1942_v29_part 1-6 index.pdf
TRANSCRIPT
INDLX TO MINUTES
OF
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
1942
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KEY TO INDEX
Branch Banks, Domestic, FRBanks andForeign, see Branch banks
Clayton Act, see Interlocking Director-ates
Directors of FRBanks and Branches, seeDirectors
National Banks are listed under headingNational Banks
Section 32 of Banking Act of 1933, seeRelations with Dealers in Securities
Securities Exchange Act, see SecuritiesExchange Administration
State Banks are listed under StateMember Banks, Nonmember Banks andMembership
Stock of FRBanks and Member Banks, seeStock .
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INDEX
1942
Acceptances, bankers:Legislative clarification of the status of, for the purposes
of the Excess Profits Tax, reply to inquiry
of the Committee on Foreign Banking of New
York advising that there have been no furtherdevelopments in connection with the proposed
amendment to the Internal Revenue Code
Acceptances up to 100% of capital and surplus:
American National Bank & Trust Company of Mobile, Alabama, ac-
tion on application deferred pending opinionof Comptroller as to whether condition of
bank justifies grant of authorityApplication approved
Accountants, cost, Major General Olmstead to be advised that FRBankshave none on their staffs and suggested thathe contact American Institute of Accountancyand American Association of Accountants
Accounts:Loan agencies of Reconstruction Finance Company, advice to
FRBanks that there is no legal reason for not
openingWar loan, opening by small banks, discussed at meeting with
Federal Advisory CouncilTelegram from Treasury Department to FRBanks on
Addresses:Raisty, Lloyd B., on consumer credit, telegram listing sug-
gested changesAdjusted compensation plan:
Presidents' Conference requests regarding, discussed and re-
strictions modified with understanding that
plan will not be applied where it would in-crease any salary beyond $6,000 and not to be
effective until after March 1, 1942
Presidents' Conference advised that liberalization of, hasbeen approved in accord with request, letterto be sent to FRBanks
Advertisements:Charge sale, violation of Regulation W by store in Rochester
Expenditures by FRBanks in newspapers of cities where regional
offices of Victory Fund Committees are located
Furniture company advertisement in violation of Regulation, as
articles are closely related but down payments
required are insufficient to cover total
Pages
5/13 929
3/30 5924/16 730
3/2 389
6/17 1238
9/14 17989/18 1842
11/ 9 2137
2/27 364
3/2 394
8/22 1661
11/25 2230
2/7 223
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Advertisements: (Continued)Harold A. Lifton Co., New York, promotion items under Regula-
2Pages
tion W 7/31 1528Home Furniture Company, compliance of group offerings with
Regulation W 9/10 1767Misleading, in connection with Regulation W, reply to Boston
Better Business Bureau in regard to distribu-
tion of the National Bureau's statement in
respect to 5/15 941Radio, sale of, as advertised, permissible under section 6(j)
of Regulation W, letter sent to Mr. W. E.
Carney and Bureau of Internal Revenue
Treasury financing, complaints from press of discrimination in
placing ofAetna Life Insurance Company, continuation of contract with, for
group life insurance for employees of Board
1/7 23
12/ 1 2248
4/22 755Affiliates:
Bank of America National Trust & Savings Association:
Letter advising that Board does not consider holding company
affiliate relationship with Transamerica Cor-
poration as terminated, and that Board is with-
out authority to waive filing of reports of
affiliates 1/22 101
Copies to be sent to Messrs. Clerk and Crowley, and the
Comptroller of the Currency 1/22 105
Review of relationships with First Trust and Savings Bank
of Pasadena, California in connection with es-
tablishment of branches at Temple City and
Alhambra, letter to be drafted advising of
denial of permission on present information
before the Board 2/ 6 208-14
Letter from FDIC expressing opposition to further expan-
sion by 2/6 212
Under present policy further expansion of, to be restricted 2/14 256
Copy of letter to be sent to the Comptroller and FDIC 2/14 257
Peoples Bank of Lakewood Village, Calif., Board to recon-
sider application upon showing that relationswith, have been severed 3/11 463
Mr. Knox advised of reasons why Board did not approve appli-
cation 3/11 465First Trust and Savings Bank of Pasadena, Calif., time extended
for filing of reports of 4/21 749Extension of time to file reports of 7/16 1443
425 West Wisconsin Avenue, Inc., Milwaukee, Wis., agreement on
form P-3 must be executed by, before authority
is granted for issuance of voting permit to
Wisconsin Bankshares Corporation 10/15 2024
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Affiliates: (Continued)Hotel Conneaut at Conneaut Lake, Pennsylvania, publication of
report by Peoples-Pittsburgh Trust Company,waived, but report should be rendered at nextcall if affiliation still exists
Lanphar Agency, Inc., examination report of Romeo Savings Bank,Romeo, Mich., shows affiliate relationship
Maine Real Estate Title Company, Bangor, Me., of Merrill TrustCompany, now in liquidation and report not re-quired
Mellon National Bank and the Union Savings Bank of Pittsburgh,purchase of additional stock of, by the UnionTrust Company of Pittsburgh held to be in vio-lation of FRAct and Revised Statutes
Melvyn F. Lanphar & Co., examination report of Romeo SavingsBank, Romeo, Mich., shows affiliate relation-ship
Merrill Mortgage Company, Bangor, Maine, of Merrill Trust Com-pany, publication of last condition report notto be required to be published in future
Not in formal liquidation, report should be submitted byMerrill Trust Co.
Morgan Grenfell & Co. Ltd., considered an affiliate of J. P.Morgan & Co., Incorporated, New York City inconnection with admission to membership
Belief of Board that when steps have been taken by J. P.Morgan & Company, Inc., the affiliate relation-ship will have been terminated
Mutual National Bank in the same position as regards capital asChicago City Bank and Trust Company, FRBank ofChicago and National Bank Examiner to determinemeasures which should be taken by
Pilgrim Vaults, Inc., title to real estate of Pilgrim Trust Com-pany transferred to, question of publication ofreports
Relationships where corporate stocks are pledged with memberbanks as security for loans, policy of Boardnot to reply to hypothetical questions butpossible reply suggested to FRBank of SanFrancisco
Bank, Romeo, Mich., stock disposed of by MelvynF. Lanphar and not considered affiliate ofMelvyn F. Lanphar Co. and Lanphar Agency, Inc.
Bank of Pittsburgh and the Mellon National Bank,purchase of additional stock of, by the UnionTrust Company of Pittsburgh held to be in vio-lation of FRAct and Revised Statutes
Romeo Savings
Union Savings
3Pages
5/13 928
9/12 1789
6/17 1231
2/21 308
9/12 1789
6/17 1231
11/11 2149
4/23 757
6/23 1271
3/2 400
8/ 6 1575
2/26 358
10/12 2008
2/21 308
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4
Affiliates: (Continued)Union Savings Bank of Pittsburgh: (Continued)
Union Savings Bank to be taken over by Union Trust Co.of Pittsburgh
Val Verde Wool & Mohair Company, Del Rio Bank & Trust Company,Del Rio, Texas, attention of, to be calledto definition of affiliates in connection
11/10
Pages
2142
with reports on relationship with 4/9 664Agencies, FRSystem:
Savannah:Personnel classification plan, changes approved 9/11 1784Staff:
Bowden, Jas. H., Manager, salary approved 5/5 862Looney, Earle, Assistant Manager, salary approved 5/5 862
Salary approved as Acting Manager 9/11 1784Air carriers:
Priority for travel on, authority to sign certificates for,limited to Members of Board and Secretary 2/5 196
Letter to FRBanks recommending that authority to sign cer-tificates be restricted 2/5 197
Alabama:Limitation on loans to one person, application of State law to
guaranteed loans 8/ 6 1577Alaska:
Destruction of currency in, procedure affecting FRnotes andFRbank notes approved 9/ 1 1717
Nonmember banks to be permitted to carry account with FRBank ofSan Francisco during War emergency 9/15 1819
Regulation W, provision inapplicable to Ketchikan MerchantsAssociation, Ketchikan, Alaska, letter givingreasons why provisions of Regulation W werenot made applicable to 6/29 1319
Alien Property Custodian:Delegation of power over, to Secretary of Treasury, statement
for publication in FRBulletin 3/24 551Executive Order establishing office, statement for publication
in FRBulletin 3/24 551Statement regarding appointment of Deputy Custodian ordered pub-
lished in FRBulletin 4/22 754Executive Order Allocating Powers to be published in FRBulletin 7/21 1468
Aliens:Employment policy regarding, no fixed policy to be adopted,
recommendations to Board to be made on themerits of the person involved
Alpin, A. L., reply to Senator Ellender on application of Regula-tionW to financing of certain purchases
2/10 229
7/ 1 1347
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5Pages
Amer, Cunningham & Keeney, Akron, Ohio, advised that dental labora-
tories are not subject to Regulation W unless
they make sales of listed articles
American Association of Personal Finance Companies, explanation of
possibility of revision under Regulation W fol-lowing default on instalment payments
American Banker:Default of contractor, guarantee of loan not affected by state-
ment, misquotedAmerican Bankers Association:
Committee to work for classification of bank employees as in
essential industry, discussed by Federal Ad-
visory Council
5/25
1/14
6/ 8
11/16
1037
51
1158
2186
Examination of insured banks, suggestion of amendment to bill
to provide for absorption by FDIC of cost of
one each year 6/ 3 1115
Meeting of Executive Council, meeting of April 19-22 may be at-
tended by Mr. Cravens to present plan for warloans 4/9 685
Regulation F, quoted by Mr. Leonard as favoring a liberaliza-
tion in the amount of any one trust fund that
may be invested in a common fund 5/5 856Reports on consumer credit statistics, letter to, regarding
transfer to Board, request for list of report-
ing banks, procedure and form of report out-
lined 2/4 187FRBanks advised of transfer 2/4 188Instructions for submission of reports transmitted to
FRBanks 3/ 5 419Revenue Act providing for withholding tax at source on wages,
etc., problem of administration and expense
placed on tax, studied by 8/ 5 1553American Institute of Banking:
Topeka Chapter, reply to questions on single payment loans under
Regulation W 6/ 5 1145American Legion:
Loans to, not exempt from provisions of Regulation W 5/27 1070American nationals in territories where interests of United States
are represented by Switzerland, procedure inextending financial assistance to 4/1 613
American Security Company, New Castle, Indiana, advised that Boardcannot foretell rulings and regulations thatmay make loans on automobiles more hazardous 2/23 320
American Shuffle Board Company, Union City, N. J., letter to Mr.Jordan that shuffle boards are included undergames equipment under Regulation W
Annual leave: (See Leaves of absence)
7/13 1417
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6Pages
Annual reports:FRBank of Minneapolis, narrative of activities under Regulation
V, no objection to including if first submittedto Board 12/23 2374
First Securities Corporation of Syracuse, N. Y., requested for1941, although holding only limited voting per-mit 1/7 21
Holding company affiliates to be obtained on Form FR 437, let-ter of instructions to FRBanks 12/16 2322
Proofs submitted and approved, presentation to the Speaker ofthe House of Representatives approved, distri-bution to be made by Mr. Draper 5/20 1003
Anonymous letters:Borrowings and check operations of G. H. Wagner, Vice President
of FRBank of Cleveland 8/22 1660Appraisal guides:
American Auto Appraisal, Morris Plan Savings Bank of Jackson-ville, Florida, advised of reasons of Boardfor not designating 4/ 7 652
Automobile not listed by a particular guide, dealer is notguilty of violation if in good faith he extendscredit on, without consulting other guides 5/ 6 871
Blue Book National Used Car Market Reports - Executive Edition,designated for use in additional territories,letter to Mr. Leukhart of the National UsedCar Market Report, Inc. 4/ 9 667
Designation, information on, to be furnished to FRBanks as soonas possible but will not be completed in timeto mail to registrants with Amendment No. 3 toRegulation W 3/ 3 409
Designated for use in connection with Regulation W, memorandumand list of 3/21 521-32
Designation of publications for 1943, list of 12/19 2346District L Edition NADA Official Used Car Guide, Nevada should
be added to list of states covered by 3/23 545Kelley Blue Book, Los Angeles, California, reply to several ques-
tions of, to be advised of answers to otherquestions at a later date 3/27 580
Reply to letter regarding practice of some publishers toimply that theirs is the only officially desig-nated guide 4/14 717
Advised of possible results of the establishment of priceceilings on used automobiles 4/16 731
Advised that Board will designate for use in additionalStates upon submission of data in support ofthe suggestion 5/ 6 874
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7
Appraisal guides: (Continued)Kelley Kar Company, Los Angeles, Calif., advised that Board
expects each publication to quote average re-
Pages
tail values of used cars in its territory 4/4 625Market Record, implication that it has a better official stand-
ing than other designated guides to be elim-inated 4/14 717
Letter to Mr. Anderson acknowledging advice of change inpublication date 5/28 1078
National Used Car Market Report, Inc., Chicago, Illinois, ad-vised that Board will consider data supportingrequested additional designations 3/24 550
Advised that consideration is being given to designatingtheir Red Book and Executives Edition for usein the Detroit area for purposes of Regula-tion W 4/ 9 667
Reply to, regarding Market Record, designation in certainterritories, and possible effect of priceceilings on used cars 4/15 723
Advised of guides designated for use in certain countiesin Michigan 5/26 1060
Official Automobile Guide, Board willing to consider for desig-nation in connection with Regulation 1%, non-inclusion is not a reflection upon the accuracyof guides 4/10 694
Letter to Mr. Dillard on effect of failure to designate un-der Regulation W 4/14 717
Letter to Recording & Statistical Corporation, Chicago,Ill., on designation 6/30 1327
Included among designated publications 7/15 1436Official Automobile Guide Price Edition, letter to Mr. Meffley
on designation of publication 10/12 2011Official Guide, Los Angeles, California, advised of designation
of, for purposes of Regulation WAdvised that Board has no objection to higher quotations
if they reflect the actual market, other ques-tions answered
Official Guide, (Pacific Auto Guide, Inc.) advised of possibleresults of the establishment of price ceilingson used automobiles
Official Nebraska Used Car Survey, designation to apply to Juneissue until replaced by new issue
Publishers of, requested to submit information regarding, fordetermining value of used cars in connectionwith Amendment No. 3, RegulationW
Publishers of guides designated by Board in connection with Reg-ulation W, letter to
3/27 581
4/10 693
4/16 731
8/19 1641
3/9 439
3/21 532
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Appraisal guides: (Continued)Reasons for designating guides which in some cases quote sepa-
rate prices for cars having special features,
reply to FRBank of Kansas City regarding
list of those now designated for purpose of section13(c) of Regulation W sent to FRBanks
Revised
8Pages
4/30 832
7/15 1438Sapers, A. E., letter of appreciation for suggestions regarding,
advised that they are used merely for setting
maximum credit values on used carsValues as determined by, items which may be added to, in deter-
mining maximum credit values
Wisconsin Automobile Guide, designation of July - August edi-
tion extendedAppreciation of services:
Creighton, A. M., as member and chairman of Industrial AdvisoryCommittee for First FRDistrict
Approval numbers to report forms, procedure prescribed by Bureau of
4/ 8
4/ 6
8/24
2/11
660
640
1666
238
the Budget for assignment of 10/10 2004Armistice Day, Board's offices to remain open 11/ 6 2130Articles for publication:
Jewelers, reply to FRBank on answering inquiry concerning regis-trations under Regulation W 10/ 5 1943
Asbestos Cement Product Association, Philadelphia, Pa., reply toproposal for amendment to Regulation li to al-low longer periods of credit for purchase of
certain asbestos cement products 9/10 1770Request for exemption of asbestos siding from provisions of
Regulation W 11/ 3 2108
Asher, Norman, reply to letter of, referred to Board by Securitiesand Exchange Commission, copies of RegulationT and related publications enclosed
Assessments on FRBanks to cover expenses of Board of Governors:3/12 485
Last six months of 1942 6/17 1236First six months of 1943 12/21 2354
Assignment of claims:Acknowledgment and return of notices, letter to General Account-
ing Office on 6/11 1187
Assignment of Letters of Intent and Notice of Award, opinionof Comptroller General of United States trans-mitted to FRBanks 11/ 2 2100
Letters on Intent and Notices of Award, letter to ComptrollerGeneral of United States on 10/14 2018
Moneys due under contract for benefit of creditors of a companywhere no funds are advanced by a bank, bank act-
ing merely as trustee, assignment not permis-
sible 9/ 5 1741
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9Pages
Assignment of claims: (Continued)Procedure of Office of Comptroller General, especially in con-
nection with war loans 9/ 3 1724Procedure permitted one bank as assignee of claim to relinquish
claim and permit second bank to obtain assign-ment under same contract 11/ 2 2100
Association of Life Insurance Presidents, New York City, reply toquestion of, as to whether they are required toregister under section 3(a) of Regulation W 3/26 566
Atlantic Refining Company, Philadelphia, Pa., credit card systemof, compliance would necessitate promptness inassigning and forwarding charge slips and noti-fying of account in default under Regulation
Attorney General of the United States:H. R. 6269, to amend the Foreign Agents Registration Act of
1938, letter to, suggesting that the proposalbe amended so banks will not be required to
8/14 1620
register as agents of foreign principals 3/17 501Regulation W, plan of enforcement for, submitted to, for ap-
proval 5/22 1018Letter to be sent to FRBanks if plan is approved by 5/22 1018Program to secure compliance with provisions of, supply
sent to Department of Justice 5/28 1078
Taxation of Board's Building, not to give opinion but to co-operate in any litigation 12/24 2384
(See also Taxes, Building of Board)Auditors of FRBanks:
Duties and responsibilities to be discussed at Conference ofChairmen 9/18 1839
Relationship with Division of Examination of Board and Chairmanof Board of Directors of FRBank, topic for dis-cussion at Conference of Chairmen 9/ 8 1752
Relationship discussed by Mr. Szymczak at meeting with di-rectors at FRBank of Cleveland 9/15 1813
Relationship to be discussed at conference of Chairmen 9/18 1832
Resolution of Conference of Chairmen 11/18 2195Audits:
Jacksonville Branch, investigation regarding disproportionatecost of operating cafeteria to be made 3/12 486
Automobile appraisal guides: (See Appraisal guides)Automobiles:
Board of Governors, purchase of Chrysler limousine approved 5/13 932
Peoples State Bank, Cherryvale, Kansas, advised re floor planloan on pick-up that Board has no control overeither RFC or OPA, and that Congress is givingconsideration to solution of problem 4/14 718
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Automobiles: (Continued)Rationing, discussion of whether to continue coverage under
Regulation W, in view of rationing system ofthe Office of Price Administration
Used, publishers of appraisal guides for determining the valueof, requested to submit information regarding
10Pages
2/24 328
3/9 439
Baker, Dr. John C., Assistant Dean of Harvard University:Cost of luncheon to be borne by Board 1/ 5 16Payment authorized for transportation costs to Washington for
interview in connection with possible employment 1/12 43Balances:
Reciprocal bank balances, proposed procedure for reporting,agreeable to Comptroller, no change to be madeon the face of the report and the form of pub-lished statement
. C. C., of the Wharton School of the University ofPennsylvania, cost of luncheon to be borne byBoard
Studies, Balderston report)Ohio Railroad Company, advised that plans suggested
Balderston, Dr
(See alsoBaltimore and
5/11 921
1/26 124
for purchase of watches are permissible underRegulation Vi 4/6 641
Bank debits:FRBank of Minneapolis, figures not to be released before date
of Board's release 6/ 6 1154Release of monthly figures, letter to Mr. Willoughby, Managing
Editor of Nation's Business, Washington, D. C.,on release and publication of figures 5/30 1099
Reports on monthly basis rather than weekly, instructions trans-mitted to FRBanks for 3/26 569
Statement and compilation of, to be on a monthly basis only,instead of weekly 5/6 874
Suggestion and form for reporting, on monthly basis rather than
Bank earnings:Study of problem by Division of Research and Statistics,
Messrs. Goldenweiser and Smead to collaboratein continuing study 7/28 1501
Bank for International Settlements:Daily press reviews prepared by, letter advising Coordinator
of Information that Board would be glad to relyon their service as a source for 5/ 4 845
Bank supervisory agencies:Examination and supervisory policy with reference to investments
by banks in and loans upon Government securities,
joint statement 11/11 2148
weekly transmitted to FRBanks for comments andsuggestions 1/23 112
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Bank supervisory agencies: (Continued)Uniform bank examination procedure adopted by, reported change
by Comptroller of the Currency without consul-tation with Board and FDIC
Bankers Magazine, advised that Regulation W was designed to dis-courage unwise borrowing and not prohibit in-stalment buying generally
Banking, classification as essential industry:
11Pages
10/17 2037
1/16 77
Discussed by members of Executive Committee of Federal AdvisoryCouncil at meeting with Board 10/ 7 1960
Suggested by Federal Advisory Council because of loss oftrained personnel 11/16 2185
Banking quarters:FRBank of Atlanta, authority to purchase six-story brick build-
ing requested but action postponed 12/ 1 2249Offer for property approved and provision made for increase
in offer 12/26 2395FRBank of Kansas City, no objection to expenditure for improve-
ments in buildingFRBank of New York, tax assessment on buildings, payment to
L. B. Altreuter in connection with effort toobtain reduction in
FRBank of Philadelphia, payments on account of building in ex-cess of amount estimated and expenditure forfurniture less than amount estimated
Jacksonville Branch, no objection by Board to purchase of va-cant lot adjoining
Mechanics and Farmers' Bank of Albany, New York, sharing quar-ters with uninsured nonmember bank opposed byFDIC, action on application deferred
Letter from FDIC regarding deposit insuranceAction deferring application not to be included in policy
recordMerchants State Bank, Rhinelander, Wisc., purchase of interest
in premises from trustees for waiving deposi-tors, no objection to transactions
Springville Banking Company, Springville, Utah, additional ex-penditure for remodeling, no objection
State Bank of Albany, New York, permission to take over bankholdings from affiliate and transactions in-volved
Wayne State Bank, Wayne, Mich., expenditure for purchase ofbank premises and for improvements, no objec-tion to
Bankruptcy:H.R. 7121, reply to Bureau of the Budget that bill is not of
interest to FRSystem but no objection to ap-proval by the President
2/23 319
11/ 6 2128
10/ 6 1951
2/16 278
2/18 2952/18 296
2/24 348
8/25 1680
10/ 2 1934
12/23 2373
9/ 5 1740
10/ 9 1999
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Barnard, Kenneth: (See Better Business Bureaus)Barnes-Duluth Shipbuilding Company, guaranteed loan approved by
Maritime CommissionBeauty parlor:
Insurance, reduction in amount that must be kept in force tocover liability arising from malpractice
Beers, L. A.: (See Institute of Carpet Manufacturers of America,Inc.)
Ben Feferman Motor Sales, South Bend, Indiana, advised that maximumcredit value may not be in excess of figurecontained in guide book unless higher down pay-ment is made
Bendix Aviation Corporation, notes issued by, not negotiable andineligible for rediscount
Beneficial Management Corporation, treatment of instalment loansto purchase coupon books to purchase listed ar-ticles
Berry, Hamer F., advised that Board cannot answer his question onRegulation W, regarding consolidations of bal-ances due on furniture as all necessary factsare not included
Copy of letter sent to Baltimore Branch with suggestions regard-ing proper answer
Better Business Bureaus:Boston, reply to, in regard to distribution of the National
Bureau's statement in respect to misleadingadvertising in connection with Regulation W
Providence, Rhode Island, reply on letter of authorization andform of statement
Regulation W, enforcement of, letter from Mr. Hodgson regarding,to be sent to
References in, to press statement to be omittedRelationships of FRSystem with, to be considered at conference
of FRBank representatives, report on, sent toFRBanks
FRBanks requested to submit comments and suggestions, con-ference to be avoided by submission of plan byBoard
Secretary's note, letter to, as amended regarding the enforce-ment of Regulation Vi
Bilbo, Senator Theodore G., reply to letter with advice that Boarddoes not favor extension of safekeeping serviceof FRSystem to nonmember banks
Billings Utility Company, Billings, Montana, Senator B. K. Wheeleradvised that report in connection with the ap-plication of, for a loan from the FRBank ofMinneapolis cannot be made available becauseof its confidential nature and relation topending litigation
12Pages
10/ 2 1934
4/7 652
4/4 626
9/18 1832
9/23 1871
1/24 115
1/24 116
5/15 941
2/k. 186
5/5 8475/5 848
3/11 468
3/27 576
5/ 5 848
7/ 8 1384
5/4 844
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Billings Utility Company: (Continued)Letter to Representative O'Connor and Senators Murray and
Wheeler explaining reasons more fully 5/20
13Pages
1001
Request for report of examiner who made investigation in con-nection with application for loan, letter toSenator Wheeler on refusal of 7/ 9 1388
Request for confidential report in connection with application
for loan denied 10/ 2 1937Bisselle, Hulbert T., Vice President of Riggs National Bank, reply
to, regarding renewals and revisions under Sec-tion 8(a) and (b) of Regulation W 4/25 766
Blacklist of individuals whose accounts are in default, proposalabandoned for local credit bureaus 7/10 1400
Bland, Representative S. O., charges imposed by banks on checkingaccounts, provisions of law relating to 12/16 2325
Board of Economic Welfare:Staff:
Kaiser, Philip M., no objection to employment by 1/16 68Board of Governors:
Annual leave, policy modified to provide for 2-1/2 days at atime 10/31 2096
Annual report, proofs submitted and approved, presentation tothe Speaker of the House of Representatives ap-proved, distribution to be made by Mr. Draper 5/20 1003
Automobile, purchase of Chrysler limousine approved 5/13 932Beauty parlor:
Insurance, reduction in amount that must be kept in forceto cover liability arising from malpractice 4/7 652
Budget:1943, approved 12/23 2376Division of Personnel Administration:
To be prepared and submitted for approval 5/27 1068Cost of operating division for remainder of year ap-
proved 6/29 1313Increase in items stationery and supplies and medical
services and supplies 11/24 2228
Division of Research and Statistics:Amount added to item of postage and expressage 9/17 1828
Increase to provide for compensation of Alvin H. Hansen 11/25 2231
Division of Security Loans:Expenses of Mr. Mayer to be charged to item of travel-
ing expenses in budget of 2/26 360
Increase to cover expenses of assignment of Mr. Hodgsonfrom staff of FRBank of Minneapolis 6/29 1316
Secretary's Office:Increase to take care of non-personal services to cover
the cost of the Chrysler limousine approved 5/13 932Stationery and supplies for Building Operation and Main-
tenance functions, increase in item approved 10/19 2040
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Board of Governors: (Continued)Budget: (Continued)
War Loans Committee:Budget for non-personal services of, to be submitted
to BoardCovering estimated requirements to December 31, 1942,
approvedIncrease in items Telephone and Telegraph and Stationery
and Supplies
4/6
4/14
10/ 9
14Pages
628
719
1999Building:
Insurance, fire and supplemental renewed but war damagenot to be renewed at present 10/23 2057
Inter-American Defense Board, letter to Mr. Baird Snyderon vacating of space occupied 5/29 1093
Letter to Mr. Patterson that northwest wing be vacatedby 1st of July 6/13 1213
Letter to Mr. Patterson, Under Secretary of War on as-signment of certain space for Brazilian-UnitedStates Joint Defense Commission 6/22 1267
Chairman Eccles to discuss situation with Mr. Patterson 6/26 1296Inter-American Strategy Board, agreement providing office
space for 3/24 543Introduction of two bills in Congress re taxation of real
estate in District of Columbia, memorandum ofMr. Vest, no action by Board at this time 8/ 7 1583
Safeguarding of, J. Watson Belt designated representativeof Board on Advisory Committee on SubversiveActivities to cooperate with the Public Build-ings Administration in regard to 2/27 379
Taxation of:Memorandum of Mr. Vest on two bills introduced in
Congress, Board will take no action at thistime 8/ 7 1583
Report of Mr. Dreibelbis on discussion of possibleaction with Mr. Carusi, executive assistant tothe Attorney General 11/24 2221
Discussion of Mr. Dreibelbis with Messrs. Keech andCarusi and to be taken up with SenatorMcCarran for inclusion in Senate report onpending bill 12/ 1 2250
Developments with respect to, outlined in MB= by Mr.Dreibelbis 12/ 8 2289
Resume by Mr. Dreibelbis and advice by Mr. Ransom thatBoard's building had been removed from list ofproperty advertised for sale 12/14 2309
No provision made in budget for 1943 12/23 2377Attorney General not to give opinion on taxation of,
but to cooperate in any litigation 12/24 2384
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Board of Governors: (Continued)Confinement cases, policy regarding amended to limit contri-
butions to Retirement System to one year fromthe date upon which the absence began
Counsel's Office, realignment of duties and changes in titlesDivision of Bank Operations, vouchers for reimbursement of ex-
penses in connection with war loans to be sub-mitted through
Vouchers for reimbursement for war loan expenditures to beforwarded through
Division of Personnel Administration:Establishment approved, organization and functions outlined
and budget to be submittedLetter to FRBanks on establishment and scope ofBudget for remainder of year approvedProgram with respect to FRBank matters, to be presented at
Chairmen's ConferenceBudget, increase in items stationery and supplies and
medical services and suppliesDivision of Research and Statistics:
Budget item of postage and expressage increasedBudget, increase to provide for compensation of Alvin H.
HansenConsumer credit, research and statistical work in the
field of, Mr. Ransom authorized to conferwith Mr. Taylor in regard to the taking overby the Board
Problems faced in maintaining adequate staff, memo of Dr.Goldenweiser
Studies of projects under way in division report to bemade on
Transfer of statistical work on consumer credit fromBureau of Foreign and Domestic Commerce to
Division of Security Loans:Budget increased to cover expenses of assignment of Mr.
Hodgson from FRBank of MinneapolisExpenses of Mr. Mayer to be charged to item of traveling
expenses in budget ofEmployees, release of, under Executive Order, reply to Civil
Service Commission advising that Board needsall present employees and that Mr. Nelson isthe proper person to contact regarding
Expenses:Last six months of 1942, assessment on FRBanks to coverFirst six months of 1943, assessment on FRBanks to cover
15Pages
4/7 6448/10 1596
6/ 2 1111
7/15 1432
5/27 10646/25 12796/29 1313
9/18 1841
11/24 2228
9/17 1828
11/25 2231
5/19 979
8/12 1606
7/28 1504
8/ 6 1578
6/29 1316
2/26 360
2/25 351
6/17 123712/21 2354
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Board of Governors: (Continued)Holidays:
Armistice Day, offices to remain open 11/ 6
16Pages
2130Thanksgiving Day, arrangements to be made for skeleton
force but final decision reserved 11/20 2208Offices to be closed and skeleton force not to be main-
tained 11/24 2224Christmas Day, Board's offices to be closed 12/ 7 2278New Year's Day, to be full working day 12/ 7 2278
Hours of work, FRBanks advised of official hours of Board,and intention of Board to move its time aheadunder daylight saving time, request for pro-cedure of FRBanks made 2/ 3 169
To be increased to 44 per week, official hours to be from9:00 a.m. to 5:45 p.m. with 45 minutes forlunch, Saturdays from 9:00 a.m. to 1:00 p.m.
Approved for 8:45 a.m. to 5:15 p.m.Insurance, group life for employees of Board, continuation of
contract with Aetna Life Insurance Company ap-
1/1612/30
622410
proved 4/22 755Investigative activities of, reply to Mr. Hoover outlining 11/16 2176Leave regulations, restrictions on annual, approved 5/26 1051Legal Division:
Absorption of exchange and collection charges by memberbanks, to prepare memorandum on steps neces-sary to meet problem 9/15 1810
Meetings:Docket, amendments to several loan acts introduced in
House and Senate, to be placed on, for nextmeeting following circulation of Mr. Ransom'smemorandum 1/16 68
Executive committee of Federal Advisory Council each monthwith certain exceptions proposed, no objectionby Board 2/16 272
Arrangements completed for meetings on the secondThursday of each month, Secretary's note 2/16 273
Interim meeting arrangements approved by Board 2/23 3/ 347tMeeting held
Change in date suggested 3/12482
Meeting on April 9 3 67. 72Meeting on June 3Meeting on July 1 7/ 1 1330Meeting on August 5 8/ 5 1553Meeting on October 7 10/ 7 1959
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Board of Governors: (Continued)Meetings: (Continued)
17Pages
Federal Advisory Council with Board 2/16 2605/18 9519/14 179311/16 2178
Presidents of FRBanks:Davis, Chester, President of FRBank of St. Louis, to be
advised that Board has no objection to Mr. Atte-bery attending in his place 5/ 5 857
Meetings with Board 2/3 1703/2 3815/8 8859/29 1897
Special to be held on April 30, to consider proposed Amend-ment No. 4 to Regulation IV 4/27 775
Members:Assignment of subjects for primary consideration 7/ 3 1366Civil Service Retirement Act, question submitted to Commis-
sion on coverage of members by 2/27 369Draper, Ernest G.:
Assignment of subjects for primary consideration 7/ 3 1367Designated as Board's representative on the Censorship
Operating Board of the Office of Censorship 1/2 8Designated member of Censorship Operating Board 1/16 78Improvements in banking system, means for bringing
about and for bringing nonmember banks intoFRSystem discussed, but no action taken 11/20 2204
Operation of building of Board, problem of meetingloss of employees referred to 10/ 2 1929
To act as Vice Chairman of War Loans Committee 3/26 555Eccles, M. S.:
Assignment of subjects for primary consideration 7/ 3 1366Authorized to ask whether a reply to Tydings question-
naire is desired or may ask staff to preparean answer, Mr. Ransom opposed to any answerwhich is not complete 3/10 449
Credit control as supplement to price control, priori-ties, and rationing in controlling trend towardinflation, discussion by
Meeting called to consider reserve requirements, unableto attend because of other pressing matters
Memorandum on organization of War Loans Committee pre-
2/16 263
11/14 2171
sented by, approved with minor changeReport by, on the findings of the special committee ap-
pointed by the President to study inflationStatement by, on conference of Board with Reserve Bank
representatives regarding interest rates andguarantee charges on war loans under ExecutiveOrder 9112
3/26
5/18
4/3
554
954
618
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18Pages
Board of Governors: (Continued)Members: (Continued)
Eccles, M. S.: (Continued)To represent the Board in discussions with the Treasury
in furthering the distribution of Governmentsecurities 5/ 5 858
To represent Board on committee to meet with Treasuryand representatives of investment bankers resale and distribution of Government securities 5/ 8 887
War Loans Committee, to act as ex officio Chairman of 3/26 555Evans, Rudolph M.:
Advice of appointment as member of Board for unexpiredterm 2/27 374
Advice of appointment and oath of office 4/16 494Appointed to serve as member of Personnel Committee for
year beginning March 1, 1942, subject to con-firmation and qualification as member of theBoard 2/27 374
Appointed Vice Chairman of Personnel Committee forperiod ending February 28, 1943 7/ 3 1369
Assignment of subjects for primary consideration 7/ 3 1368Class C directors, continuance of six-year rule, state-
ment to be prepared for consideration of Board 7/28 1504Direction of efforts of Board to develop program of co-
ordinating research and statistical activitiesof Board and National Resources Planning Board 6/ 9 1177
Studies of financial requirements and economical welfareof the country, to act as contact man with Na-tional Resources Planning Board in developingprogram 6/ 9 1164
Study of national and regional problems, memorandum on 7/21 1460Outline of studies on regional and national problems
for research departments of FRBanks 7/30 1520McKee, John K.:
American and service flags presented by, accepted byBoard 4/ 7 645
Appointed to serve as member of Personnel Committee forsix-months period beginning March 1, 1942 2/27 374
Assignment of subjects for primary consideration 7/ 3 1367Authorized to confer with Mr. Crowley and Comptroller
regarding adoption of policy refusing to per-mit further expansion by Transamerica Corpora-tion 1/22 101-5
Conference of National Association of Supervisors ofState Banks in Philadelphia, withdrawal frommeeting to leave for 11/16 2185
Examiners' Conference in Philadelphia, report on mat-ters discussed at, and on banking offices ofTransamerica Corporation 9/24 1878
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Board of Governors: (Continued)Members: (Continued)
McKee, John K.: (Continued)Meeting called at request of, to consider reserve re-
quirements, adjourned because Mr. Eccles couldnot attend
National Association of State Bank Supervisors, to at-tend meeting of executive committee of
Peoples Bank in Lakewood Village, Los Angeles County,California, to confer with FDIC on membershipapplication of
Reserve requirements, opposed to attitude of FederalAdvisory Council regarding change
War Loans Committee, to act as member ofRansom, Ronald:
Appointed to serve as member of executive committee forsix-months period beginning September 1
Assignment of subjects for primary considerationAuthorized to confer with Mr. Taylor regarding the
taking over by the Board from the Departmentof Commerce certain research and statisticalwork in the field of consumer credit
Draft of program for enforcement of Regulation W sub-mitted by Ir. Hodgson referred to, with powerto put program into effect and make suchchanges as they deem desirable
Explanation of reasons for amending RegulationWwith-out discussing with Presidents
Extension of credit in connection with sales of petrol-eum products, draft of reply to letter from Mr.Davis to be prepared
FRnotes, statement on paying out 1928 seriesGeneral counsel at FRBanks, opposed to employment of
one who had been out of practice for a longtime
Inventory problem and restriction of use of credit forincreasing inventories, to supervise prepara-tion of draft of letter to all banks
Liaison officer between Treasury and Victory Fund Com-mittees, to carry on duties of Chairman Ecclesduring his absence
National Association of State Bank Supervisors, to at-tend meeting of executive committee of, author-ized to extend invitation for use of BoardRoom for meeting
19Pages
11/14 2171
3/23 540
1/16 70
8/ 5 15563/26 555
2/27 3757/ 3 1366
5/19 979
5/5 850
5/8 893
9/ 4 17324/7 648
10/19 2039
6/ 9 1170
9/11 1779
3/23 540
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20Pages
Board of Governors: (Continued)Members: (Continued)
Ransom, Ronald: (Continued)Questionnaire prepared by, in connection with inclusion
of charge accounts sent to FRBanks 3/21 534Supplementary question added 3/24 549
Reduction of individual debt through amortization ofbank loans, letter to be prepared to Federalbank supervisory agencies for report by exami-ners 6/26 1294
Report by, on proposed Amendment No. 3 to Regulation11, with regard to comments of FRBanks and in-clusion of recommendations of the Office ofPrice Administration
Statement regarding status of proposed Amendment No. 4to RegulationW
Withholding tax, applicability to interest on bonds,memorandum to be prepared for submission toSenate Finance Committee
Application to interest on bonds, letter to Mr.Randolph Paul to be delivered at hearing roomof Senate Finance Committee
Szym.czak, M. S.:Appointed to serve as Board's representative on System
Committee on Currency HoardingAssignment of subjects for primary considerationConclusions reached by, in discussions with Mr. Bell
regarding fiscal agency conferencesDesignated as Board representative on Presidents' Con-
ference Personnel Selection and Training Commit-tee
Draft of program for enforcement of RegulationW sub-
2/24 322
4/27 768
8/ 6 1567
8/26 1683
7/15 14407/ 3 1367
1/28 140
2/20 303
mitted by Mr. Hodgson referred to, with powerto put program into effect and make suchchanges as they deem desirable 5/5 850
Evacuees, to go to Pacific Coast in connection with pro-gram to protect the property of 3/ 6 424
Secretary's note, Mr. W. B. Pollard to go to Coast 3/6 427Executive committee of FRBanks, to take up with banks
changes in bylaws on composition of 9/ 4 1732FRbank notes and FRnotes of 1928 series and drafting
of a press statement, memorandum from regardingthe paying out of 5/26 1061
Fiscal Agency Conference, to attend 5/1 836Functional expense reports of FRBanks to be discussed
with Mr. Leach 9/29 1903
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21Pages
Board of Governors: (Continued)Members: (Continued)
Szymczak, M. S.: (Continued)Holidays at FRBanks, observance during war period, sum-
mary of replies from FRBanks, matter to be re-viewed and further communication prepared ifdesirable 7/10 1397
Issuance of 1928 series of FRnotes and FRbank notes re-ferred to, for consideration, authorized to dis-cuss with Treasury and bring to attention ofBoard for further consideration 4/ 7 648
Memorandum on control of frozen funds prepared by Mr.Knapp to be given to 3/ 6 428
Overprinting of currency for use in Hawaii, memo fromregarding 5/26 1062
Mr. Sproul advised to contact, in regard to a conferenceof the FRBank of New York directors' committeewith a committee of the Board
Program for the enforcement of Regulation W outlined by,at meeting of the Presidents with the Board
5/ 5
5/ 8
861
893Ration check clearing, designated to be in charge of
work for Board 12/ 5 2273Retirement System, memorandum on problems of 12/21 2350Statement on Government financing, excess reserves,
and reduction in discount rates 10/ 9 1979Traveling expenses, additional expenditure to cover
price of compartment because no other accommo-dations were available, approved 10/23 2057
Victory Fund Committees, to keep in close touch withactivities of 9/11 1779
Wagner, G. H., to phone Yr. Brainard as to decisionreached by Board in case of Mr. Wagner 8/27 1693
Investigation of actions by board of directors ofFRBank of Cleveland, to meet with directors onSeptember 14 9/10 1763
Statement on meeting with directors of FRBank ofCleveland on indebtedness of Mr. Wagner andother matters 9/15 1812
Withholding tax, applicability to interest on bonds,memorandum to be prepared for submission toSenate Finance Committee 8/ 6 1567
Application to interest on bonds, letter to Mr.Randolph Paul to be delivered at hearing roomof Senate Finance Committee 8/26 1683
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Board of Governors: (Continued)Minutes:
Meetings of Board approved:
22Pages
December 31 1/2 7January 1 1/2 7January 2 1/5 10January 5 1/6 17January 6 1/7 19January 7 1/8 26January 8 1/9 31January 9 1/10 36January 10 1/12 40January 12 1/13 44January 13 1/14 48January 14 1/15 54January 15 1/16 76January 16 1/17 81January 17 1/19 87January 19 1/20 89January 20 1/21 92January 21 1/22 106January 22 1/23 110January 23 1/24 115January 24 1/26 120January 26 1/27 125January 27 1/29 143January 28 1/29 143January 29 1/30 146January 30 1/31 159January 31 2/2 163February 2 2/3 166February 3 2/4 184February 3, with Presidents 2/4 184February 4 2/5 193February 5 2/6 214February 6 2/9 225February 7February 9
2/92/10
225231
February 10 2/11 237February 11 2/12 241February 12 2/16 277February 13 2/16 277February 14 2/16 277February 16 2/17 290February 16, with Federal Advisory Council 2/17 290February 17 2/18 294February 13 2/19 298
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23Pages
Board of Governors: (Continued)Minutes: (Continued)
Meetings of Board approved: (Continued)February 19 2/20 302February 20 2/21 307February 21 2/23 317February 23 2/24 349February 24 2/25 351February 25 2/26 357February 26 2/27 376February 27 3/ 2 396March 2 3/ 3 404March 2, with Presidents M
3/ 3 404March 3 M
3/ 4 412March 4 M
3/ 5 416March 5 3/ 9 435
March 9 3/ 9 435 3/10 455
March 6
March 10 March 11 112' igMarch 12March 12, executive committeeAdvisoryof Federal Adviso
Council 333///113
488
436 484March 13March 16 3/17 499March 17 3/18 503March 18 3/19 505March 19 3/20 513March 20 3/21 519March 21 3/23 544
3March 23 /24 547March 24 3/26 562March 26 3/27 572March 27 3/28 585March 28 3/30 588March 30 3/31 597March 31 4/ 1 607April 1 4/ 2 614
April 4
4/ 3 6224/ 6 627
April 2April 3
April 6 4/ 6 627
April 7 4/ 7 650
April 8 4/ 8 658
April 9 4/ 9 6634/10 687
April 9, executive committee of Federal Advisory Council 4/10 687April 10 4/11 696
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Board of Governors: (Continued)Minutes: (Continued)
Meetings of Board approved: (Continued)
24Pages
April 11 4/13 707April 13 4/14 714April 14 4/15 720April 15 4/16 726April 16 4/17 734April 17 4/18 744April 18 4/27 775April 20 4/27 775April 21 4/27 775April 22 4/27 775April 23 4/27 775April 25 4/27 775April 27 4/28 781April 26 4/30 816April 30 5/1 833May 1 5/2 838May 2 5/ 4 841May 4 5/ 5 864May 5 5/6 867May 6 5/7 876May 7 5/8 899May 8 5/9 910May 8, with Presidents 5/ 9 910May 9 5/11 914May 11 5/12 923May 12 5/13 927May 13 5/15 933May 15 5/16 947May 16 5/18 973May 18 5/19 985May 18, with Federal Advisory Council 5/19 985May 19 5/20 995May 20 5/21 1006May 21 5/22 1012May 22 5/23 1023May 23 5/25 1030May 25 5/26 1052May 26 5/27 1068May 27 5/28 1073May 28 5/29 1080May 29 5/30 1095May 30 6/ 1 1101June 1 6/ 2 1108
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Board of Governors: (Continued)Minutes: (Continued)
Meetings of Board approved: (Continued)
25Pages
June 2 6/ 3 1128June 3, with executive committee of Federal Advisory
Council 6/ 4 1133June 3 6/ 4 1133June 4 6/ 5 1136June 5 6/ 8 1155June 6 6/ 8 1155June 8 6/ 9 1171June 9 6/10 1178June 10 6/11 1186June 11 6/12 1198June 12 6/15 1215June 13 6/15 1215June 15 6/16 1222June 16 6/17 1230June 17 6/18 1243June 18 6/19 1253June 19 6/20 1260June 20 6/22 1263June 22 6/23 1269June 23 6/24 1275June 24 6/25 1278June 25 6/26 1297June 26 6/29 1311June 27 6/29 1311June 29 6/30 1320June 30 7/ 1 1341July 1, with executive committee of Federal Advisory
Council 7/ 2 1354July 1 7/ 2 1354July 2 7/ 3 1359July 3 7/ 6 1370July 6 7/ 7 1378July 7 7/ 8 1382July 8 7/ 9 1386July 9 7/10 1402July 10 7/13 1410July 11 7/13 1410July 13 7/14 1419July 14 7/15 1428July 15 7/16 140
1446July 16 7/17July 17 7/18 1454
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Board of Governors: (Continued)Minutes: (Continued)
Meetings of Board approved: (Continued)
26Pages
July 18 7/20 1456July 20 7/21 1465July 21 7/22 1469July 22 7/23 1472July 23 7/24 1476July 24 7/25 1482July 25 7/27 1490July 27 7/28 1508July 28 7/29 1510July 29 7/30 1516July 30 7/31 1523July 31 8/ 1 1530August 1 8/ 3 1538August 3 8/ 4 1541August 4 8/ 5 1563August 5 8/ 6 1570August 5, with executive committee of Federal Advisory
Council 8/ 6 1570August 6 8/ 7 1587August 7 8/ 8 1593August 8 8/10 1596August 10 8/11 1601August 11 8/12 1606August 12 8/13 1611August 13 8/14 1615August 14 8/15 1624August 15 8/17 1627August 17 8/18 1631August 18 8/19 1635August 19 8/20 1643August 20 8/24 1664August 21 8/24 1664August 22 8/24 1664August 24 8/25 1678August 25 8/26 1686August 26 9/ 1 1716August 27 9/ 1 1716August 28 9/ 1 1716August 29 9/ 1 1716September 1 9/ 2 1719September 2 9/ 3 1721September 3 9/ 4 1733September 4 9/ 5 1737September 5 9/ 8 1747
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Board of Governors: (Continued)Minutes: (Continued)
Meetings of Board approved: (Continued)September 8September 9September 10September 11September 12September 14September 14, with Federal Advisory CouncilSeptember 15September 16September 17September 18September 19September 21September 22September 23September 24September 25September 26September 28September 29, with PresidentsSeptember 30October 1October 2October 3October 5October 6October 7October 7, with executive committee of Federal Advisory
CouncilOctober 8October 9October 10October 12October 13October 15October 16October 17October 19October 20October 21October 22October 23October 24October 26October 27
27Pages
9/ 9 17619/10 17649/11 17839/12 17869/15 18149/15 18159/15 18159/16 18209/17 18239/18 18439/19 18449/21 18529/22 18619/24 18799/24 18799/25 18819/26 18899/28 18949/30 19089/30 190810/ 1 191710/ 2 193310/ 3 193810/ 5 194310/ 6 194710/ 7 195610/ 8 1969
10/ 8 196910/ 9 199310/10 200110/12 200710/13 201310/14 201610/16 202910/17 203210/20 204110/20 204110/21 204410/26 206010/26 206010/26 206010/26 206010/27 207110/28 2076
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Board of Governors: (Continued)Minutes: (Continued)
Meetings of Board approved: (Continued)
28Pages
October 28 10/29 2083October 29 10/30 2089October 30 10/31 2095October 31 11/ 2 2099November 2 11/ 3 2104November 3 11/ 4 2114November 4 11/ 5 2121November 5 11/ 6 2126November 6 11/ 7 2131November 7 11/ 9 2133November 9 11/10 2140November 10 11/11 2149November 11 11/12 2152November 12 11/13 2162November 13 11/14 2168November 14 11/16 2173November 16 11/17 2190November 16, with Federal Advisory Council 11/17 2190November 17 11/18 2193November 18 11/19 2199November 19 11/20 2208November 20 11/21 2213November 21 11/23 2216November 23 11/24 2225November 24 11/25 2229November 25 11/27 2232November 27 11/28 2236November 28 11/30 2240November 30 12/ 1 2253
December 1 12/ 2 2257December 2 12/ 3 2261December 3 12/ 4 2266
December 4 12/ 5 2270December 5 12/ 7 2275December 7 12/ 8 2289December 8 12/ 9 2292December 9 12/10 2296December 10 12/11 2300December 11 12/12 2305December 12 12/14 2311December 14 12/15 2313December 15 12/16 2317December 16 12/17 2329
December 17 12/18 2337
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Board of Governors: (Continued)Minutes: (Continued)
Meetings of Board approved: (Continued)December 18December 19December 21December 22December 23December 24December 26December 28December 29December 30
Operation of building, analysis being prepared by Mr. MorrillOrganization of, and number of persons employed by, informa-
tion regarding, supplied to Senator Tydingsin reply to questionnaire
Organizational charts of separate divisions, copies sent toCivil Service Commission
Pay roll deduction plan for purchase of War Savings bonds, replyto Admiral Conard that Board does not favormodification plan as to minimum deduction foremployees
Personnel policy regarding aliens, no fixed policy to beadopted, recommendations to Board to be madeon the merits of the person involved
Persons under consideration for employment, authority to alldivisions to pay travelling expenses and perdiem at increased rate
Petty cash fund, increase from ten to fifty dollars to permitpurchase of railroad and pullman tickets forFRBank officials and Mr. Nelson designated asresponsible for fund with Mr. Carpenter as al-ternate
Policy record, drafts of entries for 1941 approvedProtection of records of, letter to Mr. Dan Lacy on measures
takenReplies to hypothetical questions, letter to FRBank of San
Francisco on affiliate relationships wherecorporate stocks are pledged with member banksas security for loans, suggested form of re-ply
Salary adjustments, procedure approved by Commissioner of In-ternal Revenue covering
Secretary's note:Meetings, interim, with Federal Advisory Council executive
committee members arranged for second Thursdayof each month with certain exceptions
Interim meeting arrangements approved by Board
29Pages
12/19 234.112/21 234712/22 235512/23 236812/24 237812/26 239212/28 239612/29 240012/30 240412/31 241010/ 2 1929
3/ 2 396
7/ 1 1348
8/28 1710
2/10 229
9/19 1847
12/ 2 22591/20 91
11/13 2166
2/26 358
12/24 2379
2/16 273
2/23 321
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30Pages
Board of Governors: (Continued)Secretary's note: (Continued)
Rates on industrial advances at FRBank of New York, consid-eration given changes suggested 5/29 1082
Security officer, designation of Elliott Thurston as 12/ 1 2256Space occupied by Inter-American Defense Board, letter to Ir.
Baird Snyder on vacating of 5/29 1093
(See supra Building)Staff Personnel Committee recommendations regarding release of
employees and examination by Civil Service Com-mission rejected, former policy rescinded and
no objection to be made to transfers and exam-
ination and certification by Civil ServiceCommission
Tour of duty to include, Mr. Ruml advised that Board is willing
to provide office space for officers of FRBanks
Travel regulations amended to provide increase in per diem al-lowance
War Loans Committee:Budget, covering estimated requirements to December 31,
1943, approvedAdditions to items Telephone and Telegraph and Stationery
and SuppliesWar time fiscal policy, reply to Bureau of the Budget on par-
ticipation inBoard of War Communications:
Leased wire system, request for information on books of mes-
B sages sent and on use of leased circuits
o •dflsh, Morton, and George West, report of discussions of Mr.Ransom with, concerning amendments to severalloan acts
Bonds:Defense savings, requirement of presentation of savings pass-
book interferes with use of form for purchaseof, reply to Treasury that Board and FDIC willconsider waiver of requirement if felt neces-sary
Form enclosed to provide Treasury with information on salesof, under pay roll allotment plan, same informa-tion requested by Board
Article combining public relations work on Regulation Wwith program for, Presidents' Conference askedif it desires that Board continue with prepa-
ration ofProposed amendment to Regulation Q to permit immediate
withdrawal of savings deposits for purchase of,
opinion of Federal Advisory Council that amend-
ment should not be adopted by Board
1/16 64
2/6 202
2/17 286
4/14 719
10/ 9 1999
12/28 2399
11/18 2196
1/16 68
1/15 56
1/28 140
2/13 252
2/16 273
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Bonds: (Continued)Defense savings: (Continued)
May be given to purchaser as bonus when payment for the ar-ticle has been fully made without violatingRegulation
Simplification of procedure for issuing referred to the De-fense Savings Bond Committee of the Presidents'Conference and recommendations to be submittedto Treasury
Withdrawal of savings deposits without notice for purchaseof, comments of Comptroller of Currency andFDIC indicating that it is not advisable toamend to permit, sent to Mr. Fleming
Reply to FRBank of Chicago as to inquiries received,that Treasury is not in favor of amending Reg-ulation Q
Amendment to Regulation Q suggestedOperations, certain FRBanks asked to furnish information
regarding the scope of, at their branchesSeries F and G, discussion of whether FRBank organizations
should handle them or leave them entirely inthe hands of the Treasury
Pay roll deduction plan for the purchase of, letter toRear Admiral Conard, Chairman of the Inter-de-partmental War Savings Bond Committee, advisingof the extent of participation of Board em-ployees in, and designation of Mr. Bethea asan alternate for Mr. Eccles on the committee
Pay roll savings plan for purchase of, telegram to FRBankson information to be reported
Interest on, application of withholding tax to, letter to Mr.Randolph Paul prepared by Messrs. Ransom andSzymczak to be delivered at hearing room ofSenate Finance Committee
Surety:Ashley, John M., as Assistant FRAgent at DallasBagby, T. Wesley, FRAgent's Representative at Charlotte
BranchBarnard, O. H., as FRAgent's Representative at Salt Lake
City BranchBarnett, Genevieve M., as Alternate Assistant FRAgent at
AtlantaBoyd, John A., as FRAgent's Representative at Dallas with
letter to Hartford Accident and Indemnity Com-pany on description of appointment
Creighton, Albert M., FRAgent at BostonDunphy, Raymond J., alternate assistant FRAgent at Boston
31Pages
2/27 377
3/2 391
3/9 437
4/25 76312/ 1 2252
4/8 661
5/8 891
5/13 930
12/14 2312
8/26 1683
3/3 404
12/ 1 2253
3/18 503
4/21 749
7/24 14771/28 13511/14 2168
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Bonds: (Continued)Surety: (Continued)
Erste, Anne J., alternate assistant FRAgent at ClevelandFerrian, Walter S., as alternate assistant FRAgent at Min-
neapolisFoulk, Oliver E., as Fiscal Agent of the BoardGeller, R. N., as FRAgent's Representative at Los AngelesGrady, Henry F., as FRAgent at San FranciscoLally, Josephine E., as Deputy Fiscal Agent of BoardLeland, Simeon E., as FRAgent at ChicagoNewcomb, Margaret R., as Alternate Assistant FRAgent at
Philadelphia approvedParsell, G. H., FRAgent's Representative at LouisvillePettke, August J., as FRAgent's Representative at DetroitScanlon, Charles J., as alternate assistant FRAgent at
ChicagoSnow, G. A., as alternate assistant FRAgent at San FranciscoStone, Philip M., alternate assistant FRAgent at San Fran-
ciscoStover, George William, FRAgent's Representative at DallasTaylor, Jay, as FRAgent at DallasTillander, Clayton E., as Assistant FRAgent at MinneapolisWilgus, Richard G., as Assistant FRAgent at Philadelphia
War, savings deposits represented by time certificates, reply
10/30
2/164/253/181/215/13
10/20
1/249/ 210/17
10/171/10
10/288/112/102/168/ 6
32Pages
2090
277762503929272041
11517192032
203236
207616012312771570
to question of permitting immediate withdrawalprior to maturity for purchase of 4/25 763
B00k Manufacturers' Institute, Inc., New York, letter to Mr. Tiffanyon effect of Regulation W on purchases of booksin charge accounts 10/24 2058
8°urgeois & Harris, Atlantic City, N. J., payment of one-third neces-sary as down payment of uniforms of street
B railway employees under Regulationt 8/ 8 1594
Y o Scouts of America, exempted from provisions of Regulation W 6/29 1319
loranch banks, domestic:Auburn Trust Company, Auburn, N. Y.:
Port Byron, New York, in connection with proposed purchaseof assets and assumption of liabilities of Na-tional Bank of Port Byron 11/18 2194
Bank of Westchester, Yonkers, New York:Larchmont, retention approved in connection with applica-
tion for membershipMt. Kisco, retention approved in connection with application
for membershipCanadian Bank of Commerce of Seattle, branches in this country,
being named as assignee of contracts betweenNavy Department and shipbuilding concerns
Commonwealth Bank, Detroit, Michigan:City of Highland Park, Michigan, establishment and opera-
tion of branch in, approved
3/30 591
3/30 591
6/15 1220
5/26 1054
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Branch banks, domestic: (Continued)Fidelity Bank, Durham, N. C.:
Camp Butner, N. C., establishment approvedFirst Trust and Savings Bank of Pasadena, Calif.:
Alhambra and Temple City, request for permission to estab-lish branches after acquiring assets of TempleCity National Bank
Discussion of application for permission to establishbranches, to be advised that Board is unwill-ing to approve because of connection withBank of America N.T. & S.A.
Letter from FDIC expressing opposition to further expan-sion by Bank of America
Permission to acquire the assets of the Temple City NationalBank and establish branches at Temple City andAlhambra denied on basis of information beforeBoard at present
Transamerica Corporation advised that further expansionwill not be permitted
Request for establishment of, disapprovedReply to Mr. Knox on reasons for refusing application to be
preparedMr. Giannini on reasons for denying applicationMr. Knox and letter to bank explaining action of
BoardCompany, Quincy, Mass.:Mass., retention of three branches approved upon
admission to membershipManufacturers Trust Company, New York, N. Y., no objection to
proposed purchase of assets and assumption ofliabilities of the Standard National Bank ofNew York, and establishment of a branch in thequarters of the national bank
Markle Banking and Trust Company, Hazleton, Penn., approvalfor establishment of branch at WeatherlyPennsylvania by assumption of liabilities ofFirst National Bank of Weatherly, rescinded
Merchants and Planters Bank, Norfolk, Virginia, retention ofbranch in South Norfolk, Virginia, approved
Monongahela Trust Company, Homestead, Pa., extension of timefor disposal of stock of Hays National Bankor conversion into branch
Ogdensburg Trust Company, Ogdensburg, New York, permissiongiven to, for establishment of a branch inWinthrop, New York, in connection with thepurchase of assets and assumption of liabili-ties of First National Bank of Winthrop
Letter toLetter to
Granite TrustWeymouth,
33Pages
10/27 2073
1/22 102
2/ 6 208-14
2/6 212
2/14 255
2/14 2567/10 1403
8/ 7 158311/13 2163
11/19 2200
10/15 2023
2/7 221
1/27 126
4/16 729
7/ 6 1372
2/14 254
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Branch banks, domestic: (Continued)Peoples City Bank, McKeesport, Pa.:
Clairton, Pa., proposed absorption of Union Trust Companyof Clairton and establishment of branch onpremises
Peoples Pittsburgh Trust Company, Pittsburgh, Pa.:Dormont, Pa., permission to establish under plan for
purchase of assets and assumption of liabil-ities of Dormont Savings and Trust Co.
Etna, Pa., establishment approved under plan to purchaseassets and assume liabilities of the FirstNational Bank of Etna
S. 2393, which would require each branch to publish statementsand condition reports, letter regarding, sentto the Executive Office of the President
Reply to Senator Wagner regardingState Bank of Mayville, Wisconsin, withdrawal from membership
to assume the deposits of the Knowles StateBank, Knowles, Wisconsin, and establish asbranch bank
Union Bank of Michigan, Grand Rapids, Mich.:Home Acres, Michigan, retention and operation approved
after admission to membershipAmendment to conditions of membership that if branch is
discontinued, capital need not be increasedUnion Savings & Trust Co., Warren, Ohio:
Newton Falls, Ohio, retention and operation of branch afteradmission to membership, approved
Washington Irving Trust Company, Tarrytown, New York, permis-sion to change head office to Port Chester andtransfer Port Chester branch to Tarrytowngranted
Westfield Trust Company, Westfield, New Jersey:
34Pages
12/ 3 2262
11/23 2218
10/13 2014
5/11 9205/18 977
1/14 49
6/16 1224
6/29 1317
3/16 496
2/11 239
Garwood, purchase of assets and assumption of liabilitiesof First National Bank of Garwood, and estab-lishment and operation of branch at, approvedBr anch banks, FRSystem:
Baltimore:Personnel classification plan:
3/26 564
Changes approved 2/5 194Changes approved 6/ 5 1138Changes approved 6/17 1230
Regulation W, letter regarding question under, from Mr.H. F. Berry .Who was advised to contact theBaltimore Branch 1/24 116
Staff:Cupit, John R., Cashier, salary approved 4/30 815
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Branch banks, FRSystem: (Continued)Baltimore: (Continued)
Staff: (Continued)Hagner, Donald F., Assistant Cashier, salary approvedJohnston, John A., Assistant Cashier, salary approvedMilford, W. R., Managing Director, salary approvedZirckel, John H., FRAgent's Representative, salary ap-
proved
35Pages
4/30 8154/30 8154/30 815
12/24 2380Birmingham:
Personnel classification plan, changes approved 5/8 900Staff:
Beavers, P. L. T., Managing Director, salary approved 5/5 862Starr, Leo W., Assistant Cashier, salary approved 5/5 862Urquhart, H. J., Cashier, salary approved 5/5 862
Buffalo:Personnel classification plan:
Changes approved 1/9 32Changes approved 9/25 1883
Staff:Assistant Manager, position not to be filled at present
time 1/15 56Doll, George J., Assistant Cashier, salary approved 1/15 55
Salary approved 5/5 860Snow, H. W., Cashier, salary approved 5/5 860Wiltse, Reginald B., Managing Director, salary approved 1/15 55
Salary approved 5/ 5 860Charlotte:
Checks cleared through, no objection to granting request ofnewspaper for total face value of 8/21 1659
Personnel classification plan:Changes approved 2/5 194Changes approved 6/ 5 1138
Staff:Bagby, T. Wesley, FRAgent's Representative:
Appointment and salary approved 11/14 2169Bond of 12/ 1 2253Salary approved 12/24 2380
Brooks, Louis D., Assistant Cashier, salary approved 4/30 815Cherry, Robert L., Cashier, salary approved 4/30 815Clements, W. T., Managing Director, salary approved 4/30 815Francis, Charles E., resignation as FRAgent's represen-
tative to report for military duty 11/14 2169Spangler, C. D., Special Investigator of Regulation W
matters, large indebtedness to be investigatedby Mr. Leach 10/21 2044
Cincinnati:Functions and services of expansion discussed by Mr.
Szymczak with Mr. Fleming 9/15 1814
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
36Pages
Branch banks, FRSystem: (Continued)
Cincinnati: (Continued)Personnel classification plan:
Changes approved Changes approved VA) 176T
Changes approved 9/25 1883
Staff:Bruce, Howard, designated special assistant examiner 2/ 4 185
Geers, P. J., Assistant Cashier, salary approved 4/30 814
Hurst, George, designated special assistant examiner 2/ 4 185
Johnson, R. C., Assistant Cashier, salary approved
Lazar, B. J., Managing Director, salary approved 4/30 814
4/30 814
Managing Director, no objection to continuing use of
title for present 12/16 2321
Oettinger, Richard, designated special assistant exami-
ner 2/ 4 185
Ott, H. N., Cashier, salary approved 4/30 814
Swerdeski, Walter, designated special assistant exami-
ner 2/ 4 185
Wachtel, Harry H., designation as special assistant ex-
aminer not affected by transfer from FRBank of
Cleveland 2/ 4 185
Denver:Personnel classification plan:
Changes approved 1/19 88
Salaries of officers for period January 1 to May 31, 1942 1/26 121
Staff:Brown, S. A., Cashier, salary approved 5/22 1016
Olson, J. E., Managing Director, salary approved 5/22 1016
Stempel, H. L., Assistant Cashier, salary approved 5/22 1016
Young, W. R., FRAgent's Representative, salary approved 12/30 2407
Detroit:Bylaws, revision discontinuing office of managing director,
changing number of directors from seven to five,
and revising basis of fees 12/31 2413
Personnel classification plan:
Changes approved 8/ 3 15439/14 1802
Staff:Changes approved
Allen, H. A., Return Items Teller, Check Department,
payment of salary in excess of maximum ap-
provedBloomfield, R. W., Assistant Cashier, salary approved
7//4 11554 30S alary approvedCameron, W. T., Assistant Cashier, salary increased as
recommended 3/26 5597/22 1470Salary approved
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37Pages
Branch banks, FRSystem: (Continued)Detroit: (Continued)
Staff: (Continued)Chalfont, H. J., Managing Director, salary approved
De Yonkers, F. C., Return Items Teller, Check Depart-
ment, payment of salary in excess of maximum
approvedDiehl, H. L., Cashier, salary approvedFRAgent's representative, increase in maximum salary
3/26
8/ 33/26
559
1543559
approved 8/ 4 1543MacDonald, T., Utility Man, Maintenance Department,
payment of salary in excess of maximum approved 8/ 3 1543Mehney, G. N., Supervisor, Service Department, payment
of salary in excess of maximum approved 8/ 3 1543Mesle, Mary M., Switchboard Operator, Telephone Depart-
ment, payment of salary in excess of maximumapproved 8/ 3 1543
Pettke, August J., designated FRAgent's Representative 9/26 1890
Bond as FRAgent's Representative approved 10/17 2032
Raether, Lawrence B., salary as FRAgent's Representa-tive approved 7/14 46
Salary approved 8/10 1599Robertson, James Louis, Assistant Counsel, salary ap-
proved 12/12 2306
Samolin, Steve, Janitor, Maintenance Department, pay-
ment of salary in excess of maximum approved 8/ 3 1543M.egandt, A. J., Assistant Cashier, salary approved 3/26 559
Salary approved 7/22 1470El Paso:
Personnel classification plan:
Changes approved 2/ 5 195Changes approved 9/30 1908
Staff:FRAgent's Representative, proposed discontinuance of
position 9/21 1859
Hermann, J. L., Managing Director, salary approved 5/26 1053
Page, Grover C., Cashier, salary approved 9/28 1894To be succeeded by George William Stover, upon
resignation 8/ 3 1538Sayles, Allen, Cashier, salary approved 5/26 1053
Stover, George William, FRAgent's Representative, ap-
pointment and salary approved effective uponresignation of Grover C. Page 8/ 3 1538
Territory:Brewster County, Texas, transfer of First National Bank
of Alpine from San Antonio Branch 12/14 2311
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Branch banks, FRSystem: (Continued)Functions and services, increase in to be reviewed at Chair-
men's ConferenceHelena:
Facilities available to Montana member banks, request ofMontana Bankers Association for use for safe-keeping and redemption of war savings bonds
Guarantee of loans up to 8100,000 without reference to Wash-
ington after receiving certificate of necessityfrom liaison officer at Minneapolis
Applications to be forwarded to Washington throughFRBank of Minneapolis and not direct, and loansnot in excess of A100,000 to be referred tohead office
Personnel classification plan:Changes involving Manager of Defense Contract Service
and Fiscal Agency Department approvedChanges approvedChanges approvedRevised sheet approved
Staff:Johnson, A. W., Assistant Manager, salary approvedLarson, C. J., Assistant Manager, salary approvedTowle, R. E., Managing Director, salary approved
Houston:
9/18
7/14
8/17
8/27
2/233/186/188/20
2/172/172/17
38Pages
1842
1427
1628
1698
318504
12441645
292292292
Legal grounds for refusal to make deposition for use inprivate litigation as to signature under Reg-ulation W, Board knows of none 6/ 9 1171
Personnel classification plan:Changes approved 8/ 6 1571
Changes approved 8/29 1713
Staff:Boyd, John Armstrong, appointed as FRAgent's Repre-
sentative to serve while Mr. Reed is in-capacitated 7/16 1442
Cook, J. Lee, Assistant Cashier, salary approved 3/27 575Salary approved 5/26 1053
DeMoss, H. R., Cashier, salary approved 5/26 1053
Gentry, W. D., Managing Director, salary approved 5/26 1053Reed, I. J., substitute appointed to serve as FRAgent's
Representative during incapacity 7/16 1442Jacksonville:
Audit to be made regarding the disproportionate cost ofoperating cafeteria 3/12 486
Personnel classification plan, changes approved 5/ 8 900
Staff:Lanford, T. A., Cashier, salary approved 5/ 5 862
Vardeman, Geo. S., Jr., Managing Director, salary ap-
proved 5/ 5 862
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39
Branch banks, FRSystem: (Continued)Jacksonville: (Continued)
Pages
Vacant lot adjoining, no objection by Board to purchase of 2/16 278Little Rock:
Personnel classification plan:General revision of 6/1 1102
Changes approved 7/15 1428Staff:
Bailey, Arthur F., Managing Director, salary approved 6/ 4 1134Childers, Clay, Assistant Cashier, salary approved 6/ 4 1134Links, J. A., FRAgent's Representative, salary approved 1/26 120
Wood, Clifford, Cashier, salary approved 6/ 4 1134Los Angeles:
Personnel classification plan:Changes approved 3/2 399Changes approved 6/ 4 1134Changes approved 12/22 2359
Staff:Ambrose, W. N., Managing Director, salary approved 4/30 816Bold, F. C., Assistant Manager, salary approved 2/25 352
Salary approved 4/30 816Craft, H. M., Assistant Manager, connection severed
with, use of services suggested in connectionwith program for protection of property ofevacuees 3/6 427
Durran, W. D., Chief Clerk, salary in excess of maximum
approved 4/9 664Geller, R. N., FRAgent's Representative, appointment and
salary approved 3/10 456Bond of 3/18 503
McRitchie, M., Assistant Manager, salary approved 4/30 816Meyer, L. C., Assistant Manager, salary approved 4/30 816
Personnel classification plan:Change approved 1/19 88General revision of 6/ 1 1102
Changes approved 8/20 1644Staff:
Burton, Fred, Cashier, salary approved for year 6/ 4 1134Jenks, Stanley B., Assistant Cashier, salary approved
for year 6/ 4 1134Parsell, Garland H., FRAgent's Representative, appoint-
ment approved 8/20 1645Bond of 9/ 2 1719
Schacht, Charles A., Managing Director, salary approved
for year 6/ 4 1134
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Branch banks, FRSystem: (Continued)Memphis:
Personnel classification plan, general revision ofRegulation W, letters from firms in Memphis on billing of
purchases made on last five days of calendarmonth referred to, for reply
40Pages
6/ 1 1102
5/29 1089Staff:
Belcher, S. K., Cashier, salary approved for year be-ginning June 1
Glasgow, W. H., Managing Director, salary approved foryear beginning June 1
Goldschmid, J. P., FRAgent's Representative, salary ap-
6/ 4
6/ 4
1134
1134
proved 1/26 120
Martin, C. E., Assistant Cashier, salary approved foryear beginning June 1 6/ 4 1134
Nashville:Personnel classification plan, changes approved 5/8 900Staff:
Fort, Joel B., Jr., Managing Director, salary approved 5/5 862Harrison, E. R., Cashier, salary approved 5/5 862Hooper, Jesse, designation as special assistant exami-
ner to participate in the examination of theCommerce Union Bank of Nashville approved 3/3 407
Magee, Stuart, designation as special assistant examinerto participate in examination of the CommerceUnion Bank of Nashville approved 3/3 407
Miller, Marvin L., designation as special assistant ex-aminer to participate in examination of CommerceUnion Bank of Nashville approved 3/3 407
New Orleans:Personnel classification plan:
Changes approved 2/3 167Changes approved 5/8 900
Staff:McCravey, J. R., Jr., Acting Cashier, salary approved 5/ 5 862Paris, E. P., Managing Director, salary approved 5/ 5 862Shaw, M. L., Cashier, salary approved 5/ 5 862Vasterling, F. C., Assistant Cashier, salary approved 5/ 5 862
Oklahoma City:Salaries of officers for period January 1 to May 31, 1942 1/26 121
Staff:Clark, J. C., Jr., FRAgent's Representative, salary ap-
proved 12/30 2407Davenport, L. B., Assistant Cashier, salary approved 1/26 121
Salary approved 5/22 1016
Mathes, R. L., Cashier, salary approved 1/26 121
Salary approved 5/22 1016
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
41Pages
Branch banks, FRSystem: (Continued)Oklahoma City: (Continued)
Staff: (Continued)Pipkin, G. H., Managing Director, salary recommended
not approved and salary which Board will ap-
prove if fixed by directors 5/22 1016Omaha:
Salaries of officers for period January 1 to May 31, 1942 1/26 121
Staff:Berry, U. S., Assistant Cashier, salary approved 7/ 6 1372Cordill, O. P., Assistant Cashier, salary approved 5/22 1016
Salary approved 7/ 6 1372
Earhart, L. H., Managing Director, salary approved 5/22 1016
Gregory, G. A., Cashier, salary approved 5/22 1016
Pittsburgh:Functions and services of, expansion discussed by Mr.
Szymczak with Mr. Fleming 9/15 1814
Personnel classification plan:Changes approved 4/30 817Changes approved 9/ 9 1761
Changes approved 9/25 1883
Staff:Bolthouse, C. J., Assistant Cashier, salary approved 4/30 814Brown, P. A., Managing Director, salary approved 4/30 814Cobun, F. E., Assistant Cashier, salary approved 4/30 814Corlett, Baird, designated special assistant examiner 2/ 4 185
Eicher, William, designated special assistant examiner 2/ 4 185Foster, A. G., Cashier, salary approved 12/16 2320
Goldstrom, Louis, designated special assistant examiner 2/ 4 185
Houpt, C. E., designated special assistant examiner 2/ 4 185
Kossin, J. W., Cashier, salary recommended not approvedbut figure stated at which salary would be ap-proved 1/23 111
Salary approved 4/30 814Salary as Branch Manager approved 12/16 2320
Rickert, Harry, designated special assistant examiner 2/ 4 185
Schmidt, J. A., Assistant Cashier, salary approved 12/16 2320
Steinbrink, R. J., Assistant Cashier, salary approved 12/16 2320
Portland:Personnel classification plan:
Changes approved 3/ 2 399Changes approved 6/ 4 1134
Staff:Blanchard, J. P., Assistant Manager, salary approved 4/30 816
Davis, D. L., Managing Director, salary approved 4/30 816MacEachron, S. A., Assistant Manager, salary approved 4/30 816
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Branch banks, FRSystem: (Continued)Powers and functions of, resolution of Conference of Chairmen
on increasing
Regulations relating to, revision to provide for vice president
or other officer to be in charge of branch in-
stead of managing director
Relationship to board of directors of FRBanks and to examiners
of Board of Governors, topic for discussion at
Conference of Chairmen
Letter to Mr. Ruml relating toSalt Lake City:
Personnel classification plan:
Changes approved, additional pages
Changes approvedStaff:
Barnard, 0. H., FRAgent's Representative, appointment
and salary approvedBond of
Leisner, J. I., Assistant Manager, salary approved
Partner, W. L., Managing Director, salary approved
Scott, W. M., Assistant Manager, salary approved
Simms, D. E., Accountant, salary in excess of maximum
approvedSan
to be submitted
Antonio:Personnel classification plan:
Changes approvedChanges approvedChange approved
Staff:Austin, Earl B., Managing Director, salary approved
Crump, M., Managing Director, salary approved
Payment of 6 months' salary as cash allowance tosupplement retirement benefits under disability
provisionsDavis, H. K., Assistant Cashier, salary approved
Salary approvedEagle, W. E., Cashier, salary approved
Rowland, Claude I., Cashier, salary approved
Territory:Brewster County, Texas, transfer of First National Bank
of Alpine to El Paso BranchSavings Bond and Tax Note operations, certain FRBanks asked to
42Pages
11/18 2195
11/20 2210
9/ 8 17459/ 8 1752
3/2 3996/ 4 1134
3/103/184/304/304/30
456503816816816
4/ 9 664
8/ 6 15718/29 171311/12 2154
9/28 18945/26 1053
7/273/275/265/269/28
1490576
105310531894
12/14 2311
furnish information regarding the scope of,
at their branches 4/8 661
Seattle:Personnel classification plan:
Changes approved 3/2 399Changes approved 6/ 4 1134
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Branch banks, FRSystem: (Continued)Seattle: (Continued)
Staff:Reif, G. W., Assistant Manager, salary approved
Salary approvedRussell, B. A., Assistant Manager, salary approved
Shaw, C. R., "lanaging Director, salary approvedSymms, Ronald T., Assistant Manager, salary approved
Salary approvedStaff:
Managing Directors, suggestion of changing title of, toVice President and Managing Director and makingappropriate adjustment in salary, discussed at
meeting of Presidents and Board, to be furtherconsidered by Presidents 3/ 2 390
Stock of Treasury notes, certificates of indebtedness, etc.,not sufficient at present for placing supplyat branches 12/31 2418
tar loans, applications for guarantees of, FRBanks requestedto give consideration to suggestion that suchapplications be forwarded directly to Washing-
Br, ton from the FRBranch banks 5/25 1032auen banks, foreign:Bankers Trust Company, New York, N. Y., examination of foreign
branch of, not considered necessary at present
time
necessary under present conditions /33/111 1
Central Hanover Bank and Trust Company, New York, N. Y., exami-
nation of foreign branch of, not considered 4466:
Chase Bank, New York, New York, special instructions for prepa-
ration of condition report on Far Easternbranches of, as year-end statements are not
available 1/14 48Examination of, not considered necessary under present condi-
tions 3/11 466Guaranty Trust Company, New York, N. Y.:
Examination of five foreign branches of, not considered
:11-13
467
71 Brazilian-United States Joint Defense Commission, assignment of
necessary under present conditions
3
London, England, authority to establish granted during
Brantley, emergency 7/14 1421
Jordan H., advised that regulation of lenders who special-
ize in small loans is not intended by RegulationW, and is subject to State regulation 4
space in Board's building, letter to Mr. Patter-
son, Under Secretary of War with regard to 6/22 1267
43Pages
2/254/304/304/302/254/30
352816816816352816
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Brazilian-United States Joint Defense Commission: (Continued)Space in Board's building occupied by and now needed by Divi-
sions of Board, Chairman Eccles to discuss withMr. Patterson
Brett, W. J., inquiry relating to section 12(d) of Regulation 1,4covering law-away plans
Brown, Senator Prentiss M., meeting with Mr. Crowley and members of
Board on proposed amendment to FRAct discussedBrubaker, C. S., reply to questions of, regarding rugs and clocks
B• under Regulation Wrunewick-Balke-Collender Co., reply to inquiry on classification
of billiard tables and bowling alleys under
Budgets: Regulation W
Board of Governors:Approved for year 1943Division of Personnel Administration:
To be prepared and submitted for approvalCost of operating division for remainder of year ap-
provedIncrease in items stationery and supplies and medical
services and suppliesDivision of Research and Statistics:
Amount added to item of postage and expressageIncrease to provide for compensation of Alvin H. Hansen
Division of Security Loans:Expenses of Mr. Mayer to be charged to item of travel-
ing expenses in budget ofIncrease to cover expenses of assignment of Mr. Hodgson
from staff of FRBank of MinneapolisSecretary's Office:
Increase to take care of non-personal services to coverthe cost of the Chrysler limousine approved
Stationery and supplies, increase in item approvedWar Loans Committee:
Budget for non-personal services of, to be submitted toBoard
Covering estimated requirements to December 31, 1942,approved
Addition to items Telephone and Telegraph and Station-ery and Supplies
PREank of Dallas, statistical and analytical function, increasefor 1942 approved
FRBank of Minneapolis, revised budget for Research and Statis-tical Department approved
PRBanks:Annual, submission to Board to be discontinued for all ex-
cept statistical and analytical and bank exami-
nation
44Pages
6/26 1296
5/22 1017
12/ 8 2287
3/28 586
6/ 1 1104
12/23 2376
5/27 1068
6/29 1313
11/24 2228
9/17 182811/25 2231
2/26 360
6/29 1316
5/13 93210/19 2040
4/6 628
4/14 719
10/ 9 1999
12/31 2419
8/ 6 1580
8/20 1647
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Budgets: (Continued)FRBanks: (Continued)
Bank examination function, request for submission ofExamination departments approvedPresidents' Conference to discuss question of whether parts
45Pages
11/27 22355/8 908
of, should not be submitted to Board during thewar 4/16 732
Statistical and analytical functions:Approved for 1942 5/13 931Request for submission of 11/27 2235
Building safety:Conference of
Statistics of department store inventories to be collectedmonthly instead of quarterly, increase probableas result of
Protection
Letter
Code
representatives of FRBanks, request for list oftopics for discussion
of buildings against air raids and sabotage, FRBanksto submit floor plans to Public Building Admin-
6/13 1211
4/16 732
istration and designate officer for contact 5/ 7to Public Building Administration with plans of build-
ingsbuildings and contents sent to FRBanks and defense
Building coordinator to be selectedand vault control, standards on, suggested as topic
for
safetyfor discussion at Conference
18,01!Ich, Robert: (See Peoples Cash Store, Mt. Olive, Mississippi)B ch,of the Budget:
As signment of approval numbers to report forms, list of formsused by Board and FRBanks forwarded to
of FRBanks to he submitted for assignment of approvalnumbers, to be discussed at next Presidents'Conference
studies including inflationary developments to beundertaken at request of President, Mr.
Forms
Economic
Presidents'
5/29
6/13
5/ 4
883
1091
1213
844
10/10 2004
12/22 2364
Hansen to assist Mr. Leland inHours of work, circular letter to heads of executive and other
agencies on suspending Saturday half holiday andrevising work schedules to comply with 48-hour
3/23 541
week 12/26 2388" Advice of changes in, for staff of Board 12/30 2410
6521 to extend benefits of soldiers and sailors civil re-lief act, letter to Mr. bailey assuming thatexpression of views is no longer necessary 6/ 1 1106
HeR. 7121 to amend Act to establish uniform system of bankruptcy,reply that bill is not of interest to FRSystembut no objection to approval by President 10/ 9 1999
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
46Pages
Bureau of the Budget: (Continued)Regulation VI, designation of development and administration
furnished to for use in compiling history ofdevelopments in Viar program 10/30 2093
Descriptive statement on development and administration of 11/28 2238Request for advice as to the intention of Board to increase
working hours, hours of work for Board in-creased to 44 in response to request 1/16 62
S. 2039, Mr. Bailey, Assistant Director of Legislative Refer-ence, advised that Board has no objection to,if the changes suggested by the Treasury aremade 4/23 760
S. 2565 to amend sections 12A and 19 of FRAct, recommendationthat bill be approved by the President 7/ 6 1377
Statistical series, suspension of publication of, for durationof war, Mr. Thomas to represent Board in con-ferences on, letter advising Mr. H. D. Smith 1/12 43
11'41.-_21ar time fiscal policy, reply on Board's participation in 12/28 2399-au of the Census:Housing conditions in City of Norfolk, Va., Bulletin will be
furnished to State banks holding real estatemortgages
r'-v-k1 of Engraving and Printing:7/ 8 1385
FRnotes, orders for printing: (See FRnotes)Reduction in standard of fitness for circulating requested by,
considered at meeting of Board with Presidentsand discussion of desirability of using unis-
Hure sued notes of 1928 series 3/ 2 391
au of Foreign and Domestic Commerce:Statistical work on consumer credit, letter to Mr. Taylor on
transfer to Board 8/ 6 1578Letter to FRBanks on transfer of work to FRSystem
Bureau8/21 1658
of Internal Revenue:Exemption certificate in connection with transportation tax
not available but letter or statement may befiled 11/30 2245
Necessity Certificates for use under code of, revised form ofapplication sent to FRBanks
Public Debt Act of 1942, effect on additional FRBank stock,8/14 1620
Legal Division of Board to confer with, re-gardinggarding 4/ 2 616
o, sale of, as advertised permissible under section 6(j)
of Regulation W, copy of reply to Yr. W. E.
Carney sent to 1/ 7 23SProuse v. Commissioner of, interpreted as an attempt to get a
decision that would make stock dividends taxable
as income, discussion at meeting of Board with
Federal Advisory Council with regard to steps
that should be taken in the event of such a
decision 2/16 273Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Bureau of Internal Revenue: (Continued)Stock dividends to be made taxable as income, by amendment to
regulations of, or reversal of ruling inEisner v. Macomber
Wage and salary adjustments of employees of Board and FRBanks,procedure for handling
reau of Standards:Test of paper processed by Mr. H. Scherbak for increasing life
of paper currency, request for report on tests(See National banks, Northwestern National Bank
and Trust Co., Minneapolis, Minn.)Burgess, John:
Business firms:Loans to small business for war purposes, new bill to provide
for, reported on by Mr. Eccles at meeting ofBoard with Presidents, Mead Bill consideredinadequate
Expression of opinion regarding, by Messrs. Eccles, McKee,and Ransom
Surplus funds of business firms, suggestion by Mr. Williams
Butler, J. G., Vice
BYlaws:
Detroit
FRBank
PRBanks,
that they be used for war financing, no actionto be taken until after discussion with ex-ecutive committee of the Federal Open MarketCommitteePresident of the Industrial Bank, St. Louis,reply to question regarding schedule of pay-ments under Regulation W
Branch, revision discontinuing managing director, re-ducing number of directors from seven to fiveand revising basis for fees
of Philadelphia, chairman of meeting of directors, pro-posed revision in case no Class C director ispresent
executive committee, Mr. Szymczak to take up withbanks where committee is not composed ex-clusively of directors
UCH
Call0„.._ reports: (See Condition reports)-419 McCoy, Sparta, Wis., supply of currency for new induction
center at, letter to FRBank of Chicago on fur-
Call,„4„ fishingP'ell County Protestant Orphan's Home, Newport, Ky., accounts are
exempt from provision of Regulation W becauseeleemosynary institutionCanada:
Bank of, to be visited by Ir. Rouse, request of Board for copies
of any reports
47Pages
2/12 249
12/12 2305
8/ 6 1579
2/ 3 178
2/ 3 181
1/16 69
1/30 152
12/31 2413
12/22 2365
9/ 4 1732
7/25 1486
6/12 1206
4/21 750
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48Pages
Canada: (Continued)Charge accounts, effect of regulating in, discussed at meeting
of Board with Federal Advisory Council Execu-tive Committee, in regard to proposed revisionof Regulation W 3/12 478-82
Consumer credit, Messrs. Brown and Robinson authorized to go to,for study of 3/10 443
Dollar exchange in Canada, memorandum re maintaining supply of,sent to Mr. Hansen 1/ 6 17
Canadian Bank of Commerce of Seattle, question of branches situatedin this country being named as assignees of con-tracts between Navy Department and shipbuildingconcerns 6/15 1220
Canadian financing, memorandum prepared by Mr. Piser, copies to befurnished to members of Federal Advisory Coun-cil 7/ 1 1336
CaPital ratios to deposits, change in formula discussed at meetingof members of Executive Committee of Federal
CaAdvisory Council with Board 10/ 7 1967
J. C.: (See Bureau of the Census)ia-ribbean area, copies of study furnished to Board and other Federal
Cay.„ agencies by FRBank of New York 11/ 2 2101'ue.Y, William E., plumber and heating engineer, Philmont, New
York, advised that sale of radio as advertisedis permissible under section 6(j) of Regula-tion I'd 1/7 23
Censorship:
Carpenter, S. R., designated to be responsible for security ofintercepts received by Board 12/28 2400
Code of Wartime Practices for the American Press and a copyof Rules for the Guidance of Persons Corres-ponding with Foreign Countries issued by theOffice of Censorship sent to FRBanks, advisedthat any problem submitted will be taken upwith Office of Censorship by Mr. Draper 1/22 108
Commonwealth Bank of Australia, request to send messagesthrough FRBank of New York in private code tocommercial banks in United States relating towool shipments 7/17 1451
Communications ruling issued by Director of, statement for pub-
IDrlication in FRBulletin 3/24 551
rape_,Ernest G., designated as Board's representative on
Censorship Operating Board 1/ 2 8Employees, Mr. Byron Price, Director of, advised that Board
cannot spare any of its employees at presenttime 2/11 237
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49
Censorship: (Continued)Executive Order establishing Office of, ordered published in
Pages
FRBulletin 1/23 113
Information requests of censor, FRBanks asked to cooperate, ad-vise Board of volume and nature of requests,and consult Board before furnishing question-able information 2/4 189
Information of value to Board obtained from international com-munications by Office of Censorship to be sentby Board to FRBanks having an interest incertain information 2/5 195
Letter to FRBanks advising them of availability of informa-tion, requested to designate information of in-terest to them 2/5 196
Intercepts, means for protecting confidential character in re-striction of circulation of information 12/28 2399
Licenses and exemptions, designation of authority to issue,ordered published in FRBulletin 1/23 113
Operating Board:Draper, Ernest G., designated as Board's representative on 1/2 8Establishment under executive order and procedure explained
to FRBanks, Mr. Draper designated member of,questions may be submitted to Board 1/16 78
Procedure, letters from Mr. MacLeish to Chairman Eccles regard-regard-
Cert ing, transmitted to FRBanksCert.
of indebtedness, response to use of telegrams and1/27 130
solicitation to urge subscription to, discussedat meeting of Federal Advisory Council executive
Cert committee with Board
ificates of membership:First State Bank of Hotchkiss, Colorado, advised that it is not
necessary that the certificate be posted in thelobby
Chambers, Cal C./ reply to protest of the observance of legal holi-days by banks and post offices during the war
Charge offs:PRBanks, on industrial advances and commitments, information
furnished to National Bureau of Economic Re-search
Charters:
Barnes Banking Company, Naysville, Utah, new application mustbe made for membership upon expiration of
Charts:
°rganization of divisions of Board of Governors, copies sent toCivil Service Commission
4/9
5/23
4/27
2/26
8/18
7/ 1
671
1028
776
360
1632
1348
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50
Checks:
Treasury Department, use of tabulating card form of check
in making disbursements at Chicago and New
Pages
York offices 6/11 1193(See also Clearing and collection)
China:Campaign to raise funds for United China Relief, to be ascer-
tained whether Mr. Hersey would be willing torepresent Board in 4/15 724C
irculars:Board of Governors:
Accounts for local loan agencies of Reconstruction FinanceCorporation, no objection to opening by FRBankof Dallas 6/17 1238
Adjusted compensation plan to be liberalized and letter tobe sent to FRBanks, as requested by Presidents'Conference 3/2 394
Amendments to FRAct, draft transmitted to FRBanks 5/26 1050Amendments to Regulation W: (See infra Regulation W)Appraisal guides, information on designation of, to be fur-
nished to FRBanks as soon as possible but willnot be completed in time to mail to registrantswith Amendment No. 3 3/3 409
Letter to publishers of those designated by Board inconnection with Regulation W 3/21 532
Bank debits, suggestion and form for reporting, on monthlybasis rather than weekly transmitted to FRBanksfor comments and suggestions 1/23 112
Instructions to FRBanks on discontinuance of weekly re-ports and substitution of monthly reports 3/26 569
To be compiled monthly instead of weekly 5/6 874Letter to Mr. Maloughby, Managing Editor of Nation's
Business, on release and publication of copiessent to FRBanks 5/30 1099
Bank examination departments of FRBanks, conference ofrepresentatives to be held in Philadelphia onSeptember 22 8/26 1691
Banking facilities at military reservations, FRBanks to beadvised of designation of State member banks byTreasury 11/30 2243
Branches of FRBanks, revision of regulation to provide forvice president or other officer of bank to bein charge of branch instead of managing di-rector 11/20 2210
Censor requesting information, FRBanks asked to cooperatewith, advise Board of volume and nature of re-quests, and consult Board before furnishingquestionable information 2/4 189
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Circulars: (Continued)Board of Governors: (Continued)
Censorship, letters from Mr. MacLeish to Chairman Ecclesregarding censorship procedure transmitted toFRBanks
Censorship Operating Board, establishment under executiveorder and procedure explained to FRBanks, Ir.Draper designated member of, questions may besubmitted to Board
Chairmen of FRBanks requested to discuss the future of Reg-ulation W with directors and advise Board as toviews
Chairmen's Conference, letter to Chairmen emphasizing im-portance of meetings, suggestion that if Chair-man is unable to attend arrangements be madefor attendance by either Deputy Chairman orother Class C director
Checks held without presentation, report on FR 494 need nolonger be submitted
China, Government of, opening and maintaining of accountsfor, by FRBanks approved
Clearing of checks outside FRBank and branch cities, ar-rangements with local clearing house associa-tions, reports to be made every three years
Code of Wartime Practices for the American Press and a copyof Rules for the Guidance of Persons Corres-ponding with Foreign Countries issued by theOffice of Censorship sent to FRBanks, advisedthat any problem submitted will be taken upwith Office of Censorship by Mr. Draper
Coin bags, return of, when empty to the office of the Di-rector of the Mint requested
Condition reports:
51Pages
1/27 130
1/16 78
1/28 136
2/6 219
5/22 1022
3/16 498
12/23 2376
1/22 108
3/21 538
Call as of April 4, on FR 105e and 220a, change in in-structions for 4/17 742
Reciprocal interbank demand balances in United Statesshould be reported in call reports as net in-stead of gross 6/24 1276
Unnecessary to show par values of government securitiesuntil further notice 7/ 1 1344
Weekly reporting member banks to show Treasury certifi-cates of indebtedness separately, code wordsand instructions sent all FRBanks 4/ 9 669
Conference on building safety and vault control, FRBanksrequested to advise whether they feel confer-ence is justified, results that might be ex-pected, and suggestions as to additional topics 4/16 732
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Circulars: (Continued)Board of Governors: (Continued)
Consumer credit statistics, FRBanks advised of transfer ofreports from American Bankers Association toBoard, procedure and form of report outlined
Instructions for submission of reports transmitted toFRBanks
Currency, held in liquid form by State and local govern-ments, FRBanks requested to report amount of
Daylight saving time, Board to set its time ahead one hourto correspond with, FRBanks advised of, alsoofficial hours of Board and request made forinformation as to procedure of FRBanks
Debt, letter to FRBanks to encourage the reduction of, byindividuals, to be submitted to Board for ap-proval after consideration by Messrs. Ransom,McKee, and Szymczak
Letter to FRBanks approvedDefense contracts, information requests by War Department
re the awarding of, Defense Contract Officersasked to send Board copy of the reports
Defense Savings Bonds, form enclosed to provide Treasurywith information on sales of, under pay rollallotment plan, same information requested byBoard
Department store inventories, letter to FRBanks on monthlyinstead of quarterly collection of
Destruction of currency in Panama Canal Zone, copy of Treas-ury order sent to FRBanks
Directors of FRBanks, reappointment of Class C with sixyears of continuous service, modification ofpolicy on
Earnings and dividends reports of State member banks, pro-posed revision of form 107, letter to FRBanksfor comments and suggestions
Examinations of State member banks, modification of policyrequiring one each year, letter to FRBanks
Expenses in connection with war loans, vouchers for reim-bursement to be submitted by FRBanks throughDivision of Bank Operations
2/ 4
3/ 5
1/ 5
2/ 3
5/ 55/ 8
1/ 5
1/28
6/13
7/17
9/22
10/23
6/26
6/ 2
52Pages
188
419
15
169
851903
14
140
1211
1452
1862
2056
1288
1111Federal Advisory Council, members of, traveling on official
business, held to be entitled to use F. R. 158in obtaining exemption from transportation tax
FRbank notes, telegram to FRBanks on procedure for issuanceof
Inquiries being received by Secret Service on new notesbeing counterfeits
2/27
12/ 8
12/24
379
2290
2383
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53
Circulars: (Continued)Board of Governors: (Continued)
FRnotes, letter to FRBanks on recommendation of Presidents'
Conference that existing stocks be put in cir-
culation and letter to Mr. Bell on position of
Pages
Treasury 8/20 1646
FR 563-a, registration statement for newly organized con-cerns, and letter of instructions to FRBanks
approved 1/30 149Financial ability of ship repair and building yards, re-
quest by Board that information furnished to
Navy Department regarding, also be reported to
Board 1/22 107
Foreign relationships of FRBanks, report of Presidents'
Conference Committee and proposed revision of
Regulation N 8/25 1673
Form 579, amount of loans to be reported in column 4, in-structions to FRBanks 10/ 1 1921
Forms and instructions of Bureau of Governmental Require-
ments of War Production Board, copies sent toFRBanks 7/30 1519
Guarantee agreement:Preliminary draft of, for making war loans, sent to
FRBanks for comments and suggestions 4/ 7 653Form proposed by War Department for adoption for its
use, sent to FRBanks 4/15 721
Proposed standard form transmitted to FRBanks with re-
quests for comments and suggestions 5/ 8 902
Procedure for the execution of, sent FRBanks, supersedes
prior instructions 5/18 974Standard form of, documents relating to the approval
of, by the War and Navy Departments and the
Maritime Commission sent to FRBanks 5/19 989
Holding company affiliates, ruling of Board changing basis
for determining 2/19 300
Holidays, copies of correspondence regarding the observance
during the war, sent to FRBanks 4/27 778
Letter to all FRBanks on policy to be followed in ob-
serving at banks and branches 7/20 1458
Indebtedness of officers and employees, procedure for handl-
ing reports of 9/18 1831
Information received from the Office of Censorship to be
sent to FRBanks having an interest in, request
that Board be advised of interests of FRBanks 2/ 5 196Insurance, joint report of Insurance Plan Committee and
Standing Committee on Insurance, Board concurs
with Presidents' Conference in resolution ap-
proving, adoption of self-insurance plan
favored, plan and letter sent to FRBanks,
comments and suggestions requested 3/30 595Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
54Pages
Circulars: (Continued)Board of Governors: (Continued)
Inventories of consumer goods, use of credit in connectionwith accumulation of, letter to be prepared andsent to all banks and other financing institu-tions 6/11 1185
Letter to banks and financing institutions approved fortransmittal for approval by agencies mentioned 6/12 1196
Letter to banks and financing institutions revised andto be given to press for publication 6/17 1233
Report by Mr. Eccles of approval by interested Govern-ment agencies, copy of letter as sent to banksand other financing institutions 6/26 1292
Leadership in FRSystem, letter to FRBanks on developmentand maintenance of and on establishment of Divi-sion of Personnel Administration by Board ofGovernors 6/25 1279
List of Stocks Registered on National Securities Exchanges,supplementary lists to be issued in future anddistributed by FRBanks upon request
Loans, commercial and industrial, outline of procedure andforms for reports on, by member banks sent toFRBanks for comments and suggestions
Loans to individuals for nonproductive purposes, amortiza-tion of, letter to FRBanks for instructions toexaminers
Loans, new industrial and commercial, forms for reporting,FR 574-A and 574-B sent to FRBanks
Military Government Division of Army, suggestions for per-sonnel to be submitted
Military service, employees to be accorded benefits ofmilitary leave and those not entitled to them
Money orders representing transfer of funds by soldiersin Alaska, handling of
National economic problems, letter on development of programfor study of, by FRBanks in cooperation with Na-tional Resources Planning Board
Necessity Certificates for use under Internal Revenue Code,revised form of application sent to FRBanks
Nickels, advice to National Automatic Merchandising Associa-tion that information on number should be ob-tained from Treasury Department
Overdrafts at FRBanks by Treasury anticipated within thenext few days, telegram to Banks on procedurefor handling
Priorities, letter to Mr. Maury Maverick on request for as-sistance from FRSystem and designating those toact in the liaison capacity
2/25 353
2/ 6 207
5/25 1034
4/ 1 611
11/28 2237
11/10 2141
8/22 1662
7/21 1463
8/14 1620
6/ 4 1135
6/18 1248
7/21 1467
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55Pages
Circulars: (Continued)Board of Governors: (Continued)
Priorities, Governmental requirements plan for obtainingassistance from War Production Board, reports
on Form PD 408 8/ 5 1565
Priority travel on air carriers, recommendation of Board
that certificates issued by FRBanks be signed
by President or First Vice President 2/ 5 197Procedure for making war loans, pending appointment of
liaison officers by the War Department 4/13 709
Procedure outlined by State Department to be followed in ex-
tending financial assistance to American na-
tionals in territories where the interests of
the United States are represented by Switzer-
land 4/ 1 613
Protection of buildings against air raids and sabotage, FRBanks requested to submit floor plans toPublic Buildings Administration and to desig-nate officer to whom correspondence should besent 5/ 7 883
Air raid protection code sent to FRBanks and defensecoordinator to be selected at each bank 6/13 1213
Public Debt Act of 1942, effect on additional FRBank stockundetermined, further issuance to be withheld
pending conference of Legal Division with
Bureau of Internal Revenue 4/ 2 616
Punch card check for purpose of making disbursements at
Chicago and New York offices of Treasury'sDivision of Disbursement 6/11 1194
Copies of correspondence sent to FRBanks 10/ 5 1945R letters to be discontinued 5/23 1026
Registrant under Regulation W not required to act when pay-
ment is omitted or paid only in part, copies of
explanation to FRBank of Minneapolis sent toall FRBanks 1/ 7 22
Registration statements provided for by Regulation 11, in-structions to FRBanks with regard to tabulationof Registrants who do no instalment business orbusiness in listed articles 1/10 38
Regulation A, amendment to subsection (b) of section 2adopted, letter to FRBanks advising, copy of
press statement enclosed 3/17 499Amendment transmitted with instructions on treatment of
notes evidencing loans guaranteed under Execu-
tive Order No. 9112 9/21 1853
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Circulars: (Continued)Board of Governors: (Continued)
Regulation D, amendment proposed to permit member banks in
central reserve cities or in cities in which a
FRBank or branch is located to compute reserves
on a weekly basis, FRBanks requested to submit
commentsFRBanks advised of amendment adopted, statement to be
released to press includedFRBanks advised that amendment is to be effective on
computation period beginning February 28
Regulation R, amendment proposed to permit officers, direc-
tors, or employees of trusts to serve in the
same capacity with member banks under certain
conditions, letter regarding, not to be sent
to FRBanksRegulation V, revision of guarantee agreement form sent to
FRBanks with request for suggestionsRegulation W:
Amendments to, FRBanks notified of intention to add tolisted articles and restrict terms, procedure
for obtaining comments of FRBanks and trade to
be outlinedAmendment No. 3:
Draft of, transmitted for comments and suggestions
Draft sent to Mr. Brown and FRBanks, requested to
56Pages
2/17 285
2/21 314
2/26 358
2/27 375
5/ 8 894
1/ 8 29
1/ 9 33
consult with trade and members of Federal Ad-
visory Council and forward suggestions 1/23 111
Entire regulation to be reprinted upon adoption of
amendment, FRBanks to advise Board whether they
desire proofs or offset negatives 2/ 3 168
Bracketing principle to be applied to certain ar-
ticles, opinion of FRBanks and Federal Advisory
Council requested 2/12 244Summary of principal provisions of, sent to FRBanks 3/ 2 402
Changes in interpretations caused by, to be pre-pared and transmitted to FRBanks 3/ 4 415
List of articles on back of Statement of Borrower
Form rendered incomplete by, suggestion that
additional items be added by rubber stamp or
other convenient method 3/20 517
Amendment No. 4, to be wired to FRBanks along with pressstatement and held in confidence until release
date 4/30 786
Board has no objection to release of information de-
veloped from Registration Statements 3/20 518
Fnforcement, plan for, submitted to Attorney General,
letter to be sent to FRBanks upon advice from
Attorney General that there are no objections 5/22 1018
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57
Circulars: (Continued)Board of Governors: (Continued)
Regulation W: (Continued)Questionnaire prepared by Mr. Ransom in connection with
inclusion of charge accounts, sent to FRBanks
Supplementary question addedRevision of, press statement regarding, sent to FRBanks
Reports on question of relationships between the FRSystem
and Better Business Bureaus and problem of en-forcement under Regulation W, sent to FRBanks,conference to be arranged to solve these ques-
tions
3/213/245/ 4
3/11
Pages
534549841
468FRBanks requested to submit comments and suggestions,
conference to be avoided by submission of plan
by Board 3/27 576Reports, manual governing the preparation of functional ex-
pense, sent to FRBanks, changes involving reim-bursement for expenses incurred in making warloans 5/4 842
Reserves of member banks, summary statements by classes of
banks to be furnished to Board 9/17 1827Resolutions adopted by Conference of Chairmen, action of
boards of directors of Banks to be reported 11/18 2195Retention in service or reemployment of officers and em-
ployees after age sixty-five, previous letterscanceled 12/ 3 2262
S letters, new procedure for 5/23 1026
Salaries of officers and employees of FRBanks, applicationof regulations of National War Labor Board andSecretary of Treasury to 10/28 2076
Adjustments under regulations issued by Director of
Economic Stabilization 11/ 4 2115Telegram on regulations of National War Labor Board
with regard to payment of supplemental compen-sation 11/ 6 2127
General order of National War Labor Board with pro-cedure for handling adjustments 12/16 2318
Certificates to be forwarded to joint committee on sal-aries and wages 12/23 2370
Salary data at FRBanks, preparation for annual reports toBoard 12/28 2397
Savings accounts, letter to FRBanks enclosing Treasury let-ters denying rumor that Government intends toconfiscate 1/12 41
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Circulars: (Continued)Board of Governors: (Continued)
Second War Powers Act, amendment contained in, to Sec.
lh(b) of FRAct, memorandum to be prepared and
sent to FRBanks showing effect on power of
Federal Open Market Committee to directFRBanks to purchase Government securities
Statistical work on consumer credit, transfer from Bureau
of Foreign and Domestic Commerce to FRSystemStock of FRBanks, removal of Federal tax exemption on
dividends of, FRBanks advised that matter is
still pending before the Bureau of Internal
Revenue and to continue to withhold issuance
of stock certificatesTaxes on dividends of FRBank stock:
Decision of Treasury Department on date stock is issued
Requirements necessary to avoid application of first-in,first-out rule, letter from Commissioner of In-ternal Revenue
Unconditional, definition of term used in revised statutes,letter from Comptroller of the Currency oncompliance of standard form of guarantee agree-
ment with definitionVictory Fund Committee, letter to FRBanks on expanded ac-
tivity and on meeting expenses ofWar loan deposit accounts, banks to be encouraged to make
greater use ofWar loans, War Department has not officially approved
guarantee agreement for, form to be sent toall FRBanks upon receipt of approval
Form, instructions, and documents sent to FRBanks
Instructions of War Department not for general publica-
tion, but disclosures may be made as necessary
in connection with negotiations
Schedule of rates on, not to be generally released but
used in connection with actual transactions as
they ariseAuthorization memoranda for the execution of guarantees
for, to be sent to FRBanks by air mail instead
of by wire, telegram to be used only to notify
of action taken on applicationsMade by national banks, letter on applicability of sec.
5200, Revised Statutes to, Board has no objec-
tion to the giving of a copy of, to interested
parties, information on State limitations on
loans made by State banks requested
58Pages
3/26 560
8/21 1658
5/ 2 839
7/ 8 1383
9/22 1865
6/24 1275
11/12 2159
11/17 2191
4/10 6904/11 698
4/13 710
4/14 716
5/11 915
5/12 924
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59Pages
Circulars: (Continued)Board of Governors: (Continued)
War loans: (Continued)War Loans Committee to continue for time being to wire
entire memoranda to the FRBank of San Francisco 5/12 925
(See also War loans)war Savings Program, summary of reports of activities of
FRBank liaison officers, monthly reports need
no longer be submitted 6/18 1248
Weekly reserve computation period for all central reserveand reserve city banks, FRBanks advised of ap-
proval of Board and effective date of 3/ 2 402Civil Service Commission:
Civil Service Retirement Act, list of positions of Boardwhich should be excluded from benefits of,reply to circular from 3/ 5 417
FRBank of Chicago:War loan depositaries, letter to certain banks suggesting
that they qualify asLittle Pock Clearing House Association, letter from Board to
FRBank of St. Louis on circular regarding uni-form analysis of correspondent bank accounts
11/16 2175
and absorption of exchange on checks 1/ 1 6Memphis Clearing House Association, letter from Board to FRBank
of St. Louis on circular regarding uniformanalysis of correspondent bank accounts andabsorption of exchange on checks 1/ 1 6
°ffice of Defense Transportation, holiday travel, curtailmentby Government employees over Thanksgiving andChristmas periods requested 11/17 2192
Secretary of Treasury:Public circulars issued by, statement to be published in
FRBulletin 3/24 552Treasury Department:
Foreign funds control, statement ordered published inFRBulletin 4/22 755
113, authorizing Division of Foreign Funds Control to makeinformation available to censors and others 2/ 4 189
696, Treasury tax savings notes, Series C, pledge as collat-eral by commercial bank on loan from FRBank 12/ 8 2290
4-4 Service Corrunission:Career system, study on "Executive Development in the FRBanks"
copy of, not to be made available to the Train-
C,ing Division of 5/20 1000•vi1 Service Retirement Act, discussion and approval of ques-
tions to be submitted to, regarding coverage ofBoard members and employees of Board and FRBanks 2/27 369
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60Pages
Civil Service Commission: (Continued)Deferment of employees from military service, advice to Mr.
