bogmin_1932_v19_pt2_index

K E Y T O I N D E X

Branch Banks, Domestic, FRBanks and Foreign, see Branch Banks

Clayton Act Applications, see Interlocking Directorates

Directors of FRBanks and Branches, see Directors

National Banks are listed under heading National Banks

State Banks are listed tinder State Member Banks, Nonmember Banks, and Membership

Stock of FRBanks and Member Banks, see Stock

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

I N D E X

JULY - DECEMBER, 1932

L , . f,Aw

Absorptions of banks: (See Consolidations)Acceptance practice, American, procedure for initiating study-

outlined, and forms of letters and questionnaires to certain member banks, to be considered at forthcoming conferences

Acceptances :Bankers, warehouse receipts to be issued by Lawrence Ware

house Company for goods stored, not eligible for rediscount under conditions stated

Trade:Increased use for expanding credit discussed with Gover

nors of FRBariks Minimum buying rate for purchase by FRBank of New York

Currently effective minimum buying rate fixed at two per cent, advice of

Rediscount rate at FRBank of Philadelphia on: (See Rates) Acceptances to 100 per cent of capital and surplusi

President and Directors of the Manhattan Co,, New York City,application approved

Adams, J. W., Division Manager of American Telephone and TelegraphCo., forms of renewal contracts submitted by

Reply to letter from Mr# Adams with further reference to contract approved

Adel Clay Products Co,, Des Moines, Iowa, reply to request for information on loans to banks made by United State Treasury

Adjusted service certificates:Loans secured by, ruling of Comptroller General on reduction

in maximum rate of interest charged on Regulation G on rediscount of notes secured by, revised to

comply with recent amendment to law Publication in FRBulletin authorized

Advertising plan for FRBanks suggested by Mr. Shelley E. Tracy,not favored by FRBoard

Advisory Council: (See Federal Advisory Council)Agencies:

Havana:Exchange of currency for Cuban gold coin with Cuban Treas

ury Department Contract between Republic of Cuba and FRBank of Atlanta

for credit in New York City in exchange for like amount of Cuban gold coin which is to be repurchased by Republic

Staff:Frazer, EL C*, search of residence by police during

absence in United States, letter to Department of State on

Agricultural Credit Corporations: (See Regional AgriculturalCredit Corporations)

Akron, Ohio, banking situation reviewed by Mr. DeCamp and to bediscussed with FRBoard

13/12 411

10/6 305

7/15 518/4 121

8/5 122

ll/zi 445

7/l2 31

8/19 175

8/3 113

12/Z 477

8/10 142 8/31 193

9/21 262

IQ/26 362

12/15 540

8/l2 160

lo/ll 327


Amendments to PRAots (See Legislation)American Acoeptanoe Council, conducting campaign for increased

use of trade acceptances in expanding credit 7/\& American Telephone and Telegraph Co., forms of renewal contracts Si

for telephone and telegraph service, changes suggested W/ife

Reply to letter from Mr* Adams with further reference to con- 31tract approved gA„

Annual reports of FRBoard for 1928 and 1929 to be sent to Mr. 175French Strother as indicating credit policy of FRBoard |||

Annual report of Seoretary of Treasury: (See Secretary ofTreasury)

Assistant FRAgents: (See FRAgents)Associated Transamerica stockholders, request of President of

United States for copies of messages sent to I0/25 Audit of reserve stock of incomplete FRnotes held by Bureau of

Engraving and Printing, Kenneth R. Iverson designated to represent FRBoard 7/1 ,

Automobile finance companies, suggestion of Congressman Briggsthat law be amended to make paper eligiblefor rediscount 13/30 s94

20!

339

•inti'B

Babcock, E. C.j (See CivillServioe Commission)Baker, Newton D., fee for services in litigation growing out of

failure of First National Bank of New Bern,N. C., and in other matters, approved ll/l2 409

Bill to be paid by FRBank of Richmond and to be reimbursed byother FRBanks for pro rata shares ll/l8 430

Letter to FRBanks to remit pro rata share of bill to FRBank ofRiohmond 12/23 576

Bank for International Settlements:Deposit of FRBank of New York with, advice of further with

drawal from 7/7 9 German Reichsbank, credit to: (See Foreign banks)

Boeok, V. L., inquiry on discounts for individuals, partnerships,and corporations, letter to Secretary to the President on reply to 9/15 241

Boise, Idaho, currency depot established by FRBank of San Franciscofor temporary period lo/6 311

Bonds:Bankers blanket, of FRBank of Atlanta, reply to Mr. Johns on

oustody of 1V 2 385Circulation:

Advice of no applications from national banks for sale of,during second quarter

Applications filed by receivers of national banks to Comptroller of Currency to have sold under Sec. 18 of FRAct

Refunding of two per cent Consol Bonds at three per cent , ^rate, letter from Mr. L. W. Mitchell on

7 / 7 9

8/10 I44

8/19


Bonds: (Continued)Surety:

Form for use by FRAgents and Assistants, revision of lo/27 373Foulk, Oliver E., as Deputy Fisoal Agent of FRBoard q/z 100Mitchell, John R., as FRAgent at Minneapolis lo/ll 320Roelse, Harold V., as Acting Assistant FRAgent at Hew York 8/l9 165

Borrowing member banks for 80 per cent or more of time duringtwelve month period, revision of Form St.6170 reporting 9/l5 239

Branch banking situation in Virginia, statement to be published inFRBulletin lo/g 309

Branch banks, domestic:Pennsylvania Company for Insurances on Lives and Granting

Annuities, Philadelphia, Pa»:Ardmore, Pa., organization of bank in: (See State member

banks)Branch banks, FRSystem:

Baltimore:Directors: (See Directors)Staff:

Schutz, Henry, reappointed Acting Assistant FRAgent 12/20 556 Birmingham:

Directors: (See Directors)Staff:

Frye, John H., appointment and salary as ManagingDirector and to sever outside connections 7/26 75

Advice that all outside business connections havebeen severed 8/l2 155

Knowlton, N., Assistant Cashier, reimbursement byReconstruction Finance Corporation for services ll/l8 426

Walker, A. E., Managing Director, advice of death of 7/l2 24Buffalo:

Directors: (See Directors)Charlotte:

Directors: (See Directors)Personnel classification plan, change creating "Recon

struction Finance Corporation-Custodian Department11 with nine positions 12/l9 545

Staff:Honeycutt, R* L«, reappointed Acting Assistant FRAgent 12/20 556

Cincinnati:Directors; (See Directors)Staff:

Johnson, R# G*, temporary reappointment as ActingAssistant FRAgent 12/50 596

Denver:Directors: (See Directors)Personnel classification plan, changes in salary ranges

approved 8/3 102Changes creating new position, changing titles and

salary ranges approved S/9 127Detroit:

Directors: (See Directors)


figsBranch banks, FRSy stems (Continued)

Detr o it: (Continued)Share-the-work plan involving reductions in salaries and

additional temporary employees approved I2/2?Shortages in accounts of two employees in Transit Depart-

ment lo/KStaff, /5 48?

Diercks, W. R., appointed Assistant FRAgent to succeed W. C. Recknagel, referred to Mr, Paulger forrecommendation I2/27 so*

Reoknagel, W. C*, resignation as Assistant FRAgent 12/5Charge of participation in shortages in accounts

of two employees being investigated xj/s ^£1 Paso:

Directors: (See Directors)Personnel classification plan, change creating new posit

ion in Reconstruction Finance Corporation Department approved 8/l9 I67

Helena:Bylaws, draft approved and FRBoard to be advised when ap

proved by directors of FRBank 7/7 ig Directors: (See Directors)Interdistrict time schedule, change in time to Spokane 7/29 93Personnel classification plan, change to provide for branch

auditor approved 8/l2 156Staff: I

Auditor,change in personnel classification plan to provide for, approved 8/l2 156

Cooper, A. L., salary as auditor, letter requestingcertain information before being finally considered by FRBoard 7/l2 24

Hazzard, L. S., reappointed Alternate Acting Assistant FRAgent 12/20 656

Heinecke, Fred, reappointed Alternate Acting Assistant FRAgent 12/20 556

Hibbard, A. T«, reappointed Acting Assistant FRAgent 12/20 556 Powell, Lei and, designated as Acting Assistant Cashier 10/6 279 Redpath, Charles, promoted to position of Paying Tell

er and salary increased, further investigation requested 10/6 279

Towle, R. E*, leave of absence for three months to organize Regional Agricultural Credit Corporat- ion at Spokane, Wash. 10/6

Leave extended for not over three months 12/23Houston:

Directors: (See Directors)Jacksonville:

Directors: (See Directors)Little Rock:

Directors: (See Directors)Los Angeles:

Directors: (See Directors)Louisville:

Directors: (See Directors)Personnel classification plan, change creating new posit- , gg8

ion in Custody Department 'Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Branch banks, FRSystem: (Continued)Memphis:

Directors: (See Directors)Personnel classification plan, change to provide for new

position of ''Custodian" in Collateral andCustody and Fiscal Agency Department 12/2 462

Nashville:Directors: (See Directors)

New Orleans:Directors: (See Directors)

Oklahoma City:Directors: (See Directors)

Omaha:Directors: (See Directors)Personnel classification plan:

Fiscal Agent-Reconstruction Finance CorporationDepartment, change creating new position in 7/19 53

Loans, Rediscounts and Acceptances Department, changecreating position of ’'clerk11 in lo/lS 335

Pittsburgh:Directors: (See Directors)Staff:

Nolte, W. H., temporary reappointment as ActingAssistant FRAgent 12/30 596

Portland:Directors: (See Directors)Personnel classification plan, revised plan submitted as

Form A showing certain changes 9/19 252Salt Lake City:

Directors: (See Directors)San Antonio:

Bylaws, amendment to sec. 8 of article IV approved 7/l9 61Directors: (See Directors)Personnel classification plan, creation of new position in

Reconstruction Finance Corporation Department 9/15 228Seattle:

Bylaws, provision that one director reside outside ofbranch city waived for term commencing Jan. 1,1933 12/5 466

Amendment to bylaws proposed I2/8 504Directors: (See Directors)

Spokane:Directors: (See Directors)Interdistrict time schedule, change in time from Helena to 7/29 93

Branch banks, foreign:Chase Bank:

Mexico City office, letter to Mr. W. J* Evans with authority to conduct examination of lo/ll 323

Expenses of Mr. Evans to be paid by FRBank and to bereimbursed by FRBoard ll/lB 426

Voucher covering expenses sent to FRBank to be signedand returned for payment 12/l4 528

Paris office, letter to Mr. Karl E, Prickett on procedurefor examination of lo/ll 323


291

296

594

545

38

Branch banks, foreign: (Continued)National City Bank of New York;

Geneva, Switzerland, extension of time for opening lO/liBranch, group, and chain banking: (See Committees) *26Bremer, Otto, prinoipal stockholder of Drovers State Bank of South

St. Paul, Minn., indebtedness to banks in New York and Chicago IqA

Brioe, L. £., reply to letter on securities used as collateral fortrust funds awaiting investment at First National Bank of Spartanburg, S. C. W 6

Briggs, Congressman Clay Stone, suggestion that law be amended tomake paper of automobile finance companies eligible for redisoount at FRBanks 12/30

British Government: (See Foreign banks, Bank of England)Buckstaff, F. G., reply to inquiry on use of words "Federal” or

"Reserve" in corporate names of institutions l2/l9 Budget of FRBoard, transfer from Secretary's Office to other

divisions because of transfer of certain employees and activities 7/13

Buildings:FRBank of Philadelphia, appropriation for additions and alter

ations favored except fee to United Engineers and Constructors for supervision 8 /4 us

Request of Mr. Sewall for hearing on proposed plans 8 /9 127Mr. Sewall present at meeting of Executive Committee and

discussion of employment of United Engineers and Constructors 8/l2 148

Mr. Sewall and Mr. Robinson present at meeting of FRBoard,budget for building approved except proposed fee for supervision 8/l2 152

Revised budget including item for Clerk-of-the-works inplace of fee to United Engineers and Constructors, approved 8/19 172

Bureau of Agricultural Economics: (See Department of Agriculture)Bureau of Engraving and Printing:

Audit of reserve stock of incomplete FRnotes held by, K. R.Iverson designated to represent FRBoard 7/1 3

Closing on Dec. 24, 25, and 26 and Dec. 31 and Jan. 1 and 2,advice to FRBanks of 12/23 561

Bylaws:Branches of FRBank of San Francisoo, amendment to eliminate

requirement that one director reside outside of branch oity suggested, not necessary at all branches 12/8

FRBank of Dallas, copy not to be furnished to Bank of Brazil 7/1 FRBank of Minneapolis, draft approved with suggested changes

and FRBoard to be advised when approved by .directors v"

Helena Branch, draft approved and FRBoard to be advised when .approved by directors of FRBank 7/7 gj

San Antonio Branch, amendment to sec. 8 of Artiole IV approved 7/1 Seattle Branch, provision that one director reside outside of

branch city waived for term commencing Jan. 1, . aqr

1 8 3 3 M iAmendment proposed W

5

16

16


If n i l

Canadian currency, letter to FRAgent at Cleveland on discontinuance of handling by FRBank

FRBanks should offer facilities to member banks for conversionat most favorable rate of exchange obtainable, letter to FRBank of Cleveland

Canned fruits and vegetables, extension of commercial gradingservice of Bureau of Agricultural Economics to include

Capital stocks (See Stock, capital)Cash letters: (See Clearing and collection)Census Bureau, list of officers and employees of FRBoard not to

be furnished for inclusion in official register of United States

Names of officers and employees to be published but individualsalaries to be omitted, letter to Mr* Steuart on

Centrox Creamery Co., Centreville, Iowa, handling for collectionof drafts drawn on itself said marked payable at a bank

Century of Progress Exposition: (See Chicago Worlds Fair)Charge offs and additions to reserves of FRBanks in connection with

closing of books at end of 1932 Chicago Worlds Fair, outline of exhibit at, letter to FRAgents on

appointment of committee and on expenses for Appointment of Mr. H. G. Pett as chairman and other members

of committee appointed Report of Committee on nature of exhibit, appropriation

recommended by Conference of FRAgents but FRBoard opposed to kind of exhibit, action deferred

Opinion of Board that proposed expenditure is not justifiedand plans for exhibit to be abandoned

Letter to Chairman of FRAgents Conference that plans forparticipation in Exposition should be abandoned and letter to Mr. Pett in appreciation for services to committee

Circulars:Administration of Clayton Act, questions to be considered at

conference of FRAgents Checks drawn by business concerns on themselves not payable

at or through designated banks, attitude of FRBanks as to handling

Committee on exhibit at Chicago Worlds Fair, letter toFRAgents on appointment of

Condition reports of State member banks, revised definitionin preparation of Form 105

Conference of Governors and FRAgents to be held beginning Nov.14 and topics for discussion to be submitted

Cost of printing FRnotes for fiscal year 1933 Currency, surcharges on registered mail shipments of, appoint

ment of committee to consider changes in practices suggested

8/31 195

10/6 312

10/6 305

7/19 62

9/19 249

7/20 70

12/23 576

7/20 71

8/24 187

ll/l6 420

11/23 458

12/2 481

ll/2 386

8/l2 162

7/20 71

12/23 575

10/ll 3269/21 261

9/l5 241Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Circulars: (Continued)Discount by FRBanks of eligible paper offered by regional

Agricultural Credit Corporations Earnings and expenses reports of FRBanks, revision in

instructions for preparation of Examination reports of national banks, increase in charge

against FRBanks for copies until June 30,1933, approved

Expenditures for educational and welfare "work, donations,membership dues at FRBanks, etc.

Form St. 6170, report of member banks borrowing 80 per cent ormore of time, revision of

Glass Bill, letters to Governors and FRAgents for suggestionson provisions of

Grading and inspection work oonduoted by Bureau of AgriculturalEconomics, letter to Chairmen and Governors of of all FRBanks on

Leaves of absence in excess of thirty days on account of sickness, new procedure for reviewing and monthly reports now unnecessary

Loans to individuals, partnerships, and corporations, letteron requirements of law and procedure under recent amendment to Sec. 13 of FRAct

Reissued as circular by FRBank of Atlanta Rates on loans to individuals, partnerships, and corporations,

single rate favored over spread in rates Rediscount of paper of individuals, partnerships, and corp

orations, reply to FRBank of Minneapolis on commitment to renew or extend

State member bank requesting permission to organize and acquirecapital stock of bank to be located beyond limits of city in which member bank is located, reasons for denying ^ ll/2 385

Treasury No. 176, rights of FRBanks in cashing Governmentchecks and warrants under, to be considered by Conference of Counsel of FRBanks 9/l5 242

Civil Service Commission, reply to request of Mr. Babcock forinformation on administrative furloughs granted to employees of FRBoard 12/23 574

Clayton Act applications: (See Interlocking directorates)Clearing and collection:

Cash letteresent by express instead of mail, copies of correspondence between FRBank of Kansas City and a g Post Office Inspector sent to all Governors 10/26

Ruling of Second Assistant Postmaster General that there isno objection to sending by express if not . ^accompanied by letter 11/12

Cashing of Government checks and warrants under Treasury circular 176, rights, duties, and responsibilities of FRBanks to be considered by Conference of ,Counsel 9/ 15

Check drawn by Palmetto Fish and Oyster Co., on First NationalBank of Spartanburg, S. C., now closed, reply . 334 to letter on

12/9 SI410/27 373

12/2 48010/26 3659/15 239

11/12 411

1^2 480

12/5 487

7/26 82-868/12 160

8/5 123

8/9 129


Clearing and collections (Continued)Checks and drafts received by FRBanks from collectors of

internal revenue, etc,, and drawn on banks not members of FRSystem, request for Treasury ruling on deduction of two cent tax 7/7 14

Checks drawn by business concerns on themselves not payableat or through designated banks, attitude of FRBanks as to handling 8/l2 162

Checks for which actual payment has not been received due toclosing of drawee bank, FRBank of Cleveland to discontinue practice of protesting 7/1 5

Drafts drawn by Centrox Creamery Co., on itself and markedpayable at a bank, method of handling for collection 7/20 70

Exchange charges made by member banks in Miami, Fla., forcashing out-of-town checks of depositors and non-depositors 9/l9 250

Interdistrict time schedule:Chicago to San Francisco and Los Angeles, changes approved ll/z 384 Helena to Spokane, change approved 7/29 93

Postal money order, reply to Mr. Henry Hafner on charge imposedby State Trust Co., of North Tonawanda, ft. Y., for collection of ll/lZ 410

Remittance drafts received by banks in settlement for cashletters, FRBanks not to reimburse remitting banks for tax on 7/l 7

Remittance drafts sent by Elliott State Bank of Jacksonville,111#, in payment of checks, refusal to permit deduction of two cent tax l/8 21

Cleveland, banking situation in, to be discussed by Mr. DeCamp withFBBoard lo/ll 327

Cold storage companies, reply to letters from Mr. R. H. Switzleron eligibility bf paper of customers of, for rediscount lo/6 304

Collateral for FRnotes: (See FRnotes)Collector of Internal Revenue, funds collected under Revenue Act

and held for remittance to, not subject to reserve requirements 9/7 218

Ruling to be published in FRBulletin lo/6 309Commercial Credit Co., Baltimore, Md., letter on eligibility of

paper of factors engaged principally intextile business in New York City 7/l9 62

Committees:Acceptance practice of American banks, tentative course of

procedure for initiating study of ll/l2 411Bank reserves, question of member banks in States requiring

segregation of assets of commercial department from assets of savings department carrying two separate reserves with FRBank referred to 7/29 93

Banking and Currency, of Senate and House: (See Legislation)Banking and Industrial Committee of Boston District, expenses

to be paid by FRBank 9/21 260


Committeesi (Continued) a®68Banking and Industrial Committee of Chicago District, expenses

to be met and employees to be assigned by FRBankof Chicago lo/ll jg.

Banking and Industrial Committee of Cleveland District, employment of extra people by FRBank discussed and detailed information to be furnished by Mr.DeCamp 10/26 344

Martin, Earle E., temporarily appointed publicity managerfor, Mr# DeCamp to furnish detailed informat-ion 10/26 344

Salary payments already made approved but future payments still under consideration ll/l2 415

Salary further considered and approved 11/16 423 Report of Mr. L. B. Williams on activities of 12/6 494

Banking and Industrial Committee of New York District, temporary appointment of Mr# Everett N. Case for work in conjunction with, action deferred 8/l9 176

Governor Meyer to discuss appointment with GovernorHarrison on account of family relationships 8/24 190

Branch, Group, and Chain Banking:Members of committee present at meeting of FRBoard and

activities reviewed by Dr. Goldenweiser l]/s 390Report of:

Mr. Goldenweiser to remain at Cape Cod, Mass., aftervaoation to work on 8/l0 138

Governor Black advised not to allow directors ormember of Federal Advisory Council to read summary of* and telegram to all Governors and FRAgents to hold report in confidence ll/21 447

Secretary of Treasury to refrain from reference in hisannual report 13/21 446

Annual report revised to eliminate all referenceto summary report l]/22 449

Discussion of, and action on publication deferred 13/22 449Governor of FRBank of Boston advised not to discuss

report with his board of directors until further advised by FRBoard ll/ZZ 460

Report of Chairman of Committee on status of report,expenses to date} etc., motion of Mr. Miller to discharge committee 12/12 524

Conference on Monetary and Economic Questions, Dr. Goldenweiser to represent FRBoard on informal working committee 8/l0 146

Exhibit at Chicago Worlds Fair: (See Chicago Worlds Fair)FRBank of New York:

Executive, attendance of Mr. Hamlin at regular meeting of v/7 ® FRBoard:

Executive:Authorized to act in connection with bids for addition _

to building of FRBank of Philadelphia 8/4Authority to approve rates of rediscount on paper of

individuals, partnerships, and corporations for ten days or two weeks 8/10 ^

Hamlin, C. S., to serve during fourth quarter IV®Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Committees s (Continued)FRBoard, Executives (Continued)

Magee, W* W., to serve during fourth quarter 10/6 275Governors Conferences

Insurance, question of group policies of officers andemployees retired because of disability or incapacity to be referred to

Reply to letter from Governor Calkins that matter has been submitted to committee

Comptroller General of the United States:Account current rendered by Treasurer of the United States on

account of franchise tax receipts from FRBanks to be furnished to

Adjusted service certificates, ruling on reduction in maximumrate to be charged on loans secured by

Cost of printing FRnotes, ruling that reduction cannot be madebecause of savings under Economy Act

Affirmation of previous decision, letter to FRBanks on Rulings on questions arising under recent Econoiry Act, memo of

Counsel on the effect of Comptroller of the Currency:

Examiners, national bank: (See Examiners)Form 2129 for reporting earnings, expenditures, and dividends

of national banks, revision now being made National banks: (See National banks)Reports of examination of national banks, proposed increase in

charge against FRBanks for copies of Payment of increased fee until June 30, 1933, approved

Sponable, Frank W., president of Miami County National Bankof Paola, Kansas, correspondence on personal activities of

Condition reports:National banks:

Call as of June 30 Call as of Sept* 30

State member banks:Call as of June 30 Call as of Sept* 30 Form 105 revised, approved

Letter to FRAgent transmitting revised definition and supplemental schedules

Mortgage bonds and participation certificates, informationto be submitted with next reports on extent of such business through member banks or affiliated companies

Real estate mortgage bonds sold by Pearl Market Bank andTrust Co*, before absorption by Central Trust Co*, to be reported as contingent liability on form 105

Weekly statement of FRBanks:Gold earmarked by Bank of England for FRBank of New York

in connection with instalment on war debt, manner of showing

Loans to individuals, corporations, etc., manner ofshowing

7/7 15

7/20 69

11/2 385

12/2 477

8/31 1999/21 261

8/10 144

12/14 529

13/16 42212/2 480

8/19 173

7/1 110/6 275

7/i 110/6 27512/Z 482

13/23 575

ll/l6 421

lc/l3 335

12/25 5758/9 128


Condition reports* (Continued)Weekly statement of reporting member banks:

Central Republic Bank and Trust Co., Chicago, 111., to bedropped from list

Conferences:Counsel of FRBanks to meet jointly with Standing Committee on

Collections on Oot. 10, topics for discussion Clayton Act permits, policy and procedure in granting

discussedFRAgents:

Capital struoture of existing banks, statement on restoration of

Exhibit at Chioago Worlds Fairs (See Chicago Worlds Fair) Meeting tentatively scheduled for Nov. 14

Meeting to be held in Washington beginning Nov. 14, topics for discussion to be submitted

Program for meeting transmitted to all FRAgents and Governors

Recommendations of:Interlocking directorates, work to be done by Counsel's

Office in assembling information made special order for meeting on Dec. 9

Topics for discussion:Acceptance practices of American banks, tentative

course of procedure for initiating study of Charge against FRBanks for copies of examination

reports of national banks Payment of increased fee until June 30, 1933,

approvedInterlocking directorates under Clayton Act, polioy

and procedure in granting permits Questions on administration of Sec. 8, memoranda

prepared by Mr. Wyatt and Mr. Chase on Letter to Mr. Curtiss on

FRAgents and Governors:Salaries of officers and employees at FRBanks, resolution

that they should not be reduced at this time Statement of Governor Norris giving views on

resolutionGovernors:

Insurance committee, question of group policies of offioersand employees retired because of disability or incapacity to be referred to

Reply to letter from Governor Calkins that matter has been referred to committee

Meeting with FRBoard convened for discussion of proposedamendment to FRAct on rediscounts for individuals, etc.

Meeting discussed, and opinion it should be held not laterthan first of September

Meeting tentatively scheduled for Nov. 14Meeting to begin in Washington on Nov. 14, topics for

discussion to be submitted Program for meeting beginning on Nov. 14 transmitted to all

Governors and FRAgents

p

tyz 587

9 /15 242

10/26 86?

12 /5 489

9 /2 1 265l o / l l 326

1 1 / 3 393

1 2 / 2 460

l l / l 2 411

l l / l 6 422

12/Z 480

9 /2 1 263

l l / 2 386lo /2 6 366

12/5 489

1 2 / 1 4 531

7 / 7 IS

7/2 0 69

7 / 1 5 49

7 / 1 5 519 /2 1 263

10/11 326

13 /3 393


Conferences: (Continued)Governors s (Cont inued)

Topics for discussion:Acceptance practices of American banks, tentative

course of prooedure for initiating study ofCharge against FRBanks for copies of examination

reports of national banks Payment of increased fee until June 30, 1933,

approvedChecks drawn by business concerns on themselves not

payable at or through designated banks, attitude of FRBanks as to handling to be reviewed

Grading service of Bureau of Agricultural Economics, extension to include canned fruits and vegetables

Rules, regulations, and procedure under proposedamendment to sec. 13 of FRAct to make paper of individuals and corporations eligible for discount at FRBanks

(See also Legislation)Monetary and Economic Questions, to be convoked by League of

Nations, Dr# Goldenweiser to represent FRBoard on informal working committee

Mr* Walter R. Gardner to attend meeting of preparatorycommittee of experts at Geneva in unofficial capacity

Norman, Governor, of Bank of England, with officials ofFRSystem, reference by Mr* Hamlin to press statements on

Open Market Policy: (See Open Market Policy Conference) Congressional service of Corporation Trust Co#, covering pending

legislation, subscription approvedConsolidations:

Albany State Bank, Albany, Ore#, assets purchased and liabilities assumed of First Savings Bank, no objection to transaction but increase in capital account suggested

American National Bank, Beaumont, Texas, with City NationalBank, certificate to exercise trust powers of constituent banks

Anglo California Trust Co., San Francisco, Calif., and Angloand London Paris National Bank under title of Anglo California National Bank

Bank of Woodburn, Ore., assets acquired and liabilities assumedof First National Bank of Woodburn

Capital National Bank, Lansing, Mich., absorption of CityNational Bank of Lansing

Carbon Emery Bank, Price, Utah, with Prioe Commercial andSavings Bank, no objection to

Chemical State Savings Bank, Midland, Mich., absorption ofPeoples State Savings Bank of Midland

Citizens Trust Co., Adams, N. Y., and Farmers National Bankunder title of Citizens and Farmers Trust Co., action deferred

ll/l2 411

ll/l6 422

12/2 480

8/12 162

10/6 505

7/13 40

8/10 145

lo/ll 3S2

9/15 243

12/2 481

13/12 406

7/19 58

8/24 1867/29 95

8/12 1569/l5 2367/l2 28

9/15 237Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

587

Consolidations: (Continued)City National Bank, Lansing, Mich., absorbed by Capital

National Bank, FRBank etook cannot be cancelled until placed in liquidation or reoeivership Iq/27

City National Bank and Trust Company, Chicago, 111*, to assumedeposit liabilities of Central Republic Bank and Trust Company of Chioago I0 /5 268

Deposits of Central Republic Bank and Trust Company transferred to 12/2

Cleveland Trust Co., Cleveland, Ohio, assets acquired andliabilities assumed of Peoples Savings Bank,Lorain, action deferred I0 /2 6 357

Coffman Dobson Bank and Trust Co., Chehalis, Wash., assetsacquired and liabilities assumed of First National Bank of Chehalis 8/31 I97

Continental Bank and Trust Co., New York City, absorption ofStraus National Bank and Trust Co., International Trust Ca and Industrial National Bank 7 /1 3

First and Merchants National Bank, Radford, Va., formed byconsolidation of First National Bank and Farmers and Merchants National Bank 8 /3 llo

First Central Trust Co., Akron, Ohio, proposed purchase ofassets of First-City Savings Bank of Barberton discussed by Mr. DsCamp I0 /2 6 343

First National Bank, Derry, N. H., absorption of DerryNational Bank efforts to secure cancellation of FRBank stock 8/l9 171

First National Bank, Floresville, Texas, and City National Bajtinder title of First City National Bank

First National Bank, Plainfield, N. J., with Fourth NationalBank, certificate of authority to exercise fiduciary powers

First National Bank, Stroudsburg, Pa., with StroudsburgNational Bank to form First-Stroudsburg National Bank

First National Bank of Tyrone, Pa., and Blair County NationalBank and Trust Co. as First Blair County National Bank

First National Bank of Woodstown, N. J., proposed absorptionof Salem County Trust Co., effect on exercise of fiduciary powers

Linden Trust Co., Linden, N. J., absorption of Linden NationalBank, no objection to

Lock Haven Trust Co., Look Haven, Pa., and Clinton Trust Co.of Lock Haven under new charter

Monroe County Bank, Dundee, Mioh., absorption of Dundee StateSavings Bank

St* Joseph Loan and Trust Co., South Bend, Ind., savingsdeposit liability of Mishawaka St. Joseph Loan and Trust Co. assumed by, no' action until after examination 10/26

Schuylkill Haven Trust Co., Schuylkill Haven, Pa., jointly withFirst National Bank and Trust Co. acquired assets and assumed liabilities of State Bank of Schuylkill Haven

12/2 465

11/18 429

10/6 296

12/2 377

13/23 454

12/12 519

8/10 13 9

10/26 557

8 / 9 1 3 4Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consolidations: (Continued)Schuylkill Haven Trust Co.: (Continued)

Credit investigation of State member bank reviewed andno objection to transaction

Sundance State Bank, Sundance, Wyo#, absorption of HulettState Bank, Hulett, Wyo.

Terre Haute National Bank and Trust Go*, Terre Haute, Ind*,with First-McKeen National Bank and Trust Co. under title of Terre Haute First National Bank

United States National Bank of Johnstown, Pa., contemplatedabsorption of three State institutions in Johnstown

United States Trust Co., Boston, Mass., assets purchased andliabilities assumed of Bank of Commerce and Trust Co., no objection to transaction

Woodlawn Trust Co. of Aliquippa, Pa., assets acquired andliabilities assumed of Aliquippa National Bank

York Trust Co., York, Pa., assets acquired and liabilitiesassumed of North York State Bank

Conversions:Continental-Illinois Bank and Trust Co., Chicago, 111., into

national bank, application for fiduciary powers Guaranty Bank and Trust Co., St. Louis, Mo., into Guaranty-

Plaza Trust Co.Illinois Bank and Trust Co., Rockford, 111., to Illinois

National Bank and Trust Co., permit to exercise fiduciary powers will be issued under conditions stated

Counsel, FRBanks, Conference of: (See Conferences)Counsel, General:

Memoranda of:Amendment to World War Adjusted Compansation Act with

Regulation G and regulations of Veterans Administration as revised to be published in FRBulletin 8/31 193

Baker, Newton D*, fee covering services rendered fromNovember 1930 to September 1932, approved ll/l2 409

Bonds for use by FRAgents and Assistants, revision in formof lo/27 373

Certificates of deposit payable to other banks withinthirty days, ruling on classification by member banks as demand deposits to be published in FRBulletin ll/l2 410

Clayton Act, questions on administration of, to be considered at Conference of FRAgents ll/2 386

(See also Interlocking directorates)Conference of Counsel of all FRBanks to be called for Oct.

10 to meet jointly with Standing Committee on Collections 9/l5 242

Congressional service of Corporation Trust Co. coveringpending legislation, subscription approved 12/2 481

FRBulletin, publication of statement on branch banking situation in Virginia and ruling on funds held for remittance to Collector of Internal Revenue not subject to reserve requirements 10/6 309

12/12 520

7/l2 28

12/2 465

9/21 259

12/23 568

8/3 110

9/7 217

10/6 272

8/19 169

ll/l2 401


7/7 U

10/27 575

9/7 219

i6 ~~~rW®I|SI

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

Lucas v* FRBank of Richmond, deoision of Circuit Court ofAppeals to be published in FRBulletin

MoCumber, Sidney S., applioation for interlocking directorates approved subject to further consideration

Mortgage bonds or participation certificates issued by subsidiary company of Mississippi Valley Trust Co., legal aspects to be reconsidered

Memoranda of Mr. Wingfield and Mr. Sinead on extent and possible restriction of su©h business, and info rmation to be submitted by all member banks with next condition reports ll/l6 431

National bank notes issued under section of Federal Home ILoan Bank Act, opinion of Attorney General to be published in FRBulletin 8/l9 I755 1

National Economy Act, application of provisions to FRBoard 7/l9 63 I Rulings of Comptroller General on questions under Economy

Act in so far as they affect FRBoard 8/lQ I44 IStock, purchase by State member bank in another banking

institution, right of FRBoard to refuse permission or approval, opinion requested ll/3 392

Unified commercial banking system under national supervision, constitutional method of establishing 12/6 498

Court cases:Baker, Newton D., fee for services: (See Baker)FRBank of New York, fees to attorneys for services in prosecut

ion of preferred claims against State Bank of Binghamton and E. C. Brewer Co. 7/7 12

Lucas v. FRBank of Richmond, decision of Circuit Court ofAppeals to be published in FRBulletin 7/7 14

Credit conditions, request of Mr. French Strother for copies ofstatements published by FRBoard during 1928 and 1929 indicating policy toward 9/2 205

Credit data in connection with unsecured loans to be maintained byOgdensburg Trust Co* as condition of membership lo/6 298

Credits to foreign banks: (See Foreign banks)Cuba:

Exchange by Havana Agency with Cuban Treasury Department forCuban gold coin 10/26 362

Contract with FRBank of Atlanta for credit in New YorkCity in exchange for a like amount of Cuban gold coin which is to be repurchased by Republic 1 0 5 s«

Havana residence of H. C. Frazer, correspondence on search bysecret police 8/12 W®

Currency*Canadian: (See Canadian currency)Exchange by Havana Agency with Cuban Treasury Department for . ...

