temporary appointment 6
rsonnel classification plan, changes a p p r o v e d
Branch banks, FRSystan: (Continued) \ ((
Helena: (Continued)(Continued)
1/29
12/27
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Branch banks, FRSystem: (Continued)Louisville: (Continued)
Staff:Jenks, S. B . , Assistant Cashier, salary approved Moore, John T . , Managing Director:
Reappointment for 1936 Salary approved for 1935
Moore, L. A ., Acting Assistant FRAgent, reappointment for 1935 on temporary basis
Temporary reappointment
Schacbt, C. A ., Cashier, salary approved Summers, A. K . , temporary assignment to lower salaried
grade, approved
Memphis:Staff:
Belcher, S. K ., Cashier, salary approved
Glasgow, W. H . , Managing Director:
Reappointment for 1936
Salary approved for 1935
Martin, C. E . , Assistant Cashier, salary approved
Walker, L . T . , Acting Assistant FRAgent, reappointment
for 1935 on temporary basis
Temporary reappointment
Nashville:
Errors in Custodian Division, found as result of recent ex
aminationStaff: .
Fort, J. B ., J r ., Managing Director, salary approved
Harrison, E. P . , Cashier, salary approved
Starr, L. W ., Assistant Cashier, salary approved New Orleans:
Staff:
Black, W. H ., Cashier, salary approved
Miller, Wm E . , Assistant Auditor, salary approved
Vasterling, F. C ., Assistant Cashier, salary approved
Walker, James A ., Assistent Manager, salary approved
talker, Marcus, Managing Director, salary approved Oklahoma City:
Personnel classification plan:
"Assistant Teller and Clerk", change to provide for new
position of, in Currency and Coin Department Change approved
Staff:
Clark, J. C . , J r ., Acting Assistant i'RAgent, continu
ance of appointment for 1935 on temporary basis approved
Continuation of temporary appointment Daniel, C. E . , Managing Director, salary approved Mathes, P. L . , Assistant Cashier, salary approved Wunderlich, R. 0 . , Cashier, salary approved
Omaha:
Expenditures, reply to Senator Burke that FRBank of Kansas City contemplates only those in connection with
operation of branch in Nebraska
25Pages
1/29 272
12/27 28561/29 272
1/ 2 312/28 28851/29 272
11/ 5 2250
1/29 272
12/27 28561/29 272
1/29 272
1 / 2 312/28 2885
8 / 5 1692
1/29 269
1/29 269
1/29 269
1/29 269
1/29 269
1/29 269
1/29 269
1/29 269
5/21 1185
8/15 1758
1 / 2 5
12/28 2886
1/29 274
1/29 274
1/29 274
8/14 1752
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Branch banks, FRSyetem: (Continued)
**nS*1personnel1 olassiflcation plan, changes approved
Staff:lo/2l
1/291/291/291/29
1/ 2 !2/28
Cordill 0 . P . , Assistant Cashier, salary approved
Earhart * L . H . , Managing Director, salary approved
Gregory! G. A . , Cashier, salary approved
phillips, William* Assistant C ashier, salary approved
Sanders, T . Gordon, Acting Assistant FRAgent, continuance of appointment for 1935 on temporary
basis approved Continuation of temporary appointment
Pittsburgh:
Staff:Bolthouse, C. J-, Assistant C ashier , salary recommenda
tion disapproved, fixed pending further action
of directors
Cobun, F. E . , Assistant Cashier, salary approved
Griggs, T . C . , Managing D irector, salary approved
Nolte, W. H . , Acting Assistant FRAgent, continuance of
appointment for 1935 on temporary basis
Continuance of temporary appointment fo r 1936
Wagner, G. E . , Cashier, salary previously f ix e d , ef
fective Jan. 16
Portland:
JTCnotes, no objection to shipping large denom ination notes
to head o ffice , noted that temporary appointment
of Mr. Snow as Acting A ssistan t FRAgent on ex
haustion of present supply w il l term inateStaff:
Blanchard, J . P . , Assistant C ashier , sa lary approved
MacEachron, S. A . , Assistant M anager, salary approved
Snow, G. A . , Acting Assistant FTiAgent:
Continuance of temporary appointment with authority
to act also at Seattle and Spokanes branches for ^
1935 approved
Temporary appointment to be term inated on e x h a u s t io n
of present supply of ITRnotes
/,est B . , Managing Director, salary approvedSalt Lake City:
2/202/202/20
1/ 2 12/28
2/20
2/ 6
3/293/29
2/ 6 3/29
Q+Sf^VeS' building, additional reserve authorized btarf:
Partner, W . L . , Managing D irector, salary a p p r o v e d -cott, .v. m ., Acting Assistant C ashier , salary a p p r o v e
San Antonio**^ * Assistant Manager, salary a p p r o v e d
Personnel classification plan, changes approved, not in
27Pages
(Continued)
, Assistant Cashier, salary approved A ., Assistant Manager, salary approved , Managing Director, salary approved
Branch banks, FRSystem:
Seattle:Staff:
Relf, G. W.Russell, B.