Mitchell that it is general policy of Boardnot to ask for 7/ 1 1348
Examination and certification by:Depenbrock, Mrs. Barbara S., request for assent of Board
to, presents borderline case under Board'spolicy 1/16 64
No objection to, for position of Architect 1/16 68Eaheart, Mrs. Mary Elizabeth, permission for the jobs of
attendant and kitchen helper and mess attend-ant 1/5 11
Morin, Florence R., assent given to, for position of per-sonnel assistant, with understanding that beforeaccepting another job, she obtain consent ofBoard 1/15 55
Impounded funds of employees of Board who are thought to be sub-ject to the Civil Service Retirement Act, dis-cussion of and decision to transfer to Treasuryand advise the Civil Service Commission 2/27 367-71
Funds sent to Treasury Department 3/ 6 429membership of Retirement System of the Federal Reserve Bank,
Oroa • • statement reviewed and checked for accuracy 8/14 1623
nizational charts of divisions of Board of Governors, copysent to Mr. Mitchell 7/ 1 1348
Pos •itions in Board's organization concerned with War effort,and which might be considered for defermentfor military service, list of 10/ 2 1926
List submitted 10/ 6 1948Problems of occupational deferment, advice to Mr. McNutt
that Mr. R. F. Leonard will act for Board ofGovernors 10/23 2051
Positions eliminated from list of proposed key positions,additional information submitted in asking forreconsideration of 10/27 2072
positions which should be excluded from the benefits of theCivil Service Retirement Act, reply to cir-cular from, listing
Release3/ 5 417
of employees under Executive Order, reply to, advisingthat Board needs all present employees andthat Mr. Nelson is the proper person to con-tact regardingStaff
2/25 351Personnel Committee recommendation regarding rejected,
former policy rescinded, and no objection tobe made by Board to examination and certifica-tion of employees by 1/16 64
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Civil Service Retirement System:Employees added to staff of Board who were not members of, to
be required to become members of the RetirementSystem of the FRBanks
Impounded funds of employees of Board thought to be covered bythe Civil Service Retirement Act, sent to Treas-ury Department
Retirement System of FRBanks to be studied by Staff PersonnelCommittee in regard to liberalization of, tocorrespond with benefits of the Civil ServiceRetirement System and to discuss with thePersonnel Committee
Clark Brothers Furniture Company, Chattanooga, Tenn., violationsof Regulation W, procedure now under consider-ation
°rder to be issued to close store for one weekDesi gnated terms of agreement in connection with suspending
license and violation of Regulation IVTelegram that Board insists on full week's closing as minimum
penalty for violationci__Order suspending license for violation
d-ring accounts:Morris Plan Banking Co. of Boston, Mass., permission to FRBank
Cle to open and maintain clearing account fora'Aing and collection:.4bsorption of exchange on checks and uniform analysis of cor-
respondent bank accounts, letter from Board toFRBank of St. Louis on Little Rock and MemphisClearing House Associations circulars regarding
Absorption of exchange and collection charges:No action to be taken on attempt to get amendment to Regu-
lation QEnforcement of Regulation QSummary of replies received from Presidents of FRBanks and
Legal Division to prepare memorandum of recom-mended actions
Discussion of steps to meet problemProcedure recommended by Mr. DreibelbisDiscussed at meeting of Federal Advisory Council with Board
, Action against national bank for violation suggesteduertification of checks and drafts by FRBanks at request of
public finance officers or nonmember banks, let-ter to FDIC
Charge of 15 cents by the Albertville National Bank, Albert-ville, Alabama, for the cashing of veterans'
checks, reply to Senator Hill regarding
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Clearing and collection: (Continued)Charges made by banks, reply to Mr. McCravey of Bank of
Forest, Miss.accounts, charges imposed by banks on, letter to
Representative Bland on laws and regulationsrelating to
Checking
Checks:Cleared through Charlotte Branch, no objection to granting
request of newspaper for total face valueDrawn by Board of Governors on Treasurer of United States,
letter to Comptroller General on custody afterpayment
Held without presentation, report on FR 494 need no longerbe submitted
Issued by Board of Governors, advice to Comptroller Generalthat they should be obtained from Treasurerof the United States
Punch card: (See infra Punch card checks)ulearing account of nonmember bank may be accepted or declined
according to the discretion of the FRBank, let-ter to FRBank of Minneapolis advising
clearing of checks outside of FRBank and branch cities,arrangements with local clearing house associa-tions, reports to be requested every threeyears
Interdistrict time schedule, change in time from El Paso toLos Angeles
M°neY transfer orders drawn by soldiers in Alaska, letter toFRBanks on handling of
No ncash items, competition of FRBanks with member banks withrespect to collection of
Par clearance of checks, letter to Mr. Davis on changes in rulesand regulations of Nashville and Memphis Clear-ing House Associations and on letter fromFarmers Bank and Trust Company, Blytheville,Arkansas
Punch card checks, plans for use in Chicago and New York of-fices of Division of Disbursement and paymentthrough FRBanks
Letter to Mr. Bell on plan.Letter to FRBanks transmitting correspondence on plan
tation check clearing, letter to Mr. Henderson on cooperationby Board and Mr. Szymczak designated to be incharge of work for Board
charges of Chittenden County Trust Company, Burlington,Vermont, Mr. B. Frank advised that Board has nocontrol over
Group
Service
62Pages
11/11 2150
12/16 2325
8/21 1659
10/27 2074
5/22 1022
10/ 1 1924
2/11 239
12/23 2376
11/14 2170
8/22 1662
11/16 2185
2/16 278
6/11 11939/10 177210/ 5 1945
12/ 5 2273
4/18 746
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63Pages
Clearin g house associations:Little Rock, letter from Board to FRBank of St. Louis on cir-
cular regarding uniform analysis of corres-pondent bank accounts and absorption of ex-change on checks 1/ 1 6
Memphis, letter from Board to FRBank of St. Louis on circularregarding uniform analysis of correspondentbank accounts and absorption of exchange onchecks 1/ 1 6
Changes in rules and regulations on par clearance ofchecks 2/16 278
Nashville, changes in rules and regulations on par clearance
Ole of checks 2/16 278ci4 vz.Land Retail Credit Mens Company: (See Regulation IV)'ne, R. D., letter on avoidance of Regulation W by renting furni-
ture instead of selling it 6/ 5 1141C°1*, C. L.: (See National banks, Peoples National Bank, Rock
de messages: Hill, S. C.)Co
Commonwealth Bank of Australia, permission requested to sendmessages to FRBank of Boston for transmissionby mail to commercial banks covering wool
Codes: shipments, letter to Director of Censorship 7/17 1451
Air raid protection for Federal buildings, copies sent toFRBanks and attention called to selection ofdefense coordinator 6/13 1213
tartime Practices for the American Press and a copy of Rulesfor the Guidance of Persons Corresponding withForeign Countries issued by the Office of Cen-sorship sent to FRBanks, advised that anyproblem submitted will be taken up with Officeof Censorship by Mr. Draper 1/22 108
bags:
Director of the Mint advised of cooperation of Board in securingthe return of 3/21 538
C°ins, difficulty in obtaining adequate supplies:Discussed at meeting of Federal Advisory Council with Board
V.19 1.479908Discussed by Presidentscoleiscussed by Mr. Ransom at meeting of Federal Advisory Council 11/16 2189
eck, J. R.: (See National banks, Minnesota National Bank ofDuluth, Minnesota)
Collateral:Treasury tax savings notes, Series C, use as pledge for loan
Conyt,,4 from FRBank by commercial bank 12/ 8 2290
'tssioner of Internal Revenue:'alaries and wages regulations being prepared to comply with
executive order 11/ 4 2115
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64Pages
Commissioner of Internal Revenue: (Continued)Salary adjustments at FRBanks, procedure for filing certifi-
cates 12/23 2370Salary adjustments of employees of Board and FRBanks, procedure
covering 12/24 2379Taxation of dividends on FRBank stock, action necessary to make
first-in, first-out rule inapplicable to sharessurrendered by member bank 8/ 4 1550
Requirements necessary to avoid application of first-in,first-out rule 9/22 1865
Committees:Advisory Committee on Subversive Activities:
Belt, J. Watson, designated representative of Board on 2/27 379Board of Governors:
Nomination of employee each month for Post award in makingsuggestion for improvement of Federal service,composed of Mr. Bethea and Yr. Leonard and em-ployee selected by the committee of employees 9/26 1892
Personnel:Annual leave, restrictions proposed by, approved 5/26 1051Duties assigned to 7/ 3 1368Evans, Rudolph M., appointed to serve as member of, for
year beginning March 1, 1942, subject to con-firmation and qualification as member of theBoard
Appointed Vice Chairman for period ending February
28, 1943McKee, John K., appointed to serve as member of, for
six-months period beginning March 1, 1942Menze, Robert E., question of salary and appointment
as an economic assistant in Division of Re-search and Statistics submitted to, for con-sideration and recommendation
Ransom, Ronald, appointed to serve as member for six-months period beginning September 1
Retirement System of the FRBanks, to be studied byStaff Personnel Committee in regard to liberal-ization of, to correspond with benefits of theCivil Service Retirement System and to be dis-cussed with
Personnel classification:Revised job description sheets to be submitted to, cov-
ering employees in the Division of Research andStatistics whose salaries were approved thoughnot in line with existing procedure and salarypolicy
2/27 374
7/ 3 1369
2/27 374
2/17 280
2/27 375
2/27 372
2/ 6 214
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Committees: (Continued)Board of Governors: (Continued)
Staff Personnel:Recommendations regarding release of employees and ex-
amination by Civil Service Commission rejected,former policy rescinded and no objection to bemade by Board to transfers and examinations byCivil Service Commission
Retirement System of the FRBanks, to study liberaliza-tion of, to correspond with benefits of theCivil Service Retirement System and to dis-cuss with the Personnel Committee
Supplemental compensation plan, report that adoption of,for employees of Board would be inadvisable, con-tinuation of periodic salary reviews deemedadequate to meet present situation
capi ri. Loans, duties assigned toIssues, need for as part of restriction of use of
credit for financing inventories of consumersgoods
Chairmen's Conference:Executive Development in the FRBanks, copy of study not to
be made available to the Training Division ofthe Civil Service Commission
Commercial policy aspects of exchange, monetary and investmentproblems, Mr. J. Burke Knapp to representBoard of Governors on
C°11110eting Lending Agencies of Nebraska Bankers Association,resolution adopted rith reference to productioncredit associationsCO
nservation of cultural resources, letter to ar. Dan Lacy onmeasures taken to protect records of Board
Consumer credit, created by executive order, proposals to amendRegulation W sent to, replies received advisingthat proposals were satisfactory
Draft and revised draft of proposed Amendment No. 3 toRegulation W sent to, report on replies
Directors on Welfare of Staff of the FRBank of New York, confer-ence with Board to be arranged through Mr.Szymczak for the purpose of evolving a plan ofexecutive compensation for officers
Examiners' Conference, report on program as to scope, procedure,
F• and frequency of examinationsair Employment Practice:
Colored employees, report to be made on number employedReply to letter alleging discriminatory requisition for
elevator operators
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1/16 737/ 3 1369
6/26 1295
5/20 1000
9/14 1735
10/ 8 1976
11/13 2166
2/24 340
2/24 340
5/ 9 910
9/29 1905
9/12 1787
12/11 2301
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66Pages
Committees: (Continued)Federal Advisory Council:
Executive committee, interim meetings of members of, withBoard each month with certain exceptions pro-posed, no objection by Board
Arrangements completed for meetings on the secondThursday of each month, Secretary's note
Interim meeting arrangements approved by BoardChange in date of suggestedMeeting with Board V/ 3 127/ 1 1330
8/ 5 1553Monthly meetings with Board, belief that they should be
continued 9/14 1800Meeting with Board 10/ 7 1959Meeting scheduled for December 2 canceled 11/24 2224
Federal Open Market:FRAct, proposed amendment to Section 14(b) to allow FRBanks
to purchase securities directly from the Treas-ury subject to direction of, discussion atmeeting of Board with Federal Advisory Council 2/16 264
Meeting to be held in Washington June 22, to be followed bya meeting of the Conference of Presidents 5/ 8 896
Meeting of executive committee with Treasury officials todiscuss Treasury financing 9/29 1897
Meeting of members of executive committee with Secretary ofTreasury on new Treasury financing 11/11 2144
Meeting scheduled for January 25 12/19 2347Members in Washington to consider draft of statement pre-
pared by Messrs. Goldenweiser and Rouse atrequest of Mr. Morgenthau 10/ 6 1955
Opinion of, that there was an amount of short-term fundsthat might flow into a short-term security,discussed at meeting of Federal AdvisoryCouncil executive committee with board 4/ 9 672
Policy record, draft of letter to be enclosed with drafts of entries covering actions for 1941, approved 1/ 9 35
Entries for 1941 approved 2/10 236Regrouping of FRBanks for selection of members in manner
that insures representation of FRBank of NewYork by amendment to Section 12A of FRAct dis-cussed, decision of Board to consult Treasuryand FRBanks before introducing legislation intoCongress 2/17 282
2/16 272
2/16 2732/23 3213/12 482
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Committees: (Continued)Federal Open Market: (Continued)
Regrouping of FRBanks: (Continued)Proposed amendment to FRAct for regrouping of FREanks
to be discussed with PresidentsDraft of amendment to be sent to Treasury, not to be
taken up with Federal Advisory Council
2/27
5/19
67Pages
373
982Bill to amend FRAct changing representation discussed at
meeting of Board with executive committee ofFederal Advisory Council 6/ 3 1112
Letter to Senator Wagner favoring enactment of S. 2565to amend FRAct to provide for 6/17 1239
Recent amendment to FRAct to be published in FRBulletin 7/21 1468Reserve requirement, placing authority in the hands of,
discussed 5/18 962Action on reduction not to be taken until after meeting 9/11 1780
Resolution of Federal Advisory Council favoring an increasein the amount of Treasury bills issued, to bebrought to the attention of, at its next meet-ing 2/27 363
Second War Powers Act, amendment contained in, to Sec. 14(b)of FRAct, memorandum to be prepared showing ef-fect on power of, to direct FRBanks to purchaseGovernment securities 3/26 560
Treasury bills, recommendation of Federal Advisory Councilthat amount issued each week be increased, Fed-eral Open Market Committee reported as favor-ing
Resolution to be brought to the attention of, copysent to Secretary of the Treasury
Treasury financing, program sent to Treasury by representa-tives of
War financing, suggestion in memorandum from Mr. Williamsthat surplus funds of business concerns be usedfor, no action to be taken until after discus-sion with executive committee of the FederalOpen Market Committee
PRBank of Cleveland, directors on official personnel at Bank,telegram to Mr. Klages on meeting with Board
Meeting with Board to be held in January
2/16
2/27
5/ 5
1/16
12/1012/11
264
363
852
69
22982301
ank of New York directors, conference of Board committeewith, to be arranged by Mr. Sproul through Mr.Szymczak
FRBanks, executive, amendment to bylaws providing for composi-tion of, to be taken up by Mr. Szymczak withbanks where committee is not composed exclus-ively of directors
5/
9/
5
4
861
1732
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68Pages
Committees: (Continued)FRSystem, currency hoarding:
Szymczak, M. S., appointed to serve as Board's representa-tive on 7/15 1440
Foreign Banking of New York City, bankers' acceptances, legisla-tive clarification of the status of, desiredby, reply from Board advising that there havebeen no further developments in connection withthe proposed amendment to the Internal RevenueCode 5/13 929
Government securities, composed of representatives of Boardand Presidents to confer with Treasury and acommittee of investment bankers in regard topromoting the distribution and sale of 5/ 8 886
Mr. Eccles to represent Board and Messrs. Day, Sproul,Young, and Williams appointed to representPresidents 5/ 8 887
Committee to meet with Treasury regarding, to meet sepa-rately for the purpose of formulating recom-mendations for submission at that time 5/ 8 892
Suggestion that program proposed by Mr. Sproul regarding or-ganization for the promotion of the sale of, beadopted with size and number of committees de-pending upon the needs of the district, andthat there be proportionate representation ofinvestment bankers on the committees 5/ 8 892
House:
Banking and Currency, Revised Statutes, alternate drafts ofamendment to Section 5200 to exempt loans cov-ered by guaranties or commitments made by theU. S. or by any FRBank, copy of memo from Mr.Wyatt regarding, sent to 5/18 976
Interstate and Foreign Commerce, hearings on amendment tosection 7(d) of Securities Exchange Act of1934, request of Federal Advisory Council thattestimony of, be sent to and that they be al-lowed to file a memorandum with 1/22 97
Federal Advisory Council to be advised that Congress-man Lea, Chairman of the House Committee, hasbeen informed of request for hearings and fil-ing of statement 1/22 98
Letters to Mr. Brown and Congressman Lea 1/24 117-8Memorandum prepared reviewing Yr. Brown's letter to Con-
gressman Lea regarding, to be mailed to membersof executive committee of Federal AdvisoryCouncil, dropping of proposal discussed atmeeting of Board with executive comnittee 3/12 474
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Committees: (Continued)Industrial Advisory:
FRBank of Atlanta:
69Pages
French, Vv.1, Sr., reappointed for one year 1/14 48Lockett, Andrew M., reappointed for one year 1/14 48Milner, I. C., reappointed for one year 1/14 48Sanford, John E., reappointed for one year 1/14 48Winship, George, reappointed for one year 1/14 48
FRBank of Boston:Carter, Malthrop L., reappointed for 1942 1/20 89Creighton, Albert K., resignation expected in view of
appointment as a Class C director 1/20 89Resignation, to be succeeded by Ralph E. Thompson 2/11 238
Dennett, Carl P., reappointed for 1942 1/20 89Draper, Paul A., reappointed for 1942 1/20 89
Graham, Edward M., reappointed for 1942 1/20 89
Thompson, Ralph E., appointed for unexpired portion ofterm and also for one-year term, to succeedMr. Creighton 2/11 238
FRBank of Chicago:Epstein, Max, reappointed for one year 1/29 144Harnischfeger, Walter, reappointed for one year 1/29 144Kennelly, Martin H., reappointed for one year 1/29 144Kerwin, Edward M., appointment for term expiring Feb.
28, 1943, as successor to Mr. Monroe 3/26 563Monroe, R. R., reappointed for one year 1/29 144
Resignation of, and appointment of Mr. Kerwin 3/26 563Moxley, G. Barret, reappointed for one year 1/29 144
FRBank of Cleveland:Folsom, Edward C., reappointed for one year 2/ 4 184
Resignation as member 12/29 2401Gibbs, Carl C., appointed for one year to succeed
Mr. F. A. SmytheDeath of
2/ 410/ 2
1841934
Hood, Clifford F., appointed to serve for unexpiredterm of Mr. E. C. Folsom 12/29 2401
Ladds, Herbert P., appointed for unexpired portion ofterm 10/ 2 1933
Neff, Herman R., reappointed for one year 2/4 184Smythe, F. A., succeeded by Mr. Gibbs 2/4 184Swander, Dan C., reappointed for one year 2/4 184Withington, W. W., reappointed for one year
rRBank of Dallas:2/4 184
Hamon, Jake L., appointed for 1942 3/27 575Moore, Charles R., reappointed for 1942 3/27 575Moore, Ira T., appointed for 1942 3/27 575Pollock, Lawrence S., appointed for 1942 3/27 575Simmons, E. P., appointed for 1942 3/27 575
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ecxuraittees: (Continued)Industrial Advisory: (Continued)
FRBank of Kansas City:
70Pages
Forrester, D. Bruce, reappointed for one year 1/26 121Gray, R. L., reapoointed for one year 1/26 121McNally, Thomas, reappointed for one year 1/26 121Miller, Ed S., reappointed for one year 1/26 121Thompson, Mason L., reappointed for one year 1/26 121
FRBank of Minneapolis:Bush, John M., reappointed for 1942 1/31 160Follett, C. O., reappointed for 1942 1/31 160
Miller, Albert L., reappointed for 1942 1/31 160Wood, Sheldon V., reappointed for 1942 1/31 160
FRBank of New York:Beach, Herman K., due to small volume of applications
for loans no appointment made to fill vacancycaused by death of 2/12 243
Nelson, Arthur G., reappointed for one year 2/12 243Noble, Edward J., reappointed for one year 2/12 243Pouch, William H., reappointed for one year 2/12 243Reynolds, Francis B., reappointed for one year 2/12 243
FRBank of Philadelphia:McDade, John T., reappointed for 1942 3/ 5 418Mechling, B. F., reappointed for 1942 3/5 418
Powlison, Keith, reappointed for 1942 3/5 418Schultz, Daniel H., appointed for unexpired portion of
term ending February 28, 1942 1/1 2Reappointed for 1942 3/ 5 418
Skinner, James I., appointed for unexpired portion ofterm ending February 28, 1942 1/1 2
Reappointed for 1942 3/5 418FRBank of Richmond:
Balduin, Ludlow H., succeeded by Mr. Douglas Gorman 2/18 294Dennis, Overton D., reappointment for one-year term 2/13 294
Gorman, Douglas, appointment for one-year term to suc-ceed Mr. L. H. Baldwin 2/18 294
Holtsclav,, J. G., reappointment for one-year term 2/18 294Manning, William L., reapnointment for one-year term 2/18 294Stuart, Vialker D., reappointment for one-year term 2/13 294
FRBank of St. Louis:Embry, Foster H., appointed for one year 1/29 144Finch, M. E., appointed for one year 1/29 144Norris,',111. K., appointed for one year 1/29 144VanDyke, Jacob, appointed for one year 1/29 144
Maurice, appointed for one year 1/29 144FRBank of San Francisco:
Baker, ;,akefield, reappointed for term of one year 2/25 352
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71Pages
Coramittees: (Continued)Industrial Advisory: (Continued)
FRBank of San Francisco: (Continued)Crandall, Shannon, reappointed for term of one year 2/25 352Hayes, Edmund, reappointed for term of one year 2/25 352Nichols, Henry D., reappointed for term of one year 2/25 352Starr, Walter A., reappointed for term of one year 2/25 352
Insurance, joint report of Insurance Plan Committee and StandingCommittee on Insurance accepted by Presidents'Conference and recommendations made to Boardat meeting with Presidents 3/ 2 392
Board concurs with Presidents' Conference in resolutionapproving, adoption of self-insurance planfavored, letter sent to FRBanks, comments andsuggestions requested 3/30 593-6
Joint report approved by a majority of FRBank boards of di-rectors, plan for self-insurance now being pre-pared by the two committees 5/ 8 908
Interdepartmental War Savings Bond:Bethea, Liston P., designated as alternate for Mr. Eccles
on 5/13 930Reply to Admiral Conard that Board does not favor change in
minimum deduction for employees in payrolldeduction plan for purchase of War SavingsBonds
Letter to Admiral Conard that staff of Board had exceeded8/28 1710
ten per cent goal in pay roll savings plan 11/ 2 2101Joint Economic Committees of Canada and U. S., dollar exchange
in Canada, memorandum re maintaining supply
L of, sent to Messrs. Hansen and Berleeased Viire System, advice that Mr. Nelson will be representa-
tive of Board designated to meet withNational
1/ 6
12/22
17
2364Association of State Bank Supervisors, executive com-
mittee of, invited to use Board Room for meet-ing, Messrs. Ransom and McKee to attend
,1)::s?nnel, restrictions on annual leave proposed by, approved'r sl.dent of the United States, special committee appointed by,
to study inflation, report by Mr. Eccles on thefindings of, at a meeting of the FAC with theBoard
Presidents Conference:Bank examination procedure, letter to Mr. Sproul on study
being given to modificationMeeting of committee with Board to be postponed until
after conference of Representatives of Bank Ex-amination Departments in Philadelphia
Defense Savings Bond Committee to study simplification ofprocedure for issuance of defense savings bondsand submit recommendations to Treasury
3/235/26
5/18
7/28
9/ 3
3/ 2
5401051
954
1509
1729
391
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72Pages
Committees: (Continued)Presidents' Conference: (Continued)
Foreign accounts of FRBanks, participation of FRBanks in,report suggesting revision of Regulation N,etc., presented and discussed 8/25 1668
Free Services, System Committee on, composed of Messrs.Leach, Peyton, and Gilbert 2/ 3 169
Subcommittee composed of Messrs. Walden, Lysen, andStroud 2/ 3 169
Mr. E. L. Smead designated to represent Board on subcom-mittee 2/ 3 169
Insurance, representative to be selected by each Presidentto serve as member of continuing committee 9/29 1898
Insurance plan, resolution on policy with respect to Warinsurance 9/29 1897
Operations:Functional expense report, value discussed 9/29 1903Insurance agreement as revised submitted to Board for
approval 12/11 2303Supervision of Washington office of Leased Wire System
transferred from, Mr. Carpenter to Mr. Nelson,advice to Mr. Leach as Chairman 12/22 2364
Personnel Selection and Training:Fleming, Matthew J., President of FRBank of Cleveland,
appointment as member of standing committee 2/20 303Peyton, John N., appointment as member of standing com-
mittee 2/20 303Sproul, Allan, President of FRBank of New York, appoint-
ment as member of standing committee 2/20 303Szymczak, M. S., designated to represent Board on 2/20 303Not to be invited to meet with Chairmen on October 5 9/ 8 1744
Research and Statistics, not to be invited to meet withChairmen's Conference on October 5 9/ 8 1744
Meeting of subcommittee scheduled for October 9/30 1915Retirement System, questionnaires returned by Board, no
opinions or suggestions with regard to changesto be made at this time 2/26 357
Report discussed and special meeting of Presidents tobe called to consider problems 9/29 1901
Change in interest base recommended 12/21 2350Self-insurance special committee, report of, to be consid-
ered by Presidents, Chairmen's Conference ad-vised of necessity for prompt action on 1/22 96
Standing Committee on Insurance charged with the duty ofcontinuing study in accordance with the recom-mendation in the joint report 5/ 8 908
Supplemental Compensation, adjusted plan discussed and re-strictions modified with understanding it shallapply where it would increase any salary beyondt6,000 and effective date 2/27 364
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Ninattees: (Continued)Relation between the domestic and international measures con-
templated in article 7 of the master lend-lease agreements, Mr. Walter Gardner to repre-sent Board of Governors on
Senate:Appropriations, Tyding's questionnaire, Mr. Eccles author-
ized to ask whether a reply is desired or mayask staff to prepare an answer, Mr. Ransom op-
posed to any answer which is not complete 3/10 449Banking and Currency:
Inter-American Bank, Messrs. Goldenweiser, Wyatt, and
Gardner designated to prepare draft of statement
which Board representative might make at hear-
ings on 1/22 99
Draft of statement discussed, to be revised andwhen approved to be submitted to Mr. Berlefor comments 1/28 132-5
S. 2146, 2147, and 2148, to amend Home Owners' LoanAct of 1933, National Housing Act, and FederalHome Loan Bank Act, opposed by Board as theyinclude objectionable features of S. 4095 3/27 583
S. 2250, report on Murray Bill to be submitted to, af-
ter clearing with Budget Bureau, proposal byMr. Eccles may be substituted 2/17 290
S. 2393, relating to the publication in places wherebranch banks are operated of statements ofresources and liabilities of banks, etc., ad-vised that Board has nothing to add to opin-ion sent to the Bureau of Budget 5/18 977
S. 2565 to amend sections 12a and 19 of FRAct, letterto Senator Wagner favoring enactment 6/18 1239
Finance Committee:Withholding tax, application to interest on bonds in-
cluding Government securities, memorandum tobe prepared for Messrs. Ransom and Szymczakand submitted to Treasury for suggestions 8/ 6 1567
Letter to Mr. Randolph Paul stating position ofBoard to be delivered at hearing room of 8/26 1683
Small business, letter to Mr. Thompson on dealings byFRBanks with customers other than member banks 12/ 3 2264
SYst, em Committee on Collections, meeting called to considerration banking plan 12/ 5 2273
Changes suggested in plan for clearance of ration checks 12/16 2327victory Fund:
Advertisements in connection with Treasury financing, com-
plaints from press of discrimination in placing 12/ 1 2248
73Pages
9/ 4 1735
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74Pages
Committees: (Continued)Victory Fund: (Continued)
Discussion of, and decision that all of the Presidentsshould meet with the representatives of theTreasury and the investment bankers 5/ 8 887
Discussion of work at dinner meeting of Presidents withrepresentatives of Treasury 9/24 1878
Distribution of Series B Tax Notes, to be requested to makespecial effort to obtain wide, and Messrs.Ransom and Szymczak to keep in close touchwith committees 9/11 1778
Executive manager at FRBank of Chicago, position not withinscope of personnel classification plan 9/14 1802
Expansion because of increased activity in connection withnew Treasury financing 11/11 2144
Expansion of activities to include smaller communities dis-cussed 12/18 2336
Expenditures by FRBanks for advertising in newspapers ofcities where regional offices are located 11/25 2230
Expenses of, instructions for including in Functional Ex-pense Report 5/20 1000
Letter to FRBanks on expanded activity 11/12 2159Meeting of Chairmen scheduled for January 26 12/19 2347Offering of short-term in market issue to be part of work
of 7/ 1 1334Service in connection with new issue, question of furnish-
ing names of member banks with substantial ex-cess reserves for use in committee work 7/ 8 1384
Statement furnished to Bureau of the Budget on participa-tion of FRSystem in Treasury financing 11/28 2238
Treasury bills, program to educate member banks on ad-vantages of holding suggested 8/ 5 1560
Use of Form 158 in obtaining transportation exemption formembers 6/12 1206
War loan accounts, telegram from Treasury Department toFRBanks that small banks should be encouraged
war to open and increase 9/18 1843_L egislation, to be included in another War Powers Bill,
Mr. Wyatt authorized to advise Mr. Cox thatBoard has no additional 2/17 288
War loans:Budget for non-personal services of, to be submitted to
Board 4/ 6 628Draft of Regulation V approved by 4/ 1 601Funds received under Executive Order 9112, Mr. Bartelt of
the Treasury to confer with, regarding coveringof funds into the Treasury
4Organization of, as outlined in memorandum from Mr. Eccles
with 3/2: 6505:approved th minor change
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issued by Board of Governors are not returned to issuingoffice and should be taken up with office ofthe Treasurer of the United States
checks after payment, question of filing in Treas-urer's office or General Accounting Office
C°T4Ptroller of the Currency:Absorption of exchange and collection charges by member banks,
correspondence onAgreements under Regulation V, proposed revision of standard
form submitted for suggestionsNational Bank and Trust Company of Mobile, Alabama,
action on application to make acceptances upto 100% of capital and surplus, deferred pend-ing opinion of, as to whether the condition ofthe bank justifies the grant of authority
reports of national banks, change in item due to anddue from other banks being considered by
of correspondence on denial of application of FirstTrust and Savings Bank of Pasadena to estab-lish branches sent to
Enforcement of Regulation W, letter on cooperation with regardto national banks
4aIllination procedure agreed upon in 1938, provisions abandonedby
Uniform policy adopted by bank supervisory agencies, re-ported change without consultation with Boardand FDIC
Proposed change in, letter to Mr. Upham that conference ofbank supervisory agencies be held
Commodity Credit Corporation:Certificate of interest issued by, classification by Citizens
State Bank of Knox City, Texas, in condition re-ports as loans or guaranteed securities
Loan used to purchase listed article not exempt from provisions
Co -m- of Regulation W,tionwealth Investment Company:See. 32 of Banking Act of 1933 because open-end investment com-
Oopw,4. pany-vkiroller General of the United States:
Assignment of claims under act of 1940, letter on acknowledg-ment and return of notices
Procedure of office with regard to, especially in connectionwith war loans
Assignment of Letter of Intent and assignment of Notice ofAward, letter on assignability at request ofFRBank of Minneapolis
Opinion transmitted to FRBanksCheeks
Custody of
American
Condition
Copies
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6/11 1187
9/ 3 1724
10/14 201811/ 2 2100
10/ 1 1924
10/27 2074
10/ 9 1987
12/23 2375
3/30 592
3/24 550
11/19 2201
6/12 1204
10/ 9 1991
10/17 2037
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Comptroller of the Currency: (Continued)Examination and supervisory policy with reference to invest-
ments by banks in and loans upon Government
76Pages
securities 11/11 2148Joint statement with special reference to investments in
and loans on Government securities 11/20 2205Individual debts: (See Loans)Inscription for front page of examination report of national
banks 11/19 2202Press statement regarding reduction of individual debt to be
submitted to, for approval following consider-ation by Messrs. Ransom, McKee, and Szymczak
Statement as approved for releaseReciprocal bank balances, proposed procedure for reporting,
agreeable to, no change to be made on theface of the report and the form of publishedstatement
Regulation IV, advice that office will cooperate with Boardin enforcement of
Savings deposits, withdrawal without notice for purchase ofdefense savings bonds, comments sent to FRBankof Cleveland
Second National Bank of Ravenna, Ohio, copy of report by Mr.
5/5 851
5/7 880
5/11 921
7/ 6 1374
3/9 437
Gaffney on investigation of trust departmentin connection with surrender of its fiduciarypowers, sent to 2/14 258
Letter containing same information sent to FRBank of Cleve-land
Staff:2/14 257
Roberts, T. V., Assistant Counsel, cost of luncheon to beborne by Board 1/29 145St
atistics of national and State banks, no need for extensionof clerks on reimbursable basis as help cannow be supplied by Board's staff, reimbursementof only one clerk necessary for December as Mr.Martin resigned
TMasamerica1/5 11
Corporation:Expansion by, Mr. McKee authorized to confer with Mr.
Crowley and Comptroller regarding adoption ofPolicy of refusing to permit further 1/22 105
Readily marketable assets of the kind and amount requiredby sec. 5144 of the Revised Statutes held by
loans:5/9 911
Guaranteed by provisions of Executive Order, question ofmaking, by national banks without being subjectto section 5200 of Revised Statutes
Participation in lending program by national banks, letterto be published in FRB1111etin
4/8 661
5/25 1033
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77Pages
NINlsory savings:War financing, discussion of Federal Advisory Council with
Board as to whether it should be conducted ona voluntary basis or whether a plan of, shouldbe adopted 5/18 952
ConaAdmiral Charles, Chairman of Interdepartmental War Savings
Bond Committee, advice that staff of Board hadexceeded the ten per cent goal in pay roll sav-
n ings plan
Cohditio of banks:American Bank and Trust Co., New Orleans, La., unsatisfactory
features to be corrected as result of confer-ence of Mr. McLarin with officers of bank andrepresentatives of Louisiana Banking Depart-ment
Peoples Trust Company, Martinsburg, W. Va., change in manage-ment suggested and examination to be made by
011r1 4 1 • FDIC and FRBank of Richmond
---610n reports:Bank of America N.T. & S.A., submission of report of holding
company affiliate relationship with Trans-
11/ 2 2101
10/22 2049
10/28 2078
america Corporation waived 3/20 516Call reports:
Forms and instructions for next call transmitted to FRBanks 4/ 2 614Memo of Mr. Smead on revisions 6/10 1183
Fall call to be omitted with understanding that banks wouldobtain from member banks a classification ofloans and investments including information onpersonal loans and retail instalment paper 7/18 1454
Fall call not contemplated, telegram to FRBanks and advicemay be given to State banking departments 9/28 1895
Call not contemplated at present time, no objection to ad-vice to State member banks 10/ 3 1942
End of year call, proposed revision of Form 105 reducingfrom four to two pages 11/18 2198
CaPtion to appear at top of publishers copy and be acceptableto State banking authorities and Board of Gov-ernors, suggestion of Mr. McAdams approved withmodification 6/26 1299
Changes in caption for use in joint publication, advice toFRBank of Dallas approving 7/30 1520
Certificates of interest issued by Commodity Credit Corporation,advice to Citizens State Bank, Knox City, Texason classification as loans or guarantee securi-ties 6/ 5 1147Chase
Bank, New York, Far Eastern branches, special instructionsfor preparation of, as year-end statements arenot available for 1/14 48
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Cond•ltion reports: (Continued)Deposits, differences in reporting time certificates especially
those subject to reserveDeposits by post exchanges at Army posts and of company, bat-
tery, and similar funds should be reported asGovernment deposits if not designated deposi-taries
FRBank weekly statement, FRnote statement to be discontinued,
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8/29 1713
10/13 2014
information to be shown under liabilities, andstatement to be reduced to two sheets 5/5 865
Memo of Mr. Smead on manner of showing Government securi-ties purchased in open market or directly fromTreasury 6/15 1221
Changes in wording of weekly statement in connection withparticipation of FRBanks in foreign accounts 8/25 1673
Retirement System interest base adjustment, manner of show-ing payment in 12/31 2415
First Trust and Savings Bank, Pasadena, Calif., extension oftime for filing reports of affiliates 7/16 1443
°rms and instructions for next call transmitted to FRBanks,
Gov memo of Mr. Smead on revisionsernment securities, figures showing par values of, unneces-
6/10 1183
sary0 to furnish in futureint publication of those rendered to State and Federal Re-
serve authorities, amended form 105e for use inKentucky
7/ 1
7/16
1344
1445banks, forms to be furnished if Division of Banking de-
sires to make fall callLoan
9/16 1822schedules, memo of Messrs. Smead and Goldenweiser for tak-
ing out of call report and submitting separately,referred to Messrs. Ransom, Evans, and McKeewith power to act
blember banks in 101 leading cities weekly report, change being10/ 6 1952
considered in item due to and due from other
Ue • banksrrill Mortgage Co., Bangor, Maine, report should be submitted
by Merrill Trust Company because not in formalliquidationNat ional Bank of Vtashington, Tacoma, Washington, submission of
3/24 550
11/11 2149
report of holding company affiliate relation-
National banks: ship with Transamerica Corporation waived 3/20 516
Call as of December 31, 1941 1/2 8Call as of April 4 4/7 650Call as of June 30 7/ 3 1359Due to and due from other banks, change in method of report-
ing being considered by Comptroller of Currencygrim Trust Company, Boston, Mass., corrections to be made
in, republication not to be required
3/24
8/ 6
550
1575
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79Pages
Condition reports: (Continued)Publication in places where branch banks are operated, refer-
ence to S. 2393 6/26 1300Reciprocal bank balances, proposed procedure for reporting,
agreeable to Comptroller of the Currency, nochange to be made on the face of the reportand the form of published statement 5/11 921
Reciprocal interbank demand balances with banks in United Statesshould be reported on call reports as net in-stead of gross 6/24 1276
S. 2393, which would require the publication of statements andcondition reports by each insured bank andbranch, letter regarding, sent to the ExecutiveOffice of the President 5/11 920
, Reply to Senator Wagner regarding 5/18 977Qocial Security taxes, opinion of Board that they should not be
classified as deposits but should be shown as"Other liabilities" 5/ 8 907
Standard caption to appear at top of Form 105e for use in jointpublication 9/25 1886
State member banks:Call as of December 31, 1941 1/ 2 8Call as of April 4 4/ 7 650
Change in instructions for reporting on forms 105e and 220a 4/17 742
Call as of June 30 7/ 3 1359Revision of form 105 to obtain break down of maturities of
Government bonds from insured commercial banks 11/21 2214Instructions and definitions covering loans and discounts,
revised form approved 12/16 2327m Forms and instructions transmitted to FRBanks 12/24 2383"kK bills of City of Kansas City, manner of showing those held
by Riverview State Bank 6/17 1232Undisbursed portion of irrevocable loan commitment should be
Weekl reported in contingent liability schedules 7/16 144347 reporting member banks:Debits to demand deposit accounts to be shown in press state-
ment, memo from Mr. Smead 4/18 744Treasury certificates of indebtedness to be shown separately,
Coro, code words and instructions sent all FRBanksnces:
4/ 9 669
tIlditors, calling of, question of responsibility 9/18 1839°Lnkers and members of executive committee of the Federal Open
Market Committee with the Secretary of the Treas-11/11 2145ury on proposed Treasury financing
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COnterences: (Continued)Board, Treasury, and SEC, report on, by Mr. Eccles regarding
pending capital issues for the purpose of pay-ing off bank loans which would leave the com-panies free to borrow again from banks forthe purpose of building up inventories
Chairmen:Auditors, relationship of Reserve Bank, resolution onBalderston study on "Executive Development in FRBanks,"
Mr. Ruml advised that Board concurs in objec-tives of, and is willing to provide space forofficers on tour of duty at Board
Branches of FRBanks, resolution increasing powers and func-tions of
Dinner to be arranged for January 26, Mr. Hansen to be in-vited to make talk following
Dinner to be given to members, advisers, and staff of Na-tional Resources Planning Board and cost to bepaid by Board
Executive development plan, resolution on implementationof
Functions of FRBanks, letter from Mr. Ruml regarding dis-cussion by, Board to take no action on
Indebtedness of Reserve Bank officers and employees, resolu-tion on procedure for reporting
Luncheon, arrangements to be made for luncheon in Board's
Meeting to be held in New York on October 5, agenda fordining rooms on January 26
Meetings of, importance emphasized, suggestion that Chair-man if unable to attend should arrange for at-tendance by either Deputy Chairman or the otherClass C director
Minutes and stenographic record of meeting, revised copysent to Chairmen with request for suggestions
Personnel objectives as expressed in Balderston study on"Executive Development in FRBanks," Mr. Rumladvised that Board concurs in, and is willingto provide space for officers on tour of dutyat the Board
Presidents of FRBanks not to be invited to meeting to beheld in New York on October 5
Regional program for economic studies and planning, resolu-tion on
Resolutions adopted at meeting, action of boards of direc-tors of Banks to be reported to Board
Self-insurance, Chairman Eccles to advise Chairmen ofreasons for prompt action on this matter
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erences: (Continued)Chairmen: (Continued)
Stenographic record to be made of meeting on October 5Topics for discussion:
Auditors at FRBanks:Duties and responsibilities ofRelationship to boards of directors of FRBanks and
examiners of Board of GovernorsLetter to Mr. Ruml relating to
Branches of FRBanks, functions to be performed byIncrease of services and functions
Executive development plan of FRBanksIndebtedness of officers and relation of auditors to
directors to be discussed at meeting on October
5National economic problems, plan of cooperation between
FRSystem and National Resources Planning BoardPlan for coordinating research and statistical activi-
ties of Board of Governors and National Re-sources Planning Board, to be placed on pro-gram for next meeting
Program of Division of Personnel Administration withrespect to FRBank matters, outline of
Report of Executive Development at FRBanks, giving ofpublicity to
Research departments of FRBanks, expanded studies to be
C2 conducted by',,,I LLttee of Directors on Welfare of Staff of the FRBank of New
York with Board, to be arranged through Mr.Szymczak for the purpose of evolving a planof executive compensation for officers
Eacaminers at Philadelphia in September:Examination departments of FRBanks, representatives to meet
in Philadelphia beginning September 22Matters discussed at, report of Mr. McKee onRegulation W, enforcement to be discussed and representa-
tives of FRBanks to be prepared forEnforcement of, to be open for discussion at, telegram
to FRBank of AtlantaSummary of discussion of problems in connection with
Report of Mr. McKee on success of meeting at Philadelphiaand recommending future conferences
1,_Report on scope, procedure, and frequency of examinationsral Open Market Committee, meeting to be held on January 25
''t(eBank representatives:Better Business Bureaus, conference to be arranged to as-
sist in solving question of relationships ofFRSystem with, copy of report on problem sent
FRBanks
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9/18
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1177
1841
1001
1745
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9/ 910/28
9/299/2912/19
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1742
17622081
190419052347
3/11 468
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Coriferences: (Continued)FRBank representatives: (Continued)
Better Business Bureaus: (Continued)FRBanks requested to submit comments and suggestions,
conference to be avoided by submission of planby Board 3/27 576
Building safety and vault control, FRBanks requested toadvise whether they feel conference is justi-fied, results that might be expected, and sug-gestions as to additional topics 4/16 732
Enforcement of Regulation IA, conference to be arranged toassist in solving problem of, copy of reporton, sent FRBanks 3/11 468
FRBanks requested to submit comments and suggestions,conference to be avoided by submission of planby Board 3/27 576
Regulation V, draft of, approved by Board for purpose ofdiscussion by 4/ 1 601
Statement of Mr. Eccles regarding discussion by, of in-terest rates and guarantee charges on warloans 4/ 3 618
War loans, suggestion that meeting be arranged to draft plans, regulations, and instructions for 3/20 513
War loans, table of rates on, which might be adopted byWar Department considered for submission to 4/ 1 606
PRnotes and FRbank notes of 1928 series, representatives ofTreasury and Board, regarding issuance of 5/26 1061
iseal Agency: Agenda, no topics suggested by Board to be added to,
Messrs. Smead, Szymczak, Myrick, and Morrillto attend 5/ 1 836
Report of Mr. Szymczak on conclusions reached in discus-sions with Mr. Bell regarding 1/28 140
Government securities, committee composed of representatives ofBoard and Presidents to confer with Treasuryand a committee of investment bankers in regardto promoting the distribution and sale of 5/ 8 886
International finance reconstruction after War, report of
Messrs. Eccles and Goldenweiser on meetingwith representatives of Treasury and State
5/26 1047Nationa, Departments and othersAssociation of State Bank Supervisors, executive com-
mittee of, invited to use Board Room for meet-ing, Messrs. Ransom and McKee to attend 3/23 540
Absorption of exchange and collection charges, report ofdiscussion on 9/29 1902
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COnierences: (Continued)Presidents: (Continued)
Adjusted compensation plan, liberalization of, approved byBoard, advice to, letter to be sent to FRBanksregarding 3/ 2 394
Advances for periods up to 90 days secured by Government ob-ligations, discussion of authority of FRBanksto make, at meeting of Presidents with Board 3/ 2 382
Article combining public relations work on Regulation IVwith defense saving bond program, Presidents'Conference asked if it desires that Board con-tinue with preparation of 2/13 252
Defense Savings Bond Committee to study simplification ofprocedure for issuance of defense saving bondsand submit recommendations to Treasury 3/ 2 391
Dinner at Carlton Hotel on September 28 with representativesof Treasury to discuss work with Victory FundCommittees, members of Board and Messrs.Morrill and Smead to attend 9/24 1878
Examinations of member banks, suggestion that number be re-duced, discussed at meeting with Board 3/ 2 390
FRnotes, unissued 1928 series, not to be issued until con-sent of Treasury is obtained, discussed at meet-ing of Board with Presidents in connection withrequest of Bureau of Engraving and Printingthat standard of fitness for circulating bereduced 3/ 2 391
Holidays at FRBanks, observance during war period, summaryof replies of FRBanks, matter to be reviewedby Mr. Szymczak 7/10 1397
Hot Springs, Virginia on Sept. 25-27, report of actionstaken at 9/29 1897
Industrial advances, letter to FRBank of Kansas City sug-gesting that in light of discussion by Presi-dents it might desire to reconsider itsschedule for advances and commitments 5/12 925
Industrial loan corporation, statement of Presidents re-garding, and discussion at meeting of Boardwith Presidents 3/ 2 385
Insurance, joint report of Insurance Plan Committee andStanding Committee on Insurance accepted by,and recommendations made to Board at meetingwith Presidents 3/ 2 392
Board concurs with, in resolution approving, adoptionof self-insurance plan favored, letter sent toFRBanks, comments and suggestions requested 3/30 593-6
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Coriferences: (Continued)Presidents: (Continued)
Insurance: (Continued)Charged with the duty of continuing study in accordance
with the recommendation in the joint reportInsurance agreement as revised and agreed upon, approvedManaging Directors at FRBranch banks, change in title to
Vice President and Managing Director with ap-propriate adjustment in salary, discussed atmeeting of Presidents and Board, to be studiedby Presidents
Meetings:No objection by Board to meeting on February 2 and 3,
but suggested to Mr. Day that it be delayed to
84Pages
5/8 90812/11 2303
3/2 390
correspond to meeting of Federal Open MarketCommittee in March
Meeting to be held in Washington on February 2 and 3With Board of Governors
Separate session at this time considered unnecessaryas Presidents will return to Washington some-
1/161/222/ 33/25/8
7396170381885
time in June 5/ 8 896To be held in Washington following the meeting of the
Federal Open Market Committee on June 22 5/ 8 896With Board of Governors 9/29 1897Scheduled for January 25-27 12/19 2347
Pay roll savings plan for purchasing securities, record ofFRBanks discussed 9/29 1903
Rates on 10b loans, discussion of need for uniform action 9/29 1906Recommendations:
Budgets, submission of annual to be discontinued exceptstatistical and analytical and bank examination 8/20 1647
FRnotes, that existing stocks be put in circulation asWar Emergency measure, letter to FRBanks andletter to Mr. Bell on position of Treasury 8/20 1646
Insurance on shipments of currency and coin, resolutionthat FRBanks not assume war risk on 9/29 1897
Joint report on insurance by Insurance Plan Committeeand the Standing Committee on Insurance, to bemade to the board of directors of each FRBank
Rediscount rate, discussion of uniform reduction to 1 percent, no objection by Presidents in meetingwith Board
3/
3/
2
2
392
381
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3riferences: (Continued)Presidents: (Continued)
Regulation W, changes in, discussed by Mr. Ransom with, tobe reprinted when amended again 3/ 2 394
Retirement System, report of committee discussed 9/29 1901Safekeeping of Treasury bills and certificates of indebted-
ness of nonmember banks to be permitted forduration of war 10/14 2019
Supplemental Compensation Committee of, request regardingadjusted compensation plan discussed and re-strictions modified with understanding thatplan shall not be applied where it would in-crease any salary beyond $6,000 and not tobe effective until after March 1, 1942 2/27 364
Topics for discussion:Advances secured by Government obligations for a period
of 90 days, authority of FRBanks to make 2/27 373Budgets of FRBanks, question of whether parts of,
should not be submitted to Board during thewar 4/16 732
Building safety and vault control, standards on, sug-gested as 5/ 4 844
Federal Open Market Committee, amendment to section12A of FRAct to regroup FRBanks for representa-tion on 2/27 373
Forms of FRBanks, assignment of approval numbers byBudget Bureau to be discussed 12/22 2364
Government securities, transfer by wire of long-termas well as short-term, suggested by FRBank ofChicago 1/12 42
Holidays, observance of, by banks and post offices dur-ing the war, suggested in letter to FRBanks 4/27 778
National economic problems, plan of cooperation betweenFRSystem and National Resources Planning Board 7/21 1465
Overdrafts at FRBanks by Treasury, procedure for handl-ing in future to be discussed at 6/18 1248
Rates on advances under Section 10(b) of FRAct, maximumrate to be discussed at next conference 8/20 1647
Rates on advances to nonmember banks, whether itshould be same as rate to member banks 10/27 2067
Rediscount rates, Board willing to approve a rate ofone per cent 2/27 373
Report of Executive Development at FRBanks, giving ofpublicity to 5/20 1001
Reserve requirements, amendment to section 19 of FRActto authorize Board to change 2/27 373
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COnferences: (Continued)Presidents: (Continued)
Topics for discussion: (Continued)Self-insurance, report of special committee to be con-
sidered, Chairmen's Conference advised of neces-sity for prompt action on
Victory Fund Committees, discussion of expanded activitiesand expenses
Regulation W:Meeting of representatives of the trade with the Board, em-
ployment of a stenographer from Hart & Dice toreport, authorized
Representatives of trade regarding, questionnaire on non-purpose loans sent to
RePresentatives of Treasury, War Production Board, Office of
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1/22 96
11/12 2159
3/12 487
4/6 640
Price Administration, etc., to consider measureto restrict use of credit for purposes offinance inventories of consumer credit 6/ 9 1166
Representatives of Treasury and State Departments, Export-Im-
port Bank, Board of Economic Warfare, etc., todiscuss establishment after Vvar of InternationalStabilization Fund and International Bank 6/ 9 1161
Research departments of FRBanks and representatives of Divisionof Research and Statistics to be held on October13 and 14 9/30 1915
Standards of building safety and vault control, calling of,placed on program for President's Conference
Victory5/ 4 844
Fund Committee discussed, and decision that all of thePresidents should meet with the representativesof the Treasury and the investment bankers 5/8 887
Meeting of Chairmen to be held on January 26War loans, suggestions that meeting be arranged to draft plans,12/19 2347
regulations, and instructions for 3/20 513FRBanks requested to send representatives to Washington
to outline procedure for making, under au-thority of Executive Order 3/26 553
Draft of regulation and instructions being prepared, so asto be available for consideration of conference 3/26 554
Conference postponed from Monday until Wednesday 3/27 584Table of rates which might be adopted by War Department con-
sidered for submission to 4/3 606Representatives of FRBanks, to be held in Washington at
early date 10/ 2 1933Representatives of FRBanks and representatives of the Board
and services, to be held on October 19, 20, and21 10/ 6 1952
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87Pages
Con ferences: (Continued)War loans: (Continued)
Cost of making stenographic record of conference in Wash-
ington of representatives of Board, FRBanks,
and the services, payment authorized 10/12 2012
Expenses of those attending to be assumed by each FRBank 10/29 2086
Proceedings sent to FRBank representatives and others 11/20 2209Cc3rinally, Senator Tom:
Credit restriction to dampen demand on pianos, letter on ques-
tions raised by 0. H. Ross 8/ 4 1547Legal holidays by banks and post offices during the war, reply
to letter from Mr. Chambers forwarded to Board
by, protesting against observance of 4/27 776
lino)) Copy sent to FRBanks 4/27 778Co-4Y, Brigadier General Donald H., memorandum from, recom-
mendation that authority be limited to signcertificates for priority on air carriers, ap-
proved 2/ 5 196
Auburn Trust Company, Auburn, N. Y., purchase of assets and
assumption of liabilities of National Bank
of Port Byron and establishment of branch in11/18 2194
Crawford County Port ByronTrust Company, Meadville, Pa., assuming ofdeposit liabilities of Townville State Bank,
Townville, Pa., no objection to transactionbut need for conservation of earnings to beimpressed on bank 10/10 2002
First National Bank and Trust Company of Floral Park, NewYork, permission given to FDIC to examineFloral Park Bank and Trust Co., in connectionwith the assumption of its liabilities and
P -0 assets by 1/30 148Trust and Savings Bank of Pasadena, California, permis-
sion to acquire the assets of the Temple CityNational Bank and establish branches at TempleCity and Alhambra denied on basis of informa-
tion before Board at present 2/14 255Trans america Corporation advised that further expansion
Kanewill not be permitted 2/14 256aidnk and Trust Co., Kane, Pa., permission to purchase as-
sets and assume liabilities of First NationalBank of Kane 12/30 2408
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Oons .olidations: (Continued)Lenawee County Savings Bank, Adrian, Mich., purchase of assets
and assumption of liabilities of National Bank
of AdrianCounty Bank, Newark, Ohio, to take over assets and
assume liabilities of Union Trust Company af-
ter stock is purchased by BancOhio Corporation
Proposed absorption of Union Trust Company of Newark,
Ohio, with change in title, new voting per-
mit not necessary for BancOhio CorporationPurchase of assets and assumption of liabilities of Union
Trust Company of Newark, and title changed to
Union Licking BankManu facturers Trust Company, New York, N. Y., no objection to
proposed purchase of assets and assumption of
liabilities of the Standard National Bank of
New York, and establishment of a branch of the
trust company in the quarters of the national
bankBanking and Trust Company, Hazleton, Penn., approval
for establishment of branch at Weatherly,
Pennsylvania by assumption of liabilities of
First National Bank of Weatherly, rescinded°gclensburg Trust Company, Ogdensburg, New York, permission
given to, for establishment of a branch in
Winthrop, New York, in connection with the
purchase of assets and assumption of liabili-
Peoni ties of First National Bank of Winthrop"es City Bank, McKeesport, Pa., proposed absorption of
Union Trust Co., Clairton, Pa., and establish-
Pen,' ment of branch at Clairton approved-"-Les-Pittsburgh Trust Company, Pittsburgh, Pa.:Dormant Savings and Trust Company, to purchase assets and
assume liabilities of, and branch to be estab-
lished at DormontFirst National Bank of Etna, plan to purchase assets and
State t assume liabilities and establish branch'Plank of Mayville, Wisconsin, withdrawal to assume the
deposits of the Knowles State Bank, Knowles,
Wisconsin, and establish as branch bankSavings Bank of Woodville, Ohio, to take over Woodville
Savings Bank Company, technical requirementswaived and to be allowed to continue as member
bank
Licking
Markle
State
88Pages
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5/19 986
8/ 8 1593
11/18 2194
2/7 221
1/27 126
2/14 254
12/ 3 2262
11/23 2218
10/13 2014
1/14 49
8/26 1689
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Consolidations: (Continued)Union Trust Company of Pittsburgh, Pa., to take over its affil-
iate Union Savings Bank of PittsburghUnited Bank and Trust Co., St. Louis, Mo., absorption of Tel-
egraphers National Bank of St. Louis, no ob-
jection toWarren Bank and Trust Company, Warren, Pa., purchase of assets
and assumption of liabilities of Clarendon
State Bank, Clarendon, Pa.Westfield Trust Company, Westfield, New Jersey, purchase of
11/10
10/ 8
11/30
89Pages
2142
1972
2243
assets and assumption of liabilities of
First National Bank of Garwood, and estab-
lishment and operation of branch at Garwood3/26 564approved
Wilmington Trust Company, Vd1mington, Delaware, purchase of
assets and assumption of liabilities of Union
National Bank of Wilmingtonec)risunier credit: (See also Regulations, Board of Governors, TO
Address to be made by Ir. Lloyd Raisty, telegram suggesting
Can rl changes ina'-tal Messrs. Brown and Robinson authorized to gm to, for
study ofReduction in, opinion of members of Federal Advisory Council
Sta expressed at meeting with Board
tement ordered published in FRBulletinStatistical work conducted by Bureau of Foreign and Domestic
Commerce to be transferred to Board, letter
to Mr. TaylorLetter to FRBanks on transfer of work to FRSystemStatisti s
c reports on, letter to American Bankers Association
regarding transfer to Board, request for list
of reporting banks, procedure and form of re-
port outlinedFR Banks advised of transferInstructions for submission of reports transmitted to
FRBanksTo be considered at meeting of representatives of re-
search departments of FRBanks and BoardSuspension of licenses, statement for publication in FRBul-
letinV°1ume of, to be frozen by proposed program for administration
of Regulation W, discussion ofVolume of all types declining, report made at meeting of Fed-
eral Advisory Council with Board
11/ 4
11/ 9
3/10
74//212.
8/ 68/21
2/ 42/ 4
3/ 5
9/30
11/24
4/ 7
9/14
2116
2137
443
1?735/84
15781658
187188
419
1915
2228
649
1797
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Consumer goods:Inventories, conference on measures to restrict use of credit
for purpose of financingUse of credit in connection with accumulation of, letter to
be prepared and to be sent to all banks andother financing institutions
Letter to banks and financing institutions, approved fortransmittal for approval by agencies mentioned
Letter to banks and financing institutions revised and tobe given to press for publication
Letter to State bank supervisors for cooperationConsumers Home Equipment Company of Detroit, Mich., violation of
Regulation W, procedure now under considera-tion
C(Iltracts.Information on financial ability of ship repair and building
yards furnished by FRBanks to Navy, requestby that information also be reported toBoard
4nversions:3ational bank into nonmember State bank being considered,
mentioned in letter to FRBank of St. Louis-Perative banking institutions, reply to Congressman Voorhis on
Coord., possible membership in FRSystem,tnator of Information:QT,aff
Kilgour, Frederick G., Executive Secretary of the Interde-partmental Committee, advised that Board wouldbe glad to rely on the service of the Coor-dinator of Information as a source for thedaily press reviews prepared by the Bank for
CoorA, International Settlementslrlator of Inter-American Affairs:taff:
Hanson, Elliott S., Inter-American Scholarship program,letter regarding conference of Mr. Claytonwith, Mr. Stark designated as proper personto contact with respect to participation ofBoard in
Hayward, Harold, Inter-American Scholarship program, let-ter regarding conference of Mr. Clayton with,Mr. Stark designated as proper person to con-tact with respect to participation of Boardin
90Pages
6/ 9 1167
6/11 1185
6/12 1196
6/17 12336/26 1293
7/30 1518
1/22 107
1/ 1 6
2/ 4 191
5/ 4 845
4/20 748
4/20 748
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,()I'dller, Carter H.: (See First Thrift of Los Angeles, Calif.)vorporate seal:
Financing institution, should appear on guarantee agreementsexecuted by War Department
Cou • nell of State Governments:°ffer to assist in obtaining State legislation to facilitate
war effort, Mr. Wyatt to deal withoUnsel, FRBanks:
Cowan, J. Harding, FRBank of New York, salary approved, request
that Board be advised upon termination of hisemployment
Ketchum, Phillips, Associate, FRBank of Boston, payment for
services approved
Payment of retainer approvedIlacCoY, Brittain, Evans, and Lewis, FRBank of Philadelphia, pay-
ment of retainer approvedRobertson, James Louis, Assistant Counsel, assigned to Detroit
Branch, salary approvedSquire, Sanders, and Dempsey, FRBank of Cleveland, payment of
retainer approvedBills for service including work in connection with Regu-
lation V loansPresent arrangement to be continuedBill for legal services incident to 13b loanBills in connection with war loans, payment approved
Courir.— Bill for services approved7'1, General, Memoranda of:
7sorption of exchange and collection charges by member banks,°1cling company affiliates, change in definition ofFt
ding
Statutes, alternate drafts of amendment to Section5200, which would exempt loans covered byguaranties or commitments made by the U. S.
or by any FRBanks, memo from Mr. Wyatt re-garding
FRBanks:B., FRBank of New York, services in connection
CoUrisel, Special,Altreuter, L.
91
Pages
9/ 3
9/14
1725
1808
1/15 55
1/7 241/20 89
2/12 244
12/12 2306
1/17 81
7/28 15059/15 18149/17 182410/31 209712/29 2402
10/ 9 19872/19 300
5/18 976
with effort to obtain reduction in tax assess-
ments on buildings 11/ 6 2128Davis, Polk, Wardwell, Sunderland, and Kiendl, letter on inclu-
sion in guarantee agreements of provisions of
loan made to General Motors Corporation 11/27 2234Holt, Robert N., employment by MBank of Chicago in tax matter
approved 3/31 598
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
COunsel Special, FRBanks: (Continued)Lynch and Cahn, FRBank of New York, fee for services and ex-
penses in connection with preparation of briefsapproved
Mayer, Meyer, Austrian and Platt, employment of, by FRBank ofChicago as special counsel in tax matter ap-proved
Qu
C°Urt cases:Rockmore
Nilts & Co.
nterfeit notes:Board willing to print notices of, on a reisdbursable basis for
the Secret Service Division of the Treasury De-partment
Inquiries being received by Secret Service as to whether newbank notes being paid out are counterfeits
C°118e) John H.,
CO ,Sear:
Legislation relating to the war effort, to be advised thatBoard has no additional to suggest 2/17 288
"Pinion on legality of executive order, 9112, no distribution
to be made unless requested 5/19 984l'aft H) M., former Assistant Manager of the Los Angeles Branch,
v. Lehman, assignment of moneys as against a trusteein bankruptcy, validity upheld
, Atlanta, Georgia, letter to Mr. Broadwell on loanto a general partner to enable him to make con-tribution to capital of the firm under Regula-tion T
no objection to reprinting Sec. 5 of Regulation
92Pages
12/10 2297
3/31 598
5/20 1004
12/24 2383
9/14 1805
/4/1 608
5/18 975W to enclose with statements to customers/lepresentative E. H., reply to letter of inquiry of Southern
Specialty Company on contract in form oflease with option to purchase under Regula-
tion W 6/12 1205
use of services of, suggested in connectionwith program for protection of property ofevacuees0 l'iav
ens/ Kenton R.:3/ 6 427
of luncheon to be borne by Board 1/30 157fc)st'erlorandum on appraisal manuals read in connection with proposed
Amendment No. 3 to Regulation W 2/24 332Pr esent at Board meeting 2/24 322
Suggestion that the Board within 30 days move to apply restric-tions on open-book accounts 2/24 338
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Cravens, Kenton R.: (Continued)Voucher covering expenses for attending
Credit bureaus: at request of War Loans
Blacklist of individuals whose accounts
Credit abandoned
Bureaus
Credit control:Amendment No.
Executive Ord
Inflation, di
meeting in V:ashingtonCommittee approved
are in default, idea
of America, Inc., letter from, and reply regardingthe organization of, to report names of cus-tomers whose charge accounts are in default,sent to FRBanks
4/ to Regulation Vr, reduction in the volume ofconsumer debt that will result from theadoption of
er 8843, scope of authority to prescribe regula-tions in relation to, granted to Board by
scussion by Mr. Eccles with regard to the role ofcredit control as supplementing price control,priorities, and rationing in controlling
towardtrendsPresident Roosevelt's anti-inflation message to Congress re-
93Pages
11/ 6 2129
7/10 1h00
5/21 1008
W3° 784
4/30 786
2/16 263
lating to, press statement read at Board
IT meeting
T _ -nion National Association:an to member of credit union, conditions for renewal under
Credit Regulation Wunions:
League Credit Union of St. Paul, Minn., letter for informationon becoming member of FRSystem referred to
Lean , FRBank of Minneapolis for reply-s for purpose of purchasing shares under laws of annesota,
Lo- applicability of Regulation W tomade by and secured by its shares, question of exemption
LO under provisions of Regulation WLea secured partly by shares of, interpretation of Regula-
tion W, statement for publication in FRBul-
Mem letin11,rship in FRSystem, eligibility requirements forLaigibility in Minnesota and generallyLetter to FRBank of Minneapolis on inquiry of League Credit
Union of St. Paul for information onunions or cooperative banking institutions, reply to Con-
4/27
9/10
12/ 5
7/ 7
11/ 5
11/2h6/ 38/ 6
12/ 5
773
1771
2271
1381
2124
222811281572
2271
Crecl- •dllot Company,
gressman Voorhis advising of amendments neces-sary to allow membership in FHSystem by
Inc., North Tonawanda, N. Y., effect of amend-ment No. 6 to Regulation W on credit sales ofproducts of
2/4 191
9/10 1769
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Cuba:
Agricultural
Central bank,
bank, statement of Mr. Gardner on proposed estab-lishment in connection with creation of centralbank of Cuba
statement of Mr. Gardner on proposed report ofmission covering currency stabilization fund,proposed agricultural bank, and selection of
Mission to, to
94Pages
6 203
directors and management of bank 2/ 6 203send letter to Minister of Finance of Cuba re-garding draft of monetary law, no objection byBoard
Clrland Electric Company, opinion that down payment must bemade on radios used as demonstrators underprovisions of Regulation It;
ellnlberland Maytag Company, advised of the necessity for writtenstatements under section 4(1) of Regulation
CurtErnest L.: (See Amer, Cunningham, & Keeney, Akron,
Ohio)Currency:
Counterfeit:Inquiries being received by Secret Service as to whether
new bank notes being paid out are counter-feits
Notices of, Board willing to print for Secret ServiceDivision of the Treasury on a reimbursablebasis
Destruction in Alaska, copy of Treasury order setting forthprocedure for
Destruction in Panama Canal Zone, copy of Treasury order sentto FRBanks
Destril"c +. on in Puerto Rico, procedure for'illoank notes, issuance of reserve stock by FRBanks to reduce
demand on FRnotesHawaii:
Currency in, to be over-printed with word, "Hawaii", noobjection by Board
Destruction of FRnotes and FRbank notes in, procedure asoutlined in letter from Treasury Departmentapproved by Board
.Statement to be published in FRBulletin'urance on shipments of FRnotes, request of Board that Treas-
5/11
10/26
1/21
12/24
5/20
9/ 1
7/1710/15
11/20
5/26
3/37/21
919
2064
94
2383
1004
1717
14522027
2210
1062
4101468
ury write Board that when notes are completelydestroyed in transit no charge will be madeagainst the FRBank except for printing, letterdesired so that Board may obtain reduction inpremiums for 2/21 315
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Currency: (Continued)Nickels advice to National Automatic Merchandising Associa-
tion that information on number of, shouldbe obtained from Treasury Department
Paper:Press statement to be released by Treasury with Board's
approval on conservation to save metal andpaper and increase investments in War SavingsStamps
Request for report on tests of process of sizing paper de-veloped by Mr. Scherbak
Shipment to First National Bank of Rantoul, Ill., for army payroll purposes, letter to FRBank of Chicago onshipping direct to camp
Shipments, resolution of Presidents' Conference on war risk in-surance in connection with
Silver certificates of five and ten-dollar denominations, re-quest of Treasury that paying out be discon-
St tinued
ate and local governments, FRBanks requested to report theamounts of liquid funds held by
SuPply to induction center at Camp McCoy, Sparta, Wis., letterto FRBank of Chicago on furnishing
U. S. notes, negotiation of, by South African Reserve Bank forNaval personnel, suggestion of Board that samearrangements as developed for Javasche Bankbe followed
takins,J. Gordon, comments of Board on Layman's Handbook of Regu-
141-11.— lation W, sent toS and Fisher Stores Company, Denver, correspondence with
A. B. Trott, President, on customers takingadvantage of full amount of time under Regula-
Nlr1es3 tion W
Ralph K., Deputy Petroleum Coordinator for War, letter onrestricting retail credit sales of petroleum
41118Y products
Polk, Wardwell, Sunderland, and Kiendl, request that pro-visions of loan agreement with General MotorsCorporation be included in all guarantee
4flight agreements
saving time, Board to set its time ahead one hour to cor-respond with, FRBanks advised of, also officialhours of Board and request made for informationas to procedure of FRBanks
95Pages
6/ 4 1135
6/18 1250
8/ 6 1579
7/30 1519
9/29 1897
9/29 1904
1/ 5 15
7/25 1486
2/ 4 190
7/24 1480
8/ 4 1546
9/ 4 1732
10/27 2074
2/3 169
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Debentures and capital notes:Ossining Trust Co., Ossining, N. Y., retirement approved in
plan involving sale of preferred stock toR.F.C.
Peoples Bank, Pikesville, Md., copy of form to be forwarded inconnection with application for membership
Washington County State Bank, Brenham, Texas, retirement notpermitted unless capital stock is increased
No objection to retirement under circumstances, but disre-
Debit gard of technical requirements of law cited
balances collected from certain member firms of New York StockExchange, figures not to be furnished to report-ing firmsDebt:
Presidents
Press
Iperense:
Savings stamps
informed of announcement to encourage the reductionof individual debt
statement to encourage reduction of, by individuals, tobe considered by Messrs. Ransom, McKee, andSzymczak and then submitted to Board, FDIC,and Comptroller, letter to FRBanks regarding,to be cleared only with the Board
Press statement approved, Letter to FRBanksIleduction of individual through amortization of bank loans, let-
ters to be addressed to FRBanks, supervisingexaminers of FDIC and chief national bank ex-aminers to submit reports based on findingsduring examinationRepayment under high tax rates, memorandum of Mr. RandolphPaul, report of Mr. Ransom on meeting withSecretary of Treasury
Nrerment, from
Nrsrment of baDertn.
_Itions:
tiolding company affiliates,determining
°1lginal maturity, meaning of termguarantee agreement
neonditional guarantee, statement for publicationin regard to War Financing
may be given to purchaser as bonus under Regula-tion W if full payment has been made for ar-ticle
military service, Board not in favor of classifica-tion of FRBanks as essential industry for pur-pose of
nk employees from draft on occupational grounds dis-cussed at meeting of Federal Advisory Council
ruling of
as
Board changing basis for
used in standard form of
in FRBulletin
96Pages
6/25 1281
6/16 1223
6/19 1254
7/27 1490
9/30 1914
5/8 893
5/ 55/ 75/ 8
851880903
6/26 1294
8/25 1677
2/10 235
6/ 1 1102
11/16 2185
2/19 300
10/23 2053
6/22 1268
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97Pages
Definitions: (Continued)Unconditional guarantee: (Continued)
Term as used in revised statutes, letter from Comptrollerof the Currency, compliance of standard formof guarantee agreement with definition 6/24 1275
Letter to Comptroller of the Currency on 12/23 2375Del Mar Company, reply to, regarding the instalment financing of
the premium on a three-year fire insurancepolicy in connection with section 8(g) 5/15 943
ne, Loans are subject to Regulation W 7/23 14744'ano, Frederick A., present at meeting of Board to discuss plan
of coordinating research and statistical ac-tivities of Board of Governors and NationalResources Planning Board 6/ 9 1173(3 Resources
also National Resources Planning Board)oe„v rarm Lighting Systems, classification under Regulation W 6/26 1299
t-artment of Agriculture:SuPPlemental loans made under Bankhead-Jones Farm Tenant Act
are exempt from Regulation W, under section6(a), letter to 1/15 57
NPartment of Commerce:R°using conditions in City of Norfolk, Va., bulletin of Bureau
of the Census will be furnished to State bankswith investments in real estate mortgages 7/ 8 1385
Research and statistical work in the field of consumer credit,Yr. Ransom authorized to confer with NT. Taylorin regard to the taking over by the Board 5/19 979
Statistical work on consumer credit transferred from Bureau ofForeign and Domestic Commerce to Board, letterto Mr. Taylor onSt
atistics on furniture sales, inventories, etc., memorandumof Mr. Goldenweiser on collection of statistics
°ePartby FRBoardment of Justice:Be rge, Wendell, Assistant Attorney General:Correspondence on plan involving misrepresentations under
Regulation W, sent to FRBank of Kansas CityLetter submitting collection letter used by R. H. Johnson
& Company, Wilmington, Del., in connection
; with Regulation W1(:0i:cement of Regulation W, program of Board cleared throughreign exchange reports, copies sent to Mr. Howard N. Meyer,
special assistant to the Attorney GeneralSmall loan companies, request for permission for investigators
of Antitrust Division to inspect registrationstatements filed by
8/ 6 1578
5/15 943
7/25 1484
8/27 169810/17 2036
11/23 2219
12/22 2363
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De,artment of Justice: (Continued)State legislation, reply outlining laws for enactment that
would be helpful to the war effortBoard has no suggestions to submit at present timeDe Board
Balance in differential account, whether deposit liabilityagainst which reserves must be carried, inconnection with contracts for purchase of in-stalment paper by Bank of America NationalTrust & Savings Association
Call reports, differences in those reported in and on deposits
Co subject to reserve
rrespondent balances, discussion at meeting of executive com-mittee of Federal Advisory Council with Boardas to Reserve Bank cities in which they shouldbe placed
Debits to demand deposit accounts to be shown in member bankweekly statements, memo from Mr. Smead andpress statement regarding
Differential account set up in connection with contracts forpurchase of instalment paper by Bank of America
Ins N.T. & S.A., reserves required againsturance policy holders, suggestion of Mr. Harrison as avail-
able for investment in Government securitiesPost exchanges at Army posts and company, battery, and similar
98Pages
8/21 165512/26 2396
1/8 26
8/29 1713
3/12 472
4/18 744
2/21 310
7/ 1 1338
funds to be treated as public moneys in condi-tion reports if designated depositaries 10/13 2014
Public funds, deposits made by post exchanges to be reportedas public moneys in condition reports if notdesignated depositaries 10/13 2014
Ratio of bank capital to, discussed at meeting of Federal Ad-visory Council with Board
Savings:11/16 2179
Acceptance from Army Post Exchange by First National Bankof Galveston, Texas
Account of University of Georgia School of Medicinecarried by Georgia Railroad Bank and TrustCo. of Augusta, question as to whether properlyclassified as, Mr. Vest to prepare memorandumreconciling possible exception to Regulation
Board to raise no further questions regarding fundsof University of Georgia School of Medicineas they have been transferred from, to checkingaccounts
Article in Wall Street Journal that Federal Reserve offi-cials were contemplating control of, denied
9/14 1804
3/10 451
3/30 591
9/21 1849
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Deposits: (Continued)Savings= (Continued)
Classification under Regulation Q not affected by discon-tinuance of interest payment
Donations, gifts and bequests, not considered property ofState and classified as savings deposits
Passbook, requirement of presentation for withdrawals, in-terferes with use of form for purchase of U.S.defense savings bonds, reply to Treasury thatBoard and FDIC will consider waiver of require-ment if felt necessary
Payment of interest on, by national banks in Mississippi,may not be in excess of rates prescribed byState Bank Comptroller
Proposed amendment to Regulation Q to permit immediatewithdrawal of, for purchase of defense bonds,opinion of Federal Advisory Council thatamendment should not be adopted by Board
Rumor that Government intends to confiscate, letter toFRBanks enclosing Treasury letters denying
State Bank of Lima, Howe, Indiana, change to be made insavings pass booksSocial
security taxes, opinion of Board that they should notbe classified as, but should be shown as"Other liabilities" in condition reports
m. Statement ordered published in FRBulletinIlale certificates, failure of member banks to properly report
those past dueWar Loan accounts, banks to be urged to make greater use of
Means of increasing to handle Government borrowing dis-cussed by Ir. McKee
As deposits subject to reserve requirements and FDIC as-sessment, proposed amendment to FRAct to besubmitted to Congress
Withdrawal prior to maturity for purchase of defense savingsbonds, comments of Comptroller of the Currencyand FDIC sent to Mr. Fleming indicating thatit is not advisable to amend Regulation Q topermit waiving of notice
Reply to question of permitting immediate withdrawal priorto maturity for purchase of U. S. War Bonds
Suggested amendment to Regulation Q to aid in purchase ofetruct, Government securitiesAla :Lon of currency:Haw.3.1 , procedure affecting FRnotes and FRbank notes approved'11, procedure affecting FRnotes and FRbank notes as out-
lined in letter from Treasury Department
99Pages
9/ 8 1750
3/30 592
1/15 56
1/27 126
2/16 273
1/12 41
4/30 818
5/8 9075/25 1042
8/29 171311/17 2191
12/ 1 2247
12/ 8 2284
3/9 437
4/25 763
12/ 1 2252
9/ 1 1717
3/3 410
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Destruction of currency: (Continued)Panama Canal Zone, copy of Treasury order sent to FRBanks
test Puerto Rico, procedure as to FRnotes and FRbank notes approvedruction of records:Examination reports of State member banks for 1931-5, applica-
tions under the Clayton Act, letter to Ar-chivist on
National bank examination reports, instructions for retentiondoes not apply to extra copies sent to branches
Regulation VI, question of preservation of loan applications,
Dirp,,L credit reports, etc.
ers:
Chairmen of FRBanks, to be arranged for January 26, Mr. Hansento be invited to make talk following
Chairmen of FRBanks and members and staff of National ResourcesPlanning Board
Presidents of FRBanks at Carlton Hotel on September 28 withrepresentatives of Treasury to discuss workof Victory Fund Committees, members of Boardand Messrs. Morrill and Smead invited to at-
nirectives: tend
Petroleum products, prohibiting use of collective systems ofbi effecting credit by motor fuel suppliersrector of Economic Stabilization:Regulation on wages and salaries, letter to FRBanks on effect
tire , of2t,or of the Mint:kioin bag_,
letter to, advising of Board's cooperation in se-curing the return of
Central bank of Cuba, statement of Mr. Gardner on selectionOf
PRBank of Atlanta:Neely, Frank H., redesignated Chairman and FRAgent for
1943Porter, J. F., reappointed Class C for three years
FRBank Reappointed Deputy Chairman for 1943of Boston:
Classification of member banks for electoral purposes, nochange contemplated at present time
Creighton, Albert M., Class C, appointment and designationas Chairman and FRAgent for remainder of three-year term
Redesignated for 1943
100Pages
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11/ 3 2113
7/29 1513
1/22 96
9/18 1842
9/24 1878
12/23 2366
10/28 2076
3/21 538
2/6 205
12/ 8 228112/ 8 228112/ 8 2281
9/ 8 1749
1/9 3212/ 8 2281
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Directors: (Continued)PRBank of Boston: (Continued)
Dennison, Henry S., reappointed Class C for three yearsReappointed as Deputy Chairman for 1943
Election, special, to choose successor to Mr. ReedReed, Lewis S., Class A, resignation of and special elec-
tion to be held to choose successorPRBank of Chicago:
Avery, Clarence W., resignation as director of DetroitBranch to assume duties as
Compensation and expenses of, resolution approved aftermodified as suggested
Resolution of FRBank on payment approvedHoffman, Paul G., appointed Class C for unexpired termLeland, Simeon E.:
Designated Chairman and FRAgent for remainder of yearRedesignated for 1943
Lewis, F. J., Chairman and FRAgent:Letter of regret from Board that illness prevented his
attendance at the Chairmen's Conference, im-portance of conference emphasised, suggestion
101Pages
12/ 8 228012/ 8 22817/30 1516
7/30 1516
11/12 2153
11/24 222512/31 20411/14 2170
10/ 9 199212/ 8 2281
that Deputy Chairman attend when Chairmancannot avoid being absent
Engaged in unethical transactions with the ContinentalIllinois National Bank and Trust Co., with
2/6 219
respect to Government securities 5/22 1011Purchase and sale of Government securities by, report
of Mr. Eccles on efforts to contact and Mr.Eccles to prepare letter for consideration ofBoard requesting resignation 5/26 1044
Letter requesting resignation not sent because of agree-ment to Come to Washington 5/27 1064
Resignation accepted effective July 1 6/ 1 1106Resignation accepted 6/26 1291
Waymack, W. W.:Appointed Deputy Chairman for remainder of year 10/ 9 1992Reappointed Class C for three years 12/ 8 2281
PRA. Reappointed Deputy Chairman for 1943-ank of Cleveland:
12/ 8 2281
Baker, A. Z., appointment as Class C recommended by person-nel committee and advice of acceptance to beobtained through Chairman or Deputy Chairmanof Bank 8/ 6 1570
Appointed Class C for unexpired portion of term 8/ 7 1589Brainard, Gem C., redesignatulChairman and FRAgent for
12/ 8 2281
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Directors: (Continued)FRBank of Cleveland: (Continued)
Committee to meet with Board on official personnel situa-tion at Bank
Klages, R. E.:Official personnel at FRBank,
ing meetingReply that meeting must be postponedReappointed Class C for three yearsReappointed Deputy Chairman for 1943
reply to letter request-
until January
Lloyd, Walter H., Class C, resignation becausewith Department of Agriculture notnecessary
Resignation as Class C acceptedMeeting to be held on September 14 to consider
Mr. Wagner, Mr. Szymczak to attendMeeting attended by Messrs. Szymczak and Cagle
tion with indebtedness and other mattersFRBank of Dallas:
Briscoe, Dolph, Class C:
102Pages
12/ 8 2284
12/10 229812/11 230112/ 8 228012/ 8 2281
of positionconsidered
6/30 13298/ 6 1570
actions of9/10 1763
in connec-9/15 1812
Appointed for unexpired portion of three-year term 1/28 136Resignation as director of San Antonio Branch to accept
appointment as Class C 2/ 3 167Cozzo, J. B., appointed Deputy Chairman for remainder of
1942 1/28 136Reappointed Deputy Chairman for 1943 12/ 8 2282
Taylor, Jay:Designated Chairman and FRAgent for remainder of 1942 1/28 136Request for leave of absence during period of service
with ArmY 6/26 1290Continuation during absence on active duty with U. S.
Army, no action necessary at this time 6/29 1317Reappointed Class C for three-year term and redesig-
nated Chairman and FRAgent and to be on leaveof absence as long as necessary because of
FR military service 12/ 8 2283Bank of Kansas 6Caldwell, R. B., Chairman and FRAgent, redesignated for
1943 12/ 8 2281hornay, R. L., reappointed Deputy Chairman for 1943 12/ 8 2282
'rwank of Minneapolis:Coffey, W. C., reappointed Class C for three years 12/ 8 2281
Redesignated Chairman and FRAgent for 1943 12/ 8 2281Shepard, Roger B., reappointed Deputy Chairman for 1943 12/ 8 2282ank of New York:Day, Edmund E., reappointed Class C for three years 12/ 8 2280
Reappointed Deputy Chairman for 1943 12/ 8 2281
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(Continued)FRBank of New York: (Continued)
Day, Edmund E.: (Continued)Letter on request not to be reappointed and express-
ing appreciation for past serviceMyers, William I., Class C, appointment for three-year
termPaul, Randolph, Class C, resignation approvedRuml, Beardsley:
Functions of FRBanks, letter on discussion of, withChairmen's Conference, Board to take no actionon
Present at meeting of Board to discuss cooperation ofFRSystem with National Resources Planning Boardin developing a program of study of nationaland regional problems
Redesignated Chairman and FRAgent for 1943PRBank of Philadelphia:
Chairman of meeting in case no Class C director is present,suggested revision of bylaws
McCabe, Thomas B., reappointed Class C for three yearsRedesignated Chairman and FRAgent for 1943
Riefler, Winfield W., Class C, resignation because of as-signment in England
t„, Ahittier, Warren F., reappointed Deputy Chairman for 1943-rmBank of Richmond:
Lassiter, Robert, redesignated Chairman and FRAgent for
19431Vsor, W. G., reappointed Class C for three years
Reappointed Deputy Chairman for 1943R13ank of St. Louis:
Classification of member banks for electoral purposes, ad-vice that no changes are contemplated
Johnston, Oscar G., reappointed Deputy Chairman for 1943Nardi, William T., reappointed Class C for three years
FRB Redesignated Chairman and FRAgent for 1943ank of San Francisco:
103Pages
12/21 2353
12/22 23588/13 1612
5/5 853
7/21 146012/ 8 2281
12/22 236512/ 8 228012/ 8 2281
9/11 177712/ 8 2281
12/ 8 228112/ 8 228012/ 8 2281
9/12 178812/ 8 228112/ 8 228112/ 8 2281
Fees and allowances for 1942 approved 1/22 107Grady, Henry F., redesignated Chairman and FRAgent for
1943Holden, St. George, reappointed Deputy Chairman for 1943Wellman, Harry R., appointment as Class C, for unexpired
term being consideredAdvice of appointment for unexpired termReappointed Class C for three years
12/ 8 228112/ 8 2282
10/ 9 199310/27 207312/ 8 2281
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Directors: (Continued)PRBanks:
Chairmen of meeting in case no Class C director is present,letter to FRBank of Philadelphia on proposedrevision of bylaws
Class C, continuance of six-year rule discussed and Mr.Evans and Mr. Thurston to prepare statementfor consideration
Modification of policyRegulation W, future need to be submitted for discussion
and advice of views to be given to Board ofGovernors
Relationship of auditors of FRBanks to, topic for discus-sion at Conference of Chairmen
Letter to Mr. Rural relating toFRBranch banks:
Baltimore:Baker, Joseph D., Jr., reappointed for term of three
yearsBirmingham:
Gray, Howard, reappointed for term of three yearsBuffalo:
Prole, Gilbert A., reappointed for term of three yearsCharlotte:. Watkins, D. W., reappointed for term of three yearsCincinnati:
Brown, Frank A., reappointed for a term of two yearsManaging director, no objection to continuing use of
title for presentDetroit:
Avery, Clarence W., resignation accepted and to becomedirector of FRBank of Chicago
Fees, revised basis approvedManaging director, office discontinued and Vice Presi-
dent to be placed in charge of branchNumber of, revision of bylaws reducing from seven to
fivePierson, H. L., reappointed for term of three years
El Paso:Sherman, R. E., reappointed for term of three years
Helena:
Cunningham, Alex, question of submitting resignationupon entering military service 8/28
Resignation to enter military service 10/ 6.Richardson, R. B., appointment for unexpired term being
considered 10/ 9Advice of appointment for unexpired term 10/27Reappointment for term of two years 12/ 8
104Pages
12/22 2365
7/28 15029/22 1862
1/28 137
9/ 8 17459/ 8 1752
12/ 8 2282
12/ 8 2282
12/ 8 2282
12/ 8 2282
12/ 8 2282
12/16 2321
11/12 215312/31 2413
12/31 2413
12/31 241312/ 8 2282
12/ 8 2282
17071950
199320732282
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Dir(Continued)
PRBranch banks: (Continued)Houston:
Abercrombie, J. S., to be appointed if willing to ac-cept, Deputy Chairman authorized to offer in-formally
Jacksonville:Love, James J., appointment for unexpired term being
consideredPhillips, Howard, resignation accepted
Little Rock:Short, R. E., reappointed for term of three years
Los Angeles:Fees and allowances for 1942 approvedFreeman, Y. Frank, appointed for unexpired termMyers, C. E., to be appointed for two-year term if
willing to accept, to be offered throughChairman of FRBank
Appointment for two-year termLouisville:
Boomer, G. O., reappointed for term of three yearsManaging directors of, change in title to Vice President
and Managing Director with appropriate adjust-ment in salary, discussed at meeting of Pres-idents and Board, to be studied by Presidents
Memphis:
105Pages
12/ 8 2284
10/ 9 19924/18 744
12/ 8 2282
1/22 10711/19 2199
12/ 8 227912/29 2402
12/ 8 2282
3/2 390
Norfleet, J. P., reappointed for term of three years 12/ 8 2282Nashville:
McEwen, W. E., reappointed for term of three years 12/ 8 2282New Orleans:
Chalkley, H. G., Jr., reappointment not recommendedbecause on active duty in Navy- 12/ 8 2280
Oklahoma City:Noble, Lloyd, reappointed for term of three years 12/ 8 2282
Pittsburgh:Kossin, J. W., Managing Director, salary approved 12/16 2320Managing director, no objection to continuing use of
title for present 12/16 2321Portland:
Fees and allowances for 1942 approved 1/22 107Steen, William H., appointment for unexpired term being
considered 10/ 9 1993Appointment approved for unexpired term 10/29 2085Reappointed for term of two years 12/ 8 2282
SaltLakeFees and allowances for 1942 approved 1/22 107Rich, R. C., reappointed for term of two years 12/ 8 2282
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Directors: (Continued)PRBranch banks: (Continued)
San Antonio:Briscoe, Dolph, resignation to accept Class C director-
ship at FRBank of DallasCartwright, Holman, appointed for unexpired term
Seattle:Fees and allowances for 1942 approvedNelsen, Fred, reappointed for term of two years
Six-year rule continuance discussed, policy not to bechanged
Functions of FRBanks, discussion of, at Chairmen's Conference,Board to take no action on letter from Mr.Ruml regarding
Inter-American Bank, selection of American director discussed,consideration given to suggestions of Person-nel Committee, Mr. Grady considered as pos-sibility
Suggestion by Mr. Gardner that member of Board be desig-nated to familiarize himself with Inter-AmericanBank so that he may participate in selectionof American director
National banks, suits against directors, etc., for expenses in-
Rock Island
curred in defense of actions,port on S. 2039
Bank and Trust Co., Rock Island,
suits, etc., re-
Ill., number of
106Pages
2/3 16711/ 5 2123
1/22 10712/ 8 2282
7/28 1503
5/5 853
1/22 99
1/28 132-5
4/23 760
directors in connection with membership to bebiaai taken up
Itssal wage:att°x, Charles A., Examiner, FRBank of St. Louis, salary for
Sal three months approved-vetti, Umberto F., to be paid two months salary in connection
with termination of services as laborerillagnery G . H., FRBank of Cleveland, request for payment with-
drawnklridends:
PRBank of Boston, payment for last six months of 1942 author-ized
FRBanks:Payment of regular semi-annual on June 30 approvedPayment for last six months for 1942 approvedStock, tax exemption on, FRBanks advised that matter is
2/9
8/ 3
6/15
9/ 8
12/28
6/2512/24
226
1544
1216
1746
2398
12842381
still pending before the Bureau of InternalRevenue and to continue to withhold issuanceof stock certificates
Decision of Treasury Department on date stock is is-sued for tax purposes
5/2 839
7/ 8 1383
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Dryers
of additional issues of FRBank stock from tax
provided by, Legal Division of Board to confer
with Bureau of Internal Revenue regarding
amendment suggested that bank not make new loans ordividends while reserves are deficientpay
Dividends: (Continued)FRBanks: (Continued)
Taxes on, banks to continue practice of cancellation of
107Pages
old and issuance of new certificates 7/14 1426Marine Midland Corporation, Jersey City, N. J., policy adopted
by directors 9/19 1846Member banks, suggested amendment to FRAct to repeal prohibi-
tion against paying while reserves are de-
ficient 2/3 182
Suggested amendment to Sec. 19 of FRAct to eliminate re-quirement 6/ 3 1115
Public Debt Act of 1942, question as to exemption of dividends
Sec. 19,
8t°ck, reply to inquiry of McIlroy Bank andtaxable income
-Lar exchange:Canada, memorandum re maintaining
Hansen and BerleJoseph E., reply to letter on intention and purpose of Regu-
lation and extension of credit to persons
subject to military service
Trust Co. as to
supply in, sent to Messrs.
11E11
t. A
1c117 Furniture Company, New Haven, Connecticut, letter to,giving opinion of Board regarding deliveringof range of more expensive type than one or-iginally ordered, amount of down payment re-quired by Regulation W
49'411ks, study being made by Division of Research and Statistics,Messrs. Goldenweiser and Smead to collaborate
PRE , on continuing studyanr,s, earnings on industrial advances and commitments by,
information furnished to National Bureau of
Economic Research-Vgs and Dividends:
L'ate member banks, proposed revision in form 107, letter to
FRBanks for comments and suggestionsSupply of form 107 sent to FRBanks with instructions for
preparation41,r11._ Revised form approved
ags and expenses of FRBanks, guarantee fees on loans, treat-ment in reports of FRBanks
4/2 616
5/18 963
11/ 4 2120
1/6 17
9/21 1859
1/28 138
7/28 1501
2/26 360
10/23 2056
12/16 232811/30 2245
10/22 2049
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108Pages
Eas4—wain Kodak Company, Velox Rapid Printer manufactured by, not tobe classified as an enlarger under Regulation
Ea si4/13
J Furniture Company, Chattanooga, Tennessee, action regardingviolation of Regulation W by, to be held inabeyance pending development of a program of
v, • enforcement"- mic Stabilization Board, statement on emergency price control
to be published in FRBulletin48ner V. Macomber, reversal of, sought by Bureau of Internal Rev-
enue to make stock dividends taxable as incomeReversal attempted in Sprouse v. Commissioner of Internal
Revenue to render stock dividends taxable asincome, discussion at meeting of Board withFederal Advisory Council with regard to stepsthat should be taken in the event of such a
decision41c:rider, Senator Allen J., reply to letter on inquiry of A. L.
Alpin on application of provision of RegulationW to financing of certain purchases
2-neY price control:tconomic Stabilization Board, statement to be published in
Erian FRBulletinEy ger, Julius: (See Wm. Erlanger Company)4euees:Property of, memorandum from Treasury suggesting that FRBank
of San Francisco act as fiscal agent to takecare of, Mr. Szymczak to go to the Pacific
5/20
710
997
10/24 2059
2/12 249
2/16 273
7/ 1 1347
10/24 2059
Coast 3/ 6 424Secretary's note, Mr. W. B. Pollard to go to the Coast 3/ 6 427
pr Report on progress made in plans for, by Mr. Szymczak 3/10 453ading with the Enemy Act, discussion of effect of transfer-
ring authority to Treasury over sections 3(a)and 5(b) on control of FRBank of San Franciscoover property of, Mr. Foley to confer withMr. Agnew concerning 3/10 453
'11-art Surgical Supply Company, Atlanta, Ga., articles sold byare mostly unlisted articles under Regulation
43c6-Mi-nati0n policy of supervisory agencies with reference to in-vestments by banks in, and loans upon Govern-ment securities
nations:American Bank and Trust Co., New Orleans, La., problems need-
ing immediate correction disclosed by, Mr.
McLarin to meet with bank's board of direc-tors for full discussion
12/23
11/11
9/ 3
2375
2148
1723
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109Pages
Examinations: (Continued)Bank Examination Procedure, letter to Mr. Sproul on study
being given to modifications in 7/28 1509Presidents' Conference committee on, letter to Mr. Sproul
that meeting of committee with Board not beheld until after forthcoming conference ofRepresentatives of Bank Examination Depart-ments at Philadelphia 9/ 3 1729
Bankers Trust Company, New York, N. Y., examination of foreignbranch of, not considered necessary underpresent conditions 3/11 466
Berwind Bank, Berwind, West Virginia, report shows operationof trusteeship, no objection to handling, butpermission necessary to handle other fiduciarypowers 7/31 1524
Blo =field State Bank, Bloomfield, Ind., acting as trustee of mortgage bond issue disclosed by 5/21 1007
Central Hanover Bank and Trust Company, New York, N. Y., exami-nation of foreign branch of, not considerednecessary under present conditions 3/11 466
Chase Bank, New York, N. Y., copy of report to be sent to bank 12/17 2333Citizens Bank, Marshall, N. C., permission to FDIC to examine
for continuation of insurance after with-drawal from membership 11/12 2154
Citizens State Bank, Marianna, Fla., permission to FDIC toconduct in connection with continuance as in-sured bank after withdrawal from membership 10/20 2042
Commerce Union Bank of Nashville, Tenn., list of employeesdesignated special assistant examiners to par-ticipate in the examination of
Continental Illinois National Bank and Trust Co., Chicago, Ill.,unethical transactions involving Governmentsecurities between, and Mr. Lewis, Chairmanand FRAgent at FRBank of Chicago
Easton Trust Company, Easton, Pennsylvania, FDIC granted per-mission to examine in connection with rehabili-tation program
Bank of Atlanta, report of, attention called to operation ofauditing department and forthcoming audit ofJacksonville Branch regarding operation ofcafeteria
FRBank of Chicago, copy of report left at bank for attentionof directors
Bank of Cleveland, copy of report left for consideration ofofficers and directors
FitBank of Dallas, request for comments or action taken on mat-ters mentioned in report
3/ 3
5/22
3/31
3/12
6/16
6/ 2
3/23
407
1011
598
486
1225
1108
546
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Examinations:FRBank of
FRBank of
FRBank of
FRBank of
FRBank of
FRBank
FRBank
FRBanks:Ur. Paulger directed to make at least one of each
during 1942Employees of one bank assisting in examination
increase in per diem allowanceMr. Paulger authorized and directed to conduct
1943and Savings Bank of Pasadena, Calif., resolution
of directors authorizing transmission of re-port to Transamerica Corporation
Bank and Trust Company, Floral Park, New York,permission given to FDIC to examine in con-nection with assumption of liabilities andassets of, by First National Bank and TrustCompany of Floral Park
(Continued)Kansas City, copy left for consideration of Bank and
directors with special comments requested onembezzlement by employee of Post Office sta-tion
Minneapolis, copies of report left at bank for in-formation of officers and directors
New York, confirmation of certain foreign accountsnot to be requested
Philadelphia, copy of report left for attention ofPresident and directors
Richmond, copy of report left for information of of-ficers and directors
of St. Louis, report of February 21, 1942, request foradvice of action on matters mentioned in
of San Francisco, copy of report left at bank for in-formation of officers and directors
First Trust
Floral Park
of
FRBank
another,
during
P•°reign branches of State member banks, examination of, not
considered necessary under present conditionsaranty Trust Company, New York, N. Y., examination of the five
110Pages
10/ 8 1975
7/15 1440
10/31 2096
11/16 2175
10/21 2044
4/22 754
8/11 1605
1/16 79
10/26 2065
12/11 2302
6/ 5 1146
1/30 148
3/11 466
foreign branches of, not considered necessaryunder present conditions
Ins cription for front page of reports for use by FRBanks
3/1111/19
4672201
411eured banks, suggested amendment to bill to provide for ab-sorption of cost of one each year by FDIC 6/ 3 1115
Inventories of consumer goods, use of credit for accumulationof, letter to be sent to all national bank ex-aminers and to examiners of FRBanks and FDICfor guidance 6/26 1292
Member banks, suggestion that number of examinations of, bereduced, discussion at meeting of Board withPresidents 3/2 390
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LITiinations: (Continued)Peoples Trust Company, Martinsburg, West Virginia, to be made
jointly by examiners of FDIC and FRBank of
111Pages
Richmond because of unsatisfactory condition 10/28 2078Policy to be followed by bank supervisory agencies with special
reference to investments in and loans on Gov-ernment securities 11/20 2205
Procedure agreed upon in 1938 by FDIC and office of Comptrollerof Currency, change by Comptroller of Currencyin treatment of group 2 securities 10/ 9 1991
Letter to Mr. Upham on conference to be held to considerproposed change in procedure 10/30 2093
Provident Savings Bank and Trust Company, Cincinnati, Ohio,charge for special investigation of, to beleft to the discretion of FRBank of Cleveland 1/30 148
Reduction in number of complete examinations to be made eachyear, not to be discussed with Federal AdvisoryCouncil 2/10 230
Report of committee to Examiners Conference on program forscope, procedure, and frequency 9/29 1905
Reports of national banks, copies sent to branches can be de-stroyed if copies retained in files of headoffice 11/ 3 2113
RePorts of State member banks for 1931-5, destruction author-ized 8/26 1691
Romeo Savings Bank, Romeo, Mich., report shows affiliate rela-tionship of Melvyn F. Lanphar&Co., and TheLanphar Agency, Inc., and report should besubmitted 9/12 1789
Second National Bank of Ravenna, Ohio, comments in report relat-ing to application to surrender fiduciarypowers 7/15 1429
SPringville Banking Company, Springville, Utah, report showsexpenditure for remodeling banking quartersin excess of amount approved, no objection toadditional expenditure 10/ 2 1934
State Bank of Mayville, Wisconsin, permission to FDIC to examinein order to continue as nonmember insured bankafter withdrawal from FRSystem 1/14 49
State member banks, modification of policy requiring one exami-nation each year, letter to FRBanks approved 6/26 1287
Tax bills of City of Kansas City, manner of showing those heldby Riverview State Bank 6/17 1232
Ulliform procedure adopted by Board, Comptroller, and FDIC, re-ported change in method of valuation of bankssecurities without consulting other agencies 10/17 2037
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112Pages
Eltaira ners:Board of Governors:
Barker, Clarence S., Assistant FRExaminer, granted perdiem in lieu of subsistence during period ofillness 2/27 377
Brown, W. G., travel expenses, voucher including differencein price of standard lower berth and roometteapproved 8/ 6 1580
Connell, Joseph J., FRExaminer, salary increased 10/29 2084
Eaton, Charles, Assistant FRExaminer, appointment and salaryapproved 12/21 2348
English, J. Fred, Assistant FRExaminer, salary increased 9/15 1815Folsom, George H., FRExaminer, granted leave of absence for
military service 5/ 7 877Good, George E., Assistant FRExaminer, granted leave of ab-
sence without pay to enter military service 11/21 2213Goodman, Glenn M., FRExaminer, salary increased 11/14 2169Hagler, Herbert H., Assistant FRExaminer:
Granted leave without pay to enter military service 11/ 7 2133Salary increased 9/15 1815
Hart, John Joseph, Assistant FRExaminer, salary increased 5/25 1030dighfield, Carroll R., Assistant FRExaminer, salary in-
creased 9/15 1815Hopkins, Julia B., Assistant FRExaminer, salary increased 6/ 1 1101
Resignation accepted 8/12 1607Hostrup, Clarence C., FRExaminer, salary increased T/ . 1 T3,2,Howard, Thomas P., FRExaminer, resignation acceptedJones, Laurence H., FRExaminer, resignation accepted 9/16 1821Johnson, Edwin J., Assistant FRExaminer, granted leave of
absence for military service 5/25 1031Knight, James, appointment and salary as assistant approved 5/22 1014Krug, Harold T., appointment and salary as assistant on
temporary basis with headquarters at Omaha 6/ 6 1150Lang, Arthur H., Assistant FRExaminer:
Appointment and salary approved 3/ 4 412Headquarters changed from Chicago, Ill., to Cleveland,
OhioSalary increased
Leef, Thomas N., appointed assistant on temporary basisand salary approved
Malone, Charles T., FRExaminer, granted leave of absencefor military service
Massey, E. R., Assistant FRExaminer, transfer to Office ofMr. McKee as secretary and increase in salaryapproved
McClelland, W. J., FRExaminer, salary increased
8/15 162512/10 2297
11/ 5 2121
5/11 914
2/10 2315/25 1030
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4a1flin ers: (Continued)
Board of Governors: (Continued)Millard, Edwin R., FRExaminer:
Salary increasedTravel expenses:
Voucher including difference in price of standardlower berth and roomette approved
Voucher including additional expenditure for higher-priced accommodation
Murff, Gordon R., FRExaminer, salary increasedMyers, Edward S., Assistant FRExaminer, salary increasedNiles, Donald C., Assistant FRExaminer, appointment and
salary on temporary basisNoell, J. Carroll, leave due to illness and not to be
charged against future leave approvedExtension of leave on account of sickness approved
Pollard, William B., appointed Assistant Chief of Divisionof Examinations and salary increased
Porter, Joseph H., FRExaminer:Appointment and salary approved and transferred from
Division of Bank OperationsHeadquarters changed from Atlanta, Ga., to Washington,
D. C.Salary increasedVoucher for traveling expenses approved to cover draw-
ing room because no other accommodation avail-able
Radford, John R., Jr., FRExaminer, salary increasedSchoenhoff, Robert J., Assistant FRExaminer, salary in-
creasedSeeger, William H., Jr., Assistant FRExaminer, appointment
and salary on temporary basisSmith, James C., appointment and salary as assistant ap-
provedSalary increased
Thompson, Andrew N., Assistant FRExaminer, appointment andsalary approved
Troup, Fred W., Assistant FRExaminer, salary increasedWinkler, P. J., FRExaminer, salary increasedWright, Marion E., appointed assistant FRExaminer and salary
increased, transferred from War Loans Commit-tee
Zidek, Louis W., Assistant FRExaminer, salary increasedrederal Deposit Insurance Corporation, instructions to report
on use of credit for accumulation of inventoriesof consumer goods
PRBank of Atlanta:Cooper, S. Frank, designated special assistant
113Pages
12/10 2297
8/ 6 1580
12/ 9 22945/25 10309/15 1815
6/12 1199
8/10 15989/17 1823
6/26 1297
1/31 159
8/15 162512/10 2297
9/ 8 175211/16 2174
9/15 1815
7/ 6 1370
5/21 100612/10 2297
8/26 16865/30 10955/25 1030
7/14 14199/15 1815
6/26 1292
2/4 185
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114Pages
4abniners: (Continued)FRBank of Atlanta: (Continued)
Crow, Vestus L., name removed from list as special assist-ant 2/ 4 185
Dance, W. A., appointment approved and indebtedness to be1liquidated 0/ 9 1994
Raisty, Lloyd B., designation as special assistant ap-proved 5/ 6 867
Shaw, Morgan L., designation as special assistant approved 5/ 6 867
Varnadoe, T. V., designation as special assistant Appointment as assistant approved 10/ 8 1970
3/ 3 407
Wilson, R. P., designation as special assistant 3/ 3 407Reappointment as assistant, not approved by Board, but
Board willing to approve assignment to BankExamination Department and designation asspecial assistant 3/27 574
Appointment as assistant approved 4/10 689Appointment as examiner approved 11/21 2213
PRBank of Boston:Cederval, Roy E., appointment as assistant approved 7/ 9 1387Gilman, Richard Irving, appointment approved 10/ 1 1919
PRBank of Chicago:Brann, Denver B., Assistant, appointment as examiner ap-
proved 5/ 7 878Buster, James S., designation as special assistant exami-
ner approved 7/24 1477Craig, Carlos H., designation as special assistant ap-
proved 3/11 462Appointment as assistant approved 12/ 2 2258
Davis, Edwin N., designation as special assistant approved 4/22 752Appointment as assistant examiner approved 12/ 1 2254
Dreusicke, Oscar Frank, special assistant, appointment asassistant approved 1/13 46
Elliott, Daniel B., designation as special assistant ap-proved 11/17 2190
Appointment as assistant examiner approved 12/ 1 2254Hart, John L., designation as special assistant 2/17 291
Helmer, H. J., designation as special examiner approved 12/ 2 2259Jones, Laurence H., appointment approved 9/ 4 1734Newman, H. J., designation as special examiner following
transfer to Personnel Department approved 4/15 721
Peterson, Roy Edward, appointment as assistant approved 12/11 2302
Scanlon, Charles J., Assistant, appointment as examinerapproved 5/ 7 878
Siegler, George R., appointment as assistant approved 2/10 233Sorg, Robert E., designation as special assistant approved 1/ 6 17
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115Pages
liners: (Continued)PRBank of Chicago: (Continued)
Washburne, Elihu B., designation as special assistantAppointment as assistant approved
FRBank of Cleveland:Blake, Ted, designation as special assistantBoyd, Tayler M., appointment approved, formerly assistant
2/1712/ 2
2/4
2912258
185
examiner 7/ 3 1361Clark, Gilbert, Assistant, appointment approved 8/21 1653
Clifford, William Dale, appointment approved 8/21 1653Davies, Chalmer L., designation as special assistant ap-
proved 3/12 484Appointment as assistant approved 5/27 1069
Denton, Elwood, designation as special assistant 2/4 185Galyas, Vincent, designation as special assistant 2/4 185Green, Kenneth A., designation as special assistant 2/4 185Hentze, Donald D., designation as special assistant exami-
ner approved 6/ 8 1156Holkenburg, Ralph, designation as special assistant 2/4 185Kappanadze, Nicholas J., designation as special assistant 2/1 185Koza, F. J., designation as special assistant 2/4 185Louis, Henry, designation as special assistant 2/4 185Mahar, William, designation as special assistant 2/4 185McLaughlin, Francis M., designation as special assistant 2/4 185McLean, Archibald t., appointment approved 5/16 947Mekus, Francis A., Assistant, appointment approved 11/27 2233Mellert, Robert, designation as special assistant 2/4 185Nichols, James Hart, Assistant, appointment approved 8/13 1613O'Connor, John E., designation as special assistant 2/4 185Oswald, Robert, designation as special assistant 2/4 185Potter, H. M., designation as special assistant 2/4 185Reebel, Jacob, designation as special assistant 2/4 185Restel, Arthur E., appointment as assistant approved 4/ 3 623Rudd, Robert, designation as special assistant 2/4 185Strukar, Rudolph, designation as special assistant 2/4 185Wachtel, Harry H., designation as special assistant not af-
fected by transfer to Cincinnati Branch 2/4 185Watkins, Glenn E., designation as special assistant 2/4 185
, Wright, Gordon, designation as special assistantrRBank of Dallas:
2/4 185
Holder, George A., designation as special assistant ap-proved 1/17 82
Appointment as assistant approved 6/25 1281
Kelly, J. V., appointment approved 6/10 1179
Neill, John H., Jr., appointment as assistant approved 1/21 94
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4alniners: (Continued)FRBank of Dallas: (Continued)
O'Hearn, Ernest, Jr., assistant, appointment as examinerapproved
Segelhurst, Thomas Arthur, appointment as assistant ap-proved
Thaxton, E. A., special assistant, designation as assist-ant approved
FRBank of Kansas City:Bennett, Arthur, name removed from those designated as
special assistantsBoysen, John T., designation as special assistantBurnett, C. N., designation as special assistantDurdee, John, designation as special assistant
Euans, Joe R., designation as special assistantEuans, John R., designation as special assistantFairly, W. F., designation as special assistantFritz, Fred, designation as special assistantGeary, E. V., designated special assistantKeck, George E., removed from list of approved special as-
sistantsLand, Everett D., appointment approvedMoore, William D., Jr., designation as special assistantPugh, Stanley, designation as special assistantRatkie, M. E., designation as special assistantReynolds, F. A., designation as special assistantScott, C. B., designation as special assistantTrimble, Harry, designation as special assistant
, Wilson, Byron A., designation as special assistantrIlBank of Minneapolis:
Anderson, Morris G., designation as special assistant ap-proved
Grobel, Roger K., appointment approvedKelly, Douglas C., designation as special assistantMcNulty, Arthur J., designation as special assistant ap-
provedTillander, Clayton E., approval of Board unnecessary for
designation as Chief ExaminerWilcox, Robert L., appointment as assistant approved
'RBank of New York:Gilpin, Francis A., assistant, appointment approvedHoward, Thomas P., appointment approvedHuf, John F., assistant, appointment approvedKnoepfel, Louis J., assistant, appointment approvedMcComb, James M., assistant, appointment approvedLiowak, Theodore E., assistant, appointment approved
116Pages
1/21 94
12/ 9 2293
1/7 20
2/11 2382/11 2382/11 2382/11 2383/2 3982/11 2382/11 2382/11 23810/ 7 1957
3/ 2 3983/27 5752/11 2382/11 2383/2 3982/11 2382/11 2382/11 2382/11 238
6/16 12234/17 7356/16 1223
6/16 1223
4/17 7356/16 1223
8/20 16448/20 16448/20 16448/20 16448/20 16448/20 1644
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Examiners: (Continued)FRBank of Philadelphia:
Adams, Charles IN., appointment as assistant approvedAikens, James A., designation as special assistant examiner
approvedAllen, William J., designation as special assistant exami-
ner approvedBrenner, John J., designation as special assistant examiner
approvedBurr, Glendon M., appointment as assistant approvedCallender, Marion H., appointment approved on temporary
basisCampbell, Hugh S., designation as special assistant exami-
ner approvedGordon, James A., designation as special assistant exami-
ner approvedGriffith, Maurice H., Assistant, appointment approvedHespenheide, Carl F. W., appointment as assistant approved
with understanding that indebtedness will bereduced
Lythgoe, Edgar H., designation as special assistant exami-ner approved
Markford, Leonard, appointment approved, was formerly as-sistant examiner
McIninch, Ralph A., appointmentMoore, Edwin M., designation as
approvedMurphy, John IN., designation as
approvedSnyder, Edward C., Jr., Assistant, appointment approvedThatcher, Clifford R., designation as special assistant ex-
aminer approvedUlmer, Willis IN., designation as special assistant examiner
approvedBank of Richmond:Hall, Charles E., designation as special assistant approved
Appointment as assistant approved and indebtedness tonational bank to be liquidated
Jenkins, Joseph L., designation as special assistant ap-proved
Keller, R. T., designation as special assistant examinerapproved
Kendall, F. 0., designation as special assistant approvedAppointment as assistant approved
Martin, Upton S., appointment approvedMiller, Robert L., appointment as assistant approved
as assistant approvedspecial assistant examiner
special assistant examiner
117Pages
6/8 1155
12/ 1 2254
12/ 1 2254
12/ 1 22541/15 56
11/ 3 2106
12/ 1 2254
12/ 1 22544/17 735
10/26 2061
12/ 1 2254
1/28 1363/10 456
12/ 1 2254
12/ 1 225410/17 2033
12/ 1 2254
12/ 1 2254
1/30 147
12/11 2301
4/23 756
12/ 9 22931/17 8212/11 23011/7 203/21 520
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118Pages
411Inin ers: (Continued)FRBank of Richmond: (Continued)
4/30 817
Sauerwein, C. H., designation as special assistant examinerRegester, Charles E., appointment as assistant approved
approved 12/ 9 2293Seidell, W. T., designation as special assistant examiner
approved 12/ 9 2293Speicher, J. W., designation as special assistant approved 12/ 9 2293Webb, P. L., appointment as assistant approved 1/17 82
Whitaker, Roland E., designation as special assistant ap-proved 4/23 756
Woodzelle, K. V., designation as special assistant ap-proved 12/ 9 2293
FRBank of St. Louis:Baggott, George I., appointment as examiner approved and
designated special examiner until effective 7/ 9 1388Cange, Melvyn Paul, appointment as assistant approved 6/ 8 1156Chapman, Bertram Lee, appointment approved 7/ 9 1388Chapman, W. A., appointment approved 2/19 299Hitt, F. Guy, designation as, and designated as officer in
charge of Bank Examination Department 10/22 2048Hodges, Samuel B., appointment as assistant approved 6/ 8 1156Klose, Julius H., appointment as assistant examiner ap-
proved 6/ 8 1156Mattox, Charles A., three months' salary approved as dis-
missal wage 8/ 3 1544Moore, Harold Norris, designation as special examiner ap-
proved 6/ 8 1156Mueller, Maurice LeRoy, Assistant, appointment approved 8/21 1653
_ Schalk, Robert F., designated special assistant 6/ 8 1156*Bank of San Francisco:
Blakemore, Claude C., Assistant, appointment approved 9/ 3 1723Lyons, Jim Robert, appointment approved 5/26 1053Stone, Philip M., appointed assistant 9/26 1891
anks: Walker, tm 4/15 721,George M., appointment approved
Adequacy of present staffs of FRBanks, information to befurnished Board 6/26 1290
Conference to be held in Philadelphia on September 22 8/26 1691Employees of one bank assisting in exmination of another,
increase in per diem allowance 10/26 2065
Instructions to report on use of credit for accumulation ofinventories of consumer goods 6/26 1292
Branch banks:Cincinnati:
Bruce, Howard, designated special assistant 2/ 4 185Hurst, George, designated special assistant 2/ 4 185
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4anu.'ners: (Continued)FRBranch banks: (Continued)
Cincinnati: (Continued)Oettinger, Richard, designated special assistantSwerdeski, Walter, designated special assistantWachtel, Harry H., designation as special assistant not
affected by transfer from FRBank of ClevelandNashville:
Hooper, Jesse, designation as special assistant to par-ticipate in the examination of the CommerceUnion Bank of Nashville
Magee, Stuart, designation as special assistant to par-ticipate in the examination of the CommerceUnion Bank of Nashville
Miller, Marvin L., designation as special assistant toparticipate in examination of Commerce UnionBank of Nashville
Pittsburgh:Corlett, Baird, designated special assistantEicher, William, designated special assistantGoldstrom, Louis, designated special assistantHoupt, C. E., designated special assistantRickert, Harry, designated special assistant
National bank:Gaffney, I. F., report of investigation of the Second Na-
tional Bank of Ravenna, Ohio, in connectionwith surrendering of fiduciary powers sent toFRBank of Cleveland
Letter containing same information sent to ComptrollerInstructions to report on use of credit for accumulation
tx4mini of inventories of consumer goodsng Physicians:
uaughton, A. D., Alternate Medical Examiner, resignation ap-provedproved
ve officers: l'oan to executive officer on leave of absence which will mature
before expiration of leave, no objection byBoard
RePort by, of loans from another bank which existed at time ofadmission to FRSystem ordered published in
P43teFRBulletinueLive Orders:Alien Property Custodian:
Allocating powers, to be published in FRBulletin0 Office established, statement for publication in FRBulletin'ensorship Operating Board established by, procedure explained
to FRBanks, Mr. Draper designated member of,questions may be submitted to Board
119Pages
2/ 42/ 4
2/ 4
3/3
3/3
3/ 3
2/42/42/42/42/4
185185
185
407
407
407
185185185185185
2/14 2572/14 258
6/26 1292
8/17 1627
4/14 716
1/23 113
7/21 14683/24 551
1/16 78
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120Pages
Exec 4..1"lve Orders: (Continued)Government contracts, statement for publication in FRBulletin 11/24 2228Office of Censorship, order establishing, ordered published in
FRBulletin 1/23 113Release of employees under, Civil Service Commission advised
that Board needs all present employees and thatMr. Nelson is the proper person to contact re-garding 2/25 351Securities and issues, drafting of order as part of restrictionof use of credit for financing inventories ofconsumer goods 6/26 1295Statement of, dealing with war contracts ordered published inFRBulletin 4/22 754Transfers of property of foreign countries and their nationals,order regarding, ordered published in FRBul-letin
War contracts, order dealing with, ordered published in FRBul-
War letin
loans:Financing of war production contracts, plan discussed where-
by FRBanks by authority of, would act as fiscalagents for War and Navy Departments and Mari-
1/23
1/23
113
113
time Commission in regard to 3/20 507Statement by Major Paul Cleveland regarding 3/20 509.