Cuban gold coin 10/26 W Contract with FRBank of Atlanta for credit in New York

City in exchange for like amount of Cuban gold ..coin which is to be repurchased by Republio 12/1®

FRnotess (See FRnotes)Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Currencyj (Continued)National bank notes: (See National bank notes)Shipments, increase in registry costs, request that Post

Office Department accept without declaration of value 8/l2 161

Surcharges on registered mail, circular letter toGovernors of FRBanks and appointment of committee to study practices suggested 9/l5 241

Subsidiary silver and minor coin for account of Treasurer ofUnited States, to be held in joint custody byFRBank and FRAgent at Atlanta 9/15 238

Currency depots:Boise, Idaho, established by FRBank of San Francisco for

temporary period 10/6 311Charleston, S. C., established by FRBank of Richmond without

approval of FRBoard 7/12 31New Haven, Conn*, establishment of two temporarily by FRBank

of Boston in Hew Haven Bank, N. B# A#, and Merchants National Bank Building 7/26 78

Twin Falls, Idaho, established by FRBank of San Francisco andterminated by return of currency to Salt Lake City Branch lo/6 311

Cushman Manufacturing Co., H, T*, loan under Sec. 13, as amended 13/12 398ttD«t

Danahy Packing Company, Buffalo, N« I., letter on charge imposedby State Trust Company of North Tonawanda, N. Y. for collection of Postal money order ll/lZ 410

Davis, Senator James J., reply to letter on application of RobertH. Helriegel for position as examiner 12/2 461

Dawes, Charles G», telegrams agreeing to conditions to be imposedon City National Bank and Trust Company,Chicago, 111#, in connection with application for fiduciary powers lQ/o 265

deMoney, Earle R,, reply to suggestion that claims of salesmenfor deferred payments of commissions on sales be considered basis for extension of credit 10/6 303

Dennett, Carl P,, reimbursement for expense of Banking andIndustrial Committee of Boston District 9/21 260

Department of Agriculture:Bankers acceptances issued by Lawrenoe Warehouse Company

against warehouse receipts, eligibility for rediscount at FRBanks lo/6 305

Grading service extended to include canned fruits andvegetables, letter to Governors of FRBanks on 10/6 305

Circular letter to Chairmen and Governors of FRBanks ongrading and inspection work conducted by Bureau of Agricultural Economics 12/2 480

Department of Commerce, statistics furnished to FRBoard by, replyto letter on usefulness of 12/22 451

Department of JusticesNational bank notes, interpretation of three year limitation

on issuance ■under new law requested 8/l0 146


160

387

410482

Department of Justice: (Continued)National bank notes: (Continued)

Discussion with Attorney General arranged by Mr. Millerfor representatives of FRBoard 0/.

Opinion of Attorney General to be published in FRBulletin s/ig ^ Department of State, request for any report by Ambassador Guggen- ^

heim on searoh of residence of Mr. H. C. Fraaer by Cuban police 3/j,

DepositstCentral Republic Bank and Trust Co., Chicago, 111., transfer to

City National Bank and Trust Co.Certificates payable to other banks within thirty days, ruling

on classification by member bank as demand deposits, to be published in FRBulletin ll/l2

Revision of Form 105 as result of ruling FRBank of New York with Bank for International Settlements,

advice of further withdrawals from 7/7 »Guaranty of, reply to inquiry of Mr. C. H. Van Ostrand on 8/12Personal loans, reply that Lycoming Trust Co. should maintain

reserves against certain collateral certificates issued to customers to secure 7/l9 61

Time certificates payable by one bank to another and due withinthirty days, reply to Mr. Gough on classification of 9/21 262

Dill, Senator Clarence C., reply to letter on rediscount by FRBanksof municipal warrants with no definite maturitydate 12/50 693

Directors:Frenoh American Banking Corporation:

Duran, Paul, elected to replace Maurice Silvester 7/19 61Directors, FRBanks:

Candidate who has requested name to be withdrawn but whosenomination has not been withdrawn by all nominating banks, manner of showing on ballot 10/26 363

Class C, appointment made special order of business for meeting on date to be fixed by Governor 13/23 457

Election of Class A and B, no ohanges in group classifications to be made this year but FRAgents to submit recommendations for action next year 9/15 239

Reply to FRAgent at Chicago on classification of memberbanks for l /18 451

FRAgents: (See FRAgents)FRBank of Atlanta: .

Kettig, W. H., reappointed deputy chairman for 19S3 W ®Newton, Oscar, reappointed Class C for three year term .

and redesignated FRAgent for 1933 FRBank of Boston:

Bemis, Albert F., resignation as Class B and to hold ,special election for unexpired term '

Curtiss, Frederic H., reappointed Class C for three year .term and redesignated FRAgent for 1933 fa 5$

Hollis, Allen, reappointed deputy chairman for 1933 FRBank of Chicago:

Candidate for election as Class B who has requested hisname be withdrawn and whose nomination has notbeen withdrawn by all nominating banks, m /26 &manner of showing on ballotDigitized for FRASER

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

Directors, FRBanks s (Continued)FRBank of Chicago: (Continued)

Election of Class A and B, State member banks in Michiganin hands of custodians not entitled to vote

Simpson, James, reappointed Class C for three year termand deputy chairman for 1933

Stevens, Eugene M+, redesignated FRAgent for 1933Wote signed by, and held by Continental Securities Co.,

secured by shares of Continental Illinois Bank and Trust Co.

FRBank of Cleveland:Connor, Ben R., election as Class A for unexpired tern of

Mr. SamsDeCamp, George: (See FRBank of Cleveland, Staff)Payment of per diem allowances to local directors, letter

to FRAgent on Sams, 0. N., death ofWilliams, L. B., to be invited to meet with FRBoard to

discuss reappointment of Mr« DeCamp Meeting with FRBoard and discussion of indebtedness

of Mr. DeCamp, Governor Fancher, and Deputy Governor Zurlinden

Report on activities of Banking and Industrial Committee of District

Report of Governor Meyer on further discussion ofreappointment of Mr. DeCamp and desire of Mr. Williams for mote time to consider matter

Confined to home by illness and to telegraph later when he can meet with FRBoard to discuss appointment of Class C director and designation of FRAgent

Advice that he will not be able to attend meeting this week but will arrange to be at meeting on Tuesday of the next week

Present at meeting of FRBoard and recommendation of directors of FRBank that Mr. DeCamp be reappointed and submit resignation effective at pleasure of FRBoard, submitted and adopted

Advice that Mr. DeCamp has agreed to proceduresuggested and reappointed Class C Director and redesignated FRAgent

Reappointed deputy chairman for 1933 FRBank of Dallas:

Brown, E. R«, reappointed Class C for three year termCulbertson, J. J., advice of death ofMinutes of meeting giving report on operating economies

effected and on visit of Governor McKinney to banks of district during August

Perkins, S. B», redesignated deputy chairman for 1933 Walsh, C. C., redesignated FRAgent for 1933

FRBank of Kansas City:Langworthy, H. M., reappointed deputy chairman for 1933 McClure, M. L., reappointed Class C for three year term

and redesignated FRAgent for 1933 Sponable, Frank W., letters on personal activities of

9/19 248

13/8 50812/8 508

12/19 551

8/10 137

8/31 1958/l0 137

12/5 491

12/6 492

12/6 494

li/6 499

12/14 532

13/14 541

12/20 557

12/30 59612/8 507

12/8 50910/6 276

9/I9 24812/8 50912/8 509

12/8 50912/S 5098/l9 173


Directors, FRBanks: (Continued) Im M NFRBank of Kansas City: (Continued) |1

Sponable, Frank W.j (Continued)Reply to letter from FRAgent on explanation of

matters referring to W gFRBank of Minneapolisi ^

Clark, Hamer P., reappointed deputy chairman for 1933 ig/gMitchell, John R«:

Bond of 10/11 R2nLeave for ten days or two week8 approved 8/3 jSJReappointed Class C for three year term and redesig-

nated FRAgent for 1933 Ijj/g 5FRBank of New York:

Case, J. H., redesignated FRAgent for 1933 Ijy'g SogYoung, Owen D«, reappointed Class C for three year term

and deputy chairman for 1933 li/i 505FRBank of Philadelphia:

Austin, Richard L», reappointed Class C for three year termand redesignated FRAgent for 1933 15^8 507

Present at meeting of FRBoard to discuss organization of Main Line Trust Co., Ardmore, Pa., and holding of stock by member bank l /l9 546

Johnson, Alba B., reappointed deputy chairman for 1933 I2/8 507 Sewall, Arthur W., request for hearing on enlargement of

building 8 /9 127Present at meeting of Executive Committee and discus

sion of employment of United Engineers and Constructors for supervision of work 8/l2 148

Present at meeting of FRBoard with Mr. Robinson, budget for building approved except proposed fee for supervision 8/l2 152

FRBank of Richmond:Addison, W* Meade, resignation as Class B 8/24 185Class B, election of successor to Mr* Addison to be held

with regular eleotion 8/24 183Delano, Frederic A., reappointed deputy chairman for 1933 1 ^ 0 7 Hoxton, W. W., reappointed Class C for three year term

and redesignated FRAgent for 1933 1*/® ^Reed, Charles C«, elected Class B, resignation to be se

cured because of position as Chairman of .Board of Supervisors of Chesterfield County l?/23

FRBank of St. Louis: .Dillard, Paul, appointed deputy chairman for 1933 12/8Stanley, John R», appointed Class C for three year term 1?/® sog Wood, John S., redesignated FRAgent for 1933 1 /®

FRBank of San Francisco:Moore, Walton N., reappointed deputy chairman for 1933 Newton, Isaac B., reappointed Class C Director and re- , gjj

designated FRAgent 1^®Political activities of, protest of Robert A. Taft of discrim- . ^

ination against directors of Cincinnati Branch IV' Directors, FRBranch banks:

Appointments for terns beginning Jan. 1, 1933, made specialorder of business for meeting on date to be / _ 457fixed by Governor

12/8 510


Directors, FRBranch banks: (Continued)Baltimore:

Cohill, £• P., reappointed for three year term Prentis, Morton M*, no objection to serving as State

Fiscal Agent of MarylandBirmingham:

Farley, John G., appointed for unexpired portion of term Frye, John II*, designation and salary as Managing Direct

or and to sever outside connections Mvice that all outside business connections have been

severedWalker, A. E., Managing Director, advice of death of Wells, Oscar, reappointed for three year term

Buffalo JCooley, F. B., reappointed for three year term

Charlotte:Cannon, Charles A., reappointed for three year term

Cincinnati :Discrimination against, protest of Robert A* Taft on

political activities of other FRBank directors Qmwake, John, reappointed for three year term

Denver:Davis, R* H., reappointed for three year term

Detroit:Gray, W. J*, advice of death of Hull, P*, reappointed for three year term

El Paso: •. ; ■ • j*i; VjColes, A. P., reappointed for three year term Flory, George D., advice of death ofYoung, Sam D«, appointed for unexpired term of Mr# Flory

Helena:Sullivan, W* P., appointed for two year term

Houston:Wilson, J# Cooke, reappointed for three year term

Jacksonville sSaussy, Fulton, reappointed for three year term

Little Rock sCampbell, G. li., reappointed for three year term

Los Angeles :Alexander, J* B#, reappointed for two year term

Louisville *Cole, W. R., reappointed for three year term

Memphis sOrgill, William, reappointed for three year term

Nashville sDavis, P, M», reappointed for three year term

New Orleans sSimon, L. C., reappointed for three year term

Oklahoma City ;Mee, William, advice of death of Miller, Austin, reappointed for three year term

Omaha iHardy, W# E., reappointed for three year term

12/8 507

12/20 555

9/19 246

7/26 75

8/12 1557/12 24

12/8 508

13/8 507

12/8 507

ij/s 39312/8 507

12/8 509

12/27 58212/8 508

12/8 5097/19 537/19 53

13/8 509

12/8 510

12/8 508

12/8 508

12/8 510

12/8 508

li/8 509

12/8 508

12/8 508

12/19 54612/8 50912/& 509


Directors, FRBranch banks: (Continued)Pittsburgh?

Humphrey, A. L., reappointed for three year term Portland:

Haller, Harry M., appointed for unexpired term Pease, Edward C., reappointed for two year term Straussj Nathan, resignation aooepted

Salt Lake City:Wright, G. G., reappointed for two year term

San Antonio:King, Riohard, appointed for three year term

Seattle:Provision of bylaws that one director reside outside of city

waived for term commencing Jan. 1, 1933 Temporary amendment to bylaws to make exception

during 1933Rhodes, Henry A., reappointed for two year term

Spokane *Easton, Stanly A., appointed for unexpired term MoGregor, Peter, reappointed for two year ta-m Toevs, G. I., advice of death of

Discount rates: (See Rates)Dividends:

Allegheny Trust Co., Pittsburgh, Pa., requested to reduce oreliminate until in more satisfactory condition

Baltimore Commercial Bank, Baltimore, Md., FRAgent to take updiscontinuance o£ with State Bank Commissioner

Crawford County Trust Co., Meadville, Pa., reduction or elimination because of •unsatisfactory condition suggested

Detroit Savings Bank, Detroit, Mich., reduction in ratesuggested because of condition

FRBanks, payment of regular semi-annual, approved Hibernia Bank and Trust Co., New Orleans, La., FRAgent to

discuss further payments with State Bank Commissioner

Manchester Trust Co., Conn., further payments to be discussedwith State Bank Commissioner

Mercantile Bank and Trust Co. of Texas, Dallas, Texas, furtherpayments to be discussed with State Bank Commissioner

National banks, revision in Form 2129 being made byComptroller of the Currency

Peoples-Pittsburgh Trust Co., Pittsburgh, Pa., furtherreduotion in quarterly rate suggested

State member banks, revised form of report and letter ofinstructions approved

Union Bank and Savings Co., Bellevue, Ohio, FRAgent to discussfurther payments with State Superintendent of Banks

Union Trust Co., Ellsworth, Me., cessation of paymentsrecommended until condition is improved

Suspension of payments to conserve earnings recommended Wachovia Bank and Trust Co., Winston-Salem, N. C., analysis

of examination report showing payment of unearned

12/8

12/8tyB12/8

1^8

12/8

50?Bio5lo5lo

510

51o

12/5 486

w * 50512/8 510

12/6 51012/8 5108/24 183

7/8 19

11/12 405

12/23 570

12/IS 54412/23 576

12/12 521

12/30 591

12/2 474

12/14 529

12/l2 405

12/14 529

12/2 471

10/6 29012/2 469


Dollar exchange:President and Directors of the Manhattan Co., lew York City,

permission to accept for creating Donations and membership dues being paid by FRBanks or branches,

letter to FRBanks for statement on Dow Chemical Co., solvency of Chemical State Savings Bank, Midland*

Mich*, dependent upon successful operation of Duncan, A. E.i (See Commercial Credit Co.)

Earnings and dividends reports of State member banks, revised formsand letter of instructions approved

Earnings and expenses reports of FRBanks, revision ofinstructions for preparation of

Economy Act» (See Legislation)Emergency Relief and Construction Acta (See Legislation)Empire China Company, inquiry on discounts to individuals, partner

ships, and corporations under amendment to sec* 13 of FRAct

Employees:FRBanks s (See FRBank of — - — )FRBoard: (See Staff of FRBoard)

Europe, financial conditions in various countries, Mr. Gardner tomake trip to obtain first-hand information

Examinations:Allegheny Trust Co., Pittsburgh, Pa., showing unsatisfactory

condition and own stock held as collateral Baden Bank, St. Louis, Mo., analysis of report, additional

information requested Baltimore Commercial Bank, Baltimore* Md«s analysis of report,

FRAgent to discuss with Bank Commissioner the discontinuance of dividend payments

Baltimore Trust Co., Baltimore, Md», analysis of report of,FRAgent to give close attention to situation

Bank of Dawson, Ga., analysis of report showing unsatisfactorycondition and shares of own stock held

Blanchard State Bank, Blanchard, Mich., analysis of report,additional information requested

Carthage National Exchange Bank, Carthage, N. Y., analysisof report in connection with application for fiduciary powers, action deferred

Chagrin Falls Banking Co., Chagrin Falls, Ohio, request foradditional information on certain matters referred to in report

Chase Bank:Mexico City office, letter to Mr. W, J. Evans with

authority to conduct Expenses of Mr. Evans to be paid by FRBank. and to be

reimbursed by FRBoard Voucher covering expenses sent to FRBank to be signed

and returned and payment to be forwarded when received from Chase Bank

11/21 445

10/26 365

7/l2 28

12/14 529

10/27 373

9/lS 241

l o / l l 332

7/8 19

13/21 441

ll/l2 405

7/26 77

13/l8 430

13/21 441

13/l4 528

12/2 470

lc/ll 323ll/l8 426

12/U 528


323

28471

441

Examinations: (Continued)Chase Bank: (Continued)

Paris office, letter to Mr. Karl E. Prickett on procedurefor oonduoting lo/ll

Chemical State Savings Bank, Midland, Mich., inadequatecapitalization revealed by analysis of report 7/12

Citizens State Bank, Marianna, Fla., unsatisfactory conditiondisclosed by analysis of report 12/2

Citizens State Bank, Sheboygan, Wis., analysis of report,additional information requested 1]/21

Continental Illinois Bank and Trust Co., Chicago, 111., reportin oonneotion with application for fiduciary powers for national bank after conversion lo/l3 335

Crawford County Trust Co., Meadville, Pa., analysis of reportshowing unsatisfactory condition IE/23 570

Dallas Bank and Trust Co., Dallas, Texas, analysis of reportshows holdings of most of capital stook of Dallas Title and Guaranty Co. which has notes seoured by stook of member bank 12/2 474

Detroit Savings Bank, Detroit, Mich., analysis of report discussed and reduotion in rate of dividends suggested 12/l9 544

Erie County Banking Co., Vermilion, Ohio, analysis of reportshows holding own stock as collateral to loans I0/6 300

Farmers and Merchants Bank, Sebewaing, Mich., condition asreflected in analysis of report 8/24 185

Farmers State Guaranty Bank, Valiant, Okla., analysis of reportshowing unsatisfactory condition 12/19 544

Fayette Bank and Trust Co., Connersville, Ind., disposal ofown stook now carried 1C/6 299

FRBank of Boston, report reoeived and letter to FRAgent toadvise of action taken on criticized praotices 9/l5 242

FRBank of Chicago, expenses of examiners of FRBank of Cleveland detailed to assist in, reimbursement approved ll/l2 409

FRBank of Cleveland, letter to FRAgent on matters disoussedwith officers of bank by examiners 8/31 195

Letter to FRAgent with further reference to exchange ofCanadian currency and other matters 10/6 512

FRBank of New York, expenses of employees of oertain FRBanksdetailed to assist in, ordered paid 8/10 138

Report as of June 18 W 19 252Letter from FRAgent on attention being given to comments

and suggestions of examiners IV*Holding of securities for Harding Memorial Association and

as trustee for bequest of former Governor . ^Strong questioned 11/&

Memo of Mr. Paulger on effort of FRBank to have Harding .Memorial Association account removed 12/°

FRBank of Richmond; FRAgent to advise of action on recommend- .at ions and criticisms of examiners v*

Attention given by FRBank to comments and suggestions of . 2,39examiners

FRBank of San Francisco, letter to FRAgent on comments and , ^73suggestions made by examiners in recent report °/} gjj

Letter on changes as result of comments of examiners W 6

30


Examinations s (Continued)FRBanks, letter to Mr# Paulger that at least one examination.

of each FRBank be made during 1933 First Central Trust Co., Akron, Ohio, report presented by

Mr* DeCamp and discussed Forney State Bank, Forney, Texas, analysis of report submitted

and action deferred on termination of membership

Greenwood Bank and Trust Co*, Greenwood, Miss*, analysis ofreport, letter on improvement in criticized matters

Guardian Trust Co., Cleveland, Ohio, report received by Mr.DeCamp and to be discussed with FRBoard

Analysis of report presented by Mr# DeCamp and copy ofreport to be forwarded

Report showing notes held in assets signed by GovernorFancher and Mr# DeCamp

Hibernia Bank and Trust Co., New Orleans, La., analysis ofreport, FRAgent and Governor of FRBank to aid bank to better its condition

International Acceptance Bank, Inc., in connection withapplication of Manhattan Co. for membership

Report of Mr# Paulger on examination now in progress Kentucky Title Trust Co., Louisville, Ky., efforts to correct

matters criticized in report Leesburg State Bank and Trust Co., Leesburg, Fla., analysis

of report showing unsatisfactory condition Manchester Trust Co., South Manchester, Conn., analysis of

report showing unsatisfactory condition Manhattan Co*, New York City, in connection with application

for membership Mr. James P# Warburg present at meeting of FRBoard to

discuss application for membership Report of Mr. Paulger on examination now in progress

Member banks in Richmond District, furnishing of informationof confidential sections of reports to Richmond Loan Agency of Reconstruction Finance Corporation

Mercantile Bank and Trust Co. of Texas, Dallas, Texas, analysis of report showing control of banking institutions through wholly owned subsidiary

Merchants Banking Trust Co*, Mahanoy City, Pa*, analysis ofreport showing irregularities

Park Savings Trust Co., Richmond Heights, Mo., report showinglosses creating impairment of capital stock

Peoples Bank, Bishopville, S, C., violation of conditions ofmembership indicated by analysis of report of

Peoples-Pittsburgh Trust Co., Pittsburgh, Pa., analysis ofreport showing own stock held as collateral to loans, need for reduction in dividend rate, etc.

Pigeon State Bank, Pigeon, Mich., analysis of report,corrective measures suggested to FRAgent

Report of national banks, proposed increase in chargeagainst FRBanks for copies of

Payment of increased fee until June 30, 1933, approved

12/23 566

10/26 343

11/2 380

12/2 473

10/ n 327

10/26 343

11/23 457

12/12 521

13/5 39213/21 442

13/2 382

13/2 382

12/30 591

ll/3 392

13/18 43213/21 442

lc/6 308

12/2 474

10/26 359

13/2 382

7/19 57

13/12 404

12/6 49513/16 ip A

422480


Examinations: (Continued)State member banks, lists of those not examined during 1932

to be furnished FRBoard Union Bank and Savings Co., Bellevue, Ohio, analysis of report,

FRAgent to discuss condition with State Superintendent of Banks

Union Trust Co., Ellsworth, Me., to be arranged by FRAgent andto be participated in by representative of his office

Wachovia Bank and Trust Co., Winston-Salem, N. C., analysisof report showing payment of unearned dividend s, etc *

W. B, Worthen Co., Bankers, Little Rook, Ark., analysis ofreport, additional information requested

Examiners:FRBank of Chioago:

Anderson, Ernest H., appointment and salary as assistant Pitman, Carol L., designation and salary approved

FRBank of Cleveland:Appointment of one additional, because of increased work,

FRBoard to entertain recommendation Expenses of those detailed to assist in examination of

FRBank of Chicago, reimbursement to FRBank to cover

Miller, James M., designation and salary approved FRBank of New York:

Healey, James W., designated Assistant Marsh, Spencer, Jr., designated Assistant Montmeat, Frank E., designated Assistant Stroeble, Donald S., designated Assistant

FRBank of Philadelphia:Algier, Edward L., designated special assistant Gerstenacker, George L., designated special assistant Harris, Earle W., designated special assistant Nelson, Henry J», designated special assistant Special Assistants, designation of eleven employees as

FRBank of San Francisco:Sargent, S. G., appointed Chief Examiner for FRBank Snow, G. A., appointed examiner for 1933 Sonne, H. A., appointed examiner for 1933 Swengel, H. D., appointed examiner for 1933

FRBoard:Brett, R. H., resignation ofBrown, Stuart L., appointed Assistant Examiner and

salary approved Chamberlin, R. B., transferred from field force to

Washington office Comley, L. C., resignation as Assistant FRExaminer Farrell, E. A., resignation as Assistant to acoept posit

ion with Reconstruction Finance Corporation Helriegel, Robert H., application for position, reply to

letter from Senator Davis on Highfield, Carroll R., appointment and salary as

Assistant FRExaminer

12/30 594

iz/z 471

12/2 469

13/12 521

11/21 441

10/6

1278

8/12 156

7/12 27

102 4097/26 75

I2/2 46212/2 462IS/2 46212/2 462

9/15 2289/15 22812/23 5629/15 22810/6 278

13/23 56312/23 56312/23 56312/23 563

l]/2 587

10/6 276

9/7 21313/2 387

7/29 88

12/2 461

9/7 214


Examiners: (Gout inued)FRBoard: (Continued)

Lee, Andrew W., appointed Assistant Examiner and salaryapproved

Leonard, R. F#, report on examination of trust departmentof Continental Illinois Bank and Trust Company, Chicago, 111.

Millard, Edwin R*, appointment and salary approvedPaulger, L. H.:

Directed to make at least one examination of each FRBank during 1933

Leave without pay while serving Reconstruction Finance Corporation extended to Sept* 30

Report on examination of trust department ofContinental Illinois Bank and Trust Co«, Chicago, 111*

Strahorn, Charles A*, appointed Assistant Examiner andsalary approved

National bank:Carter, A# B., files and future work relating to granting

of trust powers to national banks transferred to Division of Examinations

Prickett, Karl E», letter authorizing procedure forexamination of Paris office of Chase Bank

Taylor, William, report of examination of Guardian TrustCompany showing note held in assets signed by

Salaries:Baldridge, W« H*, as Chief Examiner for Ninth

FRDistrict Burk, Iysle S.Hecht, Louis C* W.Madland, L* L., as Chief Examiner for Twelfth

FRDistrict Patterson, Thomas C.Riemers, David Starr, Douglas 0*Underwood, Marvin L.Vandoren, William T.

State bank, to be furnished with FRBulletin free of chargefor 1933 if they desire it

Exchange charges on checks: (See Clearing and collection)Exhibit at Chicago Worlds Fair, reply to FRAgent at Chicago on

outline and placing of exhibit and letter to all FRAgents on appointment of oosnriittee

Appointment of Mr# H« G. Pett as chariman and other members ofcommittee appointed, and executive committee appointed

Report of Committee on nature of exhibit, appropriationrecommended by Conference of FRAgents but FRBoard opposed to visual exhibit, action deferred

Opinion of FRBoard that the proposed expenditure is notjustified and plans for exhibit to be abandoned

Pages

10/6 276

10/13 33611/23 453

12/23 566

8/9 136

10/13 336

lo/6 276

7/1 1

lo/ll 323

11/23 457

12/23 56310/26 348ll/l2 408

12/23 56312/2 4637/l9 5210/6 2778/3 1009/l9 246

ll/l6 420

7/20 71

8/24 187

10/16 420

11/23 458


Exhibit at Chioago Worlds Fair: (Continued)Letter to Chairman of FRAgents Conference that plans should be

abandoned and letter to Mr. Pett in appreciation for services to committee tqA

Express:Cash letters to be sent by, instead of by mail, oopies of cor

respondence between FRBank of Kansas City and a Post Offioe Inspector lo/gjj

Ruling of Seoond Assistant Postmaster General that thereis no objeotion to sending by express if not accompanied by letter ll/l? 41

Rates on shipments of currency, refusal of American Railway ^Express Company to reduce 9/^5 ^

Hph

Federal Advisory Council:Glass-Steagall Bill, resolution asking Congress to extend

provisions of Sec. 10(b) and Sec. S Consideration of question made special order for meeting

on Dec. 14Secretary to prepare and submit letters to Banking and

Currency Committees of Senate and House recommending extension for one year

Meeting to be held in Washington on Sept. 20, list of topicsrequested

Meeting on Nov. 18, request for topics for discussion Press statement given out after visit at White House in 1929,

not to be included in material furnished Mr. French Strother

Federal Home Loan Bank Act, interpretation of three year limitationon issuance of national bank notes tinder, to be referred to Attorney General

Representatives of FRBoard to meet with Attorney General,meeting arranged by Dr. Miller

Opinion of Attorney General to be published in FRBulletin Federal Intermediate Credit Banks:

Houston, permission to FRBank of Dallas to discount paperoffered by

Disoount of additional eligible paper approved Discount of additional eligible paper approved

Rediscount of paper of Regional Agricultural Credit Corporations: (See Regional Agricultural Credit Corporations)

Spokane, Wash., loans made to Eugene Fruit Growers Association,permission to United States National Bank, Eugene, Ore., to aot as trustee in connection with

FRAct, amendments to: (See Legislation)FRAgents:

Assistant:

13/5 488

13/12 524

12/14 532

8/12 1561C/26 367

9/2 205

8/10 146

8/12 1638/19 172

8/S 10213/16 41912/9 513

8/9 I®2

19/20Albertson, Ward, reappointed at FRBank of Atlanta nlm 5Anderson, J, B., reappointed at FRBank of Cleveland v>ho 556Bailey, F. M., reappointed at FRBank of Minneapolis ic/20 ^Bailey, L. H., reappointed Acting at FRBank of St. Louis


FRAgents: (Continued)As s i stant: (Continued)

Diercks, W. R., appointed to suooeed Mr. Recknagel,referred to Mr. Paulger for recoinmendation 12/27 583

Dillistin, William H., reappointed at FRBank of New York 12/20 556Downs, Herbert S., reappointed at FRBank of Mew York 12/20 556Evans, W* J., reappointed at FRBank of Dallas for 1933 12/20 557

(See also FRBank of Dallas, Staff)Fletcher, W. H#, reappointed at FRBank of Cleveland 12/30 596Fry, J* G., reappointed at FRBank of Richmond for 1933 12/20 556Gettemy, Charles F., reappointed at FRBank of Boston 12/20 556Hall, C« C., reappointed at FRBank of Dallas for 1933 12/20 557 Hazzard, L. S., reappointed Alternate Acting at Helena

Branch 12/20 556 Heineoke, Fred, reappointed Alternate Acting at Helena

Branch 12/20 556Hibbard, A. T., reappointed Acting at Helena Branch 12/20 556Hill, Ernest C., reappointed at FRBank of Philadelphia 12/20 556Honeycutt, R. L., reappointed Acting at Charlotte Branch 12/20 556 Johnson, R. G., temporary reappointment as Acting at

Cincinnati Branch 12/30 596Maguire, F. P., reappointed Acting at FRBank of St. Louis 12/20 556McAdams, A. M., reappointed at FRBank of Kansas City 12/20 557Mosher, C. L., reappointed at FRBank of Minneapolis 12/20 556 Nolte, W* H., temporary reappointment as Acting at

Pittsburgh Branch 12/30 596Post, Arthur E#J reappointed at FRBank of Philadelphia 12/20 556 Powell, Oliver S., reappointed to act as Alternate for

FRAgent and Assistant FRAgents at FRBank ofMinneapolis 12/20 566

Prugh, George A., reappointed at FRBank of Chicago 12/20 556Recknagel, W. C., resignation at Detroit Branch 12/5 487

Charge of participation in shortages in accounts oftwo employees being investigated 12/5 487

Rehfuss, J. Frank, reappointed at FRBank of Philadelphia 12/20 556 Rhodes, H. H«, reappointed Acting at FRBank of Kansas

City for 1933 12/20 567Roelse, H, V*, designated Acting for balance of year 8/5 101

Bond of 8/l9 166Sargent, S. G#> reappointed at FRBank of San Francisco 12/20 557 Schelling, Carl, reappointed at FRBank of Chicago to act

for FRAgent in receipt and delivery of FRnotes 12/20 556Schutz, Henry, reappointed Acting at Baltimore Branch 12/20 556Shepherd, R. L., reappointed Acting at FRBank of Richmond li/20 556Stewart, C* M., reappointed at FRBank of St* Louis 12/20 556Wheeler, 0. P., reappointed at FRBank of San Francisco 12/20 557Young, C. S., reappointed at FRBank of Chicago for 1933 12/20 556

Austin, Richard L., redesignated at FRBank of Philadelphia 12/8 507 Present at meeting of FRBoard to discuss organization of

Main Line Trust Co., Ardmore, Pa** and holding of stock by Pennsylvania Company forInsurances on Lives and Granting Annuities 12/19 546

Case, J. H., redesignated at FRBank of New York 12/8 506Curtiss, Frederic H., redesignated at FRBank of Boston 12/8 506


FRAgents: (Continued)DeCamp, Georget (See FRBank of Cleveland, Staff)Designations for 1933, made special order of business for

meeting on date to be fixed by Governor Hoxton, W. W., redesignated FRAgent at FRBank of Richmond McClure, M» L», redesignated FRAgent at FRBank of Kansas City Mitchell, John R.:

Bond ofLeave for ten days or two weeks approved Redesignated at FRBank of Minneapolis for 1933

Newton, Isaao B., redesignated at FRBank of San Francisoo Newton, Oscar, redesignated FRBank of Atlanta for 1933 Stevens, Eugene M., redesignated at FRBank of Chicago Walsh, C. C., redesignated at FRBank of Dallas Wood, John S., FRBank of St. Louis:

Leave of absenoe from Sept. 22 to 30 approved Redesignated for 1933

FRBank of Atlanta:Attorneys fees in connection with indebtedness of L. A. Boyd

and C. £• Dorsey, payment authorized Bankers blanket bond, reply to Deputy Governor Johns on

custody ofCharge offs authorized in connection with oloBing of books at

end of 1932Cheoks and drafts received from collectors of internal revenue,

etc., and drawn on nonmember banks, request for Treasury ruling on deduotion of two cent tax

Circular of FRBoard on discounts to individuals, corporations,e t c . , re is s u e d as c i r c u l a r o f FRBank

Cubtody o f su b sid ia ry s i l v e r and m inor c o in f o r acco u n t ofTreasurer of United States to be held jointly by FRBank and FRAgent

Directors: (See Directors)Rates: (See Rates)Salaries of employees, deorease in aggregate voted by directory

plan to be considered when adjustments are presented

Shofner, Howard B., Attorney, payment of fee for servicesapproved

Staff:Albertson, Ward, reappointed Assistant FRAgent for 1933 Bell, M. W., appointed member of committee to arrange for

exhibit at Chicago Worlds Fair Newton, Oscar, redesignated FRAgent for 1933

Stook: (See Stook)Visit of Governor Meyer to, report on

FRBank of Boston:Charge offs authorized in connection with closing of books at

end of 1932 Directors: (See Direotors)Examination report of, and FRAgent to advise FRBoard on action

taken on criticized practices Expenses of Banking Industrial Committee of District

paid byPersonnel classification plan, change creating "Custodian for

Reconstruction Finance Corporation Department" with new positions

i $ s

1 I

W n8/3lS/812/8W 8W e12/8

38oloo509510507508509

j /l5 227 l2/ 8 508

9/15 238

11/2 385

12/23 577

7/7 14

8/12 160

9/15 238

12/11 529

12/15 538

12/20 556

8/24 187

12/8 507

12/5 490

12/23 ill

9/15 242

9/21 260


FRBank of Boston: (Continued)Rates: (See Rates)Staff*

Curtiss, Frederic H«, redesignated FRAgent for 1933 lg /s 506Employees detailed to assist in examination of FRBank of

Hew York, expenses ordered paid 8/l0 138Gettemy, Charles F., appointed member of committee to

arrange for exhibit at Chicago World Fair 8/24 187Reappointed Assistant FRAgent for 1933 12/20 556

Stock: (See Stock)Stockholders meeting, reimbursement of member banks for

travel expenses of one representative Survey on extent of demand for loans under recent amendment

to Sec. 13 of FRAct, reply that continuing weekly surveys are desired

FRBank of Chioago:Banking and Industrial Committee of District, expenses to be

met and employees assigned by FRBank Charge offs authorized in connection with closing of books at

end of 1932 Directors: (See Directors)Examination, expenses of examiners detailed by FRBank of Cleve

land to assist in, reimbursement approved Interdistrict time schedule, changes in time from Chicago to

San Francisco and Los Angeles Obligations of United States as security for FRnotes, authority

to exceed margin fixed for limited time during emergency

Rates: (See Rates)Reserve deficiencies of banks of shorter duration than six

consecutive months need not be reported unless circumstances warrant

Sale of $20,000,000 of Government securities purchased duringrecent banking disturbance, effect of

Report from FRBank of New York of request from FRBank ofChicago to purchase $20,000,000 of securities for its account

Share-the-work plan involving reductions in salaries and additional temporary employees approved

Staff:Anderson, Ernest H., appointment and salary as assistant

examinerBlair, John H., to resign as Deputy Governor because of

ill healthPett, H* G., appointment as chairman of committee to

arrange for exhibit at Chicago World Fair Letter of appreciation for services in developing plan,

and committee abandoned Pitman, Carol L*, designation and salary as examiner

approvedPrugh, George A., reappointed Assistant FRAgent for 1933 Sohaller, George J., proposed appointment as Deputy

Governor, FRBoard inclined to approve salary but objection raised as to holding of stock in member bank

lo /6 279

8/3 112

i c / i i 322

12/23 577

l ] / l 2 409

11/2 384

7 /1 6

11/21 439

9 /7 221

9 /8 225

12/27 583

iq /6 278

12/27 585

d/24 187

12/2 481

8/12 15512/20 556


FRBank of Chicago: (Continued)Staff: (Continued)

Schaller, George J*t (Continued)Advice from Governor McDougal that Mr* Sohaller will

sever connection with national bank and dispose of stook holdings before entering upon duties 12/30 ss«

Schelling, Carl, reappointed to act for FRAgent in receiptand delivery of FRnotes 1^/20 55.

