1921part1_index.pdf

1

INDEX

January - June

1 9 2 1

Accept up to 100%, power to, granted

American Trust Co., Boston, Mass.

Brotherhood of Locomotive Engineers Cooperative National

Bank of Cleveland, OhioCentral National Bank Savings & Trust Co., Cleveland, O.

City National Bank, Columbus, Ohio

Commerce Guardian Trust & savings Bank, Toledo,

First National Bank, Braddock, pa,

First National Bank, Bridgeport, Conn.First National Bank, Itta Rena, Miss.,

conditions

Page

6 / 7 420

6 /22 4583 /22 2296 /28 470

Ohio 5 /20 386

2 /23 1575 /14 373

upon certain4 /18 3094 /19 312

Liberty Bank of City of New York, after conversion 3 / 8 197

Liberty National Bank of New York City, when converted

to Liberty Bank of City of New York 3 / a 197

Riddell National Bank, Brazil, Indiana 4 /26 329

Union Trust Co., Cleveland, Ohio 1 /3.1 30

Wheeling Bank & Trust Co., Wheeling, West Va. 2 /14 144

Acceptance Credit:Cuban Sugar Commercial; details of so-called 412,000,000,

reported by MBank of New York 2 /14 140

Import or export, secured by sterling exchange; letter

from Board to Philadelphia National Bank expressing

opinion re, 2 / 9 131

Proposed, to be extended by certain banks in New York

City to certain banks in Argentine for purpose of

furnishing dollar exchange 5 /12 3645 /13 370

Acceptance Market:Dr. Willis directed to take up with FRBanks matter of

incorporating in monthly reports of Agents review

of current condition of, in each district 2 /25 165

Distribution of reports to be made only through

Division of Analysis & Research 3 / 3 188

Acceptances:Authority of national banks to guarantee, and letters

of credit, and appoint correspondent banks as agents

to issue same; letter from Board to RAgents re, 4 /25 323

Authorization by Board for purchase of, by FRBanks,

covering import and export transactions with not

more than six months maturity, recommended by Advisory

Council and Governors' Conference 4 /25 324

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

II

Acceptances:Bankers':Drafts drawn in export transactions; no change in

Board's Regulations re,Financing operations of wool growers through; letterfrom Board to Senator Myers re,

Financing storage of automobile parts, use of bankacceptances in; letter from Board to Gotham NationalBank of New York re,

proposed amendment to Board's Regulations re purchaseof, having maturities not in excess of six months,growing out of transactions involving importation andexportation of goods; memo. of General Counsel

Proposed amendment to Regulation B, paragraph 2, repurchase, by FRBanks in open market, of bankers'acceptances with maturities not in excess of sixmonths; memo. of Counsel re,

purchase in open market of, by FRBanks, covering exportand import transactions with maturity of not more thansix months; suggested amendment to Board's Regulationsre,

Matter to be considered at meeting, Jan. 7th.Referred to Messrs. Hamlin, Wills and Logan for

reportResolved by Board to make no change in RegulationReply of Board to FRBank of New York re,

Purchase of, covering import and export transactionswith maturity of not more than six months; Board'sRegulation "Bft amended to authorize FRBanks topurchase,

Letter to all F ks RBan to accompany above ruling

Purchase of own, by FRBank of New York, before offeredin open market by other FRBanks

Right of Board to authorize FRBanks to purchase, inopen market, with maturities in excess of three months;suggested amendment to Board's Regulations re,

Memo. of Counsel re, dated Jan. 6th., ordered re-docketed

Resolved to bring matter up for discussion at nextmeeting of Advisory Council

Ruling of Board requested by Mr. Warburg re purchase of,by FRBanks, covering import and export transactionshaving maturities up to six months

1 /22

5 /11

4 /29

3 /15

3 /la

1 / 41 / 5

1 / 7 211 /221 /26

4 /264 /295/3 343

1 /25

1 / 4

1 / 7/11

i/121/13

1 /25

3 / 3

Page

69

360

335

212

224

711

6985

328-9335

75

5

2127-83539

75

189


Iii

Acceptances:Bankers':

Sterling exchange as security for, drawn in import and

export transactions; letter to Philadelphia National

Bank re,Certain, covering imports of coffee from Central

America; letter from Board to Chief National Bank

Examiner of Second District re status of,

2 /10

3 /143 /15

Drafts; presentation of original shipping documents as

condition precedent to acceptance of, by member banks;

letter from Mr. Warburg re, 3

Equitable Eastern Banking Corporation of New Yank

authorized to accept twelve months draft in re export

transactions, under certain conditions 6

Purchased by FRBanks of New York and Dallas; reply of

Board to inquiry from Comptroller re, 1

Senate Bill 620, re acceptances against farm loan bonds;

letter from Board to Chairman of Senate Committee

on Banking & Currency re,

Wine for sacramental purposes; eligibility of

acceptances based on transactions in,

Advisory Council:

See "Federal Advisory Council"Agency in Cuba for redemption of unfit

spondence from State Department re

by BoardAgricultural Loans:

Broadening functions

Mr. MoehlenpahAgricultural Operations:

Requirements of FRBank of sun Francisco re rediscount

of paper based upon; Mr. Mills of Portland asked

to furnish Board with information re,

Agricultural Paper:Discount rate of 7,; fixed on, at F1-.Bank of Dallas

Eligibility for rediaount as, of farmers' notes made

payable to Northwestern Wheatgrowers' Asso. and

secured by warehouse receipts for grain; letter

Association re,Opinion of Counsel

Agriculturalists in Sixth Federal Reserve District:

Distressed conditim of; resolutions of FRBank of

re, suggesting devising of methods to stimulate

of farm loan bondsAlabama & Vicksburg Railway Co.

Form of loan for 41,564,000 to,

taking down 41,394,000

F. R. notes; corre-establishment of,

of EBanks re; letter from

in two parts,

from

/3

/28

/27

5 / 9

3 /15

5/20

5/19

5 /19

2 / 8

6 /226 /23

Atlantasale

carrier

5/14

3/31

Page

135

209213

189

475

88

353

214

387

383

384

129

458464

373-4

259


IV

Alabama, Tennessee, & Northern Railroad Corporation:Form of loan for 490,000 to,

Alternate Vault Clerk:2 / 7

Page

120

Cameron, C. W„ designation as additional, 5 /26 399American Acceptance Council:

Request from, that RBank of St. Louis furnish themperiodically with reports upon current condition ofacceptance market in Eighth District 2 /25 165

Distribution of reports to be made only throughDiv. of Analysis & Research 3 / 3 168

American Bank & Trust Co., Savannah, Ga.Permission granted, to operate branch 2 /14 144

American Bankers' Association:Invitation from Clearing House Section of, to Chief

Examiner of Board and head examiner of each districtto attend conference at Los Angeles, Oct. 2 - 6,1921 6 /21 454

American Consul General's Office in London:Expenditure of 41,000 authorized by Board for obtaining

data through, 2 /10 133American Exchange National Bank, Dallas, Texas:

Subscription by, to stock of Federal InternationalBanking Co., without permission of Board 2 / 9 131-2

Aneriaan Exchange National Bank, New York City:

Permission granted, to accept for purpose of furnishingdollar exchange in certain foreign countries 2 /22 153

Anerican Foreign Banking OorDoratiom:Indiana National Bank, Indianapolis, Indiana, granted

permission to purchase additional stock in, 3 / 3 190Memo. from Deputy Gov. Kenzel of New York re recent

conversation held with President Allen of,

permission granted, to accept for purpose of creating

dollar exchange in Australia, New Zealand, eta.

5 /23

1/10

391

25American Institute of Banking:

Chicago Chapter:Appropriation by RBank of Chicago of 42,450 to, 5 /24 394

American Library Association Conference:Librarian of 4RBoard aathorized to attend, at Swampscott,

Mass., June 20 - 25, 1921 6 / 8 425Anderson, (Judge) George W.

Memo. of, re railroad situation 3 /23 234Angell, M. B., Assistant Counsel, F. R. Board:

Resignation, effective June 30, 1921 6 / 7 421Ann Arbor Railroad Co.

Form of loan to, in two parts, in amounts of 4400,000and 4250,000, approved 2 / 9 130

Annual Report, F. R. Board:Examination and discussion of, 1/27 68Proof of portion of, submitted 1/10 26

Matter of revision of proof discussed 1/14 44Transmission to Congress, and release to press; matter

of, referred to Gr)v. Harding with power 2 / 6 125-6


V

• pageAnnual Reports, F. R. Banks;

F. R. Bank of Cleveland;Communication from Dr. Willis re, referred to Messrs.

Wills and Platt with power 1 /25 80F. R. Bank of New York:Communication from Dr. Willis re, 1 /25 80To be condensed before using in Board's Annual Report 3/22 231

F. E, an of Richmond;Certain material in, open to criticism, according to

opinion of Dr. Willis 1 /26 85Method of passing upon; reports to be sent to Director

of Division of Analysis &Research for checking, andthen returned to Board 1 /20 64

Anti-Par Bill;Passage of, by Tennessee Legislature; advice from St.

Louis re, 3 /24 238

Architect, Consulting;See under "Consulting Architect"

Architects of F. R. Bank of New York:Fees of, declared by Consulting Architect to be usualand reasonable 3 /31 260

Argentine Government:Embargo on American gold by; letter from National

Foreign Trade Council re difficulties of merchantsdue to, 6 / 8 424

Reply of Board 6 /10 431

Assistant Counsel, F. R. Board:Freeman, Edgar W., appointment and salary 6 / 9 428

AsSistant Treasurer of the United States;Letter from, re application of First National Bank ofAddington, Oklahoma, for sale of 425,000 in 2.;;

Consols of 1930; Board adviset disposing of bondsin open market 6 /21 454

Atlanta National Bank, Atlanta, Ga.Subscription by, to stock of Federal InternationalBanking Co. without permission of Board 2 / 9 131-2

Atlantic National Bank of New York; Permission granted, to accept for purpose of creating

. dollar exchange in Australia, New Zealand, eta. 1 /17 47

Auditor employed by two member banks; inquiry from San

Francisco whether permission of Board is necessary for

such double service 1 /19 55-56

Australia;Drafts drawn by banks or bankers in, for purpose of

creating dollar exchange, eligible for acceptance

by national banks 1 / 4 7

Austrian-Hungarian Bank of Vienna:Appeal for aid from employees of, to employees of

FRBoard; referred to Red Cross 1 / 3 2-3


VI

Automobile Parts:Use of bank acceptances in financing storage of; letterfrom Board to Gotham National Bank of New York re,

ItB111

4 /29

Page

335

Bangor & Aroostook Railroad Co.Form of loan for 4200,000 to, 1 /25 76Form of loan for 453,100 to, 5 /11 361

Bank of England:Earmarking of gold in, and paying out of legal tender

notes and silver certificates; letter from AssistantSecretary of Treasury to Deputy Gov. Case re, 4/ 1 264

Gold accruing abroad for F. R. System to be earmarkedin, for &Bank of New York,until further action ofFRBoard 3 /15 216

Bank of France:Earmarked gold held in; telephone communication between

Gov. Strong of New York and Gov. Harding re, 1 /26 86Gold shipped by, in amount of 43,300,000, to RRBank

of New York 3 /15 213Reciprocal accounts between, and FRBank of New York;

proposed arrangement for governing, 3 /15 213-14Bark of Goltry, Goltry, Oklahoma:

Hearing granted, Jan. 18th., to dhow cause why it shouldnot forfeit membership in System 1 /17 47-8

Board approves withdrawal from System 1 /19 57-8Completion of compulsory withdrawal 1 /31 97

Bank of Harpers Ferry, West Virginia:Postponement of acceptance of conditions of membership

recently imposed upon, desired by bank; advised mustfile new application if conditions are not acceptedwithin six months 5 /31 404

Bank of Italy, San Francisco:Authorized to establish branch at Visalia, Cal. 4 /28 331Authorized to establish two branches in San Francisco 5 /10 358Authorized to take over assets of First National Bankof Fresno and establish branch on premises 3 /22 229

Permission granted, to purchase following banks andestablish branch office at each

Citizens Bank of Paso4Obles,branch,San Miguel

Citizens Bank of paso-Robles, Paso Robles

First National Bank, Centerville

First National Bank, Hayward

First National Bank, King City

First National Bank, LompocFirst National Bank, Losbanos 6 /24 465


VII

Puj3

Bank of Italy, San Francisco: (continued):Purchase by, of business and assets of Bank of sunnyvale,

Cal., and establishment of branch at Sunnyvale 6 /15 441Bank of Japan:

Additional account of $20,000,000 to be maintained with,by RBank of New York 2 /14 1412

Bank of Nutley, Nutley, New Jersey: -

Acceptance by, of valuables for safe keeping,authorized 5 /20 386

Bank of Social Circle, Ga.Consolidation of,with Walton County Bank of SocialCircle, Ga. 3 /31 262

Bank of Sunnyvale, California:Business and assets of, to be purchased by Bank ofItaly 6 /15 441

Bank of Tennessee, Nashville, Tenn.Plan of &Bank of Atlanta to take over certain Govt.

bonds owned by, and at present used as collateralto loans at the eRBank 6 /22 456-9

Bank Relations Departments of 2.R. Banks:Conference of representatives of, suggested by Chicago 3 /14 209

&taking & Currency Committee of House of Representatives:Request from Chairman of, for copies of correspondence

between FRBoard and Mr. John Skelton Williams sinceDec. 1, 1920 4 /20 316

Banks in District of Columbia:Law to cover charter and operations of; suggestionfrom Chairman of Washington Clearing House fordevising, and recommending to Congress 4 / 8 287

Bayne, Howard, Vice-President of Columbia Trust Co.,N.Y.Application of, to serve as director of SeaboardNational Bank of New York 1 /24 70

Letter from, re an interlocking directorate underClayton Act 2 /16 150

Beacon Trust Co., Baston,Mass.Authorized to take over business of Equitable TrustCo. of Boston 5 /20 386

Bill for presentation to Oongress,re establishment ofPension Corporation by &System, presented to &Boardby J. F. Curtis of MBank of New York 5 /20 308

Further information re, to be requested of Mr.Curtis 5 /23 389-90

Matter discussed 6 / 3 413Opinion of Board that life insurance feature should

be omitted from bill, and members divided on de-sirability of including Section 5 re participationin plan by member banks 6 / 4 415


VIII

Bond Club of New York:Regret expressed by, that Gov. Harding will be unable

to attend meeting of, to be held shortly, statingseveral RAgents had accepted invitation to be present 1

Letter from Board to FRA3ents disapproving their/ 6

page

17

attendance at meeting of Bond Club 1 / 6 17Bonds:

Sale of, under section 18 of FRAct; no applications for,received by Treasury Department for 'quarter endingDec. 31, 1920 1 / 6 15

War Finance Corporation; ERBanks to receive subscriptionsto, 1 /11 31

Bonus:F. R. Bank of Atlanta:

payment of, on modified scale 6 /20 447F. R. Bank of Boston:Payment of, to employees, on reduced scale, as of

June 30, 1921 5 /23 3902.R. Bank of Cleveland:Payment of, for three month period, April - June,1921 6 /14 435Payment of, on reduced scale, for months of January,

February, and March, 1921 3/ 8 192F. R. Bank of Kansas City:Payment of, on certain basis, recommended by Bank;

disapproved by Board and payment on different basissuggested 6 /14 435

F. R. Bank of Minneapolis:Payment of, June 30th., to employees of Bank and Branch;

recommendation re, 6 /29 480Payment on modified scale, authorized, to officers

and employees receiving 46,000, or less 6 /30 487F. R. Bank of New York:Awarding of modified, to officers and employees 6 /16 443Payment of, for first quarter of 1921; letter from Bank

re, referred 3 /29 252Approved, upon understanding definite notice will

be given employees of decrease in, at end ofnext quarter 3 /29 256

F. R. Bank of Philadelphia:Payment of, on modified scale 6 /20 450

F. R. Bank of Jan Francisco:Payment of, on modified basis, for period Jan.-June,

1921 5 /18 382Bookcases for Law Library, F. R. Board:

Purchase of, authorized 3 /15 212Boston:

Failure of five non-member trust companies in; detailed

report re, made by Gov. Morss of Boston 3/ 3 189


Branch Banks, Domestic:American Bank & Trust Co., Savannah, Georgia, granted

permission to operate branch 2 /14Bank of Italy authorized to establish branch at Sunnyvale,

California 6 /15Bank of Italy authorized to establish branch at Visalia,Ca1.4 /28Bank of Italy authorized to establish two branches in

San Francisco 5 /10Bank of Italy authorized to take over assets of 2irst

National Bank of Fresno and establish branch on premises 3 /22

Bank of Italy granted permission to purchase following banks,and establish branch office at each

Citizens Bank of paso-Robles, branch, San MiguelCitizens Bank of Paso-Robles, Paso RoblesFirst National Bank, CentervilleFirst National Bank, HaywardFirst National Bank, King OityFirst National Bank, LompocFirst National Bank, Losbanos 6 /24

International Trust Co., of Boston, Mass., authorized toestablish certain branches 4 /25

Liberty Trust Co. of Boston granted authority to open branch

on premises now occupied by Fidelity Trust Co. 3 /29

Los Angeles Trust & Savings Bank authorized to establish

branch at Huntington Beach, Cal. 2 /25

Los Angeles Trust & Savings Bank granted permission toestablish branch at 6611 Hollywood Boulevard, Hollywood,California 3 / 1

Senate Bill 1835, authorizing establishment of domestic

branches by national banks; Board's views re, 5 /276 /28

Union Savings Bank & Trust Co. of Cincinnati, granted

authority to establish additional branch in Cincinnati 1 /28

Branch Banks, FRS:Baltimore:

Currency and coin transactions, assumption of, by Branch;

letter from Assistant Secretary of Treasury re, to

ERBank of Richmond 1 /19

Narters:New building; entering into contracts for preparation

of plans and vac:in-cations for, plus reasonable

allowance for foundation tests, approved 4 /11

Salaries:Adjustments in, 4 / 8

Officers; adjustments in salaries of certain,

(See correspondence) 1 / 7

Staff:Certain appointments at Branch approved 1 /19

Oupit, John :R., temporary appointment as Acting Asst.

FRAgent at Baltimore Branch 3 /22

Sub-treasury functions; assumption of, by Branch 1 /11

IX

Page

144

441331

358

229

465

324

249

167

181

402471

90

52

291

287

21

55

22829


X

Branch Banks, FRS: (continued)Birmingham:

Salaries:Officers; adjustments in salaries of certain,

(See correspondence)Buffalo:

Staff:Blakeslee, Clifford L., appointment as Assistant

CashierGidney, R. M., Manager, transfer of, to head office

1 / 7

6 / 3

page

21

412

as "Comptroller at larm" 6 /20 451Officers; adjustments in salaries of certain,

/See correspondence) 1 / 7 21Vault Construct/an:

Installation of certain necessary vaults, at approxi-mately $44,000 2/ 1 105

Cincinnati:Salaries:Increases in, of certain employees 6 /29 480Officers; adjustments in salaries of certain,

(See correspondence in files) 1 / 7 21Denver:

Officers and directors; list of, for 1921 1/19 53Salaries:

Officers; adjustments in salaries of certain,(See correspondence in files) 1 / 7 21

Detroit:Building site for; attitude of MBank of Chicago towardpurchase of,

quarters:1 /31 98

Lot for building; disapproval of purchase of, owingto excessive cost 1 /28 94

Salaries:Increases in, of certain employees 6 /24 467Officers; adjustments in salaries of certain,

(See correspondence) 1 / 7 21El Paso:Salaries:Clarke, Assistant FRAgent, increase in salary 1 / 4 6

Staff:Clerks; employment of two, in FRAgent's Dept. 1 / 4 6

Helena:Assistant FRAgent; appointment and salary of L. W. Long

1/22 67as,Coin and currency operations; Branch authorized tocommence, March 1st. 2 /25 164

Designation as reserve city 2 / 2 111

Officers; election and salaries of, 1 /19 54


X.1

Branch Banks, FRS: (continued)Helena: (continued)

Staff:Long, L. W., appointment and salary as Assistant

FRAgent 1Officers; election and salaries of, 1Weir, T. B., appointment and salary as Counsel 3

Wireless telegraph apparatus between, and MBank ofMinneapolis; request from Minneapolis for authority

to operate, 2

Houston:ctuarters:

Building plans apprOved, and work to begin 3Contracts for construction of new branch building,

submitted, with total cost; approved, subject toapproval of Consulting Architect 4

Registered mail; publicity given to transportation of,from the Branch Bank to Post Office in Houston 3

Salaries:King, R. L., Assistant FRAgent and Auditor, salary

increased 1Staff:

Employee; appointment and xmpensation of, 1Jacksonville:quarters:Purchase of lot for erection of new branch building,

disapproved 6Salaries:

Adjustments in, of certain officers (See correspondence)1

Little Rock:Officers and directors, re-election of, 1C'uarters:plans for proposed new building; architect engaged

to draw, 1Salaries:

Adjustments in, effective July 1st. 6Officers; adjustments In salaries of certain,

(See correspondence) 1

Los Angeles:Loan policy of; views of directors on, 3

paxton, J. D., appointment and salary as ActingCashier 2

Salaries:Officers; adjustments in salaries of certain,(See correspondence) 1

paxton, J. D., salary as Acting Cashier 2

/22/19/22

/ 8

/29

/ 8

/25

/ 4

/ 4

/23

/ 7

/11

/19

/30

/ 7

/23

/ 8

/ 7/ 8

Page

6754228

128

250

286

243

5-6

8

463

21

28

53

486

21

235

128

21128


XII

pageBranch Banks, FRS: (aontinued)

Los Angeles: (continued)Staff:Haight, Edward A., appointment at 43,000 per annum

in Discount Department 1 /26 84Tatsdh, Jacob H., appointment and salary 4 / 5 274

Title of Cashier to be abolished at, and AssistantManager used in lieu thereof, 4 /11 291

Louisville:Officers and directors, re-election of, 1 /11 28Salaries:

Adjustments in, effective July 1st. 6 /30 486Officers; adjustments in salaries of certain,

(See correspondence) 1 / 7 21Memphis:

Officers and directors, re-election of, 1 /n. 28Salaries:

Adjustments in, effective July 1st. 6 /30 486Officers; adjustments in salaries of certain,

(See correspondence) 1 / 7 21Nashville:

Quarters:Purchase of lot and building for Branch, authorized,

at cost not exceeding'485,000 6 /23 463Staff:

Byrne, Janes J., temporary appointment as AssistantFRAgent,awing to illness of W. J. Tyler 4 / 2 267

Tyler, T., As FRAgent, granted two monthsleave of absence, on account of illness 4 / 2 267

New Orleans:Quarters:

Arrangements contemplated by Atlanta in view of erection463

466

257113521

6

By-laws of, amended, to grant certain functions to Branchin matter of discounts of member banks 5 /31 406

Officers and directors; list of, far 1921 1 /19 53

of new building for Branab. 6Plans for dismantling building on site far Branch,

together with plans and specifications for newbuilding 6

Salaries:Clerk, recommendation re compensation for, 1Manager, increase in salary of, recommended 1

Salary increase disapproved 2Officers; adjustments in salaries of certain, 1

(See correspondence)Staff:Johns, J. S., appointment as Assistant FRAgent At Branch

at 44,000 per annum 1Oklahoma City:

/23

/24

/10/24/10/ 7

/ 4


XXII

Branch Banks, FRS: (continued)Oklahoma City:Quarters:

Closing of option by Kansas City on certain real

page

estate for erection of branch bank, authorized 6 /20 446Purchase of site for new building; Board's

opinion re, requested 6 /26 471

Salaries:Officers; adjustments in salaries of certain,(See correspondence) 1 / 7 21

Omaha:Officers and directors; list of, for 1921 1 /19 53

Salaries:Officers; adjustments in salaries of certain,(3ee correspondence) 1 / 7 21

Staff:Jones, J. .V., appointed Assistant FRAgent andAuditor 3 /26 246

Pittsburgh:Salaries:

Increases in, of certain employees 6 /29 480Officers; adjustments in salaries of certain,(See correspondence) 1 / 7 21

Portland:Loan policy of; views of directors on, 3 /23 235

Salaries; adjustments in salaries of certain,(See correspondence) 1 / 7 21

Title of Cashier to be abolished at, and AssistantManager to be used in lieu thereof, 4 /11 291

Salt Lake City:Compensation of examiner located at; letter from

Assistant FRAgent at an Francisao re, 5 /26 398

Loan policy of; views of directors on, 3 /23 235

Purchase of site for, at ,115,000, authorized 1 /25 80

Quart era:purchase of site for branch building, approved 1 / 4 8

Salaries:Officers; adjustments in salaries of certain,(See correspondence) 1 / 7 21

Staff:Carlson, Ephraim, appointment and salary 5 /24 393Sims, Cleveland K., appointment and salary 2 /1 100

Taylor, Marion, appointment and salary 5 /10 356


San Antonio: (proposed)Pressure brought to bear to establish branch at;letter

from ERAgent Ramsey re, stating he had suvested4 / 8 266an ai;enay as an alternative


XIV

Branch Banks, FRS: (continued)San Antonio, Texas: (proposed branch)Views of Board re proposed establishment of branch at, 4

Savannah Agency:Officer, adjustment in salary of certain, (See

correspondence) 1Seattle:

/ 1

/ 7

Page

265

21

Loan policy of; views of directors on, 3 /23 235Salaries:

Officers; adjustments in salaries of certain,(See correspondence) 1 / 7 21

Staff:Davis, B. N. L., appointment and salary 3 /14 210Simpson, Frederick Homer, appointment and salary 3 /23 233Simpson, F. H., appointment as Assistant Examiner 6/ 4 416Williams, G. H., appointment as Assistant Examiner 6 / 4 416


Spokane:Loan policy of; views of directors on, 3 /23 235Salaries:

Officer; adjustment in salary of certain, 1 / 7 21(See correspondence)


Branches, National Banks:Senate Bill 1835 providing for establishment of domestic;

letter from Board. giving views re, 5 /27 4026 /28 471

Branches of National Bank Associations and State Institutions:House of Representatives Bill 6257 re, 5 /20 387

Broderick, Joseph A.Nominated by FRBoard to serve on Cuban Commission on

Insolvent banks 1 /27 889Refusal of nomination by Mr. Broderick / 2 109

Buffalo, Rochester, & Pittsburgh Railway Co.Form of loan for 41,000,000 to, 1 / 6 14

Buffalo Trust Co., Buffalo, N. Y.Conditions of membership, modification of, requestedby bank 1 / 4 9

Modification of condition imposed upon, by Board,in 1917, approved 1 /11 29

Business Conditions:Monthly reports of; Dr. Willis authorized to callconference to discuss, in Ja3hington, during weekbeginning Feb. 7th 1 /26 85

Letter from Dr. Willis reaommending calling ofconference Feb. 21st. and 22nd. 2/ 2 109

Issuing of invitations to conference,approved 2/ 3 114


XV

Business Conditions: (continued)Monthly report of; draft of forthcoming press statementcovering, /31

Monthly report of, from RBank of Chicago; comments of

Director of Division of Analysis & Research on, 3 /23Monthly reports of; letter from &Agent perrin re in-corporation of certain educational matter in, 5 /20

Monthly reports of; letter from San Francisco re issuanceof, to public 3 /

Canadian Index Number of prices:Payment of an honorarium to prof. H. Michell for prepa-

ration of,Capital Stock:

Payments of, in connection with question of eligibilityfor membership of certain State bank; letter from Boardto Atlanta re, 5

Reduction in, of Farmers & Merchants National Bank ofHobart, Oklahoma, disapproved 6

Capper, (Senator) Arthur:Bill proposed by, whereby Secretaries of Commerce,Agriculture, and Labor are added to membership of Board;

letter from Gov. Harding to Secretary of Treasury re, 6Letter from, enclosing letter from Mr. Axline of Nebraskacriticizing discount policy of e.Bank of Kansas City 4

Cattle Credit:'Senate Bill 1094 re extending, through use of moneys paid

into Treasury Dept. by FRBanks as franchise tax; draftof letter stating Board's views re, 5

Matter discussed with Secretary of Treasury and tobe further discussed with Assistant SecretaryGilbert 5

Proposed plan for relief of cattle situation,submit-ted; telegrams seeking further information tobe sent certain RBanks 5

Views of BoardCommittee on

Cattle Industry:Press statement re,

2/10

re Bill; letter to Chairman of senateBanking & Currency containing, 5

and covering general conditions, re-

leased for publication June 6th.

Cattle Loan pool:Discounting by &Banks of certain paper arising under

operations of; letter from Board to Messrs. Traylor &

Kiddoo re, 6 /30 483

Page

406

234

385

196

6 / 4

133-34

/10 358

/30 484

/22 459-60

/8 286

/23 390-1

/24 394

/;-=5 396

/27 402

417


XVI

Cattle Loan pool: (continued)Issuing of paper arising from loans made to cattle

interests by, in form eligible for rediscount at RBanks;letter from Mr. Mitchell to Continental & CommercialNational Bank of Chicago outlining plan for, 6 /21

Central America:Status of certain acceptances covering imports of coffeefrom; letter from Board to Chief National Bank Examinerof Second District re, 3 /14

3 /15Central of Georgia Railway Co.

Form of loan for 4237,900 to, approved upon recommenda-tion of Railway Loan Advisory Committee 1 /31

Central Reserve & Reserve Cities:Helena, Montana, designated as reserve city 2 / 2

Certificates of Indebtedness:Amounts received by U. 6. from net earnings of FRBanksfor 1920 to be applied to retirement of, 1 /19

Discount rates on paper secured by; docketed for Jan.12th. 1 /11

Matter discussed; no action 1 /12Postponement of action 1 /13

Rate of 6;.; fixed by an Franaisco on all paper securedby Treasury, 1 /19

Rate on, at FRBank of Boston, raised from 5% to 6% 4 /12Retirement of U. S., issued under Pittman Act; letter

from Dallas re, 4 /11Special, deposited with Treasurer of U. J. by RBanks to

secure note circulation; Executive officer of Boarddesignated to withdraw, and sell, assign or transfer 3 /14

To be separated into two parts in published statementsof RBanks 3 /22

Treatment of, in consolidated statement of FRBanks,prepared for press 1 /10

Chamber of Commerce at Herne, Texas:Complaint from, re treatment of failed First NationalSank of Herne by FRBank of Dallas 6 /20

Chase National Bank of New York City:Comptroller to be requested to inform Board re length oftime certain conditions in, mentioned by him, havebeen in existence 1 / 5

Conditions and practices in, present and past; letterfrom Comptroller of Currency to Board re, 1 /13

Large loans made to, by FRBank of New York; meeting of

Gov. Strong with Board to discuss criticisms made byComptroller of Currency re, 2 /26

Page

455

209213

97

111

54

3035-640

55296

290

210

230

24

448

11

42

l73lT


XVII

pageChase National Bank of New York City: (continued)

Report of examination of, as of Oct. 3, 1919; ComptrollerOf Currency requested by Board to submit so-calledyellow sheet on, 3

Copy of yellow sheet furnished by Comptroller 3Checks Drawn upon Treasury of United States:

Refusal of RBank of Philadelphia to cash, for individuals

/ 1/ 2

178185

over the counter 2 /23 157Chesapeake & Ohio Railroad Co.

