1942_v29_Part 1-6 Index.pdf

INDLX TO MINUTES

OF

BOARD OF GOVERNORS

OF THE

FEDERAL RESERVE SYSTEM

1942

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

KEY TO INDEX

Branch Banks, Domestic, FRBanks andForeign, see Branch banks

Clayton Act, see Interlocking Director-ates

Directors of FRBanks and Branches, seeDirectors

National Banks are listed under headingNational Banks

Section 32 of Banking Act of 1933, seeRelations with Dealers in Securities

Securities Exchange Act, see SecuritiesExchange Administration

State Banks are listed under StateMember Banks, Nonmember Banks andMembership

Stock of FRBanks and Member Banks, seeStock .


INDEX

1942

Acceptances, bankers:Legislative clarification of the status of, for the purposes

of the Excess Profits Tax, reply to inquiry

of the Committee on Foreign Banking of New

York advising that there have been no furtherdevelopments in connection with the proposed

amendment to the Internal Revenue Code

Acceptances up to 100% of capital and surplus:

American National Bank & Trust Company of Mobile, Alabama, ac-

tion on application deferred pending opinionof Comptroller as to whether condition of

bank justifies grant of authorityApplication approved

Accountants, cost, Major General Olmstead to be advised that FRBankshave none on their staffs and suggested thathe contact American Institute of Accountancyand American Association of Accountants

Accounts:Loan agencies of Reconstruction Finance Company, advice to

FRBanks that there is no legal reason for not

openingWar loan, opening by small banks, discussed at meeting with

Federal Advisory CouncilTelegram from Treasury Department to FRBanks on

Addresses:Raisty, Lloyd B., on consumer credit, telegram listing sug-

gested changesAdjusted compensation plan:

Presidents' Conference requests regarding, discussed and re-

strictions modified with understanding that

plan will not be applied where it would in-crease any salary beyond $6,000 and not to be

effective until after March 1, 1942

Presidents' Conference advised that liberalization of, hasbeen approved in accord with request, letterto be sent to FRBanks

Advertisements:Charge sale, violation of Regulation W by store in Rochester

Expenditures by FRBanks in newspapers of cities where regional

offices of Victory Fund Committees are located

Furniture company advertisement in violation of Regulation, as

articles are closely related but down payments

required are insufficient to cover total

Pages

5/13 929

3/30 5924/16 730

3/2 389

6/17 1238

9/14 17989/18 1842

11/ 9 2137

2/27 364

3/2 394

8/22 1661

11/25 2230

2/7 223


Advertisements: (Continued)Harold A. Lifton Co., New York, promotion items under Regula-

2Pages

tion W 7/31 1528Home Furniture Company, compliance of group offerings with

Regulation W 9/10 1767Misleading, in connection with Regulation W, reply to Boston

Better Business Bureau in regard to distribu-

tion of the National Bureau's statement in

respect to 5/15 941Radio, sale of, as advertised, permissible under section 6(j)

of Regulation W, letter sent to Mr. W. E.

Carney and Bureau of Internal Revenue

Treasury financing, complaints from press of discrimination in

placing ofAetna Life Insurance Company, continuation of contract with, for

group life insurance for employees of Board

1/7 23

12/ 1 2248

4/22 755Affiliates:

Bank of America National Trust & Savings Association:

Letter advising that Board does not consider holding company

affiliate relationship with Transamerica Cor-

poration as terminated, and that Board is with-

out authority to waive filing of reports of

affiliates 1/22 101

Copies to be sent to Messrs. Clerk and Crowley, and the

Comptroller of the Currency 1/22 105

Review of relationships with First Trust and Savings Bank

of Pasadena, California in connection with es-

tablishment of branches at Temple City and

Alhambra, letter to be drafted advising of

denial of permission on present information

before the Board 2/ 6 208-14

Letter from FDIC expressing opposition to further expan-

sion by 2/6 212

Under present policy further expansion of, to be restricted 2/14 256

Copy of letter to be sent to the Comptroller and FDIC 2/14 257

Peoples Bank of Lakewood Village, Calif., Board to recon-

sider application upon showing that relationswith, have been severed 3/11 463

Mr. Knox advised of reasons why Board did not approve appli-

cation 3/11 465First Trust and Savings Bank of Pasadena, Calif., time extended

for filing of reports of 4/21 749Extension of time to file reports of 7/16 1443

425 West Wisconsin Avenue, Inc., Milwaukee, Wis., agreement on

form P-3 must be executed by, before authority

is granted for issuance of voting permit to

Wisconsin Bankshares Corporation 10/15 2024


Affiliates: (Continued)Hotel Conneaut at Conneaut Lake, Pennsylvania, publication of

report by Peoples-Pittsburgh Trust Company,waived, but report should be rendered at nextcall if affiliation still exists

Lanphar Agency, Inc., examination report of Romeo Savings Bank,Romeo, Mich., shows affiliate relationship

Maine Real Estate Title Company, Bangor, Me., of Merrill TrustCompany, now in liquidation and report not re-quired

Mellon National Bank and the Union Savings Bank of Pittsburgh,purchase of additional stock of, by the UnionTrust Company of Pittsburgh held to be in vio-lation of FRAct and Revised Statutes

Melvyn F. Lanphar & Co., examination report of Romeo SavingsBank, Romeo, Mich., shows affiliate relation-ship

Merrill Mortgage Company, Bangor, Maine, of Merrill Trust Com-pany, publication of last condition report notto be required to be published in future

Not in formal liquidation, report should be submitted byMerrill Trust Co.

Morgan Grenfell & Co. Ltd., considered an affiliate of J. P.Morgan & Co., Incorporated, New York City inconnection with admission to membership

Belief of Board that when steps have been taken by J. P.Morgan & Company, Inc., the affiliate relation-ship will have been terminated

Mutual National Bank in the same position as regards capital asChicago City Bank and Trust Company, FRBank ofChicago and National Bank Examiner to determinemeasures which should be taken by

Pilgrim Vaults, Inc., title to real estate of Pilgrim Trust Com-pany transferred to, question of publication ofreports

Relationships where corporate stocks are pledged with memberbanks as security for loans, policy of Boardnot to reply to hypothetical questions butpossible reply suggested to FRBank of SanFrancisco

Bank, Romeo, Mich., stock disposed of by MelvynF. Lanphar and not considered affiliate ofMelvyn F. Lanphar Co. and Lanphar Agency, Inc.

Bank of Pittsburgh and the Mellon National Bank,purchase of additional stock of, by the UnionTrust Company of Pittsburgh held to be in vio-lation of FRAct and Revised Statutes

Romeo Savings

Union Savings

3Pages

5/13 928

9/12 1789

6/17 1231

2/21 308

9/12 1789

6/17 1231

11/11 2149

4/23 757

6/23 1271

3/2 400

8/ 6 1575

2/26 358

10/12 2008

2/21 308


4

Affiliates: (Continued)Union Savings Bank of Pittsburgh: (Continued)

Union Savings Bank to be taken over by Union Trust Co.of Pittsburgh

Val Verde Wool & Mohair Company, Del Rio Bank & Trust Company,Del Rio, Texas, attention of, to be calledto definition of affiliates in connection

11/10

Pages

2142

with reports on relationship with 4/9 664Agencies, FRSystem:

Savannah:Personnel classification plan, changes approved 9/11 1784Staff:

Bowden, Jas. H., Manager, salary approved 5/5 862Looney, Earle, Assistant Manager, salary approved 5/5 862

Salary approved as Acting Manager 9/11 1784Air carriers:

Priority for travel on, authority to sign certificates for,limited to Members of Board and Secretary 2/5 196

Letter to FRBanks recommending that authority to sign cer-tificates be restricted 2/5 197

Alabama:Limitation on loans to one person, application of State law to

guaranteed loans 8/ 6 1577Alaska:

Destruction of currency in, procedure affecting FRnotes andFRbank notes approved 9/ 1 1717

Nonmember banks to be permitted to carry account with FRBank ofSan Francisco during War emergency 9/15 1819

Regulation W, provision inapplicable to Ketchikan MerchantsAssociation, Ketchikan, Alaska, letter givingreasons why provisions of Regulation W werenot made applicable to 6/29 1319

Alien Property Custodian:Delegation of power over, to Secretary of Treasury, statement

for publication in FRBulletin 3/24 551Executive Order establishing office, statement for publication

in FRBulletin 3/24 551Statement regarding appointment of Deputy Custodian ordered pub-

lished in FRBulletin 4/22 754Executive Order Allocating Powers to be published in FRBulletin 7/21 1468

Aliens:Employment policy regarding, no fixed policy to be adopted,

recommendations to Board to be made on themerits of the person involved

Alpin, A. L., reply to Senator Ellender on application of Regula-tionW to financing of certain purchases

2/10 229

7/ 1 1347


5Pages

Amer, Cunningham & Keeney, Akron, Ohio, advised that dental labora-

tories are not subject to Regulation W unless

they make sales of listed articles

American Association of Personal Finance Companies, explanation of

possibility of revision under Regulation W fol-lowing default on instalment payments

American Banker:Default of contractor, guarantee of loan not affected by state-

ment, misquotedAmerican Bankers Association:

Committee to work for classification of bank employees as in

essential industry, discussed by Federal Ad-

visory Council

5/25

1/14

6/ 8

11/16

1037

51

1158

2186

Examination of insured banks, suggestion of amendment to bill

to provide for absorption by FDIC of cost of

one each year 6/ 3 1115

Meeting of Executive Council, meeting of April 19-22 may be at-

tended by Mr. Cravens to present plan for warloans 4/9 685

Regulation F, quoted by Mr. Leonard as favoring a liberaliza-

tion in the amount of any one trust fund that

may be invested in a common fund 5/5 856Reports on consumer credit statistics, letter to, regarding

transfer to Board, request for list of report-

ing banks, procedure and form of report out-

lined 2/4 187FRBanks advised of transfer 2/4 188Instructions for submission of reports transmitted to

FRBanks 3/ 5 419Revenue Act providing for withholding tax at source on wages,

etc., problem of administration and expense

placed on tax, studied by 8/ 5 1553American Institute of Banking:

Topeka Chapter, reply to questions on single payment loans under

Regulation W 6/ 5 1145American Legion:

Loans to, not exempt from provisions of Regulation W 5/27 1070American nationals in territories where interests of United States

are represented by Switzerland, procedure inextending financial assistance to 4/1 613

American Security Company, New Castle, Indiana, advised that Boardcannot foretell rulings and regulations thatmay make loans on automobiles more hazardous 2/23 320

American Shuffle Board Company, Union City, N. J., letter to Mr.Jordan that shuffle boards are included undergames equipment under Regulation W

Annual leave: (See Leaves of absence)

7/13 1417


6Pages

Annual reports:FRBank of Minneapolis, narrative of activities under Regulation

V, no objection to including if first submittedto Board 12/23 2374

First Securities Corporation of Syracuse, N. Y., requested for1941, although holding only limited voting per-mit 1/7 21

Holding company affiliates to be obtained on Form FR 437, let-ter of instructions to FRBanks 12/16 2322

Proofs submitted and approved, presentation to the Speaker ofthe House of Representatives approved, distri-bution to be made by Mr. Draper 5/20 1003

Anonymous letters:Borrowings and check operations of G. H. Wagner, Vice President

of FRBank of Cleveland 8/22 1660Appraisal guides:

American Auto Appraisal, Morris Plan Savings Bank of Jackson-ville, Florida, advised of reasons of Boardfor not designating 4/ 7 652

Automobile not listed by a particular guide, dealer is notguilty of violation if in good faith he extendscredit on, without consulting other guides 5/ 6 871

Blue Book National Used Car Market Reports - Executive Edition,designated for use in additional territories,letter to Mr. Leukhart of the National UsedCar Market Report, Inc. 4/ 9 667

Designation, information on, to be furnished to FRBanks as soonas possible but will not be completed in timeto mail to registrants with Amendment No. 3 toRegulation W 3/ 3 409

Designated for use in connection with Regulation W, memorandumand list of 3/21 521-32

Designation of publications for 1943, list of 12/19 2346District L Edition NADA Official Used Car Guide, Nevada should

be added to list of states covered by 3/23 545Kelley Blue Book, Los Angeles, California, reply to several ques-

tions of, to be advised of answers to otherquestions at a later date 3/27 580

Reply to letter regarding practice of some publishers toimply that theirs is the only officially desig-nated guide 4/14 717

Advised of possible results of the establishment of priceceilings on used automobiles 4/16 731

Advised that Board will designate for use in additionalStates upon submission of data in support ofthe suggestion 5/ 6 874


7

Appraisal guides: (Continued)Kelley Kar Company, Los Angeles, Calif., advised that Board

expects each publication to quote average re-

Pages

tail values of used cars in its territory 4/4 625Market Record, implication that it has a better official stand-

ing than other designated guides to be elim-inated 4/14 717

Letter to Mr. Anderson acknowledging advice of change inpublication date 5/28 1078

National Used Car Market Report, Inc., Chicago, Illinois, ad-vised that Board will consider data supportingrequested additional designations 3/24 550

Advised that consideration is being given to designatingtheir Red Book and Executives Edition for usein the Detroit area for purposes of Regula-tion W 4/ 9 667

Reply to, regarding Market Record, designation in certainterritories, and possible effect of priceceilings on used cars 4/15 723

Advised of guides designated for use in certain countiesin Michigan 5/26 1060

Official Automobile Guide, Board willing to consider for desig-nation in connection with Regulation 1%, non-inclusion is not a reflection upon the accuracyof guides 4/10 694

Letter to Mr. Dillard on effect of failure to designate un-der Regulation W 4/14 717

Letter to Recording & Statistical Corporation, Chicago,Ill., on designation 6/30 1327

Included among designated publications 7/15 1436Official Automobile Guide Price Edition, letter to Mr. Meffley

on designation of publication 10/12 2011Official Guide, Los Angeles, California, advised of designation

of, for purposes of Regulation WAdvised that Board has no objection to higher quotations

if they reflect the actual market, other ques-tions answered

Official Guide, (Pacific Auto Guide, Inc.) advised of possibleresults of the establishment of price ceilingson used automobiles

Official Nebraska Used Car Survey, designation to apply to Juneissue until replaced by new issue

Publishers of, requested to submit information regarding, fordetermining value of used cars in connectionwith Amendment No. 3, RegulationW

Publishers of guides designated by Board in connection with Reg-ulation W, letter to

3/27 581

4/10 693

4/16 731

8/19 1641

3/9 439

3/21 532


Appraisal guides: (Continued)Reasons for designating guides which in some cases quote sepa-

rate prices for cars having special features,

reply to FRBank of Kansas City regarding

list of those now designated for purpose of section13(c) of Regulation W sent to FRBanks

Revised

8Pages

4/30 832

7/15 1438Sapers, A. E., letter of appreciation for suggestions regarding,

advised that they are used merely for setting

maximum credit values on used carsValues as determined by, items which may be added to, in deter-

mining maximum credit values

Wisconsin Automobile Guide, designation of July - August edi-

tion extendedAppreciation of services:

Creighton, A. M., as member and chairman of Industrial AdvisoryCommittee for First FRDistrict

Approval numbers to report forms, procedure prescribed by Bureau of

4/ 8

4/ 6

8/24

2/11

660

640

1666

238

the Budget for assignment of 10/10 2004Armistice Day, Board's offices to remain open 11/ 6 2130Articles for publication:

Jewelers, reply to FRBank on answering inquiry concerning regis-trations under Regulation W 10/ 5 1943

Asbestos Cement Product Association, Philadelphia, Pa., reply toproposal for amendment to Regulation li to al-low longer periods of credit for purchase of

certain asbestos cement products 9/10 1770Request for exemption of asbestos siding from provisions of

Regulation W 11/ 3 2108

Asher, Norman, reply to letter of, referred to Board by Securitiesand Exchange Commission, copies of RegulationT and related publications enclosed

Assessments on FRBanks to cover expenses of Board of Governors:3/12 485

Last six months of 1942 6/17 1236First six months of 1943 12/21 2354

Assignment of claims:Acknowledgment and return of notices, letter to General Account-

ing Office on 6/11 1187

Assignment of Letters of Intent and Notice of Award, opinionof Comptroller General of United States trans-mitted to FRBanks 11/ 2 2100

Letters on Intent and Notices of Award, letter to ComptrollerGeneral of United States on 10/14 2018

Moneys due under contract for benefit of creditors of a companywhere no funds are advanced by a bank, bank act-

ing merely as trustee, assignment not permis-

sible 9/ 5 1741


9Pages

Assignment of claims: (Continued)Procedure of Office of Comptroller General, especially in con-

nection with war loans 9/ 3 1724Procedure permitted one bank as assignee of claim to relinquish

claim and permit second bank to obtain assign-ment under same contract 11/ 2 2100

Association of Life Insurance Presidents, New York City, reply toquestion of, as to whether they are required toregister under section 3(a) of Regulation W 3/26 566

Atlantic Refining Company, Philadelphia, Pa., credit card systemof, compliance would necessitate promptness inassigning and forwarding charge slips and noti-fying of account in default under Regulation

Attorney General of the United States:H. R. 6269, to amend the Foreign Agents Registration Act of

1938, letter to, suggesting that the proposalbe amended so banks will not be required to

8/14 1620

register as agents of foreign principals 3/17 501Regulation W, plan of enforcement for, submitted to, for ap-

proval 5/22 1018Letter to be sent to FRBanks if plan is approved by 5/22 1018Program to secure compliance with provisions of, supply

sent to Department of Justice 5/28 1078

Taxation of Board's Building, not to give opinion but to co-operate in any litigation 12/24 2384

(See also Taxes, Building of Board)Auditors of FRBanks:

Duties and responsibilities to be discussed at Conference ofChairmen 9/18 1839

Relationship with Division of Examination of Board and Chairmanof Board of Directors of FRBank, topic for dis-cussion at Conference of Chairmen 9/ 8 1752

Relationship discussed by Mr. Szymczak at meeting with di-rectors at FRBank of Cleveland 9/15 1813

Relationship to be discussed at conference of Chairmen 9/18 1832

Resolution of Conference of Chairmen 11/18 2195Audits:

Jacksonville Branch, investigation regarding disproportionatecost of operating cafeteria to be made 3/12 486

Automobile appraisal guides: (See Appraisal guides)Automobiles:

Board of Governors, purchase of Chrysler limousine approved 5/13 932

Peoples State Bank, Cherryvale, Kansas, advised re floor planloan on pick-up that Board has no control overeither RFC or OPA, and that Congress is givingconsideration to solution of problem 4/14 718


Automobiles: (Continued)Rationing, discussion of whether to continue coverage under

Regulation W, in view of rationing system ofthe Office of Price Administration

Used, publishers of appraisal guides for determining the valueof, requested to submit information regarding

10Pages

2/24 328

3/9 439

Baker, Dr. John C., Assistant Dean of Harvard University:Cost of luncheon to be borne by Board 1/ 5 16Payment authorized for transportation costs to Washington for

interview in connection with possible employment 1/12 43Balances:

Reciprocal bank balances, proposed procedure for reporting,agreeable to Comptroller, no change to be madeon the face of the report and the form of pub-lished statement

. C. C., of the Wharton School of the University ofPennsylvania, cost of luncheon to be borne byBoard

Studies, Balderston report)Ohio Railroad Company, advised that plans suggested

Balderston, Dr

(See alsoBaltimore and

5/11 921

1/26 124

for purchase of watches are permissible underRegulation Vi 4/6 641

Bank debits:FRBank of Minneapolis, figures not to be released before date

of Board's release 6/ 6 1154Release of monthly figures, letter to Mr. Willoughby, Managing

Editor of Nation's Business, Washington, D. C.,on release and publication of figures 5/30 1099

Reports on monthly basis rather than weekly, instructions trans-mitted to FRBanks for 3/26 569

Statement and compilation of, to be on a monthly basis only,instead of weekly 5/6 874

Suggestion and form for reporting, on monthly basis rather than

Bank earnings:Study of problem by Division of Research and Statistics,

Messrs. Goldenweiser and Smead to collaboratein continuing study 7/28 1501

Bank for International Settlements:Daily press reviews prepared by, letter advising Coordinator

of Information that Board would be glad to relyon their service as a source for 5/ 4 845

Bank supervisory agencies:Examination and supervisory policy with reference to investments

by banks in and loans upon Government securities,

joint statement 11/11 2148

weekly transmitted to FRBanks for comments andsuggestions 1/23 112


Bank supervisory agencies: (Continued)Uniform bank examination procedure adopted by, reported change

by Comptroller of the Currency without consul-tation with Board and FDIC

Bankers Magazine, advised that Regulation W was designed to dis-courage unwise borrowing and not prohibit in-stalment buying generally

Banking, classification as essential industry:

11Pages

10/17 2037

1/16 77

Discussed by members of Executive Committee of Federal AdvisoryCouncil at meeting with Board 10/ 7 1960

Suggested by Federal Advisory Council because of loss oftrained personnel 11/16 2185

Banking quarters:FRBank of Atlanta, authority to purchase six-story brick build-

ing requested but action postponed 12/ 1 2249Offer for property approved and provision made for increase

in offer 12/26 2395FRBank of Kansas City, no objection to expenditure for improve-

ments in buildingFRBank of New York, tax assessment on buildings, payment to

L. B. Altreuter in connection with effort toobtain reduction in

FRBank of Philadelphia, payments on account of building in ex-cess of amount estimated and expenditure forfurniture less than amount estimated

Jacksonville Branch, no objection by Board to purchase of va-cant lot adjoining

Mechanics and Farmers' Bank of Albany, New York, sharing quar-ters with uninsured nonmember bank opposed byFDIC, action on application deferred

Letter from FDIC regarding deposit insuranceAction deferring application not to be included in policy

recordMerchants State Bank, Rhinelander, Wisc., purchase of interest

in premises from trustees for waiving deposi-tors, no objection to transactions

Springville Banking Company, Springville, Utah, additional ex-penditure for remodeling, no objection

State Bank of Albany, New York, permission to take over bankholdings from affiliate and transactions in-volved

Wayne State Bank, Wayne, Mich., expenditure for purchase ofbank premises and for improvements, no objec-tion to

Bankruptcy:H.R. 7121, reply to Bureau of the Budget that bill is not of

interest to FRSystem but no objection to ap-proval by the President

2/23 319

11/ 6 2128

10/ 6 1951

2/16 278

2/18 2952/18 296

2/24 348

8/25 1680

10/ 2 1934

12/23 2373

9/ 5 1740

10/ 9 1999


Barnard, Kenneth: (See Better Business Bureaus)Barnes-Duluth Shipbuilding Company, guaranteed loan approved by

Maritime CommissionBeauty parlor:

Insurance, reduction in amount that must be kept in force tocover liability arising from malpractice

Beers, L. A.: (See Institute of Carpet Manufacturers of America,Inc.)

Ben Feferman Motor Sales, South Bend, Indiana, advised that maximumcredit value may not be in excess of figurecontained in guide book unless higher down pay-ment is made

Bendix Aviation Corporation, notes issued by, not negotiable andineligible for rediscount

Beneficial Management Corporation, treatment of instalment loansto purchase coupon books to purchase listed ar-ticles

Berry, Hamer F., advised that Board cannot answer his question onRegulation W, regarding consolidations of bal-ances due on furniture as all necessary factsare not included

Copy of letter sent to Baltimore Branch with suggestions regard-ing proper answer

Better Business Bureaus:Boston, reply to, in regard to distribution of the National

Bureau's statement in respect to misleadingadvertising in connection with Regulation W

Providence, Rhode Island, reply on letter of authorization andform of statement

Regulation W, enforcement of, letter from Mr. Hodgson regarding,to be sent to

References in, to press statement to be omittedRelationships of FRSystem with, to be considered at conference

of FRBank representatives, report on, sent toFRBanks

FRBanks requested to submit comments and suggestions, con-ference to be avoided by submission of plan byBoard

Secretary's note, letter to, as amended regarding the enforce-ment of Regulation Vi

Bilbo, Senator Theodore G., reply to letter with advice that Boarddoes not favor extension of safekeeping serviceof FRSystem to nonmember banks

Billings Utility Company, Billings, Montana, Senator B. K. Wheeleradvised that report in connection with the ap-plication of, for a loan from the FRBank ofMinneapolis cannot be made available becauseof its confidential nature and relation topending litigation

12Pages

10/ 2 1934

4/7 652

4/4 626

9/18 1832

9/23 1871

1/24 115

1/24 116

5/15 941

2/k. 186

5/5 8475/5 848

3/11 468

3/27 576

5/ 5 848

7/ 8 1384

5/4 844


Billings Utility Company: (Continued)Letter to Representative O'Connor and Senators Murray and

Wheeler explaining reasons more fully 5/20

13Pages

1001

Request for report of examiner who made investigation in con-nection with application for loan, letter toSenator Wheeler on refusal of 7/ 9 1388

Request for confidential report in connection with application

for loan denied 10/ 2 1937Bisselle, Hulbert T., Vice President of Riggs National Bank, reply

to, regarding renewals and revisions under Sec-tion 8(a) and (b) of Regulation W 4/25 766

Blacklist of individuals whose accounts are in default, proposalabandoned for local credit bureaus 7/10 1400

Bland, Representative S. O., charges imposed by banks on checkingaccounts, provisions of law relating to 12/16 2325

Board of Economic Welfare:Staff:

Kaiser, Philip M., no objection to employment by 1/16 68Board of Governors:

Annual leave, policy modified to provide for 2-1/2 days at atime 10/31 2096

Annual report, proofs submitted and approved, presentation tothe Speaker of the House of Representatives ap-proved, distribution to be made by Mr. Draper 5/20 1003

Automobile, purchase of Chrysler limousine approved 5/13 932Beauty parlor:

Insurance, reduction in amount that must be kept in forceto cover liability arising from malpractice 4/7 652

Budget:1943, approved 12/23 2376Division of Personnel Administration:

To be prepared and submitted for approval 5/27 1068Cost of operating division for remainder of year ap-

proved 6/29 1313Increase in items stationery and supplies and medical

services and supplies 11/24 2228

Division of Research and Statistics:Amount added to item of postage and expressage 9/17 1828

Increase to provide for compensation of Alvin H. Hansen 11/25 2231

Division of Security Loans:Expenses of Mr. Mayer to be charged to item of travel-

ing expenses in budget of 2/26 360

Increase to cover expenses of assignment of Mr. Hodgsonfrom staff of FRBank of Minneapolis 6/29 1316

Secretary's Office:Increase to take care of non-personal services to cover

the cost of the Chrysler limousine approved 5/13 932Stationery and supplies for Building Operation and Main-

tenance functions, increase in item approved 10/19 2040


Board of Governors: (Continued)Budget: (Continued)

War Loans Committee:Budget for non-personal services of, to be submitted

to BoardCovering estimated requirements to December 31, 1942,

approvedIncrease in items Telephone and Telegraph and Stationery

and Supplies

4/6

4/14

10/ 9

14Pages

628

719

1999Building:

Insurance, fire and supplemental renewed but war damagenot to be renewed at present 10/23 2057

Inter-American Defense Board, letter to Mr. Baird Snyderon vacating of space occupied 5/29 1093

Letter to Mr. Patterson that northwest wing be vacatedby 1st of July 6/13 1213

Letter to Mr. Patterson, Under Secretary of War on as-signment of certain space for Brazilian-UnitedStates Joint Defense Commission 6/22 1267

Chairman Eccles to discuss situation with Mr. Patterson 6/26 1296Inter-American Strategy Board, agreement providing office

space for 3/24 543Introduction of two bills in Congress re taxation of real

estate in District of Columbia, memorandum ofMr. Vest, no action by Board at this time 8/ 7 1583

Safeguarding of, J. Watson Belt designated representativeof Board on Advisory Committee on SubversiveActivities to cooperate with the Public Build-ings Administration in regard to 2/27 379

Taxation of:Memorandum of Mr. Vest on two bills introduced in

Congress, Board will take no action at thistime 8/ 7 1583

Report of Mr. Dreibelbis on discussion of possibleaction with Mr. Carusi, executive assistant tothe Attorney General 11/24 2221

Discussion of Mr. Dreibelbis with Messrs. Keech andCarusi and to be taken up with SenatorMcCarran for inclusion in Senate report onpending bill 12/ 1 2250

Developments with respect to, outlined in MB= by Mr.Dreibelbis 12/ 8 2289

Resume by Mr. Dreibelbis and advice by Mr. Ransom thatBoard's building had been removed from list ofproperty advertised for sale 12/14 2309

No provision made in budget for 1943 12/23 2377Attorney General not to give opinion on taxation of,

but to cooperate in any litigation 12/24 2384


Board of Governors: (Continued)Confinement cases, policy regarding amended to limit contri-

butions to Retirement System to one year fromthe date upon which the absence began

Counsel's Office, realignment of duties and changes in titlesDivision of Bank Operations, vouchers for reimbursement of ex-

penses in connection with war loans to be sub-mitted through

Vouchers for reimbursement for war loan expenditures to beforwarded through

Division of Personnel Administration:Establishment approved, organization and functions outlined

and budget to be submittedLetter to FRBanks on establishment and scope ofBudget for remainder of year approvedProgram with respect to FRBank matters, to be presented at

Chairmen's ConferenceBudget, increase in items stationery and supplies and

medical services and suppliesDivision of Research and Statistics:

Budget item of postage and expressage increasedBudget, increase to provide for compensation of Alvin H.

HansenConsumer credit, research and statistical work in the

field of, Mr. Ransom authorized to conferwith Mr. Taylor in regard to the taking overby the Board

Problems faced in maintaining adequate staff, memo of Dr.Goldenweiser

Studies of projects under way in division report to bemade on

Transfer of statistical work on consumer credit fromBureau of Foreign and Domestic Commerce to

Division of Security Loans:Budget increased to cover expenses of assignment of Mr.

Hodgson from FRBank of MinneapolisExpenses of Mr. Mayer to be charged to item of traveling

expenses in budget ofEmployees, release of, under Executive Order, reply to Civil

Service Commission advising that Board needsall present employees and that Mr. Nelson isthe proper person to contact regarding

Expenses:Last six months of 1942, assessment on FRBanks to coverFirst six months of 1943, assessment on FRBanks to cover

15Pages

4/7 6448/10 1596

6/ 2 1111

7/15 1432

5/27 10646/25 12796/29 1313

9/18 1841

11/24 2228

9/17 1828

11/25 2231

5/19 979

8/12 1606

7/28 1504

8/ 6 1578

6/29 1316

2/26 360

2/25 351

6/17 123712/21 2354


Board of Governors: (Continued)Holidays:

Armistice Day, offices to remain open 11/ 6

16Pages

2130Thanksgiving Day, arrangements to be made for skeleton

force but final decision reserved 11/20 2208Offices to be closed and skeleton force not to be main-

tained 11/24 2224Christmas Day, Board's offices to be closed 12/ 7 2278New Year's Day, to be full working day 12/ 7 2278

Hours of work, FRBanks advised of official hours of Board,and intention of Board to move its time aheadunder daylight saving time, request for pro-cedure of FRBanks made 2/ 3 169

To be increased to 44 per week, official hours to be from9:00 a.m. to 5:45 p.m. with 45 minutes forlunch, Saturdays from 9:00 a.m. to 1:00 p.m.

Approved for 8:45 a.m. to 5:15 p.m.Insurance, group life for employees of Board, continuation of

contract with Aetna Life Insurance Company ap-

1/1612/30

622410

proved 4/22 755Investigative activities of, reply to Mr. Hoover outlining 11/16 2176Leave regulations, restrictions on annual, approved 5/26 1051Legal Division:

Absorption of exchange and collection charges by memberbanks, to prepare memorandum on steps neces-sary to meet problem 9/15 1810

Meetings:Docket, amendments to several loan acts introduced in

House and Senate, to be placed on, for nextmeeting following circulation of Mr. Ransom'smemorandum 1/16 68

Executive committee of Federal Advisory Council each monthwith certain exceptions proposed, no objectionby Board 2/16 272

Arrangements completed for meetings on the secondThursday of each month, Secretary's note 2/16 273

Interim meeting arrangements approved by Board 2/23 3/ 347tMeeting held

Change in date suggested 3/12482

Meeting on April 9 3 67. 72Meeting on June 3Meeting on July 1 7/ 1 1330Meeting on August 5 8/ 5 1553Meeting on October 7 10/ 7 1959


Board of Governors: (Continued)Meetings: (Continued)

17Pages

Federal Advisory Council with Board 2/16 2605/18 9519/14 179311/16 2178

Presidents of FRBanks:Davis, Chester, President of FRBank of St. Louis, to be

advised that Board has no objection to Mr. Atte-bery attending in his place 5/ 5 857

Meetings with Board 2/3 1703/2 3815/8 8859/29 1897

Special to be held on April 30, to consider proposed Amend-ment No. 4 to Regulation IV 4/27 775

Members:Assignment of subjects for primary consideration 7/ 3 1366Civil Service Retirement Act, question submitted to Commis-

sion on coverage of members by 2/27 369Draper, Ernest G.:

Assignment of subjects for primary consideration 7/ 3 1367Designated as Board's representative on the Censorship

Operating Board of the Office of Censorship 1/2 8Designated member of Censorship Operating Board 1/16 78Improvements in banking system, means for bringing

about and for bringing nonmember banks intoFRSystem discussed, but no action taken 11/20 2204

Operation of building of Board, problem of meetingloss of employees referred to 10/ 2 1929

To act as Vice Chairman of War Loans Committee 3/26 555Eccles, M. S.:

Assignment of subjects for primary consideration 7/ 3 1366Authorized to ask whether a reply to Tydings question-

naire is desired or may ask staff to preparean answer, Mr. Ransom opposed to any answerwhich is not complete 3/10 449

Credit control as supplement to price control, priori-ties, and rationing in controlling trend towardinflation, discussion by

Meeting called to consider reserve requirements, unableto attend because of other pressing matters

Memorandum on organization of War Loans Committee pre-

2/16 263

11/14 2171

sented by, approved with minor changeReport by, on the findings of the special committee ap-

pointed by the President to study inflationStatement by, on conference of Board with Reserve Bank

representatives regarding interest rates andguarantee charges on war loans under ExecutiveOrder 9112

3/26

5/18

4/3

554

954

618


18Pages

Board of Governors: (Continued)Members: (Continued)

Eccles, M. S.: (Continued)To represent the Board in discussions with the Treasury

in furthering the distribution of Governmentsecurities 5/ 5 858

To represent Board on committee to meet with Treasuryand representatives of investment bankers resale and distribution of Government securities 5/ 8 887

War Loans Committee, to act as ex officio Chairman of 3/26 555Evans, Rudolph M.:

Advice of appointment as member of Board for unexpiredterm 2/27 374

Advice of appointment and oath of office 4/16 494Appointed to serve as member of Personnel Committee for

year beginning March 1, 1942, subject to con-firmation and qualification as member of theBoard 2/27 374

Appointed Vice Chairman of Personnel Committee forperiod ending February 28, 1943 7/ 3 1369

Assignment of subjects for primary consideration 7/ 3 1368Class C directors, continuance of six-year rule, state-

ment to be prepared for consideration of Board 7/28 1504Direction of efforts of Board to develop program of co-

ordinating research and statistical activitiesof Board and National Resources Planning Board 6/ 9 1177

Studies of financial requirements and economical welfareof the country, to act as contact man with Na-tional Resources Planning Board in developingprogram 6/ 9 1164

Study of national and regional problems, memorandum on 7/21 1460Outline of studies on regional and national problems

for research departments of FRBanks 7/30 1520McKee, John K.:

American and service flags presented by, accepted byBoard 4/ 7 645

Appointed to serve as member of Personnel Committee forsix-months period beginning March 1, 1942 2/27 374

Assignment of subjects for primary consideration 7/ 3 1367Authorized to confer with Mr. Crowley and Comptroller

regarding adoption of policy refusing to per-mit further expansion by Transamerica Corpora-tion 1/22 101-5

Conference of National Association of Supervisors ofState Banks in Philadelphia, withdrawal frommeeting to leave for 11/16 2185

Examiners' Conference in Philadelphia, report on mat-ters discussed at, and on banking offices ofTransamerica Corporation 9/24 1878



McKee, John K.: (Continued)Meeting called at request of, to consider reserve re-

quirements, adjourned because Mr. Eccles couldnot attend

National Association of State Bank Supervisors, to at-tend meeting of executive committee of

Peoples Bank in Lakewood Village, Los Angeles County,California, to confer with FDIC on membershipapplication of

Reserve requirements, opposed to attitude of FederalAdvisory Council regarding change

War Loans Committee, to act as member ofRansom, Ronald:

Appointed to serve as member of executive committee forsix-months period beginning September 1

Assignment of subjects for primary considerationAuthorized to confer with Mr. Taylor regarding the

taking over by the Board from the Departmentof Commerce certain research and statisticalwork in the field of consumer credit

Draft of program for enforcement of Regulation W sub-mitted by Ir. Hodgson referred to, with powerto put program into effect and make suchchanges as they deem desirable

Explanation of reasons for amending RegulationWwith-out discussing with Presidents

Extension of credit in connection with sales of petrol-eum products, draft of reply to letter from Mr.Davis to be prepared

FRnotes, statement on paying out 1928 seriesGeneral counsel at FRBanks, opposed to employment of

one who had been out of practice for a longtime

Inventory problem and restriction of use of credit forincreasing inventories, to supervise prepara-tion of draft of letter to all banks

Liaison officer between Treasury and Victory Fund Com-mittees, to carry on duties of Chairman Ecclesduring his absence

National Association of State Bank Supervisors, to at-tend meeting of executive committee of, author-ized to extend invitation for use of BoardRoom for meeting

19Pages

11/14 2171

3/23 540

1/16 70

8/ 5 15563/26 555

2/27 3757/ 3 1366

5/19 979

5/5 850

5/8 893

9/ 4 17324/7 648

10/19 2039

6/ 9 1170

9/11 1779

3/23 540


20Pages


Ransom, Ronald: (Continued)Questionnaire prepared by, in connection with inclusion

of charge accounts sent to FRBanks 3/21 534Supplementary question added 3/24 549

Reduction of individual debt through amortization ofbank loans, letter to be prepared to Federalbank supervisory agencies for report by exami-ners 6/26 1294

Report by, on proposed Amendment No. 3 to Regulation11, with regard to comments of FRBanks and in-clusion of recommendations of the Office ofPrice Administration

Statement regarding status of proposed Amendment No. 4to RegulationW

Withholding tax, applicability to interest on bonds,memorandum to be prepared for submission toSenate Finance Committee

Application to interest on bonds, letter to Mr.Randolph Paul to be delivered at hearing roomof Senate Finance Committee

Szym.czak, M. S.:Appointed to serve as Board's representative on System

Committee on Currency HoardingAssignment of subjects for primary considerationConclusions reached by, in discussions with Mr. Bell

regarding fiscal agency conferencesDesignated as Board representative on Presidents' Con-

ference Personnel Selection and Training Commit-tee

Draft of program for enforcement of RegulationW sub-

2/24 322

4/27 768

8/ 6 1567

8/26 1683

7/15 14407/ 3 1367

1/28 140

2/20 303

mitted by Mr. Hodgson referred to, with powerto put program into effect and make suchchanges as they deem desirable 5/5 850

Evacuees, to go to Pacific Coast in connection with pro-gram to protect the property of 3/ 6 424

Secretary's note, Mr. W. B. Pollard to go to Coast 3/6 427Executive committee of FRBanks, to take up with banks

changes in bylaws on composition of 9/ 4 1732FRbank notes and FRnotes of 1928 series and drafting

of a press statement, memorandum from regardingthe paying out of 5/26 1061

Fiscal Agency Conference, to attend 5/1 836Functional expense reports of FRBanks to be discussed

with Mr. Leach 9/29 1903


21Pages


Szymczak, M. S.: (Continued)Holidays at FRBanks, observance during war period, sum-

mary of replies from FRBanks, matter to be re-viewed and further communication prepared ifdesirable 7/10 1397

Issuance of 1928 series of FRnotes and FRbank notes re-ferred to, for consideration, authorized to dis-cuss with Treasury and bring to attention ofBoard for further consideration 4/ 7 648

Memorandum on control of frozen funds prepared by Mr.Knapp to be given to 3/ 6 428

Overprinting of currency for use in Hawaii, memo fromregarding 5/26 1062

Mr. Sproul advised to contact, in regard to a conferenceof the FRBank of New York directors' committeewith a committee of the Board

Program for the enforcement of Regulation W outlined by,at meeting of the Presidents with the Board

5/ 5

5/ 8

861

893Ration check clearing, designated to be in charge of

work for Board 12/ 5 2273Retirement System, memorandum on problems of 12/21 2350Statement on Government financing, excess reserves,

and reduction in discount rates 10/ 9 1979Traveling expenses, additional expenditure to cover

price of compartment because no other accommo-dations were available, approved 10/23 2057

Victory Fund Committees, to keep in close touch withactivities of 9/11 1779

Wagner, G. H., to phone Yr. Brainard as to decisionreached by Board in case of Mr. Wagner 8/27 1693

Investigation of actions by board of directors ofFRBank of Cleveland, to meet with directors onSeptember 14 9/10 1763

Statement on meeting with directors of FRBank ofCleveland on indebtedness of Mr. Wagner andother matters 9/15 1812

Withholding tax, applicability to interest on bonds,memorandum to be prepared for submission toSenate Finance Committee 8/ 6 1567

Application to interest on bonds, letter to Mr.Randolph Paul to be delivered at hearing roomof Senate Finance Committee 8/26 1683


Board of Governors: (Continued)Minutes:

Meetings of Board approved:

22Pages

December 31 1/2 7January 1 1/2 7January 2 1/5 10January 5 1/6 17January 6 1/7 19January 7 1/8 26January 8 1/9 31January 9 1/10 36January 10 1/12 40January 12 1/13 44January 13 1/14 48January 14 1/15 54January 15 1/16 76January 16 1/17 81January 17 1/19 87January 19 1/20 89January 20 1/21 92January 21 1/22 106January 22 1/23 110January 23 1/24 115January 24 1/26 120January 26 1/27 125January 27 1/29 143January 28 1/29 143January 29 1/30 146January 30 1/31 159January 31 2/2 163February 2 2/3 166February 3 2/4 184February 3, with Presidents 2/4 184February 4 2/5 193February 5 2/6 214February 6 2/9 225February 7February 9

2/92/10

225231

February 10 2/11 237February 11 2/12 241February 12 2/16 277February 13 2/16 277February 14 2/16 277February 16 2/17 290February 16, with Federal Advisory Council 2/17 290February 17 2/18 294February 13 2/19 298


23Pages

Board of Governors: (Continued)Minutes: (Continued)

Meetings of Board approved: (Continued)February 19 2/20 302February 20 2/21 307February 21 2/23 317February 23 2/24 349February 24 2/25 351February 25 2/26 357February 26 2/27 376February 27 3/ 2 396March 2 3/ 3 404March 2, with Presidents M

3/ 3 404March 3 M

3/ 4 412March 4 M

3/ 5 416March 5 3/ 9 435

March 9 3/ 9 435 3/10 455

March 6

March 10 March 11 112' igMarch 12March 12, executive committeeAdvisoryof Federal Adviso

Council 333///113

488

436 484March 13March 16 3/17 499March 17 3/18 503March 18 3/19 505March 19 3/20 513March 20 3/21 519March 21 3/23 544

3March 23 /24 547March 24 3/26 562March 26 3/27 572March 27 3/28 585March 28 3/30 588March 30 3/31 597March 31 4/ 1 607April 1 4/ 2 614

April 4

4/ 3 6224/ 6 627

April 2April 3

April 6 4/ 6 627

April 7 4/ 7 650

April 8 4/ 8 658

April 9 4/ 9 6634/10 687

April 9, executive committee of Federal Advisory Council 4/10 687April 10 4/11 696



Meetings of Board approved: (Continued)

24Pages

April 11 4/13 707April 13 4/14 714April 14 4/15 720April 15 4/16 726April 16 4/17 734April 17 4/18 744April 18 4/27 775April 20 4/27 775April 21 4/27 775April 22 4/27 775April 23 4/27 775April 25 4/27 775April 27 4/28 781April 26 4/30 816April 30 5/1 833May 1 5/2 838May 2 5/ 4 841May 4 5/ 5 864May 5 5/6 867May 6 5/7 876May 7 5/8 899May 8 5/9 910May 8, with Presidents 5/ 9 910May 9 5/11 914May 11 5/12 923May 12 5/13 927May 13 5/15 933May 15 5/16 947May 16 5/18 973May 18 5/19 985May 18, with Federal Advisory Council 5/19 985May 19 5/20 995May 20 5/21 1006May 21 5/22 1012May 22 5/23 1023May 23 5/25 1030May 25 5/26 1052May 26 5/27 1068May 27 5/28 1073May 28 5/29 1080May 29 5/30 1095May 30 6/ 1 1101June 1 6/ 2 1108




25Pages

June 2 6/ 3 1128June 3, with executive committee of Federal Advisory

Council 6/ 4 1133June 3 6/ 4 1133June 4 6/ 5 1136June 5 6/ 8 1155June 6 6/ 8 1155June 8 6/ 9 1171June 9 6/10 1178June 10 6/11 1186June 11 6/12 1198June 12 6/15 1215June 13 6/15 1215June 15 6/16 1222June 16 6/17 1230June 17 6/18 1243June 18 6/19 1253June 19 6/20 1260June 20 6/22 1263June 22 6/23 1269June 23 6/24 1275June 24 6/25 1278June 25 6/26 1297June 26 6/29 1311June 27 6/29 1311June 29 6/30 1320June 30 7/ 1 1341July 1, with executive committee of Federal Advisory

Council 7/ 2 1354July 1 7/ 2 1354July 2 7/ 3 1359July 3 7/ 6 1370July 6 7/ 7 1378July 7 7/ 8 1382July 8 7/ 9 1386July 9 7/10 1402July 10 7/13 1410July 11 7/13 1410July 13 7/14 1419July 14 7/15 1428July 15 7/16 140

1446July 16 7/17July 17 7/18 1454




26Pages

July 18 7/20 1456July 20 7/21 1465July 21 7/22 1469July 22 7/23 1472July 23 7/24 1476July 24 7/25 1482July 25 7/27 1490July 27 7/28 1508July 28 7/29 1510July 29 7/30 1516July 30 7/31 1523July 31 8/ 1 1530August 1 8/ 3 1538August 3 8/ 4 1541August 4 8/ 5 1563August 5 8/ 6 1570August 5, with executive committee of Federal Advisory

Council 8/ 6 1570August 6 8/ 7 1587August 7 8/ 8 1593August 8 8/10 1596August 10 8/11 1601August 11 8/12 1606August 12 8/13 1611August 13 8/14 1615August 14 8/15 1624August 15 8/17 1627August 17 8/18 1631August 18 8/19 1635August 19 8/20 1643August 20 8/24 1664August 21 8/24 1664August 22 8/24 1664August 24 8/25 1678August 25 8/26 1686August 26 9/ 1 1716August 27 9/ 1 1716August 28 9/ 1 1716August 29 9/ 1 1716September 1 9/ 2 1719September 2 9/ 3 1721September 3 9/ 4 1733September 4 9/ 5 1737September 5 9/ 8 1747



Meetings of Board approved: (Continued)September 8September 9September 10September 11September 12September 14September 14, with Federal Advisory CouncilSeptember 15September 16September 17September 18September 19September 21September 22September 23September 24September 25September 26September 28September 29, with PresidentsSeptember 30October 1October 2October 3October 5October 6October 7October 7, with executive committee of Federal Advisory

CouncilOctober 8October 9October 10October 12October 13October 15October 16October 17October 19October 20October 21October 22October 23October 24October 26October 27

27Pages

9/ 9 17619/10 17649/11 17839/12 17869/15 18149/15 18159/15 18159/16 18209/17 18239/18 18439/19 18449/21 18529/22 18619/24 18799/24 18799/25 18819/26 18899/28 18949/30 19089/30 190810/ 1 191710/ 2 193310/ 3 193810/ 5 194310/ 6 194710/ 7 195610/ 8 1969

10/ 8 196910/ 9 199310/10 200110/12 200710/13 201310/14 201610/16 202910/17 203210/20 204110/20 204110/21 204410/26 206010/26 206010/26 206010/26 206010/27 207110/28 2076




28Pages

October 28 10/29 2083October 29 10/30 2089October 30 10/31 2095October 31 11/ 2 2099November 2 11/ 3 2104November 3 11/ 4 2114November 4 11/ 5 2121November 5 11/ 6 2126November 6 11/ 7 2131November 7 11/ 9 2133November 9 11/10 2140November 10 11/11 2149November 11 11/12 2152November 12 11/13 2162November 13 11/14 2168November 14 11/16 2173November 16 11/17 2190November 16, with Federal Advisory Council 11/17 2190November 17 11/18 2193November 18 11/19 2199November 19 11/20 2208November 20 11/21 2213November 21 11/23 2216November 23 11/24 2225November 24 11/25 2229November 25 11/27 2232November 27 11/28 2236November 28 11/30 2240November 30 12/ 1 2253

December 1 12/ 2 2257December 2 12/ 3 2261December 3 12/ 4 2266

December 4 12/ 5 2270December 5 12/ 7 2275December 7 12/ 8 2289December 8 12/ 9 2292December 9 12/10 2296December 10 12/11 2300December 11 12/12 2305December 12 12/14 2311December 14 12/15 2313December 15 12/16 2317December 16 12/17 2329

December 17 12/18 2337



Meetings of Board approved: (Continued)December 18December 19December 21December 22December 23December 24December 26December 28December 29December 30

Operation of building, analysis being prepared by Mr. MorrillOrganization of, and number of persons employed by, informa-

tion regarding, supplied to Senator Tydingsin reply to questionnaire

Organizational charts of separate divisions, copies sent toCivil Service Commission

Pay roll deduction plan for purchase of War Savings bonds, replyto Admiral Conard that Board does not favormodification plan as to minimum deduction foremployees

Personnel policy regarding aliens, no fixed policy to beadopted, recommendations to Board to be madeon the merits of the person involved

Persons under consideration for employment, authority to alldivisions to pay travelling expenses and perdiem at increased rate

Petty cash fund, increase from ten to fifty dollars to permitpurchase of railroad and pullman tickets forFRBank officials and Mr. Nelson designated asresponsible for fund with Mr. Carpenter as al-ternate

Policy record, drafts of entries for 1941 approvedProtection of records of, letter to Mr. Dan Lacy on measures

takenReplies to hypothetical questions, letter to FRBank of San

Francisco on affiliate relationships wherecorporate stocks are pledged with member banksas security for loans, suggested form of re-ply

Salary adjustments, procedure approved by Commissioner of In-ternal Revenue covering

Secretary's note:Meetings, interim, with Federal Advisory Council executive

committee members arranged for second Thursdayof each month with certain exceptions

Interim meeting arrangements approved by Board

29Pages

12/19 234.112/21 234712/22 235512/23 236812/24 237812/26 239212/28 239612/29 240012/30 240412/31 241010/ 2 1929

3/ 2 396

7/ 1 1348

8/28 1710

2/10 229

9/19 1847

12/ 2 22591/20 91

11/13 2166

2/26 358

12/24 2379

2/16 273

2/23 321


30Pages

Board of Governors: (Continued)Secretary's note: (Continued)

Rates on industrial advances at FRBank of New York, consid-eration given changes suggested 5/29 1082

Security officer, designation of Elliott Thurston as 12/ 1 2256Space occupied by Inter-American Defense Board, letter to Ir.

Baird Snyder on vacating of 5/29 1093

(See supra Building)Staff Personnel Committee recommendations regarding release of

employees and examination by Civil Service Com-mission rejected, former policy rescinded and

no objection to be made to transfers and exam-

ination and certification by Civil ServiceCommission

Tour of duty to include, Mr. Ruml advised that Board is willing

to provide office space for officers of FRBanks

Travel regulations amended to provide increase in per diem al-lowance

War Loans Committee:Budget, covering estimated requirements to December 31,

1943, approvedAdditions to items Telephone and Telegraph and Stationery

and SuppliesWar time fiscal policy, reply to Bureau of the Budget on par-

ticipation inBoard of War Communications:

Leased wire system, request for information on books of mes-

B sages sent and on use of leased circuits

o •dflsh, Morton, and George West, report of discussions of Mr.Ransom with, concerning amendments to severalloan acts

Bonds:Defense savings, requirement of presentation of savings pass-

book interferes with use of form for purchaseof, reply to Treasury that Board and FDIC willconsider waiver of requirement if felt neces-sary

Form enclosed to provide Treasury with information on salesof, under pay roll allotment plan, same informa-tion requested by Board

Article combining public relations work on Regulation Wwith program for, Presidents' Conference askedif it desires that Board continue with prepa-

ration ofProposed amendment to Regulation Q to permit immediate

withdrawal of savings deposits for purchase of,

opinion of Federal Advisory Council that amend-

ment should not be adopted by Board

1/16 64

2/6 202

2/17 286

4/14 719

10/ 9 1999

12/28 2399

11/18 2196

1/16 68

1/15 56

1/28 140

2/13 252

2/16 273


Bonds: (Continued)Defense savings: (Continued)

May be given to purchaser as bonus when payment for the ar-ticle has been fully made without violatingRegulation

Simplification of procedure for issuing referred to the De-fense Savings Bond Committee of the Presidents'Conference and recommendations to be submittedto Treasury

Withdrawal of savings deposits without notice for purchaseof, comments of Comptroller of Currency andFDIC indicating that it is not advisable toamend to permit, sent to Mr. Fleming

Reply to FRBank of Chicago as to inquiries received,that Treasury is not in favor of amending Reg-ulation Q

Amendment to Regulation Q suggestedOperations, certain FRBanks asked to furnish information

regarding the scope of, at their branchesSeries F and G, discussion of whether FRBank organizations

should handle them or leave them entirely inthe hands of the Treasury

Pay roll deduction plan for the purchase of, letter toRear Admiral Conard, Chairman of the Inter-de-partmental War Savings Bond Committee, advisingof the extent of participation of Board em-ployees in, and designation of Mr. Bethea asan alternate for Mr. Eccles on the committee

Pay roll savings plan for purchase of, telegram to FRBankson information to be reported

Interest on, application of withholding tax to, letter to Mr.Randolph Paul prepared by Messrs. Ransom andSzymczak to be delivered at hearing room ofSenate Finance Committee

Surety:Ashley, John M., as Assistant FRAgent at DallasBagby, T. Wesley, FRAgent's Representative at Charlotte

BranchBarnard, O. H., as FRAgent's Representative at Salt Lake

City BranchBarnett, Genevieve M., as Alternate Assistant FRAgent at

AtlantaBoyd, John A., as FRAgent's Representative at Dallas with

letter to Hartford Accident and Indemnity Com-pany on description of appointment

Creighton, Albert M., FRAgent at BostonDunphy, Raymond J., alternate assistant FRAgent at Boston

31Pages

2/27 377

3/2 391

3/9 437

4/25 76312/ 1 2252

4/8 661

5/8 891

5/13 930

12/14 2312

8/26 1683

3/3 404

12/ 1 2253

3/18 503

4/21 749

7/24 14771/28 13511/14 2168


Bonds: (Continued)Surety: (Continued)

Erste, Anne J., alternate assistant FRAgent at ClevelandFerrian, Walter S., as alternate assistant FRAgent at Min-

neapolisFoulk, Oliver E., as Fiscal Agent of the BoardGeller, R. N., as FRAgent's Representative at Los AngelesGrady, Henry F., as FRAgent at San FranciscoLally, Josephine E., as Deputy Fiscal Agent of BoardLeland, Simeon E., as FRAgent at ChicagoNewcomb, Margaret R., as Alternate Assistant FRAgent at

Philadelphia approvedParsell, G. H., FRAgent's Representative at LouisvillePettke, August J., as FRAgent's Representative at DetroitScanlon, Charles J., as alternate assistant FRAgent at

ChicagoSnow, G. A., as alternate assistant FRAgent at San FranciscoStone, Philip M., alternate assistant FRAgent at San Fran-

ciscoStover, George William, FRAgent's Representative at DallasTaylor, Jay, as FRAgent at DallasTillander, Clayton E., as Assistant FRAgent at MinneapolisWilgus, Richard G., as Assistant FRAgent at Philadelphia

War, savings deposits represented by time certificates, reply

10/30

2/164/253/181/215/13

10/20

1/249/ 210/17

10/171/10

10/288/112/102/168/ 6

32Pages

2090

277762503929272041

11517192032

203236

207616012312771570

to question of permitting immediate withdrawalprior to maturity for purchase of 4/25 763

B00k Manufacturers' Institute, Inc., New York, letter to Mr. Tiffanyon effect of Regulation W on purchases of booksin charge accounts 10/24 2058

8°urgeois & Harris, Atlantic City, N. J., payment of one-third neces-sary as down payment of uniforms of street

B railway employees under Regulationt 8/ 8 1594

Y o Scouts of America, exempted from provisions of Regulation W 6/29 1319

loranch banks, domestic:Auburn Trust Company, Auburn, N. Y.:

Port Byron, New York, in connection with proposed purchaseof assets and assumption of liabilities of Na-tional Bank of Port Byron 11/18 2194

Bank of Westchester, Yonkers, New York:Larchmont, retention approved in connection with applica-

tion for membershipMt. Kisco, retention approved in connection with application

for membershipCanadian Bank of Commerce of Seattle, branches in this country,

being named as assignee of contracts betweenNavy Department and shipbuilding concerns

Commonwealth Bank, Detroit, Michigan:City of Highland Park, Michigan, establishment and opera-

tion of branch in, approved

3/30 591

3/30 591

6/15 1220

5/26 1054


Branch banks, domestic: (Continued)Fidelity Bank, Durham, N. C.:

Camp Butner, N. C., establishment approvedFirst Trust and Savings Bank of Pasadena, Calif.:

Alhambra and Temple City, request for permission to estab-lish branches after acquiring assets of TempleCity National Bank

Discussion of application for permission to establishbranches, to be advised that Board is unwill-ing to approve because of connection withBank of America N.T. & S.A.

Letter from FDIC expressing opposition to further expan-sion by Bank of America

Permission to acquire the assets of the Temple City NationalBank and establish branches at Temple City andAlhambra denied on basis of information beforeBoard at present

Transamerica Corporation advised that further expansionwill not be permitted

Request for establishment of, disapprovedReply to Mr. Knox on reasons for refusing application to be

preparedMr. Giannini on reasons for denying applicationMr. Knox and letter to bank explaining action of

BoardCompany, Quincy, Mass.:Mass., retention of three branches approved upon

admission to membershipManufacturers Trust Company, New York, N. Y., no objection to

proposed purchase of assets and assumption ofliabilities of the Standard National Bank ofNew York, and establishment of a branch in thequarters of the national bank

Markle Banking and Trust Company, Hazleton, Penn., approvalfor establishment of branch at WeatherlyPennsylvania by assumption of liabilities ofFirst National Bank of Weatherly, rescinded

Merchants and Planters Bank, Norfolk, Virginia, retention ofbranch in South Norfolk, Virginia, approved

Monongahela Trust Company, Homestead, Pa., extension of timefor disposal of stock of Hays National Bankor conversion into branch

Ogdensburg Trust Company, Ogdensburg, New York, permissiongiven to, for establishment of a branch inWinthrop, New York, in connection with thepurchase of assets and assumption of liabili-ties of First National Bank of Winthrop

Letter toLetter to

Granite TrustWeymouth,

33Pages

10/27 2073

1/22 102

2/ 6 208-14

2/6 212

2/14 255

2/14 2567/10 1403

8/ 7 158311/13 2163

11/19 2200

10/15 2023

2/7 221

1/27 126

4/16 729

7/ 6 1372

2/14 254


Branch banks, domestic: (Continued)Peoples City Bank, McKeesport, Pa.:

Clairton, Pa., proposed absorption of Union Trust Companyof Clairton and establishment of branch onpremises

Peoples Pittsburgh Trust Company, Pittsburgh, Pa.:Dormont, Pa., permission to establish under plan for

purchase of assets and assumption of liabil-ities of Dormont Savings and Trust Co.