Stevens( E. M«:Note signed by, and held by Continental National Co.,

secured by shares of Continental Illinois Bank and Trust Co., which he is not allowed to hold while he is Class C Director 12/19 sgj

Redesignated FRAgent for 1933 lz/s 503Thomas, David H., appointment and salary as special

colleotion agent in Failed Banks Division 8/3 102Young, C. S., reappointed Assistant FRAgent for 1933 12/20 566

Stock: (See Stook)Visit of Governor Meyer to, report on 12/5 490

FRBank of Cleveland:Charge offs authorized in connection with closing of books at

end of 1932 12/23 577Checks for whioh actual payment has net been received due to

closing of drawee bank, etc., to discontinue practice of requiring protest of 7/l 5

Directors: (See Directors)Examination report, letter to FRAgent on matters disoussed with

officers of bank by examiners S/Sl 196Letter to FRAgenb with further reference to exchange of

Canadian currency and other matters 10/®Personnel classification plan, Mr. DeCamp to furnish detailed

information on extra employees for work of , ^Banking and Industrial Committee l(y 2 6

Rate8: (See Rates)Rediscount of paper of nonmember banks offered through member

banks, applications to be considered when .received

Share-the-work plan providing for reductions in salaries and .addition of temporary employees approved 12/J*5

Staff:Anderson, J, B., appointed member of committee to arrange . jgy

for exhibit at Chicago World Fair fati 5®®Reappointed Assistant FRAgent for 1933

Banking and Industrial Committee of District, letter fromMT. DeCamp on employment of extra people for , g 416 work of IV

DeCamp, George, to meet with FRBoard to disouss situation > . 327in Cleveland and Akron * '

Present at meeting of Exeoutive Committee of FRBoard and discussion of condition.’, of Guardian Trust Co. and other banks, and also extra employees for work of Banking and Industrial Committee

Examination report of Guardian Trust Co. shows note inassets signed by, requested to oome to Washing- '.fa ton to meet with Committee on District No. 4 U ^

Report of meeting with CommitteeDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FRBank of Cleveland: (Continued)Staff: (Continued)

DeCamp# George: (Continued)Recommendation of committee against reappointment,

Mr. Williams to be invited to meet with FRBoard to discuss matter

Meeting of Mr. L. B. Williams with FRBoard to discuss indebtedness and reappointment of

Report of Governor Meyer on further discussion ofreappointment with Mr# Williams, and desire of Mr# Williams for time to consider matter

Mr# Williams confined to home by illness and to meet with FRBoard later on appointment of FRAgent

Mr. Williams not able to attend meeting this weekbut will arrange to be at meeting on Tuesday of the next week

Mr# Williams present at meeting of FRBoard and recommendation on reappointment and subsequent resignation of Mr# DeCamp submitted and approved

Report from Mr# Williams that Mr# DeCamp had agreed to procedure suggested* then reappointed Class C Director and redesignated FRAgent

Employees detailed to assist in examination of FRBank ofNew York, expenses ordered paid

Examiner, appointment of one additional because ofincreased work favored

Examiners detailed to assist in examination of FRBank ofChicago, reimbursement to FRBank to cover expenses

Fancher, E# R., Governor, report of examination of Guardian Trust Co., shows note in assets signed by

Indebtedness to member banks discussed by Mr. L# B, Williams

Again discussed by Mr# Williams and to be fully investigated and presented to Directors for action

Fleming, M# J#, termination of services with ReconstructionFinance Corporation and full time now given to FRBank

Fletcher, W* H., reappointed Assistant FRAgent for 1933 Hauck, Harry K., temporarily appointed Office Manager for

Share-the-Work movement, Mr# Decamp to furnish detailed information

Salary payments already made approved but future payments still under consideration

Salary further considered and action deferred Report of Governor on discussion with Mr. L. B.

Williams and further report to be made after discussion with Mr# Williams on Friday

Martin, Earle E«, temporarily appointed Publicity Managerfor Banking and Industrial Committee, Mr.DeCemp to furnish detailed information

Salary payments already made approved but future payments still under consideration

Salary further considered and approved

13/5 491

12/8 492

12/6 499

12/14 532

12/14 541

12/20 557

12/30 596

8/10 138

7/12 27

11/12 409

11/23 457

12/6 493

12/20 559

12/20 55412/30 596

10/26 344

11/12 415ll/l6 423

11/23 456

10/26 344

11/12 41511/16 423


FRBank of Cleveland: (Continued)Staffi (Continued)

Miller, James M., designation as examiner and salaryapproved

Zurlinden, F. J*, Deputy Governor, indebtedness to UnionTrust Co. discussed with Mr. L. B. Williams

Again discussed by Mr. Williams and to be fully investigated and reported to Directors

Stocks (See Stock)Tax on firearms, sales to FRBank not exempt from

FRBank of Dallas:Bank of Brazil to be put on mailing list for public statements

but not to be furnished with copy of bylaws of FRBank

Charge offs authorized in connection with closing of books atend of 1932

Directors: (See Directors)Federal Intermediate Credit Bank of Houston, permission to

discount paper offered by Permission to discount additional paper in amount stated Discount of additional eligible paper approved

Operating economies, minutes of meeting of directors showingresults of efforts to obtain

Personnel classification plan, change to provide for newposition of "Assistant Custodian11 in Reconstruction Finance Corporation Department

Rates: (See Rates)Share-the-work plan involving reduction in salaries of officers

and employees and employment of temporary employees approved

Staff: ........Chambers, R, S., salary as special representative in

Insolvent Banks Department approved Clouse, J# Floyd, salary as special representative in

Insolvent Banks Department approved Edwards, L. C., appointment and salary as special represent

ative in Insolvent Banks Department Evans, W. J.:

Appointed member of committee to arrange for exhibit at Chicago World Fair

Authority to conduct examination of Mexico City office of Chase Bank

Expenses in connection with examination to bepaid by FRBank and reimbursement to be made by FRBoard

Voucher covering expenses sent to FRBank to besigned and returned and payment to be forwarded when received from Chase Bank

Reappointed Assistant FRAgent for 1933 Hall, C. C., reappointed Assistant FRAgent for 1933 Horton, A., appointment and salary as special represent

ative in Insolvent Banks Department McKinney, B. A., Governor, visit to branches of FRBank,

member and nonmember banks of district during his vacation in August, report on

Walsh, C. C., redesignated FRAgent

Pl

7/26 75

1 ^ 6 493

12/20 S59

10/26 361

7/1 6

12/23 577

8/3 10213/16 41912/9 sis

9/19 248

10/11 320

12/SO 589

8/19 167

10/26 349

13/12 409

8/24 187

lo /ll 323

13/18 426

I 2/14 52812/20 55712/20 557

10/6 279

9/19 248— A

12/& 500


FRBank of Dallas: (Continued)Staff: (Continued)

Webber, G* T., appointment and salary as special representative in Insolvent Banks Department lo/6 279

Stock: (See Stook)Transfer of oertain counties in Oklahoma to Kansas City

Distriot opposed lo/6 312Visit of Governor Meyer to, report on 12/5 490

FRBank of Kansas City:Cash letters, sending by express instead of mail, corres

pondence Y-rith Post Office Inspector on 10/26 365 Ruling of Second Assistant Postmaster General that there

is no objection to sending by express if not acoompanied by letter l]/l2 412

Charge offs authorized in connection with closing of books atead of 1932 12/23 577

Directors: (See Directors)Personnel classification plan:

Auditing Department, change creating new position in 8/19 167Fiscal Agent-Reconstruction Finance Corporation Department,

changes creating new positions in 8/l9 166Loans, Rediscounts, and Acceptances Department, change to

provide for new position in 9/21 259Progressive penalties for continued deficiencies in reserves,

letter on discontinuing assessment of lo/6 310Assessment to be discontinued effective Oct* 1 lo/6 310Action amended to include deficiencies occurring after

Sept* 1, 1932 13/12 404Rates: (See Rates)Salaries of officers and employees, resolution of directors

on adjustment of, plan to be submitted to FRBoard 12/30 590

Share-the-work plan not favored by directors at present time 12/30 590 Staff: ; •

McAdams, A* M., reappointed Assistant FRAgent for 1933 12/20 557 McClure, M. L.f redesignated FRAgent for 1933 12/8 509Rhodes, H* H», reappointed Acting Assistant FRAgent for

1933 12/20 557Stock: (See Stock)Transfer of certain counties in Oklahoma from Dallas Distriot

opposed lo /s 312Visit of Governor Meyer to, report on 12/5 490

FRBank c£ Minneapolis:Bylaws, draft approved with suggested changes and FRBoard to

be advised when approved by directors 7/7 16Charge offs authorized in connection with closing of books at

end of 1932 12/23 577Directors: (See Directors)Rates: (See Rates)Rediscounts for individuals, corporations, etc#, reply to

letter on commitments to renew or extend 8/9 129Staff: f w

Bailey, F, M., reappointed Assistant FRAgent for 1933 12/20 556


556

407490

SOS

577

FRBank of Minneapolis: (Continued)Staff: (Continued)

Mitchell, John R.:Bond of wLeave for ten days or two weeks approved 3j0Redesignated FRAgent for 1933 loo

Mosher, C. L., reappointed Assistant FRAgent for 1933 w . BogPowell* 0. S., appointed member of committee to arrange ®56

for exhibit at Chioago World Fair and also on executive committee q/-.

Reappointed to act as alternate for FRAgent and 187Assistant FRAgents 12/26

Stook: (See Stock)Tax anticipation notes, request for ruling on purchase direct

from issuing municipality ll/l2Visit of Governor Meyer to, report on 12/5

FRBank of New York:Acoount opened in name of Banco Central del Ecuador, Quito,

Ecuador I2/8Charge offB authorized in connection with closing of books at

end of 1932 12/23Deposit with Dank for International Settlements, advice of

further withdrawal from 7/7 9Directors: (See Directors)Examination of:

Expenses of employees of certain FRBanks detailed to assistin, ordered paid 8/l0 158

Report, letter to FRAgent to bring it to attention ofdirectors 9/l9 252

Letter from FRAgent on attention being given to commentsand suggestions of examiners ll/2 384

Holding of securities for Harding Memorial Associationand as trustee for bequest of former Governor Strong questioned 13/2 584

Memo of Mr* Paulger on effort of FRBank to have HardingMemorial Association acoount removed l<y8 506

Fees to Jenkins, Deyo and Hitohcock, Esqs., for services inprosecution of preferred claims against State Bank of Binghamton and E, C, Brewer Co. V* ^

Furlough plan for officers and employees with reduction in pay,disapproved

Gold to be placed at disposal of Bank of England against amountto be earmarked for FRBank and to be shipped as soon as possible 12/12

Manner of showing in weekly statement of oondition of . ,FRBank, memo of Mr. Smead on lSy25

Loans to individuals, partnerships, and corporations, reportto FRBoard to cover all formal applications not granted and all informal applications not considered acceptable

Personnel classification plan:Creation of three new positions of "Typist" approved Credit Department, temporary assignment of employees as . ^

occasion requires, approved '"Reconstruction Finance Corporation Section" with fifteen . jq

new positions, change creating ”•

7/29 96

8/12 159

7/29


FRBank of New Yorks (Continued)Rates: (See Rates)Schedules covering advances under Sec* 10(b) and loans to

individuals, etc., submitted to FRBoard, to submit revised sheets because of notation as collateral security for FRnotes lo/6 307

Share-the-work plan outlined to FRBoard by Dr# Burgess lo/ll 330Plan submitted and salary payments to temporary

employees approved ll/l2 413Report of Mr« Burgess on plan and permission to engage

additional employees for temporary period 12/6 497Staff:

Burgess, W. R*, present at meeting of FRBoard to discussproposed share-the-work plan at FRBank

Case, Everett N., appointment and salary in making studyof credit situation in district, action deferred

Governor Meyer to discuss appointment with Governor Harrison on account of family relationships

Case, J# H., redesignated FRAgent for 1933 Cheseldine, R. M., appointment as research statistician

on temporary basis and salary approved Davis, Horman P., employment and salary as special

investigator in connection with loans under recent amendment to FRAct, Governor Meyer authorized to approve

Salary approved Dillistin, William H., reappointed Assistant FRAgent Downs, Herbert S., appointed member of committee to

arrange for exhibit at Chicago World Fair Reappointed Assistant FRAgent for 1933

Ferguson, George W,, leave of absence in addition toannual leave approved

Furlough plan for officers and employees with reduction inpay, disapproved

Healey, James W., designated assistant FRBank examiner Lee, Elliott H., to be employed on temporary basis in

handling applications for loans to individuals, etc., salary approved

Marsh, Spencer, Jr., designated assistant FRBank examiner Moon, Dr. Harold R., resignation as physician at bank Montmeat, Frank E., designated assistant FRBank examiner Muns, Dr. Walden E., increase in salary during time of

increased attendance at bank until successor to Dr. Moon is appointed

Roelse, H. V«, designated Acting Assistant FRAgent forbalance of year

Bond ofRounds, L. R., present at meeting of FRBoard and activit

ies of Committee on Branch, Group, and Chain Banking reviewed

Stroeble, Donald S., designated assistant FRBank examiner Stock: (See Stock)

lo/ll 330

8/19 176

8/24 190li/8 506

10/6 277

7/29 908/4 11712/20 556

8/24 18712/20 556

7/26 74

7/29 9612/2 462

8/5 10112/Z 46212/30 58812/2 462

Otowr-H 588

8/3 1018/19 165

11/5 39012/2 462


8/48/9

H5127

8/12 148

8/12 153

8/19 172

l</23 577

Pa?>FRBank of Philadelphia; jgH

Building, expenses of additions and alterations favored butfee to United Engineer® and Constructors for supervision not favored

Request of Mr# Sewall for hearing on proposed plans Mr* Sewall present at meeting of Executive Committee and

discussion of employment of United Engineers and Constructors

Mr. Sewall and Mr. Robinson present at meeting of FRBoardand budget for building approved except proposed fee for supervision

Revised budget with item for clerk of the works in place offee to United Engineers and Constructors approved


Directors; (See Directors)Rates: (See Rates)Share-the-work plan submitted, Secretary of FRBoard to discuss

with FRAgent the inequities in salarydeductions ll/l2 414

Report of Secretary on discussion with FRAgent , salaryreductions submitted through error and revised plan to be submitted ll/l6 423

Revised plan submitted and to be approved when approvedby executive committee of bank 11/23 456

Plan approved as modified and salary payments totemporary employees approved 12/2 461

Staff:Algier, Edward L., designated as special assistant to

examiners Austin, R# L.s

Present at meeting of FRBoard to discuss organization of Main Line Trust Co«, Ardmore, Pa«, and holding of stock by Pennsylvania Company for Insurances on Lives and Granting Annuities

Reappointed FRAgent for 1933 Brittain, James M*, Counsel, present at meeting of FRBoard

to discuss organization of Main Line Trust Co Ardmore, Pa,, and holding of stock by member bank

Employees detailed to assist in examination of FRBank ofMew York, expenses ordered paid

Examiners, designation of eleven employees as specialassistants to

Gerstenacker, George L», designated as special assistantto examiners

Harris, Earle W#, designation as special assistant toexaminers

Nelson, Henry J*, designated as special assistant toexaminers

Norris, Geo. W.:Present at meeting of FRBoard to discuss appropriation

for proposed addition to bank building

•»

9/lS 228

12/19 54612/8 507

12/19 546

8/10 138

10/6 278

9/15 228

12/23 562

9/lS 228

8/4 116


FRBank of Philadelphia: (Continued)Staffs (Continued)

Norris, Geo. W.s (Continued)Present at meeting of FRBoard to discuss indebtedness

of banks in Atlantio City to FRBank and acquisition of stock in bank at Ardmore, Pa., by State member banks, etc. 12/l5 534

Statement giving views on resolution of Conference of Governors and FRAgents that wages and salaries should not be reduced at this time 12/l4 531

Post, Arthur E*, appointed member of committee to arrangefor exhibit at Chicago World Fair and also on executive committee

Reappointed Assistant FRAgent for 1933 Rehfuss, J# Frank, reappointed Acting Assistant FRAgent

Stock: (See Stock)FRBank of Richmond:

Advance of additional capital to certain concerns in HighPoint, N. C., to avoid losses on paper acquired from national bank now in receivership

Baker, Newton D., fees for services in court cases: (SeeBaker)


Directors: (See Directors)Examination report, FRAgent to advise as to action on rec

ommendations and criticisms of examiners Attention given by FRBank to comments and suggestions

of examinersExamination reports of member banks, furnishing of confidential

sections to Richmond Loan Agency of Reconstruction Finance Corporation

Lucas v., decision of Circuit Court of Appeals to be publishedin FRBulletin

Personnel classification plan, change creating ReconstructionFinance Corporation-Custodian Department" with ten positions

Progressive penalties for oontinued deficiencies in reserves,letter on discontinuing assessment of

Penalty rate discontinued Rates: (See Rates)Salaries of officers and employees, plan of directors for ten

per cent reduction, disapproved Committee opposed to horizontal reduction and to recommend

some economies in special oases Plan for saving $73,000 for 1933 to be considered by

FRBoard when details are presentedStaff:

Employees detailed to assist in examination of FRBank ofNew York, expenses ordered paid

Fry, J. G., reappointed Assistant FRAgent for 1933 Hoxton, W. W., reappointed FRAgent for 1933 Shepherd, R# L., reappointed Acting Assistant FRAgent

Stook: (See Stock)

8/24 18712/20 55612/20 556

9/7 218

12/23 577

7/l2 30

8/10 139

10/6 308

7/7 14

12/19 543

10/6 310lc/26 362

7/29 97

13/12 416

12/20 554

8/10 15812/20 5561 /8 50712/20 556


12/23 577

FRBeuok of St* Louis tCharge offs authorized in oozmeotion with olosing of hooks at

end of 1932 Directors: (See Direotors)Personnel classification plan, change creating new positions

because of work handled for Re construction Finance Corporation

Change transferring "Clerk” from Transfer-Telegraph Department to Transit Department

Rates: (See Rates)Salaries of offioers and employees, resolution of direotors

that they can find no reason for alteringStaff:

Bailey, L. E., reappointed Acting Assistant FRAgent Maguire, F. P., reappointed Acting Assistant FRAgent Stewart, C. M., reappointed Assistant FRAgent for 1933 Vardeman, J. K*, Jr., temporary employment as Manager of

Direct Loan Department reported after termination of services

Wood, John S.:Leave of absence from Sept. 22 to 30 approved Redesignated FRAgent for 1933

Stook: (See Stock)Visit of Governor Meyer to, report on

FRBank of San Francisco:Banks suspended under local moratorium, method of reporting Bylaws of brandies, amendment to eliminate requirement that

one director reside outside of branch territory suggested


Currency depots established at Boise and Twin Falls, Idaho fortemporary period

Directors: (See Directors)Examination report, letter to FRAgent on comments and suggest

ions made by examiners Letter on adjustments and changes as result of comments of

examinersInterdistrict time schedule, changes in time from Chicago to

San Francisco and Los Angeles Personnel classification plan, revised plan submitted as Form

A approved Rates: (See Rates)Share-the-work plan involving reductions in salaries and

temporary employment of additional people ,approved IV®'

Staff:Clerk, Ira, present at meeting of FRBoard and activities

7/19 53

9/15 228

12/14 530

12/20 55612/20 55612/20 556

11/12 408

9/15 22712/8 508

12/5 490

11/12 404

12/8 504

13/23 577

10/6 511

8/19 173

10/6 312

ll/2 384

9/19 251

of Committee on Branch, Group, and Chain 590

12/S 12/2'

/ 'Snow, G. A., appointed examiner for 1933 12/23

Banking reviewed Yifb

IS/21Chief Examiner for 1933, appointment as 12/23 563

Newton, Isaac B., reappointed FRAgent for 1933 /on 55?Sargent, S. G., reappointed Assistant FRAgent for 1933 12/23 ^5

Sonne, H. A., appointed examiner for 1933 o/23 565Swengel, H. D., appointed examiner for 1933 ‘


FRBank of San Francisco: (Continued)Staff: (Continued)

Wheeler, 0* P., appointed member of committee to arrangefor exhibit at Chicago World Fair 8/24 187

Reappointed Assistant FRAgent for 1933 12/20 557Stock: (See Stock)

FRBanks:Charge offs and additions to reserves in connection with

closing of books at end of 1932 12/23 576Dividends, payment of regular semi-annual approved 12/23 576Directors: (See Directors)Earnings and expense reports, revision of instructions for

preparation of lo/27 373Examination of, letter to Mr. Paulger that at least one be

made at each FRBank during 1933 12/23 566Expenditures for educational and welfare work, donations,

membership dues, etc#, letter to all Governors on lo /26 365

Franchise taxes, no objection to Comptroller General beingfurnished with account current of receipts from ll/2 385

Insurance, group life policies of officers and employees: (SeeInsurance)

Leaves of absence in excess of thirty days on account of sickness, new procedure for reviewing and monthly reports now unnecessary 12/5 487

Rates: (See Rates)Salaries of officers and employees, recommendation of FRBank

of Richmond for general reduction disapproved 7/29 97 Resolution adopted by Conference of FRAgents and Governors

opposing reduction at this time 1 /5 489Statement of Governor Norris giving views on resolution 12/l4 531

Stock: (See Stock, FRBank)FRBoard:

Account in name of W* M. Imlay as Fiscal Agent, certificate ofGeneral Accounting Office that it had been examined and settled in full 9/7 214

Budget, transfer of portion to other divisions because oftransfer of employees 7/l3 38

Division of Examinations, transfer of files and all futurework relating to granting of fiduciary powers to national banks to ?/l 2

Gold Settlement Section to operate as usual on Deo* 24 and 31 12/23 561 Holidays, Christmas and New Years, offices to be closed on Dec.

24, 25, and 26, and Dec* 31 and Jan, 1 and 2 12/23 561Members:

Hamlin, C« S«s ^Amendment to section 13 of FRAct to make paper of

individuals,and corporations eligible for discount at FRBanks, discussed with Senator Glass 7/l2 32

Method of adoption of amendment protested bymembers of FRBoard, probable rules and regulations to be discussed with Governors 7/l3 40

Attendance at regular meeting of Executive Committee ofFRBank of New York 7/7 9


ids

392

264

275

FRBoard: (Continued)Memb ers: (Continued)

Hamlin, C. S.: (Continued)Attitude toward salary reductions involved in share-

the-work plans at FRBanks ll/l2 1.1Executive Committee, to serve as member during fourth 4lS

quarter 1q/ 6Power of Congress to require all State banks to became ®

members of FRSystem, proposed advice to Senator Glass on ig/e

Stook acquired in other banking institutions by State member banks, right of FRBoard to refuse permission or approval 1]A

Visit to FRBanks of Philadelphia, New York and Boston,advice of expected §/zi

Magee, W. W.:Executive Committee, to serve as member during fourth

quarter Iq/qMeyeri Eugene:

Report on visits at FRBanks of Atlanta, Dallas, KansasCity, Minneapolis, Chioago, and St. Louis lz/b 499

Miller, A. C.;Committee on Branch, Group, and Chain Banking, motion

that additional expense is not justified and that oommittee be discharged 12/12 625

Policy in granting permits under Clayton Act, writtenstatement on 12/9 514

Requested to advise President of the United States of the Board’s disapproval of proposed amendment to FRAot to make paper of individuals, and corporations eligible for discount at FRBanks 7/12 32

Report of Mr. Miller on conversation with President, method of adoption of amendment protested by FRBoard 7/lS 40

(See also Legislation)Statement explaining vote on application of George F.

Getz to serve interlocking directorates 10/5 271Quarters, Shoreham Building, amount of space calculated and

verified and monthly rental approved 8/9 13®Rulings: (See Rulings)Rulings of Comptroller General on questions arising under .

recent Economy Act, memo of Counsel on effect 8/10 I44 Staff: (See Staff of FRBoard)Statement8 published during 1928 and 1929 indicating policy

toward credit conditions, request of Mr. French Strother for copies of

FRBulletin:Amendment to World War Adjusted Compensation Act, with revised

Regulation G and regulations of Veterans Administration to be published

Branoh banking situation in Virginia and ruling on funds heldfor Collector of Internal Revenue not subject , ^9 to reserve requirements, publication of

Certificates of deposit payable to other banks within thirtydays, ruling on classification by member banks ^as demand deposits, publication of

9/2 205

8 / 3 1 193


FRBulletin: (Continued)Copies for 1928 and 1929 to be furnished to Mr* French

Strother as indicating the policy of the FRBoard toward credit conditions 9/2 205

Luoas it. FRBank of Richmond, decision of Circuit Court ofAppeals to be published in 7/7 14

National bank notes issued under provisions of Federal HomeLoan Bank Act, opinion of Attorney General to be published in 8/l9 172

Ruling on eligibility of warehouse receipts securing bankersacceptances issued by Lawrence Warehouse Company for rediscount, letter to FRAgents on publication of lo/e 307

State bank examiners to receive free of charge during 1933if they desire it ll/l6 420

Federal Reserve Life Insurance Co. of Kansas City, reply to F. G*Buckstaff that it is not a member of FRSystem 12/l9 545

FRnotessAudit of reserve stock of incomplete held by Bureau of Engrav

ing and Printing, Kenneth R. Iverson designated to represent FRBoard 7/1 3

Collateral securing, letter to Mr. Douglas with letter toCommittee on Banking and Currency of Senate on S.547, to amend sec. 16 of FRAct 8/24 188

Cost of printing, ruling of Comptroller General of the UnitedStates that reduction cannot be made because of savings under Economy Act 8/31 199

Previous decision affirmed, letter to FRBanks that cost forfiscal year 1933 will be at rate of $90»50 per thousand sheets 9/21 261

Margin fixed for FRBank of Chicago in pledging obligations ofthe United States as security for, authority to exceed margin for limited time during emergency

Margin fixed for pledging Government securities as collateralfor exceeded and Mr. Smead to suggest to Mr.Burgess that FRBank of New York purchase securities from other FRBanks 10/27 370

Plan opposed by Mr. Burgess and no action considerednecessary at present 11/2 386

Paper securing loans to individuals,etc., as collateralsecurity for, revised schedules to be submitted by FRBank of New York because of notations lp/6 307

Fiduciary powers:American National Bank, Beaumont, Texas, certificate to

exercise trust powers granted to constituent national banks 7/l9 58

American National Bank of Klamath Falls, Ore., advice thatState Superintendent of Banks had terminated exercise of W7 216

American National Bank, St* Joseph, Mo., application forsupplemental powers approved 8/9 130

7/1


Fiduciary powers: (Continued)American National Bank and Trust Co., Eau Claire, Wis.,

application approved, effective when authorized to commence business

Anglo California National Bank of San Francisco, Calif#, certificate of right to exercise under new title

Authority of trust officer of national bank to withdraw securities pledged with trust department and substitute other securities, etc., request of Minneapolis attorneys for ruling

Carthage National Exchange Bank, Carthage, N. Y., no action onapplication for full powers until examination shows improved condition

Reply to request of Mr# H# E« Machold that FRBoard expediteaction on application and letter to FRAgent on advice to applicants of status of applications

Action again deferred and to be considered when unsatisfactory conditions are corrected

City National Bank, Lansing, Mich., certificate of surrender of,approved

City National Bank and Trust Co., Chicago, 111#, applicationapproved effective when authorized to commence business

City National Bank and Trust Co#, Oklahoma City, Okla#, application for supplementary powers approved

Commercial National Bank in Shreveport, La#, applicationapproved with special conditions

Continental-Illinois National Bank and Trust Co., Chicago, 111.,application after conversion from State member bank, action deferred until after examination to be participated in by examiners of FRBoard

Examination report considered and application approvedupon conversion

Exchange National Bank, Columbia, Mo., application forsupplemental powers approved

Farmers National Bank, Glasgow, Ky., action on application forsupplemental powers to await next report of examination, now exercising certain powers without authority

Letter to FRAgent on application and on proposed plan toorganize new bank to take over present bank

Files and future work relating to granting to national banks,transfer to Division of Examinations

First and Merchants National Bank, Radford, Va., certificateof authority to exercise powers granted to constituent national banks

First Blair County National Bank, Tyrone, Pa#, certificate ofauthority to exercise powers granted to constituent national banks

First City National Bank, Floresville, Texas, certificate ofauthority to exercise powers granted to bonstituent bank

First National Bank in Bartlesville, Okla., application forsupplemental powers

Action on application for additional powers deferredDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fiduciary powers: (Continued)First National Bank in Bartlesville, Okla.: (Continued)

Application for general power approved Criticism contained in examination report with regard to

investment of trust funds, referred to Comptroller of Currency

First National Bank-Detroit, Detroit, Mich., certificate ofauthority to exercise powers previously granted to First Wayne National Bank

First National Bank of Eugene, Ore., request for permission toact as depositary for bondholders committees

Application for supplementary powers approved First National Bank, Kemmerer, Tfyo., application for supple

mentary powers approved First National Bank of Kenmore, N. Y., certificate of sur

render of right to exercise First National Bank in Mamaroneck, N. Y., application disap

proved because of unsatisfactory condition First National Bank, Morganton, N. C., application approved First National Bank of Neenah, Wis#, application for general

fiduciary powers approved First National Bank, Plainfield, N. J., certificate of author

ity to exercise powers previously granted to constituent national banks

First National Bank, Port Arthur, Texas, application forsupplementary powers approved

First National Bank of Rockville Centre, N. Y., procedure forrelease of bonds deposited in operation of trust department

First National Bank of Savanna, 111*, application for supplemental powers approved

First National Bank, Seguin, Texas, application approved First National Bank, Shreveport, La., application for

supplementary powers approved First National Bank in Sioux City, Iowa, application approved First National Bank of Spartanburg, S. C., reply to Mr. Brice

on securities used as collateral for trust funds awaiting investment

First National Bank, Woodstown, N. J#, application approvedeffective upon increase in capital

First-Stroudsburg National Bank, Stroudsburg, Pa., certificateto exercise powers granted to constituent national banks

Gloucester National Bank of Gloucester, Mass., action on application for full powers to await report of examination and recommendation of FRAgent

Action again deferred, letter to Comptroller of Currencyto make recommendation after another examination

Action on application deferred Grundy County National Bank, Morris, 111., certificate of

surrender ofIllinois National Bank and Trust Co., Rockford, 111., permit

will be issued if conversion is effected within sixty days with paid-in capital stated

12/8 503

12/8 504

10/26 3548/9 132

13/21 438

8/3 108

8/9 133

CO ro 1858/3 107

9/7 216

13/18 429

7/20 67

7/19 59

8/9 1318/l9 170

8/3 1087/19 60

10/6 296

11/23 454

1 0 / 6 296

8/3 107

13/18 42713/6 497

13/12 522


Fiduciary powersi (Continued)Investment of trust funds in certificates of participation in

real estate mortgage pools by national banks in Pennsylvania

Jefferson Bank and Trust Co., St. Louis, Mo., no objection toexercise of power® granted to

Market Street National Bank, Philadelphia, Pa., applicationfor supplemental powers approved

Merohants National Bank in Plattsburg, N. Y., condition thatoapital aocount be increased within one year not to be insisted upon at present

Letter to Aoting Comptroller of the Currency for adviceas to steps to be taken by his office as result of latest examination of bank

Stock not increased as requirement for permission toexercise, letter to Acting Comptroller of Currency on impaired capital

Midland National Bank and Trust Co., Minneapolis, Minn., application for supplementary powers approved

Morganfield National Bank, Morganfield, Ky., application forsupplementary powers approved

Newton National Bank, Newton, Iowa, application approved Nyaok National Bank and Trust Co., Nyack, N. Y., certificate

authorizing exeroise of trust powers under new title

Pacific State Bank of South Bend, Wash., establishment oftrust department approved

Peoples National Bank, Parkersburg, W. Va., permission toexercise trusts taken over from other bank, full permission to await next examination

Peoples National Bank, Warrensburg, Mo., application approved Planters National Bank in Fredericksburg, Va., approval of ap

plication recommended by Comptroller of Currency, letter to FRBank of Richmond to resubmit to executive committee for new recommendation

Application approved Rawlins National Bank, Rawlins, Wyo., application for

supplemental powers approved Reoonmendations of FRAgents, letter to FRAgent at New York on

advice to applicants of status of applications Sixth National Bank, Philadelphia, Pa., certificate of

surrender of right to exeroise State-National Bank of Peru, 111., action on application

deferred until after next examination Request of Cashier that no further action on application

be takenTerre Haute First National Bank, Terre Haute, Ind., certificate

of authority to exeroise powers granted to constituent; banks

Third National Bank of Rockford, 111., application for supplemental powers, recommendation of FRBank that action be deferred, FRBoard favors approval

Application for general powers approved Union National Bank, Bartlesville, Okla., action on appli

cation deferred until after next examination

CO >

r-f 5018/3 10912/23 566

8/3 107

10/26 353

12/2 4708/4 1199/15 236lC/6 295

7/19 58

7/12 30

7/8 198/9 130

7/7 137/19 59

8/9 131

10/6 297

12/2 465

8/4 119

10/6 295

12/2 465

8/l» 1698/24 186

8/19 170


Fiduc iary powerss (Continued)Union National Bank, Bartlesville, Okla.: (Continued)

Application denied because of unsatisfactory conditionof bank and inexperience of officers

Union National Bank, Cadiz, Ohio, certificate of surrenderof right to exercise

United States National Bank, Eugene, Ore., permission to actas trustee in connection with loans

United States National Bank of Johnstown, Pa., applicationmade in contemplation of absorption of three State institutions, action deferred

Approval of application not recommended by FRAgent United States National Bank of McMinnville, Ore., advice

that State Superintendent of Banks had terminated exercise of

Vancouver National Bank of Vancouver, Wash., application forsupplementary powers not approved

Finance companies:Automobile, suggestion that law be amended to make paper

eligible for rediscount Rediscount of paper of, reply to Mr# Woodward on statement

released by National Association of Finance Companies on eligibility of

Financial statement, question of requiring in connection witheligibility of paper offered for rediscount by the Van Camp Milk Co., Inc.