Form of loan for 43,759,000 to, 1 / 6 14Chicago Clearing House Association:

Rental of space in building of AlBank of Chicago to, 1 /19 55Chicago Daily Journal:

Letter from, re publication of weekly statements ofindividual FRBanks 3/ 1 179

Chicago, Milwaukee & 3t. Paul Railway Co.Form of loan for $25,340,000 to, approved upon recom-mendation of Railway Loan Advisory Committee 1 / 3 2

Form of obligation submitted by, for taking down fullamount of loan for 410,000,000 6 /29 479

Circular 176 of Treasury Department:Letter from Assistant Secretary Gilbert of Treasury re, 5 /14 375

/̀irculars.F.R. Banks:Dallas:Change in rate for purchase of mail transfers, and

abolishment of progressive discount rate forEleventh District 2 /22 154

St. Louis:Operation of daeak collection system, proposed circular

covering, for forwarding member banks 1 / 6 17-18Circulars, F. R. Board:

Inter-district time schedule, revised; circular letterto FRBanks enclosing and commenting upon, 1 /25 75

Citizens National Bank of Montezuma, Ga.Authorized to purchase stock in FRBank of Atlanta 3/ 1 181

Clayton Act:Inquiry from San Francisco as to whether an auditor

employed by two mamber banks would come under terms of,1 /19 55Proposed amendment to Kern Amendmsnt to, submitted by

Committee; report and copy of amendment to be sentFRAgents for study and criticism 4/ 2 269

Copy of proposed amendment submitted to 11r. Mellonand approved by him 4 / 4 270-1

Review of situation re, ordered for April lst.,indefinite-ly postponed 4 / 2 269

Copy of proposed amendment submitted to Secretaryof Treasury and approved by him 4/ 4 270-1


XVIII

Clayton Act: (continued)Suggested ameninent to Kern Amendment to; Clayton ActCommittee to prepare, and submit to FRBoard for action 3

Draft of proposed amendment submitted and tentativelyapproved; Mr. Mellon to be consulted re, 3

Clearing & Collection:Anti-par bill passed by Tennessee legislature; advice re,from St. Louis 3

Cash items drawn upon banks on par list; practice ofDallas of returning without presentation,disapprovedby Board 2

Checks drawn upon Treasury of U. S.; refusal of FRBankof Philadelphia to cash for individuals 2

Circular of &Bank of st. Louis to member banks coveringoperation of check collection system 1

Collection:Decision of Supreme Court in case brought for purpose

of testing par collection system of FRBanks,remand-ing case to U. S. District Court for trial 5

Suggestions from Chicago re, of checks deposited forcredit in general account of Treasurer of U. S. 6

Draft of bill before North Carolina legislature authorizingbanks to make exchange charges upon items drawn uponthemselves and sent to them for remittance 1

First National Bank of Ranger, Texas; failure of,reportedby Dallas, stating same involved cash items sent byDallas for collection 3

Non-member bank in fifth district as collection agentfor FRBank of Richmond; remittance by, for collection,of drafts drawn upon a certain national bank upon whichpayment was refused by the drawee bank 1

Par clearance case before U. S. Supreme Court; letterfrom Atlanta asking Board's assistance in having movedup on argument calendar 1

Trust receipts issued by FRBank of Atlanta to FRAgentcovering discounts pledged as security for F. R. notesand sent out for collection 3

Clearing House Section of American Bankers' Association:Invitation from, to Chief Examiner of Board and head

examiner of each district, to attend conference atLos Angeles, Oct. 2 - 6, 1921 6

Clearing Houses:',;ashington Clearing House:

See under "Washington Clearing House"

Coffee from Central America:Acceptance covering imports of; letter from Board toChief National Bank h=miner of Second District restatus of certain, 3

3

/25

/31

/24

/14

/23

/ 6

/16

/ 7

/ 7

/14

/11

/19

/25

/21

/14/15

Page

242-3

262

238

141

157

17-16

377

421

99

208

29-30

59

243

454

209213


XIX

Coin & Currency Operations:Helena branch to commence, March 1st.; letter from Asst.

Secretary of Treasury to &Bank of Minneapolisauthorizing,

Coin & Currency Shipments to Member Banks:Circular of FRBank of Cleveland re,

Cold Storage Co.Notes of certain, not considered eligible for rediscountat FRBanks

Collateral security required of banks applying for member-ship in FRBank of San Francisco

Collector of Panama Canal:&Banks to receive deposits from steamship companies oragents for credit of; copy of Executive Order re,

Columbia Trust Co. of New York:Inquiry from, in re matter of reserves, forwarded byFRBank of New York

Permission granted, to accept for purpose of creatingdollar exchange in Australia, New ,:ealand, etc.

Commerce Guardian Trust & Savings Bank, Toledo, Ohio:Acceptance powers of; letter from FRBank of Cleveland

Commercial National Bank of Washington, D. C.Inquiry from, re eligibility of acceptances based on

transactions in wine for sacramental purposesCommercial Paper:

Discount rate on, at &Bank of New York, reduced from614.-/; to 673

Inluiry from Secretary Mellon as to whether Board isfavorable toward reduction in rate on,

Reduction In rate on, to be considered June 8th.Commercial Savings Bank & Trust Co., Toledo, Ohio:

Permission granted, to issue debenture bonds againstmortgages

Commercial Savings Bank of Farragut, Iowa:Modification in certain condition of membership

Commission Houses:Paper of; replies to questionnaire sent out by FRBank

of Boston re,Commission to control and supervise insolvent Cuban Banks;

advice from State Department that Cuban Congress willshortly pass law creating, and requesting that Board

nominate memi)er from United StatesBroderick, Joseph A., Vice-President of NationalBank of Commerce of New York,nominated byBoard as memer of commission

Refusal of nomination by Mr. BroderickOscar, of Birmingham, Alabama, to be invited

by Board to serve on,

2 /25

3 /29

2 / 1

1 /11

1 /25

5 /12

1 /17

4 /25

3 /15

6 /15

4 / 46 / 7

5 /14

4 /21

3 / 3

1 /26

1 /272 / 2

2 / 2

Page

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250

103

29

79

364

47

324

214

442

270422

373

319

166

64-5

88109

109


XX

Committees, F. R. Board:Bulletin:Mitchell, John R., appointed member of, committee also

consisting of Mr. Miller and Mx. platt 6 / 4Clayton Act:Postponement of review of interlocking directorates

suggested by; Committee to prepare suggested amend-ment to Kern Amendment and submit to Board 3 /25

President of Fidelity Trust Co. of Philadelphia tomeet with, 3 /22

Executive:Miller, A. C., elected to fill vacancy caused by with-

drawal of Mr. Wills, for period ending June 30,1921 3 /15signed report of, re letters addressed by Comptroller

of Currency to FRBoard during year, received andapproved by FRBoard 3 / 2

Statement to be prepared by, covering proper policiesof Board under existing conditions 6 / 3

Supplementary report to that of Feb. 28th. 3 / 8Law:Grissinger, D. R., elected member of, 4 / 6

No 1:Platt, Edmund, elected on, in place of Mr. Wills 3 /16

Comptroller of the Currency: (Mx. Crissinger)Deficit in accounts in office of, due to certain unpaid

bills and expense accounts of national bank examiners;report from Mr. Crissinger 4 /13

Statement submitted by, showing financial condition ofoffice of Comptroller, as of March 2nd., 1921 4 /14

Comptroller of the Currency: (Mr. ';;illiams)Absorption of duties and functions of, by FRBoard; repliesof FRAgents to inquiry of FRBoard re, 3 /11

Assignment of certain employees in Board's Div. of Issue&Redemption to work in offices of, 2 / 3

Board's reply to request from, for data re loans made byNew York and"Dallas, including acceptances purchasedby said banks 1 /27

Certain changes in policies of 2RBoard advocated by,inletters to Board; motion by Mr. Hamlin that same besubmitted in form of written motions, approved 1 /20

Correspondence of, referred to in minutes of March 3rd.,returned by Mr. Harrison 3 / 8

Criticisms by, of FRBank of New York; Executive Committeeof Board to prepare report re, 2 /26

Criticisms by, of FRBAnk of New York, not sustained byevidence submitted, in opinion of Board, and Mr. Williamsasked to withdraw charges 2 /26

Page

416

242-3

228

214

184

414193

277

218

299

304

205

114

88

64-5

192

176

176


Comptroller of the Currency: (Mr. Williams)Criticisms by, re certain loans made by RBank of

New York to member banks in New York City, particular-ly Chase National Bank; meeting of Gov. Strong withBoard to discuss,

Div. of Currency & Redemption:Employees of, transferred to other departments under

Comptroller and replaced by employees an pay rollof FRBoard

Examination of national banks in New York City; replyto question of Mr. Platt re,

Excerpt from Whaley-Eaton Service re letter from, to Gov.Harding re loans to four N. Y. banks

Comptroller to be requested to supply Board'sSecretary with names of persons to whom he hasgiven copy of above letter

Inquiries from senators Fletcher of Florida and McKellarof Tennessee re published comment upon letter from,toGov. Harding, under date of Dec. 28th.

Letter to, from National Bank of Cleveland, Cleveland,Texas, re deficient reserves

Letters from, to Board, reChase National Bank of New York, conditions in, present

and pastDated Feb. 14th., replying to letter from BoardDated Feb. 19th., read to Board at request of Mr.

WilliamsEthank of New York and certain member banks in New York

City, delivered to Deputy Gov. Harrison of N. Y. forpreparation of statement by officers of RBank ofNew York

Paper in portfolios of certain member banks in largecenters reported as eligible for rediscount todeposit accounts of said bunks

Policies of RBoard, recommending certain changes in,Reply of Gov. Harding to Comptroller, approved

Delivery of reply to ComptrollerMotions by, reAdvocating certain changes in policies of FRBoardDiscount plan proposed by RRBank of Atlanta in resolu-

tion of its Board of Directors July 9, 1920;tabledDiscount rates, suggesting change of policy re appli-

cation of progressive,Motion lost

Progressive rates, recommending suspension of, in alldistricts where now in effect; tabled

Office of,Connell, J. J., Stenograpner, resignation

2 /26

2 / 1

3 / 3

2 / 8

2 /10

2 /14

2 / 2

1 /132 /15

2 /23

3 / 3

1 / 61 / 31 /121 /13

1 /25

2 / 2

2 / 12 / a

1 /25

3 / 2

page

173-176

101

191

124-5

134-5

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109

42146

159

186

1513541

77

110

104107

78

163


Comptroller of the Currency: (Mr. Williams)Reimbursement of office of, for expense incurred in

furnishing FRBanks with copies of examination reports 3 /31Report by, that he had communicated with Assistant

Secretary of War, and interviewed Gen. McIntire, represent condition of Philippine National Bank 2 / 9

Report of Executive Committee of Board on letters addres-sed by Comptroller to Board during year 3 / 2

Request made of, to supply Board with names of personsto whom he bad given copies of certain of his lettersto Board; Mr. Williams stated he would reply by letter 2/26

Mr. Williams declines to furnish names requestedby Board 3 / 2

Requested by Board for information re length of timecertain conditions in Chase National Bank of New YorkCity have been in existence 1 / 5

Requested by Board to furnish list of names of personsto whom he had given copies of his letter to Gov.Harding under date of Dec. 28, 1920 2 /10

Requested by Gov. Harding to furnish Board with yellowsheet on report of examination of Chase National Bank,as of Oct. 3, 1919 3 / 1

Copy of yellow sheet furnished Board by .1r. ':filliams 3/ 2

Requested to attend meeting of Board Feb. 16th., in orderto make quorum; refused to attend, but authorizedBoard to count him present for transaction of routinebusiness 2 /16

Statement by, requesting fixing of time by Board toreceive and discuss his reply to a certain letter fromBoard; time set for Jan. 20th. 1 /19

Stenographic report of matters brought before Board by, 3 / 27wha1ey-Eaton service of New York; publication in, of

reference to letter from comptroller to Gov. Hardingunder date of Dec. 28th., 1920 2 /16

Condition Report, i. R. Banks:Wiring of figures of 'consolidated, each 6aturday to all

FRBanks; request of r. Jacobson re, referred to Gov.with paver 2 /10

Conference Room of 2. R. Board:Use of, in Metropolitan Bank Bldg., requested by certain

church organization, from April 29th. to May 14th. 4 /28Conferences:

Bank Relations Departments of &Banks; aomference ofrepresentatives of, suggested by Chicago 3 /14

Clayton Act Committee and officers of Bankers Trust Co.of Denver, Colorado; report re conference between,

on interlocking directorates 1 / 6

Page

261

131

184

1754

184

11

135

178185

149

52184

150

134

331

209

19


Conferees.Div. of Analysis & Research & F. R. Agents:Postponement of conference between, to discuss

monthly reports of business conditions 1 / 6Div. of Analysis &Research, F. R. Agents, & certain

experts:Dr. authorized to call conference of, in

Washington, to discuss monthly reports of businessconditions 1 /26Calling of conference Feb. 21st. and 22nd.,

suggested by Dr. Willis 2/ 2Issuing of invitations to conference,approved 2/ 3

P. R. Bank of San Francisco, with branches and member ofAdvisory Council, on Jan. 28th.; member of Boardinvited to attend 1 /20

P. R. Board and Governors, 2.R. Banks:Topics for discussion at forthcoming; schedule of, 4/ 2

Governors, F. R. Binks:Called for April 12th. 3 /15

A business representative from among Class "B" or"C" directors of each bank to be invited toattend meeting of, April 14th. 3 /15

Page

17

85

109114

63

268

214

214Llinutes of conference of, transmitted by Secretary

Harrison, pointing out matters upon whiah actionof Board was requested 4 /26 329

Opening remarks of Governor Harding to include intentionof Board to require &Banks to rediscount whenreserves reach minimum percentage 3 /29 255

Topic for discussion; proposed amendment to Regulation"B", paragraph 2, re purchase, by FRBanks in openmarket, of bankers' acceptances having maturitiesnot in excess of six months 3 /18 224

Topic, salaries of officers of 2RBanks, to be discussedat forthcoming conference 3 /31 260

Group conference between FRBanks of Dallas, St. Louis,& Chi:ago; Mr. Platt and Mr. Wills to attend, 2 / 1 103

Representatives of Treasury Dept. and RBoard, re immediatecredit at RBanks for items deposited for credit inTreasurer's account 1 /22 68

C°11gressiona1 aerviae of Corporation ?rust Co._ Authority granted General Counsel to subscribe to, 4 /11 292Consolidated Report of Condition of F. R. Banks:

Wiring of figures in, each Saturday to all illBanks;request of lir. Jacobson re, referred to Gov. withpower 2 /10 134

Uonsolidated Statements of F. R. Banks:Certificates of indebtedness shown in, to be separated

into two parts, those issued under Pittman Act, andother certificates 3 /22 230


LCEV

page

Consolidation of Member Banks:

Bank of Social Circle, Ga., with Walton County Bank of262

221

300250

260

268

455

292

Rediscount of secured bills of exchange arising fromtransactions in marketing of; correspondence between3t. Louis and First National Bank of Greenwood, Miss.re, 1/24 71

Shipments of, to Japan; letters from Board to ERBankof San Francisco and to Italian-American Bank of

San Francisco re certain drafts covering, 3 /29 253-43 AO 257-8

social CircleConsulting Architect:

Criticism by, of certain proposed expenditures for con-struction of Annex to RBank of Richmond

Letter from, re participation by certain FRBanks inexpenses necessary to conduct another vault test

Letter from, re plans for building at Houston BranchOpinion re fees of architects, engineers and builders of

ERBank of New YorkMlingness expressed by Richmond to agree with certain

recommendations made by, with exception of certainminor matter

Continental & Commercial National Bank of Chicago:Letter from Mr. Mitchell to, outlining plan for issuing

paper arising from loans to cattle interests by cattleloan pool, in form eligible for rediscount at FRBanks

Corporation Trust Co.Authority granted General Counsel to subscribe toCongressional Service of,

Cotton:

3

3

43

3

4

6

4

/31

/17

/13/29

/31

/ 2

/21

/11

Cotton Factors' Paper:Discount of; letter from Board to House Committee onBanking & Currency giving views re Senate Bill 4666providing for, 2 / 2

Eligibility for discount at &Banks; views of Mr. Hamlin 1 /13Eligibility of; consideration of Senate Bill 4666 re,ordered docketed for next meeting of Board 2/ 1

Cotton Marketing Plan:Certain correspondence submitted by Dallas re proposed, 1 /24Board's reply, prepared by General Counsel 1 /25

Counsel (General):Memorandums of, reBankers' acceptances having maturity in excess of three

months; right of Board to authorize purchase of,by RBanks in open market; ordered redoCketed 1 / 7

1 /111/12

Matter brought up; no action 1 /13Resolved to bring matt(a.r up for discussion at

next meeting of Advisory Council 1 /25

11042

103

7281

2127-83539

75


LW

Page

Counsel (General): (continued}Memorandums of, re

Federal International Banking Co., subscriptions by

Atlanta National Bank & American Exchange National

Bank of Dallas to stock of,without permission of

Board 2 / 9

Office of,Law books, purchase of, authorized a /22Purchase of additional bookcases for, authorized 3 /15

(lit:

Complaint from persons interested in lumber, cattle

raising, and orchard industries, re credit conditions 4 /22

Difficulty in obtaining, for storage of eggs and butter,in Chicago District; letter from 5ecretary ofAgriculture re, 4 /15

Extending of, by ERBanks; letter from War FinanceCorporation re, quoting Board's press statementX-3135 of June 6, 1921 6 /

Letter of NI'. Miller replying to above 6 / 9Form of agreement to be execute& by correspondent banks

desiring First National Bank of Boston as their agentto open irrevocable letters of; letter from Boardto bank re, 6 /23 464

Information re movement to organize wheat growers

association for securing, upon warehouse receipts,

requested by president of First National Bank of Ilaxtun,

Colorado 5 /23 391

Items deposited for, in Treasurer's account; conference

between representatives of Board and Treasury Dept.re immediate credit at ERBanks for, 1 /22 68

Letters of; refusal of 1:;hitney Central National Bank

of Nev Orleans to honor drafts issued by it undercertain, 1 /11 31

Re4uirements of &Bank of San Francisco in re rediscountof paper based upon agricultural operations; 11r.

Mills of Portland asked to furnish Board with informa-

tion re, 5 /19 384Credit Lines:

Larger city banks in Sixth District which have reduced

their lines with the ERBank of Atlanta between Dec. 15th.,

1920,and Jan. 6th., 1921 1 /11 28

Crissinger, D. R., Comptroller of the Currency:

See under "Comptroller of the currency"Cuba:

I:stablishment of agency of FRBank of Atlanta in; Gov.

Cre

and FRAgent at Atlanta designated by

committee to consider,Establishment of agency by iliBoard for

unfit F. R. notes in circulation in;from State Department re,

directors as

redemption ofcorrespondence

131-2

153212

321-22

305

426428

6 /20 447

5 /20 387


Cuba: (continued)Establishment of government banksupervision of RBoard; letter

Board's replyNational Bank Examiner Norris toand narrate experiences in,

Cuban Commission on Insolvent Banks:Law creating, to be shortly passed by Cuban Congress;

State Department requests Board to nominate Llemberfrom U. S.

Broderick, Joseph A., of New York, nominatedBoard as member of commission

Nomination refused by Mr. BroderickWells, Oscar, of Birmingham, Alabama, to be invited by

Board to serve on,Cuban Sugar Commercial Accaptante Credit:

Details of so-called 42,000,000, reported by aBank ofNew York

Cumberland & Manchester Railroad Co.Form of loan for 4375,000 to, approved upon recommendationof Railway Loan Advisory Committee

Currency & Coin Transactions:Assumption of, by Baltimore Branch; letter from Asst.Secretary of Treasury to Richmond re,

Currency &Redemptiom Division:See under "Comptroller of the Currency"

Currency for Republic of Panama:Creating of national; letter from Secretary

Curtiss, Freaeria H., F. R. Agent at Boston:present at meeting of Board, March 3rd.

11D9

page

In, to be operated underfrom State Dept. re, 6 /16 444

6 /22 460appear before Soard

by

2 /14 139

84-5

88109

109

2 /14 140

6 /14 434

1/19 52

of State 2 /10 135

3 / 3 189

Davis, John W.Retaining of, as Counsel for Zoard in forthcoming trial

of par collection suit brought by certain banks againstMank of Atlanta 5 /31

Aaceptanle by Mr. Davis; to be notified all expensesand fees will be subject to approval of Board 6 / 8

Suggestion from Atlanta that expenses incident toMr. Davis' employment be divided pro rata betweenMRBanks

Daylight Saving Law:Passage of, in Philadelphia, May 20th.; MBank of Phila.

to conform to time adopted by cityDebentures against special collateral; issue of, by First

Federal Foreign Banking Association, disapproved

405

424

6 /20 447

6 / 3 412

1 ill 33


x ix

Department of State:Request from, that FRBoard nominate American member of

Cuban Commission to supervise and control insolvent

Page

Cuban banks 1 /26 84

Departmental Member Banks:Proposed amendment to Section 19 of ERAct re reservesof; letter from RAgent Perrin re, 5 /23 391

Directors:Branch Bank:

Attitude toward discount policy of aBanks; letterfrom an Francisco re, 3 /29 249

Views of directors of branch banks of San Franciscore loan policy of their respective branches 3 /23 235

Class "A" and "B":A business representative from among, at each FRBank,

to be invited to attend meeting of Conference ofGovernors in April 3 /15 214

F. R. Bank Of Dallas:Hall, E., resignation as Class "A" director and

special election to fill vacancy; circular re, 3 /29 249

Hall, Edward, status as Class "A" director, if

appointed State Commissioner of Insurance andBanking 1 /11 32

F. R. Bank of Philadelphia:Contemplated change in business activities of certain

Class "B" director; inquiry from Bank whether

eligible for re-election in view of, 6 / 8 423

Murphy, M. J., Class nA" director, report re change

in residence to New York; Board will not opposeserving out term 4 / 2 268

F. R. Bank of Richmond:Oyster, James F., resignation as Class nB" director;advice from Richmond that same will be presented

to Board of Directors April 7th. 3 /29 250

Class "C":F. R. Bank of Cleveland:

Wills, D. C., re-appointment 2/ 1 102

F. R. Bank of Richmond:Bruae, Howard, of Baltimore, resignation 5 / 2 339

Delano, F. A., election of, 5 / 5 347

F. R. Bank of San Francisco:Sproule, William, Board will approve election of,upon notice of willingness to serve 1 / 5 12-13

Sproule, William, elected to serve for unexpired

term of Edward Elliott 1 /11 32

F. R. Bank of Chicago:Certain, invited to Washington to discuss conditions

at bilBank 5/ 5 348


Directors: (continued}F. R. Bank of St. Louis:Branches; re-election of directors of the several, 1/11

page

28Little Rock Branch:

Re-election of, 1/11 28Louisville Branch:Re-election of, 1/11 28

Memphis Branch:Re-election of, 1 /11 28

Portland Branch:

Teal, J. N., re election of, 3 /22 231Seattle Branch:Peabody, Charles E., elected director for term endingDec. 31st., 1921 2 / 1 103

Discount Rates:Commercial paper; inquiry from Secretary Mellon if Boardfavorable toward reduction in rate on, at FRBanks 4 / 4 270

Commercial paper; reduction in rate on, to 64, at all2RBanks having 6k; rate,to be considered at meetingJune 8th. 6 / 7 422

Action deferred 6 / 8 423

F. R. Bank of Atlanta:Motion of Comptroller of the Currency re, ordered tabled 2 / 2 110Notes secured by Liberty bonds and Victory notes; recom-

mendation for increasing rate on, 3 /14 208

Paper se3ured by U. S. certificates of indebtedness,Liberty bonds and Victory notes; Bank disapproveschange in, 1 /24 70-1

Paper secured by United States Treasury notes; rate of6;.; approved on, 6 /22 458

Rate of 6 fixed an all paper discounted for memberbanks 5 / 5 347

Resolution of Comptroller of the Currency an adoptionof certain, 1/25 77

Uniform rata of 6.;; approved on all paper secured by U. S.Treasury= certificates of indebtedness 2/ 7 122

Uniform rate of q, an all paper secured by U. S. Treasury

certificates of indebtedness; Atlanta to be advisedthat Board will approve, 1/31 97

F. R. Bank of Boston:Commercial paper; establishment of 6,; rate on, with

maturities 1 - 6 months, subject to approval of RBoard;action withheld 4 /s 287

Comneraial paper; rate of 61!) approved on, 4 /12 295-6

Paper secured by Treasury certificates of indebtedness;rate on, raised from 5!.-3 to 63; 4 /12 296

Paper secured by U. S. Treasury notes; rate of 6;;approved on, 6 /22 460


Discount Rates: (continued)F. R. Bank of Chicago:Flat rate of 6); established on all paper secured by

U. S. Treasury certificates of indebtedness 1 /28

Flat rate of ei,.. established by, exclusive of Govt.secured loans 5 / 6

Rate of 6, established on paper secured by United

States Treasury notes 6 /24F. R. Bank of Cleveland:Rate of 6;4 approved on paper secured by certificates

of indebtedness, Liberty bonds and Victory notes,also 6% on bankers' and trade acceptances 2 / a

Rate of ei); approved on paper secured by U. S. Treasurynotes 6 /24

F. R. Bank of Dallas:Adjustment of certain rates, recommended 1 /24

Commercial paper; rate on, reduced from .E.; to 6;4 6 /21

Establishment of certain, to be recommended by Messrs.Platt & Wills on visit to Dallas, Feb. 7th. 2 / 3

Ordinary rates at, reduced from 7,.; to 6:Vs; letter from

Bank re, 5 /13

Progressive, abolished, and rates fixed on other paper 2 / 8

Progressive, abolishment of, in Eleventh District;

circular issued by Bank re, 2 /22

Trade acceptances, 15-day notes secured by eligible

paper, commercial paper or maturities, and

agricultural and livestock 1 - 6 month paper; rate

on, reduced from 7;; to Wo, effective May 16th. 5 /13

F. R. Bank of Kansas City:Basic rate fixed at 6,4, and progressive rate limited to

a maximum progression of 2% above normal basic

rate 6 /20

Progressive; directors and officers of FRBank approve

continuance of, 3 / 3

Progressive; discontinuing of loans to member banks

proposed, when rate exceeds 12)4 2 / 1

Progressive; no further advances to be made to member

banks after rate reaches 12,1 2 / 2

Progressive; sug,Nstion of Mr. Wills that Board secure

Bank's opinion re advisability of entirely abolish-

ing, 2 / 2

F. R. Bank of Minneapolis:Agricultural and livestock paper, six month; rate of

6% approved on, 5 / 9

Bankers' acceptances rediscounted for member banks;

rate of 6% approved an, 5 /9

Collateral notes secured by certificates of indebtedness;rate of 6,4 approved on, 5 / 9

page

94

351

467

124

466

72455

114

367-8129

154

368

451-2

188

102

106

107

353

353

353


Discount Rates: (continued)

F. R. Bank of Minneapolis: (continued)

5

55

5

5

6

65

256

4

2

3

2

6

1

6

1

3

3

/ 9

/ 9/ 9

/ 9

/ 9

/14

/14/ 9

/ 4/ 4/15

/28

/ 4

/ 8

/ 2

/16

/28

/14

/22

/ 8

/22

page

353

353353

353

353

438

438353

118346442

332

118

195

110

444

93

438

68

195

228

Collateral notes secured by eligible notes; rateof 62s,4 approved on,

Collateral notes secured by Liberty bonds and Victorynotes; rate of 6% approved on,

Commercial paper; rate of 0.;; approved on,Customers notes secured by certificates of indebtedness;

rate of 6% approved on,Customers notes secured by Liberty bonds and Victory

notes; rate of 6% approved an,Member banks 15-day collateral notes secured by new

U. S. Treasury notes; rate of 6); approved on,Ninety-day customs notes rediscounted, secured by new

United States Treasury.notes; rate of 6); approvedon,

Trade acceptances; rate of 070 approved on,F. R. Bank of New York:Bankers' acceptances, advisability of advancing rate

on, to 7;Commercial paper; rate of 6.:V) established on,Commercial paper; rate on, reduced from q; to 6%No changes in, to be made at present time; vote of

Board of Directors April 27th.Uniform rate of 6) established an all paper secured

by U. S. Treasury certificates of indebtednessF. R. Bank of Philadelphia:

Acceptances, bankers'; rate on, advanced from 5;;to &;;

Paper secured by certificates of indebtedness; maximumrate of 54; established on, except wnen rate ofinterest on certificate is in excess of 5-,;;

Rate of 6% approved on all paper secured by U. S.Govt. obligations, except paper secured by Libertybonds and Victory notes, which remains at 5-i;

F. R. Bank of Richmond:Plat rate of 6';; established on all pal)er se.mrsd by

U. S. Treasury certificates of indebtednessPaper secured by new U. S. Treasury notes; rate of 6;;

approved for,F. R. Bank of St. Louis:

Flat rate of 6;; established by, on all paper securedby U. S. Treasury certificates of indebtedness

Loans secured by Liberty bonds and Victory notes;matter of fixing rate an, tabled

Loans secured by Liberty bonds and Victory notes;no increase in rates on,


Discount Rates: (continued)F. R. Bank of Jt. Louis: (continued)Member banks' collateral notes and rediscounts

secured by Liberty bonds and Victory notes; rate

page

of C approved an, 5 /20 387

Paper secured by U. S. Treasury certificates of in-debtedness; establishment of 6;4 rate on, 1 /20 62

Progressive rate abolished and rate of 6,; establishedon paper secured by U. S. Treasury notes 6 /23 462-3

Progressive rate plan changed and flat rate establishedon all loans exceeding basic line 5 /20 387

P.R. Bank of San Francisco:Rate of 6% fixed on all paper secured by Treasury

certificates of indebtedness 1 /19 55Fixing of, at 6A, at all &Banks, as of March 1st.;Motion by Mr. Williams re, tabled 2 /26 170-1

Fixing of rate of 4% an member banics, loans secured byLiberty bonds purchased originally by the memoer banksat par; motion of L.1r. Williams re, disapproved 2 /26 172

Matter of, on. paper secured by U. S. Treasury certificatesof indebtedness, and by Liberty bonds and Victory notes,

docketed for Jan. 12th.Matter discussed; no actionPostponement of action

Plan suggested by A. D. Whiteside whereby RBank rates

will fluctuate in relation to reserve ratios, inaccordance with pre-announced schedules 5 /14

Policies of RBanks re; position taken by ERBoard reexpression of opinion on, by officers, directors, oremployees of the &Banks 3 /22

Progressive; abolition of, March 1st., in all districts

where now applied; motion of Mr. gilliams re, action

on, postponed 2 /25

Matter taken up for consideration; tabled 2 /26

Progressive; motion by Comptroller recommending suspen-

sion of, in all districts where now in effect; tabled 1 /25

Progressive; motion of Comptroller re suspension of,

in excess of 107; 2 / 1

Motion lost 2/ 2

Protest against raising, upon paper secured by Liberty

bonds and Victory notes, from President of Fourth and

First National Bank of Nashville, Tenn. 2/ 1

Reduction In certain, at RBanks; motion of Comptroller

re; action postponed 2 /25

Review of rates at all FRBanks to be taken up at Board

meeting May 5th. 4 /28

Suggestion of Gov. Harding that Friday of each week be

designated as day for considering changes in; no

action 4 /11

1/11 301 /12 35-61/13 40

374

230

166171

78

104107

104

166-7

332-3

292


XXXII

page

Discounts:Drafts drawn by producers on marketing corporations in

which they are stockholders, eligibility of, fordiscount at &Banks; Board's opinion re, in letter to

Texas Farm Bureau Federation of 31111as 2 / 9 131

Investors Finance Corporation of Milwaukee, Wis.; letterfrom Mr. Moehlenpah re eligibility for discount by RBanksof notes of, 6 /22 459

Letter from Board to Messrs. Traylor & Kiddoo re discountof paper arising under operations of cattle loan pool 6 /30 483

Murchison National Bank of Wilmington, N. C.; letter from

Board to, re application to discount with Richmond certainpaper originating in non-member banks 4 / 6 276

Notes, drafts, or bills of exchange, by Ethanks for memberoanks in excess of amounts permitted by Sections 9 and13 of FRAct 3 /16 220

Offering of Treasury notes of Series A, 1924, and matter ofdiscounting of paper secured by, at &Banks; memo. from

Assistant Secretary of Treasury Gilbert re, 6 /10 431

Paper discounted by FRBanks; inquiry from Atlanta whether

same should be carried in physical custody of FRAgents'Department, or bank proper .3 /10 202

Paper of non-member banks offered for discount by member

banks; letter from Gov. Seay re acceptance of, by

FRBanks 3 / 3 189

Paper secured by mortgage on growing crops of sugar beats,

refusal of Kansas City to discount as a class; letterfrom Wyoming Trust & Savings Bank of Cheyenne, Wyoming,

re 6 /30 484

Policy of &Bank of Kansas City; criticism submitted by

Senator Capper from Mr. Axline of Nebraska re, 4 / 8 286

Policy of FRBanks; attitude of Branch Bank directors of

FRBank of san Francisco toward, 3 /29 249

Quincy Market Cold Storage Co.; refusal of iRBank of Bostonto discount paper of, while accepted by FRBank of N. Y. 1 /13 42

Trast receipts issued by FRBank of Atlanta to &Agentcovering, pledged as security for F. R. notes, ard sentout for collection 3 /25 243

District of Columbia:Banking law to cover charter and operations of banks in;suggestion from Chairman of 'Washington Clearing Housefor devising, and recommending to Congress 4 / 8 287

Dividends:F. R. Bank of Atlanta:

Dividend for six month period, Jan. - June, 1921 6 /20 449

F. R. Bank of Boston:


F. R. Bank of Chicago:Dividend for six month period, Jan. - June, 1921 6 /20 449


Dividends: (continued)F. R. Bank of Cleveland:

Page

Dividend for six month period, Jan. - June, 1921 6 /29 481P. R. Bank of Dallas:Dividend for six month period, Jan. - June, 1921 6 /21 454