Etna, Pa., establishment approved under plan to purchaseassets and assume liabilities of the FirstNational Bank of Etna

S. 2393, which would require each branch to publish statementsand condition reports, letter regarding, sentto the Executive Office of the President

Reply to Senator Wagner regardingState Bank of Mayville, Wisconsin, withdrawal from membership

to assume the deposits of the Knowles StateBank, Knowles, Wisconsin, and establish asbranch bank

Union Bank of Michigan, Grand Rapids, Mich.:Home Acres, Michigan, retention and operation approved

after admission to membershipAmendment to conditions of membership that if branch is

discontinued, capital need not be increasedUnion Savings & Trust Co., Warren, Ohio:

Newton Falls, Ohio, retention and operation of branch afteradmission to membership, approved

Washington Irving Trust Company, Tarrytown, New York, permis-sion to change head office to Port Chester andtransfer Port Chester branch to Tarrytowngranted

Westfield Trust Company, Westfield, New Jersey:

34Pages

12/ 3 2262

11/23 2218

10/13 2014

5/11 9205/18 977

1/14 49

6/16 1224

6/29 1317

3/16 496

2/11 239

Garwood, purchase of assets and assumption of liabilitiesof First National Bank of Garwood, and estab-lishment and operation of branch at, approvedBr anch banks, FRSystem:

Baltimore:Personnel classification plan:

3/26 564

Changes approved 2/5 194Changes approved 6/ 5 1138Changes approved 6/17 1230

Regulation W, letter regarding question under, from Mr.H. F. Berry .Who was advised to contact theBaltimore Branch 1/24 116

Staff:Cupit, John R., Cashier, salary approved 4/30 815


Branch banks, FRSystem: (Continued)Baltimore: (Continued)

Staff: (Continued)Hagner, Donald F., Assistant Cashier, salary approvedJohnston, John A., Assistant Cashier, salary approvedMilford, W. R., Managing Director, salary approvedZirckel, John H., FRAgent's Representative, salary ap-

proved

35Pages

4/30 8154/30 8154/30 815

12/24 2380Birmingham:

Personnel classification plan, changes approved 5/8 900Staff:

Beavers, P. L. T., Managing Director, salary approved 5/5 862Starr, Leo W., Assistant Cashier, salary approved 5/5 862Urquhart, H. J., Cashier, salary approved 5/5 862

Buffalo:Personnel classification plan:

Changes approved 1/9 32Changes approved 9/25 1883

Staff:Assistant Manager, position not to be filled at present

time 1/15 56Doll, George J., Assistant Cashier, salary approved 1/15 55

Salary approved 5/5 860Snow, H. W., Cashier, salary approved 5/5 860Wiltse, Reginald B., Managing Director, salary approved 1/15 55

Salary approved 5/ 5 860Charlotte:

Checks cleared through, no objection to granting request ofnewspaper for total face value of 8/21 1659

Personnel classification plan:Changes approved 2/5 194Changes approved 6/ 5 1138

Staff:Bagby, T. Wesley, FRAgent's Representative:

Appointment and salary approved 11/14 2169Bond of 12/ 1 2253Salary approved 12/24 2380

Brooks, Louis D., Assistant Cashier, salary approved 4/30 815Cherry, Robert L., Cashier, salary approved 4/30 815Clements, W. T., Managing Director, salary approved 4/30 815Francis, Charles E., resignation as FRAgent's represen-

tative to report for military duty 11/14 2169Spangler, C. D., Special Investigator of Regulation W

matters, large indebtedness to be investigatedby Mr. Leach 10/21 2044

Cincinnati:Functions and services of expansion discussed by Mr.

Szymczak with Mr. Fleming 9/15 1814


36Pages

Branch banks, FRSystem: (Continued)

Cincinnati: (Continued)Personnel classification plan:

Changes approved Changes approved VA) 176T

Changes approved 9/25 1883

Staff:Bruce, Howard, designated special assistant examiner 2/ 4 185

Geers, P. J., Assistant Cashier, salary approved 4/30 814

Hurst, George, designated special assistant examiner 2/ 4 185

Johnson, R. C., Assistant Cashier, salary approved

Lazar, B. J., Managing Director, salary approved 4/30 814

4/30 814

Managing Director, no objection to continuing use of

title for present 12/16 2321

Oettinger, Richard, designated special assistant exami-

ner 2/ 4 185

Ott, H. N., Cashier, salary approved 4/30 814

Swerdeski, Walter, designated special assistant exami-

ner 2/ 4 185

Wachtel, Harry H., designation as special assistant ex-

aminer not affected by transfer from FRBank of

Cleveland 2/ 4 185

Denver:Personnel classification plan:


Salaries of officers for period January 1 to May 31, 1942 1/26 121

Staff:Brown, S. A., Cashier, salary approved 5/22 1016

Olson, J. E., Managing Director, salary approved 5/22 1016

Stempel, H. L., Assistant Cashier, salary approved 5/22 1016

Young, W. R., FRAgent's Representative, salary approved 12/30 2407

Detroit:Bylaws, revision discontinuing office of managing director,

changing number of directors from seven to five,

and revising basis of fees 12/31 2413

Personnel classification plan:

Changes approved 8/ 3 15439/14 1802

Staff:Changes approved

Allen, H. A., Return Items Teller, Check Department,

payment of salary in excess of maximum ap-

provedBloomfield, R. W., Assistant Cashier, salary approved

7//4 11554 30S alary approvedCameron, W. T., Assistant Cashier, salary increased as

recommended 3/26 5597/22 1470Salary approved


37Pages

Branch banks, FRSystem: (Continued)Detroit: (Continued)

Staff: (Continued)Chalfont, H. J., Managing Director, salary approved

De Yonkers, F. C., Return Items Teller, Check Depart-

ment, payment of salary in excess of maximum

approvedDiehl, H. L., Cashier, salary approvedFRAgent's representative, increase in maximum salary

3/26

8/ 33/26

559

1543559

approved 8/ 4 1543MacDonald, T., Utility Man, Maintenance Department,

payment of salary in excess of maximum approved 8/ 3 1543Mehney, G. N., Supervisor, Service Department, payment

of salary in excess of maximum approved 8/ 3 1543Mesle, Mary M., Switchboard Operator, Telephone Depart-

ment, payment of salary in excess of maximumapproved 8/ 3 1543

Pettke, August J., designated FRAgent's Representative 9/26 1890

Bond as FRAgent's Representative approved 10/17 2032

Raether, Lawrence B., salary as FRAgent's Representa-tive approved 7/14 46

Salary approved 8/10 1599Robertson, James Louis, Assistant Counsel, salary ap-

proved 12/12 2306

Samolin, Steve, Janitor, Maintenance Department, pay-

ment of salary in excess of maximum approved 8/ 3 1543M.egandt, A. J., Assistant Cashier, salary approved 3/26 559

Salary approved 7/22 1470El Paso:


Changes approved 2/ 5 195Changes approved 9/30 1908

Staff:FRAgent's Representative, proposed discontinuance of

position 9/21 1859

Hermann, J. L., Managing Director, salary approved 5/26 1053

Page, Grover C., Cashier, salary approved 9/28 1894To be succeeded by George William Stover, upon

resignation 8/ 3 1538Sayles, Allen, Cashier, salary approved 5/26 1053

Stover, George William, FRAgent's Representative, ap-

pointment and salary approved effective uponresignation of Grover C. Page 8/ 3 1538

Territory:Brewster County, Texas, transfer of First National Bank

of Alpine from San Antonio Branch 12/14 2311


Branch banks, FRSystem: (Continued)Functions and services, increase in to be reviewed at Chair-

men's ConferenceHelena:

Facilities available to Montana member banks, request ofMontana Bankers Association for use for safe-keeping and redemption of war savings bonds

Guarantee of loans up to 8100,000 without reference to Wash-

ington after receiving certificate of necessityfrom liaison officer at Minneapolis

Applications to be forwarded to Washington throughFRBank of Minneapolis and not direct, and loansnot in excess of A100,000 to be referred tohead office

Personnel classification plan:Changes involving Manager of Defense Contract Service

and Fiscal Agency Department approvedChanges approvedChanges approvedRevised sheet approved

Staff:Johnson, A. W., Assistant Manager, salary approvedLarson, C. J., Assistant Manager, salary approvedTowle, R. E., Managing Director, salary approved

Houston:

9/18

7/14

8/17

8/27

2/233/186/188/20

2/172/172/17

38Pages

1842

1427

1628

1698

318504

12441645

292292292

Legal grounds for refusal to make deposition for use inprivate litigation as to signature under Reg-ulation W, Board knows of none 6/ 9 1171

Personnel classification plan:Changes approved 8/ 6 1571


Staff:Boyd, John Armstrong, appointed as FRAgent's Repre-

sentative to serve while Mr. Reed is in-capacitated 7/16 1442

Cook, J. Lee, Assistant Cashier, salary approved 3/27 575Salary approved 5/26 1053

DeMoss, H. R., Cashier, salary approved 5/26 1053

Gentry, W. D., Managing Director, salary approved 5/26 1053Reed, I. J., substitute appointed to serve as FRAgent's

Representative during incapacity 7/16 1442Jacksonville:

Audit to be made regarding the disproportionate cost ofoperating cafeteria 3/12 486

Personnel classification plan, changes approved 5/ 8 900

Staff:Lanford, T. A., Cashier, salary approved 5/ 5 862

Vardeman, Geo. S., Jr., Managing Director, salary ap-

proved 5/ 5 862


39

Branch banks, FRSystem: (Continued)Jacksonville: (Continued)

Pages

Vacant lot adjoining, no objection by Board to purchase of 2/16 278Little Rock:

Personnel classification plan:General revision of 6/1 1102

Changes approved 7/15 1428Staff:

Bailey, Arthur F., Managing Director, salary approved 6/ 4 1134Childers, Clay, Assistant Cashier, salary approved 6/ 4 1134Links, J. A., FRAgent's Representative, salary approved 1/26 120

Wood, Clifford, Cashier, salary approved 6/ 4 1134Los Angeles:

Personnel classification plan:Changes approved 3/2 399Changes approved 6/ 4 1134Changes approved 12/22 2359

Staff:Ambrose, W. N., Managing Director, salary approved 4/30 816Bold, F. C., Assistant Manager, salary approved 2/25 352

Salary approved 4/30 816Craft, H. M., Assistant Manager, connection severed

with, use of services suggested in connectionwith program for protection of property ofevacuees 3/6 427

Durran, W. D., Chief Clerk, salary in excess of maximum

approved 4/9 664Geller, R. N., FRAgent's Representative, appointment and

salary approved 3/10 456Bond of 3/18 503

McRitchie, M., Assistant Manager, salary approved 4/30 816Meyer, L. C., Assistant Manager, salary approved 4/30 816

Personnel classification plan:Change approved 1/19 88General revision of 6/ 1 1102

Changes approved 8/20 1644Staff:

Burton, Fred, Cashier, salary approved for year 6/ 4 1134Jenks, Stanley B., Assistant Cashier, salary approved

for year 6/ 4 1134Parsell, Garland H., FRAgent's Representative, appoint-

ment approved 8/20 1645Bond of 9/ 2 1719

Schacht, Charles A., Managing Director, salary approved

for year 6/ 4 1134


Branch banks, FRSystem: (Continued)Memphis:

Personnel classification plan, general revision ofRegulation W, letters from firms in Memphis on billing of

purchases made on last five days of calendarmonth referred to, for reply

40Pages

6/ 1 1102

5/29 1089Staff:

Belcher, S. K., Cashier, salary approved for year be-ginning June 1

Glasgow, W. H., Managing Director, salary approved foryear beginning June 1

Goldschmid, J. P., FRAgent's Representative, salary ap-

6/ 4

6/ 4

1134

1134

proved 1/26 120

Martin, C. E., Assistant Cashier, salary approved foryear beginning June 1 6/ 4 1134

Nashville:Personnel classification plan, changes approved 5/8 900Staff:

Fort, Joel B., Jr., Managing Director, salary approved 5/5 862Harrison, E. R., Cashier, salary approved 5/5 862Hooper, Jesse, designation as special assistant exami-

ner to participate in the examination of theCommerce Union Bank of Nashville approved 3/3 407

Magee, Stuart, designation as special assistant examinerto participate in examination of the CommerceUnion Bank of Nashville approved 3/3 407

Miller, Marvin L., designation as special assistant ex-aminer to participate in examination of CommerceUnion Bank of Nashville approved 3/3 407

New Orleans:Personnel classification plan:

Changes approved 2/3 167Changes approved 5/8 900

Staff:McCravey, J. R., Jr., Acting Cashier, salary approved 5/ 5 862Paris, E. P., Managing Director, salary approved 5/ 5 862Shaw, M. L., Cashier, salary approved 5/ 5 862Vasterling, F. C., Assistant Cashier, salary approved 5/ 5 862

Oklahoma City:Salaries of officers for period January 1 to May 31, 1942 1/26 121

Staff:Clark, J. C., Jr., FRAgent's Representative, salary ap-

proved 12/30 2407Davenport, L. B., Assistant Cashier, salary approved 1/26 121

Salary approved 5/22 1016

Mathes, R. L., Cashier, salary approved 1/26 121



41Pages

Branch banks, FRSystem: (Continued)Oklahoma City: (Continued)

Staff: (Continued)Pipkin, G. H., Managing Director, salary recommended

not approved and salary which Board will ap-

prove if fixed by directors 5/22 1016Omaha:

Salaries of officers for period January 1 to May 31, 1942 1/26 121

Staff:Berry, U. S., Assistant Cashier, salary approved 7/ 6 1372Cordill, O. P., Assistant Cashier, salary approved 5/22 1016

Salary approved 7/ 6 1372

Earhart, L. H., Managing Director, salary approved 5/22 1016

Gregory, G. A., Cashier, salary approved 5/22 1016

Pittsburgh:Functions and services of, expansion discussed by Mr.

Szymczak with Mr. Fleming 9/15 1814

Personnel classification plan:Changes approved 4/30 817Changes approved 9/ 9 1761


Staff:Bolthouse, C. J., Assistant Cashier, salary approved 4/30 814Brown, P. A., Managing Director, salary approved 4/30 814Cobun, F. E., Assistant Cashier, salary approved 4/30 814Corlett, Baird, designated special assistant examiner 2/ 4 185

Eicher, William, designated special assistant examiner 2/ 4 185Foster, A. G., Cashier, salary approved 12/16 2320

Goldstrom, Louis, designated special assistant examiner 2/ 4 185

Houpt, C. E., designated special assistant examiner 2/ 4 185

Kossin, J. W., Cashier, salary recommended not approvedbut figure stated at which salary would be ap-proved 1/23 111

Salary approved 4/30 814Salary as Branch Manager approved 12/16 2320

Rickert, Harry, designated special assistant examiner 2/ 4 185

Schmidt, J. A., Assistant Cashier, salary approved 12/16 2320

Steinbrink, R. J., Assistant Cashier, salary approved 12/16 2320

Portland:Personnel classification plan:

Changes approved 3/ 2 399Changes approved 6/ 4 1134

Staff:Blanchard, J. P., Assistant Manager, salary approved 4/30 816

Davis, D. L., Managing Director, salary approved 4/30 816MacEachron, S. A., Assistant Manager, salary approved 4/30 816


Branch banks, FRSystem: (Continued)Powers and functions of, resolution of Conference of Chairmen

on increasing

Regulations relating to, revision to provide for vice president

or other officer to be in charge of branch in-

stead of managing director

Relationship to board of directors of FRBanks and to examiners

of Board of Governors, topic for discussion at

Conference of Chairmen

Letter to Mr. Ruml relating toSalt Lake City:


Changes approved, additional pages

Changes approvedStaff:

Barnard, 0. H., FRAgent's Representative, appointment

and salary approvedBond of

Leisner, J. I., Assistant Manager, salary approved

Partner, W. L., Managing Director, salary approved

Scott, W. M., Assistant Manager, salary approved

Simms, D. E., Accountant, salary in excess of maximum

approvedSan

to be submitted

Antonio:Personnel classification plan:

Changes approvedChanges approvedChange approved

Staff:Austin, Earl B., Managing Director, salary approved

Crump, M., Managing Director, salary approved

Payment of 6 months' salary as cash allowance tosupplement retirement benefits under disability

provisionsDavis, H. K., Assistant Cashier, salary approved

Salary approvedEagle, W. E., Cashier, salary approved

Rowland, Claude I., Cashier, salary approved

Territory:Brewster County, Texas, transfer of First National Bank

of Alpine to El Paso BranchSavings Bond and Tax Note operations, certain FRBanks asked to

42Pages

11/18 2195

11/20 2210

9/ 8 17459/ 8 1752

3/2 3996/ 4 1134

3/103/184/304/304/30

456503816816816

4/ 9 664

8/ 6 15718/29 171311/12 2154

9/28 18945/26 1053

7/273/275/265/269/28

1490576

105310531894

12/14 2311

furnish information regarding the scope of,

at their branches 4/8 661

Seattle:Personnel classification plan:

Changes approved 3/2 399Changes approved 6/ 4 1134


Branch banks, FRSystem: (Continued)Seattle: (Continued)

Staff:Reif, G. W., Assistant Manager, salary approved

Salary approvedRussell, B. A., Assistant Manager, salary approved

Shaw, C. R., "lanaging Director, salary approvedSymms, Ronald T., Assistant Manager, salary approved

Salary approvedStaff:

Managing Directors, suggestion of changing title of, toVice President and Managing Director and makingappropriate adjustment in salary, discussed at

meeting of Presidents and Board, to be furtherconsidered by Presidents 3/ 2 390

Stock of Treasury notes, certificates of indebtedness, etc.,not sufficient at present for placing supplyat branches 12/31 2418

tar loans, applications for guarantees of, FRBanks requestedto give consideration to suggestion that suchapplications be forwarded directly to Washing-

Br, ton from the FRBranch banks 5/25 1032auen banks, foreign:Bankers Trust Company, New York, N. Y., examination of foreign

branch of, not considered necessary at present

time

necessary under present conditions /33/111 1

Central Hanover Bank and Trust Company, New York, N. Y., exami-

nation of foreign branch of, not considered 4466:

Chase Bank, New York, New York, special instructions for prepa-

ration of condition report on Far Easternbranches of, as year-end statements are not

available 1/14 48Examination of, not considered necessary under present condi-

tions 3/11 466Guaranty Trust Company, New York, N. Y.:

Examination of five foreign branches of, not considered

:11-13

467

71 Brazilian-United States Joint Defense Commission, assignment of

necessary under present conditions

3

London, England, authority to establish granted during

Brantley, emergency 7/14 1421

Jordan H., advised that regulation of lenders who special-

ize in small loans is not intended by RegulationW, and is subject to State regulation 4

space in Board's building, letter to Mr. Patter-

son, Under Secretary of War with regard to 6/22 1267

43Pages

2/254/304/304/302/254/30

352816816816352816


Brazilian-United States Joint Defense Commission: (Continued)Space in Board's building occupied by and now needed by Divi-

sions of Board, Chairman Eccles to discuss withMr. Patterson

Brett, W. J., inquiry relating to section 12(d) of Regulation 1,4covering law-away plans

Brown, Senator Prentiss M., meeting with Mr. Crowley and members of

Board on proposed amendment to FRAct discussedBrubaker, C. S., reply to questions of, regarding rugs and clocks

B• under Regulation Wrunewick-Balke-Collender Co., reply to inquiry on classification

of billiard tables and bowling alleys under

Budgets: Regulation W

Board of Governors:Approved for year 1943Division of Personnel Administration:

To be prepared and submitted for approvalCost of operating division for remainder of year ap-

provedIncrease in items stationery and supplies and medical

services and suppliesDivision of Research and Statistics:

Amount added to item of postage and expressageIncrease to provide for compensation of Alvin H. Hansen

Division of Security Loans:Expenses of Mr. Mayer to be charged to item of travel-

ing expenses in budget ofIncrease to cover expenses of assignment of Mr. Hodgson

from staff of FRBank of MinneapolisSecretary's Office:

Increase to take care of non-personal services to coverthe cost of the Chrysler limousine approved

Stationery and supplies, increase in item approvedWar Loans Committee:

Budget for non-personal services of, to be submitted toBoard

Covering estimated requirements to December 31, 1942,approved

Addition to items Telephone and Telegraph and Station-ery and Supplies

PREank of Dallas, statistical and analytical function, increasefor 1942 approved

FRBank of Minneapolis, revised budget for Research and Statis-tical Department approved

PRBanks:Annual, submission to Board to be discontinued for all ex-

cept statistical and analytical and bank exami-

nation

44Pages

6/26 1296

5/22 1017

12/ 8 2287

3/28 586

6/ 1 1104

12/23 2376

5/27 1068

6/29 1313

11/24 2228

9/17 182811/25 2231

2/26 360

6/29 1316

5/13 93210/19 2040

4/6 628

4/14 719

10/ 9 1999

12/31 2419

8/ 6 1580

8/20 1647


Budgets: (Continued)FRBanks: (Continued)

Bank examination function, request for submission ofExamination departments approvedPresidents' Conference to discuss question of whether parts

45Pages

11/27 22355/8 908

of, should not be submitted to Board during thewar 4/16 732

Statistical and analytical functions:Approved for 1942 5/13 931Request for submission of 11/27 2235

Building safety:Conference of

Statistics of department store inventories to be collectedmonthly instead of quarterly, increase probableas result of

Protection

Letter

Code

representatives of FRBanks, request for list oftopics for discussion

of buildings against air raids and sabotage, FRBanksto submit floor plans to Public Building Admin-

6/13 1211

4/16 732

istration and designate officer for contact 5/ 7to Public Building Administration with plans of build-

ingsbuildings and contents sent to FRBanks and defense

Building coordinator to be selectedand vault control, standards on, suggested as topic

for

safetyfor discussion at Conference

18,01!Ich, Robert: (See Peoples Cash Store, Mt. Olive, Mississippi)B ch,of the Budget:

As signment of approval numbers to report forms, list of formsused by Board and FRBanks forwarded to

of FRBanks to he submitted for assignment of approvalnumbers, to be discussed at next Presidents'Conference

studies including inflationary developments to beundertaken at request of President, Mr.

Forms

Economic

Presidents'

5/29

6/13

5/ 4

883

1091

1213

844

10/10 2004

12/22 2364

Hansen to assist Mr. Leland inHours of work, circular letter to heads of executive and other

agencies on suspending Saturday half holiday andrevising work schedules to comply with 48-hour

3/23 541

week 12/26 2388" Advice of changes in, for staff of Board 12/30 2410

6521 to extend benefits of soldiers and sailors civil re-lief act, letter to Mr. bailey assuming thatexpression of views is no longer necessary 6/ 1 1106

HeR. 7121 to amend Act to establish uniform system of bankruptcy,reply that bill is not of interest to FRSystembut no objection to approval by President 10/ 9 1999


46Pages

Bureau of the Budget: (Continued)Regulation VI, designation of development and administration

furnished to for use in compiling history ofdevelopments in Viar program 10/30 2093

Descriptive statement on development and administration of 11/28 2238Request for advice as to the intention of Board to increase

working hours, hours of work for Board in-creased to 44 in response to request 1/16 62

S. 2039, Mr. Bailey, Assistant Director of Legislative Refer-ence, advised that Board has no objection to,if the changes suggested by the Treasury aremade 4/23 760

S. 2565 to amend sections 12A and 19 of FRAct, recommendationthat bill be approved by the President 7/ 6 1377

Statistical series, suspension of publication of, for durationof war, Mr. Thomas to represent Board in con-ferences on, letter advising Mr. H. D. Smith 1/12 43

11'41.-_21ar time fiscal policy, reply on Board's participation in 12/28 2399-au of the Census:Housing conditions in City of Norfolk, Va., Bulletin will be

furnished to State banks holding real estatemortgages

r'-v-k1 of Engraving and Printing:7/ 8 1385

FRnotes, orders for printing: (See FRnotes)Reduction in standard of fitness for circulating requested by,

considered at meeting of Board with Presidentsand discussion of desirability of using unis-

Hure sued notes of 1928 series 3/ 2 391

au of Foreign and Domestic Commerce:Statistical work on consumer credit, letter to Mr. Taylor on

transfer to Board 8/ 6 1578Letter to FRBanks on transfer of work to FRSystem

Bureau8/21 1658

of Internal Revenue:Exemption certificate in connection with transportation tax

not available but letter or statement may befiled 11/30 2245

Necessity Certificates for use under code of, revised form ofapplication sent to FRBanks

Public Debt Act of 1942, effect on additional FRBank stock,8/14 1620

Legal Division of Board to confer with, re-gardinggarding 4/ 2 616

o, sale of, as advertised permissible under section 6(j)

of Regulation W, copy of reply to Yr. W. E.

Carney sent to 1/ 7 23SProuse v. Commissioner of, interpreted as an attempt to get a

decision that would make stock dividends taxable

as income, discussion at meeting of Board with

Federal Advisory Council with regard to steps

that should be taken in the event of such a

decision 2/16 273Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Bureau of Internal Revenue: (Continued)Stock dividends to be made taxable as income, by amendment to

regulations of, or reversal of ruling inEisner v. Macomber

Wage and salary adjustments of employees of Board and FRBanks,procedure for handling

reau of Standards:Test of paper processed by Mr. H. Scherbak for increasing life

of paper currency, request for report on tests(See National banks, Northwestern National Bank

and Trust Co., Minneapolis, Minn.)Burgess, John:

Business firms:Loans to small business for war purposes, new bill to provide

for, reported on by Mr. Eccles at meeting ofBoard with Presidents, Mead Bill consideredinadequate

Expression of opinion regarding, by Messrs. Eccles, McKee,and Ransom

Surplus funds of business firms, suggestion by Mr. Williams

Butler, J. G., Vice

BYlaws:

Detroit

FRBank

PRBanks,

that they be used for war financing, no actionto be taken until after discussion with ex-ecutive committee of the Federal Open MarketCommitteePresident of the Industrial Bank, St. Louis,reply to question regarding schedule of pay-ments under Regulation W

Branch, revision discontinuing managing director, re-ducing number of directors from seven to fiveand revising basis for fees

of Philadelphia, chairman of meeting of directors, pro-posed revision in case no Class C director ispresent

executive committee, Mr. Szymczak to take up withbanks where committee is not composed ex-clusively of directors

UCH

Call0„.._ reports: (See Condition reports)-419 McCoy, Sparta, Wis., supply of currency for new induction

center at, letter to FRBank of Chicago on fur-

Call,„4„ fishingP'ell County Protestant Orphan's Home, Newport, Ky., accounts are

exempt from provision of Regulation W becauseeleemosynary institutionCanada:

Bank of, to be visited by Ir. Rouse, request of Board for copies

of any reports

47Pages

2/12 249

12/12 2305

8/ 6 1579

2/ 3 178

2/ 3 181

1/16 69

1/30 152

12/31 2413

12/22 2365

9/ 4 1732

7/25 1486

6/12 1206

4/21 750


48Pages

Canada: (Continued)Charge accounts, effect of regulating in, discussed at meeting

of Board with Federal Advisory Council Execu-tive Committee, in regard to proposed revisionof Regulation W 3/12 478-82

Consumer credit, Messrs. Brown and Robinson authorized to go to,for study of 3/10 443

Dollar exchange in Canada, memorandum re maintaining supply of,sent to Mr. Hansen 1/ 6 17

Canadian Bank of Commerce of Seattle, question of branches situatedin this country being named as assignees of con-tracts between Navy Department and shipbuildingconcerns 6/15 1220

Canadian financing, memorandum prepared by Mr. Piser, copies to befurnished to members of Federal Advisory Coun-cil 7/ 1 1336

CaPital ratios to deposits, change in formula discussed at meetingof members of Executive Committee of Federal

CaAdvisory Council with Board 10/ 7 1967

J. C.: (See Bureau of the Census)ia-ribbean area, copies of study furnished to Board and other Federal

Cay.„ agencies by FRBank of New York 11/ 2 2101'ue.Y, William E., plumber and heating engineer, Philmont, New

York, advised that sale of radio as advertisedis permissible under section 6(j) of Regula-tion I'd 1/7 23

Censorship:

Carpenter, S. R., designated to be responsible for security ofintercepts received by Board 12/28 2400

Code of Wartime Practices for the American Press and a copyof Rules for the Guidance of Persons Corres-ponding with Foreign Countries issued by theOffice of Censorship sent to FRBanks, advisedthat any problem submitted will be taken upwith Office of Censorship by Mr. Draper 1/22 108

Commonwealth Bank of Australia, request to send messagesthrough FRBank of New York in private code tocommercial banks in United States relating towool shipments 7/17 1451

Communications ruling issued by Director of, statement for pub-

IDrlication in FRBulletin 3/24 551

rape_,Ernest G., designated as Board's representative on

Censorship Operating Board 1/ 2 8Employees, Mr. Byron Price, Director of, advised that Board

cannot spare any of its employees at presenttime 2/11 237


49

Censorship: (Continued)Executive Order establishing Office of, ordered published in

Pages

FRBulletin 1/23 113

Information requests of censor, FRBanks asked to cooperate, ad-vise Board of volume and nature of requests,and consult Board before furnishing question-able information 2/4 189

Information of value to Board obtained from international com-munications by Office of Censorship to be sentby Board to FRBanks having an interest incertain information 2/5 195

Letter to FRBanks advising them of availability of informa-tion, requested to designate information of in-terest to them 2/5 196

Intercepts, means for protecting confidential character in re-striction of circulation of information 12/28 2399

Licenses and exemptions, designation of authority to issue,ordered published in FRBulletin 1/23 113

Operating Board:Draper, Ernest G., designated as Board's representative on 1/2 8Establishment under executive order and procedure explained

to FRBanks, Mr. Draper designated member of,questions may be submitted to Board 1/16 78

Procedure, letters from Mr. MacLeish to Chairman Eccles regard-regard-

Cert ing, transmitted to FRBanksCert.

of indebtedness, response to use of telegrams and1/27 130

solicitation to urge subscription to, discussedat meeting of Federal Advisory Council executive

Cert committee with Board

ificates of membership:First State Bank of Hotchkiss, Colorado, advised that it is not

necessary that the certificate be posted in thelobby

Chambers, Cal C./ reply to protest of the observance of legal holi-days by banks and post offices during the war

Charge offs:PRBanks, on industrial advances and commitments, information

furnished to National Bureau of Economic Re-search

Charters:

Barnes Banking Company, Naysville, Utah, new application mustbe made for membership upon expiration of

Charts:

°rganization of divisions of Board of Governors, copies sent toCivil Service Commission

4/9

5/23

4/27

2/26

8/18

7/ 1

671

1028

776

360

1632

1348


50

Checks:

Treasury Department, use of tabulating card form of check

in making disbursements at Chicago and New

Pages

York offices 6/11 1193(See also Clearing and collection)

China:Campaign to raise funds for United China Relief, to be ascer-

tained whether Mr. Hersey would be willing torepresent Board in 4/15 724C

irculars:Board of Governors:

Accounts for local loan agencies of Reconstruction FinanceCorporation, no objection to opening by FRBankof Dallas 6/17 1238

Adjusted compensation plan to be liberalized and letter tobe sent to FRBanks, as requested by Presidents'Conference 3/2 394

Amendments to FRAct, draft transmitted to FRBanks 5/26 1050Amendments to Regulation W: (See infra Regulation W)Appraisal guides, information on designation of, to be fur-

nished to FRBanks as soon as possible but willnot be completed in time to mail to registrantswith Amendment No. 3 3/3 409

Letter to publishers of those designated by Board inconnection with Regulation W 3/21 532

Bank debits, suggestion and form for reporting, on monthlybasis rather than weekly transmitted to FRBanksfor comments and suggestions 1/23 112

Instructions to FRBanks on discontinuance of weekly re-ports and substitution of monthly reports 3/26 569

To be compiled monthly instead of weekly 5/6 874Letter to Mr. Maloughby, Managing Editor of Nation's

Business, on release and publication of copiessent to FRBanks 5/30 1099

Bank examination departments of FRBanks, conference ofrepresentatives to be held in Philadelphia onSeptember 22 8/26 1691

Banking facilities at military reservations, FRBanks to beadvised of designation of State member banks byTreasury 11/30 2243

Branches of FRBanks, revision of regulation to provide forvice president or other officer of bank to bein charge of branch instead of managing di-rector 11/20 2210

Censor requesting information, FRBanks asked to cooperatewith, advise Board of volume and nature of re-quests, and consult Board before furnishingquestionable information 2/4 189


Circulars: (Continued)Board of Governors: (Continued)

Censorship, letters from Mr. MacLeish to Chairman Ecclesregarding censorship procedure transmitted toFRBanks

Censorship Operating Board, establishment under executiveorder and procedure explained to FRBanks, Ir.Draper designated member of, questions may besubmitted to Board

Chairmen of FRBanks requested to discuss the future of Reg-ulation W with directors and advise Board as toviews

Chairmen's Conference, letter to Chairmen emphasizing im-portance of meetings, suggestion that if Chair-man is unable to attend arrangements be madefor attendance by either Deputy Chairman orother Class C director

Checks held without presentation, report on FR 494 need nolonger be submitted

China, Government of, opening and maintaining of accountsfor, by FRBanks approved

Clearing of checks outside FRBank and branch cities, ar-rangements with local clearing house associa-tions, reports to be made every three years

Code of Wartime Practices for the American Press and a copyof Rules for the Guidance of Persons Corres-ponding with Foreign Countries issued by theOffice of Censorship sent to FRBanks, advisedthat any problem submitted will be taken upwith Office of Censorship by Mr. Draper

Coin bags, return of, when empty to the office of the Di-rector of the Mint requested

Condition reports:

51Pages

1/27 130

1/16 78

1/28 136

2/6 219

5/22 1022

3/16 498

12/23 2376

1/22 108

3/21 538

Call as of April 4, on FR 105e and 220a, change in in-structions for 4/17 742

Reciprocal interbank demand balances in United Statesshould be reported in call reports as net in-stead of gross 6/24 1276

Unnecessary to show par values of government securitiesuntil further notice 7/ 1 1344

Weekly reporting member banks to show Treasury certifi-cates of indebtedness separately, code wordsand instructions sent all FRBanks 4/ 9 669

Conference on building safety and vault control, FRBanksrequested to advise whether they feel confer-ence is justified, results that might be ex-pected, and suggestions as to additional topics 4/16 732



Consumer credit statistics, FRBanks advised of transfer ofreports from American Bankers Association toBoard, procedure and form of report outlined

Instructions for submission of reports transmitted toFRBanks

Currency, held in liquid form by State and local govern-ments, FRBanks requested to report amount of

Daylight saving time, Board to set its time ahead one hourto correspond with, FRBanks advised of, alsoofficial hours of Board and request made forinformation as to procedure of FRBanks

Debt, letter to FRBanks to encourage the reduction of, byindividuals, to be submitted to Board for ap-proval after consideration by Messrs. Ransom,McKee, and Szymczak

Letter to FRBanks approvedDefense contracts, information requests by War Department

re the awarding of, Defense Contract Officersasked to send Board copy of the reports

Defense Savings Bonds, form enclosed to provide Treasurywith information on sales of, under pay rollallotment plan, same information requested byBoard

Department store inventories, letter to FRBanks on monthlyinstead of quarterly collection of

Destruction of currency in Panama Canal Zone, copy of Treas-ury order sent to FRBanks

Directors of FRBanks, reappointment of Class C with sixyears of continuous service, modification ofpolicy on

Earnings and dividends reports of State member banks, pro-posed revision of form 107, letter to FRBanksfor comments and suggestions

Examinations of State member banks, modification of policyrequiring one each year, letter to FRBanks

Expenses in connection with war loans, vouchers for reim-bursement to be submitted by FRBanks throughDivision of Bank Operations

2/ 4

3/ 5

1/ 5

2/ 3

5/ 55/ 8

1/ 5

1/28

6/13

7/17

9/22

10/23

6/26

6/ 2

52Pages

188

419

15

169

851903

14

140

1211

1452

1862

2056

1288

1111Federal Advisory Council, members of, traveling on official

business, held to be entitled to use F. R. 158in obtaining exemption from transportation tax

FRbank notes, telegram to FRBanks on procedure for issuanceof

Inquiries being received by Secret Service on new notesbeing counterfeits

2/27

12/ 8

12/24

379

2290

2383


53


FRnotes, letter to FRBanks on recommendation of Presidents'

Conference that existing stocks be put in cir-

culation and letter to Mr. Bell on position of

Pages

Treasury 8/20 1646

FR 563-a, registration statement for newly organized con-cerns, and letter of instructions to FRBanks

approved 1/30 149Financial ability of ship repair and building yards, re-

quest by Board that information furnished to

Navy Department regarding, also be reported to

Board 1/22 107

Foreign relationships of FRBanks, report of Presidents'

Conference Committee and proposed revision of

Regulation N 8/25 1673

Form 579, amount of loans to be reported in column 4, in-structions to FRBanks 10/ 1 1921

Forms and instructions of Bureau of Governmental Require-

ments of War Production Board, copies sent toFRBanks 7/30 1519

Guarantee agreement:Preliminary draft of, for making war loans, sent to

FRBanks for comments and suggestions 4/ 7 653Form proposed by War Department for adoption for its

use, sent to FRBanks 4/15 721

Proposed standard form transmitted to FRBanks with re-

quests for comments and suggestions 5/ 8 902

Procedure for the execution of, sent FRBanks, supersedes

prior instructions 5/18 974Standard form of, documents relating to the approval

of, by the War and Navy Departments and the

Maritime Commission sent to FRBanks 5/19 989

Holding company affiliates, ruling of Board changing basis

for determining 2/19 300

Holidays, copies of correspondence regarding the observance

during the war, sent to FRBanks 4/27 778

Letter to all FRBanks on policy to be followed in ob-

serving at banks and branches 7/20 1458

Indebtedness of officers and employees, procedure for handl-

ing reports of 9/18 1831

Information received from the Office of Censorship to be

sent to FRBanks having an interest in, request

that Board be advised of interests of FRBanks 2/ 5 196Insurance, joint report of Insurance Plan Committee and

Standing Committee on Insurance, Board concurs

with Presidents' Conference in resolution ap-

proving, adoption of self-insurance plan

favored, plan and letter sent to FRBanks,

comments and suggestions requested 3/30 595Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

54Pages


Inventories of consumer goods, use of credit in connectionwith accumulation of, letter to be prepared andsent to all banks and other financing institu-tions 6/11 1185

Letter to banks and financing institutions approved fortransmittal for approval by agencies mentioned 6/12 1196

Letter to banks and financing institutions revised andto be given to press for publication 6/17 1233

Report by Mr. Eccles of approval by interested Govern-ment agencies, copy of letter as sent to banksand other financing institutions 6/26 1292

Leadership in FRSystem, letter to FRBanks on developmentand maintenance of and on establishment of Divi-sion of Personnel Administration by Board ofGovernors 6/25 1279

List of Stocks Registered on National Securities Exchanges,supplementary lists to be issued in future anddistributed by FRBanks upon request

Loans, commercial and industrial, outline of procedure andforms for reports on, by member banks sent toFRBanks for comments and suggestions

Loans to individuals for nonproductive purposes, amortiza-tion of, letter to FRBanks for instructions toexaminers

Loans, new industrial and commercial, forms for reporting,FR 574-A and 574-B sent to FRBanks

Military Government Division of Army, suggestions for per-sonnel to be submitted

Military service, employees to be accorded benefits ofmilitary leave and those not entitled to them

Money orders representing transfer of funds by soldiersin Alaska, handling of

National economic problems, letter on development of programfor study of, by FRBanks in cooperation with Na-tional Resources Planning Board

Necessity Certificates for use under Internal Revenue Code,revised form of application sent to FRBanks

Nickels, advice to National Automatic Merchandising Associa-tion that information on number should be ob-tained from Treasury Department

Overdrafts at FRBanks by Treasury anticipated within thenext few days, telegram to Banks on procedurefor handling

Priorities, letter to Mr. Maury Maverick on request for as-sistance from FRSystem and designating those toact in the liaison capacity

2/25 353

2/ 6 207

5/25 1034

4/ 1 611

11/28 2237

11/10 2141

8/22 1662

7/21 1463

8/14 1620

6/ 4 1135

6/18 1248

7/21 1467


55Pages


Priorities, Governmental requirements plan for obtainingassistance from War Production Board, reports

on Form PD 408 8/ 5 1565

Priority travel on air carriers, recommendation of Board

that certificates issued by FRBanks be signed

by President or First Vice President 2/ 5 197Procedure for making war loans, pending appointment of

liaison officers by the War Department 4/13 709

Procedure outlined by State Department to be followed in ex-

tending financial assistance to American na-

tionals in territories where the interests of

the United States are represented by Switzer-

land 4/ 1 613

Protection of buildings against air raids and sabotage, FRBanks requested to submit floor plans toPublic Buildings Administration and to desig-nate officer to whom correspondence should besent 5/ 7 883

Air raid protection code sent to FRBanks and defensecoordinator to be selected at each bank 6/13 1213

Public Debt Act of 1942, effect on additional FRBank stockundetermined, further issuance to be withheld

pending conference of Legal Division with

Bureau of Internal Revenue 4/ 2 616

Punch card check for purpose of making disbursements at

Chicago and New York offices of Treasury'sDivision of Disbursement 6/11 1194

Copies of correspondence sent to FRBanks 10/ 5 1945R letters to be discontinued 5/23 1026

Registrant under Regulation W not required to act when pay-

ment is omitted or paid only in part, copies of

explanation to FRBank of Minneapolis sent toall FRBanks 1/ 7 22

Registration statements provided for by Regulation 11, in-structions to FRBanks with regard to tabulationof Registrants who do no instalment business orbusiness in listed articles 1/10 38

Regulation A, amendment to subsection (b) of section 2adopted, letter to FRBanks advising, copy of

press statement enclosed 3/17 499Amendment transmitted with instructions on treatment of

notes evidencing loans guaranteed under Execu-

tive Order No. 9112 9/21 1853



Regulation D, amendment proposed to permit member banks in

central reserve cities or in cities in which a

FRBank or branch is located to compute reserves

on a weekly basis, FRBanks requested to submit

commentsFRBanks advised of amendment adopted, statement to be

released to press includedFRBanks advised that amendment is to be effective on

computation period beginning February 28

Regulation R, amendment proposed to permit officers, direc-

tors, or employees of trusts to serve in the

same capacity with member banks under certain

conditions, letter regarding, not to be sent

to FRBanksRegulation V, revision of guarantee agreement form sent to

FRBanks with request for suggestionsRegulation W:

Amendments to, FRBanks notified of intention to add tolisted articles and restrict terms, procedure

for obtaining comments of FRBanks and trade to

be outlinedAmendment No. 3:

Draft of, transmitted for comments and suggestions

Draft sent to Mr. Brown and FRBanks, requested to

56Pages

2/17 285

2/21 314

2/26 358

2/27 375

5/ 8 894

1/ 8 29

1/ 9 33

consult with trade and members of Federal Ad-

visory Council and forward suggestions 1/23 111

Entire regulation to be reprinted upon adoption of

amendment, FRBanks to advise Board whether they

desire proofs or offset negatives 2/ 3 168

Bracketing principle to be applied to certain ar-

ticles, opinion of FRBanks and Federal Advisory

Council requested 2/12 244Summary of principal provisions of, sent to FRBanks 3/ 2 402

Changes in interpretations caused by, to be pre-pared and transmitted to FRBanks 3/ 4 415

List of articles on back of Statement of Borrower

Form rendered incomplete by, suggestion that

additional items be added by rubber stamp or

other convenient method 3/20 517

Amendment No. 4, to be wired to FRBanks along with pressstatement and held in confidence until release

date 4/30 786

Board has no objection to release of information de-

veloped from Registration Statements 3/20 518

Fnforcement, plan for, submitted to Attorney General,

letter to be sent to FRBanks upon advice from

Attorney General that there are no objections 5/22 1018


57


Regulation W: (Continued)Questionnaire prepared by Mr. Ransom in connection with

inclusion of charge accounts, sent to FRBanks

Supplementary question addedRevision of, press statement regarding, sent to FRBanks

Reports on question of relationships between the FRSystem

and Better Business Bureaus and problem of en-forcement under Regulation W, sent to FRBanks,conference to be arranged to solve these ques-

tions

3/213/245/ 4

3/11

Pages

534549841

468FRBanks requested to submit comments and suggestions,

conference to be avoided by submission of plan

by Board 3/27 576Reports, manual governing the preparation of functional ex-

pense, sent to FRBanks, changes involving reim-bursement for expenses incurred in making warloans 5/4 842

Reserves of member banks, summary statements by classes of

banks to be furnished to Board 9/17 1827Resolutions adopted by Conference of Chairmen, action of

boards of directors of Banks to be reported 11/18 2195Retention in service or reemployment of officers and em-

ployees after age sixty-five, previous letterscanceled 12/ 3 2262

S letters, new procedure for 5/23 1026

Salaries of officers and employees of FRBanks, applicationof regulations of National War Labor Board andSecretary of Treasury to 10/28 2076

Adjustments under regulations issued by Director of

Economic Stabilization 11/ 4 2115Telegram on regulations of National War Labor Board

with regard to payment of supplemental compen-sation 11/ 6 2127

General order of National War Labor Board with pro-cedure for handling adjustments 12/16 2318

Certificates to be forwarded to joint committee on sal-aries and wages 12/23 2370

Salary data at FRBanks, preparation for annual reports toBoard 12/28 2397

Savings accounts, letter to FRBanks enclosing Treasury let-ters denying rumor that Government intends toconfiscate 1/12 41



Second War Powers Act, amendment contained in, to Sec.

lh(b) of FRAct, memorandum to be prepared and

sent to FRBanks showing effect on power of

Federal Open Market Committee to directFRBanks to purchase Government securities

Statistical work on consumer credit, transfer from Bureau

of Foreign and Domestic Commerce to FRSystemStock of FRBanks, removal of Federal tax exemption on

dividends of, FRBanks advised that matter is

still pending before the Bureau of Internal

Revenue and to continue to withhold issuance

of stock certificatesTaxes on dividends of FRBank stock:

Decision of Treasury Department on date stock is issued

Requirements necessary to avoid application of first-in,first-out rule, letter from Commissioner of In-ternal Revenue

Unconditional, definition of term used in revised statutes,letter from Comptroller of the Currency oncompliance of standard form of guarantee agree-

ment with definitionVictory Fund Committee, letter to FRBanks on expanded ac-

tivity and on meeting expenses ofWar loan deposit accounts, banks to be encouraged to make

greater use ofWar loans, War Department has not officially approved

guarantee agreement for, form to be sent toall FRBanks upon receipt of approval

Form, instructions, and documents sent to FRBanks

Instructions of War Department not for general publica-

tion, but disclosures may be made as necessary

in connection with negotiations

Schedule of rates on, not to be generally released but

used in connection with actual transactions as

they ariseAuthorization memoranda for the execution of guarantees

for, to be sent to FRBanks by air mail instead

of by wire, telegram to be used only to notify

of action taken on applicationsMade by national banks, letter on applicability of sec.

5200, Revised Statutes to, Board has no objec-

tion to the giving of a copy of, to interested

parties, information on State limitations on

loans made by State banks requested

58Pages

3/26 560

8/21 1658

5/ 2 839

7/ 8 1383

9/22 1865

6/24 1275

11/12 2159

11/17 2191

4/10 6904/11 698

4/13 710

4/14 716

5/11 915

5/12 924


59Pages


War loans: (Continued)War Loans Committee to continue for time being to wire

entire memoranda to the FRBank of San Francisco 5/12 925

(See also War loans)war Savings Program, summary of reports of activities of

FRBank liaison officers, monthly reports need

no longer be submitted 6/18 1248

Weekly reserve computation period for all central reserveand reserve city banks, FRBanks advised of ap-

proval of Board and effective date of 3/ 2 402Civil Service Commission:

Civil Service Retirement Act, list of positions of Boardwhich should be excluded from benefits of,reply to circular from 3/ 5 417

FRBank of Chicago:War loan depositaries, letter to certain banks suggesting

that they qualify asLittle Pock Clearing House Association, letter from Board to

FRBank of St. Louis on circular regarding uni-form analysis of correspondent bank accounts

11/16 2175

and absorption of exchange on checks 1/ 1 6Memphis Clearing House Association, letter from Board to FRBank

of St. Louis on circular regarding uniformanalysis of correspondent bank accounts andabsorption of exchange on checks 1/ 1 6

°ffice of Defense Transportation, holiday travel, curtailmentby Government employees over Thanksgiving andChristmas periods requested 11/17 2192

Secretary of Treasury:Public circulars issued by, statement to be published in

FRBulletin 3/24 552Treasury Department:

Foreign funds control, statement ordered published inFRBulletin 4/22 755

113, authorizing Division of Foreign Funds Control to makeinformation available to censors and others 2/ 4 189

696, Treasury tax savings notes, Series C, pledge as collat-eral by commercial bank on loan from FRBank 12/ 8 2290

4-4 Service Corrunission:Career system, study on "Executive Development in the FRBanks"

copy of, not to be made available to the Train-

C,ing Division of 5/20 1000•vi1 Service Retirement Act, discussion and approval of ques-

tions to be submitted to, regarding coverage ofBoard members and employees of Board and FRBanks 2/27 369


60Pages

Civil Service Commission: (Continued)Deferment of employees from military service, advice to Mr.

Mitchell that it is general policy of Boardnot to ask for 7/ 1 1348

Examination and certification by:Depenbrock, Mrs. Barbara S., request for assent of Board

to, presents borderline case under Board'spolicy 1/16 64

No objection to, for position of Architect 1/16 68Eaheart, Mrs. Mary Elizabeth, permission for the jobs of

attendant and kitchen helper and mess attend-ant 1/5 11

Morin, Florence R., assent given to, for position of per-sonnel assistant, with understanding that beforeaccepting another job, she obtain consent ofBoard 1/15 55

Impounded funds of employees of Board who are thought to be sub-ject to the Civil Service Retirement Act, dis-cussion of and decision to transfer to Treasuryand advise the Civil Service Commission 2/27 367-71

Funds sent to Treasury Department 3/ 6 429membership of Retirement System of the Federal Reserve Bank,

Oroa • • statement reviewed and checked for accuracy 8/14 1623

nizational charts of divisions of Board of Governors, copysent to Mr. Mitchell 7/ 1 1348

Pos •itions in Board's organization concerned with War effort,and which might be considered for defermentfor military service, list of 10/ 2 1926

List submitted 10/ 6 1948Problems of occupational deferment, advice to Mr. McNutt

that Mr. R. F. Leonard will act for Board ofGovernors 10/23 2051

Positions eliminated from list of proposed key positions,additional information submitted in asking forreconsideration of 10/27 2072

positions which should be excluded from the benefits of theCivil Service Retirement Act, reply to cir-cular from, listing

Release3/ 5 417

of employees under Executive Order, reply to, advisingthat Board needs all present employees andthat Mr. Nelson is the proper person to con-tact regardingStaff

2/25 351Personnel Committee recommendation regarding rejected,

former policy rescinded, and no objection tobe made by Board to examination and certifica-tion of employees by 1/16 64


Civil Service Retirement System:Employees added to staff of Board who were not members of, to

be required to become members of the RetirementSystem of the FRBanks

Impounded funds of employees of Board thought to be covered bythe Civil Service Retirement Act, sent to Treas-ury Department

Retirement System of FRBanks to be studied by Staff PersonnelCommittee in regard to liberalization of, tocorrespond with benefits of the Civil ServiceRetirement System and to discuss with thePersonnel Committee

Clark Brothers Furniture Company, Chattanooga, Tenn., violationsof Regulation W, procedure now under consider-ation

°rder to be issued to close store for one weekDesi gnated terms of agreement in connection with suspending

license and violation of Regulation IVTelegram that Board insists on full week's closing as minimum

penalty for violationci__Order suspending license for violation

d-ring accounts:Morris Plan Banking Co. of Boston, Mass., permission to FRBank

Cle to open and maintain clearing account fora'Aing and collection:.4bsorption of exchange on checks and uniform analysis of cor-

respondent bank accounts, letter from Board toFRBank of St. Louis on Little Rock and MemphisClearing House Associations circulars regarding

Absorption of exchange and collection charges:No action to be taken on attempt to get amendment to Regu-

lation QEnforcement of Regulation QSummary of replies received from Presidents of FRBanks and

Legal Division to prepare memorandum of recom-mended actions

Discussion of steps to meet problemProcedure recommended by Mr. DreibelbisDiscussed at meeting of Federal Advisory Council with Board

, Action against national bank for violation suggesteduertification of checks and drafts by FRBanks at request of

public finance officers or nonmember banks, let-ter to FDIC

Charge of 15 cents by the Albertville National Bank, Albert-ville, Alabama, for the cashing of veterans'

checks, reply to Senator Hill regarding

61Pages

2/27 371

3/6 429

2/27 372

7/30 151711/ 3 2103

11/ 4

11/ 5 212411/ 9 2134

2119

3/10 458

1/1 6

8/ 7 15869/14 1796

9/159/2910/ 911/1611/16

18101902198721842184

6/18 1249

5/23 1028


Clearing and collection: (Continued)Charges made by banks, reply to Mr. McCravey of Bank of

Forest, Miss.accounts, charges imposed by banks on, letter to

Representative Bland on laws and regulationsrelating to

Checking

Checks:Cleared through Charlotte Branch, no objection to granting

request of newspaper for total face valueDrawn by Board of Governors on Treasurer of United States,

letter to Comptroller General on custody afterpayment

Held without presentation, report on FR 494 need no longerbe submitted

Issued by Board of Governors, advice to Comptroller Generalthat they should be obtained from Treasurerof the United States

Punch card: (See infra Punch card checks)ulearing account of nonmember bank may be accepted or declined

according to the discretion of the FRBank, let-ter to FRBank of Minneapolis advising

clearing of checks outside of FRBank and branch cities,arrangements with local clearing house associa-tions, reports to be requested every threeyears

Interdistrict time schedule, change in time from El Paso toLos Angeles

M°neY transfer orders drawn by soldiers in Alaska, letter toFRBanks on handling of

No ncash items, competition of FRBanks with member banks withrespect to collection of

Par clearance of checks, letter to Mr. Davis on changes in rulesand regulations of Nashville and Memphis Clear-ing House Associations and on letter fromFarmers Bank and Trust Company, Blytheville,Arkansas

Punch card checks, plans for use in Chicago and New York of-fices of Division of Disbursement and paymentthrough FRBanks

Letter to Mr. Bell on plan.Letter to FRBanks transmitting correspondence on plan

tation check clearing, letter to Mr. Henderson on cooperationby Board and Mr. Szymczak designated to be incharge of work for Board

charges of Chittenden County Trust Company, Burlington,Vermont, Mr. B. Frank advised that Board has nocontrol over

Group

Service

62Pages

11/11 2150

12/16 2325

8/21 1659

10/27 2074

5/22 1022

10/ 1 1924

2/11 239

12/23 2376

11/14 2170

8/22 1662

11/16 2185

2/16 278

6/11 11939/10 177210/ 5 1945

12/ 5 2273

4/18 746


63Pages

Clearin g house associations:Little Rock, letter from Board to FRBank of St. Louis on cir-

cular regarding uniform analysis of corres-pondent bank accounts and absorption of ex-change on checks 1/ 1 6

Memphis, letter from Board to FRBank of St. Louis on circularregarding uniform analysis of correspondentbank accounts and absorption of exchange onchecks 1/ 1 6

Changes in rules and regulations on par clearance ofchecks 2/16 278

Nashville, changes in rules and regulations on par clearance

Ole of checks 2/16 278ci4 vz.Land Retail Credit Mens Company: (See Regulation IV)'ne, R. D., letter on avoidance of Regulation W by renting furni-

ture instead of selling it 6/ 5 1141C°1*, C. L.: (See National banks, Peoples National Bank, Rock

de messages: Hill, S. C.)Co

Commonwealth Bank of Australia, permission requested to sendmessages to FRBank of Boston for transmissionby mail to commercial banks covering wool

Codes: shipments, letter to Director of Censorship 7/17 1451

Air raid protection for Federal buildings, copies sent toFRBanks and attention called to selection ofdefense coordinator 6/13 1213

tartime Practices for the American Press and a copy of Rulesfor the Guidance of Persons Corresponding withForeign Countries issued by the Office of Cen-sorship sent to FRBanks, advised that anyproblem submitted will be taken up with Officeof Censorship by Mr. Draper 1/22 108

bags:

Director of the Mint advised of cooperation of Board in securingthe return of 3/21 538

C°ins, difficulty in obtaining adequate supplies:Discussed at meeting of Federal Advisory Council with Board

V.19 1.479908Discussed by Presidentscoleiscussed by Mr. Ransom at meeting of Federal Advisory Council 11/16 2189

eck, J. R.: (See National banks, Minnesota National Bank ofDuluth, Minnesota)

Collateral:Treasury tax savings notes, Series C, use as pledge for loan

Conyt,,4 from FRBank by commercial bank 12/ 8 2290

'tssioner of Internal Revenue:'alaries and wages regulations being prepared to comply with

executive order 11/ 4 2115


64Pages

Commissioner of Internal Revenue: (Continued)Salary adjustments at FRBanks, procedure for filing certifi-

cates 12/23 2370Salary adjustments of employees of Board and FRBanks, procedure

covering 12/24 2379Taxation of dividends on FRBank stock, action necessary to make

first-in, first-out rule inapplicable to sharessurrendered by member bank 8/ 4 1550

Requirements necessary to avoid application of first-in,first-out rule 9/22 1865

Committees:Advisory Committee on Subversive Activities:

Belt, J. Watson, designated representative of Board on 2/27 379Board of Governors:

Nomination of employee each month for Post award in makingsuggestion for improvement of Federal service,composed of Mr. Bethea and Yr. Leonard and em-ployee selected by the committee of employees 9/26 1892

Personnel:Annual leave, restrictions proposed by, approved 5/26 1051Duties assigned to 7/ 3 1368Evans, Rudolph M., appointed to serve as member of, for

year beginning March 1, 1942, subject to con-firmation and qualification as member of theBoard

Appointed Vice Chairman for period ending February

28, 1943McKee, John K., appointed to serve as member of, for

six-months period beginning March 1, 1942Menze, Robert E., question of salary and appointment

as an economic assistant in Division of Re-search and Statistics submitted to, for con-sideration and recommendation

Ransom, Ronald, appointed to serve as member for six-months period beginning September 1

Retirement System of the FRBanks, to be studied byStaff Personnel Committee in regard to liberal-ization of, to correspond with benefits of theCivil Service Retirement System and to be dis-cussed with

Personnel classification:Revised job description sheets to be submitted to, cov-

ering employees in the Division of Research andStatistics whose salaries were approved thoughnot in line with existing procedure and salarypolicy

2/27 374

7/ 3 1369

2/27 374

2/17 280

2/27 375

2/27 372

2/ 6 214


Committees: (Continued)Board of Governors: (Continued)

Staff Personnel:Recommendations regarding release of employees and ex-

amination by Civil Service Commission rejected,former policy rescinded and no objection to bemade by Board to transfers and examinations byCivil Service Commission

Retirement System of the FRBanks, to study liberaliza-tion of, to correspond with benefits of theCivil Service Retirement System and to dis-cuss with the Personnel Committee

Supplemental compensation plan, report that adoption of,for employees of Board would be inadvisable, con-tinuation of periodic salary reviews deemedadequate to meet present situation

capi ri. Loans, duties assigned toIssues, need for as part of restriction of use of

credit for financing inventories of consumersgoods

Chairmen's Conference:Executive Development in the FRBanks, copy of study not to

be made available to the Training Division ofthe Civil Service Commission

Commercial policy aspects of exchange, monetary and investmentproblems, Mr. J. Burke Knapp to representBoard of Governors on

C°11110eting Lending Agencies of Nebraska Bankers Association,resolution adopted rith reference to productioncredit associationsCO

nservation of cultural resources, letter to ar. Dan Lacy onmeasures taken to protect records of Board

Consumer credit, created by executive order, proposals to amendRegulation W sent to, replies received advisingthat proposals were satisfactory

Draft and revised draft of proposed Amendment No. 3 toRegulation W sent to, report on replies

Directors on Welfare of Staff of the FRBank of New York, confer-ence with Board to be arranged through Mr.Szymczak for the purpose of evolving a plan ofexecutive compensation for officers

Examiners' Conference, report on program as to scope, procedure,

F• and frequency of examinationsair Employment Practice:

Colored employees, report to be made on number employedReply to letter alleging discriminatory requisition for

elevator operators

65Pages

1/16 64

2/27 372

1/16 737/ 3 1369

6/26 1295

5/20 1000

9/14 1735

10/ 8 1976

11/13 2166

2/24 340

2/24 340

5/ 9 910

9/29 1905

9/12 1787

12/11 2301


66Pages

Committees: (Continued)Federal Advisory Council:

Executive committee, interim meetings of members of, withBoard each month with certain exceptions pro-posed, no objection by Board

Arrangements completed for meetings on the secondThursday of each month, Secretary's note

Interim meeting arrangements approved by BoardChange in date of suggestedMeeting with Board V/ 3 127/ 1 1330

8/ 5 1553Monthly meetings with Board, belief that they should be

continued 9/14 1800Meeting with Board 10/ 7 1959Meeting scheduled for December 2 canceled 11/24 2224

Federal Open Market:FRAct, proposed amendment to Section 14(b) to allow FRBanks

to purchase securities directly from the Treas-ury subject to direction of, discussion atmeeting of Board with Federal Advisory Council 2/16 264

Meeting to be held in Washington June 22, to be followed bya meeting of the Conference of Presidents 5/ 8 896

Meeting of executive committee with Treasury officials todiscuss Treasury financing 9/29 1897

Meeting of members of executive committee with Secretary ofTreasury on new Treasury financing 11/11 2144

Meeting scheduled for January 25 12/19 2347Members in Washington to consider draft of statement pre-

pared by Messrs. Goldenweiser and Rouse atrequest of Mr. Morgenthau 10/ 6 1955

Opinion of, that there was an amount of short-term fundsthat might flow into a short-term security,discussed at meeting of Federal AdvisoryCouncil executive committee with board 4/ 9 672

Policy record, draft of letter to be enclosed with drafts of entries covering actions for 1941, approved 1/ 9 35

Entries for 1941 approved 2/10 236Regrouping of FRBanks for selection of members in manner

that insures representation of FRBank of NewYork by amendment to Section 12A of FRAct dis-cussed, decision of Board to consult Treasuryand FRBanks before introducing legislation intoCongress 2/17 282

2/16 272

2/16 2732/23 3213/12 482


Committees: (Continued)Federal Open Market: (Continued)

Regrouping of FRBanks: (Continued)Proposed amendment to FRAct for regrouping of FREanks

to be discussed with PresidentsDraft of amendment to be sent to Treasury, not to be

taken up with Federal Advisory Council

2/27

5/19

67Pages

373

982Bill to amend FRAct changing representation discussed at

meeting of Board with executive committee ofFederal Advisory Council 6/ 3 1112

Letter to Senator Wagner favoring enactment of S. 2565to amend FRAct to provide for 6/17 1239

Recent amendment to FRAct to be published in FRBulletin 7/21 1468Reserve requirement, placing authority in the hands of,

discussed 5/18 962Action on reduction not to be taken until after meeting 9/11 1780

Resolution of Federal Advisory Council favoring an increasein the amount of Treasury bills issued, to bebrought to the attention of, at its next meet-ing 2/27 363

Second War Powers Act, amendment contained in, to Sec. 14(b)of FRAct, memorandum to be prepared showing ef-fect on power of, to direct FRBanks to purchaseGovernment securities 3/26 560

Treasury bills, recommendation of Federal Advisory Councilthat amount issued each week be increased, Fed-eral Open Market Committee reported as favor-ing

Resolution to be brought to the attention of, copysent to Secretary of the Treasury

Treasury financing, program sent to Treasury by representa-tives of

War financing, suggestion in memorandum from Mr. Williamsthat surplus funds of business concerns be usedfor, no action to be taken until after discus-sion with executive committee of the FederalOpen Market Committee

PRBank of Cleveland, directors on official personnel at Bank,telegram to Mr. Klages on meeting with Board

Meeting with Board to be held in January

2/16

2/27

5/ 5

1/16

12/1012/11

264

363

852

69

22982301

ank of New York directors, conference of Board committeewith, to be arranged by Mr. Sproul through Mr.Szymczak

FRBanks, executive, amendment to bylaws providing for composi-tion of, to be taken up by Mr. Szymczak withbanks where committee is not composed exclus-ively of directors

5/

9/

5

4

861

1732


68Pages

Committees: (Continued)FRSystem, currency hoarding:

Szymczak, M. S., appointed to serve as Board's representa-tive on 7/15 1440

Foreign Banking of New York City, bankers' acceptances, legisla-tive clarification of the status of, desiredby, reply from Board advising that there havebeen no further developments in connection withthe proposed amendment to the Internal RevenueCode 5/13 929

Government securities, composed of representatives of Boardand Presidents to confer with Treasury and acommittee of investment bankers in regard topromoting the distribution and sale of 5/ 8 886

Mr. Eccles to represent Board and Messrs. Day, Sproul,Young, and Williams appointed to representPresidents 5/ 8 887

Committee to meet with Treasury regarding, to meet sepa-rately for the purpose of formulating recom-mendations for submission at that time 5/ 8 892

Suggestion that program proposed by Mr. Sproul regarding or-ganization for the promotion of the sale of, beadopted with size and number of committees de-pending upon the needs of the district, andthat there be proportionate representation ofinvestment bankers on the committees 5/ 8 892

House:

Banking and Currency, Revised Statutes, alternate drafts ofamendment to Section 5200 to exempt loans cov-ered by guaranties or commitments made by theU. S. or by any FRBank, copy of memo from Mr.Wyatt regarding, sent to 5/18 976

Interstate and Foreign Commerce, hearings on amendment tosection 7(d) of Securities Exchange Act of1934, request of Federal Advisory Council thattestimony of, be sent to and that they be al-lowed to file a memorandum with 1/22 97

Federal Advisory Council to be advised that Congress-man Lea, Chairman of the House Committee, hasbeen informed of request for hearings and fil-ing of statement 1/22 98

Letters to Mr. Brown and Congressman Lea 1/24 117-8Memorandum prepared reviewing Yr. Brown's letter to Con-

gressman Lea regarding, to be mailed to membersof executive committee of Federal AdvisoryCouncil, dropping of proposal discussed atmeeting of Board with executive comnittee 3/12 474


Committees: (Continued)Industrial Advisory:

FRBank of Atlanta:

69Pages

French, Vv.1, Sr., reappointed for one year 1/14 48Lockett, Andrew M., reappointed for one year 1/14 48Milner, I. C., reappointed for one year 1/14 48Sanford, John E., reappointed for one year 1/14 48Winship, George, reappointed for one year 1/14 48

FRBank of Boston:Carter, Malthrop L., reappointed for 1942 1/20 89Creighton, Albert K., resignation expected in view of

appointment as a Class C director 1/20 89Resignation, to be succeeded by Ralph E. Thompson 2/11 238

Dennett, Carl P., reappointed for 1942 1/20 89Draper, Paul A., reappointed for 1942 1/20 89

Graham, Edward M., reappointed for 1942 1/20 89

Thompson, Ralph E., appointed for unexpired portion ofterm and also for one-year term, to succeedMr. Creighton 2/11 238

FRBank of Chicago:Epstein, Max, reappointed for one year 1/29 144Harnischfeger, Walter, reappointed for one year 1/29 144Kennelly, Martin H., reappointed for one year 1/29 144Kerwin, Edward M., appointment for term expiring Feb.