Firearms, sales to FRBank of Cleveland not exempt from tax onForeign banking corporations:

Chase Bank:Agency in Chinatown section of New York City, establish

ment approved under certain conditions Mexico City Office, letter to Mr. W. J. Evans with author

ity to conduct examination Expenses of Mr. Evans to be paid by FRBank and to be

reimbursed by FRBoard Voucher covering expenses sent to FRBank to be signed

and returned and payment to be forwarded when received from Chase Bank

Paris Office, letter to Mr. Karl E. Prickett onexamination of

French American Banking Corporation;Duran, Paul, elected director to replace Maurice Silvester

International Acceptance Bank, Inc., examination in connectionwith application of Manhattan Co. for membership

Mr. James P. Warburg, present at meeting of Board todiscuss application for membership

Report of Mr. Paulger on examination now in progress Organized under Sec. 25(a) of FRAct, inquiry of H. J. Watchorn

if they can do both commercial and investment banking abroad

Foreign banks:Austrian National Bank, renewal of participation in credit by

FRBank of New York Advice of renewal of credit by all participants

47

Pages

12/23 568

10/26 353

8/9 132

9/21 25812/8 501

9/7 216

7/7 13

12/30 594

9/15 239

7/26 7910/26 369

12/15 539

l o / l l 323

1 3 /l8 426

IS /14 528

l o / l l 323

7/19 61

l l /3 392

11/18 4321V21 442

7/1 5

7/l2 257/l3 57


Foreign banks: (Continued)Austrian National Bank: (Continued)

Credit again to be renewed for not over three months onsame terms and conditions lo/n

Banco Central del Ecuador, Quito, Ecuador, account opened by 325FRBank of New York for ****

Bank of Brazil, to be put on mailing list for public state- ®0BmentB of FRBank of Dallas but not to be furnished with copy of bylaws

Bank of England:Depreciation of sterling balanoe carried by FRBanks with,

authority to each FRBank to charge off its share

Norman, Governor, visit to this country, reference of Mr.Hamlin to reported conferences with officials of FRSystam

Request that FRBank of New York place $95,550,000 in goldat their disposal against equivalent amount to be earmarked for FRBank and to be shipped as soon as possible

Maimer of showing in weekly statement of condition of FRBanks, memo of Mr. Smead on

German Reichsbank, renewal of participation of FRBank of NewYork in credit for not over three months

Renewal of participation in credit to, letter 6f GovernorHarrison on request for reduction in interest rate and on partial repayment

Telegram from Mr. Crane on conditions of renewal Hungarian National Bank, renewal of participation in credit

by FRBank of New York Renewal of credit agreed to by all participants except

National Bank of Roumania Renewal of credit agreed to by National Bank of Roumania

and credit renewed in full Credit again to be renewed for not over three months on

same terms and conditions National Bank of Roumania, renewal of credit to Hungarian

National Bank agreed to by all participants exoept

Renewal of credit agreed to by National Bank of Roumaniaand credit renewed in full

Foreign branches: (See Branch banks, foreign)Forms:

Bonds for use by FRAgents and Assistants, revision of Earnings and dividends reports of State member banks, revised

form and letter of instructions approved 105, condition report, revision approved

Letter to FRAgents transmitting revised definitions andsupplemental schedules

2129, earnings and dividends reports of national banks to berevised by Comptroller of the Currency

St. 6170, report of member banks borrowing 80 per cent or moreof time, revision of

Fox, Mrs. Charles P., Montgomery County, Pa., file of papers returned with advice that they relate to administration of estates and are in jurisdiction of , g52 oourts of Pennsylvania '

7/1 5 ]

13/23 577 j

9/lB 243

12/12 525 |

12/23 575 j

8/31 198

12/2 478 I12/14 531 1

7/l2 25 I

7/26 76 I

8/24 186

lo /ll 324

7/26 76

8/24 186

10/27 373

12/14 529

12/2 482

12/23 575 1

r- >

1—1 529 1

9/15 239


Fur loughs, administrative, reply to Mr. Babcock for informationon granting of

.tGf|

General Accounting Office, certificate that account of W. M*Imlay as Fiscal Agent had been examined and settled in full

Glass Bills (See Legislation)Glass, Senator Carter;

Unified commercial banking system, constitutional method ofbringing about, prepared at request of

Gold*Cuban gold coin, proposed exchange by Havana Agency with

Cuban Treasury of currency for Contract between FRBank of Atlanta and Republic of Cuba

for credit in New York City, and coin to be repurchased by Cuba

FRBank of New York requested to place at disposal of Bank ofEngland against equivalent amount to be earmarked for FRBank and to be shipped as soon as possible

Manner of showing in weekly statement of condition ofFRBanks, memo of Mr. Smead on

Government obligations:Maturity of notes of member banks offered through another

member bank and secured by, interpretation of ruling on

Purchase of: (See Open market operations)Governors Conferences: (See Conferences, Governors)Grading service, commercial, of Bureau of Agricultural Economics,

extension to include canned fruits and vegetables

Circular letter to Chairmen and Governors of all FRBanks ongrading and inspection work conducted by Bureau

Great Britain: (See Foreign banks, Bank of England)Greenough, Charles W*, inquiry on rediscount by FRBanks of muni

cipal warrants with no definite maturity date

i iHafner, Henry, letter on charge imposed by State Trust Compazy of

North Tonawanda, 1. Y., for collection of Postal money order

Haid, Paul L., request for ruling on eligibility for rediscount ofnotes given in payment for premiums for insurance

Harding Memorial Association, propriety of holding securities byFRBank of New York for

Memorandum of Mr. Paulger on efforts of FRBank to haveaccount removed

Hearings:First State Bank, Lorenzo, Texas, on forfeiture of membership

because of continued deficient reserves

Pages

12/23 574

9 /7 214

12/6 498

10/26 362

13/15 540

12/12 525

12/23 575

8/19 174

10/6 305

12/2 480

12/30 593

13/12 410

12/23 574

13/2 384

12/8 506


Hearings! (Continued)First State Bank, Lorenzo, Texas: (Continued)

Date of hearing changed and revised letters forwarded Report of appearance of representative of bank before

FRAgent at Dallas, action deferred and bank to have opportunity to comply with conditions

Helriegel, Robert H., application for position as examiner, replyto letter from Senator James J. Davis on

High Point, N. C., advanoe of additional capital to certain concerns in, by FRBank of Richmond to avoid losses on paper acquired from bank now in receivership 9/7 «

Holidays:Christmas and New Years, offices of FRBoard to be closed on

Dec. 24, 25, 26, and 31 and Jan. 1 and 2 13/23 55,II t H

8/3 log

iq/e 89412/2 461

9/15 244

Institute of Scrap Iron and Steel, Inc., letter from DirectorGeneral on commodities considered merchantableand discountable by FRBoard I0/6 302

Insurance:Group life at FRBanks on lives of officers or employees

retired because of disability or incapacity, revision of procedure to be referred to committee of Governors Conference 7/7 15

Reply to letter from Governor Calkins that matter has beensubmitted to Insurance Committee 7/20 69

Premiums, notes given in payment for, ruling that they areeligible for rediscount 12/23 574

Self, at FRBanks, authority to certain banks to set up andmake additions to 12/23 577

Interlocking directorates:Applications approved:

Adams, Norman I.Bank of America National Trust and Savings Association

and the Bank of Anerica, both of San Francisco,Calif., permission to officers and employees of each bank to serve the other bank 12/2

Berry- W. H. ffl? RBorden, John C. IffiS *J6Calder, E. C«, subject to reconsideration /15 844Cooper, Henry E. y} yjDaly, A. J. |i| 388 Dawes, Henry M.de Bretteville, A. ylS $Failey, Robert B. 270Getz, George F,, subject to reconsideration in/26 ^Gribbel, John, subject to reconsideration ..yo 476Hale, P. C. 316Hazlewood, Craig B, in/ll ^Jones, E. S. 368Machen, H. Li ,0/2 |||1Miller, Laurence M. in /ll ^Odin, 0. H.


Interlocking directorates: (Continued)Applications approved: (Continued)

Owen, Vernon G»Perkins, Thomas N.McCumber, Sidney S., subject to further consideration Meisenhelder, Samuel B.Moore, Guy W.Raspin, I. Smith Ryan, John D.Stephenson, Sam Stone, Charles A,Sweet, C. fit Talbot, W. LeMar Warner, Rawleigh Washburn, W. 0*Wheeler, Harry A.Wilder, A. B»Wilkin, H. R.Wright, A. M.Zander, P. 9g

Applications disapproved:Boettcher, 0# K#

Miscellaneous:Bodine, William W., request for more detailed information

on application Dorrance, Arthur C., letter to FRAgent for more detailed

information on application Ford, George R., new permit not necessary but relations

to be severed when conditions in Toledo permit Fuller, Lynn G., letter to FRAgent on unauthorized service

of two institutions Fuller, Rathburn, new permit not necessary but relations

to be severed when conditions in Toledo permit Keller, Albert N#, action deferred until matter of holding

of stock of Mercantile Commerce National Bank by Mercantile Commerce Bank and Trust Co. is settled

Macho Id, H. Edmund, letter to FRAgent for full informationas to facts on application

MacNichol, G. P., Jr., new permit not necessary butrelations to be severed when conditions in Toledo permit

Mather, Gordon N., new permit not necessary but relationsto be severed when conditions in Toledo permit

Reynolds, H* S., new permit not necessary but relations tobe severed when conditions in Toledo permit

Tydings, Millard E*, criticism of First National Bank ofAberdeen, Md., for not having copy of permit in files, letter to Acting Comptroller of Currency on practice of FRBoard

Vanderbilt, Cornelius, new permit not neoessary becausebanks covered by previous permit

Policy and procedure in granting permits under Clayton Act,topio for discussion at Conference of FRAgents

12/2 4848/3 114

10/27 37410/6 31510/6 316

8/12 1639/21 264

12/2 48312/2 483

7/12 358/3 114

1]/12 4069/15 245

l o / l l 32910/26 36812/30 599

9/21 264l o / l l 329

10/27 371

12/2 476

l ] / 2 378

12/30 592

l l / 2 378

12/30 592

lc /2 7 372

l l /2 377

12/30 592

13/30 592

12/30 592

11/12 407

10/26 360

9/21 263


Interlocking directorates: (Continued)Polioy and procedure: (Continued)

Letter to Mr* Curtiss on discussion by Conference ofCounsel of FRBanks w - . '1 M

Copies of memoranda of Counsel on administration of Clay-ton Act sent to all FRAgents xi/2

Polioy in granting permits, work to be done by Counsel'sOffice in assembling information, made special order for meeting on Deo. 9 igu

Memo of Counsel presented and discussed and written statement presented by Mr. Miller, action deferred 12/9

460514

ft Ttt

Jenkins, Deyo and Hitchcock, Esqs., payment of fees for servicesin prosecution of preferred claims against State Bank of Binghamton and E. C. Brewer Co. 7/7 12

tit/* 11K'

Kalamazoo Bancshares, Inc., letter to FRAgent at Chicago on assistance to Bank of Kalamazoo which it owns 12/30 592

• it h

Lausanne Conference: (See Resolutions)Lawrence Warehouse Company:

Warehouse receipts covering lumber issued by, as security forloans to New Mexioo Lumber and Timber Co. 13/2 383

Warehouse receipts securing bankers acceptances drawn tofinance storage of readily marketable staples, not eligible for rediscount under conditions stated 10/6 «»

L. C. Smith and Corona Typewriters, Inc., advance by FRBank of NewYork under recent amendment to FRAct approved

League of Nations, to convoke conference on Monetary and EconomicQuestions, Dr. Goldenweiser to represent FRBoard on informal working committee

Leather, statistics of the Tanners Council, request for information ^on

Leaves of absence in excess of thirty days on acoount of sicknessat FRBank8, new procedure for reviewing by !c 0FRBoard and monthly reports now unnecessary

Legislation:Adjusted service certificates, rediscount of notes secured by,

Regulation G revised to comply with recent /.« 142amendment to law hi ^

Publication in FRBulletin authorized Congressional service of Corporation Trust Co., subscription u $

approved '

3.2/27

a /io

11/2 2

12/5

Economy Act of June 30, 1932:W M

FRBoard, memo of Assistant Counsel on application of P &provisions to .

Effect of rulings of Comptroller General on FRBoard, aq memo of Counsel on JDigitized for FRASER


Legislation: (Continued)Economy Act of June 30, 1932; (Continued)

FRnotes, ruling of Comptroller General that reduction incost of printing cannot be made beoause of savings under 8/31 199

Previous decision affirmed, letter to FRBanks on 9/2I 261Emergency Relief and Construction Act, letter from President of

the United States that FRBanks should at once undertake direct rediscounts under authority provided in 7/26 80

Reply to President presented and approved 8/l0 v141Federal Home Loan Bank Act, interpretation of three year

limitation on issuance of national bank notes under, to be referred to Attorney General 8/l0 146

Representatives of FRBoard to meet with Attorney General,meeting arranged by Dr, Miller 8/l2 163

Opinion of Attorney General to be published in FRBulletin 8/l9 172 Glass Bill, letters to Governors and FRAgents for suggestions

on provisions of 11/12 411Glass-Steagall Bill, resolution of Federal Advisory Council

asking Congress to extend provisions of 12/5 488Consideration of question made special order for meeting

on Dec* 14 12/12 524Secretary to prepare and submit letters to Banking and

Currency Committees of Senate and House recommending extension for one year 12/14 532

H. R, 9642, proposed amendment to Sec* 13 of FRAot to makepaper of individuals and corporations eligible for discount at FRBanks, opposed by FRBoard and Mr, Miller to express disapproval to President 7/l2 32

Report of Mr. Miller on conversation with President,method of adoption protested by members of FRBoard, probable rules and regulations to be discussed with Governors 7/l3 40

Analysis of amendment and preliminary draft of regulationsubmitted by Counsel, Mr* Hamlin to communicate with Mr* Glass on change in amendment 7/l3 42

Amendment discussed by Governor with Open Market PolicyConference 7/l4 45

Amendment discussed at Conference of Governors 7/l6 49FRBanks to make survey of demand for loans which would be

made under this amendment to FRAct 7/l9 64Circular letter to FRBanks on requirements of law and

procedure under amendment to FRAct, approved as amended 7/26 81-86

S* 546, to amend Sec* 13 of FRAot on advances to member bankson promissory notes, letter to Mr, Douglas on 8/24 188

S* 547, to amend Sec* 16 of FRAct on collateral securingFRnotes, letter to Mr* Douglas with letter to Committee on Banking and Currency of Senate* 8/24 188

S, 4779, providing for use of silver as security for FRnotes,opposed by FRBoard 7/26 78

Unified system of banking under national supervision, opinionof General Counsel on constitutionality of plan providing for I2/6 498


LA/CUiU •

Advance of additional capital to certain concerns in HighPoint, N. C., by FRBank of Richmond to avoid losses on paper acquired from bank now in receivership 9/7

Advances under Secs. 10(a) and 10(b) of FRAct, informationrequested by Senator Walsh for use in speech 7/19

Advances under Sec* 10(b) of FRActj JAggregate of all advances made should not exceed amounts

authorized 9/15 jnAmerican Bank and Trust Co., New Orleans, La., extension

in reduced amount approved lo /ll 3igContinuance of advanoe in reduced amount approved 12/12 518

Atlanta National Bank, Atlanta, N. Y., application approved 7/l9 54 Application for additional advance approved 8/3 I03Renewal of advance approved lo/l3 334Application for additional advance approved 10/26 34$Renewal of advance approved 11/2 375Application for additional advanoe approved 11/22 451

Bank of Depew, N. Y., application approved 7/l9 54New advance approved, to cover existing advance and

addition 10/6 282Renewal of advance approved 12/23 564

Citizens National Bank, New Brunswick, N. J., applicationapproved 12/30 588

Commercial National Bank, Philadelphia, Pa., applicationapproved 12/2 464

Cornwall National Bank, Cornwall, N. Y., applicationapproved 7/12 26

Renewal in reduced amount approved 10/11 817Farmers National Bank, Theresa, N. Y., renewal of advance

approved 8/24 181Renewal of advance for ninety days approved 11/18 425

First National Bank, Altamont, N. Y., application approved 1^20 555First National Bank in Avon-by-the-Sea, N. J., application

approved 12/27 580First National Bank of Bolivar, N. Y., renewal of advanoe

approved 8/31 19Renewal of advance approved 12/2

First National Bank, Carteret, N. J., application approved 7/7 First National Bank of Commerce, Tarpon Springs, Fla.,

application approved First National Bank, Croton-on-Hudson, N. Y., application

approved ' 1 M . . |g| 1

10/26 547

■ IFirst National Bank, Darby, Pa*, application approved W r ^4First National Bank, Fort Myers, Fla., application approved 10/First National Bank, Lindenhurst, N. Y., application , ^

approved 11/First National Bank in Mamaroneok, N. Y., renewal of , ^18/24

1 1 1

First National Bank, Ogden, Utah, application approved

advance approved 10/26 ^

Additional advanoe approved ^

Application for additional advanoe approved M HiRenewal of advances in reduced amount approved ill


Loans s (Continued)Advances under Sec. 10(b) of FRAct*. (Continued)

First National Bank, Salt Lake City, Utah, applicationapproved

First National Bank and Trust Co. in Orlando, Fla.,renewal approved

Franklin Washington Trust Co., Newark, N# J*, renewal ofadvance in reduced amount approved

Renewal of advance in reduced amount and additional advance approved

Gavitt National Bank, Lyons, N. Y., renewal in reducedamount approved

Georgia Savings Bank and Trust Co., of Atlanta, Ga*,other collateral to be substituted for bonds of corporation affiliated with foreign corporation

Advance to be continued without demand for payment Renewal of advance for sixty days approved Additional advance approved

Glass-Steagall Bill, resolution asking Congress to extendprovisions of Sec. 10(b) and Sec. 3

Consideration of question made special order for meeting on Dec. 14

Secretary to prepare and submit letters to Banking and Currency Committeessof Senate and House recommending extension for one year

Haledon National Bank, Haledon, 1* J., applicationapproved

Jefferson Trust Co., Hoboken, N. J., renewal of advancein reduced amount approved

Additional advance approved Renewal of advance in reduced amount approved

Labor National Bank, Patterson, N. J., application approved Additional advance approved Renewal of advance in reduced amount approved Additional advance approved Renewal of advance in reduced amount approved

Larchmont National Bank and Trust Co., Larchmont, N. Y.,application approved

Lincoln National Bank, Newark, N. J., renewal in reducedamount approved

Renewal in reduced amount approved Additional advance approved

Merchants National Bank, Mobile, Ala., application approved Amount of advance reduced because of collateral

offeredExtension of advance for sixty days approved

National Bank of Commerce, Lorain, Ohio, renewal forthirty days approved

Old National Bank and Union Trust Co., Spokane, Wash.,application approved

Authority amended to increase amount of advance New advance approved and present advanoes to be

retired

9/7 212

12/23 666

9/7 212

12/12 518

9/21 255

8/3 1119/15 229

12/6 49812/23 565

12/5 488

12/12 524

12/14 532

12/30 587

9/7 21111/12 395I 2/5 485

7/29 92I0 /6 28211/2 376ls /2 46412/23 564

8/24 182

9/15 22912/12 51712/30 587

9 /l5 230

9/15 230l J /9 512

7/7 11

8/9 126l l / l 2 396

11/12 597


Loans; (Continued)Advances under See. 10(b) of FRAct: (Continued)

Pelham National Bank, Pelham, N. Y., application approved Additional advance approved

Peoples Bank and Trust Co., Passaic, N. J., applicationapproved

Renewal of advance in reduced amount approved Peoples National Bank, Newark, N. J., application approved Peoples National Bank, Sou]thbridge, Mass., authority-

extended Authority extended to July 29 Authority extended to Aug. 12 Authority extended to Aug. 26 Authority extended to Sept. 9 Authority extended to Sept. 23 Authority extended for thirty days Authority extended for thirty days Advance to be continued and additional advance

authorizedPerth Amboy National Bank, Perth Amboy, N. J., application

approvedQuincy Trust Co., Quincy, Mass., authority extended

Authority extended to July 29 Authority extended to Aug. 12 Authority extended to Aug. 26 Authority extended to Sept. 9 Authority extended to Sept. 23 Authority amended to not exceed $500,000 Authority extended for thirty days Advance repaid and authority to make new advance for

thirty daysRahway Trust Co., Rahway, N. J., application approved Salt Springs National Bank, Syracuse, N. Y., application

approvedPrevious advance liquidated and application for advance

for ninety days approved New advance in amount of $150,000 for ninety days

approvedRenewal of advance of $50,000 approved

Southside National Bank and Trust Co., Newark, N. J.,application approved

Worcester Bank and Trust Co., Worcester, Mass., authorityextended

Authority extended to July 29 Authority extended to Aug. 12

Erie County Banking Co., Vermilion, Ohio, examination reportshows one secured by ten shares of own stook and one in excess of limitations prescribed by State law

Feeder, rediscount rate established by FRBank of Minneapolisat seven per cent until loans are turned over to Regional Agricultural Credit Corporation

FRBank of Philadelphia, indebtedness of member banks in Atlantic City, N. J., discussed by Governor Norris

10/2613/22

10/6S/12

7/26

8/31

10/612/30

7/29

7/17/29

347450

7A 2 2r1j/l1 318

7/29 gj

1/1 j7/19 Si7/29 908/12 1548/31 I949/8 225

10/6 28010/26 34513/23 4587/7 107/1 ?7/l9 537/29 908/l2 1548/SI 1939/8 2249/15 221I0/6 280

281154

76

194

285586

91

25590

10/6

9/19

12/15

300


Loans s (Continued)FRBank of Richmond, right to advance additional capital to cer

tain conoerns in High Point to avoid losses on paper acquired from bank now in receivership

Individuals, partnerships, and corporations:Amendment to FRAct proposed to make paper eligible for

discount at FRBanks, opposed by FRBoard, Mr. Miller to express disapproval to President

Report of Mr. Miller on conversation with President, method of adoption protested by members of FRBoard, probable rules and regulations to be discussed with Governors

Analysis of amendment and preliminary draft of regulation submitted by Counsel, Mr, Hamlin to communicate with Senator Glass on change in amendment

Amendment discussed by Governor with Open Market Policy Conference

Amendment discussed at Conference of Governors FRBanks to make survey of demand for loans which would

be made under this amendment to FRAot Circular letter to FRBanks on requirements of law and

procedure under recent amendment to FRAct Circular of FRBoard reissued by FRBank of Atlanta

under their name Empire China Co., letter to Secretary to President on

reply to Mr. Boeck of FRBank of Minneapolis, reply on commitments to renew or

extendFRBanks should at once undertake direct rediscounts under

authority provided in relief bill, letter from President of the United States on

Reply to President presented and approved H. T. Cushman Manufacturing Co., North Bennington, Vt.,

advance approved Information to be included in daily condition telegrams

and manner of showing in weekly press statement

L. C. Smith and Corona Typewriters, Inc., advance byFRBank of New York approved

Mississippi Cotton Seed Products Co., application fordirect loans up to limit from FRBanks of St. Louis and Atlanta

Paper to be otherwise secured than by endorsement andguaranties, letter to FRBank of New York on

Report of FRBank of Boston on extent of demand for Report by FRBank of New York to cover all formal appli

cations not granted and all informal applications not considered acceptable

Revised schedules to be submitted by FRBank of New Yorkbecause of notation on use as collateral security for FRnotes

Scaramelli and Co., Inc., and S. Shuffs Sons, Inc., letterto FRBank of New York that suoh loans be otherwise secured than by endorsement and guaranty

9/7 218

7/12 32

7/13 40

7/13 42

7/14 457/15 49

7/19 64

7/26 81-86

8/12 160

9/15 241

8/9 129

7/26 808 /l0 141

13/12 398

8 /9 128

12/27 581

9/19 249

10/26 3618/3 112

8/12 159

10/6 307

iq/26 361Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

61

Loans t (Continued)Individuals, partnerships, and corporations: (Continued)

Sessions Clock Co., ’orestville, Conn., advance under Sec.13 of FRAct as amended, approved , '

Weekly FRBank statement, manner of showing discounts in St|Iyeoming Trust Co., Williamsport, Pa., reserves must be main- lgg

tained against collateral certificates issued to customers as evidence of amounts paid to company to seoure 7 a

New Mexico Lumber and Timber Co., warehouse receipts coveringlumber issued by Lawrence Warehouse Co. as security for iv/g

United States Treasury to banks, reply to letter from Mr. H. R. 83Straight that figures apply to discounts of FRBanks for member banks 8/3

Wilmington Trust Co., Wilmington, Del., to officers and employ-ees for purchase of stock of bank, plans forelimination of 9/21 257

Looation of bank, change contemplated by State Bank of Revere,Minn., to Walnut Grove, Minn. 7/1 |

Loughborough, Stuart F«, request through Senator Smoot forinformation on statements made by Mr. MoFadden, and reply 12/2 479

Lucas v. FRBank of Richmond, decision of Circuit Court of Appealsto be published in FRBulletin 7/7 14

"M"

Mail, surcharges on registered shipments of, letter to Governorsof all FRBanks to consider changes in present practices 9/l5 241

MoFadden, Congressman Louis, no material prepared for answeringremarks contained in speech by 12/2 479

Member banks:Borrowing for 80 per cent or more of time during twelve month

period, revision of Form St. 6170 reporting 9/15 239 National banks: (See National banks)State member banks: (See State member banks)

Membership in FRSystem:Bank of Manhattan Co., New York City, plan of reorganization

including application for membership, FRAgent's department to participate in examination to . ,look into holdings of stock of other banks j

Application in connection with proposed reorganization ofManhattan Co. and affiliated organizations, . ^conditions discussed with Mr. James P. Warburg lV*

Application approved as President and Directors of theManhattan Co., New York City, upon merger of . ^ Bank of Manhattan Trust Co. into

Berks County Trust Co., Reading, Pa., action on applicationdeferred pending receipt of report of exam- , 39Iination and recommendation of FRAgent 7/1 2 3®

Burke State Bank, Burke, S. Dak., application approved 'Center Moriches Bank, Center Moriches, N. Y., application 400

approved 0Citizens State Bank of Dalhart, Texas, application approved •


Membership in FRSystem: (Continued)Eden State Bank, Eden, Texas, application approved Fanners and Merchants Bank, Huron, S, Dak,, application

approvedFarmers and Merchants Bank Co., Smithville, Ohio, application

not to be approved and withdrawal of application suggested to avoid adverse action

Farmers Bank of Clinch Valley, Tazewell, Va., applicationapproved

Extension of ten days in time for admission to membershipapproved

Guaranty-Plaza Trust Co., St. Louis, Mo., application approved Inability of bank to complete condition of membership, Mr.

James and Mr. Pole to carry on discussions with FRAgent and Chief National Bank Examiner and make recommendations

Mr. von Windegger present at Board meeting to discusscondition of membership and condition amended to provide for guaranty by directors

Extension of thirty days in which to complete arrangementsfor membership

Desire to modify condition on guarantee of directors topurchase bond depreciation

Further amendment to condition No. 3 and form of agreementto be approved by counsel

Lock Haven Trust Co., Lock Haven, Pa., action on applicationdeferred pending receipt of examination report

Application approved Manhattan Co.: (See supra Bank of Manhattan Co.)Mortgage loan business, applications of banks engaging in, not

to be approvedNeptune Bank and Trust Co., Neptune, N. J., advised to xequest

that no action be taken on application until correction of unsatisfactory condition

President and Directors of Manhattan Co.: (See supra Bank ofManhattan Co.)

Steuben Trust Co., Hornell, N. Y., no further action on application until condition of bank is improved

Summit Trust Co., Summit", N. J., application presented anddiscussed and ownership of controlling interest in mortgage company questioned, no action taken at request of president of company

Wahoo State Bank, Wahoo, Nebr., application approved Mercantile Securities Corporation, control of banking institutions

in Texas by Mercantile Bank and Trust Company of Texas through

Miami, Fla., exchange charges made by member banks for cashing out-of-town checks of depositors and non-depositors

Michigan, State member banks in hands of custodians not entitledto vote in election of Class A and B directors of FRBank of Chicago

Mississippi Cotton Seed Products Co., applications for direct loansup to limit from FRBanks of St. Louis and Atlanta

Mississippi Valley Co.: (See Mortgagee)

Pages

8/9 129

13/12 401

12/2 467

12/2 467

12/30 5908/19 169

8/21 301

9/2 206

9/15 235

9/21 263

10/6 292

8/10 13913/12 400

12/30 597

9/lS 235

10/6 291

12/30 5967/26 77

12/2 474

9/19 250

9/l 9 248

9/19 249


Mitchell, L. W., reply to letter to Treasury Department on refunding two per cent Consol Bonds at three per cent rate

Monetary and Economic Questions, Conference to be convoked byLeague of Nations under resolution of Lausanne Conference

Montana State Bankers Association, request of Senator Walsh forinformation on loans for use in speech before

Moratorium in Twelfth FRDistrict, method of reporting banks suspended under

MortgagesiChouteau Trust Co., St. Louis, Mo., request for details on

removal of bonds from accounts Guaranteed first mortgage certificates issued by Mississippi

Valley Co. and stock held by member bank, Counsel to reconsider legal aspects

Memoranda of Mr# Wingfield and Mr. Smead on extent andpossible restriction of such business and information to be submitted by all member banks with next condition reports

Real estate, method of reporting by Central Trust Co. ofCincinnati, Ohio, those sold to customers with guaranty of payment by Pearl Market Bank and Trust Co.

Reply to assistant FRAgent at Cleveland on method ofreporting on Form 105

Real estate pools in Pennsylvania, investment of trust fundsby national banks in certificates of participation in

Schedules to obtain information on issuance of, in preparingrevised Form 105

State banks or trust companies engaged in buying and sellingmortgage loans, participations therein, or bonds secured thereby, not to be admitted to membership in FRSystem

Municipal warrants with no definite maturity date are not eligiblefor purchase by FRBanks, reply to Senator Dill

Musher, N.s (See Van Camp Milk Co., Inc.)MjfW

National Association of Finance Companies, weekly statements released by, on eligibility of finance company paper for rediscount

National bank notes:Attorney General to be requested to interpret three year

limitation on issuance under new act Conference of representatives of FRBoard arranged with

Attorney General by Dr. Miller Opinion of Attorney General to be published in FRBulletin

Bonds held as security for, applications filed by receiverswith Comptroller of the Currency to have sold under sec. 18 of FRAct

National banks:Aliquippa National Bank, Aliquippa, Pa., assets acquired and

liabilities assumed by Woodlawn Trust Co.