F. R. Bank of 2:linneapo1is:Dividend for six month period, Jan. - June, 1921 6 /28 474

F. R. Bank of Philadelphia:Dividend for six month period, Jan. - June, 1921 6 /20 449

F. R. Bank of Richmond:Dividend for six month period, Jan. - June, 1921 6 /28 473

F. R. Bank of ,,it. Louis:Dividend for six month period, Jan. - June, 1921 6 /28 473

F. R. Bank of San Francisco:Dividend for period July - December, 1920; payment of, 1 /13 40Dividend for six month period, Jan, - June, 1921 6 /28 474

Form of resolution re, forwarded by Board to &Banks 6 / 8 425Legislation advocated by member bank to permit declarationOf extra, by ERBanks 4 /22 322

Division of Analysis &Research:Acceptance market; Director of Div. requested by Board to

take up with FRBanks matter of incorporating in monthlyreports of FRAgents review of current condition of, ineach district 2 /25 165

Authority granted Director to incur necessary expendituresincident to removal of, into new quarters 6 / 8 424

Director of, authorized to call conference to discussmonthly reports of business conditions 1 /26 85Calling of conference Feb. 21st. and 22nd., suggested

by Dr. Willis 2 / 2 109Issuing of invitations to conference, approved 2 / 3 114

Expenditure for securing data in Great Britain; increasein, requested 1 / 5 12

Expense of maintaining, present and prospective 3 /15 214Lease for new quarters; Gov. Harding authorized to sign 6 /20 448-9Michell, Professor H., payment of small honorarium to,for preparation of Canadian index number of prices,approved upon request of Dr. Willis 2 /10 133-4

Preliminary statementsof certain data received by; Boardapproves giving out of, 2 / 2 109

Proposed plan to further foreign service of, by means ofcontributions from FRBanks interested in subject; letterfrom Dr. Willis re,

quarters for; latter from Director re securing, in New4 /20 317

York City 6 / 1 409Reports on acceptance market to be distributed through, 3 / 3 188


Div. of Analysis &Research: (continued)

Request from Director of, for certain appropriations forsecuring data and statistics in Europe and Canada 2 /10

Staff:See under "Staff of F. R. Board"

suggestion from Dr. 4llis re eliminating certainproduction statistics from Bulletin, as Department ofCommerce contemplates work along same line 6 / 4

Div. of Foreign Exchange:Acting Director of, to notify American banks havingbranches In the Orient of discontinuance of arrange-ment regarding silver 1 /11

Div. of Issue &Redemption:Assignment of certain employees in, to work in officesof Comptroller; letter from Comptroller re, 2 / 3

Dixie Stockgrowers Bank, St. George, Utah:Application of, for membership in System, held uponrecommendation of San Francisco and Division ofExamination .6 /22

Dollar Exchange;American Exchange National Bank of New York City granted

permission to accept for purpose of furnishing, incertain foreign countries 2 /22

American Foreign Banking Corporation of New York granted

permission to accept for purpose of creating, inAustralia, New Zealand, and other Australasiandependencies 1 /10

Atlantic National Bank of New York granted permission toaccept for purpose of creating, in Australia, NewZealand, eta. 1 /17

Australia and New Zealand, drafts drawn by banks orbankers in, eligible for acceptance by national banks 1 / 4

Columbia Trust Co. of New York granted permission toaccept for purpose of creating, in Australia, NewZealand, etc. 1 /17

Drafts drawn upon memuer banks by banks in Philippinesfor purpose of furnishing; letter from National Citysank of New York re; tabled for further investigation 2 /15

Farmers Loan & Trust Co. of New York granted permission toaccept for purpose of creating, in Argentina 1 /25

First Federal Foreign Banking Association of New Yorkgranted permission to accept up to 4500,000 of bills drawnin Australia for purpose of furnishing, 1 /10

First National Bank 3f Boston granted permission toaccept for purpose of creating, in Australia, New

Zealand, eta. 1 / 7

page

133-4

415-16

33

114

457

153

25

47

7

47

146

79

25

21


PageDollar Exchange: (continued)

Fourth Atlantic National Bank of Boston, Mass. grantedauthority to accept for purpose of creating, in certainforeign countries 6 / 8 425

Fourth 'Street National "sank of Philadelphia grantedpermission to accept for purpose of creating, inAustralia, New Zealand, etc. 4 / 4 271-2

Fourth street National Bank of Philadelphia grantedpermission to accept for purpose of furnishing, incertain foreign countries 3 /30 257

French American Banking Corporation of New York grantedpermission to accept for purpose of creating, incertain foreign countries 1 / 4 8

French American Banking Corporation of New fork grantedpermission to accept for purpose of furnishing, inAustralia, New Zealand, etc. 1 /12 36

Guaranty Trust Co. of New York granted permission toaccept for purpose of creating, in Australia, New zealand,etc. 1 /17 47

International Acceptance 3ank granted permission toaccept for purpose of creating, in Australia, NewZealand, etc. 4 / 8 265

International Acceptance Bank granted permission toaccept for purpose of creating, in South and CentralAmerica 4 / 5 275

Irving National Bank of New York granted permission toaccept for purpose of furnishing, in Australia, NewZealand, etc. 1 /19 54

Liberty National Bank of New York City, after conversioninto Liberty Bank of City of New York, granted permis-sion to accept for purpose of furnishing dollar exChangein certain foreign countries 3 / a 197

Liberty National Bank of New York City granted permissionto accept for purpose of areating, in Australia, NewZealand, etc. 1 /25 79

Lincoln Trust Co. of New York granted permission toaccept for purpose of creating, in Australia, NewZealand, etc. 1 /17 47

National Bank of Commerce of New York granted permissionto accept for purpose of creating, in Australia,New Zealand, etc. 1 / 7 21

National City Bank of New York granted permission toaccept for purpose of creating, in Australia,New Zealand, etc. 1 /17 47

National Park Bank of New York granted permission toaccept for purpose of creating, in Australia,New Zealand, eta. 1 /17 47


Dollar Exchange: (continued)New York Trust Co. granted authority to accept for purposeof creating, in Central and South America, and inAustralia, New Zealand, etc. 2

Old Colony Trust Co. of Boston granted permission toaccept for purpose of creating, in Central and SouthAmeriaa 2

Park-Union Foreign Banking Corporation granted permissionto aacept for purpose of creating, in Australia,New Zealand, eta. 1

Proposed acceptance credit to be extended by certain banksin New York City to certain banks in Argentine forpurpose of furnishing, 5

5Second National Bank of Boston granted permission to acceptfor purpose of creating, in Australia, New zealand, eta. 2

Second National Bank of Boston granted permission to acceptfor purpose of creating, in certain foreign countries 1

Shawmut Corporation of Boston granted authority to accentfor purpose of creating, in certain Central andSouth American countries 5

The Chemical National Bank of New York granted permissionto accept for purpose of creating, in Australia,New Zealand, etc. 1

Drafts:Drawn by producers on marketing corporations in which they

are stockholders, eligibility of, for discount; 'Board'sopinion re, in letter to Texas Farm Bureau Federationof Dallas 2

Whitney Central National Bank of New Orleans, La., refusalof, to honor drafts drawn under certain letters of creditissued by it 1

ell Eft

Earmarked Gold:Bank of England:Earmarking of gold in, and paying out of legal tender

notes and silver certificates; letter from AssistantSecretary of Treasury to Deputy Gov. Case re, 4

Earnings of E. B.. Banks for 1920 to be used by Treasury toretire certificates of indebtedness 1

East River National Bank of New York:Sample of passbook issued by, and letter from Chief Nat.Bank Examiner of Second District, forwarded by DeputyComptroller of Currency, requesting ruling re maintain-ing of reserves on "Special Lire Deposits" 4

/ 8

/10

/11

/12/13

/ 8

/25

/ 3

/17

/ 9

/11

/ 1

/19

/ 7

Page

128

133

30

364370

125

80

343

47

131

31

264

54

281


Edge Act: PageAmendment to, submitted by Senator Edge, requesting Board'sOpinion; amendment approved 4 /15 305

Amendment to, suggested by President of First FederalBanking Corporation, authorizing corporations formedunder Edge Act to become members of F. R. System 5 / 2 339-40

Applications of national banks to subscribe to corporationsorganized under; FRBoard's position re, stated In letterto an Francisco 3 / 8 193

Elliott, M. C., Member, Railway Loan Advisory Committee:Resignation submitted by, 3 / 8 195

Embargo on American Gold by Argentine Government:Letter from National Foreign Trade Council re difficulties

of merchants due to, 6 / 8 424Reply of Board 6 /10 431

r4werson, R. G., Assistant to Governor Harding:Appointed as one of representatives of FRBoard at conferencewith Treasury Department re immediate credit at FRBanksfor items deposited for credit in Treasurer's account 1 /22 68

Imployment & Wage Conditions in United States:Report re, ordered published in forthcoming short edition

Of Bulletin 4 /29 334England:

Expenditure of 41,000 per annum by Board for securingdata in, approved upon request of Dr. Willis 2 /10 133-4

4atdble Eastern Banking Corporation, New York:l Aouptance by, of twelve months draft in re export trans-action, authorized under certain conditions 6 /28 475

ie Railroad Co.Approval by Railway Loan Advisory Committee of form ofobligation submitted by, for taking ualance of loangranted under Transportation Act 6 /28 470

Form of loan for 41,840,700 to, 3 /22 22747ansvi1le, Indianapolis, & Terre Haute Railway Co.

Form of obligation submitted by, to take down ,100,000 ofloan for 4400,000 6 /29 479

Zzamination Reports Furnished F. R. Banks:Reimbursement of Comptroller of Currency for, 3 /31 261

Xaminations:Chase National Bank of New York City; Comptroller ofCurrency requested by Board to furnish so-called yellowsheet on report of examination of, as of Oct. 3,1919 3 / 1 178

Copy of yellow sheet furnished Board by Comptroller 3 / 2 185Comparative analysis of efficiency of reports of examina-

tion furnished by national llink examiners and examinersof RBank of Chicago, submitted by Chicago; copy ofMr. Heath's letter requested by 2r. Williams 2 /26 172


'Examinations: (continued)F. R. Bank of Kansas City:Report on advance to member banks secured by Liberty

Page

bonds, progressive rates waived 2 / 2 111

Guaranty Trust Co. of New York, report of examination of,

as of close of business Nov. 11, 1920, transmitted byERAgent Jay 5 / 2 340

Iowa; report from FRAgant Heath re personal experiencesin, detailing various matters re bank examinationsin State 5 /18 381

National Bank:Frequency and efficiency of, and value to FRBanks, alsodesirability of FRBanks controlling, 3 / 3 187

National Banks in New York City:Reply of Comptroller of Currency to question of Mr. Platt

re, 3 / 3 191State bank members; request from War Finance Corporationfor access to reports of, in possession of &Board;approved where request comes from member bank concerned 5 /17 380

Letter from War Finance Corporation agreeing toBoard's terms 5 /18 381

Examiners:Federal Reserve:A-Ivey, John C., appointed additional examiner at Dallas 4 / 7 281

Atkins, J. B., assistant examiner, salary increased 6 /28 476

Augherton, George, transferred from Board's staff toFRBahk of Philadelphia 6 / 1 408-9

Ball, C. H., assistant examiner, salary increased 6 /28 476

Barth, R. ,3., resignation as assistant examiner atSan Francisco 2. /16 151

Brett, R. H., assistant exAminer, salary increased 6 /28 476

Buchanan, J. L., salary increased 6 /28 476

Chamberlin, R. B., assistant examiner, salary increased 6 /28 476

Compensation of examiner located at Salt Lake CityBranch; letter from Assistant RAgent at San Franciscoi's,

Complaint from Railroad Commissioner of Iowa re activitiesof, and of national bank examiners,in Iowa

Dallas; employment of examiner at,Designation of certain assistants to examiners atphiladelphia, for examination of State banks and trustcompanies in district

Drinnen, F. J., assistant examiner, salary increased

F. R. Bank of Chicago; employment of additional elmminer

at $3,750 per annum

Gregory, T. W., Jr., appointment as additional examiner,

5 /26

5 / 21 / 4

6 / 36 /28

1 /22

4 / 7

3 / 2

398

3388

411476

68

281

183

requested, at DallasHammond, Joseph F., appointment of, to act on behalf of

iRBoard and ARaank of New York


XXXI X •

I'xaminers: (continued)Federal Reserve:Hofmayer, Frederick, appointment to act on behalf of

MBank of New York and BoardHupp, C. R., appointment and salary as examiner at

FRBank of San FranciscoIncreases in salaries of certain, (See page 476 for

list of names)Kooman, A. J., assistant examiner, salary increasedMorton, Claude, assistant examiner, salary increased

3 / 2

3 /29

6 /286 /286 /286 /28

5 /20

4 / 5

4 /191 / 46 /28

5 /10

6 / 4

4 /19

3 / 86 / 35 /165 /12

3 / 2

6 / 45 /16

6 / 7

4 / 56 /28

5 / 6

1 /112 /143 /14

Page

183

248

472476476476

386-7

274

3115476

357

416

312

193412378363

183

416378

419

275476

352

34144210

Noell, J. C„ assistant examiner, salary increasedZualifications required of, by FRAgents; 1:r. Mitchell

authorized to investigate,Raney, Harry B., increase in salary approved upon recom-

mendation from FRAgent PerrinRobinson, Walter, appointment and salary as examiner at

ElBank of Kansas CitySan Francisco; employment of additional examinerSchopp, A. J., assistant examiner, salary increasedScott, Preston J., appointment on examining "force atDallas until July 1st.

Simpson, F. H., appointment as assistant examiner forSeattle Branch

Stillman, Howell L., appointment and salary as examinerat FRBank of New York

Suggestion from Chicago for having commissioned as

national bank examinersTaylor, Paul, designation as examiner at Atlanta

Tutwiler, J. B., appointment as examiner at Atlanta

Whipple, A. P., appointment at Clevelanddidman, Herbert V., appointment to act on behalf ofFRBank of New York and Board

Williams, G. H., appointment as assistant examiner forSeattle Branch

Wilson, George N., appointment as examiner at Atlanta

Wilson, H. F., appointment as assistant examiner at

San FranciscoWilson, W. E., of Auditing Staff of San Francisco;

appointment approved to assist in certain examinations

Wiltse, R. B., assistant examiner, salary increased

Young, J. S., promoted from assistant examiner toexaminer at ERBank of Chicago

National Bank:(See also "Salaries of National Bank")Cecil, K. B., resigned, District No. 3

Changes in force during January

Changes in force during February


XL

page

Examiners: (continued)National 'Iank: (continued)

Changes in force during month of April 5 / 4 346

Changes In force during month of May 6 /14 436

Clayton, Russell P., appointed in District No. 2 1 /11 34 '

Complaint from Railroad Commissioner of Iowa re activities

of, and of FRBank examiners, in Iowa. 5 / 2 336

Hayes, Uilliam Z., resignation, District No. 2 1 /11 34

Heavy duties imposed upon Chief Examiner of Seventh Dist.;

report re, from ERAgent at Chicago, suggesting addition-

al examiners for district 4 / 5 274

Letters from Chief Examiners of Chicago & ClevelandDistricts, dealing with conditions among nationalbanks of Iowa and criticizing management of .PIRBankof Chicago 4 /13 300

Above letter from Mr. Borden of Cleveland Districtshown Gov. McDougal 4 /13 302

Norris, Examiner, to appear before Board, Feb. 15th.,

and narrate experiences in Cuba 2 /14 139

Roberts, W. C., resigned, District No. 6 1 /11 34

Suggestion from Chicago that MBank examiners be commis-

sioned as, 3 / 8 193

Thompson, J. E., resigned, District No. 11 1 /11 34

Salaries of National Bank:Affeldt, irederick J., salary approved at 44,000 perannum 6 /20 451

Beaty, Claude H., salary approved at 06,000 per annum 3 / 8 197

Borden, Daniel 3., appointment as Chief Examiner of

Seventh District at 410,000 per annum 6 /16 444

Breg, Clarence E., salary approved at 43,000 per annum 5 /13 369

Chorpening, Ira I., salary approved at 42,400 per annum 1 /26 86

Coffin, Gilbert S., salary approved at 42,400 per annum 2 /22 156

Donough, Milton E., salary increased from 42,700 to43,000 per annum 5 /12 366

Fiman, Charles F., salary approved at 43,000 per annum 5 /10 358

Harris, Thomas F..:., salary approved at 44,200 per annum 5 / 2 339

Horner, Harry N., salary approved at 43,000 per annum 4 /13 300

Increases in; matter of, recommended by Comptroller ofthe Currency, postponed 2 / 7 121

Increases in, of twelve Chief Examiners, one SupervisingExaminer and eighty three Examiners 2 / 8 127

Kane, Thomas F., salary approved at 43,000 per annum 1 / 7 23

Kennedy, Haldene 7., salary approved at 43,000 per annum 5 /18 382

McKee, Joel $., salary approved at 42,700 per annum 3 /29 251

Noone, Dennis L., salary approved at 43,000 per annum 5 /10 356

Penix, Jesse L., salary increased to 44,200 per annum 2 / 9 132

Potter, Fulton F., salary approved at ..3,000 per annum 2 /22 156


PageExaminers: (continued)

Salaries of National Bank: (continued)Rapp, John F., salary approved at 42,700 per annum 5 /27 401Robinson, E. Robert; salary approved at 43,300 per

annum 2 / 3 115Sims, Howard M., salary approved at 0,000 per annum 6 /20 451Stringfellow, J. B., salary approved at 44,000 per annum 2 / 1 105Thomas, Thomas C., promoted to Chief National Bank Examinerof Fourth District at 18,000 per annum 5 /23 390

Thompson, Kenneth W., salary approved at 42,400 perannum 3 / 9 200

Whiteman, Horace O., salary approved at 42,700 perannum 6 /20 451

Willson, Earle Van Kuren, salary approved at 43,000per annum 1 /26 87

Wilson, Robert F., salary approved at 3,600 per annum 6 /20 451Exchange:

Dollar:See "Dollar Exchange"

Unavailable:See "Unavailable Exchange"

Executive Order:Copy of, to effect that FRBanks will be expected to re-ceive deposits from steamship companies or agents forcredit of collector of Panama Canal 1 /25 79

Expenses, F. R. Board:Assessment of FRBanlis for, for period July - December,1921 6 /21 456

Export Transactions:Acceptance of drafts drawn in; no change in Regulationsof FRBoard re, 1 /22 69

Equitable I:astern Banking Corporation, New York; acceptanceby, of twelve months draft drawn in export transaction,authorized under certain conditions 6 /28 475

Factors Paper:Senate Bill 1615 designed to amend Section 13 of &Act

making eligible for discount certain; reply of Boardto Senator McKellar re, . 5 / 9 354

Pallure of Non-Member Trust Companies in Boston:Detailed report re, made by Gov. Morss of Boston 3 / 3 189

?arm Loan Bonds:Senate Bill 620 re acceptances against; letter from Boardto chairman of Senate Committee an Banking & Currency re,5 / 9 353


X.LII

Farmers & Lierchants National Bank of Hobart, Oklahoma:

Reduction In capital stock of, disapproved 6 /30

Farmers & Merchants State Bank, Hutchinson, Minn.Change in one of conditions of membership 5 /23

Farmers Loan & Trust Co., New York:

Permissian granted, to accept for purpose of creatingdollar exchange in Argentina 1 /25

Farmers State Bank, Allen, Nebraska:

Appeal of, to RBoard, that it not be required to withdrawfrom System, favorably considered 1 /22

Granted hearing, Jan. 18th., to show cause why it shouldnot be required to sever connection with FRSystem 1 /17

Action postponed in matter of, in view of appeal frombank to appear before RAgent at Kansas City on Jan.11th. 1 /19

Representative of, to appear before FRAgent at Kansas Cityon Jan. 11th. to give evidence why it should not surrenderits stock in the FRBank 1 /16

Request from, forwarded by Kansas 'City, that it not becompelled to sever connection with the RSystem 1 /19

Sworn copy of Board's letter to, the original of which wasserved on the bank by employee of Omaha Branch,forwardedBoard by Kansas City 1 /13

Termination of membership by, in ystem, recommended byFRBank of Kansas City 2 /14

To show cause why it should not be required to surrendermembership in FRSystem 3 /22

Federal Advisory Council:List of topics for discussion at forthcoming conference of,4 /is

Page

484

390

79

66

46

58

41

58-9

41

136

229

310

Member of, from 12th. District to attend conference ofFRBank of San Francisco and its branches 1 /20

purchase of bankers acceptances in open market to bediscussed at meeting of, 1 /25

Suggested topics for discussion at meeting of, in February 1 / 4Topics for discussion at meeting, Llay 16th.; request from

Chairman L. L. Rue that Board suggest, 4 / 7Watts, F. O., re-elected by RBank of St. Louis as memberof, for 1921 1 /11

Federal Farm Loan Bonds:Senate Bill 4994 providing that &Banks may buy, and member

banks accept drafts drawn against, as security 2 /14Opinion of Board re, 2 /16

Federal International Banking Co.Amount of capital stock paid in to, In excess of 25,"; of

capital and surplus; memo. of General Counsel 2 / 8Board's opinion requested by, re proper procedure in cases

of banks which have subscribed to capital stock of companyand subsequently failed 5 /31

63

755

282

28

141150

126-1

406


XLIII

Federal International 'Banking Co. (continued)Communication from, making certificate of stock subscriptionand application for authority to begin business; Boardauthorizes final permit to corporation 2

Stock in; national banks in Sixth District authorized topay 25:; of subscriptions to, 1

Subscriptions to stock of, by Atlanta National Bank and

8

/ 5

Page

127

12

American Exchange National Bank of Dallas 2 / 9 131-2Federal Reserve Act:

Amendments to,Draft of press statement, dated Jan. 3rd., re amendmentby Congress to Section 11(m) 1 / 3 1

House Bill 242 to amend Act re rediscount at RBanks ofpaper loaned by member banks to one borrower in excessof 10-/, of capital and surplus 5 /13 368

Proposed amendment, revoking authority of FRBoard togrant fiduciary powers to national banks 5 /14 374

Proposed amendment whereby FRBanlcs shall scrutinize andpass upon all securities offered for sale in theirdistricts; Board not desirous of assuming responsibilityfor enforcement of such a law 5 /13 370-1

Section 11(m); action of Board made necessary by amend-ment to; redoaketed 3 /15 213

Section 19; proposed amendment to, re deduction fromgross deposits of balances due from foreign correspond-ents for purpose of reserve calculations; letter fromBoard to Representative McFadden re, 4 /25 323-4

Section 19, proposed amendment to, re reserves ofdepartmental member banks; letter from RAgent Perrinre, 5 /23 391

Senate Bill 1615 designed to amend Section 13 of Actmaking eligible for discount certain factors paper; replyof Board to Senator McKellar re, 5 / 9 354

Federal Reserve Agents:Assistant:Break, Henry C., appointed at RRBank of San Francisco 1 /19 52

Cupit, John R., temporary appointment as Acting AssistantglAgent at Baltimore Branch 3 /22 228

Jones, J. W., Omaha Branch; designation as AssistantFRAgent 3 /26 246

Long, L. W., confirmation of appointment at Helena Branah 1/22 67

Tidwell, C. R., designation as Assistant &Agent atAtlanta 1/12 37

Jay, Pierre, New York; granted leave of absence from June

30th. to Sept. 50th., 1921 2 /14 139

Monthly business reports of, incorporation of certain

educational matter in; suggestion from RAgent Perrin 5 /20 385

Opinion of, requested by Board, re frequency and efficiencyof national bank examinations, and desirability of

ERBanks controlling same 3/ 3 187


XLIII

page

Federal Reserve Agents: (continued)

Resolution of Board that FRAgents should not attendmeeting )f Bond Club of New York 1 / 6 17

Wills, D. C., redesignated FRAgent at Cleveland 2 / 1 102

F. R. Bank of Atlanta:Agriculturists in Sixth District; resolutions setting forth

distressed condition of, and suggesting devising of methodsto stimulate sale of farm loan bonds 5 /14 373-4

Bonus:Payment of, on modified% scale 6 /20 447

Capital stock payments in connection with eligibility formembership of certain State bank; letter from Boardto FRBank re, 5 /10 358

Citizens National Bank of Montezuma, Georgia, grantedpermission to purchase stock in, 3 / 1 181

Cuba, establishment of agency of FRBank in; Gov. and &Agentdesignated by directors as committee to consider 6 /20 447

Discount Rates:See under heading "Discount Rates"

Dividend for six month period, Jan. - June, 1921 6 /20 449General Counsel; letter to Board re advancing par

clearance case before U. S. -Supreme Court 1 /19 59 'Large city banks in district that have reduced their lines

with the FRBank between December 15th., 1920, and Jan.6th., 1921 1 /11 as

Meeting of representatives of, with RRBoard and ConsultingArchitect, to discuss building program of the FRBank 7 / 6 492

Member Bank Relations Department, proposed establishmentof; letter from Board to FRAgent re, 4 / 1 265

Paper discounted; question whether should be carried inphysical custody of 2RAgents'Department or bank proper 3 /10 202

Par clearance case before U. S. Supreme Court; letter fromBank to Board asking assistance in matter of havingmoved up on argument calendar 1

Pax collection suit brought by certain banks aainst; re-taining of John W. Davis as Counsel for FRBoard in, 5

Acceptance by Mr. Davis; to be notified all expensesand fees will be subject to approval of Board 6

Suggestion from Atlanta that expenses incident to em-ployment of Mr. Davis as Counsel be divided prorata between FRBanks 6

Past due paper held by, prior to June 15th.; reply of Bankto Board's letter re, 6

plan of, to take over certain Government bonds owned by

Bank of Tennessee and at present used as collateral toloans at the FRBank 6

Quarters:Arrangements contemplated in view of erection of newbuilding for New Orleans Branch 6

/19 59

/31 405

/ 8 424

/20 447

/14 436

/22 456'9

/23 463


XLV

Federal Reserve Bank of Atlanta: (continued)

Quarters:Bank ready to take bids for excavation of foundation ofnew annex building; no objection by Board to, or toletting of contracts for foundation

Building committee to get bids on proposed addition tobuilding

Plans for dismantling building on site for New OrleansBranch, together with plans and specifications fornew building

Proposed alterations and additions to building; sketchesof, submitted by Gov. Wellborn to Board, with estimateof cost; Bank authorized to proceed with preparationof plans

Quarters:Purchase of lot and building for Nashville Branch,

authorized, at cost not exceeding 485,000Purchase of, for erection of new branch building at

Jacksonville, disapprovedPurchase of property adjoining present building at

cost not in excess of 0180,000, authorizedReal estate, purchase of additional, at 4180,000, as

previously authorized by BoardRebates made by, to member banks; report re certain,Rediscounts; policy of Bank re, and methods used to in-

duce member banks to liquidate in orderly manner theirindettedness to the FRBank

Reserve set up by, to cover depreciation in prices paidfor government war bonds acquired under repurchaseagreements

Reserves, deficient; suggested modification in methodsof assessing penalties against member banks for,

Recommendation approvedReserves; rebate of portion of penalties assessed

against certain banks for deficiencies in, requestedby Bank; approved

Salaries:Adjustments in, of employees of RAgent's DepartmentBell, M. W.., Cashier, increase in salary recommended

Increase approvedDeputy-Governor, First, salary increased to 412,000

per annumDeputy-Governors,

per annumDeputy Governors, First and Second;

of, recommended

Page

4 /25 323

6 / 7 420

6/24 466

3 / 1 177

6 /23 463

6 /23 463

1/10 25

1/20 636 /20 446

1/24 71

6/29 480

2 / 1 1032/2 la

6 / 4 417

1/12 376 /20 4476 /29 480

2 /10 135Second, salary increased to VI,500

2/10 135

increases in salaries1/24 71

Increases in, of certain officers of Bank and Branches(See correspondence on file) 1 / 7 21


XLVI

page

Federal Reserve Bank of Atlanta: (continued)

Salaries: (continued)Resolution of Board of Directors of Bank reminding

&Board of previous recommendation for increase in

salary of Gov. Wellborn; tabled 6 /20 448

Savannah Agency; recommendation for increase in salaries

of Manager and Assistant Manager 6 /20Increases approved 6 /29

Slattery, J. M., Secretary, increase in salary recom-

mended 6 /20 447

Increase approved 6 /29 480Staff:

Taylor, P. G., appointment and salary 4 /14 303

Tidwell, 3. R., designated Assistant FRAgent 1 /12 37

Tutwiler, J. B., appointment as F. R. examiner 5 /16 378Urquhart, Mr., transfer of, from Birmingham Branch 4 /14 303Wilson, George N., appointment as F. R. examiner 5 /16 378

Trust receipts issued to FRAgent by, covering discountspledged as security for F. R. notes, and sent out forcollection 3 /25 243

War bonds held by certain banks in excess of capital and

surplus; recommendation of iRBank for purchasing,undercertain conditions, with repurchase agreement

Plan of Atlanta re above, approved

Federal Reserve Bank of Boston:Bonus:Payment of, to employees, on reduced scale, as of June

30, 1921 5 /23 390

charge Offs:Policy for current year re charging off depreciation on

buildings 5 / 6 351

commission houses, paper of; replies to questionnairesent out by the FRBank re, 3 / 3 188

Uommittee on applications of State banks and trust companiesfor membership; list of members of, 1 /11 28



House Bill 6040, introduced by Robert Luce of Massachus3tts;letter from lAgent Curtiss re, 6 / 7 420

National banks as transfer agents under terms of Section11(k) of RAct; letter from Board to RAgent 3urtiss re, 4 /29 335

Officers appointed for year 1921, list of, 1 /11 26

Quincy Market Uold Storage Warehouse ;()., refusal of the

ERBank to discount paper of, while same is accepted by

ERBank of New York; statament by Yr. Hamlin 1 /13 42

Salaries:Increases in, of certain officers (See correspondence

on file)

447479-0

3/14 208

3 /15 215-16

1/7 21


XLVII

Feleral Reserve Bank of Chicago:Bank Relations Departments of &Banks; conference ofrepresentatives of, suggested by RAgent Heath 3 /14

Chicago Chapter of American Institute of Banking:Appropriation by the FRBank of $2,450 to, 5 /24

Chicago Clearing House Association; rental of space by,in new FRBank building , 1 /19

Chief National Bank Exmniner of Seventh District; reportfrom FRAgent re heavy duties imposed upon, and suggestingnecessity for additional examiners 4 / 5

Credit matters; aomaents from FRAgent Heath re handlingof, by FRBAnk ' 4 /20

Criticism of management of, by Chief Examiners of Chicagoand Cleveland Districts 4 /13Letter of criticism from Chief Examiner Borden of

Cleveland District shown Gov. McDougal of Chicago 4 /13Deputy Governor; election of J. H. Blair of Des Moinesas, 5 /31

6 / 3Discount Rates:See under heading "Discount Rates"

Dividend for six months period, Jan. - June, 1921 6./20Examinations; comparative analysis of efficiency of

reports of, furnished by national bank examiners andexsminera of the MBank, submitted by FRBank to Board 2 /26

page

209

394

55

274

316

300

302

406413

449

172Federal Reserve examiners; suggestion that they be com-

missioned as national bank examinersImpropriety of iaBanks attempting to induce member banksto sell Government securities to reduce borrowings;letter from FRAgent Heath re,

Iowa; report from FRAgent Heath re personal experiencesin, detailing various matters re bank examinations inState

Loans; circular letter of FRBank urging calling of, basedon grain or cattle held over from previous season

Uanual of eligible paper issued to field representativesof FRAgents' Examining Department

Member banks in unsatisfactory condition; employees ofMember Bank Relations Dept. of Bank temporarily stationedat offices of,

Monthly report; comment by Director of Div. of Analysis& Research on,

Operating Dept.; organization by, of special departmentto supervise operations of over-extended and weak

member banksOrganization of; comments by FRAgent Heath upon, withreference to handling of credit matters

3 / a

4 /20

5 /18

4 /22

3 ill

3 /31

3 /23

3 / a

4 /20

193

316

381

322

204

261

234

193

316


XLVIII

Federal Reserve Bank of c;hicago: (continued)past due paper held by, prior to June 15th.; reply of

Pege

FRBank to Board's letter re,quarters:

6 /14 436

Additional expenditure for construction of loft for newbank building, authorized 4 /28 332

Building; modification of original plan involvingadditional expenditure of $60,000 for, 3 /24 231

Changes in plans for construction of vault and building 1 /31 96

Rental of space in new building to Jhicago clearing HouseAssociation 1 /19 55

Salaries:Adjustments in, of certain employees, recommended 6 /21 455

Adjustments approved, effective July 1st. 6 /22 459

Increases in, of certain officers of Bank and DetroitBranch (See correspondence) 1 / 7 21