Shaw, C. R
Spokane:Staff:
Bold, F. C . , Assistant Manager, salary approved
Davis, D. L . , Managing Director, salary approved Dumm, A. J . , Assistant Cashier, salary approved
Branch banks, foreign:American Trust Co., San Francisco, C alif.:
"Foreign department agencies" on S. S. Mariposa and S. S.Monterey, reply to Mr. Sargent that Board pre
fers to defer ruling whether they are branches
until counsel for trust company submits brief
Chase Bank, New York, N. Y . :Mexico City, reply to Mr. Barber on discontinuance and re
quest for actual date of
Reports of branches, figures for, included in examination
report of head office were taken from reports
submitted by branches
Chase National Bank of the City of New York:
Colon, Panama, authority granted to establish
"Foreign department agencies", proposed by American Trust Co.
on S. S. Mariposa and S. S. Monterey, reply to
Mr. Sargent that if they do not negotiate checks
and negotiable paper, they are not branchesInterest:
China and British Crown Colony of Hong Kong, permission
granted member banks to pay 7% on time deposits
at branches in
Reply to Mr. Case that Harbin, Mukden and Dairen may be
considered as in Republic of China for purposes
of payment of 7%Rate payable under Regulation Q,, letter to FRAgents fixing,
and letters to member banks having foreign
branchesRates paid by, advice to member banks concerned that be
cause of amendment in Sec. 524 of Banking Act
of 1935, reports re, need not be made nternational Banking Corporation:
Branches at Barcelona and Madrid, consolidated condition
statement, to be forwarded with certain amalgamated accounts but supplemental break-down to
. be forwarded laterNational City Bank of New York, N. Y . :
Branches in China and British Crown Colony of Hong Kong, permission granted to pay interest on time de
posits at lioPhilippine branches, case in Supreme Court re right of
Philippine Government to tax, memo of Mr.Wyatt re
3/293/293/29
3/293/293/29
2/26
3/29
789789789
789789789
5/29 1265
1/16 146
535
791
10/11 2072
3/15 688
4 / 8 855
2/11 411-3
11/25 2497
9/20 1978
3/15 608
11/13 2382
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Branch banks, foreign:H1%
icn oaim, & Supreme Court re right of P h i l i p ,
PhiliPPire ^ e r n m e n t to tax branches of National City ln
Bank of New York, memo of Mr* Wyatt re and that it is not necessary to f i l e b r ie f as friend of
the court ^
to ^encrTheeS ^ n io rB S iN^bYo^K. N. Y-, Form T-2 siene(i b ** ***Age y rather than Dominion >ank, Toronto, Canada, 8t_
tention of Mr. Case called to
Faiences payable in dollars due from, reply to M r. Timberlake Ae U?4that pending consideration o f question they may
be deducted from gross demand deposits in comput
ing reserves
Banque Beige Pour L fEtranger, New York Agency, B russels , Belgium 1860not clear whether Bank or Agency is seeking to
qualify on Form T-2 5/l8Canadian Bank of Commerce, New York, Form T-2 signed by, rather
than Canadian Bank of Commerce, Toronto, Canada,
attention of Mr. Case called to 5/13 1174Bremond, Walter, J r .: (See Austin Clearing House A ssociation )
Brewer, W. R .: (See State member banks, L ib e r ty Trust C o ., Cumber
land , M d .)
Brock, Malcolm C . : (See Malcolm C. Brock & C o .)