28, 1943, as successor to Mr. Monroe 3/26 563Monroe, R. R., reappointed for one year 1/29 144

Resignation of, and appointment of Mr. Kerwin 3/26 563Moxley, G. Barret, reappointed for one year 1/29 144

FRBank of Cleveland:Folsom, Edward C., reappointed for one year 2/ 4 184

Resignation as member 12/29 2401Gibbs, Carl C., appointed for one year to succeed

Mr. F. A. SmytheDeath of

2/ 410/ 2

1841934

Hood, Clifford F., appointed to serve for unexpiredterm of Mr. E. C. Folsom 12/29 2401

Ladds, Herbert P., appointed for unexpired portion ofterm 10/ 2 1933

Neff, Herman R., reappointed for one year 2/4 184Smythe, F. A., succeeded by Mr. Gibbs 2/4 184Swander, Dan C., reappointed for one year 2/4 184Withington, W. W., reappointed for one year

rRBank of Dallas:2/4 184

Hamon, Jake L., appointed for 1942 3/27 575Moore, Charles R., reappointed for 1942 3/27 575Moore, Ira T., appointed for 1942 3/27 575Pollock, Lawrence S., appointed for 1942 3/27 575Simmons, E. P., appointed for 1942 3/27 575


ecxuraittees: (Continued)Industrial Advisory: (Continued)

FRBank of Kansas City:

70Pages

Forrester, D. Bruce, reappointed for one year 1/26 121Gray, R. L., reapoointed for one year 1/26 121McNally, Thomas, reappointed for one year 1/26 121Miller, Ed S., reappointed for one year 1/26 121Thompson, Mason L., reappointed for one year 1/26 121

FRBank of Minneapolis:Bush, John M., reappointed for 1942 1/31 160Follett, C. O., reappointed for 1942 1/31 160

Miller, Albert L., reappointed for 1942 1/31 160Wood, Sheldon V., reappointed for 1942 1/31 160

FRBank of New York:Beach, Herman K., due to small volume of applications

for loans no appointment made to fill vacancycaused by death of 2/12 243

Nelson, Arthur G., reappointed for one year 2/12 243Noble, Edward J., reappointed for one year 2/12 243Pouch, William H., reappointed for one year 2/12 243Reynolds, Francis B., reappointed for one year 2/12 243

FRBank of Philadelphia:McDade, John T., reappointed for 1942 3/ 5 418Mechling, B. F., reappointed for 1942 3/5 418

Powlison, Keith, reappointed for 1942 3/5 418Schultz, Daniel H., appointed for unexpired portion of

term ending February 28, 1942 1/1 2Reappointed for 1942 3/ 5 418

Skinner, James I., appointed for unexpired portion ofterm ending February 28, 1942 1/1 2

Reappointed for 1942 3/5 418FRBank of Richmond:

Balduin, Ludlow H., succeeded by Mr. Douglas Gorman 2/18 294Dennis, Overton D., reappointment for one-year term 2/13 294

Gorman, Douglas, appointment for one-year term to suc-ceed Mr. L. H. Baldwin 2/18 294

Holtsclav,, J. G., reappointment for one-year term 2/18 294Manning, William L., reapnointment for one-year term 2/18 294Stuart, Vialker D., reappointment for one-year term 2/13 294

FRBank of St. Louis:Embry, Foster H., appointed for one year 1/29 144Finch, M. E., appointed for one year 1/29 144Norris,',111. K., appointed for one year 1/29 144VanDyke, Jacob, appointed for one year 1/29 144

Maurice, appointed for one year 1/29 144FRBank of San Francisco:

Baker, ;,akefield, reappointed for term of one year 2/25 352


71Pages

Coramittees: (Continued)Industrial Advisory: (Continued)

FRBank of San Francisco: (Continued)Crandall, Shannon, reappointed for term of one year 2/25 352Hayes, Edmund, reappointed for term of one year 2/25 352Nichols, Henry D., reappointed for term of one year 2/25 352Starr, Walter A., reappointed for term of one year 2/25 352

Insurance, joint report of Insurance Plan Committee and StandingCommittee on Insurance accepted by Presidents'Conference and recommendations made to Boardat meeting with Presidents 3/ 2 392

Board concurs with Presidents' Conference in resolutionapproving, adoption of self-insurance planfavored, letter sent to FRBanks, comments andsuggestions requested 3/30 593-6

Joint report approved by a majority of FRBank boards of di-rectors, plan for self-insurance now being pre-pared by the two committees 5/ 8 908

Interdepartmental War Savings Bond:Bethea, Liston P., designated as alternate for Mr. Eccles

on 5/13 930Reply to Admiral Conard that Board does not favor change in

minimum deduction for employees in payrolldeduction plan for purchase of War SavingsBonds

Letter to Admiral Conard that staff of Board had exceeded8/28 1710

ten per cent goal in pay roll savings plan 11/ 2 2101Joint Economic Committees of Canada and U. S., dollar exchange

in Canada, memorandum re maintaining supply

L of, sent to Messrs. Hansen and Berleeased Viire System, advice that Mr. Nelson will be representa-

tive of Board designated to meet withNational

1/ 6

12/22

17

2364Association of State Bank Supervisors, executive com-

mittee of, invited to use Board Room for meet-ing, Messrs. Ransom and McKee to attend

,1)::s?nnel, restrictions on annual leave proposed by, approved'r sl.dent of the United States, special committee appointed by,

to study inflation, report by Mr. Eccles on thefindings of, at a meeting of the FAC with theBoard

Presidents Conference:Bank examination procedure, letter to Mr. Sproul on study

being given to modificationMeeting of committee with Board to be postponed until

after conference of Representatives of Bank Ex-amination Departments in Philadelphia

Defense Savings Bond Committee to study simplification ofprocedure for issuance of defense savings bondsand submit recommendations to Treasury

3/235/26

5/18

7/28

9/ 3

3/ 2

5401051

954

1509

1729

391


72Pages

Committees: (Continued)Presidents' Conference: (Continued)

Foreign accounts of FRBanks, participation of FRBanks in,report suggesting revision of Regulation N,etc., presented and discussed 8/25 1668

Free Services, System Committee on, composed of Messrs.Leach, Peyton, and Gilbert 2/ 3 169

Subcommittee composed of Messrs. Walden, Lysen, andStroud 2/ 3 169

Mr. E. L. Smead designated to represent Board on subcom-mittee 2/ 3 169

Insurance, representative to be selected by each Presidentto serve as member of continuing committee 9/29 1898

Insurance plan, resolution on policy with respect to Warinsurance 9/29 1897

Operations:Functional expense report, value discussed 9/29 1903Insurance agreement as revised submitted to Board for

approval 12/11 2303Supervision of Washington office of Leased Wire System

transferred from, Mr. Carpenter to Mr. Nelson,advice to Mr. Leach as Chairman 12/22 2364

Personnel Selection and Training:Fleming, Matthew J., President of FRBank of Cleveland,

appointment as member of standing committee 2/20 303Peyton, John N., appointment as member of standing com-

mittee 2/20 303Sproul, Allan, President of FRBank of New York, appoint-

ment as member of standing committee 2/20 303Szymczak, M. S., designated to represent Board on 2/20 303Not to be invited to meet with Chairmen on October 5 9/ 8 1744

Research and Statistics, not to be invited to meet withChairmen's Conference on October 5 9/ 8 1744

Meeting of subcommittee scheduled for October 9/30 1915Retirement System, questionnaires returned by Board, no

opinions or suggestions with regard to changesto be made at this time 2/26 357

Report discussed and special meeting of Presidents tobe called to consider problems 9/29 1901

Change in interest base recommended 12/21 2350Self-insurance special committee, report of, to be consid-

ered by Presidents, Chairmen's Conference ad-vised of necessity for prompt action on 1/22 96

Standing Committee on Insurance charged with the duty ofcontinuing study in accordance with the recom-mendation in the joint report 5/ 8 908

Supplemental Compensation, adjusted plan discussed and re-strictions modified with understanding it shallapply where it would increase any salary beyondt6,000 and effective date 2/27 364


Ninattees: (Continued)Relation between the domestic and international measures con-

templated in article 7 of the master lend-lease agreements, Mr. Walter Gardner to repre-sent Board of Governors on

Senate:Appropriations, Tyding's questionnaire, Mr. Eccles author-

ized to ask whether a reply is desired or mayask staff to prepare an answer, Mr. Ransom op-

posed to any answer which is not complete 3/10 449Banking and Currency:

Inter-American Bank, Messrs. Goldenweiser, Wyatt, and

Gardner designated to prepare draft of statement

which Board representative might make at hear-

ings on 1/22 99

Draft of statement discussed, to be revised andwhen approved to be submitted to Mr. Berlefor comments 1/28 132-5

S. 2146, 2147, and 2148, to amend Home Owners' LoanAct of 1933, National Housing Act, and FederalHome Loan Bank Act, opposed by Board as theyinclude objectionable features of S. 4095 3/27 583

S. 2250, report on Murray Bill to be submitted to, af-

ter clearing with Budget Bureau, proposal byMr. Eccles may be substituted 2/17 290

S. 2393, relating to the publication in places wherebranch banks are operated of statements ofresources and liabilities of banks, etc., ad-vised that Board has nothing to add to opin-ion sent to the Bureau of Budget 5/18 977

S. 2565 to amend sections 12a and 19 of FRAct, letterto Senator Wagner favoring enactment 6/18 1239

Finance Committee:Withholding tax, application to interest on bonds in-

cluding Government securities, memorandum tobe prepared for Messrs. Ransom and Szymczakand submitted to Treasury for suggestions 8/ 6 1567

Letter to Mr. Randolph Paul stating position ofBoard to be delivered at hearing room of 8/26 1683

Small business, letter to Mr. Thompson on dealings byFRBanks with customers other than member banks 12/ 3 2264

SYst, em Committee on Collections, meeting called to considerration banking plan 12/ 5 2273

Changes suggested in plan for clearance of ration checks 12/16 2327victory Fund:

Advertisements in connection with Treasury financing, com-

plaints from press of discrimination in placing 12/ 1 2248

73Pages

9/ 4 1735


74Pages

Committees: (Continued)Victory Fund: (Continued)

Discussion of, and decision that all of the Presidentsshould meet with the representatives of theTreasury and the investment bankers 5/ 8 887

Discussion of work at dinner meeting of Presidents withrepresentatives of Treasury 9/24 1878

Distribution of Series B Tax Notes, to be requested to makespecial effort to obtain wide, and Messrs.Ransom and Szymczak to keep in close touchwith committees 9/11 1778

Executive manager at FRBank of Chicago, position not withinscope of personnel classification plan 9/14 1802

Expansion because of increased activity in connection withnew Treasury financing 11/11 2144

Expansion of activities to include smaller communities dis-cussed 12/18 2336

Expenditures by FRBanks for advertising in newspapers ofcities where regional offices are located 11/25 2230

Expenses of, instructions for including in Functional Ex-pense Report 5/20 1000

Letter to FRBanks on expanded activity 11/12 2159Meeting of Chairmen scheduled for January 26 12/19 2347Offering of short-term in market issue to be part of work

of 7/ 1 1334Service in connection with new issue, question of furnish-

ing names of member banks with substantial ex-cess reserves for use in committee work 7/ 8 1384

Statement furnished to Bureau of the Budget on participa-tion of FRSystem in Treasury financing 11/28 2238

Treasury bills, program to educate member banks on ad-vantages of holding suggested 8/ 5 1560

Use of Form 158 in obtaining transportation exemption formembers 6/12 1206

War loan accounts, telegram from Treasury Department toFRBanks that small banks should be encouraged

war to open and increase 9/18 1843_L egislation, to be included in another War Powers Bill,

Mr. Wyatt authorized to advise Mr. Cox thatBoard has no additional 2/17 288

War loans:Budget for non-personal services of, to be submitted to

Board 4/ 6 628Draft of Regulation V approved by 4/ 1 601Funds received under Executive Order 9112, Mr. Bartelt of

the Treasury to confer with, regarding coveringof funds into the Treasury

4Organization of, as outlined in memorandum from Mr. Eccles

with 3/2: 6505:approved th minor change


issued by Board of Governors are not returned to issuingoffice and should be taken up with office ofthe Treasurer of the United States

checks after payment, question of filing in Treas-urer's office or General Accounting Office

C°T4Ptroller of the Currency:Absorption of exchange and collection charges by member banks,

correspondence onAgreements under Regulation V, proposed revision of standard

form submitted for suggestionsNational Bank and Trust Company of Mobile, Alabama,

action on application to make acceptances upto 100% of capital and surplus, deferred pend-ing opinion of, as to whether the condition ofthe bank justifies the grant of authority

reports of national banks, change in item due to anddue from other banks being considered by

of correspondence on denial of application of FirstTrust and Savings Bank of Pasadena to estab-lish branches sent to

Enforcement of Regulation W, letter on cooperation with regardto national banks

4aIllination procedure agreed upon in 1938, provisions abandonedby

Uniform policy adopted by bank supervisory agencies, re-ported change without consultation with Boardand FDIC

Proposed change in, letter to Mr. Upham that conference ofbank supervisory agencies be held

Commodity Credit Corporation:Certificate of interest issued by, classification by Citizens

State Bank of Knox City, Texas, in condition re-ports as loans or guaranteed securities

Loan used to purchase listed article not exempt from provisions

Co -m- of Regulation W,tionwealth Investment Company:See. 32 of Banking Act of 1933 because open-end investment com-

Oopw,4. pany-vkiroller General of the United States:

Assignment of claims under act of 1940, letter on acknowledg-ment and return of notices

Procedure of office with regard to, especially in connectionwith war loans

Assignment of Letter of Intent and assignment of Notice ofAward, letter on assignability at request ofFRBank of Minneapolis

Opinion transmitted to FRBanksCheeks

Custody of

American

Condition

Copies

75Pages

6/ 5 1147

6/20 1262

10/28 2080

6/11 1187

9/ 3 1724

10/14 201811/ 2 2100

10/ 1 1924

10/27 2074

10/ 9 1987

12/23 2375

3/30 592

3/24 550

11/19 2201

6/12 1204

10/ 9 1991

10/17 2037

10/30 2093


Comptroller of the Currency: (Continued)Examination and supervisory policy with reference to invest-

ments by banks in and loans upon Government

76Pages

securities 11/11 2148Joint statement with special reference to investments in

and loans on Government securities 11/20 2205Individual debts: (See Loans)Inscription for front page of examination report of national

banks 11/19 2202Press statement regarding reduction of individual debt to be

submitted to, for approval following consider-ation by Messrs. Ransom, McKee, and Szymczak

Statement as approved for releaseReciprocal bank balances, proposed procedure for reporting,

agreeable to, no change to be made on theface of the report and the form of publishedstatement

Regulation IV, advice that office will cooperate with Boardin enforcement of

Savings deposits, withdrawal without notice for purchase ofdefense savings bonds, comments sent to FRBankof Cleveland

Second National Bank of Ravenna, Ohio, copy of report by Mr.

5/5 851

5/7 880

5/11 921

7/ 6 1374

3/9 437

Gaffney on investigation of trust departmentin connection with surrender of its fiduciarypowers, sent to 2/14 258

Letter containing same information sent to FRBank of Cleve-land

Staff:2/14 257

Roberts, T. V., Assistant Counsel, cost of luncheon to beborne by Board 1/29 145St

atistics of national and State banks, no need for extensionof clerks on reimbursable basis as help cannow be supplied by Board's staff, reimbursementof only one clerk necessary for December as Mr.Martin resigned

TMasamerica1/5 11

Corporation:Expansion by, Mr. McKee authorized to confer with Mr.

Crowley and Comptroller regarding adoption ofPolicy of refusing to permit further 1/22 105

Readily marketable assets of the kind and amount requiredby sec. 5144 of the Revised Statutes held by

loans:5/9 911

Guaranteed by provisions of Executive Order, question ofmaking, by national banks without being subjectto section 5200 of Revised Statutes

Participation in lending program by national banks, letterto be published in FRB1111etin

4/8 661

5/25 1033


77Pages

NINlsory savings:War financing, discussion of Federal Advisory Council with

Board as to whether it should be conducted ona voluntary basis or whether a plan of, shouldbe adopted 5/18 952

ConaAdmiral Charles, Chairman of Interdepartmental War Savings

Bond Committee, advice that staff of Board hadexceeded the ten per cent goal in pay roll sav-

n ings plan

Cohditio of banks:American Bank and Trust Co., New Orleans, La., unsatisfactory

features to be corrected as result of confer-ence of Mr. McLarin with officers of bank andrepresentatives of Louisiana Banking Depart-ment

Peoples Trust Company, Martinsburg, W. Va., change in manage-ment suggested and examination to be made by

011r1 4 1 • FDIC and FRBank of Richmond

---610n reports:Bank of America N.T. & S.A., submission of report of holding

company affiliate relationship with Trans-

11/ 2 2101

10/22 2049

10/28 2078

america Corporation waived 3/20 516Call reports:

Forms and instructions for next call transmitted to FRBanks 4/ 2 614Memo of Mr. Smead on revisions 6/10 1183

Fall call to be omitted with understanding that banks wouldobtain from member banks a classification ofloans and investments including information onpersonal loans and retail instalment paper 7/18 1454

Fall call not contemplated, telegram to FRBanks and advicemay be given to State banking departments 9/28 1895

Call not contemplated at present time, no objection to ad-vice to State member banks 10/ 3 1942

End of year call, proposed revision of Form 105 reducingfrom four to two pages 11/18 2198

CaPtion to appear at top of publishers copy and be acceptableto State banking authorities and Board of Gov-ernors, suggestion of Mr. McAdams approved withmodification 6/26 1299

Changes in caption for use in joint publication, advice toFRBank of Dallas approving 7/30 1520

Certificates of interest issued by Commodity Credit Corporation,advice to Citizens State Bank, Knox City, Texason classification as loans or guarantee securi-ties 6/ 5 1147Chase

Bank, New York, Far Eastern branches, special instructionsfor preparation of, as year-end statements arenot available for 1/14 48


Cond•ltion reports: (Continued)Deposits, differences in reporting time certificates especially

those subject to reserveDeposits by post exchanges at Army posts and of company, bat-

tery, and similar funds should be reported asGovernment deposits if not designated deposi-taries

FRBank weekly statement, FRnote statement to be discontinued,

78Pages

8/29 1713

10/13 2014

information to be shown under liabilities, andstatement to be reduced to two sheets 5/5 865

Memo of Mr. Smead on manner of showing Government securi-ties purchased in open market or directly fromTreasury 6/15 1221

Changes in wording of weekly statement in connection withparticipation of FRBanks in foreign accounts 8/25 1673

Retirement System interest base adjustment, manner of show-ing payment in 12/31 2415

First Trust and Savings Bank, Pasadena, Calif., extension oftime for filing reports of affiliates 7/16 1443

°rms and instructions for next call transmitted to FRBanks,

Gov memo of Mr. Smead on revisionsernment securities, figures showing par values of, unneces-

6/10 1183

sary0 to furnish in futureint publication of those rendered to State and Federal Re-

serve authorities, amended form 105e for use inKentucky

7/ 1

7/16

1344

1445banks, forms to be furnished if Division of Banking de-

sires to make fall callLoan

9/16 1822schedules, memo of Messrs. Smead and Goldenweiser for tak-

ing out of call report and submitting separately,referred to Messrs. Ransom, Evans, and McKeewith power to act

blember banks in 101 leading cities weekly report, change being10/ 6 1952

considered in item due to and due from other

Ue • banksrrill Mortgage Co., Bangor, Maine, report should be submitted

by Merrill Trust Company because not in formalliquidationNat ional Bank of Vtashington, Tacoma, Washington, submission of

3/24 550

11/11 2149

report of holding company affiliate relation-

National banks: ship with Transamerica Corporation waived 3/20 516

Call as of December 31, 1941 1/2 8Call as of April 4 4/7 650Call as of June 30 7/ 3 1359Due to and due from other banks, change in method of report-

ing being considered by Comptroller of Currencygrim Trust Company, Boston, Mass., corrections to be made

in, republication not to be required

3/24

8/ 6

550

1575


79Pages

Condition reports: (Continued)Publication in places where branch banks are operated, refer-

ence to S. 2393 6/26 1300Reciprocal bank balances, proposed procedure for reporting,

agreeable to Comptroller of the Currency, nochange to be made on the face of the reportand the form of published statement 5/11 921

Reciprocal interbank demand balances with banks in United Statesshould be reported on call reports as net in-stead of gross 6/24 1276

S. 2393, which would require the publication of statements andcondition reports by each insured bank andbranch, letter regarding, sent to the ExecutiveOffice of the President 5/11 920

, Reply to Senator Wagner regarding 5/18 977Qocial Security taxes, opinion of Board that they should not be

classified as deposits but should be shown as"Other liabilities" 5/ 8 907

Standard caption to appear at top of Form 105e for use in jointpublication 9/25 1886

State member banks:Call as of December 31, 1941 1/ 2 8Call as of April 4 4/ 7 650

Change in instructions for reporting on forms 105e and 220a 4/17 742

Call as of June 30 7/ 3 1359Revision of form 105 to obtain break down of maturities of

Government bonds from insured commercial banks 11/21 2214Instructions and definitions covering loans and discounts,

revised form approved 12/16 2327m Forms and instructions transmitted to FRBanks 12/24 2383"kK bills of City of Kansas City, manner of showing those held

by Riverview State Bank 6/17 1232Undisbursed portion of irrevocable loan commitment should be

Weekl reported in contingent liability schedules 7/16 144347 reporting member banks:Debits to demand deposit accounts to be shown in press state-

ment, memo from Mr. Smead 4/18 744Treasury certificates of indebtedness to be shown separately,

Coro, code words and instructions sent all FRBanksnces:

4/ 9 669

tIlditors, calling of, question of responsibility 9/18 1839°Lnkers and members of executive committee of the Federal Open

Market Committee with the Secretary of the Treas-11/11 2145ury on proposed Treasury financing


COnterences: (Continued)Board, Treasury, and SEC, report on, by Mr. Eccles regarding

pending capital issues for the purpose of pay-ing off bank loans which would leave the com-panies free to borrow again from banks forthe purpose of building up inventories

Chairmen:Auditors, relationship of Reserve Bank, resolution onBalderston study on "Executive Development in FRBanks,"

Mr. Ruml advised that Board concurs in objec-tives of, and is willing to provide space forofficers on tour of duty at Board

Branches of FRBanks, resolution increasing powers and func-tions of

Dinner to be arranged for January 26, Mr. Hansen to be in-vited to make talk following

Dinner to be given to members, advisers, and staff of Na-tional Resources Planning Board and cost to bepaid by Board

Executive development plan, resolution on implementationof

Functions of FRBanks, letter from Mr. Ruml regarding dis-cussion by, Board to take no action on

Indebtedness of Reserve Bank officers and employees, resolu-tion on procedure for reporting

Luncheon, arrangements to be made for luncheon in Board's

Meeting to be held in New York on October 5, agenda fordining rooms on January 26

Meetings of, importance emphasized, suggestion that Chair-man if unable to attend should arrange for at-tendance by either Deputy Chairman or the otherClass C director

Minutes and stenographic record of meeting, revised copysent to Chairmen with request for suggestions

Personnel objectives as expressed in Balderston study on"Executive Development in FRBanks," Mr. Rumladvised that Board concurs in, and is willingto provide space for officers on tour of dutyat the Board

Presidents of FRBanks not to be invited to meeting to beheld in New York on October 5

Regional program for economic studies and planning, resolu-tion on

Resolutions adopted at meeting, action of boards of direc-tors of Banks to be reported to Board

Self-insurance, Chairman Eccles to advise Chairmen ofreasons for prompt action on this matter

80Pages

5/19 981

11/18 2195

2/ 6 202

11/18 2195

1/22 96

9/18 1842

11/18 2195

5/ 5 853

11/18 2195

39122/3 146/:

2/ 6 219

11/18 2195

2/ 6 202

9/ 8 1744

11/18 2195

11/18 2195

1/22 96


erences: (Continued)Chairmen: (Continued)

Stenographic record to be made of meeting on October 5Topics for discussion:

Auditors at FRBanks:Duties and responsibilities ofRelationship to boards of directors of FRBanks and

examiners of Board of GovernorsLetter to Mr. Ruml relating to

Branches of FRBanks, functions to be performed byIncrease of services and functions

Executive development plan of FRBanksIndebtedness of officers and relation of auditors to

directors to be discussed at meeting on October

5National economic problems, plan of cooperation between

FRSystem and National Resources Planning BoardPlan for coordinating research and statistical activi-

ties of Board of Governors and National Re-sources Planning Board, to be placed on pro-gram for next meeting

Program of Division of Personnel Administration withrespect to FRBank matters, outline of

Report of Executive Development at FRBanks, giving ofpublicity to

Research departments of FRBanks, expanded studies to be

C2 conducted by',,,I LLttee of Directors on Welfare of Staff of the FRBank of New

York with Board, to be arranged through Mr.Szymczak for the purpose of evolving a planof executive compensation for officers

Eacaminers at Philadelphia in September:Examination departments of FRBanks, representatives to meet

in Philadelphia beginning September 22Matters discussed at, report of Mr. McKee onRegulation W, enforcement to be discussed and representa-

tives of FRBanks to be prepared forEnforcement of, to be open for discussion at, telegram

to FRBank of AtlantaSummary of discussion of problems in connection with

Report of Mr. McKee on success of meeting at Philadelphiaand recommending future conferences

1,_Report on scope, procedure, and frequency of examinationsral Open Market Committee, meeting to be held on January 25

''t(eBank representatives:Better Business Bureaus, conference to be arranged to as-

sist in solving question of relationships ofFRSystem with, copy of report on problem sent

FRBanks

81Pages

9/18 1842

9/18 1839

9/ 89/ 89/ 89/189/ 8

17451752174518421745

9/18 1832

7/21 1465

6/ 9

9/18

5/20

9/ 8

1177

1841

1001

1745

5/9 910

8/269/24

9/ 5

9/ 910/28

9/299/2912/19

16911878

1742

17622081

190419052347

3/11 468


Coriferences: (Continued)FRBank representatives: (Continued)

Better Business Bureaus: (Continued)FRBanks requested to submit comments and suggestions,

conference to be avoided by submission of planby Board 3/27 576

Building safety and vault control, FRBanks requested toadvise whether they feel conference is justi-fied, results that might be expected, and sug-gestions as to additional topics 4/16 732

Enforcement of Regulation IA, conference to be arranged toassist in solving problem of, copy of reporton, sent FRBanks 3/11 468

FRBanks requested to submit comments and suggestions,conference to be avoided by submission of planby Board 3/27 576

Regulation V, draft of, approved by Board for purpose ofdiscussion by 4/ 1 601

Statement of Mr. Eccles regarding discussion by, of in-terest rates and guarantee charges on warloans 4/ 3 618

War loans, suggestion that meeting be arranged to draft plans, regulations, and instructions for 3/20 513

War loans, table of rates on, which might be adopted byWar Department considered for submission to 4/ 1 606

PRnotes and FRbank notes of 1928 series, representatives ofTreasury and Board, regarding issuance of 5/26 1061

iseal Agency: Agenda, no topics suggested by Board to be added to,

Messrs. Smead, Szymczak, Myrick, and Morrillto attend 5/ 1 836

Report of Mr. Szymczak on conclusions reached in discus-sions with Mr. Bell regarding 1/28 140

Government securities, committee composed of representatives ofBoard and Presidents to confer with Treasuryand a committee of investment bankers in regardto promoting the distribution and sale of 5/ 8 886

International finance reconstruction after War, report of

Messrs. Eccles and Goldenweiser on meetingwith representatives of Treasury and State

5/26 1047Nationa, Departments and othersAssociation of State Bank Supervisors, executive com-

mittee of, invited to use Board Room for meet-ing, Messrs. Ransom and McKee to attend 3/23 540

Absorption of exchange and collection charges, report ofdiscussion on 9/29 1902

82Pages


COnierences: (Continued)Presidents: (Continued)

Adjusted compensation plan, liberalization of, approved byBoard, advice to, letter to be sent to FRBanksregarding 3/ 2 394

Advances for periods up to 90 days secured by Government ob-ligations, discussion of authority of FRBanksto make, at meeting of Presidents with Board 3/ 2 382

Article combining public relations work on Regulation IVwith defense saving bond program, Presidents'Conference asked if it desires that Board con-tinue with preparation of 2/13 252

Defense Savings Bond Committee to study simplification ofprocedure for issuance of defense saving bondsand submit recommendations to Treasury 3/ 2 391

Dinner at Carlton Hotel on September 28 with representativesof Treasury to discuss work with Victory FundCommittees, members of Board and Messrs.Morrill and Smead to attend 9/24 1878

Examinations of member banks, suggestion that number be re-duced, discussed at meeting with Board 3/ 2 390

FRnotes, unissued 1928 series, not to be issued until con-sent of Treasury is obtained, discussed at meet-ing of Board with Presidents in connection withrequest of Bureau of Engraving and Printingthat standard of fitness for circulating bereduced 3/ 2 391

Holidays at FRBanks, observance during war period, summaryof replies of FRBanks, matter to be reviewedby Mr. Szymczak 7/10 1397

Hot Springs, Virginia on Sept. 25-27, report of actionstaken at 9/29 1897

Industrial advances, letter to FRBank of Kansas City sug-gesting that in light of discussion by Presi-dents it might desire to reconsider itsschedule for advances and commitments 5/12 925

Industrial loan corporation, statement of Presidents re-garding, and discussion at meeting of Boardwith Presidents 3/ 2 385

Insurance, joint report of Insurance Plan Committee andStanding Committee on Insurance accepted by,and recommendations made to Board at meetingwith Presidents 3/ 2 392

Board concurs with, in resolution approving, adoptionof self-insurance plan favored, letter sent toFRBanks, comments and suggestions requested 3/30 593-6

83Pages


Coriferences: (Continued)Presidents: (Continued)

Insurance: (Continued)Charged with the duty of continuing study in accordance

with the recommendation in the joint reportInsurance agreement as revised and agreed upon, approvedManaging Directors at FRBranch banks, change in title to

Vice President and Managing Director with ap-propriate adjustment in salary, discussed atmeeting of Presidents and Board, to be studiedby Presidents

Meetings:No objection by Board to meeting on February 2 and 3,

but suggested to Mr. Day that it be delayed to

84Pages

5/8 90812/11 2303

3/2 390

correspond to meeting of Federal Open MarketCommittee in March

Meeting to be held in Washington on February 2 and 3With Board of Governors

Separate session at this time considered unnecessaryas Presidents will return to Washington some-

1/161/222/ 33/25/8

7396170381885

time in June 5/ 8 896To be held in Washington following the meeting of the

Federal Open Market Committee on June 22 5/ 8 896With Board of Governors 9/29 1897Scheduled for January 25-27 12/19 2347

Pay roll savings plan for purchasing securities, record ofFRBanks discussed 9/29 1903

Rates on 10b loans, discussion of need for uniform action 9/29 1906Recommendations:

Budgets, submission of annual to be discontinued exceptstatistical and analytical and bank examination 8/20 1647

FRnotes, that existing stocks be put in circulation asWar Emergency measure, letter to FRBanks andletter to Mr. Bell on position of Treasury 8/20 1646

Insurance on shipments of currency and coin, resolutionthat FRBanks not assume war risk on 9/29 1897

Joint report on insurance by Insurance Plan Committeeand the Standing Committee on Insurance, to bemade to the board of directors of each FRBank

Rediscount rate, discussion of uniform reduction to 1 percent, no objection by Presidents in meetingwith Board

3/

3/

2

2

392

381


3riferences: (Continued)Presidents: (Continued)

Regulation W, changes in, discussed by Mr. Ransom with, tobe reprinted when amended again 3/ 2 394

Retirement System, report of committee discussed 9/29 1901Safekeeping of Treasury bills and certificates of indebted-

ness of nonmember banks to be permitted forduration of war 10/14 2019

Supplemental Compensation Committee of, request regardingadjusted compensation plan discussed and re-strictions modified with understanding thatplan shall not be applied where it would in-crease any salary beyond $6,000 and not tobe effective until after March 1, 1942 2/27 364

Topics for discussion:Advances secured by Government obligations for a period

of 90 days, authority of FRBanks to make 2/27 373Budgets of FRBanks, question of whether parts of,

should not be submitted to Board during thewar 4/16 732

Building safety and vault control, standards on, sug-gested as 5/ 4 844

Federal Open Market Committee, amendment to section12A of FRAct to regroup FRBanks for representa-tion on 2/27 373

Forms of FRBanks, assignment of approval numbers byBudget Bureau to be discussed 12/22 2364

Government securities, transfer by wire of long-termas well as short-term, suggested by FRBank ofChicago 1/12 42

Holidays, observance of, by banks and post offices dur-ing the war, suggested in letter to FRBanks 4/27 778

National economic problems, plan of cooperation betweenFRSystem and National Resources Planning Board 7/21 1465

Overdrafts at FRBanks by Treasury, procedure for handl-ing in future to be discussed at 6/18 1248

Rates on advances under Section 10(b) of FRAct, maximumrate to be discussed at next conference 8/20 1647

Rates on advances to nonmember banks, whether itshould be same as rate to member banks 10/27 2067

Rediscount rates, Board willing to approve a rate ofone per cent 2/27 373

Report of Executive Development at FRBanks, giving ofpublicity to 5/20 1001

Reserve requirements, amendment to section 19 of FRActto authorize Board to change 2/27 373

85Pages


COnferences: (Continued)Presidents: (Continued)

Topics for discussion: (Continued)Self-insurance, report of special committee to be con-

sidered, Chairmen's Conference advised of neces-sity for prompt action on

Victory Fund Committees, discussion of expanded activitiesand expenses

Regulation W:Meeting of representatives of the trade with the Board, em-

ployment of a stenographer from Hart & Dice toreport, authorized

Representatives of trade regarding, questionnaire on non-purpose loans sent to

RePresentatives of Treasury, War Production Board, Office of

86Pages

1/22 96

11/12 2159

3/12 487

4/6 640

Price Administration, etc., to consider measureto restrict use of credit for purposes offinance inventories of consumer credit 6/ 9 1166

Representatives of Treasury and State Departments, Export-Im-

port Bank, Board of Economic Warfare, etc., todiscuss establishment after Vvar of InternationalStabilization Fund and International Bank 6/ 9 1161

Research departments of FRBanks and representatives of Divisionof Research and Statistics to be held on October13 and 14 9/30 1915

Standards of building safety and vault control, calling of,placed on program for President's Conference

Victory5/ 4 844

Fund Committee discussed, and decision that all of thePresidents should meet with the representativesof the Treasury and the investment bankers 5/8 887

Meeting of Chairmen to be held on January 26War loans, suggestions that meeting be arranged to draft plans,12/19 2347

regulations, and instructions for 3/20 513FRBanks requested to send representatives to Washington

to outline procedure for making, under au-thority of Executive Order 3/26 553

Draft of regulation and instructions being prepared, so asto be available for consideration of conference 3/26 554

Conference postponed from Monday until Wednesday 3/27 584Table of rates which might be adopted by War Department con-

sidered for submission to 4/3 606Representatives of FRBanks, to be held in Washington at

early date 10/ 2 1933Representatives of FRBanks and representatives of the Board

and services, to be held on October 19, 20, and21 10/ 6 1952


87Pages

Con ferences: (Continued)War loans: (Continued)

Cost of making stenographic record of conference in Wash-

ington of representatives of Board, FRBanks,

and the services, payment authorized 10/12 2012

Expenses of those attending to be assumed by each FRBank 10/29 2086

Proceedings sent to FRBank representatives and others 11/20 2209Cc3rinally, Senator Tom:

Credit restriction to dampen demand on pianos, letter on ques-

tions raised by 0. H. Ross 8/ 4 1547Legal holidays by banks and post offices during the war, reply

to letter from Mr. Chambers forwarded to Board

by, protesting against observance of 4/27 776

lino)) Copy sent to FRBanks 4/27 778Co-4Y, Brigadier General Donald H., memorandum from, recom-

mendation that authority be limited to signcertificates for priority on air carriers, ap-

proved 2/ 5 196

Auburn Trust Company, Auburn, N. Y., purchase of assets and

assumption of liabilities of National Bank

of Port Byron and establishment of branch in11/18 2194

Crawford County Port ByronTrust Company, Meadville, Pa., assuming ofdeposit liabilities of Townville State Bank,

Townville, Pa., no objection to transactionbut need for conservation of earnings to beimpressed on bank 10/10 2002

First National Bank and Trust Company of Floral Park, NewYork, permission given to FDIC to examineFloral Park Bank and Trust Co., in connectionwith the assumption of its liabilities and

P -0 assets by 1/30 148Trust and Savings Bank of Pasadena, California, permis-

sion to acquire the assets of the Temple CityNational Bank and establish branches at TempleCity and Alhambra denied on basis of informa-

tion before Board at present 2/14 255Trans america Corporation advised that further expansion

Kanewill not be permitted 2/14 256aidnk and Trust Co., Kane, Pa., permission to purchase as-

sets and assume liabilities of First NationalBank of Kane 12/30 2408


Oons .olidations: (Continued)Lenawee County Savings Bank, Adrian, Mich., purchase of assets

and assumption of liabilities of National Bank

of AdrianCounty Bank, Newark, Ohio, to take over assets and

assume liabilities of Union Trust Company af-

ter stock is purchased by BancOhio Corporation

Proposed absorption of Union Trust Company of Newark,

Ohio, with change in title, new voting per-

mit not necessary for BancOhio CorporationPurchase of assets and assumption of liabilities of Union

Trust Company of Newark, and title changed to

Union Licking BankManu facturers Trust Company, New York, N. Y., no objection to

proposed purchase of assets and assumption of

liabilities of the Standard National Bank of

New York, and establishment of a branch of the

trust company in the quarters of the national

bankBanking and Trust Company, Hazleton, Penn., approval

for establishment of branch at Weatherly,

Pennsylvania by assumption of liabilities of

First National Bank of Weatherly, rescinded°gclensburg Trust Company, Ogdensburg, New York, permission

given to, for establishment of a branch in

Winthrop, New York, in connection with the

purchase of assets and assumption of liabili-

Peoni ties of First National Bank of Winthrop"es City Bank, McKeesport, Pa., proposed absorption of

Union Trust Co., Clairton, Pa., and establish-

Pen,' ment of branch at Clairton approved-"-Les-Pittsburgh Trust Company, Pittsburgh, Pa.:Dormant Savings and Trust Company, to purchase assets and

assume liabilities of, and branch to be estab-

lished at DormontFirst National Bank of Etna, plan to purchase assets and

State t assume liabilities and establish branch'Plank of Mayville, Wisconsin, withdrawal to assume the

deposits of the Knowles State Bank, Knowles,

Wisconsin, and establish as branch bankSavings Bank of Woodville, Ohio, to take over Woodville

Savings Bank Company, technical requirementswaived and to be allowed to continue as member

bank

Licking

Markle

State

88Pages

8/14 1618

5/19 986

8/ 8 1593

11/18 2194

2/7 221

1/27 126

2/14 254

12/ 3 2262

11/23 2218

10/13 2014

1/14 49

8/26 1689


Consolidations: (Continued)Union Trust Company of Pittsburgh, Pa., to take over its affil-

iate Union Savings Bank of PittsburghUnited Bank and Trust Co., St. Louis, Mo., absorption of Tel-

egraphers National Bank of St. Louis, no ob-

jection toWarren Bank and Trust Company, Warren, Pa., purchase of assets

and assumption of liabilities of Clarendon

State Bank, Clarendon, Pa.Westfield Trust Company, Westfield, New Jersey, purchase of

11/10

10/ 8

11/30

89Pages

2142

1972

2243

assets and assumption of liabilities of

First National Bank of Garwood, and estab-

lishment and operation of branch at Garwood3/26 564approved

Wilmington Trust Company, Vd1mington, Delaware, purchase of

assets and assumption of liabilities of Union

National Bank of Wilmingtonec)risunier credit: (See also Regulations, Board of Governors, TO

Address to be made by Ir. Lloyd Raisty, telegram suggesting

Can rl changes ina'-tal Messrs. Brown and Robinson authorized to gm to, for

study ofReduction in, opinion of members of Federal Advisory Council

Sta expressed at meeting with Board

tement ordered published in FRBulletinStatistical work conducted by Bureau of Foreign and Domestic

Commerce to be transferred to Board, letter

to Mr. TaylorLetter to FRBanks on transfer of work to FRSystemStatisti s

c reports on, letter to American Bankers Association

regarding transfer to Board, request for list

of reporting banks, procedure and form of re-

port outlinedFR Banks advised of transferInstructions for submission of reports transmitted to

FRBanksTo be considered at meeting of representatives of re-

search departments of FRBanks and BoardSuspension of licenses, statement for publication in FRBul-

letinV°1ume of, to be frozen by proposed program for administration

of Regulation W, discussion ofVolume of all types declining, report made at meeting of Fed-

eral Advisory Council with Board

11/ 4

11/ 9

3/10

74//212.

8/ 68/21

2/ 42/ 4

3/ 5

9/30

11/24

4/ 7

9/14

2116

2137

443

1?735/84

15781658

187188

419

1915

2228

649

1797


Consumer goods:Inventories, conference on measures to restrict use of credit

for purpose of financingUse of credit in connection with accumulation of, letter to

be prepared and to be sent to all banks andother financing institutions

Letter to banks and financing institutions, approved fortransmittal for approval by agencies mentioned

Letter to banks and financing institutions revised and tobe given to press for publication

Letter to State bank supervisors for cooperationConsumers Home Equipment Company of Detroit, Mich., violation of

Regulation W, procedure now under considera-tion

C(Iltracts.Information on financial ability of ship repair and building

yards furnished by FRBanks to Navy, requestby that information also be reported toBoard

4nversions:3ational bank into nonmember State bank being considered,

mentioned in letter to FRBank of St. Louis-Perative banking institutions, reply to Congressman Voorhis on

Coord., possible membership in FRSystem,tnator of Information:QT,aff

Kilgour, Frederick G., Executive Secretary of the Interde-partmental Committee, advised that Board wouldbe glad to rely on the service of the Coor-dinator of Information as a source for thedaily press reviews prepared by the Bank for

CoorA, International Settlementslrlator of Inter-American Affairs:taff:

Hanson, Elliott S., Inter-American Scholarship program,letter regarding conference of Mr. Claytonwith, Mr. Stark designated as proper personto contact with respect to participation ofBoard in

Hayward, Harold, Inter-American Scholarship program, let-ter regarding conference of Mr. Clayton with,Mr. Stark designated as proper person to con-tact with respect to participation of Boardin

90Pages

6/ 9 1167

6/11 1185

6/12 1196

6/17 12336/26 1293

7/30 1518

1/22 107

1/ 1 6

2/ 4 191

5/ 4 845

4/20 748

4/20 748


,()I'dller, Carter H.: (See First Thrift of Los Angeles, Calif.)vorporate seal:

Financing institution, should appear on guarantee agreementsexecuted by War Department

Cou • nell of State Governments:°ffer to assist in obtaining State legislation to facilitate

war effort, Mr. Wyatt to deal withoUnsel, FRBanks:

Cowan, J. Harding, FRBank of New York, salary approved, request

that Board be advised upon termination of hisemployment

Ketchum, Phillips, Associate, FRBank of Boston, payment for

services approved

Payment of retainer approvedIlacCoY, Brittain, Evans, and Lewis, FRBank of Philadelphia, pay-

ment of retainer approvedRobertson, James Louis, Assistant Counsel, assigned to Detroit

Branch, salary approvedSquire, Sanders, and Dempsey, FRBank of Cleveland, payment of

retainer approvedBills for service including work in connection with Regu-

lation V loansPresent arrangement to be continuedBill for legal services incident to 13b loanBills in connection with war loans, payment approved

Courir.— Bill for services approved7'1, General, Memoranda of:

7sorption of exchange and collection charges by member banks,°1cling company affiliates, change in definition ofFt

ding

Statutes, alternate drafts of amendment to Section5200, which would exempt loans covered byguaranties or commitments made by the U. S.

or by any FRBanks, memo from Mr. Wyatt re-garding

FRBanks:B., FRBank of New York, services in connection

CoUrisel, Special,Altreuter, L.

91

Pages

9/ 3

9/14

1725

1808

1/15 55

1/7 241/20 89

2/12 244

12/12 2306

1/17 81

7/28 15059/15 18149/17 182410/31 209712/29 2402

10/ 9 19872/19 300

5/18 976

with effort to obtain reduction in tax assess-

ments on buildings 11/ 6 2128Davis, Polk, Wardwell, Sunderland, and Kiendl, letter on inclu-

sion in guarantee agreements of provisions of

loan made to General Motors Corporation 11/27 2234Holt, Robert N., employment by MBank of Chicago in tax matter

approved 3/31 598


COunsel Special, FRBanks: (Continued)Lynch and Cahn, FRBank of New York, fee for services and ex-

penses in connection with preparation of briefsapproved

Mayer, Meyer, Austrian and Platt, employment of, by FRBank ofChicago as special counsel in tax matter ap-proved

Qu

C°Urt cases:Rockmore

Nilts & Co.

nterfeit notes:Board willing to print notices of, on a reisdbursable basis for

the Secret Service Division of the Treasury De-partment

Inquiries being received by Secret Service as to whether newbank notes being paid out are counterfeits

C°118e) John H.,

CO ,Sear:

Legislation relating to the war effort, to be advised thatBoard has no additional to suggest 2/17 288

"Pinion on legality of executive order, 9112, no distribution

to be made unless requested 5/19 984l'aft H) M., former Assistant Manager of the Los Angeles Branch,

v. Lehman, assignment of moneys as against a trusteein bankruptcy, validity upheld

, Atlanta, Georgia, letter to Mr. Broadwell on loanto a general partner to enable him to make con-tribution to capital of the firm under Regula-tion T

no objection to reprinting Sec. 5 of Regulation

92Pages

12/10 2297

3/31 598

5/20 1004

12/24 2383

9/14 1805

/4/1 608

5/18 975W to enclose with statements to customers/lepresentative E. H., reply to letter of inquiry of Southern

Specialty Company on contract in form oflease with option to purchase under Regula-

tion W 6/12 1205

use of services of, suggested in connectionwith program for protection of property ofevacuees0 l'iav

ens/ Kenton R.:3/ 6 427

of luncheon to be borne by Board 1/30 157fc)st'erlorandum on appraisal manuals read in connection with proposed

Amendment No. 3 to Regulation W 2/24 332Pr esent at Board meeting 2/24 322

Suggestion that the Board within 30 days move to apply restric-tions on open-book accounts 2/24 338


Cravens, Kenton R.: (Continued)Voucher covering expenses for attending

Credit bureaus: at request of War Loans

Blacklist of individuals whose accounts

Credit abandoned

Bureaus

Credit control:Amendment No.

Executive Ord

Inflation, di

meeting in V:ashingtonCommittee approved

are in default, idea

of America, Inc., letter from, and reply regardingthe organization of, to report names of cus-tomers whose charge accounts are in default,sent to FRBanks

4/ to Regulation Vr, reduction in the volume ofconsumer debt that will result from theadoption of

er 8843, scope of authority to prescribe regula-tions in relation to, granted to Board by

scussion by Mr. Eccles with regard to the role ofcredit control as supplementing price control,priorities, and rationing in controlling

towardtrendsPresident Roosevelt's anti-inflation message to Congress re-

93Pages

11/ 6 2129

7/10 1h00

5/21 1008

W3° 784

4/30 786

2/16 263

lating to, press statement read at Board

IT meeting

T _ -nion National Association:an to member of credit union, conditions for renewal under

Credit Regulation Wunions:

League Credit Union of St. Paul, Minn., letter for informationon becoming member of FRSystem referred to

Lean , FRBank of Minneapolis for reply-s for purpose of purchasing shares under laws of annesota,

Lo- applicability of Regulation W tomade by and secured by its shares, question of exemption

LO under provisions of Regulation WLea secured partly by shares of, interpretation of Regula-

tion W, statement for publication in FRBul-

Mem letin11,rship in FRSystem, eligibility requirements forLaigibility in Minnesota and generallyLetter to FRBank of Minneapolis on inquiry of League Credit

Union of St. Paul for information onunions or cooperative banking institutions, reply to Con-

4/27

9/10

12/ 5

7/ 7

11/ 5

11/2h6/ 38/ 6

12/ 5

773

1771

2271

1381

2124

222811281572

2271

Crecl- •dllot Company,

gressman Voorhis advising of amendments neces-sary to allow membership in FHSystem by

Inc., North Tonawanda, N. Y., effect of amend-ment No. 6 to Regulation W on credit sales ofproducts of

2/4 191

9/10 1769


Cuba:

Agricultural

Central bank,

bank, statement of Mr. Gardner on proposed estab-lishment in connection with creation of centralbank of Cuba

statement of Mr. Gardner on proposed report ofmission covering currency stabilization fund,proposed agricultural bank, and selection of

Mission to, to

94Pages

6 203

directors and management of bank 2/ 6 203send letter to Minister of Finance of Cuba re-garding draft of monetary law, no objection byBoard

Clrland Electric Company, opinion that down payment must bemade on radios used as demonstrators underprovisions of Regulation It;

ellnlberland Maytag Company, advised of the necessity for writtenstatements under section 4(1) of Regulation

CurtErnest L.: (See Amer, Cunningham, & Keeney, Akron,

Ohio)Currency:

Counterfeit:Inquiries being received by Secret Service as to whether

new bank notes being paid out are counter-feits

Notices of, Board willing to print for Secret ServiceDivision of the Treasury on a reimbursablebasis

Destruction in Alaska, copy of Treasury order setting forthprocedure for

Destruction in Panama Canal Zone, copy of Treasury order sentto FRBanks

Destril"c +. on in Puerto Rico, procedure for'illoank notes, issuance of reserve stock by FRBanks to reduce

demand on FRnotesHawaii:

Currency in, to be over-printed with word, "Hawaii", noobjection by Board

Destruction of FRnotes and FRbank notes in, procedure asoutlined in letter from Treasury Departmentapproved by Board

.Statement to be published in FRBulletin'urance on shipments of FRnotes, request of Board that Treas-

5/11

10/26

1/21

12/24

5/20

9/ 1

7/1710/15

11/20

5/26

3/37/21

919

2064

94

2383

1004

1717

14522027

2210

1062

4101468

ury write Board that when notes are completelydestroyed in transit no charge will be madeagainst the FRBank except for printing, letterdesired so that Board may obtain reduction inpremiums for 2/21 315


Currency: (Continued)Nickels advice to National Automatic Merchandising Associa-

tion that information on number of, shouldbe obtained from Treasury Department

Paper:Press statement to be released by Treasury with Board's

approval on conservation to save metal andpaper and increase investments in War SavingsStamps

Request for report on tests of process of sizing paper de-veloped by Mr. Scherbak

Shipment to First National Bank of Rantoul, Ill., for army payroll purposes, letter to FRBank of Chicago onshipping direct to camp

Shipments, resolution of Presidents' Conference on war risk in-surance in connection with

Silver certificates of five and ten-dollar denominations, re-quest of Treasury that paying out be discon-

St tinued

ate and local governments, FRBanks requested to report theamounts of liquid funds held by

SuPply to induction center at Camp McCoy, Sparta, Wis., letterto FRBank of Chicago on furnishing

U. S. notes, negotiation of, by South African Reserve Bank forNaval personnel, suggestion of Board that samearrangements as developed for Javasche Bankbe followed

takins,J. Gordon, comments of Board on Layman's Handbook of Regu-

141-11.— lation W, sent toS and Fisher Stores Company, Denver, correspondence with

A. B. Trott, President, on customers takingadvantage of full amount of time under Regula-

Nlr1es3 tion W

Ralph K., Deputy Petroleum Coordinator for War, letter onrestricting retail credit sales of petroleum

41118Y products

Polk, Wardwell, Sunderland, and Kiendl, request that pro-visions of loan agreement with General MotorsCorporation be included in all guarantee

4flight agreements

saving time, Board to set its time ahead one hour to cor-respond with, FRBanks advised of, also officialhours of Board and request made for informationas to procedure of FRBanks

95Pages

6/ 4 1135

6/18 1250

8/ 6 1579

7/30 1519

9/29 1897

9/29 1904

1/ 5 15

7/25 1486

2/ 4 190

7/24 1480

8/ 4 1546

9/ 4 1732

10/27 2074

2/3 169


Debentures and capital notes:Ossining Trust Co., Ossining, N. Y., retirement approved in

plan involving sale of preferred stock toR.F.C.

Peoples Bank, Pikesville, Md., copy of form to be forwarded inconnection with application for membership

Washington County State Bank, Brenham, Texas, retirement notpermitted unless capital stock is increased

No objection to retirement under circumstances, but disre-

Debit gard of technical requirements of law cited

balances collected from certain member firms of New York StockExchange, figures not to be furnished to report-ing firmsDebt:

Presidents

Press

Iperense:

Savings stamps

informed of announcement to encourage the reductionof individual debt

statement to encourage reduction of, by individuals, tobe considered by Messrs. Ransom, McKee, andSzymczak and then submitted to Board, FDIC,and Comptroller, letter to FRBanks regarding,to be cleared only with the Board

Press statement approved, Letter to FRBanksIleduction of individual through amortization of bank loans, let-

ters to be addressed to FRBanks, supervisingexaminers of FDIC and chief national bank ex-aminers to submit reports based on findingsduring examinationRepayment under high tax rates, memorandum of Mr. RandolphPaul, report of Mr. Ransom on meeting withSecretary of Treasury

Nrerment, from

Nrsrment of baDertn.