Situation in Iowa; letter from FRBank re assisting,throughconsolidation of banks 5 /14 374

Staff:Blair, J. H., election as Deputy Governor 5 /31 408

6 / 3 415

Employees of 'member Bank Relations Dept. temporarilystationed at certain member banks considered in un-satisfactory condition 3 /31 261

Employment of three additional assistants to BankRelations Dept. 5/ 2 331

Examination Dept.; probable necessity for employment ofadditional men in, 3 /11 204

Examiner; employment of additional, at $3,750 per annum 1 /22 68

Riddell, L;harles F., appointment and salary in Divisionof Examination 1 /20 62

Young, C. S., appointment and salary in Div. ofExamination 1 /20 63

Young, O. d., promoted from Assistant Examiner toExaminer 5/ 6 30

Storage of eggs and butter; letter from Secretary ofAgriculture re difficulty in Obtaining credit for, inSeventh District 4 /15 305

Suggestions from, re collection of checks deposited forcredit in general account of Treasurer of U. S. 6/ 7 421

Vault Construction:Oertain changes in plans for, 1 /31 96

Visit of Gov. Harding to, reported; voted that certaindirectors be invited to Washington to discuss conditionsat Bank 5/ 5 344

Federal Reserve Bank of Cleveland:Annual report; communication from Dr. Willis re,to Board 1 /25 60


Federal Reserve Bank of Cleveland: (continued)Auditor's report of, for month of April 5 /10 357Bonus:Payment of, for three month period, April - June, 1921 6 /14 435Payment of, on reduced scale, for January, ?ebruarY

and March, 1921 3 / a 192Certificates of indebtedness; Treasurer's receipts forU. S. special,forwarded Board by RBank, to be held intrust by designated officer of &Board 3 /14 210

Coin and currency shipments to member banks; letter fromFRBank re its circular on, 3 /29 250

Dividend for six month period ending June 30, 1921 6 /29 481Experience of national banks in Pennsylvania authorized

to act in fiduciary capacities; certain correspondencere, forwarded by the FRBank 6 / 9 427

Guardian Trust Co. of Cleveland, Ohio; proposed use by, ofword "National" as part of title of new branchoonsideredby Board as in violatiom of section 5243 of RevisedStatutes 1 /19 53

Ohio Bankers' Association; letter from the RBank re de-fraying part of expense of conference of, to be held inCleveland 6 /20 640

Ordnance supplies requested from War Department for pro-tection of, refused 1 /20 63

Ouarters:Schedule of contracts for new building, submitted;closing of, approved by Board 4 /15 305

Vault construction in new building; letter from architectsof Bank re, asking permission to enter into contractfor,

Reserves, deficient, of member banks; modification inapplication of progressive penalty rate for,

Salaries:Adjustments in, of certain employees

Increases in, of certain employees of Bank and BranchesIncreases in, of certain officers of Bank and Pittsburghand Cincinnati Branches (See correspondence on file)

Modification in plan of adjustment of,Quarterly adjustments in; recommendations re,

Staff:Modification in plan of adjustment of salaries of,Whipple, A. P., appointment and salary as examiner

Sub-treasury functions, assumption of, by the &Bank

1 /20

1 / 6

1 /251/283 / 94 /144 /285 /266 /29

1 / 76 /144 /11

6 /145 /121 /11

Page

61

15

7990200303330399480

21436291

43636329


ing failure of, reported by Dallas to FRBoard; latteradvises FRBRY* not to accept any liability in matter

First National Bank of Ranger, Texas; failure of, reported,said failure involving cash items sent by the ERBankfor collection

Group conference to be held between Dallas, St. Louis &Chicago, Feb. 7th., in Dallas; Mr. Wills and Mr. Plattto attend

Loans made by, including acceptances purchased; reply ofBoard to Comptroller of the Currency

Mail transfers; circular re change in rate for purchaseof,

Mail transfers; minutes of meeting of Board of Directorsre purchase of,

3

3

2

1

2

1

/26

/14

1

/27

/22

/25

Federal Reserve Bank of Cleveland: (continued)Vault Construction:

In new building; letter from architects of Bank re,asking permission to enter into contract for, 1

Wills, D. C., re-appointed as Class "C" director, and re-designated as Chairman and FRAgent 2

Federal Reserve Bank of Dallas:Branches:San Antonio; views of Board re proposed establishment

of branch at, 4Cash items drawn upon banks on par list; practice of re-

turning without presentation disapproved by RBoard 2Cashier; resignation reported 6Certificates of indebtedness, retirement of U. S., issuedunder Pittman Act; letter from Bank re, 4

Charge Offs:Certain, recommended by Bank, disapproved 6

Circulars 8 and 9, Series of 1921, re change in rate forpurchase of mail transfers, and abolishment of progressiverate in district 2

Cotton marketing plan; correspondence re, submitted bythe _MBank 1Board's reply, preparei by General Counsel 1

Deputy Governor; resignation reported 6Directors:See under separate heading "Directors"

Discount Rates:See under separate heading "Discount Rates"

Dividend for six month period, Jan. - June, 1921 6First National Bank of Herne, Texas; complaint from

/20

/ 1

/ 1

/14/28

/11

/21

/22

/24/25/28

/21

Page

61

102

265

141469

290

453

154 .

7281469

454

Chamber of Commerce at Herne re treatment of, by theFRBank 6 /20 448

First National Bank of Ranger, Texas, circumstances surround-

246

208

103

es

154

79


LI

Page

Federal Reserve Bank of Dallas: (continued)Past due paper held by, prior to June 15th.; reply of Bank

to Board's letter re, and listing paper upon which therewill probably be losses 6 /15 441

Relations of, to First National Bank of Herne, Texas, inhands of receiver 6 /24 467

Remittances by non-member banks in unavailable exchange;

memo. of General Counsel re, copy to be sent MBank 5 /25 395Renewal notes drawn by stockmen and farmers who have met

losses; reply of Board to Bank re eligibility of, forrediscount 2 /14 137

Replies of Governor and &Agent to letter from Board,dated Jan. 25th. 2 / 1 102

Reserves, deficient, of member banks; progressive penaltyrate for, to be continued, without regard to calendaryear 1 / 6 15

Salaries:Adjustments in, and in personnel 1 /28 90Adjustments in, for 1921 1 /17 46Cashier; increase in salary of, recommended 1 /20 62Certain adjustments in, and in positions, at Bank and

in &Agent's Department 1 /12 37Lawder, Samuel R., Cashier; increase in salary 1 /22 66

Talley, L. P., Deputy Governor, salary increased to415,000 per annum 2 /14 138

San Antonio, Texas; letter from &Agent Ramsey re pressurebeing brought to bear to establish branch at, 4 / 8 286

Savings organization; reply of Gov. Van Zandt to letterfrom Assistant Secretary of Treasury Gilbert re futureof, 5 /10 357

Staff:AlveY, John 0., appointment approved as additionalexaminer at the &Bank 4 / 7 281

Certain adjustments in personnel and salaries 1 /28 90

Deputy Governor and Cashier; resignation reported 6 /28 469

Emerson, R. G„ detailed from Board to Bank pendingarrangements to permanently fill vacancies caused byresignation of Deputy Governor and Cashier. 6 /28 469

Examiner; appointment and compensation of, 1 I/ 4 8

Gregory, T. if., Jr., appointment as additional examinerfor the &Bank requested; referred 4 / 7 281

Rice, Morgan H., at present attached to Division of

Analysis & Research of FRBoard; appointment recommend-

ed by &Agent Ramsey 4 / 7 280

Appointment approved by Board 4 /12 297

Scott, Preston J., appointment on examining force untilJuly 1st. at 42,500 per annum 5 /10 357


LIZ

Federal Reserve Bank of Dallas: (continued)

Staff:Titgen, 2. J., appointment and salary as Manager of Member

Bank Relations Department 22

Wells, C. H., resignation as Manager of Member Bank

Relations Department 2

Unsatisfactory and unliquid condition of; letter from

Gov. Van zandt setting forth, and suggesting adjustmentin discount rates 1

Reply of Board to Governor Van Zandt 1

Federal Reserve Bank of Kansas City:Audit of accounts of RAgent; monthly report covering, .

Bonus:payment of, on certain basis, recommended by Bank; dis-

approved by Board and payment on different basis

suggested 6

Discount Policy of; criticism submitted by Senator Capper

from 'Jr. Axline of Nebraska re, 4

/ 7/14

/ 7

/24/25

/15

/14

/ 6

page

121137

120

7276

147

438

286


Examination of; report by Mr. Herson on, a / 9 111

Farmers State Bank of Allen, Nebraska; representative of,

to appear before FRAgent on Jan. 11th., to give evidence

as to why bank should not surrender its stock in the

FRBank 1 /13 41

Group insurance plan for employees; discontinuing of

present, by PRBank, and new plan adopted; Board not

favorable 5 / 6 350

Kilgore State Bank of Kilgore, Nebraska; suggestion from

the RBank for requiring, to surrender membership in

System 4 / 7 281"

Hearing in matter set for April 25th. 4 / 7 282

Failed to appear at hearing and membership

in System forfeited 4 /25 326

1.eased wire from, to Denver, and duplex wire between

Kansas City and Chicago; installation of, approved 1 /25 78

Letter from, to Board, making certain suggestions re

requisites of State banks when becoming members of

F. R. System 2 / 7 121

Non-Par list; authority to publish, in Tenth District,requested by MBank 5 /31 405

Officers; list of, for 1921, submitted 1 /19 53

policy of, re member banks borrowing in excess of their

basic lines; letter from Gov. Miller explaining, 5 /12 383

Reserves, deficient; revision of progressive penaltyrate for, in district 1 / 4 5


LIII

pageFederal Reserve Bank of Kansas City: (continued)

Salaries:Boardman, C. X., Assistant RAgent, salary increased 4 / 8 288Examination Dept.; changes in personnel and salaries 1 /19 52Increases in, of certain officers of Bank & Branches(See correspondence on file) 1 / 7 21

Staff:Anderson, Francis M., appointment and salary 2 / 8 128Examination Department; changes in personnel andsalaries 1 /19 52

Logan, John Howard, appointment as Superintendent ofBank's new building 6 /26 472

Officers; names of, for 1921, submitted 1 /19 53Robinson, Walter, appointment and salary as examiner 4 /19 311

Federal Reserve Bank of Minneapolis:Banking, industrial and commercial conditions in district;

report from &Agent Rich re, 5 / 2 338Bonus:Payment of, June 30th., to employees of Bank and Branch;

recommendation re, 6 /29 480Payment on modified scale, authorized, to officersand employees receiving 46,000, or less 6 /30 487

Building operations; starting of, approved 1 /22 68Discount Rates:See under heading "Discount Rates"

Dividend for sixth months period, Jan. - June, 1921 6 /26 474Efficiency plan; proposed, with maximum and minimum

salaries for each grade 6 /30 487Folder and letter sent member banks in district, urginglocal educational campaigns on banking 5 / 2 338

Letter from, re competition existing between banks inMinneapolis and St. Paul 2 / 8 126

National Park Bank of Livingston, Montana; applicationof, for additional stock in the FRBank, approved 1 / 3 3

Non-par list, publication of; letter from Board to Cashierof Bank re, 6 /10 432

Officers; appointment of, and salary adjustmentsaffecting, 1 /22 67

Officers; election and salaries of, 1 /19 54Past due paper held by, prior to June 15th.; reply ofBank to Board's letter re, 6 /14 436

Quarters:Razing of old structures and proceeding with foundation

work for new building, approved 1 /22 88Reserve of 4300,000, to partially cover depreciation and

probable losses from Jan. to July, 1921; setting up of,authorized 6 /28 472


LIV

Federal Reserve Bank of 1.1inneapolis: (continued.)Salaries;Employeesof RAgent's Dept.; adjustments in personnel and

galaxies of, 1Staff:Brown, H. 1., appointment and salary as AssistantCashier 3

Core, H. (L., appointment and salary as Assistant Cashier 3FRAgent's Dept.; changes in personnel and salaries 1Officers; appointment of, and salary adjustmentsaffecting, 1

Uireless telegraph apparatus between Head Office and

/22

/22/22/19

/22

Page

67

22922954

67

Helena Branch suggested by, 2 / a 128Federal Reserve Bank of New York:

American Foreign Banking Corporation; report from DeputyGovernor Kenzel of conversation held with presidentAllen of, 5/23 391

Annual report; communication from Dr. Willis to Board re, 1 /25 80Annual report; necessary to condense, before using inBoard's Annual Report 3 /22 231

Architects, engineers and builders; fees paid to, 3 /31 260Bank of France; proposed arrangement for governing recip-

rocal accounts between, and FRBank of New York 3 /15 Z13-14Bank of Japan; additional account of 420,000,000 to be

maintained by MBank with, 2 /14 141-3

Bankers' acceptances, purchase of awn, by the MBank beforethey are offered in the open market by other FRBanks 1 /25 75

Bonus:Awarding of modified, to officers and employees 6/16 443Payment of, for first quarter of 1921; letter from Bankre, referred 3/29 252

Payment authorized 3 /29 256Comptroller at large; appointment of R. M. Gidney as, at415,000 per annum 6 /20 451

Criticisms of, by Comptroller of Currency; ExecutiveCommittee of Board to prepare report re, 2 /26 176

Criticisms of, by Comptroller of Currency, not sustainedby evidence submitted, in opinion of Board 2 /26 176

Cuban Sugar Commercial Acceptance Credit, detaila of so-called 412,000,000, reported by the MBank 2/14 140

Dividends:Payment of, for six months period ending June 33, 1921 6 /29 481

Draft of bill for presentation to Congress re establish-ment of Pension Corporation by EaSystam, presented toFRBoard by J. F. Curtis 5 /z0 308

Earmarked gold held in Bank of France; telephone communi-cation between Gov. strong of New York & Gov. Harding re,1 /26 86


LV

.34

.2

8

Federal Reserve Bank of New York: (continued)Earmarked gold held in foreign countries for account of,not to be counted as part of reserve

Earmarking of gold in Bank of England and paying out oflegal tender notes and silver certificates; letter from

Assistant Secretary of Treasury re, to Deputy Gov. Case

Federal Reserve Club of New York:Fund for 1921

Fees and commissions to be paid architects, engineers, andbuilders; lack of satisfaction on part of FRBoard reexact status of,

Fiscal agency functions; absorption of expenses incurredby Bank after June 30th. in performance of,

Gold abroad in custody or in transit; suggestion of DeputyGovernor that statement of FRBanks be amended to show,

Gold accruing abroad for FRSystem to be earmarked in Bankof England for, until further action of FRBoard

Gold marks to be paid by Germany to Reparation Committeeof Allied powers; arrangements made for receipt of, byFRBank, for accounts of Banks of England and France

Gold shipped to, by Bank of France, in amount of 43,300,000

1 /28

4 / 1

6 /30

3 /26

6 /24

2 / 8

3 /15

5 /263/15

page

94

264

486

246

467

126

216

399213

Interlocking directorates in New York City; letter from Bankto Board re statement of Senator LaFollette chargingviolations of, 3 /31 260

Jay, pierre, leave of absence granted, from June 30th. toSept. 30th., 1921 2 /14 139

Liability of &Banks for securities left in their custodyby member banks; letters and memo. re, from Counsel ofBoard and ERBank 4 / 5 274-5

Loan fund for needy employees; 410,000 set aside as, 3 /11 205Loans made by, including acceptances purchased; reply of

Board to Comptroller of the Currency re, 1 /27 88Mississippi Delta Cotton Export & Trading Co., trustreceipt of, as warehouse receipt under Regulation "A";letter from Board to Bank re, 2 /15 146

Notes of certain cold storage company, ineligibility of,for rediscount; letter re, from ERBoard to Deputy Gov.of FRBank 2 / 1 103

Officers; adjustments in salaries of, upon date ofanniversary of appointmeat,to be rule in future 5, / 5 348

Paper currency, new designs proposed for, by TreasuryDepartment; statement by Gov. Strong that same are"most desirable“ 1 /28 95

Paper under discount with, in excess of 41,000,000; weekly

statement requested by Board re, 2 / 4 118

Pension corporation; bill for presentation to Congress re

establishment of, by FRSystem, forwarded RBoard by

J. F. Curtis 5 /20 308

Further information re, to be requested of Mr. Curtis 5 /23 389-90

Matter discussed 6 / 3 413


LVI

Federal Reserve Bank of New York: (continued)pension corporation; bill for presentation to Congress, eta. (con.Board of opinion that life insurance feature should beomitted from bill, and members divided on desirabilityof including Section 5 re participation in plan bymember banks 6 / 4

Pension system, F. R. Banks; letter from Deputy Gov.Kenzel re proposed legislation for establishing, 6 /23

Philippine National Bank, dangerous position held by;report re, from Gov. Strong 2/ 8

Quarters:Building plans and reasonableness of fees to architects;discussion by &Board re, 3 /29

3 /29

Page

416

463

126

252256-6

Fees of architects, engineers and builders; statement ofConsulting Architect that same are usual and reasonable 3/31 260

Letter from Gov. Strong amending statement in formerletter re taking of competitive bids for work on newbuilding 6 / 3

Modified arrangement between building committee of Bankand architects and engineers engaged for constructionof new building; advice re, 6 /30 485

New building; meeting of Gov. Strong, architects of

Bank and 1:r. Trowbridge, with IRBoard to discuss, 3 /25 241

New building; permission requested by Bank to beginwork on; action postponed 3 /26 246

Permission granted by FRBoard to proceed with work inconnection with new bank building 3 /31 260

Preliminary plans for, presented by Gov. Strong,request-ing authority to begin work on foundation immediately 3 /25

Proposed methods of accounting for expenditure for newbuilding, submitted by Bank, with plan for setting upreserve for depreciation 6 /23 463"4

Reserves; letter from Bank re authorization to carryreduced, of banks and branches doing business in certainborough of New York City 1 / 3 1

Salaries:Adjustments in, in accordance with anniversary plan 3 /14 209

Adjustments in, of certain employees 4 / 7 282 0

Adjustments in, of certain employees 5 / 6 351"PAdjustments in, of certain employees 5 /27 402Adjustments in, of certain employees, according toanniversary plan

Gilbart, A. W., increase in salary

Hart, Edward 11., General Counsel, salary increased

Increases in, of certain officers of Bank and Buffalo

Branch (See correspondence on file)Increases in, of several officers, urged by Gov. Strong

and certain directors of the RBank in interview

aith Board

413

241

2 /14 140

1/11 33

5 / 5 346

1 / 7 21

1/28 93


LVII

9

pageFederal Reserve Bank of New York: (continued)

Salaries:Kenzel, E. R., Board declines to reverse action increas-ing salary of, 44,000 per annum 1 /11 32-33

Officers; recommendation ra increase in salaries ofcertain, 3 /29 253

Payment of extra compensation to certain clerks forovertime work, approved 4 /12 297

Rounds, L. R., increase in salary 1 /11 33Staff:Employees discontinued during February 3 / 9 199Employees engaged during April, with salaries 5 /10 356-7Employees engaged during May, and those whose serviceswere discontinued 6 / 7 421

Employees engaged during December, with salaries 1 /19 53Employees; list showing changes in, during January 2 /22 153Gidney, R. M., appointed Comptroller at Large 6 /20 451

Gleason, H. N. E., temporary employment at 47,500 perannum for audit work 6 / 1 409

Hammond, Joseph F., appointment as examiner to act onbehalf of Bank and &Board 3 / 2 183

Hofmayer, Frederick, appointment as examiner to act onbehalf of Bank and RBoard 3 / 2 183

Morris, J. L., appointed permanent Manager of CreditDepartment 3 / 3 191

Morris, J. L., temporary appointment in Credit Division 1 / 4 6

Officers; adjustments in salaries of, upon date ofanniversary of appointment,to be rule in future 5 / 5 348

Stillman, Howell L., appointment and salary as examiner 4 /19 312

Vansant, S. S., appointment and salary as Manager ofDiscount Department 2 /22 153

Widman, Herbert V., appointment as examiner to act onbehalf of &Bank of New York and Board 3 / 2 183

Vault Tests:Necessity of further; matter of, to be taken up by

Mr. Trowbridge with directors of tBank 2 /23 159

Weekly statement to be furnished by, showing all lines ofdiscounted paper in excess of 41,000,000 2 / 4 118

Pederal Reserve Bank of Philadelphia:Authority of national banks to guarantee letters of creditand acceptances; letter from Bank re, 5 /14 374-5

Bonus:Payment of, on modified scale 6 /20 450

Checks drawn upon Treasury of United States; refusal of

FRBank to cash for individuals 2 /23 157

Daylight saving time adopted by, 6 / 3 412

Directors:See under heading "Directors"



Federal Reserve Bank of Philadelphia: (continued)Dividend for six month period, Jan. - June, 1921Loans to employees; fund of 45,000 set aside from current

earnings for purpose of making,Murphy, M. J., Class "A" Director, change in residence to

New York reported; Board will not oppose serving outterm

6/20

6 / 3

4 / 2

page

449

412

268National banks in Pennsylvania granted permission to

exercise fiduciary powers; replies to questionnairesent by the FRBank to, 6 /15 441

Non-member banks in Philadelphia and Altoona, Pa.; advicere difficulties and failures affecting, 6 / 4 416

Salaries:Blanc, V. H., disapproval of increase in salary 6 /20 460Employees, adjustments in salaries of, recommended 1/10 26Employees, re-adjustments in salaries of, 1/11 31F. R. Agents' Dept.; adjustments In salaries ofemployees 1/22 67

F. R. Agents' Dept.; increases in salaries of certainemployees 6/20 460

F. R. Agents' Dept.; recommendation re adjustments insalaries of, 1/19 55

Offizers; increase in salaries of certain, recommended 3 /17 222

Approved 3 /18 225

Staff:

Aft, A. L. designated to assist examiners 6 / 3 411Augherton, George, appointment and salary as examinerfor Bank 6 / 1 408

Beek, W. H., designated to assist examiners 6 / 3 411Cooper, Samuel, designated to assist examiners 6 / 3 411Daniels, George L., designated to assist examiners 6 / 3 411Firekberg, Leonard, designated to assist examiners 6 / 3 411

Grace, H. R., designated to assist elm-miners 6 / 3 411Heath, N., designated to assist examiners 6 [3 411Jensen, J. R., designated to assist examiners 6 / 3 411Johnson, Karl W., appointment and salary 5 /10 356

Laza, E. Y.., designated to assist examiners 6 / 3 411Leviek, H. Z., designated to assist examiner 6 / 3 411Lightcap, Albert, designated to assist examiners 6 / 3 411Lind, Thomas, designated to assist examiners 6 / 3 411McMenamin, Ed J., designated to assist examiners 6 / 3 411

Mathis, Harry, designated to assist examiners 6 / 3 411Officers, election of, for year 1921 1 / 4 5Reekie, James, designated to assist examiners 6 / 3 411

Riahie, R. J., designated to assist examiners 6 / 3 411

Stockton, R. D., Comptroller, resignation 5 /10 356Thudium, Harry, designated to assist examiners 6 / 3 411

Sub-treasury functions, assumption of, by 3ank 1 /11 29

Western National Bank of York, pa.; inquiry from ERBankre certain trust funds of, 6 / 4 416


LIX

Federal Reserve Bank of Richmond:Annual report; certain material in, open to criticism,

according to opinion of Dr. Willis

Controversy between Mr. Williams and ERBoard; showing

of correspondence bearing on, by former, to persons in

Richmond; letter from Gov. Seay re, asking for facts re

controversy

Directors:See under heading "Directors"

Discount Rates:See undar heading "Discount Rates"

Dividend for six month period, Jan. - June, 1921

Uurohison National Bank of Wilmington, N. C.; letter from

Board to, re application to discount with Richmond

certain paper originating in non-member banks

Non-member bank as collection agent for; remittance by,

for collection, of drafts drawn upon a certain national

bank upon which payment was refused by the drawee bank

Non-par list, publishing of, in district; reply of Gov.

Harding to Gov. Seay re,Non-par list; tentative circular submitted by Bank re

proposed plan to publish

Letter from Board to Bank suggesting modification

of circularPaper of non-member banks offered for discount by member

banks; letter from Gov. Seay re acceptance of, by

ERBanksPaper originating in non-member banks; request from

Merchants National Bank of Wilmington, N. C. for permis-

sion to rediscount, with RichmondPosition of MBank of Richmond re, stated in letter to

&Board; proposition of member bank declined by

Board

Quarters:Annex building;proposed expenditure for, criticized by

Consulting AraniteatNew building; authority granted RBank to proceed with

construction of annex to,

Salaries:Adjustments in, for both home office and Baltimore

BranchAdjustments in, of certain employees

Adjustments in, of certain employees

Adjustments in, of employees, according to anniversary

planAdjustments in, of employees, according to anniversary

plan

1 /26

4 /12

6 /28

4 / 6

1 /11

5 / 2

5 / 6

5 /11

3 / 3

3 /14

3 /18

3 /17

1 /19

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2 /14

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296

473

276

29-30

339

351

361

189

208

224-25

221

56

287385430

46

140


LX

Federal Reserve Bank of Richmond: (continued)Salaries:

Adjustments in, of employees, according to anniversaryplan 3

Increases in, of certain officers of Bank and BaltimoreBranch (See correspondence on file) 1

Staff:Appointments at Bank and Baltimore Branch, approved 1Gordon, H. M., appointment in Examination Departmentat 42,640 per annum 2

Seal, W. Reed, appointed in Examining Department 3Strong, J. 14, appointment in Examination Dept, at42,760 per annum 2

War Finance Corporation bonds; RBank to receive sub-scriptions to, as fiscal agent for the Government 1

Willingness expressed by, to agree with certain recommenda-tions made by Consulting Architect, with exception ofcertain manor matter 4

Federal Reserve .Bank of St. Louis:Acceptance market in Eighth District; request from American

Acceptance Council that RBank furnish them periodicallywith reports of current condition of, 2Distribution of reports to be made only through

Division of Analysis &Research 3Charge Offs:440,000 authorized as charge off on account of furnitureand fixtures 6

Special reserve set up to cover depreciation and chargeoff allowances in connection with real estate awnedand bad loans 6

Circular to member banks covering operation of checkcollection system 1

Coin and currency functions to be assumed by, Jan. 8th.;letter from Assistant Secretary of Treasury to Bank re, 1


Dividend for six month period, Jan. - June, 1921 6Rediscounts:

See under heading "Rediscounts"Salaries:

Adjustments in, cf officers and employees, effectiveJuly 1st. 6

Increases in, of certain officers of Bank and Branches(Sea correspondence on file) 1

Special reserve of 4166,144 set up to cover depreciationand charge-off allowances in connection with real estateowned, and bad loans 6

page

/14

/ 7

/19

2

209

21

58

110-11

/ 8 195-6

/ 2 110-1/

/11 31

/ 2 268

/25 168

/ 3 iss

/28 473

/28 473

/ 6 17 le

/ 7 22

/28 473

/30 486

/ 7 21

/28


LXI

Federal Reserve Sank of St. Louis: (continued)

State banks located in cotton producing belt; applications

of, for admission to RRSystem, to be sent to iRBoard for

action 3

Unissued F. R. notes of Kansas City and Dallas; Comptroller

to request Assistant Treasurer at St. Louis to deliver

to the &Bank, upon assumption by latter of Sub-treasury

functions 1

Watts, F. O., re-elected as member of Federal Advisory

Council for 1921 1

Federal Reserve Bank of Jan Francisco:

Bonus:Payment of, on modified basis, authorized for employees

for period Jan. - June, 1921 5

Branch Banks:Title of Cashier to be abolished at, and Assistant

Manager used in lieu thereof, 4

Collateral security required of banks applying for member-

ship in; letter from Bank re, 1

Compensation of examiner located at Salt Lake City Branch;

letter from Assistant &Agent re, 5

Conference of, with branches and member of Advisory Council

from 2walfth District, Jan. 26th.; member of Board

invited to attend 1

Credit requirements of, relating to rediscount of paper

based upon agricultural operations; Mr. Mills of Portland

asked to furnish ERBoard with information re, 5

Discount policy of ERBanks; attitude of Branch Bank

directors toward, 3

Dividend for six month period, Jan. - June, 1921 6

Dividend for six month period, July 1 - December 31, 1920;

payment of, 1

Earnings; statement of, 1

Governor Calkins; increase in salary 1

Loan policies of Branch Banks; views of directors of the

respective branches re, 3

Monthly reports of business conditions, issuance of, to

public; letter from Bank re, 3

Peoples State Bank of Lyndon, Viashington; application of,

for mempership in system; Board's reply to FRBank re, 4

Holding of application in abeyance for year,recommended

by &Bank; Board not favorable 5

Policies of, as written to Sacramento-San Joaquin Bank by

ElAgent Perrin 3

Pontius, L. O., proposed employment of, as Assistant

Deputy Governor, at 40,000 per annum; Board favorable 2

Notice of appointment 3

/25

/ 5

/11

/18

/11

/11

/26

/20

/19

/29/28

/13/13/19

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26

382

2A.

29

398

63

384

249474

404056

235

196

298

343-44

235

164199-200

,


LI

pegsFederal Reserve Bank of Jan Francisco: (continued)

Quarters:Authority requested by Bnnk to make certain additions tobuilding at cost of approximately 4900,000; referredto Yr. Trowbridge for report 2 /23 159

Bank building; four additional stories authorized addedto, at cost of approximately 4900,000 2 /25 166

Labor controversy involving new building under processof construction; report re, 5 /12 364

Salt Lake City Branch; purchase of site for, at 4115,000,approved 1 /25 60

Reserve, setting up of, by Bank, to cover expenses incurredthrough fiscal agency operations, disapproved 5 /13 368'8

Reserves, penalties for deficient; resolution of Board ofDirectors re, 3 /29 249

Salaries:Adjustments in, affecting employees of FRAgent's Dept. 6 /20 448Adjustments in, as of July 1st. 6 /30 468'8'Assistant to the Deputy Governor, reconsideration ofsalary of, 1 /13 41

Calkins, J. U., Governor, increase in salary recommended 1 /19 56Salary increase disapproved 2 /14 138

Increases in, of certain officers of Bank and Branches(See correspondence on file) 1 / 7 21

Shipments of cotton to Japan; letter from Board to Bankre certain drafts covering, 3 /29 25 3A

3 /30 257'8Staff:

Agnew, Albert C., appointment and salary as OfficeAttorney 4 /19 312

Barth, R. C., resignation as Assistant Examiner 2 /16 151Bold, Fred Charles, lppointment and salary 5 /24 393Breck,Henry C., appointed Assistant FRAgent 1 /19 52

Caudle, Fred, appointment and salary 1 /13 40 ,

EYnminer, employment of additional, at 43,600 per annum,1 / 4 5approved

Hetzler, Harry Michael, appointment and. salary 4 /11 291

Hupp, C. R., appointment and salary as Examiner 3 /29 246

Moore, Louis H., appointment and salary 6 / 7 . 419

Pontius, L. C., proposed employment of, as AssistantDeputy Governor; Board favorable 2 /25 184 0

Appointment approved at 410,000 per annum 3/ 9199.

Ramey, Harry B., Examiner, increase in salary 4/ 5 274

Rearrangement of personnel affecting two employees ofFRAgente Dept. 4 /25 325

Scantlin, John R., Jr., appointment and salary 4 /11 291

Sims, Erret gay, appointment and salary 1 /13 40

1


LX.II I

Federal Eeserve Bank of San irancisco: (continued)

Staff:Wilson, H. i., appointment 4

Wilson, H. F., appointment as Assistant Examiner 6

Wilson, W. E., of Head Office Auditing Staff; appointment

of, to assist in examinations 4

Federal Reserve Banks:Allocation among, of funds accruing from German reparation

received by gRBank of New York for credit of foreign

banks; letter from New York re, 6

Amounts received by U. S. from net earnings of, for 1922,

to be applied to retirement of certificates of in-

debtedness 1

Annual reports of, to be checked by Director of Division

Of Analysis & Research 1

Applications from certain national banks to sell U, S.