Fiscal agents for War Department, etc., order authorizingFRBanks to act as, reviewed by Chairman Eccles,discussed with regard to effect upon indus-trial loan corporation bill 3/23 542
Order authorizing FRBanks to act as fiscal agents for WarDepartment, etc., in making, signed by President 3/26 553
FRBanks advised of Order, requested to send representativesto conference for development of procedure 3/26 553
Conference postponed from Monday until Wednesday 3/27 5849112, objections of Treasury Department to, as expressed by
Under Secretary Bell 4/ 1 602Statement of legal basis for, by Mr. Vest, and discus-
sion by Board 4/ 1 605Mr. John Kenney designated as authorized representative
of the Secretary of the Navy to act under Sec-tion 4 of 4/ 2 616
Proposed instructions for making war loans under, copyof, and letter sent to Under Secretary of WarPatterson 4/ 6 628
Proposal of having FRBanks act as fiscal agents for themaking of war loans, reviewed and discussed atmeeting of the executive committee of the Fed-eral Advisory Council with the Board 4/ 9 683
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121Pages
4eeutive Orders: (Continued)War loans: (Continued)
Noenses:
Board of Governors:Assessment on FRBanks for last six months of 1942, resolu-
tion approved 6/17 1237Assessment on FRBanks for first six months of 1943, resolu-
tion approved 12/21 2354FRBanks:
Victory Fund Committee, manner of showing in functional ex-pense report 5/20 1000
Reimbursable:Counterfeit notes, Board willing to print notices of, on a
reimbursable basis for the Secret Service Divi-sion of the Treasury Department 5/20 1004
Government securities, discussion of whether FRBanks shouldseek reimbursement for expenses incurred in es-tablishing organizations for the promotion andsale of 5/ 8 890
War loans, traveling expenses and other costs in connectionwith, letter to FRBank of Dallas regarding pro-cedure for allocating 5/20 996
Reimbursement of banks by the Treasury Department suggested byMr. McKee for out-of-pocket expenses incurredfor services rendered the Government withoutcharge 4/ 9 677
Opinion of Mr. Oscar Cox on legality of, no distributionto be made unless requested 5/19 984
War Production Board, order establishing, ordered published inFRBulletin 1/23 113
War Relocation Authority office established, statement for pub-lication in FRBulletin 3/24 551
8843, scope of authority to prescribe regulations to control
(See supra tar loans) 4/30 786
9112: credit granted to Board by
9135, pay roll deduction plan for the purchase of Defense Sav-ings Bonds, letter to Rear Admiral Conard,Chairman of the Interdepartmental War SavingsBond Committee, advising of the extent of par-ticipation of Board employees in, and designa-tion of Mr. Bethea as an alternate for Mr.Eccles on the committee 5/13 930
"I Credit Administration:Institutions subject to supervision and examination by, enforce-
ment of Regulation W 12/ 5 2272
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122Pages
Farm Credit Administration: (Continued)Staff:
Orchard, C. R., Director of the Credit Union Section, ad-vised that a loan to a Federal credit unionfor purchase of a house is not subject to Reg-ulation Vi
deral Advisory Council:5/ 2 839
Absorption of exchange and collection charges:Discussion of 11/16 2184Suggestion that Regulation Q be enforced 9/14 1796
Ame ndment No. 3 to Regulation W, draft of, sent to Mr. E. E.Brown for his comments and suggestions as therepresentative of
Draft sent to Mr. Brown, also request that as representa-tive of, he forward comments and suggestionsto Board
Banking as essential industry, feeling that classificationshould be made to avoid loss of trained person-nel
8enks, question of giving them preferential treatment underthe tax program in view of the substantial
1/ 9
1/23
11/16
33
111
2185
part they play in war financing, consideredat meeting of the executive committee withthe Board 4/ 9 676
p, Opinion regarding, to be presented to Congress 4/ 9 681"rtificates of indebtedness, result of using telegrams and
solicitation to urge subscription to, dis-cussed at meeting of executive committee withBoard 4/ 9 671
C°mPensation of members, FRBank of Philadelphia, payment for each meeting attended authorized 4/25 762
Competition of FRBanks with member banks with respect to collec-tion of noncash items 11/16 2185
Consumer credit, reduction in, opinion of members of Council
CO expressed at meeting with Board 7/ 1 1338rporate funds, short-term tap issue to attract, discussed by
Exe •cutive
Chairman Eccles at meeting with 5/18 958Committee:
Amendment proposed to sec. 7(d) of Securities and ExchangeAct of 1934, memorandum prepared in reply toletter from Mr. Brown to be mailed to membersof, dropping of proposal discussed at meetingof Board with 3/12 474
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lede Pal Advisory Council: (Continued)Executive Committee: (Continued)
Correspondent balances, discussion as to Reserve Bankcities in which they should be deposited, at
123Pages
meeting with Board 3/12 472Financing of war, discussion of progress made by Board and
Treasury in formulation of a long range programfor, at meeting of Board with 3/12 471
Government securities, transfer of all types by telegraphsuggested by Mr. Brown 3/12 477
Insurance agents, use in sale of series F and G war savingsbonds, discussed at meeting with Board 7/ 1 1337
Meetings:Interim of executive committee members of, with Board
each month with certain exceptions proposed,no objection by Board 2/16 272
Arrangements completed for meetings on the secondThursday of each month, Secretary's note 2/16 273
Interim meeting arrangements approved by Board 2/23 321Purpose and scope of, to be discussed at next meeting 3/10 447Change in date of suggested 3/12 482Meeting with Board 6/ 3 1112Meeting with Board on July 1, telegram to Mr. Lichten-
stein on 6/ 9 1172Meeting with Board 7/ 1 1330Meeting with Board 8/ 5 1553Monthly meeting of, suggestions to be made to make meet-
ings productive of better results 8/ 5 1561Monthly meetings with Board, belief that they should be
continued 9/14 1800Meeting with Board 10/ 7 1959Meeting scheduled for December 2 canceled 11/24 2224
Money market:Reserve situation in, and effect on future market is-
sues of the Treasury, discussed at meeting ofBoard with 3/12 471
Substitution of other cities for New York as, sug-gestion that more than one market could be es-tablished through use of telephone and tele-graph, discussion at meeting of Board with 3/12 477
Rates on Treasury issues for long-term money during thewar, discussion of pattern of rates at meetingwith Board 3/12 473
Regulation W, inclusion of charge accounts discussed inmeeting of Board with 3/12 478-82
Reserve requirements in central reserve cities, discussionof reduction as result of legislation 7/ 1 1330
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Fed
124Pages
era]. Advisory Council: (Continued)Executive Committee: (Continued)
Treasury financing to be discussed at interim meeting, withregard to recommendations made to the Treasury 3/10 447
ExPenditure tax discussed as means of financing the war, atmeeting of the Board with 5/18 956
Federal Open Market Committee opinion that there was an amountof short-term funds that might flow into ashort-term security, discussed at meeting ofexecutive committee with Board 4/ 9 672
FRAct, Bill H.R. 7158 to amend certain sections discussed at meeting of executive committee with Board 6/ 3 1112
Financing, development of a long-term program of, by the Treas-ury Department discussed at a meeting of theexecutive committee with the Board 4/ 9 677
Government securities, discussion by Mr. Eccles with Councilon organization being set up in each FRDis-trict for distribution of 5/18 960
Distribution of, opinion of Mr. Adams that present methodis unsatisfactory and suggestion that it beplaced in the hands of the FRSystem, discussedat meeting of the Board with 5/18 957
, Short-term tap issue opposed 5/19 983Insurance policy loans, discussion of provisions of Regulation
W with respect to, at meeting of the FAC withthe Board 5/18 965
Provisions of Regulation W discussed at meeting of execu-tive committee with Board 6/ 3 1119
L°ans, nonpurpose up to t1500, opinion of Mr. Brown that inclu-sion of, in Amendment No. 4 to Regulation W,was unjustified, discussed at meeting of theBoard with 5/18 964
Meeting with Board 2/16 260Meeting with Board 5/18 951Meeting with Board 9/14 1793Meeting with Board 11/16 2178Members:
Spencer, Charles E., Jr., FRBank of Boston, reappointed 1/20 89"ew York and Chicago, discontinuance as central reserve cities
opposed by Council 5/18 961Rates, effect of short-term on long-term, discussed at meeting
of executive committee with the Board 4/ 9 675Ratio of bank capital to deposits discussed at meeting with
Board 11/16 2179Recommendations:Written statements with reasons to be submitted to Board
prior to meetings, suggested by Mr. Eccles 8/ 5 1556
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Pecie
125Pages
ral Advisory Council: (Continued)Regrouping of FRBanks for the purpose of electing members of
FOMC not to he taken up with, draft of amend-ment to FRAct to be sent to Treasury 5/19 982
Regulation Q, amendment proposed to permit immediate withdrawalof savings deposits to purchase defense bonds,opinion of, that amendment should not beadopted by Board
Regulation 14, Amendment No. 3, bracketing principle to be ap-plied to certain articles, opinion of, requested
Proposed Amendment No. 3, two drafts sent to, and replyreceived
Reimbursement of banks by the Treasury Department for out-of-pocket expenses incurred for services renderedthe Government without charge, suggested byIr. McKee at a meeting of the executive com-mittee with the Board
Renegotiation of war contracts, resolution adopted at separatesession of Council read at meeting with Board
Probable losses to Banks resulting from exercise of rightby Government
Reserve requirements, recommendation of Council that theyshould remain stable unless change is clearlyrequired, discussion of resolution by Boardwith regard to Treasury financing
Copy of resolution to be sent to Secretary of TreasuryDiscussion of possible effect on inflation if requirements
were lowered, at meeting of the executive com-mittee with the Board
Amendment to FRAct to change those in central reservecities discussed
Change at present time opposed, To be considered at coming meetingrtesolution adopted at meeting of Council on September 14 pre-
sa sented to Board for consideration
les tax as means of financing the war, discussion of, at meet-ing of the FAC with the Board
Securities Act of 1933 and Securities Exchange Act of 19342proposed amendments to section 7(c) and (d),letter to Mr. Brown explaining considerationand stating why amendments were not discussed
2/16 273
2/12 2)14
2/24 341
4/ 9 677
9/14 1794
10/ 7 1959
2/16 2612/27 363
4/ 9 675
6/ 3 11138/ 5 155611/14 2171
9/18 1830
5/18 956
with Council 1/17 82Securities Exchange Act of 1934, amendment to section 7(d), re-
quest of Mr. Brown that testimony of hearingsbe sent to, and that they be allowed to filea memorandum with the Interstate and ForeignCommerce Committee 1/22 97
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Fed eral Advisory Council: (Continued)Securities Exchange Act of 1934: (Continued)
Mr. Brown to be advised that Congressman Lea, Chairman ofthe House Committee, has been informed of re-
126Pages
quest for hearings and filing of statement 1/22 98Letters to Mr. Brown and Congressman Lea 1/24 117-8Letter suggesting that statement of, concerning amendment
be submitted to be held for committee consider-ation, but not to be included in printed hear-ings 1/29 144
Proposed amendment to Section 7(d), giving Board power toregulate the amount that could be loaned on un-registered securities, opinion of Federal Ad-visory Council that power should not be givento any agency 2/16 270Short-term nonmarket issue in Treasury financing program, de-sirability discussed at meeting of executivecommittee with Board 6/ 3 1120
Silver, suggestion that Treasury dispose of holdings and moresilver used in minting coins discussed at meet-ing with Board 9/14 1797
Disposal of holdings of Treasury for industrial purposes
Staff: suggested 11/16 2189
Lichtenstein, Walter, Secretary, exemption from Federaltransportation tax, suggestions as to meansof obtaining 3/31 599
Stock dividends, taxation as income pending court decisiondiscussed and considered in regard to stepsthat should be taken following such a decision 2/16 273Tap
issues, issuance of, and whether legal investments for cor-porate investors and trust funds, discussed atmeeting of the executive committee with the
Taxes, Board 4/ 9 679effect of pending tax bill on amount of short-term cor-
porate money for investment, discussed at meet-ing of executive committee with the Board
Pies for discussion: 4/ 9 672
Advice that Board has no topics to suggest 1/22 100Advice to Mr. Lichtenstein that Board has no topics to sug-
gest, but wishes to be advised in advance ofany questions Council wishes to present toBoard 8/25 1667
Examinations, reduction in number of complete, not to bediscussed with 2/10 230
Letter to, advising that Board has no topics to suggest, tocontain no reference to the Treasury financingprogram 5/ 5 852
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1 27Pages
Fed eral Advisory Council: (Continued)Topics for discussion: (Continued)
Opinion of council that matters under consideration shouldbe furnished them in advance of meetings 8/ 5 1557
Securities Exchange Act of 1934, amendment proposed to sec-tion 7(d) 1/24 117
To be furnished Board in advance 9/14 1800Transportation tax, members of, traveling on official business,
entitled to use F.R. 158 in obtaining exemptionfrom 2/27 379
Treasury bills, resolution that amount issued each week be in-creased, discussion of Board with, Board infavor of resolution, Federal Open Market Com-mittee reported as being in agreement withBoard 2/16 263
Resolution to be brought to the attention of the FederalOpen Market Committee, copy sent to Secretaryof the Treasury 2/27 363
, Means to broaden distribution of, discussed 8/ 5 1559easury financing discussed at meeting with Board 11/16 2180
nar, financing of, discussion of long-range program for, byBoard in meeting with Federal Advisory Council 2/16 264
Discussion with Board as to whether it should be conductedon a voluntary basis or a plan of compulsory
War savings should be adopted 5/18 952-Loan accounts, opening by small banks discussed 9/14 1798War loans:Proposal of having FRBanks act as fiscal agents for the pur-
pose of making war loans, reviewed and discussedat meeting of the executive committee with theBoard 4/ 9 683
Interest rates and guarantee fees for, discussed at meeting of the executive committee with the Board
?e Discussion Discussion of provisions of Executive Order No. 9112 V/1 9 8 8655-72J.. Bureau of Investigation, investigative activities of Board
Pectera_ outlined in letter to Mr. Hoover 11/16 2176I credit agencies, statement of Ir. Ransom on confusion re-
sulting from number of, as applying to situa-tion in Cuba 2/ 6 204,4erea
Credit Unions, enforcement of Regulation W, letter toFed FDIC on cooperation in connection with 6/12 1205
l Deposit Insurance Corporation:sorption of cost of one examination each year of insured
banks suggested as possible amendment to bill 6/ 3 1115
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Pede ral Deposit Insurance Corporation: (Continued)Assessment on Government deposits, proposed legislation not to
require member banks to maintain, Mr. Ecclesopposed to inclusion with other proposed legis-lation
Assessments on insured banks against deposits of war loan ac-counts, problems in connection with, discussedby Mr. McKee
5/26
12/ 1
128Pages
1050
2247Proposed amendment to FRAct to exempt war loan deposit ac-
counts from 12/ 8 2284Bank of America National Trust and Savings Association, ques-
tion as to whether differential account in con-nection with contracts for instalment paperconstitutes deposit liability against whichreserves must be carried, submitted to, forcomments 1/ 8 27
Certification of banks as members of FRSystem:Curwensville State Bank, Curwensville, Pa.Danville Loan and Savings Bank, Danville, Va.First State Bank of Larned, KansasJ. P. Morgan & Co., Incorporated, New York, New York
12/1812/166/274/28
234023211302782
Peoples Bank, Beaufort, S. C. 7/ 7 1379Peoples Bank, Lakewood Village, California 5/15 944State Bank of Marathon City, Marathon, Wisconsin 4/10 690Union State Bank, Clay Center, Kansas
r, University State Bank, Houston, Texasertification of checks and drafts by FRBanks at request of
public finance officers or nonmember banks
3/10
6/18
164 57
1249C°Pies of correspondence on denial of application of First
Trust and Savings Bank of Pasadena to estab-lish branches sent to 11/19 2201
Easton Trust Company, Easton, Pennsylvania, permission grantedto, to examine in connection with rehabilita-tion program 3/31 598
Examination and supervisory policy with reference to investmentsby banks in and loans upon Government securi-ties 11/11 2148
Joint statement with special reference to investments in
4aminations:Citizens Bank, Marshall, N. C., permission to examine in
connection with continuation of insurance af-ter withdrawal from membership
Citizens State Bank, Marianna, Fla., permission to examinein connection with continuance of insuranceafter withdrawal from membership
and loans on Government securities 11/20 2205
11/12 2154
10/20 2042
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Pled,
129Pages
era] Deposit Insurance Corporation: (Continued)Examinations: (Continued)
Floral Park Bank and Trust Company, Floral Park, N. Y.,permission to examine, in connection with as-sumption of liabilities and assets of, byFirst National Bank and Trust Co. of FloralPark 1/30 148
Peoples Trust Co., Martinsburg, West Virginia, permissionto examine jointly with FRBank of Richmond be-cause of unsatisfactory condition 10/28 2079
State Bank of Mayville, Wisconsin, permission to examinein connection with continuance of deposit in-surance upon withdrawal from FRSystem 1/14 49
Individual debts: (See Loans).11,ecription for use on front page of examination reports 11/19 2202Inventories of consumer goods, use of credit in connection
with accumulation of, letter to financinginstitutions to be cleared through 6/11 1186
(See also Inventories)4leohan1c5 and Farmers' Bank of Albany, New York, action on ap-
plication deferred, FDIC opposed to extendingdeposit insurance to a bank sharing quarterswith an uninsured nonmember bank 2/18 295
Letter from FDIC regarding deposit insurance 2/18 296Action deferring application not to be included in policy
recordPeoples Bank of Lakewood Village, Los Angeles County, California,
2/24 348
action on application to be deferred until con-sideration of matter with, by Mr. McKee, becauseof possible connection with Transamerica Corpora-tion 1/16 70
Discussion between Messrs. McKee and Crowley resulted in de-cision that application for membership shouldnot be approved 1/22 103
Insurance to be granted upon severing of connections withTransamerica
Press statement regarding reduction of individual debt to besubmitted to, for approval following consider-ation by Messrs. Ransom, McKee, and Szymezak
3/10
5/ 5
444
851?_ Statement approvedegulation W, enforcement of, letter on cooperation with respect
5/ 7 880
to nonmember insured banks and Federal Creditunions 6/12 1205
Advice that corporation will cooperate with Board in
o
en-forcement of 7/ 6 1374
Inge deposits, withdrawal of, without notice for purchase ofdefense savings bonds, comments of, regarding,sent to FRBank of Cleveland 3/ 9 437
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Fedvral Deposit Insurance Corporation: (Continued)Staff:
Greensides, N. G., Acting Chief of the Division of Examina-tion, cost of luncheon to be borne by Board
Oppegard, G. J., Attorney, cost of luncheon to be borne byBoard
Statistics of national and State banks, no need for extensionof clerks on reimbursable basis as help can now
be supplied by Board's staff, reimbursement of
only one clerk necessary for December as Mr.Martin resigned
Transamerica Corporation, Mr. McKee authorized to confer withMr. Crowley and Comptroller regarding adoptionof policy of refusing to permit further expan-sion by
"ral Home Loan Bank Act:Anlendments introduced in Senate and House, report of Mr. Ransom
on discussions with Messrs. Bodfish and West,Counsel requested to keep Board advised of
Fed, progress of legislation'rat Home Loan Bank System:Enforcement of Regulation W, letter to Mr. Fahey for coopera-
tion of his office inStaff:
Fahey, John H., Commissioner, cost of luncheon to be borne
130Pages
1/29 145
1/29 145
1/ 5 11
1/22 105
1/16 68
10/17 2035
by Board 4/17 743Twohy, James F., Governor, cost of luncheon to be borne by
?ed— Board 4/17 74371 Industrial Credit Corporation:'4egislation to establish, letters from Mr. Eccles to Messrs.
Donald Nelson and Weinberg regarding, read atFeder Board meeting 2/17 289
Le_al Open Market Committee: (See Committees, Federal Open Market)'al Outfitting Company, Fresno, California, reply to, regarding
a customer in default under Regulation W atone store obtaining credit at another storeand definition of term "Budget" 5/25 1039
Amendment proposed to repeal prohibition against member bankspaying dividends or making loans while reservesare deficient, Board to retain power to pre-scribe penalties for deficiencies in reserves,discussion at meeting of Board with Presidents 2/ 3 182
Amendment to Section 14(b), statement to be published in
letin 3/24 551Amendments to Sections 12a and 19, recommendation that bill
S. 2565 be signed by President 7/ 6 1377
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IllAct: (Continued)Printing of, order placed with Government Printing Office for,
new amendments to be added in supplement,charge to be made for copies sent to thosenot on free list
Regrouping of FRBanks for the purpose of electing members ofFOMC not to be taken up with the Federal Ad-visory Council, draft of amendment to FRActto permit, to be sent to Treasury
Section 9, discussion of amendment to permit a State bank withcapital as low as 25,000 to become a memberof the FRSystem
Sections 12A(b) and (c) and 14(b), interpretation of, by Chair-man Eccles with regard to purchase of Governmentsecurities held to be correct after discussion
131Pages
3/6 433
5/19 982
5/19 983
of, by Board at meeting of Federal AdvisoryCouncil 2/16 265
Section 12A, discussion of amendment to permit regrouping ofFRBanks for selection of members of FederalOpen Market Committee to insure representationof FREank of New York, Treasury and FRBanksto be consulted before introducing legislationin Congress 2/17 282
Section 13, clearing account of nonmember bank may be acceptedor declined at discretion of the FRBank in-volved 2/11 239
Discussion of authority granted by, to permit FRBanks tomake advances for periods up to 90 days se-cured by Government obligations, at meetingof Board with Presidents
Morris Plan Banking Company of Boston, held to be a "bank"within the provisions of
Se •ction 14(b), provision contained in second war powers bill toeliminate, to allow direct purchase of Govern-ment securities from Treasury by FRBanks, dis-
3/2 382
3/10 458
cussion of Presidents in meeting with Board 2/3 170Proposed amendment to allow FRBanks to purchase securities
directly from the Treasury subject to directionof the Federal Open Market Committee discussedat meeting of the Board with the Federal Ad-visory Council 2/16 264
Amendment contained in Second War Powers Act, memorandumto be prepared showing effect on power of Fed-eral Open Market Committee to direct FRBanksto purchase Government securities 3/26 560
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132Pages
PRA +e-: (Continued)Section 19, proposed amendment to repeal prohibition against
making of loans or payment of dividends by
member banks whose reserves are deficient,and give Board power to prescribe penaltiesfor reserve deficiencies, memorandum dis-
tributed at meeting of Board with Federal Ad-
visory Council to be considered 2/16 273
Proposed amendment to permit changes in reserve require-ments of central reserve city banks independently
of the requirements for reserve city banks and
eliminate the provision that no bank shall makenew loans or pay dividends while its reserves
are deficient 5/19 982gents.
Assistant:Ashley, J. M., FRBank of Dallas:
Appointment approved with understanding that Mr. Hallwill resign
Bond approvedBarnett, Genevieve M., FRBank of Atlanta, bond as alternate
approvedDunphy, Raymond J., alternate at FRBank of Boston:
2/193/ 3
4/21
299404
749
Appointment and salary approved 11/ 5 2122
Bond approved 11/14 2168
Erste, Anne J., alternate at Cleveland:Appointment approved with no change in salary 10/17 2033
Bond of 10/30 2090
Salary approved 12/24 2380
Ferrian, Walter S., FRBank of Minneapolis:Appointment and salary as alternate approved 2/ 6 216
Bond approved 2/16 277
Duties outlined, letter to Mr. Peyton 2/20 303
Fricek, E. F., alternate at Cleveland, to resign when MissErste assumes duties 10/17 2034
Hall, Charles Clifton, FRBank of Dallas, appointment of
Mr. Ashley approved with understanding thatresignation will be submitted by 2/19 299
Johnson, John, FRBank of Minneapolis, salary as alternate
Assistant approved 2/17 293
Kearschner, Alfred C., salary as alternate at FRBank of St.Louis approved 3/ 3 408
Salary approved 10/ 8 1970
Larson, Earl B., FRBank of Minneapolis, salary as alternate
approved to January 31, 1942, now Assistant
Cashier 2/17 293
Newcomb, Margaret R., FRBank of Philadelphia, bond as al-ternate approved 1/24 115
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PRAgents: (Continued)Assistant: (Continued)
Parker, Frank S., FRBank of St. Louis, salary approvedPost, Arthur E., FRBank of Philadelphia, payment to supple-
ment retirement allowance approvedPayment of salary from July 1 to July 14
Rehfuss, J. Frank, alternate at FRBank of Philadelphia,salary increased
Sawyer, Dana D., alternate at FRBank of Boston, salary in-crease approved
Scanlon, Charles J.:Appointed alternate at FRBank of ChicagoBond approved
Snow, G. A., FRBank of San Francisco:Bond as alternate approvedTo resign when appointment of Mr. Stone becomes effec-
tiveStone, Philip M., alternate at FRBank of San Francisco:
Appointment and salary approvedBond approved
Tillander, Clayton E., FRBank of Minneapolis:Appointment and salary approvedBond approvedDuties outlined, letter to Mr. Peyton
Wilgus, Richard G., FRBank of Philadelphia:Appointment and salary approvedBond of
Zehner, Edward A., alternate, FRBank of St. Louis, salaryapproved
4ainard, George C., FRBank of Cleveland, redesignated for1943
caldwell, R. B., FRBank of Kansas City, redesignated for 1943co(,(IffeY, W. C., FRBank of Minneapolis, redesignated for 1943'1'eighton, Albert M., FRBank of Boston:
Designation for 1942Bond ofRedesignated for 1943G. Redesignated
Henry F., FRBank of San Francisco:Bond approved
Ta Redesignated for 1943ssiter, Robert, FRBank of Richmond, redesignated for 1943
'eland, Simeon E., FRBank of Chicago:Designated for remainder of yearBond approvedRedesignated for 1943
133Pages
7/23 1473
5/30 10966/ 6 1151
7/ 9 1387
7/28 1508
9/26 189010/17 2032
1/10 36
10/ 8
10/ 810/28
2/62/162/20
1971
19702076
216277303
7/23 14738/ 6 1570
7/23 1473
12/ 8 228112/ 8 228112/ 8 2281
1/9 321/28 13512/ 8 2281
1/21 9212/ 8 228112/ 8 2281
10/ 9 199210/20 204112/ 8 2281
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FRAg'ents: (Continued)Lewis, F. J., Chairman, FRBank of Chicago:
Letter of regret from Board that illness prevented his at-tendance at Chairmen's Conference, importance
of conference emphasized, suggestion thatDeputy Chairman attend when Chairman cannotavoid being absent
Engaged in unethical transactions with the ContinentalIllinois National Bank and Trust Co., withrespect to Government securities
Purchase and sale of Government securities by, report ofMr. Eccles on efforts to contact and Mr. Eccles
to prepare letter for consideration of Boardrequesting resignation
Letter requesting resignation not sent because of agreementto come to Washington
Resignation accepted effective July 1Resignation as Class C director and FRAgent, accepted
/4cCabe, Thomas B., FRBank of Philadelphia, redesignated for
1943Nardi, R. B., FRBank of St. Louis, redesignated for 1943Neely, Frank H., FRBank of Atlanta, redesignated for 1943
11,11m1, Beardsley, FRBank of New York, redesignated for 1943raylor, Jay, FRBank of Dallas:
Designated for remainder of 1942Bond approvedLeave of absence requested by FRBank during service in
Army, letter to be prepared for considerationof Board
Continuation of service as Chairman and FRAgent during ab-sence on active duty with U. S. Army, no ac-tion by Board at this time
Redesignated, and to be on leave of absence as long as
Nge,, necessary because of military service101.''81 representatives:"agbY, T. Wesley, Charlotte Branch:
Appointment and salaryBond of
, Salary approved116arnard, 0. H., Salt Lake City:
Appointment and salary approved8 Bond approved°Yd, John Armstrong, Houston Branch:
Appointment to serve while Mr. Reed is incapacitated
134Pages
2/6 219
5/22 1011
5/26 1044
5/27 10646/ 1 11066/26 1291
12/ 8 228112/ 8 228112/ 8 228112/ 8 2281
1/28 1362/10 231
6/26 1290
6/29 1317
12/ 8 2283
11/14 216912/ 1 225312/24 2380
Bond approved with letter to Hartford Accident and Indemnity
Company on description of appointment
3/10 4563/18 503
7/16 1442
7/24 1477
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PRAgents' representatives: (Continued)Clark, J. C., Jr., Oklahoma City, salary approvedDetroit Branch, increase in maximum salary approvedEl Paso Branch, discontinuance of position and arrangement for
custody of unissued FRnotesFrancis, Charles E., Charlotte Branch, resignation to report
for military dutyGeller, R. N., Los Angeles Branch:
Appointment and salary approvedBond approved
Goldschmid, J. P., Memphis Branch, salary approvedLinks, J. A., Little Rock Branch, salary approvedPage, Grover C., resignation at El PasoParsell, Garland H., at Louisville Branch:
Appointment approvedBond of
Pettke, August J., Detroit Branch:DesignationBond of
Raether, Lawrence B., Detroit Branch, salary approvedSalary approved
Reed, I. J., substitute to serve at Houston Branch duringincapacity of
Stover, George William, El Paso Branch:Appointment and present salary approved, effective upon
resignation of Grover C. Page, Bond of
W. R., Denver Branch, salary41rckel, John H., Baltimore Branch,
notes:Destruction of:
Alaska, procedure outlined in Treasury order approvedHawaii as outlined in letter from Treasury Department
proved, Puerto Rico, procedure approved-Lnquiries being received by Secret Service
being issued as counterfeitsI"uance and redemption of, amendment to Treasury regulations
to permit pledge of Government securities withFRAgent as security
1928 series, memo on issuance of, from Mr. Smead, question re-ferred to Mr. Szymczak for further consideration
Report by Mr. Szymczak advising that Mr. Bell of the Treas-ury is not opposed to
Memo from Mr. Szymczak regarding the paying out of, andthe drafting of a press statement
approvedsalary approved
ap-
as to new notes now
135Pages
12/308/ 4
9/21
11/14
24071543
1859
2169
3/10 4563/18 5031/26 1201/26 1208/ 3 1538
8/20 16459/ 2 1719
9/26 189010/17 20321/13 468/10 1599
7/16 1442
8/ 3 15388/11 160112/30 240712/24 2380
9/1 1717
3/ 3 41010/15 2027
12/24 2383
12/16 2325
4/7 646
5/8 897
5/26 1061
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PRb
?ape
flk notes: (Continued)1928 series: (Continued)
Payment as part of program of Treasury to conserve cur-rency, press statement to be issued by Treasurywith approval of Board
Letter to all FRBanks on recommendation of Presidents' Con-ference that existing stocks be put into circu-lation and letter to Mr. Bell on position ofTreasury
Stock of unissued to be utilized as war emergencyIssuance to relieve demand on FRnotes because of increase in
money in circulationTelegram to FRBanks on procedure for issuancePress statement on issuance of, to be released
nk of Atlanta:Applications for war loans, letter commenting on mimeograph
sheet calling for supplemental data to befurnished with applications
off on land on which banking houses at head office andcertain branches are located
Examination report, attention called to operation of auditingdepartment and forthcoming audit of Jackson-ville Branch regarding operation of cafeteria
Charge
PRnotes:Supplemental order for printing in large denominationsSupplemental order for printing ofSupplemental order approvedSupplemental order for printing of1928 Series, no objection to use if only currency avail-
ablePersonnel classification plan:
Change involving creation of position of Chief File Clerkand maximum salary approved
Change involving proposed increase in maximum salary forChief Telegraph Operator not approved, salarywhich Board will approve stated
Change providing for appointment of Mr. Raisty as Managerof Statistical and Analytical Department todevote one-half of time to supervising theConsumer Credit Control Department with changein salary approved
Changes approvedChanges approvedChange creating position of General Assistant
136Pages
6/18 1251
8/20 16469/29 1904
11/20 221012/ 8 229012/12 2307
7/13 1413
12/24 2383
3/12 486
3/31 5985/20 10048/ 4 15519/21 1860
10/29 2086
3/6 431
3/ 6 431
5/ 5 8635/8 9006/ 5 11396/30 1320
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PRBank of Atlanta: (Continued)Personnel classification plan: (Continued)
Page 72-a covering new position of Assistant Chief Clerk,Fiscal Agency and Securities Department, ap-
137Pages
proved 8/28 1706
Change providing for position of director of personnel ap-proved 11/24 2225
Quarters, purchase of six-story brick building, authority re-quested by, action postponed 12/ 1 2249
Board will approve increase in amount offered for purchaseof piece of property if necessary 12/26 2395
Reserve for contingencies, transfer from surplus authorized 12/24 2383Staff:
Ashley, John M., Assistant FRAgent, bond approvedAttorney to assist in handling work at, annual salary, not
to be officer of Bank and personnel classifica-tion sheet to be submitted
Barnett, Genevieve M., Alternate Assistant FRAgent, bond
3/ 3
10/27
404
2073
approved 4/21 749Boman, V. K., Assistant Vice President, salary approved 5/ 5 861Bryan, Malcolm, First Vice President, salary approved but
not as recommended 5/ 5 862Camp, C. R., Assistant Vice President, salary approved 5/ 5 862Clark, L. M., Vice President, salary approved 5/ 5 861Conniff, H. F., Vice President, salary approved 5/ 5 861Cooper, S. Frank, designated special assistant examiner 2/ 4 185Crow, Vestus L., name removed from list of special assist-
ant examiners 2/ 4 185Dance, W. A., appointment as examiner approved and indebted-
ness to be liquidated 10/ 9 1994Denmark, J. E., General Auditor, salary approved 5/ 5 862Frazer, H. E., Manager, Foreign Funds Control Department,
salary in excess of maximum for grade approved 5/28 1074McLarin, W. S., Jr., President, salary approved 5/ 5 861Neely, Frank H., Chairman and FRAgent, redesignated for
1943 12/ 8 2281Pike, W. E., Acting Assistant Vice President, salary ap-
proved 5/ 5 862Raisty, Lloyd B.:
Address to be made on consumer credit, telegram makingsuggestions for changes 11/ 9 2137
Appointment approved as Manager of Statistical and
Analytical Department, to devote one-half oftime to supervising the Consumer Credit Con-trol Department, salary approved and changeto be made in personnel classification plan 5/ 5 863
Designation as special assistant examiner approved 5/ 6 867
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138
Pages
111Bank of Atlanta: (Continued)Staff: (Continued)
Schuessler, S. P., Assistant Vice President, salary ap-proved 5/ 5 862
Shaw, Morgan L., designation as special assistant examinerapproved 5/ 6 867
Turman, Pollard, Counsel, salary approved but not as recom-mended 5/ 5 862
Varnadoe, T. V., designation as special assistant examinerapproved
Appointment as assistant examiner approved 117(;70Wilson, R. P., designation as special assistant examiner ap-
proved 3/ 3 407Reappointment as assistant examiner not approved by
Board, but Board willing to approve assignmentto Bank Examination Department and designationas special assistant examiner 3/27 574
Appointment as assistant examiner approved 4/10 689Appointment as examiner approved 11/21 2213
Naxlk of Boston:Classification of member banks for election of directors, no
changes contemplated at presentDividend for last six months for 1942, payment authorizedPRnotes:
Supplemental order for printing ofSupplemental order for printing of
, Supplemental order for printing of'c3rm
9/ 8 174912/28 2398
5/15 9468/28 171010/17 2038
of loan agreement in connection with guarantees, repliesof War and Navy Departments and Maritime Com-mission on proposed additional paragraph 12/ 2 2259
Personnel classification plan:Changes approved 1/ 2 8Changes approved 6/18 1243Changes establishing position of investigator, Consumer
Credit Department 9/21 1852Reserves for losses on industrial loans for contingencies ap-
proved 12/28 2398Staff:
Buckner, William J., supervisor in Auditing Department, noobjection to temporary employment after retire-ment, to terminate when special conditions nolonger exist 8/ 3 1541
Carrick, Krickel K., Vice President and General Counsel,salary approved 4/30 813
Cederval, Roy E., appointment as assistant examiner ap-proved 7/ 9 1387
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PRBank of Boston: (Continued)Staff: (Continued)
Creighton, Albert M.:
139Pages
Designation as Chairman and FRAgent for 1942 1/9 32Bond approved 1/28 135Redesignated for 1943 12/ 8 2281
Dunphy, Raymond J.:Appointment as alternate Assistant FRAgent approved 11/ 5 2122Bond approved 11/14 2168
Examiners assisting in examination of FRBank of New York,payment of sum for use of all pullman trainapproved 10/26 2065
Fogg, John J., Auditor, salary approved 4/30 813
Gilman, Richard Irving, appointed assistant examiner 10/ 1 1919Hansen, Dr. Alvin H., salary approved as Economic Adviser
to Board of Directors 12/30 2406Hult, Ellis G., Vice President, salary approved 4/30 813Hunter, John C., Assistant Cashier, salary approved 4/30 813Kennel, A. C., Jr., Assistant Counsel, report on enforce-
ment of Regulation W prepared in collaborationwith Messrs. Hodge and Rounds sent to FRBanksfor consideration 3/11 468
Salary approved 4/30 813Ketchum, Phillips, Associate Counsel:
Payment for services approved 1/7 24Payment of retainer fee approved 1/20 89Retainer approved 4/30 813
Murphy, Edward R., Assistant Cashier, salary approved 4/30 813
Officers, advice of reappointment for 1942 1/20 89Paddock, W. W., appointment as President to succeed Mr.
Young approved 2/27 361Salary approved 3/27 574
Pitman, Carl B., Cashier, salary approved 4/30 813Sawyer, Dana D., Manager of the Securities Exchange Divi-
sion and alternate Assistant FRAgent, salaryincrease approved 7/28 1508
Van Amringe, Roy F., Assistant Cashier, salary approved 4/30 813Lillett, William, appointment as First Vice President, no
action taken on, to be discussed at later date . 2/27 361Appointment as First Vice President for unexpired por-
tion of five-year term and salary approved 3/27 574Young, Roy A., President, resignation of, to accept presi-
dency of the Merchants National Bank of Boston,W. W. Paddock appointed as successor 2/27 361
To be advised by Mr. Morrill of Board's decision not toamend Regulation R at present time 2/27 375
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140Pages
111BanK of Boston: (Continued)Staff: (Continued)
Young, Roy A.: (Continued)Advised that Board does not consider amendment to Reg-
ulation R desirable at present time, requestedto inform Mr. Griswold of Board's decision
Vouchers submitted to War Department for reimbursement in con-nection with war loans covering furniture and
3/6 432
FR equipment to be deductedank of Chicago:
9/21 1857
Charge to surplus account and transfer to reserve for defi-ciencies, amount equal to net earnings trans-ferred to surplus account 12/30 2409
Compensation and expenses of directors approved after modifiedas sugges ted 11/24 2225
Currency supply to new in duction center at Camp McCoy, Sparta,Wis., letter on needs of camp and manner offurnishing 7/25 1486
Examination, copy of report left at bank for attention of di-rectors 6/16 1225
FRnotes:Supplemental order for printing of 8/28 1710Supplemental order for printing of 10/ 6 1951Supplemental order for printing of 10/29 2087
Government securities, transfer by wire of long-term as wellas short-term, suggested by, reply from Board
Layer, Meyer, Austrian and Platt, employment of, as special1/12 42
counsel in tax matter approved 3/31 598Personnel classification plan:
Changes approved 1/12 40Changes approved 3/19 506Changes approved and adjustment made in salaries of window
washers as requested 3/19 506Changes approved 4/11 697Changes approved 4/30 817Changes approved 5/11 915Changes approved 8/ 3 1542Changes approved except page relating to executive manager
of Victory Fund Committee 9/14 1802Economic Adviser, office of, formerly held by Dean C. A.
Phillips, abolished, new pages to be submitted 3/5 418Protection of, plans sent to Mr. Blakeslee for study and sug-
gestions 5/29 1092Punch card checks, proposed plan for use in office of Division
of Disbursement and payment through FRBank 9/10 1772Plan adopted by Treasury 10/ 5 1945
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of Chicago: (Continued)Resolution regarding authority to issue 1928 series of FRnotes,
which was adopted by the directors of, readand discussed at meeting of the Board withthe Presidents 5/ 8
141Pages
897Staff:
Bachman, W. C., Assistant Vice President, salary approved 3/26 558Bernodet, Conrad, Chef, Cafeteria Department, payment of
salary in excess of maximum, approved 8/ 8 1593Black, A. M., Cashier, salary increased 3/26 559Brann, Denver B., assistant examiner, appointment as exam-
5/ 7 878iner approvedBuster, James S., designation as special assistant exami-
ner approved 7/24 1477Chief, Research and Statistics Department, information on
establishment of position to be forwarded 1/12 41Craig, Carlos H., designation as special assistant examiner
approved 3/11 462Appointment as assistant examiner approved 12/ 2 2258
Davis, Edwin N., designation as special assistant examinerapproved 4/22 752
Appointment approved 12/ 1 2254Dawes, Neil B., Assistant Vice President, increase recom-
mended but salary approved at old figure 3/26 559Diercks, W. R., Assistant Vice President and Chief Examiner,
increase recommended but salary approved atold figure 3/26 559
Dillard, J. H., Vice President, increase recommended butsalary approved at old figure 3/26 559
Dreusicke, Oscar Frank, special assistant examiner, appoint-ment as assistant approved 1/13 46
Dunn, C. B., Vice President and General Counsel, salary in-creased as recommended 3/26 558
Elliott, Daniel B., designation as special assistant exami-ner approved
Appointment as assistant examiner approvedEndres, John J., Auditor, salary approved
11/1712/ 13/26
21902254559
Salary approved as of September 1 12/23 2372Harris, E. C., Vice President, salary approved 12/19 2342Hart, John L., designation as special assistant examiner
approved 2/17 291Helmer, H. J., designation as special examiner approved 12/ 2 2259Hoadley, Walter E., Jr., statistician and analyst, salary
in excess of maximum for grade approved 11/27 2233Hodge, Paul C., Assistant Counsel:
Opinion in connection with discussion of proposedAmendment No. 4 to Regulation IN, that down-payment provision should be eliminated becauseof administrative problem 4/27 772
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N3ank of Chicago: (Continued)Staff: (Continued)
Hodge, Paul C.: (Continued)Present at Board meetingReport on enforcement of Regulation Wprepared in
laboration with Messrs. Rounds and Kennelto FRBanks for consideration
Salary approvedHolt, Robert N., employment of, as special counsel in tax
matter approvedHopkins, W. A., Assistant Cashier, salary approved
Salary approvedJones, Laurence H., Examiner, appointment approvedLangum, John K.:
Appointment as Manager of the Research and StatisticsDepartment approved
Salary as Assistant Vice President approvedLeland, Simeon E.:
Designated Chairman and FRAgent for remainder of yearBond ofRedesignated for 1943
Lewis, F. J., Chairman:Letter of regret from Board that illness prevented his
attendance at the Chairmen's Conference, im-portance of conference emphasized, suggestionthat Deputy Chairman attend when Chairmancannot avoid being absent
Engaged in unethical transactions with the ContinentalIllinois National Bank and Trust Co., withrespect to Government securities
Purchase and sale of Government securities by, reportof Mr. Eccles on efforts to contact and Mr.Eccles to prepare letter for consideration ofBoard requesting resignation
Letter requesting resignation not sent because of agree-ment to come to Washington
Resignation accepted effective July 1Resignation as Class C director and Chairman and
FRAgent acceptedLies, Mark A., Assistant Cashier:
Salary approvedDesignated as contacting officer for Public Buildings
Administration in connection with protection ofbank building
Salary approvedLindsten, Frank A., Assistant Cashier, salary approved
Salary approved
col-sent
142Pages
4/27 768
3/11 4683/26 559
3/31 5983/26 5587/22 14709/ 4 1734
3/6 4328/14 1616
10/ 9 199210/20 204112/ 8 2281
2/6 219
5/22 1011
5/26 1044
5/27 10646/1 1106
6/26 1291
3/26 558
5/29 10937/22 14703/26 5587/22 1470
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143Pages
FRB ank of Chicago: (Continued)Staff: (Continued)
Mall, John, Custodian, salary in excess of maximum approved 1/12 40Meyer, L. G., Assistant Cashier, salary approved 3/26 559
Salary approved 7/22 1470Monson, A., Supervisor of Mail Department, payment of sal-
ary in excess of maximum approved 8/ 3 1543Mulroney, A. J., Vice President:
Salary increase recommended but salary approved at oldfigure, Board willing to give consideration toan adjustment on or after September 1 3/26 559
Letter to, regarding proposal of LaSalle National Bankfor the operation of a common trust fund 5/15 945
Salary approved 9/ 9 1761Netterstram, O. J., Assistant Vice President, increase
recommended but salary approved at old figure 3/26 559Newman, H. J., designation as special examiner following
transfer to Personnel Department approved 4/15 721Olson, A. L., Assistant Vice President:
Salary increase recommended but salary approved at oldfigure 3/26 559
Requested to assist in formulating a schedule of feesfor guarantees on war loans 4/ 3 618
Salary approved 7/22 1470Olson, If G., Chief,Mail Department, payment of salary in
excess of maximum approved 8/ 3 1543Petersen, I. J., Assistant Cashier, salary approved 7/14 1420Peterson, Roy Edward, assistant examiner, appointment ap-
proved 12/11 2302Phillips, Dean C. A., office of Economic Adviser formerly
held by, abolished 3/ 5 418Preston, H. P., First Vice President, salary approved 3/26 558Purrington, F. L., Assistant Cashier, salary approved 3/26 559Roberts, J. G., Assistant Cashier, salary approved 3/26 559Saltnes, Carl M., Assistant Cashier, salary approved 3/26 559Scanlon, Charles J., assistant examiner:
Appointment as examiner approved 5/ 7 878Appointed alternate Assistant FRAgent 9/26 1890Bond approved 10/17 2032
Siegler, George R., assistant examiner, appointment ap-proved 2/10 233
Sihler, A. T., Vice President, salary increased 3/26 559Smith, Minor B., general clerk, Discount Department, salary
in excess of maximum for grade approved 9/15 1816Sorg, Robert E., designation as special assistant examiner
approved 1/ 6 17
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PRBank of Chicago: (Continued)Staff: (Continued)
Thomas, O., Record Custodian, Bindery and Old Records De-partment, payment of salary in excess of max-
1/44Pages
imum approved 8/ 3 15h3Tongue, W. W., statistician and analyst, salary in excess
of maximum for grade approved 9/15 1816Tucker, George T., General Clerk, salary in excess of ma.x.i-
mum approved 1/12 LOTurner, William W., Assistant Cashier, salary approved 6/16 1222Vavricka, J., bookkeeper, Bond Department, payment of
salary in excess of maximum approveda.lker, Duncan, Chief, Protection Department, payment of
salary in excess of maximum approved
8/ 3
8/ 3
1543
1543Washburne, Elihu B., designation as special assistant exami-
ner approved 2/17 291Appointment as assistant examiner approved 12/ 2 2258
Young, C. S., President:Salary approvedTo represent Presidents on committee to meet with Treas-
ury and representatives of investment bankersre sale and distribution of government securi-ties
Report of meeting with Secretary of the Treasury onTreasury financing
Zimmerman, Arthur C., General Man, Personnel Department,salary in excess of maximum for grade approved
War loan depositaries, letter to certain banks suggesting theyqualify as
'Tc of Cleveland:
3/26
5/8
11/11
11/27
11/16
558
887
2144
2233
2175
'4amination, copy of report left with Chairman and one withPresident of Bank 6/ 2 1108
Fzcaminations:Provident Savings Bank and Trust Company, Cincinnati, Ohio,
levying of charge for special investigation tobe left to the discretion of FRBank 1/30 148
PRn otes:Supplemental order for printing of 5/20 1004Supplemental order for printing of 7/17 1453
p Supplemental order for printing ofersonnel classification plan:
10/ 6 1951
Changes approved 1/12 40Changes approved 4/15 721Change increasing salary of Helen Kessler in excess of maxi-
mum for grade 4/3 623Changes approved 4/30 817
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
PRElank of Cleveland: (Continued)Personnel classification plan: (Continued)
Change approvedChanges increasing maximum salaries in auditing departmentChanges approved
Personnel situation at Bank, Mr. Szymczak to make recommenda-tion as to meeting with committee of directorsof FRBank
Reply to Mr. Klages on request for meetingReply to Mr. Klages that meeting with committee of direc-
tors be postponed until JanuaryProtection of, plans sent to Mr. Blakeslee for study and sug-
gestionsSalaries of officers, meeting of committee of directors with
Board shortly after first of yearSquire, Sanders and Dempsey, bill for services approvedStaff:
Arnold, C. W., Vice President, salary recommended not ap-
145Pages
6/26 12937/ 8 13839/ 9 1760
12/ 8 228412/10 2298
12/11 2301
5/29 1092
12/16 232012/29 2402
proved but figure stated at which salary wouldbe approved
Salary as recommended not approved, but salary thatBoard is willing to approve if so fixed by
1/23 111
directors 4/30 814Assistant counsel to be appointed among employees of Bank 9/15 1814Attorney for work in connection with Regulation V loans,
employment for full time favored by Board 7/28 1506Benjamin, Lloyd W., credit analyst senior clerk, salary in
excess of maximum for grade approved 11/12 2153Blake, Ted, designation as special assistant examiner ap-
proved 2/4 135Bolthouse, C. J., assistant cashier, salary approved 12/16 2320Boyd, Tayler M., assistant examiner, appointment as exami-
ner approved 7/ 3 1361Brainard, George C., Chairman and FRAgent, redesignated for
1943 12/ 8 2281Carter, E. A., Assistant Vice President, salary approved 1/23 111
Salary approved 4/30 814Clark, Gilbert, assistant examiner, appointment approved 8/21 1653Clifford, William Dale, examiner, appointment approved 8/21 1653Davies, Chalmer L., designation as special assistant exami-
ner approved 3/12 484Appointment as assistant examiner approved 5/27 1069
Denton, Elwood, designation as special assistant examinerapproved 2/4 185
Erste, Anne J., alternate Assistant FRAgent:Appointment approved with no change in salary 10/17 2033Bond approved 10/30 2090Salary approved 12/24 2380
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Nank of Cleveland: (Continued)Staff: (Continued)
Findeisen, Walter, Assistant Cashier, salary approvedFleming, Matthew J., President:
Appointment committee of Presidents on Per-on standingsonnel Selection and Training
Salary as recommended not approved, but salary thatBoard is willing to approve if so fixed by di-rectors
Fletcher, IN. H., Vice President, salary approvedFoster, A. G., Assistant Cashier, salary approvedFricek, E. F., alternate Assistant FRAgent, resignation ofGalyas, Vincent, designation as special assistant examiner
approvedGrayson, F. V., Auditor, salary approvedGreen, Kenneth A., designation as special assistant exami-
ner approvedHarrell, Clyde, Assistant Cashier, salary approved
Salary approvedSalary approved
Hays, R. B., Assistant Vice President:Requested to assist in formulating a schedule of fees
for guarantees on war loansSalary approvedAction on increase in salary deferred
Hentze, Donald D., designation as special assistant exami-ner approved
Holkenburg, Ralph, designation as special assistant exami-ner approved
Kappanadze, Nicholas J., designation as special assistantexaminer approved
Kessler, Helen, salary in excess of maximum approvedKoza, F. J., designation as special assistant examiner ap-
provedLaning, Alfred H., Assistant Vice President, salary ap-
provedSalary approved
Louis, Henry, designation as special assistantproved
MacKenzie, K. H., Manager, Business StatisticsTitle of Assistant Vice President approvedSalary approved with understanding that he
examiner ap-
Function:
will continuein charge of Department of Business Statistics
Salary approvedReturn from War Production Board to head Research and
Statistical work to be requestedAppointment and salary approved and to continue to
direct statistical work of Cleveland Office of
War Production Board
146Pages
12/16 2320
2/20 303
4/30 8144/30 8144/30 81410/17 2034
2/4 1854/30 814
2/4 1851/23 1114/30 8147/28 1508
4/3 6184/30 81412/16 2320
6/ 8 1156
2/4 185
2/4 185
4/ 3 623
2/4 185
9/26 188912/16 2320
2/4 185
1/23 111
2/5 1944/30 814
10/29 2084
11/13 2163
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PlIBank of Cleveland: (Continued)Staff: (Continued)
Mahar, William, designation as special assistant examinerapproved
McLaughlin, Francis M., designation as special assistant2/4
147Pages
185
examiner approved 2/4 185McLean, Archibald W., appointment as examiner approved 5/16 947Mekus, Francis A., assistant examiner, appointment approved 11/27 2233Mellert, Robert, designation as special assistant examiner
approved 2/4 185Morrison, W. Martin, Assistant Cashier, salary approved 7/28 1508
Salary approved 12/24 2380Newell, Sterling, Counsel, to be requested to come to
Washington to discuss war loans procedure 3/20 513Nichols, James Hart, Assistant Examiner, appointment ap-
proved 8/13 1613O'Connor, John E., designation as special assistant exami-
ner approved 2/4 185Oswald, Robert, designation as special assistant examiner
approved 2/4 185Potter, H. M., designation as special assistant examiner
approved 2/4 185Reebel, Jacob, designation as special assistant examiner ap-
proved 2/4 185Restel, Arthur E., assistant examiner, appointment approved 14./3 623Rudd, Robert, designation as special assistant examiner ap-
proved 2/4 185Smith, H. E. J., Assistant Cashier, salary approved 4/30 814Squire, Sanders, and Dempsey, payment of retainer approved 1/17 81
Retainer approved 4/30 814Bills for legal service including closing Regulation
V loans 7/28 1505Present arrangement to be continued 9/15 1814Bill for legal fees incident to 13b loan 9/17 1824Bills for legal services in connection with war loans,
payment approved 10/31 2097Strukar, Rudolph, designation as special assistant examiner
approved 2/4 185Taylor, W. F., Vice President and Cashier, salary approved 4/30 814Wachtel, Harry H., designation as special assistant exami-
ner not affected by transfer to CincinnatiBranch 2/4 185
Wagner, G. H., Vice President:Salary approved 4/30 814Designated as contacting officer for Public Buildings
Administration in connection with protectionof bank building 5/29 1093
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
PR Bazik of Cleveland: (Continued)Staff: (Continued)
Wagner, G. H.: (Continued)Borrowings and check operations reported to Board in
anonymous letter, letter from Mr. Fleming, andMr. Szymczak to discuss with Mr. Brainard
Mr. Szymczak to phone Mr. Fleming for additionalinformation
Indebtedness of, report of Mr. Szymczak on conversationwith Messrs. Fleming and Brainard, and Mr. Cagleto go to Cleveland to discuss matter
Resignation as vice president, letter to be prepared toMr. Brainard on further action to be taken, re-quest for dismissal pay withdrawn
Draft of letter to Mr. Brainard discussed and to be re-vised by Messrs. Dreibelbis and Cagle
Revised letter to Mr. Brainard outlining transactionsleading to resignation, and Mr. Cagle to go toCleveland to take letter for presentation atmeeting of directors
Special meeting of directors to be held to investigateactions of, Mr. Szymczak to be present and tobe accompanied by Mr. Cagle
Report of Mr. Cagle on meeting with directors at FRBankof Cleveland and Messrs. Szymczak and Cagle toattend meeting of directors on September 14
Indebtedness of, statement of Mr. Szymczak on meetingof board of directors of FRBank
Policy and procedure with respect to reports of in-debtedness of officers at FRBanks to be reviewed
Watkins, Glenn E., designation as special assistant exami-ner approved
Wright, Gordon, designation as special assistant examinerapproved
Zurlinden, F. J., First Vice President, salary as recom-mended not approved, but salary that Board iswilling to approve if so fixed by directors
Retirement of, discussed by Mr. Szymczak with directorsof FRBank
Voucher for reimbursement of expenses on behalf of MaritimeCommission, request that it be withheld untilloans are actually made
ar loans, reply to, regarding procedure for determining au-thenticity of authorizations for the execution
Pliga of guarantees forof Dallas:
"count for local loan agency of Reconstruction Finance Company,no legal reason for not opening
148Pages
8/22 1660
8/25 1676
8/27 1693
9/ 8 1746
9/ 9 1753
9/ 9 1757
9/10 1763
9/11 1774
9/15 1812
9/18 1830
2/4 185
2/4 185
4/30 814
9/15 1814
8/29 1715
4/17 738
6/17 1238
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FRBarik of Dallas: (Continued)
149Pages
Budget for statistical and analytical function, increase ap-proved 12/31 2419
Examination report left with FRBank, request for commentsFRnotes:
3/23 546
Special order for additional notes requested placed withBureau of Engraving and Printing 1/ 6 18
Supplemental order for printing of 5/13 931Supplemental order for printing of 9/ 5 1743Supplemental order for printing of 10/ 6 1951Supplemental order for printing of 12/ 7 2277
Personnel classification plan:Changes approved 1/ 9 33Changes approved 2/ 5 195Change approved 5/19 986Change approved 8/ 6 1571Changes approved 8/29 1713Changes approved 9/30 1908Changes approved 10/17 2034
Reimbursement for expenses in connection with war loans, letterto, regarding procedure for allocating 5/20 996
Staff:
Ashley, J. Y., Assistant FRAgent, appointment approved withunderstanding that Ir. Hall will resign 2/19 299
Austin, E. B., Assistant Cashier, salary approved 5/26 1053Boyd, John A., FRAgent's Representative, bond approved
with letter to Hartford Accident and IndemnityCompany on description of appointment 7/24 1477
Coleman, R. B., Vice President, salary approved 5/26 1053Eagle, W. E., Assistant Cashier, salary approved 9/28 1894Evans, W. J., Vice President and Secretary, salary approved 5/26 1053Ford, W. 0., Cashier, salary approved 5/26 1053Gilbert, R. R., President:
Copy of reply regarding protest by Mr. Chambers againstthe observation of legal holidays by banks andpost offices during the war, sent to FRBanks 4/27 778
Salary approved 5/26 1053Hall, Charles Clifton, appointment of Mr. Ashley as Assist-
ant FRAgent approved with understanding thatresignation will be submitted by 2/19 299
Holder, George A., designation as special assistant examinerapproved 1/17 82
Appointed assistant examiner 6/25 1281Holloway, W. H., General Auditor, salary approved 5/26 1053Kelly, J. V., appointment as examiner approved 6/10 1179
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
,Bank of Dallas: (Continued)Staff: (Continued)
Neill, John H., Jr., appointment as assistant examiner ap-proved
O'Hearn, Ernest, Jr., assistant examiner, appointment as1/21
150
Pages
94
examiner approved 1/21 94Pondrom, L. G., Assistant Cashier, salary approved 5/26 1053Segelhurst, Thomas Arthur, appointment as assistant exami-
ner approved 12/ 9 2293Smyth, Mac C., Assistant Cashier, salary approved 5/26 1053Stover, George William, FRAgent's Representative, bond ap-
proved 8/11 1601Stroud, E. B., First Vice President and Counsel, salary ap-
proved 5/26 1053Taylor, Jay, Chairman and FRAgent:
Designated for remainder of 1942 1/28 136Bond approved 2/10 231Leave of absence requested because of Army service, let-
ter to be drafted for consideration of Board 6/26 1290Continuation in spite of absence on active duty with
U. S. Army, no action by Board at this time 6/29 1317Reappointed Class C director for three-year term and
redesignated Chairman and FRAgent and to be onleave of absence as long as necessary becauseof military service 12/ 8 2283
Thaxton, E. A., special assistant examiner, designation asassistant approved 1/7 20
Webb, R. O., Assistant Cashier, salary approved 5/26 10531.1k of Kansas City:Building, no objection by Board to expenditure for improvement
of 2/23 319Examination, copy left with Bank for consideration and comment
requested on embezzlement by employee of PostOffice station 10/ 8 1975
PRnotes:1928 series, advised to hold, until policy for disposition
is determined 2/24 349Supplemental order for printing of 7/17 1453Supplemental order for printing of 8/28 1710Supplemental order for printing of 10/ 6 1951Supplemental order for printing of 11/21 2214
Personnel classification plan:Changes approved 1/19 88Chief Telegraph Operator, Board does not approve maximum
salary suggested for position 3/16 495Reserve for contingencies, transfer from surplus authorized 12/24 2383Salaries of officers for period January 1 to May 31, 1942 1/26 121
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
151Pages
?RE ank of Kansas City: (Continued)Staff:
Bennett, Arthur, name removed from those designated asspecial assistant examiners 2/11 238
Boysen, John T., designation as special assistant examinerapproved 2/11 238
Burnett, C. N., designation as special assistant examinerapproved 2/11 238
Caldwell, R. B., Chairman and FRAgent, redesignated for
1943Durdee, John, designation as special assistant examiner ap-
provedEuans, John R., designation as special assistant examiner
approvedEuans, Joe R., designation as special assistant examiner ap-
provedFairly, W. F., designation as special assistant examiner ap-
provedFritz, Fred, designation as special assistant Examiner ap-
provedGeary, E. V., designated special assistant examinerGregory, C. A., Assistant Vice President, salary approvedHall, Raymond b., Vice President and General Counsel, ad-
vice to bank that Board would approve proposedsalary
Salary approvedHelm, J. W., Vice President and Cashier, salary approvedKeck, George E., removed from list of approved special as-
sistant examinersKoppang, H. 0., First Vice President, salary approvedLand, Everett D., appointment as examiner approvedLeedy, H. G., President, salary with increase proposed by
directors approved by the BoardSalary approved
Moore, William D., Jr., designation as special assistantexaminer approved
Park, M. W. E., Assistant Cashier, salary approvedPhillips, John, Jr., Assistant Vice President, salary ap-
provedPhillips, Wm., Assistant Cashier, salary approvedPugh, Stanley, designation as special assistant examiner
approvedRatkie, M. E., designation as special assistant examiner ap-
provedReynolds, F. A., designation as special assistant examiner
approved
12/ 8 2281
2/11 238
2/11 238
3/2 398
2/11 238
2/11 23810/ 7 19577/ 6 1371
10/19 203911/30 22425/22 1015
3/2 3985/22 10153/27 575
5/19 9815/22 1015
2/11 2385/22 1015
5/22 10155/22 1015
2/11 238
3/2 398
2/11 238
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P.Bank of Kansas City: (Continued)Staff: (Continued)
Robb, T. Bruce, Manager, Research and Statistical Depart-ment, salary approved
Scott, C. E., designation as special assistant examiner ap-proved
Sherman, E. U., Assistant Cashier, salary approvedStannard, Albert, action on salary deferred until it can be
5/22
2/117/ 6
152Pages
1015
2381371
discussed with Mr. Leedy or Mr. Koppang 1/19 88Salary in excess of maximum approved 3/16 495
Trimble, Harry, designation as special assistant examinerapproved 2/11 238
Tyner, E. P., Assistant Cashier, salary approved 5/22 1015Wardell, S. A., Auditor, salary approved 5/22 1015Wilson, Byron A., designation as special assistant examiner
approved 2/11 238Woolley, D. W., Vice President and Secretary, salary ap-
provedPR Iknk of Minneapolis:
5/22 1015
Annual report, narrative of activities under Regulation V, noobjection if first submitted to Board 12/23 2374
Assignment of Letter of Intent and Notice of Award, letter toComptroller General of the United States onassignability of 10/14 2018
Bank debits, figures not to be released before date of Board'srelease 6/ 6 115L
Clearing account of nonmember banks may be accepted or declinedaccording to the discretion of 2/11 239
EXamination of, copies left at bank for information of officersand directors 7/15 1440
FRnotes, supplemental order for printing 9/25 1886Personnel classification plan:
Changes involving Manager of Defense Contract Service andFiscal Agency Department approved 2/23 318
Changes approved 3/18 504, Changes approvedliegistration statements, Board has no objection to release by,
Res of summary data from, copy of release requestedearch and Statistical Department, revised budget approved
otaff:
6/18
3/108/ 6
1244
4591580
Anderson, Morris G., designation as special assistant exam-iner approved 6/16 1223
Coffey, W. C., Chairman and FRAgent, redesignated for 1943 12/ 8 2281Core, H. C., Personnel Officer, salary approved 2/17 292
Salary approved 5/22 1015Ferrian, Walter S., Alternate Assistant FRAgent:
Appointment and salary approved 2/6 216Bond of 2/16 277Duties outlined, letter to Mr. Peyton 2/20 303
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FRB ank of Minneapolis: (Continued)Staff: (Continued)
153Pages
Grobel, Roger K., examiner, appointment approved 4/17 735Hodgson, T. H., Assistant Counsel:
Salary approved 2/17 292Voucher for reimbursement to FRBank to cover expenses
in connection with assignment to staff of Boardapproved 6/29 1316
Johnson, John, alternate Assistant FRAgent, salary approved 2/17 293Kelly, Douglas C., designation as special assistant exami-
ner approved 6/16 1223Larson, A. R., Assistant Cashier, salary approved 2/17 292Larson, E. B., Assistant Cashier, salary approved 2/17 292
Salary as alternate Assistant FRAgent approved to Jan.31, 1942, now Assistant Cashier 2/17 293
Salary approved 5/22 1015Lysen, M. E., Operating Research Officer, salary approved 2/17 292McConnell, H. G., Assistant Vice President, salary ap-
proved 2/17 292Salary approved 5/22 1015
McNulty, Arthur J., designation as special assistant exami-ner approved 6/16 1223
Mills, A. W., Cashier and Secretary, salary approved 2/17 292Ohnstad, O. W., Auditor, salary approved 2/17 292
Salary approved 5/22 1015Peterson, W. E., Assistant Cashier, salary approved 2/17 292Peyton, J. N., President:
Salary approved 2/17 292Appointment on standing committee of Presidents on Per-
sonnel Selection and Training 2/20 303Powell, O. S., First Vice President and Secretary, salary
approved 2 /17 292Preston, O. R., Assistant Vice President, salary approved 2/17 292Swanson, E. t., Vice President, salary approved 2/17 292Tillander, Clayton E., Assistant FRAgent:
Appointment and salary approved 2/ 6 216Approval of Board unnecessary for designation as Chief
Examiner 4/17 735Bond of 2/16 277Duties outlined, letter to Mr. Peyton 2/20 303
Turner, W. H., Assistant Cashier, salary approved 2/17 292Salary approved 5/22 1015
Ueland, Sigurd, Counsel, payment of retainer approved 2/17 292Upgren, Dr. Arthur Reinhold, Vice President and Economist,
salary approved 10/28 2078No objection to continuing work on joint project of
Province of Manitoba and the State of Min-nesota 11/12 2153
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FRBank of Minneapolis: (Continued)Staff: (Continued)
Wilcox, Robert L., Assistant Examiner, appointment ap-proved
Ziemer, H. I., Vice President, salary approvedFRBank of New York:
Bank of America National Trust & Savings Association, questionas to whether differential account in connectionwith contracts for instalment paper constitutesdeposit liability against which reserves mustbe carried, submitted to, for comments withregard to practices of the National City Bankof New York
Banque de France, litigation pending between Banque de Franceand Banque Nationale de Belgique, permissionto FRBank to participate in discussion ofcounsel
China, opening and maintaining of accounts by FRBanks for, ap-proved, FRBanks to be advised
Executive compensation for officers, Committee of Directorson Welfare of Staff to arrange conference withBoard through Mr. Szymczak regarding plan for
Federal Open Market Committee, representation on, discussion of
154Pages
6/16 12232/17 292
1/8 28
6/26 1301
3/16 498
5/ 9 910
amendment to Section 12A of FRAct to insure,Treasury and FRBanks to be consulted before in-troducing legislation in Congress 2/17 282
FRnotes:Supplemental order for printing of 5/20 1004Supplemental order for printing of 7/17 1453Supplemental order for printing of 9/21 1860
Foreign accounts:Authority to purchase Government securities for account of
foreign central banks and Governments increased 9/15 1818Certain accounts not to be requested in connection with cur-
rent examination 10/31 2096Foreign banks and governments, State Department informed of
conditions upon which they are carried 4/ 9 669Foreign central banks and governments, increase in amount
authorized to purchase Government securities 11/25 2231Forms of loan agreement and assignment of a Government contract
for use in connection with guaranteed loans,copies sent to War and Navy Departments andMaritime Commission 6/19 1255
Gold held by, question of moving to an interior FRBank for safe-keeping 2/27 373
Government securities, authority of, to purchase for the ac-counts of foreign governments extended 5/25 1041
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155Pages
111Bank of New York: (Continued)Loans:
Against gold in vaults, general policy adopted by bank 8/27 1699Banco de la Republica Oriental del Uruguay, loan by FRBank
approved, other FRBanks to be advised that theymay participate in 5/ 8 906
, Revision as to collateral 8/28 1709Lynch and Cahn, bill for services in connection with prepara-
tion of briefs approved 12/10 2297Personnel classification plan:
Changes approved 1/ 9 32Changes approved 3/26 563Changes approved 5/20 995Changes approved 8/17 1628Changes approved 8/24 1665Changes approved 9/ 5 1738Changes approved 9/25 1883Changes approved 9/30 1908Changes approved 11/16 2174
Punch card checks, proposed plan for use in New York officeof Division of Disbursement and paymentthrough FRBank 9/10 1772
Plan adopted by Treasury 10/ 5 1945Reserve on fixed machinery and equipment to cover cost of air
conditioning 12/24 2382
Qafekeeping of securities for other FRBanks, letter to Mr.Foote on 12/16 2326
Salaries:Officers, proposed increases, action deferred as Messrs.
Eccles and Szymczak are out of city, paymentapproved at rates now in effect 4/13 707
Mr. Sproul to arrange with Mr. Szymczak a conference ofthe FRBank of New York directors' committee witha committee of the Board 5/5 861
Committee of Directors on Welfare of Staff to arrangeconference with Board through Mr. Szymczak re-garding plan for 5/9 910
Supplemental compensation payment may be continued 11/16 2175,Panish courses, plan of Bank for sharing cost of, with em-
ployees participating in, noted by Board, alsoopinion that same arrangement should be madefor Portuguese 5/20 996
Staff:
Alexander, Frederick L., Assistant Chief, Applications andRecords Division, Bank Examinations Department,temporary assignment to Division of Bank Opera-tions of Board 11/28 2236
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156Pages
FRBank of New York: (Continued)Staff: (Continued)
Alexander, Frederick L.: (Continued)Extension of assignment to staff of Board, FRBank to be
reimbursed for subsistence and transportationexpenses
Allen, Loren B., Manager of Credit Department:Report on relationships between FRSystem and Better
Business Bureaus prepared in collaborationwith Messrs. Sienkiewicz and Williams sent
12/15 2315
to FRBanks for consideration 3/11 468Salary approved 5/ 5 859
Barrows, D. H., Manager, Cash Department, salary approved 5/5 859Bilby, H. A., Acting Manager:
Appointed Manager of Check Department and to continue asAssistant Secretary at present salary 6/23 1271
Salary approved at rate previously in effect 5/5 860Boyd, Harry M., appointed manager of Savings Bond Redemp-
tion Department, salary approved 10/ 1 1919Brome, R. H., Assistant Counsel, salary approved 5/5 860Burt, W. W., Manager, Government Bond Department, salary
approved 5/ 5 859Cameron, D. J., Assistant General Auditor, salary approved 5/ 5 860Carpentier, Phil, Clerk in Clearings Division, payment to
supplement retirement allowance and extramonthly payments for period of year approved 6/22 1264
Clarke, John J., Legal Department assigned to Foreign Con-trol Department, salary approved and classifi-cation sheet to be submitted 5/27 1069
Cowan, J. Harding, Legal Department, salary approved, re-quest that Board be advised upon terminationof his employment 1/15 55
Davis, F. T.,Manager, R.F.C. Custody Department, salary ap-proved 5/ 5 859
Davis, N. P., Manager, salary approved at rate previouslyin effect 5/5 861
Dillistin, W. H., General Auditor, salary approved 5/5 860Douglas, Edward 0., Assistant Vice President, salary ap-
proved 1/15 55Salary approved 5/ 5 859
Drury, Alice N., appointment and salary as clerk on staffof Board 7/ 3 1360
Ferguson, G. W., Assistant Vice President, salary approved 5/ 5 859French, E. C., Manager, Collection Department, salary ap-
proved 5/5 859Gidney, R. M., Vice President, salary approved 5/5 859Gilpin, Francis A., Assistant Examiner, appointment approved 8/20 1644
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PRBank of New York: (Continued)Staff: (Continued)
Harris, M. A., Manager, Securities Department, salary ap-proved
Heinl, William A., Manager, salary approvedSalary approved
Howard, Thomas P., appointment as examiner approvedHowell, Raynor D., extension of employment as field repre-
sentative in connection with issuance of warsavings bonds
Hudson, Alfred J., Chief, Press and Circulars Division,salary in excess of maximum approved
Huf, John F., Assistant Examiner, appointment approvedIngalls, Frederick W., extension of employment as field
representative in connection with issuance ofwar savings bonds
Johnson, N. O., Manager, Research Department, salary ap-proved
Jones, J. 1A., Assistant Vice President, salary approved atrate previously in effect
5/ 51/155/ 58/20
10/ 8
1/ 98/20
10/ 8
5/ 5
5/ 5
157Pages
85955
8591644
1969
321644
1969
859
860Kettner, William M., Manager, Securities Custody Department,
salary approved 6/25 1281Kimball, H. H., Assistant Vice President, salary approved
at rate previously in effect 5/ 5 860Salary approved 5/ 9 910
Knoepfel, Louis J., Assistant Examiner, appointment approved 8/20 1644Knoke, L. W., Vice President, salary approved 5/ 5 859Logan, W. S., Vice President and General Counsel, salary ap-
proved 5/ 5 859Macdonell, Moyland J., extension of employment as field
representative in connection with issuance ofwar savings bonds 10/ 8 1969
McCahill, M. C., Manager, Service Department, salary ap-proved
McComb, James M., Assistant Examiner, appointment approved EV/20 1294McMurray, R. F., Manager, Safekeeping Department, salary
approved 5/ 5 859Miller, S. A., Assistant Vice President, salary approved
at rate previously in effect 5/ 5 860Nowak, Theodore E., Assistant Examiner, appointment ap-
provedOfficers, advice of reappointmentPhelan, A., Assistant Vice President, salary approved at
8/201/15
164455
rate previously in effect 5/ 5 860
Rice, J. M., Vice President, salary approved 5/ 5 859Roelse, H. V., Assistant Vice President, salary approved at
rate previously in effect 5/ 5 860
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158Pages
PlIBank of New York: (Continued)Staff: (Continued)
Rounds, L. R., First Vice President, report on enforcementof Regulation W prepared in collaboration withMessrs. Kennel and Hodge sent to FRBanks forconsideration
To be requested to come to Washington to discuss warloans procedure
3/11
3/20
468
513Salary approved 5/ 5 859
Rouse, Robert G., Vice President:Present at meeting of the Board with the Presidents 5/ 8 885Present at meeting of Board with draft of statement
prepared at request of Mr. Morgenthau 10/ 6 1954Salary approved at rate previously in effect 5/ 5 860Visit to Bank of Canada, request of Board for copies of
any reports made byRural, Beardsley, Chairman and FRAgent, redesignated for
4/21 750
1943 12/ 8 2281Sanford, H. L., Manager, Foreign Department, salary ap-
proved at rate previously in effect 5/ 5 861Salary approved 5/ 9 910
Sheehan, W. F., Manager, Bank Examinations Department, sal-ary approved 5/ 5 859
Smith, I. B., Manager, Bank Relations Department, salaryapproved 5/ 5 860
Sproul, Allan, President:Appointment on standing committee of Presidents on Per-
sonnel Selection and TrainingConference of the FRBank of New York directors' commit-
tee with a committee of the Board, advised tocontact Mr. Szymezak to arrange
Present at meeting of Board and consideration of rateson industrial advances
Reserve requirements of banks in central reserve cities,telephone conversation on reduction in
Salary approvedSeries A and Series B tax notes, changes in, letter to
Secretary of Treasury suggestedStatement by, regarding the organizations that might
be created to promote the distribution and saleof Government securities
To represent Presidents on committee to meet with Treas-ury and representatives of investment bankersre sale and distribution of government securi-ties
To meet with Mr. Hopkinson to formulate the details ofa program for the promotion and sale of Govern-ment securities
2/20
5/ 5
6/ 3
9/ 95/ 5
8/28
5/ 8
5/ 8
5/ 8
303
861
1125
1754859
1700
888
887
896
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159Pages
al3arlic of New York: (Continued)Staff: (Continued)
Stocker, Frederick, Manager, Cash Custody Department, sal-ary approved
Streck, Isidore, Jr., payment of sum to supplement retire-ment allowance approved
Ten Eyck, 0. IA., Superintendent of Bank Building, salaryin excess of maximum but not as recommended
5/5
10/ 8
860
1969
approved 5/5 861Tiebout, T. G., Assistant General Counsel, salary approved
at rate previously in effect 5/5 861Treiber, W. F., Assistant Counsel and Secretary, salary ap-
proved 5/ 5 860Trimble, R. J., Assistant General Counsel, salary approved 5/5 860Van Houten, C. N., Manager, Security Custody Department,
salary approved 5/ 5 860Assigned as Manager, Foreign Property Control Depart-
ment 6/23 1271Williams, J. H., Vice President, salary approved to receive
only one-third of his regular annual salary dur-ing part-time service 5/ 5 859
\Urns, Valentine, Assistant Vice President, salary approvedat rate previously in effect 5/ 5 860
Wurts, J. H., Assistant Counsel, salary approved 5/ 5 860Salary approved as Manager, Government Bond Department 8/ 3 1542
Studies on Caribbean area, advice that other studies furnishedto certain agencies should be routed throughBoard of Governors
Tax assessment on buildings, payment to Mr. L. B. Altreuterfor services in connection with obtaining re-duction in
ik of Philadelphia:Building, payments on account of, in excess of amount esti-
mated4amination, copy of report left for attention of President
and directorsP'ederal Advisory Council member, compensation for each meeting
attended authorizedPRnotes:
Supplemental order for printing ofSupplemental order for printing of
, Supplemental order for printing ofrersonnel classification plan:
Changes approvedHarris, Earl W., Clerk A, Accounting Department, Board
records do not show approval of salary in ex-
cess of maximum for, request for informationregarding
11/ 2 2101
11/ 6 2128
10/ 6 1951
11/16 2175
4/25 762
4/17 7427/17 14539/21 1860
1/7 20
2/12 244
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PPlq--ank of New York: (Continued)Personnel classification plan: (Continued)
Chane creating position of Research SupervisorProtection of, plans sent to Mr. Blakeslee for study and sug—
gestions
7/ 8
5/29
160Pages
1382
1092Staff:
Adams, Charles li,., Assistant Examiner, appointment approved 6/ 8 1155Aikens, James A., special assistant examiner, designation
approved 12/ 1 2254Allen, William J., designation as special assistant examiner
approved 12/ 1 2254Brenner, John J., designation as special assistant examiner
approved 12/ 1 2254Burr, Glendon M., appointment as assistant examiner ap-
provedCallender, Marion H., appointment approved on temporary
basisCampbell, Hugh S., designation as special assistant exami-
ner approvedColeman, Philip F., Assistant Vice President:
Designated as contacting officer for Public BuildingsAdministration in connection yvlth protectionof Bank building
Salary approvedSalary approvedSalary approved
Dambach, William L., employed in temporary capacity inFiscal Agency Department, no objection to re-taining status as registered employee of memberof New York Stock Exchange
J., Vice President, action deferred on proposedincrease and salary approved at old rateapprovedL. E., Assistant Vice President, action deferredon proposed increase and salary approved at oldrate
Salary approvedDrinnen, Frank J., First Vice President, salary approvedGordon, James A., designation as special assistant examiner
approvedGriffith, Maurice H., assistant examiner, appointment ap-
provedHarris, Earl W., Clerk A, Accounting Department, request
for information as salary in excess of maximumhas not been approved according to Boardrecords
Hespenheide, Carl F. W., assistant examiner, appointmentapproved with understanding that indebtedness
will be reduced
Davis, V.
SalaryDonaldson,
1/15 56
11/ 3 2106
12/ 1 2254
5/29 10931/13 455/30 10959/12 1788
9/25 1883
5/30 10966/12 1201
5/30 10966/12 12015/30 1095
12/ 1 2254
4/17 735
2/12 244
10/26 2061
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/-‘,FR Bank of 'liew---York: (Continued)
Staff: (Continued)Hilkert, Robert N., salary as Manager of Personnel Depart-
161Pages
ment that Board is willing to approve 3/11 461Hill, E. C., Vice President, salary approved 6/12 1201Lythgoe, Edgar H., designation as special assistant exami-
ner approved 12/ 1 2254UacCoy, Brittain, Evans and Lewis, payment of retainer ap-
proved 2/12 244Retainer as counsel 5/30 1095
Markford, Leonard, assistant examiner, appointment as ex-aminer approved 1/28 136
McCabe, Thomas B., Chairman and FRAgent, redesignated for1943 12/ 8 2281
McCreedy, William G., Assistant Vice President, salary ap-proved 5/30 1095
McIlhenny, C. A., Vice President, action deferred on pro-posed increase and salary approved at oldrate 5/30 1096
McIninch, Ralph A., assistant examiner, appointment approved 3/10 456Moore, Edwin M., designation as special assistant examiner
approved 12/ 1 2254Murphy, John W., designation as special assistant examiner
approved 12/ 1 2254Newcomb, Margaret R., Alternate Assistant FRAgent, bond ap-
proved 1/24 115Poorman, Philip M., Auditor, salary approved 5/30 1095Post, Arthur E., Assistant FRAgent and Secretary, payment
to supplement retirement allowance approved 5/30 1096Salary approved to June 30 5/30 1096Payment of salary from July 1 to July 14 6/ 6 1151
Rehfuss, J. Frank, Alternate Assistant FRAgent, salary in-creased based on work as Manager of Departmentof Research and Statistics 7/ 9 1387
Sienkiewicz, C. A., Vice President:Report on relationships between FRSystem and Better Busi-
ness Bureaus prepared in collaboration withMessrs. Williams and Allen sent to FRBanks forconsideration 3/11 468
Salary approved at old rate, action deferred on proposedincrease 5/30 1096
Salary approved 6/12 1201Snyder, Edward C., Jr., assistant examiner, appointment ap-
proved 10/17 2033Thatcher, Clifford R., designation as special assistant ex-
aminer approved 12/ 1 2254Toy, James M., Assistant Cashier, salary approved 5/30 1095
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162Pages
''RBank of New York: (Continued)Staff: (Continued)
Ulmer, Willis W., designation as special assistant examiner
Wilgus, Richard G., Assistant FRAgent:Appointment and salary approved and appointed alternate
12/ 1 2254
until effective 7/23 1473Bond approved 8/ 6 1570
Williams, Alfred H., President:Present at meeting of the Board 4/27 768Present at meeting in connection with Amendment No. 4
to Regulation W 4/30 787Regulation V, comments regarding proposed amendment to,
opinion that it might result in black markets
and suggestion that a ceiling be applied to
amount of consumer creditSalary approvedSeries A and Series B tax notes, changes in, letter to
Secretary of Treasury suggestedSurplus funds of business firms for war financing, no
action to be taken on memorandum from, regardingthe use of, until he discusses subject with theexecutive committee of the Federal Open MarketCommittee
To represent Presidents on committee to meet with Treas-ury and representatives of investment bankers re
sale and distribution of government securities
Treasury financing, report of meeting with Secretary of
the Treasury onWilliams, Robert R., Statistician, report on relationships
between FRSystem and Better Business Bureausprepared in collaboration with Messrs.Sienkiewicz and Allen sent to FRBanks forconsideration
of Richmond:Checks cleared through Charlotte Branch, no objection to releas-
ing total face value ofExamination, copy of report for information of officers and di-
rectorsnotes:
Advised not to put new notes of 1928 series in circulationuntil further advice from Board
1928 series, advised that use of, is permissible in anemergency when no other currency in the $5 and
$50 denominations is available
Supplemental order for printing ofSupplemental order for printing ofSupplemental order for printing ofSupplemental order for printing of
, Supplemental order for printing ofrersonnel classification plan:
Changes approved, new sheet to be submitted to show correct
maximum salary for position of General Clerk
4/27 7715/30 1095
8/28 1700
1/16 69
5/8 837
11/11 2144
3/11 468
8/21 1659
10/21 2044
7/24 1481
5/ 74/275/207/179/ 59/21
884779
1004145317431860
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PRBank of Richmond: (Continued)Personnel classification plan: (Continued)
Change involving increase in maximum salary for positionof General Clerk, Discount and Credit Depart-ment
Changes approvedReserve for alterations and improvements in addition to pre-
vious reserve set upReserve for contingencies, transfer from surplus authorizedStaff:
2/106/ 5
12/2412/24
163Pages
2331138
23822383
Brock, R. S., Jr., Auditor, salary approved 4/30 815Dillard, W. W., Assistant Cashier, salary approved 4/30 815Fry, J. G., Vice President, salary approved 4/30 815Guthrie, Claude L., Assistant Cashier, salary approved 4/30 815Hall, Charles E., designation as special assistant examiner
approved 1/30 147Appointment as assistant examiner approved with under-
standing that indebtedness to national bankwill be liquidated 12/11 2301
Jenkins, Joseph L., designation as special assistant ex-aminer approved 4/23 756
Johnstone, Albert S., Assistant Cashier, salary approved 4/30 815Keesee, George H., Cashier and Secretary, salary approved 4/30 815Keller, R. T., designation as special assistant examiner 12/ 9 2293Kendall, F. O., designation as special assistant examiner
approved 1/17 82Appointment as assistant examiner approved 12/11 2301
Lassiter, Robert, Chairman and FRAgent, redesignated for1943 12/ 8 2281
Leach, Hugh, President, salary approved 4/30 815Martin, Upton S., appointment as examiner approved 1/ 7 20McLaughlin, Mrs. Charlotte Nowell, stenographer in Office
of Chairman of Victory Fund Committee in Wash-ington, salary in excess of maximum for gradeapproved 9/23 1869
Mercer, Roger W., Vice President, salary approved 4/30 815Miller, Robert L., appointment as assistant examiner ap-
proved 3/21 520Regester, Charles E., appointment as assistant examiner ap-
proved 4/30 817Sauerwein, C. H., designation as special assistant examiner 12/ 9 2293Seidell, W. T., designation as special assistant examiner 12/ 9 2293Speicher, J. W., designation as special assistant examiner
approved 12/ 9 2293Strathy, Clair B., Assistant Cashier, salary approved 4/30 815Walden, John S., Jr., First Vice President, salary approved 4/30 815
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164Pages
PRBank of Richmond: (Continued)Staff: (Continued)
Wallace, Maxwell G., Counsel, salary approved 4/30 815Waller, Edward, Jr., Assistant Cashier, salary approved 4/30 815
Webb, P. L., appointment as assistant examiner approved 1/17 82
Whitaker, Poland E., designation as special assistant exam-iner approved 4/23 756
Woodzelle, K. V., designation as special assistant examiner
PRA. approved 12/ 9 2293-ank of St. Louis:Examination, request for advice of action on matter mentioned 4/22 754PRnotes:
Supplemental order for printing of 9/10 1773Supplemental order for printing of 10/ 1 1924
Personnel classification plan:Changes approved 2/19 298
Changes approved 3/21 521Salary in excess of maximum for Willis G. Johns for six
months approved 4/30 817General revision of 6/ 1 1102Trust examiner, discontinuance of position assumed to be
temporary 6/ 1 1102Change establishing position of assistant to General Counsel
approved 9/17 1824Changes approved 12/18 2339
Reserve for contingencies, transfer from surplus authorized 12/24 2383Salaries, officers, payment of salaries for year beginning
June 1 approved 6/ 4 1134Staff:
Attebery, 0. M., Vice President:Board has no objection to his attending in the place of
Mr. Davis the meeting of the Board with the Pres-idents 5/ 5 857
Present at meeting of the Board with the Presidents 5/ 8 885Salary approved for year beginning June 1 6/ 4 1134
Baggott, George I., appointment as examiner approved anddesignated special examiner until effective 7/ 9 1388
Bailey L. H., General Auditor, salary approved for yearbeginning June 1 6/ 4 1134
Cange, Melvyn Paul, Assistant Examiner, appointment ap-proved 6/ 8 1156
Carstarphen, Lewis H., General Counsel, salary approved foryear beginning June 1 6/ h 1134
Chapman, Bertram Lee, appointment as examiner approved 7/ 9 1388
Chapman, W. A., appointment as examiner approved 2/19 299
Davis, Chester, President, advised that Board has no objec-tion to Ir. Attebery attending in his place themeeting of the Board with the Presidents 5/5 857
Salary approved for year beginning June 1 6/ 4 1134
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FRBank of St. Louis: (Continued)Staff: (Continued)
Edmiston, Henry H., Assistant Vice President, salary ap-proved for year beginning June 1
Female employees entering military service or enteringspecial service accorded same benefits as maleemployees
Gilmore, S. F., Assistant Cashier, salary approved for yearbeginning June 1
Haill, A. H., Assistant Cashier, salary approved for yearbeginning June I
Hall, F. N., Assistant Cashier, salary approved for yearbeginning June 1
Hitt, F. Guy, First Vice President:Designated officer in charge of Bank Examination Depart-
ment and appointed examinerSalary approved for year beginning June 1
Hodges, Samuel B., Assistant Examiner, appointment approvedHollocher, Assistant Cashier, salary approved for year be-
ginning June 1Johns, Willis L., salary in excess of maximum approved for
six-month periodKearschner, Alfred C., Alternate Assistant FRAgent, salary
approvedSalary approved
Klose, Julius H., appointment as assistant examiner ap-proved
Longmire, John R., salary approved as Director, War FinanceAgency
Mattox, Charles A., salary as dismissal wage approvedMoore, Harold Norris, designation as special examiner ap-
provedMueller, Maurice LeRoy, Assistant Examiner, appointment ap-
provedNardin, W. T., Chairman and FRAgent, redesignated for 1943Parker, Frank S., Assistant FRAgent, salary approvedSchalk, Robert F., designation as special assistant exami-
ner approvedStewart, Clarence M., Cashier and Secretary, election of,
as vice president and secretary noted and salaryapproved
Salary approved for year beginning June 1Weigel, Howard H., Assistant Vice President, salary approved
for year beginning June 1Salary approved
Zehner, Edward A., Alternate Assistant FRAgent, salary ap-
proved
165Pages
6/ 4 1134
6/12 1201
6/ 4 1134
6/ 4 1134
6/ 4 1134
10/22 20486/ 4 11346/ 8 1156
6/ 4 1134
4/30 817
3/3 40810/ 8 1970
6/ 8 1156
4/13 7088/ 3 1544
6/ 8 1156
8/21 165312/ 8 22817/23 1473
6/ 8 1156
5/7 8786/ 4 1134
6/ 4 113412/22 2359
7/23 1473
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FRBank of San Francisco:Examination of, copy left at bank for information of officers
166Pages
and directors 8/11 1605FRnotes:
Supplemental order for printing of 3/2 403Desire of Treasury to have additional notes printed with
Hawaiian overprinting 7/13 1418Will be shipped to Hawaii on telegraphic advice from 8/11 1605Supplemental order to cover notes to be overprinted
for use in Hawaii 9/25 1886Supplemental order for printing of 8/21 1659Supplemental order for printing of 8/25 1681Supplemental order for printing of 11/ 3 2113
Torlmember banks in Hawaii and Alaska, to be permitted to carryaccounts with during war emergency 9/15 1819
Personnel classification plan:Changes approved 3/2 399Changes approved 6/ 4 1134Change approved 6/26 1297
Property of evacuees, to act as fiscal agent of Treasury intaking care of, memorandum from Treasury sug-gesting program, Ir. Szymczak to go to thePacific Coast 3/6 423
Secretary's note, Mr. V. B. Pollard to go to the Coast 3/ 6 4274egulati0n issued as fiscal agents for U. S. on foreign funds
control, statement for publication in FRBul-letin 3/24 552
Staff:
Agnew, Albert C., Counsel:Salary approved 4/30 816To confer with Mr. Foley regarding authority of FRBank
over evacuee property following transfer tothe Treasury of sections 3(a) and 5(b) of theTrading with the Enemy Act 3/10 454
Armstrong, Howard, Assistant Cashier, salary approved 4/30 816Blakemore, Claude C., assistant examiner, appointment ap-
proved 9/ 3 1723Clerk, Ira, First Vice President:
Mr. McKee to suggest to, that membership applicationof Peoples Bank of Lakewood Village be forwardedwithout recommendation of executive committee ofFRBank of San Francisco as question of policy tobe determined by Board 1/22 105
Salary approved 4/30 815Day, Wm. A., President:
Salary approved 4/30 815To represent Presidents on committee to meet with
Treasury and representatives of investmentbankers re sale and distribution of governmentsecurities 5/8 887
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PRB ank of San Francisco: (Continued)Staff: (Continued)
167Pages
Earhart, C. E., Cashier, salary approved 4/30 815
Salary approved 12/24 2380
Everson, R. E., Assistant Cashier, salary approved L/30 816
Grady, Henry F., FRAgent:Bond approved 1/21 92
Redesignated for 1943 12/ 8 2281
Hale, W. I., Vice President and Secretary:
Requested to assist in formulating a schedule of fees
for guarantees on war loansSalary approved
Hardy, R. T., Assistant Cashier, salary approved
Holman, F. H., General Auditor, salary approvedLyons, Jim Robert, Examiner, appointment approved
Mailliard, E. C., Assistant Cashier, salary approved
Mangels, H. N., Assistant Cashier, salary approved
Salary approvedOsmer, J. Y., Assistant Cashier, salary approvedPhysician, increase in retaining fee because of increase
in number of employeesRiley, Mrs. Martha G., no objection to retention in service
beyond retirement ageSherman, V. M., Assistant Cashier, salary approvedSlade, H. F., Assistant Cashier, salary approvedSnow, G. A., alternate Assistant FRAgent:
Bond approvedTo resign when appointment of Mr. Stone becomes effec-
tiveStone, Philip M.:
Appointed assistant examinerAppointment and salary approved as alternate Assistant
FRAgentBond as alternate assistant FRAgent
Walker, George M., appointment as examiner approved
West, R. B., Vice President, salary approved
'idheeler, 0. P., Director of Research, salary approved°I1Pplemental order for printing FRnotes to cover notes to be
overprinted for use in HawaiiWar Loans Committee to continue for time being to wire to, the
entire authorization memoranda for the execu-
tion of guarantees for war loans
Adjusted compensation plan, liberalized in accord with request
of Presidents' Conference, letter to be sent
to FRBanks
4/3 618!,/30 8154/30 8164/30 8165/26 10534/30 8164/30 81512/24 23804/30 816
6/26 1297
8/24 16654/30 8164/30 816
1/10 36
10/ 8 1971
9/26 1891
10/ 8 197010/28 20764/15 7214/30 8154/30 816
9/25 1886
5/12 925
3/2 394
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Filaanks: (Continued)
168Pages
Assessment to cover expenses of Board of Governors:For last six months of 1942 6/17 1236For first six months of 1943 12/21 2354
Budgets:Bank examination departments approved 5/ 8 908Bank examination and statistical and analytical functions,
forms sent to FRBanks for submission of 11/27 2235
Presidents' Conference to discuss question of whetherparts of, should not be submitted to Boardduring the war 4/16 732
Submission of annual to be discontinued except statisticaland analytical and bank examination 8/20 1647
Building safety and vault control, FRBanks requested to advisewhether they feel conference is justified,results that might be expected, and suggestionsas to additional topics 4/16 732
Career system, copy of study on "Executive Development in theFRBanks" not to be made available to the Train-ing Division of the Civil Service Commission 5/20 1000
Cooperation with field units of Office of Price Administration,letter to Mr. Hubachek on 6/ 9 1171
Customers other than member banks, letter to Mr. Thompson ofSenate Small Business Committee on extensionof dealings with 12/ 3 2264
Dividends:Payment of regular semi-annual on June 30 approved 6/25 1284Payment for last six months for 1942 approved 12/24 2381
ternings and expenses for 1942 12/24 2381
EmPloyees, question submitted to Civil Service Commission withregard to coverage of, by the Civil Service Re-tirement Act 2/27 369
Essential industry for purposes of deferment from military serv-ice, Board not in favor of classification as 6/ 1 1102
4amination department representatives, conference to be heldin Philadelphia on September 22 8/26 1691
Examinations:Mr. Paulger directed to make at least one of each FRBank
during 1942Mr. Paulger authorized and directed to conduct during 1943
'4xecutive development plan, resolution of Conference of Chair-men on implementation of
ExPenditures, advertising in newspapers where regional officesof Victory Fund Committees are located
Expenses:
1/1612/11
11/18
11/25
792302
2195
2230
Conference in Washington in connection with war loan opera-
tions under Regulation V, to be assumed by 10/29 2086
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FRB anks: (Continued)Expenses: (Continued)
Incurred in connection with war loans, vouchers for reim-bursement to be submitted
Forms, submission to Budget Bureau for assignment of approvalnumbers to be discussed at next Presidents'
6/ 2
169Pages
1111
Conference 12/22 2364Functional expense report, Victory Fund Committee, form for 5/20 1000Functions of:
Discussion at Chairmen's Conference, letter from Mr. Rumlregarding, Board to take no action on 5/5 853
Importance to the war effort, outline submitted to CivilService Commission 10/ 6 1948
Holidays, observance during the war period, summary of repliesreceived, matter to be reviewed by Mr.Szymczak 7/10 1397
Letter to all banks on policy to govern observance at banksand branches 7/20 1458
Industrial advances and commitments, amount of, charge offsfor, and earnings on, by FRBanks informationfurnished to National Bureau of Economic Re-search
Information requested by Treasury in telegram direct to FRBankswithout knowledge of Board
Insurance, joint report of Insurance Plan Committee and Stand-ing Committee on Insurance accepted by Presi-dents' Conference and to be recommended to
Leadership the board of directors of each FRBank
at, development and maintenance of efficient manage-ment in FRSystem, letter to FRBanks on resultsof Balderston study and establishment of Divi-sion of Personnel Administration at Board ofGovernors
Officers of, on tour of duty, Mr. Ruml advised that Board iswilling to provide office space for
aY roll savings plan for purchase of bonds, record of FRBanksdiscussed with Presidents
aYment to Retirement System in connection with adjustment ininterest base, telegram to FRBanks on charging
Per against this year's earningssonnel classification plans, reclassification of salary
limits to meet problems in connection with
Pe— loss of personnel discussed'-.annel objectives as expressed in Balderston study on "Ex-
ecutive Development in the FRBanks," Mr. Rumladvised that Board concurs in, and is willingto provide space for officers on tour of dutyat the Board
2/26 360
12/ 8 2287
3/2 392
6/25 1279
2/6 202
9/29 1903
12/30 2408
9/29 1898
2/6 202
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FRBanks: (Continued)Personnel problems confronting FRBanks in continuous loss and
necessity of supplementing existing salariesPresidents not to be invited to meet with Chairmens' Conference
in New York on October 5request for assistance regarding Governmental Require-
ment PlanDivision of Personnel Administration with respect to
matters relating to, to be presented for discus-sion at Conference of Chairmen
Protection of buildings against air raids and sabotage, FRBanksrequested to submit floor plans to PublicBuildings Administration and to designate of-ficer to whom correspondence should be sent
Letter to Public Buildings Administration with plans ofcertain buildings and services in connectionwith
Code for buildings and contents sent to FRBanks and defensecoordinator to be selected
for the purposes of electing members of FOMC, notto be taken up with the FAC, draft of amendmentto FRAct to permit, to be sent to Treasury
Reimbursable expenses, Government securities, discussion ofwhether FRBanks should seek reimbursement forexpenses incurred in establishing organizationsfor the promotion and sale of
Research Departments, outline of subjects for regional and na-tional studies
Conference of representatives to meet with representativesof Division of Research and Statistics ofBoard on October 13 and 14
Reserves for depreciation for contingencies at end of 1942Retirement System, liability to be charged to 1942 earnings
and manner of showing in published statements
Priority,
Program of
Regrouping of,
Salaries:
170Pages
9/29 1898
9/ 8 1744
8/ 1 1536
9/18 1841
5/7 883
5/29 1091
6/13 1213
5/19 982
5/8 890
7/30 1520
9/30 191512/24 2381
12/31 2415
Adjusted compensation plan, requests of Presidents' Confer-ence regarding, discussed and restrictionsmodified with understanding that plan shallnot be applied where it would increase anysalary beyond $6,000 and not to be effectiveuntil after March 1, 1942
Employees, lists approvedIncreases of officers and employees, regulation of director
of Economic Stabilization Board, applicationto
2/274/ 7
10/28
364651
2076Adjustments under Regulations of Director of Economic
Stabilization 11/ 4 2115Regulations issued by National War Labor Board, tele-
gram to FRBanks on payment of supplemental com-pensation 11/ 6 2127
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171Pages
FRBanks: (Continued)Salaries: (Continued)
Increases: (Continued)Procedure for handling, general order No. 19 of Na-
tional War Labor Board 12/16 2318Procedure for filing certificates with joint committee
on salaries and wages 12/23 2370Procedure approved by Commissioner of Internal Revenue
covering 12/24 2379Preparation of annual reports for submission to Board 12/28 2397
Savings Bond and Tax Note operations, certain FRBanks askedto furnish information regarding the scope of,at their branches
Staff:
Continuation of employment after age 65, authorization dis-cussed
Cost accountants, Major General Olmstead to be advisedthat FRBanks have none on their staff and sug-gested that he contact American Institute ofAccountancy and American Association of Ac-countants
Deferment of employees from draft on occupational groundsdiscussed by members of Executive Committee ofFederal Advisory Council at meeting with Board
Female employees entering military service or enteringspecial service to Government should be ac-corded same benefits as male employees
Government Division of Army, information on per-sons fitted to serve in banking and financialphases of work in occupied territories
Retention in service or reemployment during war emergencyafter attainment of age 65, previous letterscanceled
Salary and wage adjustments, letter to Commissioner of In-ternal Revenue on procedure for handling
Service in occupied countries, survey to be made of menqualified for
Statistical and analytical function, budget for 1942 approvedStatistics of department store inventories by departments to
be collected monthly instead of quarterly,probable increase in staff and budget to pro-vide for them
1tidy of national regional problems, discussion of developmentof program of cooperation with National Re-sources Planning Board and study of nationaland regional problems
Military
4/ 8 661
10/ 2 1928
3/2 389
10/ 7 1960
6/12 1201
11/28 2237
12/ 3 2262
12/12 2305
11/ 6 21295/13 931
6/13 1211
7/21 1460
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FRB
Advances on Government obligations, statement ordered published
172Pages
in 3/3 411Alien Property Custodian, Executive Order establishing, state-
ment for publication in 3/24 551Appointment of Deputy Custodian, statement ordered pub-
lished in 4/22 754Executive Order Allocating Powers, to be published in 7/21 1468
Article on bank credit, war financing and savings and articlewritten by Mr. Flynn in Wall Street Journalcommenting on 9/21 1849
Censorship:Communication rulings issued by Director of, statement for
publication in 3/24 551
Executive Order establishing Office of, ordered publishedin 1/23 113
Licenses and exemptions, designation of authority to issue,ordered published in 1/23 113
Chan ges in discount rates to be referred to in Review of theMonth 10/27 2071
Consumer credit:Statement ordered published in 4/22 754
, Suspension of licenses, statement for publication ink;urrency, statement on overprinting of series for Hawaii to
be published in
11/24
7/21
2228
1468colorations of War, statement for publication in 6/22 1268Discount rate schedules to be changed to clarify authority of
FRBanks to make advances on notes secured byGovernment obligations 3/10 447
Eniergency price control, statement on Economic StabilizationBoard to be published in 10/24 2059
Executive Orders:Dealing with war contracts, ordered published in 1/23 113
4/22 7549/23 187511/24 2228
Establishing War Production Board, ordered published in 1/23 113
Transfers of property of foreign countries and their na-
tionals, ordered published in 1/23 113PRAct:
Amendments to section 12(a) and section 19 to be published
in
FR Amendment to section 14(b), statement to be published in
bank stock, statement on tax on dividends to be published in°reign funds control:
Regulation issued by FRBank of San Francisco as fiscal
7/213/24
10/24
1468551
2059
agent, statement for publication in FRBulletin 3/24 552
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FRB (Continued)Foreign funds control: (Continued)
Statement covering circular issued by the Treasury or-dered published in
General rulings and public interpretations, statement for
publicationPublic circulars and public interpretations to be published
Treasury Department releases, statement for publication in
Government contracts, executive order dealing with war con-
tracts, statement for publication inGovernment securities, purchase of, amendment to section 14(b)
4/22
8/259/2311/24
11/24
173Pages
755
168218752228
2228
of FRAct, statement to be published in 3/24 551
Holding company affiliates, ruling of Board changing basis for
determining 2/19 300
Licenses and public circulars issued by Secretary of the Treas-
ury ordered published in 2/21 316
Statement for publication in 3/24 552
Lcans from another bank which existed at time of admission to
FRSystem, report by executive officer of, or-dered published in 1/23 113
Public circulars issued by Secretary of Treasury, statement tobe published in 3/24 552
Rates on advances to individuals, partnerships, and corpora-
tions, elimination of schedule suggested by Mr.Goldenweiser 10/ 9 1985
Rediscounts, statement on eligibility of notes evidencingguaranteed loans to be published in 10/24 2059
Regulation A, amendment to, regarding advances on government
obligations, statement for publication in 3/24 551
Statement to be published in 9/23 1875Regulation D, amendment to be published in 7/21 1468
Amendment to supplement to be published in 9/23 1875Regulation V, statement ordered published in 4/22 754Regulation W:
Amendments to, statement for publication 7/21 14688/25 168210/24 2059
Interpretations ordered published in 1/23 1132/21 3163/24 5514/22 7545/25 10426/22 12687/21 14688/25 1682
Publication of interpretations: 13%2
18752059
Draperies and reupholstering, statement to be pub-
lished in 6/24 1277
Efforts to collect unpaid obligations, statement for
publication in 11/24 2228Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1;1Bu11etin: (Continued)Regulation W: (Continued)
Publication of interpretations: (Continued)Loan secured partly by credit union shares, statement
for publication inPolicy, letter to Mr. Gilmore on
Regulations covering Alien Property Custodian, statement or-dered published in
Reserves:Balance in differential account set up from purchase of
instalment paper, statement to be published inCentral reserve city banks, statement for publication in
Secretary of Treasury, delegation of powers of Alien PropertyCustodian to, statement for publication in
Social security tax deductions as deposits, statement ordered
174Pages
11/24 222810/20 2043
4/22 754
3/24 5518/25 1682
3/24 551
published inStatements for publication in December issueTax on dividends of FRBank stock, statement to be published inTreasury, general ruling, licenses, and public circulars, is-
5/2511/247/21
104222281468
sued by, ordered published in 1/23 113War contracts, Executive Order dealing with, ordered published
in 1/23 113War financing, statement regarding to be published in 4/22 754
Act to Mobilize Productive Facilities of Small Business 6/22 1268Definition of term Unconditional Guarantee, statement for
publication inWar loans, letter from Mr. Upham on participation by national
6/22 1268
banks in lending program to be published inWar Production Board, Executive Order establishing, ordered pub-
5/25 1033
lished in 1/23 113War Relocation Authority, Executive Order establishing office
of, statement for publication in-uotes:
3/24 551
Destruction in Alaska, procedure outlined in Treasury order ap-proved 9/1 1717
Destruction of, in Hawaii as outlined in letter from Treasuryapproved by Board 3/ 3 410
Destruction in Puerto Rico, procedure approved 10/15 2027PRBank of Atlanta:
1928 Series, no objection to use if only currency available 10/29 2086Supplemental order for printing in large denominations 3/31 598Supplemental order for printing of 5/20 1004Supplemental order for additional notes approved 8/ 4 1551Supplemental order for printing of 9/21 1860
?ftBank of Boston:Supplemental order for printing of 5/15 946Supplemental order for printing 8/28 1710Supplemental order for printing 10/17 2038
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
175Pages
Notes: (Continued)PRBank of Chicago:
Resolution adopted by directors of, regarding authorityto issue 1928 series, read and discussed atmeeting of the Board with the Presidents
Supplemental order for printing ofSupplemental order for printing ofSupplemental order for printing of
PRBank of Cleveland:
5/88/2810/ 610/29
897171019512087
Supplemental order for printing of 5/20 1004Supplemental order for printing of 7/17 1453Supplemental order for printing of 10/ 6 1951
PRBank of Dallas:Special order for additional notes requested placed with
Bureau of Engraving and Printing 1/6 18Supplemental order for printing of 5/13 931Supplemental order for printing of 9/ 5 1743Supplemental order for printing of 10/ 6 1951Supplemental order for printing of 12/ 7 2277
PRBank of Kansas City:Request for permission to cancel and return to Washington
for destruction stock of new 1928 series, replyrequesting that they be held until policy fordisposition is determined 2/24 349
Supplemental order for printing of 7/17 1453Supplemental order for printing of 8/28 1710Supplemental order for printing of 10/ 6 1951Supplemental order for printing of
eRBank of Minneapolis:11/21 2214
Supplemental order for printing of 9/25 1886PRBank of New York:
Supplemental order for printing of 5/20 1004Supplemental order for printing of 7/17 1453Supplemental order for printing of 9/21 1860
PrtBank of Philadelphia:Supplemental order for printing of 4/17 742Supplemental order for printing of 7/17 1453
„ Supplemental order for printing of 9/21 1860"1,Bank of Richmond:
1928 series, advised that use of, is permissible in anemergency when no other currency in the 5and $50 denominations is available 5/ 7 884
Supplemental order for printing of 4/27 779Supplemental order for printing of 5/20 1004Supplemental order for printing of 7/17 1453Supplemental order for printing of 9/ 5 1743Supplemental order for printing of 9/21 1860
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
176Pages
FRn 4-°'des: (Continued)PRBank of St. Louis:
Supplemental order for printing 9/10 1773Supplemental order for printing 10/ 1 1924
PRBank of San Francisco:Supplemental order for printing 3/ 2 403Supplemental order for printing 8/21 1659Supplemental order for printing 8/25 1681Supplemental order for printing of, to cover notes to be
overprinted for use in Hawaii 9/25 1886Supplemental order for printing approved 11/ 3 2113
Hawaii, no objection by Board to over-printing on currency foruse in 5/26 1062
Arrangement with Treasury for distribution of costs of over-printing and transportation 7/10 1398
Desire of Treasury to have additional notes printed withHawaiian overprinting 7/13 1418
Printing of notes with Hawaiian overprinting, shipments willbe made on telegraphic advice as required tomeet currency needs in Hawaii 8/11 1605
Insurance of, request of Board that Treasury write Board thatwhen shipments of FRnotes are completely de-stroyed in transit no charge will be madeagainst the FRBank except for printing, let-ter desired so that Board may obtain reductionin premiums for 2/21 315
Insurance on shipments of, Board concurs with Presidents' Con-ference in approving self-insurance plan sug-gested in joint report of Insurance Plan Com-mittee and Standing Committee on Insurance,letter sent to FRBanks requesting commentsand suggestions 3/30 593-6
Order for printing for fiscal year placed with Bureau of Engrav-ing and Printing
V/g 12:Pr ininting of five-dollar denomination, crease authorized1928 series, unissued notes of, not to be issued until consent
of Treasury is obtained, discussed in connectionwith request of Bureau of Engraving and Printingthat standard of fitness for circulating bereduced 3/ 2 391
Memo on issuance of, from Mr. Smead, question referred toMr. Szymczak for consideration 4/ 7 646
Issuance of, discussed at meeting of the Board with thePresidents and decision to defer action untilJune meeting at which time a joint report willbe submitted by the Presidents 5/ 8 897
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Pliriotes: (Continued)1928 series: (Continued)
Issuance of, report by Mr. Szymczak regarding discussion
177Pages
in respect to, with Mr. Bell of the Treasury 5/8 897
Opinion of Presidents that there would be no material pub-
lic reaction to issuance of 5/8 898
Memo from Mr. Szymczak regarding the paying out of, and the
drafting of a press statement 5/26 1061
Payment as part of program of Treasury to conserve currency,
press statement to be issued by Treasury with
approval of Board 6/18 1251
Telegram to FRBank of Richmond not to place new notes of
this series in circulation until further ad-
vice 7/24 1481
Letter to all FRBanks on recommendation of Presidents' Con-
ference that existing stocks be put into circu-
lation and letter to Mr. Bell on position of
TreasuryShipment cost to San Francisco to be paid by Treasury for use
in Hawaii and Board to pay for overprinting
Statements on, in FRBank weekly statement to be discontinued,information to be shown under liabilities, and
statement to be reduced to two sheets
8/20
7/10
5/5
1646
1398
865Unissued at El Paso Branch, arrangement for handling after dis-
continuance of position of FRAgent's Representa-
Perl tive'Aeral service:
9/21 1859
Suggestions for improvement in, program of Washington Post to
give 8100 war bond each month to Federal em-ployee making most constructive suggestion 9/26 1892
'eral Works Agency:SPace in Board's building occupied by Inter-American Defense
Board, letter to Mr. Baird Snyder on vacatingof
Pees) directors of Detroit Branch, revised basis for payment ap-5/29 1093
proved?idIll?iary powers:
12/31 2413
American State Savings Bank, Lansing, Mich., no objection toacting as trustee in case cited but to acceptno other business without permission 6/30 1328
Serwind Bank, Berwind, West Virginia, no objection to handling
one trusteeship now held, but permission neces-
sary to exercise trust powers 7/31 1524Bloomfield State Bank, Bloomfield, Indiana, granted permission
to act as trustee for one account only 5/21 1007ez.lpital National Bank in Austin, Texas, application approved 10/22 2048
Citizens National Bank of Hope, Ark., application approved 12/31 2415
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178Pages
Piduciary powers: (Continued)Commercial Savings Bank, Lohrville, Iowa, no objection to admin-
istering trusteeship accepted, but to accept nofurther fiduciary business without permission 7/24 1478
Farmer's National Bank of Danville, Kentucky, supplemental appli-cation for, approved
First National Bank of Arcola, Illinois, application deniedFirst National Bank of El Campo, Texas, application denied. Application approved, to act as co-trusteeFirst National Bank in Fort Collins, Colo., application approved
upon assurance that bank will improve facilitiesfor handling trusts
First National Bank of Newark, Arkansas, application to act astrustee in certain cases approved
. Surrender approvedFirst National Bank of Sparta, Illinois, surrender approvedFirst National Bank of Warsaw, Ind., granted permission to act
as trustee in case cited onlyPermission to act as trustee in case cited in addition to
powers previously grantedGenesee County Savings Bank, Flint, Mich., application subject
to conditions prescribed, approvedHaddonfield National Bank, Haddonfield, New Jersey, application
approvedHunterdon County National Bank of Flemington, N. J., application
approvedLake State Bank, Richland, Indiana, no objection to administer-
ing executorship now held but permission to beobtained before acquiring other fiduciary busi-ness
LaSalle National Bank, Chicago, Illinois, advised that Boardwill not undertake to comment on proposalsfor the operation of common trust funds inconnection with Regulation F, informal dis-cussion with Mr. Mulroney at FRBank of Chicagosuggested
Letter to Mr. Mulroney regardingLawrenceburg National Bank, Lawrenceburg, Ky., application for
additional powers approvedLincoln County National Bank of Stanford, Ky., application ap-
4/ 32/ 21/203/27
6/25
2/ 27/15
3/ 3
6/30
7/21
8/ 4
5/ 8
10/14
10/ 8
5/155/15
8/18
62316390476
1282
1641429408
1322
1465
1544
901
2017
1972
944945
1633
proved, conditions for taking over trust ac-counts of affiliated bank 7/ 9 1389
Michigan, reply to question of Minnesota National Bank ofDuluth, asking whether the Board would grantlimited fiduciary powers to a national bankin the State of 5/ 7 879
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179Pages
Fiduciary powers: (Continued)Minnesota National Bank of Duluth, Minn., reply to question
asking whether the Board would grant limitedfiduciary powers to a national bank in theState of Michigan 5/ 7 879
Second National Bank of Ravenna, Ohio, copy of report on inves-tigation of trust department of, in connectionwith surrender of, no action to be taken byBoard because of pending litigation, letter toFRBank of Cleveland 2/14 257
Letter containing same information sent to Comptroller 2/14 258
Action on application to surrender deferred until litiga-
tion is terminated 7/15 1429Temple National Bank, Temple, Texas, application approved 10/26 2064Tobacco Exchange Bank, Edgerton, Wisconsin, application for,
denied 5/19 988
Waterloo Savings Bank, Waterloo, Iowa, collective judgment ofdirectorate or duly appointed committee sug-gested as condition of membership
Pirst Boston Corporation, opinion of Board that it is subject toRegulation T, as it transacts a securities busi-ness through the medium of a member
Pirst Thrift of Los Angeles, Calif., letter to Mr. Cordner oncriticism of Regulation W and possible liberal-ization of Regulation
"al agency operations of FRBanks:Conferences of fiscal agency, report of Mr. Szymczak on conclu-
sions reached in discussions with Mr. Bell re-garding
Evacuees, property of, FRBank of San Francisco to act as fiscalagent for Treasury Department
Secretary's note, Mr. W. B. Pollard to go to the CoastExecutive order authorizing FRBanks to act as fiscal agents
12/23
2/ 7
5/27
1/28
3/ 63/ 6
2372
222
1071
140
423427
for War Department, etc., in making war loans,reviewed by Mr. Eccles and discussed with re-gard to effect upon industrial loan corporationbill 3/23 542
Financing of war production contracts, plan discussed wherebyFRBanks by authority of Executive Order wouldact as fiscal agents for War and Navy Depart-ments and Maritime Commission in regard to 3/20 507
Proposal of having FRBanks act as fiscal agents for the purposeof making war loans, reviewed and discussed atmeeting of the executive committee of the Fed-eral Advisory Council with the Board 4/ 9 683
Reimbursement for expenses incurred in creating organizations for the promotion and sale of Government securi-ties, question of, discussed at meeting of
Presidents with Board 5/ 8 890
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180Pages
Flags:
American and service, presented to Board by Mr. McKee, ac-cepted by Board and to be hung over the mainstairway 4/ 7 645
Secretary's note, Mr. Eccles recorded as favoring the ac-ceptance 4/ 7 645
4, James Lawrence: (See Board of War Communications)FlYnn, Mr., reporter for Wall Street Journal, article to effect
that Federal Reserve officials were contemplat-ing control of savings accounts 9/21 1849
P°reign accounts:Central banks and governments, authority to FRBank of New York
to purchase Government securities for, in-creased 11/25 2231
China, opening and maintaining of accounts by FRBanks for, ap-proved, FRBanks to be advised 3/16 498
Confirmation not to be requested in examination of FRBank ofNew York
RBank of New York, authority to purchase Government securitiesfor, extended
Government securities purchased by FRBank of New York forforeign central banks and Governments, author-ity increased
Participation by FRBanks in, report of Committee of Presidents'Conference presented recommendations for revi-sion of Regulation N, changes in wording ofweekly press statement, etc.