_Itions:

tiolding company affiliates,determining

°1lginal maturity, meaning of termguarantee agreement

neonditional guarantee, statement for publicationin regard to War Financing

may be given to purchaser as bonus under Regula-tion W if full payment has been made for ar-ticle

military service, Board not in favor of classifica-tion of FRBanks as essential industry for pur-pose of

nk employees from draft on occupational grounds dis-cussed at meeting of Federal Advisory Council

ruling of

as

Board changing basis for

used in standard form of

in FRBulletin

96Pages

6/25 1281

6/16 1223

6/19 1254

7/27 1490

9/30 1914

5/8 893

5/ 55/ 75/ 8

851880903

6/26 1294

8/25 1677

2/10 235

6/ 1 1102

11/16 2185

2/19 300

10/23 2053

6/22 1268


97Pages

Definitions: (Continued)Unconditional guarantee: (Continued)

Term as used in revised statutes, letter from Comptrollerof the Currency, compliance of standard formof guarantee agreement with definition 6/24 1275

Letter to Comptroller of the Currency on 12/23 2375Del Mar Company, reply to, regarding the instalment financing of

the premium on a three-year fire insurancepolicy in connection with section 8(g) 5/15 943

ne, Loans are subject to Regulation W 7/23 14744'ano, Frederick A., present at meeting of Board to discuss plan

of coordinating research and statistical ac-tivities of Board of Governors and NationalResources Planning Board 6/ 9 1173(3 Resources

also National Resources Planning Board)oe„v rarm Lighting Systems, classification under Regulation W 6/26 1299

t-artment of Agriculture:SuPPlemental loans made under Bankhead-Jones Farm Tenant Act

are exempt from Regulation W, under section6(a), letter to 1/15 57

NPartment of Commerce:R°using conditions in City of Norfolk, Va., bulletin of Bureau

of the Census will be furnished to State bankswith investments in real estate mortgages 7/ 8 1385

Research and statistical work in the field of consumer credit,Yr. Ransom authorized to confer with NT. Taylorin regard to the taking over by the Board 5/19 979

Statistical work on consumer credit transferred from Bureau ofForeign and Domestic Commerce to Board, letterto Mr. Taylor onSt

atistics on furniture sales, inventories, etc., memorandumof Mr. Goldenweiser on collection of statistics

°ePartby FRBoardment of Justice:Be rge, Wendell, Assistant Attorney General:Correspondence on plan involving misrepresentations under

Regulation W, sent to FRBank of Kansas CityLetter submitting collection letter used by R. H. Johnson

& Company, Wilmington, Del., in connection

; with Regulation W1(:0i:cement of Regulation W, program of Board cleared throughreign exchange reports, copies sent to Mr. Howard N. Meyer,

special assistant to the Attorney GeneralSmall loan companies, request for permission for investigators

of Antitrust Division to inspect registrationstatements filed by

8/ 6 1578

5/15 943

7/25 1484

8/27 169810/17 2036

11/23 2219

12/22 2363


De,artment of Justice: (Continued)State legislation, reply outlining laws for enactment that

would be helpful to the war effortBoard has no suggestions to submit at present timeDe Board

Balance in differential account, whether deposit liabilityagainst which reserves must be carried, inconnection with contracts for purchase of in-stalment paper by Bank of America NationalTrust & Savings Association

Call reports, differences in those reported in and on deposits

Co subject to reserve

rrespondent balances, discussion at meeting of executive com-mittee of Federal Advisory Council with Boardas to Reserve Bank cities in which they shouldbe placed

Debits to demand deposit accounts to be shown in member bankweekly statements, memo from Mr. Smead andpress statement regarding

Differential account set up in connection with contracts forpurchase of instalment paper by Bank of America

Ins N.T. & S.A., reserves required againsturance policy holders, suggestion of Mr. Harrison as avail-

able for investment in Government securitiesPost exchanges at Army posts and company, battery, and similar

98Pages

8/21 165512/26 2396

1/8 26

8/29 1713

3/12 472

4/18 744

2/21 310

7/ 1 1338

funds to be treated as public moneys in condi-tion reports if designated depositaries 10/13 2014

Public funds, deposits made by post exchanges to be reportedas public moneys in condition reports if notdesignated depositaries 10/13 2014

Ratio of bank capital to, discussed at meeting of Federal Ad-visory Council with Board

Savings:11/16 2179

Acceptance from Army Post Exchange by First National Bankof Galveston, Texas

Account of University of Georgia School of Medicinecarried by Georgia Railroad Bank and TrustCo. of Augusta, question as to whether properlyclassified as, Mr. Vest to prepare memorandumreconciling possible exception to Regulation

Board to raise no further questions regarding fundsof University of Georgia School of Medicineas they have been transferred from, to checkingaccounts

Article in Wall Street Journal that Federal Reserve offi-cials were contemplating control of, denied

9/14 1804

3/10 451

3/30 591

9/21 1849


Deposits: (Continued)Savings= (Continued)

Classification under Regulation Q not affected by discon-tinuance of interest payment

Donations, gifts and bequests, not considered property ofState and classified as savings deposits

Passbook, requirement of presentation for withdrawals, in-terferes with use of form for purchase of U.S.defense savings bonds, reply to Treasury thatBoard and FDIC will consider waiver of require-ment if felt necessary

Payment of interest on, by national banks in Mississippi,may not be in excess of rates prescribed byState Bank Comptroller

Proposed amendment to Regulation Q to permit immediatewithdrawal of, for purchase of defense bonds,opinion of Federal Advisory Council thatamendment should not be adopted by Board

Rumor that Government intends to confiscate, letter toFRBanks enclosing Treasury letters denying

State Bank of Lima, Howe, Indiana, change to be made insavings pass booksSocial

security taxes, opinion of Board that they should notbe classified as, but should be shown as"Other liabilities" in condition reports

m. Statement ordered published in FRBulletinIlale certificates, failure of member banks to properly report

those past dueWar Loan accounts, banks to be urged to make greater use of

Means of increasing to handle Government borrowing dis-cussed by Ir. McKee

As deposits subject to reserve requirements and FDIC as-sessment, proposed amendment to FRAct to besubmitted to Congress

Withdrawal prior to maturity for purchase of defense savingsbonds, comments of Comptroller of the Currencyand FDIC sent to Mr. Fleming indicating thatit is not advisable to amend Regulation Q topermit waiving of notice

Reply to question of permitting immediate withdrawal priorto maturity for purchase of U. S. War Bonds

Suggested amendment to Regulation Q to aid in purchase ofetruct, Government securitiesAla :Lon of currency:Haw.3.1 , procedure affecting FRnotes and FRbank notes approved'11, procedure affecting FRnotes and FRbank notes as out-

lined in letter from Treasury Department

99Pages

9/ 8 1750

3/30 592

1/15 56

1/27 126

2/16 273

1/12 41

4/30 818

5/8 9075/25 1042

8/29 171311/17 2191

12/ 1 2247

12/ 8 2284

3/9 437

4/25 763

12/ 1 2252

9/ 1 1717

3/3 410


Destruction of currency: (Continued)Panama Canal Zone, copy of Treasury order sent to FRBanks

test Puerto Rico, procedure as to FRnotes and FRbank notes approvedruction of records:Examination reports of State member banks for 1931-5, applica-

tions under the Clayton Act, letter to Ar-chivist on

National bank examination reports, instructions for retentiondoes not apply to extra copies sent to branches

Regulation VI, question of preservation of loan applications,

Dirp,,L credit reports, etc.

ers:

Chairmen of FRBanks, to be arranged for January 26, Mr. Hansento be invited to make talk following

Chairmen of FRBanks and members and staff of National ResourcesPlanning Board

Presidents of FRBanks at Carlton Hotel on September 28 withrepresentatives of Treasury to discuss workof Victory Fund Committees, members of Boardand Messrs. Morrill and Smead invited to at-

nirectives: tend

Petroleum products, prohibiting use of collective systems ofbi effecting credit by motor fuel suppliersrector of Economic Stabilization:Regulation on wages and salaries, letter to FRBanks on effect

tire , of2t,or of the Mint:kioin bag_,

letter to, advising of Board's cooperation in se-curing the return of

Central bank of Cuba, statement of Mr. Gardner on selectionOf

PRBank of Atlanta:Neely, Frank H., redesignated Chairman and FRAgent for

1943Porter, J. F., reappointed Class C for three years

FRBank Reappointed Deputy Chairman for 1943of Boston:

Classification of member banks for electoral purposes, nochange contemplated at present time

Creighton, Albert M., Class C, appointment and designationas Chairman and FRAgent for remainder of three-year term

Redesignated for 1943

100Pages

7/17 145210/15 2027

8/26 1691

11/ 3 2113

7/29 1513

1/22 96

9/18 1842

9/24 1878

12/23 2366

10/28 2076

3/21 538

2/6 205

12/ 8 228112/ 8 228112/ 8 2281

9/ 8 1749

1/9 3212/ 8 2281


Directors: (Continued)PRBank of Boston: (Continued)

Dennison, Henry S., reappointed Class C for three yearsReappointed as Deputy Chairman for 1943

Election, special, to choose successor to Mr. ReedReed, Lewis S., Class A, resignation of and special elec-

tion to be held to choose successorPRBank of Chicago:

Avery, Clarence W., resignation as director of DetroitBranch to assume duties as

Compensation and expenses of, resolution approved aftermodified as suggested

Resolution of FRBank on payment approvedHoffman, Paul G., appointed Class C for unexpired termLeland, Simeon E.:

Designated Chairman and FRAgent for remainder of yearRedesignated for 1943

Lewis, F. J., Chairman and FRAgent:Letter of regret from Board that illness prevented his

attendance at the Chairmen's Conference, im-portance of conference emphasised, suggestion

101Pages

12/ 8 228012/ 8 22817/30 1516

7/30 1516

11/12 2153

11/24 222512/31 20411/14 2170

10/ 9 199212/ 8 2281

that Deputy Chairman attend when Chairmancannot avoid being absent

Engaged in unethical transactions with the ContinentalIllinois National Bank and Trust Co., with

2/6 219

respect to Government securities 5/22 1011Purchase and sale of Government securities by, report

of Mr. Eccles on efforts to contact and Mr.Eccles to prepare letter for consideration ofBoard requesting resignation 5/26 1044

Letter requesting resignation not sent because of agree-ment to Come to Washington 5/27 1064

Resignation accepted effective July 1 6/ 1 1106Resignation accepted 6/26 1291

Waymack, W. W.:Appointed Deputy Chairman for remainder of year 10/ 9 1992Reappointed Class C for three years 12/ 8 2281

PRA. Reappointed Deputy Chairman for 1943-ank of Cleveland:

12/ 8 2281

Baker, A. Z., appointment as Class C recommended by person-nel committee and advice of acceptance to beobtained through Chairman or Deputy Chairmanof Bank 8/ 6 1570

Appointed Class C for unexpired portion of term 8/ 7 1589Brainard, Gem C., redesignatulChairman and FRAgent for

12/ 8 2281


Directors: (Continued)FRBank of Cleveland: (Continued)

Committee to meet with Board on official personnel situa-tion at Bank

Klages, R. E.:Official personnel at FRBank,

ing meetingReply that meeting must be postponedReappointed Class C for three yearsReappointed Deputy Chairman for 1943

reply to letter request-

until January

Lloyd, Walter H., Class C, resignation becausewith Department of Agriculture notnecessary

Resignation as Class C acceptedMeeting to be held on September 14 to consider

Mr. Wagner, Mr. Szymczak to attendMeeting attended by Messrs. Szymczak and Cagle

tion with indebtedness and other mattersFRBank of Dallas:

Briscoe, Dolph, Class C:

102Pages

12/ 8 2284

12/10 229812/11 230112/ 8 228012/ 8 2281

of positionconsidered

6/30 13298/ 6 1570

actions of9/10 1763

in connec-9/15 1812

Appointed for unexpired portion of three-year term 1/28 136Resignation as director of San Antonio Branch to accept

appointment as Class C 2/ 3 167Cozzo, J. B., appointed Deputy Chairman for remainder of

1942 1/28 136Reappointed Deputy Chairman for 1943 12/ 8 2282

Taylor, Jay:Designated Chairman and FRAgent for remainder of 1942 1/28 136Request for leave of absence during period of service

with ArmY 6/26 1290Continuation during absence on active duty with U. S.

Army, no action necessary at this time 6/29 1317Reappointed Class C for three-year term and redesig-

nated Chairman and FRAgent and to be on leaveof absence as long as necessary because of

FR military service 12/ 8 2283Bank of Kansas 6Caldwell, R. B., Chairman and FRAgent, redesignated for

1943 12/ 8 2281hornay, R. L., reappointed Deputy Chairman for 1943 12/ 8 2282

'rwank of Minneapolis:Coffey, W. C., reappointed Class C for three years 12/ 8 2281

Redesignated Chairman and FRAgent for 1943 12/ 8 2281Shepard, Roger B., reappointed Deputy Chairman for 1943 12/ 8 2282ank of New York:Day, Edmund E., reappointed Class C for three years 12/ 8 2280

Reappointed Deputy Chairman for 1943 12/ 8 2281


(Continued)FRBank of New York: (Continued)

Day, Edmund E.: (Continued)Letter on request not to be reappointed and express-

ing appreciation for past serviceMyers, William I., Class C, appointment for three-year

termPaul, Randolph, Class C, resignation approvedRuml, Beardsley:

Functions of FRBanks, letter on discussion of, withChairmen's Conference, Board to take no actionon

Present at meeting of Board to discuss cooperation ofFRSystem with National Resources Planning Boardin developing a program of study of nationaland regional problems

Redesignated Chairman and FRAgent for 1943PRBank of Philadelphia:

Chairman of meeting in case no Class C director is present,suggested revision of bylaws

McCabe, Thomas B., reappointed Class C for three yearsRedesignated Chairman and FRAgent for 1943

Riefler, Winfield W., Class C, resignation because of as-signment in England

t„, Ahittier, Warren F., reappointed Deputy Chairman for 1943-rmBank of Richmond:

Lassiter, Robert, redesignated Chairman and FRAgent for

19431Vsor, W. G., reappointed Class C for three years

Reappointed Deputy Chairman for 1943R13ank of St. Louis:

Classification of member banks for electoral purposes, ad-vice that no changes are contemplated

Johnston, Oscar G., reappointed Deputy Chairman for 1943Nardi, William T., reappointed Class C for three years

FRB Redesignated Chairman and FRAgent for 1943ank of San Francisco:

103Pages

12/21 2353

12/22 23588/13 1612

5/5 853

7/21 146012/ 8 2281

12/22 236512/ 8 228012/ 8 2281

9/11 177712/ 8 2281

12/ 8 228112/ 8 228012/ 8 2281

9/12 178812/ 8 228112/ 8 228112/ 8 2281

Fees and allowances for 1942 approved 1/22 107Grady, Henry F., redesignated Chairman and FRAgent for

1943Holden, St. George, reappointed Deputy Chairman for 1943Wellman, Harry R., appointment as Class C, for unexpired

term being consideredAdvice of appointment for unexpired termReappointed Class C for three years

12/ 8 228112/ 8 2282

10/ 9 199310/27 207312/ 8 2281


Directors: (Continued)PRBanks:

Chairmen of meeting in case no Class C director is present,letter to FRBank of Philadelphia on proposedrevision of bylaws

Class C, continuance of six-year rule discussed and Mr.Evans and Mr. Thurston to prepare statementfor consideration

Modification of policyRegulation W, future need to be submitted for discussion

and advice of views to be given to Board ofGovernors

Relationship of auditors of FRBanks to, topic for discus-sion at Conference of Chairmen

Letter to Mr. Rural relating toFRBranch banks:

Baltimore:Baker, Joseph D., Jr., reappointed for term of three

yearsBirmingham:

Gray, Howard, reappointed for term of three yearsBuffalo:

Prole, Gilbert A., reappointed for term of three yearsCharlotte:. Watkins, D. W., reappointed for term of three yearsCincinnati:

Brown, Frank A., reappointed for a term of two yearsManaging director, no objection to continuing use of

title for presentDetroit:

Avery, Clarence W., resignation accepted and to becomedirector of FRBank of Chicago

Fees, revised basis approvedManaging director, office discontinued and Vice Presi-

dent to be placed in charge of branchNumber of, revision of bylaws reducing from seven to

fivePierson, H. L., reappointed for term of three years

El Paso:Sherman, R. E., reappointed for term of three years

Helena:

Cunningham, Alex, question of submitting resignationupon entering military service 8/28

Resignation to enter military service 10/ 6.Richardson, R. B., appointment for unexpired term being

considered 10/ 9Advice of appointment for unexpired term 10/27Reappointment for term of two years 12/ 8

104Pages

12/22 2365

7/28 15029/22 1862

1/28 137

9/ 8 17459/ 8 1752

12/ 8 2282

12/ 8 2282

12/ 8 2282

12/ 8 2282

12/ 8 2282

12/16 2321

11/12 215312/31 2413

12/31 2413

12/31 241312/ 8 2282

12/ 8 2282

17071950

199320732282


Dir(Continued)

PRBranch banks: (Continued)Houston:

Abercrombie, J. S., to be appointed if willing to ac-cept, Deputy Chairman authorized to offer in-formally

Jacksonville:Love, James J., appointment for unexpired term being

consideredPhillips, Howard, resignation accepted

Little Rock:Short, R. E., reappointed for term of three years

Los Angeles:Fees and allowances for 1942 approvedFreeman, Y. Frank, appointed for unexpired termMyers, C. E., to be appointed for two-year term if

willing to accept, to be offered throughChairman of FRBank

Appointment for two-year termLouisville:

Boomer, G. O., reappointed for term of three yearsManaging directors of, change in title to Vice President

and Managing Director with appropriate adjust-ment in salary, discussed at meeting of Pres-idents and Board, to be studied by Presidents

Memphis:

105Pages

12/ 8 2284

10/ 9 19924/18 744

12/ 8 2282

1/22 10711/19 2199

12/ 8 227912/29 2402

12/ 8 2282

3/2 390

Norfleet, J. P., reappointed for term of three years 12/ 8 2282Nashville:

McEwen, W. E., reappointed for term of three years 12/ 8 2282New Orleans:

Chalkley, H. G., Jr., reappointment not recommendedbecause on active duty in Navy- 12/ 8 2280

Oklahoma City:Noble, Lloyd, reappointed for term of three years 12/ 8 2282

Pittsburgh:Kossin, J. W., Managing Director, salary approved 12/16 2320Managing director, no objection to continuing use of

title for present 12/16 2321Portland:

Fees and allowances for 1942 approved 1/22 107Steen, William H., appointment for unexpired term being

considered 10/ 9 1993Appointment approved for unexpired term 10/29 2085Reappointed for term of two years 12/ 8 2282

SaltLakeFees and allowances for 1942 approved 1/22 107Rich, R. C., reappointed for term of two years 12/ 8 2282


Directors: (Continued)PRBranch banks: (Continued)

San Antonio:Briscoe, Dolph, resignation to accept Class C director-

ship at FRBank of DallasCartwright, Holman, appointed for unexpired term

Seattle:Fees and allowances for 1942 approvedNelsen, Fred, reappointed for term of two years

Six-year rule continuance discussed, policy not to bechanged

Functions of FRBanks, discussion of, at Chairmen's Conference,Board to take no action on letter from Mr.Ruml regarding

Inter-American Bank, selection of American director discussed,consideration given to suggestions of Person-nel Committee, Mr. Grady considered as pos-sibility

Suggestion by Mr. Gardner that member of Board be desig-nated to familiarize himself with Inter-AmericanBank so that he may participate in selectionof American director

National banks, suits against directors, etc., for expenses in-

Rock Island

curred in defense of actions,port on S. 2039

Bank and Trust Co., Rock Island,

suits, etc., re-

Ill., number of

106Pages

2/3 16711/ 5 2123

1/22 10712/ 8 2282

7/28 1503

5/5 853

1/22 99

1/28 132-5

4/23 760

directors in connection with membership to bebiaai taken up

Itssal wage:att°x, Charles A., Examiner, FRBank of St. Louis, salary for

Sal three months approved-vetti, Umberto F., to be paid two months salary in connection

with termination of services as laborerillagnery G . H., FRBank of Cleveland, request for payment with-

drawnklridends:

PRBank of Boston, payment for last six months of 1942 author-ized

FRBanks:Payment of regular semi-annual on June 30 approvedPayment for last six months for 1942 approvedStock, tax exemption on, FRBanks advised that matter is

2/9

8/ 3

6/15

9/ 8

12/28

6/2512/24

226

1544

1216

1746

2398

12842381

still pending before the Bureau of InternalRevenue and to continue to withhold issuanceof stock certificates

Decision of Treasury Department on date stock is is-sued for tax purposes

5/2 839

7/ 8 1383


Dryers

of additional issues of FRBank stock from tax

provided by, Legal Division of Board to confer

with Bureau of Internal Revenue regarding

amendment suggested that bank not make new loans ordividends while reserves are deficientpay

Dividends: (Continued)FRBanks: (Continued)

Taxes on, banks to continue practice of cancellation of

107Pages

old and issuance of new certificates 7/14 1426Marine Midland Corporation, Jersey City, N. J., policy adopted

by directors 9/19 1846Member banks, suggested amendment to FRAct to repeal prohibi-

tion against paying while reserves are de-

ficient 2/3 182

Suggested amendment to Sec. 19 of FRAct to eliminate re-quirement 6/ 3 1115

Public Debt Act of 1942, question as to exemption of dividends

Sec. 19,

8t°ck, reply to inquiry of McIlroy Bank andtaxable income

-Lar exchange:Canada, memorandum re maintaining

Hansen and BerleJoseph E., reply to letter on intention and purpose of Regu-

lation and extension of credit to persons

subject to military service

Trust Co. as to

supply in, sent to Messrs.

11E11

t. A

1c117 Furniture Company, New Haven, Connecticut, letter to,giving opinion of Board regarding deliveringof range of more expensive type than one or-iginally ordered, amount of down payment re-quired by Regulation W

49'411ks, study being made by Division of Research and Statistics,Messrs. Goldenweiser and Smead to collaborate

PRE , on continuing studyanr,s, earnings on industrial advances and commitments by,

information furnished to National Bureau of

Economic Research-Vgs and Dividends:

L'ate member banks, proposed revision in form 107, letter to

FRBanks for comments and suggestionsSupply of form 107 sent to FRBanks with instructions for

preparation41,r11._ Revised form approved

ags and expenses of FRBanks, guarantee fees on loans, treat-ment in reports of FRBanks

4/2 616

5/18 963

11/ 4 2120

1/6 17

9/21 1859

1/28 138

7/28 1501

2/26 360

10/23 2056

12/16 232811/30 2245

10/22 2049


108Pages

Eas4—wain Kodak Company, Velox Rapid Printer manufactured by, not tobe classified as an enlarger under Regulation

Ea si4/13

J Furniture Company, Chattanooga, Tennessee, action regardingviolation of Regulation W by, to be held inabeyance pending development of a program of

v, • enforcement"- mic Stabilization Board, statement on emergency price control

to be published in FRBulletin48ner V. Macomber, reversal of, sought by Bureau of Internal Rev-

enue to make stock dividends taxable as incomeReversal attempted in Sprouse v. Commissioner of Internal

Revenue to render stock dividends taxable asincome, discussion at meeting of Board withFederal Advisory Council with regard to stepsthat should be taken in the event of such a

decision41c:rider, Senator Allen J., reply to letter on inquiry of A. L.

Alpin on application of provision of RegulationW to financing of certain purchases

2-neY price control:tconomic Stabilization Board, statement to be published in

Erian FRBulletinEy ger, Julius: (See Wm. Erlanger Company)4euees:Property of, memorandum from Treasury suggesting that FRBank

of San Francisco act as fiscal agent to takecare of, Mr. Szymczak to go to the Pacific

5/20

710

997

10/24 2059

2/12 249

2/16 273

7/ 1 1347

10/24 2059

Coast 3/ 6 424Secretary's note, Mr. W. B. Pollard to go to the Coast 3/ 6 427

pr Report on progress made in plans for, by Mr. Szymczak 3/10 453ading with the Enemy Act, discussion of effect of transfer-

ring authority to Treasury over sections 3(a)and 5(b) on control of FRBank of San Franciscoover property of, Mr. Foley to confer withMr. Agnew concerning 3/10 453

'11-art Surgical Supply Company, Atlanta, Ga., articles sold byare mostly unlisted articles under Regulation

43c6-Mi-nati0n policy of supervisory agencies with reference to in-vestments by banks in, and loans upon Govern-ment securities

nations:American Bank and Trust Co., New Orleans, La., problems need-

ing immediate correction disclosed by, Mr.

McLarin to meet with bank's board of direc-tors for full discussion

12/23

11/11

9/ 3

2375

2148

1723


109Pages

Examinations: (Continued)Bank Examination Procedure, letter to Mr. Sproul on study

being given to modifications in 7/28 1509Presidents' Conference committee on, letter to Mr. Sproul

that meeting of committee with Board not beheld until after forthcoming conference ofRepresentatives of Bank Examination Depart-ments at Philadelphia 9/ 3 1729

Bankers Trust Company, New York, N. Y., examination of foreignbranch of, not considered necessary underpresent conditions 3/11 466

Berwind Bank, Berwind, West Virginia, report shows operationof trusteeship, no objection to handling, butpermission necessary to handle other fiduciarypowers 7/31 1524

Blo =field State Bank, Bloomfield, Ind., acting as trustee of mortgage bond issue disclosed by 5/21 1007

Central Hanover Bank and Trust Company, New York, N. Y., exami-nation of foreign branch of, not considerednecessary under present conditions 3/11 466

Chase Bank, New York, N. Y., copy of report to be sent to bank 12/17 2333Citizens Bank, Marshall, N. C., permission to FDIC to examine

for continuation of insurance after with-drawal from membership 11/12 2154

Citizens State Bank, Marianna, Fla., permission to FDIC toconduct in connection with continuance as in-sured bank after withdrawal from membership 10/20 2042

Commerce Union Bank of Nashville, Tenn., list of employeesdesignated special assistant examiners to par-ticipate in the examination of

Continental Illinois National Bank and Trust Co., Chicago, Ill.,unethical transactions involving Governmentsecurities between, and Mr. Lewis, Chairmanand FRAgent at FRBank of Chicago

Easton Trust Company, Easton, Pennsylvania, FDIC granted per-mission to examine in connection with rehabili-tation program

Bank of Atlanta, report of, attention called to operation ofauditing department and forthcoming audit ofJacksonville Branch regarding operation ofcafeteria

FRBank of Chicago, copy of report left at bank for attentionof directors

Bank of Cleveland, copy of report left for consideration ofofficers and directors

FitBank of Dallas, request for comments or action taken on mat-ters mentioned in report

3/ 3

5/22

3/31

3/12

6/16

6/ 2

3/23

407

1011

598

486

1225

1108

546


Examinations:FRBank of

FRBank of

FRBank of

FRBank of

FRBank of

FRBank

FRBank

FRBanks:Ur. Paulger directed to make at least one of each

during 1942Employees of one bank assisting in examination

increase in per diem allowanceMr. Paulger authorized and directed to conduct

1943and Savings Bank of Pasadena, Calif., resolution

of directors authorizing transmission of re-port to Transamerica Corporation

Bank and Trust Company, Floral Park, New York,permission given to FDIC to examine in con-nection with assumption of liabilities andassets of, by First National Bank and TrustCompany of Floral Park

(Continued)Kansas City, copy left for consideration of Bank and

directors with special comments requested onembezzlement by employee of Post Office sta-tion

Minneapolis, copies of report left at bank for in-formation of officers and directors

New York, confirmation of certain foreign accountsnot to be requested

Philadelphia, copy of report left for attention ofPresident and directors

Richmond, copy of report left for information of of-ficers and directors

of St. Louis, report of February 21, 1942, request foradvice of action on matters mentioned in

of San Francisco, copy of report left at bank for in-formation of officers and directors

First Trust

Floral Park

of

FRBank

another,

during

P•°reign branches of State member banks, examination of, not

considered necessary under present conditionsaranty Trust Company, New York, N. Y., examination of the five

110Pages

10/ 8 1975

7/15 1440

10/31 2096

11/16 2175

10/21 2044

4/22 754

8/11 1605

1/16 79

10/26 2065

12/11 2302

6/ 5 1146

1/30 148

3/11 466

foreign branches of, not considered necessaryunder present conditions

Ins cription for front page of reports for use by FRBanks

3/1111/19

4672201

411eured banks, suggested amendment to bill to provide for ab-sorption of cost of one each year by FDIC 6/ 3 1115

Inventories of consumer goods, use of credit for accumulationof, letter to be sent to all national bank ex-aminers and to examiners of FRBanks and FDICfor guidance 6/26 1292

Member banks, suggestion that number of examinations of, bereduced, discussion at meeting of Board withPresidents 3/2 390


LITiinations: (Continued)Peoples Trust Company, Martinsburg, West Virginia, to be made

jointly by examiners of FDIC and FRBank of

111Pages

Richmond because of unsatisfactory condition 10/28 2078Policy to be followed by bank supervisory agencies with special

reference to investments in and loans on Gov-ernment securities 11/20 2205

Procedure agreed upon in 1938 by FDIC and office of Comptrollerof Currency, change by Comptroller of Currencyin treatment of group 2 securities 10/ 9 1991

Letter to Mr. Upham on conference to be held to considerproposed change in procedure 10/30 2093

Provident Savings Bank and Trust Company, Cincinnati, Ohio,charge for special investigation of, to beleft to the discretion of FRBank of Cleveland 1/30 148

Reduction in number of complete examinations to be made eachyear, not to be discussed with Federal AdvisoryCouncil 2/10 230

Report of committee to Examiners Conference on program forscope, procedure, and frequency 9/29 1905

Reports of national banks, copies sent to branches can be de-stroyed if copies retained in files of headoffice 11/ 3 2113

RePorts of State member banks for 1931-5, destruction author-ized 8/26 1691

Romeo Savings Bank, Romeo, Mich., report shows affiliate rela-tionship of Melvyn F. Lanphar&Co., and TheLanphar Agency, Inc., and report should besubmitted 9/12 1789

Second National Bank of Ravenna, Ohio, comments in report relat-ing to application to surrender fiduciarypowers 7/15 1429

SPringville Banking Company, Springville, Utah, report showsexpenditure for remodeling banking quartersin excess of amount approved, no objection toadditional expenditure 10/ 2 1934

State Bank of Mayville, Wisconsin, permission to FDIC to examinein order to continue as nonmember insured bankafter withdrawal from FRSystem 1/14 49

State member banks, modification of policy requiring one exami-nation each year, letter to FRBanks approved 6/26 1287

Tax bills of City of Kansas City, manner of showing those heldby Riverview State Bank 6/17 1232

Ulliform procedure adopted by Board, Comptroller, and FDIC, re-ported change in method of valuation of bankssecurities without consulting other agencies 10/17 2037


112Pages

Eltaira ners:Board of Governors:

Barker, Clarence S., Assistant FRExaminer, granted perdiem in lieu of subsistence during period ofillness 2/27 377

Brown, W. G., travel expenses, voucher including differencein price of standard lower berth and roometteapproved 8/ 6 1580

Connell, Joseph J., FRExaminer, salary increased 10/29 2084

Eaton, Charles, Assistant FRExaminer, appointment and salaryapproved 12/21 2348

English, J. Fred, Assistant FRExaminer, salary increased 9/15 1815Folsom, George H., FRExaminer, granted leave of absence for

military service 5/ 7 877Good, George E., Assistant FRExaminer, granted leave of ab-

sence without pay to enter military service 11/21 2213Goodman, Glenn M., FRExaminer, salary increased 11/14 2169Hagler, Herbert H., Assistant FRExaminer:

Granted leave without pay to enter military service 11/ 7 2133Salary increased 9/15 1815

Hart, John Joseph, Assistant FRExaminer, salary increased 5/25 1030dighfield, Carroll R., Assistant FRExaminer, salary in-

creased 9/15 1815Hopkins, Julia B., Assistant FRExaminer, salary increased 6/ 1 1101

Resignation accepted 8/12 1607Hostrup, Clarence C., FRExaminer, salary increased T/ . 1 T3,2,Howard, Thomas P., FRExaminer, resignation acceptedJones, Laurence H., FRExaminer, resignation accepted 9/16 1821Johnson, Edwin J., Assistant FRExaminer, granted leave of

absence for military service 5/25 1031Knight, James, appointment and salary as assistant approved 5/22 1014Krug, Harold T., appointment and salary as assistant on

temporary basis with headquarters at Omaha 6/ 6 1150Lang, Arthur H., Assistant FRExaminer:

Appointment and salary approved 3/ 4 412Headquarters changed from Chicago, Ill., to Cleveland,

OhioSalary increased

Leef, Thomas N., appointed assistant on temporary basisand salary approved

Malone, Charles T., FRExaminer, granted leave of absencefor military service

Massey, E. R., Assistant FRExaminer, transfer to Office ofMr. McKee as secretary and increase in salaryapproved

McClelland, W. J., FRExaminer, salary increased

8/15 162512/10 2297

11/ 5 2121

5/11 914

2/10 2315/25 1030


4a1flin ers: (Continued)

Board of Governors: (Continued)Millard, Edwin R., FRExaminer:

Salary increasedTravel expenses:

Voucher including difference in price of standardlower berth and roomette approved

Voucher including additional expenditure for higher-priced accommodation

Murff, Gordon R., FRExaminer, salary increasedMyers, Edward S., Assistant FRExaminer, salary increasedNiles, Donald C., Assistant FRExaminer, appointment and

salary on temporary basisNoell, J. Carroll, leave due to illness and not to be

charged against future leave approvedExtension of leave on account of sickness approved

Pollard, William B., appointed Assistant Chief of Divisionof Examinations and salary increased

Porter, Joseph H., FRExaminer:Appointment and salary approved and transferred from

Division of Bank OperationsHeadquarters changed from Atlanta, Ga., to Washington,

D. C.Salary increasedVoucher for traveling expenses approved to cover draw-

ing room because no other accommodation avail-able

Radford, John R., Jr., FRExaminer, salary increasedSchoenhoff, Robert J., Assistant FRExaminer, salary in-

creasedSeeger, William H., Jr., Assistant FRExaminer, appointment

and salary on temporary basisSmith, James C., appointment and salary as assistant ap-

provedSalary increased

Thompson, Andrew N., Assistant FRExaminer, appointment andsalary approved

Troup, Fred W., Assistant FRExaminer, salary increasedWinkler, P. J., FRExaminer, salary increasedWright, Marion E., appointed assistant FRExaminer and salary

increased, transferred from War Loans Commit-tee

Zidek, Louis W., Assistant FRExaminer, salary increasedrederal Deposit Insurance Corporation, instructions to report

on use of credit for accumulation of inventoriesof consumer goods

PRBank of Atlanta:Cooper, S. Frank, designated special assistant

113Pages

12/10 2297

8/ 6 1580

12/ 9 22945/25 10309/15 1815

6/12 1199

8/10 15989/17 1823

6/26 1297

1/31 159

8/15 162512/10 2297

9/ 8 175211/16 2174

9/15 1815

7/ 6 1370

5/21 100612/10 2297

8/26 16865/30 10955/25 1030

7/14 14199/15 1815

6/26 1292

2/4 185


114Pages

4abniners: (Continued)FRBank of Atlanta: (Continued)

Crow, Vestus L., name removed from list as special assist-ant 2/ 4 185

Dance, W. A., appointment approved and indebtedness to be1liquidated 0/ 9 1994

Raisty, Lloyd B., designation as special assistant ap-proved 5/ 6 867

Shaw, Morgan L., designation as special assistant approved 5/ 6 867

Varnadoe, T. V., designation as special assistant Appointment as assistant approved 10/ 8 1970

3/ 3 407

Wilson, R. P., designation as special assistant 3/ 3 407Reappointment as assistant, not approved by Board, but

Board willing to approve assignment to BankExamination Department and designation asspecial assistant 3/27 574

Appointment as assistant approved 4/10 689Appointment as examiner approved 11/21 2213

PRBank of Boston:Cederval, Roy E., appointment as assistant approved 7/ 9 1387Gilman, Richard Irving, appointment approved 10/ 1 1919

PRBank of Chicago:Brann, Denver B., Assistant, appointment as examiner ap-

proved 5/ 7 878Buster, James S., designation as special assistant exami-

ner approved 7/24 1477Craig, Carlos H., designation as special assistant ap-

proved 3/11 462Appointment as assistant approved 12/ 2 2258

Davis, Edwin N., designation as special assistant approved 4/22 752Appointment as assistant examiner approved 12/ 1 2254

Dreusicke, Oscar Frank, special assistant, appointment asassistant approved 1/13 46

Elliott, Daniel B., designation as special assistant ap-proved 11/17 2190

Appointment as assistant examiner approved 12/ 1 2254Hart, John L., designation as special assistant 2/17 291

Helmer, H. J., designation as special examiner approved 12/ 2 2259Jones, Laurence H., appointment approved 9/ 4 1734Newman, H. J., designation as special examiner following

transfer to Personnel Department approved 4/15 721

Peterson, Roy Edward, appointment as assistant approved 12/11 2302

Scanlon, Charles J., Assistant, appointment as examinerapproved 5/ 7 878

Siegler, George R., appointment as assistant approved 2/10 233Sorg, Robert E., designation as special assistant approved 1/ 6 17


115Pages

liners: (Continued)PRBank of Chicago: (Continued)

Washburne, Elihu B., designation as special assistantAppointment as assistant approved

FRBank of Cleveland:Blake, Ted, designation as special assistantBoyd, Tayler M., appointment approved, formerly assistant

2/1712/ 2

2/4

2912258

185

examiner 7/ 3 1361Clark, Gilbert, Assistant, appointment approved 8/21 1653

Clifford, William Dale, appointment approved 8/21 1653Davies, Chalmer L., designation as special assistant ap-

proved 3/12 484Appointment as assistant approved 5/27 1069

Denton, Elwood, designation as special assistant 2/4 185Galyas, Vincent, designation as special assistant 2/4 185Green, Kenneth A., designation as special assistant 2/4 185Hentze, Donald D., designation as special assistant exami-

ner approved 6/ 8 1156Holkenburg, Ralph, designation as special assistant 2/4 185Kappanadze, Nicholas J., designation as special assistant 2/1 185Koza, F. J., designation as special assistant 2/4 185Louis, Henry, designation as special assistant 2/4 185Mahar, William, designation as special assistant 2/4 185McLaughlin, Francis M., designation as special assistant 2/4 185McLean, Archibald t., appointment approved 5/16 947Mekus, Francis A., Assistant, appointment approved 11/27 2233Mellert, Robert, designation as special assistant 2/4 185Nichols, James Hart, Assistant, appointment approved 8/13 1613O'Connor, John E., designation as special assistant 2/4 185Oswald, Robert, designation as special assistant 2/4 185Potter, H. M., designation as special assistant 2/4 185Reebel, Jacob, designation as special assistant 2/4 185Restel, Arthur E., appointment as assistant approved 4/ 3 623Rudd, Robert, designation as special assistant 2/4 185Strukar, Rudolph, designation as special assistant 2/4 185Wachtel, Harry H., designation as special assistant not af-

fected by transfer to Cincinnati Branch 2/4 185Watkins, Glenn E., designation as special assistant 2/4 185

, Wright, Gordon, designation as special assistantrRBank of Dallas:

2/4 185

Holder, George A., designation as special assistant ap-proved 1/17 82

Appointment as assistant approved 6/25 1281

Kelly, J. V., appointment approved 6/10 1179

Neill, John H., Jr., appointment as assistant approved 1/21 94


4alniners: (Continued)FRBank of Dallas: (Continued)

O'Hearn, Ernest, Jr., assistant, appointment as examinerapproved

Segelhurst, Thomas Arthur, appointment as assistant ap-proved

Thaxton, E. A., special assistant, designation as assist-ant approved

FRBank of Kansas City:Bennett, Arthur, name removed from those designated as

special assistantsBoysen, John T., designation as special assistantBurnett, C. N., designation as special assistantDurdee, John, designation as special assistant

Euans, Joe R., designation as special assistantEuans, John R., designation as special assistantFairly, W. F., designation as special assistantFritz, Fred, designation as special assistantGeary, E. V., designated special assistantKeck, George E., removed from list of approved special as-

sistantsLand, Everett D., appointment approvedMoore, William D., Jr., designation as special assistantPugh, Stanley, designation as special assistantRatkie, M. E., designation as special assistantReynolds, F. A., designation as special assistantScott, C. B., designation as special assistantTrimble, Harry, designation as special assistant

, Wilson, Byron A., designation as special assistantrIlBank of Minneapolis:

Anderson, Morris G., designation as special assistant ap-proved

Grobel, Roger K., appointment approvedKelly, Douglas C., designation as special assistantMcNulty, Arthur J., designation as special assistant ap-

provedTillander, Clayton E., approval of Board unnecessary for

designation as Chief ExaminerWilcox, Robert L., appointment as assistant approved

'RBank of New York:Gilpin, Francis A., assistant, appointment approvedHoward, Thomas P., appointment approvedHuf, John F., assistant, appointment approvedKnoepfel, Louis J., assistant, appointment approvedMcComb, James M., assistant, appointment approvedLiowak, Theodore E., assistant, appointment approved

116Pages

1/21 94

12/ 9 2293

1/7 20

2/11 2382/11 2382/11 2382/11 2383/2 3982/11 2382/11 2382/11 23810/ 7 1957

3/ 2 3983/27 5752/11 2382/11 2383/2 3982/11 2382/11 2382/11 2382/11 238

6/16 12234/17 7356/16 1223

6/16 1223

4/17 7356/16 1223

8/20 16448/20 16448/20 16448/20 16448/20 16448/20 1644


Examiners: (Continued)FRBank of Philadelphia:

Adams, Charles IN., appointment as assistant approvedAikens, James A., designation as special assistant examiner

approvedAllen, William J., designation as special assistant exami-

ner approvedBrenner, John J., designation as special assistant examiner

approvedBurr, Glendon M., appointment as assistant approvedCallender, Marion H., appointment approved on temporary

basisCampbell, Hugh S., designation as special assistant exami-

ner approvedGordon, James A., designation as special assistant exami-

ner approvedGriffith, Maurice H., Assistant, appointment approvedHespenheide, Carl F. W., appointment as assistant approved

with understanding that indebtedness will bereduced

Lythgoe, Edgar H., designation as special assistant exami-ner approved

Markford, Leonard, appointment approved, was formerly as-sistant examiner

McIninch, Ralph A., appointmentMoore, Edwin M., designation as

approvedMurphy, John IN., designation as

approvedSnyder, Edward C., Jr., Assistant, appointment approvedThatcher, Clifford R., designation as special assistant ex-

aminer approvedUlmer, Willis IN., designation as special assistant examiner

approvedBank of Richmond:Hall, Charles E., designation as special assistant approved

Appointment as assistant approved and indebtedness tonational bank to be liquidated

Jenkins, Joseph L., designation as special assistant ap-proved

Keller, R. T., designation as special assistant examinerapproved

Kendall, F. 0., designation as special assistant approvedAppointment as assistant approved

Martin, Upton S., appointment approvedMiller, Robert L., appointment as assistant approved

as assistant approvedspecial assistant examiner

special assistant examiner

117Pages

6/8 1155

12/ 1 2254

12/ 1 2254

12/ 1 22541/15 56

11/ 3 2106

12/ 1 2254

12/ 1 22544/17 735

10/26 2061

12/ 1 2254

1/28 1363/10 456

12/ 1 2254

12/ 1 225410/17 2033

12/ 1 2254

12/ 1 2254

1/30 147

12/11 2301

4/23 756

12/ 9 22931/17 8212/11 23011/7 203/21 520


118Pages

411Inin ers: (Continued)FRBank of Richmond: (Continued)

4/30 817

Sauerwein, C. H., designation as special assistant examinerRegester, Charles E., appointment as assistant approved

approved 12/ 9 2293Seidell, W. T., designation as special assistant examiner

approved 12/ 9 2293Speicher, J. W., designation as special assistant approved 12/ 9 2293Webb, P. L., appointment as assistant approved 1/17 82

Whitaker, Roland E., designation as special assistant ap-proved 4/23 756

Woodzelle, K. V., designation as special assistant ap-proved 12/ 9 2293

FRBank of St. Louis:Baggott, George I., appointment as examiner approved and

designated special examiner until effective 7/ 9 1388Cange, Melvyn Paul, appointment as assistant approved 6/ 8 1156Chapman, Bertram Lee, appointment approved 7/ 9 1388Chapman, W. A., appointment approved 2/19 299Hitt, F. Guy, designation as, and designated as officer in

charge of Bank Examination Department 10/22 2048Hodges, Samuel B., appointment as assistant approved 6/ 8 1156Klose, Julius H., appointment as assistant examiner ap-

proved 6/ 8 1156Mattox, Charles A., three months' salary approved as dis-

missal wage 8/ 3 1544Moore, Harold Norris, designation as special examiner ap-

proved 6/ 8 1156Mueller, Maurice LeRoy, Assistant, appointment approved 8/21 1653

_ Schalk, Robert F., designated special assistant 6/ 8 1156*Bank of San Francisco:

Blakemore, Claude C., Assistant, appointment approved 9/ 3 1723Lyons, Jim Robert, appointment approved 5/26 1053Stone, Philip M., appointed assistant 9/26 1891

anks: Walker, tm 4/15 721,George M., appointment approved

Adequacy of present staffs of FRBanks, information to befurnished Board 6/26 1290

Conference to be held in Philadelphia on September 22 8/26 1691Employees of one bank assisting in exmination of another,

increase in per diem allowance 10/26 2065

Instructions to report on use of credit for accumulation ofinventories of consumer goods 6/26 1292

Branch banks:Cincinnati:

Bruce, Howard, designated special assistant 2/ 4 185Hurst, George, designated special assistant 2/ 4 185


4anu.'ners: (Continued)FRBranch banks: (Continued)

Cincinnati: (Continued)Oettinger, Richard, designated special assistantSwerdeski, Walter, designated special assistantWachtel, Harry H., designation as special assistant not

affected by transfer from FRBank of ClevelandNashville:

Hooper, Jesse, designation as special assistant to par-ticipate in the examination of the CommerceUnion Bank of Nashville

Magee, Stuart, designation as special assistant to par-ticipate in the examination of the CommerceUnion Bank of Nashville

Miller, Marvin L., designation as special assistant toparticipate in examination of Commerce UnionBank of Nashville

Pittsburgh:Corlett, Baird, designated special assistantEicher, William, designated special assistantGoldstrom, Louis, designated special assistantHoupt, C. E., designated special assistantRickert, Harry, designated special assistant

National bank:Gaffney, I. F., report of investigation of the Second Na-

tional Bank of Ravenna, Ohio, in connectionwith surrendering of fiduciary powers sent toFRBank of Cleveland

Letter containing same information sent to ComptrollerInstructions to report on use of credit for accumulation

tx4mini of inventories of consumer goodsng Physicians:

uaughton, A. D., Alternate Medical Examiner, resignation ap-provedproved

ve officers: l'oan to executive officer on leave of absence which will mature

before expiration of leave, no objection byBoard

RePort by, of loans from another bank which existed at time ofadmission to FRSystem ordered published in

P43teFRBulletinueLive Orders:Alien Property Custodian:

Allocating powers, to be published in FRBulletin0 Office established, statement for publication in FRBulletin'ensorship Operating Board established by, procedure explained

to FRBanks, Mr. Draper designated member of,questions may be submitted to Board

119Pages

2/ 42/ 4

2/ 4

3/3

3/3

3/ 3

2/42/42/42/42/4

185185

185

407

407

407

185185185185185

2/14 2572/14 258

6/26 1292

8/17 1627

4/14 716

1/23 113

7/21 14683/24 551

1/16 78


120Pages

Exec 4..1"lve Orders: (Continued)Government contracts, statement for publication in FRBulletin 11/24 2228Office of Censorship, order establishing, ordered published in

FRBulletin 1/23 113Release of employees under, Civil Service Commission advised

that Board needs all present employees and thatMr. Nelson is the proper person to contact re-garding 2/25 351Securities and issues, drafting of order as part of restrictionof use of credit for financing inventories ofconsumer goods 6/26 1295Statement of, dealing with war contracts ordered published inFRBulletin 4/22 754Transfers of property of foreign countries and their nationals,order regarding, ordered published in FRBul-letin

War contracts, order dealing with, ordered published in FRBul-

War letin

loans:Financing of war production contracts, plan discussed where-

by FRBanks by authority of, would act as fiscalagents for War and Navy Departments and Mari-

1/23

1/23

113

113

time Commission in regard to 3/20 507Statement by Major Paul Cleveland regarding 3/20 509.

Fiscal agents for War Department, etc., order authorizingFRBanks to act as, reviewed by Chairman Eccles,discussed with regard to effect upon indus-trial loan corporation bill 3/23 542

Order authorizing FRBanks to act as fiscal agents for WarDepartment, etc., in making, signed by President 3/26 553

FRBanks advised of Order, requested to send representativesto conference for development of procedure 3/26 553

Conference postponed from Monday until Wednesday 3/27 5849112, objections of Treasury Department to, as expressed by

Under Secretary Bell 4/ 1 602Statement of legal basis for, by Mr. Vest, and discus-

sion by Board 4/ 1 605Mr. John Kenney designated as authorized representative

of the Secretary of the Navy to act under Sec-tion 4 of 4/ 2 616

Proposed instructions for making war loans under, copyof, and letter sent to Under Secretary of WarPatterson 4/ 6 628

Proposal of having FRBanks act as fiscal agents for themaking of war loans, reviewed and discussed atmeeting of the executive committee of the Fed-eral Advisory Council with the Board 4/ 9 683


121Pages

4eeutive Orders: (Continued)War loans: (Continued)

Noenses:

Board of Governors:Assessment on FRBanks for last six months of 1942, resolu-

tion approved 6/17 1237Assessment on FRBanks for first six months of 1943, resolu-

tion approved 12/21 2354FRBanks:

Victory Fund Committee, manner of showing in functional ex-pense report 5/20 1000

Reimbursable:Counterfeit notes, Board willing to print notices of, on a

reimbursable basis for the Secret Service Divi-sion of the Treasury Department 5/20 1004

Government securities, discussion of whether FRBanks shouldseek reimbursement for expenses incurred in es-tablishing organizations for the promotion andsale of 5/ 8 890

War loans, traveling expenses and other costs in connectionwith, letter to FRBank of Dallas regarding pro-cedure for allocating 5/20 996

Reimbursement of banks by the Treasury Department suggested byMr. McKee for out-of-pocket expenses incurredfor services rendered the Government withoutcharge 4/ 9 677

Opinion of Mr. Oscar Cox on legality of, no distributionto be made unless requested 5/19 984

War Production Board, order establishing, ordered published inFRBulletin 1/23 113

War Relocation Authority office established, statement for pub-lication in FRBulletin 3/24 551

8843, scope of authority to prescribe regulations to control

(See supra tar loans) 4/30 786

9112: credit granted to Board by

9135, pay roll deduction plan for the purchase of Defense Sav-ings Bonds, letter to Rear Admiral Conard,Chairman of the Interdepartmental War SavingsBond Committee, advising of the extent of par-ticipation of Board employees in, and designa-tion of Mr. Bethea as an alternate for Mr.Eccles on the committee 5/13 930

"I Credit Administration:Institutions subject to supervision and examination by, enforce-

ment of Regulation W 12/ 5 2272


122Pages

Farm Credit Administration: (Continued)Staff:

Orchard, C. R., Director of the Credit Union Section, ad-vised that a loan to a Federal credit unionfor purchase of a house is not subject to Reg-ulation Vi

deral Advisory Council:5/ 2 839

Absorption of exchange and collection charges:Discussion of 11/16 2184Suggestion that Regulation Q be enforced 9/14 1796

Ame ndment No. 3 to Regulation W, draft of, sent to Mr. E. E.Brown for his comments and suggestions as therepresentative of

Draft sent to Mr. Brown, also request that as representa-tive of, he forward comments and suggestionsto Board

Banking as essential industry, feeling that classificationshould be made to avoid loss of trained person-nel

8enks, question of giving them preferential treatment underthe tax program in view of the substantial

1/ 9

1/23

11/16

33

111

2185

part they play in war financing, consideredat meeting of the executive committee withthe Board 4/ 9 676

p, Opinion regarding, to be presented to Congress 4/ 9 681"rtificates of indebtedness, result of using telegrams and

solicitation to urge subscription to, dis-cussed at meeting of executive committee withBoard 4/ 9 671

C°mPensation of members, FRBank of Philadelphia, payment for each meeting attended authorized 4/25 762

Competition of FRBanks with member banks with respect to collec-tion of noncash items 11/16 2185

Consumer credit, reduction in, opinion of members of Council

CO expressed at meeting with Board 7/ 1 1338rporate funds, short-term tap issue to attract, discussed by

Exe •cutive

Chairman Eccles at meeting with 5/18 958Committee:

Amendment proposed to sec. 7(d) of Securities and ExchangeAct of 1934, memorandum prepared in reply toletter from Mr. Brown to be mailed to membersof, dropping of proposal discussed at meetingof Board with 3/12 474


lede Pal Advisory Council: (Continued)Executive Committee: (Continued)

Correspondent balances, discussion as to Reserve Bankcities in which they should be deposited, at

123Pages

meeting with Board 3/12 472Financing of war, discussion of progress made by Board and

Treasury in formulation of a long range programfor, at meeting of Board with 3/12 471

Government securities, transfer of all types by telegraphsuggested by Mr. Brown 3/12 477

Insurance agents, use in sale of series F and G war savingsbonds, discussed at meeting with Board 7/ 1 1337

Meetings:Interim of executive committee members of, with Board

each month with certain exceptions proposed,no objection by Board 2/16 272

Arrangements completed for meetings on the secondThursday of each month, Secretary's note 2/16 273

Interim meeting arrangements approved by Board 2/23 321Purpose and scope of, to be discussed at next meeting 3/10 447Change in date of suggested 3/12 482Meeting with Board 6/ 3 1112Meeting with Board on July 1, telegram to Mr. Lichten-

stein on 6/ 9 1172Meeting with Board 7/ 1 1330Meeting with Board 8/ 5 1553Monthly meeting of, suggestions to be made to make meet-

ings productive of better results 8/ 5 1561Monthly meetings with Board, belief that they should be

continued 9/14 1800Meeting with Board 10/ 7 1959Meeting scheduled for December 2 canceled 11/24 2224

Money market:Reserve situation in, and effect on future market is-

sues of the Treasury, discussed at meeting ofBoard with 3/12 471

Substitution of other cities for New York as, sug-gestion that more than one market could be es-tablished through use of telephone and tele-graph, discussion at meeting of Board with 3/12 477

Rates on Treasury issues for long-term money during thewar, discussion of pattern of rates at meetingwith Board 3/12 473

Regulation W, inclusion of charge accounts discussed inmeeting of Board with 3/12 478-82

Reserve requirements in central reserve cities, discussionof reduction as result of legislation 7/ 1 1330


Fed

124Pages

era]. Advisory Council: (Continued)Executive Committee: (Continued)

Treasury financing to be discussed at interim meeting, withregard to recommendations made to the Treasury 3/10 447

ExPenditure tax discussed as means of financing the war, atmeeting of the Board with 5/18 956

Federal Open Market Committee opinion that there was an amountof short-term funds that might flow into ashort-term security, discussed at meeting ofexecutive committee with Board 4/ 9 672

FRAct, Bill H.R. 7158 to amend certain sections discussed at meeting of executive committee with Board 6/ 3 1112

Financing, development of a long-term program of, by the Treas-ury Department discussed at a meeting of theexecutive committee with the Board 4/ 9 677

Government securities, discussion by Mr. Eccles with Councilon organization being set up in each FRDis-trict for distribution of 5/18 960

Distribution of, opinion of Mr. Adams that present methodis unsatisfactory and suggestion that it beplaced in the hands of the FRSystem, discussedat meeting of the Board with 5/18 957

, Short-term tap issue opposed 5/19 983Insurance policy loans, discussion of provisions of Regulation

W with respect to, at meeting of the FAC withthe Board 5/18 965

Provisions of Regulation W discussed at meeting of execu-tive committee with Board 6/ 3 1119

L°ans, nonpurpose up to t1500, opinion of Mr. Brown that inclu-sion of, in Amendment No. 4 to Regulation W,was unjustified, discussed at meeting of theBoard with 5/18 964

Meeting with Board 2/16 260Meeting with Board 5/18 951Meeting with Board 9/14 1793Meeting with Board 11/16 2178Members:

Spencer, Charles E., Jr., FRBank of Boston, reappointed 1/20 89"ew York and Chicago, discontinuance as central reserve cities

opposed by Council 5/18 961Rates, effect of short-term on long-term, discussed at meeting

of executive committee with the Board 4/ 9 675Ratio of bank capital to deposits discussed at meeting with

Board 11/16 2179Recommendations:Written statements with reasons to be submitted to Board

prior to meetings, suggested by Mr. Eccles 8/ 5 1556


Pecie

125Pages

ral Advisory Council: (Continued)Regrouping of FRBanks for the purpose of electing members of

FOMC not to he taken up with, draft of amend-ment to FRAct to be sent to Treasury 5/19 982

Regulation Q, amendment proposed to permit immediate withdrawalof savings deposits to purchase defense bonds,opinion of, that amendment should not beadopted by Board

Regulation 14, Amendment No. 3, bracketing principle to be ap-plied to certain articles, opinion of, requested

Proposed Amendment No. 3, two drafts sent to, and replyreceived

Reimbursement of banks by the Treasury Department for out-of-pocket expenses incurred for services renderedthe Government without charge, suggested byIr. McKee at a meeting of the executive com-mittee with the Board

Renegotiation of war contracts, resolution adopted at separatesession of Council read at meeting with Board

Probable losses to Banks resulting from exercise of rightby Government

Reserve requirements, recommendation of Council that theyshould remain stable unless change is clearlyrequired, discussion of resolution by Boardwith regard to Treasury financing

Copy of resolution to be sent to Secretary of TreasuryDiscussion of possible effect on inflation if requirements

were lowered, at meeting of the executive com-mittee with the Board

Amendment to FRAct to change those in central reservecities discussed

Change at present time opposed, To be considered at coming meetingrtesolution adopted at meeting of Council on September 14 pre-

sa sented to Board for consideration

les tax as means of financing the war, discussion of, at meet-ing of the FAC with the Board

Securities Act of 1933 and Securities Exchange Act of 19342proposed amendments to section 7(c) and (d),letter to Mr. Brown explaining considerationand stating why amendments were not discussed

2/16 273

2/12 2)14

2/24 341

4/ 9 677

9/14 1794

10/ 7 1959

2/16 2612/27 363

4/ 9 675

6/ 3 11138/ 5 155611/14 2171

9/18 1830

5/18 956

with Council 1/17 82Securities Exchange Act of 1934, amendment to section 7(d), re-

quest of Mr. Brown that testimony of hearingsbe sent to, and that they be allowed to filea memorandum with the Interstate and ForeignCommerce Committee 1/22 97


Fed eral Advisory Council: (Continued)Securities Exchange Act of 1934: (Continued)

Mr. Brown to be advised that Congressman Lea, Chairman ofthe House Committee, has been informed of re-

126Pages

quest for hearings and filing of statement 1/22 98Letters to Mr. Brown and Congressman Lea 1/24 117-8Letter suggesting that statement of, concerning amendment

be submitted to be held for committee consider-ation, but not to be included in printed hear-ings 1/29 144

Proposed amendment to Section 7(d), giving Board power toregulate the amount that could be loaned on un-registered securities, opinion of Federal Ad-visory Council that power should not be givento any agency 2/16 270Short-term nonmarket issue in Treasury financing program, de-sirability discussed at meeting of executivecommittee with Board 6/ 3 1120

Silver, suggestion that Treasury dispose of holdings and moresilver used in minting coins discussed at meet-ing with Board 9/14 1797

Disposal of holdings of Treasury for industrial purposes

Staff: suggested 11/16 2189

Lichtenstein, Walter, Secretary, exemption from Federaltransportation tax, suggestions as to meansof obtaining 3/31 599

Stock dividends, taxation as income pending court decisiondiscussed and considered in regard to stepsthat should be taken following such a decision 2/16 273Tap

issues, issuance of, and whether legal investments for cor-porate investors and trust funds, discussed atmeeting of the executive committee with the

Taxes, Board 4/ 9 679effect of pending tax bill on amount of short-term cor-

porate money for investment, discussed at meet-ing of executive committee with the Board

Pies for discussion: 4/ 9 672

Advice that Board has no topics to suggest 1/22 100Advice to Mr. Lichtenstein that Board has no topics to sug-

gest, but wishes to be advised in advance ofany questions Council wishes to present toBoard 8/25 1667

Examinations, reduction in number of complete, not to bediscussed with 2/10 230

Letter to, advising that Board has no topics to suggest, tocontain no reference to the Treasury financingprogram 5/ 5 852


1 27Pages

Fed eral Advisory Council: (Continued)Topics for discussion: (Continued)

Opinion of council that matters under consideration shouldbe furnished them in advance of meetings 8/ 5 1557

Securities Exchange Act of 1934, amendment proposed to sec-tion 7(d) 1/24 117

To be furnished Board in advance 9/14 1800Transportation tax, members of, traveling on official business,

entitled to use F.R. 158 in obtaining exemptionfrom 2/27 379

Treasury bills, resolution that amount issued each week be in-creased, discussion of Board with, Board infavor of resolution, Federal Open Market Com-mittee reported as being in agreement withBoard 2/16 263

Resolution to be brought to the attention of the FederalOpen Market Committee, copy sent to Secretaryof the Treasury 2/27 363

, Means to broaden distribution of, discussed 8/ 5 1559easury financing discussed at meeting with Board 11/16 2180

nar, financing of, discussion of long-range program for, byBoard in meeting with Federal Advisory Council 2/16 264

Discussion with Board as to whether it should be conductedon a voluntary basis or a plan of compulsory

War savings should be adopted 5/18 952-Loan accounts, opening by small banks discussed 9/14 1798War loans:Proposal of having FRBanks act as fiscal agents for the pur-

pose of making war loans, reviewed and discussedat meeting of the executive committee with theBoard 4/ 9 683

Interest rates and guarantee fees for, discussed at meeting of the executive committee with the Board

?e Discussion Discussion of provisions of Executive Order No. 9112 V/1 9 8 8655-72J.. Bureau of Investigation, investigative activities of Board

Pectera_ outlined in letter to Mr. Hoover 11/16 2176I credit agencies, statement of Ir. Ransom on confusion re-

sulting from number of, as applying to situa-tion in Cuba 2/ 6 204,4erea

Credit Unions, enforcement of Regulation W, letter toFed FDIC on cooperation in connection with 6/12 1205

l Deposit Insurance Corporation:sorption of cost of one examination each year of insured

banks suggested as possible amendment to bill 6/ 3 1115


Pede ral Deposit Insurance Corporation: (Continued)Assessment on Government deposits, proposed legislation not to

require member banks to maintain, Mr. Ecclesopposed to inclusion with other proposed legis-lation

Assessments on insured banks against deposits of war loan ac-counts, problems in connection with, discussedby Mr. McKee

5/26

12/ 1

128Pages

1050

2247Proposed amendment to FRAct to exempt war loan deposit ac-

counts from 12/ 8 2284Bank of America National Trust and Savings Association, ques-

tion as to whether differential account in con-nection with contracts for instalment paperconstitutes deposit liability against whichreserves must be carried, submitted to, forcomments 1/ 8 27

Certification of banks as members of FRSystem:Curwensville State Bank, Curwensville, Pa.Danville Loan and Savings Bank, Danville, Va.First State Bank of Larned, KansasJ. P. Morgan & Co., Incorporated, New York, New York

12/1812/166/274/28

234023211302782

Peoples Bank, Beaufort, S. C. 7/ 7 1379Peoples Bank, Lakewood Village, California 5/15 944State Bank of Marathon City, Marathon, Wisconsin 4/10 690Union State Bank, Clay Center, Kansas

r, University State Bank, Houston, Texasertification of checks and drafts by FRBanks at request of

public finance officers or nonmember banks

3/10

6/18

164 57

1249C°Pies of correspondence on denial of application of First

Trust and Savings Bank of Pasadena to estab-lish branches sent to 11/19 2201

Easton Trust Company, Easton, Pennsylvania, permission grantedto, to examine in connection with rehabilita-tion program 3/31 598

Examination and supervisory policy with reference to investmentsby banks in and loans upon Government securi-ties 11/11 2148

Joint statement with special reference to investments in

4aminations:Citizens Bank, Marshall, N. C., permission to examine in

connection with continuation of insurance af-ter withdrawal from membership

Citizens State Bank, Marianna, Fla., permission to examinein connection with continuance of insuranceafter withdrawal from membership

and loans on Government securities 11/20 2205

11/12 2154

10/20 2042


Pled,

129Pages

era] Deposit Insurance Corporation: (Continued)Examinations: (Continued)

Floral Park Bank and Trust Company, Floral Park, N. Y.,permission to examine, in connection with as-sumption of liabilities and assets of, byFirst National Bank and Trust Co. of FloralPark 1/30 148

Peoples Trust Co., Martinsburg, West Virginia, permissionto examine jointly with FRBank of Richmond be-cause of unsatisfactory condition 10/28 2079

State Bank of Mayville, Wisconsin, permission to examinein connection with continuance of deposit in-surance upon withdrawal from FRSystem 1/14 49

Individual debts: (See Loans).11,ecription for use on front page of examination reports 11/19 2202Inventories of consumer goods, use of credit in connection

with accumulation of, letter to financinginstitutions to be cleared through 6/11 1186

(See also Inventories)4leohan1c5 and Farmers' Bank of Albany, New York, action on ap-

plication deferred, FDIC opposed to extendingdeposit insurance to a bank sharing quarterswith an uninsured nonmember bank 2/18 295

Letter from FDIC regarding deposit insurance 2/18 296Action deferring application not to be included in policy

recordPeoples Bank of Lakewood Village, Los Angeles County, California,

2/24 348

action on application to be deferred until con-sideration of matter with, by Mr. McKee, becauseof possible connection with Transamerica Corpora-tion 1/16 70

Discussion between Messrs. McKee and Crowley resulted in de-cision that application for membership shouldnot be approved 1/22 103

Insurance to be granted upon severing of connections withTransamerica

Press statement regarding reduction of individual debt to besubmitted to, for approval following consider-ation by Messrs. Ransom, McKee, and Szymezak

3/10

5/ 5

444

851?_ Statement approvedegulation W, enforcement of, letter on cooperation with respect

5/ 7 880

to nonmember insured banks and Federal Creditunions 6/12 1205

Advice that corporation will cooperate with Board in

o

en-forcement of 7/ 6 1374

Inge deposits, withdrawal of, without notice for purchase ofdefense savings bonds, comments of, regarding,sent to FRBank of Cleveland 3/ 9 437


Fedvral Deposit Insurance Corporation: (Continued)Staff:

Greensides, N. G., Acting Chief of the Division of Examina-tion, cost of luncheon to be borne by Board

Oppegard, G. J., Attorney, cost of luncheon to be borne byBoard

Statistics of national and State banks, no need for extensionof clerks on reimbursable basis as help can now

be supplied by Board's staff, reimbursement of

only one clerk necessary for December as Mr.Martin resigned

Transamerica Corporation, Mr. McKee authorized to confer withMr. Crowley and Comptroller regarding adoptionof policy of refusing to permit further expan-sion by

"ral Home Loan Bank Act:Anlendments introduced in Senate and House, report of Mr. Ransom

on discussions with Messrs. Bodfish and West,Counsel requested to keep Board advised of

Fed, progress of legislation'rat Home Loan Bank System:Enforcement of Regulation W, letter to Mr. Fahey for coopera-

tion of his office inStaff:

Fahey, John H., Commissioner, cost of luncheon to be borne

130Pages

1/29 145

1/29 145

1/ 5 11

1/22 105

1/16 68

10/17 2035

by Board 4/17 743Twohy, James F., Governor, cost of luncheon to be borne by

?ed— Board 4/17 74371 Industrial Credit Corporation:'4egislation to establish, letters from Mr. Eccles to Messrs.