2;L Consols to, under Section 18 of RAct; letter from

Acting Treasurer of U. S. re, 3

Assessment of, for expenses of AlBoard for period July -

December, 1921 6

Bank Relations Departments of; conference of representa-

tives of, suggested by Chicago 3

Bills from their own portfolios to be held for repurchase

by, before offered for sale in open market 1

Broadening functions of, re agricultural loans; letter

from Mr. Moehlenpah re, 5

Building contracts of; matter as to whether or not Board

is charged with duty of approving, referred to Mr. Hamlin

for consultation with General Counsel 3

Closing of books at, on June 30th.; letter from Board re, •

and enclosing form of dividend resolution 6

Condition reports of; telegram from Board to Banks re

treatment of new Treasury notes in, 6

Consolidated statements of; certificates of indebtedness

shown in, to be separated into two parts 3

Deposits of steamship companies or agents to be received

by, for credit of Collector of Panama Canal; copy of

• Executive Order re, 1

Discount by, of notes, drafts, or bills of exchange for

member banks in excess of amount permitted by Sections

9 and 13 of RRAct 3

Discount policy, attitude of directors of branch banks

toward; letter from San Francisco re, 3

Dividends; legislation advocated by member bank to permit

declaration of extra, by RBanks 4

Examination reports furnished to, by Comptroller of the

Currency; reimbursement for, 3

/11/ 7

/ 5

/10

/19

/20

/23

/21

/14

/25

/19

/29

/ 8

/14

/22

/25

/16

/29

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/31

Page

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275

432

54

64

233

456

209

75

383

255

425

437-8

230

79

220

249

322

261


LXIV

PageFederal Reserve Banks: (continued)

Expenaitures for bank quarters on part of; letter fromJ. W. Harriman of New York criticizing, 4 /26 331

Franchise tax; suggestion of Chicago that publishedstatement of Banks show profits to be set aside forpayment of, 3 /31 261

Gold earmarked and held in foreign countries for, not tobe counted as part of their reserves 1 As 94

Gold holdings; new method of showing in published state-ment of condition, suggested by Mr. Miller 3 / a 194

Group of, to meet in Cleveland June 10th., and anothergroup in St. Louis, June 15th.; Mr. Mitchell requested

to attend Cleveland meeting /31 405Immediate credit at, for items deposited for credit inTreasurer's account; conference between representativesof Treasury Department and ERBoard re, 1 /22 68

Impropriety of, attempting to induce member banks to sellGovernment securities to reduce borrowings; letter from&Agent Heath re, 4 /20 316

Inter-district time schedule, revised; circular letterfrom Board to FRBauks enclosing and commenting upon, 1 /25 75

Liability of, for securities left in their custody bymember banks; letters and memos re, from Counsel ofBoard and MBank of New York 4 / 5 274

Monthly reports to include review of current condition ofacceptance market 2 /25 166

Offering of Treasury notes of Series A, 1924, and discount-ing of paper secured by, at &Banks; memo, of AssistantSecretary of Treasury re, 6 /10 431

participation by certain, in expenses necessary to conductanother vault test; letter from Consulting Architect re,4 /13 300

Past due paper held by, prior to June 15th.; replies ofAtlanta, Minneapolis and Chicago to Board's letter re, 6 /14 436Reply of Dallas, listing past due paper upon which

there will probably be losses 6 /15 441pension Committee of; report submitted by, at Board meet-ing of Feb, 25th. 2 /25 166Proposed plan examined by Board, discussed, and referred

to Governor Harding and Vice Governor Platt forrecommendation 2 /25 169

Policy of, re items deposited with them by Treasury Dept.which are returned unpaid awing to failure of draweebanks; letter from Assistant Secretary of Treasury re, 5 /14 376

Purchase by, of bankers' acceptances covering import andexport transactions having maturity of not more thansix months; Board's Regulation HB" amended to authorize,4/26 328'

Letter to all ioRBanks to accompany above ruling 4 /29 336

5 / 3 345


Federal Reserve Banks: (continued)

Quarters:Expenditures for; letter from J. W. Harriman of New York

criticizing, 4 /28

Rate policies; position by Board're expression of opinion

on, by officers, directors, or employees of the RBanks 3 /22

Recommendation of Advisory Council and Governors' Conference

that Board authorize, to purchase acceptances covering

import and export transactions having maturity of not

more than six months; docketed for April 26th. 4 /25

Report re reserve positions of the several, to be submitted

to the Board daily 2 / 3

Relations between, and Treasury Dept.; latter advised of

action taken at last Governors' Conference and approved

by Board re, 6 /14

Reserve positions of, to be sUbmitted each day to RBoard 2 / 3

Reserve requirements; new method of determining, to be

put into effect March 18th. 3 /15

Salaries:Adjustments in, at nine FRBanks for year 1921; report

of Executive Committee to Board re, approved 1 / 7

Proposed increases in, of officers, exclusive of Chairmen

and Governors; preliminary report by Lir. 7;il1s on, 1 / 3

Proposed increases in, of senior officers, disallowed 3 /31

Statement; modified form of combined, prepared by

Mr. Jacobson 3 /25

Statement of, to be amended to show gold held abroad in

custody or in transit 2 / 8

Subscriptions to War Finance Corporation bonds to be re—

ceived by, as. fiscal agents for the Government 1 /11

Vault Tests:Second test considered unnecessary for majority of

FRBanks 2 /23

Weekly consolidated statement of; suggestion by Gov.

Harding for change in time of issuing, 4 /18

To be issued as of close of business on Wednesdays,

for Friday release 4 /19

Weekly statements of; letter from Chicago Daily Journal

re publication of, 3 / 1

Pederal Reserve Board:Absorption by, of duties and functions of Comptroller of

the Currency; replies from RAgents to inquiry from

Board re proposed, 3 /11

Annual Report:See under "Annual Report, F. R. Board"

Conference room of, in National Metropolitan Bank 31dg.,use of, requested by certain church organization,from

April 29th, to May 14th. 4 /28

LXV

Page

331

230

324

113

438113

215

21

2260

243

126

31

158

309

311

179

205

331


LXVI

Federal Reserve Board: (continuedlExecutive officer of, designated to control special

certificates of indebtedness deposited with Treasurerof U. S. by FRBanks 3 /14

Expenses:Assessment of &Banks for, for period July - December,1921 6 /21

FRAgent Jay of New York present at meeting of, Feb. 25th. 2 /25Governor strong, and Directors Alexander and Saunders ofiRBank of New York; meeting of, with Board

Harrison, G. L., Deputy Governor of &Bank of New York,present at meeting, of Board March 1st., 1921

Law library; purchase of bookcases for,Letter from, to Chairman of Senate Committee on Banking& Currency, giving views re Senate Bills 1094, 1835, &

rage

210

456166

1/28 92

3 / 1 177,10

3 /15 212

1836 5 /27 402Meeting of, February 16th.; adjournment of, renderednecessary, owing to lack of quorum 2 /16 149

Meeting of, with Secretary of the Treasury, arranged forMonday morning, April 4th. 4 / 2 268

Meeting of Gov. Strong and Deputy Gov. Harrison of New Yorkwith, also Gov. Wellborn of Atlanta, and la'. Brown,Architect of latter Bank 3 / 1 177

Meeting of Gov. Strong, Mr. Trowbridge, and architects ofMBank of New York with, to discuss new building ofMBank of New York 3 /25 241

Meeting of Gov. Strong of New York, Gov. Morse of Boston,and MIAgent Curtiss of Boston with, 3 / 3 189

Meeting of Gov. Strong with, to discuss criticisms ofComptroller of Currency re certain large loans made byFRBank of New York to member banks in New York City 2 /26 173'111

Members:Wills, D. C., expiration of term of office 2 / 1 102

Minutes of meeting of Feb. 26th, to be recorded in hand-writing by Secretary and, together with stenographicreport of meeting of Feb. 28th., held confidentiallyin charge by Gov. Harding 3 / 1 178

Minutes of meetings held Feb. 28th. and March 2nd., 1921,completion of transcript of stenographic notes of;Board orders same held in custody of Gov. Harding 3 /14 207

Minutes of meetings of, Feb. 28th. and March 2nd.; Mr.Wills and Mr. John Skelton Williams invited to attend 4,

reading of, on April 9th. 5// 6 21/Minutes of meetings of, Feb. 28th. and March 2nd.; steno-

graphic report of, read and ordered sealed and filedwith confidential records of Board, no access to be hadto same without permission of Board 4 / 8 288


LXVII

page

Pederal Reserve Board: (continued)No minutes prepared covering informal conference bald at

request of Mr. Williams on afternoon of Feb. 26th. 3 / 1 178

Opinion of, on Senate Bill 4799, requested by Chairman ofCommittee on Banking & Currency 1 /12 36

Policies of; certain changes in, advocated by Comptroller 1 / 3 1Reply of Gov. Harding to Comptroller, approved 1 /12 35

Delivery of reply to Comptroller 1 /13 41Policies of, letters from Comptroller advocating certain

changes in; motion of 1.1r. Hamlin that same be submittedin form of written motions, approved 1 /20 64-5

Policies of; motions by Comptroller advocating certainchanges in, 1 /25 77

Proper policies of, under existing conditions; statementto be prepared by Executive Committee covering, 6 / 3 414

Quarters:Notice from Southern Realty Corporation to Board tovacate rooms occupied in Southern Building 3 / 8 196

Staff now located in Southern Building, new quarters for;

report of Mr. Emerson on, 3 /24 237-8

Regulations:See under "Regulations, F. R. Board"

Release of press statement by, June 6th., covering general

conditions and particularly those of cattle industry 6 / 4 417

Salaries:Increases in, of certain of staff, effective April 1st. 4 / 7 282

Staff:Salary increases, effective April 1st., 1921 4 / 7 282

Statement for public to be prepared by, in re matterpublished in Whaley Eaton Service re letter from Comptroller

of Currency to Governor Harding 2 / 8 125

Willingness of, to have Under Secretary of Treasury attend

such meetings of Board as Secretary is unable to attend 6 /28 471

hderal Reserve Bulletin:Credit for articles contributed to, by members of staff of

PRBoard, not to be given latter by publication of name

in Bulletin 4 /20 317

Desirability of eliminating certain production statistics

from, as Department of Commerce contemplates work along

same line; letter from Dr. Tanis suggesting, 6 / 4 415-16

Editorial comment to appear in next; letter from Mr.

Miller to Dr. H. P. Willis suggesting general form and

trend of, 4 /20 317

Goldenweiser, E. A., name to appear in Bulletin among

officers of eRBoard as Associate Statistician 3 /26 247

Index Digest of, prepared by Mr. Hamlin 2 /22 155

Index Digest of; printing of six, instead of three,

thousand copies , authorized 6 / 8 425,

Index Digest of; publication and price 3 / 3 168


LXVIII

Federal Reserve Bulletin: (continued}Names of certain members on staff of FRBoard to continue

to appear in, 1 /19Publishing in, of article showing disposition of gold im-ported into country and source of exports, authorized 4 Y19

Publishing in, of statement calling attention to CircularNo. I recently issued by War Finance Corporation 5 /20

publishing in short edition of, of report re wage and ern-ployment conditions throughout the United States, 4 /29

Two charts submitted by Governor Harding showing net earn-ings, earning assets, not circulation, reserves, eta.,ordered published in, 5 /16

Federal Reserve Club of New York:Fund for 1921 6 /30

Federal Reserve Inter-District Time schedule:Revised; circular letter from Board. to FRBanks enclosing,

and commenting upon, 1 /25Federal Reserve Notes:

Redemption of unfit, in circulation in Cuba; correspon-dence from State Dept. re establishment of agency byFRBoard for, 5 /20

Trust receipts issued by FRBank of Atlanta to RAgentscovering discounts pledged as security for, and sentout for collection 3 /25 243

Unfit, received for redemption from foreigncountries;matter of securing reports re, 3 / 8 194

Unissued, of &Banks of Kansas City and Dallas; Comptrollerto request Assistant Treasurer at St. Louis to deliver,to ERBank of St. Louis upon assumption by latter ofSub-treasury functions 1 / 5 12

Federal Reserve System:(See also "Membership in F. R. System")Criticism of policies of, by Mr. James MtleNaughton ofBoston 4 /28 33k

Secret service organization; establishment of awn, byF. R. System, suggested by Merchants National Bank ofRichmond 3 / B 196

Fernwood, Columbia and Gulf Railroad Co.Form of loan for .33,000 to, approved upon recommendationof Railway Loan Advisory Commdttee 5 /14 373

Fess, H. D., Member of Congress:Letter from member bark to, advocating legislation topermit declaration of extra dividends by FRBanks 4 /22 323

Fidelity Trust Co. of Philadelphia:

President of, to meet with Clayton Act Committee of

F. R. Board 3 /22. 2Z6

Fidelity Union Trust Co., Newark, N. J.Condition of membership imposed upon, re increase in capital

32'4°stock; postponement of effective date of, 3 /17

Page

57

312

386

334

377

488

75 I

387


LXIX

fiduciary Powers:Experienae of national banks in Pennsylvania authorized

to act in fiduciary capacities; certain correspondencere, forwarded by Cleveland 6 / 9 427

National banks as transfer agents under terms of Section11(k) of tRAat; letter from Board to &Agent Curtiss 4 /29 335

National banks in Pennsylvania granted permission toexercise; replies to questionnaire sent by FRBank ofPhiladelphia to, 6 /15 441

Nebraska National Bank, Omaha, Nebraska; application of,for fiduciary powers deferred until next examinationof bank 2 / 7 121

Proposed amendment to BRAct revoking power of FRBoard togrant, to national banks 5 /14 374

Fifth-Third National Bank of Cincinnati:Letter from, re circular of iEBank of Cleveland on coinand currency shipments 3 /29 251

Financing operations of wool growers through bankers'. acceptances; letter from Board to Senator Meyers re, 5 /11 360financing Storage of Automobile Parts:

Use of bank acceptances in; letter from Board to Gotham. National Bank of New York re, 4 /29 335First Federal Banking Corporation:

Sug;estion from President of, for amendment to Edge Actauthorizing corporations formed thereunder, to becomemembers of &System 5 / 2 339-40

First Federal Foreign Banking Association:Debentures against special collateral; innue of, by

Association, refused by 2RBoard 1 /11 33

Information furnished by, re its request for permissionto execute note to War finance Corporation to financeparticipation in syndicate loan for export transaction 6 /24 466

Letter from Board to, re purchase of stock in Associationby certain national banks without authorization by

FRBoard 1 /24 72

Permission granted, to accept up to 4500,000 of billsdrawn in Australia, for purpose of furnishing dollarexchange 1 /10 25

Purchase of notes by, of certain French company, andselling same with its endorsement, approved 1 /13 41

Reports of transactions giving rise to acceptances; letterfrom Board to president of Association re failure tomake certain required, 1 /24 72

First National Bank of Addington, Oklahoma:

Application of, for sale of 425,000 in 2, Consols of 1930;

letter from Assistant Treasurer of U. S. re, 6 /21 454

arst National Bank of Boston:Permission granted, to accept for purpose of creating

dollar exchange in Australia, New Zealand, and otherAustralasian dependencies 1 / 7


First National Bank of Boston:

permission granted, to invest in stock of International

Fag'

Acceptance Bank up to $1,500,000 3 /26 245

Proposed form of agreement to be executed by correspondent

banks desiring, as their agent to open irrevocable letters

of credit; letter from Board to bank re, 6 /23 464

First National Bank of Cheyenne, Wyoming:Complaint from, of policies of Omaha Branch of RBank of

Kansas City, stating agricultural needs of territoryare not being properly met 6 /30 465

First National Bank of Fresno:Assets of, to be taken over by Bank of Italy, Ban Francisco 3/22 20

First National Bank of Greenwood, Miss.Correspondence between, and &Bank of Bt. Louis, re redis-

count of secured bills of exchange arising from trans-

actions in marketing of cotton

First National Bank of Haxtun, Colorado:Request from President of, for information re movement to

organize wheat growers association for securing of credit

upon warehouse receipts

First National Bank of Herne, Texas:Complaint from Chamber of Commerce at Herne re treatment

of, by MBank of Dallas

Relations of MBank of Dallas to,

First National Bank of Itta Bena, Lass.Application of, for permission to accept up to 100c,; of

capital and surplusApplication granted, contingent upon Gov. Harding

securing certain informationFirst National Bank of Ranger, Texas:

Circumstances surrounding failure of, reported by Dallas;

Board advises FRBank not to accept any liability inmatter

Report by Dallas re failure of, said failure involving

cash items sent for collection by the FRBank

First state Bank of North. Bend, Nebraska:

Brief from Board of Directors of Kansas City suggesting

Board take action re having, sever connection with

B.SystemBoard's reply

Forfeiture of membership by, suggested by Kansas City

Hearing granted bank, July 18th.

Fiscal Agency Functions:

Absorption of expenses incurred by FRBank of New York

after June 30th. in performance of,

Fiscal Agency Operations:

Copies of instructions to &Banks re expenses in connection

with; letter from Ir. Gilbert transmitting,

1

5

66

4

4

3

3

5566

6

6

/24

/23

/20/24

/18

/19

/26

/14

/ 6/10/28/30

/24

/28

393

448461

99

20,

$0504040

461

40


LXII

Fisca1 Agent, F. R. Board:Advancements to; draft of letter to Secretary of Treasury

re, submitted by Mr. Emerson 4 /20

Flemingsburg & Northern R. R. Co.Form of loan for $7,250 to, approved upon recommendation

of Railway Loan Advisory Committee 4 /21

Fletcher American National Bank, Indianapolis, Indiana:

Difficulties encountered by; advice from Chicago re, 1 /31

Fletcher, (Senator) Duncan U., of Florida:

315

319

98

Board's reply to inquiry from, re published comment upon

letter by Comptroller Williams to Gov. Harding, under

date of Dec. 28th. 2 A4 138-9

Foreign Trade Financing Corporation:

Preliminary certificate of organization, issuance of,

authorized by Board 1 /28 89

Reply of Counsel to inquiry from Henry V. Poor re proposed,1 /20 64Forms:

Statements from State member banks; revised form for use

In calling for, 4 /12 297

Fort Dodge, Des Moines & Southern Railroad Co.

Form of loan for 4200,000 to, approved upon recommendation

Of Railway Loan Advisory Committee • . 4 / 7 281

Fourth & First National Bank, Nashville, Tenn.

rotest from President of, to Comptroller, against raising

discount rates upon paper secured by Liberty bonds and

Victory notes 2 / 1 104

Fourth Atlantic National Bank, Boston, Mass.

Authority granted, to accept for purpose of creating

dollar exchange in certain foreign countries 6 / 8 425

Fourth Street National Bank of Philadelphia:

Authority granted to accept drafts drawn by banks or

bankers in Australia, New zealand, etc., for purpose of

furnishing dollar exchange 4 / 4 271-2

Permission granted, to accept for purpose of furnishing

dollar exchange in certain foreign countries 3 /30 257

FrenCh American Banking Corporation of New York:

Permission granted, to accept for purpose of creating

dollar exchange in Australia, New Zealand, etc. 1 /12 36

Permission granted, to accept for purpose of creating dollar

exchange in certain foreign countries 1 / 4 8

"G"

General Counsel:See under "Counsel (General)"

aeorgia & Florida Railway:Form of loan for $800,000 to Receivers of, approved upon

recommendation of Railway Loan Advisory Committee 6 /16 443


LXXII

pageGerman Reparation:(See also 'Separation Gommdttee of Allied powers")Allocation among &Banks of funds accruing from, receivedby FRBank of New York for credit of foreign banks; letterfrom New York re, 6 /10 432

Gila Valley Bank & Trust Go., Globe, Arizona:Absorption of, by Valley Bank of Phoenix, Arizona,approved 4 / 1 265

Gilbert, S. P., Assistant Secretary of the Treasury:Earmarking of gold in Bank of England and paying out oflegal tender notes and silver certificates; letter toDeputy Governor Case re, 4/ 1 264

Letter from, re circular 176 of Treasury Dept., and askingpolicy of FRBanks re items deposited with them by TreasuryDept. returned unpaid owing to failure of drawee banks 5 /14 375

Memo. from, re offering of Treasury notes of Series A, 1924,and discounting of paper secured by, at &Banks 6 /10 431

Gold:Accruing abroad for ERSystem to be earmarked,for timebeing, in Bank of England for RBank of New York 3 /15 216

Disposition of, imported into country, and source ofexports; memo. of Mr. Hamlin enclosing memo, shaming,

ordered mimeographed and published in Bulletin 4 /19 312

Earmarked, and held in Bank of France; statement by Gov.Harding of telephone communication with Gov. of RBankof New York re, 1 /26 86

Earmarked and held in foreign countries, not to be countedas reserve by RBanks 1 /28 94

Earmarking of, in Bank of England, and paying out of legaltender notes and silver certificates; letter from Asst.Secretary of Treasury Gilbert to Deputy Gov. Case re, 4/ 1 264

Embargo on Amsrican, by Argentine Government; letter fromNational Foreign Trade Council re difficulties ofmerchants due to, 6 / 8 424

Reply of Board 6 /10 431Held by Anankz in foreign countries; statement of FRBanksre, to be amended to read "gold abroad in custody or intransit" 2/ a 126

Holdings of FRBanks; change in published statement ofcondition of RBanks to Shaw, suggested by Mr. miller 3/ 8 194

Reserves:problem of increasing, at FRBanks, discussed 3 /11 206

Resumption of gold payments; letter from Secretary ofTreasury re, 1 /11 31

Shipped by Bank of France to &Bank of New York, in amountof 43,300,000 3 /15 213

Soviet; position of Treasury Dept. on acceptance of, 3 /29 249


LXXLII

Gold Certificates:Payments in, from time to time, instead of in F. R.notes,suggested by Secretary of Treasury; Board not in favorof, at present time

Gold Marks:Arrangements made for receipt of, by ERBank of New York,to be paid by Germany to Reparation Committee of AlliedPowers, for accounts of Banks of England and France

Gold Reserves, Note Circulation, eta.Reports on, requested by Mr. Sheeley of National Credit

Mans' AssociationGoldenweiser, E. A.

Appointment as Associate Statistician of ERBoard, andname to appear among officers of RBoard in Bulletin

Gotham National Bank of New York:Letter to, re use of bank acceptances in financing storageOf automobile parts

Governors Conference:Action taken by last, and approved. by Board, re relationsbetween ERBanks and Treasury Dept.; latter advised byBoard re,

Governors, F. R. Banks:Conference of, called for April 12th.A business representative from among Class "B" or "C"directors of each Bank to be invited to attend meeting

of. April 14th.

5

5

3

3

4

6

3

3

/12

/26

/ 8

/26

/29

/14

/15

/15

Page

365

399

195,

247

335

438

214

214

Conference of, topic for discussion at next; proposedamendment to Regulation “B", paragraph 2, re purchase,

by ERBanks in open market, of bankers' acceptances havingmaturities not in excess of six months 3 /le 224

Draft of letter to, re comments of Board on recommendationsmade by, at conference with Board April 12th. to 15th. 6 / 7 420

Minutes of conference of, transmitted by Secretary Harrison,pointing out matters for Board's action 4 /26 329

Topics for discussion at forthcoming conference of, withERBoard 4 / 2 268

Great Britain:Increase in expenditure for securing data in, requested.

r, by Director of Division of Analysis & Research 1 / 5 12"toenville Banking Co., Greenville, Ga.

Application of, for membership; Reserve Bank Committee

of Atlanta made no recommendation re, not beinga unanimous in mattert°141) Conference between Dallas, St. Louis &

Lir. Wills and Mr. Platt to attend,qte-ulD Insurance Plan:Discontinuing of present, by Kansas City,

of new plan; Board not favorable

Chicago:

and adoption

6/24 466

2/1 103

5 / 6 350


LXXIV

Guaranty Trust Co. of New York:Agreement under which, is doing business in Poland; memo.from State Dept. re confidential report from representa-tive at Warsaw re, 5 1/ 3Information re, secured by Mr. Platt from &Bank of

New York 5 / 5Report of examination of, as of close of business Nov. 11,

1920, transmitted by BRAgent Jay 5 / 2Guardian Trust & Savings Bank, Toledo, Ohio:

Consolidation of, with National Bank of Commerce of Toledo,under name of Commerce Guardian Trust & Savings Bank;request from Cleveland re acceptance powers of,

Guardian Trust Co., Cleveland, Ohio:Use by, of word "National" as part of title of new branch,

considered by Board as violation of Section 5243 ofRevised Statutes

Guaranty Trust Co., New York City:Letter re, written by Comptroller of Currency to BoardPermission granted, to accept for purpose of creatingdollar exchange in Australia, New Zealand, eta.

ttEi et

Hamlin, Charles S., Member, F. R. Board:Appointed member of Railway Loan Advisory Committee ofFRBoard

Authorized to conduct hearing, Jan. 18th.,with repre-sentatives of Bank of Goltry, Goltry, Oklahoma, andFarmers State Bank, Allen, Nebraska

Index Digest of F. R. Bulletin; matter of publication andprice of, brought up by Mr. Hamlin

Report by, of completion of Index Digest of ERBulletinStatement by, re eligibility of paper of cotton factorsand comadssion merchants for discount at RBanks

Harding, W. P. G., Gov., F. R. Board;Letter signed by Senators and Representatives from Texaspetitioning, to visit State

Authorized to accept invitation and take with him Mr.A'. L. Eddy, Assistant Secretary of Board

Minutes of meetings of Board, held Feb. 26th. and 28th.placed in care of, .

Report by, re recent trip to St. Louis, Kansas City,Oklahoma City, Birmingham, Nashville, etc.

Harrison, G. L., Deputy Governor, F. R. Bank of New York:Correspondence from Comptroller of Currency,referred to

in minutes of March 3rd., returned by Mr. Harrison

4

1

3

1

3

1

32

1

6

6

3

5

3

/25

/19

/ 3

/17

/23

/17

/ 3/22

/13

/ 3

/ 4

/ 1

/31

/ 8

342

349

340

324

53

186

47

234

48

186155

42

40

411

176

40

19g


L:CKS/

Harrison, G. L., Deputy Gov., F. R. Bank of New York: ( continued)

Letters addressed by Comptroller of Currency to Board reFRBank of New York and certain member banks in New YorkCity delivered to, for preparation of statement byofficers of FRBank of New York 3 / 3 186

Llinutes of Governors' Conference transmitted by, callingattention to matters for Board's action 4 /26 329

Present at meeting of Board'Uarch 1, 1921 3 / 1 177,179Hearings, F. R. Board:

Bank of Goltry, Goltry, Oklahoma; hearing to be granted,Jan. 18th., to show cause why it should not be requiredto forfeit membership in ERSystem 1 /17 47-8Hearing held, but no one appeared on behalf of bank,

and latter required to withdraw from System 1 /19 57-8Farmers State Bank of Allen, Nebraska, granted hearing onJan. 18th., to show cause why it should not be requiredto sever connection with ERSystem 1 /17 48Action postponed in matter of, in view of appeal from

bank to appear before ERAgent at Kansas City onJan. 11th. 1 /19 58

First State Bank of North Bend, Nebraska, granted hearingon July 18th. re matter of forfeiture of membership inSystem 6 /30 484

k. Secor and H. C. Truesdall granted hearing on Feb. 1st. 1 /25 83Kilgore State Bank of Kilgore, Nebraska; hearing granted,

on April 25th., as to why it should not be requiredto surrender membership in RSystem 4 / 7 282

Failure to appear at hearing; membership in Systemforfeited 4./25 326

Rocking Valley Railway Co.Form of loan for 41,665,000 to, in four installments,carrier taking down first two installments 3 / 1 181

11c410 State Bank of Anthony, Kansas:Appeal for continuance of membership in ASystem, whichwas cancelled Jan. 12th. 1 /22 66

Rouse Banking & Currency Committee:Request from Chairman of, for copies of correspondence

between FaBoard and John Skelton Williams, since Dec. 1,1920 4 /20 316

4use Bill 242:Amending ERAct re rediscount at FRBanks of parer loanedby member banks to one borrower in excess of le;; of

capital and surplus 5 /13 36844se Bill 2174:

Providing for creation of a national depositors' guaranteefund in each P. R. District; opinion of Board requestedre, 6 / 7 421

Page


House Bill 6040:

Page

Letter from Boston re, introduced by Robert Luce of Mass. 6 / 7 420House Bill 6257:

Relating to branches of national bank associations andState institutions 5 /20 387

Hoxton, W. W„ Searetary, F. R. Board:Appointed, with Mr. Emerson, as representative of FRBoardat conference with Treasury Dept. re immediate creditat PaBanks for items deposited for credit in Treasurer'saccount 1 /22 68

Import and Export Acceptance Credit:Letter from Board to Philadelphia National Bank expressing

opinion re, secured by sterling exchange 2/ 9 131Import and Export Transactions:

Acceptances covering, having maturity of not more than sixmonths; recommendation of Advisory Council and Governors'Conference that Board authorize EliBanks to purchase;docketed for April 26th. 4 /25 324

Bankers' acceptances covering, having maturity of not morethan six months; Board's Regulation "B" amended toauthorize ARBanks to purchase, 4 /26 328-9Letter to all ZRBtinks to accompany above ruling 4 /29 336

5/ 3 343

Coffee from Central America; status of certain acceptancescovering imports of, 3 /14 209

3/15 213

Purchase of bankers' acceptances covering, having maturitiesup to six months; request of Mr. Warburg for ruling ofBoard re, 3 / 3 169

Sterling exchange as security for bankers' acceptancesdrawn in; letter to Philadelphia National Bank re, 2 /10 136

Index Digest of F. R. Bulletin:Completion of, reported by Mr. Hamlin 2 /22 156

Printing of six thousand copies of, instead of threethousand, authorized 6 / 8 426

publication and price of, 3 / 3 189

Two hundred copies of, to be delivered to Comptroller ofthe Currency 5 /26 399

Indiana Harbor Belt Railroad Co.