State Department informed of conditions upon which accounts offoreign government and banks are carried by the
: FRBank of New York4..gn Agents Registration Act of 1938, proposed amendment, H.R.
Fore
6269, suggestion that it be changed so bankswill not be required to register as agents of
Pc:0,4 foreign principalsbanking corporations:
Chase Bank, New York, New York:Condition report on Far Eastern branches, special instruc-
tions for preparation of, as year-end statementsare not available
Copies of correspondence of Board with, sent to Mr. Foley,Acting Secretary of the Treasury
Examination report sent to bankFrench American Banking Corporation, New York, N. Y., position
of, not to be changed as it is maintaining a
10/31 2096
5/25 1041
9/15 1818
8/25 1668
4/ 9 669
3/17 501
1/14 48
4/21 75012/17 2333
P . condition of liquidity 3/12 484°4eign banks:
Banco Central de Bolivia, State Department advised of the terms
on which the FRBank of New York carries the ac-
count of 4/ 9 669
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P°reign banks: (Continued)Banco de la Republica Oriental del Uruguay, loan by FRBank of
New York approved, other FRBanks to be advisedthat they may participate in
Revision of loan agreement as to collateralBank of Canada, Mr. Rouse to visit, request of Board for copies
of any reports made byBanque de France, litigation with Banque Nationale de Belgique,
permission to FRBank of New York to participatein discussion for
Banque Nationale de Belgique, litigation with Banque de France,permission to FRBank of New York to participatein discussion with counsel
Canadian Bank of Commerce, branches located in this countrybeing named as assignee of contracts by theNavy Department and ship building concern
Commonwealth Bank of Australia, permission requested to sendmessages to FRBank of Boston in private codefor transmission by mail to commercial bankscovering wool shipments
Cuban central bank, statement of Mr. Gardner on proposed reportof mission covering currency stabilization fund,proposed agricultural bank, and selection ofdirectors and management of bank
Javasche Bank, suggestion of Board in letter to Treasury thatin negotiation of U. S. notes for Naval per-sonnel by South African Reserve Bank, samearrangements be followed that were developedfor
South African Reserve Bank, negotiation of U.S. notes for Navalpersonnel, suggestion of Board in letter toTreasury that same arrangements as developedfor Javasche Bank be followed
State Department informed of conditions upon which the accountsof, are carried by the FRBank of New York
Sveriges Riksbank, procedure for obtaining confirmation of ac-count in connection with examination of FRBank
Po, • of New York4elgn exchange:Cuban peso, possible effect of demand for sugar, mission's
proposal for stabilization ofReports, copies sent to Howard N. Meyer, special assistant to
the Attorney GeneralSouth African Reserve Bank, negotiation of U. S. notes for
Naval personnel, suggestion of Board in letterto Treasury that same arrangements as devel-oped for Javasche Bank be followed
181Pages
5/8 9068/28 1709
4/21 750
6/26 1301
6/26 1301
6/ 5 1140
7/17 1451
2/6 203
2/4 190
2/4 190
4/9 669
10/31 2097
2/6 203
11/23 2219
2/4 190
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Poreign funds control:Executive Order on transfers of property of foreign countries
and their nationals, ordered published in
182Pages
FRBulletin 1/23 113Frozen funds, information to be given censors and others, au-
thority given to divisions at FRBanks by Treas-ury 2/4 189
Memorandum on control of, to be prepared by Mr. Knapp andgiven to Mr. Symczak 3/6 428
General license and public circulars issued by the Secretary ofthe Treasury, statement ordered published inFRBulletin 2/21 316
Information on number and cost of applications furnished toFRBanks by Mr. Pehle of Treasury Department
Public circulars and public interpretations to be published in10/14 2020
FRBulletin 9/23 1875Regulation issued by FRBank of San Francisco as fiscal agent,
statement for publication in FRBulletin 3/24 552Rulings, circulars, and interpretations issued by Secretary of
the Treasury 5/25 1043Rulings and public interpretations, statement for publication
in FRBulletin 8/25 1682Statement covering circular issued by Treasury Department or-
dered published in FRBulletin 4/22 755po Treasury Department releases for publication in FRBulletinreign govermments:
11/24 2228
China, opening and maintaining of accounts by FRBanks for, ap-proved, FRBanks to be advised 3/16 498
Executive order on transfers of property of foreign countries
1)*ecl Deer
Porms.
APPlication to be submitted by financing institutions forguarantees of war loans, modification of
and their nationals, ordered published inFRBulletin
PRBank of New York, authority to purchase Government securitiesfor the accounts of extended
Authority increased
State Department informed of conditions upon which the accountsof, are carried by the FRBank of New York
Vatican City, procedure for obtaining confirmation of accountin connection with examination of FRBank ofNew York
Electric Cooperative, Inc., Halls, Tenn., Statement ofBorrower under Regulation Vinot required forpurchase by member from
1/23 113
5/25 10419/15 181811/25 2231
4/9 669
10/31 2097
4/2 615
9/ 3 1725
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183Pages
4"13: (Continued)Bureau of Governmental Requirements, War Production Board,
copies of forms and instructions sent toFRBanks
Condition reports of State bank members, memo of Mr. Smead ontransmitting to FRBanks and on revision in
Condition reports of State member banks and affiliates, supplytransmitted to FRBanks
Earnings and dividends of State member banks, revised form ap-proved
FRBanks, submission to Budget Bureau for assignment of approvalnumbers to be discussed at next Presidents'Conference
7/30
6/10
12/24
11/30
12/22
1519
1183
2383
2245
2364Guarantee agreement for making war loans, preliminary draft of,
sent to FRBanks for comments and suggestions 4/ 7 653To be sent to FRBanks upon official approval of the War De-
partment 4/10 690Form and documents sent to FRBanks 4/11 698Forms proposed by War Department for adoption for its use
sent to FRBanks 4/15 721Revision sent to FRBanks with request for suggestions 5/ 8 894Standard form of, documents relating to the approval of, by
the 'Mar and Navy Departments and the MaritimeCommission sent to FRBanks 5/19 989
Loan agreement and assignment of Government contract for use inconnection with guaranteed loans, copies of formin use by FRBank of New York sent to War andNavy Departments and Maritime Commission 6/19 1255
Suggested additional paragraph to be included in form ofFRBank of Boston, replies of War and Navy De-partments and Maritime Commission on 12/ 2 2259
Necessity Certificates for use under Internal Revenue Code, re-vised form of application sent to FRBanks 8/14 1620
Report forms in use by Board and FRBanks, list submitted toBureau of the Budget and assignment of approvalnumbers 10/10 2004
Reports by member banks on commercial and industrial loans,proposed form for, to be sent to FRBanks forcomments and suggestions 2/ 6 200
Request for report reconsidered and approved with letter toFRBanks 2/ 6 206
Statement of Borrower form used in connection with RegulationW, no objection by Board to changes proposedby National City Bank of Nem-York 2/23 319
Statement of Borrower and Statement of Necessity should be re-tained pending establishment of time limits bythe Board 5/ 6 872
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240,
Forms: (Continued)Statistics on furniture sales, inventories, etc., for use in
collection of statistics by Board previouslycollected by other agencies
War loans, use of mimeographed forms temporarily, reply toFRBank of Atlanta
Adoption by the War Department and the Maritime Commission
of a standard form of guarantee agreement for,
letter to FRBanks regarding34, manner of showing holdings of Treasury certificates of in-
debtedness
5/15
4/17
5/16
4/9
184Pages
943
739
948
669105, copy submitted to Comptroller of the Currency indicating
changes being considered 3/24 550
Proposed revision reducing from four to two pages 11/18 2198
Revision to obtain breakdown of maturities of Government
bonds from insured commercial banks 11/21 2214
105a, instructions for preparation of report of condition by
State bank members, revised form approved 12/16 2328
105e, change in instructions for use of, in connection withcondition report L/17 742
Caption amended for use in States in which joint publica-
tion is made 7/16 1445Standard caption to be used for joint publication of condi-
tion reports rendered by State member banks 9/25 188610 5e-1 for use when reports made to FRBanks are published sepa-
rately from those submitted to State bankingauthorities 9/25 1887
107, earnings and dividends reports of State member banks, let-
ter to FRBanks for comments and suggestions onproposed revision 10/23 2056
Supply transmitted to FRBanks with detailed instructions 12/16 2328
107a, instructions for preparation of earnings and dividendsreports of State member banks approved 12/16 2328
158, members of Federal Advisory Council traveling on officialbusiness entitled to use, in obtaining exemp-tion from transportation tax 2/27 379
Transportation exemption certificates to be used by members
of Victory Fund Committee whose traveling ex-
penses are paid on reimbursable basis220a, change in instructions for use of, in connection with con-
dition reportreports to be submitted semiannually by all except 15 mem-
6/12 1206
4/17 742
bers of New York Stock Exchange and certainchanges to be made in form 8/20 1648
416, manner of showing holdings of Treasury certificates of in-debtedness 4/9 669
417 and 417a, applications for industrial advances and commit-
ments to be submitted monthly instead of weekly 11/24 2227437, annual reports of holding company affiliates, instructions
to FRBanks for obtaining 12/16 2322
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F"48: (Continued)456, member bank operating ratios for 1942, supply sent for com-
185Pages
piling data 12/ 3 2263494, officer's and certified checks held for a long period, re-
port on, need no longer be submitted 5/22 1022508a, report of action on applications for industrial advances
to be discontinued 11/24 2227563-a, registration statement for newly organized concerns, and
letter of instructions to FRBanks approved 1/30 149Copy of 1/30 158
564, rendered incomplete by Amendment No. 3 to Regulation %, sug-gestion that additional items be added by rubberstamp or other convenient method 3/20 517
Statement of Borrower, not suitable for use following revi-sion of Regulation W, changes to be made in,pending preparation of new form which will beimmediately forwarded to all FRBanks 5/ 5 864
Request of financial institutions in Richmond District tocontinue use of old form, Board not in favor of 7/29 1514
564-a, Statement of Borrower, specimen form, transmitted toFRBanks for use in connection with regulationas revised, FRBanks advised that with certainchanges use of the old form may be continueduntil July 31, instructions for printing anddistribution included 5/11 916
565, Statement of Necessity to Prevent Undue Hardship, use of,
to be continued in connection with regulationas amended, certain changes necessary in somecases pointed out, request for suggestions in-cluded in letter to FRBanks 5/11 916
Deletion of word "instalment" from, in certain cases, pend-
ing revision 7/31 1528
574) 574-B, and 574-C, for reporting new industrial and commer-
cial loans made by member banks, sent to FRBanks 4/ 1 611
577, may be used to report war loans, pending further discussionof reports with War Department 4/17 738
Sent to FRBanks with instructions for reporting outstandingwar loans guaranteed by FRBanks 5/ 2 838
Should be forwarded to Board on date guarantee for warloan is executed and mailed or delivered tofinancing institution 5/22 1016
Instructions for reporting loans guaranteed by MaritimeCommission 7/ 3 1361
Reports on loans guaranteed by War Department to continueto be forwarded to Board for transmission toWar Department 7/25 1483
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P°11115: (Continued)577a, instructions for reporting loans made by Army and Navy
Departments579, sent to FRBanks with instructions for reporting outstand-
ing war loans guaranteed by FRBanksInstructions for reporting loans outstanding at end of
monthAmount of loans to be reported in column 4, instructions
to FRBanks1034, vouchers for reimbursement for expenses in connection
with war loans, suggestions for uniform prepa-ration
3044, application for necessity certificate under InternalRevenue Code, superseded by form TA 8-21
9746-c, report to Board on salary data by FRBanks, to be basedon basic salaries
B-1318a and B-1318b, supply sent to FRBanks for submittingbudgets for bank examination and statisticaland analytical functions
NHA-38, excepts extension of credit to remodel or rehabilitateany structure from provisions of Regulationsupply sent to FRBanks
PD 408, copies received from War Production Board and sent toFRBanks
To be submitted by bank and sent to War Production BoardReport of FRBanks for preference rating assistanceApplication for priority assistance for fourth calendar
quarterS-604-a-b-c-d submitting salaries of officers and employees of
FRBanks annually to BoardAS-21, supply sent to FRBanksAS-24, General Instructions for application for Necessity Cer-
tificates under Internal Revenue CodeO. 1, Treasury Department form for deposits not subject to
check, to be used by FRBanks in depositing
P guarantee fees to Maritime Commissionster, Oscar H.: (See Campbell County Protestant Orphan's Home,
Newport, Ky.)),c.! J. H.: (See Lion, San Diego, Calif.)a'chise taxes, question of restoration of provision of law in case
earnings of FRSystem were increasedWC, Belmont, advised that service charges of Chittenden County
Trust Company, Burlington, Vermont, are notsubject to Board control
Pl'eenlan, Messrs. T. R., and W. S., reply to, advising that trans-action is a rental-purchase contract and con-stitutes a sale
Advised of reasons for including furniture transactions in Reg-
ulation Itt
186Pages
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5/19 993
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Pprench, Walter B.: (See American Bankers Association),r()zen Funds Control: (See Foreign funds control)nanctional expense reports, simplification, and discontinuance of
certain portions discussed by Presidents?kinds:
Frozen, control of: (See Foreign funds control)Impounded funds of employees of Board thought to be covered by
Civil Service Retirement Act sent to TreasuryDepartment
Surplus funds of business concerns, suggestion by Mr. Williamsthat they be used for war financing, no actionto be taken until after discussion with execu-tive committee of the Federal Open Market Com-mittee
Punt, Morris, report of possible violation of Regulation W by useof payroll deduction order and script as downpayment
Plar Trade Review, inquiry from, relating to Regulation W, section12(d) covering lay-away plans
PUrniture:Purchase in connection with war loans and work performed for
War Department not to be madeStatistics on sales, inventories, etc., and memorandum of Ir.
Goldenweiser on collection
11Gt1
--g, Secord, Stead and McIntosh, attorneys for Mercantile NationalBank of Chicago, letter on interpretation ofSec. 6 of guarantee agreement
Garner, Hester G., reply to, regarding the financing of an automo-bile under Regulation W
era] Accounting Office, assignment of claims under act of 1940,letter on acknowledgment and return of notices
R Assignment of original contract, informal opinion on'eneral motors Acceptance Corporation, effect of Regulation W on
187Pages
9/29 1903
3/ 6 430
1/16 69
5/19 991
5/22 1017
9/15 1818
5/15 943
6/ 6 1152
5/25 1037
6/11 118712/21 2353
Credit Service Plan77/23 134(igrl Letter to Mr. Benkhart on effect of Regulation W on planve,,...
''ral Motors Corporation:Notes issued by are not negotiable and are ineligible for re-
discountRate to be charged on loan to, discussed in connection with
rate on 10b loansGuarantee agreement used in connection with loan to, compliance
with paragraph 10 of sec. 5200 of revisedstatutes
9/18 1833
9/29 1906
10/23 2052
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188Pages
General Motors Corporation: (Continued)Special provisions in guarantee agreement in connection with
loan to, suggestion that they be included inall guarantee agreements 10/27 2074
Provisions of guarantee agreement in connection with loan to,request for inclusion in all guarantee agree-ments 11/27 2234
Ge°rge, Senator Walter F., reply to inquiry from Mr. Roesel whichwas forwarded to the Board by, advising thatRegulation W is in accord with program sug-gested by the President
Letter on restrictions to business caused by Regulation WG . . a., A. P., letter on denial of application of First Trust andlantan
5/6/
85
9051142
Savings Bank of Pasadena to establish branchesat Temple City and Alhambra and on future ex-pansion of Transamerica Corporation 11/13 2163
Expansion of banking institutions in Transamerica Corporation,letter for signature of Chairman Eccles onposition of Board
Gilmore,12/19 2343
S. F., sales of building materials in same account on dif-ferent dates, date when considered in default
Glendale8/14 1621
Merchants Association, Ltd., Glendale, Calif., reply tonumber of questions on unlisted articles andother things concerning RegulationW
Gold,5/29 1091
earmarked, held at FRBank of New York, discussion of movingto some of the interior FRBanks for safekeepingGold
2/27 373certificate fund, checks drawn on by Board, advice to Comp-
troller General that they should be obtainedfrom the Treasurer of the United States 10/ 1 1924
G°41bright, L. H., Jr., Vice President-Treasurer of the Heating andPlumbing Finance Corporation, advised that"Summer Plan" for modernization loans in con-nection with Federal Housing Act are no longerpermissible under RegulationW 3/26 586
Goldman, Benjamin F., reply to letter from, regarding violation ofRegulation W, opinion of Board that uniform
Gov._ policy of enforcement should be adoptedI'mment agencies, employees of Board not to be loaned to, with-
out specific authority from Board-riment contracts:r-xecutive Order dealing with war contracts, ordered published
in FRBulletinStatement for publication in FRBulletin
Gov._ Statement for publication in FRBulletin'nment Employees Finance Corporation, advised that under Regu-
lation W, Statement of Borrower is required inconnection with the proposed loan, unless itis a renewal or revision
2/ 6
1/ 1
1/239/2311/24
2/27
217
1
11318752228
378
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189Pages
Gwernment financing:Long-term program, development of, by the Treasury Department
discussed at a meeting of the executive com-mittee of the Federal Advisory Council withthe Board 4/ 9 677
War, financing of, discussion of long-range Treasury programfor, by Board in meeting with Federal AdvisoryCouncil 2/16 264
Further discussion directed toward an exchange of views ofBoard and Federal Advisory Council 2/16 266
Discussion of progress made by Board and Treasury in formu-lation of a long range program for, at meetingof Executive Committee of Federal AdvisoryCouncil with Board 3/12 471
War powers bill, second, provision for eliminating Section14(b) of FRAct to allow direct purchase of Gov-ernment securities from Treasury by FRBanks,instead of limiting purchases to open market,discussion by Presidents in meeting withBoard 2/ 3 170
veGo Boardofficials, public statements relating to differences of
opinion between, reply to letter from the Pres-ident 9/11 1784
G°7errunent Printing Office, order for printing of FRAct placed with,new amendments to be added in supplement to beprinted in office of Board, charge to be made
G for copies sent to those not on free list 3/ 6 433()Irrnment securities:
Advances for periods up to 90 days secured by, authority toFRBanks to make 2/27 373
Discussion of authority of FRBanks to make, at meeting ofPresidents with Board 3/ 2 382
Statement ordered published in FRBulletin 3/ 3 411Advances on notes secured by, amendment proposed to Regulation
A to clarify authority of FRBanks to make,draft submitted, opinion of Board that it isunnecessary at this time 3/10 446
Statement for publication in FRBulletin 3/24 551Amount subscribed for 1-3/4% bonds, information requested by
Treasury direct to FHBanksBank earnings, relation of yields to, study being made by Divi-
sion of Research and StatisticsCommittee composed of representatives of Board and Presidents
to confer with Treasury and a committee of in-vestment bankers in regard to promoting the
distribution and sale ofDefense Savings Bonds:
Forms enclosed to provide Treasury with information on sales
of, under pay roll allotment plan, same informa-tion requested by Board
12/ 8 2287
7/28 1502
5/ 8 886
1/28 140
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Gov
190Pages
ernment securities: (Continued)Defense Savings Bonds: (Continued)
Given to purchaser as bonus when payment for the articlehas been fully made without violating Regu-lation Vi
Deposits of insurance policy holders, suggestion of Mr. Harrisonas available for investment in
Distribution of:Mr. Eccles to represent the Board in discussion with the
2/27
7/ 1
377
1338
Treasury in furthering 5/5 858Opinion of Mr. Adams that present method is unsatisfactory
and suggestion that it be placed in the hands
of the FRSystem, discussed at meeting of theFAC with the Board 5/18 957
Organization being set up in each FRDistrict for, discussed
by Mr. Eccles with Federal Advisory Council 5/18 960Examination and supervisory policy with special reference to
investments by banks in, and loans upon, jointstatement proposed to be issued by Board, Comp-troller of Currency and Federal Deposit Insur-ance Corporation
FRAct, sections 12A(b) and (c) and 14(b), interpretation by11/11 2148
Chairman Eccles with regard to purchase of, heldto be correct after discussion by Board at meet-
ing of Federal Advisory Council 2/16 265FRBank of New York, authority to purchase, for the accounts of
foreign governments extended 5/25 1041Foreign central banks and Governments, authority to FRBank of
New York to purchase increased 9/15 1818Idle business balances, statement proposing special security de-
signed to absorb, approved for transmission toMr. Bell as reflecting general viewpoint of
BoardInvestment of as many nonbank funds as possible in, desired be-
fore making a reduction in reserve requirements,discussed at meeting of Board with the executivecommittee of the Federal Advisory Council
Investments in and loans on, joint statement on examinationand supervisory policies of bank supervisoryagencies
Issue of short-term obligation of open market security as part
of war savings, discussed at meeting of Federal
1/26
4/9
11/20
134
673
2205
Advisory Council 7/ 1 1332Lewis, Frank J., Chairman and FRAgent, engaged in unethical
transactions with Continental Illinois NationalBank and Trust Co. involving 5/22 1011
Maturities held by insured commercial banks, revision of form
105 to get four-fold breakdown 11/21 2214
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191Pages
Gove rnment securities: (Continued)Maturity of tap issue discussed at meeting of Federal Advisory
Council to counteract inflationary develop-ments 11/16 2183
Offerings, as basis for quotas for FRDistricts discussed 12/18 2336Par values reported in condition reports, unnecessary to fur-
nish figures until further notice 7/ 1 1344Program for the promotion and sale of, Messrs. Sproul and
Hopkinson to confer regarding the details of 5/ 8 896Purchase of:
Accounts of foreign central banks and Governments, increasein authority granted FRBank of New York 11/25 2231
FRBanks directly from Treasury, discussion by Presidentsand Board of provision in second war powersbill to eliminate Section 14(b) of FRActto allow 2/ 3 170
Statement to be published in FRBulletin 3/24 551Open market or directly from Treasury, memo to Mr. Smead
on manner of showing in weekly press statement 6/15 1221System open market account, question of increased earnings
of FRSystem and suggestion that franchise taxmight be restored by law 9/15 1811
Safekeeping service of FRBanks, Board does not favor extensionto nonmember banks for holding of 7/ 8 1384
Board does not favor extension to nonmember banks for hold-ing of 8/20 1649
Discussed at meeting with Presidents 9/29 1901Board does not favor extending service to cover bonds 11/ 5 2125
'ale to non-bank investors, means of increasing discussed atmeeting of members of Executive Committee ofFederal Advisory Council with Board 10/ 7 1967
Savings bonds, request that facilities of Helena Branch beavailable to Montana member banks for safe-keeping and redemption of 7/14 1427
Second War Powers Act, amendment contained in, to Sec. 14(b)of FRAct, memorandum to be prepared showingeffect on power of Federal Open Market Commit-tee to direct FRBanks to purchase 3/26 560
Series A and Series B tax notes, letter to Secretary of Treas-ury on changes in, recommending graduated scaleof rates on Series B instead of flat rate 8/28 1700
Series E bonds, reduction in amount offered, suggested by Mr.Eccles 11/16 2183
eris F and G, savings bonds, discussion of whether FRBankorganizations should handle them or leave thementirely in the hands of the Treasury 5/ 8 891
Use of insurance agents for sale of, discussed at meetingof Federal Advisory Council with Board 7/ 1 1337
Discontinuance discussed by Mr. Eccles 11/16 2183
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G°Irerrunent securities: (Continued)Series G savings bonds, held in
valuingVictory Fund organization used in connection with,
telegram to FRBanks on furnishing names ofmember banks with substantial excess reservesfor use in committee work
nonmarket Treasury securities, copies of memorandumrelating to reasons for issuance of, furnishedto members of Federal Advisory Council
issue to attract corporate funds, discussed byChairman Eccles at meeting with Federal AdvisoryCouncil
Opposed by Federal Advisory CouncilStatement by Mr. Sproul regarding the organizations that might
be created to promote the distribution andsale of
issuance of, and whether legal investments forcorporate investors and trust funds, discussedat meeting of the executive committee of theFederal Advisory Council with the Board
United States issues, effect of proposed law providingfor withholding tax at source on interestcoupons
Transfer by wire of long-term as well as short-term, suggestedby FRBank of Chicago, reply advising that bothTreasury and Federal Advisory Council have goneon record as opposed to
Transfer by telegraph of all types suggested by Mr. BrownTreasury bills, recommendation of Federal Advisory Council that
amount issued each week be increased, discus-sion of Board with Federal Advisory Councilto be brought to the attention of the FederalOpen Market Committee, copy sent to Secretaryof the Treasuryand certificates of indebtedness to be held insafekeeping for nonmember banks by FRBanks forduration of war
certificates of indebtedness to be shown separatelyin condition reports of weekly reporting memberbanks, code words and instructions sent to allFRBanksfor long-term money during the war, discussionof adoption of a pattern of rates on, at meet-ing of executive committee of the Federal Ad-visory Council with Boardcertificates of indebtedness, etc., stocknot sufficient at present to keep supply atbranches
Service of
Short-term
Short-term
Tap issues,
Taxable
tap
Resolution
Treasury
Treasury
Treasury
Treasury
bills
issues
notes,
common trust fund, basis for
192Pages
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7/ 1 1339
5/18 9585/19 983
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8/ 5 1554
1/12 423/12 477
2/16 263
2/27 363
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4/9 669
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Government securities: (Continued)Treasury tax savings notes, Series C, use as pledge for loan
by commercial bank from FRBankWar bonds, savings deposits represented by time certificates,
reply to Question of permitting immediate with-drawal prior to maturity for purchase of
War savings bonds, letter to Admiral Conard that pay roll sav-ings plan of Board had exceeded 10% goal inOctober
Withholding tax, application to interest on bonds, memorandumto be prepared by Messrs. Ransom and Szymczakfor submission to Senate Finance Committee
G°vernments:Foreign: (See Foreign governments)State and local governments, FRBanks requested to report the
Gradamounts of liquid funds held byuate School of Banking:Collier, Raymond D., not to attend 1942 sessionHorbett, J. E., selected to attend 1942 session, and allowed
leave with pay, travel expenses and tuitionfees
Great Eastern Fire Insurance Company, White Plains, N. Y., sug-gested amendment to Regulation IN that loansto cover fire or casualty insurance premiumsbe exempt from provisions of
Reply to letter on applicability of Regulation W to financingof fire and casualty insurance premiums
Grialv°1d, Merrill, to be advised by Mr. Young, President of FRBankof Boston, that Board does not consider thesuggested amendment to Regulation R desirable
4°88, at present time
J A.: (See Retail Merchants Credit Association of Los
193Pages
12/ 8 2290
4/25 763
11/ 2 2101
8/ 6 1567
1/5 15
4/10 688
4/10 688
8/19 1637
9/14 1808
3/6 432
Angeles, California)Glaar ntee agreements, amendment submitted in memo from War Depart-ment, copies sent to Navy Department and toMaritime Commission
(See also War loans)
HaZilton Ross Industries, Chicago, Illinois, method of sellingmerchandise, applicability of Regulation W
4 • to4:mllt°n Ross Toolmaster, classification under Regulation W
risen, Alvin H., Chairman of the American Committee of the Joint
Me Economic Committees of Canada and U. S.:
morandum re maintaining supply of dollar exchange in Canada,sent to
12/ 9
7/276/25
1/ 6
2294
14971283
17
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194Pages
Hansen, Alvin H.: (Continued)To be invited to attend dinner for Chairmen of FRBanks and to
Ha, make a talk following 1/22 96
rold A. Lifton Co., New York, advertisement of promotion items,
H• applicability of Regulation W 7/31 1528arrington, L. P.: (See Phil A. Halle, Memphis, Tennessee)Hart 8: Dice, employment of stenographer of, to report conference of
Board with representatives of the trade on Reg-ulation Wauthorized 3/12 487
Hartford Accident and Indemnity Company, Hartford, Conn., letterdescribing appointment of John A. Boyd asFRAgent's Representative at Dallas 7/24 1477
Hawaii :Currency in, to be over-printed with the word, "Hawaii", no
objection by Board 5/26 1062FRnotes overprinted for use in, arrangement with Treasury
for paying for overprinting and transportation 7/10 1398FRnotes to be printed with Hawaiian overprinting, arrange-
ment with Treasury Department on expenses ofprinting and shipping 7/13 1417
Statement to be published in FRBulletin 7/21 1468FRnotes of FRBank of San Francisco printed with Hawaiian
overprinting, shipments to be made on telegraphicadvice as needed 8/11 1605
Supplemental order for printing notes of FRBank of San Fran-cisco to cover overprinting for use in 8/21 1659
Destruction of FRnotes and FRbank notes in, as outlined in let-ter from Treasury Department approved by Board 3/ 3 410
Nonmember banks to be permitted to carry account with FRBankof San Francisco during war emergency 9/15 1819Hay
den, Senator Carl, reply to letter on application for war loanwhich was not executed by any financial insti-tution, ruling of War Department that no ap-
Rea • plication exists 7/11 1407
Banking and Currency Committee of Senate:Inter-American Bank, Uessrs. Goldenweiser, 'Ayatt, and
Gardner designated to prepare draft of state-ment for representative of Board for 1/22 99
Draft of statement discussed, to be revised and whenapproved to be submitted to Mr. Berle for com-ments 1/28 132-5
Statement for representative of Board called to testifyon, to be approved by Chairman Eccles and Mr.Gardner and then sent to Mr. Berle for his com-ments and suggestions 3/10 448
Securities Exchange Act of 1934, amendment to section 7(d),Letter to Federal Advisory Council suggestingthat statement be submitted 1/29 144
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195Pages
Hearings: (Continued)Interstate and Foreign Commerce Committee of House:
Securities Exchange Act of 1934, amendment to section7(d), request of Mr. Brown of Federal Ad-visory Council, that testimony of hearings besent them and they be allowed to file a memo-randum with 1/22 97
Mr. Brown to be advised that Congressman Lea, Chairmanof the House Committee, had been informed ofrequest for hearings and filing of statement 1/22 98
Letters to Mr. Brown and Congressman Lea 1/24 117-8Regulation IN, suggestion that in case of willful violations of,
there should be a hearing to show cause whyviolator's license should not be suspended 5/ 5 849
Tulloch, Donald, Jr., request for hearing on exemption of as-bestos siding from provisions of Regulation W 11/ 3 2108
Heating and Plumbing Finance Corporation advised that "Summer Plan"for modernization loans in connection withFederal Housing Act are no longer permissible 3/28 586
Advised that careful consideration will be given opinion regard-ing restriction of deferment of payments oncredit sales of seasonal goods under Regula-
Reat tionW 4/ 7 652
°n, Mules, Ireton & Hatch, Baltimore, Md., loans in excess ofM.500 by building corporation, not covered by
Her regulation, reply to inquiry of 8/19 1639'411s, Senator L., reply to letter from constitutent on applica-
bility of Regulation W to salaried worker whoowns a farm and borrows for same purpose thefarmer might borrow 6/11 1192
Senator Lister, reply to letter from Mr. Pinkard forwarded toBoard by, regarding a charge of 15 cents by theAlbertville National Bank, Albertville, Alabama,for the cashing of veterans' checks 5/23 1028
'"-LsY, Allen, Tillingast & Wheeler, Counselors at Law, ProvidenceR. I., certified copy of contract to contractor,
Rix() procedure agreed to by War and Navy Departments 6/16 1225ns, Milwaukee, Wis., applicability of Regulation W to storing,
cleaning, etc., of fur coats 6/10 1181es, Mrs. Frances: (See White House Market, Wichita Falls,
H Texas)1-1ng company affiliates:American Investment Corporation, Ogden, Utah, determined not
to be for purposes other than section 23(A) ofFRAct 7/13 1411
Annual report to be obtained on form FR 437, instructions to FRBanks 12/16 2322
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196Pages
Hold-ing company affiliates: (Continued)BancOhio Corporation, Columbus, Ohio, no objection to purchase
of stock of Union Trust Company of Newark,Ohio, for liquidation and consolidation withLicking County Bank 5/19 986
New voting permit not necessary because of absorption of abank by a subsidiary bank and change in titleof bank 8/ 8 1593
C. w. H. Corporation, New York, N. Y., determined not to be forpurposes other than those of Section 23A ofFRAct 10/ 8 1971
Definition ruling that organization is holding company affil-iate if number of shares owned or controlledis equal to more than 50 per cent of number ofshares voted, regardless of whether shareswere or were not voted
First Securities Corporation of Syracuse, New York, grantedlimited permit to vote the stock of four banks,limitation on dividend payments and purchaseof own capital stock, requested to furnish an-nual holding company affiliate report
Home and Foreign Securities Corporation, Jersey City, N. J.,ruled not to be for purpose other than thoseof section 23A of FRAct
Interbanc Investors, Inc., Kenmore, New York, ruled not to befor purpose other than those of Sec. 23A ofFRAct
Legislation, suggested by Mr. McKee to prevent further expan-sion and control by
Discussion ofMarine Midland Corporation, Jersey City, N. J., dividend policy
adopted by directorsNOr thwest Bancorporation, Minneapolis, Minnesota:
Application of Austin State Bank, Austin, Minn., approvedsubject to compliance by Northwest Bancorpora-tion of conditions incident to permit to votestock ofvoting permit approved subject to certain con-ditionsof State Bank of Northfield, Minn., approvedsubject to compliance by Northwest Bancorpora-tion of conditions incident to permit to votestock ofvoting permit approved subject to certain con-ditionsof State Bank of Virginia, Minn., approved sub-ject to compliance by Northwest Bancorporationof conditions incident to permit to vote stockvoting permit approved subject to certain con-ditions
General
Application
General
Application
General
2/19 300
1/7 21
6/23 1272
8/28 1708
1/22 1042/6 211
9/19 1846
4/30 819
4/30 823
4/30 820
4/30 823
4/30 821
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197Pages
Holding company affiliates: (Continued)Pentscn Corporation of New Jersey, ruling not to be for purpose
other than those of Section 23A of FRAct 6/23 1272Securities Act of 1933, letter to Congressman Lea, advising
that Board feels that banks and holding companyaffiliates should be exempted from proposedsection 17(c) of amendments to, regardingfalse reports
Transamerica Corporation:Bank of America N.T. and S.A., letter to, advising that
Board does not consider holding company affil-iate relationship with, as terminated, and thatBoard is without authority to waive filing ofreports of affiliates
Copies to be sent to Messrs. Clerk and Crowley, and theComptroller of the Currency
Submission of report covering holding company affiliaterelationship with, waived
Comptroller of the Currency advised that it holds readilymarketable assets of the kind and amount re-
1/30 155
1/22 101
1/22 105
3/20 516
quired by Sec. 5144 of the Revised StatutesExpansion by, Mr. McKee authorized to confer with Mr.
Crowley and Comptroller regarding adoptionof policy of refusing to permit further
Expansion of banking offices owned or controlled by, dis-cussed by Mr. McKee and Mr. West
First Trust and Savings Bank of Pasadena, California, de-nied permission to establish branches becauseof relationship with, advised that under pres-ent policy further expansion will not be per-mitted
Copy of letters to be sent to the Comptroller and FDICAuthority for transmission of examination report to
5/ 9
1/22
9/24
2/142/146/ 5
911
105
1878
255257
1146National Bank of Washington, Tacoma, Washington, submission
of report covering holding company affiliaterelationship with, waived 3/20 516
Peoples Bank in Lakewood Village, Los Angeles County, Cali-fornia, action on application to be deferreduntil consideration of matter by Mr. McKee withFDIC, because of possible connection with 1/16 70
Relationship with, reviewed in connection with its ap-plication for membership, to be advised thatfurther acquisitions by, is opposed to policyof Board, FDIC, and Comptroller
Letter from FDIC expressing opposition to further ex-pansion by
2/
2/
6
6
208-14
212
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198Pages
Hold.Ing company affiliates: (Continued)Transamerica Corporation: (Continued)
Peoples Bank in Lakewood Village: (Continued)FDIC will insure and Board grant membership upon sev-
ering connection with, letter advising, to bedrafted 3/10 444
Board to reconsider application of, upon conditionthat all relations with, have been severed 3/11 463
Mr. Knox advised of reasons why Board did not approveapplication 3/11 465
Union Bond and Mortgage Company, Port Angeles, V4ashington,classification now being reconsidered 9/10 1765
Determination not to be requested by Mr. Phillips, not war-ranted 10/ 9 1996
Union Trust Company of Pittsburgh, Penn., purchase of addi-tional stock in the Union Savings Bank ofPittsburgh and the Mellon National Bank, bothaffiliates, held to be in violation of FRActand Revised Statutes 2/21 308
United States Investment Company, East Chicago, Ind., held notto be holding company affiliate of nationalbanks for any purposes other than those ofSection 23A of FRAct 1/10 37
Wisconsin Bankshares Corporation of Milwaukee, Wis., limitedpermit granted to vote the stock of the BarabooNational Bank, action on general permit de-ferred until capital structure of First Wis-consin National Bank is strengthened 1/10 36
General permit granted to vote stock of Baraboo NationalBank 6/ 8 1157
Agreement on Form P-3 must be executed by 425 West Wis-consin Avenue, Inc. before authority to issuevoting permit is renewed 10/15 2024
General voting permit to vote stock of Baraboo National
1104A Bank 12/ 3 2263maYs:
-mistice Day, November 11, Board's offices to remain open 11/ 6 2130...,41ristmas, Board's offices to be closed 12/ 7 2278'RBanks, letter to Presidents on policy to be followed by
FRBanks and branches in observing 7/20 1458New Year's Day to be full working day 12/ 7 2278(Thservance of, by banks and post offices during the war, reply
to Senators Conally and O'Daniel regardingprotest of
Copies sent to FRBanksSuggested as topic for discussion at Presidents' Confer-
enceMemorandum of replies received from FRBanks, Mr. Szymczak
to review matter
4/274/27
4/27
7/10
776778
779
1397
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(Continued)
199
Pages
Saturday half holiday removed by temporary war pay resolution 12/26 2386
Thanksgiving Day, arrangements to be made for skeleton force
with decision reservedBoard's offices to be closed and skeleton force not to be
11/20
::::maintainedTravel by Government employees over Thanksgiving and Christmas
holiday periods, curtailment requested by Di-
rector of Office of Defense Transportation 11/17 2192and Furnace Company, Holland, Michigan, reply to question of,
regarding circulating fans of the type which
Rout are installed in furnaces 5/11 918
Rolthster' R. F.: (See Independent Bankers Association)
ausen, Duncan, transfer to Board in connection with transfer
Rome of statistical work not to be requested 8/ 6 1579Furniture Company, Dallas, Texas, group offerings contained in
advertisement, compliance with Regulation W 9/10 1767114; Loan Bank System:
Membership in both FRSystem and, not permissible, BeloitSavings Bank, Beloit, Wisconsin, to be advised
Rome to withdraw from one or the other 5/18 974vwners' Loan Act of 1933, amendments introduced in Senate and
House, report of Mr. Ransom on discussionswith Messrs. Bodfish and West, Counsel re-quested to keep Board advised of progress of
R legislation 1/16 68n
4 'r, John Edgar: (See Federal Bureau of Investigation)inson, Edward, Jr., representative of investment bankers, to
meet with Mr. Sproul to formulate the details
of a program for the promotion and sale of
Government securities 5/ 8 896liNghtoril H. D., Manager of the Long Beach Plant of Douglas Air-
craft Company, Inc., advised that Board has
acted upon the membership application of the
Peoples Bank of Lakewood Village, California11, u of work:
Increase to 44 Per week for Board, official hours to be from
9:00 a.m. to 5:45 p.m. with 45 minutes for
lunch, Saturdays from 9:00 a.m. to 1:00 p.m.PR Banks advised of official hours of Board, and intention of
Board to move its time ahead under daylight
saving time, request for procedure of FRBanks
made1„1,eave regulations amended re compensatory leave for overtime4Yrel1, Alice E., file clerk, special arrangement for indefi-
nite temporary periodCharwomen, five-hour basis per day changed to full-time 44
hours per week
2/19 300
1/16 62
2/3 1692/ 9 226
4/16 727
8/ 1 1532
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Holars of work: (Continued)Questionnaire as to preference to
ployeesEffect of Congress resolution on, mePress statement issued by President
lutionOfficial hours approved from 8:45 a.m. to 5:15 p.m. and letter
to Bureau of the Budget advising of changeto members of Board's staff on changes in and on
computing overtime paymentsAttorney at Law, Newark, Ohio, advised as to when
a charge account is held in default under pro-visions of Regulation W
Corporation, preservation of, statements of bor-rower in connection with Regulation W
analysis of conditions in Norfolk, Va., letter to Bureauof the Census on furnishing bulletins to Statebanks
of the Kelley Blue Book, Los Angeles, California,reply regarding 1934 automobiles and earliermodels and quotation of automobiles havingspecial equipment
Appraisal guides, Kelley Blue Book)., present at Board meetingRefining Company, reply on application of Regulation
W to use of credit cards
Memorandum
Paul V.,
11°11sehold Finance
ii°118ing,
11°1%rd, George F.,
/ill„ (See alsoR ue.chek, p Bllinble Oil ;rid
be circulated to Board's em-
mo to Mr. Leonardon temporary war pay reso-
business balances, statement proposing special security de-signed to absorb, approved for transmissionto Mr. Bell as reflecting general viewpoint
1114 of Board4141:3 ls Tool and Machine Company: (See War loans)4clebtedne55 of individuals: (See Loans to individuals)
I'edness of officers and employees:uance, W. A., noted in connection with appointment as examiner
Hail at FRBank of Atlanta
-----, Charles E., Assistant Examiner at FRBank of Richmond, in-
He debtedness to national bank to be liquidated
spenheide, Carl F. W., appointment as assistant examiner atFRBank of Philadelphia approved with understand-ing that indebtedness will be reduced
endall, Forrest O., Assistant Examiner at FRBank of Richmond,indebtedness to national bank to be placed onregular reduction basis
200Pages
12/14 231212/18 2338
12/26 2386
12/30 2410
12/31 2411
5/19 992
9/14 1806
7/ 8 1385
4/25 765
1/16 60
6/19 1257
1/26 134
10/ 9 1994
12/11 2302
10/26 2061
12/11 2302
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Indebtedness of officers and employees: (Continued)Policy and procedure with respect to reports to be reviewed to
prevent recurrence of case like Mr. Wagner'sProcedure for reporting, resolution of Conference of ChairmenSPangler, C. D., special investigator of Regulation W matters
at Charlotte Branch, large indebtedness to beinvestigated by Mr. Leach
UPgren, Arthur R., no objection to completion of study in con-nection with joint project of Province of
Manitoba and the State of MinnesotaWagner, G. H.: (See FRBank of Cleveland, Staff)Lwependent Bankers Association, Portland, Ore., reply to Mr.
Hollister on Senate Bill 2393 on publicationof condition reports
rial loan corporation:Executive order authorizing FRBanks to act as fiscal agents for
War Department, etc., effect on proposed billproviding for, discussed
Statement of Presidents regarding, and discussion at meeting of
, Board with Presidentscl,suri.al loans:
1;egulati0n S, amended to gear the FRBanks to the war program
4w, kSee also Loans, Industrial)'atrial Mortgage Company of Grand Rapids, Michigan, purchase of
entire business of small loan company whichholds nonconforming paper would be violationof Regulation W
Control of trend toward, by supplementing credit control withprice control, priorities, and rationing, dis-cussion by Mr. Eccles
Memorandum of Mr. Goldenweiser regarding possibility of dangerousinflation in authorizing Government to borrowdirectly from the central bank, distributed atmeeting of Board with Federal Advisory Council
Possible effect on, if reserve requirements were lowered, dis-cussed at meeting of the executive committee ofthe Federal Advisory Council with the Board
Possibility after war because of backlog of accumulated purchas-
ing power discussed by Mr. EcclesStIldY of inflationary developments, Mr. Hansen to be requested
to come to Washington to assist Mr. Leland with
StudY of, by special committee appointed by the President,report by Mr. Eccles on the findings of, ata meeting of the FAG with the Board
201Pages
9/18 183011/18 2195
10/21 2044
11/12 2153
6/26 1300
3/23 542
3/2 385
4/30 826
2/12 247
2/16 263
2/16 266
4/ 9 675
11/16 2183
3/23 541
5/18 954
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202Pages
illfc)rmation:Censor requesting, FRBanks asked to cooperate with, advise
Board of volume and nature of requests, andconsult Board before furnishing questionableinformation 2/ 4 189
Defense contracts, information requests by War Department rethe awarding of, Defense Contract Officersasked to send Board copy of the reports 1/ 5 14
Financial ability of ship repair and building yards furnishedby FRBanks to Navy Department, request that in-formation also be reported to Board 1/22 107
International communications, information of value to Board ob-tained from, by Office of Censorship to be sentby Board to FRBanks having an interest in cer-tain information 2/ 5 195
Letter to FRBanks advising them of availability of informa-tion, requested to designate information of in-terest to them 2/ 5 196
Number and amount of applications for war loans, letter to
414„, FRBanks on release of 6/ 3 1129"" Empire Electrical Equipment Association, advised by Board
that suggested reduction in down payment require-ments under Regulation W, for electrical equip-ment is not justified by present conditions 1/ 1 5
Congressman C. H. Leavy advised that Board gave careful consid-eration to request of, that Regulation beamended to provide for a lower down payment onelectrical equipment 1/15 58
INIcription for front page of report of examination to be used by
418talr FRBanks, FDIC, and Comptroller of the Currency 11/19 2201aent paper, reserve balance in differential account, statement
for publication in FRBulletin 3/24 551tute of Carpet Manufacturers of America, Inc., letter to Mr.
Beers on why down payment required for rugs and
carpets is greater than that required for fur-
111812.- . niture 9/ 3 1728Lastic Corporation of America, New York, letter to Mr. Johnston
on request for amendment to Regulation W to ex-empt products from provisions of 11/ 9 2137
Agreement revised and agreed upon by committee of Presidents'
Conference approved by Board 12/11 2303A•ssoclation of Life Insurance Presidents, New York City, reply
to question of, as to whether they are required
to register under section 3(a) of Regulation
Bea 4IluY parlor, reduction in amount of liability insurance for
malpractice that must be kept in force
3/26 566
4/7 652
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203
Pages
Ins urance: (Continued)PRnotes, request of Board that Treasury write Board that when
shipments of, are completely destroyed intransit no charge will be made against theFRBank except for printing, letter desiredso that Board may obtain reduction in premiumsfor insurance of
Fire and supplemental contract renewed but war damage not to be
purchased at presentGrout) life for employees of Board, continuation of contract
2/21
10/23
315
2057
with Aetna Life Insurance Company approved 4/22 755Joint report of Insurance Plan Committee and the Standing Com-
mittee on Insurance accepted by Presidents'
Conference and recommendations made to Board,at meeting of Board with Presidents 3/ 2 392
Board concurs with Presidents' Conference in resolution ap-
proving, adoption of self-insurance plan favored,
letter sent to FRBanks, comments and suggestionsrequested 3/30 593-6
Joint report approved by a majority of FRBank boards of di-rectors, plan for self-insurance now being pre-pared by the two committees 5/ 8 908
L°ans on policies, discussion of provisions of Regulation Viwith
respect to, at meeting of the FAC with the Board 5/18 965Policy loans, provisions of Regulation Vt relating to, discussed
at meeting with executive committee of Federal
Advisory Council 6/ 3 1119Discussed by Mr. Ransom 6/ 9 1170
Discouraging of, discussed at meeting of executive commit-tee of Federal Advisory Council with Board 7/ 1 1338
Loans secured by cash surrender value of life insurance
policies, applicability of Regulation W to 9/30 1910Premiums on fire and casualty, applicability of Regulation W
Pre • to financing of
, mums on life, credit for income tax purposes discussed9/148/ 5
18081561
'elf-insurance, Chairmen's Conference to be advised by ChairmanEccles of necessity for prompt action on 1/22 96
Report of special committee to be considered at Presidents'Conference on February 2 and 3 1/22 96
Development of appropriate form for execution by FRBanks to
S • be worked out by committee
taading Committee on Insurance charged by the Presidents' Con-ference with the duty of continuing study inaccordance with the recommendation in the joint
reportrisk on shipments of currency and coin, resolution of Presi-
dents' Conference on policy
9/29
5/ 8
9/29
1898
908
1897
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204Pages
Insurance: (Continued) War damage to building of Board, not to be purchased at present 10/23 2057
Insurance agents:Use in sale of series F and G war savings bonds, discussed at
meeting of Federal Advisory Council with Board 7/ 1 1337Inter-American Affairs:
Staff:Rockefeller, Nelson A., Coordinator, reply advising that
when detailed proposal on Inter-American
Scholarship program is developed it be re-
er-American Bank:
re-
It ferred to Mr. Starkn
Draft of statement which Board representative might make at
hearings on, before the Senate Banking and
Currency Committee, Messrs. Goldenweiser,Wyatt, and Gardner designated to prepare
Statement discussed, to be revised and when approved to be
submitted to Mr. Berle for comments
4/20
1/22
1/28
748
99
132-5Statement prepared for representative of Board for use in
hearings on, to be approved by Messrs. Ecclesand Gardner and then sent to Mr. Berle for corn-
Inter ments and suggestions-American Defense Board, space occupied in Board's building
by, letter to Mr. Baird Snyder on vacating ofNorthwest wing to be vacated by 1st of JulySpace occupied in Board's building now needed by Divisions of
Board, Chairman Eccles to discuss with Mr.
Inter Patterson-American Scholarship program, Mr. Rockefeller advised Mr.
Stark is the person to contact regarding par-
ticipation of the Board inAmerican Strategy Board, arrangement providing office space
Inter. for, in Board building;st,: (See also Rates)
ssissippi, national banks in, opinion of Board that they
may not make interest payments in excess of
rates prescribed by State Bank ComptrollerRates , graduated scale on series B tax notes to be suggested
to Mr. Morgenthau'.tes on war loans in excess of five per cent is in violation
of rates established by the Board4.ar loans, computation to be on 365 day basis?locking directorates:APPlications for permission to serve prior to August 23, 1935,
letter to Archivist on destruction of files
S on
ervice under Banking Act of 1935:Ambrose, J. S., service as director of banks in Hancock,
Md., and Berkely Springs, W. V., not prohibited
3/10 448
5/29 10936/13 1213
6/26 1296
4/20 748
3/23 543
1/27 126
8/27 1696
5/22 10166/10 1180
8/26 1691
9/24 1879
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Interlocking directorates: (Continued)Service under Banking Act of 1935: (Continued)
Harper, Harry F., relationship not prohibited under Clayton
ActHull, N. P., relationship not prohibited under Clayton Act
James, Henry, service with national banks, a State bank and
as partner in private banking firm
To terminate business of Bank of Bradshaw or sever re-
lationshipMonroe, George E., comments on relationship in connection
with admission of Industrial State Bank of
Kalamazoo, Mich., to membership
Thoman, F. H., relationship not prohibited under Clayton
Illternational bank:Establishment after the
cussionury andtions
Plans prepared as basis
Act
war, report of Mr. Goldenweiser of dis-at meeting of representatives of Treas-State Departments and other organiza-
for discussion at meeting of representa-
tives of Board, Treasury, and State Departments,and others
ational stabilization fund:Plans prepared as basis for discussion at meeting of representa-
tives of Board with Treasury and State Depart-ments and others
Report of Mr. Goldenweiser on further conferences, no action to
I'entories:Consume,
Use of
be taken until discussed with Secretary Hull
goods, conference on measure to restrict use of credit
for financing ofcredit in connection with accumulation of, letter to
be prepared to be sent to all banks and financ-
ing institutionsLetter to banks and financing institutions approved for
transmittal for approval by agencies mentioned
Letter to banks and financing institutions revised at sug-gestion of certain agencies and to be sentpromptly and to be given to press for publica-
tionUse of credit for accumulation of, report of Mr. Eccles on
approval by interested Government agencies, copy
of letter sent to banks, other financing insti-tutions
Letter to State bank supervisors for cooperationNeed for Capital Issues Committee for restriction of credit
for accumulation of
205Pages
6/30 13286/30 1328
6/10 1183
8/ 6 1576
9/19 1845
6/30 1328
6/ 9 1161
5/26 1047
5/26 1047
7/10 1401
6/ 9 1167
6/11 1185
6/12 1196
6/17 1233
6/26 12926/26 1293
6/26 1295
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206Pages
1117entories: (Continued)Pending capital issues for the purpose of paying off bank loans
which would leave the companies free to borrow
again from banks for the purpose of building
up, report by Mr. Eccles on discussion of, at
I a Treasury meeting 5/19 981,riv stment bankers:
Committee composed of, and Treasury to confer with representa-
tives of Board and Presidents in regard to pro-
moting the distribution and sale of government
securities 5/ 8 886ir sument companies:
Open-end, reply to Senator Wagner on issuance of regulation to
permit service under Sec. 32 of Banking Act of
1933 12/16 2323Railway and Light Securities Co. is closed-end investment com-
pany and not subject to provisions of Sec. 32
Ir of Banking Act of 1933 12/29 2402
iv stm.ents of banks:Composition of security portfolio of certain size banks, reply
to Citizens Banking Company, Sandusky, Ohio 12/31 2418best
to Syndicate, loans on certificates issued by, telegram to
Mr. Hodgson on 7/ 9 1390
Hp
W. E., of Tucson, Arizona, reply to Senator Hayden on appli-
cation for war loan that War Department ruled
that no application exists from any financial
institution 7/11 1407Jacobs Wind Electric Company, Inc., Minneapolis, Minnesota, reply
to letter concerning application of Regulation
4 W to credit sales of wind electric plants 3/27 582
1"etzki, Alfred, Jr.: (See National Association of Investment Com-
panies)jellelerst
Circular-Keystone, questions submitted by Yr. McNeil con-cerning registration of jewelers under Regula-
tion W 10/ 5 1943Russell Chevrolet Co., El Campo, Texas, plan of selling au-
tomobile to Dr. John W. Evans on terms other
than prescribed, not permitted under Regula-
tion W 8/ 8 15954int Brazil-United States Defense Commission also may occupy north-
east wing of Board's building, but northwestwing to be vacated by 1st of July 6/13 1213
4tie8 & Brown, Inc., Pittsburgh, Pa., reply to letter describingINSELBRIC and INSELSTONE, not applicable tospecial exemption in Amendment 6 of Regulation
9/1 1717
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j"ke Bros. Company: (See Regulation W, Billing of charge accounts)
411eY Blue Book,
Kelley Kar
Kentucky:
Condition
ICII°X, George J.,APplication
IfK11
Los Angeles, California, reply regarding 1934 au-
tomobiles and earlier models and quotation of
automobiles having special equipment
Company, Los Angeles, California, advised that Board ex-
pects each publication to quote average retail
values of used cars in its territory
reports of banks in, forms to be furnished Division
of Banking if call is made forSuperintendent of Banks of the State of California:
for membership of Peoples Bank of Lakewood Village,
California, letter to be drafted with regard
to letter to FRBank of San Francisco concern-
ingAdvised of reasons for not approving the membership appli-
cation of the Peoples Bank of Lakewood Village,California
Letter on reasons for not approving application of First Trust
and Savings Bank of Pasadena to establishbranches in Alhambra and Temple City
Reply to telegram explaining denial of application for es-tablishment of branches
-`'.8 Stores, Inc., question of possible violation of Regulation
4attW, by use of scrip which is not redeemed daily4,4118, Elmer R.: (See Jones & Brown, Inc., Pittsburgh, Pa.)
' A* E.: (See Regulation W, Government Employees Finance Cor-
poration)' and Mrs. Dale, letter on refinancing of contract under
itl4tzIA.Regulation WF.: (See State member banks, Pennsylvania Company for
Insurances on Lives and Granting Annuities,Philadelphia, Pennsylvania)
Labordraft, letter
Lacy, Dan, reply to
Lawres, Irving A. j
te4) Congressman C.
to Mr. Hitt that no decision can be made until
regulations are promulgatedletter with report on measures taken by Board
for protection of records of Board
(See National Association of Supervisors of
State Banks)F., letter to, advising that Board feels that
banks and holding company affiliates should be
exempted from proposed section 17(c) of amend-
ments to Securities Act of 1933, regarding
false reports
207Pages
4/25 765
4/4 625
9/16 1822
3/10 445
3/11 465
8/ 7 1583
11/19 2200
5/19 991
11/23 2218
11/10 2142
11/13 2166
1/30 155
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Le aeed wire system:Supervision of Washington office transferred from Mr. Carpenter
to Mr. Nelson, advice to Mr. Leach
Lea Use of circuits, reply to Mr. Fly on extension oflies of absence:Annual, restrictions on, approved
Policy modified to provide for 2-1/2 days at a time instead
of day or two at a time
Accumulation of annual leave up to 90 days, amendment to
regulation in conformity with recent billBall, Mrs. Margaret K., clerk in Division of Bank Operations,
granted, including leave without pay for six
monthsBarker, Clarence S., Assistant FRExaminer, granted per diem in
lieu of subsistence during period of illnessBertol, Louis N., Captain of the Guard, granted for military
serviceBloch, Stanley J., foreman operator (duplicating devices)
208Pages
12/22 236411/18 2196
5/26 1051
10/31 2096
12/21 2352
9/ 3 1722
2/27 377
3/4 414
granted leave without pay to enter duty with
B Navy
re nnan, John C., granted for military servicetrundage, Dean E., unearned sick and annual, reimbursement
waived upon acceptance of resignation as page
11/255/18
10/30
2229973
2091Buckley, Thomas N., telegraph operator, granted leave without
pay to enter service with Naval Reserve 11/16 2174Collier, Mrs. Margaret, granted leave to join husband on duty
in the Navy for not over six months, contribu-tions to retirement system not to be made 6/23 1270
Collier, Raymond J., junior economist, granted leave of absence
to serve with Naval reserve 5/28 1073°mPsnsatory for overtime, amendment to leave regulations ap-
provedo°11finement cases, policy regarding, amendment to limit con-
2/9 226
tributions to Retirement System to one year
from date upon which the absence beganC°°1eY, Leroy H., guard, granted leave of absence for military
serviceCounts, Catherine M., clerk in Division of Research and Sta-
tistics, leave without pay extendedLeave without pay extended, contributions to Retirement
System to be continued on condition that she
continue her contributions, Refund to be made for advanced sick leave upon resignationCr
RefundJames D., guard, granted for military service
Grant of leave for military service rescinded and resigna-
C • tion accepted
urri e, Lauchlin, leave without pay extended for one year, con-
14./7
4/16
3/21
4/ 79/164/10
5/1
644
727
520
6431821689
835
tributions to Retirement System to be discon-
tinued, adjustment to be made pending return
to active service 1/16 74Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LeaveS of absence: (Continued)Dampley, Chester B., painter, granted military leave to enter
NavyEdwards, Harry L., clerk in Division of Personnel Administra-
tion, granted to enter Maritime serviceFaulkner, Kathryn S., clerk in Division of Research & Statis-
tics, granted leave without pay because of
9/19
10/10
209Pages
1844
2002
approaching confinement 3/21 519To discontinue her payments to Retirement System while on
leave without pay because of confinement, but
Board to continue its contributions 6/29 1314Extension of leave because of confinement and reemployment
at end of period approved 10/10 2001
Leave without pay because of confinement extended for three
months 11/ 6 2127Pp°180m, George H., FRExaminer, granted for military servicerase, Mrs. Eleanor S., junior economist in Division of Re-
5/ 7 877
search and Statistics, granted because of con-finement including leave without pay but toremain at office fifteen days of period 10/22 2047
Freeman, Rose S., clerk in Secretary's Office, granted leaveof absence without pay for approaching con-finement 3/24 547
Gad, Thomas H., clerk, granted leave for military service, pay-
ment of unearned salary limited 1/ 5 10Gaither, Anna Margaret, clerk-stenographer in Division of Re-
search and Statistics, leave without pay toaccompany husband to California, contributions
GOod, to Retirement System to be continued
George E., granted leave without pay to enter service
Grtra with Armywood, Gordon, granted leave without pay to enter service
with ArmyHagler, Herbert H., granted leave without pay for military
Hai I, servicegu, S. Julia, granted leave without pay because of ill-
7/ 1
11/21
11/30
11/ 9
1343
2213
221 0
2133
ness, Board to continue contributions to Re-tirement System on condition that she con-tinues hers 5/11 915
Hart, Bishop, granted leave for military service, to re-enteractive duty with the U.S. Army, unearned salary
not to be given as previously paid 1/16 76Har t, John J., Assistant FRExaminer, granted military leave to
enter service with Army 11/12 2152Hutchinson, Mrs. Clara A., stenographer in Counsel's Office,
granted leave without pay for approaching con-finement 3/ 3 406
Extension of leave because of confinement 10/ 7 1956
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L e av
es of absence: (Continued)Jarvenpa, Mrs. Aili L., amount of unearned leave to be de-
ducted from last salary checkJohnson, Edwin J., Assistant FRExaminer, granted for military
serviceJohnson, Sven E., foreman of laborers, granted to enter Navy
11/19
5/259/ 3
210Pages
2199
10311722
Kay-, George R., granted for military service 4/15 7204ellnY, Mrs. Gunhild Anderson, junior economist, granted leave
without pay, in accord with policy regardingconfinement cases 2/10 232
Leave without pay because of confinement extended 8/14 1616Kilgore, J. E., granted leave to enter Navy 9/ 8 1749Kline, William A., printing clerk, granted leave without pay to
enter military service 11/24 2225Knight, Grover C., index clerk in Secretary's Office, granted
leave without pay to enter Army service 7/18 1454Langham, Lee W., guard, granted leave for military service 1/7 19Longstreet, Victor M., Senior Economist, granted leave to en-
ter military serviceon, John N., military leave without pay to enter Naval Re-
serve
5/15
6/15
937
1215Maize, Mrs. Margery, granted leave without pay in addition to
other leave to spend time with husband while inArmy camp 10/ 9 1993
Malone, Charles T., FRExaminer, granted for military service 5/11 914McDonnell, Mary, stenographer in Counsel's Office, leave with-
out pay extended for six months, not to be a
member of Retirement System during period 6/29 1311Maleany, Bernadine, junior file clerk in Secretary's Office,
granted leave without pay and contributions
to Retirement System to continue 8/13 1612Leave without pay extended for period necessary to recover
MO from operationMrs. Lida Sloan, leave without pay discontinued, resigna-
tion to be effective at end of accrued annual
leave accepted
9/12
2/3
1786
166Leave without pay extended, former action of Board amended
u7er, Mrs. Eleanor, leave without pay extended for one year,
contributions to Retirement System to be dis-continued, adjustment to be made pending re-
turn to active serviceNoell, J.
Carroll, Examiner in Division of Examinations, leave
2/23
1/16
317
74
Extension of leave on account of sickness and not to be
Par charged against future annual or sick leaveSons, Thomas M., granted leave for military service
due to illness and not to be charged againstfuture leave, approved 8/10 1598
9/17 18234/14 715
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Leavee of absence: (Continued)Peregory, Walter L., operator, duplicating devices, granted
leave without pay to enter service with Naval
ReserveRauber, Margaret E., Secretary to Mr. Draper, granted leave
without pay not to exceed 90 days, contribu-tions to Retirement System to be continued
Reading, Benjamin R., guard, granted leave for military serv-
iceResignation of Board employees, procedure when odd amount is
equal to 1/2 day or more or less than 1/2 dayRieseberg, Robert W. accounting clerk in Secretary's Office,
granted leave of absence for military serviceSanderson, James W., guard, leave without pay for military serv-
iceFrederic, Assistant Counsel, granted for military
serviceF. E., granted leave without pay for remainder of cal-
endar year for defense work with Turner Con-struction Co.
Maxine G., economic assistant in Division of Re-search and Statistics, granted for period ofconfinement
Alvin C., secretary to Governor McKee,of absence for military service
Patrick J., granted leave without pay to enter service
Solomon,
SPurney,
Stuart, Mrs.
Walters,
Winkler,
Leal, in the Armyw'Y' Congressman Charles H., advised that Board gave careful con-
sideration to request of Inland Empire Elec-trical Equipment Association of Spokane, thatRegulation W be amended to provide for a lowerdown payment on electrical equipment
Corporation, Cleveland, Ohio, reply to letter on treatment
of reupholstering and treatment of furniture asregards down payment
Lee
r1,
abric
L en
granted leave
?RBank stock, writing across face of certificate in connection4,14 with tax on dividend
A"slation:
chrnen8artk ents to FRAct: (See infra FRAct)ruptcy Act, letter to Bureau of the Budget that H.R. 7121 is
not of interest to FRSystem but no objection to
Civil approval by PresidentService Retirement Act, discussion and approval of ques-
tions to be submitted to the Civil Service Com-mission regarding coverage of Board members andemployees of Board and FRBanks by
211Pages
11/16 2174
5/7 877
3/13 490
11/ 3 2105
2/27 376
7/17 1447
4/20 747
2/16 278
9/16 1820
3/9 435
10/15 2022
1/15 58
6/16 1228
9/30 1914
10/ 9 1999
2/27 369
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LerAE.Lslation: (Continued)Civil Service Retirement Act: (Continued)
Impounded funds of employees of Board brought within, sentto Treasury Department
Cuban central bank, statement of Mr. Gardner on proposed reportof mission covering currency stabilization fund,proposed agricultural bank, and selection of di-rectors and management of bank
3/ 6
2/ 6
212Pages
430
203Examination of insured banks, suggestion that FDIC absorb cost
of one each year 6/ 3 1115Federal Deposit Insurance Corporation, assessment on Government
deposits, proposal not to require member banksto pay, Mr. Eccles opposed to inclusion inother legislation 5/26 1050
Federal Home Loan Bank Act, amendments introduced in Senate andHouse, report of Ir. Ransom on discussions withMessrs. Bodfish and West, Counsel requested tokeep Board advised of progress of legislation 1/16 68
Senator Wagner advised that Board is opposed to S. 2146,2147, and 2148 which would amend 3/27 583
Memo prepared by Mr. Wingfield discussed, decision to takeno action at present, Counsel's Office to watchthe progress of 5/ 5 856
Reply to National Association of Supervisors of State Banks
Fe regarding Board's reasons for opposing 5/25 1042regardingIndustrial Credit Corporation, legislation to establish,
letters from Mr. Eccles to Messrs. DonaldNelson and Leinberg regarding, read at Board
Fe meeting 2/17 289deral industrial loan corporation bill, effect of Executive
Order upon discussed, and necessity of clearingproposal with President considered 3/23 542
Federal Open Market Committee, report on bill S. 2565 to amendFRAct to regroup FRBanks for election of mem-bers, enactment favored 6/17 1239
Federal Open Market Committee members, regrouping of banks forelection of representatives of FRBanks, HR 7158
FRAet: to amend FRAct 6/ 3 1112
Amendment proposed to repeal prohibition against memberbanks paying dividends or making loans uhilereserves are deficient, Board to retain powerto prescribe penalties for deficiencies in re-serves, discussion at meeting of Board withPresidents 2/ 3 182
Amendments proposed, letter to FRBanks transmitting draft 5/26 1050
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213Pages
Le gislation: (Continued)FRAct: (Continued)
Amendment at present time considered undesirable 11/16 2181
Amendment proposed to exempt deposits arising from sale ofGovernment securities from FDIC assessments andreserve requirements 12/ 8 2284
Regrouping of FRBanks for the purpose of electing membersof the Federal Open Market Committee not to be
taken up with the FAC, draft of amendment tobe sent to Treasury 5/19 982
Section 9, discussion of amendment to permit a State bankwith capital as low as $25,000 to become a mem-ber of the FRSystem 5/19 983
Section 12A, discussion of amendment to permit regroupingof FRBanks for selection of members of FederalOpen Market Committee to insure representationof FRBank of New York, Treasury, and FRBanks tobe consulted before introduction of legislationin Congress
Proposed amendment to regroup FRBanks for representa-tion on Federal Open Market Committee
H.R. 7158, bill to provide for regrouping of banksS. 2565, report on bill favoring enactmentAmendment to be published in FRBulletin
Section 14(b), provision contained in second war powersbill to eliminate, to allow direct purchase ofGovernment securities from Treasury by FRBanks,discussion of Presidents in meeting with Board
Proposed amendment to Section 14(b) to allow FRBanks topurchase securities directly from the Treasurysubject to direction of the Federal Open MarketCommittee, discussed at meeting of Board withFederal Advisory Council
Section 19, proposed amendment to repeal prohibition against
making of loans or payment of dividends by mem-ber banks whose reserves are deficient, andgive Board power to prescribe penalties forreserve deficiencies, memorandum distributedat meeting of Board with Federal Advisory Coun-cil to be considered
Amendment proposed to authorize Board to change reserverequirements for member banks in central re-serve cities
Proposed amendment to permit changes in reserve require-
2/17 282
2/27 3736/ 3 11126/17 12397/21 1468
2/ 3 170
2/16 264
2/16 273
2/27 373
ments of central reserve city banks independentlyof the requirements for reserve city banks andeliminate the provision that no bank shall makenew loans or pay dividends while its reservesare deficient 5/19 982
Recent amendment to be published in FRBulletin 7/21 1468
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214Pages
Legislation: (Continued)Foreign Agents Registration Act of 1938, proposed amendment,
H. R. 6269, suggestion that it be changed so
banks will not be required to register as
agents of foreign principals 3/17 501Holding companies, suggestion by Mr. McKee that legislation be
sought to prevent further expansion and control1/22 104bY
Legislation to prohibit further expansion of, or to re-
quire dissolution of, discussed 2/ 6 211Home Owners' Loan Act of 1933, amendments introduced in Senate
and House, report of Mr. Ransom on discussionswith Messrs. Bodfish and West, Counsel re-quested to keep Board advised of progress of
legislation 1/16 68
Senator 'Wagner advised that Board is opposed to S. 2146,2147, and 2148 which would amend 3/27 583
Memo prepared by Mr. Wingfield discussed, decision to takeno action at present, Counsel's Office to watchthe progress of 5/ 5 856
Reply to National Association of Supervisors of State Banks
H regarding Board's reasons for opposing 5/25 1042
. R. 6269, to amend the Foreign Agents Registration Act of1938, letter to Attorney General suggestingthat the amendment be amended so banks will
not be required to register as agents of
H foreign principals 3/17 501
.R. 6521 to extend benefits to soldiers and sailors civil
relief act, letter to Bureau of the Budget
that expression of views is no longer neces-
H R. 4 sary 6/ 1 1106
.,-,859, copy of, sent to Peoples State Bank, Cherryvale,
Kansas, as evidence of steps toward solution
H. of the problem of floor plan loan on pick-up 4/14 718
R- 7029, amendments to soldiers and sailors civil relief act
H. of 1940, new bill to take place of H. R. 6521R. 7121 to amend act to establish uniform system of bank-
ruptcy, not of particular interest to FRSystem
H. but no objection to approval by PresidentR. 7156, report of Mr. Harrison on survey of New York banks
with respect to and possibility of including
H. other amendmentsR. 7158 to amend FRAct discussed at meeting of Board with
the executive committee of the Federal Advisory-
CouncilePendent Offices Appropriation Act of 1943 signed by Presi-
dent making funds available to Maritime Com-
mission to carry out provisions of Executive
Order 9112
6/
10/
6/
6/
7/
1
9
3
3
2
1106
1999
1123
1112
1354
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215Pages
„ (Continued)Inter-American Bank, Messrs. Goldenweiser, Wyatt, and Gardner
designated to prepare draft of statement whichBoard representative might make at hearings on,before the Senate Banking and Currency Commit-tee 1/22 99
Draft of statement discussed, to be revised and when ap-proved to be submitted to Mr. Berle for com-ments 1/28 132-5
Internal Revenue Code, proposed amendment to, the Committee onForeign Banking of New York City advised thatthere have been no further developments in re-gard to, in respect to determining the statusof bankers' acceptances for the purposes ofthe Excess Profits Tax 5/13 929
Loans to small business, new bill to provide for, reported onby Mr. Eccles at meeting of Board with Presi-dents, Mead Bill considered inadequate
Expression of opinion regarding, by Messrs. Eccles, McKee,and Ransom
Mead Bill: (See supra Loans to small business)Murray bill to mobilize small business for war purposes, submis-
sion of report to Senate Banking and CurrencyCommittee discussed, to be cleared with BudgetBureau as proposal by Mr. Eccles may be sub-stituted
National Housing Act, amendments introduced in Senate andHouse, report of Mr. Ransom on discussionswith Messrs. Bodfish and West, Counsel re-quested to keep Board advised of progressof legislation
Senator Wagner advised that Board is opposed to S. 2146,2147, and 21L8 which would amend
Memo prepared by Mr. Wingfield discussed, decision to take
2/ 3 178
2/ 3 181
2/17 290
1/16 68
3/27 583
no action at present, Counsel's Office to watchthe progress of
Reply to National Association of Supervisors of State Banks
Ne regarding Board's reasons for opposingutrality Act, amendment proposed to section 7, State Depart-
ment advised that Board favors4-le Debt Act of 1942, effect on additional FRBank stock un-
determined, further issuance to be withheldpending conference of Legal Division with
Re8Bureau of Internal Revenue'I'Ve requirements, proposed amendment to law to authorize
Board to change in central reserve cities orreserve cities
5/ 5
5/25
1/27
4/ 2
5/18
856
1042
130
616
961
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LegiSlation: (Continued)Reserves against Government deposits, proposal not to require
member banks to maintain, opinion of Mr. Ecclesthat it should not be included in proposed leg-
216
Pages
islation at present 5/26 1050Reserves, proposed amendment to Sec. 19 of FRAct, that bank
not make new loans or pay dividends while re-serves are deficient 5/18 963
H. R. 7158 discussed with executive committee of Federal Ad-visory Council 6/ 3 1112
Deficient, suggested amendment to Sec. 19 of FRAct toeliminate requirement that bank can not makenew loans or pay dividends during period of 6/ 3 1115
Revenue Act, problem of administration and expense placed onbanks by current bill which provides for with-holding tax on wages, dividends, etc. 8/ 5 1553
Revised Statutes, alternate drafts of amendment to Section 5200,which would exempt loans covered by guarantiesor commitments made by the U. S. or by anyFRBanks, memo from Mr. Wyatt regarding 5/18 976
Second War Powers Act, amendment contained in, to Sec. 14(b)of FRAct, memorandum to be prepared showing ef-fect on power of Federal Open Market Committeeto direct FRBanks to purchase Government se-curities 3/26 560
Securities Act of 1933 and Securities Exchange Act of 1934)proposed amendments to section 7(c) and (d),letter to Federal Advisory Council explainingconsideration and stating why amendments were
8e not discussed with Council
cu rities Act ofl letter to Congressman Lea, advisingthat Board feels that banks and holding companyaffiliates should be exempted from proposedsection 17(c) of amendments to Securities Actof 1933, regarding false reports
Securities Exchange Act of 1934, amendment to section 7(d), re-quest of Mr. Brown of Federal Advisory Council,that testimony of hearings be sent them andthey be allowed to file a memorandum with theInterstate and Foreign Commerce Committee
B. to be made to Mr. Brown that Congressman Lea, Chair-man of the House Committee, has been advisedof request for hearirws and filing of state-ment
Letters to Mr. Brown and Congressman LeaLetter to Federal Advisory Council suggesting that statement
be submitted to be held for committee consider-ation, but not to be included in printed hear-ings
1/17 82
1/30 155
1/22 97
1/22 981/24 117-8
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217Pages
Legislation: (Continued)Securities Exchange Act of 1934: (Continued)
Opinion of Federal Advisory Council that power to regulateamount that could be loaned on unregisteredsecurities should not be given to any agency 2/16 270
Memorandum prepared in reply to letter from Mr. Brown tobe mailed to members of executive committee ofFederal Advisory Council, dropping of proposaldiscussed at meeting of Board with executive
3/12 474. 2039,S
committeeBureau of Budget advised that Board has no objection
to, if the changes suggested by the Treasuryare made 4/23 760
8. 2146, 2147, and 2148, to amend Home Owners' Loan Act of1933, etc., reply to request of Senator Wagnerfor opinion on, advised that Board is opposedas they include the objectionable features ofS. 4095 3/27 583
Memo prepared by Mr. Wingfield discussed, decision to takeno action at present, Counsel's Office to watchthe progress of 5/ 5 856
Reply to National Association of Supervisors of State Banks
to mobilize small business for war purposes, submission 5/25 1042
S. 2250 regarding Board's reasons for opposing
of report to Senate Banking and Currency Commit-tee discussed, to be cleared with Budget Bureauas proposal by Mr. Eccles may be substituted 2/17 290
S.2315, prepared by Special Committee to Study Problems of
American Small Business, copy of, sent toPeoples State Bank, Cherryvale, Kansas, asevidence of steps toward solution of the
S. problem of floor plan loan on pick-up 4/14 7182393, which would require each bank and branch to publish
a condition statement, letter regarding, sentto the Executive Office of the President 5/11 920
Reply to Senator Wagner regarding 5/18 977
Publication of statements of resources and liabilities ofbanks where branch banks are operated, reply
S.to Mr. Hollister on 6/26 13002565 to amend sections 12A and 19 of FRAct, letter to
Senator 'Wagner on bill favoring enactment 6/17 1239Letter to Bureau of the Budget recommending that bill be
S. approved by the President 7/ 6 13774095, amendments to several loan acts, report of Mr. Ransom
on discussions with Messrs. Bodfish and West,Counsel requested to keep Board advised ofprogress of legislation 1/16 68
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Legislation: (Continued)S. 4095: (Continued)
Comparison with bills S. 2146, 2147, and 2148 in reports to
218Pages
Senator WagnerS.R. 223, Senator Tydings Questionnaire, reply to, regarding
organization and number of persons employed byBoard
Decision of Board that staff heads reply toSilver holdings of Treasury, disposal for industrial purposes,
bill mentioned at meeting of Federal AdvisoryCouncil
State governments to facilitate war effort, offer of Councilof State Governments to assist in obtaining
3/27
3/23/23
11/16
583
396543
2189
State legislation to facilitate 9/14 1809
Letter to Attorney General that Board has no suggestionsfor consideration of Council of State Govern-ments 12/26 2396
State:
Laws limiting loans to one person, compilation of reportson application to war loans 8/ 6 1577
Laws that may be helpful to the war effort, letter to De-partment of Justice with suggestions for enact-
8 1, • ment ofu-sistence Expense Act of 1926, amendment to section 3, travel
8/21 1655
• regulations of Board amended to conform with 2/17 286s against directors, etc., of national banks for expenses
incurred in defense of actions, suits, etc., re-port on S. 2039
Tax bills, effect on amount of short-term corporate money for in-
vestment, discussed at meeting of executive com-mittee of the Federal Advisory Council with theBoard
Question of giving banks preferential treatment under, inview of the substantial part they play in warfinancing, considered at meeting of the execu-tive committee of the Federal Advisory Councilwith the Board
T ()Pinion regarding, to be presented to Congressaxation of building of Board, discussion of possibility of se-
curingTr 1?i1l now before House on exemption from, discussedadlng with the Enemy Act, delegation of authority under sec-
tions 3(a) and 5(b) to Treasury, discussion ofeffect on consumer credit and authority ofFRBank of San Francisco over evacuee property,Mr. Foley to confer with Mr. Agnew concerning
4/23 760
4/9 672
4/9 6764/9 681
11/24 222212/ 1 2251
3/10 454
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Legislation: (Continued)War powers bill, second, provision for eliminating Section
14(b) of FRAct to allow direct purchase of
Government securities from Treasury by FRBanks,discussion of Presidents in meeting with
BoardMr. Wyatt authorized to advise Mr. Cox that Board has no
Let+Aul Intent:
legislation it wishes included in anotherver
'esignment of, letter to Comptroller General of the United
Lette, States for advice onof appreciation:
ravens, Kenton R., on resignation as Administrator for WarLoans Committee
DaY ELeiikl, dmund E., Class C director at FRBank of New York"art, G. A., advised of additional territories in which the
Blue Book National Used Car Market Reports -Executives Edition may be used for purposesof Regulation W, and consideration beinggiven to designation of the Red Book andExecutive Edition
dv iseu regarding Market Record, designation in certain terri-tories and possible effect of price ceilings
Wion used carssconsin Automobile Guide, July-August edition, extension of
designation approved(See also Regulation W, Appraisal guides, National Used Car
2/ 3
2/17
10/14
10/ 612/21
4/ 9
4/15
8/24
219Pages
170
288
2018
19472353
667
723
1666
Libb„. Market Report, Inc.)rurniture and Linoleum Company, obligation sold by registrant
and additional obligation entered into by ap-Licen plication of Regulation VI 11/30 2244'es, authority of Board to suspend, for violations of Regula-
tion W, and procedure for hearings discussed 5/ 5 8504.1 Re-Upholstering Co., Inc., Chicago, Ill., reply to letter
on amount of down payment required above thatLincol_ required on furniture 8/ 4 1549
u Loan Corporation, Indianapolis, Ind., reply to question re-garding a case in which a Registrant is asked tomake an instalment loan for the purpose of pay-ing off an instalment sale contract which wasmade before May 6, for an article which at the
Lette_ time was unlisted under Regulation W 5/11 918to Mr. 'Aesley on effect of options of regulation on con-
solidations of debt 7/ 9 13941 coats, loans may not be for more than 16 months under Regu-
lation W, reply to inquiry of 8/19 1640e'rl. Diego, Calif., letter to Mr. Fox on loopholes under Regu-
lation 5 1145W provided by lay-away plans
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Lists:
Stocks Registered on National Securities Exchanges, supple-
mentary lists to be issued in future and dis-
Litigation: tributed by FRBanks upon request
Banque de France and Banque Nationale de Belgique, permissionto FRBank of New York to participate in discus-
sion of counsel on agreement staying proceed-
ings
Advances on Government securities, statement ordered published
in FRBulletinAmortization of bank, for reduction of individual debt, exami-
ners of Federal bank supervising agencies tolook into
Bank loans, capital issues for the purpose of paying off, whichwould leave the companies free to borrow againfrom banks for the purpose of building up in-ventories, report by Mr. Eccles on discussionof, at Treasury meetings
Bardco Manufacturing and Sales Company, Dayton, Ohio, bill ofSquire, Sanders, and Dempsey for legal services
Bj1incident to loan to
ings Utility Company, Billings, Montana, application forloan from FRBank of Minneapolis, Senator B. K.Wheeler advised that report in connection with,cannot be made available because of its confi-dential nature and relation to pending litiga-tion
Letter to Representative O'Connor and Senators Murray andWheeler explaining reasons more fully
Request for copy of report of examiner making investigationin connection with application for, letter toSenator Wheeler on refusal of request
Request for confidential report in connection with applica-tion for loan, refused
Collateral for pledge of Treasury tax savings notes, Series C,for loan from FRBank by commercial bank
C°11ege students for college courses, reply to Rotary Club ofFlorence, S. C., on applicability of Regula-tion W to
tumerclal, results of survey conducted by Mr. Goldenweiser for
Co . one month periodrrullerolal and industrial, reports on, by member banks and pro-
posed form approved, to be sent to FRBanks forcomments and suggestions
Request for reports reconsidered and approved with letterto FRBanks
220Pages
2/25 353
6/26 1301
3/ 3 411
6/26 1294
5/19 981
9/17 1824
5/ 4 8414
5/20 1001
7/ 9 1388
10/ 2 1937
12/ 8 2290
6/12 1203
5/19 984
2/6 200
2/6 206
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14ane: (Continued)Commitments, undisbursed portion should be reported in con-
tingent liability schedule of condition re-ports
Consolidated, discussion of whether maturity for, should befurther limited in connection with Amendment
No. 4, Section 10(b) Option 2stocks pledged with member banks as security for, ex-
istence of affiliate relationships because of,
policy of Board not to reply to Ilypotheticalquestions but possible reply suggested toFRBank of San Francisco
officer on leave of absence, loan to, which will ex-
pire prior to his leave of absence, Board to
make no objection
Corporate
Executive
FOreign:
Banco
General
de la Republica Oriental del Uruguay, loan by FRBankapproved, other FRBanks to be advised thatthey may participate in
Revision as to amount of collateralMotors Corp., provisions included in guarantee agree-
ment, letter from FRBank of New York on inclu-
221Pages
7/16 1443
4/30 788
2/26 358
4/14 716
5/8 9068/28 1709
Gold , sion in all agreements
In vaults, submission to Board for specific approval, let-ter to FRBank of New York on general policyadopted
Guaranteed by the U. S. or by any FRBank, memo from Mr. Wyatt
regarding alternate amendments to Section 5200
11/11
8/27
2150
1699
of the Revised Statutes to exempt 5/18 976Individual debt, reduction through amortization of bank loans,
I• banks and other lending agencies to report
ndivi duals for nonproductive purposes:5/25 1041
Telegram to FRBanks prepared by Messrs. Ransom, Szymczak,
and McKee on carrying out program outlined by
President 5/8 903
Amortization of, letter to FRBanks for instructions to ex-aminers 5/25 1034
Amortization of, letter to President of Commercial TrustCompany of New Jersey on situation in JerseyCity 5/26 1058
Industrial:Applications, forms 417 and 417a to be submitted monthly
instead of weekly 11/24 2227
Commitments, amount of, charge offs for, and earnings on,by FRBanks, information furnished to NationalBureau of Economic Research 2/26 360
FRBanks as fiscal agents, Secretary of Treasury to designate,
advances under FRAct to be guaranteed under Ex-
ecutive Order 3/26 560
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L°arls: (Continued)Industrial: (Continued)
List of advances and commitments outstanding to be sub-
222
Pages
mitted semi-annually instead of quarterly 11/24 2227
Losses by FRBanks on, reply to National Bureau of EconomicResearch for information on 2/26 360
Losses shared by Treasury and FRBanks, liberalization of
Treasury regulations discussed at meeting with
Presidents 3/2 385
Operations under Sec. 13b of FRAct discussed at meeting
of Presidents with Board 2/3 177Proposal of Board that funds for, be furnished directly to
FRBanks by Treasury 4/1 607Regulation S amended to gear FRBanks to war program 4/30 826
Report of action on applications, form 508a to be discon-tinued
Reserves of certain FRBanks set aside for estimated lossesSurvey of new industrial and commercial loans made by mem-
ber banks, memo of Mr. Goldenweiser on pro-cedure for, approved
Forms F.R. 574-A and 574-B for reporting sent to FRBanksIndustrial loan corporation, statement of Presidents' Conference
in regard to creation of, to make loans tosmall business for war purposes, and discus-sion at meeting of Board with Presidents
11/2412/24
4/ 14/1
3/2
22272382
609611
385
Effect of bill on Executive Order authorizing FRBanks toact as fiscal agents for War Department, etc.,discussed 3/23 542
Instalment, fall call for condition reports to be omitted, butinformation with respect to personal loans and
retail instalment paper to be obtained for mem-
ber banks 7/18 1454Insurance policy loans, discussion of provisions of Regulation
with respect to, at meeting of the FAC with
the Board 5/18 965
Discouraging of, discussed at meeting of executive commit-tee of Federal Advisory Council with Board 7/ 1 1338
Limitations, letter on applicability of Sec. 5200, Revised
Statutes to war loans made by national banks,Board has no objection to the giving of a copy
of, to interested parties, information onState limitations on loans made by State
banks requested 5/12 924Member banks, suggested amendment to FRAct to repeal prohibi-
tion against making while reserves are deficient 2/3 182
Memorandum on proposed amendment distributed at meeting of
Board with Federal Advisory Council 2/16 273
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223Pages
Lc)alls: (Continued)Member banks: (Continued)
Discussion of proposed amendment with Federal AdvisoryCouncil 5/18 963
Proposed amendment considered 5/19 982Amendment to be published in FRBulletin 7/21 1468
Modernization loans in connection with Federal Housing Act un-der "Summer Plan" no longer permissible underRegulation t, letter advising Mr. Goldbrightof the Heating and Finance Corporation 3/28 586
liOrris Plan Industrial Bank of New York, advised that Boarddoes not favor amendment to Regulation W, thatwould permit the initial payment on instalmentloans to be deferred for 90 days 1/14 53
Mortgage loans, letter to Commercial Trust Company of New Jerseyon, joint statement of amortization of loans toindividuals for nonproductive purposes 5/26 1058
!\T°n-purpose, receiving consideration in relation to a possibleamendment to Regulation W 3/23 539
Questionnaire on, sent to representatives of the trade andbank and finance companies giving reasons forincluding under Regulation W 4/ 6 640
Opinion of Mr. Brown that inclusion of, up to ,1500 inAmendment No. 4 to Regulation W, was unjusti-fied, discussed at meeting of FAC with board 5/18 964
Peoples State Bank, Cherryvale, Kansas, advised re floor planloan on pick-up that Board has no control overeither RFC or OPA, and that Congress is givingconsideration to solution of problem 4/14 718
Report by executive officer of loans from another bank which ex-isted at time of admission to FRSystem, orderedpublished in FRBulletin 1/23 113
Schedules in call reports, memo of Messrs. Smead and Golden-weiser on chan7es in form of 10/ 6 1952
Sec. 19: (See supra Member banks)'ecurities issued for purpose of paying off, to place borrower
in position for further use of bank credit,methods of restriction discussed 6/ 9 1167
Single-payment, opinion that they should be included to preventevasions of the purpose of Regulation W 4/30 786
Loans in excess of $1500 not subject to Regulation t, dis-position by banks and borrowers to reduce,discussed at meeting of executive committeeof Federal Advisory Council with Board 8/ 5 1561
Reduction in volume of, summary presented at meeting ofFederal Advisory Council with Board 9/14 1796
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224Pages
Loans: (Continued)Small, lenders who specialize in, Mr. Brantley advised that
Regulation W is not intended to regulate pos-sible undesirable practices of 4/13 712
Small business, new bill to provide for, reported on by Mr.Eccles at meeting of Board with Presidents,Mead Bill considered inadequate 2/ 3 178
Expression of opinion regarding, by Messrs. Eccles, McKee,and Ransom 2/ 3 181
Supplemental, made under Bankhead-Jones Farm Tenant Act areexempt from Regulation W, under section 6(a),letter to Department of Agriculture 1/15 57
Term, receiving consideration in relation to a possible amend-ment to Regulation W 3/23 539
Violating Regulation W, taken without knowledge by First Na-tional Bank of Fairmont, Minnesota, no punitiveaction recommended, program of enforcement to
Loa,— be developed, letter to FRBank of Minneapolis 2/20 305" and investments, member banks, fall call for condition reports
to be omitted with understanding that FRBanksobtain classification of their member banks
SeParate schedules classifying for weekly reporting member
Loe,, banks suggestedDraft Board No. 3, Chevy Chase, Md., letter requesting defer-
menta of Leroy M. Piser on occupational grounds1c)n of banks:nashington Irving Trust Company, Tarrytown, New York, permis-
sion to change head office to Port Chester andtransfer Port Chester branch to Tarrytown
Lon—_ granted'°e Leaf Service, procedure for R and S letters, new procedure
oa A to be followed'Ingeles Stock Exchange, contemplated transactions involving
stock of Pacific Finance Corporation of Cali-Loss fornia
industrial loans and commitments, reply to National Bureautokt,e of Economic Research for information on14111,1,Y, Paul, apparent violation of Regulation Vv by
Baker, J. C., Assistant Dean of Harvard University, cost ofluncheon to be borne by Board
8alderston, Dr. C. C., of the Wharton School of the University
CH • of Pennsylvania, payment authorized
-alrmen of FRBanks, arrangements to be made for, in Board'sdining rooms on January 26
ravens, Kenton R., cost of luncheon to be borne by Board
7/18 1454
10/ 6 1953
11/ 4 2114
2/11 239
5/23 1026
7/ 6 1372
2/26 3606/ 2 1109
1/ 5 16
1/26 124
1/22 961/30 157
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Llincheons: (Continued)Pahey, John H., Chairman of the Federal Home Loan Bank Board,
cost to be borne by BoardKenney, John, Special Assistant to the Under Secretary of the
Navy, cost to be borne by BoardGreensides, N. G., Federal Deposit Insurance Corporation, pay-
ment of cost of luncheon approvedMorris, Dave H., Jr., Assistant Secretary of the Treasury, cost
of luncheon to be borne by BoardCost of luncheon to be borne by Board
Newman, Dr. W. H., of the Marton School of the University ofPennsylvania, payment authorized
°PPegard, G. J., Federal Deposit Insurance Corporation, payment
of cost of luncheon approvedRoberts, T. V., Office of the Comptroller of the Currency, cost
of luncheon to be borne by BoardTwohy, James F., Governor of the Federal Home Loan Bank System,
cost to be borne by Board
225Pages
4/17 743
4/ 1 613
1/29 145
1/5 161/8 30
1/26 124
1/29 145
1/29 145
4/17 743
Plan Management Bureau, reply to question regarding RegulationV:, transfer of equity in automobile from son to
tla father 1/30 150lsh
e •Le, Archibald, letters from, to Chairman Eccles regarding
censorship procedure, transmitted to FRBanks 1/27 130tialL4,.8 Bank, New York, overdrafts, treatment of 5/29 1088
-Llng list:Addressograph plates for commercial banks to be made available
to Office of Price Administration by Board and
FRBanks 11/30 2245Regulation 14, purchase of list from R. L. Polk and Company
44,a nt by
FRBank of Cleveland for distribution of 6/24 1276agene of banks: AMerican Bank and Trust Company, New Orleans, La., features
disclosed by examination that require immediatecorrection 9/ 3 1723
Central Home Trust Company, Elizabeth, New Jersey, close obser-vation of situation should be continued, al-though process of rehabilitation appears sen-sible 1/ 5 12
Rock Island Bank and Trust Company, Rock Island, Illinois, ad-mitted to membership with understanding thatmanagement is to be strengthened 2/ 9 226
fl accounts, reports of ledger balances on Form-240 to bemade by all firms semiannually, except 15
8/20 1648largest firms in New York City
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
14ar1ttlie Commission:Delegation of authority to guarantee loans, copy of revised
226Pages
general order sent to FRBanks 9/19 1847Financing of war production contracts, plan discussed whereby
FRBanks by authority of an Executive Orderwould act as fiscal agent for, in regard to 3/20 507
Funds available to carry out provisions of Executive Order9112, Act signed by President providing for 7/ 2 1354
General order No. 54 revised on guaranteed loans, interpreta-
tion of provisions of 10/ 8 1974Guarantee agreements:
Inclusion of provisions included in loan to General MotorsCorporation, views requested 11/11 2150
Modification in standard form where loan is made or par -ticipated in by FRBank is guaranteed by Com-mission 6/15 1218
Special conditions to be inserted in, approved by 10/30 2091Guarantee loans, not necessary to submit to Commission for ap-
proval if amount of guarantee does not exceed8/14 1619
Instructions for war loans, copies of sent to FRBanks 5/16 948Interest, fees, and other charges to credit of, manner of cover-
ing into general fund 7/ 3 1364Manner of crediting to account of
Qu estionsll in connection with loan applications called to atten-tion of FRBanks
7/20
9/26
1456
1891RePresentatives designated to act for Commission in execution
of guarantee agreements, letter to FRBanks on 5/30 1097Staff:
Clark, Y. G., designated as representative of Commission in
War
141'ket
connection with loan applications in place of
George MayorLand, Rear Admiral Emory S., Chairman, advised of slight
change in guarantee fees to avoid uncertainty
Rockwell, W. F., authorized to execute guarantees for war
loans on behalf of, signature sent to FRBanks
loans, manner of handling negotiations by subcontractor
Adoption by, of a standard form of guarantee agreement for,letter to FRBanks regarding
Mr. Rockwell authorized to execute guarantees for, signa-
ture sent to FRBanksForm of certificate to be used byRecord, Inc., Chicago, Ill., letter to Mr. Anderson acknowl-
edging change in publication date and purposesof Regulation
Ilassachusetts Investors Trust, to be advised by Mr. Young, President
1%
of FRBank of Boston of Board's decision not toamend Regulation R
9/26 1891
V 9 666
5/21 10084/22 753
5/16 948
5/21 10085/25 1031
5/28 1078
3/6 432
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227Pages
Ilather, Cotton, comments on difficulties in administration of Reg-
ulation Vi 11/11 2151IlaYer, Howard G., reimbursed for expenses of trip to Washington to
cAddiscuss problems arising under Regulation W 2/26 360
Jno. Q., Commissioner of Banking of State of Texas, sug-gested standard caption for top of publisherscopy of condition form acceptable to State bank-ing authorities and Board of Governors 6/26 1299
liceawley, James: (See Regulation W, United Roofing Contractors As-
sociation)Y S.F.!)., Special Representative of the Recording & Statis-
tical Corporation, advised that non-inclusion
of an appraisal guide is not a reflection onits accuracy 4/10 694
ue ,(See also Recording & Statistical Corporation, Chicago, Ill.)Moer banks:Condition reports of weekly reporting member banks to show
Treasury certificates of indebtedness sepa-rately, code words and instructions sent allFRBanks 4/ 9 669
, (See also Condition reports)r-xaminations of, suggestion that number of, be reduced, dis-
cussed at meeting of Board with Presidents 3/ 2 390National banks: (See National banks)Aerating ratios, supply of Form F.R. 456 for compiling data
for 1942 sent to FRBanks 12/ 3 2263RePorts on commercial and industrial loans, suggested in memo-
randum from Mr. Goldenweiser and proposed formto be sent to FRBanks for comments and sug-gestions, discussed and approved 2/ 6 200
Request for report reconsidered and approved with letterto FRBanks 2/ 6 206
State member banks: (See State member banks)1%ek1y reporting, new schedules classifying loans and invest-
liternb„ ments suggested 10/ 6 19537'Ship in FRSystem:Abingdon Bank and Trust Company, Abingdon, Illinois, applica-
tion approved subject to condition of paymentof deferred certificate of deposit 1/31 160
Ame rican Bank and Trust Company, Miami, Florida, applicationapproved, management situation to be watchedcarefully 5/ 1 835
':"Ies Trust and Savings Bank, Ames, Iowa, application approved 3/ 4 414'rkansas Trust Company, Hot Springs, Arkansas, application ap-
proved and savings account to be brought intoconformity with law 9/14 1803
Austin State Bank, Austin, Minnesota, application approved sub-ject to increase in capital structure, North-
west Bancorporation to comply with conditionsfor general voting permit entitling it to votethe stock of 4/30 819
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
228Pages
Membership in FRSystem: (Continued)Austin State Bank: (Continued)
General voting permit approved subject to certain condi-
tions 4/30 823Bank of Auburn, Alabama, application approved subject to charge
off of losses and permission must be obtained
to exercise powers not being used 12/10 2298Bank of Menomonie, Wisconsin, application approved subject to
certain charge offs and capital requirements2/21 307Bank of Mount Eaton Company, Mount Eaton, Ohio, application ap-
proved and savings deposits to be brought intoconformity with law 5/28 1074
Batik of Neosho, Missouri, application approved 3/20 515Bank of Oakfield, Wisconsin, application approved and savings
account to be brought into conformity withlaw 5/ 6 867
Bank of Southold, New York, application approved subject tocertain charge offs 3/11 462
Baank of lharwick, Hilton Village, Va., application approved andcriticized matters to be supervised 9/10 1765
Baank of Waverly, Inc., Waverly, Va., application approved and
savings deposits withdrawals to be made to con-form with provisions of law 11/17 2190
Bank of Westchester, Yonkers, New York, application approved
subject to certain charge offs, and employment
of an Executive Vice President satisfactory toFDIC and RFC, retention and operation of
branches at Mt. Kisco and Larchmont approved
Barnes Banking Company, Kaysville, Utah, new application must
be made upon expiration of charterBeloit Savings Bank, Beloit, Wisconsin, to be advised that it
should not belong at the same time to the Home
Bru Loan Bank System and the FRSystem
ceton Bank, Bruceton Mills, W. Va., application approvedancellation of conditions:
Monongahela Trust Company, Homestead, Pa., involving holding
Ce of stock in Hays National Bank
ntral State Bank, Connersville, Indiana, application ap-
proved subject to certain charge offs, common
stock to be shown at par valueCertificates of, reply to First State Bank of Hitchkiss, Colo.,
that it is not necessary to display in lobbyChicago City Bank and Trust Company, Chicago, Ill., application
approved subject to certain conditions, includ-
ing charge offs and increasing of capital
C.structure
i..zens Bank, Cardington, Ohio, application approved'ltazens Bank of Follansbee, W. Va., application approved sub-
ject to charge off of losses
3/30 590
8/18 1632
5/18 97410/28 2078
12/22 2360
5/15 937
5/23 1028
3/ 2 4006/30 1322
6/22 1264
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229Pages
ership in FRSystem: (Continued)Citizens Bank, Magnolia, Arkansas, application approved, ap-
plicability of sec. 32 to one of directorsCitizens Bank of Montana, Havre, Montana, application approved
and banking situation in community to be
4/13 708
watched 12/19 2343Reasons for including statement on following situation in
connection with application 12/31 2414Citizens Banking Company, Perrysburg, Ohio, application ap-
proved subject to charge off of losses 12/17 2333Citizens Loan and Trust Company, Washington, Ind., application
approved and compliance with condition No. 6waived 11/ 7 2131
Citizens State Bank, Ellsworth, Kansas, application approved,savings accounts to be brought into conformitywith law and excess balance with nonmember bankto be reduced 12/22 2359
Citizens State Bank, Hempstead, Texas, application approved 6/12 1202Cltizens State Bank of Petersburg, Ind., application approved
and compliance with condition No. 6 waived 10/26 2062Colonial Savings Bank, Fremont, Ohio, application approved sub-
ject to bank bringing savings accounts intoconformity with law and further inquiry intooutstanding obligation 8/25 1678
Commercial and Savings Bank of Millersburg, Ohio, applicationapproved and bank to reduce excess balance with
C nonmember bank
onditions:7/ 1 1344
FRAct, Section 9, discussion of amendment to permit a Statebank with capital as low as !',',25,000 to become amember of the FRSystem 5/19 983
C operative banking institutions, reply to Congressman Voorhis
on possible membership in FRSystem 2/ 4 191Credit unions, eligibility for, telegram to Mr. Swanson for
full information on particular case 6/ 3 1128Eligibility under laws of State of Minnesota and generally 8/ 6 1572Letter from Treasurer of League Credit Union of St. Paul,
Minn., referred to FRBank of Minneapolis forreply 12/ 5 2271
Credit unions or cooperative banking institutions, reply toCongressman Voorhis advising of amendmentsnecessary to allow membership in FRSystem by 2/ 4 191
6ensville State Bank, Curwensville, Pa., application approvedsubject to charge off of losses and payment ofinterest on time certificates of deposit to bebrowTht into conformity with law 12/ 5 2270
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
ership in FRSystem: (Continued)Deriville Loan and Savings Bank, Danville, Va., application ap-
proved subject to charge off of losses and de-
posits to be brought into conformity with lawDeMotte State Bank, DeMotte, Ind., application approved subject
to charge off of lossesDundee State Bank, Dundee, New York, application approvedExchange Bank and Trust Company, El Dorado, Ark., application
approved subject to charge off of losses and
permission of Board must be obtained to exer-
cise fiduciary powers beyond one account now
handledFarmers and Citizens Bank, Tiro, Ohio, application approvedFarmers and Merchants Bank of Spencer, N. Y., application ap-
proved subject to charge off of lossesFarmers State Bank of Buffalo, Ill., application approvedFarmers State Bank of Englewood, Ohio, application approved,
savings department to conform with the provi-sions of law and the Board's regulations
Farmers State Bank of Illiopolis, Ill., application approvedsubject to increase in number of directors
Pirst Jeannette Bank and Trust Company, Jeannette, Pa., appli-cation approved subject to charge off of lossesand management of trust department to be watchedand savings departments to be brought into con-formity with law
First State Bank of Hotchkiss, Colorado, application approved
Advised that it is not necessary that the certificate of
P. membership be posted in the lobby'lrst State Bank of Lamed, Kansas, application approved, tele-
gram to FRBank to advise of approval and FRBank
to follow matter of amending charter with re-
spect to number of directorsState Bank, Lockwood, Texas, application approved
State Bank of West Manchester, Ohio, application approved
Trust & Savings Bank, Kankakee, Ill., application ap-
provedUnion Bank and Trust Company, Winamac, Ind., application
approved and shareholders meeting to take ac-
tion to make increase of capital validFrench Lick State Bank, French Lick, Indiana, compliance with
condition No. 6 waived and possible merger ofbanks to be considered
Ferry Bank, Limited, Glenns Ferry, Idaho, applicationapproved subject to charge off of losses and
excess balance with nonmember bank to be re-
ducedG°1dfield State Bank and Trust Co., Goldfield, Iowa, applica-
tion approved
First
rirstFirst
Pirst
Glenn,s
230Pages
12/ 4 2268
7/16 14421/26 122
8/25 167911/ 2 2099
7/ 7 137910/ 9 1995
5/ 7 878
9/30 1909
8/14 16174/17 736
5/23 1023
6/22 126510/12 20085/29 1085
12/ 9 2293
7/25 1482
11/ 3 2106
9/ 5 1739
5/12 924
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Memb
231Pages
erehiP in FRSystem: (Continued)Granite Trust Company, Quincy, Mass., application approved sub-
ject to charge off of losses and permissiongranted to retain branches in Weymouth, Mass. 10/15 2023
Grant County Bank, Sheridan, Ark., application approved 5/29 1085Havre de Grace Banking and Trust Company, Havre de Grace, Md.,
application approved and savings deposits with-drawals to be brought into conformity withlaw 8/12 1607
Industrial State Bank of Kalamazoo, Mich., application approvedand comments on interlocking relationship ofDirector George E. Monroe 9/19 1845
J. P. Morgan & Co., Incorporated, New York, New applica-tion approved with understanding that theMorgan Grenfell & Co., Ltd. will be an affil-
gLado—
iate 4/23 757d State Bank, Ladoga, Indiana, application approved 10/ 9 1994
'Lorain County Savings & Trust Company, Elyria, Ohio, action de-ferred on application until management has beenstrengthened 3/26 563
Manufacturer's Bank of Cohoes, New York, application approved,
Mari attention to be given to management problem 3/30 589
6/ 8 1156 on State Bank, Marion, Texas, application approvedMechanics and Farmers' Bank of Albany, New York, action on ap-
plication deferred, FDIC opposed to extendingdeposit insurance to a bank sharing quarterswith an uninsured nonmember bank 2/18 295
Letter from FDIC regarding deposit insurance 2/18 296Action deferring application not to be included in policy
record 2/24 348Merchants and Planters Bank, Norfolk, Virginia, application ap-
proved subject to the establishment and main-tenance of complete records of the trust de-partment and reduction in number of directors 4/16 727
Ilexico Savings Bank, Mexico, Missouri, application approved,subject to further progress in banks asset con-dition and Reserve Bank will follow up situa-tion 8/28 1708
Mc)gadore Savings Bank, logadore, Ohio, application approved andsavings account to be brought into conformity
OtBwith lawannon Banking Company, Buffalo, Missouri, application ap-
proved, reasonable dividend policy to be fol-lowed
12/26
1/26
2393
123%)apital Bank and Trust Company, Corydon, Ind., application
approved, telegram to Mr. Davis to transmit ad-vice 6/26 1298
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
232Pages
liembers hip in FRSystem: (Continued) .Peninsula Bank of Ishpeming, Ishpeming, Mich., application ap-
proved 8/26 1688Peoples Bank, Beaufort, S. C., application for membership ap-
proved subject to certain charge offs and ade-
quate capital to be maintained 6/12 1201
Peoples Bank of Lakewood Village, Los Angeles County, Califor-
nia, action on application to be deferred until
consideration of matter by Mr. McKee with FDIC,
because of possible connection with Transamerica
Corporation 1/16 70
Discussion between Messrs. McKee and Crowley resulted in de-
cision that application should not be approved 1/22 103
Application to be forwarded without recommendation of execu-
tive committee of FRBank of San Francisco as
question of policy to be determined by Board 1/22 105
Advised that application is receiving the attention of the
Board 1/31 161
Discussion of application, review of connections with Trans-
america Corporation, letter from FDIC regarding,
letter to be drafted by Legal Division and Divi-
sion of Examinations advising that Board is un-
willing to approve application on information
before the Board 2/ 6 208-14
After careful consideration of application Board has decided
not to approve on basis of present information 2/14 257Copy of letter to be sent to the Comptroller and FDIC 2/14 257Reply to letter of Mr. Houghton advising him that the Board
has acted upon the application of 2/19 300
Letter to be drafted advising that application may be ap-
proved upon severing connections with Trans-
america and maintaining an independent status 3/10 444Reply to be drafted to Mr. Knox, Superintendent of Califor-
nia Banks, in light of above letter 3/10 445Board to reconsider application, conditions upon which ap-
proval will be given, Messrs. Crowley and Delano
in agreement with suggestions according to memo-
randum prepared by Mr. Wingfield 3/11 463
Mr. Knox advised of reasons why Board did not approve ap-
plication 3/11 465
Application approved subject to authorization of appropriate
State authorities, and maintaining status as a
local independent institution
Letters sent to Comptroller and FDIC advising of Board's
Pe approval of the application
°Pies Bank, Pikesville, Md., application approved
5/ 6
5/ 66/16
868
8691223
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Uerabers hip in FRSystem: (Continued)Peoples Banking Company of Lewisburg, Ohio, application ap-
provedPeoples Savings Bank, Laurel, Iowa, application approvedPerrysburg Banking Company, Perrysburg, Ohio, action on applica-
tion deferredPer u Trust Company, Peru, Indiana, application approved, certain
practices to be watched by FRBankPickerington Bank, Pickerington, Ohio, application approvedPlan for bringing in nonmember banks or affiliating them with
System suggested by Mr. Draper but no actiontaken
P°rt Byron State Bank, Port Byron, Ill., application approvedand FRBank to follow situation with respect towaived deposits
Po ughkeepsie Trust Company, Poughkeepsie, N. Y., application ap-
proved subject to charge off of losses and com-
r pliance with condition number 6 waivedattsburgh State Bank, Prattsburgh, New York, application ap-
proved subject to certain charge offsRan dallstown Bank, Randallstown, Md., application approved and
savings account to be brought into conformitywith law
Ravalli County Bank, Hamilton, Mont., application approved sub-ject to charge offs and FRBank to give bankclose supervision
, Extension of time for completion of membership'c)ck Island Bank and Trust Company, Rock Island, Illinois, ap-
plication approved, with understanding that man-agement is to be strengthened
St. Michaels Bank, St. Michaels, Md., application approved and
excess balance with nonmember bank to be re-
ducedSeguin State Bank and Trust Company, Seguin, Texas, application
approved and bank not to handle trust business
until necessary organization and equipment are
set upSeville State Bank, Seville, Ohio, application approved, sav-
233Pages
5/29 10842/18 295
6/11 1186
1/26 1227/ 3 1361
11/20 2204
8/26 1687
6/30 1320
3/24 548
9/ 5 1738
6/15 12167/10 1402
2/9 226
10/11 2007
6/13 1209
ings account to be brought into conformity withlaw 12/30 2407
South Chicago Savings Bank, Chicago, Illinois, application ap-
proved subject to certain charge offs 5/15 939Extension of time to accomplish admission 5/25 1031
State Bank of East Moline, Illinois, application approved sub-
ject to charge off of lossesState6/17 1231
Bank of Hardinsburg, Indiana, application approved and ex-cess balance carried with nonmember banks to bereduced 7/29 1512
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Ileniber 1„;8-u-P in FRSystem: (Continued)
State Bank of Latham, Ill., application approvedState Bank of Lima, Howe, Indiana, application approved, change
to be made in savings pass books in regard to
State Bank withdrawals
of Marathon City, Marathon, Wisconsin, applicationapproved
State Bank of Milan, Indiana, application approved subject tocertain charge offs, common stock to be shown
State B at par value
Bank of Northfield, Minnesota, application approved sub-ject to increase in number of directors, North-west Bancorporation to comply with conditionsfor general voting permit entitling it to votethe stock of
General voting permit approved subject to certain condi-tionsState B ank of St. Charles, Ill., application approved
State'e Bank of Virginia, Minnesota, application approved subjectto increase in number of directors, etc., North-west Bancorporation to comply with conditionsfor general voting permit entitling it to votethe stock of
voting permit approved subject to certain conditionsState''te Street Bank and Trust Company, Quincy, Ill., application
approved subject to charge off of losses andsavings deposit withdrawals to be brought into
Stockraen, conformity with provision of lawS Bank, Gillette, Wyoming, application approved and
savings accounts to be brought into conformitywith law and balance with nonmember bank to bereduced
,1„4full tamers Bank, Tipton, Mo., application approved''PLon State Bank, Tipton, Iowa, application approved subject to
charge off of lossesuu Matthews Banking Co., Chillicothe, Ill., application ap-
provedTwin Valley Bank, West Alexandria, Ohio, application approved
and change in wording of savings pass book tobe madeUnion Bank, Loogootee, Ind., application approved and excessbalance with nonmember bank to be reduced
Uni°n Bank of Michigan, Grand Rapids, Michigan, Board willingto approve application on condition that itcreate a reserve of $150,000 for dividendsand increase its capital stock to $500,000
12/10
4/30
4/ 2
4/22
4/30
4/309/12
4/304/30
7/29
9/216/13
10/ 1
7/17
5/28
7/14
5/19
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2299
818
614
752
820
8231789
821823
1511
18531209
1919
1448
1075
1420
986
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14em •bershlp in FRSystem: (Continued)
Union Bank of Michigan: (Continued)Application approved, to create reserve for payment of divi-
dends in capital stock and increased capitalstock and operation and retention of branch ap-proved
Condition amended providing that capital need not be in-creased if branch is not operated
on Bank and Trust Company, Bowling Green, Va., application
235Pages
6/16 1224
6/29 1317
approved, bylaws to be revised and other changesto be made 10/ 3
Uni°n Savings and Trust Co., Warren, Ohio, application approved,retention and operation of branch at Newton
Union Falls, Ohio, to be permitted 3/16State Bank, Clay Center, Kansas, application approved,
Wheelock indebtedness and assigned claims to
University be eliminated and other corrections to be made 8/ 6
iversity State Bank, Houston, Texas, application approveddespite insufficiency of capital stock, provi-sion as to maintenance of reserves and given
Ireede rsb 90 days to complete membership 2/17
urg State Bank, Veedersburg, Ind., application approvedand bank to revise trust operations to conform
Waiver of to approved procedure 7/29condition
Richland Trust Company, Mansfield, Ohio, FRBank of Cleveland
1938
496
1571
287
1510
authorized to waive membership condition num-bered 6
Union Savings and Trust Co., Warren, Ohio, FRBank of Cleve-land authorized to waive membership condition
Water numbered 6100 Savings Bank, Waterloo, Iowa, application approved by
telegram and fiduciary activities to be organ-ized
whir:Lnster Savings Bank, Westminster, Id., application approvedll°use State Savings Bank, Whitehouse, Ohio, application ap-
Willi proved subject to charge off of lossesam Penn Bank of Commerce, Pittsburgh, Pa., application ap-
proved and management situation to be super-l vised by FRBankannetka Trust and Savings Bank, Yannetka, Ill.,
4eMPhis ci approved and trust operations to
applicationbe revised
earing House Association, changes in rules and regulations"chant
M on par clearance of checks
•arine, on
of FRBanks joining are entitled to bene-fits accorded to those entering military serv-ice
4/11 697
4/11 697
12/23 23723/2 399
11/30 2242
12/ 7
12/18
2/16
2275
2339
278
11/10 2142
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236Pages
t7T, Howard N., copies of foreign exchange reports sent to 11/23 2219calgan:Minnesota National Bank of Duluth, reply to question asking
whether the Board would grant limited fiduciarypowers to a national bank in the State of 5/ 7 879
National Used Car Market Report, Inc., advised of guides desig-nated for use in certain counties of 5/26 1060icrof
press reviews of Bank for International Settlements,facilities of Coordinator of Information to beused for 5/ 4 845
ry Government Division of Army:4esistance of Board requested with reference to banking and
financial phase, outline in plans and studies
Tel being made by 11/ 6 2128egram to FRBanks for information as to officers in Army
who are fitted for dealing with financial
klita phases of work in occupied territory 11/28 2237rY governments, synopsis of War Department program for, Mr.