Donald Nelson and Weinberg regarding, read atFeder Board meeting 2/17 289

Le_al Open Market Committee: (See Committees, Federal Open Market)'al Outfitting Company, Fresno, California, reply to, regarding

a customer in default under Regulation W atone store obtaining credit at another storeand definition of term "Budget" 5/25 1039

Amendment proposed to repeal prohibition against member bankspaying dividends or making loans while reservesare deficient, Board to retain power to pre-scribe penalties for deficiencies in reserves,discussion at meeting of Board with Presidents 2/ 3 182

Amendment to Section 14(b), statement to be published in

letin 3/24 551Amendments to Sections 12a and 19, recommendation that bill

S. 2565 be signed by President 7/ 6 1377


IllAct: (Continued)Printing of, order placed with Government Printing Office for,

new amendments to be added in supplement,charge to be made for copies sent to thosenot on free list

Regrouping of FRBanks for the purpose of electing members ofFOMC not to be taken up with the Federal Ad-visory Council, draft of amendment to FRActto permit, to be sent to Treasury

Section 9, discussion of amendment to permit a State bank withcapital as low as 25,000 to become a memberof the FRSystem

Sections 12A(b) and (c) and 14(b), interpretation of, by Chair-man Eccles with regard to purchase of Governmentsecurities held to be correct after discussion

131Pages

3/6 433

5/19 982

5/19 983

of, by Board at meeting of Federal AdvisoryCouncil 2/16 265

Section 12A, discussion of amendment to permit regrouping ofFRBanks for selection of members of FederalOpen Market Committee to insure representationof FREank of New York, Treasury and FRBanksto be consulted before introducing legislationin Congress 2/17 282

Section 13, clearing account of nonmember bank may be acceptedor declined at discretion of the FRBank in-volved 2/11 239

Discussion of authority granted by, to permit FRBanks tomake advances for periods up to 90 days se-cured by Government obligations, at meetingof Board with Presidents

Morris Plan Banking Company of Boston, held to be a "bank"within the provisions of

Se •ction 14(b), provision contained in second war powers bill toeliminate, to allow direct purchase of Govern-ment securities from Treasury by FRBanks, dis-

3/2 382

3/10 458

cussion of Presidents in meeting with Board 2/3 170Proposed amendment to allow FRBanks to purchase securities

directly from the Treasury subject to directionof the Federal Open Market Committee discussedat meeting of the Board with the Federal Ad-visory Council 2/16 264

Amendment contained in Second War Powers Act, memorandumto be prepared showing effect on power of Fed-eral Open Market Committee to direct FRBanksto purchase Government securities 3/26 560


132Pages

PRA +e-: (Continued)Section 19, proposed amendment to repeal prohibition against

making of loans or payment of dividends by

member banks whose reserves are deficient,and give Board power to prescribe penaltiesfor reserve deficiencies, memorandum dis-

tributed at meeting of Board with Federal Ad-

visory Council to be considered 2/16 273

Proposed amendment to permit changes in reserve require-ments of central reserve city banks independently

of the requirements for reserve city banks and

eliminate the provision that no bank shall makenew loans or pay dividends while its reserves

are deficient 5/19 982gents.

Assistant:Ashley, J. M., FRBank of Dallas:

Appointment approved with understanding that Mr. Hallwill resign

Bond approvedBarnett, Genevieve M., FRBank of Atlanta, bond as alternate

approvedDunphy, Raymond J., alternate at FRBank of Boston:

2/193/ 3

4/21

299404

749

Appointment and salary approved 11/ 5 2122

Bond approved 11/14 2168

Erste, Anne J., alternate at Cleveland:Appointment approved with no change in salary 10/17 2033

Bond of 10/30 2090


Ferrian, Walter S., FRBank of Minneapolis:Appointment and salary as alternate approved 2/ 6 216

Bond approved 2/16 277

Duties outlined, letter to Mr. Peyton 2/20 303

Fricek, E. F., alternate at Cleveland, to resign when MissErste assumes duties 10/17 2034

Hall, Charles Clifton, FRBank of Dallas, appointment of

Mr. Ashley approved with understanding thatresignation will be submitted by 2/19 299

Johnson, John, FRBank of Minneapolis, salary as alternate

Assistant approved 2/17 293

Kearschner, Alfred C., salary as alternate at FRBank of St.Louis approved 3/ 3 408

Salary approved 10/ 8 1970

Larson, Earl B., FRBank of Minneapolis, salary as alternate

approved to January 31, 1942, now Assistant

Cashier 2/17 293

Newcomb, Margaret R., FRBank of Philadelphia, bond as al-ternate approved 1/24 115


PRAgents: (Continued)Assistant: (Continued)

Parker, Frank S., FRBank of St. Louis, salary approvedPost, Arthur E., FRBank of Philadelphia, payment to supple-

ment retirement allowance approvedPayment of salary from July 1 to July 14

Rehfuss, J. Frank, alternate at FRBank of Philadelphia,salary increased

Sawyer, Dana D., alternate at FRBank of Boston, salary in-crease approved

Scanlon, Charles J.:Appointed alternate at FRBank of ChicagoBond approved

Snow, G. A., FRBank of San Francisco:Bond as alternate approvedTo resign when appointment of Mr. Stone becomes effec-

tiveStone, Philip M., alternate at FRBank of San Francisco:

Appointment and salary approvedBond approved

Tillander, Clayton E., FRBank of Minneapolis:Appointment and salary approvedBond approvedDuties outlined, letter to Mr. Peyton

Wilgus, Richard G., FRBank of Philadelphia:Appointment and salary approvedBond of

Zehner, Edward A., alternate, FRBank of St. Louis, salaryapproved

4ainard, George C., FRBank of Cleveland, redesignated for1943

caldwell, R. B., FRBank of Kansas City, redesignated for 1943co(,(IffeY, W. C., FRBank of Minneapolis, redesignated for 1943'1'eighton, Albert M., FRBank of Boston:

Designation for 1942Bond ofRedesignated for 1943G. Redesignated

Henry F., FRBank of San Francisco:Bond approved

Ta Redesignated for 1943ssiter, Robert, FRBank of Richmond, redesignated for 1943

'eland, Simeon E., FRBank of Chicago:Designated for remainder of yearBond approvedRedesignated for 1943

133Pages

7/23 1473

5/30 10966/ 6 1151

7/ 9 1387

7/28 1508

9/26 189010/17 2032

1/10 36

10/ 8

10/ 810/28

2/62/162/20

1971

19702076

216277303

7/23 14738/ 6 1570

7/23 1473

12/ 8 228112/ 8 228112/ 8 2281

1/9 321/28 13512/ 8 2281

1/21 9212/ 8 228112/ 8 2281

10/ 9 199210/20 204112/ 8 2281


FRAg'ents: (Continued)Lewis, F. J., Chairman, FRBank of Chicago:

Letter of regret from Board that illness prevented his at-tendance at Chairmen's Conference, importance

of conference emphasized, suggestion thatDeputy Chairman attend when Chairman cannotavoid being absent

Engaged in unethical transactions with the ContinentalIllinois National Bank and Trust Co., withrespect to Government securities

Purchase and sale of Government securities by, report ofMr. Eccles on efforts to contact and Mr. Eccles

to prepare letter for consideration of Boardrequesting resignation

Letter requesting resignation not sent because of agreementto come to Washington

Resignation accepted effective July 1Resignation as Class C director and FRAgent, accepted

/4cCabe, Thomas B., FRBank of Philadelphia, redesignated for

1943Nardi, R. B., FRBank of St. Louis, redesignated for 1943Neely, Frank H., FRBank of Atlanta, redesignated for 1943

11,11m1, Beardsley, FRBank of New York, redesignated for 1943raylor, Jay, FRBank of Dallas:

Designated for remainder of 1942Bond approvedLeave of absence requested by FRBank during service in

Army, letter to be prepared for considerationof Board

Continuation of service as Chairman and FRAgent during ab-sence on active duty with U. S. Army, no ac-tion by Board at this time

Redesignated, and to be on leave of absence as long as

Nge,, necessary because of military service101.''81 representatives:"agbY, T. Wesley, Charlotte Branch:

Appointment and salaryBond of

, Salary approved116arnard, 0. H., Salt Lake City:

Appointment and salary approved8 Bond approved°Yd, John Armstrong, Houston Branch:

Appointment to serve while Mr. Reed is incapacitated

134Pages

2/6 219

5/22 1011

5/26 1044

5/27 10646/ 1 11066/26 1291

12/ 8 228112/ 8 228112/ 8 228112/ 8 2281

1/28 1362/10 231

6/26 1290

6/29 1317

12/ 8 2283

11/14 216912/ 1 225312/24 2380

Bond approved with letter to Hartford Accident and Indemnity

Company on description of appointment

3/10 4563/18 503

7/16 1442

7/24 1477


PRAgents' representatives: (Continued)Clark, J. C., Jr., Oklahoma City, salary approvedDetroit Branch, increase in maximum salary approvedEl Paso Branch, discontinuance of position and arrangement for

custody of unissued FRnotesFrancis, Charles E., Charlotte Branch, resignation to report

for military dutyGeller, R. N., Los Angeles Branch:

Appointment and salary approvedBond approved

Goldschmid, J. P., Memphis Branch, salary approvedLinks, J. A., Little Rock Branch, salary approvedPage, Grover C., resignation at El PasoParsell, Garland H., at Louisville Branch:

Appointment approvedBond of

Pettke, August J., Detroit Branch:DesignationBond of

Raether, Lawrence B., Detroit Branch, salary approvedSalary approved

Reed, I. J., substitute to serve at Houston Branch duringincapacity of

Stover, George William, El Paso Branch:Appointment and present salary approved, effective upon

resignation of Grover C. Page, Bond of

W. R., Denver Branch, salary41rckel, John H., Baltimore Branch,

notes:Destruction of:

Alaska, procedure outlined in Treasury order approvedHawaii as outlined in letter from Treasury Department

proved, Puerto Rico, procedure approved-Lnquiries being received by Secret Service

being issued as counterfeitsI"uance and redemption of, amendment to Treasury regulations

to permit pledge of Government securities withFRAgent as security

1928 series, memo on issuance of, from Mr. Smead, question re-ferred to Mr. Szymczak for further consideration

Report by Mr. Szymczak advising that Mr. Bell of the Treas-ury is not opposed to

Memo from Mr. Szymczak regarding the paying out of, andthe drafting of a press statement

approvedsalary approved

ap-

as to new notes now

135Pages

12/308/ 4

9/21

11/14

24071543

1859

2169

3/10 4563/18 5031/26 1201/26 1208/ 3 1538

8/20 16459/ 2 1719

9/26 189010/17 20321/13 468/10 1599

7/16 1442

8/ 3 15388/11 160112/30 240712/24 2380

9/1 1717

3/ 3 41010/15 2027

12/24 2383

12/16 2325

4/7 646

5/8 897

5/26 1061


PRb

?ape

flk notes: (Continued)1928 series: (Continued)

Payment as part of program of Treasury to conserve cur-rency, press statement to be issued by Treasurywith approval of Board

Letter to all FRBanks on recommendation of Presidents' Con-ference that existing stocks be put into circu-lation and letter to Mr. Bell on position ofTreasury

Stock of unissued to be utilized as war emergencyIssuance to relieve demand on FRnotes because of increase in

money in circulationTelegram to FRBanks on procedure for issuancePress statement on issuance of, to be released

nk of Atlanta:Applications for war loans, letter commenting on mimeograph

sheet calling for supplemental data to befurnished with applications

off on land on which banking houses at head office andcertain branches are located

Examination report, attention called to operation of auditingdepartment and forthcoming audit of Jackson-ville Branch regarding operation of cafeteria

Charge

PRnotes:Supplemental order for printing in large denominationsSupplemental order for printing ofSupplemental order approvedSupplemental order for printing of1928 Series, no objection to use if only currency avail-

ablePersonnel classification plan:

Change involving creation of position of Chief File Clerkand maximum salary approved

Change involving proposed increase in maximum salary forChief Telegraph Operator not approved, salarywhich Board will approve stated

Change providing for appointment of Mr. Raisty as Managerof Statistical and Analytical Department todevote one-half of time to supervising theConsumer Credit Control Department with changein salary approved

Changes approvedChanges approvedChange creating position of General Assistant

136Pages

6/18 1251

8/20 16469/29 1904

11/20 221012/ 8 229012/12 2307

7/13 1413

12/24 2383

3/12 486

3/31 5985/20 10048/ 4 15519/21 1860

10/29 2086

3/6 431

3/ 6 431

5/ 5 8635/8 9006/ 5 11396/30 1320


PRBank of Atlanta: (Continued)Personnel classification plan: (Continued)

Page 72-a covering new position of Assistant Chief Clerk,Fiscal Agency and Securities Department, ap-

137Pages

proved 8/28 1706

Change providing for position of director of personnel ap-proved 11/24 2225

Quarters, purchase of six-story brick building, authority re-quested by, action postponed 12/ 1 2249

Board will approve increase in amount offered for purchaseof piece of property if necessary 12/26 2395

Reserve for contingencies, transfer from surplus authorized 12/24 2383Staff:

Ashley, John M., Assistant FRAgent, bond approvedAttorney to assist in handling work at, annual salary, not

to be officer of Bank and personnel classifica-tion sheet to be submitted

Barnett, Genevieve M., Alternate Assistant FRAgent, bond

3/ 3

10/27

404

2073

approved 4/21 749Boman, V. K., Assistant Vice President, salary approved 5/ 5 861Bryan, Malcolm, First Vice President, salary approved but

not as recommended 5/ 5 862Camp, C. R., Assistant Vice President, salary approved 5/ 5 862Clark, L. M., Vice President, salary approved 5/ 5 861Conniff, H. F., Vice President, salary approved 5/ 5 861Cooper, S. Frank, designated special assistant examiner 2/ 4 185Crow, Vestus L., name removed from list of special assist-

ant examiners 2/ 4 185Dance, W. A., appointment as examiner approved and indebted-

ness to be liquidated 10/ 9 1994Denmark, J. E., General Auditor, salary approved 5/ 5 862Frazer, H. E., Manager, Foreign Funds Control Department,

salary in excess of maximum for grade approved 5/28 1074McLarin, W. S., Jr., President, salary approved 5/ 5 861Neely, Frank H., Chairman and FRAgent, redesignated for

1943 12/ 8 2281Pike, W. E., Acting Assistant Vice President, salary ap-

proved 5/ 5 862Raisty, Lloyd B.:

Address to be made on consumer credit, telegram makingsuggestions for changes 11/ 9 2137

Appointment approved as Manager of Statistical and

Analytical Department, to devote one-half oftime to supervising the Consumer Credit Con-trol Department, salary approved and changeto be made in personnel classification plan 5/ 5 863

Designation as special assistant examiner approved 5/ 6 867


138

Pages

111Bank of Atlanta: (Continued)Staff: (Continued)

Schuessler, S. P., Assistant Vice President, salary ap-proved 5/ 5 862

Shaw, Morgan L., designation as special assistant examinerapproved 5/ 6 867

Turman, Pollard, Counsel, salary approved but not as recom-mended 5/ 5 862

Varnadoe, T. V., designation as special assistant examinerapproved

Appointment as assistant examiner approved 117(;70Wilson, R. P., designation as special assistant examiner ap-

proved 3/ 3 407Reappointment as assistant examiner not approved by

Board, but Board willing to approve assignmentto Bank Examination Department and designationas special assistant examiner 3/27 574

Appointment as assistant examiner approved 4/10 689Appointment as examiner approved 11/21 2213

Naxlk of Boston:Classification of member banks for election of directors, no

changes contemplated at presentDividend for last six months for 1942, payment authorizedPRnotes:

Supplemental order for printing ofSupplemental order for printing of

, Supplemental order for printing of'c3rm

9/ 8 174912/28 2398

5/15 9468/28 171010/17 2038

of loan agreement in connection with guarantees, repliesof War and Navy Departments and Maritime Com-mission on proposed additional paragraph 12/ 2 2259

Personnel classification plan:Changes approved 1/ 2 8Changes approved 6/18 1243Changes establishing position of investigator, Consumer

Credit Department 9/21 1852Reserves for losses on industrial loans for contingencies ap-

proved 12/28 2398Staff:

Buckner, William J., supervisor in Auditing Department, noobjection to temporary employment after retire-ment, to terminate when special conditions nolonger exist 8/ 3 1541

Carrick, Krickel K., Vice President and General Counsel,salary approved 4/30 813

Cederval, Roy E., appointment as assistant examiner ap-proved 7/ 9 1387


PRBank of Boston: (Continued)Staff: (Continued)

Creighton, Albert M.:

139Pages

Designation as Chairman and FRAgent for 1942 1/9 32Bond approved 1/28 135Redesignated for 1943 12/ 8 2281

Dunphy, Raymond J.:Appointment as alternate Assistant FRAgent approved 11/ 5 2122Bond approved 11/14 2168

Examiners assisting in examination of FRBank of New York,payment of sum for use of all pullman trainapproved 10/26 2065

Fogg, John J., Auditor, salary approved 4/30 813

Gilman, Richard Irving, appointed assistant examiner 10/ 1 1919Hansen, Dr. Alvin H., salary approved as Economic Adviser

to Board of Directors 12/30 2406Hult, Ellis G., Vice President, salary approved 4/30 813Hunter, John C., Assistant Cashier, salary approved 4/30 813Kennel, A. C., Jr., Assistant Counsel, report on enforce-

ment of Regulation W prepared in collaborationwith Messrs. Hodge and Rounds sent to FRBanksfor consideration 3/11 468

Salary approved 4/30 813Ketchum, Phillips, Associate Counsel:

Payment for services approved 1/7 24Payment of retainer fee approved 1/20 89Retainer approved 4/30 813

Murphy, Edward R., Assistant Cashier, salary approved 4/30 813

Officers, advice of reappointment for 1942 1/20 89Paddock, W. W., appointment as President to succeed Mr.

Young approved 2/27 361Salary approved 3/27 574

Pitman, Carl B., Cashier, salary approved 4/30 813Sawyer, Dana D., Manager of the Securities Exchange Divi-

sion and alternate Assistant FRAgent, salaryincrease approved 7/28 1508

Van Amringe, Roy F., Assistant Cashier, salary approved 4/30 813Lillett, William, appointment as First Vice President, no

action taken on, to be discussed at later date . 2/27 361Appointment as First Vice President for unexpired por-

tion of five-year term and salary approved 3/27 574Young, Roy A., President, resignation of, to accept presi-

dency of the Merchants National Bank of Boston,W. W. Paddock appointed as successor 2/27 361

To be advised by Mr. Morrill of Board's decision not toamend Regulation R at present time 2/27 375


140Pages

111BanK of Boston: (Continued)Staff: (Continued)

Young, Roy A.: (Continued)Advised that Board does not consider amendment to Reg-

ulation R desirable at present time, requestedto inform Mr. Griswold of Board's decision

Vouchers submitted to War Department for reimbursement in con-nection with war loans covering furniture and

3/6 432

FR equipment to be deductedank of Chicago:

9/21 1857

Charge to surplus account and transfer to reserve for defi-ciencies, amount equal to net earnings trans-ferred to surplus account 12/30 2409

Compensation and expenses of directors approved after modifiedas sugges ted 11/24 2225

Currency supply to new in duction center at Camp McCoy, Sparta,Wis., letter on needs of camp and manner offurnishing 7/25 1486

Examination, copy of report left at bank for attention of di-rectors 6/16 1225

FRnotes:Supplemental order for printing of 8/28 1710Supplemental order for printing of 10/ 6 1951Supplemental order for printing of 10/29 2087

Government securities, transfer by wire of long-term as wellas short-term, suggested by, reply from Board

Layer, Meyer, Austrian and Platt, employment of, as special1/12 42

counsel in tax matter approved 3/31 598Personnel classification plan:

Changes approved 1/12 40Changes approved 3/19 506Changes approved and adjustment made in salaries of window

washers as requested 3/19 506Changes approved 4/11 697Changes approved 4/30 817Changes approved 5/11 915Changes approved 8/ 3 1542Changes approved except page relating to executive manager

of Victory Fund Committee 9/14 1802Economic Adviser, office of, formerly held by Dean C. A.

Phillips, abolished, new pages to be submitted 3/5 418Protection of, plans sent to Mr. Blakeslee for study and sug-

gestions 5/29 1092Punch card checks, proposed plan for use in office of Division

of Disbursement and payment through FRBank 9/10 1772Plan adopted by Treasury 10/ 5 1945


of Chicago: (Continued)Resolution regarding authority to issue 1928 series of FRnotes,

which was adopted by the directors of, readand discussed at meeting of the Board withthe Presidents 5/ 8

141Pages

897Staff:

Bachman, W. C., Assistant Vice President, salary approved 3/26 558Bernodet, Conrad, Chef, Cafeteria Department, payment of

salary in excess of maximum, approved 8/ 8 1593Black, A. M., Cashier, salary increased 3/26 559Brann, Denver B., assistant examiner, appointment as exam-

5/ 7 878iner approvedBuster, James S., designation as special assistant exami-

ner approved 7/24 1477Chief, Research and Statistics Department, information on

establishment of position to be forwarded 1/12 41Craig, Carlos H., designation as special assistant examiner

approved 3/11 462Appointment as assistant examiner approved 12/ 2 2258

Davis, Edwin N., designation as special assistant examinerapproved 4/22 752

Appointment approved 12/ 1 2254Dawes, Neil B., Assistant Vice President, increase recom-

mended but salary approved at old figure 3/26 559Diercks, W. R., Assistant Vice President and Chief Examiner,

increase recommended but salary approved atold figure 3/26 559

Dillard, J. H., Vice President, increase recommended butsalary approved at old figure 3/26 559

Dreusicke, Oscar Frank, special assistant examiner, appoint-ment as assistant approved 1/13 46

Dunn, C. B., Vice President and General Counsel, salary in-creased as recommended 3/26 558

Elliott, Daniel B., designation as special assistant exami-ner approved

Appointment as assistant examiner approvedEndres, John J., Auditor, salary approved

11/1712/ 13/26

21902254559

Salary approved as of September 1 12/23 2372Harris, E. C., Vice President, salary approved 12/19 2342Hart, John L., designation as special assistant examiner

approved 2/17 291Helmer, H. J., designation as special examiner approved 12/ 2 2259Hoadley, Walter E., Jr., statistician and analyst, salary

in excess of maximum for grade approved 11/27 2233Hodge, Paul C., Assistant Counsel:

Opinion in connection with discussion of proposedAmendment No. 4 to Regulation IN, that down-payment provision should be eliminated becauseof administrative problem 4/27 772


N3ank of Chicago: (Continued)Staff: (Continued)

Hodge, Paul C.: (Continued)Present at Board meetingReport on enforcement of Regulation Wprepared in

laboration with Messrs. Rounds and Kennelto FRBanks for consideration

Salary approvedHolt, Robert N., employment of, as special counsel in tax

matter approvedHopkins, W. A., Assistant Cashier, salary approved

Salary approvedJones, Laurence H., Examiner, appointment approvedLangum, John K.:

Appointment as Manager of the Research and StatisticsDepartment approved

Salary as Assistant Vice President approvedLeland, Simeon E.:

Designated Chairman and FRAgent for remainder of yearBond ofRedesignated for 1943

Lewis, F. J., Chairman:Letter of regret from Board that illness prevented his

attendance at the Chairmen's Conference, im-portance of conference emphasized, suggestionthat Deputy Chairman attend when Chairmancannot avoid being absent

Engaged in unethical transactions with the ContinentalIllinois National Bank and Trust Co., withrespect to Government securities

Purchase and sale of Government securities by, reportof Mr. Eccles on efforts to contact and Mr.Eccles to prepare letter for consideration ofBoard requesting resignation

Letter requesting resignation not sent because of agree-ment to come to Washington

Resignation accepted effective July 1Resignation as Class C director and Chairman and

FRAgent acceptedLies, Mark A., Assistant Cashier:

Salary approvedDesignated as contacting officer for Public Buildings

Administration in connection with protection ofbank building

Salary approvedLindsten, Frank A., Assistant Cashier, salary approved

Salary approved

col-sent

142Pages

4/27 768

3/11 4683/26 559

3/31 5983/26 5587/22 14709/ 4 1734

3/6 4328/14 1616

10/ 9 199210/20 204112/ 8 2281

2/6 219

5/22 1011

5/26 1044

5/27 10646/1 1106

6/26 1291

3/26 558

5/29 10937/22 14703/26 5587/22 1470


143Pages

FRB ank of Chicago: (Continued)Staff: (Continued)

Mall, John, Custodian, salary in excess of maximum approved 1/12 40Meyer, L. G., Assistant Cashier, salary approved 3/26 559

Salary approved 7/22 1470Monson, A., Supervisor of Mail Department, payment of sal-

ary in excess of maximum approved 8/ 3 1543Mulroney, A. J., Vice President:

Salary increase recommended but salary approved at oldfigure, Board willing to give consideration toan adjustment on or after September 1 3/26 559

Letter to, regarding proposal of LaSalle National Bankfor the operation of a common trust fund 5/15 945

Salary approved 9/ 9 1761Netterstram, O. J., Assistant Vice President, increase

recommended but salary approved at old figure 3/26 559Newman, H. J., designation as special examiner following

transfer to Personnel Department approved 4/15 721Olson, A. L., Assistant Vice President:

Salary increase recommended but salary approved at oldfigure 3/26 559

Requested to assist in formulating a schedule of feesfor guarantees on war loans 4/ 3 618

Salary approved 7/22 1470Olson, If G., Chief,Mail Department, payment of salary in

excess of maximum approved 8/ 3 1543Petersen, I. J., Assistant Cashier, salary approved 7/14 1420Peterson, Roy Edward, assistant examiner, appointment ap-

proved 12/11 2302Phillips, Dean C. A., office of Economic Adviser formerly

held by, abolished 3/ 5 418Preston, H. P., First Vice President, salary approved 3/26 558Purrington, F. L., Assistant Cashier, salary approved 3/26 559Roberts, J. G., Assistant Cashier, salary approved 3/26 559Saltnes, Carl M., Assistant Cashier, salary approved 3/26 559Scanlon, Charles J., assistant examiner:

Appointment as examiner approved 5/ 7 878Appointed alternate Assistant FRAgent 9/26 1890Bond approved 10/17 2032

Siegler, George R., assistant examiner, appointment ap-proved 2/10 233

Sihler, A. T., Vice President, salary increased 3/26 559Smith, Minor B., general clerk, Discount Department, salary

in excess of maximum for grade approved 9/15 1816Sorg, Robert E., designation as special assistant examiner

approved 1/ 6 17


PRBank of Chicago: (Continued)Staff: (Continued)

Thomas, O., Record Custodian, Bindery and Old Records De-partment, payment of salary in excess of max-

1/44Pages

imum approved 8/ 3 15h3Tongue, W. W., statistician and analyst, salary in excess

of maximum for grade approved 9/15 1816Tucker, George T., General Clerk, salary in excess of ma.x.i-

mum approved 1/12 LOTurner, William W., Assistant Cashier, salary approved 6/16 1222Vavricka, J., bookkeeper, Bond Department, payment of

salary in excess of maximum approveda.lker, Duncan, Chief, Protection Department, payment of

salary in excess of maximum approved

8/ 3

8/ 3

1543

1543Washburne, Elihu B., designation as special assistant exami-

ner approved 2/17 291Appointment as assistant examiner approved 12/ 2 2258

Young, C. S., President:Salary approvedTo represent Presidents on committee to meet with Treas-

ury and representatives of investment bankersre sale and distribution of government securi-ties

Report of meeting with Secretary of the Treasury onTreasury financing

Zimmerman, Arthur C., General Man, Personnel Department,salary in excess of maximum for grade approved

War loan depositaries, letter to certain banks suggesting theyqualify as

'Tc of Cleveland:

3/26

5/8

11/11

11/27

11/16

558

887

2144

2233

2175

'4amination, copy of report left with Chairman and one withPresident of Bank 6/ 2 1108

Fzcaminations:Provident Savings Bank and Trust Company, Cincinnati, Ohio,

levying of charge for special investigation tobe left to the discretion of FRBank 1/30 148

PRn otes:Supplemental order for printing of 5/20 1004Supplemental order for printing of 7/17 1453

p Supplemental order for printing ofersonnel classification plan:

10/ 6 1951

Changes approved 1/12 40Changes approved 4/15 721Change increasing salary of Helen Kessler in excess of maxi-

mum for grade 4/3 623Changes approved 4/30 817


PRElank of Cleveland: (Continued)Personnel classification plan: (Continued)

Change approvedChanges increasing maximum salaries in auditing departmentChanges approved

Personnel situation at Bank, Mr. Szymczak to make recommenda-tion as to meeting with committee of directorsof FRBank

Reply to Mr. Klages on request for meetingReply to Mr. Klages that meeting with committee of direc-

tors be postponed until JanuaryProtection of, plans sent to Mr. Blakeslee for study and sug-

gestionsSalaries of officers, meeting of committee of directors with

Board shortly after first of yearSquire, Sanders and Dempsey, bill for services approvedStaff:

Arnold, C. W., Vice President, salary recommended not ap-

145Pages

6/26 12937/ 8 13839/ 9 1760

12/ 8 228412/10 2298

12/11 2301

5/29 1092

12/16 232012/29 2402

proved but figure stated at which salary wouldbe approved

Salary as recommended not approved, but salary thatBoard is willing to approve if so fixed by

1/23 111

directors 4/30 814Assistant counsel to be appointed among employees of Bank 9/15 1814Attorney for work in connection with Regulation V loans,

employment for full time favored by Board 7/28 1506Benjamin, Lloyd W., credit analyst senior clerk, salary in

excess of maximum for grade approved 11/12 2153Blake, Ted, designation as special assistant examiner ap-

proved 2/4 135Bolthouse, C. J., assistant cashier, salary approved 12/16 2320Boyd, Tayler M., assistant examiner, appointment as exami-

ner approved 7/ 3 1361Brainard, George C., Chairman and FRAgent, redesignated for

1943 12/ 8 2281Carter, E. A., Assistant Vice President, salary approved 1/23 111

Salary approved 4/30 814Clark, Gilbert, assistant examiner, appointment approved 8/21 1653Clifford, William Dale, examiner, appointment approved 8/21 1653Davies, Chalmer L., designation as special assistant exami-

ner approved 3/12 484Appointment as assistant examiner approved 5/27 1069

Denton, Elwood, designation as special assistant examinerapproved 2/4 185

Erste, Anne J., alternate Assistant FRAgent:Appointment approved with no change in salary 10/17 2033Bond approved 10/30 2090Salary approved 12/24 2380


Nank of Cleveland: (Continued)Staff: (Continued)

Findeisen, Walter, Assistant Cashier, salary approvedFleming, Matthew J., President:

Appointment committee of Presidents on Per-on standingsonnel Selection and Training

Salary as recommended not approved, but salary thatBoard is willing to approve if so fixed by di-rectors

Fletcher, IN. H., Vice President, salary approvedFoster, A. G., Assistant Cashier, salary approvedFricek, E. F., alternate Assistant FRAgent, resignation ofGalyas, Vincent, designation as special assistant examiner

approvedGrayson, F. V., Auditor, salary approvedGreen, Kenneth A., designation as special assistant exami-

ner approvedHarrell, Clyde, Assistant Cashier, salary approved

Salary approvedSalary approved

Hays, R. B., Assistant Vice President:Requested to assist in formulating a schedule of fees

for guarantees on war loansSalary approvedAction on increase in salary deferred

Hentze, Donald D., designation as special assistant exami-ner approved

Holkenburg, Ralph, designation as special assistant exami-ner approved

Kappanadze, Nicholas J., designation as special assistantexaminer approved

Kessler, Helen, salary in excess of maximum approvedKoza, F. J., designation as special assistant examiner ap-

provedLaning, Alfred H., Assistant Vice President, salary ap-

provedSalary approved

Louis, Henry, designation as special assistantproved

MacKenzie, K. H., Manager, Business StatisticsTitle of Assistant Vice President approvedSalary approved with understanding that he

examiner ap-

Function:

will continuein charge of Department of Business Statistics

Salary approvedReturn from War Production Board to head Research and

Statistical work to be requestedAppointment and salary approved and to continue to

direct statistical work of Cleveland Office of

War Production Board

146Pages

12/16 2320

2/20 303

4/30 8144/30 8144/30 81410/17 2034

2/4 1854/30 814

2/4 1851/23 1114/30 8147/28 1508

4/3 6184/30 81412/16 2320

6/ 8 1156

2/4 185

2/4 185

4/ 3 623

2/4 185

9/26 188912/16 2320

2/4 185

1/23 111

2/5 1944/30 814

10/29 2084

11/13 2163


PlIBank of Cleveland: (Continued)Staff: (Continued)

Mahar, William, designation as special assistant examinerapproved

McLaughlin, Francis M., designation as special assistant2/4

147Pages

185

examiner approved 2/4 185McLean, Archibald W., appointment as examiner approved 5/16 947Mekus, Francis A., assistant examiner, appointment approved 11/27 2233Mellert, Robert, designation as special assistant examiner

approved 2/4 185Morrison, W. Martin, Assistant Cashier, salary approved 7/28 1508

Salary approved 12/24 2380Newell, Sterling, Counsel, to be requested to come to

Washington to discuss war loans procedure 3/20 513Nichols, James Hart, Assistant Examiner, appointment ap-

proved 8/13 1613O'Connor, John E., designation as special assistant exami-

ner approved 2/4 185Oswald, Robert, designation as special assistant examiner

approved 2/4 185Potter, H. M., designation as special assistant examiner

approved 2/4 185Reebel, Jacob, designation as special assistant examiner ap-

proved 2/4 185Restel, Arthur E., assistant examiner, appointment approved 14./3 623Rudd, Robert, designation as special assistant examiner ap-

proved 2/4 185Smith, H. E. J., Assistant Cashier, salary approved 4/30 814Squire, Sanders, and Dempsey, payment of retainer approved 1/17 81

Retainer approved 4/30 814Bills for legal service including closing Regulation

V loans 7/28 1505Present arrangement to be continued 9/15 1814Bill for legal fees incident to 13b loan 9/17 1824Bills for legal services in connection with war loans,

payment approved 10/31 2097Strukar, Rudolph, designation as special assistant examiner

approved 2/4 185Taylor, W. F., Vice President and Cashier, salary approved 4/30 814Wachtel, Harry H., designation as special assistant exami-

ner not affected by transfer to CincinnatiBranch 2/4 185

Wagner, G. H., Vice President:Salary approved 4/30 814Designated as contacting officer for Public Buildings

Administration in connection with protectionof bank building 5/29 1093


PR Bazik of Cleveland: (Continued)Staff: (Continued)

Wagner, G. H.: (Continued)Borrowings and check operations reported to Board in

anonymous letter, letter from Mr. Fleming, andMr. Szymczak to discuss with Mr. Brainard

Mr. Szymczak to phone Mr. Fleming for additionalinformation

Indebtedness of, report of Mr. Szymczak on conversationwith Messrs. Fleming and Brainard, and Mr. Cagleto go to Cleveland to discuss matter

Resignation as vice president, letter to be prepared toMr. Brainard on further action to be taken, re-quest for dismissal pay withdrawn

Draft of letter to Mr. Brainard discussed and to be re-vised by Messrs. Dreibelbis and Cagle

Revised letter to Mr. Brainard outlining transactionsleading to resignation, and Mr. Cagle to go toCleveland to take letter for presentation atmeeting of directors

Special meeting of directors to be held to investigateactions of, Mr. Szymczak to be present and tobe accompanied by Mr. Cagle

Report of Mr. Cagle on meeting with directors at FRBankof Cleveland and Messrs. Szymczak and Cagle toattend meeting of directors on September 14

Indebtedness of, statement of Mr. Szymczak on meetingof board of directors of FRBank

Policy and procedure with respect to reports of in-debtedness of officers at FRBanks to be reviewed

Watkins, Glenn E., designation as special assistant exami-ner approved

Wright, Gordon, designation as special assistant examinerapproved

Zurlinden, F. J., First Vice President, salary as recom-mended not approved, but salary that Board iswilling to approve if so fixed by directors

Retirement of, discussed by Mr. Szymczak with directorsof FRBank

Voucher for reimbursement of expenses on behalf of MaritimeCommission, request that it be withheld untilloans are actually made

ar loans, reply to, regarding procedure for determining au-thenticity of authorizations for the execution

Pliga of guarantees forof Dallas:

"count for local loan agency of Reconstruction Finance Company,no legal reason for not opening

148Pages

8/22 1660

8/25 1676

8/27 1693

9/ 8 1746

9/ 9 1753

9/ 9 1757

9/10 1763

9/11 1774

9/15 1812

9/18 1830

2/4 185

2/4 185

4/30 814

9/15 1814

8/29 1715

4/17 738

6/17 1238


FRBarik of Dallas: (Continued)

149Pages

Budget for statistical and analytical function, increase ap-proved 12/31 2419

Examination report left with FRBank, request for commentsFRnotes:

3/23 546

Special order for additional notes requested placed withBureau of Engraving and Printing 1/ 6 18

Supplemental order for printing of 5/13 931Supplemental order for printing of 9/ 5 1743Supplemental order for printing of 10/ 6 1951Supplemental order for printing of 12/ 7 2277

Personnel classification plan:Changes approved 1/ 9 33Changes approved 2/ 5 195Change approved 5/19 986Change approved 8/ 6 1571Changes approved 8/29 1713Changes approved 9/30 1908Changes approved 10/17 2034

Reimbursement for expenses in connection with war loans, letterto, regarding procedure for allocating 5/20 996

Staff:

Ashley, J. Y., Assistant FRAgent, appointment approved withunderstanding that Ir. Hall will resign 2/19 299

Austin, E. B., Assistant Cashier, salary approved 5/26 1053Boyd, John A., FRAgent's Representative, bond approved

with letter to Hartford Accident and IndemnityCompany on description of appointment 7/24 1477

Coleman, R. B., Vice President, salary approved 5/26 1053Eagle, W. E., Assistant Cashier, salary approved 9/28 1894Evans, W. J., Vice President and Secretary, salary approved 5/26 1053Ford, W. 0., Cashier, salary approved 5/26 1053Gilbert, R. R., President:

Copy of reply regarding protest by Mr. Chambers againstthe observation of legal holidays by banks andpost offices during the war, sent to FRBanks 4/27 778

Salary approved 5/26 1053Hall, Charles Clifton, appointment of Mr. Ashley as Assist-

ant FRAgent approved with understanding thatresignation will be submitted by 2/19 299

Holder, George A., designation as special assistant examinerapproved 1/17 82

Appointed assistant examiner 6/25 1281Holloway, W. H., General Auditor, salary approved 5/26 1053Kelly, J. V., appointment as examiner approved 6/10 1179


,Bank of Dallas: (Continued)Staff: (Continued)

Neill, John H., Jr., appointment as assistant examiner ap-proved

O'Hearn, Ernest, Jr., assistant examiner, appointment as1/21

150

Pages

94

examiner approved 1/21 94Pondrom, L. G., Assistant Cashier, salary approved 5/26 1053Segelhurst, Thomas Arthur, appointment as assistant exami-

ner approved 12/ 9 2293Smyth, Mac C., Assistant Cashier, salary approved 5/26 1053Stover, George William, FRAgent's Representative, bond ap-

proved 8/11 1601Stroud, E. B., First Vice President and Counsel, salary ap-

proved 5/26 1053Taylor, Jay, Chairman and FRAgent:

Designated for remainder of 1942 1/28 136Bond approved 2/10 231Leave of absence requested because of Army service, let-

ter to be drafted for consideration of Board 6/26 1290Continuation in spite of absence on active duty with

U. S. Army, no action by Board at this time 6/29 1317Reappointed Class C director for three-year term and

redesignated Chairman and FRAgent and to be onleave of absence as long as necessary becauseof military service 12/ 8 2283

Thaxton, E. A., special assistant examiner, designation asassistant approved 1/7 20

Webb, R. O., Assistant Cashier, salary approved 5/26 10531.1k of Kansas City:Building, no objection by Board to expenditure for improvement

of 2/23 319Examination, copy left with Bank for consideration and comment

requested on embezzlement by employee of PostOffice station 10/ 8 1975

PRnotes:1928 series, advised to hold, until policy for disposition

is determined 2/24 349Supplemental order for printing of 7/17 1453Supplemental order for printing of 8/28 1710Supplemental order for printing of 10/ 6 1951Supplemental order for printing of 11/21 2214

Personnel classification plan:Changes approved 1/19 88Chief Telegraph Operator, Board does not approve maximum

salary suggested for position 3/16 495Reserve for contingencies, transfer from surplus authorized 12/24 2383Salaries of officers for period January 1 to May 31, 1942 1/26 121


151Pages

?RE ank of Kansas City: (Continued)Staff:

Bennett, Arthur, name removed from those designated asspecial assistant examiners 2/11 238

Boysen, John T., designation as special assistant examinerapproved 2/11 238

Burnett, C. N., designation as special assistant examinerapproved 2/11 238

Caldwell, R. B., Chairman and FRAgent, redesignated for

1943Durdee, John, designation as special assistant examiner ap-

provedEuans, John R., designation as special assistant examiner

approvedEuans, Joe R., designation as special assistant examiner ap-

provedFairly, W. F., designation as special assistant examiner ap-

provedFritz, Fred, designation as special assistant Examiner ap-

provedGeary, E. V., designated special assistant examinerGregory, C. A., Assistant Vice President, salary approvedHall, Raymond b., Vice President and General Counsel, ad-

vice to bank that Board would approve proposedsalary

Salary approvedHelm, J. W., Vice President and Cashier, salary approvedKeck, George E., removed from list of approved special as-

sistant examinersKoppang, H. 0., First Vice President, salary approvedLand, Everett D., appointment as examiner approvedLeedy, H. G., President, salary with increase proposed by

directors approved by the BoardSalary approved

Moore, William D., Jr., designation as special assistantexaminer approved

Park, M. W. E., Assistant Cashier, salary approvedPhillips, John, Jr., Assistant Vice President, salary ap-

provedPhillips, Wm., Assistant Cashier, salary approvedPugh, Stanley, designation as special assistant examiner

approvedRatkie, M. E., designation as special assistant examiner ap-

provedReynolds, F. A., designation as special assistant examiner

approved

12/ 8 2281

2/11 238

2/11 238

3/2 398

2/11 238

2/11 23810/ 7 19577/ 6 1371

10/19 203911/30 22425/22 1015

3/2 3985/22 10153/27 575

5/19 9815/22 1015

2/11 2385/22 1015

5/22 10155/22 1015

2/11 238

3/2 398

2/11 238


P.Bank of Kansas City: (Continued)Staff: (Continued)

Robb, T. Bruce, Manager, Research and Statistical Depart-ment, salary approved

Scott, C. E., designation as special assistant examiner ap-proved

Sherman, E. U., Assistant Cashier, salary approvedStannard, Albert, action on salary deferred until it can be

5/22

2/117/ 6

152Pages

1015

2381371

discussed with Mr. Leedy or Mr. Koppang 1/19 88Salary in excess of maximum approved 3/16 495

Trimble, Harry, designation as special assistant examinerapproved 2/11 238

Tyner, E. P., Assistant Cashier, salary approved 5/22 1015Wardell, S. A., Auditor, salary approved 5/22 1015Wilson, Byron A., designation as special assistant examiner

approved 2/11 238Woolley, D. W., Vice President and Secretary, salary ap-

provedPR Iknk of Minneapolis:

5/22 1015

Annual report, narrative of activities under Regulation V, noobjection if first submitted to Board 12/23 2374

Assignment of Letter of Intent and Notice of Award, letter toComptroller General of the United States onassignability of 10/14 2018

Bank debits, figures not to be released before date of Board'srelease 6/ 6 115L

Clearing account of nonmember banks may be accepted or declinedaccording to the discretion of 2/11 239

EXamination of, copies left at bank for information of officersand directors 7/15 1440

FRnotes, supplemental order for printing 9/25 1886Personnel classification plan:

Changes involving Manager of Defense Contract Service andFiscal Agency Department approved 2/23 318

Changes approved 3/18 504, Changes approvedliegistration statements, Board has no objection to release by,

Res of summary data from, copy of release requestedearch and Statistical Department, revised budget approved

otaff:

6/18

3/108/ 6

1244

4591580

Anderson, Morris G., designation as special assistant exam-iner approved 6/16 1223

Coffey, W. C., Chairman and FRAgent, redesignated for 1943 12/ 8 2281Core, H. C., Personnel Officer, salary approved 2/17 292

Salary approved 5/22 1015Ferrian, Walter S., Alternate Assistant FRAgent:

Appointment and salary approved 2/6 216Bond of 2/16 277Duties outlined, letter to Mr. Peyton 2/20 303


FRB ank of Minneapolis: (Continued)Staff: (Continued)

153Pages

Grobel, Roger K., examiner, appointment approved 4/17 735Hodgson, T. H., Assistant Counsel:

Salary approved 2/17 292Voucher for reimbursement to FRBank to cover expenses

in connection with assignment to staff of Boardapproved 6/29 1316

Johnson, John, alternate Assistant FRAgent, salary approved 2/17 293Kelly, Douglas C., designation as special assistant exami-

ner approved 6/16 1223Larson, A. R., Assistant Cashier, salary approved 2/17 292Larson, E. B., Assistant Cashier, salary approved 2/17 292

Salary as alternate Assistant FRAgent approved to Jan.31, 1942, now Assistant Cashier 2/17 293

Salary approved 5/22 1015Lysen, M. E., Operating Research Officer, salary approved 2/17 292McConnell, H. G., Assistant Vice President, salary ap-

proved 2/17 292Salary approved 5/22 1015

McNulty, Arthur J., designation as special assistant exami-ner approved 6/16 1223

Mills, A. W., Cashier and Secretary, salary approved 2/17 292Ohnstad, O. W., Auditor, salary approved 2/17 292

Salary approved 5/22 1015Peterson, W. E., Assistant Cashier, salary approved 2/17 292Peyton, J. N., President:

Salary approved 2/17 292Appointment on standing committee of Presidents on Per-

sonnel Selection and Training 2/20 303Powell, O. S., First Vice President and Secretary, salary

approved 2 /17 292Preston, O. R., Assistant Vice President, salary approved 2/17 292Swanson, E. t., Vice President, salary approved 2/17 292Tillander, Clayton E., Assistant FRAgent:

Appointment and salary approved 2/ 6 216Approval of Board unnecessary for designation as Chief

Examiner 4/17 735Bond of 2/16 277Duties outlined, letter to Mr. Peyton 2/20 303

Turner, W. H., Assistant Cashier, salary approved 2/17 292Salary approved 5/22 1015

Ueland, Sigurd, Counsel, payment of retainer approved 2/17 292Upgren, Dr. Arthur Reinhold, Vice President and Economist,

salary approved 10/28 2078No objection to continuing work on joint project of

Province of Manitoba and the State of Min-nesota 11/12 2153


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

Wilcox, Robert L., Assistant Examiner, appointment ap-proved

Ziemer, H. I., Vice President, salary approvedFRBank of New York:

Bank of America National Trust & Savings Association, questionas to whether differential account in connectionwith contracts for instalment paper constitutesdeposit liability against which reserves mustbe carried, submitted to, for comments withregard to practices of the National City Bankof New York

Banque de France, litigation pending between Banque de Franceand Banque Nationale de Belgique, permissionto FRBank to participate in discussion ofcounsel

China, opening and maintaining of accounts by FRBanks for, ap-proved, FRBanks to be advised

Executive compensation for officers, Committee of Directorson Welfare of Staff to arrange conference withBoard through Mr. Szymczak regarding plan for

Federal Open Market Committee, representation on, discussion of

154Pages

6/16 12232/17 292

1/8 28

6/26 1301

3/16 498

5/ 9 910

amendment to Section 12A of FRAct to insure,Treasury and FRBanks to be consulted before in-troducing legislation in Congress 2/17 282

FRnotes:Supplemental order for printing of 5/20 1004Supplemental order for printing of 7/17 1453Supplemental order for printing of 9/21 1860

Foreign accounts:Authority to purchase Government securities for account of

foreign central banks and Governments increased 9/15 1818Certain accounts not to be requested in connection with cur-

rent examination 10/31 2096Foreign banks and governments, State Department informed of

conditions upon which they are carried 4/ 9 669Foreign central banks and governments, increase in amount

authorized to purchase Government securities 11/25 2231Forms of loan agreement and assignment of a Government contract

for use in connection with guaranteed loans,copies sent to War and Navy Departments andMaritime Commission 6/19 1255

Gold held by, question of moving to an interior FRBank for safe-keeping 2/27 373

Government securities, authority of, to purchase for the ac-counts of foreign governments extended 5/25 1041


155Pages

111Bank of New York: (Continued)Loans:

Against gold in vaults, general policy adopted by bank 8/27 1699Banco de la Republica Oriental del Uruguay, loan by FRBank

approved, other FRBanks to be advised that theymay participate in 5/ 8 906

, Revision as to collateral 8/28 1709Lynch and Cahn, bill for services in connection with prepara-

tion of briefs approved 12/10 2297Personnel classification plan:

Changes approved 1/ 9 32Changes approved 3/26 563Changes approved 5/20 995Changes approved 8/17 1628Changes approved 8/24 1665Changes approved 9/ 5 1738Changes approved 9/25 1883Changes approved 9/30 1908Changes approved 11/16 2174

Punch card checks, proposed plan for use in New York officeof Division of Disbursement and paymentthrough FRBank 9/10 1772

Plan adopted by Treasury 10/ 5 1945Reserve on fixed machinery and equipment to cover cost of air

conditioning 12/24 2382

Qafekeeping of securities for other FRBanks, letter to Mr.Foote on 12/16 2326

Salaries:Officers, proposed increases, action deferred as Messrs.