8/ 19 l7fi I

^ 155

I I 63

l l / l 2 4q4 j

1.2 /2 472

l | f 219 I

l l / l 6 421 'I

1 0 /6 300

l c / i s 335

1 2 /8 501 I

1 3 /2 3 575

1 ^ / 3 0 596

1 3 /3 0 593 I

9 /1 5 239

8/10 146

$ i

e/10

1 1


7 ' ' PagesNational banks: (Continued)

Alpha National Bank, Alpha, N* J., purchase of tax anticipation note of Borough of Alpha by FRBank of New York from 9/2I 256

Purchase of additional note approved ll/lZ 397American National Bank, Beaumont, Texas, consolidation with

City National Bank, certificate to exercise powers of constituent banks 7/l9 58

American National Bank of Klamath Falls, Ore., exercise oftrust powers terminated by StateSuperintendent of Banks 9/7 216

American National Bank, St. Joseph, Mo., application for supplemental fiduciary powers approved s/9 130

American National Bank and Trust Co., Eau Claire, Wis., application for fiduciary powers approved effeotive ■when authorized to commence business ll/z 376

Andalusia National Bank, Andalusia, Ala., report of continuousdeficiency in reserves 9/l5 231

Anglo California National Bank of San Francisco, Calif.,certificate of right to exercise fiduciary powers under new title 8/24 186

Applications filed by receivers with Comptroller of theCurrency to have sold under Sec. 18 of FRAct bonds held as security for national bank note circulation 8/l0 144

Atlanta National Bank, Atlanta, N. Y., advanoe under Sec.10(b) of FRAct approved 7/l9 54

Application for additional advance approved 8/3 103Renewal of advance approved lo/l3 334Application for additional advance approved 10/26 346Renewal of advance approved 11/2 375Application for additional advance approved 11/22 451

Atlantic City National Bank, Atlantic City, N. J., indebtedness to FRBank of Philadelphia discussed by Governor Norris lg/l5 534

Ballston Spa National Bank, Ballston Spa , N. Y., reduction incapital approved and then to be increased 7/l9 56

Bank of America National Trust and Savings Association, SanFrancisco, Calif., permission to officers and employees to serve also the Bank of America 12/2 475

Beech Creek National Bank of Beech Creek, Pa., report ofcontinuous deficiency in reserves ll/l8 426

Berlin National Bank, Berlin, N.H., permission to FRBank torediscount notes of nonmember bank secured by Government securities Il/23 459

Bosemen Waters First National Bank, Poseyville, Ind*, application for cancellation of FRBank stock not made by receiver because of possibility of reopening lo/6 286

Caldwell National Bank, Caldwell, N. J., purohase of tax notesof Borough of Caldwell by FRBank of New York from 7/7 12

Purchase of additional note approved lo/ll 319Capital National Bank, Lansing, Mich., absorption of City

National Bank, efforts to effect cancellationof FRBank stock 8/l2 156Digitized for FRASER


National banks: (Continued)Carletadt National Bank, Carlstadt, N. J., purchase of tax

notes of Borough of Carlstadt by FRBank of New York from

Carrollton National Bank, Carrollton, Ky., report ofcontinuous deficiency in reserves

Carthage National Exchange Bank, Carthage, N. Y., action onapplication for full fiduciary powers deferred until examination shows improved condition

Reply to request of Mr. H* E. Machold that FRBoard expediteaction on application, and letter to FRAgent on advice to applicants of status of applications

Action again deferred and to be considered when unsatisfactory conditions are corrected

Centerville National Bank, Centerville, Iowa, drafts of CentroxCreamery Co., marked payable at, method of handling for collection

Chelsea-Second National Bank and Trust Co., Atlantic City,N. J., indebtedness to FRBank of Philadelphia discussed by Governor Norris

Circulation bonds, advice of no applications for sale of,during second quarter

Citizens and Security National Bank, St. James, Minn., reportof continued deficiency in reserves

Further report by FRAgent on reserve record Further report on deficiency in reserves

Citizens National Bank, Glasgow, Ky., report of continuousdeficiency in reserves

Citizens National Bank, Llano, Texas, report of continuousdeficiency in reserves

Citizens National Bank, Long Branch, N. Y., application forsurrender of stock not yet made by receiver

Citizens National Bank, New Brunswick, N# J., advance underSec# 10(b) of FRAct approved

Citizens National Bank of Parkersburg, W« Va., report ofcontinued deficiency in reserves, now restored to required amount

City National Bank of Beaumont, Texas, consolidation withAmerican National Bank

City National Bank, Clinton, Iowa, permission to FRBank torediscount paper acquired from nonmeoiber banks

City National Bank, Georgetown, Texas, report of continuousdeficiency in reserves

City National Bank of Huntington Park, Calif., report ofcontinuous deficiency in reserves

City National Bank of Lansing, Mich.:Absorbed by Capital National Bank, FRBank stook not yet

cancelledNo authority to cancel stock until placed in receiver

ship or liquidation Fiduciary powers, certificate of surrender approved

City National Bank of Wichita Falls, Texas, report of continueddeficiency in reserves

City National Bank and Trust Co., Chicago, 111.:Deposits of Central Republic Bank and Trust Co., transfer

to

l g / 5 486 I

l?/l4 5<jj j

7/29 93

III 297

l2/l4 528 j7/20 70 j

12/l5 534

7/7 9

10/6 28913/l2 403iffl 468

12/12 522

8 /1 2 157

8 /3 104

12 /30 588

10/6 288

7/19 58

7/19 55

9/19 24!

12/6 494

8/12 I56

10/2? »j7/12 28

9/16 »

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

National banks: (Continued)City National Bank and Trust Co#; (Continued)

Fiduciary powers, application approved effective whenauthorized to commence business

City National Bank and Trust Co., Oklahoma City, Okla.,application for supplementary powers approved

Commercial National Bank of High Point, N. C., now in receivership, liability on paper acquired by FRBank of Richmond from

Commercial National Bank, Philadelphia, Pa., advance underSec. 10(b) of FRAct approved

Commercial National Bank in Shreveport, La** application forfiduciary powers approved with conditions

Condition reports:Call as of June 30 Call as of Sept* SO

Continental-Illinois National Bank and Trust Co., Chicago,111., conversion of State member bank, application for fiduciary pointers

Report of examination considered and application approvedupon conversion

Cornwall National Bank, Cornwall, N. Y., advance under Sec.10(b) of FRAct approved

Renewal in reduced amount approved Derry National Bank, Derry, N. H•, absorbed by First National

Bank, efforts to secure cancellation of FRBank stock

Erwin National Bank, Erwin, Tenn., report of continuousdeficiency in reserves

Examination reports of, proposed increase in charge againstFRBanks for copies of

Payment of increased fee until June 30, 1933, approved Exchange National Bank, Columbia, Mo#, application for supple

mental fiduciary powers approved Exchange National Bank, Marietta, Pa., report of continuous

deficiency in reserves Farmers First National Bank, Rake, Iowa, report of continuous

deficiency in reserves Farmers National Bank, Adams, N. Y., consolidation with

Citizens Trust Co.Farmers National Bank, Glasgow, Ky.:

Fiduciary powers, action on application for supplementalto await next report of examination

Letter to FRAgent on application and on plan for organization of new bank to take bank over

Reserves, report of continuous deficiency in Farmers National Bank, Theresa, N. Y., renewal of advance

under Sec. 10(b) of FRAct approved Renewal of advance for ninety days approved

First and Merchants National Bank, Radford, Va., certificateof authority to exercise trust powers granted to constituent banks

First Blair County National Bank, Tyrone, Pa., certificate forexercise of fiduciary powers granted toconstituent national banks 11/2 377

10/5 265

8/3 109

9/7 218

12/2 464

12/23 567

7/1 1I0/6 275

10/6 272

10/13 336

7/12 26lo/ll 317

d/l9 171

12/IS 539

13/16 42212/2 480

8/l0 139

l]/l6 420

12/8 502

9/l5 237

8/12 158

11/18 4289/15 234

8/24 18113/18 425

8/3 110


12/2 465

11/18 42?

toCO* 104

■National banks: (Continued)

First City National Bank, Floresville, Texas, certificate ofauthority to exercise trust powers granted to constituent bank

First Henry National Bank, Henry, 111., report of continuousreserve deficiency, letter to directors suggested

First-Mercer National Bank of Harrodsburg, Ky., in voluntaryliquidation and liquidating agent to make application for surrender of stock in due course

First National Bank of Aberdeen, Md., letter to Comptroller ofCurrency that criticism of bank for not having copy of permit to Senator Tydings in files, is not justified

First National Bank of Abingdon, Va., report of continuousdeficiency in reserves

First National Bank, Altamont, N. Y., advance under Sec. 10(b)of FRAct approved

First National Bank, Antioch, 111., report of unsatisfactoryreserve record

First National Bank, Ashton, Iowa, report of unsatisfactoryreserve record

Report of continuous deficiency in reserves First National Bank, Avoca, Mich., report of continued

deficiency in reserves First National Bank in Avon-by-the-Sea, N. J., advance under

Sec. 10(b) of FRAct approved First National Bank of Bangor, Pa*, report of continuous

deficiency in reserves First National Bank in Bartlesville, Okla., application for

supplemental fiduciary powers Action on application for additional powers deferred Application for general fiduciary power approved Criticisms contained in examination report with regard to

investment of trust funds, referred to Comptroller of Currency

First National Bank of Bolivar, N. Y., renewal of advance underSec. 10(b) of FRAct approved

Renewal of advance approved First National Bank of Carrollton, Ohio, report of continued

deficiency in reserves First National Bank, Carteret,N. J., advance under Sec. 10(b)

of FRAct approved First National Bank, Chaffee, Mo., application for cancellation

of FRBank stock not made by receiver as matter of reorganization is not settled

First National Bank, Channing, Texas, report of continuousdeficiency in reserves

First National Bank of Chehalis, Wash., assets acquired andliabilities assumed by Coffman Dobson Bank and Trust Co.

First National Bank, Chickasha, Okla., report of continuousdeficiency in reserves

First National Bank of Coeburn, Va., report of continuousdeficiency in reserves

11/12 40712/6 49412/20 5539/15 233

9/15 23311/21 439

9/2 205

12/27 580

12/19 543

e/12 15810/6 29512/3 503

12/8 504

8/31 19512/2 463

10/6 287

7/7 11

10/6 286

10/26 352

8/31 197

12/14 527

12/6 494


National banks: (Continued)First National Bank of Commerce, Tarpon Springs, Fla., advance

under Sec. 10(b) of FRAct approved First National Bank of Conneautville, Pa., report of continued

deficiency in reserves First National Bank, Conrad, Mont., report of continued

deficiency in reserves Further report on deficiency, no action at present Further report by FRAgent on reserve record Further report on deficiency

First National Bank, Croton-on-Hudson, N. Y«, advance underSec. 10(b) of FRAct approved

First National Bank, Darby, Pa.:Advance under Sec. 10(b) of FRAct approved Reserves, report of continuous deficiency in, and

statement on management First National Bank, Derry, N. H., absorption of Derry

National BankFirst National Bank-Detroit, Mich., certificate of authority

to exercise fiduciary powers previously granted to First Wayne National Bank

First National Bank of East Rochester, N. Y., purchase oftax note of Town of Pittsford by FRBank of New York from

First National Bank of Egan, S. Dak., report of continueddeficiency in reserves

Further report on deficiency, no action at present First National Bank, Englishtown, N. J., purchase of tax note

of Borough of Englishtown by FRBank of New York from

First National Bank of ^ugene, Ore*, request for peimission toact as depositary for bondholders committees

Application for supplementary fiduciary powers approved First National Bank, Fayetteville, Ark., handling for collect

ion of drafts drawn by Centrox Creamery Co. on itself and marked payable at a bank

First National Bank of Foley, Minn., report of continueddeficiency in reserves

Further report on deficiency, no action at present Further report by FRAgent on reserve record Further report on deficiency

First National Bank, Fort Myers, Fla., advance under Sec. 10(b)of FRAct approved

First National Bank, Gallup, N. Mex., report of unsatisfactoryreserve record

First National Bank, Goodhue, Minn., report of continuousdeficiency in reserves

First National Bank, Graettinger, Iowa, report of unsatisfactory reserve record

Further report on unsatisfactory reserve record First National Bank of Hale Center, Texas, report of contin

uous deficiency in reserves First National Bank, Hardin, Mont., application for reduction

in capital stock

10/26 34710/6 287

9/7 21510/6 28911/12 40312/2 468

10/6 284

13/19 542

10/26 349

8/19 171

10/26 354

10/6 284

8/24 18410/6 289

7/1 38/9 13211/21 438

7/20 70

8/24 184IQ/6 28913/12 40312/2 468

10/6 284

13/2 379

12/2 4689/lS 23313/2 3789/l6 234ll/2 380


National banks: (Continued)First National Bank, Harlingen, Texas, report of continuous

deficiency in reserves , ,First National Bank, Henry, 111#, report of continuous defic-

iency in reserves _ /First National Bank, High Bridge, N. J., to reopen for busi- ® 232

ness and FRBank stock to be reissued First National Bank, Hillsdale, Mich#, report of continuous 19

deficiency in reserves g/Letter to FRAgent at Chicago on

First National Bank of Hinsdale, 111#, to take over assets of 16Hinsdale State Bank gAg A

First National Bank, Hoboken, N# J., reduction in capital *58stock approved ]W|

First National Bank, Indiana, Pa,, report of continuous ^deficiency in reserves I2/30 m

First National Bank, Iron River, Mich., report of continuousdeficiency in reserves 9/7 |fl

Advice that reserves now restored to required amount kwgFirst National Bank, Jacksbo^o, Texas, reduction in capital

stock approved 12/9 5First National Bank of Jackson, Ky., report of continuous

deficiency in reserves lo/6 287First National Bank, Kemmerer, Imp •, application for supple

mentary fiduciary powers approved 8/3 108 First National Bank, Kenmore, N. Y., certificate of surrender

of right to exercise fiduciary powers 8/9 133First National Bank, La Harpe, 111., report of continuous

deficiency in reserves lo/26 351First National Bank of Lavonia, Ga#, reduction in capital

stock approved lo/ll 321First National Bank, Lewisville, Ind*, report of continuous

deficiency in reserves 9/l5 252Further report on unsatisfactory record and that bank has

suspended 11/18 427First National Bank, Lindenhurst, S. Y., advance under Sec#

10(b) of FRAct approved 11/16 ®|First National Bank, Little Rock, Iowa, report of unsatisfaot- y

ory reserve record 9/1® *Report of continuous deficiency in reserves 10/26 0Further report on 402

First National Bank of Livingston, 111*, report of continuousdeficiency in reserves

First National Bank, Lockney, Texas, report of continuous . ^deficiency in reserves 12yly

First National Bank in Mamaroneck, N# Y.:

9/15 234

1 w u a u u j»oj. m w iifvi m r o v /f t . , in # x . i / . I 8 lAdvance under Sec. 10(b) of FRAct, renewal approved l \ 346

Application for additional advance approved 437Renewal of advance in reduced amount approved 563Additional advance approved ^

Fiduciary powers, application disapproved because of , . jggunsatisfactory condition 349

Reserves, report of continuous deficiency in WTax ■warrants of Village of Mamaroneck, purchase by FRBank , $

of New York 7'2First National Bank of Meadow, Texas, report of continued 18

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

National banks: (Continued)First National Bank, Midland Park, N. J., purchase of tax

notes of Borough of Midland Park by FRBank of New York from

First National Bank, Montpelier, Ind., report of unsatisfactory reserve record

Report of continuous deficiency in reserves Further report on unsatisfactory reserve record

First National Bank, Morganton, I. C., application forfiduciary powers approved

First National Bank of Morris, N. Y., reduction in capitalapproved and then to be increased

First National Bank of Murfreesboro, Tenn., indebtednessacquired by FRBank of Atlanta from, payment of fee to H. B. Shofner in connection with

First National Bank of Neenah, Wis., application for generalfiduciary powers approved

First National Bank of New Bern, N. C., litigation growingout of failure of, fee of Newton D. Baker for services approved

First National Bank, North Bennington, Vt., loans to H. T.Cushman Manufacturing Co

First National Bank, Northboro, Iowa, report of continuousdeficiency in reserves

Reply to FRAgent at Chicago on unsatisfactory record ofbank

First National Bank of Odin, 111., report of continuousdeficiency in reserves

Report of unsatisfactory reserve record First National Bank, Ogden, Utah, advance under Sec. 10 (b) of

FRAct approvedFirst National Bank of Parkers Landing, Pa., reduction in

capital stock approved First National Bank, Paul, Idaho, report of continuous

deficiency in reserves First National Bank, Perryton, Texas, report of continuous

deficiency in reserves First National Bank of Pittsburgh, Pa.* value at which stock

is carried by Peoples-Pittsburgh Trust Co.First National Bank, Plainfield, N. J., certificate of author

ity to exercise fiduciary powers granted to constituent national banks

First National Bank, Port Arthur, Texas, application for supplementary fiduciary powers approved

First National Bank, Radford, Va., consolidation with Fannersand Merchants National Bank

First National Bank, Ridge Farm, 111., report of unsatisfactoryreserve record

First National Bank, Ripley, Tenn., absorbed by State institution, request of FRAgent that receiver be appointed so that FRBank stock can be cancelled 11/21 440

First National Bank of Rockville Centre, N. Y., now in voluntary liquidation, procedure for release of bonds deposited with State authorities in operation of trust department 7/l9 59

lo/ll 319

9/16 23310/26 350ll/2 378

8/3 107

8/3 106

12/15 538

9/7 216

ll/l2 410

11/12 398

9/15 233

9/21 256

7/19 5811/2 379

9/7 213

12/12 522

10/26 352

lo/n 321

13/12 405

l]/l8 429

7/20 67

8/3 110

9/l5 233


National banks: (Continued)First National Bank, Salt Lake City, Utah, advance under Sec.

10(b) of FRAot approved First National Bank, Savanna, lilt, application for supple

mental fiduciary powers approved First National Bank, Seoor, 111., report of unsatisfactory

reserve record Report of continuous deficiency in reserves

First National Bank, Seguin, Texas, application for fiduciarypowers approved

First National Bank, Shreveport, La., application for supplementary fiduciary powers approved

First National Bank in Sioux City, Iowa, application forfiduciary powers approved

First National Bank, Sodus, N. Y., report of continuousdeficiency in reserves

First National Bank of Spartanburg, S. C.:Check drawn on bank now closed, reply to Palmetto Fish and

Oyster Co. on amount of Securities used as collateral for trust funds awaiting

investment, reply to Mr. Luther K. Brice on First National Bank of Stone Lake, Wis., report of continuous

deficiency in reserves First National Bank of Swanville, Minn., report of continued

deficiency in reserves Further report on deficiency, no action at present Further report by FRAgent on reserve record Further report on deficiency

First National Bank, Terra Alta, W. Va., FRBank stock to beissued on reopening of bank

First National Bank of Thief River Falls, Minn#, report ofcontinuous deficiency in reserves

First National Bank of Wilkinsburg, Pa., stock held by subsidiary of Peoples-Pittsburgh Trust Co. in violation of agreement

First National Bank, Winslow, Ind#, report of continuousdeficiency in reserves

First National Bank of Woodburn, Ore., assets acquired andliabilities assumed by Bank of Woodburn

First National Bank of Woodstown, N. J., application for fiduciary powers approved upon increase in capital

First National Bank of the Thousand Islands, Alexandria Bay,N. Y., reduction in capital approved and then to be increased

First National Bank and Trust Co., 'Cambridge City, Ind., reportof continued deficiency in reserves

Further report on deficiency with opinion that bank ismaking effort to restore reserves

First National Bank and Trust Co. in Orlando, Fla.:Advance under Sec. 10(b) of FRAct, renewal approved Reserves, report of continuous deficiency in, and oriti-

cism of administration of trust department First National Bank and Trust Co., Schuylkill Haven, Pa.,

assets acquired and liabilities assumed of State Bank of Schuylkill Haven jointly with j

9/?8/9 1319/l512/27 435

5828/19 1708/3 1087/19 60

10/26 349

10/26 364

10/6 296

11/12 40!

8/24 18410/6 289H /12 40312/2 468

ll/l8 429

12/2 467

li/12 405

12/12 522

7/29 95

12/23 454

8/3 106

9/15 2 32

13/18 427

12/23 566

12/23 <571

State member bankDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National banks: (Continued)First National Bank and Trust Co., Schuylkill Havens (Con

tinued)Wo objection to absorption

First-Stroudsburg National Bank, Stroudsburg, Pa., certificateto exercise fiduciary powers granted to constituent national banks

Fishkill National Bank, Beacon, N. Y., purchase by FRBank ofNew York of tax notes of City of Beacon from

Gavitt National Bank, Lyons, N. Y., advance under Sec, 10(b)of FRAct renewed in reduced amount

Germantown National Bank, Germantown, N. Y., cancellation ofFRBank stock not to be required of receiver at present

Gloucester National Bank of Gloucester, Mass., action on application for full fiduciary powers to await report of examination and recommendation of FRAgent

Action again deferred, letter to Comptroller of Currencyto make recommendation after another examination

Action on application deferred Greensburg National Bank, Greensburg, Ind., report of

unsatisfactory reserve record Reply to FRAgent at Chicago on unsatisfactory record of

bankGrundy County National Bank, Morris, 111., certificate of

surrender of fiduciary powers Haledon National Bank, Haledon, N. J., advance under Sec. 10(b)

of FRActHome National Bank of Union City, Pa., FRBank stock to be

reissued upon reopening of Illinois National Bank and Trust Co., Rockford, 111., permit

will be issued to exercise fiduciary powers if conversion is effected vathin sixty days with paid in capital of $200*000

Industrial National Bank, New York City, absorbed by Continental Bank and Trust Co.

Labor National Bank, Paterson, N. J., advance under Sec. 10(b)of FRAct approved

Additional advance approved Renewal of advance in reduced amount approved Additional advance approved Renewal of advance in reduced amount approved

Larchmont National Bank and Trust Co., Larchmont, N. Y.,advance under Sec. 10(b) of FRAct approved

Lincoln National Bank, Newark, N. J., renewal of advanceunder Sec. 10(b) of FRAct in reduced amount approved

Renewal in reduced amount approved Additional advanoe approved

Linden National Bank, Linden, N. J., absorbed by Linden TrustCo.

12/12 520

10/6 296

12/2 465

9/21 255

8/4 118

8/5 107

13/18 42712/6 497

9/15 233

9/21 256

12/12 522

OtorH 587

12/2 466

13/12 401

7/1 4

7/29 92l0/6 28213/2 37612/2 46412/23 564

8/24 182

9/15 22912/12 51712/30 587

12/12 519


398

566

439

473

m mNational banks: (Continued)

Live Stook National Bank, Sioux City, Iowa, permission toFRBank to rediscount paper acquired from nonmember banks by yAg

Lyons National Bank, Lyons, It. Y., purchase of certificates ofindebtedness of County of Wayne by FRBank of New York . ^ -

Market Street National Bank, Philadelphia, Pa., applicationfor supplemental fiduciary powers approved 12/23

Marlin-Citizens National Bank, Marlin, Texas, report of continuous deficiency in reserves 11/21

MdDaniel National Bank, Springfield, Mo#, absorbed by anotherbank, request that receiver be appointed so FRBank stock can be cancelled I2/2

Mechanics National Bank and Trust Co#, Millville, !• J#, report of continuous deficiency in reserves ll/lZ 402

Merchants National Bank, Mobile, Ala., advance under Sec. 10(b)of HI Act approved 9/l5 230

Amount of advance reduced because of collateral offered 9/15 230 Extension of advance for sixty days approved 12/9 512

Merchants National Bank in Plattsburg, I# Y., condition forexercise of trust powers that capital account be increased within one year not to be insisted upon at present

Letter to Acting Comptroller of the Currency for advice asto steps to be taken by his office as result of latest examination of bank

Stock not increased as requirement for permission to exercise fiduciary powers, letter to Acting Comptroller of the Currency on impaired capital

Metuchen National Bank, Metuchen, N# J., purchase of tax notesof Borough of Metuchen by FRBank of New York

Miami County National Bank, Paola, Kansas, letters on generalcondition of bank and on personal activities of Frank W# Sponable, President

Correspondence on progress being made by bank and mattersreferring to Mr. Sponable

Midland National Bank and Trust Co., Minneapolis, Minn.,application for supplementary fiduciary powers approved

Millersville National Bank of Millersville, Pa#, report ofcontinuous deficiency in reserves

Millington National Bank, Millington, Mich#, report ofcontinuous deficiency in reserves

Letter to FRAgent at Chicago on Morganfield National Bank, Morganfield, Ky., application for

supplementary fiduciary powers approved National Bank of Commerce, Hugo, Okla., report of continuous

deficiency in reserves National Bank of Commerce, Lorain, Ohio, renewal of advance

under Sec# 10(b) of FRAct for thirty days approved

National Bank of Commerce in Los Angeles, Calif., now inliquidation, penalties for deficiencies in reserves collected since Jan. 11 to be returned

8/5 107

COCOO'1 353

12/2 469

10/26 348

8/19 173

1 0 /6 301

8 /4 119

l l / 2 l 438

9/2

9 /7

205215

9/16236

12/12 522

7 /711

12/25572

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

National banks: (Continued)National Bank of Fort Sam Houston, San Antonio, Texas, reduct

ion in required reserves approved National Bank of Newport, N. Y., report of continuous

deficiency in reserves National Bank of Pontiac, Pontiac, 111., report of unsatis

factory reserve record National Bank of Summers, Hinton, W. Va., report of continuous

deficiency in reserves National City Bank of Hew York, extension of time for opening

branch in Geneva, Switzerland National Exchange Bank, Waukesha, Wis., report of continued

deficiency in reserves National Trust Co., Charleston, 111., report of unsatisfactory

reserve recordNew Haven Bank, N. B. A., New Haven, Conn., establishment of

temporary currency depot at, by FRBank of Boston

New London National Bank, New London, Iowa, .report of unsatisfactory reserve record

Newton National Bank, Newton, Iowa, application for fiduciarypowers approved

Nyack National Bank and Trust Co., Nyack, N. Y., title changedand certificate authorizing exercise of trust powers under new name

Purchase of additional notes approved Old National Bank and Union Trust Co., Spokane, Wash., advance

under Sec# 10(b) of FRAct approved Authority amended to increase amount of advance New advance approved and present advances to be retired

Paulding National Bank, Paulding, Ohio:Rediscount of paper acquired from nonmember bank by, per

mission to FRBank Reserves, report of continuous deficiency in

Pelham National Bank, Pelham, N. Y., advance under Sec# 10(b)of FRAct approved

Additional advance approved Pennsylvania, investment of trust funds in certificates of

participations in real estate mortgage pools by Peoples National Bank, Delta, Pa., report of continuous

deficiency in reserves Peoples National Bank, Newark, N. J., advance under Sec. 10(b)

of FRAct approved Peoples National Bank, Parkersburg, W. Va., permission to exer

cise trusts taken over from other bank, full permission to await next examination

Peoples National Bank, Seymour, Mo., report of continuousdeficiency in reserves

Peoples National Bank, Southbridge, Mass*, authority to FRBankof Boston to make advances under Sec. 10(b} extended

10/26 355

10/26 349

9/15 233

10/6 288

lo/ll 326

9/l5 232

9/l5 233

7/26 78

9/l5 233

10/6 295

7/l9s

58

10/6 28512/27 581

8/9 12613/12 396ll/l2 397

8/24 18212/23 571

10/26 34713/22 450

13/8 501

11/21 438

7/29 91

7/8 19

12/8 503

7/1 2


194225230345458130

10

National banks: (Continued)Peoples National Bank, Southbridge, Mass.; (Continued)

Authority extended to July 29 < -thmlAuthority extended to Aug. 12 S3Authority extended to Aug. 26 g/w 90Authority extended to Sept. 9 g/« 51Authority Extended to Sept. 23 o/gExtension of authority for thirty days lo/gAdvanoe to be continued without demand for payment for not

over thirty days 10/26Advance to be continued and additional advance authorized H /23

Peoples National Bank of Warrensburg, Mo., application forfiduciary powers approved 8/9

Perth Amboy National Bank, Perth Amboy, N. J., advanoe underSeo. 10(b) of FRAct approved 7/7

Planters National Bank in Fredericksburg, Va., application forfull fiduciary powers recommended by Comptroller of Currenoy, letter to FRBank of Richmond to resubmit to executive committee for recommendation

Application approved Plaza National Bank, St. Louis, Mo., proposed consolidation

with Guaranty Bank and Trust Co. to form Guaranty-Plaza Trust Co.

(See also Membership in FRSystem, Guaranty-Plaza Trust Company)

Rawlins National Bank, Rawlins, Wyo., application for supplemental fiduciary powers approved

Rigby National Bank, Rigby, Idaho, report of continuousdeficiency in reserves

Salt Springs National Bank, Syracuse, N. Y., advance underSec* 10(b) of FRAot approved

Previous advance liquidated and application for advancefor ninety days approved

Advance in amount of §150,000 for ninety days approved Renewal of advanoe of $50,000 approved

Seaboard Citizens National Bank, Norfolk, Va., letter toTreasury Department on refunding two per cent Consol Bonds at three per cent rate

Second National Bank, Erie, Pa., report of continuous deficiency in reserves

Security National Bank, Randolph, Nebr., report of continuousdeficiency in reserves

Security National Bank, Sioux City, Iowa, permission toFRBanks to rediscount paper acquired from nonmember banks

Sixth National Bank of Philadelphia, Pa., certificate of surrender of right to exercise fiduciary powers

South Carolina National Bank of Charleston, S. C., extensionfor six months of period to rediscount paper acquired from nonmember banks

Southside National Bank and Trust Co., Newark, N. J., advanceunder Sec. 10(b) of FRAot approved

State-National Bank of Peru, 111., application for fiduciarypowers, action deferred until after next examination

7/7 137/19 59

8/31 801

8/9 131

10/6 290

7/26 76

8/31 19410/6 283OCvJ* 1—1 586

8/19 175

7/12 27

12/33 571

7/I338

12/2#

10/H 320

7/299l

8/4


National banks: (Continued)State-National Bank of Peru, 111.: (Continued)

Request of Cashier that no further action on applicationbe taken lo/6 295

Stockgrowers and Farmers National Bank, Wallowa, Ore., reportof continuous deficiency in reserves 12/l2 522

Straus National Bank and Trust Co., New York City, absorbedby Continental Bank and Trust Co.

Terre Haute First National Bank, Terre Haute, Ind., certificateof authority to exeroise trust powers granted to constituent banks

Third National Bank of Rockford, 111., recommendation ofFRBank that action on application for supplemental fiduciary powers be deferred, favorable action recommended by FRBoard

Application for general fiduciary powers approved Toy National Bank, Sioux City, Iowa, permission to FRBank to

rediscount paper acquired from nonmamber banks Union National Bank, Bartlesville, Okla., action on application

for fiduciary powers deferred until after next examination

Application denied because of unsatisfactory condition ofbank and inexperience of officers

Union National Bank, Cadiz, Ohio, certificate of surrender ofright to exercise fiduciary powers

U. S. Bank and Trust Co., Rochester, Ind., report of unsatisfactory reserve record

United States National Bank, Eugene, Ore., permission to act astrustee in connection with loans

United States National Bank, Johnstown, Pa., application forfiduciary powers in contemplation of absorption of three State institutions, action deferred

Approval of application for fiduciary powers not recommended by FRAgent

United States National Bank, McMinnville, Ore., advice thatState Superintendent of Banks had terminated exercise of fiduciary powers by

Vancouver National Bank of Vancouver, Wash., application forsupplementary fiduciary powers not approved

Wyoming National Bank, Casper, Wyo., reduction in capitalnot approved

National Economy Act: (See Legislation, Economy Act)Nevada, banking conditions in, and necessity of closing banks or

declaring bank holidays until problems are solved

New Mexico Lumber and Timber Co., Bernalillo, N. Mex., warehousereceipts as security for loan made by FRBank of Kansas City to

Nonmember banks:Bank of Rockville Centre Trust Co., Rockville Centre, N. Y.,

business of First National Bank assumed, procedure for release of bonds deposited in operation of trust department of national bank

7/1 4

12/2 465

8/19 1698/24 185

8/19 168

8/19 170

12/23 568

10/26 353

9/15 233

8/9 132

9/21 258

12/8 501

9/7 216

7/7 13

10/26 355

7/20 72

I3/2 383

7/19 59


1 3 /2 387

8 /1 0 139

10 /2 6 357

7 /8 21

1 1 /2 3 459

1 1 /1 2 406

7 /1 2 28

9 /2 1 258

Nonmember banks: (Continued)Central Republio Bank and Trust Co., Chicago, 111., deposits

transferred to national bank and to be dropped from list of weekly reporting member banks

Clinton Trust Co., Look Haven, Pa., consolidation with LockHaven Trust Co. under new charter

Dundee State Savings Bank, Dundee, Mich., absorption byMonroe County Bank

Elliott State Bank of Jacksonville, 111., letter on refusal ofFRBank to permit to deduct tax on remittance drafts sent to FRBank

Fidelity Savings Bank of Berlin, N. H., permission to FRBank torediscount note acquired by Berlin, Rational Bank from

First Savings Bank, Albany, Ore., assets purchased and liabilities assumed by Albany State Bank

Hulett State Bank, Hulett, Wyo., absorption by Sundance StateBank, Sundance, Wyo.