Lawrence Clayton designated to maintain liaison
Pr in connection with 10/10 2005 oblems in
in military occupation of countries, Mr.Clayton authorized to supervise compilation oflist of names qualified for service in connec-
4ilitary tion with 10/21 20/,5reservations, banking facilities at, FRBanks to be advised
of designation by Secretary of the Treasury of
u1jt, /7 s State member banks in connection with 11/30 2243ervice: zank
s as essential industries, classification recommended byFederal Advisory Council 6/ 3 1118
13ert°-, Louis N., captain of the guard, granted leave of ab-sence for 3/ 4 414
Stanley J., foreman operator (duplicating devices),granted leave of absence without pay to enter
Brenna duty with Navy 11/25 2229
n JBuckl .oun C., granted leave of absence for 5/18 973-4eY, Thomas N., telegraph operator, granted leave without
Colli pay to enter service with Naval Reserveer, Raymond J., junior economist, granted leave of absence
Cool- to serve with Naval reserveo Leroy H., guard, granted leave of absence for
-41e, Pinar, resignation as guard to enlist in Coast Guard Re-Crawf serves because of temporary status
Grant of D., granted leave of absence for
LTrant of leave for, rescinded and resignation accepted
11/16 2174
5/28 10734/16 727
6/29 1315/I/10 6895/ 1 835
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ililitary service: (Continued)Cunningham Alex, resignation as director at Helena Branch to
m enter
Da Pley, Chester B., painter, granted leave to enter servicewith U. S. Navy
Deferment of employees of Board:Advice to Civil Service Commission that it is general
policy not to ask forPiser, Leroy Y., Chief of Government Securities Section,
deferment requestedLetter to President of the United States requesting
De
re-classification
Deferment of employees of FRBanks from draft on occupationalgrounds discussed by executive committee ofFederal Advisory Council
Edwards, Harry L., clerk in Division of Personnel Administra-tion, granted leave to enter Maritime servicebut not to be reimbursed for life insurancepremiums
3rees of Board and FRBanks to be accorded benefits andthose not entitled to them
FRBanks as essential industry for purposes of deferment from,Board not in favor of classification as
."Lc..1-e employees of FRBanks entering military service should be
Fels_ accorded same benefits as male employees
Gad, Thomas George H., FRExaminer, granted leave of absence for
"gq, Thomas H., granted leave for, payment of unearned salary
Good, George d, George E., granted leave without pay to enter service
with Armyliwood, Gordon, granted leave without pay to enter service
Rao.,er, with Army
Herbert H., assistant FRExaminer, granted leave without
rt, B pay to enter duty with Navy
ishop, granted leave without pay for, to reenter activeduty with the United States Army, unearned sal-
Hart, John J.,ary not to be given as previously paid
assistant FRExaminer, granted leave without pay
Johns() , to enter service with Armyn Edwin J., Assistant FRExaminer, granted leave of ab-
sence for-'°/13 Sven E., foreman of laborers, granted leave to enter
G Navy
IC4Y,/c41 eorge R., granted leave of absence forKV-gore, J. E., granted leave of absence to enter NavyIne, William A., printing clerk, granted leave without pay
to enter service with Army Air Corps reserve
237Pages
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9/ 3 17224/15 7209/ 8 1749
11/24 2225
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1411ta, rY service: (Continued)4/light, Grover C., index clerk in Secretary's Office, granted
Lan leave without pay to enter United States Army
g,iam, Lee W., guard, granted leave for1Jor1gstreet, Victor M., Senior Economist, granted leave of ab-
Ly sence without pay for
°n, John N., clerk in Secretary's Office, granted leave with-out pay to enter Naval Reserve
One, Charles T., FRExaminer, granted leave of absence for?parsons, Thomas M., granted leave of absence foreregory, Walter L., operator, duplicating devices, granted
leave without pay to enter service with Naval
Pis—, ReserveLeroy M., letter to Local Draft Board No. 3, Chevy Chase,
Md., requesting deferment on occupationalgrounds
Letter to President requesting reclassification for defer-
Rem- ment104 -lng, Benjamin R., guard, granted leave of absence for"-Leseberg, Robert W., accounting clerk in Secretary's Office,
Sand granted leave of absence for
erson, James W., guard, granted leave of absence without
So pay for service with Coast Guard1°mon, Frederic, Assistant Counsel, granted leave of absence
Ta, forJlor, Jay, FRAgent at Dallas, reappointed with understanding
7/181/ 7
5/15
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11/16
11/ 4
11/233/13
2/27
7/17
4/20
238Pages
145419
937
1215914715
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2114
2217490
376
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747
that leave would be for period necessitated by
W military service 12/ 8 2283 al ters , Alvin C., secretary to Governor McKee, granted leave
of absence for 3/ 9 435".4-er, Patrick J., granted leave of absence without pay 10/15 2022
so ' Jesse I.: (See Provost Marshal General's Office)RTPhed letters:
IltriltE:Z: series to be discontinued 5/23 1026new procedure for distribution of 5/23 1026
11440Ze it unions, eligibility for membership in FRSystem 8/ 6 1572A-endall & Co., Inc., Boston, Mass., reply advising that under
Regulation T, dealers are not prohibited frompurchasing from a customer securities calledfor redemption to enable the customer to pur-chase from the dealer other securities in ad-vance of the call date 5/ 6 870141111
Board of Governors: (See Board of Governors, Minutes)nference of Chairmen, revised copy sent to Chairmen with re-
quest for suggestions 11/18 2195
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1118SiS81ppi:
4ational banks in, opinion of Board that they may not make in-terest payments in excess of rates prescribed
14°cle A by State Bank Comptroller
%de) rthur S.: (See Regulation W, Leo S. Mode & Company)111-Art & National Shuffleboard Co., Irvington, N. J., sales
made that did not comply with Regulation W
before advice that shuffleboards were listed
tgOneY markets:R-eserve situation in, and effect on future market issues of
the Treasury, discussed at meeting of ExecutiveCommittee of Federal Advisory Council withBoardother cities for New York as money market, sug-gestion that more than one market could be es-tablished through use of telephone and tele-graph, discussion at meeting of Board withExecutive Committee of the Federal AdvisoryCouncil
telegraphic transfer orders representing funds trans-ferred by soldiers in Alaska, letter to allFRBanks on handling of
Association, Helena, Mont., request that facilitiesof Helena Branch be available to Montana banksfor safekeeping and redemption of war savingsbonds
advised that contract providing for balloon pay-ment at its end may be revised to provide for
further monthly paymentsAssociation, letter to Mr. Vane on questions
in connection with Regulation Wapplication of Regulation Vi to stokers and
coal loansunder Regulation W mayof 12 months over dateaccount is in default
Substitution of
tiOneyorders,
Vorltana Bankers
4°°t1e, Donald A.,
tiorris Plan Bankers
Reply regarding
RePly that loan
c)rriemor;-!-an companies:
ls Plan Banking Company of Boston ruled to be a "bank"within meaning of section 13 of FRAct
Industrial Bank of New York, advised that Boarddoes not favor amendment to Regulation W thatwould permit the initial payment on instalmentloans to be deferred for 90 days
Savings Bank, Jacksonville, Florida, advised ofreasons of Board for not designating AmericanAuto Appraisal for use in connection with Reg-ulation W
articles
have maximum maturityof loan even if charge
140r'ri3 Plan
143rris Plan
239Pages
1/27 126
7/30 1517
3/12 471
3/12 477
8/22 1662
7/14 1427
4/16 731
1/13 46
5/19 993
7/ 9 1394
3/10 458
1/14 53
4/7 652
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Ne•shirial'e Clearing House Association, changes in rules and regula-
kat;,oaal A tions on par clearance of checks"sociation of Credit Jewelers, New York, request for op-
portunity to be heard on matters pertaining toinstalment sale of jewelry and request to beput on mailing list for information on Regula-tion
240Pages
tiorr;Hohfeld, Foerster, Shuman & Clark, San Francisco, Cal-
ifornia, reply to questions relating to theexistence of affiliate relationships when cor-porate stocks are pledged with member banks
4ortgages: as security for loans 2/26 358
First lien under Regulation W regardless of status of any
R . property taxes 2/ 3 168Re properties, list of State member banks holdings
will be furnished Bureau of the Census for mail-ing bulletin on housing conditions 7/ 8 1385
Second mortgage considered as first lien when both notes areheld by the same lender, under Regulation W,
P B . Interpretation 128 3/ 4 415(See Billings Utility Company, Billings, Montana)140tor 11.ehiscie Division, State of Nebraska, Lincoln, Neb., publica-
tion of Official Nebraska Used Car Survey tobe made only when necessary instead of guar-
111-1-er, terly 8/19 1641
Gustave: (See National banks, First National Trust and
1111148, We Savings Bank, San Diego, Calif.)
Russell: (See Heaton, Mules, Ireton & Hatch, Baltimore,Id.)
Senator James E., advised of reasons ahy the report in con-nection with the application of the BillingsUtility Company, Billings, Montana, for a loanfrom the FRBank of Minneapolis cannot be made
Letter available 5/20 1001O n refusal of request of Mr. Moss of Billings Utility
Company for copy of report of examiner who madeinvestigation in connection with application
Letter for loan 7/ 9 1389on request of Billings Utility Company for confidential
report in connection with application for loan 10/ 2 1937Tr,srings bank:,suees
1 Citizens Savings Bank, Providence, Rhode Island,advised that an exception to section 32 ofBanking Act of 1933 can not be made 3/ 9 436
"N"
2/16 278
10/28 2082
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Nati onal Association of Credit Men, letter on applicability of Reg-
ulation W to establishments that furnish serv-ices
ual Association of investment Companies, Regulation R, requestfor amendment to exempt interlocking relation-ships between member banks and open-end invest-ment companies disapproved
nal Association of Supervisors of State Banks:Executive Committee meeting April 18, Messrs. Ransom and McKee
to attend, to be invited to use Board Room formeeting
regarding Board's reasons for opposingand 2148, to amend the Homeof 1933, etc.
outline of program forMr. White to obtain
R of State Banksesolution adopted by and executive
NaticInal ington for meeting
Automatic Merchandising Association, Chicago, Illinois, tobe advised that information on number of nickelsshould be obtained from Treasury Department
Reply to,
Regulation VI,
ilaticaal banks:Absorption of exchange and collection charges, action against,
Albert • for violation of regulation discussed
ialle National Bank, Albertville, Alabama, charge of 15cents made by, for cashing veterans' checks,reply to Senator Hill regarding
National Bank of Jacksonville, Fla., permission toSouth Side Bank of Jacksonville to carry re-serves required of banks in outlying districtsupon conversion of nonmember bank into na-tional bank
National Bank and Trust Company of Mobile, Alabama,action on application to make acceptances upto 100% of capital and surplus, deferred pend-ing opinion of Comptroller as to whether thecondition of the bank justifies the grant ofauthority
BankAPP,,lication to make acceptances up to 100% approvedp?' America National Trust & Savings Association:leferential account in connection with contracts for in-
stalment paper constitutes deposit liabilityagainst which reserves must be carried, ques-tion to be submitted to FDIC and anotherFRBank
AMerican
Araerican
S. 2146, 2147,Owners' Loan Act
enforcement of, sent tocooperation of Supervisors
committee to come to Wash-
241Pages
12/12 2306
9/ 4 1731
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7/15 1438
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6/ 4 1135
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3/3o 5924/16 730
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Nati ()nal banks: (Continued)Bar* of America N.T. & S.A.: (Continued)
Differential account: (Continued)Letter to FDICLetter to Mr. Sproul, FRBank of New YorkReply to FRBank of San Francisco on conclusions
Holding company affiliate relationship with Transamerica
Corporation, letter advising that Board does
not consider as terminated, and that Board is
without authority to waive filing of reports
of affiliatesCopies to be sent to Messrs. Clerk and Crowley, and the
Comptroller of the CurrencyPeoples Bank of Lakewood Village, Board to reconsider appli-
cation of, for membership upon showing that af-
filiate relationships with, have been severedMr. Knox advised of reasons why Board did not approve
applicationSubmi ssion of report by, covering holding company affiliate
relationship with Transamerica CorporationwaivedCa al National Bank in Austin, Texas, application for fidu-
Citizens National powers approved
ens National Bank of Hope, Ark., application for fidu-
Conditi ciary powers approved
on reports:Call as of December 31, 1941Call as of April 4, 1942Call as of June 30Change in item due to and due from other banks being con-
Cent sidered by Comptroller of Currency
inental Illinois National Bank and Trust Co., letter from
Treasury regarding examination which revealed
that Mr. Lewis, Chairman and FRAgent was en-gaged in unethical transactions with, involv-
ing Government securitiesPurchase and sale of Government securities by Frank J.
Corm— . Lewis through, Mr. Cagle in Chicago"slon into nonmember State bank being considered, men-
tioned in letter to FRBank of St. Louis 1/ 1 6Louis 1/ 1 6.rcement of Regulation W, letter to Comptroller of the Cur-
rency- on cooperation with other authorities in 6/12 1204'r s National Bank of Danville, Kentucky, supplemental ap-
plication for fiduciary powers approvedPil'st National Bank of Alpine, Brewster County, Texas, trans-
Nat
4/ 3 623
Pirs+, fr from San Antonio to El Paso territory 12/14 2311ional Bank of Arcola, Illinois, application for fidu-
ciary powers denied 2/ 2 163
242Pages
1/ 8 271/ 8 282/21 310
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1/2 84/7 6507/ 3 1359
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Natio nal banks: (Continued)First National Bank of Boston, Mass., letter of Mr. Charles
E. Spencer, Jr., on amendment to RegulationR with respect to interlocking relationshipsbetween member banks and open-end investmentcompanies
First National Bank of El Campo, Texas, application for fidu-ciary powers denied
APPlication for fiduciary powers granted after reconsider-
Firstation, to act as co-trustee
National Bank of Etna, Pa., assets to be purchased andliabilities assumed by Peoples-Pittsburgh TrustCompany and branch to be established and op-erated
Pirst National Bank of Fairmont, Minnesota, FHA loans taken by/without knowledge that such loans were in viola-tion of Regulation W, no punitive action to berecommended, program of enforcement to be de-veloped, letter to FRBank of Minneapolis
Bank in Fort Collins, Colo., application for fi-duciary powers approved upon assurance of im-provement in the facilities for handling trustsBank of Galveston, Texas, acceptance of savingsdeposits from Army Post Exchange
Bank of Garwood, New Jersey, purchase of assetsand assumption of liabilities of, by the West-field Trust Company, Westfield, New Jersey, andestablishment and operation of branch at Garwood
approvedBank, Hattiesburg, Miss., letter to Mr. Foote
First National
First National
First National
First National
243Pages
10/17 2037
1/20 90
3/27 576
10/13 2014
2/20 305
6/25 1282
9/14 1804
3/26 564
on FRBank of New York holding securities insafekeeping for other FRBanksPi
rst National Bank of Kane, Pa., purchase of assets and as-
sumption of liabilities by Kane Bank and TrustCompanyFirst National Bank of Newark, Arkansas, application for fidu-ciary powers to act as trustee in certain casesapproved
pirsStuili7ender of fiduciary powers approved'ational Bank of Paris, Texas, penalty for deficient re-
serves waivedBank of Princeton, N. J., procedure under Regulation W as to loans to college professors andschool teachersFirst
National Bank of Rantoul, Illinois, letter to FRBank of
12/16
12/30
2/27/15
2/2
2/27
2326
2408
1641429
163
378
Pi rst National
Chicago on shipments of currency for Army payroll purposes
Bank of Sparta, Illinois, surrender of fiduciarypowers approved
7/30
3/3
1519
408
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National banks: (Continued)First National Bank of Warsaw, Ind., granted permission to act
as trustee in case cited onlyto act as trustee in case cited in addition to
powers previously grantedBank of Weatherly, Pennsylvania, approval for
assumption of liabilities of, by Markle Banking
and Trust Company, Hazleton, and establishment
of branch at Weatherly, rescinded
Bank of Westwood, N. J., letter to Mr. Dickson
commenting on section of Regulation W relating
to insurance policy loansBank of Winthrop, New York, permission given to
Ogdensburg Trust Company, Ogdensburg, New York
to establish a branch in Winthrop in connection
with the purchase of the assets and assumption
of liabilities ofBank and Trust Company of Floral Park, New York,
permission given to FDIC to examine Floral
Park Bank and Trust Co., in connection with the
assumption of its liabilities and assets by
Bank and Trust Company, Minneapolis, Minn., ac-
counts paid on sales contracts found not to
conform to regulation, should be returned
Trust and Savings Bank of San Diego, California,
basis to be used in valuing Series G savings
bonds held in common trust fundTrust and Savings Bank of Santa Barbara, Calif.,
inquiry on depositing securities held in trust
accounts with some inland bank for safekeeping
during emergencyHackl°nfield National Bank, Haddonfield, New Jersey, application
Nrs Nat i for fiduciary powers granted
onal Bank, Hays, Pa., extension of time to Monongahela
Trust Co. to dispose of stock of, or convert in-
to branchCondition of membership involving holding of stock by
Monongahela Trust Company, Homestead, Pa.,
canceledHunted don County National Bank of Flemington, N. J., applica-
tion for fiduciary powers approved'°n-State National Bank, Jackson, Miss., opinion of Board
that national banks in Mississippi may not
make interest payments in excess of rates pre-
scribed by State Bank ComptrollerNational Bank, Chicago, Illinois, advised that Board
will not undertake to comment on proposals for
the operation of common trust funds in connec-
tion with Regulation F, informal discussion
with Mr. Mulroney at the FRBank of Chicago
suggested
Permission
First
First
First
First
First
First
First
National
National
National
National
National
National
National
L4Salle
244Pages
6/30 1322
7/21 1465
1/27 126
5/30 1098
2/14 254
1/30 148
6/25 1283
7/15 1431
7/14 1424
5/8 901
7/ 6 1372
12/22 2360
10/14 2017
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Nati onal banks: (Continued)LaSalle National Bank: (Continued)
Law Letter to Mr. Mulroney regardingre nceburg National Bank, Lawrenceburg, Ky., application for
L in additional fiduciary powers approved
,oln County National Bank of Stanford, Ky., application forfiduciary powers approved and conditions fortaking over trust accounts of affiliated bank
Manufacturers National Bank, Corinth, New York, advised thatmoney borrowed by Union Free School District#7 in anticipation of taxes for purchase ofoil burner is not considered an extension ofinstalment credit under Regulation V:Man
ufacturers National Bank of Detroit, Mich., letter to Mr.Verhelle on meaning of words original maturity
Mellon National as used in form of guarantee agreementBank, Pittsburgh, Penn., purchase of additionalstock of, by the Union Trust Company of Pitts-burgh held to be in violation of FRAct and Re-
ti vised Statuteser •cantile National Bank, Chicago, Ill., interpretation of sec-
tion 6 of standard form of guarantee agreement,reply to letter from attorney for
Questions on standard form of credit agreement requestinginterpretationMercha A*n-lse National Bank of Chicago, Ill., application of Regu-lation W to check credit plan of, and use ofstatement of borrower in connection with
advised that Check Credit Plan as outlined is not per-missible under Regulation W
National Bank of Boston, Mass., resignation of Mr.Young as President of the FRBank of Boston toaccept presidency of
National Bank, Port Arthur, Texas, letter on protec-tion afforded Government securities held incustody by FRBank of Dallas
reply to question of Minnesota National Bank ofDuluth, asking whether the Board would grantlimited fiduciary powers to a national bank inthe State of
National Bank of Duluth, reply to question askingwhether the Board would grant limited fiduciarypowers to a national bank in the State ofMichigan
National Bank affiliate of Chicago City Bank and TrustCompany, both in same position as regards capi-tal, FRBank of Chicago and National Bank Ex-aminer to determine measures to be taken by
To be
Merchants
Merchants
Michigan,
Minnesota
245Pages
5/15 945
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1/24 117
10/ 1 1923
2/21 308
6/ 6 1152
6/19 1256
5/28 1077
7/17 1450
2/27 361
10/15 2027
5/7 879
5/7 879
3/2 400
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246Pages
Nati onal banks: (Continued)National Bank of Adrian, Mich., assets purchased and liabili-
ties assumed by Lenawee County Savings Bank,Adrian, Mich.
National Bank of Commerce of Lincoln, Neb., absorption of ex-change and collection charges
National Bank of Port Byron, N. Y., assets to be purchased andliabilities assumed by Auburn Trust Company,Auburn, N. Y., and branch to be established inPort ByronNational
Bank of Washington, Tacoma, Washington, submission of
8/14
8/ 7
11/18
1618
1586
2194
National City
report covering holding company affiliate rela-tionship with Transamerica Corporation waived
Bank of New York, no objection to proposedchanges in Statement of Borrower form used inconnection with Regulation Vi
4orthwestern National Bank and Trust Company, Minneapolis,Minnesota, reply to suggestion that the Boardpublish a pamphlet saying what "can" andcan't" be done under Regulation W
things that lending agencies cannot do under Regu-lation W, Board will edit list but assume no
Peo 1 responsibilityPJ-es National Bank, Rock Hill, S. C., reply that Federal
Housing Administration loans must comply withReportsprovisions of Regulation W
of examination, copies sent to branches can be de-stroyed if copies retained in files of head
Riggs office
National Bank, Washington, D. C., reply to, regardingapplication of Regulation W to loan plansoperated for two local public utility com-paniesSecond
National Bank of Ravenna, Ohio, copy of report on inves-tigation of trust department of, in connectionwith surrender of its fiduciary powers, no ac-tion to be taken by Board because of pendinglitigation, letter to FRBank of Cleveland
to Comptroller containing the same informationto surrender fiduciary powers deferred until litiga-
tion is terminated
List of
LetterAction
StandardNational Bank of New York, N. Y., no objection to pur-
chase of assets and assumption of liabilitiesof, by the Manufacturers Trust Company, NewYork, and establishment of a branch of thetrust company in the quarters of the nationalbank
3/20 516
2/23 319
5/22 1021
6/ 3 1131
6/19 1259
11/ 3 2113
5/20 998
2/14 2572/14 258
7/15 1429
2/7 221
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247Pages
National banks: (Continued)Suits against directors, etc., of national banks for expenses
incurred in defense of actions, suits, etc.,
Tel report on S. 2039 4/23 760egraphers National Bank of St. Louis, Mo., absorbed by United
Temple Bank and Trust Company, no objection 10/ 8 1972City National Bank, Temple City, California, request of
First Trust and Savings Bank, Pasadena, Cali-fornia, for permission to acquire assets of,and operate as a branch 1/22 102
Request of First Trust and Savings Bank of Pasadena deniedon present information before Board 2/14 255
Transamerica Corporation advised that further expansion willnot be permitted 2/14 256NV of letters to First Trust and Savings Bank of Pasadenaand Transamerica Corporation to be sent to
Tem,i_ Comptroller and FDIC 2/14 257National Bank, Temple, Texas, application for fiduciary
10/26 2064Union Nat powers approved
ional Bank, Wilmington, Delaware, assets to be pur-chased and liabilities assumed by WilmingtonTrust Company 11/ 4 2116Valley
National Bank, Tucson, Arizona, declined to participatein war loan to W. E. Jacob, letter to Senator
W Hayden on ar , 7/11 1407loans making of, by national banks, Comptroller asked to
give consideration to question of permittingwithout holding national banks subject to sec-tion 5200 of Revised Statutes
O n applicability of section 5200, Revised Statutes 4/ 8 661Letter
to, Board has no objection to the giving of a
fro Letter copy of, to interested parties 5/12 924
m Mr. Upham on participation in lending program,to be published in FRBulletinnational
Bureau of Economic Research, industrial advances and com- 5/25 1033
mitments, amount of, charge offs for, and earn-l'Itional
defense, 2/26 360
intga -(t)jii.Onb3;e7.1:7t11;%yi=7:;17ffix--setietoawarding of defense contracts, Defense ContractOfficers asked to send Board copy of the re-
Housing A ports 1/ 5 14
ct, amendments introduced in Senate and House,report of Mr. Ransom on discussions with MessrsBodfish and West, Counsel requested to keep
(See a150LegislEa'Z
To'rd.oadvised of progress of legislation 1/16 68
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tonal Housing Agency:Remodeling or rehabilitation projects as defense housing underRegulation W, request for copies of orders andforms
Letter on proposed revision of Administrator's Order No. 8delegating authority for designation of
Natio,_,Proposed changes in procedure for designation of"q4.-L Faint, Varnish and Lacquer Association, Washington, D. C.,
letter on applicability of Regulation W tocredit granted by wholesaler to retailer and
Nation, by manufacturer to wholesalerResources Planning Board:
°flomic welfare of the country, suggestion that studies ofFRBanks on financial requirements and studiesof planning board on physical needs be co-ordinated
Members, advisers and staff to be present at dinner for Chair-
for men of FRBanks
coordinating resources and statistical activities ofBoard of Governors with, Messrs. Delano and
Pr() Ruml present at Board meeting to discussblaja of cooperation between FRSystem and National Resources
Planning Board for study of national and re-Staff: gional problems
Blaisdell, Thomas C., Assistant Director, to confer with Mr.Goldenweiser on developing plan of coordinatingresearch and statistical activities of Boardof Governors and National Resources PlanningBoard
Rm1, Beardsley, Adviser to:To meet with Board on program for coordination of study
of physical needs with study of financial re-
Present quirements and economic welfareat meeting of Board to discuss development ofplan for coordinating research and statisticalactivities of Board and National ResourcesPlanning Board
Present at meeting of Board to consider collection ofTentn+- statistics on national and regional problems
Nati1312.10.
_ e outline of subjects for regional and national studies
unal net • to be made by research departments of FRBanks
. all to
Association:'111 on charge accounts of husbands and wives under Regu-
Stat. lation W18tios on furniture sales, inventories, etc., memorandum
from Mr. Goldenweiser on taking over collectionby Board of Governors
248Pages
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6/ 9 1173
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National securities exchanges, list of Stocks Registered on, sup-
plementary lists to be issued in future and
Natio - distributed by FRBanks upon requestnal Used Car Market Report, Inc., Chicago, Ill., advised that
Board will consider data supporting requested
additional designations for purposes of Regu-
Natio lation W,nal War Labor Board:Effect of regulations that may be issued on salaries
Sa cers and employees of FRBankslarIes and wages regulations being prepared
executive orderRegulations regarding payment of supplemental
Gen , allowanceseral order No. 19, procedure for handling adjustment in
salaries for employees of FRBanks and BoardWage and salary adjustments of employees of Board and FRBanks,
procedure for handlingSalarY adjustments at FRBanks, procedure
na+4 _ catesEusiness:ioank ,uebits figures, letter
1TA-v3r D publicationePartmentn:
-°11tracts with ship building concerns, branches of Canadian
nuPlic at Bank of Commerce being named assignee of
e copies of guarantees executed on behalf of, shouldbe forwarded to the Board, reply to FRBank of
Fee, Chicago' collected on behalf of, to be credited to suspense account
until further noticeof war production contracts, plan discussed whereby
FRBanks by authority of an Executive Order
would act as fiscal agent for, in regard to
agreement modification where loan made or partici-pated in by FRBank may be guaranteed by depart-
inf°rmation ment
on financial ability of ship repair and buildingyards furnished by FRBanks to, request by Board
Interes., that information also be reported to BoardL, fees, and other charges derived from loans and guar-
antees, instructions for crediting of8°11th African Reserve Bank, negotiation of U. S. notes for
Naval personnel, suggestion of Board in letterto Treasury that same arrangements as developedfor Javasche Bank be followed
Finu,_ .,clng
Guarantee
of offi-
to comply with
compensation or
for filing certifi-
to Mr. Willoughby on release andof
249Pages
2/25 353
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11/ 4 2115
11/ 6 2127
12/16 2318
12/12 2305
12/23 2370
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5/8 903
8/28 1709
3/20 507
6/15 1218
1/22 107
9/19 1847
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New
N811%12epartment:Quaff:
Conard, Rear Admiral Chairman of the Inter-depart-Charles,mental War Savings Bond Committee, advised ofextent of participation of Board employees in,and of the designation of Mr. Bethea as an al-
ternate for Mr. Eccles on the committeeForrestal, James V., Under Secretary, advised of slight
change in guarantee fees to avoid uncertaintyKenney, W. John, Special Assistant to the Under Secretary
of the Navy and Assistant Chief of the Procure-ment Legal Division, present at Board meeting
Cost of luncheon to be borne by BoardDesignated as authorized representative of the Secre-
tary of the Navy to act under Section 4 of
War 1Presidential Order No. 9112
,°ans, instructions for, as approved by, sent to FRBanksPIebras,_ lSee also War loans)
Bankers Association, resolution of Committee on CompetingLending Agencies with reference to production
Negroes credit associations' rePly to President's Committee on Fair Employment Practice
on charge alleging discriminatory requisitionN for elevator operators
tY Act, amendment proposed to section 7, State Department%ow advised that Board favors
ngland Home Equipment Company, reply to inquiry on instalment
11:4t, D sales of silverware and dinnerware" H., of the Wharton School of the University of
Pennsylvania, cost of luncheon to be borne
Nelat by Board,also Wharton School of Finance and Commerce)' discussion of substitution of other cities as money mar-/4/1,-Lork ket
urb Exchange, advised that an odd-lot dealer is con-sidered as acting under Regulation T in spite
Yoric 0, of entry into the armed forcesnari L'Lc'ek Exchange:
uach, William L., no objection to retaining status asregistered employee while employed in tem-
List of porary capacity at FRBank of Philadelphiamember firms reporting customers debit balances of
more than e5,000,000 which are to continue
4(onthii, filing monthly reportsJ reports of ledger balances of 15 firms to be submitted
Statist. monthly, all others semi-annually1" on customers debit balances being collected from
certain member firms not to be furnished tofirms
250Pages
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665
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12/11 2301
1/27 130
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3/12 475
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9/25 1883
9/ 8 1751
8/20 1648
9/30 1914
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Nickel8, advice to National Automatic Merchandising Associationthat information should be obtained from Treas-
143nraember b ury Department
anks: Alaska, to be permitted to carry accounts with FRBank of San
during war emergencyAmerican Securitycan Security Bank, Honolulu, to be permitted to carry ac-
count with FRBank of San Francisco duringwar emergencyBank of •Phil adelphia, Mississippi, Board not in favor of extend-ing safekeeping service of FRBanks to nonmember
Chittebanks for holding Government securitiesnden County Trust Company, Burlington, Vermont, Ir. B.
Frank advised that Board has no control overservice charges instituted byCitizens Savings Bank, Providence, Rhode Island, to be advisedthat an exception to section 32 of Banking Actof 1933 cannot be made for trustees of a mutual
Clarend savings bank
on State Bank, Clarendon, Pa., assets purchased and lia-
6/ 4
9/15
9/15
7/ 8
4/18
3/9
251Pages
1135
1819
1819
1384
746
436
bilities assumed by Warren Bank and Trust Corn-
Clearing pany, Warren, Pa.account of, FRBank of Minneapolis advised that it may
accept or decline according to its own discre-
C°flvers' tion
-1°n of national bank into nonmember State bank beingconsidered, mentioned in letter to FRBank of
enforce St. Louis
-ement of Regulation W, letter to FDIC on cooperation withrespect to insuredP4rMer s & Merchants Bank, Rochester, Ind., reply to letter withadvice that Board does not favor extension ofsafekeeping service of FRSystem to nonmember
ilawn banksto be permitted to carry accounts with FRBank of San
Indllstr•Francisco during war emergencyal Bank, St. Louis, Missouri, reply to question of, re-
garding schedule of payments under RegulationLo •Viraln Co unty Savings & Trust Company, Elyria, Ohio, action de-
11/30
2/11
1/ 1
6/12
8/20
9/15
1/30
2243
239
6
1205
1649
1819
152
ferred on application for membership until man-agement has been strengthened 3/26 563
Barn: and Trust Company, Fayetteville, Ark., reply toinquiry on proposed stock dividend as taxable
Morris income 11/ 4 2120Plan Banking Co. of Boston, Mass., permission to FRBank
Pe°Plesto open and maintain clearing account for 3/10 458Bank of Cumberland, Md., loan obtained by borrower on
inadequate statement for which loan is used 8/ 7 1590
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Nonmember banks: (Continued)Peoples Bank of Lakewood Village, Los Angeles County, Califor-
nia, discussion between Messrs. McKee andCrowley resulted in decision that applicationfor membership should not be approved
Application to be forwarded without recommendation of ex-ecutive committee of FRBank of San Franciscoas question of policy to be determined byBoard
that application for membership is receiving theattention of the Board
Discussion of application, review of connections withTransamerica Corporation, letter from FDIC
regarding, letter to be drafted by Legal Divi-sion and Division of Examinations advisingthat Board is unwilling to approve applicationon information before Board
Peoples State Bank, Cherryvale, Kansas:Floor plan loan on pick-up, advice that Board has no control
over either RFC or OPR, and that Congress isgiving consideration to solution of problem
Safekeeping, reply to letter on FRBanks holding United StateGovernment bonds for nonmember banks
P"r"burg Banking Company, Perrysburg, Ohio, action on applica-tion for membership deferred because of slowprogress in rehabilitation
Prince Georges Bank and Trust Co., Hyattsville, Md., letter toMr. Wilson on effect of Regulation W on certain
Safekee modernization loanspingservice for holding government securities, Board
does not favor extension of service toBoard does not favor extension to-,)30- cussed at meeting with Presidents5 ard not in favor of extending this service to nonmember
Safek— banks'Ping of Treasury bills and certificates of indebtedness
8°11th si by FRBanks for, to be permittedde Bank of Jacksonville, Fla., permission to carry re-
serves required of banks in outlying districtsupon conversion into American National Bank of
Town . JacksonvillevlileState Bank, Townville, Pa., deposit liability to be
assumed by Crawford County Trust Company,Uni--"°n Ba—Meadville, Pa., no objection to transactionof Michigan Grand Rapids, Michigan, Board willing
to approve application for membership on condi-tion that it create a reserve of $150,000 fordividends and increase its capital stock to$500,000
Advised
252Pages
1/22 103
1/22 105
1/31 161
2/ 6 208-14
04 718
11/ 5 2125
6/11 1186
10/23 2055
7/ 8 13848/20 16499/29 1901
11/ 5 2125
10/14 2019
10/26 2063
10/10 2002
5/19 986
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253Pages
Nonmember banks: (Continued)Union Savings Bank of Pittsburgh, Pa., proposed take over by
Un ion Union Trust Co. of Pittsburgh 11/10 2142
Trust Co., Clairton, Pa., proposed absorption by PeoplesCity Bank, McKeesport, Pa., and establishment
Uni of branch at Clairton 12/ 3 2262on Trust Company, Newark, Ohio, purchase of stock by Banc-
Ohio Corporation and assets to be taken overby Licking County Bank 5/19 986
Assets purchased and liabilities assumed by Licking County
Warlm Bank and title changed to Union Licking Bank 11/18 2194-848, authorizing deposits of advance payments in banks
not members of the FRSystem discussed with War
Woo 5/23 1024Department•dville Savings Bank Company, Woodville, Ohio, to be taken
Norfoll. over by State Bank of Woodville 8/26 1689Virgini • • .Anal . a.Ysls of housing conditions in, bulletin will be furnished
by Bureau of Census to State banks holding realilorth estate mortgages 7/ 8 1385
"werican Investment Corporation, applicability of Sec. 32 of°Weg. Banking Act of 1933 to 10/28 2080
" Fin Banking statement prepared for short wave broadcast to
Notes Europe at request of Office of War Information 8/24 1663, advances on, secured by Government obligations, amendment pro-
posed to Regulation A to clarify authority ofFRBanks to make, draft submitted, opinion of
Notice of A Board that it is unnecessary at this time 3/10 446kiward, assignment of, letter to Comptroller General of the
United States for advice on 10/14 2018
°t t13ri- , ,n 1Nalter A.: (See National banks, LaSalle National Bank,
°'Connor„ Chicago, Illinois), fi.epresentative James F., advised of reasons why the report
in connection with the application of the Bill-ings Utility Company, Billings, Montana, for a
OtDanie,, loan from the FRBank of Minneapolis cannot bemade available 5/20 1001
1. Senator i. Lee, reply to copy of letter from Mr. Chambers,forwarded to Board by, protesting against theobservance of legal holidays by banks and post
Co offices during the war4ti PY sent to FRBanks 4/27
776-8
„ ,,ensorehip:ce cf , 4/27 778Ini
ormati-on of value to Board obtained from international com-munications by, to be sent by Board to FRBankshaving an interest in certain information 2/ 5 195
!toll
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
254Pages
Oirfl ce of Censorship: (Continued)Information of value: (Continued)
Letter to FRBanks advising them of availability of informa-tion, requested to designate information of in-terest to them
ota(_See also Censorship)ee of Defense Transportation, reply to Mr. Eastman that members
of Board and staff cooperate in restriction of
°ttice of holiday travel
Staff:Emergency Management:
Moon, Lida S., former action of Board amended to extendleave without pay and accept resignation at alater date as she is to be continued on the
°trice f pay roll of 2/23 317A,.0 Price Administration:4oaressograph plate for addressing commercial banks, facili-
ties of Board and FRBanks to be made availableto 11/30 2245Ann° uncement by, of commodities in which shortages are expected
Char should be discontinued in opinion of Mr. Fleming 3/12 480Charge accounts under Regulation W, authority of merchants to
charge penalty rate of interest on those in de-
Coope, fault, report of Mr. Ransom on 7/ 2 1353iont between FRBanks and field units of, letter to Mr.
Hubachek 6/ 9 1171Cl'edits, transfer through bank accounts, plan to be tried
experimentally in Albany, Schenectady, and
Ilvent°r • Troy, and surrounding territory 9/24 1876
ies of consumers goods, use of credit in connectionwith accumulation of, letter to financing in-
(See alstitutions to be cleared through
Loans so Inventories)Peoples State Bank, Cherryvale, Kansas, advised re floor
plan loan on pick-up that Board has no controlover either RFC or OPA, and that Congress is
Maturit
giving consideration to solution of problemies under Regulation W, views of, given by Mr. Hubachek
Penaltin discussion at meeting of BoardY interest rate on defaulted charge accounts, proposal
Ration b for establishment abandonedanking, letter to Mr. Henderson on cooperation by Board
and Governor Szymczak designated to take charge
Pla of work n" with suggested revisions by System Committee on Collec-
tionsLetter to Mr. Henderson presented, but action deferredLetter to Mr. Henderson on cooperation of Board in
2/5 196
11/17 2192
6/11 1186
4/14 718
1/16 60
7/10 1400
12/ 5 2273
12/16 232712/18 233712/28 2399
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255Pages
°Irace of Price Administration: (Continued)Ration coupons, handling by banks for, discussed at meeting
of executive committee of Federal AdvisoryCouncil with Board 10/ 7
Regulationw, proposed Amendment No. 3, statement with regardto the extent of help that its adoption wouldbe to 2/24
Modification of, desirable in opinion of, as it would re-lieve necessity for rationing certain com-modities 3/12
Questions of policy under consideration by, that involve
Staff: changes in, reviewed by Mr. Ransom 3/23
Bonner, Francis A., reply to question of, regarding appli-cation of Regulation W to charge accounts ofdepartment store employees, the accounts to beliquidated in full within 42 days by pay rolldeductions 5/25
Henderson, Leon, Administrator:Letter from, opposing ceiling on consumer credit quoted
in regard to proposed Amendment No. 4, to Regu-lation W 4/27
Letter from, suggesting inclusion of provisions thatwould permit local law enforcement in the pro-pd amendment to Regulation W 4/30
Hubachek, F.
Present at Board meeting 1/16Present at Board meeting 2/24Statement by, giving reasons for broader restrictions
not being recommended by the Office of PriceAdministration 2/24
Present at Board meeting 4/27Statement opposing application of instalment credit ceil-
ings 4/27Opinion that 115 was important as providing distinction
between wool and non-wool goods, in connectionwith proposed Amendment No. 4 4/27statis. .Present at Board meeting 4/30
tics of department store inventories by departments, let-ter to Mr. Goldenweiser on monthly instead ofquarterly collection 6/13--ug of banks for work in connection with collection of couponsused in rationing commodities and for othertasks, discussed at meeting of Federal AdvisoryCouncil with Board 9/14
1968
324
482
539
1036
771
787
60322
337768
772
774784
1211
1799
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Offl ce of War Information:Norwegian Finance, statement prepared for short wave broadcast
256Pages
to Europe at request of Mr. Farishpoi icy and procedure in connection with, letter to Mr. Davisdesignating Mr. Thurston as representative of
8/24 1663
Board to cooperate with 7/25 1485Security officer to be designated by Board, reply designating
Olmstead Mr. Elliott Thurston 12/ 1 2256
, Major General Dawson, to be advised that FRBanks have nocost accountants on their staffs, and sugges-tion that he contact American Institute of Ac-countancy and American Association of Account-
°Pen , antsF.N.rKet operations:nAct, proposed amendment to Section 14(b) to allow FRBanks to
purchase securities directly from the Treasurysubject to direction of the Federal Open MarketCommittee, discussed at meeting of Board withFederal Advisory Council
Powers bill, second, provision for eliminating Section 14(b)of FRAct to allow direct purchase of Governmentsecurities from Treasury by FRBanks, insteadof limiting purchases to the open market, dis-
(See i cussion by Presidents in meeting with Boarda,
War
Operat, -so Committees, Federal Open Market)-Lng ratios of member banks, supply of Form 456 forOrders: data for 1942 sent to FRBanks
0 1 a T.
compiling
Bros. Furniture Stores, Chattanooga, Tenn., to closestores for one week for violation of Regula-tion W
Pon of banks:
e°Ples Bank of Lakewood Village, Los Angeles County, Califor-
°Ireqiirafts,acY s Bank
nia, action on application to be deferred untilconsideration of matter by Mr. McKee with FDIC,because of possible connection with Transamer-ica Corporation
Regulat' , New York, treatment of
1°n IV, not subject to provisions of, unless used asTrean. means of evasion'Airy at FRBanks anticipated within the next few days, tele-
S gram to FRBanks on manner of handlingSenator John H., reply to letter on inquiry of constitu-
ents on application of Regulation W to chargeaccounts of farmers
3/2 389
2/16 264
2/3 170
12/ 3 2263
11/ 3 2103
1/16 70
5/29 1088
5/29 1088
6/18 1248
7/ 1 1347
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Hp'
Pael 4-,•4 ..Lc Finance Corporation of California, transactions involvingstock of, questions raised by Los Angeles Stock
Panama , ExchangeCanal Zone, destruction of currency in, copy of Treasury
Paper. . order sent to FRBanks3 sizing of, process developed by Mr. Scherbak to increase life
of paper currency, letter to Mr. Bell for reportonPar
collection system, rules and regulations of Nashville and
PaYnients: Memphis Clearing House Association, changes in
Cravens, Kenton R., for expenses in coming to Washington fordiscussions on procedure under Executive Order9112
Payment for expenses incurred in coming to Washington forconsultation on Regulation Wapproved
Granted per diem in lieu of subsistence for one day in con-nection with conference arising under Executive
FRB ank of Dallas: 9112
Crump, M., cash allowance equal to 6 months salary to sup-plement retirement benefits under disability
1Tprovisions
a er, Howard G., reimbursed for expenses of trip to WashingtonPer A • to discuss problems arising under Regulation W
die and travelling expenses for persons under considerationRes.— for employment by Board, policy for payingReserve
Board Club, Board to make monthly contribution to, to beused for the employment of Miss Jeanne Tydingsas an attendant in the recreation room
Salvetti, Umberto F., two months salary because of terminationPaYne, vi„. of employment
Uor, advised that Board cannot foretell rulings and regu-lations that will make loans on automobiles morehazardous.
gc[ ction plan for purchase of savings bonds, forms for4tent furnishing information to Secretary of Treasury
01 participation of Board employees in, and designationof Mr. Bethea as an alternate for Mr. Eccles onthe committee, letter to Rear Admiral Conard,Chairman of the Inter-departmental War Savings
Letter t Bond Committee, advising of0 Admiral Charles Conard that staff of Board had ex-
ceeded ten per cent goalto FRB) Char n s on reporting information
les O., Counsel, War Department Price Adjustment Board,meeting with committee of Federal AdvisoryCouncil and committee of Board
257Pages
7/ 6 1372
7/17 1452
8/ 6 1579
2/16 278
4/13 712
4/13 712
4/15 724
7/27 1490
2/26 360
9/19 1847
2/12 243
6/15 1216
2/23 320
1/28 140
5/13 930
11/ 2 210112/14 2312
9/18 1830Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
13eri 4"on funds of employees of City of Birmingham, effect of Regula-
Peoplestion V: onCash Store, Mt. Olive, Mississippi, letter of appreciation
for suggestion that a customer in default atone store might obtain credit at another and
Per.s°rIn thus avoid Regulation W
pers_ e classification plans: (See FRBank of vnnel problem facing banks discussed at meeting of Federal Ad
Peters u visory Council with Board' "-• E., President of the Pacific Auto Guide, reply to, in-
forming of possible results of the establishmentof price ceilings on used automobiles
et (See (See also Appraisal guides; Official Guide)u-Leum Administration for War, proposed directive to be issued to
restrict retail credit sales of petroleumPq1.01
eum products
products: •zixtension of credit in connection with sales by or through re-tail outlets, letter from Mr. Davies, Mr.Ransom to look into matterionRestrict
of retail credit sales of proposed directive to bePetty issued by Petroleum Administration for War
cash fund, increase from ten to fifty dollars to permit pur-chase of railroad tickets for FRBank officialsand Mr. Nelson designated to be responsible for
phil°r13 G. B.: fund with Mr. Carpenter as alternate(See Regulation W, Billing of charge accounts)
4, Halle, Memphis, Tennessee, reply to, regarding problem ofmaking the billing month correspond to thecalendar month with respect to charge accounts
-Llips Petroleum
under Regulation WCompany, effect of Regulation Vi on credit cards
P v al ex . issued byamlnations:Bettal
an) Alfred, not to be required because of appointment onpart time basis as special consultant in Divi-sion of Research and Statistics
3 David M., in connection with appointment as AssociateEconomist in Division of Research and Statis-tics, report of test made at University ofVirginia to be obtained and further considera-tion to be given to appointmentRepo rt of Dr. Swineford of University of Virginia and Dr.
4uks.ra Barr of no evidence of tuberculosis'3 Charles Doyle, reply to letter from, forwarded to Board
by Senator Hill regarding a charge of 15 centsby the Albertville National Bank, Albertville,Alabama, for the cashing of veterans' checks
258Pages
9/22 1864
5/23 1025
9/14 1799
4/16 731
12/23 2366
9/ 4 1732
12/23 2366
12/ 2 2259
5/22 1020
7/ 9 1392
6/23 1269
7/10 1399
7/22 1469
5/23 1028
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1 outh Co-Op erative Oil Company, Le Mars, Iowa, inquiry of Mr.Meek on treatment of charge account under Regu-lation W when customer charges at two or more
P°11cY record: stations
Board of Governors:Drafts of entries for 1941 approvedMechanics and Farmers' Bank of Albany, New York, action de-
ferring application for sharing quarters withuninsured nonmember bank not to be included in
Federal O policy record
pen Market Committee:Draft of letter to be enclosed with drafts of entries cover-
ingDraft actions for 1941, approved
of entries for 1941 approvedLl'aJ- affiliations of directors:°Yd, Walter H., resignation because of acceptance of position
in Department of Agriculture not deemed neces-sary
P011"d, Robert V., report by Mr. Ransom on discussions with, in re-gard to S. 2146, 2147, and 2148 to amend Home
Post, chn Owners' Loan Act of 1933, etc.-r4-es A., President of the Citizens Savings Bank, Providence,
Rhode Island, to be advised that an exceptioncannot be made for trustees of mutual savings
Postbankexchanges:
Acce tanP -ce of savings deposit by First National Bank of Gal-
Deposit veston, Texas, from
s made by, to be reported as public moneys in conditionP°st Offi reports if not designated depositaries
ce station at FRBank of Kansas City, embezzlement by em-ployee of, special comment requested and study
Poti•t - er, Iv to be made on operations of station
(See Glendale Merchants Association, Ltd.)pedn6 of the United States:
eral Open Market Committee, opinion of Mr. Eccles that amend-ment to FRAct to regroup FRBanks for purpose ofselecting members of, is not of sufficient im-
Piser portance to take up with' LeroY M., letter requesting reclassification for military
Preo_ service for purpose of deferment" statement containing message to Congress relating to con-sumer credit control read at meeting of the
Publ.'l Board
e statements relating to differences of opinion betweenagencies or officials of the Federal Government,reply acknowledging letter
259Pages
7/20 1456
1/20 91
2/24 348
1/9 352/10 236
6/30 1329
5/5 856
3/9 436
9/14 1804
10/13 2014
10/ 8 1975
2/17 283
11/23 2217
4/27 773
9/11 1784
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Pr-.eza.dent of the United States: (Continued)Special committee appointed by, to study inflation, report by
Mr. 'Eccles on the findings of, at a meeting ofPre sid the FAC with the Board
f ents, meeting with Board of Governors\See also Conferences, Presidents)Pre88:
Press
Code of Wartime Practices for the American Press and a copy ofRules for the Guidance of Persons Correspondingwith Foreign Countries issued by the Office ofCensorship sent to FRBanks, advised that anyproblem submitted will be taken up with Officeof Censorship by Mr. Draper,
statements*16ank debits: no longer to be compiled on
monthly basis onlyBank for International Settlements, daily press reviews pre-
pared by, letter advising Coordinator of Infor-mation that Board would be glad to rely ontheir service as a source forClark
Bros. Stores, notice of suspension of license for viola-
e tion of Regulation ion WW
rCons .._vation of vital metals, paper, etc., used in making coins,
currency, campaign of Treasury to increase in-vestments in War Savings Stamps, etc.
statement to encourage reduction of, by individuals, tobe considered by Messrs. Ransom, McKee, andSzymczak and then submitted to Board, FDIC,and Comptroller
approvedchanges, no special statement to be released butattention of press representatives called to
'Ilbank notes, to be released by Board and FRBanks to be advisedreference in FRBulletin
PI nk week,Ly statement of condition:
Debt,
Statement
.1scount rate
Memo of
Changes
ni.PRn-'es and
Inlientories
Mr.
weekly basis but on a
anote statement to be discontinued, information to be shownunder liabilities, and statement to be reducedto two sheetsSmead on manner of showing government securitiespurchased in open market or directly from Treas-ury
in connection with participation of FRBanks inforeign accounts
FRbank notes of 1928 series, statement regardingthe issuance of, to be drafted by Mr. Bernsteinand checked with Ir. Vest
of consumers goods, use of credit in connectionwith accumulation of, letter to banks and financ-ing institutions revised and to be released forpublication
260Pages
5/18 9549/29 1897
1/22 108
5/6 874
5/4 845
11/ 9 2136
6/18 1250
5/5 8515/7 880
10/27 207112/12 2307
5/5 865
6/15 1221
8/25 1673
5/26 1061
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PresTe_statements: (Continued)"elle to individuals for nonproductive purposes, statement on
amortization to be sent to member banks by
FRBank of Clevelandllernber bank weekly statements:
Debits to demand deposit accounts to be shown inPress statement to be released when change is made
Reciprocal bank balances, proposed procedure for reporting,
agreeable to Comptroller, no change to be made
on the face of the report and the form of pub-
lished statementby Messrs. Goldenweiser and Rouse at request of Secre-
tary Morgenthau to be considered by members of
Federal Open Market Committee present in Wash-
ingtonRoosevelt's anti-inflation message to Congress relat-
ing to consumer credit control, read at meetingof Board
the United States on temporary war pay resolutionand increasing hours of work week
statements, Board has no objection to release by
Prepared
P'eeident
President of
Registration
Regulation A,
COpy
Regglation D,
StatementAmendment
Re Statement
W:Arilendment
FRBank of Minneapolis of summary data from, copyof release requested
proposed amendment to clarify authority of FRBanksto make advances on notes secured by Governmentobligations, press statement submitted withdraft of amendment
of press statement enclosed with letter to FRBanks ad-vising of adoption of amendment to
amendment proposed to permit weekly computation ofreserves by member banks in central reservecities or in cities in which a FRBank or branchis located, statement to be prepared regarding,if reaction of FRBanks is favorable to
released to pressreducing reserves required of member banks incentral reserve cities
Mr. Thurston to prepare statement denying thatprocedure of, is being used to create amonopoly for member banks
to be released in connection with the adoption of
No. 3 adopted, to be released to the press March9, 1942
COPY of statement to be sent to FRBanks-"endment No. 4, to be wired to FRBanks and held in con-
fidence until release date
261Pages
6/11 1189
4/18 7444/18 745
5/11 921
10/ 6 1954
4/27 773
12/26 2386
3/10 459
3/10 446
3/17 500
2/17 2852/21 314
10/ 2 1931
4/1 6024/10 690
2/24 3412/25 354
4/30 786
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Peee statements:
Regulation IV: (Continued)(Continued)
Amendments number 6 and 7 on fuel conservation credits and
disaster credits adopted and to be released for
publicationAmendment No. 9 to be releasedEnforcement of, memoranda from Mr. Hodgson including, sent
to Board membersNot to be given out as it lacks news value
m Statement regarding revision of, sent to FRBanksileserve requirements, reduction in, origin of statements dis-
tail cussed at meeting with FACStreet Journal, article that Federal Reserve officials
were contemplating control of savings accounts
14ek lY
denied reports of member banks in 101 leading cities, change in
Price item due to and due from being consideredPri' -'711°n: (See Office of Censorship)ce , control:
7/2710/14
5/55/55/ 4
6/ 3
9/21
3/24
262Pages
14892019
847848841
1116
1852
550
discussion by Chairman Eccles with regard to therole of credit control as supplementing pricecontrol, priorities, and rationing in control-ling trend toward
APPlications forwarded on Form PD-408 for fourth calendar guar-Form_ ter, for assistance on
and instructions furnished by War Production Board sent toFRBanks
1°n, discussion by Chairman Eccles with regard to credit
control as supplementing price control, priori-ties, and rationing in controlling trend toward
Of FRSystem for, letter to Mr. Maury Maverick on needsof FRSystem and designating Mr. Myrick to actin the liaison capacity with War ProductionBoard
''''emental forms PD-408, to be submitted by bank and transmit-ted to War Production Board
Trave, s and materials, Governmental classification ofair carriers, recommendation that authority to sign
certificates for, be limited to members of Boardand Secretary approved
Pro, Letter to FRBanks recommending that they restrict authority
to sign certificatescredit associations, resolution of Committee on Competing
rcd_c Lending Agencies of Nebraska Bankers Associa-tIon c tion
redit Corporation:ture loans, letter to Mr. T. P. Coats on exemption under
provisions of Regulation W
2/16
8/19
7/30
2/16
7/21
8/ 18/ 5
2/ 5
2/ 5
10/ 8
12/19
263
1642
1519
263
1466
15361565
196
197
1976
2344
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Prc)tecti°n of Public buildins against air raids and sabotage:FRBanks requested to submit floor plans and to designate offi-
Let+ cor to whom correspondence should be sentLetter to Mr. Blakeslee transmitting plans of FRBanks and sug-
gesting needs of FRBanksCode nt to FRBanks and defense coordinator to be selected byse
Protee • each banktlon of recol-ds, letter to Mr. Dan Lacy on measures taken to
Provid_ protect records of Board'ence Better Business Bureau, reply on letter of authorization
Pr°vostliv.Marshal
1form of statementGeneral:
'LltarY occupation of countries, memo of Mr. Clayton on con-versation with Mr. Jesse I. Miller on problems
Pla, involved and on procuring qualified personnel' and studies being made by Military Government Division,
Lawrence Clayton designated as liaison officerto cooperate with
-1' rule toregistered companies being considered by Se-curities and Exchange Commission
George reply to letter on application of Regulation V.to credit extended by Great Atlantic and Pacific
'Lle Tea Company to employees
Build.nefe lngs Administration:nse coordinator, appointment by FRBanks, letter to FRBanks
Protecf. on protective measures--1°n of buildings against air raids and sabotage, FRBanks
requested to submit floor plans to, and to des-ignate officer to whom correspondence shouldbe sentLetter
to Mr. Blakeslee transmitting plans of certain build-P141,1.'4-1c ings and suggesting needs of FRBanks
5/7
5/29
6/13
11/13
2/4
10/21
11/ 6
10/ 2
9/ 4
6/13
5/7
5/29
263Pages
883
1092
1213
2166
186
2045
2128
1932
173h-
1213
883
1092staff: ,kallgs of the Federal Works Agency:
Howe,
Nblic statements,
131.11)1
icatio13 1 ns:ant:ers ,
dagazine, advised that Regulation W was designed to dis-courage unwise borrowing and not prohibit instal-
C°11nteri• 4 ment buying generally 1/16 77it notes, Board willing to print notices of, on a re-
imbursable basis for the Secret Service Divisionof the Treasury Department 5/20 1004
George, Acting Commissioner, advised that Board hasdesignated Mr. Belt as its representative onthe Advisory Committee on Subversive Activities 2/27 379
differences of opinion between agencies or offi-cials of the Federal Government, reply to let-ter from the President on 9/11 1784
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
264Pages
(Continued)114", order for printing of, placed with Government Printing
Office, new amendments to be added in supple-ment, charge to be made for copies sent tothose not on free list 3/ 6 433
Juldn s Handbook of Regulation W, comments of Board to be sent
List to Mr. J. Gordon Dakins 7/24 1480of
to Registered on National Securities Exchanges, sup-plementary lists to be issued in future and dis-tributed by FRBanks upon request 2/25 353
Regulation W, upon adoption of Amendment No. 3 entire regulationto be reprinted, FRBanks to advise Board whetherthey desire proofs or offset negatives 2/ 3 168
Pamlohlet saying what "can" and "can't" be done under, sug-gestion of Northwestern National Bank and TrustCompany, Minneapolis, Minnesota, that Board pub-lish 5/22 1021
Statistical manual, no need for extension of clerks on reim-bursable basis as help can now be supplied byBoard's staff, reimbursement of only one clerk
; necessary for December as Mr. Martin resigned 1/ 5 11-alformation on number and amount of applications of war
1111el'to Rico: loans, letter to FRBanks on release of 6/ 3 1129
Destruction of currency in, procedure as to FRnotes and FRbanknotes approved by Board 10/15 2027
1'11°1811°s* Jewelry Co., answers to questions of, rendered incorrectby revision of Regulation WI letter to FRBank ofCleveland advising 5/ 5 865
q11".t. nna-L 4/410°--res:
'4Purpose loans, questionnaire on, sent to representatives ofthe trade, and bank and finance companies, giv-ing reasons for regulation of/T
-negUlat'o
1 questionnaire prepared by Mr. Ransom in connectionwith regulation of charge accounts transmittedto FRBanks
Su-etireP -D1ementa ry question addedment System questionnaire returned to committee of Presi-
dents' Conference, no opinions or suggestionswith regard to changes to be made at this timeby Board
-alestionnaire, reply to, giving outline of organizationof Board and number of persons employed
4/6 640
3/21 5343/24 549
2/26 357
3/2 396
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Q1lest ionnaires: (Continued)dings Questionnaire: (Continued)Chairman Eccles authorized to ask whether in view of cir-
cumstances Board should make a reply or askstaff to prepare an answer, Mr. Ransom opposedto any answer which is not complete
worhpecision of Board that staff heads answer questionnaire'lng hours of Board, Ir. Leonard authorized to circulate to
staff
Rabaut, Congressman
Code of Wartime
Radi0 broadcasts:
!IR!?
Louis C.: (See Regulation W)
Practices of the American Press and a copy ofRules for the Guidance of Persons Correspond-ing with Foreign Countries issued by the Of-fice of Censorship sent to FRBanks, advisedthat any problem submitted will be taken upwith Office of Censorship by Mr. Draper
Mcrwegian Finances,
Ratea:
Advances to
statement prepared for short wave broadcastto Europe at request of Office of har Informa-tion
individuals, partnerships, and corporations securedby direct obligations to United States will beapproved at 2 per cent if established by
Advn, FRBanksunder Section 10(b), reduction discussed
"Banks to be advised that Board would approve reduction to
CePtifi 1-1/2 per cent
cates of indebtedness, suggestion of Mr. McKee that
°I-8e°11nts, rate schedules in FRBulletin to be changed to clarifyFRSystem post buying rate on
authority of FRBanks to make advances on notes4feetsecured by Government obligations
of short-term rates on long-term rates discussed at meet-ing of the executive committee of the Federal
PRHA„,_ Advisoryof Atlanta:ivisory Council with the Board
Advn.,-"ces to individuals, partnerships, or corporations es-
tablished at 2%Advco at:Ices under section 10(b) established at 1-1/2 per centI 11,1114tment rate fixed at 1/4 to 1/2 per centnwastrial advances established at 1-1/2 to 6 per cent
265Pages
3/10 4493/23 543
12/14 2312
1/22 108
8/24 1663
10/ 9 198610/ 6 1954
10/ 9 1985
7/ 1 1339
3/10 447
4/9 675
10/15 202110/15 20213/20 5143/20 514
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Plates:(Continued)
PRBank of Atlanta: (Continued)Industrial advances, schedule for advances and commitments
approvedRediscount established at one per centRediscount established at 1/2 per cent on advances secured
by direct or guaranteed obligations of UnitedStates
Schedules of discount and purchase approved
PRBankof Boston:
Advances to individuals, partnerships, or corporations
Ad
es-tablished at 2 per cent
vances under sec. 10(b) of FRAct established at 1-1/2per cent
Industrial advances under section 13b established on ad-vances and commitments, approval of
Rediscount established at 1/2 per cent on advances securedby direct or guaranteed obligations of United
Sc od, States.1--"4-Les of discount and purchase approved
266Pages
5/15 9343/20 514
10/15 20211/9 311/23 1102/6 1992/20 3023/20 5144/3 6224/17 7345/1 8335/29 10836/12 11986/26 12867/10 13967/24 14768/ 7 15828/21 16519/ 4 17309/18 182910/ 2 192510/30 208911/13 216111/27 223212/11 230012/26 2384
10/26 2060
10/26 2061
5/29 1080
10/26 20601/9 311/23 1102/6 1992/20 3023/20 5154/3 622
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Rates:(Continued)
rmank of Boston: (Continued)Schedules of discount and purchase: (Continued)
PlIBank of Chicago:Advances to individuals, partnerships, and corporations
Advances established at 2 per cent
ances under Sec. 10(b) established at 1-1/2 per cent-Industrial advances under section 13b, changes in rates on
advances and commitments approvedRediscount rate of 1 per cent on advances, establishment
of, approved under sections 13 and 13a of theFRAct
Rediscount established at 1/2 per cent on advances securedby direct or guaranteed obligations of UnitedStatesSchedules of discount and purchase approved
267Pages
4/17 7345/1 8336/12 11986/26 12867/10 13967/24 14768/ 7 15828/21 16519/ 4 17309/18 182910/ 2 192510/26 206010/30 208911/13 216111/27 223212/11 230012/26 2384
10/16 20298/28 1706
5/29 1083
2/27 362
10/16 20291/2 71/9 311/16 751/23 1101/30 1462/6 1992/20 3023/13 4893/20 5153/27 5724/3 6224/10 6874/17 7344/25 761
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Rates:(Continued)
raank of Chicago: (Continued)Schedules of discount and purchase: (Continued)
111Bankof Cleveland:
Advances to individuals, partnerships, or corporationsAdva established at 2 per cent
flees to lenders other than banks, deletion of ratefrom scheduleAdv,-
-"ces to nonmember banks secured by Government obliga-tions, establishment at 1 per cent approved
til!*arIces under section 10b approved at 1-1/2 per centqustrial advances, schedule for advances and commitments
approved
268Pages
5/1 8335/8 8995/22 10125/29 10836/ 5 11386/12 11986/19 12536/26 12867/10 13967/17 14467/24 14767/31 15228/ 7 15828/14 16158/21 16518/28 17069/ 4 17309/11 17779/18 18299/25 188110/ 2 1925loi 9 197710/16 2029lo/26 206111/ 6 212611/13 216111/2o 22012/ 4 226612/11 230012/18 233412/26 2384
1026 2060
4/11 696
4/11 6969/11 1777
5/8 900
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
269Pages
Rates: (Continued)
rilbank of Cleveland: (Continued)Rediscount, establishment at 1 per cent approved 4/11 696Rediscount, established at 1/2 per cent on advances secured
by direct or guaranteed obligations of UnitedStates 10/26 2060
Schedules of discount and purchase approved 1/ 2 71/16 751/30 1462/13 2513/13 4894/11 6964/25 7615/22 10126/ 5 11386/19 12537/ 3 13597/17 14467/31 15228/14 16158/28 17059/11 17779/25 188110/ 9 197710/26 206011/ 6 212611/20 2203
1V/1 36364PRBankof Dallas:
4avances to individuals, partnerships, and corporationsAchi„ established at 2 per cent
-"ces under section 10(b) established at 1-1/2 per centIndustrial advances, schedule for advances and commitments
approvedilleecll.scount established at 1 per centulecount, established at 1/2 per cent, on advances se-
cured by direct or guaranteed obligations ofU. S.Schedules of discount and purchase approved
10/16 202910/16 2029
5/15 9363/20 514
10/16 20291/2 71/16 751/30 1462/13 2513/13 4893/20 5144/3 6224/10 687
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Rates,(Continued)
PRBank of Dallas: (Continued)Schedules of discount and purchase: (Continued)
PRgank of Kansas City:Advances to individuals, partnerships, or corporations
Advances established at 2 per cent
es under section 10(b) of FRAct established at1-1/2 per cent
270Pages
4/25 7615/8 8995/29 10836/12 11986/26 12867/10 13967/24 14768/ 7 15828/21 16519/ 4 17309/11 17779/25 188110/ 9 197710/16 202910/30 208911/13 216111/20 220312/ 4 226612/18 2334
10/26 2060
10/26 2061Industrial advances, letter to, suggesting that in light
of discussion by Presidents it might desire toreconsider its schedule for advances and com-mitments 5/12 925
Schedule on advances and commitments approved 6/ 5 1137Rediscount:
Establishment at 1 per cent approved 4/11 697Established at 1/2 per cent on advances secured by di—
Schedul rect or guaranteed obligations of U. S.
es of discount and purchase approved10/261/ 21/161/302/133/13
4/114/256/ 56/197/ 3
2060775
146251
1.492,697761113712531360
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
11°48: (Continued)PRBank of Kansas City: (Continued)
Schedules of discount and purchase: (Continued)
271Pages
7/31 15228/14 16158/28 17059/11 17779/25 188110/ 9 197710/26 206011/ 6 212611/20 220311/27 223212/ 4 2266
PRIkrik of Minneapolis:
12/18 2334
Advances to individuals, partnerships, or corporations es-tablished at 2-1/2 per cent 10/29 2083
Advances under section 10(b), reduction recommended 10/ 9 1981Advances to member banks under section 10(b) of FRAct es-
tablished at 1-1/2 per cent 10/29 2083Advances to nonmember banks secured by Government obliga-
tions, establishment at 1 per cent approved 3/26 562Industrial advances, schedule for advances and commitments
approvedRediscount establishment at 1 per cent approved
5/153/26
935562
Reduction voted by executive committee, action deferred 10/ 9 1980Report of Mr. Morrill of discussion with Mr. Powell
and advice that action is to be taken at nextmeeting 10/27 2070
Establishment of 1/2 per cent on advances to memberbanks secured by direct or guaranteed obliga-tions of U. S. approvedSc
hedules10/29 2083
of discount and purchase approved 1/ 9 311/23 1102/13 2513/13 4893/26 5624/10 6874/25 7615/8 8995/29 10836/12 11986/26 12867/10 13967/24 14768/ 7 1582
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Rates: (Continued)FRBank of Minneapolis: (Continued)
Schedules of discount and purchase: (Continued)
272Pages
8/14 16158/28 17059/11 17779/25 188110/29 208311/ 6 212611/13 216111/27 223212/11 2300
PRBank 12/26 2384of New York:
Advances to individuals, partnerships, and corporations,recommendation of rate of 2-1/2 per cent 10/27 2066. Established at 2-1/2 per cent 10/30 2090Advances under section 10(b) of FRAct established at1-1/2 per cent 10/30 2090Industrial loans, rate of 1/2 to 2 per cent on commitmentsfor future discount of loans under Sec. 13b ofFRAct, approved
Letter to Mr. Sproul on changes submitted, Board doesnot favor 6 per cent limit
Discussion of maximum rate of 6 per cent desired bydirectors of FRBank, Board in favor of 5 percent maximum
Red_Schedule on advances and commitments approvedlscount, recommendation that rate be established at 1/2
per cent on advances and that rate be applicableto nonmember banks as well as to member banks,Mr. Eccles to take up with Mr. Sproul beforeformal action
Established at 1/2 per cent on advances to member bankssecured by direct or guaranteed obligations of
Sch U. S.edules of discount and purchase approved
5/1 834
5/29 1081
6/ 3 11256/ 5 1136
10/27 2066
10/30 20901/2 71/9 311/16 751/23 1101/30 1462/6 1992/20 3023/2 3963/13 4893/20 5153/27 5724/3 622
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Rates: (Continued)
FRBank of New York: (Continued)Schedules of discount and purchase: (Continued)
oA, f Philadelphia:Pri8anit
4avanoes to individuals, partnerships, and corporationsestablished at two per centAdvances to nonmember banks secured by Government obliga-tions, establishment at 1 per cent approvedInd es under section 10(b) established at 1-1/2 per cent
ustrial advances, schedule for advances and commitmentsapprovedRedisc_Re,, ount established at one per cent
'18count established at 1/2 per cent on advances secured
ITt ect or guaranteed obligations of United
Sa
273Pages
4/10 6874/17 7344/25 7615/8 8996/ 5 11366/12 11986/19 12536/26 12867/ 3 13597/10 13967/17 14467/24 14767/31 15228/ 7 15828/14 16158/21 16518/28 17059/ 4 17309/11 17769/18 18299/25 188110/ 2 192510/ 9 197710/30 209011/ 6 212611/13 216111/20 220311/27 223212/ 4 226612/11 230012/18 2334
10/16 2029
3/20 51310/16 2029
5/19 9853/20 513
10/16 2029
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Rates:(Continued)
PRBank of Philadelphia: (Continued)Schedules of discount and purchase approved
ank of Richmond:Advances to individuals, partnerships, and corporations
Advan established at 2-1/2 per cent approved--ess under section 10(b) of FRAct established at
1-1/2 per cent approvedIndustrial advances, schedule for advances and commitments
approvedRediscount:Established at one per centEstablished at 1/2 per cent on advances to member banks
secured by direct or guaranteed obligation ofUnited StatesSchedule s for discount and purchase approved
274Pages
1/2 71/16 751/30 1462/6 1992/20 3023/20 5134/3 6224/17 7345/1 8335/29 10836/ 5 11386/19 12537/ 3 13597/17 14467/31 15228/ 7 15828/21 16519/ 4 17309/18 182910/ 2 192510/16 202910/30 208911/ 6 212611/20 220312/ 4 226612/18 2334
10/27 2066
10/27 2066
5/22 1013
3/13 488
10/27 20661/9 311/23 1102/6 1992/13 2513/13 4883/27 5724/10 687
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Rates: (Continued)
FRBank of Richmond: (Continued)Schedules of discount and purchase: (Continued)
PRBank of St. Louis:Advances to individuals, partnerships, and corporationsestablished at 3 per cent
Advances to individuals, partnerships, or corporations es-tablished at 2 per cent
&Ivances under section 10(b), established at 1-1/2 per centIndustrial advances, Board has no objection to proposed
schedule for advances and commitments1, Schedule for advances and commitments approvedliediscount:Established at one per centEstablished at 1/2 per cent on advances secured by di-
Schedules rect or guaranteed obligations of U. S.of discount and purchase approved
275Pages
4/25 7615/8 8995/22 10136/ 5 11386/12 11986/26 12867/ 3 13597/10 13967/24 14768/ 7 15828/14 16158/28 17059/11 17769/25 188110/ 9 197710/27 207011/ 6 212611/13 216111/27 223212/11 230012/26 2384
3/13 488
10/26 20603/13 488
5/155/15
3/13
933935
488
10/26 20601/2 71/9 311/23 1102/6 1992/13 2513/13 4883/27 5724/10 6874/25 761
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Rates: f‘COntinUed)
ritbank of St. Louis: (Continued)Schedules of discount and purchase: (Continued)
276Pages
5/8 8995/22 10125/29 10836/12 11986/26 12867/10 13967/24 14767/31 15228/ 7 15828/14 16158/21 16518/28 17059/11 17779/25 188110/ 9 197710/26 206010/30 208911/13 216111/27 223212/11 2300
111/3atAlk‘vof San Francisco:ances to individuals, partnerships, and corporations
established at 2-1/2 per cent approved
12/26
10/27
2384
2066Advances secured by direct obligations of the United States,
changes receiving consideration 3/20 515Ad Rates recommended by FRBank, action deferredvances to nonmember banks secured by Government obliga-
3/26 561
AdvA,, tions, establishment at 1 per cent approved—4ces under Sec. 10(b) of FRAct established at 1-1/2
4/3 622
Indus per cent approved+ •',Mal advances, letter to, suggesting that in light
10/27 2066
of discussion by Presidents it might desire toreconsider schedule for advances and commit-ments 5/12 925
aed isSchedule for advances and commitments approvedcount, establishment at 1 per cent requested by
5/22 1013
FRBank, action deferred 3/26 561Establishment at 1 per cent approved 4/ 3 622Established at 1/2 per cent on advances to member banks
secured by direct or guaranteed obligations ofU. S. 10/27 2066
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Rate8:(COntinUed)
rRBarik of San Francisco: (Continued)Schedules of discount and purchase approved 1/ 2
1/161/231/302/ 62/132/203/133/204/ 34/104/174/255/ 15/ 85/225/296/ 56/126/196/267/ 37/107/177/248/ 78/148/218/289/ 49/119/189/2510/ 210/ 910/2711/ 611/1311/2011/2712/ 412/1112/1812/26
277Pages
77511014619925130248951562268873476183389910141083113811981253128613601396144614761582161516511706173017771829188119251977207021262161220322322266230023342384
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
278Pages
Rates:(continued)
Advances under Section 10(b) of FRAct, maximum rate to bediscussed at next conference of Presidents 8/20 1647
Discussion of possible changes in, and necessity for
Gove uniformity 9/29 1906
rnment obligations, preferential rate for loans byFRBanks to member banks on security of, dis-cussed at meeting of Federal Advisory Council 7/ 1 1340
Graduated scale on series B tax notes suggested to Ur.Morgenthau by Board of Governors 8/27 1696
Industrial advances, existing schedules should be changedand made uniform at all FRBanks 4/ 3 621
Telegram to FRBanks suggesting schedule of rates 4/30 825Schedule of, covering loans and commitments under Sec.
13b to be reviewed 5/ 8 895Rediscount, change at all FRBanks whose rate is above one
per cent, advice to Presidents that Board willapprove 2/27 373
Discussion of uniform reduction to 1 per cent, no objec-tion by Presidents in meeting with Board
/Comments in minutes of Conference of Presidents /2 136847Reduction discussed in connection with possible change
in rate on 10b loans 9/29 1907Discussion of reduction in and establishment of prefer-
ential rate on advances secured by Governmentobligations 10/ 2 1926
Establishment of preferential rate on advances securedby direct obligations of United States dis-cussed 10/ 6
Reduction as compared with establishment of preferentialrate discussed
10/ 6
Preferential rate on advances secured by obligationsof United States maturing within one year 10/ 7
Preferential rate of 1/2 per cent on advances to mem-ber banks secured by direct or guaranteed ob-ligations with one year or less to run, motion
Interest: approved after lengthy discussion 10/ 9
Advice that interest after maturity, interest on overdueinterest, or otherwise, should not exceedmaximum rate prescribed for guaranteed loans 9/14
Graduated scale of series B tax notes, to be suggested to
• Mr. Morgenthau by Board 8/27sissiPpi, national banks in, opinion of Board that they
may not make interest payments in excess ofrates prescribed by State Bank Comptroller 1/27
1954
1954
1963
1978
1805
1696
126
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
RateS: IT_
(Continued)-Liiterest:
(Continued)Penalty rate on defaulted charge accounts, idea abandoned
by Office of Price AdministrationPatternWar loans:
of, (See infra War loans)
on Treasury issues for long-term money during thewar, discussed at meeting of executive committee
Tre of the Federal Advisory Council with BoardaQurY bills, increasing to 3/8 per cent or higher, suggested
by Mr. Harrison to protect banksMaximum rate discussed by Federal Advisory Council at meet-
ingIss of Board
Issues for long-term money during the war, discussion ofadoption of a pattern of rates on, at meetingof Executive Committee of the Federal Advisory
Inc Council with Board
Increase to broaden distribution suggested by Mr. FlemingPurchases, relation to discount rate policy discussedloans, table of interest rates and guarantee charges which
might be adopted by War Department consideredfor submission to conference of Reserve Bankrepresentatives
Board to submit to War Department recommendations on
Me schedule of rates onMessrs Hays, Hale, and Olson requested to assist in the
preparation ofReport by Mr. Eccles on results of discussion by the Re-
serve Bank representatives conference on in-terest rates and guarantee charges on
Letter containing schedule of rates on, approved to be sentto Under Secretary of War to be cleared withNavy Department and Maritime Commission, copy
Schedul to be sent to Major Cleveland
e of interest rates and guarantee fees to be chargedfor, and copy of proposed regulation sent to
8 Under Secretary of War Patterson,imil ar letters to be sent to Under Secretary of Navy For-
restal and Chairman Land of Maritime CommissionSched ule of rates for guarantees and interest rate of 5 per
S1 cent on, approvedight change in guarantee fees for, made to avoid possible
confusion, Navy Department and Maritime Commis-
Interest sion advised
rates and guarantee fees for, discussed at meetingof the executive committee of the Federal Advis-ory Council with the Board
War
279Pages
7/10 1400
3/12 473
6/ 3 1117
7/ 1 1335
3/12 4738/ 5 155910/27 2069
4/1 606
4/3 618
4/ 3 618
4/3 618
4/3 619
4/6 634
4/6 635
4/6 639
4/9 665
4/9 685
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Rates: (Continued)
"ar loans: (Continued)Information regarding schedule on, not to be generally re-
leased but used in connection with actual trans-
actions as they ariseInterest rates on, in excess of five per cent is in viola-
tion of rates established by the BoardRatio comPutation to be on 365 day basis
of be-nk capital to deposits, change in formula discussed atmeeting of members of executive committee of
Dis^ Federal Advisory Council with BoardRation 1-pussed at meeting of Federal Advisory Council with Board
anking, letter to Mr. Henderson on proposed plan for clear-ing checks and offering cooperation of Boardin plan
Ior clearance of ration checks as submitted by Office ofPrice Administration with changes by SystemCommittee on Collections
RLetter 4._ -Le+.4.__ to Mr. Henderson on inauguration of action deferred
iat ori 4r to Mr. Henderson on cooperation of Board in planuP°ne, handling by banks for Office of Price Administra-
tion, procedure discussed at meeting of membersof executive committee of Federal AdvisoryCouncil with Board
transfer through bank accounts, plan to be testedby Office of Price Administration in Albany,Schenectady, and Troy, and surrounding ter-ritory
Ratio,credits,
Rationing:
Alltomobiles,
C°mmodities,
Distribution
l'feet of,41flation,
Office
discussion of whether to continue coverage of,under Regulation W, in view of rationing sys-tem of Office of Price Administration
use of banks in collection of coupons, discussedby Federal Advisory Council
of goods by manufacturer as means of credit controland as check to inflationary influence of ex-panded inventories
on the financing of the war, discussed at a meetingof the FAC with the Board
discussion by Chairman Eccles with regard to creditcontrol as supplementing price control, priori-ties, and rationing in controlling trend towardof Price Administration of opinion that necessity for,can be relieved by further modification of Reg-ulation W
-i;g1IT:reable assets:erlea Corporation, Comptroller of the Currency advised
that it holds assets of the kind and amount
required by sec. 5144 of the Revised Statutes
280Pages
4/14 716
5/22 10166/10 1180
10/ 7 196711/16 2179
12/ 5 2273
12/16 232712/18 233712/28 2399
10/ 7 1968
9/24 1876
2/24 328
9/14 1799
6/ 9 1168
5/18 953
2/16 263
3/12 482
5/9 911
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Reconstruction Finance Corporation:Accounts for local loan agency, letter to FRBanks on opening
C of
entral Home Trust Company, Elizabeth, New Jersey, not inclined
to disturb the management of the bank at this
time00mrarcial loans, results of survey conducted by Mr. Golden-
weiser for one-month period1484s, Peoples State Bank, Cherryvale, Kansas, advised re floor
plan loan on pick-up that Board has no control
over either RFC or OPA, and that Congress isRecorA! giving consideration to solution of problem
g and Statistical Corporation, Chicago, Ill., letter to Mr.
Meffley on designation of Official AutomobileGuide
°fficial Automobile Guide published by, included among ap-praisal guides designated for purpose of Regu-lation W
Automobile Guide Price Edition, letter to Ir. Meffleyon designation of publication for purposes ofRegulationW
°facial
Iled•lecolants.
of war loans for, discussed at meeting with FederalGove Advisory Council
rament securities, authority to FRBanks to make advanceson, up to 90 days
Discussion of uniform reduction of rediscount rate on, to1 per cent at all FRBanks, no objection by
GuarantPresidents in meeting with Boardzasts, eed loans, amendment to Regulation A on eligibility of
.4.-unent paper purchased by Bank of America N.T. & S.A.,balances in differential account as deposits
U°tes PNr4A against which reserves must be maintained
-"'"ericing guaranteed loans, statement on eligibility to
Regulat' be published in FRBulletin
lon A, amendment to, suggested to clarify authority of
FRBanks to make advances on notes secured byGovernment obligations, draft, press statementand letter to FRBanks submitted, Board of
Re opinion that it is unnecessaryglonal
(See also Regulations, Board of Governors, A)Pr°gram for economic studies and planning, resolution of
(Seeat' c14-80 Studies
Conference of Chairmen onloae:len Property
Custodian, statement ordered published inFRBulletin
281Pages
6/17 1238
1/5 12
5/19 984
4/14 718
6/30 1327
7/15 1436
10/12 2011
9/14 1801
2/27 373
3/2 3829/18 1838
2/21 310
10/24 2059
3/10 446
11/18 2195
4/22 754
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Regulesations: (Continued)bo4rd of Governors:
AY Discounts for and Advances to Member Banks, amendmentto section 2(b) to clarify authority ofFRBanks to make advances for periods up to90 days to member and nonmember banks onnotes secured by Government obligations,draft of, submitted with press statementand letter to FRBanks
Amendment to subsection (b) of section 2 adopted, let-ter to FRBanks advising, copy of press state-ment enclosed
Amendment regarding advances on government obligations,statement for publication in FRBulletin
Amendment approvedAmendment transmitted to FRBanks with instructions on
treatment of notes evidencing loans guaranteedunder Executive Order No. 9112
Amendment to be published in FRBulletinDiscount of notes representing guaranteed loans, ef-
fect of amendment onAmendment to, relates to eligibility of paper evidenc-
ing guaranteed loans and does not affect ac-ceptability
Reserves of Member Banks:Amendment proposed to permit member banks in central
reserve cities or in cities in which a FRBankor branch is located to compute reserves on aweekly basis, FRBanks requested to submit com-ments, if reaction is favorable staff to pre-pare press release and an appropriate amend-ment
Amendment adopted to permit member banks in centralreserve cities or in cities in which a FRBankor branch is located to compute reserves on aweekly basis
Circular letter to FRBanks containing press releaseFRBanks advised that amendment is to be effective
on computation period beginning February 28Amendments to conform to recent amendment of section 19
of FRAct discussed, Legal Division to preparerevised draft of regulation
Arnendments adopted and regulation to be reprinted andsupplies sent to FRBanks
D,
Amendment to be published in FRBulletin
282Pages
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3/17 499
3/24 5519/18 1838
9/21 18539/23 1875
10/ 3 1940
10/29 2085
2/17 285
2/21 3122/21 314
2/26 358
7/10 1402
7/14 14237/21 1468
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283Pages
Re •guletions: (Continued)Board of Governors: (Continued)
D: (Continued)Amendment to supplement to reduce requirements of mem-
ber banks in central reserve cities 8/ 6 1568Amendment to reduce required reserves of member banks
in central reserve cities 9/11 1782Amendment to supplement to be published in FRBulletin 9/23 1875Amendment to reduce reserves required of member banks
in central reserve cities 10/ 2 1929Weekly reserve computation period for all central re-
serve and reserve city banks, FRBanks advisedof approval of Board and effective date of 3/ 2 402
P, Trust Powers of National Banks:Common trust fund, amendment suggested by Penn. Co. for
Insurances on Lives and Granting Annuities,Philadelphia, to eliminate the restrictionthat not more than $25,000 of any one trustfund might be invested in, consideration de-ferred 5/ 5 854
American Bankers Association quoted by Mr. Leonardas being in favor of an amendment to eliminatethe amount of any one trust fund that may beinvested in 5/ 5 856
LaSalle National Bank, Chicago, Illinois, advised thatBoard will not undertake to comment on plansfor the operation of common trust funds in con-nection with, informal discussion with Mr.Mulroney at the FRBank of Chicago suggested
R, . Letter to Mr. Mulroney regardingAdmission to Membership in FRSystem:Credit unions or cooperative banking institutions, re-
ply to Congressman Voorhis advising of amend-ments necessary to allow membership in FRSys-tem
LPRBank Stock, amendment to, Board does not contemplateeave: am
Amendment to section on compensatory leave for over-time
Ann ual, restrictions on, approvedAccumulation of unused annual leave up to 90 days,
5/155/15
2/ 47/14
2/ 95/26
944945
1911426
2261051
amendment to regulations to conform to bill
11recently passed 12/21 2352
' Procedure with Respect to Foreign Relationships ofFRBanks, revision recommended in report ofCommittee of Presidents' Conference, staffof Board to draft revision 8/25 1668-75
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aegulat'Boa1°113:(Continued)
rd of Governors: (Continued)Q, Payment of Interest on Deposits:
Absorption of exchange and collection charges, Board
feels it inadvisable to attempt amendmentAmendment proposed to permit immediate withdrawal of
savings deposits to purchase defense bonds,
Federal Advisory Council of opinion that
amendment should not be adopted by BoardConference arranged with Chairman of FDIC to reconcile
differences between regulations, and if desir-able, with Chairmen of the Banking and CurrencyCommittees of House and Senate and Congressman
DoughtonDefense savings bonds, requirement of presentation of
savings passbook interferes with use of formfor purchase of, reply to Treasury that Boardand FDIC will consider waiver of requirementif felt necessary
Georgia Railroad Bank and Trust Co. of Augusta, Georgia,account carried by, for the University ofGeorgia School of Medicine, question as towhether properly classified as savings de-posit, Mr. Vest to prepare memorandum recon-ciling possible exception to
Jackson-State National Bank, Jackson, Mississippi,Opinion of Board that national banks in Miss.may not make interest payments in excess ofrates prescribed by State Bank Comptroller
Savings, classification not affected by discontinuanceof interest payment
Savin-s6 passbook, requirement of presentation of,for withdrawals, interferes with use of formfor purchase of U. S. defense savings bonds,reply to Treasury that Board and FDIC willconsider waiver of requirement if felt neces-sary
Savings represented by time certificates, amendment topermit immediate withdrawal prior to maturityfor purchase of war bonds unwarranted
Withdrawal of savings deposits without notice for pur-chase of defense savings bonds, comments ofComptroller of Currency and FDIC sent to Mr.Fleming indicating that it is not advisableto amend to permit
284Pages
8/ 7 1586
2/16 273
8/ 7 1585
1/15 56
3/10 451
1/27 126
9/ 8 1750
1/15 56
4/25 763
3/9 437
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.00 ions: (Continued)of Governors: (Continued)
Q: (Continued)Withdrawal of time deposits prior to maturity sug-
gested, amendment to aid in purchase of Gov-
ernment securitiesR3 Relationships with Dealers in Securities:
Amendment proposed to permit officers, directors, oremployees of trusts to serve in the same capa-
city with member banks under certain conditions,not to be adopted at this time, letter regard-
ing not to be sent to FRBanks, and Ir. Morrillto advise Mr. Young of FRBank of Boston of
Board's decisionAmendment to permit certain officers of investment com-
panies to serve as officers of member banks,Mr. Young, President of FRBank of Boston, ad-vised that Board does not consider amendmentdesirable at present time
Member banks and open-end investment companies, amend-ment to exempt interlocking relationships be-tween, disapproved
Open-end investment companies, administration of Regu-lation Loans:n relationship with member banks
IndustriaAmendment adopted for purpose of gearing the FRBanks to
T the war program, •Extension of Credit by Brokers:Asher, Norman, reply to letter of, referred to Board
by Securities and Exchange Commission, copiesof Regulation T and related publications en-closed
Dealers not prohibited from purchasing from a customersecurities called for redemption to enable thecustomer to purchase from the dealer other se-curities in advance of the call date, answer toquestion of Minot, Kendall & Co., Inc., Boston,Mass.
First Boston Corporation, opinion of Board that it issubject to regulation as it does transact a se-curities business through the medium of a mem-ber
Loan to a general partner to enable him to make a con-tribution to the capital of the firm, securedby securities not registered on any nationalsecurities exchanges, permissible
285Pages
12/ 1 2252
2/27 375
3/6 432
9/ 4 1731
9/22 1863
4/30 826
3/12 485
5/6 870
2/7 222
4/1 608
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286Pages
Regulati(Continued)Governors: (Continued)
T: (Continued)Odd-lot dealer considered as acting in spite of entry
into the armed forces 3/23 545Travel regulations:
Amendment to provide for increase in per diem allowance 2/17 286No change because of amendment to standardized Govern-
ment travel regulations, changes in vouchers
U: approved 11/ 4 2115
V,
Loan, if purpose is to purchase listed article, itis not subject to Regulation but would not beexempted by section 8(b) of Regulation W
War Financing, draft of, approved for purpose of discus-sion with Reserve Bank representatives
Press statement to be prepared by Mr. Thurston denyingthat procedure under, is being used to createa monopoly for member banks
Adopted, following notification of informal approvalof War and Navy Departments and Maritime Com-mission
Copies of proposed regulation sent to War and Navy De-partments and Maritime Commission
Guarantee fees, slight change in, made to avoid possibleconfusion, Navy Department and Maritime Commis-sion advised
Press statement to be released in connection with theadoption of
Procedure to be followed in making war loans, pendingappointment of liaison officers by War Depart-ment
Guarantee agreement may be signed by officers of WarDepartment named in memo from General Styer
,S..tatement ordered published in FRBulletinFunds may be released immediately upon execution of the
assignment by the contractor, memo from War De-_ . partmenttxperience of the Board under, reviewed by Mr. Draper
at meeting of the Board with the PresidentsGuarantee agreement, revision of the form sent to
FRBanks with request for suggestionsovernment's right to cancel a contract, discussion of,
at meeting of the Board with the PresidentsGuarantee agreement for, proposed standard form trans-
mitted to FRBanks with requests for commentsand suggestions
5/9 912
4/1 601
4/ 1 602
4/6 635
4/ 6 634-5
4/9 665
4/10 690
4/13 709
4/15 7224/22 754
5/6 870
5/8 894
5/8 894
5/8 895
5/8 902
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RegillThations: (Continued)4card of Governors: (Continued)
(Continued)Guarantee agreements executed on behalf of the Navy and
War Departments, duplicate copies of, should beforwarded to the Board, reply to FRBank ofChicago
Guarantees, authorization memoranda for the executionof, to be sent to FRBanks by air mail insteadof by wire, telegrams to be used only to notifyof action taken on applications
War Loans Committee to continue for time being to wireentire memoranda to the FRBank of San Francisco
Guarantee agreement, procedure for the execution of,sent FRBanks, supersedes prior instructions
Interest rates on war loans in excess of five per centis in violation of rates established by the
W Board, r-onsumer Credit:Accounts of Campbell County Protestant Orphan's Home,
Newport, Ky., are exempt from provisions ofAccounts carried for employees by department stores in
San Francisco to be paid by pay roll deductionsAdd-on to cash loan, answers to several questions of
FRBank of MinneapolisAdministration of, difficulties due to green personnel,
FRBank of Atlanta to have inspectors visit cer-tain stores
Advances made by general agents of insurance companiesto sub-agents for living expenses, applica-bility to
Advertisement of promotion items by Harold A. LiftonCompany, New York City
Adverti sing, misleading, reply to Boston Better Busi-ness Bureau in regard to distribution of theNational Bureau's statement in respect to
Agreement between oil company and credit card holdersto permit sale of listed articles even thoughaccount is in defaultA
gricultural loans:Credit to salaried worker for purpose of permitted
improvements not considered listed articlesLoans to persons engaged in, letter to Mr. T. P.
Coats on exemption ofMeaning of phrase "engaged in agriculture" used in
section 8(1)
V:
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5/11 915
5/12 925
5/18 974
5/22 1016
6/12 1206
6/19 1258
1/9 34
11/11 2151
12/11 2303
7/31 1528
5/15 941
7/14 1426
6/11 1192
12/19 2344
6/27 1308
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288Pages
Regta_aoations: (Continued)rd of Governors: (Continued)W: (Continued)
Air coolers, evaporative type manufactured by EssickManufacturing Co., not among listed articles 3/ 6 433
Alaska, provisions inapplicable to 6/29 1319Amendment to permit the initial payment on instalment
loans to be deferred for 90 days, Morris PlanIndustrial Bank of New York advised that Boarddoes not favor 1/14 53
Amendment No. 3, draft of, transmitted for comments andsuggestions of FRBanks, Federal Advisory Coun-cil, and the trade 1/ 9 33
Sent to Mr. Brown and FRBanks, requested to consultwith trade and members of Federal AdvisoryCouncil and forward comments and suggestions 1/23 111
Bracketing principle to be applied to certain ar-ticles, opinion of FRBanks and Federal AdvisoryCouncil requested 2/12 244
Proposed, report by Mr. Ransom with regard to com-ments of FRBanks and incorporation of recom-mendations of the Office of Price Administra-tion 2/24 322
Statement by Mr. Hubachek with regard to the extentof assistance that its adoption would be to theOffice of Price Administration and the WarProduction Board 2/24 324
Draft of, sent to Consultative Committee, report onreplies received 2/24 340
Revised draft of, sent to Consultative Committee,report on replies 2/24 340
Two drafts of, sent to Federal Advisory Council andreply received 2/24 341
Adopted with understanding that it be printed andsent to FRBanks as promptly as possible, anddate for release to press agreed upon 2/24 341
FRBanks notified of effective date of, requested toinform Board of number of copies needed, and ad-vised that entire regulation will not be re-printed at this time 2/25 354
Summary of principal provisions of, sent to FRBanks 3/ 2 402Changes in interpretations caused by, to be pre-
pared and transmitted to FRBanks 3/ 4 415Rendered list of articles on back of Statement of
Borrower Form incomplete, suggestion that ad-ditional items be added by rubber stamp orother convenient method 3/20 517
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Reglilations: (Continued)Board of Governors: (Continued)W: (Continued)
Amendment No. 3: (Continued)Reply to questions regarding instalment obliga-
tions created before the effective date ofEffect on a prior bona fide commitment to make a
subsequent sale or loan, reply to questions re-garding
Amendment No. 4, proposed, to add to listed articles,increase down payment and reduce maximum ma-turity
Statement regarding and review of status by Mr.Ransom
Comments regarding by Mr. Williams, opinion that itmight result in black markets and suggestionthat a ceiling be applied to amount of consumercredit
Letter from Leon Henderson opposing fixing of ceil-ing on amount of consumer credit, quoted by Mr.Ransom
Points agreed upon in response to questions pre-sented by Mr. Ransom
Special meeting of the Board to be held on April 30,to consider
Revised draft of, distributed for consideration, andmemo outlining the important changes that wouldresult if adopted
Reduction in the volume of consumer debt that willresult from the adoption of
To be made effective May 6Press statement to be wired to FRBanks and held in
confidence until release dateDiscussion of changes that would result from the
adoption ofSection 10(b), Option 2, regarding consolidated
loans, discussion as to whether maturity period
289Pages
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3/27 578
4/ 7 649
4/27 768
4/27 771
4/27 771
4/27 774
4/27 775
4/30 784
4/30 7844/30 786
4/30 786
4/30 787
should be shortened 788Adopted and regulation as revised g 788Explanation by Mr. Ransom of reasons for adoption
of, without prior discussion with Presidents 5/ 8 893List showing the effect of, on Interpretations and
changes in section numbers and in substance,sent to FRBanks 5/ 9 912
Effect of provision including cash loans up to$1500 and other provisions discussed by ex-ecutive committee of Federal Advisory Council 6/ 3 1118
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Regtaa •tlons: (Continued)
8°ard of Governors: (Continued)W: (Continued)
Amendment No. 5 providing for cycle billing approvedAmendment to be published in FRBulletinAmendment number 6 on fuel conservation credits adoptedAmendment number 7 on disaster credits adoptedAmendment number 8 adopted applying to certain loans to
farmers, permitting railroad employees to pur-chase watches without down payment, and chang-ing down payment for reupholstering
7/ 27/217/277/27
8/12
290Pages
1349146814871487
1608Amendment to, statement for publication in FRBulletin 8/25 1682Amendment on charge-send transactions, draft to be sent
to FRBanks shortly 9/21 1858Amendment No. 9, draft sent to FRBanks for comments and
suggestions 9/23 1871Adoption of, adding new sections on approvals,
demonstrators, and charge accounts 10/14 2018Amendment to, statement for publication in FRBulletin 10/24 2059Amendment proposals sent to Consultative Committee, re-
plies received from Messrs. Upham, Jones, andHenderson advising that proposals were satis-factory 2/24 340
Am endment to section 5(f) requested, no change to bemade at present 6/27 1304
Ame ndments, FRBanks notified of intention to add tolisted articles and restrict terms, procedurefor obtaining comments of FRBanks and trade tobe outlined 1/ 8 29
Amendments, floods causing families to lose house fur-nishings and clothing, letter to Mr. Hays on
A need for action on
merican Association of Personal Finance Companies, ex-7/23 1473
planation of possibility of revision following
A default on instalment payments 1/14 51
nswers to questions of FRBank of Cleveland, based ondefinition of instalment loan credit in section
A (nswers oeq 1 / 9 34questions of Pugh Bros. Jewelry Co., rendered
incorrect by revision, letter to FRBank of Cleve-land advising 5/ 5 865
Apartment hotels, designed for residential and nonresi-
Apart dential use, classification of
ment hotels are residential structures although 4/ 3 624
accepting some transient guests 6/11 1190
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t1 On: (Continued)4 a of Governors: (Continued)W: (Continued)
Appraisal manuals for determining value of used cars,discussion of, suggestions by Mr. Cravens ofmanuals that could be used
Memorandum on, by Mr. Cravens read in connectionwith proposed Amendment No. 3
Information on designation of, to be furnishedFRBanks as soon as possible
Letter to publishers of, requesting information re-
gardingMemorandum regarding and list of those designatedLetter to publishers of guides designated for use
in connection withItems which may be added to, in determining maximum
credit valueReply to FRBank of Kansas City regarding reasons
for designating guides which in some casesquote separate prices for cars having specialfeatures
Revised list of those designated for purpose ofsection 13(c) sent to FRBanks
Designation of publications for 1943Appraisal guides:
American Auto Appraisal, Morris Plan Savings Bankof Jacksonville, Florida, advised of reasonsof Board for not designating
Blue Book National Used Car Market Reports - Ex-ecutive Edition, designated for use in addi-tional territories, letter to Mr. Leukhart ofthe National Used Car Market Report, Inc.