Form of loan for 4579,000 to, in four parts, approved upon 183recommendation of Railway Loan Advisory Committee 3 / 2


Page

Iridium National Bank, Indianapolis, Indiana:Permission granted, to purchase additional stock in

American Foreign Banking Corporation 3 / 3 190

Industrial Research Bureau of Standards, 1921:Transfer to, of 4750 from original appropriation of

475,000 for vault construction tests 1 /25 80

Insurance:Group insurance plan; discontinuing of present, by KansasCity, and new plan adopted; Board not favorable 5 / 6 350

Inter—District Time Schedule;Revised; circular letter from Board to FRBarkR enclosing

and commenting upon, 1 /25 75

Interest Rates:Resolution of Comptroller of the Currency as to restrictionsof, 1/25 77

Interlocking Directorates:(See also "Clayton Act")(See also "Kern Amendment to Clayton Act")

1632015543914316433151

States National Bank, all of Denver; applicationsof certain persons to serve on Boards of Directorsof, approved 1 / 6 19

Bayer, A. A. 3 /24 239

Berryman, J. W. 3 /31 263

Bilyeu, William H. 5 /10 359

Bixby, Fred H. 6 / 4 418

Bonynge, W. A. 3 / 8 198

Bowers, A. E. 2 / 3 115

Brackett, Filgar T. 1 / 6 16

Bradley, James T. 3 / 9 201

Brady, Frederick 5 /14 376

Braun, A. E. 3 /24 239

Brewer, R. P. 3 /22 232

Brooks, C. H. 5 /10 359

Brown, W. E. 3 /29 252

Browning, 0. A. 5 /18 382

Browning, M. S. 4 / 7 284

Buckner, M. N. 1/26 86

Burrow, J. R. 4 / 1 266

Burton, Charles 5. 4 /15 307

Applications for, approvedAhrensfeld, H. B. 1 / 6

Alexander, H. F. 4 /21

Allen, Harding 2/22

Ames, E. E. 6 /14Anderson, Alden 2 /14

Anderson, E. 0. 1 / 6Annan, Roberdeau 6 /10Archer, Shreve M. Z /16

Bankers Trust Co., Denver National Bank, and United


Interlocking Directorates: (continued)Applications for, approvedBusch, A. A.Oabiness, C. C.Carleton, J. F.Carman, J. L.Carroll, Charles H.Carson, F. L.Chandler, HarryCherrill, Edward K.Child, Charles S.Childs, EverslsyClark, Clarence H.Clarkson, S. W.Coe, John A.Cooley, Austin O.Craig, George L.Crawford, H. J.Croaker, DouglasCron, Frederick W.Croll, William M.Curtis, Cyrus H. K.Cutler, John C.Diamond, James J.Dorranae, J. T.Drueding, John D.Drury, Frank A.Duffy, George E.Duncan, L. W.Du Pont, Irene°Dupuy, HerbertEccles, M. S.Eisele, John C.Elkins, George W., Jr.Falk, MauriceFerguson, H. L.Fite, John E.Flood, E. E.Forbes, Richard T.Ford, George R.Foster, A. C.Francis, D. R., Jr.Frazier, George H., approved as to two banks and held inabeyance as to a third

Friend, Charles 7/.Fuller, Charles A.Gano, M. W.Gavin, Jams L.Giles, Eugene

page

4 / 4 272

3/23 236

2 /22 156

4 /15 307

5 /is 362

4 / 6 279

6/16 445

3/30 258

3 /31 263

3 /31 268

2 ,/22 158

5 /27 403

1/17 50

3/24 238

3/24 239

4 / 5 275

2/14 143

3/15 2a/3/24 238

4 /21 320

4 /19 314

3 /10 203

4 /28 333

4 / 7 20

3 / 1 180

2 /23 160

1/17 49

4 /19 313

3/24 239

4 / 7 2832/14 143

4 /19 313

5 /10 359

5 / 2, 341

5 /25 391

3 / 2 183

1/28 91

4 /11 293

1 / 7 23

1/28 0

35 / 2

41

2393/245 /25

397

1 / 7 0

3/31 20

4$36 /10

1


1

Page

Interlocking Directorates: (continued)Applications for, approvedGilliam, James R., Jr. 2 /16 151

Grant, J. B. 1 / 7 23

Gregory, J. T. 4 /15 308

Griffey, John B. 3 /31 263

Groce, William F. 6 /15 442

Guffey, Joseph E. 3 /24 239

Harahan, W. J. 3 / 3 190

Harmon, L. L. 3 / 8 198

Harrington, William Watson 4 /11 294

Herron, Joseph E. 3 /25 244

Hicks, S. N. 1 / 7 23

Higgins, Aldus C. 2 /23 160

Higley, Charles W. 2 /15 147

Hills, Edgar S. 4 / 8 288

Hoffstot, Henry P. 3 / 1 160

Holley, J. A. 1 /12 38

Hollis, Gordon 6 / 8 426

Hotchkiss, H. Stuart 3 Y15 217

Huntley, William 3 / 2 183

Hurley, A. W. 4 / 6 278

Drina, A. W. 4 /15 307

Jackson, S. M. 4 /15 308

James, H. C. 1 / 7 23

Jamison, Robert, Jr. 5 / 2 341

Jepson, George N. 3 /16 219

Jones, Harry R. 6 /14 440

Jones, Nathan S. 6 /10 432

Junod, Charles F. 3 /29 252

Kaul, John L. 5 /19 384

Kean, Hamilton F. 1 /25 82

Kessler, E. 3. 1 / 7 23

Kinney, Ralph W. 3 /22 232

Kirah, Edwin A. 6 /14 439

Klein, Emil 4 / 6 278

Knight, W. We 1 /25 82

Knight, W. W. 4 /11 293

Langdon, Cavour S. 5 /25 397

Law, F. 14 3 /17 222

Ledyard, Lewis Cass 4 /15 308

Lessley, Clyde L. 2 / 3 115

Lewis, J. E. 3 /29 252

Lewis, Telford 4 /12 298

Liggett, Sidney S. 4 /29 336

Litz, A. 2. 1 /25 82

Livezey, John B. 3 /22 232

Lockwood, Charles D. 2 / 3 115


LXXX

page

Interlocking Direotorates: (continued)Applications for, approvedLovett, John W. 4 /12

Lowe, Russell B. 2 /14

Ludlow, Benjamin H. 2 /15

McCaffrey, Joseph J. 5 / 2McCornick, W. S. 2 /14

McCullough, D. A. 2 /15

McDonald, Jesse F. 1 /25MacFarland, Finlay L. 1 / 7

McKinney, B. A. 1 /26

MacLeod, Murray 2 / 3McNear, George P. 2 /25

Marlow, Thomas A. 1 /28Marston, Edgar J. 5 /25

Marx, F. A. 3 /24Masterman, E. E. 4 /29Mather,.G. M. 1 /25Mattos, John G., approved as to certain banks and refused 163as to others 2 /25

322Maxwell, J. W. 4 /22 293Menne', Louis A. 4 /n 0Millard, Barton 4 / 7 23Mitchell, J. U. 1 / 7 30Moore, Guy W. 5 /14

0Mortenson, Jacob 3 /22

373Munger, Frederick 3. 5 /14 49Munson, Frank C. 1 /17

241Murtha, D. Charles 3 /26

National Bank of Takoma, Washington; certain directorsof, to serve also as direotors of Army National Bank 76of Camp Lewis, Washington 1 /25 201

Newman A. 3 / 9 301

Nibley, C. W. 4 /15 049Nichols, J. C. 3 / 9 98'"Olmstead, Emery 1 /31 10Osborne, A. D. 11. 2 /14 OgOttenheimer, L. 3. 1 /25 341Paine, George E. 5 if, 2 435Paine, George Eustis 6 /10 49Patillo, W. F. 1 /17 10peckham, J. D. 2 / 3 01Perkins, Herbert F. 4 /13 96Pew, John G. 5 /14 468,phelan, James D. 6 /24 31.7Piokrell, A. J. 4 /19 10Pondrom, J. A. 2 /14 09

Pope, Charles E. 3 /24

2981431473401433,488223861161669139623833682


,99

1,6

66

blterlocking Directorates: (continued)APplications for, approvedPuckhaber, C. R.

,,,Ileal. J. H."l oggia, JohnReader, Emil a.Reel, Albert A.Reidy, Maurice F.Remsen, T. SchenckReynolds, Charles L.Reynolds, Donald L.Reynolds, H. S.

' Rider, J. B.Ringold, J11=B3Riter, ';:. W.Robson, H. A.Rosebush, JudsonRoss, F. E.Russell, Charles A.Sabin, Charles H. (subject to revocation in near future)

Schmidt, Geort:e G.Schuyler, K. O.Secor, J. R.Sharer, William P.Sheppey, LlarshallSherrill, J. E.Shook, p. G.Sims, A. B.Smith, :alas A.Smith, F. B.Smith, Seymour R.Smoot, ReedSpitzer, A. L.Stadler, Charles A.Staley, J. i.Stevens, ShermanStokes, Edward C.Swift, E. KentThompson, H. L.Thorne, ChesterTilden, AverillTinsley, John F.Tremble, George T.Truesdall, H. G.Tucker, William A.United States National Bank, Bankers Trust Co., and

Denver National Bank, all of Denver, Colorado,applicationsof certain persons to serve on Boardsof Directors of,

3 /234 /193 /224 /111 / 72 /233 /144 /114 /111 /253 / 11 / 74 /211 /253 /163 / 94 /112 /143 / 11 / 74 ill5 /272 if 46 /225 / 21 /134 /214 /193 /304 /284 /113 /22

3 /232 /143 /241 /314 /114 /195 /142 /233 /294 /11

6 /24

1 / 6

LXXXI

Page

23631423229423160211293293821802332082

219201.

144180232934021174613414332031325833329423223614323696294314376160252293

466

19


Interlocking Directorates: (continued)Applications for, approvedVan Cott, WaldemarWaters, H. J.Weber, John H.Wheat, E. P.Whitney, Frank J.Whitten, Charles 0.Wilcox, C. Ma2A.Willard, W. C.,(former action of Board cancelled)Williams, R.Williamson, John D., Jr.Willy', John N.Wilson, E. T.Wilson, Eugene T.Winter, ArthurWinthrop, BeenWolfe, Edmund S.Woodward, 0. J.Woodward, 0. J., approved as to certain banks and dis-

approved as to. othersWoolson, A. M.Wren, Thomas F.Young, M. W.Zea, E. W.

Applications for, disapproved

4 /151 /315/253 / 92/15

1/121/284 / 74/111/ 74/154/156 /164 / 84 / 7

1 / 64/l15 /114 /113 / 9

2/251/251 /171/171 /172 /251/172 /152 / 3

2/253 /233/141/281/13i/1?1 / 4

1 / 6

4 / 66 /286 /26

Page

307

993972014010

91284

0123301307446260Ai

1629336:01201

161563494949016014810

168258Z1/9143609

16

2180440

Alexander, W. S.Bayne, HowardBentley, JamesClose, E. H.Croaker, Charles T.Durham, J. A.Garver, John A.Johnston, G. 1.=Near, George W.Mattos, John G., disapproved as to certain banks and

approved as to othersMiddleton, Albert C.Neeland, Marvin A.Nutter, W. B.Secor, J. K.Truesdall, H. C.Willard, William a.Woodward, 0. J., disapproved as to certain banks and

approved as to othersApplications for, heldAskew, Fred I.Bacharach, IsaacBow, James T.


Illterlocking Directorates: (continued}Applications for, held

LXXXIII

page

Bowman, O. 0. 2 /22 156Corson, E. 1T. 6 /28 474Crocker, Charles T. 6 /20 451Drueding, Charles C. 4 /19 314Eccles, 11. S. 3 /18 225

• Evans, John Estell 6 /28 474Evans, Lewis 6 /28 474Fish, H. 1 / 4 10.E.

Fish, H. E. 4/ 6 278Howell, William G. 2 /22 155Hutchinson, E. C. 2 /22 156

X0115, J. Leo 4/ 6 278Mason, James14.,1Jr. 6 /28 474Millard, Barton 2 /14 143Playford, B. W. 5 /14 376Russell, 1:. R. 4/ 6 278Sheldon, C. V.apreekels, John D., letter from FRAgent Perrin re;

4/ 6 278

Mr. Hamlin reported matter had been taken up recentlyby Committee, through correspondence 4/ 5 273

Thompson, Joseph 6 /28 4744Yne, Howard, application of, to serve as director of

seaboard National Bank of New York; referred to Clayton• Act Committee 1 /24 70401e, Howard, Vice President of Columbia Trust Co.;

letter from Board to, re an interlocking directorate 2 /16neishhacker, Herbert; to confer with Board re applica-

tion to serve as director of Anglo & London-Paris

150

National Bank, and Union Trust Co.,both of San Francis=1/28 89-90Hearings granted,Secor, K., on February 1st. 1 /25 83Truesdall, H. O., on Feburary lst.-.7

4ern Amendment to Clayton Act; draft of proposed amend-1 /25 83

ment to,ilillard, Barton; reply of Board to letter from FRAgent

3 /31 262

Ramsay of Kansas City re application of, under ClaytonAct

liational Bank of Takoma, Washington; application of, fordirectors to serve also as directors of Army National

3 /17 221

Bank of Takoma; referred to Clayton Act Committeel'reeident of Fidelity Trust Co. of Philadelphia to meet

1 /24 70

, with Clayton Act Committee 3/22 228of, postponed

lieview of, postponement of; Clayton Act Committee to3 /25 243

Prepare suggested amendment to Kern Amendment to ClaytonAct, and submit to Board for action 3 /25 242-3


LXXX111

Interlocking Directorates: (continued)Union Trust Co., Farmers Deposit National Bank, FarmersDeposit Savings Bank, and Farmers Deposit Trust Co.,all of Pittsburgh, Pa.; letter to Assistant FRAgentat Cleveland re, 2 /25

Violation of, in New York City; speech of SenatorLa Follette charging, 3 /31

Interlocking directorates between banks atd railroads; letterfrom ERAgent Jay re speech re, recently made by Senator

La Follette 5 /23

International Acceptance & Exchange Bank:Form of agreement to make its stock eligible for investmentby national bmIkS; letter from FRBoard to Mr. Warburgenclosing, 1 /31

International Acceptance Bank:First National Bank of Boston authorized to invest instock of, up to $1,500,000 3 /26

Organization certificate submitted by, with request thatnational banks be granted permission to purchase and holdstock in bank when organized '2 /14

Permission granted, to accept for purpose of creatingdollar exchange in Australia, New ;;;ealand, etc. 4/ 8

Permission granted, to accept for purpose of creatingdollar exchange in South & Central America 4/ 5

Reserve to be carried against such deposits as bank ispermitted to hold; Board's reply to inquiry re; referredto Law Committee 4/ 6

International Trust Co., of Boston, Mass.Establishment of certain branches by, authorized 4 /25

Inter-Urban Railway Co.Form of loan for 4633,500 to, approved upon recommendation


Investors' Finance Corporation of Milwaukee, Jis.Eligibility for discount by FRBanks of notes of; letterfrom Mr. Moehlenpah re, 6 /22

Iowa:Report from &Agent Heath re personal experiences in,

detailing various matters re bank examinations in Statesituation in; letter from Chiaago re assisting, throughzonsolidation of banks

5

5

/18

/14

Irrevocable Letters of Credit:Form of agreement to be executed by correspondent banks

desiring First National Bank of Boston as their agentto open; letter from Board to bank re, 6 /23

Irving National Bank of New York:permission granted, to accept for purpose of creating' dollar exchange in Australia, New Zealand, etc. 1 /19

Italian-American Bank of San Francisco:Letter from Board to, re certain drafts covering shipmentsof cotton to Japan 3 /29

3 /30


Lxxxv

fiti It

Japan:

Drafts covering shipments of cotton to; letter re, from

Board to RBank of San Francisco, and to Italian-American

page

Bank of an Francisco 3 /29 253-43 /30 257-8

JAY, Pierre, F. R. Agent at New York:Leave of absence granted, from June 30th. to Sept. 30th. 2 /14 139

Present at meeting of 2RBoard, Feb. 25th., 1921 2 /25 166

“Kit

itallsae & Oklahoma Bankers Associations:Invitation to Governor Harding to address convention of, in

, May; acceptance approved 4 /15 306"lit, Fred I.

Report by, on dangerous position held by Philippine, National Bank 2/ 8 125"twood National Beak of Chicago, Illinois:

APplication of, for reduction in reserve requirements;ordered held 6 /20 451

4ra Amendment to Clayton Act:Proposed amendment to, submitted by Committee; report and

Copy of amendment to be sent 2RAgents for study andcriticism 4 / 2 269

Copy of proposed amendment submitted to Secretary Of

Treasury and approved by him 4/ 4 270-1Xi 1Core State Bank of Kilgore, Nebraska:

Surrender of membership in System; requiring of,suggested

by Kansas City 4/ 7 281-2

Hearing in matter set for April 25th. 4/ 7 282Membership in System forfeited 4 /25 326

1%11

LA Follette, (Senator) R. M.Speech charging violation of interlocking directorates inNew York City; letter from -MBank of New York to Boardre, 3 /31 260

Speech recently made by, re interlocking directoratest between banks and railroads; letter from RAgent Jay re, 5 /23 3914W BOOkS:

.Geteral Counsel granted authority to purchase certain,444 Library:

PUrchase of additional bookcases for, authorized

2

3

/22

/15

153

212-141 to cover charter and operations of banks in District of

C olumbia; suggestion from Chairman of Washington Clearing

Le liouSe for devising, and recommending to Congress

"'Med Wire System:

4/ 8 287

. Leased wire from -Kansas City to Denver, and duplex wire


LXXXV I

Leased Wire System: (continued)between Kansas City and Chicago; installation of, 1 / 25Telegraph Operators:Laufer, F. P., appointment in place of R. S. Ridgdell 6 / 7Temporary relief operator employed from April 1st. to

August 30th. 3 / 3Legislation:

Anti-par bill passed by Tennessee legislature; advice fromSt. Louis re, 3 /24

Draft of bill before North Carolina legislature authorizingbanks to make exchange charges 1 / 7

Letters of Credit:Authority of national banks to guarantee,and appoint corre-spondent banks as agents to issue same; letter from Boardto FRAgents re, 4 /25

Liability of FRBanks for securities left in their custody bymember banks; letters and memo. rt:, from Counsel of Boardand MBank of New York 4 15

Liberty Bank of City of New York:Permission granted, after conversion, to accept for purpose

of furnishing dollar exchange in certain foreign countries 3/8

Liberty Bonds & Victory Notes:Discount rates an loans secured by, at St. Louis; no in-

crease in, 3/22Discount rates an paper secured by, at FR3ank of Atlanta;

recommendation for increasing, 3 /14

Loans secured by, at St. Louis; matter tabled 3/ 6Plan of Atlanta to purchase, from memoer banks under

certain conditions, with repurchase agreement 3 /143 /15

Liberty Loan Interim Certificates:Decision of Supreme Court of Lassouri that 3' fully paid,are negotiable instruments transferable upon delivery;copy of, transmitted Govs. & FRAgents by FRBoard 6 / 6

Liberty National Bank of New York:permission granted, to accept for purpose of creating

dollar exchange in Australia, New Zealand, etc. 1 /25Liberty Trust Co., Boston, Mass.

Authority granted, to open branch on premises now occupiedby Fidelity Trust Co. 3 /29

Lincoln Trust Co., New York:Permission granted, to accept for purpose of creating

dollar exchange in Australia, New Zealand, etc. 1 /17Lines of Credit:

Larger city banks in Atlanta District that have reduced,between Dec. 15th., 1920, and Jan. 6th., 1921 1 /3.1

Lire Deposits: (See under "special Lire Deposits")Live Stock Paper:

Extension of maturity for eligible; Board's views re Senate

Bill 1094 re, 5 /V


pagevLQa....44 Policy of Branch Banks of F. R. Bank of $an Francisco:

44pans:, Views of directors of various branches on, 3 /23 235

Agricultural:Broadening functions of RBanks re; letter fromMr. Moehlenpah 5/19 383

Calling of, based on grain or cattle held over from previousseason; circular letter of FRBank of Chicago urging, 4 /22 322

Complaint from persons interested in lumber, cattle andorchard industries, re credit conditions 4 /22 321-22

lie, York and Dallas; Board's reply to request fromComptroller for data re, including acceptances purchasedby said banks 1 /27 86

Policy of ftBank of Kansas City re member banks borrowing inexcess of their basic lines; letter from Gov. Miller

• explaining, 5 /12 363aeml-monthly reports of, granted member banks in excess of

Lo4don: -basi- line; circular of Board re, 5 / 2 338

American Consul General's office in; expenditure by Boardof 41,000 per annun for obtaining data through,authori zed

1..._ at request of Dr. Willis 2. /10 133-34"44:Island Railroad Co.Foy.

-m of loan for 4719,000 to, approved upon recommendation

L08 of Railway Loan Advisory Committee 2 / 1 100Angeles Trust & Savings Bank:

411thoriv granted, to establish branch at Huntington Beach,California 2 /25 167

Authorized to purchase assets and business, and assumeliabilities, of Union National Bank of Pasadena, Cal. 6 /23 462

Alathorized to take over Union Trust & Savings Bank of, Pasadena, Cal., and establish branch at Pasadena 6 /14 436rermission granted to establish branch at 6611 Hollywood

1,011. Boulevard, Hollywood, Cal. 3 / 1 181ti_lville & Jeffersonville Bridge & R. R. Co.'''urlm of loan for 4162,000 to, in two parts, approved uponrecommendation of Railway Loan Advisory Committee 2 /22 153

II t

/4Xkr-o-/ 7411$ Nelson W., Librarian, F. R. Board:

4uthorized to attend American Library AssociationCOnference at Swampscott, Mass., June 20 -25th., at

kzeeoard s expense 6 / 8 425

T.,lar, Kenneth, Senator from Tennessee:-41uiry from, re published comment upon letter by ComptrollerWilliams to Gov. Harding,dated Dec. 28th. 2 /14 138-9


McLean, A.Resignation as member of Railway Loan Advisory Committee 3 /25

McNaughton, James, of Boston:Criticism by, of policies of ystem 4 /28

Lail:Registered; publicity given to transportation of, from

Houston Branch to Post Office in Houston 3 /25

"ail Transfers:purchase of, by RBank of Dallas; legality of, 1 /25

Maine Central Railroad Co.Form of loan for 4. 3 2 0 , 0 0 to, approved upon recommendationof Railway Loan Advisory Committee 1 /25

2:arketing Corporations:Drafts drawn by producers on, in which they are stook

holders, eligibility of, for discount; letter re, fromBoard to Texas Farm Bureau Federation of Dallas 9 / 9

Marks:See "Gold Marks"

Member Banks:Assets not to be transferred to non-member bank under

consolidation unless non-member bank agrees to liquidateindebtedness to FRBank; suggestion from Kansas City 2/ 7

Discount for,of notes, drafts or bills of exchange byFRBanks in excess of amount permitted by jections 9 and13 of ERAct 3 /16

Drafts drawn upon, by banks in Philippines, for purpose offurnishing dollar exchange; letter from National CityBank of New York re,

F. R. Bank of Chicago:Employees of Bank's Member Bank Relations Dept.,stationedat certain banks considered in an unsatisfactorycoalition

Impropriety of FRBank s attempting to induce, to sell Govt.securities to reduce borrowings; letter from ERAgentHeath re,

Liability of PRBanks for securities left in their custodyby; letters and memo. re, from Counsel of Board andERBank of New York

Loans granted, in excess of basic line; circular of Boardre semi-monthly reports of,

New York City; letters from Comptroller of the Currencyto FRBoard re conditions in,

Over extended and weak; special department at FRBank ofChicago to supervise,

Paper in portfolios of, in large centers, reported toComptroller as eligible far rediscount to deposit accountsof said banks

2 /is

3 /31

4 /20

4 / 5

5 / 2

3 / 3

3 /

1 / 6

p a g

4 2

3 3 1

79

16

131

230

146

261

316


lismber Banks: (continued'War bonds held by, in excess of capital and surplus;suggestion from Atlanta for purchasing, under certainconditions, with repurchase agreementPlan approved

Weekly Statements:Compiling of, as of close of business on Wednesdays,for

*ftersTday afternoon releasey in F. R. System:

(See also F.11. System)APPlications for, held

3 /143 /15

4 /19

6 /22

5 /24

1 /11

1 / 4

1 /11

5 /10

4 /21

5 /23

1 /19

2 /14

3 /22

3 /17

5 / 65 /10

6 /28

6 /30

page

208215

311

457

394

29

9

29

358

319

390

58-9

138

229

222-23

350358

471

484

Dixie Stockgrowers Bank, St. George, Utah; applicationheld, upon recommendation of San Francisco & Divisionof Examination

Peoples State Bank of Lyndon, Washington; applicationheld, and bank placed on probation for year

Baaks applying for membership in RRBank of San Francisco;letter from San Francisco re collateral security re-quired of,

Buffalo Trust Co., Buffalo, N. Y.; request for modificationOf condition of membership .Modification of condition imposed upon, by Board, in

1917, approvedCapital stock payments in connection with question ofeligibility for membership of certain State bank; letterfrom Board to Atlanta re,

Commercial Savings Bank of Farragut, Iowa; modificationOf certain condition of membership of,

Parmers & Merchants State Bank, Hutchinson, Llinn., changein one of conditions of membership

Pkrizers State Bank, Allen, Nebraska; request from, thatIt not be compelled to sever connection with the System

krmers State Bank, Allen, Nebraska; termination ofmembership by, in System, recommended by MBank ofKansas City

harmers State Bank of Allen, Nebraska, to show cause whyIt should not be required to surrender membership inSystem

Pidelity Union Trust Co., Newark, N. J., condition ofmembership imposed upon, re increase in capital stock;Postponement of effective date of,

Pirst State Bank of North Bend, Nebraska; severance ofconnection with RSystem recommended by Kansas CityLetter from Board to MRAgent at Kansas City re,

Elzst state Bank of North Bend, Nebraska; suggestion fromKansas City for forfeiture of membership by,

Hearing to be granted bank July 18th. re forfeitureof membership


XC

rage

Membership in FRS: (continued)Greenville Banking Co., Greenville, Ga., application of,for membership; Reserve Bank Committee of Atlanta made 466no recommendation re, not being unanimous in matter 6 /24

Home State Bank of Anthony, Kansas; appeal of, forcontinuance of membership in FRSystem, which was cancelled

Jan. 12th. 1 /2266

Mercantile State Bank of Minneapolis, one of conditions of 325membership imposed upon, waived 4 /25

Peoples State Bank of Lyndon, Washington, application for 298membership; Board's reply to San Francisco re, 4 /12

Holding of application in abeyance for year recommendedby the FRBank; Board not favorable 5 / 3

Postponement of acceptance of conditions of, recently im-posed upon Bank of Harpers Ferry, West Va., desired bybank; advised must file new application if conditions 404are not accepted within six months 5 /31

Ringsted State Bank of Ringsted, Iowa; preliminary appli-cation for membership from, transmitted to Chicago for 368examination of bank and report 5 /12

Security State Bank of Cooper, Texas; application for 448membership approved 6 /20

State banks located in cotton producing belt; applicationsof, for membership in System, to be sent to RBoard foraction 3 /25

Withdrawals:Bank of Goltry, Goltry, Oklahoma; hearing granted onJan. 18th. to show cause why it should not be required 47,8to forfeit membership 1 /17 518

Board approves withdrawal from System 1 /19 91Completion of compulsory withdrawal 1 /31

Kilgore State Bank of Kilgore, Nebraska; suggestion fromKansas City for requiring, to surrender membership in 281-System 4/ 7 282

Hearing in matter set for April 25th. 4/ 7 0Membership forfeited 4 /25

Potlatch State Bank of Potlatch, Idaho, contemplatedwithdrawal of, from System; letter from AssistantFRAgent at San Francisco to bank re, 5 /31

Mercantile Bank of the Americas:Acceptances covering imports of coffee from Central America,status of; letter from Board to Chief National BankExaminer of Second District re, 3 /15

Recommendation of Mr. Herson for requiring, to furhishBoard with copies of certified public accountant's 40reports of condition of subsidiary trading companies 6

liercantile State Bank of Minneapolis:

/21

Condition of membership previously imposed upon, waived 4/25


XOI

4erabants National Bank, Richmond, Va.3uggestion from, that &System establish secret service

..organization for benefit of member banks418 rehants National Bank, Wilmington, N. G.Letter from President of, asking permission to rediscount,With RBank of Richmond, certain paper originating innon-member banksPosition of FRBank of Richmond fe, stated in letter

to Board; proposition of member bank declined by

Ilimuo FaBoard

—4.1. Professor H.Payment of an honorarium to, for preparation of Canadian

In, index number of prices, approved4let, Adolph G., Member, P. R. Board:Announcement by, of his leaving Washington July 4th. toreturn about middle of 41ugast

APPointed member of Executive Committee in plaza onMr. Wills

:;. Statement by, re earmarked gold held in Bank of Prancekkluteapolis:ui Competition.existing between bans in, and in St. Paul

4I'leapolis & St. Louis Railroad Co.

3 / 8

3 /14

3 /18

2 /10

6 /30

3 /151 /28

Z / a

page

196

208

224-5

133-4

487

21495

126

(31'm of loan for 31,382,000 to, approved upon recommendation4, of Railway Loan Advisory Committee 4 / 1 264"ttea, e. R. Board:hainutes of meeting of Feb. 26th. to be recordel in hand-writing by Secretary and held, together with stenographicreport of meeting of Feb. 28th,, confidentially incharge by Governor Harding 3 / 1 178

14r• Wills and Mr. John Skelton Williams invited to attendreading of minutes of meetings of Feb. 26th. andMarch 2nd., on April 9th. 5 / 6 277

Stemographia report of minutes of meetings of Feb. 28th.and March 2nd., read and ordered sealed and filed withconfidential records of Board 4 / 8 289

,Transcript of stenographic notes of meetings of Feb. 28th.and March 2nd. completed, and same ordered held in

14. austody by Governor Harding 3 /14 20744issippi Delta Cotton Export & Trading Co.

I'llst receipt of, as warehouse receipt under Regulation"A"; letter from Board to aBank of New York re, 2 /is 146

4auri pacific Railroad Co.1°c/1'ln of loan for 41,200,000 to, approved upon recomaenda-

kit tion of Railway Loan Advisory Committee 2 / 1 100

nell. John H., Member, F. R. Board:APPointed member of Bulletin Committee 6 / 4 416


Mitchell, John R., Limber, F. R. Board: (continued)Authorized to investigate qualifications required by&Agents of examiners employed by them

Requested to attend meeting of group of FRBanks inCleveland, June 10th.

Ilaehlenpah, H. A.Letter from, re broadening functions of RBanks re

agricultural loansLetter from, re eligibility for discount by FRBanks ofnotes of Investors' Finance Corporation of Milwaukee

Monthly Business Reports of F. R. Agents:Letter from &Agent Perrin re incorporation of certain

educational matter in,Monthly Reports of Business Conditions:

Dr. Willis authorized to call conference in ":;ashingtonto discuss,Calling of conference Feb. 21st, and 22nd,,suggested

by Dr. WillisIssuing of invitations to conference, approved

Draft of forthcoming press statement covering,Monthly Reports of F. R. Agents:

To include review of current condition of acceptancemarket

Morss, Charles A., Governor, F. R. Bank of Boston:Meeting of, with Board, to discuss reduction in rate on

commercial paper at RRBank of BostonPresent at meeting of Board, March 3rd.

Murchison National Bank of Wilmington, N. C.

5

5

5

6

5

1

225

2

43

/20

/31

/19

/22

/20

/26

/ 2/ 3/31

/25

/12/ 3

Permission to discount with Richmond certain paper originat-ing in non-member banks; letter from Board re bank'sapplication for, 4 / 6

1INIt

"National" as part of title of branch of Guardian Trust Co.,Cleveland, Ohio, would violate section 5243 of RevisedStatutes

National Bank Examinations:Frequency and efficiency of, and value to RBanks, alsodesirability of YRBanks controlling same

National Bank Examiners:(See under "Examiners")Changes and transfers in force during March

National Bank of Cleveland, Cleveland, Texas:Letter from, to Comptroller of Currency re deficientreserves

1

3

4

2

/19

/

/13

/


lietional Bank of Uommerce of New York:Permission granted, to accept for purpose of creating

dollar exchange in Australia, New Zealand, and other

page

, Australasian dependencies 1 it 7 21

Otional Bank of Takoma, Washington:Request from, that its directors be permitted to serve

t also as directors of Amu National Bank of Takoma 1

ational Banks:

/24 70

APPlications of certain, to sell U. s. 2;; Consols of 1930

to RBanks under Section 18 of &Act; letter from

Acting Treasurer of U. S. re, 3 /23 233

APplications of, to subscribe to corporations organized

under Edge Act; letter to San Francisco re positionOf FRBoard toward, 3/ 8 193

As transfer agents under terms of Section 11 (k) of FRAct;

letter from Board to ElAgent Curtiss re, 4 /29 335

Authority of, to guarantee letters of credit and acceptances,

and appoint correspondent banks as agents to issue same;

letter from Board to FRAgents re, 4 /25 323

Authority of, to guarantee letters of credit and acceptances;

letter from Philadelphia re, 5 /14 374-5

Closing of two, in Montana, ordered by FRBank Elmminer

Carlson; report re, 1 /13 40

Lxamination of, in New York City; reply of ComptrollerOf Currency to question of Yr. platt re, 3/ 3 191

International Acceptance Bank; request from, that national

banks be granted permission to purchase and hold stock in

said bank when organized 2 /14 142

Payment by, of call of 25;; on subscriptions to stock of

Federal International Banking Co., authorized upon

revest of Atlanta 1 / 5 12

Periodical list of all, penalized for deficient reserves,

to be sent Comptroller of Currency and Chief Examiner ofeach district 2/ 2 108

Proposed amendment to FRAct revoking authority of FRBoardto grant fiduciary powers to, 5 /14 374

PUrchase of stook in First Federal Foreign Banking Asso.by certain, without authorization by &Board 1 /24 72

Savings departments; opinion of Board requested on

Senate Bill 4721 re, * 1 / 4 9

Senate Bill 1835 providing for establishment of domestic

branches of; letter from Board giving views re, 5 /27 4026/28 471

Senate Bill 1836 authorizing, to establish separate

It savings departments; letter from Board giving views re, 5tonal Banks in pennsylvania:perience of, authorized to act in fiduciary capacities;

certain correspondence re, forwarded by Cleveland 6

/27

/ 9

402

427


L.11-V

National Banks in Pennsylvania:Replies to questionnaire sent by FRBank of Philadelphia

to, granted permission to exercise fiduciary powers 6 /15National City Bank of New York:

Letter from, re acceptance by member banks of drafts drawnupon them by banks in Philippines for purpose of furnish-ing dollar exchange /15

Permission granted, to accept for purpose of creatingdollar exchange in Australia, New ,;ealand, eta. 1 /17

National Credit lens Association:Request from Lir. Sheeley of, for reports on gold reserves,

note circulation, etc. 3 / 8National Credit Office, New York:

plan suggested by president 7ihiteside of, whereby discountrates of FRBanks will fluctuate in relation to reserveratios, in accordance with pre-announced schedules 5 /14

National park Bank, Livingston, Montana:Application of, for additional stock in RBank of :inneapolis,approved 1 / 3

National park Bank, New York:Permission granted, to accept for purpose of creating

dollar exchange in Australia, New Zealand, eta. 1 /17National Depositors' Guarantee Fund:

House Bill 2174 providing for creation of, in each F. R.District; opinion of Board requested re, 6 / 7

National Foreign Trade Council:Letter from, re difficulties of merchants trading with the

Argentine, due to embargo placed on American gold coin 6 / 8Reply of Board 6 /10

National Railway Service Corporation:Form of loan for 45,200,000 to, approved upon recommendationof Railway Loan Advisory Committee 1 / 4

Nebraska National Bank, Omaha, Nebraska:Application of, for fiduciary powers, deferred until next

examination of bank 2 / 7New Orleans, Texas & Mexico Railway Co.