Johnstown Trust Co., Johnstown, Pa., contemplated absorptionby United States National Bank

Main Line Trust Co., Ardmore, Pa.; (See State member banks,Pennsylvania Co. for Insurances on Lives and Granting Annuities)

Mishawaka St. Joseph Loan and Trust Co., Mishawaka, Ind., savings deposit liability assumed by St. Joseph Loan and Trust Co., South Bend, Ind. 10/26 358

Oakwood Deposit Bank Co., Oakwood, Ohio, permission to FRBankto rediscount paper acquired by Paulding National Bank from 8/24 182

Peoples Savings Bank, Lorain, Ohio, assets acquired and liabilities assumed by Cleveland Trust Co., action deferred 10/26 357

Peoples State Savings Bank of Midland, Mich., absorbed byChemical State Savings Bank 7/12 28

South Carolina State Bank, Charleston, S, C., extension of timeto FRBank of Richmond to rediscount paper acquired by South Carolina National Bank from 10/11 320

State Bank of Binghamton, N. Y., attorneys fees in connectionwith preferred claims filed by FRBank of New York against 7/7

State Bank of Lizton, Ind., permission to FRBank to' rediscountpaper acquired by Citizens State Bank, Jamestown, Ind., from

State Bank of Schuylkill Haven, Pa., assets acquired andliabilities assumed by Schuylkill Haven Trust Co. jointly with national bank

7/13 37

8/9 134No objection to absorption liy 12 &

State Trust Company of North Tonawanda, N. Y., letter from Mr.Henry Hafner on charge imposed for collection . ^ of Postal money order 11/*"

United States Savings and Trust Co. of Conemaugh, Johnstown,Pa., contemplated absorption by United States , ,58 National Bank J

United States Trust Co., Johnstown, Pa., contemplated absorp- , <>58tion by United States National Bank ;i


Norman, Montagu, Governor of Bank of England, press statementon alleged conferences with officials of FRSystem, reference of Mr. Hamlin to

HrvMO'

Official register of United States, list of officers and employeesof FRBoard not to be furnished to Bureau of Census for publication in

No objection to publishing names of officers and employees,omitting individual salaries

Oklahoma, letters from certain bankers in, opposing any transferfrom Eleventh to Tenth FRDistrict

Olsen, N. A.: (See Warehouse receipts)Open market operations:

Sale of $20,000,000 of Government securities purchased byFRBank of Chicago during recent banking disturbance

Report of FRBank of New York on request from FRBank ofChicago to purchase $20,000,000 of securities for its account

Open Market Policy Conference:Meeting to be held in Washington on July 14 and Governors to

be requested to arrange to remain for two days Meeting with FRBoard to discuss policies, pending legis

lation, etc., then separate meeting, then joint meeting, and resolution on purchase of securities approved

Changes in tentative draft of minutes of meeting suggestedby FRBoard

Meeting to be held not later than first of September, consensusof opinion at meeting of Governors with FRBoard

Meeting of Executive Committee to be called for Sept* 9Not now considered necessary and arrangements to be dropped

Meeting to be held while Governors are attending Conference inWashington beginning Nov* 14

Report of Chairman that no change should be made in Systemholdings of Government securities at this time, and another meeting should be held first week in January

Meeting to be held on Jan. 4, 1933, approvedi ip i i

Palmetto Fish and Oyster Co., Columbia, S. C., reply to Mr* Dieteron amount of check drawn on First National Bank of Spartanburg, S. C., now closed

Par list, removal of nonmember banks that insist on deductingamount of tax from remittance drafts

Penalty rates for deficient reserves discontinued: (See Reserves) Pennsylvania, investment of trust funds in certificates of part

icipations in real estate mortgage pools by national banks in

9/15 243

7/19 62

9/19 249

10/6 312

9/7 221

9/8 225

7/8 22

7/14 44

7/29 96

7/15 519/7 2219/8 226

l l / s 393

11/16 42312/2:3 578

10/26 564

7/1 8

12/8 501


Post Office Department:Cash letters sent by FRBank of Kansas City by express instead

of mail, correspondence on Ruling of Second Assistant Postmaster General that there

is no objection to sending by express if not accompanied by letter

Currency shipments, request that they be accepted withoutdeclaration of value

Postal money order, charge for collection made by State Trust Co.of North 'Tonawanda, N. Y., reply to Mr. Henry Hafner on

President of the United States:Copies of statements published during 1928 and 1929 indicating

policy of FRBoard toward credit conditions, request of Administrative Assistant to President for

Messages sent to Associated Transamerica Stockholders, requestfor copies of

Survey by banking and industrial commission discussed inletter from, and view that FRBanlcs should at once undertake direct rediscounts under authority provided in Relief Bill

Reply to President presented and approved Press statements:

Norman, Montagu, alleged conferences with officials of FRSys-;tem, reference of Mr. Hamlin to

Weekly condition statements: (See Condition reports)Protest of checks: (See Clearing and collection)Publications:

FRBullettn:. (See FRBulletin)United States Daily, authority to print article prepared by

Counsel's Office on frRecent Amendments to FRAct"

Quarters of FRBoard:Shoreham Building, amount of space calculated and verified and

amount of monthly rental approvedQuestionnaires:

Acceptance practice of American banks, tentative course ofprocedure for initiating study of

"R"

Rainey, Congressman Henry T., letter on refusal of FRBank to permitElliott State Bank of Jacksonville, 111., to deduct tax on remittance drafts sent to FRBank

Rates:Feeder loans, established by FRBank of Minneapolis at seven per

cent until Regional Agricultural Credit Corporation organizations begin to function

FRBank of Atlanta:Rediscount of notes for individuals, partnerships, and

corporations, established at six per cent

l0/26 s65

8/12 161

lVl.2 410

9/2 205

10/25 339

7/26 808/l0 141

9/15 245

9/15 238

8/9 136

li/322 411

7/8 21

9/w !S!

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

Ratesi (Continued)FRBank of Atlanta: (Continued)

Schedule of discount and purchase

FRBank of BostonsLoons to individuals, etc*, under recent amendment to

FRAct, fixed by FRBank at 5g- per cent, action deferred

Action rescinded and established at six per cent, approved


FRBank of Chicago:Loans to individuals, etc., under recent amendment to

FRAct, fixed at 5g per cent, again to be considered by executive committee of bank

Established at six per cent Schedule of discount and purchase

FRBank of Cleveland:Loans to individuals, etc*, under recent amendment to

FRAct established at 5g- per cent before receipt of telegram from FRBoard, again to be considered by executive committee of bank

Established at six per cent Approved at six per cent


FRBank of Dallas:Rediscounts for individuals, partnerships, and corporat

ions fixed at six per cent and approved

Pages

7/12 248/12 1539/15 227

10/26 34511/12 39512/12 517

8/9 125

8/l0 1377/l 27/19 527/29 888/31 1929/7 21110/6 27510/26 34511/3 39013/23 45312/2 46012/15 53812/30 586

8/9 126S/12 1547/26 749/7 211I0/6 275II/2 37512/2 46012/27 580

8/9 1258/19 1658/24 1807/12 248/5 1229/l5 22710/ll 31711/12 39512/9 512

9/8 224


Rates: (Continued)FRBank of Dallas: (Continued)

Schedule of discount and purchase; 7/»

I S I 111 1 12/8 J

Trade acceptances, purchase of, approved at three per cent 9/8 FRBank of Kansas City:

Rediscounts for individuals, partnerships, and corporations,approved at six per cent 8/24 ijq

Schedule of discount and purchase 7/8 ]»7/26 74II 1228/19 1649/7 2119/19 I10/11 31710/26 346U /12 395H /21 43712/9 51212/33 561

FRBank of Minneapolis;Loans to individuals, etc., under recent amendment to

FRAct, approved at six per cent 8/9 125Rediscount on feeder loans approved at seven per cent and

loans to be turned over to regional Agricult- jural Credit Corporation 9/19

Schedule of discount and purchase V P9/15 227ll/2 ?jl 11/21 m 12/2 II12/20 55!

FRBank of New York:Minimum buying rate for purohase of trade acceptances, . «jjj:

approved at two per cent 8/* ^Letter from. FRBank on making rate effective

Rediscounts under recent amendment to Sec. 13 of FRAct,proposed minimum and maximum rates, statement , 97 of reasons for proposed rates "I

Reply of Governor Harrison on considerations which , $5i u prompted action °'j $1

Fixed at six per cent and approvedConsiderations which prompted establishment of six per

cent rate and request for permission to reopen

7/8

question of spread of rates wj? 2Schedule of discount and purchase J/0 if

52748 1

t/2® I11 12*

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

Rates: (Continued)FRBank of New York: (Continued)

Schedule of discount and purchase (Continued)

FRBank of Philadelphia:Rediscount of notes for individuals, partnerships, and

corporations, established at six per cent Rediscount of trade acceptances established at three per

cent, action deferred pending meeting of FRBoard next week

Establishment of preferential rates not favored and Secretary of Board to call Mr,# Hutt on telephone to explain attitude of FRBoard

Report of Secretary of Board on conversation with Mr.Hutt, matter to be brought up at next meeting of directors


FRBank of Richmond:loans to individuals, etc., under recent amendment to

FRAct, approved at six per cent Schedule of discount and purchase

FRBank of St. Louis:Loans to individuals, etc., under recent amendment to

to FRAct, approved at six per cent Schedule of discount and purchase

8/31 1929/2 2049/15 2279/l9 24610/6 275lo/ll 31710/26 34511/2 37513/12 39511/18 425I2/2 460I2/9 51212/19 54212/23 56112/30 586

8/12 153

8/19 176

8/24 188

8/31 2017/7 97/26 7410/6 27510/26 34511/2 37513/16 41812/8 501

8/9 1257/19 528/19 1649/15 22710/l3 33411/12 39512/15 538

8/9 1257/7 97/20 678/l9 1649/7 2119/21 25510/6 275


8/24 189

Rates: (Continued) WFRBank of St. Louis: (Continued)

Schedule of disoount and purohase (Continued) .*°/26 P I11/25 i12/f I12/23 1FRBank of San Francisco; 0 5ei

Loans to individuals, etc., under recent amendment toFRAct, spread from five per cent to seven per cent proposed, single rate favored by FRBoard g/g

Rates differ from action taken by ten other FRBanks, 1ftaction deferred

Sohedule of ratee submitted by FRBank discussed and Mr. *77 Miller to call Governor of1. FRBank on telephone re

Report of Mr. Miller on conversation with GovernorCalkins, rate to be taken up at next meeting of directors 8/31 2(X)

Fixed at six per cent and approved 9/2 ^Schedule of discount and purchase 7/g d j

7/26 748/19 I64M l 204 9/19 246

lO/U 317 10/26 345 11/12 395 11/18 425 12/2 460 12/19 542

Interest:Adjusted service certificates, reduction in maximum rate

to be charged on loans secured by, ruling of Comptroller General on 12/2 477

Credit to German Reichsbank, request for reduction onrenew al o f 12/2 478

Preferential discount rates discussed in considering raterequested by FRBank of Philadelphia on trade acceptances

Rediscounts for individuals, partnerships, and corporations,executive committee authorized to approve rates for ten days or two weeks

(See also Rates, FRBank o f -- — ) ;1| 1Real estate mortgages* (See Mortgages)Reconstruction Finance Corporation:

Rediscount of paper of regional Agricultural Credit Corporations; (See Regional Agricultural Credit Corporations)

Richmond Loan Agency, furnishing of information in confidentialsections of examination reports of member banks , to W 6

Staff*Fleming, M. J., termination of services as Manager of 554

Cleveland Agency *'

8/24 190

8/10 S


Reconstruction Finance Corporations (Continued)Staff s (Continued)

Knowlton, T. I., reimbursement to Birmingham Branch forpartial services of

Paulger, Leo H., leave without pay while serving,extended to September 30

Towle, R. I., leave of absence from Helena Branch toto organize Regional Agricultural Credit Corporation at Spokane, Wash.

Leave extended for not over three monthsRediscounts:

Adjusted service certificates, Regulation G on rediscountingnotes secured by, revised to comply with recent amendment to law

Publication in FRBulletin authorized Automobile finance company paper, suggestion of Congressman

Briggs that law be amended to make eligible for

Berlin National Bank, Berlin, N. H., permission to FRBank torediscount note acquired from nonmember bank

Citizens State Bank, Jamestown, Ind#, permission to FRBank torediscount paper acquired from nonmember bank

City National Bank, Clinton, Iowa, permission to FRBank torediscount paper acquired from nonmember banks

Cold storage companies, eligibility of notes of customers Commissions on sales, request that claims of salesmen for

deferred payments be considered basis for extension of credit

Factors engaged principally in textile business in New YorkCity, letter from Commercial Credit Co. on eligibility of paper of

Federal Intermediate Credit Bank of Houston, permission toFRBank of Dallas to discount paper offered by

Permission to FRBank to discount additional paper inamount stated

Discount of additional eligible paper by FRBank approved Fidelity Savings State Bank, Topeka, Kans., permission to

FRBank to rediscount paper acquired from nonmember banks by

Finance company paper, reply to Mr. Woodward on statementsreleased by National Association of Finance Companies on eligibility of

Insurance premiums, request for ruling on eligibility for rediscount of notes given in payment for

Individuals, partnerships, and corporations: (See Loans)Live Stock National Bank, Sioux City, Iowa, permission to

FRBank to rediscount paper acquired from nonmember banks by

Municipal warrants with no definite maturity date, reply toSenator Dill that they are not eligible for purchase by FRBanks

Notes of member banks offered through another member bank andsecured by Government obligations, interpretation of ruling on maturity of

Pages

u/i8 426

8/9 136

10/6 27812/23 562

8/10 1428/31 193

13/30 594

11/23 459

7/13 37

7/19 5510/6 304

10/6 303

7/19 62

8/3 102

13/16 41912/9 513

10/26 355

9/l5 239

12/23 574

7/19 55

12/30 593

8/l 9 174


Rediscounts; (Continued)Paper of nonmember banks, advice to FRBank of Cleveland that

applications will be considered when properly submitted

Paulding National Bank, Paulding, Ohio, permission to FRBankto rediscount paper acquired from Oakwood Deposit Bank Co.

Regional agricultural credit corporations with FRBanks, replyto FRBank of Minneapolis on authority

Opinion that FRBanks may legally rediscount eligible paperof

Letter to Governors of all FRBanks transmitting correspondence with FRBanks of Minneapolis and San Francisco on eligibility

Regional Agricultural Credit Corporations of Omaha and Wichita,reply to Governor Hamilton on discount of eligible paper by FRBank for

Scrap iron and steel, reply to Director General of Instituteof Scrap Iron and Steel on classification as readily marketable staples

Security National Bank, Sioux City, Iowa, permission to FRBankto rediscount paper acquired from nonmember banks by

South Carolina National Bank of Charleston, S. C., extensionof period to rediscount paper acquired from nonmember bank

Toy National Bank, Sioux City, Iowa, permission to FRBank torediscount paper acquired from nonmember banksby

Union Bank and Trust Co., Helena, Mont., extension of time forrediscounting paper acquired from nonmember banks

Van Camp Milk Co., Inc., eligibility of paper offered to FRBankof Chicago, question of requiring financial statement

Verhalen Nursery Co., proceeds of notes which are to be usedfor production or marketing of products, eligibility of

Warehouse receipts securing bankers acceptances issued byLawrence Warehouse Company, eligibility of

Regional agricultural credit corporations;Discount of paper with FRBanks, reply to FRBank of Minneapolis

on authorityOpinion that FRBanks may legally rediscount eligible paper

ofLetter to Governors of all FRBanks transmitting corres

pondence with FRBanks of Minneapolis and San Francisco on eligibility

Omaha and Wichita, reply to Governor Hamilton on discount ofeligible paper by FRBank for

Spokane, Wash., R. E. Towle granted leave of absence fromHelena Branch for three months to organize

Leave extended for not over three months Registry surcharges on currency shipments, letter to Post Office

Department requesting that declaration of full value not be required

8/9 135

8/24 18210/26 363

12/2 477

12/9 514

12/12 523

10/6 302

7/13 38

10/11 320

8/19 168

8/19 168

7/26 79

10/6 304

10/6 305

10/26 363

12/2 477

12/9 !jlf

12/12 5$

10/6 ||I12/23 562


Regulations, FRBoard:F, amendment to section IX not considered necessary 12/8 501G, rediscount of notes secured by adjusted service certif

icates, revised to comply with recent amendment to law, approved and ordered printed §/l0 142

Publication in FRBulletin authorized 8/31 193 Remittance drafts: (See Clearing and collection)Reports of conditions (See Condition reports)Reserves:

Andalusia National Bank, Andalusia, Ala.., report of continueddeficiency in

Bank of Saginaw, Mich*, report of continued deficiency in Reply to FRAgent at Chicago on unsatisfactory record of

bankBanks deficient for less than six months, reply to Assistant

FRAgent at Chicago that he need not report unless circumstances warrant

Beech Creek National Bank, Beech Creek, Pa#, report ofcontinued deficiency in

Carrollton National Bank, Carrollton, Ky., report of continueddeficiency in

Citizens and Security National Bank, St. James, Minn., reportof continued deficiency in

Further report by FRAgent on reserve record Further report on deficiency in

Citizens Commercial and Savings Bank, Flint, Mich., reportof continued deficiency in

Letter to FRAgent at Chicago on Reply to FRAgent on unsatisfactory record of bank

Citizens National Bank, Glasgow, Ky., report of continueddeficiency in

Citizens National Bank, Llano, Texas, report of continueddeficiency in

Citizens National Bank of Parkersburg, W* Va., report ofcontinued deficiency in, now restored to required amount

City National Bank, Georgetown, Texas, report of continueddeficiency in

City National Bank of Huntington Park, Calif., report ofcontinued deficiency in

City National Bank of Wichita Falls, Texas, report of continueddeficiency in

DroverB State Bank, South St. Paul, Minn*, report of continueddeficiency in

Further report by FRAgent on reserve record Elk Rapids State Bank, Elk Rapids, Mich., report of continued

deficiency inFurther report on unsatisfactory record, letter to direct

ors suggestedErwin National Bank, Erwin, Tenn., report of continued

deficiency inExchange Bank, Tallahassee, Fla., report of continued

deficiency inExchange National Bank, Marietta, Pa., report of continued

deficiency in

9/15 2319/2 205

9/21 256

11/21 439

13/18 426

12/14 527

IO/6 28912/12 40312/2 468

9/2 2049/7 2159/21 256

12/12 522

8/l2 157

10/6 288

9/19 247

12/6 494

9/lS 234

10/6 28913/12 403

9/l5 232

13/18 427

12/15 5398/4 118


Reserves: (Continued)Farmers First National Bank, Rake, Iowa, report of continued

deficienoy ini m______ » i _ m * __ i__ __ t __ a ____________-------------------------^ Q

Farmers Loan and Trust Co., Tipton, Ind., report of unsatis- ™factory reserve record .

Farmers National Bank of Glasgow, Ky., report of continueddeficienoy in 9/15

FRBanks, charge offs to create and make additions, in connection with closing of books at end of 1932 12/23 57c

First Henry National Bank, Henry, 111., report of continueddeficiency in, letter to directors suggested ll/l8 427

First National Bank of Abingdon, Va., report of continueddeficiency in 12/6 494

First National Bank, Antioch, 111., report of unsatisfactoryreserve record 9/15 235

First National Bank, Ashton, Iowa, report of unsatisfactoryreserve record 9/l5 233

Report of continued deficiency in 11/21 439First National Bank, Avoca, Mich., report of continued

deficienoy in 9/2 205First National Bank of Bangor, Pa., report of continued

deficiency in 12/l9 543First National Bank of Carrollton, Ohio, report of continued

deficiency in 10/6 287First National Bank, Channing, Texas, report of continued

deficiency inFirst National Bank, Chickasha, Okla., report of continued

deficienoy inFirst National Bank of Coeburn, Va., report of continued

deficiency inFirst National Bank of Conneautville, Pa., report of

continued deficiency in First National Bank of Conrad, Mont., report of continued

deficiency in Further report on deficiency, no action at present Further report by FRAgent on reserve record Further report on continued deficienoy

First National Bank, Darby, Pa., report of continueddeficiency in

First National Bank of Egan, S. Dak., report of continueddeficiency in

Further report on deficiency, no action at present First National Bank of Foley, Minn., report of continued

deficiency in Further report on deficiency, no action at present Further report by FRAgent on reserve record Further report on continued deficiency

First National Bank, Gallup, N. Mex., report of unsatisfactoryreserve record

First National Bank of Goodhue, Minn., report of continued u 0deficiency in :

First National Bank, Graettinger, Iowa, report of unsatis- Ag 1$factory reserve record .yg

Further report on unsatisfactory record First National Bank of Hale Center, Texas, report of continued

deficiency in

10/26 352

12/14 527

12/6 494

10/6 287

9/7 21610/6 28911/12 40312/2 468

10/26 349

8/2410/6 *89

0 /24 I l f%, 289n/12 40212/2 468

9 1


Reserves: (Continued)First National Bank, Harlingen, Texas, report of continued

deficiency inFirst National Bank, Henry, 111*, report of continued

deficiency inFirst National Bank, Hillsdale, Mich., report of continued

deficiency in Letter to FRAgent at Chicago on

First National Bank, Indiana, Pa., report of continueddeficiency in

First National Bank, Iron River, Mich., report of continueddeficiency in

Advice that reserves now restored to required amount First National Bank of Jackson, Ky., report of continued

deficiency inFirst National Bank, La Harpe, 111., report of continued

deficiency inFirst National Bank, Lewisville, Ind., report of continued

deficiency in Further report on unsatisfactory record and that bank

has suspendedFirst National Bank, Little Rock, Iowa, report of unsatis

factory reserve record Report of continued deficiency in Further report on

First National Bank of Livingston, 111#, report of continueddeficiency in

First National Bank, Lockney, Texas, report of continueddeficiency in

First National Bank in Mamaroneck, N. Y., report of continueddeficiency in

First National Bank, Meadow, Texas, report of continueddeficiency in

First National Bank, Montpelier, Ind., report of unsatisfactory reserve record

Report of continued deficiency in Further report on unsatisfactory record

First National Bank of Northboro, Iowa, report of continueddeficiency in


First National Bank of Odin, 111., report of continueddeficiency in

Report of unsatisfactory reserve record First National Bank, Paul, Idaho, report of continued

deficiency inFirst National Bank, Perryton, Texas, report of continued

deficiency inFirst National Bank, Ridge Farm, 111., report of unsatis

factory reserve record First National Bank, Secor, 111., report of unsatisfactory

reserve record Report of continued deficiency in

First National Bank, Sodus, N. Y., report of continueddeficiency in

10/11 321

9/15 232

9/2 2059/7 215

12/30 591

9/7 21510/6 290

io/e 287

10/26 351

9/15 232

11/18 427

9/15 23310/26 351I V 12 402

9/15 234

12/19 543

10/26 349

7/8 18

9/15 23310/26 35011/2 378

9/15 233

9/21 256

7/19 5811/2 379

10/26 352

10/11 321

9/15 2339/15 233

12/27 58210/26 349


467

522

232

42?

Reserves: (Continued)First National Bank of Stone Lake, Wie., report of continued

deficiency in ll/itFirst National Bank of Swanville, Minn., report of continued 4oj

defioienoy in SFurther report on deficiency, no action at present lo/« ^Further report by FRAgent on reserve record 289Further report on continued deficiency ^

First National Bank of Thief River Falls, Minn., report ofcontinued deficiency in ■

First National Bank, Winslow, Ind., report of continueddefic iency in 12/12

First National Bank- and Trust Co., Cambridge City, Ind.,report of continued deficiency in 9/ g

Further report of deficiency with opinion that bank ismaking effort to restore reserves l]/l8

First National Bank and Trust Co. in Orlando, Fla., report ofcontinued deficiency in 12/23 571

First Savings and Trust Co., Colfax, Wash., report of continueddeficiency in 12/l9 543

First State Bank, Lorenzo, Texas, continued deficiencies in,hearing on forfeiture of membership because of 7/20 68

Reserves restored but still in unsatisfactory condition,action on termination of membership deferred 12/6 496

(See also State member banks)Funds collected under Revenue Act and held for remittance to

Collector of Internal Revenue are not subject to reserve requirements 9/7 218

Ruling to be published in FRBulletin lo/ 6 309Greensburg National Bank, Greensburg, Ind., report of unsatis

factory reserve record 9/l5 255 Reply to FRAgent at Chicago on record 9/21 256

Lycoming Trust Co*, Williamsport, Pa., against deposits received in connection with certain personal loans 7/lfl ®

Mar 1in-Citizens National Bank, Marlin, Texas, report ofcontinued defioienoy in ll/2l 43

Mechanics National Bank and Trust Co., Millville, N. J., /inIreport of continued deficiency in 11/12

Member banks in States requiring segregation of assets ofcommercial department from assets of savings department, letter on carrying two separate j ^reserve accounts with FRBank

Millersville National Bank, Millersville, Pa., report of , . 435continued deficiency in

Millington National Bank, Millington, Mich., report of , g05continued deficiency in |||

Letter to FRAgent at Chicago with further reference to National Bank of Commerce, Hugo, Okla., report of continued , „ $2

deficiency in 12/National Bank of Commerce in Los Angeles, Calif., now in liqui

dation, penalties collected for deficiencies ,g 572 since Jan. 11 to be returned to bank -'

National Bank of Fort Sam Houston, San Antonio, Texas, reduct- $$ion in required reserves approved '

National Bank of Newport, N.Y., report of continued deficiency $$


Re serve s: (Cont inued)National Bank of Pontiac, 111., report of unsatisfactory

reserve recordNational Bank of Summers, Hinton, W. Va., report of continued

deficiency inNational i&change Bank, Waukesha, Wis*, report of continued

deficiency inNational Trust Bank, Charleston, 111*, report of unsatis

factory reserve record New London National Bank, New London, Iowa, report of

unsatisfactory reserve record Park Savings Trust Co., Richmond.Heights, Mo., further

report of continued deficiency in Paulding National Bank, Paulding, Ohio, report of continued

deficiency inPeoples American State Bank, Saginaw, Mich., report of

unsatisfactory reserve record Peoples National Bank, Delta, Pa., report of continued

deficiency inPeoples National Bank, Seymour, Mo., report of continued

deficiency inPeoples Savings Bank, Coopersville, Mich., report of continued

deficiency inPeoples State Bank of Milan, Mich., report of continued

deficiency inReply to FRAgent at Chicago on unsatisfactory record of

bankProgressive penalties for continued deficiencies in, letters

to FRBanks of Richmond and Kansas City on discontinuing assessment of

Assessment to be discontinued effective Oct. 1 at FRBankof Kansas City

Action amended to include deficiencies occurring after Sept. 1, 1932

Discontinued at FRBank of Richmond Putnam County Bank of Hurricane, W. Va., report of continued

deficiency inRigby National Bank, Rigby, Idaho, report of continued

deficiency inSecond National Bank of Erie, Pa., report of continued

deficiency inSecurity National Bank, Randolph, Nebr., report of continued

deficiency inState Bank of Revere, Minn., report of continued deficiency in Stockgrowers and Farmers National Bank, Wallowa, Ore., report

of continued deficiency in Time certificates of deposit payable by one bank to another

due within thirty days, reply to Mr. Gough on classification of

U. S. Bank and Trust Co., Rochester, Ind., report of unsatisfactory reserve record

Washington Savings Bank, Washington, Mich., report of continueddeficiency in


9/15 233

10/6 288

9/15 232

9/15 233

9/15 233

11/12 403

12/23 571

9/21 256

11/21 438

12/s 503

10/26 351

9/7 215

9/21 256

10/6 310

10/6 310

11/12 40410/26 362

7/29 94

10/6 290

7/12 27

12/23 57112/23 57112/12 522

9/21 2629/15 2339/2 205


Reserves s (Continued)West End Bank, University City, Mo#, report of continued

defioienoy in gAjYakima Valley Bank and Trust Co., Yakima, Wash#, report of

continued deficiency in gAg |9Resolutions:

Conference of Governors and FRAgents:Salaries of officers and employees at FRBanks should not be

reduced at this time 12/s ^Statement of Governor Norris giving views on 12/14 53!

Federal Advisory Council:Section 10(b) and Section 3 of Glass-Steagall Bill, asking

Congress to extend provisions of 12/5 ^FRBoard:

Branch of National City Bank of New York in Geneva, Switzerland, order extending time for opening lo/ll 325

Lausanne Conference:League of Nations to convoke conference on Monetary and

Economic Questions, FRBoard to be represented on informal working committee 8/l0- I45

Open Market Policy Conference:Purchase of Government securities by Executive Committee

authorized 7/l4 44Riddle, J. H., present at meeting of FRBoard with Committee on

Branch* Group, and Chain Banking ll/3 390Robinson, President of United Engineers and Constructors, present

at meeting of FRBoard in connection with supervision of addition to building of FRBank of - j$I Philadelphia 8/l2 153

Rulings:Comptroller General of the United States:

Cost of printing FRnotes, ruling that reduction cannot bemade because of savings under Economy Act 8/31 199

Affirmation of previous decision, letter to FRBanks on 9/21 261 Questions arising under Economy Act, memo of Counsel on

effect of 8/10 1|FRBoard:

Certificates of deposit payable to other banks withinthirty days, classification by member bank asdemand deposits 482

Revision of Form 105 as result of ruling aftCold storage companies, eligibility of notes of customers ,

for rediscount W ®Deposits received by member banks in connection with oer-

7/19Funds collected for Collector of Internal Revenue not

subject to reserve requirements, publication . in FRBulletin 10' 6

Insurance premiums, notes given in payment of, are eligible ^for rediscount 12/

Maturity of notes of member banks offered through anothermember bank secured by Government obligations, . p| interpretation of '

tain "personal loans’1, reserves should be , ^maintained against


Rulings: (Continued)FRBoard: (Cont inued)

Municipal warrants, reply to FRBank of Minneapolis thatFRBank may purchase direct from issuing municipality under certain conditions ll/l2 407

Warehouse receipts securing bankers acceptances proposedto be issued by Lawrence Warehouse Company, eligibility for rediscount lo/6 305

ftgVt

St# Louis Refrigerating and Cold Storage Co., reply to letter oneligibility of paper of customers for rediscount

Salaries of officers and employees of FRBanks should not bereduced at this time, resolution adopted at meeting of FRAgents and Governors

Statement of Governor Norris giving views on resolution(See also FRBanks)

Salesmen, letter from Mr# deMoney that claims for deferred payments of commissions on sales be considered basis for credit extension

Scaramelli and Co., Inc., loan under amendment to Sec. 13 of FRAct#letter to FRBank of New York that such loans be otherwise secured than by endorsement and guaranty

Scrap iron and steel, reply to Director General of Institute ofScrap Iron and Steel, Inc., on classification as readily marketable staples

Secretary of the Treasury:Account current rendered by Treasurer on account of franchise

tax receipts from FRBanks, no objection to furnishing Comptroller General with

Annual report, to refrain from reference to report of Committeeon Branch, Group, and Chain Banking

Report revised to eliminate all reference to summaryreport of committee

Sessions Clock Co., Forestville, Conn*, advance by FRBank ofBoston under third paragraph of Sec. 13 of FRAct as amended

Share-the-work planssDetroit Branch, plan involving reductions in salaries and

addition of temporary employees FRBank of Chicago, plan involving reductions in salaries and

addition of 35 or 40 temporary employees FRBank of Cleveland, providing for reductions'in salaries and

addition of temporary employees approved FRBank of Dallas, plan involving reductions in salaries of

officers and employees and addition of temporary employees approved

FRBank of Kansas City, not favored by directors at presenttime

FRBank of New York, plan outlined to FRBoard by Dr* Burgess Plan submitted and salary payments to temporary employees

approved

XO/6 304

12/5 48912/14 551

10/6 303

10/26 361

10/6 302

ll/2 385

11/21 446

11/22 449

13/12 399

12/27 583

12/27 583

12/12 523

12/30 589

12/30 590lo/ll 33013/12 413


Share-the-work plans: (Continued)FRBank of New York: (Continued)

Report of Mr. Burgess on plan and permission to engageadditional employees for temporary period W g

FRBank of Philadelphia, plan submitted and Secretary of the 497Board to discuss with FRAgent the inequities in salary deductions ll/lE 41

Report of Seoretary on discussion with FRAgent, salary 4reductions submitted through error and revised plan to be submitted 1]/^ 4

Revised plan submitted and to be approved when approved byexecutive committee of bank 11/23 455

Plan approved as modified and salary payments to temporaryemployees approved I2/2 451

FRBank of San Francisco, involving reductions in salaries andaddition of temporary employees approved 12/27 534

Shofner, Howard B., payment of fee by FRBank of Atlanta in connection with indebtedness acquired from suspendedbank 12/15 558

Shoreham Investment Co., Inc., amount of space occupied by FRBoardcalculated and verified and amount of monthly rental approved 8/9 136

Silver as security for FRnotes, enactment of S. 4779 providingfor use of, opposed by FRBoard 7/26 78

Silver and minor coin, no objection to FRAgent at Atlanta holdingin joint custody with FRBank for account of Treasurer of United States 9/l5 238

Smoot, Senator Reed, reply to letter on correctness of statementscontained in speech of Congressman McFadden 12/2 479

Sponable, Frank W., President of Miami County National Bank ofPaola, Kansas, personal activities of, letter to FRAgent at Kansas City for info mat ion on 8/19 17!

Further correspondence on matters referring to I®/® ®S. Shuffs Sons, Inc., loan under amendment to Sec. 13 of FRAct,

letter to FRBank of le w York that such loans be otherwise secured than by endorsement and guaranty

Staff of FRBoard:Charwomen:

Allison, Eleanor, to be substituted on rolls of FRBoard , gkfor Rachel Williams ^ -3

Cumberland, Mary G., appointed to take place of Jeannette . ^Thomas, deceased /ip 408

Williams, Rachel, transfer to roll of Treasury Department W Division of Bank Operations:

Iverson, Kenneth R,:Audit of reserve stock of incomplete FRnotes held by

Bureau of Engraving and Printing, to represent , 3 FRBoard in 89

Leave of absence without pay approved 'Smead, E. L., present at meeting of FRBoard and activities

of Committee on Branch, Group, and Chain /» 0Banking reviewed 7/29

Williams, Mary C., leave of absence without pay approved '

10/26 361


Staff of FRBoard: (Continued)Division of Examinations:

Maynard, Mrs* Marguerite C., appointment and salary asSecretary to Mr. Paulger lo/ll 320

Paulger, Leo H.: (See infra Examiners)Richardson, Mrs. Lulu C., transfer from office of Mr.