Eccles and Szymczak are out of city, paymentapproved at rates now in effect 4/13 707

Mr. Sproul to arrange with Mr. Szymczak a conference ofthe FRBank of New York directors' committee witha committee of the Board 5/5 861

Committee of Directors on Welfare of Staff to arrangeconference with Board through Mr. Szymczak re-garding plan for 5/9 910

Supplemental compensation payment may be continued 11/16 2175,Panish courses, plan of Bank for sharing cost of, with em-

ployees participating in, noted by Board, alsoopinion that same arrangement should be madefor Portuguese 5/20 996

Staff:

Alexander, Frederick L., Assistant Chief, Applications andRecords Division, Bank Examinations Department,temporary assignment to Division of Bank Opera-tions of Board 11/28 2236


156Pages

FRBank of New York: (Continued)Staff: (Continued)

Alexander, Frederick L.: (Continued)Extension of assignment to staff of Board, FRBank to be

reimbursed for subsistence and transportationexpenses

Allen, Loren B., Manager of Credit Department:Report on relationships between FRSystem and Better

Business Bureaus prepared in collaborationwith Messrs. Sienkiewicz and Williams sent

12/15 2315

to FRBanks for consideration 3/11 468Salary approved 5/ 5 859

Barrows, D. H., Manager, Cash Department, salary approved 5/5 859Bilby, H. A., Acting Manager:

Appointed Manager of Check Department and to continue asAssistant Secretary at present salary 6/23 1271

Salary approved at rate previously in effect 5/5 860Boyd, Harry M., appointed manager of Savings Bond Redemp-

tion Department, salary approved 10/ 1 1919Brome, R. H., Assistant Counsel, salary approved 5/5 860Burt, W. W., Manager, Government Bond Department, salary

approved 5/ 5 859Cameron, D. J., Assistant General Auditor, salary approved 5/ 5 860Carpentier, Phil, Clerk in Clearings Division, payment to

supplement retirement allowance and extramonthly payments for period of year approved 6/22 1264

Clarke, John J., Legal Department assigned to Foreign Con-trol Department, salary approved and classifi-cation sheet to be submitted 5/27 1069

Cowan, J. Harding, Legal Department, salary approved, re-quest that Board be advised upon terminationof his employment 1/15 55

Davis, F. T.,Manager, R.F.C. Custody Department, salary ap-proved 5/ 5 859

Davis, N. P., Manager, salary approved at rate previouslyin effect 5/5 861

Dillistin, W. H., General Auditor, salary approved 5/5 860Douglas, Edward 0., Assistant Vice President, salary ap-

proved 1/15 55Salary approved 5/ 5 859

Drury, Alice N., appointment and salary as clerk on staffof Board 7/ 3 1360

Ferguson, G. W., Assistant Vice President, salary approved 5/ 5 859French, E. C., Manager, Collection Department, salary ap-

proved 5/5 859Gidney, R. M., Vice President, salary approved 5/5 859Gilpin, Francis A., Assistant Examiner, appointment approved 8/20 1644


PRBank of New York: (Continued)Staff: (Continued)

Harris, M. A., Manager, Securities Department, salary ap-proved

Heinl, William A., Manager, salary approvedSalary approved

Howard, Thomas P., appointment as examiner approvedHowell, Raynor D., extension of employment as field repre-

sentative in connection with issuance of warsavings bonds

Hudson, Alfred J., Chief, Press and Circulars Division,salary in excess of maximum approved

Huf, John F., Assistant Examiner, appointment approvedIngalls, Frederick W., extension of employment as field

representative in connection with issuance ofwar savings bonds

Johnson, N. O., Manager, Research Department, salary ap-proved

Jones, J. 1A., Assistant Vice President, salary approved atrate previously in effect

5/ 51/155/ 58/20

10/ 8

1/ 98/20

10/ 8

5/ 5

5/ 5

157Pages

85955

8591644

1969

321644

1969

859

860Kettner, William M., Manager, Securities Custody Department,

salary approved 6/25 1281Kimball, H. H., Assistant Vice President, salary approved

at rate previously in effect 5/ 5 860Salary approved 5/ 9 910

Knoepfel, Louis J., Assistant Examiner, appointment approved 8/20 1644Knoke, L. W., Vice President, salary approved 5/ 5 859Logan, W. S., Vice President and General Counsel, salary ap-

proved 5/ 5 859Macdonell, Moyland J., extension of employment as field

representative in connection with issuance ofwar savings bonds 10/ 8 1969

McCahill, M. C., Manager, Service Department, salary ap-proved

McComb, James M., Assistant Examiner, appointment approved EV/20 1294McMurray, R. F., Manager, Safekeeping Department, salary

approved 5/ 5 859Miller, S. A., Assistant Vice President, salary approved

at rate previously in effect 5/ 5 860Nowak, Theodore E., Assistant Examiner, appointment ap-

provedOfficers, advice of reappointmentPhelan, A., Assistant Vice President, salary approved at

8/201/15

164455

rate previously in effect 5/ 5 860

Rice, J. M., Vice President, salary approved 5/ 5 859Roelse, H. V., Assistant Vice President, salary approved at

rate previously in effect 5/ 5 860


158Pages

PlIBank of New York: (Continued)Staff: (Continued)

Rounds, L. R., First Vice President, report on enforcementof Regulation W prepared in collaboration withMessrs. Kennel and Hodge sent to FRBanks forconsideration

To be requested to come to Washington to discuss warloans procedure

3/11

3/20

468

513Salary approved 5/ 5 859

Rouse, Robert G., Vice President:Present at meeting of the Board with the Presidents 5/ 8 885Present at meeting of Board with draft of statement

prepared at request of Mr. Morgenthau 10/ 6 1954Salary approved at rate previously in effect 5/ 5 860Visit to Bank of Canada, request of Board for copies of

any reports made byRural, Beardsley, Chairman and FRAgent, redesignated for

4/21 750

1943 12/ 8 2281Sanford, H. L., Manager, Foreign Department, salary ap-

proved at rate previously in effect 5/ 5 861Salary approved 5/ 9 910

Sheehan, W. F., Manager, Bank Examinations Department, sal-ary approved 5/ 5 859

Smith, I. B., Manager, Bank Relations Department, salaryapproved 5/ 5 860

Sproul, Allan, President:Appointment on standing committee of Presidents on Per-

sonnel Selection and TrainingConference of the FRBank of New York directors' commit-

tee with a committee of the Board, advised tocontact Mr. Szymezak to arrange

Present at meeting of Board and consideration of rateson industrial advances

Reserve requirements of banks in central reserve cities,telephone conversation on reduction in

Salary approvedSeries A and Series B tax notes, changes in, letter to

Secretary of Treasury suggestedStatement by, regarding the organizations that might

be created to promote the distribution and saleof Government securities

To represent Presidents on committee to meet with Treas-ury and representatives of investment bankersre sale and distribution of government securi-ties

To meet with Mr. Hopkinson to formulate the details ofa program for the promotion and sale of Govern-ment securities

2/20

5/ 5

6/ 3

9/ 95/ 5

8/28

5/ 8

5/ 8

5/ 8

303

861

1125

1754859

1700

888

887

896


159Pages

al3arlic of New York: (Continued)Staff: (Continued)

Stocker, Frederick, Manager, Cash Custody Department, sal-ary approved

Streck, Isidore, Jr., payment of sum to supplement retire-ment allowance approved

Ten Eyck, 0. IA., Superintendent of Bank Building, salaryin excess of maximum but not as recommended

5/5

10/ 8

860

1969

approved 5/5 861Tiebout, T. G., Assistant General Counsel, salary approved

at rate previously in effect 5/5 861Treiber, W. F., Assistant Counsel and Secretary, salary ap-

proved 5/ 5 860Trimble, R. J., Assistant General Counsel, salary approved 5/5 860Van Houten, C. N., Manager, Security Custody Department,

salary approved 5/ 5 860Assigned as Manager, Foreign Property Control Depart-

ment 6/23 1271Williams, J. H., Vice President, salary approved to receive

only one-third of his regular annual salary dur-ing part-time service 5/ 5 859

\Urns, Valentine, Assistant Vice President, salary approvedat rate previously in effect 5/ 5 860

Wurts, J. H., Assistant Counsel, salary approved 5/ 5 860Salary approved as Manager, Government Bond Department 8/ 3 1542

Studies on Caribbean area, advice that other studies furnishedto certain agencies should be routed throughBoard of Governors

Tax assessment on buildings, payment to Mr. L. B. Altreuterfor services in connection with obtaining re-duction in

ik of Philadelphia:Building, payments on account of, in excess of amount esti-

mated4amination, copy of report left for attention of President

and directorsP'ederal Advisory Council member, compensation for each meeting

attended authorizedPRnotes:

Supplemental order for printing ofSupplemental order for printing of

, Supplemental order for printing ofrersonnel classification plan:

Changes approvedHarris, Earl W., Clerk A, Accounting Department, Board

records do not show approval of salary in ex-

cess of maximum for, request for informationregarding

11/ 2 2101

11/ 6 2128

10/ 6 1951

11/16 2175

4/25 762

4/17 7427/17 14539/21 1860

1/7 20

2/12 244


PPlq--ank of New York: (Continued)Personnel classification plan: (Continued)

Chane creating position of Research SupervisorProtection of, plans sent to Mr. Blakeslee for study and sug—

gestions

7/ 8

5/29

160Pages

1382

1092Staff:

Adams, Charles li,., Assistant Examiner, appointment approved 6/ 8 1155Aikens, James A., special assistant examiner, designation

approved 12/ 1 2254Allen, William J., designation as special assistant examiner

approved 12/ 1 2254Brenner, John J., designation as special assistant examiner

approved 12/ 1 2254Burr, Glendon M., appointment as assistant examiner ap-

provedCallender, Marion H., appointment approved on temporary

basisCampbell, Hugh S., designation as special assistant exami-

ner approvedColeman, Philip F., Assistant Vice President:

Designated as contacting officer for Public BuildingsAdministration in connection yvlth protectionof Bank building

Salary approvedSalary approvedSalary approved

Dambach, William L., employed in temporary capacity inFiscal Agency Department, no objection to re-taining status as registered employee of memberof New York Stock Exchange

J., Vice President, action deferred on proposedincrease and salary approved at old rateapprovedL. E., Assistant Vice President, action deferredon proposed increase and salary approved at oldrate

Salary approvedDrinnen, Frank J., First Vice President, salary approvedGordon, James A., designation as special assistant examiner

approvedGriffith, Maurice H., assistant examiner, appointment ap-

provedHarris, Earl W., Clerk A, Accounting Department, request

for information as salary in excess of maximumhas not been approved according to Boardrecords

Hespenheide, Carl F. W., assistant examiner, appointmentapproved with understanding that indebtedness

will be reduced

Davis, V.

SalaryDonaldson,

1/15 56

11/ 3 2106

12/ 1 2254

5/29 10931/13 455/30 10959/12 1788

9/25 1883

5/30 10966/12 1201

5/30 10966/12 12015/30 1095

12/ 1 2254

4/17 735

2/12 244

10/26 2061


/-‘,FR Bank of 'liew---York: (Continued)

Staff: (Continued)Hilkert, Robert N., salary as Manager of Personnel Depart-

161Pages

ment that Board is willing to approve 3/11 461Hill, E. C., Vice President, salary approved 6/12 1201Lythgoe, Edgar H., designation as special assistant exami-

ner approved 12/ 1 2254UacCoy, Brittain, Evans and Lewis, payment of retainer ap-

proved 2/12 244Retainer as counsel 5/30 1095

Markford, Leonard, assistant examiner, appointment as ex-aminer approved 1/28 136

McCabe, Thomas B., Chairman and FRAgent, redesignated for1943 12/ 8 2281

McCreedy, William G., Assistant Vice President, salary ap-proved 5/30 1095

McIlhenny, C. A., Vice President, action deferred on pro-posed increase and salary approved at oldrate 5/30 1096

McIninch, Ralph A., assistant examiner, appointment approved 3/10 456Moore, Edwin M., designation as special assistant examiner

approved 12/ 1 2254Murphy, John W., designation as special assistant examiner

approved 12/ 1 2254Newcomb, Margaret R., Alternate Assistant FRAgent, bond ap-

proved 1/24 115Poorman, Philip M., Auditor, salary approved 5/30 1095Post, Arthur E., Assistant FRAgent and Secretary, payment

to supplement retirement allowance approved 5/30 1096Salary approved to June 30 5/30 1096Payment of salary from July 1 to July 14 6/ 6 1151

Rehfuss, J. Frank, Alternate Assistant FRAgent, salary in-creased based on work as Manager of Departmentof Research and Statistics 7/ 9 1387

Sienkiewicz, C. A., Vice President:Report on relationships between FRSystem and Better Busi-

ness Bureaus prepared in collaboration withMessrs. Williams and Allen sent to FRBanks forconsideration 3/11 468

Salary approved at old rate, action deferred on proposedincrease 5/30 1096

Salary approved 6/12 1201Snyder, Edward C., Jr., assistant examiner, appointment ap-

proved 10/17 2033Thatcher, Clifford R., designation as special assistant ex-

aminer approved 12/ 1 2254Toy, James M., Assistant Cashier, salary approved 5/30 1095


162Pages

''RBank of New York: (Continued)Staff: (Continued)

Ulmer, Willis W., designation as special assistant examiner

Wilgus, Richard G., Assistant FRAgent:Appointment and salary approved and appointed alternate

12/ 1 2254

until effective 7/23 1473Bond approved 8/ 6 1570

Williams, Alfred H., President:Present at meeting of the Board 4/27 768Present at meeting in connection with Amendment No. 4

to Regulation W 4/30 787Regulation V, comments regarding proposed amendment to,

opinion that it might result in black markets

and suggestion that a ceiling be applied to

amount of consumer creditSalary approvedSeries A and Series B tax notes, changes in, letter to

Secretary of Treasury suggestedSurplus funds of business firms for war financing, no

action to be taken on memorandum from, regardingthe use of, until he discusses subject with theexecutive committee of the Federal Open MarketCommittee

To represent Presidents on committee to meet with Treas-ury and representatives of investment bankers re

sale and distribution of government securities

Treasury financing, report of meeting with Secretary of

the Treasury onWilliams, Robert R., Statistician, report on relationships

between FRSystem and Better Business Bureausprepared in collaboration with Messrs.Sienkiewicz and Allen sent to FRBanks forconsideration

of Richmond:Checks cleared through Charlotte Branch, no objection to releas-

ing total face value ofExamination, copy of report for information of officers and di-

rectorsnotes:

Advised not to put new notes of 1928 series in circulationuntil further advice from Board

1928 series, advised that use of, is permissible in anemergency when no other currency in the $5 and

$50 denominations is available

Supplemental order for printing ofSupplemental order for printing ofSupplemental order for printing ofSupplemental order for printing of

, Supplemental order for printing ofrersonnel classification plan:

Changes approved, new sheet to be submitted to show correct

maximum salary for position of General Clerk

4/27 7715/30 1095

8/28 1700

1/16 69

5/8 837

11/11 2144

3/11 468

8/21 1659

10/21 2044

7/24 1481

5/ 74/275/207/179/ 59/21

884779

1004145317431860

2/5 194Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

PRBank of Richmond: (Continued)Personnel classification plan: (Continued)

Change involving increase in maximum salary for positionof General Clerk, Discount and Credit Depart-ment

Changes approvedReserve for alterations and improvements in addition to pre-

vious reserve set upReserve for contingencies, transfer from surplus authorizedStaff:

2/106/ 5

12/2412/24

163Pages

2331138

23822383

Brock, R. S., Jr., Auditor, salary approved 4/30 815Dillard, W. W., Assistant Cashier, salary approved 4/30 815Fry, J. G., Vice President, salary approved 4/30 815Guthrie, Claude L., Assistant Cashier, salary approved 4/30 815Hall, Charles E., designation as special assistant examiner

approved 1/30 147Appointment as assistant examiner approved with under-

standing that indebtedness to national bankwill be liquidated 12/11 2301

Jenkins, Joseph L., designation as special assistant ex-aminer approved 4/23 756

Johnstone, Albert S., Assistant Cashier, salary approved 4/30 815Keesee, George H., Cashier and Secretary, salary approved 4/30 815Keller, R. T., designation as special assistant examiner 12/ 9 2293Kendall, F. O., designation as special assistant examiner

approved 1/17 82Appointment as assistant examiner approved 12/11 2301

Lassiter, Robert, Chairman and FRAgent, redesignated for1943 12/ 8 2281

Leach, Hugh, President, salary approved 4/30 815Martin, Upton S., appointment as examiner approved 1/ 7 20McLaughlin, Mrs. Charlotte Nowell, stenographer in Office

of Chairman of Victory Fund Committee in Wash-ington, salary in excess of maximum for gradeapproved 9/23 1869

Mercer, Roger W., Vice President, salary approved 4/30 815Miller, Robert L., appointment as assistant examiner ap-

proved 3/21 520Regester, Charles E., appointment as assistant examiner ap-

proved 4/30 817Sauerwein, C. H., designation as special assistant examiner 12/ 9 2293Seidell, W. T., designation as special assistant examiner 12/ 9 2293Speicher, J. W., designation as special assistant examiner

approved 12/ 9 2293Strathy, Clair B., Assistant Cashier, salary approved 4/30 815Walden, John S., Jr., First Vice President, salary approved 4/30 815


164Pages

PRBank of Richmond: (Continued)Staff: (Continued)

Wallace, Maxwell G., Counsel, salary approved 4/30 815Waller, Edward, Jr., Assistant Cashier, salary approved 4/30 815

Webb, P. L., appointment as assistant examiner approved 1/17 82

Whitaker, Poland E., designation as special assistant exam-iner approved 4/23 756

Woodzelle, K. V., designation as special assistant examiner

PRA. approved 12/ 9 2293-ank of St. Louis:Examination, request for advice of action on matter mentioned 4/22 754PRnotes:

Supplemental order for printing of 9/10 1773Supplemental order for printing of 10/ 1 1924

Personnel classification plan:Changes approved 2/19 298

Changes approved 3/21 521Salary in excess of maximum for Willis G. Johns for six

months approved 4/30 817General revision of 6/ 1 1102Trust examiner, discontinuance of position assumed to be

temporary 6/ 1 1102Change establishing position of assistant to General Counsel

approved 9/17 1824Changes approved 12/18 2339

Reserve for contingencies, transfer from surplus authorized 12/24 2383Salaries, officers, payment of salaries for year beginning

June 1 approved 6/ 4 1134Staff:

Attebery, 0. M., Vice President:Board has no objection to his attending in the place of

Mr. Davis the meeting of the Board with the Pres-idents 5/ 5 857

Present at meeting of the Board with the Presidents 5/ 8 885Salary approved for year beginning June 1 6/ 4 1134

Baggott, George I., appointment as examiner approved anddesignated special examiner until effective 7/ 9 1388

Bailey L. H., General Auditor, salary approved for yearbeginning June 1 6/ 4 1134

Cange, Melvyn Paul, Assistant Examiner, appointment ap-proved 6/ 8 1156

Carstarphen, Lewis H., General Counsel, salary approved foryear beginning June 1 6/ h 1134

Chapman, Bertram Lee, appointment as examiner approved 7/ 9 1388

Chapman, W. A., appointment as examiner approved 2/19 299

Davis, Chester, President, advised that Board has no objec-tion to Ir. Attebery attending in his place themeeting of the Board with the Presidents 5/5 857

Salary approved for year beginning June 1 6/ 4 1134


FRBank of St. Louis: (Continued)Staff: (Continued)

Edmiston, Henry H., Assistant Vice President, salary ap-proved for year beginning June 1

Female employees entering military service or enteringspecial service accorded same benefits as maleemployees

Gilmore, S. F., Assistant Cashier, salary approved for yearbeginning June 1

Haill, A. H., Assistant Cashier, salary approved for yearbeginning June I

Hall, F. N., Assistant Cashier, salary approved for yearbeginning June 1

Hitt, F. Guy, First Vice President:Designated officer in charge of Bank Examination Depart-

ment and appointed examinerSalary approved for year beginning June 1

Hodges, Samuel B., Assistant Examiner, appointment approvedHollocher, Assistant Cashier, salary approved for year be-

ginning June 1Johns, Willis L., salary in excess of maximum approved for

six-month periodKearschner, Alfred C., Alternate Assistant FRAgent, salary

approvedSalary approved

Klose, Julius H., appointment as assistant examiner ap-proved

Longmire, John R., salary approved as Director, War FinanceAgency

Mattox, Charles A., salary as dismissal wage approvedMoore, Harold Norris, designation as special examiner ap-

provedMueller, Maurice LeRoy, Assistant Examiner, appointment ap-

provedNardin, W. T., Chairman and FRAgent, redesignated for 1943Parker, Frank S., Assistant FRAgent, salary approvedSchalk, Robert F., designation as special assistant exami-

ner approvedStewart, Clarence M., Cashier and Secretary, election of,

as vice president and secretary noted and salaryapproved

Salary approved for year beginning June 1Weigel, Howard H., Assistant Vice President, salary approved

for year beginning June 1Salary approved

Zehner, Edward A., Alternate Assistant FRAgent, salary ap-

proved

165Pages

6/ 4 1134

6/12 1201

6/ 4 1134

6/ 4 1134

6/ 4 1134

10/22 20486/ 4 11346/ 8 1156

6/ 4 1134

4/30 817

3/3 40810/ 8 1970

6/ 8 1156

4/13 7088/ 3 1544

6/ 8 1156

8/21 165312/ 8 22817/23 1473

6/ 8 1156

5/7 8786/ 4 1134

6/ 4 113412/22 2359

7/23 1473


FRBank of San Francisco:Examination of, copy left at bank for information of officers

166Pages

and directors 8/11 1605FRnotes:

Supplemental order for printing of 3/2 403Desire of Treasury to have additional notes printed with

Hawaiian overprinting 7/13 1418Will be shipped to Hawaii on telegraphic advice from 8/11 1605Supplemental order to cover notes to be overprinted

for use in Hawaii 9/25 1886Supplemental order for printing of 8/21 1659Supplemental order for printing of 8/25 1681Supplemental order for printing of 11/ 3 2113

Torlmember banks in Hawaii and Alaska, to be permitted to carryaccounts with during war emergency 9/15 1819

Personnel classification plan:Changes approved 3/2 399Changes approved 6/ 4 1134Change approved 6/26 1297

Property of evacuees, to act as fiscal agent of Treasury intaking care of, memorandum from Treasury sug-gesting program, Ir. Szymczak to go to thePacific Coast 3/6 423

Secretary's note, Mr. V. B. Pollard to go to the Coast 3/ 6 4274egulati0n issued as fiscal agents for U. S. on foreign funds

control, statement for publication in FRBul-letin 3/24 552

Staff:

Agnew, Albert C., Counsel:Salary approved 4/30 816To confer with Mr. Foley regarding authority of FRBank

over evacuee property following transfer tothe Treasury of sections 3(a) and 5(b) of theTrading with the Enemy Act 3/10 454

Armstrong, Howard, Assistant Cashier, salary approved 4/30 816Blakemore, Claude C., assistant examiner, appointment ap-

proved 9/ 3 1723Clerk, Ira, First Vice President:

Mr. McKee to suggest to, that membership applicationof Peoples Bank of Lakewood Village be forwardedwithout recommendation of executive committee ofFRBank of San Francisco as question of policy tobe determined by Board 1/22 105

Salary approved 4/30 815Day, Wm. A., President:

Salary approved 4/30 815To represent Presidents on committee to meet with

Treasury and representatives of investmentbankers re sale and distribution of governmentsecurities 5/8 887


PRB ank of San Francisco: (Continued)Staff: (Continued)

167Pages

Earhart, C. E., Cashier, salary approved 4/30 815


Everson, R. E., Assistant Cashier, salary approved L/30 816

Grady, Henry F., FRAgent:Bond approved 1/21 92

Redesignated for 1943 12/ 8 2281

Hale, W. I., Vice President and Secretary:

Requested to assist in formulating a schedule of fees

for guarantees on war loansSalary approved

Hardy, R. T., Assistant Cashier, salary approved

Holman, F. H., General Auditor, salary approvedLyons, Jim Robert, Examiner, appointment approved

Mailliard, E. C., Assistant Cashier, salary approved

Mangels, H. N., Assistant Cashier, salary approved

Salary approvedOsmer, J. Y., Assistant Cashier, salary approvedPhysician, increase in retaining fee because of increase

in number of employeesRiley, Mrs. Martha G., no objection to retention in service

beyond retirement ageSherman, V. M., Assistant Cashier, salary approvedSlade, H. F., Assistant Cashier, salary approvedSnow, G. A., alternate Assistant FRAgent:

Bond approvedTo resign when appointment of Mr. Stone becomes effec-

tiveStone, Philip M.:

Appointed assistant examinerAppointment and salary approved as alternate Assistant

FRAgentBond as alternate assistant FRAgent

Walker, George M., appointment as examiner approved

West, R. B., Vice President, salary approved

'idheeler, 0. P., Director of Research, salary approved°I1Pplemental order for printing FRnotes to cover notes to be

overprinted for use in HawaiiWar Loans Committee to continue for time being to wire to, the

entire authorization memoranda for the execu-

tion of guarantees for war loans

Adjusted compensation plan, liberalized in accord with request

of Presidents' Conference, letter to be sent

to FRBanks

4/3 618!,/30 8154/30 8164/30 8165/26 10534/30 8164/30 81512/24 23804/30 816

6/26 1297

8/24 16654/30 8164/30 816

1/10 36

10/ 8 1971

9/26 1891

10/ 8 197010/28 20764/15 7214/30 8154/30 816

9/25 1886

5/12 925

3/2 394


Filaanks: (Continued)

168Pages

Assessment to cover expenses of Board of Governors:For last six months of 1942 6/17 1236For first six months of 1943 12/21 2354

Budgets:Bank examination departments approved 5/ 8 908Bank examination and statistical and analytical functions,

forms sent to FRBanks for submission of 11/27 2235

Presidents' Conference to discuss question of whetherparts of, should not be submitted to Boardduring the war 4/16 732

Submission of annual to be discontinued except statisticaland analytical and bank examination 8/20 1647

Building safety and vault control, FRBanks requested to advisewhether they feel conference is justified,results that might be expected, and suggestionsas to additional topics 4/16 732

Career system, copy of study on "Executive Development in theFRBanks" not to be made available to the Train-ing Division of the Civil Service Commission 5/20 1000

Cooperation with field units of Office of Price Administration,letter to Mr. Hubachek on 6/ 9 1171

Customers other than member banks, letter to Mr. Thompson ofSenate Small Business Committee on extensionof dealings with 12/ 3 2264

Dividends:Payment of regular semi-annual on June 30 approved 6/25 1284Payment for last six months for 1942 approved 12/24 2381

ternings and expenses for 1942 12/24 2381

EmPloyees, question submitted to Civil Service Commission withregard to coverage of, by the Civil Service Re-tirement Act 2/27 369

Essential industry for purposes of deferment from military serv-ice, Board not in favor of classification as 6/ 1 1102

4amination department representatives, conference to be heldin Philadelphia on September 22 8/26 1691

Examinations:Mr. Paulger directed to make at least one of each FRBank

during 1942Mr. Paulger authorized and directed to conduct during 1943

'4xecutive development plan, resolution of Conference of Chair-men on implementation of

ExPenditures, advertising in newspapers where regional officesof Victory Fund Committees are located

Expenses:

1/1612/11

11/18

11/25

792302

2195

2230

Conference in Washington in connection with war loan opera-

tions under Regulation V, to be assumed by 10/29 2086


FRB anks: (Continued)Expenses: (Continued)

Incurred in connection with war loans, vouchers for reim-bursement to be submitted

Forms, submission to Budget Bureau for assignment of approvalnumbers to be discussed at next Presidents'

6/ 2

169Pages

1111

Conference 12/22 2364Functional expense report, Victory Fund Committee, form for 5/20 1000Functions of:

Discussion at Chairmen's Conference, letter from Mr. Rumlregarding, Board to take no action on 5/5 853

Importance to the war effort, outline submitted to CivilService Commission 10/ 6 1948

Holidays, observance during the war period, summary of repliesreceived, matter to be reviewed by Mr.Szymczak 7/10 1397

Letter to all banks on policy to govern observance at banksand branches 7/20 1458

Industrial advances and commitments, amount of, charge offsfor, and earnings on, by FRBanks informationfurnished to National Bureau of Economic Re-search

Information requested by Treasury in telegram direct to FRBankswithout knowledge of Board

Insurance, joint report of Insurance Plan Committee and Stand-ing Committee on Insurance accepted by Presi-dents' Conference and to be recommended to

Leadership the board of directors of each FRBank

at, development and maintenance of efficient manage-ment in FRSystem, letter to FRBanks on resultsof Balderston study and establishment of Divi-sion of Personnel Administration at Board ofGovernors

Officers of, on tour of duty, Mr. Ruml advised that Board iswilling to provide office space for

aY roll savings plan for purchase of bonds, record of FRBanksdiscussed with Presidents

aYment to Retirement System in connection with adjustment ininterest base, telegram to FRBanks on charging

Per against this year's earningssonnel classification plans, reclassification of salary

limits to meet problems in connection with

Pe— loss of personnel discussed'-.annel objectives as expressed in Balderston study on "Ex-

ecutive Development in the FRBanks," Mr. Rumladvised that Board concurs in, and is willingto provide space for officers on tour of dutyat the Board

2/26 360

12/ 8 2287

3/2 392

6/25 1279

2/6 202

9/29 1903

12/30 2408

9/29 1898

2/6 202


FRBanks: (Continued)Personnel problems confronting FRBanks in continuous loss and

necessity of supplementing existing salariesPresidents not to be invited to meet with Chairmens' Conference

in New York on October 5request for assistance regarding Governmental Require-

ment PlanDivision of Personnel Administration with respect to

matters relating to, to be presented for discus-sion at Conference of Chairmen

Protection of buildings against air raids and sabotage, FRBanksrequested to submit floor plans to PublicBuildings Administration and to designate of-ficer to whom correspondence should be sent

Letter to Public Buildings Administration with plans ofcertain buildings and services in connectionwith

Code for buildings and contents sent to FRBanks and defensecoordinator to be selected

for the purposes of electing members of FOMC, notto be taken up with the FAC, draft of amendmentto FRAct to permit, to be sent to Treasury

Reimbursable expenses, Government securities, discussion ofwhether FRBanks should seek reimbursement forexpenses incurred in establishing organizationsfor the promotion and sale of

Research Departments, outline of subjects for regional and na-tional studies

Conference of representatives to meet with representativesof Division of Research and Statistics ofBoard on October 13 and 14

Reserves for depreciation for contingencies at end of 1942Retirement System, liability to be charged to 1942 earnings

and manner of showing in published statements

Priority,

Program of

Regrouping of,

Salaries:

170Pages

9/29 1898

9/ 8 1744

8/ 1 1536

9/18 1841

5/7 883

5/29 1091

6/13 1213

5/19 982

5/8 890

7/30 1520

9/30 191512/24 2381

12/31 2415

Adjusted compensation plan, requests of Presidents' Confer-ence regarding, discussed and restrictionsmodified with understanding that plan shallnot be applied where it would increase anysalary beyond $6,000 and not to be effectiveuntil after March 1, 1942

Employees, lists approvedIncreases of officers and employees, regulation of director

of Economic Stabilization Board, applicationto

2/274/ 7

10/28

364651

2076Adjustments under Regulations of Director of Economic

Stabilization 11/ 4 2115Regulations issued by National War Labor Board, tele-

gram to FRBanks on payment of supplemental com-pensation 11/ 6 2127


171Pages

FRBanks: (Continued)Salaries: (Continued)

Increases: (Continued)Procedure for handling, general order No. 19 of Na-

tional War Labor Board 12/16 2318Procedure for filing certificates with joint committee

on salaries and wages 12/23 2370Procedure approved by Commissioner of Internal Revenue

covering 12/24 2379Preparation of annual reports for submission to Board 12/28 2397

Savings Bond and Tax Note operations, certain FRBanks askedto furnish information regarding the scope of,at their branches

Staff:

Continuation of employment after age 65, authorization dis-cussed

Cost accountants, Major General Olmstead to be advisedthat FRBanks have none on their staff and sug-gested that he contact American Institute ofAccountancy and American Association of Ac-countants

Deferment of employees from draft on occupational groundsdiscussed by members of Executive Committee ofFederal Advisory Council at meeting with Board

Female employees entering military service or enteringspecial service to Government should be ac-corded same benefits as male employees

Government Division of Army, information on per-sons fitted to serve in banking and financialphases of work in occupied territories

Retention in service or reemployment during war emergencyafter attainment of age 65, previous letterscanceled

Salary and wage adjustments, letter to Commissioner of In-ternal Revenue on procedure for handling

Service in occupied countries, survey to be made of menqualified for

Statistical and analytical function, budget for 1942 approvedStatistics of department store inventories by departments to

be collected monthly instead of quarterly,probable increase in staff and budget to pro-vide for them

1tidy of national regional problems, discussion of developmentof program of cooperation with National Re-sources Planning Board and study of nationaland regional problems

Military

4/ 8 661

10/ 2 1928

3/2 389

10/ 7 1960

6/12 1201

11/28 2237

12/ 3 2262

12/12 2305

11/ 6 21295/13 931

6/13 1211

7/21 1460


FRB

Advances on Government obligations, statement ordered published

172Pages

in 3/3 411Alien Property Custodian, Executive Order establishing, state-

ment for publication in 3/24 551Appointment of Deputy Custodian, statement ordered pub-

lished in 4/22 754Executive Order Allocating Powers, to be published in 7/21 1468

Article on bank credit, war financing and savings and articlewritten by Mr. Flynn in Wall Street Journalcommenting on 9/21 1849

Censorship:Communication rulings issued by Director of, statement for

publication in 3/24 551

Executive Order establishing Office of, ordered publishedin 1/23 113

Licenses and exemptions, designation of authority to issue,ordered published in 1/23 113

Chan ges in discount rates to be referred to in Review of theMonth 10/27 2071

Consumer credit:Statement ordered published in 4/22 754

, Suspension of licenses, statement for publication ink;urrency, statement on overprinting of series for Hawaii to

be published in

11/24

7/21

2228

1468colorations of War, statement for publication in 6/22 1268Discount rate schedules to be changed to clarify authority of

FRBanks to make advances on notes secured byGovernment obligations 3/10 447

Eniergency price control, statement on Economic StabilizationBoard to be published in 10/24 2059

Executive Orders:Dealing with war contracts, ordered published in 1/23 113

4/22 7549/23 187511/24 2228

Establishing War Production Board, ordered published in 1/23 113

Transfers of property of foreign countries and their na-

tionals, ordered published in 1/23 113PRAct:

Amendments to section 12(a) and section 19 to be published

in

FR Amendment to section 14(b), statement to be published in

bank stock, statement on tax on dividends to be published in°reign funds control:

Regulation issued by FRBank of San Francisco as fiscal

7/213/24

10/24

1468551

2059

agent, statement for publication in FRBulletin 3/24 552


FRB (Continued)Foreign funds control: (Continued)

Statement covering circular issued by the Treasury or-dered published in

General rulings and public interpretations, statement for

publicationPublic circulars and public interpretations to be published

Treasury Department releases, statement for publication in

Government contracts, executive order dealing with war con-

tracts, statement for publication inGovernment securities, purchase of, amendment to section 14(b)

4/22

8/259/2311/24

11/24

173Pages

755

168218752228

2228

of FRAct, statement to be published in 3/24 551

Holding company affiliates, ruling of Board changing basis for

determining 2/19 300

Licenses and public circulars issued by Secretary of the Treas-

ury ordered published in 2/21 316

Statement for publication in 3/24 552

Lcans from another bank which existed at time of admission to

FRSystem, report by executive officer of, or-dered published in 1/23 113

Public circulars issued by Secretary of Treasury, statement tobe published in 3/24 552

Rates on advances to individuals, partnerships, and corpora-

tions, elimination of schedule suggested by Mr.Goldenweiser 10/ 9 1985

Rediscounts, statement on eligibility of notes evidencingguaranteed loans to be published in 10/24 2059

Regulation A, amendment to, regarding advances on government

obligations, statement for publication in 3/24 551

Statement to be published in 9/23 1875Regulation D, amendment to be published in 7/21 1468

Amendment to supplement to be published in 9/23 1875Regulation V, statement ordered published in 4/22 754Regulation W:

Amendments to, statement for publication 7/21 14688/25 168210/24 2059

Interpretations ordered published in 1/23 1132/21 3163/24 5514/22 7545/25 10426/22 12687/21 14688/25 1682

Publication of interpretations: 13%2

18752059

Draperies and reupholstering, statement to be pub-

lished in 6/24 1277

Efforts to collect unpaid obligations, statement for

publication in 11/24 2228Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1;1Bu11etin: (Continued)Regulation W: (Continued)

Publication of interpretations: (Continued)Loan secured partly by credit union shares, statement

for publication inPolicy, letter to Mr. Gilmore on

Regulations covering Alien Property Custodian, statement or-dered published in

Reserves:Balance in differential account set up from purchase of

instalment paper, statement to be published inCentral reserve city banks, statement for publication in

Secretary of Treasury, delegation of powers of Alien PropertyCustodian to, statement for publication in

Social security tax deductions as deposits, statement ordered

174Pages

11/24 222810/20 2043

4/22 754

3/24 5518/25 1682

3/24 551

published inStatements for publication in December issueTax on dividends of FRBank stock, statement to be published inTreasury, general ruling, licenses, and public circulars, is-

5/2511/247/21

104222281468

sued by, ordered published in 1/23 113War contracts, Executive Order dealing with, ordered published

in 1/23 113War financing, statement regarding to be published in 4/22 754

Act to Mobilize Productive Facilities of Small Business 6/22 1268Definition of term Unconditional Guarantee, statement for

publication inWar loans, letter from Mr. Upham on participation by national

6/22 1268

banks in lending program to be published inWar Production Board, Executive Order establishing, ordered pub-

5/25 1033

lished in 1/23 113War Relocation Authority, Executive Order establishing office

of, statement for publication in-uotes:

3/24 551

Destruction in Alaska, procedure outlined in Treasury order ap-proved 9/1 1717

Destruction of, in Hawaii as outlined in letter from Treasuryapproved by Board 3/ 3 410

Destruction in Puerto Rico, procedure approved 10/15 2027PRBank of Atlanta:

1928 Series, no objection to use if only currency available 10/29 2086Supplemental order for printing in large denominations 3/31 598Supplemental order for printing of 5/20 1004Supplemental order for additional notes approved 8/ 4 1551Supplemental order for printing of 9/21 1860

?ftBank of Boston:Supplemental order for printing of 5/15 946Supplemental order for printing 8/28 1710Supplemental order for printing 10/17 2038


175Pages

Notes: (Continued)PRBank of Chicago:

Resolution adopted by directors of, regarding authorityto issue 1928 series, read and discussed atmeeting of the Board with the Presidents

Supplemental order for printing ofSupplemental order for printing ofSupplemental order for printing of

PRBank of Cleveland:

5/88/2810/ 610/29

897171019512087

Supplemental order for printing of 5/20 1004Supplemental order for printing of 7/17 1453Supplemental order for printing of 10/ 6 1951

PRBank of Dallas:Special order for additional notes requested placed with

Bureau of Engraving and Printing 1/6 18Supplemental order for printing of 5/13 931Supplemental order for printing of 9/ 5 1743Supplemental order for printing of 10/ 6 1951Supplemental order for printing of 12/ 7 2277

PRBank of Kansas City:Request for permission to cancel and return to Washington

for destruction stock of new 1928 series, replyrequesting that they be held until policy fordisposition is determined 2/24 349

Supplemental order for printing of 7/17 1453Supplemental order for printing of 8/28 1710Supplemental order for printing of 10/ 6 1951Supplemental order for printing of

eRBank of Minneapolis:11/21 2214

Supplemental order for printing of 9/25 1886PRBank of New York:

Supplemental order for printing of 5/20 1004Supplemental order for printing of 7/17 1453Supplemental order for printing of 9/21 1860

PrtBank of Philadelphia:Supplemental order for printing of 4/17 742Supplemental order for printing of 7/17 1453

„ Supplemental order for printing of 9/21 1860"1,Bank of Richmond:

1928 series, advised that use of, is permissible in anemergency when no other currency in the 5and $50 denominations is available 5/ 7 884

Supplemental order for printing of 4/27 779Supplemental order for printing of 5/20 1004Supplemental order for printing of 7/17 1453Supplemental order for printing of 9/ 5 1743Supplemental order for printing of 9/21 1860


176Pages

FRn 4-°'des: (Continued)PRBank of St. Louis:

Supplemental order for printing 9/10 1773Supplemental order for printing 10/ 1 1924

PRBank of San Francisco:Supplemental order for printing 3/ 2 403Supplemental order for printing 8/21 1659Supplemental order for printing 8/25 1681Supplemental order for printing of, to cover notes to be

overprinted for use in Hawaii 9/25 1886Supplemental order for printing approved 11/ 3 2113

Hawaii, no objection by Board to over-printing on currency foruse in 5/26 1062

Arrangement with Treasury for distribution of costs of over-printing and transportation 7/10 1398

Desire of Treasury to have additional notes printed withHawaiian overprinting 7/13 1418

Printing of notes with Hawaiian overprinting, shipments willbe made on telegraphic advice as required tomeet currency needs in Hawaii 8/11 1605

Insurance of, request of Board that Treasury write Board thatwhen shipments of FRnotes are completely de-stroyed in transit no charge will be madeagainst the FRBank except for printing, let-ter desired so that Board may obtain reductionin premiums for 2/21 315

Insurance on shipments of, Board concurs with Presidents' Con-ference in approving self-insurance plan sug-gested in joint report of Insurance Plan Com-mittee and Standing Committee on Insurance,letter sent to FRBanks requesting commentsand suggestions 3/30 593-6

Order for printing for fiscal year placed with Bureau of Engrav-ing and Printing

V/g 12:Pr ininting of five-dollar denomination, crease authorized1928 series, unissued notes of, not to be issued until consent

of Treasury is obtained, discussed in connectionwith request of Bureau of Engraving and Printingthat standard of fitness for circulating bereduced 3/ 2 391

Memo on issuance of, from Mr. Smead, question referred toMr. Szymczak for consideration 4/ 7 646

Issuance of, discussed at meeting of the Board with thePresidents and decision to defer action untilJune meeting at which time a joint report willbe submitted by the Presidents 5/ 8 897


Pliriotes: (Continued)1928 series: (Continued)

Issuance of, report by Mr. Szymczak regarding discussion

177Pages

in respect to, with Mr. Bell of the Treasury 5/8 897

Opinion of Presidents that there would be no material pub-

lic reaction to issuance of 5/8 898

Memo from Mr. Szymczak regarding the paying out of, and the

drafting of a press statement 5/26 1061

Payment as part of program of Treasury to conserve currency,

press statement to be issued by Treasury with

approval of Board 6/18 1251

Telegram to FRBank of Richmond not to place new notes of

this series in circulation until further ad-

vice 7/24 1481

Letter to all FRBanks on recommendation of Presidents' Con-

ference that existing stocks be put into circu-

lation and letter to Mr. Bell on position of

TreasuryShipment cost to San Francisco to be paid by Treasury for use

in Hawaii and Board to pay for overprinting

Statements on, in FRBank weekly statement to be discontinued,information to be shown under liabilities, and

statement to be reduced to two sheets

8/20

7/10

5/5

1646

1398

865Unissued at El Paso Branch, arrangement for handling after dis-

continuance of position of FRAgent's Representa-

Perl tive'Aeral service:

9/21 1859

Suggestions for improvement in, program of Washington Post to

give 8100 war bond each month to Federal em-ployee making most constructive suggestion 9/26 1892

'eral Works Agency:SPace in Board's building occupied by Inter-American Defense

Board, letter to Mr. Baird Snyder on vacatingof

Pees) directors of Detroit Branch, revised basis for payment ap-5/29 1093

proved?idIll?iary powers:

12/31 2413

American State Savings Bank, Lansing, Mich., no objection toacting as trustee in case cited but to acceptno other business without permission 6/30 1328

Serwind Bank, Berwind, West Virginia, no objection to handling

one trusteeship now held, but permission neces-

sary to exercise trust powers 7/31 1524Bloomfield State Bank, Bloomfield, Indiana, granted permission

to act as trustee for one account only 5/21 1007ez.lpital National Bank in Austin, Texas, application approved 10/22 2048

Citizens National Bank of Hope, Ark., application approved 12/31 2415


178Pages

Piduciary powers: (Continued)Commercial Savings Bank, Lohrville, Iowa, no objection to admin-

istering trusteeship accepted, but to accept nofurther fiduciary business without permission 7/24 1478

Farmer's National Bank of Danville, Kentucky, supplemental appli-cation for, approved

First National Bank of Arcola, Illinois, application deniedFirst National Bank of El Campo, Texas, application denied. Application approved, to act as co-trusteeFirst National Bank in Fort Collins, Colo., application approved

upon assurance that bank will improve facilitiesfor handling trusts

First National Bank of Newark, Arkansas, application to act astrustee in certain cases approved

. Surrender approvedFirst National Bank of Sparta, Illinois, surrender approvedFirst National Bank of Warsaw, Ind., granted permission to act

as trustee in case cited onlyPermission to act as trustee in case cited in addition to

powers previously grantedGenesee County Savings Bank, Flint, Mich., application subject

to conditions prescribed, approvedHaddonfield National Bank, Haddonfield, New Jersey, application

approvedHunterdon County National Bank of Flemington, N. J., application

approvedLake State Bank, Richland, Indiana, no objection to administer-

ing executorship now held but permission to beobtained before acquiring other fiduciary busi-ness

LaSalle National Bank, Chicago, Illinois, advised that Boardwill not undertake to comment on proposalsfor the operation of common trust funds inconnection with Regulation F, informal dis-cussion with Mr. Mulroney at FRBank of Chicagosuggested

Letter to Mr. Mulroney regardingLawrenceburg National Bank, Lawrenceburg, Ky., application for

additional powers approvedLincoln County National Bank of Stanford, Ky., application ap-

4/ 32/ 21/203/27

6/25

2/ 27/15

3/ 3

6/30

7/21

8/ 4

5/ 8

10/14

10/ 8

5/155/15

8/18

62316390476

1282

1641429408

1322

1465

1544

901

2017

1972

944945

1633

proved, conditions for taking over trust ac-counts of affiliated bank 7/ 9 1389

Michigan, reply to question of Minnesota National Bank ofDuluth, asking whether the Board would grantlimited fiduciary powers to a national bankin the State of 5/ 7 879


179Pages

Fiduciary powers: (Continued)Minnesota National Bank of Duluth, Minn., reply to question

asking whether the Board would grant limitedfiduciary powers to a national bank in theState of Michigan 5/ 7 879

Second National Bank of Ravenna, Ohio, copy of report on inves-tigation of trust department of, in connectionwith surrender of, no action to be taken byBoard because of pending litigation, letter toFRBank of Cleveland 2/14 257

Letter containing same information sent to Comptroller 2/14 258

Action on application to surrender deferred until litiga-

tion is terminated 7/15 1429Temple National Bank, Temple, Texas, application approved 10/26 2064Tobacco Exchange Bank, Edgerton, Wisconsin, application for,

denied 5/19 988

Waterloo Savings Bank, Waterloo, Iowa, collective judgment ofdirectorate or duly appointed committee sug-gested as condition of membership

Pirst Boston Corporation, opinion of Board that it is subject toRegulation T, as it transacts a securities busi-ness through the medium of a member

Pirst Thrift of Los Angeles, Calif., letter to Mr. Cordner oncriticism of Regulation W and possible liberal-ization of Regulation

"al agency operations of FRBanks:Conferences of fiscal agency, report of Mr. Szymczak on conclu-

sions reached in discussions with Mr. Bell re-garding

Evacuees, property of, FRBank of San Francisco to act as fiscalagent for Treasury Department

Secretary's note, Mr. W. B. Pollard to go to the CoastExecutive order authorizing FRBanks to act as fiscal agents

12/23

2/ 7

5/27

1/28

3/ 63/ 6

2372

222

1071

140

423427

for War Department, etc., in making war loans,reviewed by Mr. Eccles and discussed with re-gard to effect upon industrial loan corporationbill 3/23 542

Financing of war production contracts, plan discussed wherebyFRBanks by authority of Executive Order wouldact as fiscal agents for War and Navy Depart-ments and Maritime Commission in regard to 3/20 507

Proposal of having FRBanks act as fiscal agents for the purposeof making war loans, reviewed and discussed atmeeting of the executive committee of the Fed-eral Advisory Council with the Board 4/ 9 683

Reimbursement for expenses incurred in creating organizations for the promotion and sale of Government securi-ties, question of, discussed at meeting of

Presidents with Board 5/ 8 890


180Pages

Flags:

American and service, presented to Board by Mr. McKee, ac-cepted by Board and to be hung over the mainstairway 4/ 7 645

Secretary's note, Mr. Eccles recorded as favoring the ac-ceptance 4/ 7 645

4, James Lawrence: (See Board of War Communications)FlYnn, Mr., reporter for Wall Street Journal, article to effect

that Federal Reserve officials were contemplat-ing control of savings accounts 9/21 1849

P°reign accounts:Central banks and governments, authority to FRBank of New York

to purchase Government securities for, in-creased 11/25 2231

China, opening and maintaining of accounts by FRBanks for, ap-proved, FRBanks to be advised 3/16 498

Confirmation not to be requested in examination of FRBank ofNew York

RBank of New York, authority to purchase Government securitiesfor, extended

Government securities purchased by FRBank of New York forforeign central banks and Governments, author-ity increased

Participation by FRBanks in, report of Committee of Presidents'Conference presented recommendations for revi-sion of Regulation N, changes in wording ofweekly press statement, etc.

State Department informed of conditions upon which accounts offoreign government and banks are carried by the

: FRBank of New York4..gn Agents Registration Act of 1938, proposed amendment, H.R.

Fore

6269, suggestion that it be changed so bankswill not be required to register as agents of

Pc:0,4 foreign principalsbanking corporations:

Chase Bank, New York, New York:Condition report on Far Eastern branches, special instruc-

tions for preparation of, as year-end statementsare not available

Copies of correspondence of Board with, sent to Mr. Foley,Acting Secretary of the Treasury

Examination report sent to bankFrench American Banking Corporation, New York, N. Y., position

of, not to be changed as it is maintaining a

10/31 2096

5/25 1041

9/15 1818

8/25 1668

4/ 9 669

3/17 501

1/14 48

4/21 75012/17 2333

P . condition of liquidity 3/12 484°4eign banks:

Banco Central de Bolivia, State Department advised of the terms

on which the FRBank of New York carries the ac-

count of 4/ 9 669


P°reign banks: (Continued)Banco de la Republica Oriental del Uruguay, loan by FRBank of

New York approved, other FRBanks to be advisedthat they may participate in

Revision of loan agreement as to collateralBank of Canada, Mr. Rouse to visit, request of Board for copies

of any reports made byBanque de France, litigation with Banque Nationale de Belgique,

permission to FRBank of New York to participatein discussion for

Banque Nationale de Belgique, litigation with Banque de France,permission to FRBank of New York to participatein discussion with counsel

Canadian Bank of Commerce, branches located in this countrybeing named as assignee of contracts by theNavy Department and ship building concern

Commonwealth Bank of Australia, permission requested to sendmessages to FRBank of Boston in private codefor transmission by mail to commercial bankscovering wool shipments

Cuban central bank, statement of Mr. Gardner on proposed reportof mission covering currency stabilization fund,proposed agricultural bank, and selection ofdirectors and management of bank

Javasche Bank, suggestion of Board in letter to Treasury thatin negotiation of U. S. notes for Naval per-sonnel by South African Reserve Bank, samearrangements be followed that were developedfor

South African Reserve Bank, negotiation of U.S. notes for Navalpersonnel, suggestion of Board in letter toTreasury that same arrangements as developedfor Javasche Bank be followed

State Department informed of conditions upon which the accountsof, are carried by the FRBank of New York

Sveriges Riksbank, procedure for obtaining confirmation of ac-count in connection with examination of FRBank

Po, • of New York4elgn exchange:Cuban peso, possible effect of demand for sugar, mission's

proposal for stabilization ofReports, copies sent to Howard N. Meyer, special assistant to

the Attorney GeneralSouth African Reserve Bank, negotiation of U. S. notes for

Naval personnel, suggestion of Board in letterto Treasury that same arrangements as devel-oped for Javasche Bank be followed

181Pages

5/8 9068/28 1709

4/21 750

6/26 1301

6/26 1301

6/ 5 1140

7/17 1451

2/6 203

2/4 190

2/4 190

4/9 669

10/31 2097

2/6 203

11/23 2219

2/4 190


Poreign funds control:Executive Order on transfers of property of foreign countries

and their nationals, ordered published in

182Pages

FRBulletin 1/23 113Frozen funds, information to be given censors and others, au-

thority given to divisions at FRBanks by Treas-ury 2/4 189

Memorandum on control of, to be prepared by Mr. Knapp andgiven to Mr. Symczak 3/6 428

General license and public circulars issued by the Secretary ofthe Treasury, statement ordered published inFRBulletin 2/21 316

Information on number and cost of applications furnished toFRBanks by Mr. Pehle of Treasury Department

Public circulars and public interpretations to be published in10/14 2020

FRBulletin 9/23 1875Regulation issued by FRBank of San Francisco as fiscal agent,

statement for publication in FRBulletin 3/24 552Rulings, circulars, and interpretations issued by Secretary of

the Treasury 5/25 1043Rulings and public interpretations, statement for publication

in FRBulletin 8/25 1682Statement covering circular issued by Treasury Department or-

dered published in FRBulletin 4/22 755po Treasury Department releases for publication in FRBulletinreign govermments:

11/24 2228

China, opening and maintaining of accounts by FRBanks for, ap-proved, FRBanks to be advised 3/16 498

Executive order on transfers of property of foreign countries

1)*ecl Deer

Porms.

APPlication to be submitted by financing institutions forguarantees of war loans, modification of

and their nationals, ordered published inFRBulletin

PRBank of New York, authority to purchase Government securitiesfor the accounts of extended

Authority increased

State Department informed of conditions upon which the accountsof, are carried by the FRBank of New York

Vatican City, procedure for obtaining confirmation of accountin connection with examination of FRBank ofNew York

Electric Cooperative, Inc., Halls, Tenn., Statement ofBorrower under Regulation Vinot required forpurchase by member from

1/23 113

5/25 10419/15 181811/25 2231

4/9 669

10/31 2097

4/2 615

9/ 3 1725


183Pages

4"13: (Continued)Bureau of Governmental Requirements, War Production Board,

copies of forms and instructions sent toFRBanks

Condition reports of State bank members, memo of Mr. Smead ontransmitting to FRBanks and on revision in

Condition reports of State member banks and affiliates, supplytransmitted to FRBanks

Earnings and dividends of State member banks, revised form ap-proved

FRBanks, submission to Budget Bureau for assignment of approvalnumbers to be discussed at next Presidents'Conference

7/30

6/10

12/24

11/30

12/22

1519

1183

2383

2245

2364Guarantee agreement for making war loans, preliminary draft of,

sent to FRBanks for comments and suggestions 4/ 7 653To be sent to FRBanks upon official approval of the War De-

partment 4/10 690Form and documents sent to FRBanks 4/11 698Forms proposed by War Department for adoption for its use

sent to FRBanks 4/15 721Revision sent to FRBanks with request for suggestions 5/ 8 894Standard form of, documents relating to the approval of, by

the 'Mar and Navy Departments and the MaritimeCommission sent to FRBanks 5/19 989

Loan agreement and assignment of Government contract for use inconnection with guaranteed loans, copies of formin use by FRBank of New York sent to War andNavy Departments and Maritime Commission 6/19 1255

Suggested additional paragraph to be included in form ofFRBank of Boston, replies of War and Navy De-partments and Maritime Commission on 12/ 2 2259

Necessity Certificates for use under Internal Revenue Code, re-vised form of application sent to FRBanks 8/14 1620

Report forms in use by Board and FRBanks, list submitted toBureau of the Budget and assignment of approvalnumbers 10/10 2004

Reports by member banks on commercial and industrial loans,proposed form for, to be sent to FRBanks forcomments and suggestions 2/ 6 200

Request for report reconsidered and approved with letter toFRBanks 2/ 6 206

Statement of Borrower form used in connection with RegulationW, no objection by Board to changes proposedby National City Bank of Nem-York 2/23 319

Statement of Borrower and Statement of Necessity should be re-tained pending establishment of time limits bythe Board 5/ 6 872


240,

Forms: (Continued)Statistics on furniture sales, inventories, etc., for use in

collection of statistics by Board previouslycollected by other agencies

War loans, use of mimeographed forms temporarily, reply toFRBank of Atlanta

Adoption by the War Department and the Maritime Commission

of a standard form of guarantee agreement for,

letter to FRBanks regarding34, manner of showing holdings of Treasury certificates of in-

debtedness

5/15

4/17

5/16

4/9

184Pages

943

739

948

669105, copy submitted to Comptroller of the Currency indicating

changes being considered 3/24 550

Proposed revision reducing from four to two pages 11/18 2198

Revision to obtain breakdown of maturities of Government

bonds from insured commercial banks 11/21 2214

105a, instructions for preparation of report of condition by

State bank members, revised form approved 12/16 2328

105e, change in instructions for use of, in connection withcondition report L/17 742

Caption amended for use in States in which joint publica-

tion is made 7/16 1445Standard caption to be used for joint publication of condi-

tion reports rendered by State member banks 9/25 188610 5e-1 for use when reports made to FRBanks are published sepa-

rately from those submitted to State bankingauthorities 9/25 1887

107, earnings and dividends reports of State member banks, let-

ter to FRBanks for comments and suggestions onproposed revision 10/23 2056

Supply transmitted to FRBanks with detailed instructions 12/16 2328

107a, instructions for preparation of earnings and dividendsreports of State member banks approved 12/16 2328

158, members of Federal Advisory Council traveling on officialbusiness entitled to use, in obtaining exemp-tion from transportation tax 2/27 379

Transportation exemption certificates to be used by members

of Victory Fund Committee whose traveling ex-

penses are paid on reimbursable basis220a, change in instructions for use of, in connection with con-

dition reportreports to be submitted semiannually by all except 15 mem-

6/12 1206

4/17 742

bers of New York Stock Exchange and certainchanges to be made in form 8/20 1648

416, manner of showing holdings of Treasury certificates of in-debtedness 4/9 669

417 and 417a, applications for industrial advances and commit-

ments to be submitted monthly instead of weekly 11/24 2227437, annual reports of holding company affiliates, instructions

to FRBanks for obtaining 12/16 2322


F"48: (Continued)456, member bank operating ratios for 1942, supply sent for com-

185Pages

piling data 12/ 3 2263494, officer's and certified checks held for a long period, re-

port on, need no longer be submitted 5/22 1022508a, report of action on applications for industrial advances

to be discontinued 11/24 2227563-a, registration statement for newly organized concerns, and

letter of instructions to FRBanks approved 1/30 149Copy of 1/30 158

564, rendered incomplete by Amendment No. 3 to Regulation %, sug-gestion that additional items be added by rubberstamp or other convenient method 3/20 517

Statement of Borrower, not suitable for use following revi-sion of Regulation W, changes to be made in,pending preparation of new form which will beimmediately forwarded to all FRBanks 5/ 5 864

Request of financial institutions in Richmond District tocontinue use of old form, Board not in favor of 7/29 1514

564-a, Statement of Borrower, specimen form, transmitted toFRBanks for use in connection with regulationas revised, FRBanks advised that with certainchanges use of the old form may be continueduntil July 31, instructions for printing anddistribution included 5/11 916

565, Statement of Necessity to Prevent Undue Hardship, use of,

to be continued in connection with regulationas amended, certain changes necessary in somecases pointed out, request for suggestions in-cluded in letter to FRBanks 5/11 916

Deletion of word "instalment" from, in certain cases, pend-

ing revision 7/31 1528

574) 574-B, and 574-C, for reporting new industrial and commer-

cial loans made by member banks, sent to FRBanks 4/ 1 611

577, may be used to report war loans, pending further discussionof reports with War Department 4/17 738

Sent to FRBanks with instructions for reporting outstandingwar loans guaranteed by FRBanks 5/ 2 838

Should be forwarded to Board on date guarantee for warloan is executed and mailed or delivered tofinancing institution 5/22 1016

Instructions for reporting loans guaranteed by MaritimeCommission 7/ 3 1361

Reports on loans guaranteed by War Department to continueto be forwarded to Board for transmission toWar Department 7/25 1483


P°11115: (Continued)577a, instructions for reporting loans made by Army and Navy

Departments579, sent to FRBanks with instructions for reporting outstand-

ing war loans guaranteed by FRBanksInstructions for reporting loans outstanding at end of

monthAmount of loans to be reported in column 4, instructions

to FRBanks1034, vouchers for reimbursement for expenses in connection

with war loans, suggestions for uniform prepa-ration

3044, application for necessity certificate under InternalRevenue Code, superseded by form TA 8-21

9746-c, report to Board on salary data by FRBanks, to be basedon basic salaries

B-1318a and B-1318b, supply sent to FRBanks for submittingbudgets for bank examination and statisticaland analytical functions

NHA-38, excepts extension of credit to remodel or rehabilitateany structure from provisions of Regulationsupply sent to FRBanks

PD 408, copies received from War Production Board and sent toFRBanks

To be submitted by bank and sent to War Production BoardReport of FRBanks for preference rating assistanceApplication for priority assistance for fourth calendar

quarterS-604-a-b-c-d submitting salaries of officers and employees of

FRBanks annually to BoardAS-21, supply sent to FRBanksAS-24, General Instructions for application for Necessity Cer-

tificates under Internal Revenue CodeO. 1, Treasury Department form for deposits not subject to

check, to be used by FRBanks in depositing

P guarantee fees to Maritime Commissionster, Oscar H.: (See Campbell County Protestant Orphan's Home,

Newport, Ky.)),c.! J. H.: (See Lion, San Diego, Calif.)a'chise taxes, question of restoration of provision of law in case

earnings of FRSystem were increasedWC, Belmont, advised that service charges of Chittenden County

Trust Company, Burlington, Vermont, are notsubject to Board control

Pl'eenlan, Messrs. T. R., and W. S., reply to, advising that trans-action is a rental-purchase contract and con-stitutes a sale

Advised of reasons for including furniture transactions in Reg-

ulation Itt

186Pages

7/ 3 1361

5/ 2 838

7/ 3 1361

10/ 1 1920

12/31 2416

8/14 1620

12/28 2397

11/27 2235

7/ 1 1346

7/30 15198/ 1 15368/ 5 1565

8/19 1642

12/28 23978/14 1620

8/14 1620

10/ 9 1998

9/15 1811

4/18 746

5/19 993

5/26 1059


Pprench, Walter B.: (See American Bankers Association),r()zen Funds Control: (See Foreign funds control)nanctional expense reports, simplification, and discontinuance of

certain portions discussed by Presidents?kinds:

Frozen, control of: (See Foreign funds control)Impounded funds of employees of Board thought to be covered by

Civil Service Retirement Act sent to TreasuryDepartment

Surplus funds of business concerns, suggestion by Mr. Williamsthat they be used for war financing, no actionto be taken until after discussion with execu-tive committee of the Federal Open Market Com-mittee

Punt, Morris, report of possible violation of Regulation W by useof payroll deduction order and script as downpayment

Plar Trade Review, inquiry from, relating to Regulation W, section12(d) covering lay-away plans

PUrniture:Purchase in connection with war loans and work performed for

War Department not to be madeStatistics on sales, inventories, etc., and memorandum of Ir.

Goldenweiser on collection

11Gt1

--g, Secord, Stead and McIntosh, attorneys for Mercantile NationalBank of Chicago, letter on interpretation ofSec. 6 of guarantee agreement

Garner, Hester G., reply to, regarding the financing of an automo-bile under Regulation W

era] Accounting Office, assignment of claims under act of 1940,letter on acknowledgment and return of notices

R Assignment of original contract, informal opinion on'eneral motors Acceptance Corporation, effect of Regulation W on

187Pages

9/29 1903

3/ 6 430

1/16 69

5/19 991

5/22 1017

9/15 1818

5/15 943

6/ 6 1152

5/25 1037

6/11 118712/21 2353

Credit Service Plan77/23 134(igrl Letter to Mr. Benkhart on effect of Regulation W on planve,,...