Form of loan for 4234,000 to, approved upon recommendationof Railway Loan Advisory Committee 2 /-5

New York City:Letter from FRBank of New York re authorization to carry

reduced reserves of banks and branches doing business incertain borough of, 1 / 3

New York Commercial:Request from, for information in re reference published in

Whaley-3aton Service of New York,to letter of Dec. 28th.,1920, from 3omptro1ler of Currency to Gov. Harding 2 /16

Pag°

441

146

47

195

374

3

47

4,9-1

4:24431

9

121

163

150


XCV

PageNew York, New Haven, & Hartford Railroad Co.

Fifth installment of form of loan for 49,630,000 to,amounting to .700,000 2 /14 141

Form of loan for 49,630,000 to, in two parts, approvedupon recommendation of Railway Loan Advisory Committee 1 /14 44

New York Trust Co., New York City:Authority granted, to accept for purpose of creating dollarexchange in Central and South America, and in Australia,New zealand, eta. 2 / 8 128

new Zealand:Drafts drawn by banks or bankers in, for purpose of creatingdollar exchange, eligible for acceptance by nationalbanks 1 / 4 7

non-Member Banks:Difficulties and failures affecting certain, in Philadelphiaand Altoona, Pa. 6 / 4 416

Failure of five non-member trust companies in Boston;detailed report re, made by Gov. Morss of Bas ton 3 / 3 189

Paper of, offered for discount by member banks; letter fromGov. Seay of Richmond re acceptance of, by ERBanks 3 / 3 189

Paper originating in; .letter from Board to MurchisonNational Bank of Wilmington, N. C. re application todiscount with MBank of Richmond of, 4 / 6 276

Paper originating in; request from Merchants National Bankof Wilmington, N. O. for permission to rediscount,withMBank of Richmond 3 /14 208

Position of FRBank of Richmond re, stated in letter

to Board; proposition of member bank declined

by FRBoard 3 /18 224-5

Remittances by, in unavailable exchange; memo. of GeneralCounsel re, 'copy to be sent to Dallas 5 /25 395

non-Par List:Authority to publish, in Tenth District, requested by

MBank of Kansas City 5 /31 405

Publication of, by &Banks; letter from Board to FRBankof Minneapolis re, 6 /AO 432

Publishing of, by RBank of Richmond; circular re, submit-

ted by the FRBank 5 / 6 351

Letter from Board to Bank suggesting modification of

circular 5 /11 361

Reply of Gov. Harding to Gov. Seay of Richmond re publish-

ingot, 5 / 2 339Itorfolk Southern Railroad Co.

Form of loan for 4311,000 to, in two parts, carrier taking

down 4111,000 3 /31 259

Norris, National Bank Examiner:To appear before Board, Feb. 15th., and narrate experiences

in Cuba 2 /14 139


North Carolina:Draft of bill before legislature of, authorizing banksto make exchange Charges upon items drawn upon themselvand sent to them for remittance

Notes:Eligibility for rediscount of, representing real estate loans;

Board's reply to Senator Smoot re,Northwestern Wheat Growers' Association:

Letter from, re eligibility for rediscount at FRBanks, asagricultural paper, of farmers' notes made payable toAsso. and secured by warehouse receipts for grain 6 /22 4

Opinion of Counsel re, ,n, 6 /23

Ohio Bankers' Association:Defraying of part expense of conference of by RB. of

Cleveland; letter from FRBank re,Oklahoma & Kansas Bankers Associations:

Invitation to Gov. Harding to address convention of inMay, acceptance approved 4 /15

Old Colony Trust Co., Boston, 'Mass.permission granted, to accept for purpose of creating

dollar exchange in Central and South America 2 /10

Ordnance supplies requested from War Department for protectionof MBank of Cleveland, refused 1 /20

1/ 7

1/6

6 /20

Panama:National currency for; letter from Secretary of State

„containing proposal for creating, 2 /10

Panama Canal:&Banks to receiveagents for credit of Collector of; copy of ExecutiveOrder re, 1/25

Paper:Discounting with MBank of Richmond of certain, originatingin non-member banks; letter from Board to MurchisonNational Bank of Wilmington, N. C. re application for, 4 / 6

Member bank, in large centers, reported to Comptroller aseligible for rediscount to deposit accounts of the banks 1 / 6

Non-member bank, offered for discount by member banks;letter from Gov. Seay re acceptance of, by RBanks 3 / 3

Past due, held by FRBanks prior to June 15th.; replies ofAtlanta, Minneapolis and Chicago to Board's letter re, 6 /14

Reply of FRB' nk of Dallas, listing past due paper upon ,which there will probably be losses 6/15

Quincy Market Cold Storage Warehouse Co., refusal of Bostonto discount paper of, while same is aaaepted by New York;

statement by Mr. Hamlin 1 /13

deposits from steamship companies or

63


XCVII

03

16

169

416441

Paper: (continued)Refusal of Kansas City to discount, as a class, secured by

mortgage on growing crops of sugar beets; letter fromWyoming Trust & Savings Bank of Cheyenne, Wyoming, re

Replies to questionnaire sent out by ARBank of Bostonof commission houses

Paper Currency:New designs proposed for, by Treasury Department,undesirable by Gov. Strong

Par Clearance Case before U. S. Supreme Court:Letter from Atlanta to Board asking assistanceof having, moved up on argument calendar

Par Collection:Anti-par bill passed by Tennessee legislature; advicefrom St. Louis re,

Par Collection Suit Against Atlanta:Retaining of John W. Davis as Counsel for FRBoard

Acceptance by Mr. Davis; all expenses and feessubject to approval of FRBoard

Suggestion from Atlanta that expenses incident toment of Mr. Davis as Counsel be divided pro ratabetween FRBanks

Par Collection System of F. R. Banks:Decision of Supreme Court in case brought for purpose

testing, remanding case to U. S. District Court fortrial

Par List:Cash items drawn upon banks on; practice of Dallas ofreturning without presentation, disapproved by RBoard

4rk-Union Foreign Banking Corporation:Permission granted, to accept for purpose of'dollar exchange in Australia, New Zealand,

Patent Rights:Fee of patent attorney for securing, in connection withrecent vault tests; letter from Consulting Architectasking Board's authority for payment of,

Letters patent covering forms of vault constructiondeveloped as result of vault tests, to be taken out

Ur. TrowbridgeMatter of patent rights referred to Mr. Hamlin

consultation with CounselMemo. of Counsel re taking out of letters patent

?ennsylvania:Experience of national banks in, authorized to act in

fiduciary capacities; certain correspondence re,forwarded by Cleveland

Rational banks in, granted permission topowers; replies to questionnaire sentPhiladelphia to,

Page

6 /30 484re,

3 / 3 188

pronounced1/28 95

in matter1/19 59

3 /24 238

in, 5 /31 405to be

6 / 8 424employ-

6 /20 447

of

5 /16 377

2 /14 141

creatingeta. 1 /11 30

3 / 3 187

by/23 158

for/23 159

2 /24 161

6 / 9 427exercise fiduciaryby FRBank of

6 /15 441


Pennsylvania Railroad Co.Approval by Railway Loan Advisory Committee of form of

obligation submitted by, for taking over full amount

of loan for 45,700,000 6 /28

Pension Committee, F. R. Banks:Members of, present at Board meeting of Feb. 25th. 2 /25

Report of, submitted to Board at meeting of Feb. 25th.,with statement giving essentials of proposed pensionplan 2/25

Plan examined by Board, discussed and referred to Gov.Harding and Vice-Governor Platt for recommendation 2 /25

pension Corporation:Establishment of, by RSystem; draft of bill for presenta-

tion to Congress granting authority for, presented toBoard by J. F. Curtis of New York 5 /20

Further information re, to be requested of Mr. Curtis,Matter discussed 6 / 3Opinion of Board that life insurance feature should• be omitted from bill, and members divided on de-

sirability of including Section 5 re participationin plan by member banks 6 / 4

Pension System, F. R. Banks:proposed legislation authorizing establishment of; letterfrom Deputy Governor Konzel of New York to, 6 /23

Peoples Bank & Trust Co., New Haven, Conn,Taking over assets of, by Union & New Haven Trast Co. 5 /14

Peoples State Bank of Lyndon, Washington:Application for membership in System; Board's reply to

ERBank of San Francisco to, 4 /12

Holding of application in abeyance for year recommendedby FRBank; Board not favorable 5 / 3Application held and bank placed on probation foryear

Peoria & Pekin Union Railway Co.Form of loan for 41,799,000 to, in six parts, approved upon

recommendation of Railway Loan Advisory Committee 2 /25

philadelphia National Bank:Letter to, to sterling exchange as security for bankers'

acceptances drawn in import and export transactions 2 /10

Opinion of Board re import or export acceptance creditsecured by sterling exchange; letter to bank expressing,2 1 9

Philbin, D. R.Designated Acting Secretary of Railway Loan AdvisoryCommittee, with authority to sign reports submitted toBoard during absence of Messrs. Platt and Hamlin 6 /30

philippine Islands:

Drafts drawn by banks in, for furnishing dollar exchange;

letter from National City Bank of New York to, 2 /14


E39-

Philippine National Bank:Dangerous position held by, reported by Li'. F. I. Kent,and Governor of PRBank of New York 2

Report by Ir. ':iilliams that he had communicated withAssistant Secretary of War and interviewed Gen. McIntirere present aondition of, 2

Pinkerton National Detective Agency:Circular sent by,to clients re organization of producersand Consumers Cooperative Bank by organized labor 3

Pittman Act:Certificates of indebtedness issued under; amount of, tobe shown in publishel statements of PRBanks 3

Platt, Edmund, :Iember, F. R. Board:Appointed member of Railway Loan Advisory Committee ofERBoard 3

Elected in place of Zr. Wills on Committee 41 3Poland:

Agreement under which Guaranty Trust Co. of New York isdoing business in; memo. from State Department re, 5Information re, secured by :Ir. platt from PRBank of

New York 5Policies, I?. Ii. Board:

Certain abanges in, advocated, by Comptroller of Currency 1Reply of Gov. Harding to Comptroller, approved 1

Delivery of reply to Comptroller 1Certain changes in, advocated by Comptroller in lettersto Board; motion by Mr. Hamlin that sane be submittedin form of written motions; approved 1

Lotions by Comptroller advocating certain changes in, 1Pclor, Henry V.

Reply of Counsel to inquiry from, re proposed foreign trade'financing corporation 1

Potlatch State Bank of Potlatch, Idaho:Contemplated withdrawal of, from System; letter fromAssistant AlAgent at San Francisco to bank re, 5

l' ess Statements:Consolidated statement of &Banks prpared for press;

treatment of U. S. certificates of indebtedness in, 1Draft of statement prepared by Counsel, dated Jan. 3rd.,re amendment by Congress of Section 11(m) of FRAat 1

Release of statement, June 6th., covering general conditionsand particularly those of cattle industry 6

Private Telephone ',area:, Report from Assistant to Governor in re, 6'vroduaers and Consumers Cooperative Bank:

Organization of, by organized labor; circular sent byPinkerton National Detective Agency to its clients re, 3

/ 8

/ 9

/ 3

/22

/23/16

/ 3

/ 5

/ 3/12/13

/20/25

/20

/31

/10

/ 3

/ 4

/14

/ 3

XCIX

Page

125

131

187

230

234218

342

349

13541

64-577

64

405

24

1

417

436

187


Niarters, V. R. Banks:Building contracts of RBanks; matter of whether or not

Board is charged with duty of approving, referred to

Mr. Hamlin for consultation with General Counsel 3 /29

Quarters, F. R. Board:Division of Analysis & Research:

Lease for new quarters; Gov. Harding authorized to sign 6 /20

Letter from Director re securing, in New York City 6 / 1

In Southern Building; notice from Southern Realty

Corporation that Board must vacate 3 / 8

Questionnaire sent out by F. R. Bank of Boston:

Replies to, re matter of =mission houses, forwarded by

FRAgent Curtiss 3 / 3

Quincy Market Cold Storage Warehouse Co.

Refusal of MBank of Boston to discount paper of, wale

same is accepted by FRBank of New York; statement by

Mr. Hamlin 1 /13

Railroad Commission of Iowa:

0omplaint from, to Senator Cummings, re activities of

National Bank examiners and MBank examiners in Iowa

Railroad Situation:Liemorandum of Judge George W. Anderson on,

Railway Loan Advisory Committee:

Change in organization for handling loans to railroads

Crittenden, (Mrs.) Eunice, resignation as stenographer

Elliott, Li. O., resignation as member of Committee

Hamlin, C. S., appointed member of Committee

Hughes, C. 3., appointmant as Counsel

Hughes, C. B., resignation as Secretary

Hughes, C. B., salary fixed at 46,000 per annum, as

SecretaryLoans:

Alabama & Vicksburg Railway Co., form of loan for

41,564,000 to, in two parts, carrier taking down

41,394,000Alabama, Tennessee, and Northern Railroad Corporation,

form of loan for 490,000 to,

Ann Arbor Railroad Co., form of loan to, in two parts,

in amounts of 4400,000 and 4250,000, approved

Bangor & Aroostook Railroad Co., form of loan for

4200,000 to,Bangor & Aroostook Railroad Co., form of loan for

453,100 to,

5 / 2

3 /23

3 /233 /22

3 / 83 /232 /153 /22

2 /22

3 /31

2 / 7

2 / 9

1 /25

5 /11

Page

2.55

448-9409

196

186

42

254


CI

Railway Loan Advisory Comcnittee: (continued)Loans:

Buffalo, Rochester & Pittsburgh Railway Co., form ofloan for 41,000,000 to,

Central of Georgia Railway Co., form of loan for4237,900 to,

Chesapeake & Ohio Railroad Co., form of loan for43,759,000 to,

Chicago, Milwaukee & St. Paul Railway Co., form of loanfor 425,340,000 to,

Chicago, Milwaukee, & St. Paul Railway 'Co., to take downfull amount of loan for 410,000,000 •

Cumberland. & Manchester Railroad Co., form of loan for$375,000 to,

Erie Railroad Co., form of loan for 41,840,700 to,Erie Railroad Co., to take down balance of loan granted

under Transportation ActEvansville, Indianapolis & Terre Haute Railway Co., to

take down $100,000 of loan for 4400,000Fernwood, Columbia, & Gulf Railroad Co., form of loanfor $33,000 to,

Flemingsburg & Northern Railroad Co., form of loan for47,250 to,

Fort Dodge, Des Moines, & Southern Railroad Co., formof loan for 4200,000 to,

Georgia & Florida Railway, form of loan for $800,000to Receivers of,

Hocking Valley Railway Co., form of loan for 41,665,000to, in four installments, carrier taking down firsttwo installments

Indiana Harbor i3elt Railroad Co., form of loan for$579,000 to, in four parts

Inter-Urban Railway Co., form of loan for $633,500 to,Long Island Railroad Co., form of loan for $719,000 to,Louisville & Jeffersonville Bridge & Railroad Co., form

of loan for $162,000 to, in two partsMaine Central Railroad Co., form of loan for 4320,000to,

Minneapolis & St. Louis Railroad Co., form of loan for$1,382,000 to,

Mo. Pacific Railway Co., form of loan for $1,200,000to,

National Railway Service Corporation, form of loan for$5,200,000 to,

New Orleans, Texas & Mexico Railway Co., form of loanfor 4234,000 to,

New York, New Raven & Hartford Railroad Co., form of

loan for 49,630,000 to, in two parts

Page

1 / 6 14

1/31 97

1 / 6 14

1 / 3 2

6 /29 479

6 /14 4343 /22 227

6/28 470

6 /29 479

5 /14 372

4/21 319

4 / 7 281

6/16 443

3 / 1 181

3/2 1825 /25 3952 / 1 100

/22 153

1/25 76

4 / 1 264

2/1 100

1 / 4 9

2 /25 163

1/14 44


CII

Railway Loan Advisory Committee: (continued)Loans:New York, New Haven & Hartford Railroad Co., fifth in-

stallment, amounting to $700,000, of form of loan for

49,630,000 to, 2 /14

Norfolk Southern Railroad Co., form of loan for 4311,000

to, in two parts, carrier taking down 4111,000 3 /31

Pennsylvania Railroad Co., to take over full amount of

loan for $5,700,000 6 /28Peoria & Pekin Union Railway Co.; form of loan for

41,799,000 to, in six parts 2 /25Seaboard Air Line Railway; form of loam for $1,173,500

to 3/ 8

Seaboard Air Line Railway Co., form of loan for

41,451,500 to, 5 /10

Seaboard Air Line Railway Co., form of loan for $1,451,500

to, carrier taking second installment of loan 6 /14

Shearwood Railway Co., form of loan for $29,000 to, 2 / 9

Tampa Northern Railroad Co., form of loan for $100,000

to,Toledo, St. Louis & Western Railroad Co.,for $692,000 to Receiver of,

Virginia Blue Ridge Railway Co., form of loan

to,Virginia

form of loan

Southern Railroad Co., form of loan for $38,000

toVirginian Railway Co., form of loan for $2,000,000

Waterloo, Cedar Falls & Northern Railway Co., form

loan for $60,000 to,Waterloo, Cedar Falls & Northern Railway Co., form of

loan for $1,260,000 to,Western Maryland Railway Co., form of loan for $622,800to,

Western ilaryland Railway Co., form of loan forto,

Wheeling & Lake Erie Railroad Co., form of loan for$500,000 to,

dheeling & Lake Erie Railroad Co., form of loan for$1,460,000 to,

Wichita Northwestern Railway Co., to take downof loan for $381,750

Wilmington, Brunswick & Southern Railroad Co., form of

' loan for 490,000 to,=Lean, A. W„ resignation as member of,

personnel; readjustments in,

5 /10

5 /17

for $106,0004 / 6

2 /26

to, 2 / 1

1 / 3

4 /15

1/2541,500,000

3 /14

1 /14

5 / 4

full amount6 /28

1 /143/253 /22

of

Philbin, D. R., designated Acting Secretary, with authority

to sign reports submitted to Board during absence of

jr. Platt & Mr. Hamlin

platt, Edmund, appointed member of,

Stellwagen, S. M„ resignation as Counsel

6 /303 /23/15


Jill

Rates:6ee "Discount Rates"

Real Estate Loans:Eligibility for rediscount of notes representing; Board'sreply to Senator Smoot re,

Rebates:Certain, made by MBank of Atlanta, to member banks

Red Cross:Appeal for aid from enTloyees of Austrian Hungarian Bank,Vienna, Austria, to employees of Board, referred toRed Cross

Red is counts :Correspondence between First National Bank of GreerrNOOCitliississippi, and iliBank of 3t. Louis, re rediscount ofsecured bills of exchange arising from transactions in'lurk et ing of otton

F. R. Bank of Atlanta:By MBank of Boston

By FR2ank of Cleveland

, By MBank of Philadelphia

F. R. Bank of Dallas:By FRBank of Boston

1 / 6

1 / 3

1/24

1 / 41/131/191/201/252 / 61 / 7i/111/131/191/201/251/312 / 21 / 71/25

4 /164 /204 /264 /295 1 25 /105 /125 /145 /235/245/275/316 / 16 /106/146 /21

page

15

446

2

71

439516174124202739516174961062074

309315326334337355363372369393401404406430434453


Iv

Eedisaounts:F. E. Bank of Dallas:3y MBank of Boston

F. R. Bank of Dallas:By aBank of Cleveland

F. R. Bank of hansas City:By ERBank of Clevolgrid

F. R . BaTf-c of linneapolis:By FRBank of Boston

By 3ank of Cleveland

By ew York

6 /236/246 /28

1 / 41 / 71 /111 /131 /191 /201 /251 /312 / 32 / 72/82 /is2 /222 /242/253 / 23 / 83/93 /143 /16

423 /233 /294 / 24 / 54 / 74 /114 /is4 /28

1 / 41 / 71 /19

1 /131 /202 / 21 / 41 /112 / 72 /154 /265 /17

page

46;:),463

469

42021

39

1496113120

124145

16328

199201

zo,21,31

248261z13280490309

490

51

39

106421

14950319


CV

Rediscounts: (continued)F.11. Bank of Minneapolis:By FRBank of New York

By RBank of Philadelphia

continued)

Page

5 /19 3835 /23 3895/24 3935 /26 3986/1 4086/14 4346 /21 4536 /22 4576/24 4656 /28 4691/13 391/20 61

F. R. Bank of Richmond:By MBank of Boston 1 / 4 4

1 / 7 201/19 51

By FRBank of New York 4 /20 3154 /22 3214/28 3305 / 2 3375 / 3 3425 /11 3605 /19 3635 /24 3935/27 4016 / 1 4086 / 7 4196 / 9 4276 /14 4346 il6 4436 /22 4576 /23 4626 /28 4696 /30 483

F. II. Banks:Rates between FRBanks reduced from 6.a, to co,;; 6 /22 459

House Bill 242 amending .ORAct re rediscount at FRBanks ofpaper loaned by member banks to one borrower in excessof 10;1 of capital and surplus 5 /13 368

inter-bank rediscount rate changed from 7% to Of:,effective May 16th. 5 /13 368

Notes representing real estate loans; Board's reply toSenator Smoot re eligibility for rediscount of, 1 / 6 15

Paper in portfolios of member banks in large centers re-ported to comptroller as eligible for rediscount todeposit accounts of said banks 1 / 6 15


CVL

Rediscounts: (continued)Paper originating in non-member banks; request from

11er:chants National Bank of Wilmington, N. 0., for permis-

sion to rediscount, with FRBank of Richmond 3 /14

Position of FRBank of Richmond re, stated in letter to

Board; proposition of member bank declined by

Board 3 /18

policy of MBank of Atlanta re, and methods used to induce

member banks to liquidate in orderly manner their

indebtedness to the FRBank 1 /24

Rates between FaBanks reduced from 4';',7, to 0,4 6 /22

Renewal notes drawn by stockmen and farmers who have met

losses; reply of Board to Dallas re eligibility of, for

rediscount 2 /14

Status of, between ERBanks; report TO / 31 / 41 / 51 / 61 / 71 /111 /121 /131 /191 AO1 /251 /261 /261 /31z /z / 22 / 32 / 72 / 82 / 92 /102 /14/15

2 /162 /222 /232/24a /253 / 13 / 23 / 33 / 8a / 93 /10


Redi szounts (continual)Status of, between iR.Banks; report re, 3/11

3 143 153 /163 /173/183 /223 /233 /243 253/263 /293 /303 /314 / 14 / 24/44 / 54 / 64/7 4/8 84 /114 /124 /134 /144 /194 /204 /214 /224 /254 /264 /284 995 / 25 / 35 / 45 / 55 / 65 h105 /115 /125 /135 /145 /165 /175 /is

page

204207212218221224227233237241245248257259264267270273276280285290295299303311315319321323326330334337342345347350355360363367372377379381


Rediscounts: (continued)Status of, between RBanks; report re, 5 /19

5 /205 /235 /245 /255 /26/27

5 /316/1

6 / 36 / 4

6 / 76 / 86 / 96 /106 /146/156 /166/206 /216 /226/236/246 /28

6 /296 /30

Rediscounts:Wheatgrowers' Association of pokane, Washington; letterfrom, re eligibility for rediscount at FRBanks of farra3rs'

notes made payable to Association I-013 secured by warehouse

receipts for grain 6 /22

Opinion of Qounsel re, 6 /23

Registered Mail:Publicity given to transportation of, from Houston Branch

to post Office in Houston 3 /25

Regulations, F. R. Board:Amendment to Regulation "B“, authorizing RBanks to purchase

bankers' acceptances covering import and export trans-

actions with futurity of not more than six months 4 /26

Letter to all RBanks to accompany above ruling 4 /295 / 3

Proposed amendmsnt to, re purchase of bankers' acceptanceshaving maturities not in excess of six months,growing

out of transactions involving importation and exporta-

tion of goods; memo, of General t, ouns e 1 re, 3 /15

Page

38338538939539539840140440841141541942,5421450454441

445448455451465465469419465


OIX

Regulations, F. R. Board:Proposed amendmmt to Regulation "B", paragraph 2, repurchase, by AlBanks in open market, of bankers' accept-ances with maturities not in. excess of six months; memo.of Counsel re; matter tabled

Suggested amendments to, re bankers' acceptances

Page

3/18 2241 / 4 5,71 / 5 111 / 7 211 /11 27-81/12 351 /13 391/22 691/25 751/26 85

Suggested modification in, which prescribes evidencenecessary to warrant acceptance by member banks ofdrafts drawn in export transactions, disapproved 1 /22 69Board's reply to &Bank of New York re, 1 /26 85

Remittances by non-member banks in unavailable exchange;memo. of General Counsel re, copy to be sent to Dallas 5 /25 395

Renewal Notes:Eligibility of, for rediscount, drawn by stockmen andfarners who have met losses 2 /14 137

ReParation Committee of Allied Powers:Gold marks to be paid by Germany to; arrangements madefor receipt of, by EaBank of New York, for accounts ofBanks of England and prance 5 /26 399

Report of Condition:t See "Condition Report, F. R. Banks"imports of Business Conditions:

,2Zonthly; Dr. Willis authorized to call conference todiscuss 1 /26 85

Calling of conference Feb. 21st. and 22nd., suggestedby Dr. Willis 2 / 2 109

Issuing of invitations to conference, approved 2 / 3 114Ilellorts of Condition of F. R. Banks:

Treatment of new U. S. Treasury notes in; telegram fromBoard to AlBanks re, 6 /14 437-8

Republic of Cuba:See under "Cuba"

Republic of Panama:t See under "Panama"4n4,chase Agreements:

ileserve set up by Atlanta to cover depreciation in pricest paid for government war bonds acquired under, 6 /29 4804eserve Cities:

Helena,'A:ontana, designated as, 2 / 2 111


Reserves:Columbia Trust Co. of New York, inquiry re, forwarded by

FlaBank of New York 5 /12Deficient:

Letter re, from National Bank of Cleveland, Cleveland,Texas, to Comptroller of the Currency 2 /

Penalties for; memoranda of Mr. Smead and 71r. Hoxton re,2 / 2Penalties for; resolution of 3oard of Directors of

San Francisco re, 3 /29periodical list of all national banks penalized for, to

be sent Comptroller of Currency and Chlef Examiner ofeach district 2 / 2

Progressive penalty rate for, of member banks; modifica—tions in application of, by Cleveland 1 / 6

Progressive penalty rate for, of member banks, to becontinued, by Dallas without regard to calendar year 1 /

Rebate of portion of penalties assessed against certainbanks for, requested by Atlanta; approved 6 / 4

Revision of progressive penalty rate for, in Tenth Dist. 1 / 4

Departmental member banks; letter from FRAgent Perrin reproposed amendment to Section 19 of FRAct re, 5 /23

F. R. Bank of Atlanta:Reserve set up by, to cover depreciation in prices paid

• for Government war bonds acquired under repurchaseagreements 6 /29

F. R. Banks:Report re reserve positions of the several, 1 / 3

i/4

1 / 51 / 61 / 71 /11/12

1 /131 /191 /201 /25/26

1 /281 /312 / 12/2

2 / 32 / 72/8

2 / 92 /102 /14;,), /15


PageReserves: (aont inued)

F. R. Banks:Report re reserve positions of the several, 2 /16 150

2 /22 1522/23 157Z /24 1612/25 1633 / 1 1793 / 2 1823 / 3 1863 / 8 1923 / 9 1993/10 2023 Al 2043 /14 2073 /is 2123/16 2183/17 2213/18 2243 /22 2273/23 2333/24 2373/25 2413j26 2453 /29 2483/30 2573/31 2594 / 1 2644/2 2674 / 4 2704 / 5 2734 / 6 2764 / 7 2804 / 8 2854/fl o4/32 2954 /13 2994 /14 3034/19 3114 /20 3154 /21 3194/22 3214/25 3234 /26 3284 /28 3304/29 334


Reserves: (continued)p. R. Banks:Report re reserve positions of the several,

Report re reserve positions of the severalsubmitted to the Board daily, until furth

Gold earmarked and "hid in foreign countriesnot to be counted as part of their reserves

Gold; problem of increasing, at ERBanks, dis

, to beer noticefor RBanks,

cussed

5 / 25 / 35 / 45 / 5

5 / 65 /105 /115 /125 /135 /145 /165 /175 /185 /195 /205 /235 /245 /255 /265 /275 /316 / 1

6 / 36 / 4

6 / 76 / 66 / 96 /106 /146 /156 /166 /206 /a6 /226 /236 /246 /28

6 /296 /30

2 / 3

i. /283 /11

paV,

331343346347350366360363367312377379361

365369393

396396401404406411416419

4 1430434

443441

4464046146

404694'19463

113

94o6


from gross deposits of balances due from foreign corre-

spondents for purpose of reserve calculations; letter

from Board to Representative McFadden re,

Reduced; letter from New York re authorization to carry,

of banks and branches in certain borough of New York

CityResolutions, F. R. Board:

Discount of notes, drafts or bills of exchange by FRBanks

for member banks in excess of amounts permitted by

Sections 9 and 13 of FRAat

Revised Statutes:Section 5202, proposed amendment to, approved by Committee;

natter referred to Counsel for preparation of amendment

J-11gsted State Bank of Ringsted, Iowa:

4

1

3

5

/25

/ 3

/16

/ 3

Resemes: (continued)International Acceptance Bank; reply to inquiry from, re

reserve to be carried against such deposits as bank is

permitted to hold; referred to Law Committee 4/ 6

Konwood National Bank of Chicago, application for reduction

in reserve requirements; ordered held 6 /20

Maintaining of, against demand deposits by Twin Cities

National Bank of St. Paul, Minn„at 7;;, instead of ic5,

approved 5 /10

Maintaining of, an "Special Lire Deposits"; ruling re,

requested by Deputy Comptroller of Currency 4/ 7

Liodifircation of reserve requirements for branches of banks

with headquarters in Borough of Manhattan, requested by

New York; disapproved 1 /10

New method of determining required, to be put into effect

March 18th.; circular to be sent out re, 3 /15

Penalties for deficient; suggested modification in methods

Page

276

451

357

281

24

215

used by Atlanta in assessing, z / 1 103

Recommendation approved 2 / 2 108

Proposed amendment to Section 19 of &Act re deduction

323-4

1

220

344

Preliminary application for membership from, transmitted

to Chicago for examination of bank and report 5 Az 365

„3„

at. Paul:Competition existing between banks in, and in Minneapolis 2 / 8 126

4,1ramento-San Joaquin Bank:Policies of MBank of San Francisco as written to, by

FRAgent perrin 3 /23 235


CXIV

Salaries, F. R. Banks:Proposed increases in, of officers, exclusive of Chairmen &

Governors; preliminary report by Mr. Wills on,San Antonio, Texas:

Establishment of proposed branch of ERBank of Dallas at; viewsof Board re,

Savannah Agency:salaries:

1

4

/ 3

/ 1

Increases in, of Manager and Assistant Manager, recommendedby Atlanta; tabled 6 /20

Increases approved 6 /29Savings Departments of National Banks:

Opinion of Board requested on Senate Bill 4721 re, 1 / 4Savings Organization:

Future of; reply of Gov. Van Zandt to letter from AssistantSecretary of Treasury Gilbert re, 5 /10

Seaboard Air Line Railway Co.Form of loan for 41,173,500 to, approved upon recomlendation ofRailway Loan Advisory Committee 3/ 8

Form of loan for 41,451,500 to, approved upon recomaendation ofRailway Loan Advisory Committee 5 /10

Form of loan for $1,451,500 to, approved upon recommendation ofRailway Loan Advisory Committee, the carrier taking secondinstallment of loan 6 /14

Seay, George J., Governor, F. R. Bank of Richmond:Request from, for information re controversy between Mr. Williams

and Board, in order to intelligently answer questions 4 /12Second National Bank of Boston, Mass.

Permission granted, to accept for purpose of creating dollarexchange in Australia, New Zealand, eta. 2/ 8

Permission granted, to accept for purpose of creating dollarexchange in certain foreign countries 1 /25

Secret Service Organization:Establishment of, by ERSystem, for benefit of member banks;

letter from Merchants National Bank of Richmond suggesting, 3/ 8Secretaries of Agriculture, Commerce, & Labor:

Proposed bill introduced by senator capper whereby, are addedto membership of RBoard; letter from Gov. Harding toSecretary of Treasury re,

Secretary of Agriculture:Letter from, alleging difficulty in Chicago District in obtain-ing credit for storage of eggs and butter 4 /is

Secretary of State:Letter from, containing proposal for creating national currencyfor Republic of Panama 2 /10

Secretary of Treasury: (mt. Houston)Letter from, re resumption of gold payments 1 /11

6/22


oxv

Secretary of the Treasury: (Mr. Mellon)

Letter from, suggesting payments by Treasury in gold

certificates, from time to time, instead of in F. R. notes;

Page

Board not in favor of, at present 5 /12 365

Meeting of, with FRBoard, arranged far April 4th. 4/ 2 268

Section 11(m) of 2. R. Act:Agendment by Congress of; draft of press statement to be

issued by Board re, dated Jan. 3rd. 1 / 3 1

Section 5202 of Revised Statutes;

Proposed mnendment to, approved by Committee; matter

referred to Counsel for preparation of amendment 5 / 3 344

Security:Collateral, required of banks applying for membership in

FRBank of San Francisco; letter from Jan Francisco re, 1 /11 29

Liability of FRBanks for securities left in their custody

by member banks; letters and memo. re, from Counsel

of Board and MBank of New York 4/ 5 274-5

Security State Bank of Cooper, Texas:Application for membership in FRSystem, approved 6 /20 448

Security Trust & Safe Deposit Co., Wilmington, Del.