Carter in connection with fiduciary work 7/1 2(See also Examiners)

Division of Issue and Redemption:Everett, Mary E., granted leave without pay for not over

sixty days on account of illness 7/1 1Leave without pay extended for thirty days 8/31 192Leave without pay extended to Oct. 1 10/6 277

Gray, Mrs. Ruthette M., resignation as Statistical Clerk 8/9 128 Statistical Clerk, position abolished 8/9 128Whittaker, Mrs# Ruth, salary as Bookkeeper increased 8/9 128Williams, Mrs# Maude, appointment and salary as Book-

keeper-Stenographer 8/9 128Division of Research and Statistics;

Belsley, Mrs* Dorothy F., resignation because of application of provisions of Economy Act to husband employed by Civil Service Commission ll/3 391

Bulla, Beatrice, leave of absence without pay to attendsummer school 7/7 10

Granted additional leave of absence on account ofillness with pay 10/26 348

Corder, Mrs. Mildred, temporary appointment and salary asStenographer approved 12/23 562

Dyer, Helen, leave of absence without pay approved 7/29 89Gardner, Walter R., authorized to go to Geneva to attend

meeting of preparatory committee of experts of International Monetary and Economic Conference, but to take no official part lo/ll 332

Goidenweiser, E. A.:Activities of Committee on Branch, Group, and Chain

Banking reviewed at meeting of FRBoard ll/3 390(See also Committees)

Designated to serve on informal working committee for preliminary work in connection with Conference on Monetary and Economic Questions 8/10 145

Vacation beginning Aug. 16 and then to remain at Cape Cod, Mass., to work on report of Committee on Branch, Group, and Chain Banking 8/l0 138

Hanford, Eleanor, resignation accepted and leave with paygranted 8/l9 165

Mason, Helen L, granted additional leave of absence onaccount of illness with pay 10/26 348

Perry, Mrs. Katharyne V/., probationary appointment toclerical position and salary approved 12/20 554

Rhodes, Thomas B., appointed member of committee to arrangefor exhibit at Chicago World Fair and also on executive committee 8/24 187

Examiners:Brett, R. H., resignation as FRExaminer ll/2 387


7/29

Staff of FRBoard: (Continued)Examiners: (Continued)

Brown, Stuart L., appointment as Assistant Examiner andsalary approved

Chamberlin, R. B., transferred from field force toWashington office g/„

Comley, L. C., resignation as Assistant FRExaminer jw* 213Farrell, E. A., resignation as Assistant to accept

position with Reconstruction Finance Corporation

Highfield, Carroll R., appointment and salary as AssistantFRExaminer 9/7 Ml

Lee, Andrew W., appointed Assistant Examiner and salaryapproved l0/6 27fi

Leonard, R. F., report on examination of trust departmentof Continental Illinois Bank and Trust Co.,Chicago, 111. I0/13 g36

Millard, Edwin R., appointment and salary as FRExaminer 11/23 453 Paulger, L. H.s

Directed to make at least one examination of eachFRBank during 1933 12/23 566

Examination of Continental-Illinois Bank and TrustCo., Chicago, 111., to arrange for representation in lo/6 274

Report on examination of trust department of lo/l3 336 Leave without pay while serving Reconstruction Finance

Corporation extended to Sept. 30 8/9 136Strahorn, Charles A., appointed Assistant Examiner and

salary approved lo/6 276Fiscal Agents

Certificate from General Accounting Office that accountin name of W. M. Imlay had been examined and settled in full 9/y

Foulk, Oliver E., bond as Deputy 8/3 100Furloughs granted to employees, reply to request of Secretary

of Civil Service Commission for information on 12/23 574 Gold Settlement Funds

Mears, C. M., resignation as clerk on night force 13/23Richardson, Harold B., appointment on night force approved 11/ 23 Wigginton, Norval P., resignation as employee on night , n„

force 10/6Holidays, Christmas and New Years, offices of FRBoard to be

closed on Dec. 24, 25, 26, and 31, and Jan. . ^1 and 2 JJM

Leave of absence without pay for short periods to be approved . ggby Secretary or Assistant Secretary of Board V

Leave with pay granted upon resignation of employees, memo of , jjgDr. Goldenweiser on '

Men to assist in arranging supply of FRBulletins, etc., inShoreham Building, employment of two for not /y 192over five days authorized y« El®

Employment for two more days authorized ' Mimeograph operators

Fletcher, W. T., leave of absenoe without pay approved $National Economy Act, application of provisions to FRBoard '


Staff of FRBoards (Continued)Official register of the United States, list of officers and

employees not to be furnished to Bureau of the Census for publication in ?/l9 62

List submitted to Director of Bureau and no objection topublication with salaries omitted 9»/l9 249

Secretary's Office:Transfer of portion of budget to other divisions because

of transfer of employees 7/l3 38State member banks:

Albany State Bank, Albany, Ore#, no objection to purchase ofassets and assuming liabilities of First Savings Bank, but increase in capital account suggested ll/lB 406

Allegheny Trust Co*, Pittsburgh, Pa., examination report showing own stock held as collateral for loans and also unsatisfactory condition 7/8 19

American Bank and Trust Co*, lew Orleans, La*, extension ofadvance under Sec# 10(b) of FRAct in reduced amount approved lo/ll 318

Continuance of advance in reduced amount approved 12/12 518Baden Bank, St* Louis, Mo*, analysis of examination report,

additional information requested l]/2i 441Baltimore Commercial Bank, Baltimore, Md*, analysis of

examination report, FRAgent to discuss discontinuance of dividend payments with Bank Commissioner l]/l2 405

Baltimore Trust Co*, Baltimore, Md., analysis of report ofexamination, FRAgent requested to give close attention to situation 7/26 77

Bank of Commerce and Trust Co., Boston, Mass*, assets purchasedand liabilities assumed by United States Trust Co. of Boston 12/23 569

Bank of Dawson, Ga., analysis of examination report showingunsatisfactory condition and own stock held in assets ll/l8 430

Bank of Depew, N* Y*:Advance under Sec* 10(b) of FRAct approved 7/l9 54

New advance approved, to cover existing advanoe andaddition 10/6 282

Renewal of advance approved 12/23 564Purchase of tax anticipation note of Town of Cheektowaga

by FRBank of New York 7/29 92Purchase of additional tax note approved 8/l9 167Purchase of additional tax note approved lo/6 285

Bank of Kalamazoo, Mich*, letter to FRAgent at Chicago onpossible reduction of indebtedness of officers and directors to 12/30 592

Bank of Manhattan Trust Co., New York City, examination inconnection with reorganization of Manhattan Co. and application of Bank of Manhattan Co* for membership ll/l8 432

Cancellation of FRBank stock authorized ll/zi 445(See also Membership, Bank of Manhattan Co.)


State member banks: (Continued)Bank of Nutley, N. J.s purchase of tax notes of Town of ButX^v

by FRBank of Hew York from .Bank of* Saginaw* Mioh., report of continued deficiency irv ^

reserves , mReply to FRAgent at Chicago on vmsatisfaotory record of ^

ba33k \Bank of Vfoodburn, Ore., assets acquired and liabilities assumed ^of First national Bank of "Woodburn „i \

Blanchard State Bank, Blanchard, Mich., analysis of examination. \report, additional information requested ll/ll

Broun City Savings Bank, Brown City, Mich., reorganization ^ \and reopening of, examination, to "be made \\Jl

Capital stock of 'bank located "beyond limits of city in ■which. \member bank is situated, reasons for denying permission to organize and acquire Wj% \

Carbon Emery Bank, Price, Utah, consolidation -with PriceCommercial and Savings Bank -under charter of latter and title of former /\=, ^ \

Central Republic Bank and Trust Co., Chicago, 111., deposit \liabilities to be assumed by City National Bank aand Trust Co. for equal amount of cash, and management contract for servicing trusts lo/s ^ \

Permission to withdraw from membership immediately "because \business of deposit and discount discontinued 1 0 ^

Central Trust Co., Cincinnati, Ohio, method of reporting real 1estate mortgage bonds sold to customers mth. guaranty of payment by Pearl Market Bank and \Trust Co. 10/j» ^ '

Method of reporting on Form 105 10/liChagrin Palls Banking Co., Chagrin Palls, Ohio, request for

additional information on certain, matters referred to in examination report lfc/fc W

Chemical State Savings Bank, Midland, Mich., absorption, ofPeoples State Savings Bank of Midland, and capitalization inadequate to support deposit liabilities 1P&

Chouteau Trust Co., St, Louis,Mo., request for details on. remov-al of first mortgage bonds from accounts

Citizens Bank and Trust Co., Savannah, Ga., own stock held ascollateral to liquidation account of another bank, extension of time for disposal of yl

Citizens Commercial and Savings Bank, Flint, Mich, report ofcontinued deficiency in reserves Wj

Letter to FRAgent at Chicago on WReply to FRAgent at Chioago on unsatisfactory record of

bank ®Citizens State Bank, Jamestown, Ind., permission to FIffiank of

Chioago to redisoouirfc paper acquired from State Bank of Lizton, Ind,

Citizens State Bank, Marianna, Fla., unsatisfactory conditiondisclosed by analysis of examination report

Citizens State Bank, Memphis, Texas, immediate withdrawal frommembership approved

Citizens State Bank, Sheboygan, lis*, analysis of examination report, additional information requested


State member banks; (Continued)Citizens Trust Co*, Adams, N. Y., consolidation with Fanners

National Bank under title of Citizens and Farmers Trust Co. 9/15 237

Cleveland Trust Co., Cleveland, Ohio, assets acquired andliabilities assumed of Peoples Savings Bank,Lorain, action deferred 10/26 357

Coffman Dobson Bank and Trust Co*, Chehalis, Wash., assetsacquired and liabilities assumed of First National Bank of Chehalis 8/31 197

Commonwealth Trust Co. of Pittsburgh, Pa*, own stook taken asadditional security for loans, disposition of 9/21 259

Holding of awn stock as collateral for loans and manner ofholding criticized 12/23 569

Condition reports:Call as of June 30 7/1 1Call as of Sept* 30 10/6 275

Continental Bank and Trust Co., New York City, absorption ofStraus National Bank and Trust Co., International Trust Co., and Industrial National Bank 7/l 3

Continental-Illinois Bank and Trust Co*, Chicago, 111.aConversion into national bank I0/6 272Examination report considered and application for fiduciary

powers on behalf of national bank approved upon conversion lo/l3 336

Note signed by E* M* St evens and secured by shares ofstock of, while a Class C director of FRBank of Chicago 12/l9 551

Crawford County Trust Co., Meadville, Pa*, analysis of examination report showing unsatisfactory condition 12/23 570

Dallas Bank and Trust Co., Dallas, Texas, analysis of examination report shows holdings of most of capital stock of Dallas Title and Guaranty Co. which has notes secured by member banks own stock 12/2 474

Detroit Savings Bank, Detroit, Mich*, analysis of examinationreport discussed and reduction in rate of dividends suggested 12/19 544

Dime Savings and Trust Co., Allentown, Pa*, immediate withdrawal approved 8/3 103

Drovers State Bank, South St. Paul, Minn*, report of continueddeficiency in reserves 10/6 289

Steps taken by State Bank Commissioner to improve unsatisfactory condition and letter to FRAgent on 10/6 291

Further report by FRAgent on reserve record ll/l2 403Earnings and dividends report, revised form and letter of

instructions approved 12/l4 529Elk Rapids State Bank, Elk Rapids, Mich., report of continued

deficiency in reserves 9/l5 232Further report on unsatisfactory record, letter to

directors suggested 13/18 427Equitable Trust Co., Atlantic City, N. J., indebtedness to

FRBank of Philadelphia discussed by Governor Norris 12/l5 534

Exchange Bank, Tallahassee, Fla., report of continuousdeficiency in reserves 8/4 118


State member banks: (Continued)Exchange Bank, Tallahassee: (Continued)

Immediate withdrawal from membership approved jj/gErie County Banking Co#, Vermilion, Ohio, holding own stock 0

as collateral to loan and also has loan in excess of limitations prescribed by State law lo/g

Examination of, list of those not examined during 1932 to befurnished FRBoard I2/30

Farmers and Merchants Bank, Sebewaing, Mioh., condition asreflected in analysis of examination report 3/24.

Farmers and Merchants State Bank of Seneca, Wis», criticismsto be discussed with State Banking Department and procedure if withdrawal from membership is deemed necessary

Farmers and Traders Bank, Iberia, Mo., immediate withdrawalfrom membership approved

Farmers Loan and Trust Co., Tipton, Ind., report of unsatisfactory reserve record

Farmers State Guaranty Bank, Valiant, Okla., analysis of examination report showing unsatisfactory condition

Fayette Bank and Trust Co., Connersville, Ind., disposal of ownstook now carried as shown by examination report

Fidelity Savings State Bank, Topeka, Kans., permission toFRBank to rediscount paper acquired from nonmember banks by

First Central Trust Co., Akron, Ohio, examination reportpresented by Mr# DeCamp and proposed purchase of First-City Savings Bank of Barberton discussed

First-City Savings Bank, Barberton, Ohio, proposed purchase ofassets by First Central Trust Co., Akron, discussed by Mr. DeCamp

First Savings and Trust Co#, Colfax, Wash#, report ofcontinuous deficiency in reserves

First State Bank, Bishop, Texas, immediate withdrawal frommembership approved

First State Bank of Brownsville, Tenn#, immediate withdrawalfrom membership approved

First State Bank, Lorenzo, Texas, hearing on forfeiture ofmembership because of continued deficient reserves

Date of hearing changed to Sept. 15 and revised lettersforwarded

Report of appearance of representative of bank beforeFRAgent at Dallas and action deferred and further opportunity to comply with conditions

Reserves restored but still in unsatisfactory condition,action on termination of membership deferred

Forney State Bank, Forney, Texas, analysis of report ofexamination submitted and action on termination of membership deferred

Franklin Washington Trust Co., Netrark, N. J#, renewal ofadvance under Sec. 10(b) of FRAct approved

Renewal of advance in reduced amount and additionaladvance approved

594135

12/2 472

12/15 539

9/15 233

12/19 544

10/6 299

10/26 355

10/26 343

10/26 343

12/19 543

9/21 257

l ? / l 9 545

7/20 68

8 /3 105

10 /6 294

12 /6 496

l l / 2 380

9 /7 212

12/12 I


State member banksi (Continued)Georgia Savings Bank and Trust Co., Atlanta, Ga., advance

under Sec, 10(b) of FRAct, other collateral to be substituted for bonds of corporation affiliated with foreign corporation

Advance to be continued without demand for payment Renewal of advance approved Additional advance approved

Greenwood Bank and Trust Co., Greenwood, Miss., analysis ofexamination report, letter on improvement in criticized matters

Guarantee Trust Co., Atlantic City, N. J., indebtedness toFRBank of Philadelphia discussed by Governor Norris

Guardian Trust Co., Cleveland, Ohio, examination report received by Mr. DeCamp and to be discussed with FRBoard

Analysis of report presented by Mr* DeCamp, action deferredand Mr. DeCamp to forward copy of report

Report of examination showing notes held in assets signedby Governor Fancher and Mr. DeCamp

Hibernia Bank and Trust Co., New Orleans, La*, analysis ofexamination report, FRAgent and Governor of FRBank to aid bank to better its condition

Hinsdale State Bank, Hinsdale, 111., immediate withdrawal frommembership approved

Illinois Bank and Trust Co#, Rockford, 111., to convert intoIllinois National Bank and Trust Co*, permit to exercise fiduciary powers will be issued under conditions stated

International Trust Co., New York City, absorbed byContinental Bank and Trust Co.

Iola State Bank, Iola, Texas, notice of intention to withdrawfrom membership filed and waiver of six months notice refused

Jefferson Bank and Trust Co., St. Louis, Mo#, no objection toexercise of trust powers granted to

Jefferson Trust Co., Hoboken, N# J., renewal of advance underSec. 10(b) of FRAct approved

Additional advance approved Renewal of advance in reduced amount approved

Junction State Bank, Junction, Texas, action on terminationof membership deferred and further opportunity to improve condition

Kanawha Valley Bank, Charleston, W. Va., holding of own stockas collateral to loans

Kentucky Title Trust Co., Louisville, Ky., efforts to correctmatters criticized in recent examination report

Leesburg State Bank and Trust Co., Leesburg, Fla., unsatisfactory condition shown by examination, no action until after another examination

Liberty Trust Co., Allentown, Pa., immediate withdrawal frommembership approved

8/S 1119/15 229I2/6 49812/23 565

12/2 473

12/15 534

lo/ll 327

10/26 343

11/23 457

12/12 521

8/12 157

11/12 401

7/1 4

11/21 440

s/s 109

9/7 21113/12 39512/5 485

10/6 29312/23 570

ll/2 382

Il/Z 382

8/31 196


State member banks: (Continued)Linden Trust Co., Linden, 1. J., absorption of Linden National

Bank, no objection to transaction but FRAgent to discuss increase in capital with bank

Live Stock State Bank, North Portland, Ore., application for ^immediate withdrawal denied but FRBank to cancel stook after six months g/

Remainder of six months period waived and immediate *9?withdrawal approved

Lock Haven Trust Co., Look Haven, Pa., consolidation with 9Clinton Trust Co., under new charter and application of new bank for membership

Lycoming Trust Co., Williamsport, Pa., reserves must be main- ^tained against deposits received in connection with certain personal loans

Manchester Trust Co., South Manchester, Conn., analysis of *examination report showing unsatisfactory condition l /3o g

Mercantile Bank and Trust Co. of Texas, Dallas, Texas, analysisof examination report showing control of banking institutions through wholly owned subsid-iary 12/2 474

Merchants Banking Trust Co. of Mahanoy City, Pa., irregularities referred to in analysis of examinationreport lo/26 359

Mississippi Valley Trust Co., St. Louis, Mo., ownership ofcapital stock of Mississippi Valley Co. which issues guaranteed first mortgage certificates 9/7 219

Memoranda of Mr. Wingfield and Mr. Sinead on extent andpossible restriction of such "business and information to be submitted by all member banks with next condition reports ll/l6 421

Monroe County Bank, Dundee, Mich*, absorption of Dundee StateSavings Bank, no objection to lo/26 557

North York State Bank, York, Pa., assets aoquired and liabilities assumed by York Trust Co. 9/7 217

Ogdeneburg Trust Co., Ogdensburg, N. Y., noncompliance withoondition of membership on credit data in connection with unsecured loans and holding own stock as collateral to loans 10/6 298

Pacific State Bank of South Bend, Wash., establishment of trustdepartment approved 7/12

Park City State Bank, Park City, Morrfc.s improvement in conditionof, but additional information on loan to .director not adequately secured requested W ®

Park Savings Trust Co., Riobmond Heights, Mo., report of ,examination showing impaired capital 7 0 405

Further report on continued deficiency in reserves IV**Penn Trust Co., Allentown, Pa., immediate withdrawal approved .

because absorbed by another bank Pennsylvania Company for Insurances on Lives and Granting

Annuities, Philadelphia, Pa., permission toorganize bank in Ardmore and acquire most of , 356capital stock disapproved


State member banks: (Continued)Pennsylvania Company for Insurances: (Continued)

Governor Norris present at meeting and discussion of organization of Main Line Trust Co. of Ardmore and connection with member bank, and attitude toward application of new bank for membership

Messrs* Austin and Brittain present at meeting of FRBoardand further discussion of organization of trust company and holding of stock by Pennsylvania Company

Peoples American State Bank, Saginaw, Mich., report of unsatisfactory reserve record

Peoples Bank, BishopVille, S. C., violations of conditions ofmembership indicated by analysis of examination report

Peoples Bank and Trust Co., Passaic, N. J#, advance under Sec.10(b) of FRAct approved

Renewal of advanoe in reduced amount approved Peoples Pittsburgh Trust Co., Pittsburgh, Pa#, analysis of

examination report showing own stock held as part collateral to loans end other criticized matters

Peoples Savings and Trust Co. of Nanticoke, Pa., criminalirregularities involving certain employees

Peoples Savings Bank, Coopersville, Mich#, report ofcontinuous deficienoy in reserves

Peoples State Bank of Milan, Mich., report of continueddeficienoy in reserves


Peoples Trust Co., Martinsburg, W. Va., disposition of ownstock held as collateral for loans

Permission to organize and acquire capital stock of bank to belocated beyond limits of city, reasons for denying request

Perth Amboy Trust Co., Perth Amboy, N. J., purchase of taxnotes of City of Perth Amboy, N. J#, by FRBank of New York from

Petersburg Savings and American Trust Co#, Petersburg, Va.,disposition of shares of own stock held by

Pigeon State Bank, Pigeon, Mich., analysis of report of examination, corrective measures suggested to FRAgent

Pinconning State Bank, Pinconning, Mich., expiration of sixmonths notice of intention to withdraw, granted thirty days to make necessary corrections in condition

President and Directors of the Manhattan Co., New York City: Acceptances to 100 per cent of capital and surplus, appli

cation for permission granted Dollar exchange, application to accept for purpose of

creating approved (See also Membership, Bank of Manhattan Co.)

Price Commercial and Savings Bank, Price, Utah, consolidationwith Carbon Emery Bank under title of latter and charter of former

12/15 536

l3/l9 546

9/21 256

7/l9 57

7/12 26lo/ll 318

13/12 404

10/26 359

10/26 351

9/7 215

9/21 256

8/l2 157

13/2 385

I3/I6 419

8/19 171

12/6 495

13/23 455

11/21 44513/21 445

9/l5 236Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

539015419!224231280

281

|!j|pState member banks: (Continued)

Putnam County Bank of Hurricane, W. Va., report of continueddeficiency in reserves ? /2

Quincy Trust Co., Quincy, Mass*, authority to FRBank of Boston $4to make advances under Sec* 10(b) of FRAct extended 7A

Authority extended to July 29 7/^ JAuthority extended to Aug. 12 7/29Authority extended to Aug. 26Authority extended to Sept. 9 g/siAuthority extended to Sept. 23 9/3Authority to make advances amended so as not to exceed

$500,000 9/15Authority extended for thirty days lo/eAdvance repaid and authority to make new advance for

thirty days I0/6Rahway Trust Co., Rahway, N. J*, advance under Sec. 10(b) of

FRAot approved 8/l2 154St. Joseph Loan and Trust Co., South Bend, Ind., savings

deposit liability of Mishawaka St. Joseph Loan and Trust Co. assumed by, no action until after examination lo/26 358

Savannah Bank and Trust Co., Savannah, Ga., shares of own stockheld in assets to be disposed of by end of year 7/29 94

Savings Investment and Trust Co., East Orange, N. J., purchaseof tax notes of City of East Orange by FRBank of New York from 12/27 581

Schuylkill Haven Trust Co., Schuylkill Haven, Pa., assetsacquired and liabilities assumed of State Bank of Schuylkill Haven

No objection to absorption State Bank of Revere, Minn., contempated change in location to

Walnut Grove, Minn.Report of continuous deficiency in reserves

Stock acquired in other banking institutions by, right ofFRBoard to refuse permission or approval

Sundance State Bank, Sundance, Wyo., effect of absorption ofHulett State Bank, Hulett, Wyo., FRAgent to make recommendation

Twin City Bank, North Little Rock, Ark., letter from FRAgenton improvement in condition and no action on membership to be taken until after conference of FRAgent with President of bank

Union Bank and Savings Co., Bellevue, Ohio, analysis of examination report, FRAgent to discuss condition of bank with State Superintendent of Banks

Union Bank and Trust Co., Helena, Mont., extension of time forrediscounting paper acquired from nonmember banks

Union Bank and Trust Co*, Ottumwa, Iowa, time for eliminationof note from assets extended for one year

Union Trust Co., Ellsworth, Me., Treasurer relieved of executive authority for inefficiency and steps to be taken to improve condition

Examination of bank to be arranged and suspension of dividend payments recommended

8/9 1S412/12 520

7/1 412/23 571

1 0 392

7/12 28

r—1 CM >

r—1 441

12/2 471

8/19 168

8/4 120

10/6290

12/2465


PagesState member banks: (Continued)

Union Trust Co., Endicott, N. Y., no objection for time beingto retention of shares of bank stocks purchased lo/6 298

United States Trust Co. of Boston, Mass#, assets purchased andliabilities assumed of Bank of Commerce and Trust Co®, no objection to transaction but FRAgent to participate in next examination 12/23 568

Wachovia Bank and Trust Co., Winston-Salem, N. C., analysisof examination report, letter to FRAgent for information on payment of unearned dividends and other matters 12/l2 521

Washington Savings Bank, Washington, Mich*, report ofcontinued deficiency in reserves 9/2 205

Reply to FRAgent at Chicago on unsatisfactory record ofbank 9/21 256

W. B. Worthen Co., Bankers, Little Rock, Ark., analysis ofexamination report, additional information requested

West End Bank, University City, Mo., report of continueddeficienoy in reserves

Wheaton Trust and Savings Bank, Wheaton, 111., application forreduction in capital stock cannot be approved

Reduction cannot be approved because of capital requirements of FRAct and capital must be increased within six months

Wilmington Trust Co., Wilmington, Del., loans to officers andemployees for purchase of stock of bank, plans for elimination of

Woodlawn Trust Co., Aliquippa, Pa., assets acquired and liabilities assumed of Aliquippa National Bank

Worcester Bank and Trust Co., Worcester, Mass., authority toFRBank of Boston to make advances under Sec.10(b) of FRAot extended

Authority extended to July 29 Authority extended to Aug. 12

Yakima Valley Bank and Trust Co., Yakima, Wash., report ofcontinued deficiency in reserves

York Trust Co., York, Pa., assets acquired and liabilitiesassumed of North York State Bank, also loans carried partly secured by own stock

Statistics furnished to FRBoard by Department of Commerce, reply toletter on usefulness of

Steuart, W. M.s (See Census Bureau)Stinohfield, Mackall, Crounse, McNally, and Moore, attorneys,

request for any ruling on authority of trust officer of national bank to withdraw securities pledged with trust department and substitute other securities 8/31 198

Stock:Capital:

Albany State Bank, Albany, Ore., increase to provide protection for additional deposits assumed from First Savings Bank ll/lZ 406

Allegheny Trust Co., Pittsburgh, Pa., examination reportshowing own stock held as collateral for loans 7/8 19

11/21 441

9/7 214

8/31 196

10/6 302

9/21 257

8/3 110

7/1 27/19 537/29 90

9/19 247

9/7 217

11/22 451


Stook: (Continued)Capital t (Continued)

Ballston Spa National Bank, Ballston Spa, ,1. Y., reductionapproved and then to be increased

Bank of Dawson, Ga., shares of own stook held in assets tobe eliminated

Bank to be located beyond limits of oity in which memberbank is situated, reasons for denying permission to State member bank to organize and aoquire

Chemical State Savings Bank, Midland, Mich., inadequateto support deposit liabilities, FRAgent requested to take action

Citizens Bank arri Trust Co., Savannah, Ga., own stook heldaB collateral to liquidation account of another bank, extension of time for disposal of

Commonwealth Trust Co., Pittsburgh, Pa., own stock taken asadditional security for loans, disposition of

Holding of own stook in safe deposit box as collateral for loans in violation of law

Continental Illinois Bank and Trust Co., Chicago, 111.,notes signed by E. M. Stevens, secured by, while a class C director of FRBank of Chicago

Dallas Bank and Trust Co., Dallas, Texas, analysis of examination report shows holding of most of stock of Dallas Title and Guaranty Co. which has note! secured by stock of member bank

Erie County Banking Co., Vermilion, Ohio, holding own stockas side collateral to loan

Fayette Bank and Trust Co., Coxmersville, Ind., disposalof shares of own stock now carried

First National Bank, Hardin, Mont., application for reduction

First National Bank, Hoboken, N. J., reduction approved First National Bank, Jacksboro, Texas, reduction approved First National Bank of Lavonia, Ga., reduction approved First National Bank of Morris, N. Y., reduction approved

and then to be increased First National Bank of Parkers Landing, Pa., reduction

approvedFirst National Bank of the Thousand Islands, Alexandria

Bay, N. Y., reduction approved and then to be increased

First National Bank of Woodstown, N. J., increase in connection with exercise of fiduciary powers

Holding by George J. Schaller in member banks, questionedin connection with appointment as deputy governor at FRBank of Chicago

Advice that stook holdings will be disposed of before entering upon duties

Impaired of existing banks, statement of Conference ofFRAgents on restoration of

Kanawha Valley Bank, Charleston, W. Va., holding sharesof own stook as part collateral to loans

7/19 5611/18 430

11/2 386

7/12 28

7/8 209/21 259

13/23 569

1 /19 551

*

13/2 474

10/6 300

10/6 299

13/8 380I?/? 514I2/9 51330/U 321

8/3 106

32/12 522

8/3 106

33/23 454

32/27 585

33/30 595

12/5 489

12/23 570


Pago 8Stock: (Continued)

Capital: (Continued)Manhattan Company, New York City, holding of stock of

County Trust Co., White Plains, and Corning Trust Co* and North Side State Bank, Corning,S. y . 13/3 392

Disposition of stock discussed with Mr. Warburg in connection with reorganization of Manhattan Co. and application of Bank of Manhattan Co* for membership ll/l8 432

Disposition of stock discussed by Mr. Paulger andopinion of officers of bank that it can not be disposed of advantageously at present time ll/21 443

Merchants National Bank in Plattsburg, N. Y., conditionfor exercise of trust powers that capital be increased within one year not to be insisted upon at present

Letter to Acting Comptroller of the Currency foradvice as to steps to be taken by his office as result of latest examination of bank

Increase not effected as required as condition for exercise of fiduciary powers and letter to Acting Comptroller of the Currency on impaired capital

Ogdensburg Trust Co., Ogdensburg, N. Y., holding own stockas collateral to loans

Park Savings Trust Co., Richmond Heights, Mo., report ofexamination showing impairment of

Peoples-Pittsburgh Trust Co., Pittsburgh, Pa*, own stockheld as part collateral to loans

Peoples Trust Co., Martinsburg, W. Va., disposition of ownstock held as collateral for loans

Petersburg Savings and American Trust Co., Petersburg, Va.,disposition of shares of own stock held by

Savannah Bank and Trust Co., Savannah, Ga., shares of ownstock held in assets to be disposed of by end of year

Union Trust Co., Endicott, N. Y., no objection for timebeing to retention of shares of bank stocks purchased

Wheaton Trust and Savings Bank, Wheaton, 111*, applicationfor reduction cannot be approved

Reduction cannot be approved and capital must be increased within six months

Wilmington Trust Co., Wilmington, Del., loans to officersand employees for purchase of, plans for elimination of loans

Wyoming National Bank, Casper, Wyo., reduction not approved York Trust Co., York, Pa., analysis of examination report

showing loans partly secured by shares of own stook

Stook, FRBank:FRBank of Atlanta:

Bank of Dawson, Dawson, Ga., surrender approved Bank of Statesboro, Statesboro, Ga., application approved

8/3 107

10/26 353

12/2 470

10/6 298

13/2 382

13/12 405

8/12 157

E/l9 171

7/29 94

10/6 298

8/51 196

iq/s 302

9/21 25710/26 365

9/17 217

8/10 1477/26 86


Stock, FRBank: (Continued)FRBank of Atlanta: (Continued)

Calcasieu National Bank, Lake Charles, La., surrender Capital National Bank, Jackson, Miss., surrender approved s/lo Coral Gables First National Bank, Coral Gables, Fla.,

surrender approved U/j>Ensley National Bank, Birmingham (Ensley), Ala., surrender lfy/30 First National Bank, Abbeville, La., surrender approved 0/24 First National Bank, Arlington, Ga., surrender approved 9/15 First National Bank in Bristol, Tenn., application approved I0/26

U?U7

388598191244367First National Bank, Bristol, Tenn., surrender approved 12/30 5 9 9

First National Bank, Coal Creek, Tenn., surrender approved 9/2 jlnFirst National Bank, Enterprise, Ala., surrender approved lo/26 S68First National Bank, Etowah, Tenn., surrender approved 7/26First National Bank, Homestead, Fla*, application approved lo/26 337First National Bank, Lavonia, Ga., surrender approved 12/8 511First National Bank, Lincoln, Ala*, surrender approved 15/30 599First National Bank, Millen, Ga., surrender approved 12/30 599First National Bank, Reynolds, Ga., surrender approved s/lo I47

12/23 578First National Bank, Sevierville, Terui., surrender approved I0/6 JigFirst National Bank, Sylacauga, Ala., surrender approved 8/l9 178First National Bank, Thomasville, Ga., surrender approved lo /ll 328First National Bank, Waynesboro, Miss*, surrender approved 7/26 87 Fourth and First National Bank, Nashville, Tenn., surrender I0/26 368Hamilton National Bank, Johnson City, Tenn., application 10/6 314Holston National Bank, Elizabethton, Tenn., surrender 8/3 113 Liberty National Bank and Trust Co., Savannah, Ga.,

application approved 7/86 86Peoples Bank, Evergreen, Ala., surrender approved 8/19 178 Unaka and City National Bank, Johnson City, Tenn.,

surrender approved 3C/26 368 FRBank of Boston:

Atlantic National Bank, Boston, Mass*, surrender approved 7/12 35City National Bank, Belfast, Me., surrender approved 8/24 190 Cohasset National Bank, Cohasset, Mass., surrender approved 7/7Day Trust Co., Boston, Mass., application approved 9/7 Derry National Bank, Derry, N. H., efforts to secure

cancellation because of absorption by First . .National Bank 8/19

Surrender approved 10/** ^ First National Bank, Northampton, Mass., surrender approved 7/19 ^First National Bank, Portland, Me., surrender approved Wr .ggFirst National Bank, Van Buren, Me*, surrender approved 8/24Fort Fairfield National Bank, Fort Fairfield, Me., _ 1 9 0

surrender approved 8/24 -g5Inman Trust Co., Cambridge, Mass., surrender approved q/21 1^7/19Kezar Falls National Bank, Kezar Falls, Me*, surrender 8/24 -Lake port National Bank, Lakeport, N* H., surrender approved 12/2 ^

190Merchants National Banlc, New Haven, Conn., surrender Ijfa 190

ll/l2 8/2 q/Z

Millers River National Bank, Athol, Mass., surrender ™

Leominster National Bank, Leominster, Mass., surrender g/24 ^

Merrimack National Bank, Haverhill, Mass., surrender gjO

National Tradesmens Bank and Trust Co., New Haven, Conn., , aS2“.2/2 7/19

surrender approved Safe Deposit National Bank, New Bedford, Mass., surrender


Stock, FRBank: (Continued)FRBank of Bostons (Continued)

Strafford National Bank, Dover, N. H., surrender approved FRBank of Chicago:

Alliance National Bank, Chioago, 111., surrender approved Altona National Bank, Altona, 111*, application approved Bank of Saginaw, Mich., surrender approvedBay View National Bank, Milwaukee, Wis., surrender approved 13 2 Bownanville National Bank, Chicago, 111., stir render Buchanan County National Bank, Independence, Iowa,

surrender approved Cedar Rapids National Bank, Cedar Rapids, Iowa, surrender City National Bank of Lansing, Mich#, efforts to effect

cancellation of Absorbed by Capital National Bank, no authority to

canoel stock until placed in liquidation or receivership

City National Bank and Trust Co., Chioago, 111.,application approved

Clay County National Bank, Spencer, Iowa, application Commercial National Bank, Waterloo, Iowa, surrender Commercial Savings Bank, Farragut, Iowa, surrender approved Commercial Savings Bank, Marshall, Mich., application Consolidated National Bank, Dubuque, Iowa, surrender Douglass National Bank, Chicago, 111., surrender approved Edmore State Bank, Edmore, Mich., surrender approved El Paso National Bank, El Paso, 111., application approved Farmers Bank, Mason, Mich., application approved Farmers National Bank in Vinton, Iowa, surrender approved First American National Bank and Trust Co., Berwyn, 111.,

surrender approved First National Bank, Ackley, Iowa, surrender approved First National Bank, Altona, 111., surrender approved First National Bank in Aurora, 111, surrender approved First National Bank in Champaign, 111., application First National Bank, Eldora, Iowa, surrender approved First National Bank, Gardner, I1L, surrender approved First National Bank, Hindsboro, 111., surrender approved First National Bank, Hinsdale, 111., application approved First National Bank, Indianola, Iowa, surrender approved First National Bank, Leiand, 111., surrender approved First National Bank, Le Mars, Iowa, surrender approved First National Bank, Lewisville, Ind., surrender approved First National Bank, Maquoketa, Iowa, surrender approved First National Bank, Marengo, 111#, surrender approved First National Bank, Martinsville, Ind., surrender approved First National Bank, Northboro, Iowa, surrender approved First National Bank, Northwood, Iowa, surrender approved First National Bank, Oneida, 111#, surrender approved First National Bank, Paullina, Iowa, application approved First National Bank, Riverside, I1L., surrender approved First National Bank, Sheffield, Iowa, surrender approved First National Bank in Sioux Rapids, Iowa, surrender First National Bank, Story City, Iowa, surrender approved First National Bank, Thompson, Iowa, surrender approved

Pages

9/2 210

7/12 357/8 2313/21 44813/2 3887/12 35

8/19 17810/26 368

8/12 156

10/27 372

lo/ll 32710/6 3158/19 1797/I2 3513/21 4478/19 1798/3 1138/24 1918/31 2038/19 1787/19 65

9/IS 244lc/6 31412/14 5338/19 1788/3I 2039/2 2108/3 11312/8 511I2/2 4829/2 210lo/ll 328

7/12 35ll/l2 4177/19 659A 5 2448/3 11312/2 48312/6 511

7/12 358/24 1907/19 657/26 87I0/6 315ll/3 3947/12 35


6$3883881786534

222113124

552483

87

Stook, FRBank: (Continued)FRBank of Chicago: (Continued)

First National Bank, Wilmette, 111., surrender approved gAFirst National Bank and Trust Co., Baraboo, Wia., surrender lj>A 7First National Bank and Trust Co., Chioago Heights, 111., 483

surrender ajproved q/_First National Bank and Trust Co. in Pontiac, Mich., sur- ®1

render approved g/jcGreenfield Savings Bank, Greenfield, Iowa, surrender ^

Greenup National Bank, Greenup, 111., surrender approved u/g ccHedriok National Bank, Hedrick, Iowa, surrender approved ijAHillsdale Savings Bank, Hillsdale, Mich*, application 8/lgHyde Park-Kenwood National Bank, Chicago, 111., surrender 7A 9Iowa State Bank, Algona, Iowa, application, approved 7/^Iowa State Savings Bank, Fairfield, Iowa, application 9/7Jackson Park National Bank, Chicago, 111., surrender 8/3Jefferson Park National Bank, Chicago, 111., surrender 8/5Easpar American State Bank, Chicago, 111., surrender 8/lo 147Lake County National Bank, Libertyville, 111., surrender 8/lo 147Lapeer County Bank, Imlay City, Mich., surrender approved I2/19Lawndale National Bank, Chicago, 111., surrender approved I2/2 Lincoln National Bank and Trust Co., Fort Wayne, Ind.,

surrender approved 7/26Midland National Bank, Chicago, 111., surrender approved 8/3 113National Bank of Bay City, Mich,, application approved 7/1 8National Bank of Commerce, Milwaukee, Wis., surrender lo/6 315National Bank of Martinsville, Ind., application approved I0/26 367National Bank of Milton, Milton, Iowa, surrender approved 7/l2 35National Bank of Woodlawn, Chicago, 111., surrender 7/l9 65National Fowler Bank, LaFayette, Ind., surrender approved 9/l9 254North Vernon National Bank, North Vernon, Ind., surrender ll/2 388 Old-Merchants National Bank and Trust Co., Battle Creek,

Mich., surrender approved ll/l2 417Old State Bank, Fremont, Mich., application approved 12/2 482Oswego State Bank, Oswego, 111,, surrender approved 11/2 388 Peoples National Bank and Trust Co., Chicago, 111.,

surrender approved 7/19 65Peoples State Bank, Imlay City, Mich., surrender approved 10/26 368 Ravenswood National Bank, Chicago, 111., surrender approved 7/19 65Riddell National Bank, Brazil, Ind., application approved l?/l9 ®| Security Trust and Savings Bank, Shenandoah, Iowa,

application approved 8/19 17Sixth Wisconsin National Bank, Milwaukee, Wis., surrender 11/2 3South Ashland National Bank, Chicago, 111., surrender 8/5Spenoer National Bank, Spencer, Ind., surrender approved 10/®Standard National Bank, Chicago, 111., surrender approved 8/5 ^ State National Bank, Iowa Falls, Iowa, surrender approved Terre Haute First National Bank, Terre Haute, Ind.,

8/19 I?9

surrender approved - /s515388

Union National Bank, Ames, Iowa, surrender approved W?U. S. National Bank and Trust Co., Kenosha, Wis., surrender 12 ?