''ral Motors Corporation:Notes issued by are not negotiable and are ineligible for re-

discountRate to be charged on loan to, discussed in connection with

rate on 10b loansGuarantee agreement used in connection with loan to, compliance

with paragraph 10 of sec. 5200 of revisedstatutes

9/18 1833

9/29 1906

10/23 2052


188Pages

General Motors Corporation: (Continued)Special provisions in guarantee agreement in connection with

loan to, suggestion that they be included inall guarantee agreements 10/27 2074

Provisions of guarantee agreement in connection with loan to,request for inclusion in all guarantee agree-ments 11/27 2234

Ge°rge, Senator Walter F., reply to inquiry from Mr. Roesel whichwas forwarded to the Board by, advising thatRegulation W is in accord with program sug-gested by the President

Letter on restrictions to business caused by Regulation WG . . a., A. P., letter on denial of application of First Trust andlantan

5/6/

85

9051142

Savings Bank of Pasadena to establish branchesat Temple City and Alhambra and on future ex-pansion of Transamerica Corporation 11/13 2163

Expansion of banking institutions in Transamerica Corporation,letter for signature of Chairman Eccles onposition of Board

Gilmore,12/19 2343

S. F., sales of building materials in same account on dif-ferent dates, date when considered in default

Glendale8/14 1621

Merchants Association, Ltd., Glendale, Calif., reply tonumber of questions on unlisted articles andother things concerning RegulationW

Gold,5/29 1091

earmarked, held at FRBank of New York, discussion of movingto some of the interior FRBanks for safekeepingGold

2/27 373certificate fund, checks drawn on by Board, advice to Comp-

troller General that they should be obtainedfrom the Treasurer of the United States 10/ 1 1924

G°41bright, L. H., Jr., Vice President-Treasurer of the Heating andPlumbing Finance Corporation, advised that"Summer Plan" for modernization loans in con-nection with Federal Housing Act are no longerpermissible under RegulationW 3/26 586

Goldman, Benjamin F., reply to letter from, regarding violation ofRegulation W, opinion of Board that uniform

Gov._ policy of enforcement should be adoptedI'mment agencies, employees of Board not to be loaned to, with-

out specific authority from Board-riment contracts:r-xecutive Order dealing with war contracts, ordered published

in FRBulletinStatement for publication in FRBulletin

Gov._ Statement for publication in FRBulletin'nment Employees Finance Corporation, advised that under Regu-

lation W, Statement of Borrower is required inconnection with the proposed loan, unless itis a renewal or revision

2/ 6

1/ 1

1/239/2311/24

2/27

217

1

11318752228

378


189Pages

Gwernment financing:Long-term program, development of, by the Treasury Department

discussed at a meeting of the executive com-mittee of the Federal Advisory Council withthe Board 4/ 9 677

War, financing of, discussion of long-range Treasury programfor, by Board in meeting with Federal AdvisoryCouncil 2/16 264

Further discussion directed toward an exchange of views ofBoard and Federal Advisory Council 2/16 266

Discussion of progress made by Board and Treasury in formu-lation of a long range program for, at meetingof Executive Committee of Federal AdvisoryCouncil with Board 3/12 471

War powers bill, second, provision for eliminating Section14(b) of FRAct to allow direct purchase of Gov-ernment securities from Treasury by FRBanks,instead of limiting purchases to open market,discussion by Presidents in meeting withBoard 2/ 3 170

veGo Boardofficials, public statements relating to differences of

opinion between, reply to letter from the Pres-ident 9/11 1784

G°7errunent Printing Office, order for printing of FRAct placed with,new amendments to be added in supplement to beprinted in office of Board, charge to be made

G for copies sent to those not on free list 3/ 6 433()Irrnment securities:

Advances for periods up to 90 days secured by, authority toFRBanks to make 2/27 373

Discussion of authority of FRBanks to make, at meeting ofPresidents with Board 3/ 2 382

Statement ordered published in FRBulletin 3/ 3 411Advances on notes secured by, amendment proposed to Regulation

A to clarify authority of FRBanks to make,draft submitted, opinion of Board that it isunnecessary at this time 3/10 446

Statement for publication in FRBulletin 3/24 551Amount subscribed for 1-3/4% bonds, information requested by

Treasury direct to FHBanksBank earnings, relation of yields to, study being made by Divi-

sion of Research and StatisticsCommittee composed of representatives of Board and Presidents

to confer with Treasury and a committee of in-vestment bankers in regard to promoting the

distribution and sale ofDefense Savings Bonds:

Forms enclosed to provide Treasury with information on sales

of, under pay roll allotment plan, same informa-tion requested by Board

12/ 8 2287

7/28 1502

5/ 8 886

1/28 140


Gov

190Pages

ernment securities: (Continued)Defense Savings Bonds: (Continued)

Given to purchaser as bonus when payment for the articlehas been fully made without violating Regu-lation Vi

Deposits of insurance policy holders, suggestion of Mr. Harrisonas available for investment in

Distribution of:Mr. Eccles to represent the Board in discussion with the

2/27

7/ 1

377

1338

Treasury in furthering 5/5 858Opinion of Mr. Adams that present method is unsatisfactory

and suggestion that it be placed in the hands

of the FRSystem, discussed at meeting of theFAC with the Board 5/18 957

Organization being set up in each FRDistrict for, discussed

by Mr. Eccles with Federal Advisory Council 5/18 960Examination and supervisory policy with special reference to

investments by banks in, and loans upon, jointstatement proposed to be issued by Board, Comp-troller of Currency and Federal Deposit Insur-ance Corporation

FRAct, sections 12A(b) and (c) and 14(b), interpretation by11/11 2148

Chairman Eccles with regard to purchase of, heldto be correct after discussion by Board at meet-

ing of Federal Advisory Council 2/16 265FRBank of New York, authority to purchase, for the accounts of

foreign governments extended 5/25 1041Foreign central banks and Governments, authority to FRBank of

New York to purchase increased 9/15 1818Idle business balances, statement proposing special security de-

signed to absorb, approved for transmission toMr. Bell as reflecting general viewpoint of

BoardInvestment of as many nonbank funds as possible in, desired be-

fore making a reduction in reserve requirements,discussed at meeting of Board with the executivecommittee of the Federal Advisory Council

Investments in and loans on, joint statement on examinationand supervisory policies of bank supervisoryagencies

Issue of short-term obligation of open market security as part

of war savings, discussed at meeting of Federal

1/26

4/9

11/20

134

673

2205

Advisory Council 7/ 1 1332Lewis, Frank J., Chairman and FRAgent, engaged in unethical

transactions with Continental Illinois NationalBank and Trust Co. involving 5/22 1011

Maturities held by insured commercial banks, revision of form

105 to get four-fold breakdown 11/21 2214


191Pages

Gove rnment securities: (Continued)Maturity of tap issue discussed at meeting of Federal Advisory

Council to counteract inflationary develop-ments 11/16 2183

Offerings, as basis for quotas for FRDistricts discussed 12/18 2336Par values reported in condition reports, unnecessary to fur-

nish figures until further notice 7/ 1 1344Program for the promotion and sale of, Messrs. Sproul and

Hopkinson to confer regarding the details of 5/ 8 896Purchase of:

Accounts of foreign central banks and Governments, increasein authority granted FRBank of New York 11/25 2231

FRBanks directly from Treasury, discussion by Presidentsand Board of provision in second war powersbill to eliminate Section 14(b) of FRActto allow 2/ 3 170

Statement to be published in FRBulletin 3/24 551Open market or directly from Treasury, memo to Mr. Smead

on manner of showing in weekly press statement 6/15 1221System open market account, question of increased earnings

of FRSystem and suggestion that franchise taxmight be restored by law 9/15 1811

Safekeeping service of FRBanks, Board does not favor extensionto nonmember banks for holding of 7/ 8 1384

Board does not favor extension to nonmember banks for hold-ing of 8/20 1649

Discussed at meeting with Presidents 9/29 1901Board does not favor extending service to cover bonds 11/ 5 2125

'ale to non-bank investors, means of increasing discussed atmeeting of members of Executive Committee ofFederal Advisory Council with Board 10/ 7 1967

Savings bonds, request that facilities of Helena Branch beavailable to Montana member banks for safe-keeping and redemption of 7/14 1427

Second War Powers Act, amendment contained in, to Sec. 14(b)of FRAct, memorandum to be prepared showingeffect on power of Federal Open Market Commit-tee to direct FRBanks to purchase 3/26 560

Series A and Series B tax notes, letter to Secretary of Treas-ury on changes in, recommending graduated scaleof rates on Series B instead of flat rate 8/28 1700

Series E bonds, reduction in amount offered, suggested by Mr.Eccles 11/16 2183

eris F and G, savings bonds, discussion of whether FRBankorganizations should handle them or leave thementirely in the hands of the Treasury 5/ 8 891

Use of insurance agents for sale of, discussed at meetingof Federal Advisory Council with Board 7/ 1 1337

Discontinuance discussed by Mr. Eccles 11/16 2183


G°Irerrunent securities: (Continued)Series G savings bonds, held in

valuingVictory Fund organization used in connection with,

telegram to FRBanks on furnishing names ofmember banks with substantial excess reservesfor use in committee work

nonmarket Treasury securities, copies of memorandumrelating to reasons for issuance of, furnishedto members of Federal Advisory Council

issue to attract corporate funds, discussed byChairman Eccles at meeting with Federal AdvisoryCouncil

Opposed by Federal Advisory CouncilStatement by Mr. Sproul regarding the organizations that might

be created to promote the distribution andsale of

issuance of, and whether legal investments forcorporate investors and trust funds, discussedat meeting of the executive committee of theFederal Advisory Council with the Board

United States issues, effect of proposed law providingfor withholding tax at source on interestcoupons

Transfer by wire of long-term as well as short-term, suggestedby FRBank of Chicago, reply advising that bothTreasury and Federal Advisory Council have goneon record as opposed to

Transfer by telegraph of all types suggested by Mr. BrownTreasury bills, recommendation of Federal Advisory Council that

amount issued each week be increased, discus-sion of Board with Federal Advisory Councilto be brought to the attention of the FederalOpen Market Committee, copy sent to Secretaryof the Treasuryand certificates of indebtedness to be held insafekeeping for nonmember banks by FRBanks forduration of war

certificates of indebtedness to be shown separatelyin condition reports of weekly reporting memberbanks, code words and instructions sent to allFRBanksfor long-term money during the war, discussionof adoption of a pattern of rates on, at meet-ing of executive committee of the Federal Ad-visory Council with Boardcertificates of indebtedness, etc., stocknot sufficient at present to keep supply atbranches

Service of

Short-term

Short-term

Tap issues,

Taxable

tap

Resolution

Treasury

Treasury

Treasury

Treasury

bills

issues

notes,

common trust fund, basis for

192Pages

7/15 1431

7/ 8 1384

7/ 1 1339

5/18 9585/19 983

5/8 888

4/9 679

8/ 5 1554

1/12 423/12 477

2/16 263

2/27 363

10/14 2019

4/9 669

3/12 473

12/31 2418


Government securities: (Continued)Treasury tax savings notes, Series C, use as pledge for loan

by commercial bank from FRBankWar bonds, savings deposits represented by time certificates,

reply to Question of permitting immediate with-drawal prior to maturity for purchase of

War savings bonds, letter to Admiral Conard that pay roll sav-ings plan of Board had exceeded 10% goal inOctober

Withholding tax, application to interest on bonds, memorandumto be prepared by Messrs. Ransom and Szymczakfor submission to Senate Finance Committee

G°vernments:Foreign: (See Foreign governments)State and local governments, FRBanks requested to report the

Gradamounts of liquid funds held byuate School of Banking:Collier, Raymond D., not to attend 1942 sessionHorbett, J. E., selected to attend 1942 session, and allowed

leave with pay, travel expenses and tuitionfees

Great Eastern Fire Insurance Company, White Plains, N. Y., sug-gested amendment to Regulation IN that loansto cover fire or casualty insurance premiumsbe exempt from provisions of

Reply to letter on applicability of Regulation W to financingof fire and casualty insurance premiums

Grialv°1d, Merrill, to be advised by Mr. Young, President of FRBankof Boston, that Board does not consider thesuggested amendment to Regulation R desirable

4°88, at present time

J A.: (See Retail Merchants Credit Association of Los

193Pages

12/ 8 2290

4/25 763

11/ 2 2101

8/ 6 1567

1/5 15

4/10 688

4/10 688

8/19 1637

9/14 1808

3/6 432

Angeles, California)Glaar ntee agreements, amendment submitted in memo from War Depart-ment, copies sent to Navy Department and toMaritime Commission

(See also War loans)

HaZilton Ross Industries, Chicago, Illinois, method of sellingmerchandise, applicability of Regulation W

4 • to4:mllt°n Ross Toolmaster, classification under Regulation W

risen, Alvin H., Chairman of the American Committee of the Joint

Me Economic Committees of Canada and U. S.:

morandum re maintaining supply of dollar exchange in Canada,sent to

12/ 9

7/276/25

1/ 6

2294

14971283

17


194Pages

Hansen, Alvin H.: (Continued)To be invited to attend dinner for Chairmen of FRBanks and to

Ha, make a talk following 1/22 96

rold A. Lifton Co., New York, advertisement of promotion items,

H• applicability of Regulation W 7/31 1528arrington, L. P.: (See Phil A. Halle, Memphis, Tennessee)Hart 8: Dice, employment of stenographer of, to report conference of

Board with representatives of the trade on Reg-ulation Wauthorized 3/12 487

Hartford Accident and Indemnity Company, Hartford, Conn., letterdescribing appointment of John A. Boyd asFRAgent's Representative at Dallas 7/24 1477

Hawaii :Currency in, to be over-printed with the word, "Hawaii", no

objection by Board 5/26 1062FRnotes overprinted for use in, arrangement with Treasury

for paying for overprinting and transportation 7/10 1398FRnotes to be printed with Hawaiian overprinting, arrange-

ment with Treasury Department on expenses ofprinting and shipping 7/13 1417

Statement to be published in FRBulletin 7/21 1468FRnotes of FRBank of San Francisco printed with Hawaiian

overprinting, shipments to be made on telegraphicadvice as needed 8/11 1605

Supplemental order for printing notes of FRBank of San Fran-cisco to cover overprinting for use in 8/21 1659

Destruction of FRnotes and FRbank notes in, as outlined in let-ter from Treasury Department approved by Board 3/ 3 410

Nonmember banks to be permitted to carry account with FRBankof San Francisco during war emergency 9/15 1819Hay

den, Senator Carl, reply to letter on application for war loanwhich was not executed by any financial insti-tution, ruling of War Department that no ap-

Rea • plication exists 7/11 1407

Banking and Currency Committee of Senate:Inter-American Bank, Uessrs. Goldenweiser, 'Ayatt, and

Gardner designated to prepare draft of state-ment for representative of Board for 1/22 99

Draft of statement discussed, to be revised and whenapproved to be submitted to Mr. Berle for com-ments 1/28 132-5

Statement for representative of Board called to testifyon, to be approved by Chairman Eccles and Mr.Gardner and then sent to Mr. Berle for his com-ments and suggestions 3/10 448

Securities Exchange Act of 1934, amendment to section 7(d),Letter to Federal Advisory Council suggestingthat statement be submitted 1/29 144


195Pages

Hearings: (Continued)Interstate and Foreign Commerce Committee of House:

Securities Exchange Act of 1934, amendment to section7(d), request of Mr. Brown of Federal Ad-visory Council, that testimony of hearings besent them and they be allowed to file a memo-randum with 1/22 97

Mr. Brown to be advised that Congressman Lea, Chairmanof the House Committee, had been informed ofrequest for hearings and filing of statement 1/22 98

Letters to Mr. Brown and Congressman Lea 1/24 117-8Regulation IN, suggestion that in case of willful violations of,

there should be a hearing to show cause whyviolator's license should not be suspended 5/ 5 849

Tulloch, Donald, Jr., request for hearing on exemption of as-bestos siding from provisions of Regulation W 11/ 3 2108

Heating and Plumbing Finance Corporation advised that "Summer Plan"for modernization loans in connection withFederal Housing Act are no longer permissible 3/28 586

Advised that careful consideration will be given opinion regard-ing restriction of deferment of payments oncredit sales of seasonal goods under Regula-

Reat tionW 4/ 7 652

°n, Mules, Ireton & Hatch, Baltimore, Md., loans in excess ofM.500 by building corporation, not covered by

Her regulation, reply to inquiry of 8/19 1639'411s, Senator L., reply to letter from constitutent on applica-

bility of Regulation W to salaried worker whoowns a farm and borrows for same purpose thefarmer might borrow 6/11 1192

Senator Lister, reply to letter from Mr. Pinkard forwarded toBoard by, regarding a charge of 15 cents by theAlbertville National Bank, Albertville, Alabama,for the cashing of veterans' checks 5/23 1028

'"-LsY, Allen, Tillingast & Wheeler, Counselors at Law, ProvidenceR. I., certified copy of contract to contractor,

Rix() procedure agreed to by War and Navy Departments 6/16 1225ns, Milwaukee, Wis., applicability of Regulation W to storing,

cleaning, etc., of fur coats 6/10 1181es, Mrs. Frances: (See White House Market, Wichita Falls,

H Texas)1-1ng company affiliates:American Investment Corporation, Ogden, Utah, determined not

to be for purposes other than section 23(A) ofFRAct 7/13 1411

Annual report to be obtained on form FR 437, instructions to FRBanks 12/16 2322


196Pages

Hold-ing company affiliates: (Continued)BancOhio Corporation, Columbus, Ohio, no objection to purchase

of stock of Union Trust Company of Newark,Ohio, for liquidation and consolidation withLicking County Bank 5/19 986

New voting permit not necessary because of absorption of abank by a subsidiary bank and change in titleof bank 8/ 8 1593

C. w. H. Corporation, New York, N. Y., determined not to be forpurposes other than those of Section 23A ofFRAct 10/ 8 1971

Definition ruling that organization is holding company affil-iate if number of shares owned or controlledis equal to more than 50 per cent of number ofshares voted, regardless of whether shareswere or were not voted

First Securities Corporation of Syracuse, New York, grantedlimited permit to vote the stock of four banks,limitation on dividend payments and purchaseof own capital stock, requested to furnish an-nual holding company affiliate report

Home and Foreign Securities Corporation, Jersey City, N. J.,ruled not to be for purpose other than thoseof section 23A of FRAct

Interbanc Investors, Inc., Kenmore, New York, ruled not to befor purpose other than those of Sec. 23A ofFRAct

Legislation, suggested by Mr. McKee to prevent further expan-sion and control by

Discussion ofMarine Midland Corporation, Jersey City, N. J., dividend policy

adopted by directorsNOr thwest Bancorporation, Minneapolis, Minnesota:

Application of Austin State Bank, Austin, Minn., approvedsubject to compliance by Northwest Bancorpora-tion of conditions incident to permit to votestock ofvoting permit approved subject to certain con-ditionsof State Bank of Northfield, Minn., approvedsubject to compliance by Northwest Bancorpora-tion of conditions incident to permit to votestock ofvoting permit approved subject to certain con-ditionsof State Bank of Virginia, Minn., approved sub-ject to compliance by Northwest Bancorporationof conditions incident to permit to vote stockvoting permit approved subject to certain con-ditions

General

Application

General

Application

General

2/19 300

1/7 21

6/23 1272

8/28 1708

1/22 1042/6 211

9/19 1846

4/30 819

4/30 823

4/30 820

4/30 823

4/30 821


197Pages

Holding company affiliates: (Continued)Pentscn Corporation of New Jersey, ruling not to be for purpose

other than those of Section 23A of FRAct 6/23 1272Securities Act of 1933, letter to Congressman Lea, advising

that Board feels that banks and holding companyaffiliates should be exempted from proposedsection 17(c) of amendments to, regardingfalse reports

Transamerica Corporation:Bank of America N.T. and S.A., letter to, advising that

Board does not consider holding company affil-iate relationship with, as terminated, and thatBoard is without authority to waive filing ofreports of affiliates

Copies to be sent to Messrs. Clerk and Crowley, and theComptroller of the Currency

Submission of report covering holding company affiliaterelationship with, waived

Comptroller of the Currency advised that it holds readilymarketable assets of the kind and amount re-

1/30 155

1/22 101

1/22 105

3/20 516

quired by Sec. 5144 of the Revised StatutesExpansion by, Mr. McKee authorized to confer with Mr.

Crowley and Comptroller regarding adoptionof policy of refusing to permit further

Expansion of banking offices owned or controlled by, dis-cussed by Mr. McKee and Mr. West

First Trust and Savings Bank of Pasadena, California, de-nied permission to establish branches becauseof relationship with, advised that under pres-ent policy further expansion will not be per-mitted

Copy of letters to be sent to the Comptroller and FDICAuthority for transmission of examination report to

5/ 9

1/22

9/24

2/142/146/ 5

911

105

1878

255257

1146National Bank of Washington, Tacoma, Washington, submission

of report covering holding company affiliaterelationship with, waived 3/20 516

Peoples Bank in Lakewood Village, Los Angeles County, Cali-fornia, action on application to be deferreduntil consideration of matter by Mr. McKee withFDIC, because of possible connection with 1/16 70

Relationship with, reviewed in connection with its ap-plication for membership, to be advised thatfurther acquisitions by, is opposed to policyof Board, FDIC, and Comptroller

Letter from FDIC expressing opposition to further ex-pansion by

2/

2/

6

6

208-14

212


198Pages

Hold.Ing company affiliates: (Continued)Transamerica Corporation: (Continued)

Peoples Bank in Lakewood Village: (Continued)FDIC will insure and Board grant membership upon sev-

ering connection with, letter advising, to bedrafted 3/10 444

Board to reconsider application of, upon conditionthat all relations with, have been severed 3/11 463

Mr. Knox advised of reasons why Board did not approveapplication 3/11 465

Union Bond and Mortgage Company, Port Angeles, V4ashington,classification now being reconsidered 9/10 1765

Determination not to be requested by Mr. Phillips, not war-ranted 10/ 9 1996

Union Trust Company of Pittsburgh, Penn., purchase of addi-tional stock in the Union Savings Bank ofPittsburgh and the Mellon National Bank, bothaffiliates, held to be in violation of FRActand Revised Statutes 2/21 308

United States Investment Company, East Chicago, Ind., held notto be holding company affiliate of nationalbanks for any purposes other than those ofSection 23A of FRAct 1/10 37

Wisconsin Bankshares Corporation of Milwaukee, Wis., limitedpermit granted to vote the stock of the BarabooNational Bank, action on general permit de-ferred until capital structure of First Wis-consin National Bank is strengthened 1/10 36

General permit granted to vote stock of Baraboo NationalBank 6/ 8 1157

Agreement on Form P-3 must be executed by 425 West Wis-consin Avenue, Inc. before authority to issuevoting permit is renewed 10/15 2024

General voting permit to vote stock of Baraboo National

1104A Bank 12/ 3 2263maYs:

-mistice Day, November 11, Board's offices to remain open 11/ 6 2130...,41ristmas, Board's offices to be closed 12/ 7 2278'RBanks, letter to Presidents on policy to be followed by

FRBanks and branches in observing 7/20 1458New Year's Day to be full working day 12/ 7 2278(Thservance of, by banks and post offices during the war, reply

to Senators Conally and O'Daniel regardingprotest of

Copies sent to FRBanksSuggested as topic for discussion at Presidents' Confer-

enceMemorandum of replies received from FRBanks, Mr. Szymczak

to review matter

4/274/27

4/27

7/10

776778

779

1397


(Continued)

199

Pages

Saturday half holiday removed by temporary war pay resolution 12/26 2386

Thanksgiving Day, arrangements to be made for skeleton force

with decision reservedBoard's offices to be closed and skeleton force not to be

11/20

::::maintainedTravel by Government employees over Thanksgiving and Christmas

holiday periods, curtailment requested by Di-

rector of Office of Defense Transportation 11/17 2192and Furnace Company, Holland, Michigan, reply to question of,

regarding circulating fans of the type which

Rout are installed in furnaces 5/11 918

Rolthster' R. F.: (See Independent Bankers Association)

ausen, Duncan, transfer to Board in connection with transfer

Rome of statistical work not to be requested 8/ 6 1579Furniture Company, Dallas, Texas, group offerings contained in

advertisement, compliance with Regulation W 9/10 1767114; Loan Bank System:

Membership in both FRSystem and, not permissible, BeloitSavings Bank, Beloit, Wisconsin, to be advised

Rome to withdraw from one or the other 5/18 974vwners' Loan Act of 1933, amendments introduced in Senate and

House, report of Mr. Ransom on discussionswith Messrs. Bodfish and West, Counsel re-quested to keep Board advised of progress of

R legislation 1/16 68n

4 'r, John Edgar: (See Federal Bureau of Investigation)inson, Edward, Jr., representative of investment bankers, to

meet with Mr. Sproul to formulate the details

of a program for the promotion and sale of

Government securities 5/ 8 896liNghtoril H. D., Manager of the Long Beach Plant of Douglas Air-

craft Company, Inc., advised that Board has

acted upon the membership application of the

Peoples Bank of Lakewood Village, California11, u of work:

Increase to 44 Per week for Board, official hours to be from

9:00 a.m. to 5:45 p.m. with 45 minutes for

lunch, Saturdays from 9:00 a.m. to 1:00 p.m.PR Banks advised of official hours of Board, and intention of

Board to move its time ahead under daylight

saving time, request for procedure of FRBanks

made1„1,eave regulations amended re compensatory leave for overtime4Yrel1, Alice E., file clerk, special arrangement for indefi-

nite temporary periodCharwomen, five-hour basis per day changed to full-time 44

hours per week

2/19 300

1/16 62

2/3 1692/ 9 226

4/16 727

8/ 1 1532


Holars of work: (Continued)Questionnaire as to preference to

ployeesEffect of Congress resolution on, mePress statement issued by President

lutionOfficial hours approved from 8:45 a.m. to 5:15 p.m. and letter

to Bureau of the Budget advising of changeto members of Board's staff on changes in and on

computing overtime paymentsAttorney at Law, Newark, Ohio, advised as to when

a charge account is held in default under pro-visions of Regulation W

Corporation, preservation of, statements of bor-rower in connection with Regulation W

analysis of conditions in Norfolk, Va., letter to Bureauof the Census on furnishing bulletins to Statebanks

of the Kelley Blue Book, Los Angeles, California,reply regarding 1934 automobiles and earliermodels and quotation of automobiles havingspecial equipment

Appraisal guides, Kelley Blue Book)., present at Board meetingRefining Company, reply on application of Regulation

W to use of credit cards

Memorandum

Paul V.,

11°11sehold Finance

ii°118ing,

11°1%rd, George F.,

/ill„ (See alsoR ue.chek, p Bllinble Oil ;rid

be circulated to Board's em-

mo to Mr. Leonardon temporary war pay reso-

business balances, statement proposing special security de-signed to absorb, approved for transmissionto Mr. Bell as reflecting general viewpoint

1114 of Board4141:3 ls Tool and Machine Company: (See War loans)4clebtedne55 of individuals: (See Loans to individuals)

I'edness of officers and employees:uance, W. A., noted in connection with appointment as examiner

Hail at FRBank of Atlanta

-----, Charles E., Assistant Examiner at FRBank of Richmond, in-

He debtedness to national bank to be liquidated

spenheide, Carl F. W., appointment as assistant examiner atFRBank of Philadelphia approved with understand-ing that indebtedness will be reduced

endall, Forrest O., Assistant Examiner at FRBank of Richmond,indebtedness to national bank to be placed onregular reduction basis

200Pages

12/14 231212/18 2338

12/26 2386

12/30 2410

12/31 2411

5/19 992

9/14 1806

7/ 8 1385

4/25 765

1/16 60

6/19 1257

1/26 134

10/ 9 1994

12/11 2302

10/26 2061

12/11 2302


Indebtedness of officers and employees: (Continued)Policy and procedure with respect to reports to be reviewed to

prevent recurrence of case like Mr. Wagner'sProcedure for reporting, resolution of Conference of ChairmenSPangler, C. D., special investigator of Regulation W matters

at Charlotte Branch, large indebtedness to beinvestigated by Mr. Leach

UPgren, Arthur R., no objection to completion of study in con-nection with joint project of Province of

Manitoba and the State of MinnesotaWagner, G. H.: (See FRBank of Cleveland, Staff)Lwependent Bankers Association, Portland, Ore., reply to Mr.

Hollister on Senate Bill 2393 on publicationof condition reports

rial loan corporation:Executive order authorizing FRBanks to act as fiscal agents for

War Department, etc., effect on proposed billproviding for, discussed

Statement of Presidents regarding, and discussion at meeting of

, Board with Presidentscl,suri.al loans:

1;egulati0n S, amended to gear the FRBanks to the war program

4w, kSee also Loans, Industrial)'atrial Mortgage Company of Grand Rapids, Michigan, purchase of

entire business of small loan company whichholds nonconforming paper would be violationof Regulation W

Control of trend toward, by supplementing credit control withprice control, priorities, and rationing, dis-cussion by Mr. Eccles

Memorandum of Mr. Goldenweiser regarding possibility of dangerousinflation in authorizing Government to borrowdirectly from the central bank, distributed atmeeting of Board with Federal Advisory Council

Possible effect on, if reserve requirements were lowered, dis-cussed at meeting of the executive committee ofthe Federal Advisory Council with the Board

Possibility after war because of backlog of accumulated purchas-

ing power discussed by Mr. EcclesStIldY of inflationary developments, Mr. Hansen to be requested

to come to Washington to assist Mr. Leland with

StudY of, by special committee appointed by the President,report by Mr. Eccles on the findings of, ata meeting of the FAG with the Board

201Pages

9/18 183011/18 2195

10/21 2044

11/12 2153

6/26 1300

3/23 542

3/2 385

4/30 826

2/12 247

2/16 263

2/16 266

4/ 9 675

11/16 2183

3/23 541

5/18 954


202Pages

illfc)rmation:Censor requesting, FRBanks asked to cooperate with, advise

Board of volume and nature of requests, andconsult Board before furnishing questionableinformation 2/ 4 189

Defense contracts, information requests by War Department rethe awarding of, Defense Contract Officersasked to send Board copy of the reports 1/ 5 14

Financial ability of ship repair and building yards furnishedby FRBanks to Navy Department, request that in-formation also be reported to Board 1/22 107

International communications, information of value to Board ob-tained from, by Office of Censorship to be sentby Board to FRBanks having an interest in cer-tain information 2/ 5 195

Letter to FRBanks advising them of availability of informa-tion, requested to designate information of in-terest to them 2/ 5 196

Number and amount of applications for war loans, letter to

414„, FRBanks on release of 6/ 3 1129"" Empire Electrical Equipment Association, advised by Board

that suggested reduction in down payment require-ments under Regulation W, for electrical equip-ment is not justified by present conditions 1/ 1 5

Congressman C. H. Leavy advised that Board gave careful consid-eration to request of, that Regulation beamended to provide for a lower down payment onelectrical equipment 1/15 58

INIcription for front page of report of examination to be used by

418talr FRBanks, FDIC, and Comptroller of the Currency 11/19 2201aent paper, reserve balance in differential account, statement

for publication in FRBulletin 3/24 551tute of Carpet Manufacturers of America, Inc., letter to Mr.

Beers on why down payment required for rugs and

carpets is greater than that required for fur-

111812.- . niture 9/ 3 1728Lastic Corporation of America, New York, letter to Mr. Johnston

on request for amendment to Regulation W to ex-empt products from provisions of 11/ 9 2137

Agreement revised and agreed upon by committee of Presidents'

Conference approved by Board 12/11 2303A•ssoclation of Life Insurance Presidents, New York City, reply

to question of, as to whether they are required

to register under section 3(a) of Regulation

Bea 4IluY parlor, reduction in amount of liability insurance for

malpractice that must be kept in force

3/26 566

4/7 652


203

Pages

Ins urance: (Continued)PRnotes, request of Board that Treasury write Board that when

shipments of, are completely destroyed intransit no charge will be made against theFRBank except for printing, letter desiredso that Board may obtain reduction in premiumsfor insurance of

Fire and supplemental contract renewed but war damage not to be

purchased at presentGrout) life for employees of Board, continuation of contract

2/21

10/23

315

2057

with Aetna Life Insurance Company approved 4/22 755Joint report of Insurance Plan Committee and the Standing Com-

mittee on Insurance accepted by Presidents'

Conference and recommendations made to Board,at meeting of Board with Presidents 3/ 2 392

Board concurs with Presidents' Conference in resolution ap-

proving, adoption of self-insurance plan favored,

letter sent to FRBanks, comments and suggestionsrequested 3/30 593-6

Joint report approved by a majority of FRBank boards of di-rectors, plan for self-insurance now being pre-pared by the two committees 5/ 8 908

L°ans on policies, discussion of provisions of Regulation Viwith

respect to, at meeting of the FAC with the Board 5/18 965Policy loans, provisions of Regulation Vt relating to, discussed

at meeting with executive committee of Federal

Advisory Council 6/ 3 1119Discussed by Mr. Ransom 6/ 9 1170

Discouraging of, discussed at meeting of executive commit-tee of Federal Advisory Council with Board 7/ 1 1338

Loans secured by cash surrender value of life insurance

policies, applicability of Regulation W to 9/30 1910Premiums on fire and casualty, applicability of Regulation W

Pre • to financing of

, mums on life, credit for income tax purposes discussed9/148/ 5

18081561

'elf-insurance, Chairmen's Conference to be advised by ChairmanEccles of necessity for prompt action on 1/22 96

Report of special committee to be considered at Presidents'Conference on February 2 and 3 1/22 96

Development of appropriate form for execution by FRBanks to

S • be worked out by committee

taading Committee on Insurance charged by the Presidents' Con-ference with the duty of continuing study inaccordance with the recommendation in the joint

reportrisk on shipments of currency and coin, resolution of Presi-

dents' Conference on policy

9/29

5/ 8

9/29

1898

908

1897


204Pages

Insurance: (Continued) War damage to building of Board, not to be purchased at present 10/23 2057

Insurance agents:Use in sale of series F and G war savings bonds, discussed at

meeting of Federal Advisory Council with Board 7/ 1 1337Inter-American Affairs:

Staff:Rockefeller, Nelson A., Coordinator, reply advising that

when detailed proposal on Inter-American

Scholarship program is developed it be re-

er-American Bank:

re-

It ferred to Mr. Starkn

Draft of statement which Board representative might make at

hearings on, before the Senate Banking and

Currency Committee, Messrs. Goldenweiser,Wyatt, and Gardner designated to prepare

Statement discussed, to be revised and when approved to be

submitted to Mr. Berle for comments

4/20

1/22

1/28

748

99

132-5Statement prepared for representative of Board for use in

hearings on, to be approved by Messrs. Ecclesand Gardner and then sent to Mr. Berle for corn-

Inter ments and suggestions-American Defense Board, space occupied in Board's building

by, letter to Mr. Baird Snyder on vacating ofNorthwest wing to be vacated by 1st of JulySpace occupied in Board's building now needed by Divisions of

Board, Chairman Eccles to discuss with Mr.

Inter Patterson-American Scholarship program, Mr. Rockefeller advised Mr.

Stark is the person to contact regarding par-

ticipation of the Board inAmerican Strategy Board, arrangement providing office space

Inter. for, in Board building;st,: (See also Rates)

ssissippi, national banks in, opinion of Board that they

may not make interest payments in excess of

rates prescribed by State Bank ComptrollerRates , graduated scale on series B tax notes to be suggested

to Mr. Morgenthau'.tes on war loans in excess of five per cent is in violation

of rates established by the Board4.ar loans, computation to be on 365 day basis?locking directorates:APPlications for permission to serve prior to August 23, 1935,

letter to Archivist on destruction of files

S on

ervice under Banking Act of 1935:Ambrose, J. S., service as director of banks in Hancock,

Md., and Berkely Springs, W. V., not prohibited

3/10 448

5/29 10936/13 1213

6/26 1296

4/20 748

3/23 543

1/27 126

8/27 1696

5/22 10166/10 1180

8/26 1691

9/24 1879


Interlocking directorates: (Continued)Service under Banking Act of 1935: (Continued)

Harper, Harry F., relationship not prohibited under Clayton

ActHull, N. P., relationship not prohibited under Clayton Act

James, Henry, service with national banks, a State bank and

as partner in private banking firm

To terminate business of Bank of Bradshaw or sever re-

lationshipMonroe, George E., comments on relationship in connection

with admission of Industrial State Bank of

Kalamazoo, Mich., to membership

Thoman, F. H., relationship not prohibited under Clayton

Illternational bank:Establishment after the

cussionury andtions

Plans prepared as basis

Act

war, report of Mr. Goldenweiser of dis-at meeting of representatives of Treas-State Departments and other organiza-

for discussion at meeting of representa-

tives of Board, Treasury, and State Departments,and others

ational stabilization fund:Plans prepared as basis for discussion at meeting of representa-

tives of Board with Treasury and State Depart-ments and others

Report of Mr. Goldenweiser on further conferences, no action to

I'entories:Consume,

Use of

be taken until discussed with Secretary Hull

goods, conference on measure to restrict use of credit

for financing ofcredit in connection with accumulation of, letter to

be prepared to be sent to all banks and financ-

ing institutionsLetter to banks and financing institutions approved for

transmittal for approval by agencies mentioned

Letter to banks and financing institutions revised at sug-gestion of certain agencies and to be sentpromptly and to be given to press for publica-

tionUse of credit for accumulation of, report of Mr. Eccles on

approval by interested Government agencies, copy

of letter sent to banks, other financing insti-tutions

Letter to State bank supervisors for cooperationNeed for Capital Issues Committee for restriction of credit

for accumulation of

205Pages

6/30 13286/30 1328

6/10 1183

8/ 6 1576

9/19 1845

6/30 1328

6/ 9 1161

5/26 1047

5/26 1047

7/10 1401

6/ 9 1167

6/11 1185

6/12 1196

6/17 1233

6/26 12926/26 1293

6/26 1295


206Pages

1117entories: (Continued)Pending capital issues for the purpose of paying off bank loans

which would leave the companies free to borrow

again from banks for the purpose of building

up, report by Mr. Eccles on discussion of, at

I a Treasury meeting 5/19 981,riv stment bankers:

Committee composed of, and Treasury to confer with representa-

tives of Board and Presidents in regard to pro-

moting the distribution and sale of government

securities 5/ 8 886ir sument companies:

Open-end, reply to Senator Wagner on issuance of regulation to

permit service under Sec. 32 of Banking Act of

1933 12/16 2323Railway and Light Securities Co. is closed-end investment com-

pany and not subject to provisions of Sec. 32

Ir of Banking Act of 1933 12/29 2402

iv stm.ents of banks:Composition of security portfolio of certain size banks, reply

to Citizens Banking Company, Sandusky, Ohio 12/31 2418best

to Syndicate, loans on certificates issued by, telegram to

Mr. Hodgson on 7/ 9 1390

Hp

W. E., of Tucson, Arizona, reply to Senator Hayden on appli-

cation for war loan that War Department ruled

that no application exists from any financial

institution 7/11 1407Jacobs Wind Electric Company, Inc., Minneapolis, Minnesota, reply

to letter concerning application of Regulation

4 W to credit sales of wind electric plants 3/27 582

1"etzki, Alfred, Jr.: (See National Association of Investment Com-

panies)jellelerst

Circular-Keystone, questions submitted by Yr. McNeil con-cerning registration of jewelers under Regula-

tion W 10/ 5 1943Russell Chevrolet Co., El Campo, Texas, plan of selling au-

tomobile to Dr. John W. Evans on terms other

than prescribed, not permitted under Regula-

tion W 8/ 8 15954int Brazil-United States Defense Commission also may occupy north-

east wing of Board's building, but northwestwing to be vacated by 1st of July 6/13 1213

4tie8 & Brown, Inc., Pittsburgh, Pa., reply to letter describingINSELBRIC and INSELSTONE, not applicable tospecial exemption in Amendment 6 of Regulation

9/1 1717


j"ke Bros. Company: (See Regulation W, Billing of charge accounts)

411eY Blue Book,

Kelley Kar

Kentucky:

Condition

ICII°X, George J.,APplication

IfK11

Los Angeles, California, reply regarding 1934 au-

tomobiles and earlier models and quotation of

automobiles having special equipment

Company, Los Angeles, California, advised that Board ex-

pects each publication to quote average retail

values of used cars in its territory

reports of banks in, forms to be furnished Division

of Banking if call is made forSuperintendent of Banks of the State of California:

for membership of Peoples Bank of Lakewood Village,

California, letter to be drafted with regard

to letter to FRBank of San Francisco concern-

ingAdvised of reasons for not approving the membership appli-

cation of the Peoples Bank of Lakewood Village,California

Letter on reasons for not approving application of First Trust

and Savings Bank of Pasadena to establishbranches in Alhambra and Temple City

Reply to telegram explaining denial of application for es-tablishment of branches

-`'.8 Stores, Inc., question of possible violation of Regulation

4attW, by use of scrip which is not redeemed daily4,4118, Elmer R.: (See Jones & Brown, Inc., Pittsburgh, Pa.)

' A* E.: (See Regulation W, Government Employees Finance Cor-

poration)' and Mrs. Dale, letter on refinancing of contract under

itl4tzIA.Regulation WF.: (See State member banks, Pennsylvania Company for

Insurances on Lives and Granting Annuities,Philadelphia, Pennsylvania)

Labordraft, letter

Lacy, Dan, reply to

Lawres, Irving A. j

te4) Congressman C.

to Mr. Hitt that no decision can be made until

regulations are promulgatedletter with report on measures taken by Board

for protection of records of Board

(See National Association of Supervisors of

State Banks)F., letter to, advising that Board feels that

banks and holding company affiliates should be

exempted from proposed section 17(c) of amend-

ments to Securities Act of 1933, regarding

false reports

207Pages

4/25 765

4/4 625

9/16 1822

3/10 445

3/11 465

8/ 7 1583

11/19 2200

5/19 991

11/23 2218

11/10 2142

11/13 2166

1/30 155


Le aeed wire system:Supervision of Washington office transferred from Mr. Carpenter

to Mr. Nelson, advice to Mr. Leach

Lea Use of circuits, reply to Mr. Fly on extension oflies of absence:Annual, restrictions on, approved

Policy modified to provide for 2-1/2 days at a time instead

of day or two at a time

Accumulation of annual leave up to 90 days, amendment to

regulation in conformity with recent billBall, Mrs. Margaret K., clerk in Division of Bank Operations,

granted, including leave without pay for six

monthsBarker, Clarence S., Assistant FRExaminer, granted per diem in

lieu of subsistence during period of illnessBertol, Louis N., Captain of the Guard, granted for military

serviceBloch, Stanley J., foreman operator (duplicating devices)

208Pages

12/22 236411/18 2196

5/26 1051

10/31 2096

12/21 2352

9/ 3 1722

2/27 377

3/4 414

granted leave without pay to enter duty with

B Navy

re nnan, John C., granted for military servicetrundage, Dean E., unearned sick and annual, reimbursement

waived upon acceptance of resignation as page

11/255/18

10/30

2229973

2091Buckley, Thomas N., telegraph operator, granted leave without

pay to enter service with Naval Reserve 11/16 2174Collier, Mrs. Margaret, granted leave to join husband on duty

in the Navy for not over six months, contribu-tions to retirement system not to be made 6/23 1270

Collier, Raymond J., junior economist, granted leave of absence

to serve with Naval reserve 5/28 1073°mPsnsatory for overtime, amendment to leave regulations ap-

provedo°11finement cases, policy regarding, amendment to limit con-

2/9 226

tributions to Retirement System to one year

from date upon which the absence beganC°°1eY, Leroy H., guard, granted leave of absence for military

serviceCounts, Catherine M., clerk in Division of Research and Sta-

tistics, leave without pay extendedLeave without pay extended, contributions to Retirement

System to be continued on condition that she

continue her contributions, Refund to be made for advanced sick leave upon resignationCr

RefundJames D., guard, granted for military service

Grant of leave for military service rescinded and resigna-

C • tion accepted

urri e, Lauchlin, leave without pay extended for one year, con-

14./7

4/16

3/21

4/ 79/164/10

5/1

644

727

520

6431821689

835

tributions to Retirement System to be discon-

tinued, adjustment to be made pending return

to active service 1/16 74Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LeaveS of absence: (Continued)Dampley, Chester B., painter, granted military leave to enter

NavyEdwards, Harry L., clerk in Division of Personnel Administra-

tion, granted to enter Maritime serviceFaulkner, Kathryn S., clerk in Division of Research & Statis-

tics, granted leave without pay because of

9/19

10/10

209Pages

1844

2002

approaching confinement 3/21 519To discontinue her payments to Retirement System while on

leave without pay because of confinement, but

Board to continue its contributions 6/29 1314Extension of leave because of confinement and reemployment

at end of period approved 10/10 2001

Leave without pay because of confinement extended for three

months 11/ 6 2127Pp°180m, George H., FRExaminer, granted for military servicerase, Mrs. Eleanor S., junior economist in Division of Re-

5/ 7 877

search and Statistics, granted because of con-finement including leave without pay but toremain at office fifteen days of period 10/22 2047

Freeman, Rose S., clerk in Secretary's Office, granted leaveof absence without pay for approaching con-finement 3/24 547

Gad, Thomas H., clerk, granted leave for military service, pay-

ment of unearned salary limited 1/ 5 10Gaither, Anna Margaret, clerk-stenographer in Division of Re-

search and Statistics, leave without pay toaccompany husband to California, contributions

GOod, to Retirement System to be continued

George E., granted leave without pay to enter service

Grtra with Armywood, Gordon, granted leave without pay to enter service

with ArmyHagler, Herbert H., granted leave without pay for military

Hai I, servicegu, S. Julia, granted leave without pay because of ill-

7/ 1

11/21

11/30

11/ 9

1343

2213

221 0

2133

ness, Board to continue contributions to Re-tirement System on condition that she con-tinues hers 5/11 915

Hart, Bishop, granted leave for military service, to re-enteractive duty with the U.S. Army, unearned salary

not to be given as previously paid 1/16 76Har t, John J., Assistant FRExaminer, granted military leave to

enter service with Army 11/12 2152Hutchinson, Mrs. Clara A., stenographer in Counsel's Office,

granted leave without pay for approaching con-finement 3/ 3 406

Extension of leave because of confinement 10/ 7 1956


L e av

es of absence: (Continued)Jarvenpa, Mrs. Aili L., amount of unearned leave to be de-

ducted from last salary checkJohnson, Edwin J., Assistant FRExaminer, granted for military

serviceJohnson, Sven E., foreman of laborers, granted to enter Navy

11/19

5/259/ 3

210Pages

2199

10311722

Kay-, George R., granted for military service 4/15 7204ellnY, Mrs. Gunhild Anderson, junior economist, granted leave

without pay, in accord with policy regardingconfinement cases 2/10 232

Leave without pay because of confinement extended 8/14 1616Kilgore, J. E., granted leave to enter Navy 9/ 8 1749Kline, William A., printing clerk, granted leave without pay to

enter military service 11/24 2225Knight, Grover C., index clerk in Secretary's Office, granted

leave without pay to enter Army service 7/18 1454Langham, Lee W., guard, granted leave for military service 1/7 19Longstreet, Victor M., Senior Economist, granted leave to en-

ter military serviceon, John N., military leave without pay to enter Naval Re-

serve

5/15

6/15

937

1215Maize, Mrs. Margery, granted leave without pay in addition to

other leave to spend time with husband while inArmy camp 10/ 9 1993

Malone, Charles T., FRExaminer, granted for military service 5/11 914McDonnell, Mary, stenographer in Counsel's Office, leave with-

out pay extended for six months, not to be a

member of Retirement System during period 6/29 1311Maleany, Bernadine, junior file clerk in Secretary's Office,

granted leave without pay and contributions

to Retirement System to continue 8/13 1612Leave without pay extended for period necessary to recover

MO from operationMrs. Lida Sloan, leave without pay discontinued, resigna-

tion to be effective at end of accrued annual

leave accepted

9/12

2/3

1786

166Leave without pay extended, former action of Board amended

u7er, Mrs. Eleanor, leave without pay extended for one year,

contributions to Retirement System to be dis-continued, adjustment to be made pending re-

turn to active serviceNoell, J.

Carroll, Examiner in Division of Examinations, leave

2/23

1/16

317

74

Extension of leave on account of sickness and not to be

Par charged against future annual or sick leaveSons, Thomas M., granted leave for military service

due to illness and not to be charged againstfuture leave, approved 8/10 1598

9/17 18234/14 715


Leavee of absence: (Continued)Peregory, Walter L., operator, duplicating devices, granted

leave without pay to enter service with Naval

ReserveRauber, Margaret E., Secretary to Mr. Draper, granted leave

without pay not to exceed 90 days, contribu-tions to Retirement System to be continued

Reading, Benjamin R., guard, granted leave for military serv-

iceResignation of Board employees, procedure when odd amount is

equal to 1/2 day or more or less than 1/2 dayRieseberg, Robert W. accounting clerk in Secretary's Office,

granted leave of absence for military serviceSanderson, James W., guard, leave without pay for military serv-

iceFrederic, Assistant Counsel, granted for military

serviceF. E., granted leave without pay for remainder of cal-

endar year for defense work with Turner Con-struction Co.

Maxine G., economic assistant in Division of Re-search and Statistics, granted for period ofconfinement

Alvin C., secretary to Governor McKee,of absence for military service

Patrick J., granted leave without pay to enter service

Solomon,

SPurney,

Stuart, Mrs.

Walters,

Winkler,

Leal, in the Armyw'Y' Congressman Charles H., advised that Board gave careful con-

sideration to request of Inland Empire Elec-trical Equipment Association of Spokane, thatRegulation W be amended to provide for a lowerdown payment on electrical equipment

Corporation, Cleveland, Ohio, reply to letter on treatment

of reupholstering and treatment of furniture asregards down payment

Lee

r1,

abric

L en

granted leave

?RBank stock, writing across face of certificate in connection4,14 with tax on dividend

A"slation:

chrnen8artk ents to FRAct: (See infra FRAct)ruptcy Act, letter to Bureau of the Budget that H.R. 7121 is

not of interest to FRSystem but no objection to

Civil approval by PresidentService Retirement Act, discussion and approval of ques-

tions to be submitted to the Civil Service Com-mission regarding coverage of Board members andemployees of Board and FRBanks by

211Pages

11/16 2174

5/7 877

3/13 490

11/ 3 2105

2/27 376

7/17 1447

4/20 747

2/16 278

9/16 1820

3/9 435

10/15 2022

1/15 58

6/16 1228

9/30 1914

10/ 9 1999

2/27 369


LerAE.Lslation: (Continued)Civil Service Retirement Act: (Continued)

Impounded funds of employees of Board brought within, sentto Treasury Department

Cuban central bank, statement of Mr. Gardner on proposed reportof mission covering currency stabilization fund,proposed agricultural bank, and selection of di-rectors and management of bank

3/ 6

2/ 6

212Pages

430

203Examination of insured banks, suggestion that FDIC absorb cost

of one each year 6/ 3 1115Federal Deposit Insurance Corporation, assessment on Government

deposits, proposal not to require member banksto pay, Mr. Eccles opposed to inclusion inother legislation 5/26 1050

Federal Home Loan Bank Act, amendments introduced in Senate andHouse, report of Ir. Ransom on discussions withMessrs. Bodfish and West, Counsel requested tokeep Board advised of progress of legislation 1/16 68

Senator Wagner advised that Board is opposed to S. 2146,2147, and 2148 which would amend 3/27 583

Memo prepared by Mr. Wingfield discussed, decision to takeno action at present, Counsel's Office to watchthe progress of 5/ 5 856

Reply to National Association of Supervisors of State Banks

Fe regarding Board's reasons for opposing 5/25 1042regardingIndustrial Credit Corporation, legislation to establish,

letters from Mr. Eccles to Messrs. DonaldNelson and Leinberg regarding, read at Board

Fe meeting 2/17 289deral industrial loan corporation bill, effect of Executive

Order upon discussed, and necessity of clearingproposal with President considered 3/23 542

Federal Open Market Committee, report on bill S. 2565 to amendFRAct to regroup FRBanks for election of mem-bers, enactment favored 6/17 1239

Federal Open Market Committee members, regrouping of banks forelection of representatives of FRBanks, HR 7158

FRAet: to amend FRAct 6/ 3 1112

Amendment proposed to repeal prohibition against memberbanks paying dividends or making loans uhilereserves are deficient, Board to retain powerto prescribe penalties for deficiencies in re-serves, discussion at meeting of Board withPresidents 2/ 3 182

Amendments proposed, letter to FRBanks transmitting draft 5/26 1050


213Pages

Le gislation: (Continued)FRAct: (Continued)

Amendment at present time considered undesirable 11/16 2181

Amendment proposed to exempt deposits arising from sale ofGovernment securities from FDIC assessments andreserve requirements 12/ 8 2284

Regrouping of FRBanks for the purpose of electing membersof the Federal Open Market Committee not to be

taken up with the FAC, draft of amendment tobe sent to Treasury 5/19 982

Section 9, discussion of amendment to permit a State bankwith capital as low as $25,000 to become a mem-ber of the FRSystem 5/19 983

Section 12A, discussion of amendment to permit regroupingof FRBanks for selection of members of FederalOpen Market Committee to insure representationof FRBank of New York, Treasury, and FRBanks tobe consulted before introduction of legislationin Congress

Proposed amendment to regroup FRBanks for representa-tion on Federal Open Market Committee

H.R. 7158, bill to provide for regrouping of banksS. 2565, report on bill favoring enactmentAmendment to be published in FRBulletin

Section 14(b), provision contained in second war powersbill to eliminate, to allow direct purchase ofGovernment securities from Treasury by FRBanks,discussion of Presidents in meeting with Board

Proposed amendment to Section 14(b) to allow FRBanks topurchase securities directly from the Treasurysubject to direction of the Federal Open MarketCommittee, discussed at meeting of Board withFederal Advisory Council

Section 19, proposed amendment to repeal prohibition against

making of loans or payment of dividends by mem-ber banks whose reserves are deficient, andgive Board power to prescribe penalties forreserve deficiencies, memorandum distributedat meeting of Board with Federal Advisory Coun-cil to be considered

Amendment proposed to authorize Board to change reserverequirements for member banks in central re-serve cities

Proposed amendment to permit changes in reserve require-

2/17 282

2/27 3736/ 3 11126/17 12397/21 1468

2/ 3 170

2/16 264

2/16 273

2/27 373

ments of central reserve city banks independentlyof the requirements for reserve city banks andeliminate the provision that no bank shall makenew loans or pay dividends while its reservesare deficient 5/19 982

Recent amendment to be published in FRBulletin 7/21 1468


214Pages

Legislation: (Continued)Foreign Agents Registration Act of 1938, proposed amendment,

H. R. 6269, suggestion that it be changed so

banks will not be required to register as

agents of foreign principals 3/17 501Holding companies, suggestion by Mr. McKee that legislation be

sought to prevent further expansion and control1/22 104bY

Legislation to prohibit further expansion of, or to re-

quire dissolution of, discussed 2/ 6 211Home Owners' Loan Act of 1933, amendments introduced in Senate

and House, report of Mr. Ransom on discussionswith Messrs. Bodfish and West, Counsel re-quested to keep Board advised of progress of

legislation 1/16 68

Senator 'Wagner advised that Board is opposed to S. 2146,2147, and 2148 which would amend 3/27 583



H regarding Board's reasons for opposing 5/25 1042

. R. 6269, to amend the Foreign Agents Registration Act of1938, letter to Attorney General suggestingthat the amendment be amended so banks will

not be required to register as agents of

H foreign principals 3/17 501

.R. 6521 to extend benefits to soldiers and sailors civil

relief act, letter to Bureau of the Budget

that expression of views is no longer neces-

H R. 4 sary 6/ 1 1106

.,-,859, copy of, sent to Peoples State Bank, Cherryvale,

Kansas, as evidence of steps toward solution

H. of the problem of floor plan loan on pick-up 4/14 718

R- 7029, amendments to soldiers and sailors civil relief act

H. of 1940, new bill to take place of H. R. 6521R. 7121 to amend act to establish uniform system of bank-

ruptcy, not of particular interest to FRSystem

H. but no objection to approval by PresidentR. 7156, report of Mr. Harrison on survey of New York banks

with respect to and possibility of including

H. other amendmentsR. 7158 to amend FRAct discussed at meeting of Board with

the executive committee of the Federal Advisory-

CouncilePendent Offices Appropriation Act of 1943 signed by Presi-

dent making funds available to Maritime Com-

mission to carry out provisions of Executive

Order 9112

6/

10/

6/

6/

7/

1

9

3

3

2

1106

1999

1123

1112

1354


215Pages

„ (Continued)Inter-American Bank, Messrs. Goldenweiser, Wyatt, and Gardner

designated to prepare draft of statement whichBoard representative might make at hearings on,before the Senate Banking and Currency Commit-tee 1/22 99

Draft of statement discussed, to be revised and when ap-proved to be submitted to Mr. Berle for com-ments 1/28 132-5

Internal Revenue Code, proposed amendment to, the Committee onForeign Banking of New York City advised thatthere have been no further developments in re-gard to, in respect to determining the statusof bankers' acceptances for the purposes ofthe Excess Profits Tax 5/13 929

Loans to small business, new bill to provide for, reported onby Mr. Eccles at meeting of Board with Presi-dents, Mead Bill considered inadequate

Expression of opinion regarding, by Messrs. Eccles, McKee,and Ransom

Mead Bill: (See supra Loans to small business)Murray bill to mobilize small business for war purposes, submis-

sion of report to Senate Banking and CurrencyCommittee discussed, to be cleared with BudgetBureau as proposal by Mr. Eccles may be sub-stituted

National Housing Act, amendments introduced in Senate andHouse, report of Mr. Ransom on discussionswith Messrs. Bodfish and West, Counsel re-quested to keep Board advised of progressof legislation

Senator Wagner advised that Board is opposed to S. 2146,2147, and 21L8 which would amend

Memo prepared by Mr. Wingfield discussed, decision to take

2/ 3 178

2/ 3 181

2/17 290

1/16 68

3/27 583

no action at present, Counsel's Office to watchthe progress of


Ne regarding Board's reasons for opposingutrality Act, amendment proposed to section 7, State Depart-

ment advised that Board favors4-le Debt Act of 1942, effect on additional FRBank stock un-

determined, further issuance to be withheldpending conference of Legal Division with

Re8Bureau of Internal Revenue'I'Ve requirements, proposed amendment to law to authorize

Board to change in central reserve cities orreserve cities

5/ 5

5/25

1/27

4/ 2

5/18

856

1042

130

616

961


LegiSlation: (Continued)Reserves against Government deposits, proposal not to require

member banks to maintain, opinion of Mr. Ecclesthat it should not be included in proposed leg-

216

Pages

islation at present 5/26 1050Reserves, proposed amendment to Sec. 19 of FRAct, that bank

not make new loans or pay dividends while re-serves are deficient 5/18 963

H. R. 7158 discussed with executive committee of Federal Ad-visory Council 6/ 3 1112

Deficient, suggested amendment to Sec. 19 of FRAct toeliminate requirement that bank can not makenew loans or pay dividends during period of 6/ 3 1115

Revenue Act, problem of administration and expense placed onbanks by current bill which provides for with-holding tax on wages, dividends, etc. 8/ 5 1553

Revised Statutes, alternate drafts of amendment to Section 5200,which would exempt loans covered by guarantiesor commitments made by the U. S. or by anyFRBanks, memo from Mr. Wyatt regarding 5/18 976

Second War Powers Act, amendment contained in, to Sec. 14(b)of FRAct, memorandum to be prepared showing ef-fect on power of Federal Open Market Committeeto direct FRBanks to purchase Government se-curities 3/26 560

Securities Act of 1933 and Securities Exchange Act of 1934)proposed amendments to section 7(c) and (d),letter to Federal Advisory Council explainingconsideration and stating why amendments were

8e not discussed with Council

cu rities Act ofl letter to Congressman Lea, advisingthat Board feels that banks and holding companyaffiliates should be exempted from proposedsection 17(c) of amendments to Securities Actof 1933, regarding false reports

Securities Exchange Act of 1934, amendment to section 7(d), re-quest of Mr. Brown of Federal Advisory Council,that testimony of hearings be sent them andthey be allowed to file a memorandum with theInterstate and Foreign Commerce Committee

B. to be made to Mr. Brown that Congressman Lea, Chair-man of the House Committee, has been advisedof request for hearirws and filing of state-ment

Letters to Mr. Brown and Congressman LeaLetter to Federal Advisory Council suggesting that statement

be submitted to be held for committee consider-ation, but not to be included in printed hear-ings

1/17 82

1/30 155

1/22 97

1/22 981/24 117-8


217Pages

Legislation: (Continued)Securities Exchange Act of 1934: (Continued)