Kelley Blue Book, Los Angeles, California, replyto several questions of, to be advised of an-swers to other questions at a later date
Reply to letter regarding practice of some pub-lishers to imply that theirs is the only offi-cially designated guide
Advised of possible results of the establishmentof price ceilings on used automobiles
Reply regarding 1934 automobiles and earliermodels and quotation of automobiles havingSpecial equipment
Advised that Board will designate for use inother States upon submission of data in sup-port of the suggestion
291Pages
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2/24 332
3/ 3 409
3/9 4393/21 521-32
3/21 532
4/6 640
4/30 832
7/15 143812/19 2346
4/7 652
4/9 667
3/27 580
4/14 717
4/16 731
4/25 765
5/6 874
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292Pages
Re •gIllations: (Continued)Board of Governors: (Continued)
/11 (Continued)Appraisal guides: (Continued)
Kelley Kar Company, advised that Board expectseach publication to quote average retailvalues of used cars in its territory 4/ 4 625
Market Record, implication that it has a better official standing than other designated guidesto be eliminated 4/14 717
National Used Car Market Report, Inc., advised thatconsideration is being given to designatingtheir Red Book and Executives Edition for usein the Detroit area 4/ 9 667
Reply to regarding Market Record, designation in certain territories, and possible effect ofprice ceilings on used cars 4/15 723
Advised of guides designated for use in certaincounties in Michigan 5/26 1060
Official Automobile Guide published by Recording &Statistical Corporation, letter on designationof publication 6/30 1327
Included among designated publications 7/15 1436Board willing to consider for designation in con-nection with Regulation W, non-inclusion isnot a reflection upon the accuracy of guides 4/10 694
Letter to Mr. Dillard on effect of failure todesignate under 4/14 717
Letter to Mr. Meffley on designation of publica-tion
Official Guide (Pacific Auto Guide, Inc.):Advised of designation of, for purposes ofAdvised that Board has no objection to higherquotations if they reflect the actual market,other questions answered
Advised of possible results of the establishmentof price ceilings on used automobiles
Official Nebraska Used Car Survey, new issues tobe made only when necessary instead of quar-
10/12 2011
3/27 581
4/10 693
4/16 731
terly 8/19 1641Sapers, A. E., letter of appreciation for sugges-
tions regarding, advised that they are usedmerely for setting maximum credit values onused cars 4/ 8 660
Wisconsin Automobile Guide, designation of July-August edition extended to September 30 8/24 1666
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Regulations: (Continued)Board of Governors: (Continued)
(Continued)i t*nued)Article combining public relations work on regulation
with defense saving bond program, Presidents'Conference asked if in view of difficultiesit is desired that Board continue with prepa-ration of
Asbestos cement products, proposed amendment extendingcredit for longer period than now permitted
Asbestos siding not exempt from provisions of RegulationAutomobile accessories, Board in agreement with inter-
pretation of, by the FRBank of San FranciscoAutomobile appraisal guides: (See supra Appraisal
guides)Automobiles:
Appraisal guide value of, when equipped with specialaccessories, FRBank of San Francisco advised re-garding
Bene Feferman Motor Sales, advised that maximumcredit value may not be in excess of figurecontained in guide book unless higher downpayment is made
Credit extended to salesmen for purchase of demon-strators, renewal of
Discussion whether coverage of, should be continuedin view of the rationing system
Financing of, reply to Miss Hester G. Garner regard-ing
Loans to finance purchase ofPayne, Mr. V., advised that Board cannot foretell
293Pages
2/13 252
9/10 177011/ 3 2108
5/13 929
4/17 740
14j4 626
9/ 5 1741
2/24 328
5/25 10373/13 491
rulings and regulations that may make loans onautomobiles more hazardous
Permission to sell on terms other than prescribed,not permissible under regulation, letter to
2/23 320
John L. Russell Chevrolet Co., El Campo, Texas 8/ 8 1595Purchase or discount by registrant on terms more
liberal than prescribed, does not alter re-quirements under regulation 8/11 1604
Purchased by workers in war plants, action deferredfor present 7/ 3 1365
Registrants may not expect single payment note forentire purchase price with longer maturity thanprescribed 7/ 2 1356
Repossessed by finance companies, revision of con-tract allowed 3/3 409
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Regations: (Continued)looard of Governors: (Continued)
W: (Continued)Automobiles: (Continued)
Repossessed, effect of section 8(a)(2) on instal-ment sale of, reply to questions regarding
Repossessed, sale by registrant without regard toone-third down payment, letter from Commissionerof Banking of Virginia
Resale by credit union for member in armed forcesowing balance, still subject to requirements ofthe regulation
Resale by financing institution which has lien se-curing a loan, applicability of regulation
Sale by dealer to customer and promissory note ac-cepted in payment
Sale to person unable to make down payment, no ex-ception provided
Sales contracts, where the automobile which has beenused for collateral has been damaged, explana-tion to FRBank of Philadelphia
Salesmen's demonstrator plan notes, renewal or re-vision in cases where makers are still salesmenof new cars
Sold on instalment basis to wife and husband whohas been called to active duty, company maytake action as outlined in Section 8(a)
294Pages
3/27 578-9
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6/17 1236
7/ 7 1380
6/27 1307
9/ 3 1726
1/27 128
6/27 1307
2/14 259Trade-in may be used to reduce deferred balance due
on purchase of, subject to section 4(d) and re-quirement that no monthly instalment may beomitted
Transfer of equity in, from son to father who in-tends to borrow from M-A-C Plan ManagementBureau, must meet requirements of W-72
Used, Zenoff Motors advised that Board agrees with
3/6
1/30
432
150
FRBank of Chicago in connection with a plan forthe sale of 5/6 873
Used as demonstrator now sold for first time isused automobile 7/11 1408
Bank Which discounts instalment contracts is not re-quired to ascertain that the price at which thearticle was sold was in compliance with 4/17 740
Bankers Magazine, advised that regulation was designedto discourage unwise borrowing and not prohibitinstalment buying generally 1/16 77
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295Pages
Regulat', is: (Continued)lu()at'd of Governors: (Continued)
/11: (Continued)Batteries and accessories, designed for trucks and
busses, are included in listed articles 6/ 8 1159
Included in listed articles 6/23 1273
Included in listed articles 7/ 2 1355Berry, Homer F., advised that Board cannot answer his
question re merger of balances due on furni-
ture, as all necessary facts are not included 1/24 115Copy of letter sent to Baltimore Branch with sug-
gestions regarding proper answer 1/24 116Billiard tables and billiard supplies, bowling alleys
and bowling supplies, classification as sportsand game equipment, reply to inquiry of Bruns-wick-Balke-Collender Co. 6/ 1 1104
Billing of charge accounts, reply to Phil A. Halle, re-garding the problem of making the billing monthcorrespond to the calendar month 5/22 1020
Problem of making the billing month correspond tothe calendar month, questions regarding fromHr. Peyton, Controller, Joske Bros. Co., andMr. Ryan 5/25 1035
Black list of individuals whose accounts are in default,report of Mr. Ransom that Office of Price Ad-ministration had abandoned proposal for them 7/10 1400
Boat motors, subject to, depending upon classificationas to whether designed for use in pleasure orcommercial craft 1/28 139
Bonus in form of Defense Savings Stamp may be given topurchaser if full payment for article has beenmade 2/10 235
Bonus of defense bonds may be given to purchaser whenpayment for the article has been fully made 2/27 377
Bowling alleys and bowling supplies, billiard tables,and billiard supplies, classification as sportsand game equipment, reply to inquiry ofBrunswick-Balke-Collender Co. 6/ 1 1104
Bowling alleys are part of structure and are not con-sidered equipment, but bowling pins and ballsare included in Section 13(a) 6/11 1190
BoY are
of America exempted under Section 8(1) of 6/29 1319"Budget" definition of term, reply to Federal Outfitting
Co., Fresno, Calif., regarding 5/25 1039Budget companies and instalment vendors, application
of Regulation to operations of 12/15 2313
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296Pages
Re0,1 .(Continued)
'''°ard of Governors: (Continued)W: (Continued)
Building and loan shares, loans for purposes of pur-
chasing or carrying, exempted by the last
clause of section 8(b)Building materials, sales of materials in same account
on different dates, date when considered in
5/20 998
default 8/14 1621Buildings not for residential use, repairs, alterations
or improvements not subject to regulation 6/ 6 1153Bumper or balloon payment on instalment loan, effect of
Regulation upon renewal of 10/17 2035Canada, Messrs. Brown and Robinson authorized to go to,
to make a study of consumer credit 3/10 443"Carrying" stocks, definition of, as contained in sec-
tion 8(b) 5/26 1057Meaning of word as used in section 8(b) 6/18 1247
Ceilings on credit, application of, in connection withproposed Amendment No. 4, opposed by Mr.Hubachek in statement at Board meeting 4/27 772
Central bureau as coordinating agent between employeesin defense industries and their creditors, re-
ply to Messrs. Womack and Mason on plan sug-gested 5/27 1071
Chairmen of FRBanks requested to discuss the future of,with directors and advise Board as to views 1/28 136
Changes in, discussed by Mr. Ransom with Presidents, tobe reprinted when amended again 3/2 394
Charge accounts, inclusion of, discussed at meeting of
Board with executive committee of Federal Ad-
visory Council, effect of such regulation in
Canada considered 3/12 478-82Charge accounts, consideration being given to, in rela-
tion to an amendment to include 3/23 539Charge accounts, opinion that they should be covered
to prevent evasions of the purpose of the regu-lation 4/30 786
Charge account, sale of listed article in, with agree-ment to convert into an instalment contractlater is in violation of sections 5(a) and11(a) 5/7 881
Charge account, combining of, with existing instalmentaccount, reply to the FRBank of Minneapolisregarding 5/18 976
Charge 6 account, when in default under provisions ofregulation, reply to Mr. House regarding 5/19 992
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RegulationBoard
W:
s: (Continued)of Governors: (Continued)(Continued)Charge accounts, reply to Retail Credit Grantors of
New England regarding adoption of resolutionasking that regulation be changed to permit
asking that regulation be changed to permitthe billing month to differ from the calen-dar month
Charge accounts in default, suggestion of Credit Bureaus
of America, Inc., for control ofCharge account, reply to Cleveland Retail Credit Men's
Company regarding suggestion that all trans-actions of g5 or less be given the benefit of
section 5(f)Charge accounts, customer in default at one store ob-
taining credit at another store, letter regard-ing sent to Peoples Cash Store and The 1NM.Erlanger Company
Charge accounts, problem of making billing month cor-respond to calendar month, questions raisedby Joske Brothers Company and W. H. Ryan
Charge accounts of department store employees, the ac-counts to be liquidated in full within 42 daysby pay roll deductions, reply regarding, toMr. F. A. Bonneraccounts for either listed articles only or un-listed articles, application of regulation to,reply to Retail Merchants Credit Associationof Los Angeles
accounts, use of credit cards by oil companiesand difficulty of making billing month coin-cide with calendar monthaccount in default, bad debts charged off or ab-
sorbed in reserve does not relax prohibitionof section 5b
accounts of partnerships and personal charge ofindividual partners are separate accountsaccounts, single payment loan used to retirecharge accounts arising from sale of unlistedarticles, may be renewed or extendedaccounts, single payment loans used to retirecharge accounts arising from sale of unlistedarticle may be renewed or extended
accounts including items purchased on last fivedays of calendar month, letters from Memphisfirm sent to Memphis Branch for reply
Charge
Charge
Charge
Charge
Charge
Charge
Charge
297Pages
5/20 997
5/21 1008
5/21 1009
5/23 1025
5/25 1035
5/25 1036
5/25 1038
5/26 1057
5/27 1070
5/28 1076
5/28 1076
5/28 1077
5/29 1089
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Re(Continued)',card of Governors: (Continued)
W: (Continued)Charge accounts, house, letter to Mr. Hodgson on status
ofaccount, conversion into instalment account,statement of borrower not necessary
accounts, amendment suggested by retail creditassociation of Los Angeles for additional timefor purchase made in last few days of monthaccounts of school teachers, letter to Mr.Wallace on applicability of Regulation toaccounts, identification as to default after10th of month and default where amount ofmoney involved is very smallaccounts, default cured by execution of 6 monthsinstalment agreement under section 5(d)(2)accounts, retailers having several stores, cus-tomers accounts at all branches are combinedas single accountaccounts, provisions dealing with conversions,renewal or revision of contractsaccounts, conversion into instalment obligationswith payments running in excess of 6 or 12months, letter to Mr. Kennel answering ques-tions onaccounts, farmers, letter to Senator Overtonanswering inquiry of constituents on provi-sions of regulations coveringaccounts, penalty rate of interest on, reportof Mr. Ransom on consideration of Office ofPrice Administrationaccounts, questions involving maximum maturityof loans to retire and single payment loan toretire
accounts in default cured by conversion intoinstalment obligationsaccounts, default is cured when registrant con-verts accounts pursuant to sections of regula-tionaccounts, blacklist of individuals whose ac-counts are in default by local credit bureaus,idea abandonedaccounts, proposal of Office of Price Adminis-tration for the establishment of penalty in-terest rates on defaulted, abandonedaccounts, account of customer is in default ifassigned account is not paid within prescribed
time
Charge
Charge
Charge
Charge
Charge
Charge
Charge
Charge
Charge
Charge
Charge
Charge
Charge
Charge
Charge
Charge
298Pages
5/29 1090
6/ 1 1103
6/ 5 1142
6/10 1181
6/11 1191
6/18 1245
6/19 1259
6/25 1284
6/27 1305
7/ 1 1347
7/ 2 1353
7/ 6 1373
7/ 6 1376
7/ 7 1380
7/10 1400
7/10 1400
7/10 1404
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Re •glaatl°ns: (Continued)8°ard of Governors: (Continued)
W: (Continued)Charge accounts, question whether member of family may
open when another member of family has accountwith same seller which is in default
Charge accounts, inquiry of Plymouth Co-Operative OilCompany on treatment of account when customercharges at two or more stations
Charge accounts, includes all indebtedness from charge
sales to given customerCharge accounts, stores operating branches where cus-
tomer has account with various branchesCharge accounts, curing of default in acceptance of
postdated checks as complying with agreementCharge accounts, suggestion that default date be changed
from 10th to 15th of month by Mr. E. F. Pettis,not approved
Charge accounts, objectionable form of letter used byDetermann's of Belfield, N. D.
Charge accounts, customers who have paid promptly beforeand insist on now taking full amount of time,reply to letter of Ir. A. B. Trott, Presidentof the Daniels and Fisher Store Company,Denveraccounts, default cured by agreement to payamount of default in one monthaccounts, account of customer is in default ifarticle purchased is defectiveaccounts, failure to make payment for articlesby 10th of calendar month, no fine or imprison-ment prescribed under regulation
account, instalment agreement converting, before
or after default, not entitled to 15-day option
under regulationaccount, Mr. and Mrs., questions arising underaccounts in default at different stores and in-stalment loan from lending agency to take upaccounts in default, return and exchange of mer-chandise by customersaccounts, repair bills at garages as subject toaccounts where balance in default represents ar-ticle that is defective
accounts of husband and wife, bulletin of Na-tional Retail Furniture Association and others
Charge
Charge
Charge
Charge
ChargeCharge
Charge
ChargeCharge
Charge
299Pages
7/15 1434
7/20 1456
7/22 1471
7/27 1498
7/29 1515
7/30 1518
7/31 1527
8/ 4 1546
8/ 4 1547
8/ 5 1563
8/11 1602
8/19 16378/20 1645
9/16 1826
9/23 18729/23 1874
10/ 2 1935
10/12 2010
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300Pages
Nnal t.a -ions (Continued)Board of Governors: (Continued)
(Continued)Charge accounts, books, effect of purchases on ac-
counts in default 10/24 2058Charge by hotels to account of guests or tenants not
included in listed articles 8/ 1 1534Charge sales for deferred delivery, interpretation of
section 12(d) 7/25 1484Charge-send transactions, no change in regulations as
suggested by J. L. Brandeis & Sons, Omaha 7/15 1436Draft of possible amendment to be sent to FRBanks 9/21 1858
Check credit plan of Merchandise National Bank of
Chicago, use of statement of borrower in con-
nection with 5/28 1077Reply that statement of borrower must apply to all
persons affected and procedure outlined is notpermissible 7/17 1450
Clark Brothers Furniture Stores, letter on designatedterms of agreement 11/ 4 2119
Cleveland Retail Credit Men's Company, reply regardingsuggestion that all transactions of A5 or lessbe given the benefit of section 5(f) 5/21 1009
Coal circulating heater to replace gas heater, sale notexempt from regulation 8/17 1629
Coal furnace, conversion of gas furnace into, as exemp-tion under Regulation W 7/31 1527
Coal stokers, applicability of amendment No. 6 to in-stallation of 9/25 1884
Coats sent on approval, stores should ascertain if cus-tomer expects to pay cash, charge the sale orpay in instalments 11/ 3 2110
Collateral in automobile sales contracts where the au-
tomobile is damaged, explanation to FRBank of
Philadelphia 1/27 128
Collection letters, form used by R. H. Johnson & Company,Wilmington, Del., letter to Assistant AttorneyGeneral submitting correspondence 8/27 1698
Commodity Credit Corporation loans not exempt for useto purchase listed articles 6/20 1262
Complaint of Joseph Wolffson of difficulty in continu-ing his business because of restrictions ofregulations 7/ 2 1356
Connecting line not included in Group E items if theline is not the property of the consumer and
building is designed exclusively for nonresi-dential use 3/13 492
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Regulations: (Continued)Board of Governors: (Continued)
W: (Continued)
301Pages
Consolidation of debt, effect of various options of
regulation on, letter to Mr. Wesley of Lincoln
Loan Corporation 7/ 9 1394Consolidation of existing credit with new credit, treat-
ment of 6/30 1327
Consolidation of instalment obligations resulting from
conversions of charge accounts 5/27 1071
Consolidation of loans, answers to question regarding
provisions of Section 8 as amended by AmendmentNo. 3 with reference to 3/13 491
Consolidations, discussion as to whether maturity on,be restricted to 12 months or left at 15 in con-nection with proposed Amendment No. 3 2/24 335
Contract providing for balloon payment at its end maybe revised to provide for monthly payments 4/16 731
Contract in form of lease with option to purchase, replyto inquiry of Southern Specialty Company, Al-bany, Ga. 6/12 1205
Contracts of sale not conforming to regulation, accountsreceived should be returned 6/25 1283
Coupon books, sale of, procedure that keeps transactionin compliance with section 4(d) 5/15 941
Coupon books used to purchase listed articles, inquiryof Colonel Higgins of Beneficial ManagementCorporation on treatment of instalment loansto purchase 9/23 1971
Credit Bureaus of America, Inc., letter from, and reply
regarding the organization of, to report the
names of customers whose charge accounts are in
default, sent to FRBanks 5/21 1008Credit card of Atlantic Refining Company, Philadelphia,
Pa., compliance with regulation would neces-sitate promptness in assigning and forwardingcharge slips and notifying of account in default 8/14 1620
Credit cards of Humble Oil and Refining Company, reply
Credit cards issued by corporations with out-of-town 6/19 1257that they may be confined to unlisted articles
branches, letter to FRBank of Cleveland oncharge accounts in default 9/17 1825
Credit cards issued by gasoline companies and others,status of charge accounts in connection with 10/15 2026
Credit cards issued by Phillips Petroleum Company, ef-fect of Regulation on 7/ 9 1392
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302Pages
Regul,ations: (Continued)zoard 4,ol Governors: (Continued)W: (Continued)
Credit cards, use of, by oil companies, and difficultyof making the billing month coincide with thecalendar month, reply regarding 5/26 1057
Credit granted by wholesaler to retailer or by manu-facturer to wholesaler, letter to NationalPaint, Varnish, and Lacquer Association onapplicability of regulation to 6/ 5 1144
Credit sales of listed articles by a subcontractor toprime contractor on government projects, ex-empt under section 8(f) 7/11 1408
Credit Service Plan of General Motors Acceptance Corpora-tion, effect of regulation on 7/ 9 1393
Dealer who sells article is registrant 7/23 1475Credit union, loan for purpose of purchasing shares in
Minnesota, applicability of regulation to loan 7/ 7 1381Loan to member of, conditions for renewal of 9/10 1771
Credit union shares, loans secured by, for purchase ofshares 11/ 5 2124
Creo-dipt Company, Incorporated, North Tonawanda, N.Y.,effect of amendment No. 6 on credit sales ofproducts of 9/10 1769
Criticisms, letter to Mr. Cordner of First Thrift ofLos Angeles, Calif. 5/27 1071
Cumberland Maytag Company, advised of necessity forwritten statements under section 4(f) 1/21 94
Curing defaults, reasons for the adoption of the six-month method, Mr. Stevensen to be advised re-garding, by the FRBank of Minneapolis 5/25 1035
Curtains, applicability of Regulations depends onwhether sold singly or in groups 7/23 1474
Customer in default at one store obtaining credit atanother store, letter regarding sent to PeoplesCash Store and The Wm. Erlanger Company 5/23 1025
Reply to Federal Outfitting Co., Fresno, Calif.,regarding 5/25 1039
Cycle billing, applications of Standard Oil Company andUnion Oil Company of California not applicableunder sec. 12(m) 8/ 1 1535
Charge accounts that meet with specification underregulation, approved, letter to William Y.Gilmore and Son 8/ 4 1545
Dealer who consults an appraisal guide which does notlist a particular model of automobile, if ingood faith he extends credit without consult-ing other guides he is not guilty of a viola-tion 5/6 871
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RegIllat*lons: (Continued)1.)0 s•allA or Governors: (Continued)W: (Continued)
Debt outstanding following adoption of Amendment No.
4, press statement to encourage the reductionof, to be considered by Messrs. Ransom, McKee,and Szymczak and then submitted to Board,FDIC, and Comptroller, letter to FRBanks re-
garding, to be cleared only with the BoardPress statement approvedLetter to FRBanks approved
Default cured by agreement to pay amount due withinone month by post-dated check does not con-
Defense stitute written agreementbonds, giving to purchaser as bonus permissiblewhen payment for the article has been fullymade
Defense housing, extension of credit to remodel or re-habilitate a structure by National Housing au-
303Pages
5/ 55/75/8
851880903
12/11 2303
2/27 377
thority exempt from provisions of RegulationsQuestion raised by FRBank of MinneapolisProposal for exemption, procedure to be submitted
by National Housing AdministrationProjects, letter to National Housing Agency on pro-
posed revision of Administrator's Order No. 8Proposed changes in procedure for designation of
projectsDefense Savings Stamps may be given to purchaser as
bonus if full payment has been made for articleDelco Farm Lighting System, advice to Brittain Sales
7/ 17/31
10/ 9
10/28
11/12
2/10
13461526
1998
2081
2158
235
Company on classification approved 6/26 1299Dental laboratories are not subject to, unless they
make sales of listed articles, reply to Amer,Cunningham & Keeney, Akron, Ohio 5/25 1037
DePosition for use in private litigation as to signa-ture on registration statement, no legalgrounds for refusal 6/ 9 1171
Development and administration of, description fur-nished to office of the Bureau of the Budgetfor compiling history of development in warprogram 10/30 2093
Letter to Bureau of the Budget with descriptivestate-Anent 11/28 2238
Disaster credits, amendment No. 7 adopted 7/27 1487District L Edition NADA Official Used Car Guide,
Nevada should be added to list of Statescovered by 3/23 545
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Regtaat', 1°ns: (Continued)u°ard of Governors: (Continued)
W: (Continued)"Davin payment" in section 5(f) refers to the down pay-
ment required by the regulation, explanation toFRBank of Cleveland
Down payments, reply to questions raised by FRBank ofRichmond
Down payments and maturities for instalment sales, let-ter to Congressman Rabaut on changes proposed
Down-payment provision, opinion of Ir. Hodge that theyshould be eliminated because of administrative
difficulties, in connection with discussion of
proposed Amendment No. 4Inclusion of, discussed at Board meeting in connec-
tion with proposed Amendment No. 4Discussion of not requiring on articles costing
less than 1t15, in connection with proposedAmendment No. 4
Down payment, pay roll deduction orders asDraperies and slip covers included in classification of
Interpretations to be published in FRBulletinDryer, Joseph E., reply to letter on intention and
purpose of Regulation and on extension ofcredit to persons subject to military serv-ice
Dunning letters and notices, objection to wording ofE. A. Kelly Furniture Company, New Haven, Conn., letter
to, giving opinion of Board regarding deliver-ing of range of more expensive type than oneoriginally ordered, amount of down payment re-quired
Easy Furniture Company, Chattanooga, Tennessee, action
regarding violation by, to be held in abeyance
304Pages
1/ 5 13
2/14 258
2/25 353
4/27 772
4/27 774
4/27 7746/18 12446/ 3 11326/24 1277
9/21 18598/11 1602
1/28 138
pending development of a program of enforcement 5/20 997Educational loans to students to complete college
courses, reply to inquiry of Rotary Club ofFlorence, S. C. 6/12 1203
Efforts to collect unpaid obligations, statement forpublication in FRBulletin 11/24 2228
Electrical equipment, Inland Empire Llectrical EquipmentAssociation, advised by Board that suggestedreduction in down payment requirements for, isnot justified by present conditions 1/ 1 5
Congressman C. H. Leavy advised that Board gavecareful consideration to request of InlandEmpire Electrical Equipment Association ofSpokane, that Regulation be amended to providefor a lower down payment on 1/15 58
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Regillat*lons: (Continued)zoarld of Governors: (Continued)
W: (Continued)
305Pages
Electrical hearing devices not included in listed ar-
ticles 5/23 1025Electrically operated cream separators, band and circu-
lar saws, etc., not included in Item 14, GroupA 5/21 1010
Elevators, reply to question raised by Sims Handy and
McKnight as to whether modernization of, in
existing structures is included in Group E
articlesti/ 3 624
Enforcement, opinion of Board that uniform policy of
enforcement should be adopted, answer to letterfrom Mr. B. F. Goldman
Enforcement, discussion of, with regard to developmentof a program for
Enforcement of, conference of FRBank representatives to
2/6 217
2/24 325
be arranged to consider problem of, copy of re-port on, sent to FRBanks 3/11 468
FRBanks requested to submit comments and suggestions,conference to be avoided by submission of planby Board 3/27 576
Enforcement of, consideration being given to, by Mr.Szymczak and other members of Board's staff 3/23 539
Enforcement, proposed Amendment No. 4, inclusion of pro-vision suggested by Mr. Henderson that wouldpermit enforcement by local officials discussed 4/30 787
Enforcement of, memoranda including press statement and
letter to National Association of Better Busi-ness Bureaus prepared by Yr. Hodgson sent to
Board members5/ 5 847
Press statement not to be released and reference to,to be omitted from letter to Better Business
Bureaus 5/5 848Enforcement, proposed program for, discussed and sug-
gestion that in case of willful violations thereshould be a hearing to show cause vIhy violator'slicense should not be suspended 5/5 849
Enforcement of, draft of program for, prepared by Mr.
Hodgson, submitted to Messrs. Ransom and
Szymczak with power to put into effect andmake such changes as they deem desirable 5/5 850
Enforcement, program for, outlined by Mr. Szymczak at
meeting of Presidents with the Board 5/8 893Enforcement, action against Easy Furniture Co. for vio-
lation to be held in abeyance pending the de-
velopment of a program for 5/20 997
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306Pages
ReMbations: (Continued)iooard n0.1 Governors: (Continued)W: (Continued)
Enforcement, plan for, submitted to Attorney General,letter to be sent to FRBanks upon advice fromAttorney General that there are no objections
Enforcement, letter to Comptroller of the Currency oncooperation with respect to national banks
Enforcement, letter to FDIC on cooperation with respectto nonmember insured banks and Federal creditunions
Enforcement of, advice that FDIC and Comptroller of the
Currency will cooperate with Board inEnforcement of, evasion by jewelers in Chicago area who
deliver merchandise with less than requireddown payment with no official report of saleof, etc.
Enforcement of, letter to FRBanks on dealing with prob-lems arising under
Enforcement of, outline of program sent to National As-sociation of Supervisors of State Banks fortheir cooperation
Enforcement of, problems arising by violation by branchlocated in one district and manager located inanother district
Enforcement, reply to letter of Tripp Furniture Co.,Jackson, Miss., down payment by buyer does notaffect right of
Enforcement to be discussed at Examiners' Conference in
5/22
6/12
6/12
7/ 6
7/10
7/15
7/15
7/16
8/ 7
9/ 5
9/ 9
10/17
10/28
12/ 5
3/ 6
1018
1204
1205
1374
1405
1432
1438
1444
1591
1742
1762
2035
2081
2272
433
Philadelphia in September, representatives ofFRBanks to be prepared for discussion
Enforcement, telegram to FRBank of Atlanta that no gen-eral conference is contemplated
Enforcement of, letter to Federal Home Loan Bank Commis-sioner for cooperation of his office in
Enforcement of, summary of discussion at conference ofexaminers in Philadelphia
Enforcement of, as to institutions subject to supervi-sion and examination of Farm Credit Adminis-tration
Essick Uanufacturing Company, evaporative air coolersmanufactured by, held not to be included in
Everhart Surgical Supply Company, Atlanta, Ga., replythat most of articles sold by are unlisted ar-ticles 12/23 2375
Exceptions in individual cases, letter to districtclerk of Bexar County, San Antonio, Texas 10/ 2 1936
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307Pages
Regulat*b 1°ns: (Continued)Doard of Governors: (Continued)
(Continued)Exchange of article by seller with allowance for full
original purchase price as credit, not treatedas trade in 7/24 1478
Executive Order No. 8843, scope of authority to pre-scribe regulations granted to Board by 4/30 786
Fans, circulating type which are installed in furnaces,reply to question regarding the classificationof 5/11 918
Father may borrow from bank on 18 months' basis withStatement of Necessity to retire obligationwith finance company, transfer of equity tofather permissible 2/12 248
Federal credit union, loans to purchase a house ex-empted by Section 6(a) 5/ 2 839
FR 563-a, registration statement for newly organizedconcerns, and letter of instructions to FRBanks
1approved /30 149Finance company may purchase contract if it complies
with 4/10 692Finance company, right to purchase or discount note ex-
ecuted by vendor and extending maturity of in-stalment sale indebtedness that is delinquent 11/ 4 2118
Financing of certain purchases, letter to SenatorEllender in reply to inquiry of A. L. Arpin 7/ 1 1347
First National Bank of Fairmont, Minnesota, FHA loanstaken by, without knowledge that such loanswere in violation of, no punitive action to berecommended, program of enforcement to be de-veloped, letter to FRBank of Minneapolis 2/20 305
Floods causing families to lose house furnishings and
clothing, suggested amendment to take care ofsuch situations 7/23 1473
Fluorescent lights and lamp shades, reply to questionwhether they are included in listed articles
5/ 8 904Flying lessons considered for bona fide educational pur-
poses 10/ 3 1942Food or coal, reply to W. Homer Kelly that regulation
does not apply to open account sales of 5/29 1090Forked Deer Electric Cooperative, Inc., Halls, Tenn.,
Statement of Borrower not required for pur-chase by Cooperative from, for resale 4/ 2 615
Formality required in agreements, requirements of sec-tion 5(d)(2) as to extension of 12/ 1 2255
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308Pages
Regulati cms: (Continued)aioard of Governors: (Continued)
W: (Continued)Freezing of consumer credit of each lender and vendor
at present level, preparation of program sug-gested by Mr. Eccles
Frozen food cabinets, sizes under 12 cubic feet subjectto regulation
Fuel conservation credits, amendment No. 6 adoptedFuel conservation, exception to amendment No. 6 relates
4/ 7
3/167/27
649
4971487
to present equipment, not to complete replace-
ment of one type with another 8/ 4 1545Fur coats, covering storage, cleaning, alteration and
repairing, inquiry of Hixons, Milwaukee, Wis. 6/11 1181Fur coats, loan maturity for not more than 16 months
under regulation, reply to letter of LincolnLoan Corporation, Indianapolis, Ind. 8/19 1640
Fur coats sold in June for delivery in November and tobe billed at time of delivery, letter to FRBankof St. Louis on 7/ 6 1374
Furnace altered to burn hard coal instead of soft,ruled to be exception by Board, reply to Mr.Swanson's telegram 8/ 5 1564
Furnaces and stokers, explanation of standards appliedin determining the rating of 2/12 245
Furniture, Mr. H. F. Berry advised that Board cannotanswer his question regarding consolidation ofbalances due on, as all necessary facts are notincluded 1/24 115
Copy of letter sent to Baltimore Branch with sug-gestions regarding proper answer 1/24 116
Furniture company advertisement in violation of regula-
tion, as articles are closely related but downpayments required are insufficient 2/ 7 223
Furniture, suggestion by Mr. Brown that it be elimi-
nated from "listed articles" discussion at meet-ing of Board with executive committee of theFederal Advisory Council with Board 3/12 478-82
Furniture sales, inventories, and credit, memo from Mr.Goldenweiser in regard to the collection of sta-tistics on, for purposes of the regulation,forms and letters to FRBanks included 5/15 943
Furniture transactions, letter to Messrs. T. R. andW. S. Freeman giving reasons for including 5/26 1059
Furniture, avoidance of Regulation by renting instead ofselling, letter from Mr. Cline 6/ 5 1140
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RealQat'lons: (Continued)of Governors: (Continued)
W: (Continued)Furniture, made to order and charge is made at time of
delivery, reply to FRBank of St. LouisFurniture contract for sale of group of articles de-
livered over a period of time due to lack ofmaterials
Furs sold by Saks Fifth Avenue, Chicago, in January tobe billed for in October covered by exceptionto regulation
Future of, views of Board reported by .Mr. Ransom, anddiscussion at meeting of the Board with thePresidents
Gems used to decorate watches included in the totalcost of the watch
George, Senator Walter F., inquiry from Ir. Roesel whichwas forwarded to the Board by, reply advisingthat Regulation is in accord with program sug-gested by the President
Gold purchased by jeweler at about the same time of asale to the same person, value of, must be de-ducted from the price of the listed article
Government Employees Finance Corporation, advised inreply that Statement of Borrower is requiredin connection with the proposed loan, unlessit is a renewal or revision
Great Atlantic and Pacific Tea Company employees,credit extended for purchasing of merchandisewith dealers who agree to honor company pur-
309Pages
7/ 6 1374
11/ 3 2109
7/ 2 1355
2/ 3 179
4/23 759
5/ 8 905
4/13 711
2/27 378
chase orders, application to 9/ 4 1734Groceries, letter to Mrs. Frances Hodges that they are
not included in listed articles 6/ 2 1110Group E, answers to several questions regarding screens,
electric signs, prefabricated marquees, etc.,whether they are included in 2/ 6 218
Hamilton Ross Toolmaster, classification of 6/25 1283Hebrew Mutual Association, Inc., advised that it and
similar associations are subject to the provi-sions of the regulation in respect to loanscovered by the regulation 5/ 7 882
High school athletic association or activity funds notexempt under section 8(i) 6/ 8 1159
Home Furniture Company, Dallas, Texas, group offeringscontained in advertisement of 9/10 1767
Homewares or housewares if not designed for kitchen usenot included in kitchen equipment and utensils 7/17 1449
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310Pages
Reg'taations: (Continued)Board of Governors: (Continued)
W: (Continued)Hotels are non-residential structures even though ac-
cepting some permanent residentsHouse charge accounts, letter to Mr. Hodgson on status
ofHouse trailer, terms allowed dealer and those limiting
loans by banks and other lending institutions
Industrial Mortgage Company of Grand Rapids, Michigan,
6/11
5/29
5/22
1191
1090
1017
purchase of entire business of small loan com-
pany which holds nonconforming paper would be
violation of 2/12 247Information to branch offices, responsibility of FRBank
for sending 6/27 1303
Inland Empire Electrical Equipment Association, Spokane,
Washington, reply by Board that suggested re-
duction in down payment requirements for elec-
trical equipment is not justified by present
conditions 1/ 1 5INSEL,BRIC and INSELSTONE, described in pamphlet, not
applicable to special exemption in Amendment
6 of regulation, letter to Jones & Brown, Inc.,Pittsburgh, Pa. 9/ 1 1717
instalment contract which could have been written for a
longer maturity, may be consolidated and a loanextended and the monthly payments reduced byextending the maturity date 5/ 7 882
Instalment note with maturity of more than 18 months
made by person exempt under section 3(a), such
note may not be subsequently purchased by
Registrant, explanation to FRBank of Dallas 1/ 1 3Instalment sale of listed article or unlisted article
and instalment loan, differences between 7/14
Insulating board not exempt if on outside of building 8/12
Insulation, rock wool, request for longer period than
12 months in maximum maturity denied 6/17
Insulation materials used on exterior of building notexempt 7/31
Insulations, not to include siding and roofing materials,letter to R. J. Tobin, President of the TiloRoofing Company 8/ 3
Insulation shingles, letter to Mr. Reichart on reasonsfor not including as exemption in amendment
No. 6 10/ 5Insul-Mastic Corporation of America, request for amend-
ment to Regulation W to exempt products of 11/ 9
14241609
1235
1526
1539
1944
2137
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Regulati-°ns: (Continued)DlOard of Governors: (Continued)
W: (Continued)Insurance, fire, reply to Del Mar Company regarding
the instalment financing of the premium on athree-year policy in connection with section8(g)
Insurance policy loans, discussion of provisions of,with respect to, at meeting of the FAC with the
BoardLetter from Mr. Dickson of First National Bank of
testwood, N. J., commenting on sectionProvisions relating to, discussed at meeting with
the executive committee of the Federal AdvisoryCouncil
Provisions with respect to making of loans securedby cash surrender value of policies
Insurance premiums, notes payable to financial institu-tions are considered instalment loans
Insurance premiums, fire or casualty, suggestion of Pres-ident of Great Eastern Fire Insurance Company,thite Plains, N. Y., that regulation beamended to make inapplicable to notes coveringloans of less than $1500
Insurance premiums, applicability of Regulation to fi-nancing
of:ing of fire and casualty
Ordered published in FRBulletinSimilar to W-108 calling attention to parts of regu-
lation made obsolete by Amendment No. 3 to beprepared for release with revised and reprintedregulation
Ordered published in FRBulletinChanges in, caused by Amendment No. 3, to be pre-
311Pages
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6/ 3 119
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9/14 1808
1/23 113
2/12 2482/21 316
pared and transmitted to FRBanksStatement for publication in FRBulletinStatement ordered published in FRBulletinStatement ordered published in FRBulletinStatement for publication in FRBulletinStatement to be published in FRBulletinStatement for publication in FRBulletinStatement to be published in FRBulletinLetter to Mr. Gilmore on policy with regard to pub-
lication of S lettersStatement to be published in FRBulletin
3/244/225/256/227/218/259/23
10/2010/24
t5175410421268146816821875
20432059
V-10, principle contained in, is now stated in sec-tion 11(e) of the regulation as revised 5/13 928
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312Pages
Reetaat*t 1°ns: (Continued)p°ard of Governors: (Continued)
IN: (Continued)Interpretations of: (Continued)
Th-51, further explanation of standards applied in
determining the rating of furnaces and stokers
W-122, Group E-1 of Supplement includes materialsfor repair or erection of new fence on property
on which there is an existing structureW-123, words "down payment" in section 5(f) refer
to the down payment required by the RegulationW-124, distinction between an extension of instal-
ment loan credit and an extension of instalmentsale credit
2/12
1/ 5
1/ 7
1/ 9
245
13
22
341(1-125, Statement of the Borrower required by section
5(d) need be obtained only from the party whoreceives the proceeds of the loan 1/27 128
W-126, persons engaged in extending credit are re-
quired by section 3(a) to register, even thoughentitled to other exemptions 2/ 3 167
W-127, first mortgage may be considered first lienunder section 6(a) regardless of status of anyproperty taxes 2/ 3 168
W-128, second mortgage considered as first lienwhen both notes are held by the same lender
W-130, rating and classification of coal stokers 3/2164' 5654V.-131, still cameras classification does not include
equipment used for photograving or lithograph-ing purposes 3/31 600
W-132, classification, floor coverings, includesrubber, asphalt, cork, etc. 4/16 731
WR-1, revision of, places no restriction on re-
newals or revisions of single-payment loanmade prior to May 6 5/ 7 881
Discussion of several questions relating to, sentto FRBanks 5/26 1054
Investment securities, classification of savings passbooks under section 8(b) as 6/18 1246
Jewelers, question submitted by Donald McNeil, Asso-ciate Editor of the Jewelers' Circular-Keystone,material for use in articles in publicationnot to be encouraged 10/ 5 1943
Jewelry, articles included in classification of, let-ter to FRBanks regarding 5/26 1055
Jewelry, request of National Association of CreditJewelers for opportunity to be heard on mat-ters pertaining to instalment sales 10/28 2082
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RegtaationsBoard
W:
: (Continued)of Governors: (Continued)(Continued)Kitchen equipment designed for
classification as usedKoolShade sun screens included
to regulationLamp shades and fluorescent lights, reply to question
whether they are included in listed articles
Landscaping, materials and services used for, are in-
cluded in Group ELast payment may be less than 5 as formerly stated in
S-479Last payment on loan may be any amount that represents
balance as long as previous payments complywith regulations
Lay-away plans as relates to section 12(d), inquiry ofMr. W. J. Brett, Editor, Fur Trade Review, re-garding
Reply to Lion, San Diego, Calif., on details ofplans
Involving sale of furs and furniture for future de-livery
Letter to Mr. Hodgson on transactions involving ac-cumulation of funds for down payment
Layman's Handbook of Regulation W, letter to Mr. Dakinswith comments on publicationCongressman Charles H., advised that Board gavecareful consideration to request of Inland Em-
pire Electrical Equipment Association ofSpokane, that Regulation be amended to provide
for a lower down payment on electrical equip-
mentLeo S. Mode & Company, reply to question of, regarding
minimum monthly payment provisionLife insurance companies, reply to question of, as to
whether they are required to register undersection 3(a)
Loans or advances to new salesman, applicabilityof regulation to
Life insurance policy, loan secured by loan value orcash surrender value not exempt from provi-sions of
Light plant, windcharging, for use of a dwelling, opin-ion of Board that it is included in Group E
Limit when Federal price authorities have prescribedmaximum retail price, and other questions
Leavy,
household use, scope ofin item 35in Group E items subject
313Pages
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1/15 58
5/15 942
3/26 566
12/26 2394
5/27 1070
1/28 138
5/6 871
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314Pages
IlWat*,10n8: (Continued)08.rd of Governors: (Continued)
(Continued)Lincoln Loan Company, reply to question of, regarding
a case in which a Registrant is asked to makean instalment loan for the purpose of payingoff an instalment sale contract which was madebefore May 6, for an article which at the timewas unlisted
List submitted by Mr. Burgess of Northwestern Bank and5/11 918
Trust Company will be edited by Board but with-out assuming any responsibility 6/ 3 1131
Listed articles not part of a set, group or assembly onarticle costing less than $15, lender permittedto lend full purchase price of articles 6/25 1284
Loan drawn for 15 months not extensible to 18 months 1/30 153Loans to college professors and school teachers, letter
to First National Bank of Princeton, N. J.,on procedure in connection with 2/27 378
Loan made by registrant for maturity in 18 months to berepaid in 12 instalments, payment to start 6months after making of loan, prohibited 3/13 493
Loan evidenced by notes followed with request for in-crease in amount and unsecured note to be givenfor, question of applicability of Regulation to 4/ 9 666
Loans which are not extensions of instalment credit arenot subject to provisions dealing with renewalsor revisions 4/25 765
Loans, single-payment, opinion that they should be cov-ered to prevent evasions of the purpose of theregulation 4/30 786
Loan to be used to purchase a listed article and pay agrocery bill, answer to question whether theloan may be secured by a chattel mortgage onthe listed article not changed by revision ofthe regulation
Loan, if purpose of, is to purchase listed article itis not subject to Regulation U, but would notbe exempted by section 8(b) of Regulation W
Loan plan involving pay roll deductions, period longerthan 45 days for first instalment not permitted
Loan plans for two local public utility companies, replyto Riggs National Bank, Washington, D. C., re-garding
Loans for purposes of purchasing or carrying buildingand loan shares exempted by the last clause ofsection 8(b)
5/ 6 872
5/ 9 912
5/20 998
5/20 998
5/20 998
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: (Continued)Board of Governors: (Continued)(Continued)Loans, single-payment, answer to questions regarding
315Pages
renewals of 5/26 1056Loans to individuals for nonproductive purposes, reply
to Villiam J. Field on tax rates and assessmentpolicies in Jersey City 5/26 1059
Loan to American Legion not exempt from provisions 5/27 1070Loans consolidated and amounting to more than limit pro-
vided by regulation, no objection unless regula-tion is evaded 6/ 3 1130
Loans to individuals for nonproductive purposes, pressrelease to be sent to member banks by FRBank ofCleveland 6/11 1189
Loans to students to complete college courses, reply toRotary Club of Florence, S. C., that considera-tion will be given to 6/12 1203
Loans, renewal or revisions not subject to Regulationsif originally for more than 1l500 6/16 1226
Loans to school teachers in cases where school Board isunable to raise funds needed, school board laterto pay loan to bank 6/18 1244
Loans of Federal Housing Administration must comply withprovision of Regulation 6/19 1259
Loans of less than $1500, letter to Senator Wagner onletter of Mr. Bruchs on misunderstanding of reg-ulation 6/27 1309
Loans by Investor's Syndicate companies on certificatesissued by them 7/ 9 1390
Loan may have maximum maturity of 12 months even ifcharge account is in default, reply to MorrisPlan Bankers Association 7/ 9 1394
Loans secured by bona fide first lien on improved realestate and duly recorded to finance extensionof credit, advice to registrant in regard tomaking loan under regulation 8/ 3 1539
Loans not subject to Regulation Iv discussed by Mr.Ransom at meeting of executive committee ofFederal Advisory Council with Board 8/ 5 1561
Loans in excess of .01500 to building corporation, notcovered by Regulation, reply to letter of lawfirm of Heaton, Mules, Ireton & Hatch, Balti-more, Md. 8/19 1639
Loans made to dependents of men in the armed forceswith special reference to dependency allot-ments 9/23 1873
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316Pages
Rew at., 10n5: (Continued)450ard of Governors: (Continued)
17: (Continued)Loans secured partly by credit union shares, statement
for publication in FRBulletin 11/24 2228Loss or damage to article, clarification of interpreta-
tion W-112 7/24 1479Lumber used by church for building parsonage, letter to
Senator Wheeler that Regulation does not apply 6/ 3 1131M-A-C Plan Management Bureau, reply to question re trans-
fer of automobile equity from son to fatherwho intends to borrow from 1/30 150
Market record, letter to Mr. Anderson acknowledging ad-vice of change in publication date 5/28 1078
Materials and services under Group E, contract relatingto 1/30 153
Materials and services used to alter basement room andlandscaping business held to be subject to 4/23 758
Materials and services, meaning of phrase as used insection 13a 9/ 3 1727
Maturity, discussion of substituting maturities of15 and 12 months for present maturities of18 and 15 months, views of OPA given by Mr.Hubachek 1/16 60
Maximum credit value fixed by Federal price authorities,discussion of not allowing a bona fide cash pur-chase price in excess of 2/24 334
Mayer, Howard G., reimbursed for expenses of trip toWashington to discuss problems arising under 2/26 360
Merchandise orders, use in connection with purchase oflisted articles 9/14 1807
Merchandise sales under plan of Hamilton Ross Industrieswhere articles are delivered for approval, trialor inspection period but no down payment re-quired 7/27 1497
Minimum monthly payments, when relating to aggregate in-debtedness and not to individual purchases 5/15 942
Minimum payments on aggregate indebtedness, ruling on 5/29 1088Mining companies operating stores for sale of mer-
chandise to employees, wage assignments in con-nection with 9/10 1766
Mod ernization loans, letter to Prince Georges Bank andTrust Co., Hyattsville, Md., on effect of 10/23 2055
Morris Plan Company of Holyoke, answers to several ques-tions 1/13 46
Morris Plan Industrial Bank of New York, advised thatBoard does not favor amendment to permit theinitial payment on instalment loans to be de-
1/14 53ferred for 90 days
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421,1 L.
Board: (Continued)of Governors: (Continued)(Continued)Musical instruments, delivery of two or three in anti-
cipation of sale of one, deposit required onmost expensive
Down payment required only on most expensive ofthose taken out for selection
National Used Car Market Report, Inc., Chicago, Illi-nois, advised that Board will consider datasupporting requested additional designations
Nonconforming paper, Industrial Mortgage Co. of GrandRapids, Michigan, properly advised that purchaseof small loan company holding, would be viola-tion of
Nonpurpose loans, amendment regarding, being given con-sideration
Nonpurpose loans up to $1500, opinion of Mr. Brown thatinclusion of, in Amendment No. 4 was unjusti-fied, discussed at meeting of FAC with Board
Obligation of customer sold by registrant and additionalobligation entered into by same customer
Letter to Mr. Hodge re Libby Furniture and Linol-eum Co
Office of Price Administration, review of questions of
317Pages
10/26 2065
11/ 3 2112
3/24 550
2/12 247
3/23 539
5/18
11/12
11/30
964
2157
2244
policy under consideration by, in relation tochanges in Regulation
Oil burner, money borrowed in anticipation of taxes forpurchase of, by Union Free School District #7held not to be an extension of instalment
3/23 539
credit 1/24 117Open-book credits, discussion of applying some form of
restriction to 2/24 325-37Overdrafts in Macy's Bank, New York, treatment of 5/29 1088Overdrafts resulting from drawing of check not subject
to the regulation unless used as a means ofevasion 5/29 1088
Paint and glass sold to hotels used for transientguests, applicability of section 13a 9/30 1913
Pamphlet saying what "can" and "can't" be done under,suggestion of Northwestern National Bank andTrust Company, Minneapolis, Minnesota, thatBoard publish 5/22 1021
Pawn transaction in which pawnor is not under obliga-tion to repay pawn broker not subject to 6/ 5 1140
Payment of part of debt pursuant to agreement that suchpayment will satisfy entire debt does not renderremainder of debt uncollectible 6/27 1306
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Re •Maticms: (Continued)
13°ard of Governors: (Continued)W: (Continued)
Payments on credit sales of seasonalGoldbright, Jr. advised thating restriction of defermentgiven careful consideration
Pension and relief fund of employees of city of Bir-mingham, effect of Regulation on
Petroleum products, reply to Retail Merchants Credit As-sociation of Los Angeles, as to whether theyare listed articles
Restriction of retail credit sales of, directiveproposed by Petroleum Administration for War
Pianos, reply to Mr. Beasley of Valittle Music Company,Dallas, Texas, on effect of regulation
Restriction of credit to dampen demand, letter toSenator Connally on
Pool tables and equipment are included in Section 13(a)Porcelain, antique, classified as tableware designed
for household use even though regarded as workof art
Pre-September contracts, exceptions underPresident Roosevelt's anti-inflation message to Congress,
press statement of, relating to consumer creditcontrol read at Board meeting
Press statement regarding revision of, sent to FRBanksPrinciple for ruling on individual cases, not desirable
to give publicity to interpretationPrinting, upon adoption of Amendment No. 3 entire regu-
lation to be reprinted, FRBanks to advise Boardwhether they desire proofs or offset negatives
Printing and distribution of regulation and registrationstatements, letter to FRBank of Cleveland onsupply of
Production credit corporation, regulation applicable tosame extent as other lending agencies
PumPs, types of, not intended to be included in W-21Questionnaire prepared by Mr. Ransom in connection with
charge accounts, sent to FRBanksSupplementary question added
Questionnaire on nonpurpose loans sent to representa-tives of the trade and bank and finance com-panies, letter giving reasons for regulationof
goods, L. H.opinion regard-of, will be
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2/3 168
6/24 1276
6/18 12454/21 751
3/21 5343/24 549
4/6 640
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RegillationsBoard
: (Continued)of Governors: (Continued)(Continued)Questions presented by Mr. Woolley of Kansas City, dis-
cussion ofQuestions on single payment loans,
of regulation submitted byreply to Mr. Wallace
Rabaut, Congressman Louis C., reply to letter of, inwhich was enclosed a letter from Mr. Blood,advised of purpose of regulation and opinionthat little difficulty will be experiencedin returning to normal consumer credit terms
Radio, sale of, as advertised permissible under section6(j), letter sent to Mr. W. E. Carney and Bureauof Internal Revenuetwo-way transmitting and receiving unit for useon an aeroplane not included in Group C-10 ofSupplement
Radios, deposits required on demonstrators, CumberlandElectric Company cannot be excepted from provi-sions of Regulation
Railroad watches, letter to Mr. Harold P. Sutton onamendment No. 8 to Regulation
Records, definite policy regarding the retention of,being formulated, Statement of Borrower andStatement of Necessity should be retainedpending the establishments of time limits bythe Board
Records in connection with loans, question of preserva-tion of
Records and papers relating to credits, retention byregistrants
Refinancing of contract made prior to September 1,1941, and which has not been renewed, letterto Mr. and Mrs. Dale Kuhn
Registrant not required to act when payment is omittedor paid only in part, explanation to FRBank ofMinneapolis, copies sent to all FRBanks
Regis trant who moves from one FRDistrict to a town inanother, procedure covering, as suggested byFRBank of Kansas City approved
Registrant can delay making contract until date of de-livery, letter to Mr. Gilmore replying to thisand other questions
Registrants, letter to FRBanks for figures with re-spect to
Radio,
and on other partsFRBank of Richmond,
319Pages
7/ 9 1391
7/13 1415
2/25 355
1/7 23
2/21 314
10/26 2064
11/ 3 2112
5/6 872
7/29 1513
11/ 4 2116
11/23 2218
1/7 22
4/15 723
6/11 1190
11/12 2156
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: (Continued)of Governors: (Continued)(Continued)Registration, an organization registered in one dis-
trict which moves to another Federal Reservedistrict not required to register again
Registration statements:Instructions to FRBanks with regard to tabulation
of Registrants who do no instalment businessor business in listed articles
Reply to FRBank of Cleveland regarding questionsof refusal to file, incomplete answers, and en-forcement
Board has no objection to release by FRBank of Min-neapolis of summary data from, copy of releaserequested
Board has no objection to release of informationdeveloped from
Form for use by those solely making charge salesor single-payment loans
Request of Department of Justice for permissionfor investigator of Anti-trust Division to in-spect those of small loan companies
Remedial loans for repaying obligation held elsewhereRemodeling or rehabilitation projects as defense hous-
ing, letter to National Housing Agency for sup-ply of orders and forms
Renewal of loans, necessity of making curtailment uponrenewal
Renewal or revision of instalment credit, new interpre-tations suggested on effect of amendments toregulations on
Renewal or extension of single payment note, reply toquestion presented by Mr. Messinger of ToledoTrust Company
Renewal of note, provisions of section 7(c)(2) on ma-turity of
Renewals of single-payment loans made prior to May 6,are not subject to, in view of first sentenceof section 7(c)
Rental-purchase contract, transaction involving, con-stitutes a sale, reply to Messrs. T. R. andW. S. Freeman
Renting of furniture instead of selling it, letter fromMr. Cline on avoidance of regulation by prac-tice
320Pages
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1/10 38
3/9 440
3/10 459
3/20 518
7/15 1435
12/223/13
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6/18 1247
5/29 1088
6/27 1305
7/ 9 1390
9/30 1912
5/9 912
5/19 993
6/ 5 1141
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RegillationsBoard
W:
321Pages
: (Continued)of Governors: (Continued)(Continued)Residential building, does not include house boat or
trailer 6/29 1313Residential mortgage loans, plan to amend Executive Or-
der to regulate presented by Mr. Ransom 8/ 7 1586Residential property, repair and maintenance of, plan
of Vestern Electric Company of handling foremployees 12/15 2314
Restaurants and hotels, extension of credit for pur-chase of supplies for 6/ 1 1104
Restrictions on business, letter to Senator George onpurpose and scope of regulation 6/ 5 1142
Restrictions on business caused by regulation, letterto Senator Russell in reply to inquiries ofconstituents 6/ 5 1143
Restrictions of, letter to Mr. Ira A. leveller with opin-ion that people should not reduce payments onobligations or increase obligations in order topurchase war savings bonds 9/25 1885
Retail Credit Grantors of New England, reply to, regard-ing adoption of resolution asking that regula-tion be changed to permit the billing month todiffer from the calendar month 5/20 997
Retention of records in connection with, questionsraised by Peoples Pittsburgh Trust Co., Pitts-burgh, Pa. 9/21 1858
Reupholstering, reply to Lee Fabric Corporation, Cleve-land, Ohio, on provisions of regulation 6/16 1228
Interpretations to be published in FRBulletin 6/24 1277One third down payment on, when furniture requires
only 20 per cent, letter to Like-Nu Re-Uphol-stering Co. on 8/ 4 1549
Revisions following default on instalment payments, ex-planation to American Association of PersonalFinance Companies 1/14 51
Rogers Jewelry Co., Norfolk, Virginia, reply to regard-ing application of regulation to sales in chargeaccounts 5/20 999
Rugs and carpets, letter to Institute of Carpet Manu-facturers of America, Inc., on reasons why downpayment required is greater than that for fur-niture 9/ 3 1728
and clocks, reply to question of Mr. Brubaker re-garding 3/28 586
Rugs
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Nlaat.t_l_c)ris: (Continued)uuard of Governors: (Continued)
W: (Continued)Schedule of payments, reply to question of Mr. Butler,
of the Industrial Bank, St. Louis, regardingapproval of
Secretary's note, letter to Better Business Bureausas amended regarding the enforcement of
Section 4(d), requirements of, are met if Statement ofTransaction is given promptly to obligor, ir-respective of whether it is given by selleror by some other person
Procedure in connection with the sale of coupon
Section books in compliance with5, reprinting of, for enclosures with state-ments rendered customers, no objection byBoard
Section 6(b) refers to a loan to retire an obligationheld elsewhere whereas section 7(c)(1) refersto the renewal or extension of an obligationheld by the registrant
Section 8 as amended by Amendment No. 3, answers toquestion regarding provisions of, with refer-ence to instalments and consolidations
Section 8(a)(1) applicable in circumstances describedin letter from FRBank of San Francisco
Section 8(a) and (b), reply to Ir. Bisselle regardingrenewals and revisions
Section 9(d) words "permitted in the first instance"refer to period from date of original extensionof credit
Section 10(a)(2), reply to inquiry with respect toSection 13, list of articles covered bySections 5(f) and 8(f), explanation of, to FRBank of
Cleveland with regard to a Registrant makinga loan to a father to enable him to pay a pre-existing debt to his son
Security pledged for second loan cannot be used as se-curity for the first loan in the absence of aspreader clause or overlap agreement
Services, applicability of credit restrictions to es-tablishments that furnish, such as rentinglaundry linen
Shifting of date of first payment and of final maturityunder section 9(b), reply to State Street TrustCompany, Boston, Mass., regarding
322Pages
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Reyatj
Board : (Continued)of Governors: (Continued)(Continued)Shuffleboards ruled to be games equipment
Sales made by Modern-Art & National ShuffleboardCo. before advice of Board's classificationas listed article
Siding and roofing not exempt under regulationSilver-backed toiletware, opinion of Board that it is
included in Group A-32 of sec. 13(a)Silverware and dinnerware, reply to inquiry of New
England Home Equipment Company with respect toinstalment sales
Single-payment loans made prior to May 6, 1942, renewalsand revisions of, not prohibited
Single-payment loan limited to credits in form of loanSingle-payment loans, answer to certain questions
raised by Topeka Chapter of American Instituteof Banking
Single-payment loan, effect of agreement with customerregarding periodic renewals and reductions
Single-payment loans covered by sections 7(a) and7(h) of regulation
Small loans lenders, Mr. Brantley advised that regula-tion of, is not intended by, and should beregulated by State
Spot-checking for the purpose of disclosing violationsof, desirability of, discussed at meeting ofthe Presidents with the Board
Spritz Credit Department Store of Cincinnati, advisedthat the sale of a listed article in a chargeaccount with the understanding that the creditwill later be converted to an instalment basisis prohibited
State small loan supervisors, list of those willing tocooperate with Board in enforcement program
State Street Trust Company, Boston, Mass., reply toquestion involving Section 9(h) regarding shift-ing of date of first payment and of final ma-turity
Statement of Borrower:FRBank of San Francisco advised that they should be
retained for a reasonable timeForm, no objection by Board to changes proposed in,
by National City Bank of New York
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4/13 712
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2/10 234
1/21 94
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324Pages
Regtaat.(Continued)
'uard of Governors: (Continued)(Continued)Statement of Borrower: (Continued)
Required in connection with loan proposed by Gov-ernment Fmployees Finance Corporation unlessit is a renewal or revision 2/27 378
F.R. 564, list of articles on back of, rendered in-complete by Amendment No. 3, suggestion that ad-ditional items be added by rubber stamp or otherconvenient method 3/20 517
Consideration to be given suggestions regarding,when statement is again revised, reply to otherquestions submitted by FRBank of Minneapolis 3/26 568
F.R. 564 not suitable for use following revisionof regulation, changes to be made in, pendingpreparation of new form which will be imme-diately forwarded to all FRBanks 5/ 5 864
New specimen form, F.R. 564-a, transmitted to FRBanksfor use in connection with regulation as re-vised, FRBanks advised that with certain changesuse of the old form may be continued until July31, instructions for printing and distributionincluded 5/11 916
Inapplicable to loans exempted by section 8 5/18 976Not required for loans exempted by section 8 5/20 998Use of old form 564 by financial institutions in
Richmond District opposed by Board 7/29 1514Loan obtained from Peoples Bank of Cumberland, Md.,
inadequate statement for which loan is to beused 8/ 7 1590
Preservation of, reply to inquiry of Household Fi-nance Corporation 9/14 1806
Statement of Necessity to Prevent Undue Hardship,F. R. 565, use of, to be continued in connectionwith regulation as amended, certain changesnecessary in some cases pointed out, requestfor suggestions included in letter to FRBanks 5/11 916
Letter to FRBank of San Francisco on deletion ofword "instalment" in form pending revision 7/31 1528
Statement of Transaction, requirements of section 4(d)regarding, are met if the statement is givenpromptly to obligor, irrespective of whetherit is given by seller or by some other person
tatistical and research work in the field of consumercredit, Mr. Ransom authorized to confer with Mr.
5/ 9 913
Taylor in regard to the Board taking over fromthe Department of Commerce 5/19 979
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RegLaat',_ (Continued)l'oard of Governors: (Continued)
W: (Continued)
325Pages
Statistics reports on, letter to American Bankers Asso-
ciation regarding transfer to Board, requestfor list of reporting banks, procedure and form
of report outlined 2/ 4 187
FRBanks advised of transfer 2/ 4 188Sterling silverware, should be included, opinion of
Board 2/24 339Stokers, credit to finance installation not exempted if
same kind of coal is to be used 9/ 3 1727Stokers installed in connection with change of fuel, if
coal cannot be hand-fired stoker comes withinexception 9/ 9 1762
Stokers, maximum net heat output as well as designshould be basis for test of application of reg-
ulation, explanation to FRBank of Minneapolis 1/ 1 2Stokers, purchase by person changing from hand-fired
soft coal lump to soft coal screenings is ex-empt 9/12 1792
Stokers and coal loans, reply to Morris Plan BankersAssociation, Washington, D. C., regarding ap-plication of regulation to 5/19 993
Stove with more than 7 heating surfaces, advertisementof, brought to Board's attention, reply thatBoard is aware that classification is unsatis-factory and would appreciate suggestions forchanges 1/ 1 4tt,
oummer Plan" for modernization loans in connectionwith Federal Housing Act no longer permissible,letter advising Mr. Goldbright of the Heatingand Plumbing Corporation, New York City 3/28 586
Supplemental loans made under Bankhead-Jones Farm TenantAct are exempt under section 6(a), letter to De-partment of Agriculture 1/15 57
Taxes, money borrowed by Union Free School District #7in anticipation of, for purchase of oil burner,held not to be an extension of instalment credit 1/24 117
Taxi being purchased on instalment, title inadvertentlyrestored to vendor, may be returned to vendeeand contract reinstated without down payment 1/30 154
Tenth day falls on Sunday, payment is made on next day 12/ 1 2254Term loans, amendment regarding being given considera-
tion 3/23 539Toys and children's games, application to credit sales
of 11/13 2166To-s as listed articles including games designed for
use by adults and those for use by children 11/18 2195
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Re 8111.tions: (Continued)80ard of Governors: (Continued)
(Continue()Toys and games, application to credit sales ofTrade, conference of Eoard with representatives of, au-
thorization of employment of a stenographerfrom Hart s?„: Dice to report
11/25
3/12
326Pages
2230
07Trade-in may be used to reduce deferred balance due on
purchase of an automobile, subject to section4(d) and requirement that no monthly instal-ment may be omitted 3/ 6 432
Transfer of equity in listed articles 7/11 1408TYpes of loans exempt from requirements of regulation 6/10 1182Uniforms, down payment of 1/3 necessary under regula-
tion, reply to letter of Bourgeois & Harris,Atlantic City, J. 8/ 8 1594
Union Free School District r'7, Corinth, 'Jew or:, pur-chase of oil burner, money borrowed for, in an-ticipation of taxes not held to he an extensionof instalment credit 1/2i, 117
Union Pacific Coal Company, furnishing of houses com-plete with furniture to workmen discussed 7/17 150
United Roofing Contractors Association, appreciation ofpassing resolution at Annual Convention of 14/8 59
Advised that certain sections of former letter fromthe Board to, have been changed by AmendmentNo. 3, but that other sections are still cor-rect and may he quoted if desired 5/ 6 783
Unlisted articles, reply to Glendale Merchants Associa-tion, Ltd., Glendale, Calif., questions relat-ing to 5/29 1091
Upholstery includes yard goods and pricing includes in-stallation charges 5/19 992
UPholstery, meaning and application under Board's let-ter 2-492-a 6/12 1203
Used cars, discussion of market for, view of Office ofPrice Administration that maximum maturity berestricted from 13 to 15 months
Utica Provident Loan Association, Inc., Utica, New2/24 330
York, advised of reasons for fifteen months'maturity provisions 5/ 11 c',42
Utility companies, sale of water, gas, and electricitytakes place on date meter is read 6/ 3 1131
u.l.ox Rapid Printer manufactured by the Lastman KodakCompany not to be classified as an enlarger
Venetian blinds included in Group E items subject toregulation
4/13 710
3/16 1197
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1141tions: (Continued)Board of Governors: (Continued)
W: (Continued)Violations:
327Pages
Advertisement by store in Rochester in connection
with charge salesAutomobile dealer, no objection by Board to the
obtaining by the FRBank of St. Louis of sworn
statements from purchasersClark Brothers Furniture Company of Chattanooga,
Tenn., procedure under consideration
Order to be issued to close stores for one week
Telegram that Board insists on full week's clos-
ing as minimum penaltyOrder suspending license
Consumers Home Equipment Company of Detroit, Mich.,
procedure under considerationCorrespondence with Assistant Attorney General on
plan involving misrepresentations, sent to
FRBank of Kansas CityMBank of San Francisco advised to handle in accord-
ance with policy outlined in Board's letter
8/22
5/16
7/3011/ 3
11/ 511/ 9
7/30
7/25
1661
949
15172103
21242134
1517
1484
3-368 2/20 306
Koppers Stores, Inc., in regard to the use of scrip
which is not redeemed daily 5/19 991
Letter to Mr. Hale on treatment of case of PaulLowrey 6/ 2 1109
Program to secure compliance with regulation, let-
ter to Assistant Attorney General transmitted,
copies of program 5/28 1078
Report of investigation of certain cases, reply to
letter of Mr. Raisty, FRBank of Atlanta 8/19 1637
Transactions described by Mr. Shapiro, would be in
violation of regulation 1/31 162
Warren, Keith F., advised that regulation was designed
to discourage unwise borrowing and not prohibit
instalment buying generallyWatches, preference not to be given trainmen for pur-
1/16 77
chase ofhatches, payment plans on, suggested by Baltimore and
2/24 339
Ohio Railroad Company permissible under 4/ 6 641W under Watches, purchase by railroad employees, status der 6/ 5 1142
Viatches, plan of Southern Pacific Railroad Company to
meet problem 6/18 1247
Watches, purchased by railroad employees, letter to Mr.
Stroud on 6/22 1266
Notches, railroad, action that might be taken pending
adoption of amendment 7/31 1525
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ta-
i (Continued)
Beard of Governors: (Continued)W: (Continued)
Water heaters, letter of Board
81'anch
328Pages
regarding, not to begiven general circulation in view of letterfrom FRBank of Philadelphia in respect to ex-perience with 3/13 490
"Wearing apparel", Board in agreement with definitionof, by the FRBank of San Francisco 5/13 928
Wind electric plants, reply to Jacobs Wind ElectricCompany regarding application of the Regulationto 3/27 582
Windmills to be included in classification "waterpumps designed for household use" despitepriority status 2/2 164
Written statements, necessity for, under section 4(f)explanation to the Cumberland Maytag Company 1/21 94
Y.M.C.A. exempted under Sec. 8(1) of 6/29 1319Zenoff Motors advised that Board agrees with FRBank of
Chicago in connection with a plan for the saleof used automobiles
banks, revision to provide for viceofficer to be in charge of
Buren- managing director
president or otherbranch in place of
'u of Internal Revenue, taxation of stockamendment relating to
dividends as in-Direc come,
tOr of Economic Stabilization Board, effect on salary in-creases of officers and employees of FRBanks
lle and Memphis Clearing House Associations, changes inrules and regulations on par clearance of
Natio checksnal War Labor Board, bulletin number one regarding payment
O e ffic _ of supplemental compensation or allowancesof War Information, policy and procedure in connection
with, letter to Mr. Davis designating Mr.Elliott Thurston to act as representative ofBoard to cooperate with
wwctized Government Travel, amendment to certain provisionsof
;,..ry Department:1113ank notes, amendment to permit pledge of Government se-
curities with FRAgent as securityIndustrial loans, liberalization of provisions regarding
losses discussed at meeting with PresidentsAmendment suggested to comply with recent Executive Or-
der on guaranteeing loans
5/6 873
11/20 2210
2/12 249
10/28 2076
2/16 278
11/ 6 2128
7/25 1485
11/ 4 2115
12/16 2325
3/2 385
3/26 560
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Regtaat.T 1°11s: (Continued)reasury Department: (Continued)
Industrial loans: (Continued)Proposal of Board that funds be furnished directly to
Rel t* FRBanks by TreasurysvAv._ a h dealers in securities:'11drilent to Regulation R to permit officers of investment com-
panies to serve also member banks suggested,
zens not considered desirable at presentSavings Bank, Providence, Rhode Island, to be advised
that an exception to Section 32 of Banking Act
of 1933 cannot be made for trustees of a mutualsavings bankCom
monwealth Investment Co., sec. 32 applicable to, becauseopen-end investment company
Interlockinc, relationships between member banks and open-endinvestment companies, letter to Mr. Paddock
on views expressed in his letter and one fromMr. Charles E. Spencer, Jr. but regulation not
Melliber ban,K s to be amendedand open-end investment companies, letter to Mr.
4/ 1
3/ 6
3/ 9
10/28
10/17
329Pages
607
432
436
2080
2037
Jaretzi that Board should not amend Regulation
Misn.11 R to exempt interlocking relationships 9/ 4 1731---4-Laneous:Egner, Carl, cannot lawfully continue to serve as director
of national bank while associated as partnerof Clark Dodge & Co., N. Y. 7/14 1422
*el's, L. R., applicability discussed in connection with
Nor admission of bank to membership 4/13 708
th American Investment Corporation, applicability ofSec. 32 of Banking Act of 1933 10/28 2080
Request for reconsideration of applicability of sec. 32
0 to, Board adheres to previous rulingsPen-end investment companies, letter to FRBanks on admin-
istration of Regulation R in connection with 9/22 1863Letter to Mr. Wagner on request for issuance of general
regulation to permit service of member banksunder Sec. 32 of Banking Act of 1933 12/16 2323
11 RailwaY and Light Securities Company, not subject to provi-Ports: sions of sec. 32 12/29 2402
Affiliates:Bank of
11/25 2230
America N.T. and S.A., letter advising that Boarddoes not consider holding company affiliate re-lationship with Transamerica Corporation asterminated, and that Board is without authorityto waive filing of reports of affiliates 1/22 101
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330Pages
Report •,,.e• (Continued)4rfiliates: (Continued)
Bank of America: (Continued)Copies to be sent to Messrs. Clerk and Crowley, and the
Comptroller of the CurrencyDel Rio Bank & Trust Company, Del Rio, Texas, attention to
be called to definition of affiliates in connec-tion with Val Verde Wool & Mohair Company
First Securities Corporation of Syracuse, New York, reporton F.R. L37 requested, despite fact it has onlya limited voting permit
First Trust and Savings Bank of Pasadena, Calif., time ex-tended for filing of reports of
Peoples-Pittsburgh Trust Company, Pittsburgh, Penn., publi-cation of report of Hotel Conneaut at Conneaut
1/22
4/9
1/7
4/21
105
664
21
749
Lake waived, but report should be rendered at
Barv, A next call if affiliation still existsA otebits, suggestion and form for reporting on monthly basis
rather than weekly transmitted to FRBanks forcomments and suggestions
5/13
1/23
928
112Instructions to FRBanks for reporting on monthly basis
Setterrather than weekly 3/26 569Business Bureaus, relationships with FRSystem, report
sent to FRBanks, conference to be arranged 3/11 468FRBanks requested to submit comments and suggestions, con-
ference to be avoided by submission of plan byBoard
Utility Company, Billings, Montana, report in connec-tion with the application of, for a loan fromthe FRBank of Minneapolis, letter to SenatorB. K. Wheeler advising that report cannot bereleased because of its confidential nature andrelation to pending litigation
Letter to Representative O'Connor and Senators Wheeler and
Colored'u
Murray explaining reasons more fullyemployees employed by Board, report submitted at re-
quest of War Man Power Commission and similarreports to be submitted every four months
u.wer credit statistics, letter to American Bankers Associa-tion regarding transfer to Board, request forlist of reporting banks, procedure and form of
3/27
5/ 4
5/20
9/12
576
844
1001
1788
FRB report outlinedT_ rms advised of transfer
2/42/4
187188
L,ruct1ons for submission of reports transmitted toCtzrre FRBanks
ncY, held in liquid form by State and local governments,FRBanks requested to report amount of
3/5
1/5
419
15
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RePor ts: (Continued)us tComers debit balances of more than 5,000,000, list of New
York Stock Exchange firms which are to continue
filing monthly reportsEnf
orcement of Regulation W, report on, sent to FRBanks, confer-
ence to be arranged to consider questionPRBanks requested to submit comments and suggestions, plan
of enforcement to be submitted by Board to avoid
False necessity of having conferencereports, letter to Congressman Lea, advising that Board
feels that banks and holding company affiliatesshould be exempted from proposed section 17(c)of amendments to Securities Act of 1933, regard-ing
Punct ional Expense, manual governing the preparation of, sent toFRBanks, changes involving reimbursement for ex-penses incurred in making war loans
Sim-pl • ification of, and discontinuance of certain portionsdiscussed at meeting with Presidents
Group clearing of checks outside FRBank and branch cities andarrangements with local clearing house associa-tions to be made every three years
Information on financial ability of ship repair and buildingyards furnished by FRBanks to Navy, request byBoard that information also be reported toBoard
InsUrance, joint report on, by Insurance Plan Committee andStanding Committee on Insurance, accepted byPresidents' Conference and to be recommendedto the board of directors of each FRBank
Report approved by a majority of FRBank boards of directors,plan for self-insurance now being prepared by
Loan,, the two committees'' commercial and industrial, proposed form for monthly
reports on, by member banks approved, to be
Request for sent to FRBanks for comments and suggestionsreports reconsidered and approved with letter
New 4 to FRBanksustrial and commercial loans made by member banks, memo
331Pages
9/ 8 1751
3/11 468
3/27 576
1/30 155
5/ 4 842
9/29 1903
12/23 2376
1/22 107
3/2 392
5/8 908
2/6 200
2/6 206
by Mr. Goldenweiser on procedure for reportingapproved 4/1 609
Pay ;!;"' FR 574-A and 574-B for reporting, sent to FRBanks 4/1 611--L4- savings plan for purchase of bonds, telegram to FRBanks
ecin on reporting information 12/14 2312,rocal bank balances, proposed procedure for reporting,
agreeable to Comptroller, no change to be madeon the face of the report and the form of pub-lished statement 5/11 921
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1114)()rts: (Continued)8* 2146, 2147, and 2148, letter to Senator Wagner amending Home
Owners Loan Act, etc., and opposing enactmentS. 2250, Murray bill, to mobilize small business for war pur-
poses, submission of report to Senate Bankingand Currency Committee discussed, to be clearedwith Budget Bureau as proposal by Mr. Ecclesmay be substituted
8. 2565 to amend sections 12A and 19 of FRAct, letter to Senator
Vial% l Wagner favoring enactmentoans, pending discussion with War Department of type of
332Pages
3/27 583
2/17 290
6/17 1239
reports desired, reports may be made on FR
577PRBanks advised of kind of reports Board wishes to receive
on, with respect to outstanding loans guaranteedby FRBanks, Forms FR 579 and 577 enclosed withproper instructions
Ine and scope of those to be submitted in addition to reg-tar ular report formSa vings Program, monthly reports of liaison officers of
FRBanks need no longer be submittedand ntral reserve cities:Chi ca cec
go, discontinuance as central reserve city opposed by Fed-eral Advisory Council
sk-ussion at meeting of executive committee of Federal Ad-visory Council with Board as to whether shouldbe included with New York as central reservecityReduction in required reserves of member banks discussed atmeeting with executive committee of Federal Ad-
Corre visory Councilspondent balances, discussion as to Reserve Bank cities in
4/17
5/2
6/30
6/18
5/18
6/ 3
7/ 1
738
838
1324
1248
961
1113
1330
which they should be placed, at meeting of ex-ecutive committee of Federal Advisory Council
New y..., wlth Boarddiscontinuance as central reserve city opposed by Fed-
eral Advisory Council133-11toRed_ . amend FRAct to change reserve requirements in'4ction in required reserves of member banks discussed at
meeting with executive committee of Federal Ad-visory Council
cillirements of Section 19 of FRAct, proposed amendment to per-mit changes in reserve requirements of centralreserve city banks independently of the require-ments for reserve city banks and eliminate theprovision that no bank shall make new loansor pay dividends while its reserves are defi-cient
3/12 472
5/18 9616/ 3 1113
7/ 1 1330
5/19 982
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333Pages
Reserve Board Club:It3rd ings, Jeanne, to be employed as attendant in recreation
room, contributions to be made by Board to
ReServ_ Club for salary of 2/12 243Rese, position of member banks, discussed by Mr. Thomas
'etvne9/11 1779
requirements:,u_ange at present time opposed by Federal Advisory Council 8/ 5 1556'verrunent securities, investment of as many nonbank funds as
Re
As8essment
ta4nce in
Bank
Inflation,
PrOVieions
rites:ker.;
possible in, prior to making a reduction in,considered at meeting of Board with the execu-tive committee of the Federal Advisory Council
effect on, of lowering reserve requirements, dis-cussed at meeting of the Federal AdvisoryCouncil executive committee with the Board
of H.R. 7158 to amend FRAct to change those in cen-tral reserve cities discussed at meeting ofFederal Advisory Council with Board
.4- an National Bank of Jacksonville, Fla., permission toSouth Side Bank of Jacksonville to carry re-serves required of banks in outlying districtsupon conversion of nonmember bank into na-tional bank
of penalties for deficient, suggestion that theynot be made, discussed at meeting of FederalAdvisory Council with Board
differential account set up from purchase of in-stalment paper, statement to be published in
Of AMerica
4/9 673
4/9 675
6/ 3 1113
10/26 2063
11/16 2182
FRBulletin 3/24 551National Trust & Savings Association, questionas to whether differential account in connec-tion with contracts for instalment paper con-stitutes deposit liability against which re-serves must be carried, question to be submit-
Le+ ted to FDIC and another FRBank'ter to FDICLetCentr t er to Mr. Sproul, FRBank of New York'4- reserve cities, proposed amendment to law to authorize
Board to change reserve requirements in, or re-
1/81/81/8
262728
serve citiesReduction
5/18 961in requirements of member banks, report of Mr.
Ransom on telephone call from Mr. Sproul, ac-
0 Amendm tion postponed until meeting on September 11elatral ent to supplement of Regulation D approved
reserve city banks, statement for publication in FRBul-letin
9/ 99/11
8/25
17541782
1682
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4840',.7s: (Continued)"Icago City Bank and Trust Company, Chicago, Illinois, permis-
sion granted to maintain the same reserves
against deposits as are required to be main-
tained by reserve city banksComputation on weekly instead of semi-weekly basis, proposed
amendment to Regulation DDeductions for social security taxes as deposits, statement or-
Deficient: dered published in FRBulletin
Amendment to FRAct: (See infra FRAct)Penalty waived, First National Bank of Paris, TexasWaiver of penalties incurred by member banks in Dallas dis-
trict for first half of AugustDifferential account set up in connection with contract for
purchase of instalment paper by Bank ofAmerica, N.T. & S.A. as deposit liabilityagainst which reserves must be carriedDisc .
Ussion by Messrs. Stewart, Viner, and Haas with Mr. Golden-
4cess: weiser and other members of Board's staff
Availability of Treasury bills to be brought to attentionof banks with
Furnishing of names of member banks to Victory Fund Commit-tee, telegram to FRBanks
Informtiaon requested from FRBanks by Treasury in telegram
ember sent without knowledge of Board
ber banks in central reserve cities, request of Mr.
0 • Bell on information of volume ofPinion of conference held by Secretary of Treasury that
larger amounts should be in hands of banks
Net, during financing periodamendment proposed to repeal prohibition against member
banks paying dividends or making loans while re-
serves are deficient, Board to retain power toprescribe penalties for deficiencies, discussion
Me at meeting of Board with Presidentsmorandum distributed at meeting of Board with Federal Ad-
visory Council to be given considerationSection 19, amendment proposed to authorize Board to change
reserve requirements for member banks in cen-tral reserve cities
-ment suggested that bank not make new loans or pay
Proo—s dividends while reserves are deficient
_,u0ea amendment discussed--Iseussed at meeting with executive committee of Federal Ad-
Amefa- visory Council11,,uent to be published in FRBulletin
334Pages
3/23 544
2/17 285
5/25 10/1,2
2/2 163
9/22 1862
2/21 310
11/11
5/18
2147
960
7/ 8 1384
12/ 8 2287
9/15 1811
11/11 210
2/3 182
2/16 273
2/27 373
5/18 9635/19 982
6/ 3 11157/21 1468
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Res „-%:Iss: (Continued)rIrst National Bank of Paris, Texas, penalty for deficient,
Induwaivedstrial advances and commitments of FRBanks, certain FRBanksto set aside for estimated losses
Lowering ofring of requirements and increase of excess reserves dis-cussed at meeting of Federal Advisory Council
Member banks: with Board
Central reserve cities, amendment to section 19 of FRAct toauthorize Board of Governors to change, letterto Senator Wagner favoring enactment of bill
Amendment to Regulation D to reducem ,issuance of FRbank notes to provide additionalone
market, reserve situation in, and effect on future market
2/ 2
12/24
11/16
6/1710/ 211/20
335Pages
163
2382
2180
123919292210
issues of the Treasury, discussed at meetingof executive committee of Federal AdvisoryCouncil with Board
Reduction not favored at present time, discussion at meeting ofBoard with Federal Advisory Council
Reduction in central reserve cities, discussed by FederalAdvisory Council and opinion of Mr. McKee thatall reserve requirements for all banks should bereducedAm
endment to supplement to Regulation D adoptedReduction should apply to country as a whole instead of only
to central reserve city banks, opinion expressedat meeting of executive committee with Federal
Mee • Advisory CouncilMeet. called to discuss further action, adjourned because
Chairman Eccles unable to attendegtile.ti°n 1), amendment proposed to permit member banks in
central reserve cities or in cities in whicha FRBank or branch is located to compute re-serves on a weekly basis, FRBanks requested tosubmit comments, if reaction is favorable staff
3/12
5/18
7/ 18/ 6
10/ 7
11/14
471
961
13301568
1962
2171
to prepare press release and an appropriateamendment
Allienciment2/17 285
adopted to permit member banks in central reservecities or in cities in which a FRBank orbranch is located to compute reserves on aweekly basis 2/17 312
pRu.':11-ar letter to FRBanks containing press release 2/21 314'nks advised that amendment is to be effective on computa-
tion period beginning February 28es outside central reserve cities, request of Treasury for
2/26 358
11"°1uti study of distribution of excess 9/15 1811-°a adopted by Federal Advisory Council that reserve re-
quirements should remain stable, unless a changeis clearly required, opinion that at presentthere is no need for change 2/16 261Digitized for FRASER
http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Reserve (Continued)
geeolution adopted: (Continued)Discussion of resolution by Board with Federal Advisory
Council with regard to Treasury financingCopy of resolution to be sent to TreasuryRet irement System, memorandum of Mr. Szymczak on plan of pay-
336Pages
2/16 261-32/27 363
ments necessary to place on sound actuarial
basisSollth r1,-;---,cago Savings Bank, Chicago, Illinois, granted permis-
sion to maintain same reserves against deposits
Surnm., as required of reserve city banks17 statements for various classes of member banks to be
Trie furnished to Board-surY bills deducted from deposits in computation of, dis-
Unive- . cussed with Federal Advisory Council'slt.7 State Bank, Houston, Texas, permission to maintain
same reserves against demand and time depositsas are required to be maintained by member banks
War in central reserve or reserve citiesloam d'-oan deposit accounts, banks unwilling to open because of
maintenance of reserves onIve2r0p0se1 amendment to FRAct to exempt from requirements'4-L7 reserve computation period for all central reserve and
12/21
5/30
9/17
11/16
2/17
12/ 112/ 8
2350
1096
1827
2181
287
22472284
rtem reserve city banks, FRBanks advised of approval
-'enatione. of Board and effective date ofAcker •Ali ,rnan, Stephen, as guard, accepted
wine, Mrs. Ruth Dewey, clerk-typist in Division of Research
3/2
6/29
402
1315
Ander and Statistics, acceptedson, A. June, clerk stenographer, Division of Research and
10/27 2071
Araol, Statistics, accepted 6/10 1179James W., elevator operator, accepted
l'Sr, Clarence W., as director of Detroit Branch to assumeduties as director of FRBank of Chicago
12/19
11/12
2342
2153"44) Mrs. Beatrice S., clerk in Division of Research and
8arteit Statistics, accepted 8/10 1598Beaa. 2 Betty, stenographer in Office of Mr. Draper, accepted 12/30 2406
I Anne, as statistical clerk in Division of Security Loans,8eci— accepted 2/5 193Ber7,.Herbert E., guard, accepted 11/14 2169
°11ni, Josephine F., as clerk in Division of Research andStatistics, accepted 6/15 1216
Bonnie Beth, clerk-stenographer in Division of Research
8c3gart, and Statistics, accepted 9/25 1882
Vincent L., as supply clerk in Secretary's Office ac-
8°°rst cepted 4/2 614e-n, Edward, resignation as junior economist accepted 3/27 573
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ReR.ons: (Continued)
BMInsdorf, Florence, as stenographer in Secretary's Office,
Br acceptediscoe, Dolph, as director of San Antonio Branch to become
Brod Class C director of FRBank of Dallasp e_Ll, Albert P., Jr., as page accepted-radley, Philip E., resignation as assistant chief in Division
Bro of Security Loans acceptedwn, Arch B., senior clerk in Division of Examinations, ac-
BrithA cepted--kage, Dean E., as page and reimbursement for unearned sick
1311411.6a and annual leave waived-n, Ethelda M., resignation as assistant private secretary
in the Office of Mr. Szymczak, acceptedEdwin C., as plumber, accepted
c:TPi°n, James H., Jr., as elevator operator, acceptedchir°11, Mrs. Alene D., charwoman, acceptedcol lester, Sidnor T., Jr., resignation as page, accepted
'Ler, Mrs. Margaret J., clerk-stenographer in Division of
Cook, Ed
Research and Statistics, accepted00110. ward, laborer, accepted
Lenwood, page in Secretary's Office, accepted--'s) Mrs. Catherine M., clerk in Division of Research and
Statistics, accepted and refund to be madefor advanced sick leave grantedCl'ane D.
' -lnar, as guard to enter military service accepted and
Crav, letter of explanation on temporary employment'118, Kenton R., as Administrator of War Loans Committee,
Crawf acceptedJames D., accepted as guard, and grant of leave for
Ounni military service rescindedngham, Alex, as director of Helena Branch to enter military
Dearbo serviceDepe,J11, Hamilton Q., resignation as junior economist accepted
-"Jr°ck, Mrs. Barbara, as draftsman in the Division of Re-
search and Statistics, acceptedbDiozrzill'Itt:l M., guard, accepted
chauffeur, acceptedEahenn!,) Amy L., as stenographer in Counsel's Office, accepted
Mary Elizabeth, charwoman in Secretary's Office, ac-
tarni. 4 ceptedg physicians:
Pree'aughton, A. D., Alternate Medical Examiner, approvedProsrn4 Mrs. Rose S. clerk in Secretary's Office, accepted
) rrederick L., as messenger in Office of Governor Szym,czak accepted
337Pages
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1/16 77
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9/16 1821
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5/18 97311/ 9 21336/22 12633/28 585
7/16 1441
8/17 162711/30 2242
10/ 5 1943
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Resignations: (Continued)Gallagher, Mrs. Nadine L., stenographer in Counsel's Office,
Glaz. acceptedfl ler, William H., as economic assistant, accepted''°m°r1) Jeanne M., as clerk in Division of Research and Statis-
Gree„ tics, accepted') u1W, senior economist in Division of Research and Sta-
Grim tistics, acceptedes, Prank H., Jr., as voucher clerk in Secretary's Office,
Haig acceptedS. Julia, clerk-stenographer in Division of Research
and Statistics, acceptedHall, Har Joan, stenographer in Counsel's Office, acceptedriHill s, Joseph P., Jr., guard in Secretary's Office, accepted, Gretchen, clerk in Division of Research and Statistics,
HizsonacceptedHolt "" H. guard, accepted
suerg, Marilyn S., as junior file clerk in Secretary's
11°Aki Office, acceptedHow n3, Julia B., Assistant FRExaminer, acceptedH111;rd, Thomas P., as FRExaminer, acceptedbb
d,
Carol, clerk in Division of Research and Statistics,
Hummer, accepted-r) Mrs. Lucy F., as stenographer in the Office of Mr. Draper
JarvenPa, Mrs.
487.1George,
jjZs) Lau Statistics
rence H., as FRExaminer, accepteds' Mrs. Nancy Kengla, as law clerk in Counsel's Office, ac-
cepted(3n, Milton K., as stenographer in Division of Examinations
Kaisft. acceptedPhilip M., as junior economist in Division of Research
4114_ and Statistics, acceptedHelen Jean, clerk-stenographer in Division of Research
Kind].eber and Statistics, accepted
ger, Charles P., as Associate Economist in DivisionKirki of Research and Statistics, accepted
and, Rexford, senior operator, duplicating devices, Sec-Lars retary's Office, accepted
Esther H., as clerk in Division of Research and Sta-Lars° tistics, accepted
n, Jefferson J., resignation as page in Secretary's Of-
Of fice, acceptedabsence of employees of Board, procedure when odd
amount is less or more than 1/2 day
acceptedAili L., clerk-stenographer, Division of BankOperations, accepted and amount of unearnedleave to be deducted from salary checkJunior Economist in Division of Research and
338Pages
6/25 12791/30 147
1/5 11
11/23 2217
1/21 93
11/ 3 21059/ 2 17196/ 2 1108
7/166/10
1/138/128/ 1
7/28
3/28
11/19
6/ 69/16
7/13
3/11
1/22
11/ 5
8/ 7
9/15
4/25
5/28
11/ 3
14421179
4516071534
1508
585
2199
11511821
1411
461
106
2122
1589
1815
762
1073
2105
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339Pages
Resio,,,r",!610ns: (Continued)
Lewis, Leon A., as clerk in Secretary's Office, accepted 1/21 93Frank J., Chairman and FRAgent at FRBank of Chicago, ac-
L. Accepted
cepted effective July 1 6/ 1 11066/26 1291
lchtash, Ben S., economic assistant in Division of Research
Lisc,h1 and Statistics, accepted 11/ 5 2122---nsKY, Mrs. Melva, as clerk-stenographer in Division of
Research and Statistics, accepted 2/17 291'ars. Charlotte, junior file clerk, accepted 12/23 2370waiter H., as Class C director at FRBank of Cleveland 8/ 6 1570
Lockhart, Mrs. Frederica R., secretary to Mr. Cravens, ac-
Lovir., cepted 9/ 3 1723uorothy L., telephone operator, accepted 7/15 1428
'cKadoo, Mrs. Elizabeth F., as economic assistant in Division
Mann, Mof Research and Statistics
-rs. Sadie M., as charwoman, accepted 97N tInMrs. Mary B., charwoman, accepted 12/ 3 2261Mart1,
Dora W., clerk in Division of Bank Operations of Board
ble00, of Governors, accepted 6/ 4 1133La-Ld, Patricia A., as clerk in Division of Research and Sta-
tIcLe . tistics, accepted 3/ 3 407nlghan , Mrs. Wanda G., secretary to Governor Szymczak, ac-
cepted 12/10 2297Bernadine M., junior file clerk, accepted 11/ 2 2099
ziarla, Mrs. Mary, charwoman, accepted 8/11 1601es, aldred C., clerk in Division of Bank Operations, ac-
cepted 11/27 2233tlit,h',uames V., Jr., guard, accepted 11/28 2237
''" e-11, Charlotte N., as stenographer, accepted 4/15 720Litt 'etion of Board in accepting, rescinded 5/12 924
chell, tars. Margaret, clerk in Division of Research and Sta-MO on , tistics, accepted 12/ 4 2267' -4rs. Lida Sloan, leave without pay discontinued, resigna-
tion to be effective at end of accrued annualleave accepted
Former action of Board amended and resignation of, not toNewell be accepted until a later dateRicki ' George B., as page in Secretary's Office, accepted
Lynda, clerk in Division of Research and Statistics, ac-No e cepted
n, Leonard A., as guard, acceptedlen, Mrs. Bernice, file clerk in Secretary's Office, ac-
ceptedPaul Iler, Charles S., clerk in Secretary's Office, acceptedPeak' Randolp h, class C, FRBank of New York, accepted
e3 Donald E., as chauffeur, accepted
2/3 166
2/23 3175/29 1084
7/14 14204/13 707
7/16 144112/10 22978/13 16121/28 135
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Resi
340Pages
gnations: (Continued)pPl..1111iPs, Howard, director of Jacksonville Branch, accepted 4/18 744pinn, William E., as messenger in Secretary's Office, accepted 3/11 461c)wer, Reginald C., junior operator (duplicating devices),
acceptedPjles, Mrs. Adelia G., as charwoman, acceptedRandall, Mrs. Alice, clerk in Division of Research and Sta-
Reerl rtistics, accepted
Lewis S., as Class A, at FRBank of Boston, special elec-
tion to be held to choose successornsch, Pauline, economic assistant in Division of Research
Rhoda and Statistics, acceptedS. Isabelle N., as clerk in Division of Research and
Statistics, acceptedChard
Statistics,James E., as elevator operator, accepted
Winfield W., Class C director at Philadelphia, because
RilitiseY duties require presence in England
, Elizabeth V., clerk in Division of Research and Sta-
Rtulai tistics, accepted---tue, Helen Roberta, clerk in Division of Research and
Sadie Statistics, accepted96%158 1R3Sai A 4..
r, Albert J. guard, accepted to enter military service- La, Umberto F., laborer in Secretary's Office, resignation
Sarfat accepted and to be paid two months' salary 61/11 1216
PeteSar YY M. r, clerk to the Building Manager, accepted 1541schgent, LaRue, stenographer in Counsel's Office, accepted 7/17 1448sci:,111ring, John, guard in Secretary's Office, accepted 8/15 1625
Mrs. Rose H., as clerk stenographer in Division of
Scott:r Research and Statistics, accepted4811 -oseph E., guard in Secretary's Office, accepted48 e, L. A. A., FRExaminer, accepted
sman, Mrs. Louise, resignation as junior economist, ac-cepted
t> Mrs. Mildred F., as stenographer in Secretary's Office410:1", Stephen, as elevator operator, acceptedsck, G. A., as alternate assistant FRAgent at San Francisco
Melania K., stenographer in Division of Personnel Ad-Spare() ministration, acceptedStet ' C- as chauffeur in Secretary's Office, accepted
nacker, William A., as operator, duplicating devices, inSecretary's Office, accepted
an, Mary A., substitute nurse in Division of Personnel Ad-
T4lbott, ministration, accepted-, Laura S., junior file clerk in Secretary's Office, ac-
Thomas ceptedTois Mrs. Ellen C., as clerk in Division of Bank Operations
°n, Charlotte N., stenographer in Counsel's Office, ac-cepted
10/14 20166/27 1302
9/25 1882
7/30 1516
9/11 1784
5/23 10239/ 1 1716
9/11 1777
8/21 1653
6/15 12167/16 1441
12/15 2313
2/6 2167/ 6 13713/11 46110/ 8 1971
12/ 8 22893/9 436
6/24 1275
8/21 1652
9/25 18825/27 1068
8/6 1571
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Res
inatlOnS: (Continued)kel") Robert L., plumber in Secretary's Office, acceptedBrakle, Raymond, as library aid in Division of Research and
StatisticsWald) -askell, as junior economist in Division of Research and
Wal StatisticsYce, Eugenia N., as junior file clerk in Secretary's Office,
Wei accepted
Wse tsip Iflary L., clerk in Secretary's Office, acceptedwh. ake, Richard H., as guard, acceptedwitlsY, Paul C., elevator operator, accepted
S) Norma F., resignation as clerk-stenographer, accepted1j-5°n) Lucile G., clerk-stenographer in Division of Research
and Statistics, acceptedD
iP Y°1-14 Roy A. as President of FRBank of Bostonutons:
Roy
BoarALt of Governors:Assessment on FRBanks to cover expenses of Board of Gov-
ernors for last 6 months of 1942Assessment on FRBanks for expenses of Board for first six
Regulation A months of 1943, amendment to subsection (b) of section 2adopted, letter to FRBanks advising, copy ofpress statement enclosed
341Pages
7/16 1441
6/17 1230
7/27 1490
2/24 34910/ 3 19384/8 6587/ 9 13871/8 26
7/ 3 13602/27 361
Regulation S, amended for the purpose of gearing the FRBanks
to the war programRegulation 11, Amendment No. 4 adopted and regulation as re-
C°Mmittee visedon Competing Lending Agencies of Nebraska Bankers As-
sociation with special reference to productionFeder , credit associations
,648,1-L Advisory Council:--°Pted at meeting on September 14 presented to Board for
considerationRenegoti ation of war contracts presented at meeting with
Board for discussionrequirements, recommendation that no change should
Reserve
6/17 1237
12/21 2354
3/17 499
4/30 826
4/30 788
10/ 8 1976
9/18 1830
9/14 1794
be made in, unless clearly required, opinionthat there is at present no need for change 2/16 261
Tr. C°PY of resolution to be sent to Treasury-asury bills, recommendation that amount issued each week
2/27 363
be increased 2/16 263Federal Open Market Committee, resolution to be brought
to the attention of, copy sent to the SecretaryPRI?, of the Treasury
p, of Chicago:
2/27 363
notes, authority to issue 1928 series adopted by directors
discussed by Board at meeting with Presidents 5/8 897
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Resolutions: (Continued)PRBank of Chicago: (Continued)
Government securities, transfer by wire of long-term as
well as short-term, suggested by, reply from
FRB ank of Dallas
Board
Taylor, Jay, requesting leave of absence while on duty with
U. S. Arm'Continuation of service during absence while on active
duty with U. S. Army, to be sent to members of
Nat* his family1°nal Association of Supervisors of State Banks on Treasury
financingPresidents' Conference, war risk insurance, that FRBanks shall
n not assume, on shipments of currency and coin'redit Association of Minneapolis to be advised by the FRBank
of Minneapolis of the reasons for the adoptionRetail of the six-month method of curing defaults
Credit Grantors of New England, reply to, regarding adoptionof resolution by, asking that Regulation W bechanged to permit the billing month to differ
, from the calendar monthMerchants Credit Association of Los Angeles, California, re-
ply to, regarding application of Regulation Wto petroleum products and charge accounts for
Stleges+-listed and unlisted articles'10n that Regulation W be amended to give additional time
1/12
6/26
6/29
1 1/20
9/29
5/25
5/20
5/25
342Pages
42
1290
1317
2205
1897
1035
997
1038
to pay for purchases made last few days ofReti1142-re month
Ment System:
Service Retirement Act, discussion and approval of ques-
tions to be submitted to the Civil Service Com-
mission regarding coverage of Board membersCollie and employees of Board and FRBanks by
r, Mrs. Margaret, payment not to be made while on leave
Cenuation of absenceemployment after age 65, at Board and FRBanks
“T'butions: of
2/27 369
6/23 127010/ 2 1928
c)unts, Catherine M., in connection vith extension of leave
without pay, Board to continue contributions oncondition that she does 3/21 520
Board to continue during absence on condition that shecontinue her contributions 4/ 7 643
Lauchlin, to be discontinued, adjustment to be made1/16 74pending return to active service
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
irn131.°Yees
411Ployees
Retire,,oment System: (Continued)untributions: (Continued)
Employees on leave without pay, arrangementpayments, letter to Mrs. Frank
Faulkner, Kathryn S., Clerk in Division of Research andStatistics, to be continued during leave ondition that she continue her contributions
To discontinue her payments while on leave withoutpay because of confinement, but Board to continueits contributions 6/29
Contributions continued by Board during leave withoutpay because of confinement and she was permit-ted to discontinue her payments
Gaither, Anna Margaret, to be continued while on leave ofabsence without payJulia, granted leave without pay because ofillness, Board to continue contributions on con-dition that she continue hers
Eleanor, to be discontinued, adjustment to bemade pending return to active service
on leave because of confinement, contributions byBoard restricted to one year from date uponwhich the absence began
Margaret E., Secretary to Mr. Draper, granted leavewithout pay not to exceed 90 days, Board to con-tinue contributions on condition that she con-tinue hers
Haigh, Mrs.
/4Yer, Mrs.
Persons
Rauber,
Crum13, M., payment of six months salary as cash allowance
to supplement retirement benefitsencY impairment resulting from age, number of employees
Division Heads might wish to retire if allow-ances were adequate
added to staff who were not members of the CivilService Retirement System to be required tobecame members of the Retirement System ofthe FRBanks
not members of, and thought to be subject to theCivil Service Retirement Act, discussion ofwhat to do with impounded funds of, decisionto transfer to Treasury and advise Civil
tens4 Service CommissionBufns of service:
William J., supervisor in Auditing Department atFRBank of Boston, no objection to temporary em-ployment after retirement to terminate whenspecial conditions no longer exist
for forwarding
con—
343Pages
10/14 2017
3/21 519
1314
11/ 6 2127
7/ 1 1343
5/11 915
1/16 74
4/7 644
5/7 877
7/27 1490
2/26 357
2/27 371
2/27 367-71
8/ 3 1541
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344
Revlrement System: (Continued)x-xtensions of service: (Continued)DeLaMater, John, to be retained in service for one year
and payment of retirement allowance suspended
and no further contributions to be made to Re-
tirement SystemDYson, Seaton, to be retained in active service until end
of calendar year
12/ 9
6/ 1
Pages
2292
1101
Employment extended for one year and to be advised of
rights under Retirement System 12/ 2 2258Retention of officers and employees after age 65 during
war emergency, previous letters canceled 12/ 3 2262Riley, Mrs. Martha G., no objection to continued service
at FRBank of San Francisco until June 30,
Interest base, 1943adjustment to be charged to this year's earnings
8/24 1665
Legislation: and manner of showing in published statements 12/31 2415
Civil Service Retirement Act, list of positions of Board em-ployees who should be excluded from the benefitsof, reply to circular from Civil Service Commis-
McDor,,, sion 3/ 5-"ell, Mary, stenographer in Counsel's Office, not to be mem-
ber during period of extended leave of absence
tteNes. without pay 6/2911Y, Bernardine, junior file clerk in Secretary's Office,
granted leave of absence without pay and con-
Uftber tributions to system to continue 8/13
8"11) of, statement left by representative of Civil Service
PaYMents: Commission reviewed and checked for accuracy 8/14
Adjustment in interest base, payments in connection with
proposed, telegram to FRBanks on charging against
this year's earnings 12/30
1P1,e1.1e?ions not to be made from overtime 12/31-'11ciency in reserves, payments to be made by Manks and
Board to eliminate 12/21P°8t, Arthur E., sum to supplement allowance approved 5/30Stre
cx ,, Isidore, Jr., FRBank of New York, sum to supplement
°sitions allowance approved 10/ 8not covered by, list of, sent to Civil Service Com-
417
1311
1612
1623
24082413
23501096
1969
mission in reply to circular, opinion of Boardthat they should be excluded from benefits ofthe Civil Service Retirement ActQflestionnaires of Presidents' Conference on, returned, no opin-ions or suggestions with regard to changes to be
made at this time by Board
3/5 417
2/26 357
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Ret,_""ent System: (Continued)'eemployment of officers and employees who had been retired,
previous letters canceled because of war emer-
gencyRep°rt of Presidents committee discussed and special meeting
R of presidents to be held to consider
eser-yes, payments to be made by FRBanks and Board to eliminate
Re deficiency in
tirements:CarPentier, Phil, clerk in Clearings Division at FRBank of
New York, payment to supplement allowance ap-
proved and extra monthly payments for period
345Pages
12/ 3 2262
9/29 1901
12/21 2350
of year 6/22 1264P, Crum 11., FRBank of Dallas, under disability provisions,
payment of cash allowance equal to 6 monthssalary to supplement benefits 7/27 1490
ZlIrlinden, F. J., First Vice President at FRBank of Cleve-
land, discussed by Mr. Szymczak in statementto Board 9/15 1814
star, and Regulations, revised Section 2 approved 6/26 1298'-rersonnel Committee to study liberalization of, to corres-
pond with benefits of the Civil Service Retire-ment System and to discuss with the Personnel
Waiver Committee 2/27 372, of death and disability benefits:"right, David M., will be required to execute if appointed
associate economistTo execute waiver for period of 10 years in connection
with appointment as Associate Economist in41/1
;Z.Stt..tutes: Division of Research and Statistics
)136, proposed amendment to reimburse directors, etc., of
national banks for expenses incurred in defense
See' 5144, of actions, suits, etc.
Comptroller of the Currency advised that Transamerica
Corporation holds readily marketable assets of
See' 5200, the kind and amount required by
letter to Comptroller of the Currency as to restric-
Letter tions on national banks in making war loanson applicability of, to war loans made by national
banks, Board has no objection to the giving of
a copy of, to interested parties, informationon State limitations on loans made by Statebanks requested
Alternate drafts of amendment to, which would exempt loanscovered by guaranties or commitments made bythe U. S. or by any FRBank, memo from Mr. Wyatt
regarding
7/10
7/21
1399
1469
4/23 760
5/ 9 911
4/ 8 661
5/12 924
5/18 976
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346Pages
Re e.ed Statutes: (Continued)Sec. 5200: (Continued)
Definition of term unconditional, as used in and compliance
of standard form of guarantee agreement with
definition 6/24 1275Applicability of exception 10 to participations in loans
covered by guarantees or take over commitments 11/23 2218No objection to making information available to member
banks 12/12 2306
Language of section 10, letter to Comptroller of the Cur—
rency on use of word unconditional in guarantee
11()gers Jewel agreements 12/23 2375
ry Co-, Norfolk, Virginia, reply to, regarding applica—
tion of Regulation V, to sales in charge ac—Rosenkr counts 5/20 999
antz, E.: (See Federal Outfitting Company, Fresno, Califor—
R08s, 0. nia)11%it4., H.: (See Connally, Senator Tom)
R. W.: (See Nebraska Bankers Association)-4' Laub of Florence, S. C., reply to letter on making of loans
to students for college courses under Regula—
tion Y 6/12 1203ard of Governors:
Corporateo stocks pledged with member banks as security for loans,
1112111ors determining' savings accounts, letter to FRBanks enclosing Treasury let—
ters denying rumor that Government intends to
confiscate
existence of affiliate relationships because of,
policy of Board not to reply to hypotheticalquestions but possible reply suggested to FRBank
Holdi of San Franciscorig company affiliates, ruling of Board changing basis for
ell' john L.: (See John L. Russell Chevrolet Co., El Campo,
Texas)Senator Richard B., letter on restrictions to business
rari, 14. He: caused by Regulation W and purpose and scope
of relation(See Regulation W, Billing of charge accounts)
2/26 358
2/19 300
1/12 41
6/ 5 1143
ITS!?
eke
ePinP•
GOld held at FRBank of New York, question of moving to an in—
tenor FRBankranlent securities for nonmember banks, Board does not favor
of service to keepReply to13-,-Y to Farmers 8: Merchants Bank, Rochester, Ind.
2/27
7/ 88/20
373
13841649
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SafekeePing: (Continued)
vovernraent securities: (Continued)Authority discussedExtending of safekeeping
'vernment securities held by FRBank of Dallas for Merchants
National Bank of Port Arthur, Texas, letter
securities to be pledged by member banks with
FRBanks, request that FRBank of New York holdfor other FRBanks
held in trust account, permission to First National
Trust and Savings Bank of Santa Barbara, Calif.,1424Trea, to deposit with inland banks during emergency 7/14
'1117 bills and certificates of indebtedness of nonmember
banks, FRBanks permitted to hold for duration
Viar . of war 10/14 2019Savings Bonds, request of Montana Bankers Association that
facilities of Helena Branch be made available
Safety: to Montana member banks 7/14 1427
PREank • .buildings, protection of, against air raids and sabotage,
FRBanks requested to submit floor plans toPublic Buildings Administration and to desig-nate officer to whom correspondence should besent 5/ 7 883
4 Fifth Avenue, Chicago, practice of selling furs in January to
Salaries: be billed in October, exception to Regulation Wapplicable to 7/ 2 1356
PRBanks:
Career system, study on "Executive Development in the
FRBanks" copy of, not to be made available to
the Training Division of the Civil Service
c, List Commission
Qtaff of employees, approved°I' Board, supplemental compensation plan, report of Staff
Personnel Committee that adoption of, for em-
ployees of Board would be inadvisable, continua-
tion of periodic salary reviews deemed adequateStarr _, to meet present situation
of Board and employees of FRBanks, general order No. 19 of
National War Labor Board with procedure forhandling adjustments
PCert'.1-icates to be filed with joint committee on salariesand wages established by National War LaborBoard and Commissioner of Internal Revenue
on protection affordedG°vernment
347Pages
9/29 1901service not favored 11/ 5 2125
10/15 2027
12/16 2326Securities
5/20 10004/7 651
1/16 73
12/16 2318
12/23 2370
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c'-es: (Continued)'taff of Board and employees of FRBanks: (Continued)
Prcce(Jure covering adjustments, advice from Commissioner
Saper of Internal Revenues' F., letter of appreciation for suggestions regarding
appraisal guides, advised that they are usedmerely for setting maximum credit values on
kPo, c. used carsScherb, (See Southern Specialty Company
(1k' H., process for sizing paper to increase life of paperSecre.,, currency, letter to Mr. Bell on,77 of Contrierce:441 entories of consumers goods, use of credit in connection
with accumulation of, letter to financin,, in-stitutions to be cleared throughseez‘(e& also Inventories)czY of Treasury:
erence to be held with Messrs. Sproul and Hopkinson onMay 12 for presentation of program on sale ofGovernment securities
C°°Perat.Le1 _, .ion given by System, statement of Mr. Morgenthau't'f„ation of powers of Alien Property Custodian to, statement
Fed-. for publication in FRBulletin'=ral Advisory Council resolutions regarding maintaining the
stability of reserve requirements, and increas-ing the amount of Treasury bills issued, copies
Inve,. sent to"14)ries of consumers goods, use of credit in connection
with accumulation of, letter to financing in-stitutions to be cleared through
Lice See also Inventories)As" and public circulars issued by, statement ordered pub-
lished in FRBulletinFepial,” issued by, statement for publication in FRBulletin
ions on industrial loans under FRAct, amendment to com-ply with ')rovisions of Executive Order sug-
Statemo gestedn, prepared by Messrs. Goldenweiser and Rouse at re-
quest of, to be considered by members of Fed-eral Open Market Committee in Washington'ar-t
rPtI8.note:O n of exchange and collection charges by member banks,
letter sent to Comptroller of Currency after13ette, approval by Mr. Ransom
"Jusiness Bureaus, letter to, as amended regarding theiscou enforcement of Regulation 1/
111:' rates at FRBank of Minneapolis, report of Mr. Morrillon discussion with Mr. Powell and advice thataction will be taken at next meeting
348Pages
12/24 2379
.1t./ 3 660
8/ 6 1579
6/11 1186
5/8 89611/11 2146
3/24 551
2/27 363
6/11 1186
2/21 3163/24 552
3/26 560
101 6 1955
10/ 9 1988
5/ 5 3148
10/27 2070
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349Pages
Secr,etaryfs note: (Continued)
uiscount rates at FRBank of New York, report of Mr. Eccles
of discussion with Mr. Sproul and request of
Mr. Sproul that no formal action be taken by
Board until matter could be reviewed by his10/27 2071
Eccles, M. S., directorsrecorded as favoring acceptance of the American
and service flags presented to the Board by
Mr. McKee 4/ 7 645Meetings,
interim of Board with Federal Advisory Council execu-
tive committee members arranged for second
Thursday of each month with certain exceptions 2/16 273menInterim meeting arrangements approved by Board 2/23 321—rand
on reasons for issuance of short-term nonmarket
Treasury securities, copies sent to Mr.Fleming and members of the Federal Advisory
Council who are not members of the executive
Norwegi committee 7/ 1 1340an Finances, statement prepared for short wave broad-
cast to Europe read by Messrs. Morrill and
Pollard Knapp to Mr. Farish over the phone 8/24 1663
, r. B. to go to Pacific Coast to assist Mr. Szymczak
Rates in work in connection with property of evacuees 3/ 6 428on industrial advances at FRBank of New York, considera-
Series . tion given changes suggested 5/29 1082
4cUrities:
8ank loans,capital issues for the purpose of paying off, which
would leave the companies free to borrow again
from banks for the purpose of building up in-ventories, report by Mr. Eccles on discussionof, at Treasury meeting
Oapit ,c1nd Exchange Commission:a' issues, review of list of pending, report of meeting of
Chairman Eccles with Secretary of Treasury and
e4Pital T members of Security and Exchange Commission-Lssues Committee, need as part of restriction of
sumer goods, drafting of executive orderHOi ri cussed
bs of United States Treasury bills by J. P. MorganCo., Inc., report for confidential use
Pules, revision being considered, no action by Board be-ing necessary
con-di s-
and Series B tax notes, letter to Secretary Morgenthausent to home of Mr. Ransom for signature andprocedure for advising Mr. Sproul of action 8/28 1705
5/19 981
5/19 981
6/26 1295
11/ 5 2123
10/ 2 1932
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350Pages
and Exchange Commission: (Continued)QLaff:
Goldsmith, R. W., Assistant Director of the Trading andExchange Division, information on issuance ofcommon stock by the Penn. Company for Insur-ances on Lives and Granting Annuities sup-
Sec1111 plied to 3/11 L67ti p
exchange administration:'4.8t Boston Corporation, transactions are not exempt under
Regulation TList cf Stocks Registered on National Securities Exchanges,
supplementary lists to be issued in futureand distributed by FRBanks upon request
lac)ari to general partner to permit him to make a contribution tothe capital of the firm, secured by securitiesnot registered on any national securities ex-changes, permissible under Regulation T
4argin accounts, reports of ledger balances on Form FR-240 tobe made by all firms semiannually, except 15largest firms in New York City
°cid-lot dealer considered as acting under Regulation T in spitePaelfi of entry into the armed forces
C Finance involv-Corporation of California, transactionsing stock of, questions raised by Los AngelesStock ExchangePerinsy
lvania Company for Insurances on Lives & Granting Annui-ties, information on issuance of common stockby, supplied Securities and Exchange Commission
Sectlrities Act of 1933 and Securities Exchange Act of 1934,proposed amendments to section 7(c) and (d),letter to Federal Advisory Council explainingconsideration and stating why amendments were
SeclIrities not discussed with Council
Exchange Act of 1934, amendment to section 7(d),request of Mr. Brown of Federal AdvisoryCouncil that testimony of hearings be sentto them and that they be allowed to file amemorandum with the Interstate and ForeignCommerce Committee
-rown to be advised that Congressman Lea, Chairman ofthe House Committee, has been informed of re-quest for hearings and filing of statement
Le,A to Mr. Brown and Congressman Lea'er to Federal Advisory Council suggesting that statement
be submitted to be held for committee consid-eration, but not to be included in printedhearings
2/ 7 222
2/25 353
4/ 1 608
8/20 1648
3/23 545
7/ 6 1372
3/11 467
1/17 82
1/22 97
1/22 981/24 117-8
1/29 144
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SecUrit',_ les exchange administration: (Continued)Qecurities Exchan;e Act of 1934: (Continued)
°Pinion of Federal Advisory Council that power proposed
Unis sued
biye.srendment should not be given to any agencysecurities, reply to Mr. Norman Asher on transactions
Unregist under Regulation T involving
ered securities, proposed amendment to Section 7(d)of Securities Exchange Act giving Board powerto regulate amount that may be loaned on,opinion of Federal Advisory Council that
Se„'411.ties4 power should not be given to any agency
issued for purpose of paying off bank loans and placingBureau in position for further use of bank
Selectiv. 0 credit, means of restricting discussedpat:, oervice System:''nks as essential industry for purpose of deferment, Board
118.h.1V4-r0 A not in favor of classification as' Joseph, opinion of Board that transactions described
Shaw by, would be in violation of Regulation W(
Si \See Nonmember banks Peoples State Bank, Cherryvale,
oilver Sam U Kansas)sgel,H.: (See Regulation W, Hebrew Mutual Association, Inc.)