Brown, Arthur, J r ., design submitted by, in com petition for architect
for Board s building 5/18 115$
Brown, Harold C .: (See Harold C. Brown & C o ., I n c . )
Brown Brothers, Harriman & C o ., New York, N . Y . , rep ly to Mr. Lovett
on suggested amendments to Banking Act of 1935 5/29 I**
B. T. Moran, In c ., Chicago, 1 1 1 ., savings devices such as coin banks
reply to Mr. Eisendrath that d istr ib u tio n by
banks does not constitute in d irec t payment of in- ^
terest 12/ ^Budgets:
Board of Governors, for 1936, question o f procedure, to be pre
pared by Executive Committee and submitted in 2^ 28 usual way
Saleries of staff of Board, suggestion of M r . James that
wishes of Board be made known to Executive ConJ' mittee, policy for FRBanks to be a p p l i e d , d r a i t
^ of letter to division heads re 12/5*Report of Executive Committee re , approved . ,Salaries of Messrs. Folsom and Malone t r a n s f e r r e d from bud
get of Division of Examinations to , while *=>e
DiTidr.ne senate Committee on In terstate CommerceDivisions of Board of Governors, policy to be followed
in preparation o f , for 1936 and to be requested before certain date, M essrs. Cla y t o n lX/ *
FRBank- ^ lorrill requested to prepare le tte r re . 3*^ f Cleveland, statement of, July - December, 1 9 3 6 , Xx/1$
FRBanks to Mr* Strater re , approved _ ved i0' istical and analytical functions, budgets appr , 6
^^P Q n ts to be advised to keep ex' penditures within lim its
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29Pages
Budgets: (Continued)FRBoard, recommendation of Governor Eccles that budget for 1935
be approved, reference of Mr. Miller to requirement of bylaws that Executive Committee prepare budget, referred to Executive Committee
for review 4/11Report of Mr. Thomas that he and Mr. James generally concur
red that salary increases below $2000 should be granted and those above disapproved, except
that he thought any special circumstances might
be considered 4/12
Statement of Mr. James, views on examiners* salaries, statement of Governor Eccles, referring to salaries
paid Messrs. Gidney and Sheehan of FRBank of
New York and Chief National Bank Examiner
Roberts 4/12Statement of Mr. Miller that some salaries should be re
duced and that Board members should become ac
quainted with members of staff, suggestion of
Mr. Szymczak that heads of divisions be afforded
opportunity to be heard 4/12
Increases in salary recommended by majority of committee
approved, and others referred back to committee
for opportunity for division heads to be heard 4/12
Request of Governor Eccles that another member of Board
be substituted for him on committee to consider
salary adjustments, Mr. Szymczak appointed 4/12
Committee ready to make report, to submit written report 4/27
Report ready for oral delivery by Mr. Thomas, suggestion
that it be reduced to writing, agreed to, and
meeting to be called April 29 to consider 4/27
Report sutmitted, number of recommendations are compro
mises which may result in inequalities, sug
gestion of Mr. Szymczak that next year s budget
be submitted in advance of end of year, recom
mendations approved 5/ 1 division of Research and Statistics, exceeded for year, purchase
of additional equipment, stationery, etc., approved 9/19
United otates, considered in connection with possible action to
absorb excess reserves of member banks, at meet- _ ing of Board with Federal Open Market Committee 12/18auiaing and loan associations:
Banks", Seattle Trust Co. to be advised, with respect to
applicability of Sec. 22(g) of ERAct, that they- have been ruled not to be 11/
construction, means of giving vigorous impetus to new,memo of Mr. Eccles re request that Mr. Daiger consider, and that he keep in touch with mortgage and housing financing, asking cooperation of division heads, approved 11/
886
907
907-9
910
911
913997
997
1026-3 branch o ffices, letter to , re views of Boardestablishment in South Dakota by member banks un
12/21
der statute recently enacted
Burdick, Congressman Usher L . , collection charges imposed on Goveftl_raent checks in Jamestown, N . Dak*, reply on com
plaint of Mr- White that there is diecriminati as checks of private corporations are paid at n
Bureau of Agricultural Economics: (See Department o f A griculture)P8r 6/ 4
Bureau of Census:Payroll data, requested by, items included in -learnings and Divi
dends report r
Letter to FRAgents re 4 Letters to Messrs. Curtiss, Case, A u stin , F letch er , Fry, */21
Clark and Sargent, re securing special figures
where bank operates in more than one county
(See Department of Commerce)
Bureau of Engraving and Printing:
Offices to be closed at 1 p.m . Dec. 24 and 3 1 , advice to FRAgents,
and that currency shipments must be requested
early 12/23Bureau of Foreign and Domestic Commerce: (See Department o f Com
merce)
Bureau of Public Roads: (See Department of A g ricu ltu re )Burke, Senator Edward R .:
Expenditures and employment in Nebraska, rep ly that only expen
ditures contemplated by FRBank o f Kansee City are
in connection with operation o f Omaha Branch
Salaries of officers and employees of Board rec e iv in g $ 5 ,0 0 0 or
more per annum, opposition o f M r . Thomas to pro
posed reply to request for inform ation as to , to
be sent and information to be urinted in annual
report in future
Letter to Senator Burke inclosing inform ation turns, E. S . : (See National banks, National Bank of D e tro it , M ich.)