Charge-offs for depreciation, to be deferred to end of

calendar year 3 /18 225

Senate Bill introduced by Senator Capper:

Letter from Gov. Harding to Secretary of Treasury re,

whereby Secretaries of Commerce, Agriculture and Labor

are added to membership of FRBoard. 6 /22 459-60

Senate Bill No. 868Letter from Senator Ddge enclosing, proposing amendment to

Edge Act, with request for Board's opinion; amendment

approved 4 /15 305

Senate Bill No. 581:sTransmission of, by Senator Sterling, requesting Board's

opinion thereon, 4'28 332

Letter of reply to Senator Sterling, prepared by

General Counsel 4 /29 335

Senate Bill No. 620:Letter from Board to Chatrman of Senate Comelittee on Banking

and Currency re, re acceptances against Farm Loan bonds 5 / 9 353

Senate Bill No. 1094:Providing for extending of cattle credit through use of

moneys paid into Treasury Department by ZRBanks as franchise

tax; draft of letter stating Board's views re, 5 /23 390-1

Matter discussed with Secretary of Treasury and to be

discussed with Assistant Secretary Gilbert of

Treasury 5 /24 394

Proposed plan for relief of cattle situation, submitted;

telegrams seeking further information to be sent

certain FRBanks 5 /25 396

Views of Board re bill; letter to Chairman of Senate

Committee on Banking & Currency containing, 5 /27 402


CXVI

Senate Bill No. 1615:Reply to letter from Senator McKellar transmitting, designed

to amend. Section 13 of FRAct making eligible for discountcertain factors paper 5 / 9

Senate Bill No. 1835:Board's views re, providing far establishment of domesticbranches by national banks 5 /27

6 /28Senate Bill No. 1836:

Authorizing national banks to establish separate savingsdepartments; letter from Board giving views re, /27

Senate Bill No. 4666:Cotton factors' parer, eligibility of; ordered docketedfor next meeting of Board 2 / 1

Senate Bill No. 4666:Discount of cotton factors' paper; letter from Board toHouse Commdttee on Banking & Currency giving views re, 9 / 2

Senate Bill No. 4721:Board's opinion requested an, re savings departments of

national banks 1 / 4

Senate Bill No. 4799:Opinion of MilBoard re, in reply to request from Chairmanof Senate Committee on Banking & Currency 1 /12

Senate Bill 4994:Letter from Senator =Lean transmitting, providing that'Wanks may buy Federal Farm Loan bonds, and member banks

accept drafts drawn against same as security 2 /14

Opinion of Board re, 2 /16

Shawmut Corporation of Boston:Authority granted, to accept for purpose of creating dollarexchange in certain Central and South American countries 5 / 3

Shearsood Railway Co.Form of loan for $29,000 to, approved upon recommdation

of Railway Loan Advisory Committee 2 / 9

Sheeley, (Mr.), of National Credit Mons' Association:Request from,for reports on gold reserves, note circulation,

etc. 3 / 8

Shipments of Coin & Currency to Member Banks:Circular of FRBank of Cleveland 311, 3 /29

Shipping Documents:Presentation of original, as condition precedent to accept-ance of drafts by member banks; letter from Mr. Warburgre,

Silver:Arrangement re, with American banks having branches in

Orient now obsolete, and banks to be notified of die-continuance of same 1 /11

3/3

354

403471

402

103

110

9

36

196

189

53


Silver:Certificates; rethaval of restrictions on payment of, by

CXVII

Page

Treasury Department 1 / 4 7Dollars and certificates; letter from Governor Hardingto FRBanks stating, can now be paid out by FRBanks andmember banks 1 /19 56

Smead, E. L., Chief of Division of Reports & Statistics:Authorized to sign certain routine letters 6 /30 465

Smoot, (Senator) Reed:Reply of Board to, re eligibility for rediscount of notes

representing real estate loans 1 / 6 15Solicitor General of United States: ,

Consent of, to Atlanta joining in motion to U. S. SupremeCourt to advance par clearance case on argument calendarwhen case reaches office of U. S. Clerk 1 /19 59

'Southern Building:Staff of RBoard-now located in; report of 14r. Emersonon new quarters for, 3 /24 237-8

Southern Realty Corporation:Notice to FRBoard to vacate space occupied in Southern

Building 3/ 8 196Soviet Gold:

Position of Treasury D3partment re acceptance of, 3 /29 249Special Lire Deposits:

Maintaining of reserves on; ruling re, requested byDeputy Comptroller of Currency 4/ 7 281

SProule, William:Mr. Miller authorized to inquire if willing to serve asClass ”J“ director of FRBank of San Francisco 1 / 5 12-13

Staff of F. R. Board:Appeal for aid to, from employees of Austrian-HungarianBunk of Vienna; referred to Red Cross 1 / 3 2 - 3

Assistant Counsel:Freeman, Edgar ':i., appointment and salary 6 / 9 428

Associate Statistician:Goldanweiser, :. A., appointment as, 3 /26 247

Charwoman:Fisher, Alice May, transferred to Treasury Dept. roll 2/22 155Freeman, Lizzie, transferred from Treasury Dept. toBoard's payroll 2 /22 154

Chief Clerk's Office:Griffin, Helen B., appointment as stenographer 6 /14 439Short, Ella, appointment and salary 1 /11 34Short, Lila A., resignation 5 /17 380

Comptroller of the Currency:Connell, J. J., resignation as stenographer in office of,3 / 2 183


Staff of F. R. Board: (aontinued)Counsel's ()Mae:Angell, U. B., Assistant Counsel, resignationBlakey, R. K., resignation as Law ClerkBradley, O. J., salary inareasedCox, William F., salary increasedFreeman, 2dgar W., appointmeat and salary as Assistant

CounselHurley, Joseph, appointment and salary as Law & File

ClerkSalaries, inareases in, of certain employees recommended;

disapprovedWyatt, Walter, Assistant Counsel, salary increased

Division of Analysis & Researah:Adams, M. R., work complete/ and serviaes discontinuedArrons, Grace, appointment and salaryChanges in personnel and salary adjustments in,Davis, Dorothy, cancellation of increase in salaryDickson, Jean, name of, substituted for that of Grace

Arrons whose appointment was approved Jan. 26th.Liann, Lawrence, appointment and salaryNadler, Marcus, appointment and salary as StatistiaalClerk

Peterson, Ruth E. R., appointment and salaryRice, Morgan H., appointment in FRBank of Dallas, recom-

mended by FRAgant RamseyAppointment approved, at salary of *3,000 perannum

Ross, Alice, resignationSalaries:Reaommendations re adjustments in, approved in part

Division of Examination:Farrell, Edward A., appointment and salary as General

Assistant in iashington office of,Imlay, W. I., salary increased 425 for month of may

6 / 72 /226 /306 /30

6 / 9

4 /20

6 /306 /30

1 /281 /za4 /261 /12

2 / 43 /11

6 / 32 / 3

4 / 7

4 /121 /28

6 /30

5 /115 /13

pa'

42.54481481

416

30

486 146'

919133°31

1110

soi

10

28°

2.810

488

363

01

Sohopp, Arthur J., appointment and salary as stenographer .23on examining fora° 1 1 7

Division of Issue & Redemption:Assignment of certain employees in, to work in offiae of ilkComptroller; letter from Comptroller re, 2 / 3 40

Augusterfer, Lillian F., salary inareased 6 /28 40Barrow, Theresa, salary increased 6 /26 40Bohn, Belle H., salary inareased 6 /26 40

Burchard, Addle K., salary inareased 6 /26 40

Cobb, Lilybee O., salary increased 6 /26 00Connell, Bernard, Messenger, appointment and salary 4 / 7 41Crafford, Ada F., salary inareased 6 /26 4!;

Oroe, Gertrude E., salary inareased 6 /26 4V

Dashiell, S. T., salary inareased 6 /26


CXIX

Page

Staff of F. R. Board: (continued)

Division of Issue & Redemption: (continued)

Da Ment, Catherine M., resignation 3 / 2 183

,Devine, Eva M., salary increased 6 As 478

Dremett, Annie M., salary increased 6 /28 477

Durnbaugh, W. K., salary increased 6 /28 477

Emerson, Madeline C., salary increased 6 /28 477

Fellmis, Virginia M., salary increased 6 /28 478

Forsythe, Minnie H., salary increased 6 /28 477

Fowler, Eaith F., salary increased 6 /28 478

.Foxler, Edith F., transferred from Redemption Division

of Office of Comptroller 3 / 1 179

Fred, pauline C., salary increased 6 /28 478

Gailes, G. A., salary increased 6 /28 477

Garrison, Martha, salary increased 6 /28 477

Gott, Alys E., salary increased 6 /28 477

Handy, Bertha E., salary increased 6 /28 477

Heale, S. Myrtle, salary Increased 6 /28 478

Herd, Dorothea A., salary increased 6 /28 477

Hereford, Virginia B., salary increased 6 /28 478

Herron, Y. Audrey, salary Increased 6 /28 477

Hester, 0. la., salary increased 6 /28 477

Hicks, Lillian H., salary increased 6/28 477

Jenkins, Elizabeth O., salary increased 6 /28 477

Martin, Martha J., salary increased 6 /28 477

Mead, (Mrs.) E. 6., appointment and salary as Clerk

Counter 2 /22 154

Mead, Edna S., salary increased 6 /28 478

Messenger boy; salary for position of, increased 1 / 3 3

Uulvihill, Mary O., salary increased 6 /28 477

Murphy, Julia D., salary increased 6 /28 477

Murray, T. J., salary increased 6 /28 477

Penn, Ruthette M., salary increased 6 /28 477

Piakells, Dorothy J., appointment and salary as Clerk

Counter 2 /22 154

Pickells, Dorothy J., salary increased 6 /28 478

Quesenberry, Caroline B., salary increased 6 /28 478

Reeder, Dorothy M., salary increased 6 /28 477

Ricker, (Mrs.) Viola a., appointment and salary as ClerkCounter 2 /24 162

Ricker, Viola 3., salary increased 6 /28 478

Salaries, increase in, of certain employees (See pages

477 —78 for names) 6 /28 474

Sheffer, Mary E., salary increased 6 /28 477

Soule, May L., salary increased 6 /28 478

Sparks, (Mrs.) Grace, resignation as Clerk Counter 3 / 1 179


1'X

Staff of F. R. Board: (aontinued)Div. of Issue &Rederaption: (continued)

Staton, Annie 2., salary increased 6 /28

Tharp, Hallie L., salary increased 6 /28Tucker, W. J., salary increased 6 /28Wedderburn, Helen P. 6 /28Willett, Charles H., appointment and salary as Messenger 2 /24

Willett, Charles H., Messenger, resignation 4 / 7Winahell, Kathryn P., appointment and salary as ClerkCounter 3 / 2

Winchell, Kathryn p., salary increased 6 /28Division of Mails & Files:Merriman, Carolyn M., resignation

, 1 /19

Watson, (Mrs.) Mary H., appointed assistant in, 1 /19Division of Reports & Statistics:

Baer, Isabel, resignation as Comptometer Operator 5 /20

Burns, 'William E., Messenger; death reported, and mineauthorized carried on payroll to April 7th. 4 / 8

Oaskey, Merret p., resignation 3 / 8Re-instatement 3 /11

Levereux, Flora S., appointment and salary as Hey -1,unahOperator 2 /14

Discontinuance of services of an employee of; memo. ofAssistant to Governor re, 6 /30

Elder, Nora, appointment and salary 4 /19

Hargett, Edward L., Messenger, appointment and salary 3 / 1

Hendley, Elizabeth, increase in salary 2 / 2

Hoffman, (Lass) Dale E., appointment as Clerk-Typist 6 /14

Imlay, M. H., temporary appointment for three summermonths 6 /14

Rilbury, Frances A., appointment and salary as ComptometerOperator 5 /31

Maley, Inez I., appointment and salary as Card puncher 4 /29

Mickle, Julia R., appointment and salary as ComptometerOperator 5 / 4

Ragan, (Mrs.) Robert H., appointment and salary asKey punch Operator 1 / 4

Robillard (Urs.) Alice, resignation 1 /25Schmehl, Esther L., resignation 3 /29

Schnehl, Esther L., resignation reported 4 /29Snead, Es L., recommendation for increase in salary;no action 6 /30

Smith, Florence E., resignation 6 / 77;heeler, Rutledge R., appointment and salary as Junior

Messenger 5 / 5Employees; additional sick leave far two, granted up to

April 1st. 3 /17

File ROOM:See under "Division of "1311s & Files"


CXXI

Staff of F. R. Board: (continuediFisoal Agent:Imlay, W. I., salary ordered increased $25 for month of

Llay 5 /13General Counsel's Office:See "Counsel's Office"

Gold settlement Division:Shaw, Gertrude C., appointment as Stenographer 1 /25

Library:Appointment of additional assistant in, authorized 6 / 8

Zessengers:Burns, William E., death reported, and name authorizedcarried on payroll to April 7th. 4 / 8

De Haven, John, resignation 6 /16Hargett, Edwin L., permanent appointment as Messenger 6 /14Stewart, Ira H., appointment and salary 1 /19Wheeler, Rutledge R., appointment and salary as Junior'Messenger in Div. of Reports & Statistics 5 / 5

1.1r, Mitchell's Office:Leonard, R. F., appointment and salary as privateSecretary 5 /12

11r. platt's Office:Durland, Joseph L., increase in salary, as of June 1st. 6 /14

Office of Assistant to Governor:Black, Lucy 6., granted additional leave with pay formonth of April 4 / a

Swain°, Frances, appointment and salary as GeneralAssistant 1 /11

Redemption Division, Office of Comptroller:Employees of, transferred to other departments under

Comptroller and replaced by employees on payroll of• EaBoard 2 / 1Salaries:Adjustments in, of certain employees,effective July 1st. 6 /30

Sick leave, additional, for two employees, to April 1st. 3 /17Statistician's Office:Deeds, Dorothy, appointment and salary 1 /17Meacham, Genevieve U., increase in salary 2 / 2.

State 3anks in Cotton Producing 3elt:Applications of, for membership in FaSystem, to be sentto alBoard for action 3 /25

State Member Banks:Non-transfer of assets of, to non-member bank underconsolidation unless non-member bank agrees to liquidateindebtedness to eRBank; suggestion from Kansas City 2 / 7

Revised form for use in calling for statements from, 4 /12

page

367

81

425

28544443760

348

365

439

285

34

101

486222

49112

242

121297


0XXII

50:

State Department:Letter from, re establishment of government bank in Cuba

444to be operated under supervision of 0a3oard 6 /16

46°Reply of FRBoard 6 /22

erao. from, re confidential report from representativeat Warsaw re agreement under which Guaranty Truet Co.of New York is doing business in Poland 5 / 3Information re, secured by Platt from fltBank

of New York 5 / 5State of Texas:

Letter signed by Senators and Representatives from, petition- 413ing Gov. Harding to pay visit to State 6 / 3Gov. authorized to aclept invitation and take with him 411

Lr.W. L. Eddy, Assistant Searetary of Board 6 / 4Statements from State Member Banks: 2,91

Revised form for use in aallirr; for, 4 /1-

Sterling, (Senator): •Transmission by, of Senate Bill No. 581, requesting 3$

Board's opinion thereon 4 /28Letter of reply to Senator Sterling, prepared by

General Counsel 4 /29

Sterling Exchange:Letter to Philadelphia National Bank re sterling exahangeas security for bankers'ac.leptances drawn in import andexport transactions 2 /10

Opinion of Board re import or export acceptance creditseaured by; letter to Philadelphia National Bank express- 13/ing 2/ 9

Stock:(See also "Capital Stock" )Citizens National Bank of llonterama, Georgia; application 16/‘of, for stock in FRBank of Atlanta, approved 3 / 1

Federal International Banking Co., amount of capital stoakpaid in to, in exaess of 25:.; of capital and surplus;memo. of General Counsel 2 / 8

Federal International Banking Co.; subscriptions to stoakof, by Atlanta National Bank of Atlanta, Ga., andAmeriaan Li:change National Bank of Dallas, Texas 2 / 9

Indiana National Bank of Indianapolis, Ind., granted permis-sion to purchaso additional stock in Agarican Foreign 190Banking Corporation 3 / 3

International Acceptance and Lxahange 3;33'c, Inc., form ofagreement to make its stoak eligible for investment bynational banks 1 /31

International Aaceptanae Bank, In.; first National 3ankof Boston authorized to invest in stoclr, of, up to41,500,000 3 /;•%6

349

0

91


Stoak: (continued)National park Bank of Livingston, Lionta.na; appliaation of,for additional stoak in FRBank of minneapolis,approved 1

1

4

2333

1

1

1

/ 3

/24

/15

/26/ 1/ 3/11

/19

/ 7

/11

Purahase of, by aertain national banks, in First FederalForeign Banking Association without authorization byFRBaard

Storage of Eggs and Butter:Diffiaulty in obtaining credit for, in Chicago Distriat;letter from Searetary of Agriculture re,

Strong, Benjamin, Governor, F. R. Bank of New York:Meeting of, with RBoard, Feb. 26th., to discuss aritiaisras

made by Comptroller of Currency re certain large loansmade by FRBank of New York to certain New York citybanks

Present at meeting of ERBoardPresent at meeting of BoardPresent for short time at meeting of RBoard

Sub-Treasury at Balit.L.o' re, Maryland:Discontinuanae of, Jan. 14th.

.4ub-Treasury at St. Louis, Mo.Discontinuamae of, January 8th.

Sub-Treasury Funati onsAssumption of, by Baltimore Branch of ill.Bank of Richmond

Page

3

72

305

173-176177189206

51

22

29Assumption of, by Cincinnati Branch of SBank of

Cleveland. 1 Al 29Assumption of, by MBank of Philadelphia 1 /11 29

314Preme Court:Decision of, in aase brought for purpose of testing par

collection system of FR3anks, remanding case to U. S.District Court for trial 5 /16 377

4uprerne court of Missouri:Decision of, that 314; Liberty loan fully paid. interim certi-fiaates are negotiable instruments transferable upondelivery; letter from Board transmitting copy of, toGovernors and FRAgents 6 / 6 424

tITIt

411113.1 Northern Railroad Co.Form of loan for .100,000 to, approved upon recommendationOf Railway Loan Advisory Comnittee 5 /10 355Taxes:

Franchise; suggestion of Chicago that published statementof FRBanks show profits to be set aside for payment of, 3 /31 261


CaY.IV

page

Telegraph Operators:(See Leased Wire System)

Telephone Wires:• !Lem. from Assistant to Governor reporting upon private

436wires 6 /14

Tennessee Legislature: 0Anti-par bill passed by; advice from St. Louis re, 3 /24

Texas:Letter signed by Senators and Representatives from, petition-

ing Gov. Harding to visit State 6 / 3

Governor authorized to accept invitation and take with

him 'd. L. Eddy, Assistant Secretary of Board 6 / 4

Texas Farm Bureau Federation of Dallas:Letter from Board to, re eligibility for discount of drafts

drawn by producers on marketing corporations in which theyare stockholders 2 / 9

The Jhemiaal National Bank, New York:permission granted, to accept far purpose of creating dollarexchange in Australia, New :;ealand, etc. 1 /17

Toledo, St. Louis & Western Railroad Jo.Form of loan for'4692,000 to Receiver of, approved upon re :min-

mandation of Railway Loan Advisory Committee 5 /17

Traylor & Kiddoo:Letter from Board to, re discounting of paper arising under

operations of cattle loan pool 6 /30

Treasury Department:Conference between representatives of, and FRBoard, re immediate

credit at FRBanks for items deposited for credit in

Treasurer's account 1 /22

Letter from Acting Treasurer of U. S. submitting applications

from certain national banks to sell to FRBanks U. S.Consols of 1930, under Section 18 of FRAct 3 /23

policy of ERBanks re items deposited with Chem by, which are

returned unpaid owing to failure of drawee banks; letter from

Assistant Secretary of Treasury re, 5 /14

Position of, on acceptance of Soviet gold 3 /29

Relations between FRBanks and; Department advised of action

taken at last Governors/ Conference and approved by Board 40

re 6 /14

Sale of bonds under Section 18 of RAct; no applications for, 16

received for quarter ending Dec. 31, 1920 1 / 6

Silver certificates, removal of restrictions on, 1 / 4

Treasury Notes of Series A, 1924:

:emo. from Assistant Secretary of Treasury Gilbert re offering

of, and matter of discounting of paper secured by, at6 /10FRBanks

Trowbridge, Alexander 3., Consulting Architect:

Discussion of, with Board, matter of second vault test, and

securing of patents on vault construction 2 /23

413

411

131

41

30

66


oav

(09

458

36

451

158

Trowbridge, Alexander 3., Consulting Architect: (continued)

Letter from, requesting authority to pay fee to patent

attorney for securing patent rights in connection with

recent vault testsTrust Funds:

Certain, of Western National Bank of York, Pa.; inquiry

from RBank of Philadelphia re,

Trust Receipts:Issued by MBank of Atlanta to AlAgent covering discounts

pledged as security for F. R. notes and sent out for

collectionTwin Cities National Bank of $t. Paul, Minn.

taintaining of reserves of 7;;, instead of 10,4, against

demand deposits, approved

3

6

3

5

/ 3

/ 4

/25

/10

"U"

page

187

416

243

357

Utavailable Exchange:Remittances by non—member banks in; memo. of General

Counsel re, copy to be sent Dallas 5 /25 395

Under Secretary of the Treasury:Attendance of, at meetings of HU:Ward, when Secretary of

Treasury is unable to attend, approved 6 /28 471Union & New Haven Trust Co., New Haven, Conn.

Taking over by, of assets of peoples Bank & Trust Co. of

New Haven, Conn. 5 /14 373

Union National Bank of Pasadena, California:Los Angeles Trust & Savings Bank authorized to purchase

assets and business and assume liabilities of, 6 /23 462

lhaion savings 3ank & Trust Co., Cincinnati, Ohio:

Authority granted, to establish additional branch in

Cincinnati 1 /28 90

ttion Trust & Savings Bank, Pasadena, California:

Los Angeles Trust & Savings Bank authorized to take over,

and establish branch at Pasadena 6 /14 436

thlion Trust Co., Sioux City, Iowa:Difficulties encountered by; advice from ChicaGp re, 1 /31 98

United states Certificates of Indebtedness:

See "Certificates of Indebtedness',

ihaltad States 2;12 Consols:Applications of certain national banks to sell, to FRBanks

under aection 18 of FRIA; letter from Acting Treasurer

of U. S. re, 3 /23 233


OXXVI

United States Sub-Treasury at St. Louis:Discontinuance of, January 8th.

United States Treasury Department:See under "Treasury Department',

United States Treasury Notes:Treatment of new, in ERBank condition reports; telegramfrom Board to FRBanks re,

ITV If

1 / 7

6 /14

Valley BanIc of Phoenix, Arizona:Absorption by, of Gila Valley Bank & Trust Co. of Globe, 30Arizona, non-manber bank with seven branches, approved 4 / 1

Vault Clerk: 09Additional alternate; C. 7. Cameron designated as, 5 /26

Vault Construction:F. R. Bank of Cleveland:Letter from architects of Bank re, asking permission to

enter into 3ontrat for, in new building 1 /20

Vault Tests:Facess expenditure for, 1 /25

Expenses necessary to conduct; letter from ConsultingA.rchitect re participation by certain 'RBanks in, 4 /13

Payment of fee to patent attorney for obtaining patent

rights in cormnation with; Board's authority for,requested by Consulting Architect 3 / 3

Suggestion of Mr. Trowbridge for second test, statingintention of patenting forms of vault constructiondeveloped as result of previous test

Matter of securing patents referred. to Mr. Hamlin for 169report 2 /2.3 161

Memo. of Counsel re securing letters patent z /24

Virginia Blue Ridge Railway Co.Form of loan for ;1;106,000 to, approved upon recommendation

of Railway Loan Advisory Committee 4 / 6Virginia Southern Railroad Co.

Form of loan for $38,000 to, approved upon recommendationof Railway Loan Advisory Corranittee 2 /26

Virginian Railway Co.Form of loan for .11;2,000,000 to, approved upon recomilenda- 101

tion of Railway Loan Advisory Committee 2 / 1

61

0

0

11°


,81

163

11°

101

Watt

pageWadsworth, Assistant Secretary of the Treasury:

Lem°. from, sagoesting new organization for handling of

loans to railroads under Section. 210 of Transportation

Act 3 /23 234

Wage & Employment Conditions in United States:Report re, ordered published in forthcoming short edition

of FaBulletin 4 /49 334War Bonds:

Held by certain banks in excess of capital and surplus;recommendation of Atlanta for purchasing, under certainconditions, with rapurohase agreement 3 /14 206plan of Atlanta re above, approved 3 /15 215-16

War Department:Ordnance supplies requested from, for protection of RBankof Cleveland, refused 1 /20 63

War Finance corporation:Bonds of,

FilBanks to receive subscriptions to, as fiscal agents of

the Government 1 /11 31Hughes, C. B., to continue connection with ,;orporation

upon assuming duties as Counsel for 'Railway Loan AdvisoryCommittee 0

/is 145-6Information furnished by First Feaeral Foreign BankingAssociation re its request for permission to executenote to, to finance participation in syndicate loan forexport transaction 6 /24 466

Letter from, re extending of credit by aBanks, quotingBoard's press statement X-3133 of June 6, 1921 6 / 8 426

Letter from -,a‘. :Mar replying to above 6 / 9 426

Request from, for access to reports of examination of Statebank members in possession of Board; approved whererequest comes from member bank concerned 5 /17 380Letter from, .;ar Finance Corporation agreeing to Board's

terms 5 /18 351Request from, that statement be published in Bulletin

calling attention to Circular :To. 1 recently issued by

corporation 5 /20 386War Savings Organization:

Future of; reply of G07. Van Zandt to letter from AssistantSecretary of Treasury Gilbert re, 5 /10 357

4arburg, Paul M.Form of agreement to make stook of International Acceptance

& Exchange Bank eligible for investment by national banks;

letter from Board enclosing, 1 /31 97

Letter from, re presentation of original shipping documents

as condition precedent to acceptance of drafts by memberbanks3/3 189


CXXVIII

Warburg, pail M. (continued)Request from, for ruling of Board re purchase of bankers'

acceptances covering import and export transactions

having maturities up to six monthsWarehouse Receipts:

Eligibility for rediscount at aiBanks, as agriculturalpaper, of farmers' notes made payable to .(heat Growers'

3/ 3

Fa'

189

Association of Spokane, Washington, and secured by 458warehouse receipts 6 /22 464

Opinion of Counsel re, 6 /23

Trust receipt of Mlssissippi Delta Cotton Export & Trading 146Co. as, under Regulation "A" 2 /15

Wheat growers' association for securing credit upon; in-

formation re proposed organization of, requested by 391President of First National Bank of Haxtun, Colorado 5 /23

Washington Clearing House:Suggestion from Chairman of, for devising, and recommending

to Congress, of law covering charter and operations of 381banks in District of Columbia 4/ 8

Waterloo, Cedar Falls, & Northern Railway Co.

Form of loan for 460,000 to, approved upon recommendation

of Railway Loan Advisory Committee 1 / 3

Form of loan for `1,260,000 to, approved upon recommenda- 306tion of Railway Loan Advisory Committee 4 /15

Weekly Consolidated Statement of F. R. Banks: 309Change in time of issuing, suggested by Gov. Harding 4 /18

To be issued as of close of business on Wednesdays, for 311Friday release 4 /19

Weekly Consolidated Statement of Member Banks:

Compiling of, as of close of business on Wednesdays, for

Friday afternoon release 4 /19

Wellborn, L. B., Governor, F. R. Bank of Atlanta:

Present at meeting of FRBoard / 1

Wells, Oscar, of Birmingham, Alabama:

To be invited by Board to serve on Cuban Commission on 109insolvent banks 2/ 2

Western Maryland Railway Co.Form of loan for 0622,800 to, approved upon recommendation 18


Form of loan for .:31,500,000 to, approved upon request of 31°

Railway Loan Advisory Committee 3 /in

Western National Bank of York, pa. 416

Inquiry from Philadelphia re certain trust funds of, ' 6 / 4

Whaley-Eaton Service of New York:Excerpt from, re letter from Comptroller of Currencyto Gov. 10)

Harding re loans to four New York banks / 8

Comptroller to be requested to supply 3oard's Secretary

with names of persons to whom he had given copy

of above letter 2 /1010)


CXXIX

6

PageWhaley-Eaton Service of New York: (continued)

Request from New York Commercial for information in rereference publishei in, to letter of December 28t14,1920,from Comptroller of Currency to Governor Harding 2 /16 150

Wheat Growers' Association:L.ovement to organize, for securing credit upon warehouse

receipts; information re, requested by president of

First National Bank of Haxtun, Colorado 5 4/.5 391Wheatgrowers' Association of Spokane, Washington:

Letter from, re eligibility for rediscount at RBanks, asagricultural paper, of farmers notes made payable toAssociation and secured by warehouse receipts for grain 6 /-2 458

Opinion of Counsel re, 6 /23 464Wheeling & Lake Erie Railroad Co.

Form of loan for .$500,000 to, approved upon recomicendationof Railway Loan Advisory Committee 1 /14 45

Form of loan for 31,460,000 to, approved upon recommenda-tion of Railway Loan Advisory Committee 5 / 4 345

ahiteside, A. D., President of National Credit Office, N. Y.Plan suggested by, whereby discount rates of FRBanks will

fluctuate in relation to reserve ratios, in accordancewith pre-announced schedules • 5 /14 374

Whitney Central National Bank, New Orleans, La.Refusal by, to honor drafts drawn under certain letters

of credit issued by it 1 /11 31Wichita Northwestern Railway Co.

Approval by Railway Loan Advisory Committee of form ofobligation submitted by, for taking down full amount ofloan for 3381,750 6 /28 470

Williams, John Skelton:(See also "Comptroller of the Currency"),Correspondence between, and FRBoard; advice from Gov. JeaY

of Richmond re showing of, by Mr. Williams, to persons inRichmond, and requesting facts re controversy 4 /12 296

Correspondence between, and FRBoard; request from ChairmanOf Holm(' Banking & Currency Committee for copies of,sinceDec. 1st., 1920 4 /20 316

Draft of reply to, from Gov. Harding, to letter from Lir.Williams dated :.:arch 21st.; transmission of,authorized 4 / 4 271

Letter from, to Secretary of Board, dated "larch 30th.,with reply by secretary 4 / 4 271

Reply to letter from, under date of April 7th. 4 / 9 289

Request from, for certain information requested on March

30th.; invited to attend, on April 9th., reading of

minutes of meetings held Feb. 28th. and March and. 5 / 6 277

'411lie, Dr, H. Parker:Letter from, re proposed plan to further foreign service

of Div. of Analysis & Research by means of contributionsfrom manks Interested in subject 4 /2,0 317


xxx

dills, D. G.Class ft,;" direator at Cleveland; redesignatiaa as, andas Jhairman and FRAgent

Expiration of term of offize as Member of FR3oardInvited to attend, on April 9th., reading of minutes ofFRBoard's meetings held Feb. 26th. and :Taroh 2nd.

Preliminary report by, re proposed in3reases in salariesof offi.:ers of &Banks, elusive of Governors andChairmen

ailmington, Brunswiak, & southern nailroad Co.Form of loan for90,000 to, approved upon reommendationof aailway Loan Advisory Committee

:;ine for 641:1ramenta1 Purposes:Eligibility of aazer,tan,les based on transaztions in,

.:;ireless telegraph between MBank of Minne4polis and HelenaBran„lh, suggested. by Minneapolis

,301 Growers:Finan,ling operations of, through bankers' aazeptanJes;letter from Board to 6enator Myers r,

Trust & Javings Bank of Cheyenne,Letter from, re refusal of Eansas City to di6aount as a

zlass paper secured by mortgage on growing arops ofsugar beets

1/

5 /11

6 /30

ro

3,02102

211


1921part1_index.pdf

Documents

city national bank

riddell national bank

wheeling bank trust

frbank of new york

mbank of new york

federal reserve bank

authority of national

new yorkcity