' suggestion that Treasury dispose of holdings and moresilver used in minting coins discussed at meet-
Posa,bi ing of Federal Advisory Council with Board-s 1
,industrial purposes proposed by Federal Advisory
Councilver
Si certificates, denominations of five and ten dollars, request
418 Hand of Treasury that paying out be discontinuedY and McKnight, reply to question raised by, whether mod-
ernization of elevators in existing structures
Sto is included in Group E of Regulation Vneman & Kurland, reply to inquiry on selling a charge
account by a store of a customer and accountSr,of customer is in default
ellsto-:28es:-s of FRBanks other than member banks, letter to Mr.
Eugene Thompson onto, statement of Presidents' Conference regarding crea-
tion of industrial loan corporation to make,
141irrEty bill,
for war purposes, and discussion at meetingof Board with Presidents
s.
2250, to mobilize, for war purposes, submis-sion of report to Senate Banking and CurrencyCommittee discussed, to be cleared with BudgetBureau as proposal by Mr. Eccles may be sub-stituted
351Pages
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6/ 1 1102
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9/14. 1798
11/16 2189
9/29 1904
4/3 624
7/10 1404
12/ 3 2264
3/2 385
2/17 290
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Small 1Oa n companies, registration statements filed under Regula-
tion IV, request of Department of Justice forpermission for investigators of Antitrust Divi-
S4Yder sion to inspect 12/22 2363) Baird, letter requesting continued use of space in Board's
(See building by Inter-American Defense Board 6/26 1296social a_Lso Federal Works Agency)' Security deductions, opinion of Board that they should not
be classified as deposits but should be shown
State as "Other liabilities" in condition reports 5/ 8 907804c1.4 ment ordered published in FRBulletin 5/25 1042
0/' General, executive order, 9112, opinion of Mr. Oscar Coxon legality of, no distribution to be made un-
Sollthern o less requested 5/19 984-.'acific Railroad Company, plan being used to solve watch
8011thern problem 6/18 1247Specialty Company, Albany, Ga., reply to contract in form
of lease with option to purchase under Regula-
S1)414h co_ tion % 6/12 1205'41'ses, Plan of FRBank of New York for sharing cost of,
with employees participating in, notes byBoard, opinion that same arrangement should81)
ce R be made for Portuguese 5/20 996ePresentative Brent, reply to letter on accounts of
Campbell County Protestant Orphan's Home,under Re
Sh
eR
RegulationSt Reserve Survey
6/12 1206
ST3t-eserve, survey of qualified banking men to be made for
-') Carl service in occupied countries 11/ 6 2129--os A., reply to question of changes in standard form
of agreement under Regulation V 5/29 1086SProilse ;edit Department Store of Cincinnati: (See Regulation IV)
• Commissioner of Internal Revenue interpreted as an at-tempt to reverse Eisner v. Macomber and renderstock dividends taxable as income, discussionat meeting of Board with Federal Advisory Coun-cil, with regard to steps that should be taken
01.1baa tion fund: in the event of such a decision 2/16 273
' Pr°Posed establishment in connection with organization ofIfltcentral bank, report of mission on 2/ 6 203ernatio
nal plans prepared as basis for discussion at meetingof Messrs. Eccles and Goldenweiser with repre-sentatives of Treasury and State Departments
Internationa1
_, and othersestablishment after the war discussed by Dr.Goldenweiser and Mr. Hansen at meeting withrepresentatives of Treasury and State Depart-ments and other organizations
352Pages
5/26 1047
6/ 9 1161
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353
Staff of Board of Governors:Aliens, no fixed policy to be adopted regarding the employment
of, recommendations to Board to be made on the
merits of the person involvedAnnual leave:
Amendment to regulation to provide for accumulation up to
2/10
Pages
229
90 days 12/21 2352Policy modified to provide for 2-1/2 days at a time 10/31 2096Resignations when odd amount is less or more than 1/2 day 11/ 3 2105
'
A Restrictions approvedPPointments, question of advising applicants of recommendation
5/26 1051
before Board has taken actionAuthorization2/17 280
s to accept appointment in Army, permission to
Secretary or Assistant Secretary to signBoard Members ' Section:
9/25 1883
Hamilton, James F., messenger, salary increased 8/ 1 1531Johnson, Gordon P., junior operator in Secretary's Office,
transferred as messenger to, with no change insalary
Mitchell, Charlotte N., retransferred from, to the Secre-
BuilA4_ tary's OfficeOperation and Maintenance:
ash, John, apprentice mechanic, salary increased;41ndamood, Charles D., Operating Engineer, salary increasedMackll
James H., laborer, salary increasedarfatY, M. Peter, clerk to the Building Manager, resigna-
tion acceptedArad B., gardener, salary increased
-PurneY, F. E., granted leave of absence without pay forremainder of calendar year for defense workwith Turner Construction Co., right to recallin the event of some unforeseen circumstance
Ohm reserved by Board—rman s Office:Clayton, Lawrence, designated liaison representative with
Military Government Division of Provost MarshallGeneral's Office in connection with programfor military governmentThur
suon, Elliott, special assistant to the Chairman, des-ignated as representative of Board to cooperatewith Office of 11:ar Information
Class C directors, to assist in drafting statement onsix-year rule
Charw°men:
Bardales, Alice K., salary increasedBeach, Ida M., salary increased
1/19
1/7
4/284/284/28
8/ 34/28
2/16
10/10
7/25
7/28
8/ 18/ 1
87
19
782782782
1541782
278
2005
1485
1504
15321532
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StaffOf Board of Governors: (Continued)
Charwomen: (Continued)Bertolini, Madalena, salary increased and changed from
hourly to yearly basisCarroll, Alene D., salary increased
Resignation acceptedCooke, Clara R., salary increasedCorbin, Sarah F., salary increasedEaheart, Mrs. Mary Elizabeth, assent given to examination
and certification by Civil Service Commissionfor jobs of attendant and kitchen helper andmess attendant
Ellis, Maude E., salary increasedEnrico, Mary J., salary increased
Mrs. Sadie M., resignation acceptedMarshall, Mary B., salary increased
Resignation acceptedMcNeill, Mary C., salary increasedMock, Clara, salary increasedPYles, Mrs. Adelia G., resignation acceptedRogers, Dorothy, salary increasedShelton, Lulu Mae, salary increased
Steiner, Libbie L., salary increased
2teiner, Almeda, salary increased, tInderman Ethel M., salary increased
cha fiklund, Lillie J., salary increasedulfeurs:Bell, J. Frank, appointment and salary approved
APpointment extended for indefinite period on temporary
basis with no change in salary
2°°k, Thomas G., promoted to guard and salary increaseduia2, Anthony, appointment and salary approved
ResiEnation acceptedauser, Adam V., appointment made permanent with understand—
ing that upon the return of Mr. Wilkinson he
will no longer be in charge of the chauffeur
forcetlmraI/-erry, Haywood F., appointment and salary approved
Salary increased, Salary increasedrseake, Donald E., resignation accepted
13.argo, C. W., resignation accepteds'eger, Karl J., appointment and salary approved
coloreA Salary increased' employees, report to War Man Power Commission on number
employed, and similar report to be submittedevery four months
354Pages
8/ 1 15328/ 1 153211/ 4 21148/ 1 15328/ 1 1532
1/5 118/ 1 15328/ 1 15327/ 1 13438/ 1 153212/ 3 22618/ 1 15328/ 1 15326/27 13028/ 1 15328/ 1 15328/ 1 15328/ 1 15328/ 1 15328/ 1 1532
8/13 1612
11/16 21744/ 9 6635/20 9956/22 1263
4/14 7141/29 1434/16 7268/15 16241/28 1353/9 4365/13 9278/15 1624
9/12 1788
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355
Staff of Board of Governors: (Continued)v4Pensatory leave to be granted for overtime in excess of
Conv_ eight hours per week-Luement cases, policy regarding, amendment to limit con-
tributions to Retirement System to one year
Co from the date upon which the absence beganlansel's Office Cashell, Frances C., stenographer, salary increased
Title changed from stenographer to Secretary to Mr.
Chase, G. Dreibelbis and salary increased
Howland, impounded funds of, sent to Treasury De-
partment, thought to be covered by Civil Serv-
Ch ice Retirement Act
A.erry A. K., trip to Chicago with representatives of
Treasury Department in connection with use of
tabulating card form of check for purpose of
Oros making disbursementsby, Jean, appointment and salary as stenographer ap-
provedDo Salary increased
resignation acceptedDrribelfb
it y . ,. P., toto work with attorneys or agencies in
drafting executive order of restricting capitalissues as part of controlling credit use forfinancing inventories of consumers goods
Made General Attorney, placed in charge of office andsalary increased
Taxation of Board's building, resume of developments
to dateEnpDoris M., appointment and salary as stenographer ap-
provedTransferred to Division of Research and Statistics as
clerk-stenographer with no change in salary1:11triken, Samuel E., impounded funds of, sent to Treasury
Department, thought to be covered by
increased
Civil
Service Retirement Actvi Gal Salary
lagher, Mrs. Nadine L. stenographer, resignation ac-
cepted\Jae Pfert, Mabel, secretary to Mr. Wingfield, salary in-
Hack creasediHal;--eY, Howard H., assistant attorney, salary increased----' Joan, appointment and salary as stenographer ap-
proved
H,4) Resignation accepted
` ff, Vilson L., law clerk, salary increased
12/26
4/ 7
4/14
8/20
3/6
6/11
3/189/123/28
6/26
8/10
12/14
5/11
9/ 5
3/611/30
6/25
6/2011/30
5/219/ 26/23
Pages
2391
644
715
1644
430
1194
5031787585
1295
1596
2309
914
1737
4302241
1279
12622241
100717191270
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Staff „„,2J-L Board of Governors: (Continued)'°unselfs Office: (Continued)
Hutchinson, Mrs. Clara A., granted leave of absence without
pay for approaching confinementExtension of leave of absence on account of confinement
:',ones, Mrs. Nancy Kengla, law clerk, resignation acceptedx‘engla, Nancy Duvall, appointment and salary as a law clerk
approvedMcColloch, Mrs. Lucy I., secretary to Mr. Vest, salary in-
creasedMcDonnell, Mary, stenographer, leave of absence without pay
extended for six months, not to be a member of
retirement system during periodMue hlhaus, Margaret, stenographer, salary increased
Salary increased'Lea-ligament of duties and changes in titlesQdrgent, LaRue, appointment and salary as stenographer ap-
provedResignation accepted
'flaY, Jerome W., promoted from law clerk to Assistant Coun-
Solo sel, salary increasedmon, Frederic, Assistant Counsel, granted leave for
military serviceTols,-Charlotte N., stenographer, resignation accepted
George B., memorandum from, regarding sending to theTreasury Department impounded funds of Board
employees, thought to be eligible for CivilService Retirement System
Memorandum to be prepared by, regarding classificationas savings deposit of account of University of
Georgia School of Medicine carried by Georgia
Railroad Bank and Trust Co. of AugustaTo act as Counsel for War Loans Committee1,1emo re amendment to Regulation Sotatement of legal basis of Executive Order No. 9112
providing for guaranteeing of war loansMission to Cuba, memorandum on letter to be sent to
Minister of Finance of Cuba on draft of mone-tary law
Visit to FRBank of Cleveland to review situation on in-
creased costs for legal serviceMade Assistant General Attorney and to be in charge of
Wirt • office in absence of Mr. Dreibelbis-g'ield, B • M., memorandum re Sprouse v. Commissioner of
Internal Revenue distributed at meeting ofBoard with Federal Advisory Council, to be con-sidered in regard to steps that should be takenif stock dividends are held to be taxable asincome
356Pages
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6/20 1262
6/29 13113/3 40611/30 22418/10 1596
1/27 1257/17 1448
6/23 1270
4/20 7478/6 1571
3/6 429
3/10 4513/26 5554/30 826
4/ 1 605
5/11 919
7/28 1507
8/10 1596
2/16 275
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Staff Ofc_ Board of Governors: (Continued)
°unsel's Office: (Continued)Ydngfield, B. M.: (Continued)
Memoranda from, on S. 2146, 2147, and 2148, to amend
Home Owners' Loan Act of 1933, etc., circulated
among Board members and discussedMade Assistant General Attorney and in charge of office
in absence of Yr. Dreibelbis and Mr. VestWy -att, Walter, General Counsel, designated to assist inpreparing a draft of statement which Board rep-
resentative might make at hearings on Inter-
American Bank before the Senate Banking and
Currency CommitteeAuthorized to advise Mr. Cox that Board has no legisla-
tion it wishes included in another War PowersAct
To discuss with Mr. Foley legal authority under whichFRBank of San Francisco may act as fiscal agentin connection with evacuees' property and toadvise Ir. Szymczak
Realignment of duties in connection with reorganizationof office
Desi gnated to deal with Council of State Governments inoffer to obtain State legislation to facilitate
'Defer— war effort
Olt from military or naval service:vice to Civil Service Commission that it is general
Li Policy not to request st of classes of positions to be prepared for submission
ivlsion „ to Civil Service CommissionOf bank Operations:-'exander, Frederick L., temporary assignment for
from staff of FRBank of New YorkExtension of assignment from staff of FRBankYork and FRBank to be reimbursed fortation and subsistence expenses
) ars. Margaret K., granted leave of absence
Boothe a six months leave without pay) ,iardner L., II to act as liaison assistant between
Banks and II,
services for War Loans Commit-tee
B Transferred to War Loans Committee1311,n' EvelYn, clerk, salary increasedc,'
anan, Avelyn, secretary, salary increased0114-1,han, Frank J., clerk-typist, salary Increased"lk) Mary Ann, clerk, appointment and salary approvedSalary
increased
two weeks
of Newtranspor-
including
357Pages
5/ 5 856
8/10 1596
1/22 99
2/17 288
3/6 428
8/10 1596
9/14 1809
7/ 1 1348
10/ 2 1926
11/28 2236
12/15 2315
9/ 3 1722
3/26 5554/6 62811/30 224011/30 223911/30 22407/30 1516
11/30 2240
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Staff o-0, Board of Governors: (Continued)"Lvlsion of Bank Operations: (Continued)
Collins, Wesley B., messenger, salary increased
Salary increasedConkling, Gerald M., Technical Assistant, salary increased
Daniels, Mortimer B., Technical Assistant, salary increased
DeLaMater, John, Supervisor of Service Functions, to be
retained in active service for one year with
payment of retirement allowance suspended and
no further contributions to be made to Retire-
ment SystemFarrell, John R., Associate Technical Assistant, salary in-
creasedHolmes,
358Pages
7/ 1 13428/ 1 153111/30 223911/30 2239
12/ 9 2292
11/30 2239 Mary, clerk, appointment made permanent with no in-
crease in salary 3/ 4 413Not included in list of employees whose impounded funds
were sent to Treasury Department for reasons
stated in memorandum from Mr. Vest 3/ 6 429
Transfer to War Loans Committee with no change in sal-ary
Hon 4/ 6 628
r-P-ng, Catherine E., clerk-stenographer, transferred toWar Loans Committee with no change in salary
Ho 4/ 6 628
rbett
, J. E., Assistant Chief, Graduate School of Bankingat Rutgers University, selected to attend 1942
session 4/10 688JarvenPa, Aili L., clerk-stenographer, salary increased 7/ 1 1342
Resignation accepted and amount of unearned leave to be it//1 : f1.33deducted from salary check1,41.in, Dora W., clerk, resignation accepted
Les, Mildred C., clerk, salary increased 7/ 1 1342Resignation accepted 11/27 2233
-L-Lloan, Thelma C., clerk, salary increased 11/30 2240ohell, Willis H., Supervisor, Call Report Section, sal-
11/30 2239rick,• ary increasedL. S., Technical Assistant, to attend Fiscal Agency
Conference 5/ 1 836Trip to Chicago with representatives of Treasury De-
partment in connection with use of tabulating
card form of check for purpose of making dis-
bursements 6/11 1194Designated to act in the liaison capacity with War Pro-
duction Board in granting of priorities to
FRSystem 7/21 1467Parson ,
s Thomas M., Associate Technical Assistant, granted
leave of absence for military service 4/14 715Porter,
Joseph H., transfer to Division of Examinations and
appointment and salary as FRExaminer approved 1/31 159
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Starro1 Board of Governors: (Continued)
ulvision of Bank Operations: (Continued)Scudder, Dilver, Supervisor, Reserve Bank Section, salary
increasedShaffer, Charlotte M., clerk, salary increased,, Salary increased
R. E., senior clerk, salary increasedSkinner, Carl M., under clerk, salary increaseds
mead, Edward L., designated to represent Board on subcom-
mittee to the System Committee on Free ServicesTo act as Technical Adviser for War Loans Committee
Memo on issuance of 1928 series of FRnotes and FRbank
notesMemo from, including press statement, recommending that
weekly figures of debits to demand deposit ac-
counts be shown in the weekly member bank press
statementTo attend Fiscal Agency ConferenceIndividual debt, reduction through amortization of bank
loans, memorandum on reports by banks and other
lending agenciesCondition reports of State member banks, memo on trans-
mitting of forms and instructions and on minor
revisionsCondition reports, memorandum on omitting of fall call,
approved with understanding that FRBanks would
obtain from member banks a classification of
loans and investmentsBank earnings, to collaborate with Mr. Goldenweiser on
continuing study of problemFunctional expense reports to be discussed with Mr.
LeachDesignated Acting Administrator for War Loans Commit-
teeForm 105, proposed revision reducing from four to two
pagesInstructions for preparation of reports of condition
by State bank members, revised form submitted
Stone, and approved"Th0_ zlarrY B., senior clerk, salary increased:"8, Mrs. Ellen C., clerk, resignation acceptedOtt, Sarah L., clerk-stenographer, salary increased
lAir.'ery F. A., senior clerk, salary increased
Zelpha M.,SJ 4. on f clerk, salary increased
0 Examinations:Baker/ Ellery W., permission to accept appointment in Army
for military intelligence duties
359Pages
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11/30 224011/30 223911/30 2240
2/3 1693/26 555
4/7 646
4/18 7445/1 836
5/25 1041
6/10 1183
7/18 1455
7/28 1501
9/29 1903
10/ 7 1956
11/18 2198
12/16 232811/30 22395/27 10687/ 1 134211/30 223911/30 2240
9/25 1883
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360Pages
Staff of Board of Governors: (Continued)ulvision of Examinations: (Continued)
Bangs, Olga W., transfer to Division of Personnel Adminis-
tration approved 6/29 1313Brown., Arch B., senior clerk, resignation accepted 12/ 4 2267Brown, W. G., travel expenses budget covering difference in
price of standard lower berth and roomette
Cagle,
ap-
proved because no other space available 8/ 6 1580C. E., Assistant Chief, to go to Chicago to make an
investigation of unethical transactions between
Mr. Lewis and the Continental Illinois National
Bank and Trust Co. involving Government securi-
ties 5/22 1011
Trip to Chicago for investigation of Continental Illi-
nois National Bank and Trust Company 5/26 1046To go to Cleveland and investigate indebtedness of Mr.
Wagner 8/27 1694To go to Cleveland to present letter to board of direc-
tors requesting investigation of affairs of Mr.
Wagner 9/ 9 1760To accompany Mr. Szymczak to Cleveland to attend meeting
of board of directors on September 14 for inves-
Connel tigation of affairs of Mr. Wagner 9/10 1763J
lR„. oseph J., FRExaminer, salary increased 10/29 2084
Charles, Assistant FRExaminer, appointment and sal-ary approved 12/21 2348
Eal:ish, J. Fred, Assistant Examiner, salary increased 9/15 1815
Barbara Jane, stenographer, appointment and salary on
Pols temporary basis not to exceed 90 days, approved 8/ 7 1588om, George H., granted leave of absence for military
serviceGio vanetti, Eleanor C., stenographer, transferred to Divi-
sion of Research and Statistics as clerk stenog-
Good rapher with no change in salary 7/17 1447r,/ ueorge E., assistant FRExaminer, granted leave of
ab-
sence without pay to enter military service 11/21 2213
Ha Glenn M., FRExaminer, salary increased 11/14 2169g'er, Herbert H., Assistant Examiner, salary increased 9/15 1815
'lardin g leave without pay to enter duty with Navy 11/ 9 2133
'lng, Mrs. Marie Anne, stenographer, appointment andsalary on temporary basis not to exceed 90
A days, approved 8/ 7 1588Har,ItPPointment made permanent and salary approved 9/22 1861
John Joseph, Assistant FRExaminer, salary increased 5/25 1030
Granted military leave to enter service with Army 11/12 2152
5/7 877
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4atf 0ABoard of Governors: (Continued)on of Examinations: (Continued)
Highfield, Carroll R., Assistant Examiner, salary increased
H°Pkins, Mrs. Julia B., Assistant FRExaminer, salary in
creasedResignation accepted
dostrup, Clarence C., FRExaminer, salary increasedHoward, Thomas P., FRExaminer, resignation accepted
,ones, Laurence H., FRExaminer, resignation acceptedvohnson, Edwin J., Assistant FRExaminer, granted leave of
absence for military serviceJohnston, Milton K., stenographer, resignation acceptedKnight, James, appointment and salary as assistant FhExam-
iner approvedKrur., H6 arold T., Assistant FRExaminer, appointment and
salary on temporary basis with headquartersat Omaha
Lamb, Ruth S., impounded funds of, sent to Treasury Depart-ment, thought to be covered by Civil Service
Retirement ActLan-1Arthur H., appointment and salary as Assistant FREx-
aminer approvedHeadquarters changed from Chicago, Ill., to Cleveland,
OhioSalary increased
ver, Thomas N., appointment on temporary basis and salary
Leo as assistant FRExaminernard, Robert F., appointed director of Division of Per-
sonnel Administration and salary increasedMalone, Charles T., FRExaminer, granted leave of absence
Mass,„ for military service-Y, E. R., Assistant FRExaminer, transfer to Office of
Mr. McKee as secretary and increase in salary
UcClei approvedmil'l L J., FRExaminer, salary increased
ard, E. R., travel expenses, budget covering difference
in price of standard lower berth and roomette
approved because no other space availableTravel expenses, voucher including additional expendi-
ture for higher priced accommodationm,,,, alarY increased1; Gordon R., FRExaminer, salary increased
417s, Edward S., Assistant Examiner, salary increasedHil e°111e, Elnyr D., secretary, salary increased'es, Donald C., appointment and salary as assistant FREx-
aminer on temporary basis
361Pages
9/15 1815
6/ 1 11018/12 160711/12 21528/ 1 15349/16 1821
5/25 10313/11 461
5/23 1014
6/ 6 1150
3/6 430
3/ 4 412
8/15 162512/10 2297
11/ 5 2121
5/27 1068
5/11 914
2/10 2315/25 1030
8/ 6 1580
12/ 9 229412/10 22975/25 10309/15 18158/ 1 1533
6/12 1199
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Staffti u!- Board of Governors: (Continued)-Lvision of Examinations: (Continued)
Noell, J. Carroll, FRExaminer, leave of absence due to
illness, not to be charged against future
leave, approved, Extension of leave on account of sickness approvedraulger, Leo H., Chief, directed to make at least one ex-
amination of each FRBank during 1942
Recommendation that travel regulations of Board be
amended to provide increase in per diem allow-
anceAuthorized and directed to conduct examination of each
FRBank during 1943Pollard, B., to go to Pacific Coast to assist in
protection of property of evacuees and remainafter Mr. Szymczak, secretary's note
Appointed Assistant Chief of Division of Examinationsand salary increased
Porter, and
H., transfer from Division of Bank Operationsand appointment and salary as FRExaminer ap-proved
Headquarters changed from Atlanta, Ga., to Washington,D. C.
Voucher for travelling expenses approved to cover draw-ing room because no other accommodation avail-
able_Salary increased
Porter, Nancy R., salary as stenographer increasedLoan to War Production Board not approved but no objec-
tion to resignationRadfSalary increased
Sch'c)rd' John R., Jr., FRExaminer, salary increased
Iller, Lillian H., stenographer, appointment and salary
Schoenh, approved
offScott Robert J., Assistant Examiner, salary increased
Se Frances A., stenographer, salary increasedeger, William H., Jr., Assistant FRExaminer, appointment
" Land salary on temporary basis
ems •A. A., FRExaminer, resignation accepted", James C., appointment and salary as Assistant FREx-
aminer approvedston8ealary increased
2 Harold F., clerk-stenographer, transfer to Secre-
Thom, tary's Office as accounting clerk approvedAndrew N., Assistant Examiner, appointment and
Trou_ _ salary approved
Walt:' Fred W., Assistant FRExaminer, salary increasedsrs, Mrs. Helene K., stenographer, salary increasedalarY increased as secretary to Mr. Pollard
362Pages
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12/11 2302
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1/31 159
8/15 1625
9/ 8 175212/10 22973/13 490
9/ 8 174912/10 229711/16 2174
9/22 18629/15 181511/12 2152
7/ 6 137012/15 2313
5/21 100612/10 2297
2/9 225
8/26 16865/30 10955/25 10309/12 1787
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hair0,n Board of Governors: (Continued)J-vlsion of Examinations: (Continued)
Winkler, P. J., FRExaminer, salary increasedGranted leave of absence without pay to enter service
in the ArmyWright, Marion E., appointment as assistant FRExaminer and
salary approved, transferred from War Loans
CommitteeDivj.i.delc, Louis W., Assistant FRExaminer, salary increased
°a-on of Personnel Administration:Bangs, Olga W., Secretary to Mr. Leonard, transfer from
Division of Examinations and salary approvedSalary increased
Braden, Mrs. Helen F., substitute nurse, appointment and
salary approvedBrown, Helen Lindsley, clerk, transfer from Division of Re-
search and Statistics with no change in salaryEdwards, Harry i.e., clerk:
Transfer from Secretary's Office and salary approvedSalary increased
,. Granted military leave to enter Maritime servicel'ishburn, Judith M., interviewer, transfer from Division
of Research and Statistics and salary approvedFrench
Amy P., substitute maid, transfer from Secretary's
ja Office approved
Salary increasedrvis, Ruth L., maid, transfer from Secretary's Office
and salary approvedx4,..Salary increased
J. Edward, Administrative Assistant, transferfrom Secretary's Office and salary approved
Granted leave to enter NavyLeonard,
Robert F., appointment as director and salary in-
creasedAPPointed on committee to consider suggestions for
nominating employee each month for Post award
in making suggestion for improvement of Fed-
eral serviceAdvice to Mr. McNutt that he will act as point of con-
tact on problems of occupational defermentContact man between Board and FRBanks to procure men
qualified for work in connection with military
occupation of countries, Overtime payments and official hours of work, memo on
", Florence, clerk, transfer from Secretary's Officeand salary approved
363Pages
5/25 1030
10/15 2022
7/14 14199/15 1815
6/29 13139/11 1783
8/21 1652
10/14 2016
6/29 13139/11 178310/10 2002
6/29 1313
6/29 13138/ 1 1531
6/29 13138/ 1 1531
6/29 13139/ 8 1749
5/27 1068
9/26 1892
10/23 2051
10/21 204512/18 2338
6/29 1313
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364Pages
Staff.4'4 Board of Governors: (Continued)
v-1,8,i°n of Personnel Administration: (Continued)x'arkhill, Dorothy M., clerk-stenographer, transfer from
Secretary's Office and salary approvedSalary increased
Sokol, Melania K., transfer fromuntil resignation is
Resignation acceptedStone, A. M., senior clerk, transfer from Office
Sumczak and salary approvedSullivan, Mary Alice, substitute nurse, transfer
retary's Office and salary approved,., Resignation acceptedvestergren, Ruth A., personnel clerk, transfer from
ne, tary's Office and salary approvedtl •ckli M. Callie, nurse, transfer from Secretary'sfice and salary approved
Divis. Salary increasedAl°n of Research and Statistics:lidditional personnel for study of national
problems, memo of Mr. EvansAliens, appointment of, refugee from Poland being consid-
eredA lbe, Mrs. Ruth Dewey, clerk-typist, transferred from
Secretary's Office, no change in salaryResignation accepted
Llerson, A. June, clerk-stenographer,Bach, Amy Phyllis, clerk-stenographer,
Bach, Gapproved
h, G. L., Associate Economist,Ba. Salary increased1rd, Frieda, Associate Economist,
Baker, D4/28 781
er, Dr. John C., payment of transportation to Washington
for interview in connection with possible em-1/12 43
salary3/19 5058/10 15987/ 1 1342
per diemof illness 2/27 377made per-
9/ 5 173712/30 24059/12 1787
6/29 13139/11 1783
Office of Mr. Szymczakeffective 9/23 1868
12/ 8 2289of Mr.
6/29 1313from Sec-
6/29 13138/21 1652
Secre-6/29 1313
Of-6/29 131310/31 2096
and regional7/21 1460
2/10 229
7/ 1 134310/27 2071
resignation accepted 6/10 1179appointment and
8/26 1686salary increased 2/ 6 215
8/12 1606appointment and salary
ployment, authorizedBai •dw1n, Mrs. Beatrice S., clerk, appointment and
on a temporary basis approvedBar Restillation acceptedpar °, Jane W., clerk, salary increased
'er, Clarence S., Assistant Examiner, granted
Bean in lieu of subsistence during period2 Robert t., economic assistant, appointment
manent, no change in salarySaBe lary increased
ers, .rs. Anna G., clerk-stenographer, salary increased
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365Pages
kaff1),Of Board of Governors: (Continued)j'Illsion of Research and Statistics: (Continued)
Bergelin, John 0., Associate Economist, salary increased 2/ 6 215Voucher for traveling expenses approved 8/ 4 1551Salary increased 12/23 2370
Bertolini, Josephine F., clerk, resignation accepted 6/15 1216Bettman, Alfred, appointed on part time basis as Special
Consultant in connection with work on urbanredevelopment and to be reimbursed for travel
expenses, not to become a member of Retirement
System 6/23 1269Voucher for traveling expenses approved 8/18 1631
Blake, Bonnie B., clerk-stenographer, appointment and salaryapproved 6/12 1200
Resignation accepted 9/25 1882Blattner, George W., Special Statistician, transferred to
Division of Security Loans as Special Assistant
Bohl4 and appointment extended for one year
--J-71, Mary Hedda, clerk, salary increased 3i 1t2527/ 1 1342?,"oiseau, Natalie, clerk-stenographer, salary increased116°0rstein, Edward, Economic Assistant, salary increased 2/ 6 215B Resignation accepted 3/27 573°urneuf, Alice Elizabeth, associate economist, appointment
and salary 10/ 2 1933Brooks, Ruth, clerk, salary increased 7/ 1 1342Brown, Helen L., appointment made permanent with no change
in salary 1/13 44Salary increased 7/ 1 1342
Transfer to Division of Personnel Administration with
Cop- no change in salary 10/14 2016-ler, Mrs. Margaret, clerk-stenographer, granted leave of
absence to join husband for not over six months
and contributions to Retirement System not to
be made 6/23 1270Letter to Retirement System on contributions while on
leave without pay 10/14 2017c Resignation accepted 11/28 2237
°lints, Catherine M., clerk, leave without pay extended,
contributions to be continued on condition she
continues to make contributions to Retirement
System 3/21 520Leave without pay extended, contributions to Retirement
System to be continued on condition that she con-
tinue her contributions 4/ 7 643Resignation accepted and refund for advanced sick leave
to be made 9/16 1821Crandall---, Elizabeth Ridings, clerk, appointment on temporary
12/10 2296basis and salary approved
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Nti or411.213oard of Governors: (Continued)
lon of Research and Statistics: (Continued)Crawford, John M., junior economist, appointment and salary
3approved /10 455_ Salary increased 12/30 2405Crews, Mildred, clerk-stenographer, transferred from office
of Mr. Draper at no change in salary 6/20 1262Currie, Lauchiin, leave of absence without pay extended for
one year, contributions to Retirement System to
be discontinued, adjustment to be made pending
return to active service 1/16 74Dearborn, Hamilton Q., junior economist, resignation ac-
cepted 1/16 77DePenbrock, Mrs. Barbara S., request for assent to examina-
tion and certification by Civil Service Commis-
sion presents borderline case under Board's
policy 1/16 64No objection to examination and certification of, by
Civil Service Commission for position of Archi-
tect 1/16 6810. Resi gnation as draftsman accepted 5/18 973
Irks, Frederick C., junior economist, salary increased 2/ 6 215_0 Salary as Associate Economist, increased 8/19 1636D0ebler,6/29 1314Leila M., clerk, appointment and salary approved-47, Alice N., clerk, appointment and salary approved,
formerly employed by FRBank of New York and al-
Ellis, ready member of retirement system 7/ 3 1360
Margaret, Junior Economist and Executive Assistant,
salary increased 2/ 6 215
Engel, Doris M., clerk-stenographer, transferred from Legal
Division with no change in salary 9/ 5 17374 Salary increased 12/21 2350
p,nst, Rosa, Economic Assistant, salary increased 2/ 6 215Fa t R osa,Kathryn S., clerk, granted leave of absence with-
out pay because of approaching confinement,
Board to continue contributions to Retirement
System if she does 3/21 519To discontinue her payment to Retirement System while
on leave without pay because of confinement,
but Board to continue its contributions 6/29 1314Letter to Retirement System on contributions while on
leave without pay 10/14 2017Leave of absence because of confinement extended and
reemployment at end of period approved 10/10 2001
Leave of absence without pay because of confinement ex-
tended for three months 11/ 6 2127
366
Pages
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Staff eBoard of Governors: (Continued)
4'71eion of Research and Statistics: (Continued)Fishburn, Judith M., transfer to Division of Personnel Ad-
ministration approvedPorsling, Mary Elizabeth, clerk, appointment and salary ap-
provedSalary increased
Prase, Mrs. Eleanor S., junior economist, leave of absence
on account of confinement including leave with-
out pay but granted permission to remain at
office from November 1 to November 15Frederick, Mrs. Louise Abbe, clerk-typist, appointment and
salary approvedGaither, Anna Margaret, clerk-stenographer, granted leave
of absence without pay to accompany husband
to California, contributions to Retirement
G System
arber, Margaret R., clerk, salary increasedGardner, Walter R., Senior Economist, designated to as-
sist in preparing a draft of statement whichBoard representative might make at hearingson Inter-American Bank before the Senate Bank-ing and Currency Committee
Statement submitted by, for use by representative ofBoard if called to testify before a Congres-sional committee in regard to the Inter-Ameri-can Bank
Mission to Cuba, memorandum on, letter to be sent toMinister of Finance of Cuba on draft of mone-tary law
Representative of Board on committee on relation between
the domestic and international measures con-templated in article 7 of the master lend-lease
Get- agreementsrn
-uan, Clayton, Associate Economist, salary increased
Ge Salary increasedrvais, Helen E., clerk-stenographer, transfer from
o
Sec-retary-'s Office and salary increased
vanetti, Eleanor C., clerk-stenographer, transferredfrom Division of Examinations with no change
Gla in salaryser, Mrs. Vera R., transferred to Office of Mr. Szym-
czak as stenographer and salary increasedRetransferred from office of Mr. Szymczak with previous
G1
a r, •
salary`l er, William H., economic assistant, resignation ac-
cepted
367Pages
6/29 1313
3/26 5639/11 1783
10/22 2047
11/ 6 2127
7/ 1 13437/ 1 1342
1/22 99
3/10 448
5/11 919
9/ 4 17352/6 215
12/23 2370
6/29 1313
7/17 1447
7/ 1 1341
8/11 1601
1/30 147
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368Pages
Staff of BoardDivis of Governors: (Continued)lon of Research and Statistics: (Continued)Goldenteiser, E. A., Director:
Designated to assist in preparing a draft of statementwhich Board representative might make at hear-ings on Inter-American Bank before the SenateBanking and Currency Committee
Loans, commercial and industrial, memorandum regard-ing monthly reports on, by member banks, formproposed
Request for report reconsidered and approved withletter to FRBanks
Memorandum of, regarding possibility of dangerous infla-tion in authorizing Government to borrow directlyfrom the central bank, distributed at meeting ofBoard with Federal Advisory Council
Memo from, recommending procedure for survey of new com-
1/22
2 / 6
2/ 6
2/16
99
200
206
266
mercial and industrial loans made by memberbanks approved 4/ 1 609
Forms FR 574-A and 574-B for reporting sent to FRBanks 4/ 1 611
Commercial loans, results of survey conducted by, forone-month period 5/19 984
Memorandum from regarding the collection of statisticson retail furniture sales, inventories andcredit 5/15 943
Plan for coordinating research and statistical activi-ties of Board and National Resources PlanningBoard, to keep in touch with Mr. Blaisdell inconnection with 6/ 9 1177
Statistics of department store inventories by depart-ments be collected monthly instead of quarterly 6/13 1211
Bank earnings, to collaborate with Mr. Smead on continu-ing study of problem 7/28 1501
International Stabilization Fund and InternationalBank report on conference on establishmentof, no action to be taken until discussedwith Secretary Hull 7/10 1401
Go_ Problems in maintaining adequate staff, memorandum of 8/12 1606G4°/11 Jeanne M., resignation as clerk accepted 1/ 5 11
er, Guy E. Senior Economist, temporary appointment ex-tended with no change in salary 3/17 499
Gulab esignation accepted 11/23 2217art, Mary Hall, Economic Assistant, appointment and
salary approved 8/13 1611
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369Pages
Staff _
i4T Board of Governors: (Continued)l!i°n of Research and Statistics: (Continued)Haigh, Mrs. Julia, clerk-stenographer, granted leave of ab-
sence without pay because of illness, Board to
continue contributions to Retirement System
on condition that she continue hersTT Resignation acceptednamm, Mary Louise, clerk-stenographer, appointment made per-
manent and salary increasedH Salary increasedHalmnill, Caroline, Economic Assistant, salary increasedansen, Alvin H., Special Economist:
Included in list of employees who should be excluded
from the benefits of the Civil Service Retire-
ment Act
5/1111/ 3
2/1812/212/6
3/ 5
9152105
2942350215
417Impounded funds of, sent to Treasury Department, thought
to be covered by Civil Service Retirement Act 3/6 430To be requested to come to Washington to assist Yr.
Leland with studies relating to inflationarydevelopments 3/23 541
Studies to be undertaken on establishment of Interna-tional Stabilization Fund and InternationalBank, able to give some of his time to 6/ 9 1162
Ha Budget increased to provide for compensation ofrleY, C. R., Economic Assistant, salary increased
11/252/6
2231215
Appointment made permanent with no change in salary 2/17 290Not included in list of employees whose impounded funds
were sent to Treasury Department for reasons
Hal, • stated in memorandum from Mr. Vestrington, Mary Jane, Economic Assistant, salary increased
but less than recommendedHer Salary increased
tflIr's,erg, Paul G., Associate Economist:lemporary appointment for one year approved with no
change in salaryImPounded funds of, sent to Treasury Department, thought
to be covered by Civil Service Retirement ActHer seY, A. B., Associate Economist, salary increasedTo be ascertained whether he would be willing to repre-
sent the Board in the campaign to raise funds
Rill for United China Relief4-, Gretchen, clerk:Resignation accepted
Hod_Salary increasedHoi"rn, Viola A., clerk, salary increasedhausen, Duncan M., junior economist, appointment and
salary approved
3/6
7/ 112/30
6/ 5
3/ 62/6
4/15
7/167/ 17/ 1
4/9
429
13422406
1138
430215
724
144213421342
663
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tail' ofO Board of Governors: (Continued)'illtision of Research and Statistics: (Continued)
Hough, M. Margaret, clerk-stenographer, salary increasedHubbard, Carol, clerk, resignation accepted'Tani, George, Junior Economist, resignation accepted
TJ,ones, Ruth, clerk-stenographer, salary increased"aiser, Philip M., Junior Economist, no objection to employ-
ment by Board of Economic WarfareResignation accepted
Aallio, Helen Jean, clerk-stenographer, appointment and
salary approvedResignation accepted
1el4, Nancy B., clerk-stenographer, salary increasedKennY, Gunhild Anderson, Junior Economist, salary increased
Granted leave without pay, in accord with policy regard-ing confinement cases
Leave of absence without pay because of confinement ex-tended
,. Reemployment at end of confinement leave approvedx‘Indleberger, Charles P., Associate Economist, salary in-
creasedStudies to be undertaken on establishment of Interna-
tional Stabilization Fund and InternationalBank, able to give most of his time to
lc Resignation acceptednaPP, J. Burke, Junior Economist, salary increased
To prepare memorandum on control of frozen funds and
Salary give to Mr. Szymczak
increasedRepresentative of Board on committee on the commercial
policy aspects of exchange, monetary and in-
Lars vestment problems, on, Esther H., clerk, resignation accepted
en Mrs. Agnete, economic assistant, appointment and
salary approvedLichtash, Ben S., economic assistant:
Appointment and salary approvedResignation accepted
'lschinsky , Mrs. Melva, clerk-stenographer, resignation ac-
Litchfield,
Longstreet,Granted
ceptedSusan Burr, Senior Economist, proposed increasenot approved by Personnel CommitteeVictor M., Associate Economist, salary increased
leave of absence without pay for military serv-ice
-a,Aocs, Mrs. Elizabeth F., economic assistant, resigna-tion accepted
370Pages
7/ 17/286/ 67/ 1
1/161/22
1342150811511342
68106
8/21 165211/ 5 21227/ 1 13422/6 215
2/10 232
8/14 16169/11 1778
2/6 215
6/ 9 11628/ 7 15892/6 215
3/6 4288/19 1636
9/ 4 17354/25 762
10/ 1 1917
9/22 186111/ 5 2122
2/17 291
2/6 2152/6 215
5/15 937
9/19 1844
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Staff _a,0,0? Board of Governors: (Continued)j'irleion of Research and Statistics: (Continued)
Lupton, Eleanor B., appointment and salary as clerk-stenog-
rapher on temporary basis for limited period
Margolis, Julius, Junior Economist, appointment and salary
on temporary basis1,4,,rmleY, Mary M., Economic Assistant, salary increased41artin, Robert B., resignation of, makes reimbursement for
only one clerk necessary for December, for work
on statistical manualMcCann, Mary Ann, clerk, appointment and salary approved11eCloud, Lyndall C., Economic Assistant, salary increasedMcDonald, Patricia A., clerk, resignation acceptedli
enze, Robert E., question of appointment and salary sub-
mitted to Personnel Committee for study and
recommendationMetcalf, Margaret G., appointment and salary as clerk-sten-
ographer approvedSalary increased
;4,!'ller, Regina E., clerk, appointment and salary approvedMitchell, Mrs. Margaret Elizabeth, clerk, appointment and
salary approved„ Resignation accepted
Wilellyn, clerk, salary increasedu_3e, Milton, Junior Economist, salary increased;rgravel Richard A., Associate Economist, salary increasedver, Mrs. Eleanor, leave of absence without pay extended
for one year, contributions to Retirement Sys-tem to be discontinued, adjustment to be made
pending return to active serviceJames Harvie, messenger, salary increased
41, Lynda A., clerk, salary increasedResignation accepted
't"3st, Mrs. Margaret Richards, junior economist, appointment
Pa,- and salary approved
pe;t), Mary Louise, clerk, appointment and salary approved
Harvey S., impounded funds of, sent to Treasury
Department, thought to be covered by Civil
Service Retirement ActTemporary appointment extended for year with no change
in salarySalaphil,. rY increased'4-1Ps, Margaret W., clerk-stenographer, appointment and
salary approveder, Leroy M., draft of statement prepared by, proposing
special security to absorb idle business bal-ances
371Pages
6/22 1263
6/23 12702/6 215
1/5 118/14 16162/6 2153/ 3 407
2/17 280
1/ 1 19/12 17879/ 8 1747
10/ 1 191712/ 4 22677/ 1 1342
12/30 24058/19 1636
1/16 747/ 1 13427/ 1 13427/14 1420
7/31 152311/10 2140
3/6 430
9/ 8 174812/30 2405
12/21 2349
1/28 134
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Staffv.1 Board of Governors: (Continued)'41a8i0n of Research and Statistics: (Continued)
Piser, Leroy M.: (Continued)Salary increasedCanadian financing, copies of memorandum furnished to
members of executive committee of Federal Ad-
visory CouncilLetter to draft board requesting deferment on occupa-
tional groundsRequest for reclassification for deferment from mili-
tary service, letter to PresidentRandall, Alice F., clerk, salary increased but less than
recommendedResignation accepted
Reeves, Dorothy D., Secretary, salary increased
Katharyne P., Economic Assistant, salary increased"einsch, Pauline, economic assistant, appointment and salary
approvedResignation accepted
Report on status of projects to be submitted by Mr. Golden-
weiserRhodes, Isabelle N., clerk, resignation acceptedRobinson, Roland I., Associate Economist, salary increased
Authorized to make trip to Canada to study consumer
creditRo 2=a1 of payment for unused pullman reservation
increasedSalaryEdward D., laborer, transferred from Secretary's
Office as messenger and to continue on tem-
porary basis and salary increased1/11!_
fl48.,Y, Elizabeth V., clerk, resignation accepted
'aidue, Helen R., clerk, salary increasedsal R?eignation accepted
arles of list of employees approved, with understanding
that the action shall not be regarded as estab-
lishing a precedent, revised job description
sheets to be submitted to Committee on Person-
Schre-lb nel Classification
er, Mary Alice, clerk, appointment and salary ap-
Schul tz
proved, Mrs. Rose H., clerk-stenographer, resignation ac-
Sette, cepted
Mrs. Elizabeth E., economic assistant, salary in-
creasedShiPnia112 Ruby M., clerk-stenographer, appointment and
Simr,8 salary approved°n, Paul, Junior Economist, salary increasedSala - increased
372Pages
2/6 215
7/ 1 1337
11/ 4 2114
11/23 2217
7/ 1 13429/25 18827/ 1 13422/6 215
2/19 2989/11 1784
7/28 15045/23 10232/6 215
3/10 44310/10 200512/ 7 2275
8/ 1 15338/21 16537/ 1 13429/ 5 1738
2/6 214
8/10 1597
6/15 1216
12/30 2406
7/ 7 13782/6 2158/19 1636
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373Pages
Staffpi° Board of Governors: (Continued)vision of Research and Statistics: (Continued)Sissman, Mrs. Louise, Junior Economist, resignation ac-
cepted 2/ 6 216Smith, Jesse D., messenger, salary increased 7/ 1 1342Stark, Walter R., Assistant Director, Mr. Rockefeller ad-
vised that he is the proper person to contact
regarding further development of Inter-American
Scholarship program 4/20 748Stewart, Mrs. Maxine Glad, clerk, salary increased 4/21 749
Granted leave of absence during confinement 9/16 1820
Salary increased as economic assistant 12/30 2406Strickler, Betty J., transferred from Secretary's Office
as junior file clerk to clerk-stenographer
with no change in salary 7/17 1447T Salary increased 12/21 2350
Thomas, Elizabeth P., clerk, salary increased 7/ 1 1342
Woodlief, Assistant Director, authorized to repre-
sent Board on conferences regarding suspension
of publication of statistical series for dura-
tion of war 1/12 43Individual debt, reduction through amortization of bank
loans, memorandum on reports by banks and other
lending agenciesArticle in Wall Street Journal on article in FRBulletin,
Tho- 59//2251 11084419
, discussion of Mr. Flynn withendell E., Junior Economist, salary increased 2/ 6 215
Ifin, Robert, associate economist, appointment and salary
approved 7/31 1523Trueblood, Lorman C., junior economist, appointment and sal-
ary approved 11/16 2173ww, a le, Raymond, library aid, resignation accepted1/4n Br k
V/g 31t4warner; Haskell, junior economist,
resignation accepted
Mrs. Doris P., economic assistant, appointment and
White salary approved 11/10 2140
Mary, clerk, salary increased 7/ 1 1342wilip:ams, Kenneth B., associate economist, salary increased / T425
lams, Lois A., secretary, salary increased
Norma F., resignation as clerk-stenographer accepted 1/ 8 26wine2n, Lucile G., clerk-stenographer, resignation accepted 7/ 3 1360
cuell, Mrs. Will° J., clerk, appointment on temporary
basis and salaryapproved 11/14 21681r41-ght , David M., recommendation of appointment as Asso-
ciate Economist for one year, report of testson physical condition made at University of
Virginia to be obtained and appointment con-
sidered later
1
Appo intment and salary approved and to waive death and
139:9
A
disability benefits for period of 10 years 4
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Staff11,n Board of Governors: (Continued)"rision of Security Loans:
Beal,, Anne, resignation as statistical clerk acceptedBlat tner, George W., Special Statistician in Division of
Research and Statistics, transferred to, as
Special Assistant and appointment extended for
Bra one year
rn--eY, Philip E., Assistant Chief, resignation acceptedfl:ranic, Otto H., salary increasedBrown, Bonnar, Special Assistant, authorized to make trip
to Canada to study consumer creditSalary increased and title changed to Administrative
AssistantCravens, Kenton R., Special Consultant, payment for expenses
incurred in coming to Washington for consulta-
tion on Regulation W approvedDehn, Ruth L., stenographer, salary increased
Lewis N., Special Assistant, salary increased"uugson, Thomas H., special consultant, memoranda from,
outlining a tentative program for the enforce-
ment of Regulation W, including press statementand letter to Mr. K. Barnard, sent to the of-
fice of each Board memberDecision not to release press statement as it lacks
news valueVoucher covering expenses during assignment from FRBank
Lutz , of Minneapolis, approved, luice, stenographer, salary increasedParry,
Carl E., individual debt, reduction through amortiza-
tion of bank loans, memorandum on reports byEft-lelen banks and other lending agencies
cY Impairment resulting from age, number division heads
Operators:
might wish to retire if allowances were ade-El quate
“I°1d, James W., Jr., appointment and salary approved
Bird, accepted' James F., appointment on temporary basis and salary
approvedTransferred to position of page in Secretary's Office
Brun ci and salary increasedcam ;age, Dean E., promoted to page and salary increasedcort':-°n, James H., Jr., resignation acceptedOsalc n, C. Lenwood, appointment and salary approved
Ine, Thomas R., appointment on temporary basis and
Gello salary approved
Promoted Carl J., appointment and salary approved
rromoted to page and salary increased
374Pages
2/5 193
3/ 3 4051/16 771/16 76
3/10 443
7/23 1472
4/13 7129/12 17877/23 1472
5/5 847
5/5 848
6/29 13169/12 1787
5/25 1041
2/26 357
8/ 7 158912/19 2342
6/13 1208
8/ 7 15896/13 12082/5 1943/19 505
12/23 23692/12 2416/13 1208
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375Pages
StaffOf Board of Governors: (Continued)za.evator operators: (Continued)Hurst, Donald A., appointment on temporary basis and salary
approvedLarso-,a Jefferson J., transfer to
ary approvedMule
aryM., appointment
salary approvedPhillips, Donal H., appointment and
Salary increasedReplacing by women suggestedReport from United States employment
tory requisition forRichardson, James E., appointed on temporary
ary approved„ Resignation accepted
Stephen, resignation acceptedWhitly, Paul C., appointment and salary approved
Ltapi Re signation accepted°Yees not to be loaned to any other Government agency
4aPloy out specific authority from the Board 1/ 1 1-e-s, Mr. Price, Director of Censorship, advised that
Board cannot spare any of its employees atpresent time 2/11 237
kPloyees added to staff who were not members of the Civil Serv-ice Retirement System to be required to become
4111%ees, members of the Retirement System of the FRBanks 2/27 371
impounded funds of, who are thought to be subject to
the Civil Service Retirement Act, discussion of,
and decision to transfer to Treasury and advise
'It1131.0Yees, the Civil Service Commissionquestions submitted to Civil Service Commission with
2/27 367-71
regard to coverage of, by the Civil Service Re-
Naoyees, tirement Act 2/27 369release of under Executive Order, reply to Civil
Service Commission advising that Board needsall present employees and that Mr. Nelson is
s 414x:toper person to contact regarding 2/25 351Agent,
'oulkLail?! L.!liver E., Fiscal Agent, surety bond approved 4/25 762
Josephine /$ osephine E., Deputy Fiscal Agent:Bond of 5/13 927Sala
increased 2/16 277Gardeners. rY
144Yhew
Increase salary increased
in salary
6/13 1208page and increase in sal-
2/12 241on temporary basis and
9/ 8 1748salary approved 2/12 241
7/31 152410/ 2 1929
service of discrimina-12/11 2301
basis and sal-7/13 14109/ 1 17163/11 4613/31 5977/ 9 1387
with-
7/31 15248/ 1 1531
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StaffOf Board of Governors: (Continued)Guards:
Ackerman, Stephen J.:Appointment and salary approved 1/19 87
Resignation accepted 6/29 1315Anderson, E. F., Acting Captain, salary increased 8/ 1 1531Becke, Herbert E.:
Appointment on temporary basis and salary approved 7/23 1472Salary increased 8/ 1 1532
Resignation accepted 11/14 2169Bertol, Louis N., Captain:
Salary increased 2/10 232Granted leave of absence for military service 3/ 4 414
Boothe, Woodley, laborer, promoted to, and salary increased 4/ 9 663Salary increased 7/31 1524
Transferred to position of general mechanic and salary
increased 10/30 2090Carm
-'en, John C., appointment on temporary basis and salary
approved 6/25 1278
Con Salary increased 8/ 1 1531stable, Frank W., appointment and salary approved 5/12 923Salary increased 8/ 1 1531
Cook, Thomas G., chauffeur, promoted to, and salary in—
creasedc ,Salary increased 14/3(1 61523400
4/
Leroy H., granted leave of absence for military
Oran service 4/16 727el Pinar, salary increased 2/10 232
-rawford, James D., granted leave for military service 4/10 689Resignation accepted and grant of leave for military
5/i 835service n
rescindedDa
De •
Appointment on temporary basis and salary approved 7/ 7 1378Salary increased 8/ 1 1531l!esignation accepted 11/ 9 2133
n. 'qz0Pointment on temporary basis and salary approved 12/ 4 2267Emmett M., appointment and salary approved 2/12 242
Har Salary increased 7/31 1524Joseph P., Jr., promoted to senior guard and salary
increased 1/15 55Rix Resignation accepted 6/ 2 1108
82n, Mabron H., appointment and salary approved 3/ 3 405Hor;:cesignation accepted 6/10 1179
lgan, John F., appointment on temporary basis and salary
Sal approved 7/25 1482Salary increased 8/ 1 1532
376Pages
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Staff of Board of Governors: (Continued)Guards:
(Continued)Hyde, William, salary increased for time he serves as
guardPromoted to senior guard and salary increased
Langham, Lee W., granted leave for military serviceMinor, James V., Jr., appointment and salary approved
Salary increasedResignation accepted
Moffett, Bruce L., appointment on temporary basis and sal-
ary approvedMyers, Clifford B., appointment and salary approvedSalary increased
illchols, Charles R., appointment and salary approved” Salary increasedilorden, Leonard A., salary increased
Resignation as, accepteduvermiller, Charles S., promoted to position of clerk and
Pa salary increasedrquette, Fred, appointment and salary approvedSalary increasedReading, Benjamin R., granted leave of absence for military
serviceReduction in number suggested by Mr. EcclesSadler, Albert J., appointment and salary approved
Resi gnation accepted to enter military serviceu4nderson, James W., promoted to senior guard on temporary
basis and salary increasedLeave of absence without pay for military servicesa
ir_re, Isaac A., appointment and salary on temporary basis-cneuring, John, appointment and salary on temporary basis
for indefinite period, approvedsco,Resignation acceptedsn uty Joseph E., appointment and salary approved
4311!f?r, Paul, appointment and salary on temporary basiss,„`falary increased
u-Llvan, David, promoted to senior guard on a temporary
Sala increased
and salary increasedsw„, / Tavr, Tlmothy, appointment and salary approved
Y Ccl,r2 Franklin, appointment and salary approvedunp L'alarY increased
11- M., senior guard, salary increased-sase involving V‘iorkmen's Compensation Insurance
1.gestl4c
arY increased';',-'e, R. H., salary increased'tesignation accepted
6/208/131/74/238/ 111/28
8/193/ 37/311/307/311/154/13
1/304/178/ 1
3/1310/ 23/276/18
6/207/177/ 6
8/ 38/153/246/108/ 1
5/ 78/ 13/ 35/128/ 14/18/1911/134/ 14/8
377Pages
1261161119756
15312237
16354041524147152454707
147735
1531
4901929572
1243
126114471371
15411625547
11781511
8761531404923153260816362162608658
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Staff:I-
1/4' Board of Governors: (Continued)
11 rds: (Continued)Yilek, J. J., promoted to position of Supply Clerk in Sec-
retary's Office and salary increasedof work, to be increased to 44 per week, official hours
to be from 9:00 a.m. to 5:45 p.m. with 45minutes for lunch, Saturdays from 9:00 a.m.
to 1:00 o.m.Mr. L Leonard authorized to circulate questionnaire to em-
ployees as to preferenceMem°randum from President to all departments and agencies
in Government on lengthening work week to 48
hoursEstabli shed on 48-hour basis with overtime payMeeting to be held with division heads and with committee
representing Board's employees to discuss ad-
justment of office hoursApproved from 8:45 a.m. to 5:15 p.m. with thirty minutes
Me for lunch-mol-andum to members of staff on changes in working hours
and procedure for computing overtime paymentsin salaries of employees in Division of Research and
Statistics not to be considered as establish-ing a precedent, revised job description sheetsto be submitted to Committee on Personnel Clas-
sificationgroup life for employees of Board, continuation of
contract with Aetna Life Insurance Company ap-
proved
Flours
Increase
Itsurance,
Laborers.
LeavBoothe, Woodley, promoted to guard and salary increasedof employees in connection with resignations when odd
L°an tooir oth agencies:less or more than 1/2 day
er aect°P of Censorship, Mr. Price advised that Board cannot
Spare any of its employees at present timeent Agencies, not to be done without specific au-
Porter thority from Boardu-' 'ars. Nancy Randolph, request of War Production
Board for services for ninety days refused but
no objection to resignationt44ids:
Fr-ench' AMY P., substitute day maid, included in list of
employees who should be excluded from the bene-fits of the Civil Service Retirement Act
Sala •Jar,,_ rY increased";!, Ruth L., salary increased41ary increased
378Pages
3/3 405
1/16 62
12/14 2312
12/26 238612/26 2389
12/26 2392
12/30 2410
12/31 2411
2/6 214
4/22 755
4/9 663
11/ 3 2105
2/11 237
1/1 1
9/ 8 1749
3/5 417
8/ 1 15314/28 7828/ 1 1531
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379
Starru 01 Board of Governors: (Continued)'4essengers:
Branic, Otto H., Division of Security Loans, salary in-
Pages
creased 1/16 76Collins, Wesley B., salary increased 7/ 1 1342
Salary increased 8/ 1 1531Dyson, Seaton, to be retained in active service until end
of calendar year 6/ 1 1101Extension of employment for one year approved and to be
advised of rights under Retirement System 12/ 2 2258Frost, Frederick L., assigned to Office of Governor Szym-
czak, resignation acceptedliamilton, James F., transferred from Secretary's Office to
the Office of Mr. Evans as a messenger
10/ 5
5/1
1943
834_ Salary increased 8/ 1 1531Hart, Bishop, granted leave without pay for military serv-
ice to re-enter active duty with the U. S. Army,
unearned salary not to be given as previously
paidj°11nson, Gordon P., junior operator, transferred from Secre-
tary's Office to Board Members' Offices as,
with no change in salary
1/16
1/19
76
87Salary increased 8/14 1616
Lane,n Daniel F., Office of Mr. •Szymczak, appointment and
salary approved 11/ 3 21051\11,!ton,James Harvie, salary increased 7/ 1 1342
William E., messenger in Secretary's Office, resig-
Ropy.. nation accepted--rs, Edward D., laborer, transferred from Secretary's
3/11 461
Office and to continue on temporary basis and
salary increased8c°tt, Julian R., porter, promoted to messenger in Secre-
8/ 1 1533
tary's Office and salary increased 3/11 460Salary increased 7/13 1411
Jesse D., salary increased 7/ 1 1342
8raden, Mrs. Helen F., substitute, appointment and compen-
sation approvedliv an, Mary Alice, appointment and compensation rate as
substitute approved
8/21
1/26
1652
120Included in list of employees who should be excluded
from the benefits of the Civil Service Retire-
ment Act 3/5 417Impounded funds of, sent to Treasury Department,
thought to be covered by Civil Service Retire-
ment Act 3/6 430Res ignation accepted 8/21 1652
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4arr of Board of Governors: (Continued)
nurses. (Continued)Wickline, M. Callie, transfer to Division of Personnel Ad-
ministration approved
Offi ce of
Salary increasedthe Chairman:
Benton, Madeleine E., secretary to Mr. Thurston, salary
increasedCI ayton, Lawrence:
Inter-American Scholarship program, letter for the
signature of, to Mr. Rockefeller advising that
Mr. Stark is the person to contact regarding
participation of the Board inMilitary occupation of countries, memo on problems in-
volved and authorized to supervise compilation
of list of names of qualified men to be used
in connection withDe signated liaison officer with Military Government
Division of Provost Marshal General's office
with reference to banking and financial phase
God of studies being planned byJulia B., appointment and salary as stenographer
in Mr. Clayton's office approvedSalay increasedHart,
Bishop, granted leave without pay for military serv-
ice to re-enter active duty with the U. S.
Army, unearned salary not to be given as it
has been previously paid:jpn780n, Gordon, messenger, salary increased-urston, Elliott, to prepare press statement contradicting
Opinion that Regulation V was created to provide
a monopoly for member banksOffic _ Security officer of Board, designation as
42f Mr. Draper:rtelt, Betty, stenographer, transferred from Secretary's
Office and salary increasedcr__s ion accepted
Res iPne‘r
Mildred, stenographer, transfer from Secretary's
Office approvedTransferred to Division of Research and Statistics as
Humme_ clerk-stenographer with no change in salaryRauber, Mrs. Lucy F. stenographer, resignation accepted
r, Margaret E., granted leave without pay not to ex-
ceed 90 days, contributions to Retirement Sys-Office 0, tern to be continued
I Mr. Evans:°/1, James F., transferred from Secretary's Office to,
as a messenger
380Pages
6/29 131310/31 2096
4/8 658
4/20 748
10/21 2045
11/ 6 2128
5/16 94710/28 2076
1/16 768/14 1616
4/1 60212/ 1 2256
10/ 9 199312/30 2406
4/14 715
6/20 12623/28 585
5/7 877
5/1 834
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381Pages
hartOf Board of Governors: (Continued)
Officeof Mr. Evans: (Continued)
Westman, Elsie M., appointment and salary as private secre-
tary approved 3/13 489Grflce of Mr. McKee:
Hoffman, Dorothy B., transferred to,and salary increased
Salary increasedMassey, E. R., transfer to, as secretary with increase in
salary from Division of Examinations as As-
sistant FRExaminer approvedWalters, Alvin C., secretary, enlistment contemplated, Mr.
E. R. Massey to be transferred from Division
of Examinations to succeed
Off Granted leave of absence for military serviceice of Mr. Ransom:Schaffner, Edith L., stenographer, transferred from Secre-
Off tary's Office with no change in salary 12/30 2406ice of Mr. Szymczak:Bultman, Mrs. Ethelda M., resignation as assistant private
secretary accepted 1/13 45Frost, Frederick L., messenger, resignation accepted 10/ 5 1943Glaser, Mrs. Vera R., transferred from Division of Research
and Statistics and salary increased 7/ 1 1341
Retransferred to Division of Research and Statistics
with previous salary 8/11 1601Johnson, Dorothy R., stenographer, appointment and salary
approved 9/23 1868Lane, Daniel F., messenger, appointment and salary ap-
proved 11/ 3 2105
McLenighan, Mrs. Wanda G., secretary, appointment and sal-
ary approved 8/10 1597
Salary increased 10/16 2030
Resignation accepted 12/10 2297
6°k01, Melania K., appointment and salary as stenographerapproved 1/21 92
Salary increased 7/ 1 1341
Transfer to Division of Personnel Administration until
resignation is effective 9/23 1868Stone, A. M., transfer to Division of Personnel Administra-
tion approved 6/29 1313ers and employees beyond age of retirement, continuation
°Ire/'ta_rn• of employment discussed 10/ 2 1928
--e Payments under resolution of Congress, payment ap-12/18 2338
erao from proved
Mr. Morrill outlining procedure for additional
payment to employees of Board 12/22 2356
from Secretary's Office2/23 3179/16 1820
2/10 231
2/10 2314/ 9 435
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St
382Pages
aff of Board of Governors: (Continued)
Bird, James F., transferred from elevator force to posi-tion of page in Secretary's Office and salaryincreased 8/ 7 1589
Brodell, Albert P., Jr., resignation accepted 2/ 5 193Brundage, Dean E., promoted from elevator operator and
salary increased 6/13 1208Resignation accepted and reimbursement for unearned
sick and annual leave waived 10/30 2091Chichester, Sidnor T., Jr., resignation accepted 4/ 8 659Conlen, Joan, appointed on temporary basis and salary ap-
proved 11/18 2193Corbin, Lenwood, salary increased 10/ 1 1918
Resignation accepted 11/18 2193ulckerson, Claude A., Jr., salary increased 4/28 782
Promoted to clerk to building manager in Secretary'sOffice and salary increased 8/ 7 1588
Edwards, L. Harry, promoted to position as clerk on per-manent basis in Secretary's Office, salary in-
Gel) creased and provision made for further increase 1/21 93--ogg, Carl J., promoted from elevator operator and sal-
La "r')
sal-ary increased 6/13 1208
on, Jefferson J., transfer from elevator operator topage and increase in salary approved 2/12 241
Ile Resignation accepted 5/28 1073-,e0d, L. Paige, appointment and salary approved 1/21 93
Salary increased 7/13 1411ell, George D., resignation accepted 5/29 1084
°Ilerrill, Mrs. Vera M., appointed on temporary basis and
NTT. salary approved 11/18 2193°11 deduction plan for purchase of tar Savings Bonds,
reply to Admiral Conard that Board does notfavor change in minimum deduction at present 8/28 1710
Letter to Admiral Conard that ten per cent goal had beenPer exceeded 11/ 2 2101
recommendations of Staff Personnel Committee regard-ing release of employees and examination byCivil Service Commission rejected, formerpolicy rescinded and no objection to be madeto transfers and examination by Civil ServiceCommission
under consideration for employment to be granted perdiem and travelling expenses with concurrenceof Director of Division of Personnel Adminis-tration
Per ons
porters:
800the, Vioodley, salary increased
1/16 64
9/19 1847
3/16 495
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4aff Of p Board of Governors:o
rters: (Continued)Faber, Philip D., salary increasedHyde, William, appointment made permanent with understanding
that it will not affect his temporary assign-ment to the guard force
Morley, Michael, salary increasedRogers, Edward D., appointment and salary approvedScott, Julian R., appointment and salary approved
Promoted to messenger in Secretary's Office andincreased
Sinclair, Robert, salary increasedpoeT?bler, Herman Lee, salary increased
""lons concerned with the war effort, list submitted to CivilService CommissionPos •
itIons eliminated from list of proposed key positions, addi-tional information furnished to Civil Service
ilecreat' Commission in requesting reconsideration
ion room: (See Reserve Board Club)-7,1es of personnel:Report of Staff Personnel Committee that adoption of sup-
plemental compensation plan would be inad-visable, continuation of periodic salary re-views deemed adequate to meet present situa-tion
Report of Mr. Leonard on discrepancies and study to bemadePr
ocedure for handling of, letter to Commissioner of In-ternal Revenue on wage adjustments of employees
Procedure for handling adjustments, general order No. 19 ofNational War Labor Board
rldr authorized to sign authorizations to accept appoint-
Secret a ,nclOffice: in
Army
Ackerman, Stephen J., appointment and salary as guard ap-proved
Ali Resignation acceptedwine) Mrs. Ruth Dewey, clerk-typist, transferred to
Division of Research and Statistics with no
Anders change in salary'.son, E. F., Senior Guard, salary increased, to continue
only during service as Acting Captain of theGuard
Arn . 8.3-arY increased(344, James W., Jr., elevator operator, appointment and
salary approvedResignation accepted
ecreta
(Continued)
salary
383Pages
3/16 495
3/14 7143/16 4953/11 4601/13 44
3/11 4603/16 4953/16 495
10/ 6 1948
10/27 2072
1/16 73
8/ 1 1532
12/12 2305
12/16 2318
9/25 1883
1/19 876/29 1315
7/ 1 1343
3/16 4958/ 1 1531
8/ 7 158912/19 2342
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Nff, of Board of Governors: (Continued)°"retaryl s Office: (Continued)
Ayers, June E., stenographer, salary increasedBardales, Alice K., charwoman, salary increasedBartelt, Betty J., stenographer, appointment and salary ap-
provedTransferred to Office of Mr. Draper and salary in-
creasedBass, Sampson H., Supervisor, Accounting Section, salary
increasedBeach, Ida M., charwoman, salary increasedBeale, Loretta D., appointment and salary as junior file
clerk approvedAppointment made permanent and salary increasedSalary increased
Becke, Herbert E., guard, appointment on temporary basisand salary approved
Salary increasedResignation accepted
Bell, J. Frank, chauffeur, appointment and salary on tem-porary basis, approved
Appointment extended for indefinite period on temporarybasis with no change in salary
8e11, Robert H., operator (duplicating devices), appointedon temporary basis, salary approved
Belt/ J. Watson, designated as Board's representative onthe Advisory Committee on Subversive Activi-ties to cooperate with the Protective Con-struction Unit in the Public Buildings Admin-istration
During absence of Mr. Sourney to act as building man-ager and salary to be increasedBern
tson, Paul H., clerk, appointment made permanent andsalary increased
Salary increasedtol, Louis N., captain of the guard:Granted leave of absence for military serviceSalary increased
Madalena, charwoman, salary increased and
Beth- changee from hourly to yearly basisea, L. P., Assistant Secretary, to act as secretary for
War Loans CommitteeDesignated as alternate for Mr. Eccles on the Inter-de-
partmental Viar Savings Bond CommitteeAPpointed on committee to consider suggestions for
nominating employee each month for Post awardin making suggestion for improvement of Federal
service
384Pages
3/16 4958/ 1 1532
3/31 597
10/ 9 1993
2/13 2528/ 1 1532
3/27 5738/20 164312/16 2317
7/23 14728/ 1 153211/14 2169
8/13 1612
11/16 2174
11/23 2216
2/27 379
3/ 5 416
1/28 13512/16 2317
3/4 4142/10 232
8/ 1 1532
3/26 555
5/13 930
9/26 1892
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Staff ,o_oi Board of Governors: (Continued)'ecretaryr s Office: (Continued)
Bird, James F., appointment as elevator operator on tem-
porary basis and salary approved
Transferred from elevator operator to position of page
and salary increasedBlash, John, apprentice mechanic, salary increased
Salary increased as general mechanicPromoted from general mechanic to painter and salary
increasedBloch, Stanley, foreman operator (duplicating devices),
salary increasedSalary increasedGranted leave of absence without pay to enter service
with NavyBocuilis, Adela, stenographer, appointment and salary ap-
proved cr^
provedt'cLrt, Vincent L., supply clerk, resignation accepted
Boothe, Woodley, porter, salary increasedPromoted to guard and salary increasedSalary increasedTransferred from position of guard to general mechanic
and salary increasedBrennan, John C., general assistant, granted leave of
Bra
ab-sence for military service
unsdorf, Florence, stenographer, resignation acceptedb11rodell, Albert P., Jr., resignation as page accepted35
rundage, Dean E., elevator operator promoted to page andsalary increased
Resignation accepted and reimbursement for unearned
Buckley sick and annual leave waived
T. N., telegraph operator, salary increasedGranted leave without pay to enter service with Naval
Burk Reserve3 Edwin C., plumber, appointment on temporary basis
and salary approvedSalary increasedesignation accepted
'Plon, James H., Jr., elevator operator, resignation ac-ceptedCarmen
John C., appointment and salary as guard on tem-porary basis
0,_ alary increased,7rmlchael, Elizabeth L., stenographer, salary increased''LrPenter, S. R.:
Designated to be responsible for petty cash fund inabsence of Mr. Nelson
Designation to be responsible for security of censor-
ship intercepts
385Pages
6/13 1208
8/ 7 15894/28 7828/ 1 1531
10/30 2090
7/31 152410/ 1 1918
11/25 2229
10/13 20134/2 6143/16 4954/9 6637/31 1524
10/30 2090
5/18 9733/10 4562/5 193
6/13 1208
10/30 20911/15 54
11/16 2174
7/17 14468/ 1 153110/29 2084
2/5 194
6/25 12788/ 1 15316/12 1200
12/ 2 2259
12/28 2399
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Staff z.of Board of Governors: (Continued)ecretary's Office: (Continued)
Carpenter, S. F.: (Continued)Supervision of Washington office of Leased Wire Sys-
tem transferred to Mr. NelsonCarroll, Alene D., charwoman, salary increased
Resignation acceptedCharwomen, change from hourly basis to full time weekly
basis and salaries adjustedCheatham, Mrs. Mary Katharine, appointment and salary as
clerk approvedChichester, Sidnor T., Jr., page, resignation accepted
Collier, Raymond J., junior economist:Graduate School of Banking at Rutgers University, not to
attend 1942 sessionGranted leave of absence to serve with Naval reserve
Colon, Virginia M., junior file clerk, appointment and sal-
ary approved with provision for salary increase
laterSalary increased and appointment made permanent
Conlen, Joan, appointed as page on temporary basis andsalary approved
Conley, Helen, stenographer, salary increasedSalary increased
Constable, Frank W., appointment and salary as guard ap-proved
p. Salary increasedu°°k, Edward W., appointment and salary as laborer on tem-
porary basisSalary increased
r, Resignation accepted
rok, Thomas, guard, salary increasedc°°ke, Clara R., charwoman, salary increased
eY, Leroy H., guard, granted leave of absence formilitary service
Corbin, C. Lenwood, elevator operator, appointment and sal-ary approved
Salary increasedc Resignation accepted
errbln, Sarah F., charwoman, salary increasedane, Pinar, guard, salary increasedResignation accepted to enter military service and
letter of explanation on temporary employmentCl'aWf0'^d, JaMES D., guard, granted leave for military serv-
iceResignation accepted and grant of leave for military
service rescinded
386Pages
12/22 2364d/ 1 1532
11/ 4 2114
s/ 1 1532
5/ 1 834/4/ 3 659
L/lo 6585/28 1073
6/29 131510/31 2095
11/18 21933/16 495
10/15 2022
5/12 9238/ 1 1531
V20 12618/ 1 153212/ 3 22E17/31 15248/ 1 1532
ti/16 727
3/19 50510/ 1 191811/18 21938/ 1 15322/10 232
6/29 1316
4/10 6-19
s/i 035
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StBoard of Governors: (Continued)
0 cretary's Office: (Continued)Crews, Esther G., file clerk, salary increased
Salary increasedCrews, Mildred, stenographer:
1/156/13
387Pages
541209
Salary increased 2/13 252Transfer to the Office of Governor Draper approved 4/14 715
Dampley, Chester B., painter:Salary increased 8/ 1 1531Granted leave of absence to enter service with Navy 9/19 1844
Deakins, Thomas R., elevator operator, appointment on tem-
porary basis and salary approved 12/23 2369Derrick, Daniel M., guard, appointment on temporary basis
and salary approved 7/ 7 1378Salary increased 8/ 1 1531Resignation accepted 11/ 9 2133Appointment on temporary basis and salary approved 12/ 4 2267
Deuterman, Mary A., appointment and salary as junior file
clerk approved 2/12 242Appointment made permanent and salary increased 7/13 1411Salary increased 10/ 1 1918D
„!weY, Ruth E., junior file clerk, salary increased
Emmebt M., appointment and salary as guard approved2/122/12
242242
,. Salary increasedulaz, Anthony, appointment and salary as a chauffeur ap-
proved
7/31
5/20
1524
995,. Resignation accepted 6/22 1263ulekerson, Claude A., Jr., page, salary increased 4/23 782
Promoted from page to clerk to building manager and
DoH salary increased-ge, Mary J., junior file clerk, salary increased
u°uglas, Mrs. Louise B., appointment and salary as sten-
ographer
8/ 712/16
6/20
15882317
1261
Salary increased 10/15 2022DYson, Nelson, junior operator (duplicating devices) salary
Dy increaseds °n, Seaton, to be retained in active service until end
7/31 1524
of calendar year 6/ 1 1101Eaheart, Mrs. Mary Elizabeth, assent given to examination
and certification by Civil Service Commission
for jobs of attendant and kitchen helper and
mess attendant 1/5 11
Ed Resignation accepted
'-&lwards, L. Harry, page, promoted to position as clerk on
permanent basis, salary increased and provision
made for further increase
7/16
1/21
1441
93Transfer to Division of Personnel Administration ap-
proved 6/29 1313
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4affOf Board of Governors: (Continued)
Secretary's Office: (Continued)Eliason, Mrs. Doris, stenographer, appointment and salary
approvedEllis, Maude E., charwoman, salary increasedEmery, Kenneth, supply clerk, salary increasedEnrico, Mary J., charwoman, salary increasedFaber, Philip D., porter, salary increasedFlagg, M. P., telegraph operator, salary increasedFoulk, Oliver E., Fiscal Agent, surety bond approvedFreeman, Rose S., clerk in correspondence and publications
Section, granted leave without pay because of
approaching confinementResignation accepted
French, Amy P., substitute day maid, included in list ofemployees who should be excluded from the bene-
fits of the Civil Service Retirement Act
Transfer to Division of Personnel Administration ap-
provedGad, Thomas H., clerk, granted leave for military service,
payment of unearned salary limitedGellogg, Carl J., appointment and salary as elevator oper-
ator approvedPromoted to page and salary increased
Gervais, Helen is., appointment and salary as stenographerapproved
Transfer to Division of Research and Statistics andsalary increase approved
Glotfelty, Joseph T., Jr., operating engineer, salary in-creased
Salary increased°°d10e, Ida, stenographer, salary increased. Salary increased
rlffith, Flora J., telephone operator, salary increasedrimes, Frank H., Jr., voucher clerk, resignation accepted
'rimwood, Gordon B., stenographer, salary increased
Salary increasedH . Granted leave without pay to enter service with Army
lsa liP, Vivian K., file clerk, salary increasedLy Salary increased"8.1tigan, Helen A., junior file clerk, appointment and sal-
ary approvedAPpointment made permanent with no change in salary
, Salary increasedJames F., junior operator of duplicating devices,
appointment and salary approvedH Transferred to the Office of Mr. Evans as a messengera'mmond, Bray, Chief of the Correspondence and Publications
Section, salary increased
388Pages
9/ 3 17218/ 1 153210/ 1 19188/ 1 15323/16 4951/15 544/25 762
3/24 54711/30 2242
3/ 5
6/29
1/5
2/126/13
2/14
6/29
8/1512/ 82/139/ 83/161/212/109/ 811/306/1312/16
3/ 49/1212/16
417
1313
10
2411208
254
1313
16242289252
174849593232
1748224112092317
41317862317
3/30 5885/1 834
5/1 834
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Star P
-I of Board of Governors: (Continued)Secretary's Office: (Continued)
Harris, Joseph P., Jr., guard, promoted to senior guard
and salary increasedResirInation accepted
Hatch, Cora tee, junior file clerk, appointment and salary
approvediiauser, Adam V., chauffeur, appointment made permanent with
understanding that upon the return of Mr.
Wilkinson he will no longer be in charge of the
chauffeur forceHeddinc;s, Carrie, tele)hone operator, appointment and salary
approvedHixson, llabron H., guard, appointment and salary approved
Resi7qation acceptedH°ffman, Dorothy B., transferred to Office of Mr. WicKee and
salary increasedHolt sberg, Marilyn S., resignation as junior file clerk ac-
9nepted
orrigan, John F., appointment on temporary basis and salary
approvedSalary increased
Hunter, Beatrice S., junior file clerk, salary increased
Salary increasedHurst, Donald A., appointment as elevator operator on
Hydtemporary basis aril salary approved
.e, porter, appointment made permanent vdth un-
derstanding that it will not affect his tem-
porary assignment to the guard force
Salary increasedPromoted to position of senior guard and salary in-
creasedJac°bs, Mary I., junior file clerk, salary increasedvamison, Michael L., laborer, appointment on temporary
Ja, • basis and salary approved
vls, Ruth L., maid, salary increased
Transfer to Division of Personnel Administration ap-
provedJohnson,John Claiborne, mail clerk, salary increasedson,
Gordon P., junior operator, transferred to Board
Jc)hnson, Members' Offices with no change in salary
Sven E., foreman of laborers, granted leave of ab-
sence to enter NavyElizabeth, junior file clerk, appointment made
permanent and salary increasedj Salary increased°fles, Robert H., junior mail clerk, salary increased
369Pages
1/15 556/ 2 1108
10/22 2047
4/14 714
7/16 14413/ 3 4056/10 1179
2/23 317
1/13 !,5
7/25 1428/ 1 15321/15 5412/16 2317
6/13 1203
3/14 7146/20 1261
2/13 16116/13 1299
12/ 4 22674/28 782
6/29 131310/ 1 1918
1/19 87
9/ 3 1722
1/27 1252/20 16!,37/31 1524
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Staff Of Board of Governors: (Continued)Secretary's Office: (Continued)
Kay, George R., operator, granted leave of absence for
military serviceKeesee, June, junior file clerk, appointment and salary ap-
provedKelleher, Joseph E., Supervisor, Duplicating and Mail Sec-
tion, salary increasedSalary increased
Kern, Harry E., supply clerk, salary increased. Salary increasedKidwell, larren, junior operator, salary increased. Salary increasedKieffer, Alden J., apprentice operating engineer, appoint-
ment on temporary basis and salary approved
Salary increased. Appointment made permanent and no change in salaryKiley, John N., Jr., Supervisor, Procurement Section, salary
increasedSalary increased
Kilgore, J. Edward, Administrative Assistant, salary in-creased
Transfer to Division of Personnel Administration ap-
provedReport of United States employment service of discrim-
inatory requisition for elevator operatorsKirkland, Rexford, senior operator, duplicating devices,
resignation acceptedKline, William A., printing clerk, granted leave without pay
to enter military serviceKnight, Grover C., index clerk, salary increased
Appointment made permanentGranted leave of absence without pay to enter military
serviceKramer, Fannie A., stenographer, salary increased
lrieger, D. Jeanne, general assistant, salary increasedi allY, Josephine E., Deputy Fiscal Agent, salary increasedTanghca, Lee W., guard, granted leave for military service
'arson, Jefferson J., transfer from elevator operator to
page and salary increased, Resignation acceptedIbuffe, Leon A., clerk, resignation accepted''Ildamood, Charles D., operating engineer, salary increased
Salary increasedSalary increased
ssY, Mrs. Charlotte, appointment as junior file clerk on
temporary basis and salary approvedResignation accepted
4/15
390Pages
720
9/ 3 1721
2/10 23210/ 1 19182/10 23210/ 1 19184/1 60810/ 1 1918
3/ 5 4168/15 162411/16 2173
2/10 23210/ 1 1918
6/29 1312
6/29 1313
12/11 2301
9/15 1815
11/24 22256/12 12006/16 1222
7/18 14546/12 120010/15 20222/16 2771/7 19
2/12 2415/28 10731/21 934/28 7828/15 162412/ 8 2289
12/ 2 225712/23 2370
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Staff f.0.1 Board of Governors: (Continued)
'ecretary's Office: (Continued)Lockhart, Frederica R., clerk, transfer to l'ar Loans Com-
mittee with no change in salaryLove, Stanley M., laborer, appointment on temporary basis
and salary approvedLowry, Dorothy L., telephone operator, appointment and
salary approvedResignation accepted
Lyon, John N., clerk, granted leave of absence without payto enter military service
MacDowell, I. DuBose, clerk, salary increased
Salary increasedMackey, Alice M., appointment and salary as junior file
clerkSalary increased and appointment made permanent
1;!ack1in, James H., laborer, salary increasedMaize, Margery D., file clerk, salary increased
391Pages
4/6 628
10/15 2022
3/18 5047/15 1428
6/15 12153/16 49511/13 2162
6/ 6 115110/31 20954/28 7826/13 1209
Granted leave without pay in addition to other leave to
be with husband while he is stationed in South
CarolinaSalary increased
mann, Mrs. Sadie M., charwoman, resignation acceptedMarch, G. L., telegraph operator, salary increasedMarshall, Mary B., charwoman, salary increased
8 ration accepted
Mayberry Haywood F., appointment and salary as chauffeur
approvedSalary increasedSalary increased
Mayhew Morris, gardener, salary increasedIncrease in salary'cAllister, Emily A., junior file clerk, salary increased
Salary increasedLeod, L. Paige, appointment and salary as page approved
me, Salary increased"anY, Bernardine Mary, junior file clerk, appointment
and salary approvedGranted leave of absence without pay and contributions
to Retirement System to continueTemporary appointment extended three months and leave
of absence without pay extended to allow for re-
covery from operationF.Lesignation acceptede111, Mrs. Mary, charwoman:,
n
Sbalary increased
Mej esignation accepted'er, E. Katherine, clerk-stenographer, salary increased
10/ 912/167/ 11/158/ 112/ 3
1/294/168/157/318/ 14/16
12/161/217/13
199323171343
5415322261
143726
162415241531726231793
1411
3/4 413
8/13 1612
9/12 178611/ 2 2099
8/ 1 15328/11 16016/12 1200
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Starr ,of Board of Governors: (Continued)ecretaryi s Office: (Continued)
Miles, Maria D., junior file clerk:Salary increasedImpounded funds of, sent to Treasury Department,
thought to be covered by Civil Service Retire-
ment ActMiller, Sylvester M., elevator operator, appointment on
temporary basis approvedMinor, James V., Jr., guard, appointment and salary ap-
provedSalary increasedResignation accepted
Nlitchell, Charlotte N.:Retransferred from the Board members' Offices to the
Secretary's OfficeResignation acceptedAction of Board in accepting the resignation of, re-
scindedIF Salary increased as secretary to Ir. Bethea
,:"ky Clara, charwoman, salary increased-''°ffett, Bruce L., guard, appointment on temporary basis
and salary approvedMoon, Mrs. Lida Sloan, leave without pay discontinued,
resignation to be effective at end of accrued
leave acceptedFormer action of Board amended to extend leave without
pay and accept resignation at a later date14°Ore, June A., stenographer, salary increased
392Pages
1/15 54
3/6 430
9/ 8 170
4/23 7568/ 1 153111/28 2237
MOrin,Florence R., assent given to examination and certifi-
cation by Civil Service Commission for position
of personnel assistant with understanding that
before accepting another job, she obtain con-
sent of BoardSalary increasedSalary increased and further adjustment to be made
later if work continues to be satisfactoryTransfer to Division of Personnel Administration ao-
Mor proved
lemo .Y, Michael, porter, salary increased1'1'111, Chester:To attend Fiscal Agency Conference14ithholding Agent as officer responsible for approving
and scheduling pay rolls in connection with
Victory tax deductionsMrs. Sarah B., secretary, salary increasedClifford B., guard, appointment and salary approved
Hel SalarY increased8°n, F. A., Assistant Secretary:Civil Service Commission advised that he is the proper
person to contact with regard to release of
employees under Executive Order
1/7 194/15 720
5/12 9246/12 12008/ 1 1532
8/19 1635
2/3 166
2/23 3177/13 1411
1/15 552/10 232
6/29 1312
6/29 13133/16 495
5/1 836
12/17 233010/31 20953/3 4447/31 1524
2/25 351Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
393
Staff ui _,
Board of Governors: (Continued)oec retary' s Office: (Continued)Nelson, F. A.: (Continued)
To act as alternate for Mr. Myrick in the liaison
capacity between Board and War Production
Pages
Board in priority matters 7/21 1467
Designated to be responsible for petty cash fund 12/ 2 2259
Supervision of Washington office of Leased Ure System
transferred to, advice to Mr. Leach 12/22 2364Newell, George B., page, resignation accepted 5/29 1084Newquist, Dorothy, appointment and salary as clerk approved 9/26 1889
Nichols, Charles R., appointment and salary as guard ap-
proved 1/30 147Salary increased 7/31 1524
Norden, Leonard A.:Resignation as guard accepted 4/13 707
_ 1 Salary increased 1/15 54O'Brien, Brien, Bernice, file clerk, salary increased 6/13 1209
Resignation accepted 7/16 1441
13862022
°ddsson, Mary Louise, stenographer, appointment and salary
approvedSalary increased
7/ 910/15
Oros, Susie T., clerk, appointment on temporary basis and
salary approved 11/13 2162Overmilley-, Charles S., guard, promoted to position of
clerk and salary increased 1/30 147
Salary increased 10/ 1 1918
, Resignation acceptedvarkhill, Dorothy M., transfer to Division of Personnel
12/10 2297
Administration approved 6/29 1313Parquette, Fred, guard, appointment and salary approved 4/17 735, Salary increasedrauszek, Mrs. Margaret C., stenographer, appointment and
salary approved
8/ 1
5/29
1531
1084p Salary increased 10/15 2022
peake, Donald E., resignation as chauffeur, acceptederegory, Walter, operator, duplicating devices, salary in-
creased
1/28
10/ 1
135
1918
Granted leave without pay to enter service with Naval
Phill. Reserve--Lips, Donal H., appointment and salary as elevator op-
11/16 2174
erator approved 2/12 241i8c?-lary increasedphi
pi '11Ps, Mrs. Grace, appointment and salary as file clerkpirltn, William E., messenger, resignation accepted
7/316/133/11
15241208461
1),„”r, Ruby A., junior file clerk, salary increased 4/16 726"4-lard, V,ayne A., accountant, salary increased 2/13 252
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Staff r_(31 Board of Governors: (Continued)'-'cretaryt s Office: (Continued)
Pool, V. S., telejraph operator, salary increasedPounds tone, John M., clerk, salary increased
Salary increasedPower, eginald C., junior operator (duplicating nevices):
Salary increasedResignation accepted
PYles, Mrs. Adelia G., charwoman, resination accepted
394Pages
1/15 5/,2/13 252
11/13 2162
7/31 152410/14 20166A7 1302
Benjamin R., guard, ,:ranted leave of absence for
military service-lcharlson, James F., elevator operator, appointment on
temporary basis and salary approved
Resignation acceptedRieseberg, Pobr)rt Vi., accounting clerk, salary increased
Granted leave of absence to enter military service
Piston, Percy C., assistant supervising janitor, salary in-
creasedSalary increased as assistant foreman of laborers
Promoted to foreman of laborers and salary increased1),-gers, Dorothy, charwoman, salary increased
tto;Nrs, hdward D., porter, appointmcn-', and salary approved
Calary increasedTransferred to Division of Research and Statistics as
messenger on continued temporary basis and sal-
ary increasedSa
Albert J., appointment and salary as guard approved
Resignation acceptedLalvetti, Umberto F., laborer, resignation accented and to
be paid two months salarySandeirson, James W., guard, promoted to senior guard on
temporary basis and salary increaseds Leave of absence without pay for military service
arfatY, M. Peter, clerk to Building Manager:
Salary increased
Se. Resignation acceptedYre, Isaac A., guard, appointment and salary on temporary
basisSch affner, Edith L., stenographer, appointment and salary
approvedSalary increasedTransferred to Mr. Ransom's office with no change in
Qch salary
•euring, John, guard, appointment and salary on temporary
basis for indefinite period, approved
Resi,Tnation acceptedec)tt, Joseph P., appointment and salary as guard approved
Resi ;nation accepted
3/13
7/139/ 11/152/27
3/168/ 19/230/ 13/116/12
8/ 13/276/18
6/15
)7//7
23
3/16
8/ 3
7/ 6
7/ 310/15
12/30
2/ 48/153/247/16
490
14101716
54376
49515321.6.?15324601200
1533572
1243
1216
-11744•!,9!.
1541
1371
13322322
2406
15411625
5471441
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
r, of Board of Governors: (Continued)oecretary's Office: (Continued)
Scott, Julian R., appointment and salaryproved
as porter ap-
Promoted from porter to messenger and salary increased
Salary increasedSeagle, Mrs. Mary, teletype operator,
approvedSeverud, Esther, stenographer, salary
Transferred to Lar Loans Committeesalary
Sexton, Jessie A., telephone operator,Salary increased
appointment and salary
increasedwith no change in
salary increased
Shelton, Lulu Mae, charwoman, salary increasedSherrill, Mrs. Vera M., appointed as page on temporary
basis and salary approvedSherrod, Ralph A., appointment and salary as a junior oper-
ator of duplicating devices approvedSalary increased
°1111313, Arad B., gardener, salary increasedSalary increased
°3-mpson, Evelyn L., appointment and salary as junior file
395Pages
1/13 443/11 4607/13 1411
12/21 23493/16 495
6/22 12643/16 495
10/ 1 19188/ 1 1532
11/18 2193
5/7 87610/ 1 19184/28 7828/15 1624
clerk with provision for later increase in
salary 6/20 1260Salary increased and appointment made permanent 10/31 2095
Simpson, Hazel L., junior file clerk, appointment made per-
manent and salary increased 2/12 242Salary increased 8/20 1643
°I-nclair, Robert, porter, salary increased 3/16 495Salary increased 8/15 1624s.
12'e, Rose A., stenographer, appointment and salary ap-proved 4/20 747
Smit h, Mrs. Mildred F., stenographer, resignation accepted 7/ 6 13718mith, Stephen, elevator operator, resignation accepteds n°uffer, Paul, appointment and salary as guard on tem-
3/11 461
porary basis 6/10 1178Salary increased 8/ 1 1531s
sP,rgo, C. W., resignation as chauffeur acceptedPj-cer, Libbie L., charwoman, salary increaseds PurneY, F. E., granted leave of absence without pay for
remainder of calendar year for defense work
with Turner Construction Co., right to recall
in event of some unforeseen circumstance re-
served by BoardStaley,
3/98/ 1
2/16
4361532
278Enid W., clerk, salary increased 1/15 54
st Salary increasede6er, Karl J., chauffeur, appointment and salary approved
10/ 15/13
1916927
Salary increased 8/15 1624
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Staff.
Board of Governors: (Continued)cretary's Office: (Continued)Steinacker, illlam A., operator duplicating devices, resig-
nation acceptedSteiner, Almeda, charwoman, salary increased
Stewart, Betty Jane, stenographer, appointment and salary
approvedStone, Harold F., transfer from Division of Examinations
as clerk-stenographer to accounting clerk in,
approvedSalary increased
Storm, Charles L., maintenance mechanic, salary increasedStrickler, Betty J., junior file clerk, appointment made
permanent and salary increased
Transferred to Division of Research and Statistics as
clerk-stenographer with no change in salarySullivan, David, guard, promoted to position of senior
guard on a temporary basis and salary increased, Salary increasedullivan, Mary Alice, appointment and compensation rate as
substitute nurse approvedIncluded in list of employees who should be excluded
from the benefits of the Civil Service Retire-
ment Actimpouncied funds of, sent to Treasury Department, thought
to be covered by Civil Service Retirement Act
Transfer to Division of Personnel Administration ap-
provedResignation accepted
's1 clerman, Ethel M. charwoman, salary increased11,11m'ett, Timothy, guard, appointment and salary approvedlalbott, Laura S., junior file clerk, salary increasedm_ Resignation acceptedla5rlor, Franklin, appointment and salary as guard approvedT, Salary increased2.°w'son, Louise, clerk-typist, salary increasedTo,, Salary increased'Ler, Herman Lee, porter, salary increased
fr, Calary increasedRobert L., plumber, resignation accepted
c)racY, Raymond C., foreman operator, salary increasedri\FI Salary increased,-1/ ell, Alice E., file clerk, special arrangement for hours
of work and salary approvedB. M., senior guard, salary increased
Case involving workmens compensation insuranceSalary increased
396Pages
6/24 12758/ 1 1532
7/ 9 1386
2/ 9 225!/P. 782
1624
2/12 242
7/17 1447
5/77E8/ 1 1531
l,26 t20
3/5 417
3/6 430
6/29 13133/21 16528/ 1 15323/3 4044/16 7269/25 18825/12 9238/ 1 15326/12 12CC12/16 23173/16 4953/15 16247/16 1441?,/16 05
10/ 1 1918
4/16 7274/ 1 6088/19 16'36
11/13 2162
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tart Of Board of Governors: (Continued)Secretary? s Office: (Continued)
ad ley, Margaret I., appointment and salary as junior file
clerk with provision for later increase in
salarySalary increased and appointment made permanent
Walyce, Eugenia, junior file clerk, appointment made per-
manent and salary increased
Resignation acceptedWard, Thelma E., file clerk, salary increased
Salary increasedWarner, Robert P., clerk, salary increased
Salary increasedSalary increased
watkins, F. L., senior mail clerk, salary increasedWebb, Elizabeth A., junior file clerk, appointment and
salary for period not to exceed six months ap-
provedVireeks, Edwin J., laborer, salary increased
Promoted to assistant foreman of laborers and salary
increased on temporary basisIVelsh, Mary, clerk in accounting section:
Appointment and salary on temporary basis for indefi-
nite period, approved,,, Resignation acceptedv,estlake, R. H., guard, salary increased
Resignation accepted"astergren, Ruth A., transfer to Division of Personnel Ad-
ministration approvedu_Ltley, Paul C., elevator operator, appointment and salary
approvedResi ck nation accepted
M. Callie, transfer to Division of Personnel Ad-ministration approved
v, Salary increasedund, Lillie J., charwoman, salary increased
"lcott, Helen B., stenographer, salary increased'-'°-lary increasedlght, Marion E., stenographer, salary increased
Transferred to Aar Loans Committee with no change insalary
Yilek J'3 J•) guard, promoted to position of supliiy clerk
and salary increasedy, Salary increased'ung, Herbert A., principal operating engineer, during ab-
sence of Mr. Spurney to act as mechanicalsuperintendent and salary to be increased
397Pages
6/20 126010/31 2095
1/27 1252/24 3496/13 120912/16 23172/10 2327/13 1411
10/15 202210/ 1 1918
8/10 15987/13 1411
9/23 1863
3/ 7 158710/ 3 19384/1 608i/3 658
6/29 1313
3/31 5977/ 9 1387
6/29 131310/31 20968/ 1 15323/16 h957/13 14112/10 232
6/22 1264
3/3 40510/ 1 1913
3/5 L16
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398Pages
Staff Of' Board of Governors: (Continued)
Security officer, designation of Elliott Thurston as'413Plemental compensation plan, report of Staff Personnel Com-
mittee that adoption of, for employees of Board
would be inadvisable, continuation of periodic
salary reviews deemed adequate to meet present
Te lephone operat=
ation
12/ 1
1/16
2256
73
Griffith, Flora J., salary increased 3/16 495Heddings, Carrie, appointment and salary approved 7/16 1441Lowry, Dorothy L., appointment and salary approved 3/18 504
Resignation accepted 7/15 1428, Sexton, Jessie, salary increased
egraph operators:
10/ 1 1918
Ball, L. L., salary increased 10/31 2095
Buckley, T. N., salary increased 10/31 2095
Granted leave without pay to enter service with Naval
Reserve 11/16 2174Flagg, M. P., salary increased 10/31 2095Alarch, G. L., salary increased 10/31 2095
supervisor, telegraph section, salary increased 10/31 2095
S., salary increased 10/31 2095Seagle, Mrs. 4ary, appointment as teletype operator and
salary approved 12/21 2349
TyculTlanner, J. E., salary increasedgs, Jeanne: (See Reserve Board Club)Viet
10/31 2095
°/7 tax, amount to be withheld from salaries of employees111\iar to be paid to Collector of Internal Revenue
Loans12/17 2330
Committee:Administrator to be appointed from outside Board's organ-
ization 3/26 555Recommendation to be made by Messrs. Eccles and Draper
as to person to be employed as 3/26 557Bethea, L. P., to act as Secretary for 3/26 555Boothe, Gardner L., II, to act as liaison assistant between
Banks and armed services for 3/26 555
Transferred to 4/6 628t Salary increased 6/12 1198LAidget for non-personal services of, to be submitted to
Bud Boardget, covering estimated requirements to December 31,
4/6 628
1942, approvedC/"avens / Kenton R., Administrator, appointment for 60 days,
and salary with per diem for subsistence andreimbursement for transportation expenses ap-proved
4/14
4/6
719
627May attend meeting of the Executive Council of the
American Bankers Association on April 19-22,
to present plan for war loans 4/9 685
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
4af f -I Board of Governors: (Continued)
UWar Loans Committee: (Continued)Cravens, Kenton R.: (Continued)
Payment for expenses incurred in coming to 2..shington
for discussion of procedure under Executive
Order 9112Granted per diem in lieu of subsistence for one day in
connection with conference arising under Execu-
tive Order 9112Employment continued on temporary indefinite basis,
salary and conditions of employment outlined
Voucher for traveling expenses approved
Resignation accepted and letter of appreciation for
services approvedSalary payment approved without deduction for unearned
Dra annual leave taken
Per, Ernest G., to act as Vice Chairman of
I!cles, M. S., to act as ex officio Chairman of
'=Jcecutive officer to be appointed from outside Board's or-
ganizationSuggestion changing title to Administrator
Recommendation to be made by Messrs. Eccles and Draper
Fa— as to person to be employed asuuette,
asC., clerk-typist, appointment and salary
approvedSalary increased
Holmes, Mary, clerk in Division of Bank Operations, trans-
fer to, with no change in salarySalary increasedSalary increasedHo
PPing, Catherine E., clerk-stenographer in Division of
Bank Operations, transfer to, with no change
in salarySalary increased
Lockhart, Frederica R., clerk in Secretary's Office, trans-
fer to War Loans Committee with no change in
salarySalary increased
ucK Resignation acceptedsevee, John K., to act as member of
erud, Esther, stenographer, transferred from Secretary's
Office with no change in salarysm. ,,alary increased
-341, Edward L., to act as Technical Adviser for
Designated Acting Administrator for
399Pages
4/13 712
4/15 724
6/ 5 11487/ 8 1385
10/ 6 1947
10/10 20023/26 5553/26 555
3/26 5553/26 556
3/26 557
8/26 168712/ 1 2253
4/6 6286/12 119812/ 1 2253
4/6 6286/12 1198
4/ 6 6286/12 11989/ 3 17233/26 555
6/22 126412/ 1 22533/26 555
10/ 7 1956
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400Pages
Starr 4,
,_(31 Board of Governors: (Continued)"ar Loans Committee: (Continued)
Vest, George B., to act as Counsel for 3/26 555
Winkler, Patrick J., granted leave of absence without pay
to enter service with ArmyWright, Marion, stenographer, transferred from Secretary's
Office with no change in salary
Transferred to Division of Examinations and appointed
44421s: Assistant FREL'caininer
Defense savings may pe given to purchaser as bonus under Regula-
tion W if full payment has been made for ar-
ticleStandar
Company of California, not intended to apply to cycleState b billing concession under sec. 12(m)
K,,Ll_ 11k supervisors:ux, George J./ Superintendent of Banks of the State
of
California:First Trust and Savings Bank of Pasadena, Calif., establish-
ment of branches at Alhambra and Temple City
not approvedPeoPies Bank of Lakewood Village, California, reply to, to
be drafted with regard to letter to FRBank of
San Francisco concerning membership applica-
10/15 2022
6/22 1264
7/14 1419
2/10 235
8/ 1 1535
8/ 7 1583
tion of 3/10 /11,5
Advised of reasons for not approving the application
National of, for membership 3/11 465
Association of, reply to, regarding Board's reasons
for opposing S. 2146, 2147, and 2148, to amend
State bank the Home Owners' Loan Act of 1933, etc. 5/25 1042supervisory authorities, inventories, consumer goods,
use of credit for the accumulation of, copies
of letter sent to banks and other financing
4at„ institutions, sent to examiners and supervisory
authorities 6/26 1293v. bank. lng authorities, caption to appear at top of publishers
copy of condition form, wording acceptable to
Ste 4 authorities and to Board of Uovernors approved6/26 1299De with modification
00 Partment:eS sponsored by, Messrs. Ic;alter Gardner and J. Burke
Governm Knapp to represent Board of Governors on 9/ 4 1735
ental administration arising from occupancy of areas
outside United States, letter to Secretary11/24 2226Hull about studies in connection with
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
state Depa.rtment: (Continued)
Inter-American Bank, draft of statement which Board representa-
tive might make at hearings on, before the
Senate Banking and Currency Committee, dis-
cussed, to be revised and when approved to be
submitted to Mr. Berle for commentsInternational stabilization fund and international bank, views
401Pages
1/28 132-5
on desirability to be discussed with Secretary
IHull
leutr"-lity Act, amendment proposed to section 7, advised that
Board favorsProcedure outlined by, to be followed in extending financial
assistance to American nationals in territories
where the interests of the United States are
Representatives represented by Switzerland
of foreign countries, bringing to this country
to work out international program, opposed at
this timeStaff:
Berle, Adolph A., Jr., Assistant Secretary:
Memorandum re maintaining supply of dollar exchange in
Canada, sent toStatement to be used by Board representative in testify-
7/10
1/27
4/1
6/ 9
1/6
1401
130
613
1163
17
hate
State membe
Abingdoln'
kerican
AMerican
ing on Inter-American Bank to be sent to, for
comments and suggestionsCorbett, Jack, advised of conditions upon which the RBank
of Ueu York carries the accounts of foreign
central banks and governments, particularly
Gov.- Banco Central de Bolivia-111-ments, legislation to facilitate war effort, letter to
Attorney General that Board has no suggestions
for consideration of Council of State Govern-
b ments
banks: Bank and Trust Company, Abingdon, Illinois, application
for membership approved subject to condition
of payment of deferred certificate of deposit
Bank and Trust Company, Idami, Florida, application
for membership approved, management situation
to be watched carefullyand Trust Co., New Orleans, La., problems needing
immediate correction, belief that Mr. McLarin
should meet with bank's directors at onceQatisfactory features of condition to be eliminated
Bank
3/10 448
4/ 9 669
12/26 2396
1/31 160
5/i 835
9/ 3 172310/22 2049
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Bank
tank
Bank
tank
13a, Ilk'tank
Batt,
Be.nk
8ank
state member banks: (Continued)Araerican State Savings Bank, Lansing, _Mich., no objection to
acting as trustee in case cited but to accept
no other business without permission
American Trust and Banking Company, Chattanooga, Tennessee,
reduction in common capital stock approved
Allies Trust and Savings Bank, Ames, Iowa, application for member-
ship approvedArkansas Trust Company, Hot Springs, Arkansas, application for
membership approved and savings account to be
brought into conformity with law
Auburn Trust Company, Auburn, New York, purchase of assets and
assumption of liabilities of National Bank of
Port Byron and establishment of branch in Port
AusByron approved
tin State Bank, Austin, Minnesota, application for member-
ship approved subject to increase in capital
structure, Northwest Bancorporation to comply
with conditions for general voting permit en-
titling it to vote the stock of
General voting permit approved subject to certain condi-
tionsOf Auburn, Alabama, application for membership approved
subject to charge off of losses and permission
must be obtained to exercise powers not now
being usedof Forest, Miss., charges made by banks in connection
with check collections, reply to Mr. McCravey
onof Menomonie, Wisconsin, application for membership ap-
proved subject to certain charge offs and cap-
ital requirementsof Mount Eaton Company, Mount Eaton, Ohio, membership ap-
plication approved and savings account to be
brought into conformity with law
of Neosho, Missouri, application for membership approved
Of Oakfield, Wisconsin, application for membership ap-
proved and savings account to be brought into
conformity with lawof Southold, New York, application for membership approved
subject to certain charge offsof Warwick, Hilton Village, Va., membership application
approved and criticized matters to be super-
visedof .a.verly, Inc., Waverly, Va., application for member-
ship approved and savings deposits withdrawals
to be made to conform to provisions of law
402Pages
6/30 1328
2/ 4 186
3/1 /4-14
9/14 1803
11/18 2194
4/30 819
4/30 823
12/10 2298
11/11 2150
2/21 307
5/28 10743/20 515
5/6 867
3/11 462
9/10 1765
11/17 2190
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Statemember banks: (Continued)
403Pages
Bar* of iestchester, Yonkers, New York, application for mem-
bership approved subject to certain charge
offs, and employment of an Executive Vice
President satisfactory to FDIC and RFC, reten-
tion and operation of branches at Mt. Kisco,
Ba.nk Nev York, and Larchmont, New York, approved 3/30 590
ers Trust Company, New fork, N. Y., examination of foreign
branch not considered necessary under present
conditions 3/11 466Barnes Banking Company, Kaysville, Utah, new application for
membership must be made upon expiration of
charter13eloit Savings Bank, Beloit, Wisconsin, to be advised that it
should not belong at the same time to the Home
Loan Bank System and the FaSystemBerwind Bank, Berwind, West Virginia, no objection to handling
trusteeship now held, but permission of Board
. necessary to exercise other trust powers
omfield State Bank, Bloomfield, Indiana, granted permission
Brue to act as trustee for one account onlyeton Bank, Bruceton Mills, W. Va., application for member-
B1.ship approved
_4-4-ngton City Loan and Trust Company, Burlington, New Jersey,
no objection by Board to reduction in amount
of capital stock
Cent 01 condition reports: (See infra Condition reports)
ntral Hanover Bank and Trust Company, New York, N. Y., exami-
nation of foreign branch of, not considered
necessary under present conditionsCentral Home Trust Company, Elizabeth, New Jersey, close ob-
servation of management situation should be
continued, although process of rehabilitation
appears sensibleCentralState Bank, Connersville, Indiana, application for mem-
subject to certain chargebership approved offs,
Ohica common stock to be shown at par value_o City Bank and Trust Company, Chicago, Ill., application
for membership approved subject to certain con-
ditions, including charge offs and increasing
of capital structureHeld to be in same position as affiliate, Mutual National
Bank, as regards capital, FRBank of Chicago
and National Bank Examiner to determine measures
to be taken byPermission granted to maintain the same reserves against
deposits as are required to be maintained by
reserve city banks
8/18 1632
5/18 974
7/31 1524
5/21 1007
10/28 2078
4/25 762
3/11 466
1/ 5 12
5/15 937
3/ 2 400
3/ 2 400
3/23 51,4
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
State memberCitizens
Citizens Bank
Citizens Bank,
Citizens Bank,
Permission
Citizens Bank
Reasons for
Citizens
citizens
eitizens
Bank
Citizens 'Joan
citizens State
State
State
Citizens State
CitizensState
banks: (Continued)
Bank, Cardington, Ohio,granted
of Follansbee, V. Va., application for membership
approved subject to charge off of losses
Magnolia, Arkansas, application for membership
approved, applicability of sec. 32 to one of
directorsMarshall, N. C., permission for immediate with-
drawal
to FDIC to examine in connection with continua-
tion of insurance after withdrawal from member-
shipof Montana, Havre, Montana,
tion approved and bankin:
munity to be watched
including statement on closely following sit-
uation in connection with approval of member-
shipof nite Plains, New York, permission to reduce
par value of common stock outstanding
Banking Company, Perrysburg, Ohio, application for
membership approved subject to charge off of
lossesBanking Company, Sandusky, Ohio, security portfolio,
reply to request for information on proper
composition of, for banks of certain size
and Trust Co., ';ashinzton, Indiana, application
for membership approved and compliance l'ith
condition No. 6 waivedFllsworth, Kansas, application for member-
approved, savings accounts to be brought
conformity with law and excess balance
Bank,shipinto
application for membership
membership applica-
situation in corn-
with nonmember bank to be reduced
Bank, Hempstead, Texas, application for member-
ship approved
Bank, 'triox City, Texas, certificates of interest
issued by Commodity Credit Corporation, classi-
fication in condition reports
Bank, Marianna, Fla., application for immediate
withdrawal approved and permission to FEIC to
examine for continuance of insurance
Bank of Petersburg, Ind., application for mem-
bership approved and compliance with condition
No. 6 waived
404Pages
6/30 1322
6/22 1264
L/13 708
10/13 2013
11/12 215L
12/19 2343
12/31 2!_14
12/16 2321
12/17 2333
12/31 2L18
11/ 7 2131
12/22 2359
6/12 1202
6/ 5 114-7
10/20 2W
10/26 2062
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Statemember banks: (Continued)
Colonial Savings Bank, Fremont, Ohio, application for member-
ship approved subject to bank bringing savings
accounts into conformity with law and further
inquiry into outstanding obligation
CoMmerce Union Bank of Nashville, Tenn., list of employees
designated special assistant examiners to par-
ticipate in the examination ofCommercial and Savings Bank of Millersburg, Ohio, application
for membership approved and to reduce excess
Cbalance with nonmember bank
oiumercial Savings Bank, i,ohrville, Iowa, no objection to ad-
ministering trusteeship accepted, but to ac-
cept no further fiduciary business without
Cpermission°rn.n.