Bums, Josephine Joan: (See Committees, Senate Committee Investi-
^ . gating Munitions Industry)
^ CoU c U of Apartm ent of Commerce:Report on industrial advances, discussion by Mr. Szymczak before
conference of Chairmen of In d u s tr ia l Advisory
Committees, recommendation in report o f study for means to furnish sm all, sound business with needed capital
ediscount under Banking b ill of 1 93 5 , resolution of confer
ence re report, discussion o f small business
problems, suggested amendment by Mr. Clayton ^
suggestion of Mr. James o f authority to determine financial status of small business, resolu
* * 10n adPted as amended Statement of Mr. s 2ymc2,6k ^ sfcudy m not within
. rovince of board and resolution stating ,
fTno Mr* Jaa,es relative to establishing
carried ststus small business, r e s o l u t i o
2619261=
5:816
2830
8/14 152
5/18
5/29
6/Z51*78
6/25l4ir
e/26|4*
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31
PagesBusiness Advisory Council of Department of Commerce: (Continued)
Report on industrial advances: (Continued)Letter to Chairmen of Industrial Advisory Committees, ad
vising of resolution
Business and credit conditions:Memo of Dr. Goldenweiser re, presented to Governors* Conference Review by Dr. Goldenweiser before Governors* Conference Statement begun by Dr. Goldenweiser at Board meeting, discus
sion of production and distribution of automobiles led by Mr. James
Business census, deposit balances of business firms, letter toSecretary of Commerce Roper requesting inclu
sion of item
Business conditions:Federal Advisory Council, reports reReview by Dr. Goldenweiser before Federal Open Market Committee
Business Editors report on direct loans to industry, letter to Mr.Bill re his letter to Mr. Wooton, Board request
ing specific criticisms of FRSystem*s indus
trial loan program
Bylaws:FRBank of Cleveland, amendment to designate Governor chairman
of executive committee, Board requests re-amend
ment to restore office to FRAgent
FRBank of Kansas City, amendments to sections dealing with opera
tion of branches, reply to Mr. McAdams that it
is not clear whether required majority of direc
tors voted on changes, and requesting further
amendment to bring about consistency as to sec
tion numbers
Amendment relative to signing of vouchers and checks by
officers, approved
FRBank of Philadelphia, amendment noted in connection with ex
amination report, authorizing service of Mr.
Mcllhenny as Deputy Governor, Cashier and
SecretaryFRBanks, revision, suggestion of Chairman Eccles in proposed
telegram re, in light of amendments to law
and with object of uniformity, procedure look
ing toward uniformity agreed upon, question
of power of executive committees to pass on
rates and as to chairmanship of Mr. Morrill and Mr. Wyatt to draft letter suggesting pro
cedure tending toward uniformity RBoard, revision necessary in connection with proposed review
of procedure for handling Board's business and relationships between Board and staf, action deferred pending disposition of pending banking
legislationHelena Branch:
Amendment to be made to provide for directors* meetings only on call of Managing Director
6/27 1530
10/24 2172
5/28 1254
5/25 1224
8/ 9 1725
9/24 1997 12/17 2729
11/ 5 2261
2/12 4:23
3/ 4 580
3/22 748
5/ 1 1034
12/28 2880-1
12/28 2882
5/ 1 1031
5/14 1129
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BylT i iCDr^ohed> (Continued)Changes vesting in executive committee power to conduct and
supervise a ll business o f branch , approved ad
si.snension for 1935 of requirement that one d irec to r re-Suspensi outside of branch c it y , no o b jectio n 6
"C "
"CaleMeter": (See Interest. Savings devices)
California: ^ , .lam ination of State member banks inState departmental bank, reply to Mr* Clerk that it is not
"savings bank", in connection with prohibition
upon payment of interest on demand, deposits,
action deferred
California departmental bank:"Savings bank", proposed reply to Mr. Clerk ru lin g that savings
department is not, doubt o f M r . Hamlin that pro
posed ruling is correct, approved, M r. Hamlin
voting "no"
Cammerer, Amo B . : (See National Park Service )
Canadian stock brokers, applicability o f R egulatio n T to dealings
with
Canceled postage stamps, reply to Mr. Xom iners that Board could not
relax ruling p ro h ib itin g re s a le to dealers or
collectors by FRBanksCapital:
Security Trust and Savings Bank, B i l l in g s , M o n t ., proposed reduc
tion in debentures wrould bring ratio o f capital
to deposits below Board s standards , letter to
Mr. Peyton to take up w ith State Banking Depart
mentCapital Issues Committee:
Records, reply to Federal Trade Commission that those of sub
committees at FRBanks had not been r e q u e s t e d
and that FRBanks were being advised to forwar
to Commissioncapital movements:
International, highly confidential memo o f D r . Goldenweiser re,
CarhA-rt r ^ -n Presented to Governors Conference
Cartwright o c' f 69 Bankers development C o rp .) - C-: (See National banks, Central N ational Bank
Catterns: (See ^ elo> Texas)
Cavalier & Co (S e < ^ w J ^ k s * Ban* of> England)
Central Heatiag