8/l0Woodstock National Bank, Woodstock, 111., surrender

University Avenue National Bank, Madison, Wis., surrender u* 147 Woodlawn Trust and Savings Bank, Chioago, 111., surrender gg


PagesStock, FRBankc (Continued)

FRBank of ClevelandiCentral United National Bank, Cleveland, Ohio, surrender 7/29 98Citizens National Bank, Indiana, Pa., surrender approved lo/6 315Crawford County Trust Co., Meadville, Pa., surrender lo/6 313Diamond National Bank, Pittsburgh, Pa., surrender approved 12/2 482Duquesne National Bank, Pittsburgh, Pa*, surrender approved 12/l4 533Federal Title and Trust Co., Beaver Falls, Pa., surrender 12/5 491First National Bank, Cairnbrook, Pa., surrender approved lo/fi 315First National Bank, Davidsville, Pa., surrender approved 7/l9 65First National Bank, Georgetown, Ky., surrender approved 10/26 368First National Bank, Jenkins, Ky., surrender approved lo/6 313First National Bank, Sutersville, Pa., surrender approved l/l 17First National Bank of Whitesburg, Ky., surrender approved 8/l9 178First National Bank, Yukon, Pa., surrender approved lo/6 315 Home National Bank of Union City, Pa., to be reissued upon

reopening of bank \z/z 466Homer City National Bank, Homer City, Pa., surrender ll/21 448Ross County National Bank, Chillioothe, Ohio, surrender 8/5 124Union National Bank, ^onora, Pa., application approved 11/2 388Whitley National Bank, Corbin, Ky., surrender approved 8/3 113

FRBank of Dallas:American National Bank, Beaumont, Texas, surrender approved 7/7 17American National Bank, Fort Towson, Okla., surrender 12/l9 552Citizens National Bank in Waxahachie, Texas, application 13/21 447Citizens State Bank of Dalhart, Texas, application approved lo/6 293Citizens State Bank, Frost, Texas, surrender approved 7/l9 66Citizens State Bank, Greenville, Texas, application 9/7 222City National Bank, Georgetown, Texas, surrender approved 12/23 579City National Bank, Wichita Falls, Texas, surrender lo/ll 328Commercial National Bank in Shreveport, La., application 12/5 491Eden State Bank, Eden, Texas, application approved 8/9 129 Farmers and Merchants National Bank, Venus, Texas,

surrender approved 9/7 222Farmers National Bank, Gonzales, Texas, surrender approved 12/9 515Farmers State Guaranty Bank, Valliairb, Okla., surrender 8/24 191First City National Bank, Floresville, Texas, surrender 12/2 483First National Bank, Clarksville, Texas, surrender approved 7/l9 66First National Bank, Decatur, Texas, surrender approved 10/6 314First National Bank, Del Rio, Texas, surrender approved 12/23 579First National Bank, Dickinson, Texas, surrender approved 8/24 191First National Bank, George West, Texas, surrender approved 9/l5 244First National Bank, Iowa Park, Texas, surrender approved 7/26 87First National Bank, Jayton, Texas, surrender approved 7/l2 35First National Bank in Lott, Texas, application approved ll/21 447First National Bank in Pleasanton, Texas, application 10/26 367First National Bank, Rotan, Texas, surrender approved lo/ll 328First National Bank, Silverton, Texas, surrender approved 9/7 222First National Bank of Sulphur Springs, Texas, application 12/23 578First National Bank, Texas City, Texas, surrender approved 7/l2 35First National Bank in Whitney, Texas, application approved 12/2 482First State Bank, Roaring Springs, Texas, surrender 9/7 222First State Bank, Rochester, Texas, surrender approved 12/SO 599Junction State Bank, Junction, Texas, surrender approved lo/ll 328


Stook, FRBanks (Continued)FRBank of Dallas: (Continued)

Mercantile Bank and Trust Co*, Dallas, Texas, application Sabinal National Bank, Sabina!, Texas, surrender approved 8/1() la

1 23 14?

99244328315

66

State National Bank, Terrell, Texas, surrender approved 7/ l9 s?9Texas Bank and Trust Co., Brownsville, Texas, application **

FRBank of Kansas City: *$P alma. National Bank, Alma, Kans., surrender approvedColorado Bank and Trust Co. of Delta, Colo., application i0/ 6Exeter National Bank, Exeter, Nebr-, surrender approved 7/2g 512Farmers National Bank, Wewoka, Okla., surrender approved g/ l5Fidelity State Bank, Aurora, Nebr., surrender approved lo/nFirst National Bank, Anthony, Kans., application approved lo/eFirst National Bank, Arlington, Nebr., surrender approved 7/19First National Bank, Crofton, Nebr., surrender approved s/lo {{•,First National Bank in Greensburg, Kans., surrender 11/21 445First National Bank, Loup City, Nebr., surrender approved 7/26 87First National Bank in Loveland, Colo., application 7/7 l6First National Bank, Loveland, Colo., surrender approved 9/7 222First National Bank, Peetz, Colo., surrender approved 12/2 483First National Bank, St. Francis, Kans., surrender approved 12/ 23 579First National Bank, Wiaynoka, Okla., surrender approved 7/26 87Park National Bank, Sulphur, Okla., surrender approved 12/23 579Sundance State Bank, Sundance, Wyo., application approved lo/6 313Wahoo State Bank, Wahoo, Nebr., application approved 7/26 77Wynona National Bank, Wynona, Okla., surrender approved 12/ 2 483

FRBank of Minneapolis:American National Bank and Trust Co., Eau Claire, Wis.,

application approved 10/26 367Baraga County National Bank, L'Anee, Mieh., surrender 7/26Brown National Bank, Jackson, Minn., surrender approved 12/2 483Burke State Bank, Burke, S. Dak., application approved 7/12 30 Citizens National Bank, Houghton, Mich., surrender approved 12/19 552Citizens National Bank, Wessington, S. Dak., surrender 11/12 417City National Bank, Staples, Minn., surrender approved 7/19 65Columbia National Bank, Columbia Heights, Minn., surrender IQ/6 314Farmers and Merchants Bank, Huron, S, Dak., application 11/12 401First National Bank, Crosby, N. Dak., surrender approved 12/23 57First National Bank, Egan, S, Dak., surrender approved 12/2First National Bank, Fingal, N. Dak., surrender approved 8/19 First National Bank, Fiandreau, S. Dak., surrender approved 13/19 First National Bank, Frazee, Minn., surrender approvedFirst National Bank, Letoher, S. Dak., surrender approved 1 Vj1 ^First National Bank, Mooreton, N. Dak., surrender approved 7/26

9/7, ,-i/pi 448First National Bank, Par shall, N. Dak., surrender approved ^

First National Bank, Page, N. Dale., surrender approved \yil ^

FirBt National Bank, Plaza, N. Dak., surrender approved y[hl ^First National Bank, Ryder, N. Dak., surrender approved cj/19 254

/First National Bank, Wendell, Minn., surrender approved g/24 ®

First National Bank, St. Lawrence, S. Dak#, surrender 394First National Bank, disseton, S. Dak*, surrender h ^First National Bank, Van Hook, Dak., surrender approved 12/, ^3

Hurley National Bank, Hurley, Wis*, surrender approved y 5IINational Citizens Bank, Lake Benton, Minn,, surrender /% 3®*Negaunee National Bank, Negaunee, Mich., surrender approved IV


Stock, FRBank: - (Continued)FRBank of Minneapolis: (Continued)

United States National Bank, Deer Lodge, Mont., surrender United States National Bank, Iron Mountain, Mich.,

surrender approved FRBank of New York:

Bank of Manhattan Trust Co., New York City, cancellationauthorised

Center Moriches Bank, Center Moriches, N. Y., application Central National Bank, Leonia, N. J#, surrender approved Citizens and Fanners Trust Co., Adams, N. Y., application Citizens National Bank, Freeport, N# Y., surrender approved Citizens National Bank, Long Branch, N. Y., application

for surrender not yet made by receiver Citizens National Bank, Rahway, N. J., surrender approved Farmers National Bank, Adams, N« Y., surrender approved Farmers National Bank, Granville, N. Y., surrender approved First National Bank, Belvidere, N. J., application approved First National Bank of Fleischmanns, N. Y., application First National Bank, High Bridge, N. J., to be reissued

when authorized to reopen for business First National Bank, Kenmore, N« Y*, surrender approved First National Bank, Oradell, N. J., application approved First National Bank, Plainfield, N. J., surrender approved First National Bank, Rockville Center, N. Y., surrender First National Bank, South Glen Falls, N. Y., surrender Fourth National Bank, Plainfield, N. J., application Germantown National Bank of Germantown, N. Y., cancellation

not to be required of receiver at present Lackawanna National Bank, Lackawanna, N. Y., surrender Liberty Bank of Buffalo, N* Y«, surrender approved Mid-City Trust Co., Plainfield, N. J., surrender approved Monroe National Bank, Monroe, N« Y., surrender approved Ocean Grove National Bank, Ocean Grove, N. J., surrender President and Directors of the Manhattan Co., New York

City, application approved FRBank of Philadelphia*

Clearfield National Bank, Clearfield, Pa., surrender Commercial National Bank of Philadelphia, Pa., surrender Dauphin Deposit Trust Co., Harrisburg, Pa., application Downingtown'National Bank, Downingtowi*, Pa., surrender First Blair County National Bank, Tyrone, Pa., surrender First National Bank, Canton, Pa., application approved First National Bank, Cassandra, Pa«, surrender approved First National Bank of Delta, Pa., surrender approved First National Bank, Emporium, Pa., surrender approved First Nationl Bank, Mansfield, Pa., surrender approved Lehigh Valley National Bank, Bethlehem, Pa., surrender Liberty National Bank, Dickson City, Pa., surrender Look Haven Trust Co., Lock Haven, Pa*, application approved Merchantville National Bank and Trust Co., Merchantvi 1 le,

N. J., application approved Path Valley National Bank, Dry Run, Pa*, application Springfield National Bank, Springfield, Pa., surrender

Pages

12/14 5339/15 244

13/21 44513/12 4009/15 2439/2 21010/6 315

8/3 1048/19 1788/19 1787/29 987/13 4110/6 314

12/12 519I0/6 3158/5 12413/12 4178/24 1917/I9 658/24 190

8/4 1189/19 2548/24 1919/15 24313/12 4177/7 16

11/21 444

8/IO 14712/2 482iq/ii 32712/19 55213/12 417lc/u 3277/29 98a/19 17812/14 5338/24 19112/30 59811/2 38813/12 400

8/IO 14612/9 515l6/6 315


17«51542317844736

483467

533

31465

Stockj FRBanks (Continued)FRBank of Richmond:

American National Bank and Trust Co., Danville, Va.,application approved 8/19

Cecil National Bank, Port Deposit, Md., surrender approved I2/9 Central National Bank, Buckhannon, W. Va., application ll/l6 Citizens National Bank, Frostburg, Md., surrender approved 8/19 Depositors National Bank, Durham,N. C., application 11/21Elkin National Bank, Elkin, N. C., surrender approved 7/12Farmers and Merchants National Bank, Bel Air, Md.,

surrender approved 12/2Farmers Bank of Clinch Valley, Tazevrell, Va., application I2/2 First and Citizens National Bank, Elizabeth City, N. C.,

surrender approved I2/14First and Merchants National Bank, Radford, Va., surrender 8/5 124 First and Peoples National Bank of Gate City, Va., surrend

er approved 10/6 First Clark National Bank, Northfork, W. Va., surrender 7/19 First National Bank, Bassett, Va., application approved 8/19 173 First National Bank, Coeburn, Va., surrender approved 9/15 244 First National Bank, Frostburg, Md., surrender approved 9/7 222 First National Bank in Henderson, N. C., application 10/6 314 First National Bank of Mannington, W. Va., surrender lo/s 313 First National Bank, Midland, Md., surrender approved I0/26 368 First National Bank, Salisbury, N. C., surrender approved 9/7 222 First National Bank of Shelby, N. C., surrender approved 8/l9 178 First National Bank, Spartanburg, S. C., surrender approved 8/l0 147 First National Bank, Terra Alta, W. Va., to be issued on

reopening of bank without formal application ll/l8 429 First National Bank, Wilson, N. C., surrender approved 7/12 35Grayson County National Bank of Independence, Va., surrend

er approved lo/6 315 Kimball National Bank, Kimball, W. Va., application 8/19 178 National Bank of Wilson, Wilson, N. C., application 7/19 65 National Citizens Bank, Charles Town, W. Va., surrender 8/19 178 Planters National Bank in Fredericksburg, Va., application 8/19 178 Second National Bank, Towson, Md., surrender approved 7/19 55 South Carolina National Bank, Charleston, S. C., surrender \1JJ- ® Twin City National Bank, Bluefield, Va., surrender approved 10/6 Weston National Bank, Weston, W. Va., application approved 10/6

FRBank of St. Louis: , Ayers National Bank, Jacksonville, 111., surrender approved 15/8 Boonville National Bank, Boonville, Mo., surrender approved 8/3 Bozeman Waters First National Bank, Poseyville, Ind., appli

cation for cancellation not made by receiver . 6 because of possibility of reopening Jn\ $

Surrender approved ha 5$ Farmers National Bank in Glasgow, Ky., application approved 12/ First-Heroer National Bank of Harrodsburg, Ky., in volunt

ary liquidation and liquidation agent to apply , ^ for surrender of stock in due course

315314

511US

Surrender approved ■

First National Bank, Appleton City, Mo., surrender approved l2/®, 568First National Bank, Aberdeen, Miss., surrender approved

roved W,First National Bank, Bardwell, Ky., surrender approved


PagesStook, FRBanks. (Continued)

FRBank of St# Louis: (Continued)First National Bank, Bentonville, Ark., surrender approved 9/7 222First National Bank, Carlyle, 1 1 1 . , application approved 8 /l0 146 First National Bank, Chaffee, Mo., application for cancel

lation not made by receiver as matter ofreorganization is not settled 10/6 286

Surrender approved 11/12 417First National Bank in Lake Village, Ark., application 8/31 203First National Bank, Lawrenceville, 111., surrender 9 /l5 244First National Bank, Lexington, Tenn., surrender approved 12/9 515First National Bank, Murray, Ky., surrender approved l o / l l 328First National Bank, Palestine, 111., surrender approved 13/21 448First National Bank, Pinckneyville, 1 1 1 . , surrender 8 /l0 147 First National Bank of Ripley, Tenn., absorbed by State

bank, request of FRAgent that receiver be appointed in order to effect cancellation of ll/21 440

First National Bank, Springfield, Ky., surrender approved 8/l0 147 First National Bank, Vincennes, Ind., surrender approved I2/2 483 First National Bank, Washington, Mo., surrender approved 12/l4 533 First National Bank, Windsor, Mo., surrender approved l o / l l 328 First State Bank, Brownsville, Tenn#, surrender approved 8/l0 147 Guaranty Bank and Trust Co., St. Louis, Mo#, to be

surrendered upon conversion 8/l9 169Guaranty-Plaza Trust Co., St. Louis, Mo., application 8/l9 169Henderson National Bank, Henderson, Ky., surrender approved I0/6 314Hillsboro National Bank, Hillsboro, 111., surrender I2/9 515Jefferson Bank and Trust Co., St. Louis, Mo., surrender I2/9 515 McDaniel National Bank, Springfield, Mo#, request that

receiver be appointed so stook can be cancelled 12/2 473Mechanics Bank and Trust Co., Moberly, Mo., application 12/9 515National Bank of Unionville, Mo., surrender approved 9/7 222Peoples American National Bank, Princeton, Ind., surrender l o / l i 328 Peoples National Bank and Trust Co., Sullivan, Ind.,

surrender approved 9/2 210Plaza National Bank, St. Louis, Mo., surrender approved lo/ll 328Security National Bank, Witt, 111., application approved 12/9 515Seymour National Bank, Seymour, Ind., application approved 8/l0 146Taylor National Bank, Campbellsville, Ky., application lo/ll 328Third National Bank, Union City, Tenn#, application IQ/ll 327Union National Bank, Elizabethtown, Ky., surrender 9/7 222Union Trust Co., Madison, 111#, surrender approved 9/l5 244

FRBank of San Francisco:American National Bank, San Bernardino, Calif., surrender 12/lb 533 Anglo California National Bank, San Francisco, Calif.,

surrender approved 7/20 73Bank of Commerce, Wasoo, Ore., surrender approved 12/23 579Bank of Montreal, San Francisco, Calif., application 9/l5 243Bank of Southern Utah, Cedar City, Utah, surrender 7/l2 35Boise City National Bank, Boise, Idaho, surrender approved ll/3 394Buckeye Valley Bank, Buckeye, Ariz., application approved 9/l5 243Carbon Emery Bank, Price, Utah, surrender approved 7/l3 41

Application approved 7/l9 65City National Bank, San Francisco, Calif#, surrender IQ/6 314


7/1!

8/5

11/2

55235 179 55251124824417936

Stook, FRBank: (Continued)FRBank of San Francisco: Continued)

Commercial National Bank, Bellflower, Calif*, surrenderEnumolaw National Bank, Bnumclaw, Wash., surrender gA 5leFanners National Bank, Colfax, Wash., application approved g/lg 2l0First National Bank, Alhambra, Calif., surrender approved g/lgFirst National Bank, Artesia, Calif., surrender approved g/loFirst National Bank in Aurora, Ore., surrender approved i /l9 147 First National Bank, Beverly Hills, Calif., surrenderFirst National Bank of Burns, Ore., surrender approved 9/19First National Bank in Coeur d'Alene, Idaho, surrender l /jgFirst National Bank in Driggs, Idaho, surrender approved 12/3First National Bank, Enumclaw, Wash., application approved 9/15First National Bank in Kerman, Calif., surrender approved 9/15First National Bank of Mesa, Ariz., surrender approved 8/19First Natioral Bank, Sandpoint, Idaho, surrender approved 7/12First National Bank, Scappoose, Ore., surrender approved IJ/12 4First National Bank, Silverton, Ore., surrender approved I0/6 314First National Bank, Torrance, Calif., surrender approved 9/19 2 5 4First National Bank in Turlock, Calif., application 9/I6 2 43First National Bank, Vacaville, Calif., surrender approved 12/9 515First National Bank, Woodlake, Calif., surrender approved 12/23 579First State Bank, Gresham, Ore., surrender approved 12/23 5 7 9

Lebanon National Bank, Lebanon, Ore., surrender approved 7/26 87Magnolia Park National Bank, Burbank, Calif., surrender 7/l9 66Monroe National Bank, Monroe, Wash., surrender approved 10/26 368National Bank of Commerce, Los Angeles, Calif., surrender 12/30 599Nevada First National Bank, Tonopah, Nev., surrender 9/19 254Parma National Bank, Parma, Idaho, surrender approved 12/23 579Peoples State Bank, Walla Walla, Wash., surrender approved lc/26 368Reno National Bank, Reno, Nev., surrender approved 12/30 599 San Bernardino National Bank, San Bernardino, Calif.,

surrender approved 7/19 66Tillamook National Bank, Tillamook, Ore., surrender 11/21 448United States National Bank, La Grande, Ore., surrender 7/12 55Vale National Bank, Vale, Ore., surrender approved 12/25 579Valley National Bank, Milton, Ore., application approved 9/8 Walker Bank and Trust Co., Salt Lake City, Utah,

application approved Application approved Application approved

West Hollywood First National Bank, West Hollywood, Calif•>surrender approved

Stockholders meeting of FRBank of Boston, reimbursement of travelling expenses for one representative of / 279 member banks '

Straight, H. R., reply to letter on loans to bankers by United a/% jjjStates Treasury

Strong, former Governor, propriety of FRBank of New York holdingsecurities as trustee for bequest of

Strother, French, request for statements published by FRBoardduring 1928 and 1929 on policy of FRBoard to- u jjOiward credit conditions '

Switzler, R» H., reply to letters on eligibility for rediscount of u 30*paper of customers of cold storage oompanies

9/19 25310/26 368 12/30 598

66


Pages"I"

Taft, Robert A., protest against political activities of direotorsof FRBank of New York while directors of Cincinnati Branch are barred from indorsement of President Hoover

Tanners Council, information requested on leather statistics of Tax notes:

Alpha, N. J., Borough of, purchase by FRBank of New York fromAlpha National Bank

Purchase of additional notes approved Beacon, N. Y., City of, purchase by FRBank of New York from

Fishkill National Bank Caldwell, N# J., Borough of, purchase by FRBank of New York

frcan Caldwell National Bank approved Purchase of additional notes approved

Carlstadt, N. J., Borough of, purchase by FRBank of New Yorkfrom Carlstadt National Bank

Cheektowaga, N. Y., Town of, purchase by FRBank of New Yorkfrom Bank of Depew, N. Y.

Purchase of additional tax note approved Purchase of additional tax note approved

East Orange, N* J#, City of, purchase by FRBank of New Yorkfrom Savings Investment and Trust Co*

Englishtown, N. J., Borough of, purchase by FRBank of New Yorkfrom First National Bank of ^nglishtown

Hempstead, N. Y., Town of, purchase of notes of Union FreeSchool District No. 11 by FRBank of New York from Oceanside National Bank

Purchase of additional notes approved Mamaroneck, N« Y., Village of, purchase by FRBank of New York

from First National Bank in Mamaroneck Metuohen, N. Y., Borough of, purchase by FRBank of New York

from Metuchen National Bank Midland Park, N. J#, Borough of, purchase by FRBank of New York

fran First National Bank Nutley, N* J., Town of, purchase by FRBank of New York from

Bank of NutleyPerth Amboy, N. J., City of, purchase by FRBank of New York

from Perth Amboy Trust Co.Pittsford, N* Y., Town of, purchase by FRBank of New York

from First National Bank of East Rochester,N. Y. <

Purchase direct from issuing municipality by FRBank ofMinneapolis, request for ruling

Wayne, N* Y«, County of, purchase of certificates of indebtedness by FRBank of New York from Lyons National Bank

Taxes:Bank checks, request for ruling of Treasury Department on

those drawn by banks on correspondent banks in remitting to FRBank for checks and drafts drawn on themselves payable to officials of Government

l l / s 39311/22 451

9/21 25611/12 397

12/2 465

7/7 1210/11 319

12/5 486

7/29 928/19 167

10/6 285

12/27 581

7/1 3

10/6 28512/27 581

7/20 67

lo/26 348

l o / l l 319

1 0 . 9 543

l l / l 6 419

l c /6 284

13/12 407

l l / l 2 398

7/7 14


Taxes; (Continued)Checks, drafts, etc., funds collected for Collector of Internal

Revenue not subject-to reserve requirements Ruling to be published in FRBulletin

Firearms, sales to FRBank of Cleveland not exempt from FTanohise, no objection to Secretary of Treasury furnishing

Comptroller General with an account current on account of receipts from FRBanks

Remittance drafts received by banks in settlement for cash letters, FRBanks not to reimburse remitting banks for

Remittance drafts sent to FRBank in payment of checks, refusalof FRBank to permit Elliott State Bank of Jacksonville to deduct

Telephone and telegraph services to be furnished by American Telephone and Telegraph Co*, certain changes in forms of renewal contracts suggested

Reply to letter from Mr. Adams with further reference tocontract approved

Territory of FRBanks, letters from bankers in Oklahoma opposing anytransfer from Eleventh to Tenth FRDistrict

Textile business in New York City, letter from Commerciel CreditCo. on eligibility of paper of factors engaged principally in

Time schedule, interdistriot:Chicago to San Francisco and Los Angeles, changes approved Helena to Spokane, change approved

Tinkham, Congressman George H., letter on banks in certain Statesrequired to segregate assets of commercial departments from savings departments be permitted to carry two separate reserve accounts

Traoy, Shelley E., advertising plan for FRBanks, not favored byFRBoard

Transamerica Corporation, request of President of United Statesfor copies of messages sent to

Treasurer of the United States:Bonds held as security for national bank note circulation,

applications filed by receivers with Comp* troller of the Currency to have sold under Sec. 18 of FRAct

Silver and minor coin, no objection to FRAgent at Atlanta holding in joint custody with FRBank for acoount of

Treasury Department*Loans made to bankers by, request of Mr. Straight for inform

ation onRuling on deduction of two oent tax by nonmember banks on checks

and drafts drawn by collectors of internal revenue, customs, etc., request of FRBank of Atlanta for

Trust powers: (See Fiduoiary powers)Twin Falls, Idaho, currency depot established by FRBank of San

Francisco for temporary period"U"

Unified banking system, reply to Mr. C. H. Van Ostrand on questionof


PagesUnified commercial banking system under national supervision,opinion of Counsel on constitutional method of establishment 1 /g 493

Uniform Bank Collection CodesDecision of FRBank of Cleveland to discontinue practice of

protesting checks for which actual payment has not been received due to closing of drawee bank 7/l 5

Legal and practical problems arising under, to be consideredby Conference of Counsel 9/l5 243

United Engineers and Constructors, proposed fee for supervision ofaddition to FRBank of Philadelphia not favored 8/4 115

Mr. Seirall present at meeting of Executive Committee fordiscussion of proposed fee 8/l2 148

Mr. Sewall and Mr. Robinson present at meeting of FRBoard andsupervision again discussed, budget for building approved except proposed fee 8/l2 152

United States Daily, given authority to print article prepared byCounselfs Office on "Recent Amendments to FRAct” 9/l5 238

«iytl

Van Camp Milk Co., Inc., letter on eligibility of paper offered toFRBank of Chicago for rediscount 7/26 79

Van Cartmell, J.: (See Lawrence Warehouse Company)Van Ostrand, C. H., reply to inquiries on FRSystem, guaranty of

bank deposits, etc. 8/12 161Verhalen Nursery Co., Scottsville, Texas, eligibility for rediscount

of notes to be used in production or marketing of products 10/6 304

Veterans Administration, regulations revised according to amendments to World War Adjusted Compensation Act, to be published in FRBulletin 8/31 193

Violations of statutes:Detroit Branch, shortages in accounts of two employees in

Transit Department 12/5 487Merchants Banking Trust Co., Mahanoy City, Pa., analysis of

examination report showing irregularities, not reported because action barred by statute of limitations 10/26 359

Peoples Savings and Trust Co., Nanticoke, Pa., criminalirregularities involving certain employees still in employ of bank 10/26 359

Virginia, branch banking situation in, to be published inFRBulletin lo/6 309

von Windegger, F. R., present at meeting of FRBoard to discussapplication of Guaranty-Plaza Trust Co. for membership in FRSystem 9/2 206

(See also Membership in FRSystem)itn

Walsh, Senator Thomas J., request for information on loans underSecs. 10(a) and 10(b) of FRAct for use inspeech ?/l9 65


305

1 1 6 1 |

Warburg j James P., present at meeting of FRBoard in connection withreorganization of Manhattan Co* and application of Bank of Manhattan Co. for membership 13/l8

Warehouse receipts, Lawrence Warehouse Co.:Covering lumber as security for loan to New Mexioo Lumber and

Timber Co. 1]A>Securing bankers acceptances drawn to finance storage of goods

not eligible for rediscount under conditions stated lo/g

Warrants of municipalitiess (See Tax notes)Watohorn, H. J., inquiry if corporations organized under Sec. 25(a)

of FRAct are permitted to do both commercial and investment banking abroad 7/

Welfare and educational work at FRBanks, letter to FRBanks onexpenditures for 10/26

Withdrawals from membership in FRSystem:Central Republic Bank and Trust Co., Chicago, 111., permission

to withdraw immediately because business of deposit and discount discontinued lc/26 3 5 4

Citizens State Bank, Memphis, Tex., six months notice waivedand immediate withdrawal approved 8/9 iso

Dime Savings and Trust Co., Allentown, Pa., immediate withdrawalapproved 8/3 lOi

Exchange Bank of Tallahassee, Fla., six months notice waivedand immediate withdrawal approved ll/2 380

Fanners and Merchants State Bank of Seneca Wis., should begiven opportunity to effect voluntary withdrawal before proceedings looking to expulsion are instituted 12/2 472

Farmers and Traders Bank, Iberia, Mo., six months notice waived and immediate withdrawal approved 12/15 539

First State Bank of Bishop, Texas, six months notice waivedand immediate withdrawal approved 9/21 257

First State Bank of Brownsville, Tenn., six months noticewaived and immediate withdrawal approved 12/1 649

First State Bank, Lorenzo, Texas, hearing on forfeiture ofmembership because of continued deficient . greserves 7/20

Date of hearing changed to Sept. 15 and revised letters .forwarded 8/3

Report of appearance before FRAgent and action deferred andfurther opportunity to comply with conditions Hr*

Reserves restored but still in unsatisfactory condition, . 0action again deferred Wr ®

Hinsdale State Bank, Hinsdale, 111., six months notice waived , ^7and immediate withdrawal approved '

Iola State Bank, Iola, Texas, notioe of intention filed and ,. 440waiver of six months notioe refused

Liberty Trust Co., Allentown, Pa., immediate withdrawal approved 8/Live Stock State Bank, North Portland, Ore., application for im-

mediate withdrawal denied but FRBank to cancel , . jgf stock after six months '

Remainder of six months period waived and immediate /.g 0withdrawal approved ^

Penn Trust Co., Allentown, Pa., immediate withdrawal approved .because absorbed by another bank '


Withdrawals from membership in FRSystem: (Continued)Pinconning State Bank, Pinconning, Mich., expiration of six

months notice of intention, granted thirty days to make necessary corrections in condition

Woodward, C. E., reply to letter on statements of NationalAssociation of Finance Companies oil eligibility of paper of finance companies for rediscount

World Fair in 1933: (See Chicago World Fair)

Pages

11/25 455

9/15 239


bogmin_1932_v19_pt2_index

Documents

national banks state

nonmember banks

awabsorptions of banks

directors national banks

certain member banks

tinder state member

expanding credit

frbank of new york