'..ulonwealth Bank, Detroit, Michigan, establishment and opera-
tion of a branch in the City of Highland Pa-k,
CoMichigan, approved
ndition reports:Call as of December 31, 1941Call as of April 4, 1942Call as of April 4, on FR 105e and 220a, change in instruc-
tions forCall issued as of June 30Pall call not contemplated but FRBanks to obtain from mem-
ber banks a classification of loans and invest-
ments including information on personal loans
and retail instalment paper
Telegram to FRBanks and advice may be given to State
banking departments
No objection to advising that call is not contemplated
at present timec)rme and instructions for next call transmitted to FRBanks
rorms and instructions transmitted to FRBanks
Proposed revision of Form 105 for end-of-year call reduc-
ing from four to two pages
Revision of form 105 to obtain breakdown of maturities of
Government bonds from insured commercial banks
Revised instructions and definitions covering loans and
discountsCrawford County Trust Company, Meadville, Pa., assuming of
deposit liabilities of Townville State Bank,
Townville, Pa., no objection to transaction
but conservation of earnings to be impressed
on bankClIrw
ensville State Bank, Curwensville, Pa., application for
membership approved subject to charge off of
losses and payment of interest on time deposits
to be brought into conformity itiith lawCertification to FDIC as member of FRSystem
405Pages
8/25 1678
3/ 3 407
7/ 1 1344
7/24 1477
5/26 1054
1/2 8
4/7 650
4/17 7427/ 3 1359
7/18 1454
9/28 1895
10/ 3 19424/2 61412/24 2383
11/18 2198
11/21 2214
12/16 2327
10/10 2002
12/ 5 227012/18 2340
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
State, member banks: (Continued)Danville Loan and Savings Bank, Danville, Va., application for
membership approved subject to charge off of
losses and deposits to be brought into con-
formity with law
Certification to FDIC as member of FRSystemRio Bank & Trust Company, Del Rio, Texas, attention to be
called to definition of affiliates in connec-
tion with Val Verde tool & Mohair Company
State Bank, DeMotte, Ind., application for membership
approved subject to charge off of losses
and Trust Co., Dormont, Pa., assets to be pur-
chased and liabilities assumed by Peoples
Pittsburgh Trust Co. and branch to be estab-
lished at DormontBank, Dundee, New York,
approveddividends reports, proposed revision of form 107,
letter to FRBanks for comments and suggestions
Revised form of report approvedr_a.Instructions for preparation of approved'tan Trust Company, Easton, Pennsylvania, FDIC granted permis-
sion to examine in connection with rehabilita-
tion programBanking Co., Elizabeth, N. J., problems in connec-
tion with managementmodification of policy requiring one each year,
letter to FRBanks approvedand Trust Company, El Dorado, Ark., application
for membership approved subject to charge off
of losses, and permission of Board must be
tained to exercise fiduciary powers beyond
account now handledand Citizens Bank, Tiro, Ohio, application for member-
ship approvedMerchants Bank of Spencer, N. Y., application for
membership approved subject to charge off of
lossesBank and Trust Company, Blytheville, Arkansas, letter
on par clearance of checks received by FRBank
of St. Louis fromState Bank of Buffalo, Ill., application for membership
approvedState Bank of Englewood, Ohio, application for member-
ship approved, savings department to conform
with the provisions of law and the Board's
regulations
Del
Dekotte
Dormont
1)1111clee
Savings
State
4rn1ngs and
Elizabethport
Exnations,
4change
Farmers
Farmers
Farmers
ParMers
Farmers
Bank
and
application for membership
oh-one
406Pages
12/ 4 226812/16 2321
4/ 9 664
7/16 1442
11/23 2218
1/26 122
10/23 205611/30 224512/16 2328
3/31 598
1/5 12
6/26 1287
8/25 1679
11/ 2 2099
7/ 7 1379
2/16 278
10/ 9 1995
5/7 378
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
L07Pages
StateThamember banks: (Continued)rmers State Bank of Illiopolis, Ill., application for member-
ship approved subject to increase in number of
directors 9/30 1909
FidelitT Bank, Durham, N. C., establishment of branch at Camp
Butner, N. C., approved 10/27 2073First
rst
Jeannette Bank and Trust Company, Jeannette, Pa., appli-
cation for membership approved, subject to
charge off of losses and management of trust
department to be watched and savings depart-
ments to be brought into conformity to law
State Bank, Aransas Pass, Texas, violation of criminal
provisions of banking laws by bookkeeper of,
matter to be handled in accord with Board's
8/14 1617
letter of July 8, 1937, (3-12)First State Bank of Hotchkiss, Colorado, application for member-3/17 501
ship approved 4/17 736
Advised that it is not necessary that the certificate of
membership be posted in the lobby
First
5/23 1028
State Bank of Lamed, Kansas, application for membership
approved and FRBank to follow matter of amend-
ing charter with respect to number of direc-
tors 6/22 1265p4 Certification to FDIC as member of FRSystem 6/27 1302irst State Bank, Lockwood, Texas, application approved
rst State Bank of Vest Manchester, Ohio, membership applica-
tion approvedFirst
10/12
5/29
2008
1085
Trust and Savings Bank of Kankakee, Ill., application
for membership approvedFirst Trust and Savings Bank, Pasadena, California, request
for retirement of preferred stock, acquire
assets of Temple City National Bank and opera-
tion as branch and establishment of branch at
12/ 9 2293
Alhambra 1/22 102
Discussion of application for permission to establish
branches at Alhambra and Temple City, relation-
ship with Bank of America National Trust &
Savings Association reviewed, letter to be
drafted advising that Board is unwilling to
approve application on present information 2/ 6 208-14Permission to acquire the assets of the Temple City Na-
tional Bank and establish branches at Temple
City and Alhambra denied on basis of informa-
tion before Board at present 2/14 255Transameri ca Corporation advised that further expansion
will not be permitted 2/14 256
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
State_member banks: (Continued)rlrst Trust and Savings Bank: (Continued)
Copy of letters to First Trust and Savings Bank of Pasadena,
California, and Transamerica Corporation to be
sent to Comptroller and FDIC.
Time extended for filing of reports of affiliates
Resolution of directors authorizing transmission of examina-
tion report to Transamerica Corporation
Request for establishment of branches at Temple City and
Alhambra disapproved
Extension of time to file reports of affiliates
Permission to establish branches at Alhambra and Temple
City, not approved by Board
to Mr. Giannini on denial of application for estab-
lishment of branches at Temple City and
Alhambrato president of bank explaining denial of applica-
tionBank and Trust Company, Vdnamac, Ind., application
for membership approved and next shareholders
meeting to take action to make increase in
capital validBank and Trust Company, Floral Park, New York, per-
mission given to FDIC to examine in connection
with assumption of liabilities and assets of,
by First National Bank and Trust Co. cf Floral
ParkState Bank, French Lick, Ind., application for mem-
bership approved, compliance with condition No.
6 waived and possible merger of bank suggestedState Bank, Garrett, Ind., no objection to proposed
transfer of amount in reserve to surplus instead
of increasing capitalCounty Savings Bank, Flint, Mich., application for fidu-
ciary powers, subject to prescribed conditions,
approvedRailroad Bank and Trust Company of Augusta, Georgia,
account carried by, for the University of
Georgia School of Medicine, question as to
whether properly classified as savings de-
posit, Mr. Vest to prepare memorandum recon-
ciling possible exception to Regulation Qto raise no further questions regarding funds of
University of Georgia School of Medicine as
they have been transferred from savings ac-
counts to checking accounts
Letter
Letter
First Union
Floral Park
French Lick
Garrett
Genesee
Ge°rgia
Board
408Pages
2/12, 2574/21 749
6/ 5 1146
7/10 14037/16 1443
8/ 7 1583
11/13 2163
11/19 2200
7/25 1482
1/30 148
11/ 3 2106
8/26 1690
8/ 4 1544
3/10 451
3/30 591
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Stete member banks: (Continued)Glenn's Ferry Bank, Limited, Glenns Ferry, Idaho, application
for membership approved subject to charge off
of losses and excess balance with nonmember
409Pages
bank to be reducedGoldfield State Bank & Trust Co., Goldfield, Iowa, application
9/ 5 1739
for membership approved 5/12 924Grant County Bank, Sheridan, Ark., application for membership
approvedGranite Trust Company, Quincy, Ilass., application for member-
ship approved subject to charge off of losses
and permission granted to retain branches in
5/29 1085
1%eymouth 10/15 2023Guaranty Trust Company, New York, N. Y., examination of the
five foreign branches of, not considered neces-
sary under present conditions 3/11
Branch at London, England, authority to establish where of-
fice of American Finance Office is operating 7/14Havre de Grace Banking and Trust Company, Havre de Grace, Md.,
application for membership approved and sav-
ings deposit withdrawals to be brought into
conformity with law 8/12Industrial State Bank of Kalamazoo, Mich., application for mem-
bership approved and comments on interlocking
J. p. relationship of Director George E. Monroe 9/19
Morgan & Co., Incorporated, New York, New York, applica-
tion for membership approved with understanding
that the Morgan Grenfell & Co., Ltd. will be
an affiliate 4/23
Certified to FDIC as member of FRSystem 4/28
Affiliate relationship of Morgan Grenfell & Co., belief
of Board that relationship will have been ter-
minated when steps enumerated have been taken 6/23
Report of holdings of United States Treasury bills to Se-
curities and Exchange Commission for confidential.
use 11/ 5ICane Bank and Trust Co., Kane, Pa., permission to purchase
assets and assume liabilities of First National
Bank of Kane 12/30Ladoga State Bank, Ladoga, Indiana, application for membership
approved 10/ 9Lake State Bank, Richland, Indiana, no objection to continuing
executorship now held but permission must be
obtained before acquiring other fiduciary busi-
ness 10/ 3
'"ee County Savings Bank of Adrian, Mich., purchase of as-
sets and assumption of liabilities of National
Bank of Adrian 8/14
467
1421
1607
1845
757782
1271
2123
2408
1994
1972
1618
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Stat a.member banks: (Continued)Llcking County Bank, Newark, Ohio, stock of Union Trust Company
to be purchased by BancOhio Corporation and as-
410Pages
sets taken over by member bank 5/19 986Proposed absorption of Union Trust. Company with change in
title, new voting permit not necessary for
BancOhio Corporation 8/ 8 1593
Purchase of assets and assumption of liabilities of Union
Trust Company of Newark and title changed to
1T— Union Licking Banka.riUfacturer?g Bank of Cohoes, New York, application for mem-
bership approved and attention to be given to
management problem
11/18
3/30
2194
589Manufacturers Trust Company, New York, N. Y., no objection to
Marion
rkle
proposed purchase of assets and assumption of
liabilities of the Standard National Bank of
New York, and establishment of a branch of the
trust company in the quarters of the national
bankState Bank, Marion, Texas,
provedBanking and Trust Company, Hazleton, Penn., approval for
establishment of branch at Weatherly, Pennsyl-
vania by assumption of liabilities of First Na-
tional Bank of Weatherly, rescinded
Planters Bank, Norfolk, Virginia, application
for membership approved subject to the estab-
lishment and maintenance of complete records
of trust department and reduction in number
of directorsIx_ Retention of branch at South Norfolk, approved
"rchants State Bank, Rhinelander, Wisconsin, purchase of in-
terest in bank premises and furniture and fix-
tures of claims held by trustees for waiving
Mer— depositors1'111 Trust Company, Bangor, Me., examination report shows
two affiliates, letter on publication of reports
ofRepo rt should be submitted for affiliate not in formal
Mexi liquidationco for member-
Merchants and
Savings
application for membership ap-
Bank, Mexico, Missouri, application
ship approved subject to further progress in
banks asset condition and Reserve Bank will fol-
low up situationary reservations, FRBanks to be advised of designation by
Secretary of Treasury as to establishment of
banking facilities
2/7 221
6/ 8 1156
1/27 126
4/16 7274/16 729
8/25 1680
6/17 1231
11/11 2149
8/23 1708
11/30 2243
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Statemeaber banks: (Continued)
11°gadore Savings Bank, Vogadore, Ohio, application for member-
ship approved and savings account to be brought
• into conformity with lawMOnongahela Trust Company, Homestead, Pa., extension of time
for disposal of stock of Hays National Bank,
or conversion into branchMembership condition involving holding of stock in Hays
Na-
tional Bank, Hays, Pa., canceledseY Trust Co., .tashington, D. C., reply to letter that
C. Y. H. Corporation is not holding company
affiliate for purposes other than those of
Sec. 23A of FRAct0'B
Sec.Banking Company, Buffalo, Missouri, application for
membership approved, reasonable dividend policy
to be followedOgdensburg Trust Company, Ogdensburg, New York, permission given
to, for establishment of a branch in Winthrop,
New York, in connection with the purchase of
assets and liabilities of First National Bank
of WinthropOld
Capital Bank and Trust Company, Corydon, Ind., application
for membership approved, telegram to Mr. Davis
to transmit adviceOntario County Trust Company, advised that contract providing
for balloon payment at its end may be revised
to provide for further monthly payments°ssininc, Trust Company, Ossining, N. Y., recapitalization plan
involving reduction in common stock and sale of
preferred stock to RFC approvedPetlinsula Bank of Ishpeming, Ishpeming, Mich., application for
membership approvedPennsylvania Company for Insurances on Lives and Granting An-
nuities, information on issuance of common
stock by, supplied Securities and Exchange
CommissionSuggestion that Regulation F be amended to eliminate the
restriction that not more than $25,000 of any
one trust fund might be invested in a common
trust fundes Bank, Beaufort, S. C., application for membership ap-
proved subject to certain charge offs and ade-
quate capital to be maintainedpeo ertification to FDIC as member of FRSystem
1J-1-es Bank, •Lakewood Village, California, application for
membership approved subject to authorization
of appropriate State authorities, and maintain-
ing status as a local independent institution
411 Pages
12/26 2393
7/ 6 1372
12/22 2360
10/ 8 1971
1/26 123
2/14 254
6/26 1298
4/16 731
6/25 1281
8/26 1688
3/11 467
5/ 5 854
6/12 12017/ 7 1379
5/6 868
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Peoples City Bank, McKeesport, Pa., proposed absorption of Union
Trust Co., Clairton, Pa., and establishment of
branch at Clairton approved on certain condi-
tionsPe oPles-Pittsburgh Trust Company, Pittsburgh, Penn., publica-
tion of report of Hotel Conneaut at Conneaut
Lake, as an affiliate waived, but report should
be rendered at next call if affiliation still
existsRetention of records for purpose of Regulation WPlan to purchase assets and assume liabilities of First Na-
tional Bank of Etna and establish branchTo purchase assets and assume liabilities of Dormont Sav-
ings and Trust Co., Dormont, Pa. and establish-
ment of branchPe°Ples savings Bank, Laurel, Iowa, application for membership
approvedPeoPles Trust Company, Martinsburg, West Virginia, criticism of
management and plan to correct unsatisfactory
condition, examination to be made by examiners
Pe— of FDIC and FRBank of Richmond
"4 Trust Company, Peru, Indiana, application for membership
approved and certain practices to be watched
Picke by FRBankby
Bank, Pickerington, Ohio, application for member-
• ship approvedgrla Trust Company, Boston, Mass., corrections in condition
report, publication of affiliate report and
Port luk..7- republication of own report not to be required
-ron State Bank, Port Byron, Ill., application for member-
ship approved and FRBank to follow situation
Pwith respect to waived deposits
oughkeepsie Trust Company, Poughkeepsie, N. Y., application
for membership approved subject to charge off
of losses and compliance with condition number
6 waived
Stete member banks: (Continued)Peoples Bank, Lakewood Village: (Continued)
Letters sent to Comptroller and FDIC advising of Board's
approval of the application 5/ 6 869Certification to Federal Deposit Insurance Corporation as
member of FRSystem 5/15 940Peoples Bank, Pikesville, Md., application for membership ap-
proved 6/16 1223
Peoples Banking Company of Lewisburg, Ohio, application for mem-
bership approved 5/29 1084
412Pages
12/ 3 2262
2 1:
10/13 2014
11/23 2218
2/18 295
10/28 2078
1/26 122
7/ 3 1361
8/ 6 1575
8/26 1687
6/30 1320
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Stete member banks: (Continued)Prattsburgh State Bank, Frattsburg, New York, application for
membership approved subject to certain charge
offs 3/24 548Provident Savings Bank and Trust Company, Cincinnati, Ohio,
charge for special investigation of, to be
left to the discretion of FRBank of Cleveland 1/30 148Randallstom Bank, Randallstown, Md., application for membership
approved and savings account to be brought into
Ravai • conformity with law 9/ 5 1738
4-11 County Bank, Hamilton, Mont., application for membership
approved, subject to charge offs and bank to be
given close supervision 6/15 1216
Extension of time for completion of membership 7/10 1402
"4.ehland Trust Company, Mansfield, Ohio, FRBank of Cleveland au-
thorized to waive membership condition numbered
6 4/11 697Riverview State Bank, Kansas City, Kansas, holdings of special
tax bills of City of Kansas City, legal question
on classification as securities not to be
raised at present, manner of showing in condi-
Rock tion reports and examination reports 6/17 1232
Island Bank and Trust Company, Rock Island, Illinois,
application for membership approved with under-
Rom.- standing that management is to be strengthened 2/ 9 226
1/4)- Savings Bank, Romeo, Mich., examination report shows that
Melvyn F. Lanphar & Co., and The Lanphar Agency,
Inc., were affiliates of the bank and if condi-
tion still exists report should be submitted 9/12 1789
Stock disposed of by Melvyn F. Lanphar and no longer con-
sidered affiliate of Uelvyn F. Lanphar and Co.
and Lanphar Agency, Inc. 10/12 2008St.
Michaels Bank, St. Michaels, Md., application for membership
approved and excess balance with nonmember bank
to be reduced 10/12 2007Seguin State Bank and Trust Company, Seguin, Texas, application
for membership approved and bank not to exercise
fiduciary business until necessary organization
and equipment are provided 6/13 1209Seville State Bank, Seville, Ohio, membership application ap-
proved, savings account to be brought into con-
formity with law 12/30 2407South chica,0 Savings Bank, Chicago, Illinois, application for
membership approved subject to certain charge
offs 5/15 939Extension of time to accomplish admission to membership in
FRSystem 5/25 1031
413Pages
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
State member banks: (Continued)
South Chicago Savings Bank: (Continued)Granted permission to maintain same reserves against deposits
as required of reserve city banks 5/30Southwest Bank of St. Louis, Missouri, reduction in preferred
stock approved 7/29
SPringville Banking Company, Springville, Utah, additional ex-
penditure for remodeling banking quarters, no
objection to 10/ 2
State Bank of Albany, New York, permission to take over bank
holdings from affiliate and transactions in-
volved 12/23State Bank of Clearing, Chicago, Illinois, extension of time
414Pages
1096
1513
1934
2373
in which to increase capital stock granted,
further requests for extensions not antici-
pated 4/27 775State Bank of East Moline, Illinois, application for membership
St approved subject to charge offs for losses 6/17 1231
ateBank of Farina, Illinois, reduction of common capital,
inadvertent approval by FRBank of St. Louis
State ratified by Board
Bank of Hardinsburg, Indiana, application for membership
approved and excess balance with nonmember
Stat banks to be reduced
Statee Bank of Latham, Ill., membership application approved
Sank of Lima, Howe, Indiana, application for membership
approved, change to be made in savings pass
State books in regard to withdrawals
Bank of Marathon City, Marathon, Wisconsin, application
for membership approvedsta,
tCertification to FDIC as member of FRSysteme Bank of2,14yville, laisconsin, permission to FDIC to ex-
amine to permit continuance as nonmember in-
sured bankl ithdrawal from FHSystem, six months' notice waived and
State permission given for immediate
Bank of Milan, Indiana, application approved subject to
certain charge offs, common stock to he shown
State Ban,c at par valuei of Northfield, Minnesota, application for member-
ship approved subject to increase in the number
of directors, Northwest Bancorporation to com-
ply with conditions for general voting permit
entitling it to vote the stock of
General voting permit approved subject to certain condi-
tions
1/31 161
7/29 151212/10 2299
4/30 818
4/ 2 6144/10 690
1/14 49
2/10 233
4/22 752
4/30 820
4/30 823
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Ntemember banks: (Continued)
State Bank of St. Charles, Ill., application for membership
approvedState Bank of Virginia, Idinnesota, application for membership
approved subject to increase in the number of
directors, etc., Northwest Bancorporation to
comply with conditions for general voting per-
mit entitling it to vote the stock of
General voting permit approved subject to certain condi-
tionsState Savings Bank of Woodville, Ohio, to take over Woodville
Savings Bank Company, technical requirements
waived and to be allowed to continue as member
bankState Street Bank and Trust Company, Quincy, Ill., application
for membership approved subject to charge off
of losses and savings deposit withdrawals to
be brought into conformity with provisions of
State law
Street Trust Company, Boston, Mass., reply to question
involving Section 9(b) of Regulation VC, regard-
ing shifting of date of first payment and of
final maturityStockments
Bank, Gillette, Wyoming, application for membership
approved and savings accounts to be brought into
conformity with law and balance with nonmember
bank to be reducedPton Farmers Bank, Tipton, Mo., application for membership
approvedTiPt°n State Bank, Tipton, Iowa, application for membership ap-
Toba proved subject to charge off of lossescco Exchange Bank, Edgerton, Casconsin, application for
fiduciary powers deniedT°1edo Trust Company, Toledo, Ohio, reply to inquiry of Mr.
Messinger on renewal or extension of single pay-
TruittU ment note
- atthews Banking Co., Chillicothe, Ill., application for
membership approvedTrust funds awaiting investment or distribution, deposit by
banks in Wisconsin in own commercial and savings
department14trl Valley Bank, test Alexandria, Ohio, membership application
approved and change in wording of savings pass
Utlion B book to be made
ank, Loogootee, Ind., application for membership ap-
proved, excess balance with nonmember bank to
be reduced
415Pages
9/12 1789
4/30 821
4/30 523
8/26 1689
7/29 1511
2/10 234
9/21 1853
6/13 1209
10/ 1 1919
5/19 988
7/ 9 1390
7/17 1),48
7/15 1430
5/28 1075
7/14 1420
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
416Pages
State member banks: (Continued)Union Bank of Michigan, Grand Rapids, Liich., application for
membership approved, to create reserve for
payment of dividends in capital stock and in-
creased capital stock and operation and re-
tention of branch approved
Amendment to condition of membership that capital need not
be increased if branch is discontinued
Union Bank and Trust Company, Bowling Green, Va., application
for membership approved, bylaws to be revised
and other corrections to be made
6/16
6/29
10/ 3
1224
1317
1938Union Savings a Trust Co., Varren, Ohio, application for mem-
bership approved, retention and operation of
branch at Newton Falls, Ohio, to be permitted 3/16 496
FRBank of Cleveland authorized to waive membership condi-
Un tion numbered 6
ion State Bank, Clay Center, Kansas, application for member-4/11 697
ship approved, Mieelock indebtedness and as-
signed claims to be eliminated and other cor-
rections to be madeus_ Certified to FDIC as member of FRSystem
"ion Trust Company of Pittsburgh, Penn., purchase of addi-
tional stock in the Union Savings Bank of
Pittsburgh and the lellon National Bank, both
affiliates, held to be in violation of FRAct
and Revised Statutestake over its affiliate Union Savings Bank of Pittsburgh
nited Bank and Trust Company, St. Louis, Mo., absorption of
8/ 6 15718/15 1625
2/21 30811/10 2142
Telegraphers National Bank of St. Louis, no
objection toUniversity State Bank, Houston, Texas, application for member-
ship approved despite insufficiency of capital
stock, provision as to maintenance of reserves
and given 90 days to complete membershipv
ee'
ertification to FDIC as member of FRSystemersburg State Bank, Veedersburg, Ind., application for mem-
bership approved and bank to revise trust op-
erations to conform to approved procedureen Bank and Trust Co., warren, Pa., purchase of assets and
assumption of liabilities of Clarendon State
Bank, Clarendon, Pa.'"-Lngton County State Bank, Brenham, Texas, retirement of
capital debentures not permitted without in-
creasing capital stocko objection to retirement of capital debentures and dis-
regard of technical requirements of law cited
10/ 8
2/173/10
7/29
11/30
6/19
7/27
1972
287457
1510
2243
1254
1490
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Statemember banks: (Continued)
Ilashington Irving Trust Company, Tarrytown, New York, permis-
sion to change head office to Port Chester
and transfer Port Chester branch to Tarrytown
granted17aterloo Savings Bank, Waterloo, Iowa, application for member-
ship approved by telegram and fiduciary ac-
tivities to be organizedWaYne State Bank, Wayne, Mich., expenditure for purchase of
bank premises and for improvements approved
15estfield Trust Company, Westfield, New Jersey, purchase of
assets and assumption of liabilities of First
National Bank of Garwood, and establishment
Wes+ • and operation of branch at Garwood approved
umlnster Savings Bank, Westminster, Maryland, application
Whi# for membership approveduehouse State Savings Bank, Whitehouse, Ohio, application
for membership approved subject to charge off
of losses111am Penn Bank of Commerce, Pittsburgh, Pa., membership ap-
plication approved and management situation tobe supervised by FRBank
-"LLngton Trust Company, Wilmington, Delaware, purchase of as-sets and assumption of liabilities of Union Na-tional Bank of Wilmington
Winne tka Trust and Savings Bank, Winnetka, Ill., applicationfor membership approved and trust operations
State to be revisedLoan Supervisors, list of those willing to cooperate
with Board in enforcement program of Regula-St •4t1stics: tion W
'Ilmer credit reports, letter to American Bankers Associationregarding transfer of, to Board, request forlist of reporting banks, procedure and formof report outlined
Fa Banks advised of transferInstructions for submission of reports transmitted to Fed-
eral Reserve Banksand statistical work in the field of, Ir. Ransom
authorized to confer with Mr. Taylor in regardto the Board taking over from the Department
Transferred of Commercefrom Bureau of Foreign and Domestic Commerce
Transfer o to Board, letter to Mr. Taylor on
f work being done by Bureau of Foreign and Domes-
tic Commerce to FRSystem
Research
417Pages
2/11 239
12/23 2372
9/ 5 1740
3/26 564
3/2 399
11/30 2242
12/ 7 2275
11/ 4 2116
12/18 2339
11/24 2226
2/4 1872/4 188
3/5 419
5/19 979
8/ 6 1578
8/21 1658
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418Pages
Statistics: „'cs: (Continued)Customers debit balances collected from certain member firms
of New York Stock Exchange, figures not to be
furnished to reporting firms 9/30 1914Department store inventories by departments be collected
monthly instead of quarterly, memo of Mr.
Goldenweiser 6/13 1211Furniture sales, inventories, and credit, memo from Mr. Golden-
weiser in regard to the collection of statistics
on, forms and letters to FRBanks included 5/15 943Statistical manual, joint publication of Board, FDIC, and Comp-
troller's Office, advised that there is no
need for extension of clerks on reimbursablebasis as help can now be supplied by Board's
staff, reimbursement of only one clerk neces-
sary for December as Mr. Martin resignedSusPension of publication of statistical series for duration
of war, Mr. Thomas to represent Board in confer-
8teagal, ences on, letter advising Mr. Harold D. SmithCongressman Henry B., meeting with Mr. Crowley and mem-
bers of Board on proposed amendment to FRAct
4en, discussedwpr, •..,phic records:onference of representatives of FRBanks, Board of Governors,
and the services on war loans, payment of costauthorized
Hart & Dice, employment of stenographer of, to report confer-ence of Board with representatives of the trade
Nye on Regulation W authorized 3/12 487Stewan,seny A. C.: (See Retail Credit Association of Minneapolis)
meeting with members of staff of Board to discussreserves and Treasury financing suggested by
1/ 5 11
1/12 43
12/ 8 2287
10/12 2012
Stock Mr. MorgenthauA,1 capital:'ulerican Trust and Banking Company, Chattanooga, Tennessee,
Bank - reduction approved01. Menomonie, Usconsin, membership application approved
subject to certain requirements on amount of
Burl • unimpaired capital4-ington City Loan and Trust Company, Burlington, New Jersey,
Ci • no objection by Board to reduction in amount oftlzens Bank of White Plains, New York, reduction in par value
Pi of common stock approvedSecurities Corporation of Syracuse, N. Y., purchase of
Gar own stock not warrantedrett State Bank, Garrett, Indiana, permission to transfer to
surplus of l0,O00 in reserve for dividends
payable in common stock, no objection
11/11
2/ 4
2/21
4/25
12/16
1/ 7
8/26
2147
186
307
762
2321
21
1690
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k)c k, capital: (Continued)Lionongahela Trust Company, Homestead, Pa., extension of time
for disposal of stock of Hays National Bank or
conversion into branch 7/ 6
419Pages
1372
Condition of membership involving holding of stock in Hays
National Bank canceled 12/22 2360
°881ning Trust Company, Ossining, N. Y., reduction in common
stock approved and sale of preferred stock to
RFC 6/25 1281Pennsylvania Co. for Insurances on Lives and Granting Annuities,
Philadelphia, Pa., information on issuance of,
supplied to Securities and Exchange Commission 3/11 467State Bank of Clearing, Chicago, Illinois, granted extension of
time in which to increase, further requests for
State extensions not anticipated
Bank of Farina, Illinois, reduction of common capital,4/27 775
State bank with capital as low as 25,000, discussion of amend-
ment to Sec. 9 of FRAct to permit, to become
Union a member of the FRSystemk of Michigan, Grand RapiBan ds, Michigan, Board willing
to approve application for membership in FRSys-
tem on condition that it create a reserve of
150,000 for dividends and increase its capital
stock to 500,000un, Increase in connection with admission to membership
311 Trust Company, Newark, Ohio, purchase by BancOhio Corpora-
tion and bank to be absorbed by Licking County
Unto , Bankn 'rust Company of Pittsburgh, Penn., purchase of additional
stock in the Union Savings Bank of Pittsburgh
and the Mellon National Bank, both affiliates,
held to be in violation of FRAct and Revised
StatutesUniversity State Bank, Houston, Texas, application for member-
ship approved despite insufficiency of, pro-
vision as to maintenance of reserves1V4shington
County State Bank, Brenham, Texas, retirement of de-
bentures not permitted without increase in cap-
ital stockkock, ,a1)ita1 set-up discussed in detail
Taxulvidends:able as income, to be made, by amendment to regulations of
Bureau of Internal Revenue or reversal of ruling
in Eisner v. Macomber
inadvertent approval by FRBank of St. Louis
ratified by Board 1/31 161
5/19 983
5/19 9866/16 1224
5/19 986
2/21 308
2/17 287
6/19 12547/27 1490
2/12 249
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S .t°ck, dividends: (Continued)
Taxable as income: (Continued)Likelihood that court may hold that they are taxable as
income, discussed at meeting of Board with
Federal Advisory Council, memorandum dis-
tributed re and to be considered in regard
to steps that should be taken in the event of
such a decisionStoReply to inquiry of McIlroy Bank and Trust Co.
FRBank:Issuance of certificates in connection with tax on dividends
and writing of legend on face of certificate
Public Debt Act of 1942, effect on additional issues of, unde-
termined, further issuance to be withheld pend-
ing conference of Legal Division with Bureau
of Internal RevenueTax exemption on dividends of, FRBanks advised that matter is
still pending before the Bureau of Internal
Revenue and to continue to withhold issuance
of stock certificates
Decision of Treasury Department on date stock is issued
Banks to continue practice of cancellation of old and is-
suance of new certificates
Telegram to Mr. Fleming that ruling will be obtained from
Bureau of Internal Revenue regarding effect
of first-in,first-out rule transactions
Statement to be published in FRBulletin
Letter to Commissioner of Internal Revenue on question of
what steps taken to make shares applicable to
first-in,first-out rules
Requirements necessary to avoid application of first-in,
first-out ruleIssuance of certificates in connection with, and legend
written on face of certificate
8tocL, Statement to be published in FRBulletin
preferred:Burlington City Loan and Trust Co., Burlington, N. J., retire-
ment in connection with plan to reduce capital
stockFirst Trust and Savings Bank of Pasadena, California, request
for retirement ofOssining Trust Comoany, Ossining, N. Y., sale to RFC in pro-
gram of recapitalization approvedstc:,outhwest Bank of St. Louis, Missouri, reduction approved
exchange firms, list of members of New York Stock Exchange
which are to continue filing monthly reports
of customers debit balances
420Pages
2/16 27311/ h 2120
9/30 1914
4/2 616
5/2 8397/ 8 1383
7/14 1426
7/20 14577/21 1468
8/ 4 1550
9/22 1865
9/30 191410/24 2059
4/25 762
1/22 102
6/25 12817/29 1513
9/ 8 1751
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401-maximul. net heat output as well as design should be basis
for test of application of Regulation W, expla—
nation to FRBank of linneapolis
411°11g, Benjamin, statement made in 1923 on adoption of preferen—
tial discount rates inserted in minutes at
Studies: request of Mr. Draper
Balderston study on "Executive Development in the FRBanks,"
Mr. Ruml advised that Board concurs in objec—
tives of, and is willing to provide space for
officers on tour of duty at the Board
Copy of report not to be made available to the Training
Division of the U. S. Civil Service CommissionCaribbean area, results to be made available to other Federal
agencies, letter to FRBank of New York on
routing through Board of GovernorsConsumer credit, lessrs. Brown and Robinson authorized to go
to Canada to make study of 3/10 443Earnings of banks, discussion of work of Research and Statis—
tics in connection with, Messrs. Goldenweiser
and Smead to collaborate on continuing study 7/28 1501Economic welfare of country, suggestion of Ir. Delano that
study of financial requirements by FRSystem
and study of physical needs by National Re—
sources Planning Board be coordinated 6/ 9 1164
Messrs. Delano and Ruml present at meeting of Board to
discuss 6/ 9 1173Inflationary developments, Mr. Hansen requested to come to
1Vashington to assist Mr. Leland with studies
relating to 3/23 541Governmental administration arising from occupancy outside
United States, letter to Secretary Hull in
connection with 11/24 2226International financial reconstruction after the war, plans
for international stabilization fund and in—
ternational bank, report of Messrs. Eccles
and Goldenweiser on conference with repre—
sentatives of Treasury and State Departments
and others 5/26 1047Joint project of Province of Manitoba and State of Minnesota,
no objection to Dr. Upgren completing work in
connection with 11/12 2153Leadership and management in FRSystem, letter to FRBanks on
development and maintenance of efficiency as
result of Balderston study and on establish—
ment of Division of Personnel Administration6/25 1279at Board of Governors
421Pages
1/ 1 2
10/ 9 1983
2/ 6 202
5/20 1000
11/ 2 2101
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4114ies: (Continued)Regional and national studies by research departments of
FRBanks, outline of subjects presented by Mr.
EvansRegional problems to be considered at conference of representa-
tives of Board and research departments of
FRBanksRegional program for economic planning, resolution of Confer-
8 • ence of Chairmen onIthversive activities:
Advisory Committee on, J. Tatson Belt designated representative
of Board on, to cooperate with the Protective
Construction Unit in the Public Buildings Ad-
ministrationkits against directors, etc., of national banks for expenses in-
curred in defense of actions, suits, etc.,
1/4-14 report on S. 2039
"van & Cromwell, New York, N. Y.: (See National Association of
811n1p, Investment Companies)
-'ery Representative Jessie, alternate drafts of amendment to
Sec. 5200 to exempt loans covered by guaranties
or commitments made by the U. S. or by any
FRBank, copy of memo from Mr. Wyatt regarding,
sent tosi;71ntendent of Banks: (See State bank supervisors)
/131-emental compensation plan, Staff Personnel Committee report
that adoption of, for employees of Board would
be inadvisable, continuation of period salary
reviews deemed adequate to meet present situa-
tion8111'etY companies, place in war loans program as reinsurer discussed
at meeting of Federal Advisory Council with
mve Board
Commercial loans, results of survey conducted by Mr. Uolden-
weiser for one-month periodDivision of Research and Statistics, reference to report made
by Hr. KoppangLoans, new industrial and commercial, made by member banks,
memo of Mr. Goldenweiser on procedure for re-
422Pages
7/30 1520
9/30 1915
11/18 2195
2/27 379
4/23 760
5/18 976
1/16 73
9/14 1800
5/19 984
7/28 1504
porting approved 4/ 1 609
Siltt_ Forms FR 574-A and 574-B for reporting, sent to FRBanks b/ 1 611
'fly Harold P., reply to letter on sale of railroad watches
without requiring down payment 11/ 3 2112
erland, procedure to be followed in extending financial as-
sistance to American nationals in territories
where the interests of the United States areL/ 1 613represented by
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
423Pages
Tax bills:lansas City, Kansas, holdings by Riverview State Bank, legal
question on classification as securities not
to be raised at present, manner of showing
in condition reports and examination reports 6/17 1232
notes:Changes in present series suggested by Treasury Department,
suggestions of Board of Governors and members
of executive committee of Federal Open Market
Committee requested 8/27 1694
Changes in Series A and Series B notes, letter to Secretary
of Treasury recommending graduated scale of
rates on Series B notes instead of flat rate 8/28 1700Distribution of revised Series B, Victory Fund Committees to
be requested to make special effort to obtain
wide, and Messrs. Ransom and Szymczak to keep
in close touch with activities of committees 9/11 1778
Savings Bond and Tax Mote operations, certain FRBanks asked
to furnish information regarding the scope
kxes: of, at their branches 4/ 8 661
Assessment on buildings of FRBank of New York, payment to Mr.
b. B. Altreuter for services in connection
with effort to obtain reduction 11/ 6 2128Banks, question of giving them preferential treatment under
the tax program in view of the substantial
part they play in war financing, considered
at meeting of the executive committee of the
Federal Advisory Council tith the Board 4/ 9 676. Opinion regarding, to be presented to Congress 4/ 9 681
Bullding of Board of Governors, memorandum of gr. Vest on
two bills introduced in Congress, Board will
take no action at this time 8/ 7 1583
Report by Mr. Dreibelbis on discussion of courses of ac-
tion and opinion that legislation should not
be sought at present 11/24 2221
Report of Mr. Dreibelbis on conversations with Mr. Keech
and Mr. Carusi and suggestion that might be
taken up with Senator McCarran for inclusion
in Senate report on pending bill 12/ 1 2250
Developments with respect to, outlined in memo by Mr.1Dreibelbis 2/ 8 2289
Resume by Mr. Dreibelbis of developments to date and state-
ment by Mr. Ransom that Board's building had
been removed from list of property advertised
for sale 12/14 2309
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Taxes:(Continued)
Building of Board of Governors: (Continued)
No provision made in budget for 1943Attorney General not to give opinion on matter but to co-
operate in any litigation
Dividends on FRBank stock, decision of Treasury Department on
when stock is issuedTax to continue, practice of cancellation of old and issu-
ance of new certificates
Telegram to Mr. Fleming that ruling will be obtained from
Bureau of Internal Revenue regarding effect of
first-in, first-out rule transactions
Statement to be published in FRBulletin
Letter to Commissioner of Internal Revenue on applicability
of first-in, first-out rule to shares sur-
rendered by member banks
Requirements necessary in order to avoid application of
first-in, first-out rule
Issuance of certificates in connection with, and legend
written on face of certificate
Statement to be published in FRBulletin4cess Profits Tax, reply to inquiry of the Committee on
Foreign Banking of New York City regarding
the legislative clarification of the status
of bankers' acceptances for the purpose of,
advising that there have been no further de-
velopments in connection with the proposed
amendment to the Internal Revenue Code
Effect of, guaranteed loans in financing of war contracts
onExemption on dividends of FRBank stock, FRBanks advised that
matter is still pending before the Bureau of
Internal Revenue and to continue to withhold
issuance of stock certificates4Penditure, suggested and discussed as means of financing the
FRB war, at a meeting of the FAC with the Board
ank of Chicago, emoloyment of special counsel in tax matter
FR approvedBank stock: (See supra Dividends on FRBank stock)Fr .anchise, restoration of provision of law to provide for pay-
ment in case earnings of FRSystem were increased
come, credit for payments on existing debts and life insur-
ance premiums discussedneY borrowed in anticipation of, by Union Free School Dis-
trict fi7 for purchase of oil burner held not
to be an extension of instalment credit under
Regulation W
42.4Pages
12/23 2377
12/24 2384
7/ 8 1383
7/14 1426
7/20 14577/21 1468
3/ 4 1550
9/22 1865
9/30 191410/24 2059
5/13 929
7/ 1 1336
5/2 839
5/18 956
3/31 598
9/15 1811
3/ 5 1561
1/24 117
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Taxes: (Continued)Pending tax bill, effect on amount of short-term corporate
money for investmentPro gram suggested by Mr. Eccles at meeting of Federal Advisory
Council to counteract inflationary develop-
mentsPublic Debt Act of 19h2, question as to exemption of dividends
of additional issues of FRBank stock from tax
provided by, Legal Division of Board to confer
with Bureau of Internal Revenue regarding
Repayment of debts under high tax rates, memorandum of Mr.
Randolph Paul and report of Mr. Ransom on
conference with Secretary of Treasury
Sales, as means of financing the war, discussion of, at meeting
of the FAC with the BoardSocial Security, opinion of Board that they should not be clas-
sified as deposits but should be shown as
"Other liabilities" in condition reports
Opinion of Mr. Vtakefield that an increase in, would elimi-
nate necessity for a plan of forced savings,
in connection with a discussion of war financ-
ing at a meeting of the Federal Advisory Coun-
cil with the Board
Deductions of, as deposits, statement ordered published in
the FRBulletinStock dividends to be made taxable as income, by amendment to
regulations of Bureau of Internal Revenue or
reversal of ruling in Eisner v. Macomber
Likelihood that they may be held subject to, as income,
discussed at meeting of Board with Federal Ad-
visory Council in regard to steps that should
be taken in such eventT_ Reply to inquiry of McIlroy Bank and Trust CompanyTr
Replymembers of Federal Advisory Council traveling
on official business entitled to use F.R. 158
in obtaining exemption from
Letter to Mr. Lichtenstein suggesting means of obtaining
exemption from, as Secretary to Federal Advisory
CouncilForm of not avail-exemption certificate in connection with,
„or-, able but letter or statement may be filed
Virs4.Y amount to be withheld from employees salaries for pay-
ment to Collector of Internal Revenue
War Deductions to be made from overtime payments
financing, question of whether increasing taxes would
render unnecessary a plan for compulsory sav-
ings, discussed at meeting of Board with the
425Pages
L./ 9 672
11/16 2183
h/ 2 616
8/25 1677
5/18 956
5/ 8 907
5/18 953
5/25 1042
2/12 249
2/16 27311/ 4 2120
2/27 379
3/31 599
11/30 2245
12/17 233012/31 2413
Federal Advisory Council 5/18 952
()Pinion of Mr. Fleming regarding 5/18 953
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426Pages
Ta.es: (Continued)':.ithholding tax at source on wa7es, dividends, etc., problem
of administration and expense placed on banks
by proposed current revenue actInterest on bonds including Government securities, memoran-
dum to be sent to Chairman of Senate Finance
Committee to be prepared by Messrs. Ransom andSzymczak and submitted to Treasury for sug-gestions
Application to interest on bonds, letter to Mr. RandolphPaul prepared by Messrs. Ransom and Szymczakto be delivered at hearing room of SenateFinance Committee
Telee:rem, certificates of indebtedness, result of using telegramto urge subscription to, discussed at meetingof Board with executive committee of Federal
Tel Advisory Councilraph,possible use of, in establishing additional money mar-
kets 3/12 L77Phone, possible use of, in establishing additional money mar-
Ter, kets 3/12 L77pitory:
El Paso Branch, transfer of Brewster County, Texas, from an
Thie Antonio tols, L. j., reply to Senator Overton on inquiry re application
711.,of Regulation V: to charge accounts of farmers“ oofins Company, Inc., Stratford, Conn., reply to, re reasons
for not including siding and roofing Ataterials
as insulation under Regulation WLe schedules:
Paso to Los Angeles, change in time approved
Leg al Division, changes in titles to Attorneys24anag:ing Directors at FRBranch banks change in title to Vice
President and Mana4ng Director with appro-
8/ 5 1553
2/ 6 1567
2/26 1623
h/ 9 671
12/1h 2311
7/ 1 1347
,/ 3 1539
11/1L 2170
8/10 1596
nriate adjustment in salary, discussed at
meeting of ?residents and Board, to be studied
by PresidentsNO objection to use by Cincinnati and Pittsburgh branches
for time beingTitl of banks:
'"-Lckin;: County Dank, Newark, Ohio, proposed change upon absorp-
tion of Union Trust Co., new voting permit by
FancOhio Corporation not necessary because of
. changes
nic)n Lacking Bank, Newark, Ohio, new title of iiicking County
Bank after purchase of assets and assumption
of liabilities of Union Trust Company of
Newark
3/ 2
12/16
2
11/18
390
2321
1593
2194
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TobinTo R. J.: (See Tile Roofing Company)
lir of duty, Mr. Ruud advised that Board is willing to provide
office space for officers of FRBanks on
aegler, J. W.: (See National banks, First National Bank of
'Ira; Princeton, N. J.)preference not to be given to, under Regulation t for
Trv. the purchase of watcheslivisaimerica Corporation:Acquisition of additional banking offices, letter to Mr. Knox
to be prepared on reasons for refusing
Banking offices cremed or controlled by, report of Mr. McKee
on discussion with Mr. West
Letter to Mr. Giannini on denial of application to establish
branches of banks affiliated with
Expansion of institutions in group, letter to Mr. aannini on
position of Board1811eportation:
Federal tax on, letter to Mr. Lichtenstein suggesting means
of obtaining exemption from, as Secretary to
Federal Advisory CouncilPriority for travel on air carriers, authority to sign cer-
427Pages
2/6 202
2/24 339
8/ 7 1584
9/24 1878
11/13 2163
12/19 2343
3/31 599
tificates for, limited to Members of Board
and Secretary
Letter to FRBanks recommending that authority to sign cer-tificates be restrictedTravel
Reply to Mr. Eastman that members of Board and staff had beenasked to cooperate in curtailment of holiday
travelRegulations , no change because of amendment to standardized
Government travel regulations but changes in
form of vouchers approvedt ing expenses:aker, Dr. John C., payment authorized for transportation
costs to tashington for interview in connec-
tion with possible employment•ergelin, John 0., voucher approved for payment
Bettman, Alfred, between Cincinnati and tashington as Special
Consultant in Research and Statistics
Voucher approved for payment as Special Consultant in
Division of Research and Statistics-Oa rd .
ctr'4 of Governors, travel regulations amended to provide in-
Br crease in per diem allowance
o,em, W. G., FRExaminer, voucher approved covering difference
in price of standard lower berth and roomette
Cravens, Kenton R., payment of voucher for expenses incurred in
coming to Washington for consultation on Regu-
lation V. approved
2/5
2/ 5
11/17
11/ 4
1/128/ 4
6/23
8/18
2/17
8/ 6
4/13
196
197
2192
2115
431551
1269
1631
286
1580
712
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TNweling expenses: (Continued)
Cravens, Kenton R.: (Continued)Payment of voucher for expenses incurred in coming to
Washington for discussions on procedure underExecutive Order 9112
Voucher approved for paymentEmployees of FRBank of Boston assisting in examination of
FRBank of New York, payment of sum representingexcess charges for use of all pullman train ap-proved
Mayer, Howard G., reimbursed for expenses of trip to Washingtonto discuss problems arising under Regulation W
Millard, E. R., FRExaminer, voucher approved covering differencein price of standard lower berth and roomette
Voucher including additional expenditure for higher-pricedaccommodation
Persons under consideration for employment by Board of Gover-nors, policy for paying of
Porter, Joseph H., FRExaminer, voucher approved to cover draw-ing room because no other accommodation avail-able
Robinson, Roland I., payment for unused pullman reservation ap-proved
Szymczak, M. S., additional expenditure to cover price of com-partment because no other accommodation avail-able approved
Transportation exemption certificates, use of FR 158 by members
Tl'easury of Victory Fund Committee
bills: Availability to be brought to attention of banks with excess
reservessecurity of, instead of selling, discussed at meet-
ing of executive committee of Federal Advisory
Co Council with Boardllateral security for FRbank notes rather than System Open
. Market Account securitieseduction from deposits in computation of required reserves
discussed with Federal Advisory Council/leans of broadening distribution of, discussed at meeting of
Executive Committee of Federal Advisory Councilwith Board
Offering on fixed price basis, suggested at meeting of execu-tive committee of Federal Advisory Councilwith Board
in reserve requirements to allow banks to purchase,discussed at meeting of Federal Advisory Coun-cil with Board
holdings by J. P. Morgan & Co., Inc., New York City
made to Securities and Exchange Commission forconfidential use
Borrowing on
Reduction
Report of
428Pages
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10/26 2065
2/26 360
8/ 6 1580
12/ 9 229h
9/19 1847
9/ 8 1752
10/10 2005
10/23 2057
6/12 1206
5/18 960
7/ 1 1339
12/16 2325
11/16 2181
8/ 5 1559
7/ 1 1338
11/16 2180
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T
Destruction of
1.surly bills: (Continued)P-esolution of Federal Advisory Council that amount of, issued
L29Pages
each week be increased 2/16 263
Discussion of board with Federal Advisory Council, Board
in favor of resolution, and Federal Open Market
Committee reported as supporting resolution
also 2/16 263
Federal Open Market Committee, resolution to he brought to
the attention of, copy sent to the Secretary of
thc Treasury 2/27 363Safekeepin for nonmember banks by FRBenks discussed at meeting
with Presidentsury Department:
9/29 1901
Certificates of indebtedness of, to be shown separately in
weekly condition reports of member banks 14/9 669Decision issued to determine date FRBank stock is issued for
purposes of Federal tax on dividends 7/ 8 1333Defense Savings Bonds, form enclosed to provide Treasury with
information on sales of, under pay roll allot-
ment plan, same information requested by Board 1/28 140
Procedure for issuance of, to be studied by Defense Savings
Bond Committee of the Presidents' Conference
and to submit recommendations to 3/currency in Panama Canal. Zone, copy of ordersent to FRBanks
Disbursements by Chicago and New York offices
Blracueesing card form of check
property of, memorandum from suggesting that FRBank
of San Francisco act as fiscal agent, Mr.Szymczak to o to the Pacific Coast
391
7/17 11;52by use of tabulat-
6/11 1193
El). Secretary's note, Mr. W. B. Pollard to go to the Coast'eeutive Order for making of war loans, objection of, to being
Not directed rather than authorizedes of FEBank of San Francisco with Hawaiian overprinting,
letter agreeing with plan for payment ofof :ar, discussion of progress made by Board and
Treasury in formulation of a long range programfor, at meeting of Board with Ixecutive Commit-tee of Federal Advisory Council
P , in
Development of a long-term program of, discussed at a meet-ing of the executive committee of the Federal
3/ 6 4233/6 1427
4/1 602
7/13 12118
3/12 471
Advisory Council with the BoardForeic-n funds control, activities of FRBanks, information on
number and cost of applicationsGovernment securities, distribution of, Mr. Eccles to represent
the Board in discussion with the Treasury in
furthering
4/ 9
10/14
5/5
677
2020
258
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Treasury Department: (Continued)Government securities: (Continued)
Representatives of Board and Presidents to confer withcommittee of investment bankers and TreasuryDepartment regarding the sale and distribu-
tion ofIdle business balances, statement proposing special security
designed to absorb, approved for transmissionto Mr. Bell as reflecting general viewpoint
of BoardImpounded funds of employees thought to be subject to Civil
Service Retirement Act, transferred to, and
Civil Service Commission to be advised of
Funds sentIndustrial loans, liberalization of regulations on losses dis-
cussed at meeting with PresidentsProposal of Board that funds for, be furnished directly to
FRBanks byInformation requested from FRBanks on subscriptions to bonds,
excess reserves, etc., and telegram direct toFRBanks without knowledge of Board
Insurance, request of Board that Treasury write Board thatwhen shipments of FRnotes are completely de-stroyed in transit no charge will be madeagainst the FRBank except for printing, let-ter desired so that Board may obtain -,-eductionin premiums for
Issues of, for long-term money during the war, discussion ofadoption of a pattern of rates on, at meetingof executive committee of the Federal AdvisoryCouncil with Board
'Meeting Iv' ,all the Presidents with the representatives of theTreasury and the investment bankers scheduledfor the afternoon of May 8
Overdrafts at FRBanks anticipated within the next few days,telegram to FRBanks on method of handling
Press statement to be released on conservation of coins andpaper currency and on investment in War Sav-ings Stamps
Public circulars, general licenses and general ruling issuedby, ordered published in FRBulletin
Plinch card checks, plans for use in Chicago and New York of-fices of Division of Disbursement and paymentthrough FHBank
. Letter to FRBanks transmitting copies of correspondence-elmbursem.ent of banks by, for out-of-pocket expenses incurred
for services rendered the Government withoutcharge, suggested by Mr. 1cLee at a meeting ofthe executive committee of the Federal AdvisoryCouncil with the Board
430Pages
336
1/28 134
2/27 3713/6 429
3/ 2 385
14/1 607
12/ 3 2237
2/21 315
3/12 473
5/8 892
6/18 1248
6/13 1250
1/23 113
9/10 177210/ 5 191,5
L/ 9 677
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Treasur7 Department: (Continued)Reimbursement from, for expenses incurred in creating organiza-
tions for the promotion and sale of Government
securities, question discussed at meeting of
L31Pages
Presidents with Board 5/8 890Report by Chairman Eccles on meeting at, with representatives
of the Treasury and investment bankers, in re-
gard to formulation of a program for the promo-
tion and sale of Government securities 5/8 896
Secret Service Division, Board willing to print for, notices
of counterfeit notes on a reimbursable basis 5/20 1004
Series F and G savings bonds, discussion of whether FRBank or-
ganizations should handle them or leave them
entirely in the hands of the Treasury 5/8 891
South African Rese*-ve Bank, negotiation of U. S. notes for
Naval personnel, suggestion of Board in letter
to, that same arrangements as developed for
Javasche Bank be followed 2/4 190
Staff:
Eartelt, E. F., Commissioner of Accounts, to confer with
ar Loans Committee regarding miscellaneous
receipts of funds under Executive Order 9112 4/1 603Bell, D. W.:
Report of Mr. Szymczak to Board on conclusions reached
in discussion with, regarding fiscal agency
conferences 1/23 140
Procedure for destruction of FRnotes and FRbank notes
as outlined in letter from, approved by Board 3/ 3 L10Objections of, regarding Executive Order No. 9112 1 602Report by Mr. Szymczak in regard to discussion with,
in respect to the issuance of the 1928 series
of FRnotes and FRbank notes
Bernstein, Bernard, to draft press statement re issuance of
FRbank notes and FRnotes of 1928 series and
check it with Mr. Vest
Foley, E. H., Acting Secretary:Mr. Lyatt to discuss with, legal authority under which
FRBank of San Francisco may act as fiscal agent
in connection with evacuees' property and to
advise Mr. SzymczakEvacuee property, to confer with Mr. Agnew regarding au-
thority of FRBank over, following transfer to
the Treasury of sections 3(a) and 5(b) of the
Trading with the Enemy Act
Certain correspondence between the Board and the Chase
Bank sent to, in reply to request
V 8 897
5/26 1061
3/6 428
3/10 454
4/21 750
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Tr ,e'sur7 Department: (Continued)Staff: (Continued)
Kuhn, Ferdinand, complaints from press of discrimination
in placing advertisement on Treasury financing
Morris, Dave H., Jr., Assistant Secretary, cost of luncheon
to be borne by BoardCost of luncheon to be borne by Board
Paul, Randolph, General Counsel:Resignation as Class C director at FRBank of New York
acceptedRepayment of debts under high tax rates, memorandum on
Vithholding tax, application to interest on bonds, let-
ter prepared by Messrs. Ransom and Szymczak to
be delivered to, at hearing room of Senate
Finance CommitteeStatement covering circular issued by, regarding foreign funds
control, ordered published in FRBulletinTaX notes, changes in present series under consideration, sug-
gestions of Board of Governors and Messrs.
Sproul and Williams requestedTrading with the Enemy Act, discussion of results of delegation
War powers
of sections 3(a) and 5(b) with regard to con-
sumer credit and authority of FRBank of San
Francisco over evacuee property, Mr. Foley
to confer with Mr. Agnew concerning
bill, second, provision for eliminating Section 14(b)
432Pages
12/ 1 2248
1/5 161/8 30
8/13 16128/25 1677
8/26 1683
4/22 755
8/27 1694
3/10 453
of FRAct to allow direct purchase of Government
securities from, by FRBanks, discussion of
TNA ea- Presidents in meeting with Boardp177 financing:
2/3 170
14anoing of war, discussion of long-range program for, by
Board in meeting with Federal Advisory Council 2/16 26LFurther discussion directed toward an exchange of views
of Board and Federal Advisory Council 2/16 266—ecutive committee of Federal Advisory Council, to discuss,
with regard to recommendations made to the
Treasury, at coming interim meeting
Prc)gmln for, letter to Federal Advisory Council advising that
Board has no topics to suggest for (discussion,
to contain no reference toShort-term nonmarket issue, inclusion in program of Treasury
discussed at meeting of Board with executive
committee of Federal Advisory CouncilProgram of offerings of Treasury certificates discussed in con-
nection with consideration of reduction in re-
serve requirementsllecting of executive committee of Federal Open Market Commit-
tee, Treasury officials to discuss
3/10
5/ 5
6/ 3
9/ 9
9/29
h47
852
1120
175/,
1897
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Trott, A. B.: (See1171aslow, Francis A.Trust accounts:
Securities held
T17118t funds:Common:
American
433Pages
Tr easury financing: (Continued)Funds needed in, telegram of Secretary of Treasury to FRBanks
on expansion of Victory Fund Committees 11/11 2144Discussed at meeting of Federal Advisory Council with Board 11/16 2180
War loan deposit accounts, banks to be encouraged to make
greater use of 11/17 21911,1, Participation of FRSystem in, letter to Bureau of the Budget)ggy Ernest: (See National Paint, Varnish and Lacquer Associa-
11/28 2238
tion)Trilv
Furniture Co., Jackson, Miss., reply to inquiry on down pay
ment of buyer, no effect on right of enforce-
ment of RegulationDaniels and Fisher Stores Co.? Denver)
: (See New York Curb Exchange)
in, permission to national bank to deposit
with inland bank for safekeeping during emer-
gency
Bankers Association quoted by Mr. Leonard as
favoring a liberalization in Regulation F
increasing the amount of any one trust fund
that may be invested inLaSalle National Bank, Chicago, Illinois, advised that
Board will not undertake to comment on plans
for the operation of, in connection with Reg-
ulation F, informal discussion with Mr.
Mulroney at the FRBank of Chicago suggested
Letter to Mr. Mulroney regarding
Regulation F, suggestion of Pennsylvania Company for Insur-
ances on Lives and Granting Annuities, Phila-
delphia, Penn., regarding amendment to elim-
inate the restriction that not more than
•25,000 of any one trust fund might be in-
vested in a common trust fundInvestment of, in tap issues, question of legality discussed
in meeting of the executive committee of the
Federal Advisory Council with the Board
t ries G Savings Bonds held in, basis for valuing of-i- consin, deposit by bank in own commercial and savings depart-
mentlesch, Donald, Jr., request for hearing in Washington on exempt-
ing asbestos siding from provisions of Kegula-
7,"ger p tion W,-onstruction Co., Mr. F. E. Spurney released on leave of ab-
sence for remainder of calendar year to do de-
fense work for, advised that Board reserves
right to recall in the event of some unfore-
seen circumstance
8/ 7 1591
7/14 1424
5/ 5 856
5/15 9445/15 945
5/ 5 854
4/ 9 6797/15 1431
7/15 1430
11/ 3 2108
2/16 278
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1\jclin5, Senator Millard B., reply to questionnaire from, regard-
ing organization and number of persons employed
by BoardQuestionnaire from, Mr. Eccles authorized to ask whether a re-
ply is desired or may ask staff to prepare an
answer, Mr. Ransom opposed to any answer whichis not complete
Decision of Board that staff heads be directed to answer ques-
tionnaire from
°n Free School District /i7, Corinth, New York, money borrowedby, in anticipation of taxes, for purchase of
oil burner, held not to be an extension of
instalment credit under Regulation1Jr °r1 Oil Company of California, cycle billing concession under
Uni sec. 12(m) not intended to apply toO n Pacific Coal Company, plan of furnishing rental of houses
complete with furniture to workmen, application
of Regulation V,China Relief, to be ascertained whether Mr. Hersey would be
willin7 to represent Board in campaign for
Contractors Association, New York City, letter ex-
pressing Board's appreciation of resolution
passed at Annual Convention of
Board of Governors that certain sections of former
letter from the Board to, have been changed by
Amendment No. 3 to Regulation IA but that other
sections are still correct and may be quoted if
desiredCompensation Comission, letter to Mr. Cardillo ad-
vising that employees of Board are covered by
insurance policyEmployment Service, report alleging discriminatory
requisition for elevator operators from Mr.
UtlitedKilgore
States Government:ight to cancel a contract, in connection with the 7uarantee
agreement for war loans, discussed at a meet-
ing the Board with the Presidents
Georgia School of Medicine, question as to whether
account of, carried by Georgia Railroad Bank
and Trust Co. of Augusta is properly classi-
fied as savings deposit, Mr. Vest to prepare
memorandum reconciling possible exception to
Regulation c
United
Utlited Roofing
Advised by
Ullited States
United State'
—ier-sity of
434Pages
V 2 396
3/10 449
3/23 543
1/24 117
8/ 1 1535
7/17 1450
/1/15 724
/8 659
5/ 6 873
3/19 1636
12/11 2331
5/8 895
3/10 451
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versity of Georgia. School of .:ledieine: (Continued)
80ard to raise no further questions regarding funds deposited
in the Georgia Railroad Bank & Trust Company,
Augusta, as they have been transferred from
tj„
savings accounts to checking accountso-sP
"1 ueori-re F., advised of reasons for fifteen months' maturity
provisions
"V"
- Calvin C.: (See Morris Plan Bankers Association)
-LL control and building safety:C°nfere.ice of representatives of FRBanks, request for list of
topics for discussion
suggested as topic for discussion at Presidents'Standards on,Conference
Jacob, meeting with members of staff of Board to discuss
reserves and Treasury financing suggested by
Vio Mr. Iorgenthaulations:
First State Bank, Aransas Pass, Texas, violation of criminal
provisions of banking law by bookkeeper of,
matter to be handled in accord with Board's
letter of July 8, 1937, (3-12)Regulation relating to absorption of exchange and collection
charges of banks, action against a national
bank suggestedegulation
Advertisement by store in Rochester, N. Y.
Automobile dealer, FRBank of Et. 1,ouis advised that Board
has no objection to the obtaining of sworn
statements from purchasers
Clark Brothers Furniture Company, Chattanooga, Tenn., pro-
cedure under consideration
Order to be issued to close store for one week
Letter on designated terms of agreement
Telegram that Board insists on full week's closing as
minimum penaltyOrder suspending license
Consumer Home Eouipment Company of Detroit, Mich., nro-
cedure now under considerationEasy Furniture Company, Chattanooga, Tennessee, action to
be held in abeyance pending development of a
-)rogram of enforcement
435Pages
3/30 591
5/ 4 842
4/16 732
5/ 4 -34.4
11/11 2147
3/17 501
11/16 2184
S/22 1661
5/16 '')/9
7/30 151711/ 3 210311/ 4 2119
11/ 5 212411/ 9 2134
7/30 1518
5/20 997
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436Pages
Violations. (Continued)-elation W: (Continued)
Enforcement, problems of, letter to Mr. Young on letter
from Mr. Goldman 2/ 6 217Proposed program for, discussed and suggestion that in
case of willful violations there should be a
hearing to show cause why violator's license
should not be suspended 5/ 5 849Plan for, submitted to Attorney General, letter to be
sent to FRBanks upon advice from Attorney
General that there are no objections 5/22 1018
First National Bank of Fairmont, Minn., loans made by, no
action to be taken because of technical viola-
tions 2/20 305
Koppers Stores, Inc., in regard to the use of scrip which
is not redeemed daily 5/19 991Lowrey, Paul, letter to Mr. Hale on treatment of case 6/ 2 1109National banks and credit unions, letter to Comptroller of
the Currency on cooperation with respect to 6/12 1204
Registration Statements, letter to FRBank of Cleveland re-
garding refusal to file or make complete answers
onReported by FRBank of San Francisco, advised to handle in
accordance with policy outlined in 3-368Union Trust Company of Pittsburgh, Penn., purchase of additional
stock in the Union Savings Bank of Pittsburgh
and the Mellon National Bank, both affiliates,
held to be in violation of FRAct and Revised
Statutes 2/21 303V4its:
Robert G., Vice President of FRBank of New York, to visit
Bank of Canada, request of Board for copies of
NI 17 any reports made by 4/21 750“enin5-, A., letter to War Department on interpretation of word-
ing of guarantee agreement 8/17 1629Request for interpretation of wording of standard form of
this guarantee agreement 10/16 2030
Congressman Jerry, advised of amendments necessary to al-
low credit unions or cooperative banking insti-
tutions membership in FRSystem 2/ 4 191
j°6eph, U. S. District Attorney, correspondence involving
misrepresentations under Regulation W, sent to
FRBank of Kansas City 7/25 104,e Permits:'411cOhi0 Corporation, new voting permit not necessary because of
absorption of bank by subsidiary of the corpora-
tion and change in title of bank 8/ 8 1593
3/ 9 1..L0
2/20 306
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vot ing permits: (Continued)First Securities Corporation of Syracuse, New York, granted
limited permit to vote the stock of four banks,
limitation on dividend payments and purchase
of own capital stock, requested to furnish
annual holding company affiliate report-orthwest Bancorporation, Minneapolis, Minn.:
L1-37Pages
1/ 7 21
Austin State Bank, Austin, Minnesota, application for mem-
bership in FRSystem approved subject to com-
pliance by Northwest Bancorporation of condi-
tions incident to permit to vote stock of 4/30 819General voting permit approved subject to certain con-
ditions 4/30 823State Bank of Northfield, Minnesota, application for mem-
bership in FRSystem approved subject to com-
pliance by Northwest Bancorporation of condi-
tions incident to permit to vote stock of 4/30 820
General voting permit approved subject to certain con-
ditions 4/30 823State Bank of Virginia, Minnesota, application for member-
ship in FRSystem approved subject to compliance
by Northwest Bancorporation of conditions inci-
dent to permit to vote stock of 4/30 821General voting permit approved subject to certain con-
ditionsUnited
4/30 823States Investment Company, East Chicago, Ind., applica-
tion to vote stock of national banks not neces-
saryoconsin Bankshares Corporation of Milwaukee, Wisconsin, lim-
ited permit granted to vote the stock of the
37
Baraboo National Bank, action on general per-
mit deferred until capital structure of the
First Wisconsin National Bank is strengthened 1/10 36General permit granted to vote stock of Baraboo National
Bank, Baraboo, Wis. 6/ 8 1157Agreement on Form P-3 must be executed by 425 West Wis-
consin Avenue, Inc., Milwaukee, Wisconsin,
before authority is granted for issuance of
voting permit to 10/15 2024Ir(kch
ers: General permit to vote stock of Baraboo National Bank
ter .tetgelln, John 0., for traveling expenses approved
n, Alfred, for traveling expenses from Cincinnati as
12/ 3
8/ 4
2263
1551
Special Consultant in Division of Research
and StatisticsBrown,covering travel expenses including difference
8/18 1631
in price of standard lower berth and roomette 8/ 6 1580
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Vouch (Continued)
Cravens, Kenton R., payment of, for expenses incurred in coming
to Washington for consultation on Regulation T.-,
approvedPayment of, for expenses incurred in coming to Washington
for discussions on procedure under Executive
Order 9112Payment for traveling expenses approved
Covering expenses for attending meeting in WashingtonPRBank of Cleveland for reimbursement of expenses incurred
Maritime Commission under Regulation V
Thomas H., for reimbursement of FRBank of Minneapolis
to cover expenses in connection with assign-
ment to staff of Board approved
covering travel expenses including difference
in price of standard lower berth and roomette
traveling expenses including additional expenditure
because ordinary accommodations not available
Joseph H., travelling expenses approved to cover draw-
ing room because no other accommodation avail-
Rodgson,
for
438Pages
4/13 712
4/13 712
7/ 8 138511/ 6 2129
8/29 1715
6/29 1316Millard, E. R.,
8/ 6 1580For
12/ 9 2294Porter,
able 9/ 8 175282Tmczak, M. S., to cover price of compartment because no other
accommodation available approved 10/23 2057Traveling expenses, elimination of jurat approved and use of
certificate of, granted 11/ 4 2115War loan expenses:
To be submitted by FRBanks through Division of Bank Opera-tions 6/ 2 1111
Submission of June vouchers to be deferred for time being 7/ 1 1345To be forwarded through Board's Division of Bank Operations
and salaries and other items that may be in-cluded in
Suggestions for uniform preparation of
Senator Robert F.:'Iequest that Board submit routine report to Senate Banking
and Currency Committee on Murray bill, S.2250, to mobilize small business for warpurposes
to request for opinion on S. 2146, etc., advising thatBoard is opposed as they include the objec-tionable features of S. 4095
RePly
7/15 143212/31 2416
2/17 290
3/27 53
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Senator Robert F.: (Continued)
Regulation W, reply to letter on questions raised by Mr. Bruchs
on feature of regulation
Service under Sec. 32 of Banking Act of 1933, reply to reouest
of representatives of open-end investment com-
panies that officers, etc., of member banks be
6/27
439Pages
1309
Permitted to serve onWall Street JournaL:
12/16 2323
Article to effect that Federal Reserve officials were con-
templating control of savings accounts, denial
War: of 9/21 1849
Executive Order dealing with war contracts, ordered published
in FRBulletin 1/23 113
Financin of, discussion of long-range Treasury program for,
by Board in meeting with Federal Advisory
Council 2/16 264
Further discussion directed toward an exchange of views
of Board and Federal Advisory Council 2/16 266
Discussion of progress made by Board and Treasury in
formulation of a long rair:e program for, at
meeting of executive committee of Federal Ad-
visory Council with Board
Discussion of Federal Advisory Council with Board as to
whether it should be conducted on a voluntary
basis or a plan of compulsory savings should
be adopted
Suggestion that higher taxes rather than a plan for com-
pulsory savings is the proper solution to the
problem, discussed at a meeting of the FhC with
the Board
Inc:ustrial loan corporation, statement of Presidents' Confer-
ence regarding the creation of, to make loans
to small business concerns for war purposes
and discussion at meeting of Board with Pres-
identsl'egislation to be included in another V,ar Powers A
ct, Mr. Vyatt
authorized to advise Mr. Cox that Board has no
additionalLoans to small business concerns for war purposes, ne
w bill to
provide for, reported on by Mr. Eccles at meet-
ing of Board with Presidents, Mead Bill con-
sidered inadequate
Expression of opinion regarding, by Messrs. Eccles, McKee,
and Ransom
3/12
5/18
3/2
L71
9525/18953
385
2/17 288
2/3 178
2/ 3 la
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(Continued)Wiurray bill, S. 2250, to mobilize small business for war pur-
poses, submission of report to Senate Banking
and Currency Committee discussed, to be cleared
with Budget Bureau as proposal by :,1r. Eccles
may be substituted
on Treasury issues for long-term money during the war,
discussion of pattern of rates at meeting of
executive committee of the Federal Advisory
Council with Board
of Executive Order dealing with contracts for, or-
dered published in FRBulletin
bill, second, provision for eliminating section
14.(b) of FRAet to aba aireet purchase of
Government securities from Treasury by FRBanks,
instead of limiting purchases to open market,
discussion by Presidents in meeting with
Rates
Statement
War
War
powers
Board
Production Board, Executive Order establishing,
lished in FHBulletin
letter urging inclusion of "no setoff clause" pro-
tecting assignee against claims
Declarations, statement for publication in FRBulletin
Department:Defense contracts, information requests by, re the
of, Defense Contract Officers asked to send
Board copy of reportsDuplicate copies of guarantees executed on behalf of
, should
be forwarded to the Board, reply to FRBank of
ChicagoI.'xpenses in connection with mskin of war loans, allocation of
items covered in vouchers for reimbursement of
expensesFinancing of war production contracts, plan dis
cussed whereby
FRBant:s by authority of an Executive Order
would act as fiscal agents for, in regard to
guarantee and other ihar loan forms, instructions for
use, sent to FRBank of Atlanta
Guarantee agreement for war loans, official approval of, not
yet received, upon receii)t to be sent to all
FHBanksForm, instructions, and documents sent to FRBanks
Eorm proposed by, for adoption for its use, sent to Filbans
Agreement my be si-med by officers named in memo from
General Styer
contracts,
Forms for
ordered pub-
awarding
440Pages
2/17 290
3/12 473
V22 754
2/ 3 17')
1/23 113
5/30 .10976/22 1268
1/5
5/ 8 903
8/21 1653
3/20 507
4/17 739
4/10VIIL/15
690698721
1,/15 722
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V:ar Department: (Continued)Guarantee loans:
Guarantees of 100 per cent to be made only in exceptional
cases, telegram to FRBanks
Complete file to be furnished to
Minor changes in condition may be accepted by FPBanks with-
out reference to War Department, prior approval
not necessary after authorization, letter to
all FRBanksPower of FRBanks to increase up to amount not exceeding
4100,000, approved, copies of memorandum sent
to all FLBanks(See also V.ar loans)
Instructions of, regarding war loans are not for general publi-
cation, but disclosures may be made as neces-
sary in connection with negotiations
Interest, fees, and other charges derived from War Department
loans to be credited to account of Lieutenant
Colonel WitcherInterpretations of certain words in guarantee agreement, in-
quiry of Mr. von Wening of A. 0. smith Corpora-
tion, Milwaukee, Ids.Procedure for execution of guarantees and making of loans pur-
suant to authorization of, sent to FRBanksProvisions of loan agreement under Regulation V used by FRBank
of Cleveland, revisions requested
Reports on war loans, FR 577 to he used pending further discus-
sion by Board withSchedule of rates on war loans to be submitted to, by Board
Messrs. Hays, Hale, and Olson requested to assist in the
preparation ofLetter containing Board's recommendations sent to Under-
Secretary of, to be cleared with Navy Depart-
ment and Maritime CommissionStaff:
Browning, Col. A. J., Director of Purchase Division, not
available for meeting with Federal Advisory
Council on renegotiation of war contracts
Cleveland, Major Paul:To visit field procurement districts
Present at Board meeting
Statement by, regarding plan whereby FRBanks would act
as fiscal agents for War and Navy Departments
and Maritime Commission in financing war pro-
duction contracts
Copy of letter containing Board's recommendations of
rates on war loans sent to
441Pages
4/17 7368/ 6 1577
8/18
8/17
4/13
1633
1628
710
7/ 1 1345
8/17 1629
4/22 753
8/22 1661
4/17 7384/ 3 618
4/ 3 618
4/ 3 619
9/14 1795
1/5 143/20 507
3/20 509
4/ 3 619
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rDepartment: (Continued)Staff: (Continued)
Comers, Colonel E. T., memorandum from, re financial
contracting officers assigned to duty in
VlashingtonKarker, Maurice H., Chairman of Price Adjustment Board, sug-
gested to meet with Federal Advisory Council on
renegotiation of war contracts
Patterson, Robert P., Under Secretary, letter to, enclos-
ing copy of proposed instructions to be followed
in making war loans
Letter to, containing maximum interest rates and guar-
antee charges that may be charged on war loans,
draft of Regulation V also enclosed
Letter from, modifying instructions for war loans sent
to FRBanksPengra, Charles 0., Counsel for Price Adjustment Board, to
meet with War Loans Committee and representa-
tives of Federal Advisory Council on war con-
tractsStyer, General W. D., memorandum from, setting forth speci-
men signatures, sent to FRBanks
of War Department program for military government,
letter to Provost Marshall General designat-
ing Mr. Clayton as liaison representative of
Boardprocedure to be followed by FRBanks in execution of
guarantee agreements, in accordance with sug-
gestion ofConditions contained in authorization by, need not be in-
cluded in guarantee agreement unless so in-
dicatedMemo advising that funds may be released immediately upon
execution of the assignment by the contractor
Adoption of a standard form of guarantee agreement for,
letter to FRBanks regarding
Discussion with regard to authorizing deposits of advance
payments in banks not members of the FRSystem
Guarantee agreement form for, special condition to be in-
serted in section 13 of agreements executed
on behalf ofWar, (See also War loans)
t'epartment Price Adjustment Board, meeting of committee of Fed-
eral Advisory Council and committee of Board
with Mr. Pengra
Synopsis
War loans,
fAinanCing:
Ilet to Mobilize Productive Facilities of Small Business, state-
ment to be published in FRBulletin
442Pages
4/17 737
9/12, 1795
4/ 6 628
4/6 634
4/17 737
9/1L 1795
4/17 737
10/10
4/27
2005
776
5/ 5 864
5/6 870
5/16 948
5/23 1024
5/25 1032
9/18 1830
6/22 1268
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443
War. financing: (Continued)Banks, question of giving them preferential treatment under
the tax program in view of the substantial
part they play in, considered at meeting of
the executive committee of the Federal Ad-
Pages
visory Council with the Board 4/ 9 676Opinion regarding, to be presented to Congress 4/ 9 681
Definition of term Unconditional Guarantee, statement for pub-
lication in FRBulletin 6/22 1268
Limitations on national bank loans, statement for publication
in FRBulletin 5/25 1042
Military, Naval, and Maritime Commission appropriations, state-
ment for publication in FRBulletin 5/25 1042
Statement regarding, to be published in FRBulletin 4/22 754
Surplus funds of business concerns, suggestion in memorandum
Wa,4-0an deposit
use ofProposed amendment to FRAct to exempt from reserve requirements
r and from FDIC assessment
-Loan depositaries, letter to be sent by FRBank of Chicago to
War 1 banks in district suggesting they qualify as
' -Loans:Accounts, opening by small banks discussed at meeting of Fed
-
eral Advisory Council with Board
Accounts to be opened by small banks, telegram from Treasury
Department to FRBanks to encourage opening and
enlarging ofAdministration of Federal Reserve activities placed
under War
Loans CommitteeAdvance payments and Government loans, acceptance by borrower
,
memo of War Department on inclusion in loan
agreementsAggregate amount of funds advanced by financing institutions
on each loan guaranteed, duplicate reports to
be furnished each monthAmendment to Regulation A, relates to eligibility of paper evi-
dencing guaranteed loans and does not affect
Ate• acceptability
rican Bankers Association, Executive Council of, meeting on
April 19-22 may be attended by Mr. Cravens to
present war loans plan
Anlount made to date discussed by Mr. Draper
from Mr. Williams that they be used for, no
action to be taken until after discussion
with executive committee of the Federal Open
Market CommitteeWar. information, publication of, letter to Mr. Davis designating
Mr. Thurston as contact man
accounts, banks to be encouraged to make greater
1/16 69
7/25 1485
11/17 2191
12/ 8 2285
11/16 2175
9/14 1798
9/18 1842
7/ 3 1369
10/22 2050
7/16 1443
10/29 2085
4/ 9 6856/ 3 1122
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
loans: (Continued)Amount of guarantee if less than 100,000, not necessary to
submit to Maritime Commission for prior ap-
provalAmounts to be reported in column 4 of Form 579, instructions to
FRBanksAPPlicability of exception 10 to section 5200 of revised sta-
tutes to participations in loans covered by
guaranteesApplications for loans and guarantees:
FRBanks requested to give consideration to suggestion that
such applications be forwarded directly to
Washington from the FRBranch banks
Financing institutions for guarantees should be submitted
on uniform forms by FRBanks
Form to be submitted by financing institutions for guar-
antees, modification ofA eekly reports may be discontinuedl'APropriation for carrying out provisions of Executive Order,
fund available to Maritime Commission under
Independent Offices Appropriation Act, 19/13Assignment of claims in connection with, correspondence with
Comptroller General on procedure of his office
Assignment of moneys as against trustee in bankruptcy, validity
upheld in Rockmore v. LehmanAssignment of original contract, informal opinion of General Ac-
counting OfficeAuthorizing deposits of advance payments in banks not members
of the FRSystem discussed with War Department
Barnes-Duluth Shipbuilding Co., request that authorizations in
connection with loan be ratified and confirmed
by Maritime CommissionBendix Aviation Corporation, notes issued by, not negotiable
and ineligible for rediscount
Canadian Bank of Cowerce, branches located in this country
being named as assignee of contracts by the
Navy Department and ship building concerns
Letter to FRBank of San Francisco enclosing copy of reply
of Navy Department on questionCancellation of terminated guarantee agreements, instructions
of War Department
Letter from FRBank of Cleveland on cancellation of copies
given to borrowersList submitted by FRBank of New York with copy of form of
notice of termination
I-ist submitted by FRBank of Richmond
444Pages
8/14 1619
10/ 1 1920
12/12 2306
5/25 1032
6/30 1325
9/ 3 17257/30 1520
7/ 2 1354
9/ 3 1724
9/14 1805
12/21 2353
5/23 1024
10/ 2 1934
9/18 1832
6/ 5 1140
6/15 1220
9/15 1816
9/21 1857
9g8 L 118896
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445Pages
18-/' loans: (Continued)Certificate, form of, to be used by Maritime Commission 5/25 1031
Certificates of deposit covering interest, fees, and other
charges sent to Major W. E. Schooley 8/2L 1665Charges on behalf of War Department, instructions for inclusion
of salaries of officials 9/15 1817Check of action of financing institutions in disbursing and
servicing loans, letter to Presidents of all
FRBanks 6/10 1179Clark, G. designated as representative of Maritime Commis-
sion in connection with loans in place of George
Mayor 9/26 1891Compliance with requirements of, exception to Sec. 5200 of Re-
vised Statutes, no objection to giving copies
of Comptroller's letter to interested banks
and their attorneys 11/ 2 2100Computation of interest in guarantee fees, 365 days to be used
in 6/10 1180Computation of guarantee fees, interest, etc., Government
should be credited with exact amount due 10/ 1 1922Condition D under Regulation V, interpretation of 12/ 7 2277Conference of representatives of FRBanks in Washington at early
date suggested 10/ 2 1933
Board of Governors and the Services to be held in Wash-
ington on October 19, 20, and 21 10/ 6 1952Expenses of those attending to be assumed by each FRBank 10/29 2086Copies of proceedings sent to FRBank representatives and
others 11/20 2209Contract, certified copy to contractor, letter to firm of
Hinckley, Allen, Tillingast &11,heeler, Provi-
dence, R. I., procedure suggested by War and
Navy Departments 6/16 1225Contra cts made by War and Navy and Maritime Commission, letter
from FAC on including "no setoff clause" pro-
Copies tecting assignee against claims 5/30 1097or documents to be sent to Board for transmission to
War and Navy Departments and Maritime Commis-
sion, letter to FRBank of Atlanta on extent of 9/17 182/,c°rporate seal of financing institution should appear on guar-
antee agreements executed on behalf of Aar
Department 9/ 3 1725CoUnsel's Office, in connection with consideration of, discussed
in connection with bill of Squire, Sanders, and
Dempsey 7/28 1505Cl'edit agreement, questions on standard form raised by Mer-
cantile National Bank, Chicago, letter to I'Var
Department suggesting conference on interpre-
tation 6/19 1256
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
War. loans: (Continued)Decentralization of authority with respect to guarantee loans,
letter to FRBanks on letter from General Carter
and reports on Form 577 to continue to be for-
warded to Board
Default of contractor, guarantee of loan not affected by
Delegation of authority by Maritime Commission to guarantee
loans, copy of revised general order sent to
FRBanksDepositing of guarantee fees to Maritime Commission, FRBanks
to use form No. 1
Discount of notes representing guaranteed loans, effect of
amendment to Regulation A onDocuments required in connection with, FRBanks should satisf
y
themselves as to legal sufficiency of
Eligibility for rediscount discussed at meeting of Federal Ad-
visory Council with Board
Executive order authorizing FRBanks to act as fiscal agents for
War Department, etc., in making, reviewed by
Mr. Eccles and discussed with regard to effect
upon industrial loan corporation bill
Signed by President
FRBanks advised of Order, requested to send representatives
to conference for development of procedure
Conference postponed from Monday until Wednesday
Statement of legal basis for, by Mr. Vest and discussion by
BoardTo he published in FRBulletin
Penses and their allocation at FRBanks, outline of Procedure
of FRBanks in preparing vouchers requesting re-
imbursement from War Department
FRBank of Minneapolis, no objection to brief narrative of ac-
tivities in annual report if first submitted
to BoardFees on guaranteed loans, treatment in earnings and ex
pense
re-
ports of FRBanks
ina-ncing of war production contracts, plan discussed whereby
446Pages
7/25 1036/ 8 1158
9/19 1847
10/ 9 1998
10/ 3 1940
6/15 1219
9/1L 1801
3/23 5423/26 553
3/26 5533/27 534
4/1 6059/23 1875
8/21 1653
12/23 2374
10/22 2049
FRBanks by authority of Executive Order would
act as fiscal agents for 1,ar and Navy Depart-
ments and Maritime Commission in regard to 3/20 507F. Statement by Major Paul Cleveland regarding
lrlancir4; of contracts under Regulation V discussed at meeting
of Board with executive committee of Federal
3/20 509
P . Advisory Councilinncing of war contracts by large concerns, effect on F
ed-
eral revenue discussed at meeting of Federal
6/ 3 1122
Advisory Council with Board 7/ 1 1335
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
10an S (Continued)P - -'cwra for guarantee and other war loan forms, instructions for
use, sent to FRBank of AtlantaForm of loan agreement and assignment of contract for use in
guaranteed loan, copies used by FRBank of New
York sent to War and Navy Departments and Man -
time CommissionPOrm of loan aE;Teemnl.., we ojea.tion to addition of sentence by
FRBank of New YorkPorn of loan agreement used in connection with guarantees,
plies of War and Navy Departments, and Maritime
Commission on, suggested additional paragraph
to be included by FFBank of BostonFOrm. FR-577 should be forv;arded to Board on date
guarantee for
war loan is executed and mailed or delivered
to financing institution
Fund-3 may be released immediately upon execution of the assign-ment b! the contractor in so far as War Depart-
ment is concernedFuns received under Lxecutive Order 9112, Mr. Bartelt of the
Treasury to confer with Viar Loans Committee re-
garding covering of, into the TreasuryFurniture and equipment for use in connection with, not to be
purchased for handling work of Viar Department
Furniture and equipment 1)urchased by FRBank of Boston, amount
to he deducted from vouchers sent to War Depart-
mentGen - •cral Motors Corporation, notes issued by are not negotiable
and are ineligible for rediscount
Compliance of guarantee agreement used in loan nith para-
G graph 10 of sec. 5200 of revised statutes
eri-"al order No. 54 issued by Maritime Commission, inter
preta-
tion of provisions ofGoi'ernment's riht to cancel a contract, discussion o
f, in
connection with the guarantee agreement, at
a meeting of the Board with the PresidentsGuar-aneee agreement for making war loans:
Preliminary draft of, sent to FHBanks for comments and SUg-
gestionsFREanks to be advised of, upon receipt of official approval
from dElr Department
Form, instructions, and documents sent to FRBanks
11 c)rm, pro.)osed by War Department for adoption for its use,
sent to FRBanksMay be aLTled by War Department officers named in memo from
General StyerConditions contained in authorization by War Department need
not be included in, unless so indicated
L/17
6/19
7/31
12/ 2
5/22
5/6
4/ 1
9/15
9/21
9/12
10/23
10/ 8
5/8
4/ 7
4/104/11
4/15
4/15
5/ 5
447Pages
739
1255
1525
2259
1016
870
603
1818
1857
1833
2052
1974
395
653
690698
721
722
864
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Warloans: (Continued)Guarantee agreement: (Continued)
Revision of the form sent to FRBanks with request for
suggestionsProposed standard form transmitted to FRBanks with requests
for comments and suggestions
Executed on behalf of the Navy and V.ar Departments, dupli-
cate copies of should be forwarded to the Board,
reply to FRBank of Chicago
Adoption of standard form by the Var Department and the
Maritime Commission, FRBanks advised regarding
Procedure for the execution of, sent FRBanks, supersedes
prior instructions
Standard form of, documents relating to the approval of,
by the V.ar and Navy Departments and the Maritime
Commission sent to FRBanks
Form, special condition to be inserted in section 13 of
agreements executed on behalf of the War Depart-
mentUse of illustrative examples of the operation of sections
5 and 6 of standard form, FRBank of St. Louisto be advised later on use of
Reply to Mayer, Meyer, Austrian and Platt, Chicago, answer-
ing certain questions on wording of form
Maritime Commission, letter designating representatives to
act for commission in connection with
Changes in wording of condition approved
Interpretation of section 6 of guarantee form, letter from
attorney of Mercantile National Bank of Chicago
Modification where loan is made and participated in by
FRBank and is guaranteed by Maritime Commission
Modification of standard form to be used where loan made or
participated in by FRBank may be guaranteed by
Navy DepartmentMemo to Colonel Mechem on necessity for insertion of spe-
cial condition quoted in memo of ia.r Department
Compliance of standard form with definition of term uncon-
ditional, as used in revised statutes
Standard form modified for use in cases where loan made or
participated in by FRBank is guaranteed by War
DepartmentProvision to permit borrower to withdraw uncancelled con-
tracts from collateral and substitute cancelled
contracts
448Pages
5/ 8 894
5/8 902
5/8 903
5/16 948
5/18 974
5/19 989
5/25 1032
5/28 1076
5/29 1086
5/30 10976/ 5 1139
6/ 6 1152
6/15 1218
6/15 1218
6/15 1220
6/24 1275
6/29 1318
7/ 3 1363
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War,
449Pages
loans: (Continued)Guarantee agreement: (Continued)
Question of making two signed copies available to financ-
ing institutions so one copy may be delivered
to borrower, advice of lAar and Navy Departments
and Maritime Commission requested 7/ 8 1383
Interest may not exceed prescribed fee on overdue principal
or overdue interest or otherwise 7/10 1404
Provision to allow withdrawal of uncancelled contract from
collateral securing loan and substitution of
cancelled contracts, letter to Maritime Commis-
sion acknowledging letter
77//1271 11444696Interpretations of section 1 on number of purchases and sec-
tion 4 on bankruptcy proceedings
Insertion of special condition on higher rate of interest
charged at maturity, letter to FRBank of Rich-
mond that change in standard form is not desir-
able but changes may be made in particular cases 7/27 1495
Incorporation of uniform paragraph to give protection to
financing institutions against invalidity of
assignments, letter to FRBank of Chicago that
changes in standard form are not desirable 7/27 1496
Loans not in excess of f100,000 executed for War Depart-
ment and Maritime Commission without prior ap-
proval, but not for Navy Department, letter
to Mr. Gilbert 8/ 6 1577
Loans up to t100,000 by Helena Branch without reference to
Washington after receiving certificate of neces-
sity from liaison officer at Minneapolis 8/17 1628
Minor changes in condition may be accepted by FRBanks with-
out reference to 1%ar Department, prior approval
not necessary after authorization, letter to
all FRBanks 8/18 1633
Power of FRBanks to increase up to amount not exceeding
N_00,000 approved, copies of memorandum sent
to all FRBanks 8/17 1628
'Aade on behalf of Tar Department, instructions for includ-
ing terms and conditions in 9/16 1222
Special conditions of 'iar and Navy Departments transmitted
to FRBanks with advice of contemplated revision
of standard form 10/12 2009
Interpretation of wording of standard form requested by
Mr. A. von 'Vening 10/16 2330
Cancellation of terminated, memo of '.iar Department on 10/20 2042
Interpretation of section 3 of standard form, questions
raised by Mr. Grant V. Anderson1(0)// 03 001;3Original maturity, meaning of term as used in
Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
450Pages
r loans: (Continued)Guarantee agreements: (Continued)
Special provisions in connection with loan to General
Motors Corporation, request of Davis, Polk,
Wardwell, Sunderland, and Kiendl that provi-
sions be included in all guarantee agreements
Special conditions to be inserted approved by Maritime
CommissionInclusion of provisions included in loan to General Motors
Corp., letter to Maritime Commission on
10/27
10/30
11/11
2074
2091
2150
Optional condition L, letters from V:ar Department and Mari-
time Commission on use of 11/13 2166
Inclusion of provisions in loan made to General Motors
Corporation, letter from Davis, Polk, Wardwell,
Sunderland, and Kiendi 11/27 2234
Amendments submitted in memo from War Department, copies
sent to Navy Department and to Maritime Commis-
sion 12/ 9 2294Amendments to, procedure for making 12/14 2311
Proposed revision of standard form sent to FRBanks for sug-
gestions 12/22 2361
Proposed revision of standard form, letter to certain
bankers for suggestions 12/22 2362
Proposed revision of standard form submitted to Comptroller
of Currency for suggestions 12/23 2375
Proposed revision of standard form, suggestions may be
Guarantee submitted not later than Jan. 12
charges, may be paid at time justified by loan agree-12/26 2394
ment 4/11 706Guarantee charges on loans, letter to Tar Department for opin-
ion on proposed change in minimum guarantee
feeGuarantee charges, telegram to FRBank of Chicago on circular-
izing new scheduleGuarantee fees:
Slight change in, made to avoid possible confusion, Navy
Department and Maritime Commission advised
Letter to War Department on provisions in guarantee agree-
ment with reference to rate of interest payable
after the maturity higher than rate payable
before maturity
Remittance by financing institutions, advice to FRBank of
Chicago that Government be credited with exact
amount of fees due
Computation where first advance is made by financing insti-
tution prior to issuance of agreement
Schedule approved
12/26 2394
12/31 2417
9 665
7/ 2 1355
7/13 1415
11/27 223412/29 2403
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loans: (Continued)Guarantee fees and other charges, information on how amount is
arrived at, to be kept by FRBanks for future
reference
Guarantee fees and schedule of rates, telegram to FRBanks on7/ 2
451Pages
1354
proposed changes in 12/22 2360
Guarantee schedule of rates approved and minimum guarantee fee
eliminated 12/30 2409
Guaranteed loans, compliance with requirements of, exception
to section 5200 of revised statutes, letter
from Comptroller of Currency on 10/29 2086
Guaranteed loans, eligibility of notes evidencing, statement
for publication in FRBulletin 10/24 2059Guarantees of 100 per cent on war loans, to be made by War De-
partment only in exceptional cases, telegram
to FRBanks 4/17 736Guarantees, procedure for determining authenticity of authoriza-
tions for the execution of, reply to FRBank of
Cleveland regarding 4/17 738
Guarantees, FRBanks requested to forward in duplicate all cor-
respondence regarding 4/25 764Guarantees, authorization memoranda for the
execution of, to
be sent to FRBanks by air mail instead of by
wire, telegram to be used only to notify of
action taken on applications 5/11 915
1.%ar Loans Committee to continue for time being to wire en-
tire memoranda to the FRBank of San Francisco 5/12 925Guarantees, letter to FRBanks containing answers
to questions
involving the execution of 5/23 1023Guarantees, loans and commitments made by W
ar Department, memo
randum of General Somervell on procedure, copy
sent to FRBanks
Guarantees by War Department, complete file to be furnished to
Guarantees, desire of JEIr Department that applications be for-
warded to washington through FRBank of Min-
neapolis and not direct from Helena Branch,
loans not in excess of 8100,000 to be reported
to head office
6/ 58/ 6
8/27
11391577
1698Illinois Tool and Machine Company, not necessary to prepare
form FR 577 covering guarantee of loan to 5/22 1016Information, in connection with a
pplications for, pending ap-
pointment of liaison officer if not available
immediately, application should be forwarded
to Washington without it 4/30 825Information on number and amount, letter to FRBanks on
release
of 6/ 3 1129
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452
loans: (Continued)Information requested with applications, letter to FRBank of
Atlanta commenting on mimeograph sheet calling
for supplemental data to be furnished with ap-
Pages
plications 7/13 1413Instructions to be followed in making, copy sent to Under Sec-
retary of War Patterson 4/6 628Instructions of War Department not for general publication,
but disclosures may be made as necessary in
connection with negotiations 4/13 710Instructions of War Department and Maritime Commission in au-
thorizing making of guarantees by FRBank, au-
thority of certain officials to waive require-
ments 9/23 1869Instructions for guidance of FRBanks in arranging guarantees
and in servicing loans, copies of those adopted
by War and Navy Departments and Maritime Com-
mission sent to FRBanks 9/30 1910Interest and fees derived by War Department from, instructions
as to the account to credit it to 5/27 1069Int erest, fees, and other charges derived from War Department
loans to be credited to account of Lieutenant
Colonel WitcherInterest, fees, and other charges to credit of Laritime Commis-
sion, manner of covering into general fund,
Interest, letter to Maritime Commission on arrangement
fees, and charges derived by Maritime Commission, ad-
vice to FaBanks on crediting to account ofInt erest, fees, and other charges derived by Navy Department
from loans and guarantees, instructions for
crediting ofInterest rates on, in excess of five per cent is in violation
of rates established by the BoardInterest rate on loans guaranteed by Maritime Commission, let-
ter from Commission that rate should be as low
as possibleInterest rate, advice that interest after maturity, interest on
overdue interest, or otherwise should not ex-
ceed maximum rate prescribed for guaranteed
loansJacob, W. F of Tucson, Arizona, reply to Senator Hayden that
application was not executed by any financial
institution and War Department ruled that no
application existsL e gal
work and procedure at FRBanks in connection with guar-
anteed loans, letter to War Department for
advice and comment
7/ 1
7/ 3
7/23
9/19
5/22
9/ 3
9/14
7/11
8/10
1345
1364
1456
1847
1016
1725
1805
1407
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Warloans: (Continued)Legality of executive order, 9112, opinion of Mr. Oscar Cox
on, no distribution to be made unless re-
questedLiability of guarantor for loss without any express limitation
on period of timeLiaison officers not authorized to execute guarantee agreement
in any amount without submitting to War Depart-
mentLimitations on loans by State laws, compilation of State laws
sent to War Department with opinion that they
do not apply to guaranteed loansLoan agreement used by FRBank of Cleveland, request of War De-
partment for revision of certain provisionsLoan a greements, memorandum from War Department on provisions
which prevent borrower from undertaking addi-
tional war contracts, from consenting to modi-
fication of war contracts, etc.
Maritime Commission, manner of handling negotiations by subcon-
tractorInstructions of, sent to FRBanksMr. Rockwell authorized to execute guarantees for, signa-
ture sent to FRBanks
Maturity of, acceleration prohibited without written consent
of guarantorMemoranda from General Styer, Colonel Comes, and Mr. Patterson
re specimen signatures, contracting officers,
and modification of instructions for, sent to
FRBanksand Newell of FRBanks of New York and Cleveland,
respectively, to be requested to come to Wash-
ington to discuss procedure for making
as security for, possibility of conflict be-
tween Government's rights and rights of financ-
ing institutionComptroller requested to give consideration to
question of allowing the making of war loans by,
without being subject to section 5200 of Re-
vised StatutesLoans made by, applicability of section 5200, Revised
Statutes to, letter to FRBanks regarding,
Board has no objection to the giving of a
copy of, to interested parties, information
on State limitations on loans made by State
banks requested3allY D epartment, instructions as approved for
Letter of Board on making guaranteed loan prior to filing
of notice of assignment of contract
Messrs. Rounds
Mortgages taken
National banks,
453Pages
5/19 984
10/19 2039
8/13 1613
7/22 1470
8/22 1661
9/12 1790
4/22 7535/16 948
5/21 1008
9/28 1895
4/17 737
3/20 513
10/ 8 1973
4/8 661
5/12 9245/19 991
6/10 1181
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'ar loans: (Continued)
Non-negotiable notes of corporations, eligibility under Regula-
tion ANotes evidencing loans guaranteed pursuant to Executive Order
No. 9112, instructions to FRBanks for treatment
of, and amendment to Regulation A transmitted
Number of applications for loans and guarantees and number
made each week, request of Board that wire
covering, be sent each week
Number of applications for loans and guarantees on hand, reports
to exclude those referred to Ibashington
Optional condition (N), memo of liar Department on use of
Optional conditions (N) and (L), letter from Navy Department on
insertion in guarantee agreements and on modifi-
cation in standard form of authorization
°riginal maturity, explanation of term in connection with, let-
ter from Mr. VerhelleProcedure for making, pending appointment of liaison officers
by the War DepartmentProcedure for execution of guarantees and making of loans pur-
suant to authorization of War Department sent
to FRBanksProcedure to be followed by FRBanks in execution of guarante
e
agreements, in accordance with suggestion of
War DepartmentProposal of having FRBanks act as fiscal agents for the making
of, reviewed and discussed at meeting of the
executive committee of the Federal Advisory
Council with the BoardPurchase of guaranteed portion by War Department, proce
dure
454Pages
9/18 1835
9/21 1853
5/ 2
6/9 117111/ 3
11/ 3
10/ 1
4/13 709
339
2107
2107
1923
4/22 753
4/27 776
4/ 9 683
forQuestions in connection with loan applications ca
lled to atten-
tion of FRBanks by Maritime Commission
Rates, table of, which might be adopted by War Department con-
sidered for submission to conference of Reserve
Bank representativesRates on, letter containing Board's recommendations
regarding
approved, to be sent to Under Secretary of War
to be cleared with Navy Department and Maritime
Commission, copy to be sent to Major Cleveland
Rates of interest and guarantee fees on, discussed at meeting
of the executive committee of the Federal Ad-
visory Council with the Board
Rates on, not to be generally released but used in connection
with actual transactions as they arise
Rates of 1/2 to 2 per cent on commitments for future discount
of loans at FRBank of New York, approved
12/23
9/26
4/1
4/ 3
4/ 9
4/14
5/ 1
2373
1891
606
619
685
716
834
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17ar loans: (Continued)Real estate loans by national banks, mortgages as additional
security for guaranteed loans where primary
security is represented by guarantee or by as-
signed contract•
Regulation S, amended to gear the FRBanks to the program for
Regulation V, draft of, approved for purpose of discussion with
Reserve Bank representatives
Press statement to be released in connection with the adop-
tion of, sent to FRBanks
Experience of the Board under, reviewed by Mr. Draper at
meeting of the Board with the Presidents
Regulations of Secretary of Treasury on industrial loans, amend-
ment to be requested
Reimbursement for traveling and other expenses, letter to
FRBank of Dallas regarding suggested procedure
for allocating
Reimbursement of expenses for, vouchers to be forwarded through
Board's Division of Bank Operations
Renegotiation of war contracts:
Resolution of Federal Advisory Council presented at meeting
with Board for discussion
Instructions of VVar Department on principal policy and pro-
cedure for
Probable losses to banks if right is exercised by Govern-
mentReports on:
9/23
455Pages
13704/30 826
4/ 1 601
4/10 690
5/ 8
3/26
894
560
5/20 996
7/15 1431
9/14
9/21
10/ 7
179L
1856
1959
FR 577 may be used for, pending further discussion with
War Department
FRBanks advised of kind desired by Board, with respect to
outstanding loans guaranteed by FRBanks, Forms
FR 579 and 577 enclosed with proper instruc-
4/17 738
tions 5/ 2 838
Manual governing the preparation of functional expense,
sent to FRBanks, changes involving reimburse-
ment for expenses incurred in making 5/ 4 842Type and scope of those submitted in addition to regular
forms 6/30 1324
Forms 577, 577a, and 579, instructions for reporting 7/ 3 1361June and July requested to show total amount of advances
made 8/26 1690
Total daily balances outstanding on loans, revised reports
requested from FRBank of St. Louis 9/12 1791Representatives of FRBanks to confer r
egarding procedure for 3/20 513
Salaries of senior officers and other items to be included in
vouchers for reimbursement of expenses 7/15 1432
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456Pages
tar loans: (Continued)Schedule of interest rates and guarantee fees that may be
charged for, and copy of proposed regulation
sent to Under Secretary of bar Patterson 4/ 6 634Similar letters to be sent to Under Secretary of Navy
Forrestal and Chairman Land of Irlaritime Com-
mission 4/ 6 635Schedule of 5 per cent on, approved 4/ 6 639
Secretarial and other service and supplies to be furnished
liaison officers of lair Department on reim-bursable basis 6/15 1217
Sec. 5200 of revised statutes, applicability of exception 10
to participations in loans covered by guaran-tees or take over commitments 11/23 2218
Series of numbers on guarantees to be assigned by FRBank andsame numbers to be used on reports 7/10 1405
State laws limiting loans to one person, compilation of reportsreceived from FRBanks 8/ 6 1577
Statement by Mr. Eccles on conference of Board vith ReserveBans representatives regarding interest ratesand guarantee charges on
Statement of necessity to accompany applications for guaranteesof loans, FRBanks requested to submit, for useof bar and Navy Departments and Maritime Com-mission
L/ 3
4/25
618
764SuPnly contracts, memo of bar Department with amendment of con-
tract inserting article 14 10/10 2003Lalrety companies as reinsurer of risks in program discussed at
meeting of Federal Advisory Council with Board 9/14 1800Transfer of collateral securing 7uaranteed loan, right of guar-
antor to require 12/31 2418Transfer of note evidencine- guaranteed loan, question whether
FRBank succeeds to rights of discounting financ-ing institution 10/ 7 1957
Voucher submitted by FRBank of Cleveland for reimbursement ofexpenses on behalf of Maritime Commission, re-quested to ;,ithhold voucher until loans areguaranteed 8/29 1715
Vol aceiers for reimbursement of war loan expenses for June to bedeferred for time being 7/ 1 1345
Vouchers, suggestion for preparation of 12/31 2416Itaiver of requirements of instructions authorizing the making
of guarantees by FRBanks, authority of certainofficials of War Department and Maritime come
missionar Loans Committee, organization of, as outlined in memorandum
from :r. Eccles approved with minor change
9/23
3/26
1869
554
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tar Man Power Commission:Colored employees on staff of Board, report submitted at re-
quest of, and similar reports to be submitted
every four months
Directive Number XI requesting list of positions in Board's or-
ganization concerned vith war effort and for
which deferment might be requested
Problems of occupational deferment, advice to Civil Service
Commission that Mr. R. F. Leonard will act for
War P Board of Governors
roduction Board:APplications for priority assistance for fourth calendar
quarter, to be forwarded on Form PD-408
Pxecutive Order establishing, ordered published in FRBulletin
Forms and instructions of Bureau of Governmental Requirements,
copies sent to FRBanks
Guarantee agreement for war loans, letter to :Jr. Mark Brotn on
including provision to permit borrower to with-
draw uncancelled contract from collateral and
substitute cancelled contracts
Inventories of consumers goods, use of credit in connection
with accumulation of, letter to financing in-
stitutions to be cleared through
(See also Inventories)
Loan of Mrs. Nancy Randolph Porter refused, but no objection toresignation
Priority assistance by FRBanks and designation of Mr. Myrick to
act in liaison capacity with War Production
Board, letter to Mr. „faury Maverick on request
for
Regulationb, proposed Amendment No. 3, statement with regard
to the extent of help that its adoption would
be to
Statistics of department stores inventories by department to be
collected monthly instead of quarterly
4.r Relocation Authority:F)eecutive Order establishing office, statement for publication
in FRBulletinar L'avings Program:
Activities of FRBank liaison officers, monthly reports need no
longer be submitted
v,a. Discussion of record of FRBanks in pay roll savings plan
Keith F., Publisher of The Bankers Magazine, advised that
Regulation designed to discourac:e unwise bor-
rowing and not prohibit instalment buying gen-
erally
/457Pages
9/12 1788
10/ 2 1926
10/23 2051
3/19 16421/23 113
7/3O 1519
7/ 3 1563
6/11 1186
9/ 8 1749
7/21 1466
2/214 324
6/13 1211
3/24 551
6/18 12/489/29 1903
1/16 77
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14,58Pages
Washington Post:100 V,ar Bond offered each month to Federal employee who makes
most constructive suggestion for improvement ofFederal service 9/26 1892
Weller, Ira A., reply to letter relating to restrictions of Regula-tion W 9/25 1885
Wesley, Irvin: (See Regulation V, Lincoln Loan Company)test, George, report of discussions of Mr. Ransom with, concerning
amendments to several loan acts 1/16 68Western Electric Company, repair and maintenance of residential
property for employees, application of Regula-tion W to
/1tharton School of Finance and Commerce, study on "Executive Devel-opment in the FRBanks," copy of, not to be madeavailable to the Training Division of the U.S.
Wh Civil Service Commission
ee4-er, Senator Burton K., advised that the report in connectionwith the application of the Billings UtilityCompany, Billings, Montana, for a loan fromthe FREank of Minneapolis cannot be made avail-able because of its confidential nature, andrelation to pending litigation
Letter to Representative O'Connor and Senators theeler andMurray explaining reasons more fully
Credit to church for building parsonage does not come under Reg-ulation Vi
Letter on refusal of request of Mr. Moss of Billings UtilityCompany for copy of report of examiner who madeinvestigation in connection with application
White for loan
House Market, Vichita Falls, Texas, letter to Mrs. FrancesHodges that groceries are not included in listedarticles under Regulation V,
1C111' Erlanger Company, East Liverpool, Ohio, letter of appreciationfor suggestion that a customer in default atone store might obtain credit at another andthus avoid Regulation W
11am Y. Gilmore and Son, Oak Park, Illinois, charge accountscomplying with specifications under RegulationW, approved
.1.., 0ughby, Raymond: (See Nation's Business)'"uMills, included in classification "water pumps designed for
household use," under Regulation W regardlessWise of priority status
°nein, trust funds awaiting investment or distribution, depositby State to member banks in (An commercial andsavings department
12/15 2314
5/20 1000
5/ 4 844
5/20 1001
6/ 3 1131
7/ 9 1388
6/ 2 1110
5/23 1026
8/ 4 1545
2/2 164
7/15 1430
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459
Withdrawals from FRSystem:Citizens Bank, Marshall, N. C., permission for immediate with-
drawal approved
Citizens State Bank, Marianna, Fla., application for immediate
approved and permission to FDIC to examine in
connection with continuance of insurance
State Bank of Mayville, Wisconsin, permission to FDIC to ex-
amine to permit continuance as nonmember in-
sured bankSix months' notice waived and permission given for imme-
diateWolffson, Joseph, complaint regarding difficulty of continuing bus-
iness because of hardships of Regulation WWoodhull Insulation Co., Inc., request that maximum maturity for
credit in connection with rock wool insulation
be more than 12 months, not grantedNol shipments, request of Commonwealth Bank of Australia to send
messages in private code to FRBank of Boston
for transmission by mail to commercial banks,
letter to Director of Censorship
I'l°rking hours: (See Hours of work)
Y. If C. A.3 exempted from provisions of Regulation W
4.°11 Ralph A.: (See National Bureau of Economic Research)
112,11
.enoff, Ben: (See Zenoff Motors)
'eltoff Motors, advised that Board agrees with FRBank of Chicago inconnection with a plan for the sale of used au-tomobiles under Regulation W
10/13
10/20
1/14
2/10
7/ 2
6/17
7/17
6/29
5/6
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