Opinion of Federal Advisory Council that power to regulateamount that could be loaned on unregisteredsecurities should not be given to any agency 2/16 270

Memorandum prepared in reply to letter from Mr. Brown tobe mailed to members of executive committee ofFederal Advisory Council, dropping of proposaldiscussed at meeting of Board with executive

3/12 474. 2039,S

committeeBureau of Budget advised that Board has no objection

to, if the changes suggested by the Treasuryare made 4/23 760

8. 2146, 2147, and 2148, to amend Home Owners' Loan Act of1933, etc., reply to request of Senator Wagnerfor opinion on, advised that Board is opposedas they include the objectionable features ofS. 4095 3/27 583



to mobilize small business for war purposes, submission 5/25 1042

S. 2250 regarding Board's reasons for opposing

of report to Senate Banking and Currency Commit-tee discussed, to be cleared with Budget Bureauas proposal by Mr. Eccles may be substituted 2/17 290

S.2315, prepared by Special Committee to Study Problems of

American Small Business, copy of, sent toPeoples State Bank, Cherryvale, Kansas, asevidence of steps toward solution of the

S. problem of floor plan loan on pick-up 4/14 7182393, which would require each bank and branch to publish

a condition statement, letter regarding, sentto the Executive Office of the President 5/11 920

Reply to Senator Wagner regarding 5/18 977

Publication of statements of resources and liabilities ofbanks where branch banks are operated, reply

S.to Mr. Hollister on 6/26 13002565 to amend sections 12A and 19 of FRAct, letter to

Senator 'Wagner on bill favoring enactment 6/17 1239Letter to Bureau of the Budget recommending that bill be

S. approved by the President 7/ 6 13774095, amendments to several loan acts, report of Mr. Ransom

on discussions with Messrs. Bodfish and West,Counsel requested to keep Board advised ofprogress of legislation 1/16 68


Legislation: (Continued)S. 4095: (Continued)

Comparison with bills S. 2146, 2147, and 2148 in reports to

218Pages

Senator WagnerS.R. 223, Senator Tydings Questionnaire, reply to, regarding

organization and number of persons employed byBoard

Decision of Board that staff heads reply toSilver holdings of Treasury, disposal for industrial purposes,

bill mentioned at meeting of Federal AdvisoryCouncil

State governments to facilitate war effort, offer of Councilof State Governments to assist in obtaining

3/27

3/23/23

11/16

583

396543

2189

State legislation to facilitate 9/14 1809

Letter to Attorney General that Board has no suggestionsfor consideration of Council of State Govern-ments 12/26 2396

State:

Laws limiting loans to one person, compilation of reportson application to war loans 8/ 6 1577

Laws that may be helpful to the war effort, letter to De-partment of Justice with suggestions for enact-

8 1, • ment ofu-sistence Expense Act of 1926, amendment to section 3, travel

8/21 1655

• regulations of Board amended to conform with 2/17 286s against directors, etc., of national banks for expenses

incurred in defense of actions, suits, etc., re-port on S. 2039

Tax bills, effect on amount of short-term corporate money for in-

vestment, discussed at meeting of executive com-mittee of the Federal Advisory Council with theBoard

Question of giving banks preferential treatment under, inview of the substantial part they play in warfinancing, considered at meeting of the execu-tive committee of the Federal Advisory Councilwith the Board

T ()Pinion regarding, to be presented to Congressaxation of building of Board, discussion of possibility of se-

curingTr 1?i1l now before House on exemption from, discussedadlng with the Enemy Act, delegation of authority under sec-

tions 3(a) and 5(b) to Treasury, discussion ofeffect on consumer credit and authority ofFRBank of San Francisco over evacuee property,Mr. Foley to confer with Mr. Agnew concerning

4/23 760

4/9 672

4/9 6764/9 681

11/24 222212/ 1 2251

3/10 454


Legislation: (Continued)War powers bill, second, provision for eliminating Section

14(b) of FRAct to allow direct purchase of

Government securities from Treasury by FRBanks,discussion of Presidents in meeting with

BoardMr. Wyatt authorized to advise Mr. Cox that Board has no

Let+Aul Intent:

legislation it wishes included in anotherver

'esignment of, letter to Comptroller General of the United

Lette, States for advice onof appreciation:

ravens, Kenton R., on resignation as Administrator for WarLoans Committee

DaY ELeiikl, dmund E., Class C director at FRBank of New York"art, G. A., advised of additional territories in which the

Blue Book National Used Car Market Reports -Executives Edition may be used for purposesof Regulation W, and consideration beinggiven to designation of the Red Book andExecutive Edition

dv iseu regarding Market Record, designation in certain terri-tories and possible effect of price ceilings

Wion used carssconsin Automobile Guide, July-August edition, extension of

designation approved(See also Regulation W, Appraisal guides, National Used Car

2/ 3

2/17

10/14

10/ 612/21

4/ 9

4/15

8/24

219Pages

170

288

2018

19472353

667

723

1666

Libb„. Market Report, Inc.)rurniture and Linoleum Company, obligation sold by registrant

and additional obligation entered into by ap-Licen plication of Regulation VI 11/30 2244'es, authority of Board to suspend, for violations of Regula-

tion W, and procedure for hearings discussed 5/ 5 8504.1 Re-Upholstering Co., Inc., Chicago, Ill., reply to letter

on amount of down payment required above thatLincol_ required on furniture 8/ 4 1549

u Loan Corporation, Indianapolis, Ind., reply to question re-garding a case in which a Registrant is asked tomake an instalment loan for the purpose of pay-ing off an instalment sale contract which wasmade before May 6, for an article which at the

Lette_ time was unlisted under Regulation W 5/11 918to Mr. 'Aesley on effect of options of regulation on con-

solidations of debt 7/ 9 13941 coats, loans may not be for more than 16 months under Regu-

lation W, reply to inquiry of 8/19 1640e'rl. Diego, Calif., letter to Mr. Fox on loopholes under Regu-

lation 5 1145W provided by lay-away plans


Lists:

Stocks Registered on National Securities Exchanges, supple-

mentary lists to be issued in future and dis-

Litigation: tributed by FRBanks upon request

Banque de France and Banque Nationale de Belgique, permissionto FRBank of New York to participate in discus-

sion of counsel on agreement staying proceed-

ings

Advances on Government securities, statement ordered published

in FRBulletinAmortization of bank, for reduction of individual debt, exami-

ners of Federal bank supervising agencies tolook into

Bank loans, capital issues for the purpose of paying off, whichwould leave the companies free to borrow againfrom banks for the purpose of building up in-ventories, report by Mr. Eccles on discussionof, at Treasury meetings

Bardco Manufacturing and Sales Company, Dayton, Ohio, bill ofSquire, Sanders, and Dempsey for legal services

Bj1incident to loan to

ings Utility Company, Billings, Montana, application forloan from FRBank of Minneapolis, Senator B. K.Wheeler advised that report in connection with,cannot be made available because of its confi-dential nature and relation to pending litiga-tion

Letter to Representative O'Connor and Senators Murray andWheeler explaining reasons more fully

Request for copy of report of examiner making investigationin connection with application for, letter toSenator Wheeler on refusal of request

Request for confidential report in connection with applica-tion for loan, refused

Collateral for pledge of Treasury tax savings notes, Series C,for loan from FRBank by commercial bank

C°11ege students for college courses, reply to Rotary Club ofFlorence, S. C., on applicability of Regula-tion W to

tumerclal, results of survey conducted by Mr. Goldenweiser for

Co . one month periodrrullerolal and industrial, reports on, by member banks and pro-

posed form approved, to be sent to FRBanks forcomments and suggestions

Request for reports reconsidered and approved with letterto FRBanks

220Pages

2/25 353

6/26 1301

3/ 3 411

6/26 1294

5/19 981

9/17 1824

5/ 4 8414

5/20 1001

7/ 9 1388

10/ 2 1937

12/ 8 2290

6/12 1203

5/19 984

2/6 200

2/6 206


14ane: (Continued)Commitments, undisbursed portion should be reported in con-

tingent liability schedule of condition re-ports

Consolidated, discussion of whether maturity for, should befurther limited in connection with Amendment

No. 4, Section 10(b) Option 2stocks pledged with member banks as security for, ex-

istence of affiliate relationships because of,

policy of Board not to reply to Ilypotheticalquestions but possible reply suggested toFRBank of San Francisco

officer on leave of absence, loan to, which will ex-

pire prior to his leave of absence, Board to

make no objection

Corporate

Executive

FOreign:

Banco

General

de la Republica Oriental del Uruguay, loan by FRBankapproved, other FRBanks to be advised thatthey may participate in

Revision as to amount of collateralMotors Corp., provisions included in guarantee agree-

ment, letter from FRBank of New York on inclu-

221Pages

7/16 1443

4/30 788

2/26 358

4/14 716

5/8 9068/28 1709

Gold , sion in all agreements

In vaults, submission to Board for specific approval, let-ter to FRBank of New York on general policyadopted

Guaranteed by the U. S. or by any FRBank, memo from Mr. Wyatt

regarding alternate amendments to Section 5200

11/11

8/27

2150

1699

of the Revised Statutes to exempt 5/18 976Individual debt, reduction through amortization of bank loans,

I• banks and other lending agencies to report

ndivi duals for nonproductive purposes:5/25 1041

Telegram to FRBanks prepared by Messrs. Ransom, Szymczak,

and McKee on carrying out program outlined by

President 5/8 903

Amortization of, letter to FRBanks for instructions to ex-aminers 5/25 1034

Amortization of, letter to President of Commercial TrustCompany of New Jersey on situation in JerseyCity 5/26 1058

Industrial:Applications, forms 417 and 417a to be submitted monthly

instead of weekly 11/24 2227

Commitments, amount of, charge offs for, and earnings on,by FRBanks, information furnished to NationalBureau of Economic Research 2/26 360

FRBanks as fiscal agents, Secretary of Treasury to designate,

advances under FRAct to be guaranteed under Ex-

ecutive Order 3/26 560


L°arls: (Continued)Industrial: (Continued)

List of advances and commitments outstanding to be sub-

222

Pages

mitted semi-annually instead of quarterly 11/24 2227

Losses by FRBanks on, reply to National Bureau of EconomicResearch for information on 2/26 360

Losses shared by Treasury and FRBanks, liberalization of

Treasury regulations discussed at meeting with

Presidents 3/2 385

Operations under Sec. 13b of FRAct discussed at meeting

of Presidents with Board 2/3 177Proposal of Board that funds for, be furnished directly to

FRBanks by Treasury 4/1 607Regulation S amended to gear FRBanks to war program 4/30 826

Report of action on applications, form 508a to be discon-tinued

Reserves of certain FRBanks set aside for estimated lossesSurvey of new industrial and commercial loans made by mem-

ber banks, memo of Mr. Goldenweiser on pro-cedure for, approved

Forms F.R. 574-A and 574-B for reporting sent to FRBanksIndustrial loan corporation, statement of Presidents' Conference

in regard to creation of, to make loans tosmall business for war purposes, and discus-sion at meeting of Board with Presidents

11/2412/24

4/ 14/1

3/2

22272382

609611

385

Effect of bill on Executive Order authorizing FRBanks toact as fiscal agents for War Department, etc.,discussed 3/23 542

Instalment, fall call for condition reports to be omitted, butinformation with respect to personal loans and

retail instalment paper to be obtained for mem-

ber banks 7/18 1454Insurance policy loans, discussion of provisions of Regulation

with respect to, at meeting of the FAC with

the Board 5/18 965

Discouraging of, discussed at meeting of executive commit-tee of Federal Advisory Council with Board 7/ 1 1338

Limitations, letter on applicability of Sec. 5200, Revised

Statutes to war loans made by national banks,Board has no objection to the giving of a copy

of, to interested parties, information onState limitations on loans made by State

banks requested 5/12 924Member banks, suggested amendment to FRAct to repeal prohibi-

tion against making while reserves are deficient 2/3 182

Memorandum on proposed amendment distributed at meeting of

Board with Federal Advisory Council 2/16 273


223Pages

Lc)alls: (Continued)Member banks: (Continued)

Discussion of proposed amendment with Federal AdvisoryCouncil 5/18 963

Proposed amendment considered 5/19 982Amendment to be published in FRBulletin 7/21 1468

Modernization loans in connection with Federal Housing Act un-der "Summer Plan" no longer permissible underRegulation t, letter advising Mr. Goldbrightof the Heating and Finance Corporation 3/28 586

liOrris Plan Industrial Bank of New York, advised that Boarddoes not favor amendment to Regulation W, thatwould permit the initial payment on instalmentloans to be deferred for 90 days 1/14 53

Mortgage loans, letter to Commercial Trust Company of New Jerseyon, joint statement of amortization of loans toindividuals for nonproductive purposes 5/26 1058

!\T°n-purpose, receiving consideration in relation to a possibleamendment to Regulation W 3/23 539

Questionnaire on, sent to representatives of the trade andbank and finance companies giving reasons forincluding under Regulation W 4/ 6 640

Opinion of Mr. Brown that inclusion of, up to ,1500 inAmendment No. 4 to Regulation W, was unjusti-fied, discussed at meeting of FAC with board 5/18 964

Peoples State Bank, Cherryvale, Kansas, advised re floor planloan on pick-up that Board has no control overeither RFC or OPA, and that Congress is givingconsideration to solution of problem 4/14 718

Report by executive officer of loans from another bank which ex-isted at time of admission to FRSystem, orderedpublished in FRBulletin 1/23 113

Schedules in call reports, memo of Messrs. Smead and Golden-weiser on chan7es in form of 10/ 6 1952

Sec. 19: (See supra Member banks)'ecurities issued for purpose of paying off, to place borrower

in position for further use of bank credit,methods of restriction discussed 6/ 9 1167

Single-payment, opinion that they should be included to preventevasions of the purpose of Regulation W 4/30 786

Loans in excess of $1500 not subject to Regulation t, dis-position by banks and borrowers to reduce,discussed at meeting of executive committeeof Federal Advisory Council with Board 8/ 5 1561

Reduction in volume of, summary presented at meeting ofFederal Advisory Council with Board 9/14 1796


224Pages

Loans: (Continued)Small, lenders who specialize in, Mr. Brantley advised that

Regulation W is not intended to regulate pos-sible undesirable practices of 4/13 712

Small business, new bill to provide for, reported on by Mr.Eccles at meeting of Board with Presidents,Mead Bill considered inadequate 2/ 3 178

Expression of opinion regarding, by Messrs. Eccles, McKee,and Ransom 2/ 3 181

Supplemental, made under Bankhead-Jones Farm Tenant Act areexempt from Regulation W, under section 6(a),letter to Department of Agriculture 1/15 57

Term, receiving consideration in relation to a possible amend-ment to Regulation W 3/23 539

Violating Regulation W, taken without knowledge by First Na-tional Bank of Fairmont, Minnesota, no punitiveaction recommended, program of enforcement to

Loa,— be developed, letter to FRBank of Minneapolis 2/20 305" and investments, member banks, fall call for condition reports

to be omitted with understanding that FRBanksobtain classification of their member banks

SeParate schedules classifying for weekly reporting member

Loe,, banks suggestedDraft Board No. 3, Chevy Chase, Md., letter requesting defer-

menta of Leroy M. Piser on occupational grounds1c)n of banks:nashington Irving Trust Company, Tarrytown, New York, permis-

sion to change head office to Port Chester andtransfer Port Chester branch to Tarrytown

Lon—_ granted'°e Leaf Service, procedure for R and S letters, new procedure

oa A to be followed'Ingeles Stock Exchange, contemplated transactions involving

stock of Pacific Finance Corporation of Cali-Loss fornia

industrial loans and commitments, reply to National Bureautokt,e of Economic Research for information on14111,1,Y, Paul, apparent violation of Regulation Vv by

Baker, J. C., Assistant Dean of Harvard University, cost ofluncheon to be borne by Board

8alderston, Dr. C. C., of the Wharton School of the University

CH • of Pennsylvania, payment authorized

-alrmen of FRBanks, arrangements to be made for, in Board'sdining rooms on January 26

ravens, Kenton R., cost of luncheon to be borne by Board

7/18 1454

10/ 6 1953

11/ 4 2114

2/11 239

5/23 1026

7/ 6 1372

2/26 3606/ 2 1109

1/ 5 16

1/26 124

1/22 961/30 157


Llincheons: (Continued)Pahey, John H., Chairman of the Federal Home Loan Bank Board,

cost to be borne by BoardKenney, John, Special Assistant to the Under Secretary of the

Navy, cost to be borne by BoardGreensides, N. G., Federal Deposit Insurance Corporation, pay-

ment of cost of luncheon approvedMorris, Dave H., Jr., Assistant Secretary of the Treasury, cost

of luncheon to be borne by BoardCost of luncheon to be borne by Board

Newman, Dr. W. H., of the Marton School of the University ofPennsylvania, payment authorized

°PPegard, G. J., Federal Deposit Insurance Corporation, payment

of cost of luncheon approvedRoberts, T. V., Office of the Comptroller of the Currency, cost

of luncheon to be borne by BoardTwohy, James F., Governor of the Federal Home Loan Bank System,

cost to be borne by Board

225Pages

4/17 743

4/ 1 613

1/29 145

1/5 161/8 30

1/26 124

1/29 145

1/29 145

4/17 743

Plan Management Bureau, reply to question regarding RegulationV:, transfer of equity in automobile from son to

tla father 1/30 150lsh

e •Le, Archibald, letters from, to Chairman Eccles regarding

censorship procedure, transmitted to FRBanks 1/27 130tialL4,.8 Bank, New York, overdrafts, treatment of 5/29 1088

-Llng list:Addressograph plates for commercial banks to be made available

to Office of Price Administration by Board and

FRBanks 11/30 2245Regulation 14, purchase of list from R. L. Polk and Company

44,a nt by

FRBank of Cleveland for distribution of 6/24 1276agene of banks: AMerican Bank and Trust Company, New Orleans, La., features

disclosed by examination that require immediatecorrection 9/ 3 1723

Central Home Trust Company, Elizabeth, New Jersey, close obser-vation of situation should be continued, al-though process of rehabilitation appears sen-sible 1/ 5 12

Rock Island Bank and Trust Company, Rock Island, Illinois, ad-mitted to membership with understanding thatmanagement is to be strengthened 2/ 9 226

fl accounts, reports of ledger balances on Form-240 to bemade by all firms semiannually, except 15

8/20 1648largest firms in New York City


14ar1ttlie Commission:Delegation of authority to guarantee loans, copy of revised

226Pages

general order sent to FRBanks 9/19 1847Financing of war production contracts, plan discussed whereby

FRBanks by authority of an Executive Orderwould act as fiscal agent for, in regard to 3/20 507

Funds available to carry out provisions of Executive Order9112, Act signed by President providing for 7/ 2 1354

General order No. 54 revised on guaranteed loans, interpreta-

tion of provisions of 10/ 8 1974Guarantee agreements:

Inclusion of provisions included in loan to General MotorsCorporation, views requested 11/11 2150

Modification in standard form where loan is made or par -ticipated in by FRBank is guaranteed by Com-mission 6/15 1218

Special conditions to be inserted in, approved by 10/30 2091Guarantee loans, not necessary to submit to Commission for ap-

proval if amount of guarantee does not exceed8/14 1619

Instructions for war loans, copies of sent to FRBanks 5/16 948Interest, fees, and other charges to credit of, manner of cover-

ing into general fund 7/ 3 1364Manner of crediting to account of

Qu estionsll in connection with loan applications called to atten-tion of FRBanks

7/20

9/26

1456

1891RePresentatives designated to act for Commission in execution

of guarantee agreements, letter to FRBanks on 5/30 1097Staff:

Clark, Y. G., designated as representative of Commission in

War

141'ket

connection with loan applications in place of

George MayorLand, Rear Admiral Emory S., Chairman, advised of slight

change in guarantee fees to avoid uncertainty

Rockwell, W. F., authorized to execute guarantees for war

loans on behalf of, signature sent to FRBanks

loans, manner of handling negotiations by subcontractor

Adoption by, of a standard form of guarantee agreement for,letter to FRBanks regarding

Mr. Rockwell authorized to execute guarantees for, signa-

ture sent to FRBanksForm of certificate to be used byRecord, Inc., Chicago, Ill., letter to Mr. Anderson acknowl-

edging change in publication date and purposesof Regulation

Ilassachusetts Investors Trust, to be advised by Mr. Young, President

1%

of FRBank of Boston of Board's decision not toamend Regulation R

9/26 1891

V 9 666

5/21 10084/22 753

5/16 948

5/21 10085/25 1031

5/28 1078

3/6 432


227Pages

Ilather, Cotton, comments on difficulties in administration of Reg-

ulation Vi 11/11 2151IlaYer, Howard G., reimbursed for expenses of trip to Washington to

cAddiscuss problems arising under Regulation W 2/26 360

Jno. Q., Commissioner of Banking of State of Texas, sug-gested standard caption for top of publisherscopy of condition form acceptable to State bank-ing authorities and Board of Governors 6/26 1299

liceawley, James: (See Regulation W, United Roofing Contractors As-

sociation)Y S.F.!)., Special Representative of the Recording & Statis-

tical Corporation, advised that non-inclusion

of an appraisal guide is not a reflection onits accuracy 4/10 694

ue ,(See also Recording & Statistical Corporation, Chicago, Ill.)Moer banks:Condition reports of weekly reporting member banks to show

Treasury certificates of indebtedness sepa-rately, code words and instructions sent allFRBanks 4/ 9 669

, (See also Condition reports)r-xaminations of, suggestion that number of, be reduced, dis-

cussed at meeting of Board with Presidents 3/ 2 390National banks: (See National banks)Aerating ratios, supply of Form F.R. 456 for compiling data

for 1942 sent to FRBanks 12/ 3 2263RePorts on commercial and industrial loans, suggested in memo-

randum from Mr. Goldenweiser and proposed formto be sent to FRBanks for comments and sug-gestions, discussed and approved 2/ 6 200

Request for report reconsidered and approved with letterto FRBanks 2/ 6 206

State member banks: (See State member banks)1%ek1y reporting, new schedules classifying loans and invest-

liternb„ ments suggested 10/ 6 19537'Ship in FRSystem:Abingdon Bank and Trust Company, Abingdon, Illinois, applica-

tion approved subject to condition of paymentof deferred certificate of deposit 1/31 160

Ame rican Bank and Trust Company, Miami, Florida, applicationapproved, management situation to be watchedcarefully 5/ 1 835

':"Ies Trust and Savings Bank, Ames, Iowa, application approved 3/ 4 414'rkansas Trust Company, Hot Springs, Arkansas, application ap-

proved and savings account to be brought intoconformity with law 9/14 1803

Austin State Bank, Austin, Minnesota, application approved sub-ject to increase in capital structure, North-

west Bancorporation to comply with conditionsfor general voting permit entitling it to votethe stock of 4/30 819


228Pages

Membership in FRSystem: (Continued)Austin State Bank: (Continued)

General voting permit approved subject to certain condi-

tions 4/30 823Bank of Auburn, Alabama, application approved subject to charge

off of losses and permission must be obtained

to exercise powers not being used 12/10 2298Bank of Menomonie, Wisconsin, application approved subject to

certain charge offs and capital requirements2/21 307Bank of Mount Eaton Company, Mount Eaton, Ohio, application ap-

proved and savings deposits to be brought intoconformity with law 5/28 1074

Batik of Neosho, Missouri, application approved 3/20 515Bank of Oakfield, Wisconsin, application approved and savings

account to be brought into conformity withlaw 5/ 6 867

Bank of Southold, New York, application approved subject tocertain charge offs 3/11 462

Baank of lharwick, Hilton Village, Va., application approved andcriticized matters to be supervised 9/10 1765

Baank of Waverly, Inc., Waverly, Va., application approved and

savings deposits withdrawals to be made to con-form with provisions of law 11/17 2190

Bank of Westchester, Yonkers, New York, application approved

subject to certain charge offs, and employment

of an Executive Vice President satisfactory toFDIC and RFC, retention and operation of

branches at Mt. Kisco and Larchmont approved

Barnes Banking Company, Kaysville, Utah, new application must

be made upon expiration of charterBeloit Savings Bank, Beloit, Wisconsin, to be advised that it

should not belong at the same time to the Home

Bru Loan Bank System and the FRSystem

ceton Bank, Bruceton Mills, W. Va., application approvedancellation of conditions:

Monongahela Trust Company, Homestead, Pa., involving holding

Ce of stock in Hays National Bank

ntral State Bank, Connersville, Indiana, application ap-

proved subject to certain charge offs, common

stock to be shown at par valueCertificates of, reply to First State Bank of Hitchkiss, Colo.,

that it is not necessary to display in lobbyChicago City Bank and Trust Company, Chicago, Ill., application

approved subject to certain conditions, includ-

ing charge offs and increasing of capital

C.structure

i..zens Bank, Cardington, Ohio, application approved'ltazens Bank of Follansbee, W. Va., application approved sub-

ject to charge off of losses

3/30 590

8/18 1632

5/18 97410/28 2078

12/22 2360

5/15 937

5/23 1028

3/ 2 4006/30 1322

6/22 1264


229Pages

ership in FRSystem: (Continued)Citizens Bank, Magnolia, Arkansas, application approved, ap-

plicability of sec. 32 to one of directorsCitizens Bank of Montana, Havre, Montana, application approved

and banking situation in community to be

4/13 708

watched 12/19 2343Reasons for including statement on following situation in

connection with application 12/31 2414Citizens Banking Company, Perrysburg, Ohio, application ap-

proved subject to charge off of losses 12/17 2333Citizens Loan and Trust Company, Washington, Ind., application

approved and compliance with condition No. 6waived 11/ 7 2131

Citizens State Bank, Ellsworth, Kansas, application approved,savings accounts to be brought into conformitywith law and excess balance with nonmember bankto be reduced 12/22 2359

Citizens State Bank, Hempstead, Texas, application approved 6/12 1202Cltizens State Bank of Petersburg, Ind., application approved

and compliance with condition No. 6 waived 10/26 2062Colonial Savings Bank, Fremont, Ohio, application approved sub-

ject to bank bringing savings accounts intoconformity with law and further inquiry intooutstanding obligation 8/25 1678

Commercial and Savings Bank of Millersburg, Ohio, applicationapproved and bank to reduce excess balance with

C nonmember bank

onditions:7/ 1 1344

FRAct, Section 9, discussion of amendment to permit a Statebank with capital as low as !',',25,000 to become amember of the FRSystem 5/19 983

C operative banking institutions, reply to Congressman Voorhis

on possible membership in FRSystem 2/ 4 191Credit unions, eligibility for, telegram to Mr. Swanson for

full information on particular case 6/ 3 1128Eligibility under laws of State of Minnesota and generally 8/ 6 1572Letter from Treasurer of League Credit Union of St. Paul,

Minn., referred to FRBank of Minneapolis forreply 12/ 5 2271

Credit unions or cooperative banking institutions, reply toCongressman Voorhis advising of amendmentsnecessary to allow membership in FRSystem by 2/ 4 191

6ensville State Bank, Curwensville, Pa., application approvedsubject to charge off of losses and payment ofinterest on time certificates of deposit to bebrowTht into conformity with law 12/ 5 2270


ership in FRSystem: (Continued)Deriville Loan and Savings Bank, Danville, Va., application ap-

proved subject to charge off of losses and de-

posits to be brought into conformity with lawDeMotte State Bank, DeMotte, Ind., application approved subject

to charge off of lossesDundee State Bank, Dundee, New York, application approvedExchange Bank and Trust Company, El Dorado, Ark., application

approved subject to charge off of losses and

permission of Board must be obtained to exer-

cise fiduciary powers beyond one account now

handledFarmers and Citizens Bank, Tiro, Ohio, application approvedFarmers and Merchants Bank of Spencer, N. Y., application ap-

proved subject to charge off of lossesFarmers State Bank of Buffalo, Ill., application approvedFarmers State Bank of Englewood, Ohio, application approved,

savings department to conform with the provi-sions of law and the Board's regulations

Farmers State Bank of Illiopolis, Ill., application approvedsubject to increase in number of directors

Pirst Jeannette Bank and Trust Company, Jeannette, Pa., appli-cation approved subject to charge off of lossesand management of trust department to be watchedand savings departments to be brought into con-formity with law

First State Bank of Hotchkiss, Colorado, application approved

Advised that it is not necessary that the certificate of

P. membership be posted in the lobby'lrst State Bank of Lamed, Kansas, application approved, tele-

gram to FRBank to advise of approval and FRBank

to follow matter of amending charter with re-

spect to number of directorsState Bank, Lockwood, Texas, application approved

State Bank of West Manchester, Ohio, application approved

Trust & Savings Bank, Kankakee, Ill., application ap-

provedUnion Bank and Trust Company, Winamac, Ind., application

approved and shareholders meeting to take ac-

tion to make increase of capital validFrench Lick State Bank, French Lick, Indiana, compliance with

condition No. 6 waived and possible merger ofbanks to be considered

Ferry Bank, Limited, Glenns Ferry, Idaho, applicationapproved subject to charge off of losses and

excess balance with nonmember bank to be re-

ducedG°1dfield State Bank and Trust Co., Goldfield, Iowa, applica-

tion approved

First

rirstFirst

Pirst

Glenn,s

230Pages

12/ 4 2268

7/16 14421/26 122

8/25 167911/ 2 2099

7/ 7 137910/ 9 1995

5/ 7 878

9/30 1909

8/14 16174/17 736

5/23 1023

6/22 126510/12 20085/29 1085

12/ 9 2293

7/25 1482

11/ 3 2106

9/ 5 1739

5/12 924


Memb

231Pages

erehiP in FRSystem: (Continued)Granite Trust Company, Quincy, Mass., application approved sub-

ject to charge off of losses and permissiongranted to retain branches in Weymouth, Mass. 10/15 2023

Grant County Bank, Sheridan, Ark., application approved 5/29 1085Havre de Grace Banking and Trust Company, Havre de Grace, Md.,

application approved and savings deposits with-drawals to be brought into conformity withlaw 8/12 1607

Industrial State Bank of Kalamazoo, Mich., application approvedand comments on interlocking relationship ofDirector George E. Monroe 9/19 1845

J. P. Morgan & Co., Incorporated, New York, New applica-tion approved with understanding that theMorgan Grenfell & Co., Ltd. will be an affil-

gLado—

iate 4/23 757d State Bank, Ladoga, Indiana, application approved 10/ 9 1994

'Lorain County Savings & Trust Company, Elyria, Ohio, action de-ferred on application until management has beenstrengthened 3/26 563

Manufacturer's Bank of Cohoes, New York, application approved,

Mari attention to be given to management problem 3/30 589

6/ 8 1156 on State Bank, Marion, Texas, application approvedMechanics and Farmers' Bank of Albany, New York, action on ap-

plication deferred, FDIC opposed to extendingdeposit insurance to a bank sharing quarterswith an uninsured nonmember bank 2/18 295

Letter from FDIC regarding deposit insurance 2/18 296Action deferring application not to be included in policy

record 2/24 348Merchants and Planters Bank, Norfolk, Virginia, application ap-

proved subject to the establishment and main-tenance of complete records of the trust de-partment and reduction in number of directors 4/16 727

Ilexico Savings Bank, Mexico, Missouri, application approved,subject to further progress in banks asset con-dition and Reserve Bank will follow up situa-tion 8/28 1708

Mc)gadore Savings Bank, logadore, Ohio, application approved andsavings account to be brought into conformity

OtBwith lawannon Banking Company, Buffalo, Missouri, application ap-

proved, reasonable dividend policy to be fol-lowed

12/26

1/26

2393

123%)apital Bank and Trust Company, Corydon, Ind., application

approved, telegram to Mr. Davis to transmit ad-vice 6/26 1298


232Pages

liembers hip in FRSystem: (Continued) .Peninsula Bank of Ishpeming, Ishpeming, Mich., application ap-

proved 8/26 1688Peoples Bank, Beaufort, S. C., application for membership ap-

proved subject to certain charge offs and ade-

quate capital to be maintained 6/12 1201

Peoples Bank of Lakewood Village, Los Angeles County, Califor-

nia, action on application to be deferred until

consideration of matter by Mr. McKee with FDIC,

because of possible connection with Transamerica

Corporation 1/16 70

Discussion between Messrs. McKee and Crowley resulted in de-

cision that application should not be approved 1/22 103

Application to be forwarded without recommendation of execu-

tive committee of FRBank of San Francisco as

question of policy to be determined by Board 1/22 105

Advised that application is receiving the attention of the

Board 1/31 161

Discussion of application, review of connections with Trans-

america Corporation, letter from FDIC regarding,

letter to be drafted by Legal Division and Divi-

sion of Examinations advising that Board is un-

willing to approve application on information

before the Board 2/ 6 208-14

After careful consideration of application Board has decided

not to approve on basis of present information 2/14 257Copy of letter to be sent to the Comptroller and FDIC 2/14 257Reply to letter of Mr. Houghton advising him that the Board

has acted upon the application of 2/19 300

Letter to be drafted advising that application may be ap-

proved upon severing connections with Trans-

america and maintaining an independent status 3/10 444Reply to be drafted to Mr. Knox, Superintendent of Califor-

nia Banks, in light of above letter 3/10 445Board to reconsider application, conditions upon which ap-

proval will be given, Messrs. Crowley and Delano

in agreement with suggestions according to memo-

randum prepared by Mr. Wingfield 3/11 463

Mr. Knox advised of reasons why Board did not approve ap-

plication 3/11 465

Application approved subject to authorization of appropriate

State authorities, and maintaining status as a

local independent institution

Letters sent to Comptroller and FDIC advising of Board's

Pe approval of the application

°Pies Bank, Pikesville, Md., application approved

5/ 6

5/ 66/16

868

8691223


Uerabers hip in FRSystem: (Continued)Peoples Banking Company of Lewisburg, Ohio, application ap-

provedPeoples Savings Bank, Laurel, Iowa, application approvedPerrysburg Banking Company, Perrysburg, Ohio, action on applica-

tion deferredPer u Trust Company, Peru, Indiana, application approved, certain

practices to be watched by FRBankPickerington Bank, Pickerington, Ohio, application approvedPlan for bringing in nonmember banks or affiliating them with

System suggested by Mr. Draper but no actiontaken

P°rt Byron State Bank, Port Byron, Ill., application approvedand FRBank to follow situation with respect towaived deposits

Po ughkeepsie Trust Company, Poughkeepsie, N. Y., application ap-

proved subject to charge off of losses and com-

r pliance with condition number 6 waivedattsburgh State Bank, Prattsburgh, New York, application ap-

proved subject to certain charge offsRan dallstown Bank, Randallstown, Md., application approved and

savings account to be brought into conformitywith law

Ravalli County Bank, Hamilton, Mont., application approved sub-ject to charge offs and FRBank to give bankclose supervision

, Extension of time for completion of membership'c)ck Island Bank and Trust Company, Rock Island, Illinois, ap-

plication approved, with understanding that man-agement is to be strengthened

St. Michaels Bank, St. Michaels, Md., application approved and

excess balance with nonmember bank to be re-

ducedSeguin State Bank and Trust Company, Seguin, Texas, application

approved and bank not to handle trust business

until necessary organization and equipment are

set upSeville State Bank, Seville, Ohio, application approved, sav-

233Pages

5/29 10842/18 295

6/11 1186

1/26 1227/ 3 1361

11/20 2204

8/26 1687

6/30 1320

3/24 548

9/ 5 1738

6/15 12167/10 1402

2/9 226

10/11 2007

6/13 1209

ings account to be brought into conformity withlaw 12/30 2407

South Chicago Savings Bank, Chicago, Illinois, application ap-

proved subject to certain charge offs 5/15 939Extension of time to accomplish admission 5/25 1031

State Bank of East Moline, Illinois, application approved sub-

ject to charge off of lossesState6/17 1231

Bank of Hardinsburg, Indiana, application approved and ex-cess balance carried with nonmember banks to bereduced 7/29 1512


Ileniber 1„;8-u-P in FRSystem: (Continued)

State Bank of Latham, Ill., application approvedState Bank of Lima, Howe, Indiana, application approved, change

to be made in savings pass books in regard to

State Bank withdrawals

of Marathon City, Marathon, Wisconsin, applicationapproved

State Bank of Milan, Indiana, application approved subject tocertain charge offs, common stock to be shown

State B at par value

Bank of Northfield, Minnesota, application approved sub-ject to increase in number of directors, North-west Bancorporation to comply with conditionsfor general voting permit entitling it to votethe stock of

General voting permit approved subject to certain condi-tionsState B ank of St. Charles, Ill., application approved

State'e Bank of Virginia, Minnesota, application approved subjectto increase in number of directors, etc., North-west Bancorporation to comply with conditionsfor general voting permit entitling it to votethe stock of

voting permit approved subject to certain conditionsState''te Street Bank and Trust Company, Quincy, Ill., application

approved subject to charge off of losses andsavings deposit withdrawals to be brought into

Stockraen, conformity with provision of lawS Bank, Gillette, Wyoming, application approved and

savings accounts to be brought into conformitywith law and balance with nonmember bank to bereduced

,1„4full tamers Bank, Tipton, Mo., application approved''PLon State Bank, Tipton, Iowa, application approved subject to

charge off of lossesuu Matthews Banking Co., Chillicothe, Ill., application ap-

provedTwin Valley Bank, West Alexandria, Ohio, application approved

and change in wording of savings pass book tobe madeUnion Bank, Loogootee, Ind., application approved and excessbalance with nonmember bank to be reduced

Uni°n Bank of Michigan, Grand Rapids, Michigan, Board willingto approve application on condition that itcreate a reserve of $150,000 for dividendsand increase its capital stock to $500,000

12/10

4/30

4/ 2

4/22

4/30

4/309/12

4/304/30

7/29

9/216/13

10/ 1

7/17

5/28

7/14

5/19

234Pages

2299

818

614

752

820

8231789

821823

1511

18531209

1919

1448

1075

1420

986


14em •bershlp in FRSystem: (Continued)

Union Bank of Michigan: (Continued)Application approved, to create reserve for payment of divi-

dends in capital stock and increased capitalstock and operation and retention of branch ap-proved

Condition amended providing that capital need not be in-creased if branch is not operated

on Bank and Trust Company, Bowling Green, Va., application

235Pages

6/16 1224

6/29 1317

approved, bylaws to be revised and other changesto be made 10/ 3

Uni°n Savings and Trust Co., Warren, Ohio, application approved,retention and operation of branch at Newton

Union Falls, Ohio, to be permitted 3/16State Bank, Clay Center, Kansas, application approved,

Wheelock indebtedness and assigned claims to

University be eliminated and other corrections to be made 8/ 6

iversity State Bank, Houston, Texas, application approveddespite insufficiency of capital stock, provi-sion as to maintenance of reserves and given

Ireede rsb 90 days to complete membership 2/17

urg State Bank, Veedersburg, Ind., application approvedand bank to revise trust operations to conform

Waiver of to approved procedure 7/29condition

Richland Trust Company, Mansfield, Ohio, FRBank of Cleveland

1938

496

1571

287

1510

authorized to waive membership condition num-bered 6

Union Savings and Trust Co., Warren, Ohio, FRBank of Cleve-land authorized to waive membership condition

Water numbered 6100 Savings Bank, Waterloo, Iowa, application approved by

telegram and fiduciary activities to be organ-ized

whir:Lnster Savings Bank, Westminster, Id., application approvedll°use State Savings Bank, Whitehouse, Ohio, application ap-

Willi proved subject to charge off of lossesam Penn Bank of Commerce, Pittsburgh, Pa., application ap-

proved and management situation to be super-l vised by FRBankannetka Trust and Savings Bank, Yannetka, Ill.,

4eMPhis ci approved and trust operations to

applicationbe revised

earing House Association, changes in rules and regulations"chant

M on par clearance of checks

•arine, on

of FRBanks joining are entitled to bene-fits accorded to those entering military serv-ice

4/11 697

4/11 697

12/23 23723/2 399

11/30 2242

12/ 7

12/18

2/16

2275

2339

278

11/10 2142


236Pages

t7T, Howard N., copies of foreign exchange reports sent to 11/23 2219calgan:Minnesota National Bank of Duluth, reply to question asking

whether the Board would grant limited fiduciarypowers to a national bank in the State of 5/ 7 879

National Used Car Market Report, Inc., advised of guides desig-nated for use in certain counties of 5/26 1060icrof

press reviews of Bank for International Settlements,facilities of Coordinator of Information to beused for 5/ 4 845

ry Government Division of Army:4esistance of Board requested with reference to banking and

financial phase, outline in plans and studies

Tel being made by 11/ 6 2128egram to FRBanks for information as to officers in Army

who are fitted for dealing with financial

klita phases of work in occupied territory 11/28 2237rY governments, synopsis of War Department program for, Mr.

Lawrence Clayton designated to maintain liaison

Pr in connection with 10/10 2005 oblems in

in military occupation of countries, Mr.Clayton authorized to supervise compilation oflist of names qualified for service in connec-

4ilitary tion with 10/21 20/,5reservations, banking facilities at, FRBanks to be advised

of designation by Secretary of the Treasury of

u1jt, /7 s State member banks in connection with 11/30 2243ervice: zank

s as essential industries, classification recommended byFederal Advisory Council 6/ 3 1118

13ert°-, Louis N., captain of the guard, granted leave of ab-sence for 3/ 4 414

Stanley J., foreman operator (duplicating devices),granted leave of absence without pay to enter

Brenna duty with Navy 11/25 2229

n JBuckl .oun C., granted leave of absence for 5/18 973-4eY, Thomas N., telegraph operator, granted leave without

Colli pay to enter service with Naval Reserveer, Raymond J., junior economist, granted leave of absence

Cool- to serve with Naval reserveo Leroy H., guard, granted leave of absence for

-41e, Pinar, resignation as guard to enlist in Coast Guard Re-Crawf serves because of temporary status

Grant of D., granted leave of absence for

LTrant of leave for, rescinded and resignation accepted

11/16 2174

5/28 10734/16 727

6/29 1315/I/10 6895/ 1 835


ililitary service: (Continued)Cunningham Alex, resignation as director at Helena Branch to

m enter

Da Pley, Chester B., painter, granted leave to enter servicewith U. S. Navy

Deferment of employees of Board:Advice to Civil Service Commission that it is general

policy not to ask forPiser, Leroy Y., Chief of Government Securities Section,

deferment requestedLetter to President of the United States requesting

De

re-classification

Deferment of employees of FRBanks from draft on occupationalgrounds discussed by executive committee ofFederal Advisory Council

Edwards, Harry L., clerk in Division of Personnel Administra-tion, granted leave to enter Maritime servicebut not to be reimbursed for life insurancepremiums

3rees of Board and FRBanks to be accorded benefits andthose not entitled to them

FRBanks as essential industry for purposes of deferment from,Board not in favor of classification as

."Lc..1-e employees of FRBanks entering military service should be

Fels_ accorded same benefits as male employees

Gad, Thomas George H., FRExaminer, granted leave of absence for

"gq, Thomas H., granted leave for, payment of unearned salary

Good, George d, George E., granted leave without pay to enter service

with Armyliwood, Gordon, granted leave without pay to enter service

Rao.,er, with Army

Herbert H., assistant FRExaminer, granted leave without

rt, B pay to enter duty with Navy

ishop, granted leave without pay for, to reenter activeduty with the United States Army, unearned sal-

Hart, John J.,ary not to be given as previously paid

assistant FRExaminer, granted leave without pay

Johns() , to enter service with Armyn Edwin J., Assistant FRExaminer, granted leave of ab-

sence for-'°/13 Sven E., foreman of laborers, granted leave to enter

G Navy

IC4Y,/c41 eorge R., granted leave of absence forKV-gore, J. E., granted leave of absence to enter NavyIne, William A., printing clerk, granted leave without pay

to enter service with Army Air Corps reserve

237Pages

10/ 6 1950

9/19 1844

7/ 1 1348

11/ 4 2114

11/23 2217

10/ 7 1960

10/10 2002

11/10 2141

6/ 1 1102

6/12 1201

5/7 877

1/5 10

11/21 2213

11/30 2241

11/ 9 2133

1/16 76

11/12 2152

5/25 1031

9/ 3 17224/15 7209/ 8 1749

11/24 2225


1411ta, rY service: (Continued)4/light, Grover C., index clerk in Secretary's Office, granted

Lan leave without pay to enter United States Army

g,iam, Lee W., guard, granted leave for1Jor1gstreet, Victor M., Senior Economist, granted leave of ab-

Ly sence without pay for

°n, John N., clerk in Secretary's Office, granted leave with-out pay to enter Naval Reserve

One, Charles T., FRExaminer, granted leave of absence for?parsons, Thomas M., granted leave of absence foreregory, Walter L., operator, duplicating devices, granted

leave without pay to enter service with Naval

Pis—, ReserveLeroy M., letter to Local Draft Board No. 3, Chevy Chase,

Md., requesting deferment on occupationalgrounds

Letter to President requesting reclassification for defer-

Rem- ment104 -lng, Benjamin R., guard, granted leave of absence for"-Leseberg, Robert W., accounting clerk in Secretary's Office,

Sand granted leave of absence for

erson, James W., guard, granted leave of absence without

So pay for service with Coast Guard1°mon, Frederic, Assistant Counsel, granted leave of absence

Ta, forJlor, Jay, FRAgent at Dallas, reappointed with understanding

7/181/ 7

5/15

6/155/114/14

11/16

11/ 4

11/233/13

2/27

7/17

4/20

238Pages

145419

937

1215914715

2174

2114

2217490

376

1447

747

that leave would be for period necessitated by

W military service 12/ 8 2283 al ters , Alvin C., secretary to Governor McKee, granted leave

of absence for 3/ 9 435".4-er, Patrick J., granted leave of absence without pay 10/15 2022

so ' Jesse I.: (See Provost Marshal General's Office)RTPhed letters:

IltriltE:Z: series to be discontinued 5/23 1026new procedure for distribution of 5/23 1026

11440Ze it unions, eligibility for membership in FRSystem 8/ 6 1572A-endall & Co., Inc., Boston, Mass., reply advising that under

Regulation T, dealers are not prohibited frompurchasing from a customer securities calledfor redemption to enable the customer to pur-chase from the dealer other securities in ad-vance of the call date 5/ 6 870141111

Board of Governors: (See Board of Governors, Minutes)nference of Chairmen, revised copy sent to Chairmen with re-

quest for suggestions 11/18 2195


1118SiS81ppi:

4ational banks in, opinion of Board that they may not make in-terest payments in excess of rates prescribed

14°cle A by State Bank Comptroller

%de) rthur S.: (See Regulation W, Leo S. Mode & Company)111-Art & National Shuffleboard Co., Irvington, N. J., sales

made that did not comply with Regulation W

before advice that shuffleboards were listed

tgOneY markets:R-eserve situation in, and effect on future market issues of

the Treasury, discussed at meeting of ExecutiveCommittee of Federal Advisory Council withBoardother cities for New York as money market, sug-gestion that more than one market could be es-tablished through use of telephone and tele-graph, discussion at meeting of Board withExecutive Committee of the Federal AdvisoryCouncil

telegraphic transfer orders representing funds trans-ferred by soldiers in Alaska, letter to allFRBanks on handling of

Association, Helena, Mont., request that facilitiesof Helena Branch be available to Montana banksfor safekeeping and redemption of war savingsbonds

advised that contract providing for balloon pay-ment at its end may be revised to provide for

further monthly paymentsAssociation, letter to Mr. Vane on questions

in connection with Regulation Wapplication of Regulation Vi to stokers and

coal loansunder Regulation W mayof 12 months over dateaccount is in default

Substitution of

tiOneyorders,

Vorltana Bankers

4°°t1e, Donald A.,

tiorris Plan Bankers

Reply regarding

RePly that loan

c)rriemor;-!-an companies:

ls Plan Banking Company of Boston ruled to be a "bank"within meaning of section 13 of FRAct

Industrial Bank of New York, advised that Boarddoes not favor amendment to Regulation W thatwould permit the initial payment on instalmentloans to be deferred for 90 days

Savings Bank, Jacksonville, Florida, advised ofreasons of Board for not designating AmericanAuto Appraisal for use in connection with Reg-ulation W

articles

have maximum maturityof loan even if charge

140r'ri3 Plan

143rris Plan

239Pages

1/27 126

7/30 1517

3/12 471

3/12 477

8/22 1662

7/14 1427

4/16 731

1/13 46

5/19 993

7/ 9 1394

3/10 458

1/14 53

4/7 652


Ne•shirial'e Clearing House Association, changes in rules and regula-

kat;,oaal A tions on par clearance of checks"sociation of Credit Jewelers, New York, request for op-

portunity to be heard on matters pertaining toinstalment sale of jewelry and request to beput on mailing list for information on Regula-tion

240Pages

tiorr;Hohfeld, Foerster, Shuman & Clark, San Francisco, Cal-

ifornia, reply to questions relating to theexistence of affiliate relationships when cor-porate stocks are pledged with member banks

4ortgages: as security for loans 2/26 358

First lien under Regulation W regardless of status of any

R . property taxes 2/ 3 168Re properties, list of State member banks holdings

will be furnished Bureau of the Census for mail-ing bulletin on housing conditions 7/ 8 1385

Second mortgage considered as first lien when both notes areheld by the same lender, under Regulation W,

P B . Interpretation 128 3/ 4 415(See Billings Utility Company, Billings, Montana)140tor 11.ehiscie Division, State of Nebraska, Lincoln, Neb., publica-

tion of Official Nebraska Used Car Survey tobe made only when necessary instead of guar-

111-1-er, terly 8/19 1641

Gustave: (See National banks, First National Trust and

1111148, We Savings Bank, San Diego, Calif.)

Russell: (See Heaton, Mules, Ireton & Hatch, Baltimore,Id.)

Senator James E., advised of reasons ahy the report in con-nection with the application of the BillingsUtility Company, Billings, Montana, for a loanfrom the FRBank of Minneapolis cannot be made

Letter available 5/20 1001O n refusal of request of Mr. Moss of Billings Utility

Company for copy of report of examiner who madeinvestigation in connection with application

Letter for loan 7/ 9 1389on request of Billings Utility Company for confidential

report in connection with application for loan 10/ 2 1937Tr,srings bank:,suees

1 Citizens Savings Bank, Providence, Rhode Island,advised that an exception to section 32 ofBanking Act of 1933 can not be made 3/ 9 436

"N"

2/16 278

10/28 2082


Nati onal Association of Credit Men, letter on applicability of Reg-

ulation W to establishments that furnish serv-ices

ual Association of investment Companies, Regulation R, requestfor amendment to exempt interlocking relation-ships between member banks and open-end invest-ment companies disapproved

nal Association of Supervisors of State Banks:Executive Committee meeting April 18, Messrs. Ransom and McKee

to attend, to be invited to use Board Room formeeting

regarding Board's reasons for opposingand 2148, to amend the Homeof 1933, etc.

outline of program forMr. White to obtain

R of State Banksesolution adopted by and executive

NaticInal ington for meeting

Automatic Merchandising Association, Chicago, Illinois, tobe advised that information on number of nickelsshould be obtained from Treasury Department

Reply to,

Regulation VI,

ilaticaal banks:Absorption of exchange and collection charges, action against,

Albert • for violation of regulation discussed

ialle National Bank, Albertville, Alabama, charge of 15cents made by, for cashing veterans' checks,reply to Senator Hill regarding

National Bank of Jacksonville, Fla., permission toSouth Side Bank of Jacksonville to carry re-serves required of banks in outlying districtsupon conversion of nonmember bank into na-tional bank

National Bank and Trust Company of Mobile, Alabama,action on application to make acceptances upto 100% of capital and surplus, deferred pend-ing opinion of Comptroller as to whether thecondition of the bank justifies the grant ofauthority

BankAPP,,lication to make acceptances up to 100% approvedp?' America National Trust & Savings Association:leferential account in connection with contracts for in-

stalment paper constitutes deposit liabilityagainst which reserves must be carried, ques-tion to be submitted to FDIC and anotherFRBank

AMerican

Araerican

S. 2146, 2147,Owners' Loan Act

enforcement of, sent tocooperation of Supervisors

committee to come to Wash-

241Pages

12/12 2306

9/ 4 1731

3/23 540

5/25 1042

7/15 1438

11/20 2205

6/ 4 1135

11/16 2184

5/23 1028

10/26 2063

3/3o 5924/16 730

1/8 26


Nati ()nal banks: (Continued)Bar* of America N.T. & S.A.: (Continued)

Differential account: (Continued)Letter to FDICLetter to Mr. Sproul, FRBank of New YorkReply to FRBank of San Francisco on conclusions

Holding company affiliate relationship with Transamerica

Corporation, letter advising that Board does

not consider as terminated, and that Board is

without authority to waive filing of reports

of affiliatesCopies to be sent to Messrs. Clerk and Crowley, and the

Comptroller of the CurrencyPeoples Bank of Lakewood Village, Board to reconsider appli-

cation of, for membership upon showing that af-

filiate relationships with, have been severedMr. Knox advised of reasons why Board did not approve

applicationSubmi ssion of report by, covering holding company affiliate

relationship with Transamerica CorporationwaivedCa al National Bank in Austin, Texas, application for fidu-

Citizens National powers approved

ens National Bank of Hope, Ark., application for fidu-

Conditi ciary powers approved

on reports:Call as of December 31, 1941Call as of April 4, 1942Call as of June 30Change in item due to and due from other banks being con-

Cent sidered by Comptroller of Currency

inental Illinois National Bank and Trust Co., letter from

Treasury regarding examination which revealed

that Mr. Lewis, Chairman and FRAgent was en-gaged in unethical transactions with, involv-

ing Government securitiesPurchase and sale of Government securities by Frank J.

Corm— . Lewis through, Mr. Cagle in Chicago"slon into nonmember State bank being considered, men-

tioned in letter to FRBank of St. Louis 1/ 1 6Louis 1/ 1 6.rcement of Regulation W, letter to Comptroller of the Cur-

rency- on cooperation with other authorities in 6/12 1204'r s National Bank of Danville, Kentucky, supplemental ap-

plication for fiduciary powers approvedPil'st National Bank of Alpine, Brewster County, Texas, trans-

Nat

4/ 3 623

Pirs+, fr from San Antonio to El Paso territory 12/14 2311ional Bank of Arcola, Illinois, application for fidu-

ciary powers denied 2/ 2 163

242Pages

1/ 8 271/ 8 282/21 310

1/22 101

1/22 105

10/22 2048

12/31 2415

1/2 84/7 6507/ 3 1359

3/24 550

5/22 1011

5/26 1046


Natio nal banks: (Continued)First National Bank of Boston, Mass., letter of Mr. Charles

E. Spencer, Jr., on amendment to RegulationR with respect to interlocking relationshipsbetween member banks and open-end investmentcompanies

First National Bank of El Campo, Texas, application for fidu-ciary powers denied

APPlication for fiduciary powers granted after reconsider-

Firstation, to act as co-trustee

National Bank of Etna, Pa., assets to be purchased andliabilities assumed by Peoples-Pittsburgh TrustCompany and branch to be established and op-erated

Pirst National Bank of Fairmont, Minnesota, FHA loans taken by/without knowledge that such loans were in viola-tion of Regulation W, no punitive action to berecommended, program of enforcement to be de-veloped, letter to FRBank of Minneapolis

Bank in Fort Collins, Colo., application for fi-duciary powers approved upon assurance of im-provement in the facilities for handling trustsBank of Galveston, Texas, acceptance of savingsdeposits from Army Post Exchange

Bank of Garwood, New Jersey, purchase of assetsand assumption of liabilities of, by the West-field Trust Company, Westfield, New Jersey, andestablishment and operation of branch at Garwood

approvedBank, Hattiesburg, Miss., letter to Mr. Foote

First National

First National

First National

First National

243Pages

10/17 2037

1/20 90

3/27 576

10/13 2014

2/20 305

6/25 1282

9/14 1804

3/26 564

on FRBank of New York holding securities insafekeeping for other FRBanksPi

rst National Bank of Kane, Pa., purchase of assets and as-

sumption of liabilities by Kane Bank and TrustCompanyFirst National Bank of Newark, Arkansas, application for fidu-ciary powers to act as trustee in certain casesapproved

pirsStuili7ender of fiduciary powers approved'ational Bank of Paris, Texas, penalty for deficient re-

serves waivedBank of Princeton, N. J., procedure under Regulation W as to loans to college professors andschool teachersFirst

National Bank of Rantoul, Illinois, letter to FRBank of

12/16

12/30

2/27/15

2/2

2/27

2326

2408

1641429

163

378

Pi rst National

Chicago on shipments of currency for Army payroll purposes

Bank of Sparta, Illinois, surrender of fiduciarypowers approved

7/30

3/3

1519

408


National banks: (Continued)First National Bank of Warsaw, Ind., granted permission to act

as trustee in case cited onlyto act as trustee in case cited in addition to

powers previously grantedBank of Weatherly, Pennsylvania, approval for

assumption of liabilities of, by Markle Banking

and Trust Company, Hazleton, and establishment

of branch at Weatherly, rescinded

Bank of Westwood, N. J., letter to Mr. Dickson

commenting on section of Regulation W relating

to insurance policy loansBank of Winthrop, New York, permission given to

Ogdensburg Trust Company, Ogdensburg, New York

to establish a branch in Winthrop in connection

with the purchase of the assets and assumption

of liabilities ofBank and Trust Company of Floral Park, New York,

permission given to FDIC to examine Floral

Park Bank and Trust Co., in connection with the

assumption of its liabilities and assets by

Bank and Trust Company, Minneapolis, Minn., ac-

counts paid on sales contracts found not to

conform to regulation, should be returned

Trust and Savings Bank of San Diego, California,

basis to be used in valuing Series G savings

bonds held in common trust fundTrust and Savings Bank of Santa Barbara, Calif.,

inquiry on depositing securities held in trust

accounts with some inland bank for safekeeping

during emergencyHackl°nfield National Bank, Haddonfield, New Jersey, application

Nrs Nat i for fiduciary powers granted

onal Bank, Hays, Pa., extension of time to Monongahela

Trust Co. to dispose of stock of, or convert in-

to branchCondition of membership involving holding of stock by

Monongahela Trust Company, Homestead, Pa.,

canceledHunted don County National Bank of Flemington, N. J., applica-

tion for fiduciary powers approved'°n-State National Bank, Jackson, Miss., opinion of Board

that national banks in Mississippi may not

make interest payments in excess of rates pre-

scribed by State Bank ComptrollerNational Bank, Chicago, Illinois, advised that Board

will not undertake to comment on proposals for

the operation of common trust funds in connec-

tion with Regulation F, informal discussion

with Mr. Mulroney at the FRBank of Chicago

suggested

Permission

First

First

First

First

First

First

First

National

National

National

National

National

National

National

L4Salle

244Pages

6/30 1322

7/21 1465

1/27 126

5/30 1098

2/14 254

1/30 148

6/25 1283

7/15 1431

7/14 1424

5/8 901

7/ 6 1372

12/22 2360

10/14 2017

1/27 126


Nati onal banks: (Continued)LaSalle National Bank: (Continued)

Law Letter to Mr. Mulroney regardingre nceburg National Bank, Lawrenceburg, Ky., application for

L in additional fiduciary powers approved

,oln County National Bank of Stanford, Ky., application forfiduciary powers approved and conditions fortaking over trust accounts of affiliated bank

Manufacturers National Bank, Corinth, New York, advised thatmoney borrowed by Union Free School District#7 in anticipation of taxes for purchase ofoil burner is not considered an extension ofinstalment credit under Regulation V:Man

ufacturers National Bank of Detroit, Mich., letter to Mr.Verhelle on meaning of words original maturity

Mellon National as used in form of guarantee agreementBank, Pittsburgh, Penn., purchase of additionalstock of, by the Union Trust Company of Pitts-burgh held to be in violation of FRAct and Re-

ti vised Statuteser •cantile National Bank, Chicago, Ill., interpretation of sec-

tion 6 of standard form of guarantee agreement,reply to letter from attorney for

Questions on standard form of credit agreement requestinginterpretationMercha A*n-lse National Bank of Chicago, Ill., application of Regu-lation W to check credit plan of, and use ofstatement of borrower in connection with

advised that Check Credit Plan as outlined is not per-missible under Regulation W

National Bank of Boston, Mass., resignation of Mr.Young as President of the FRBank of Boston toaccept presidency of

National Bank, Port Arthur, Texas, letter on protec-tion afforded Government securities held incustody by FRBank of Dallas

reply to question of Minnesota National Bank ofDuluth, asking whether the Board would grantlimited fiduciary powers to a national bank inthe State of

National Bank of Duluth, reply to question askingwhether the Board would grant limited fiduciarypowers to a national bank in the State ofMichigan

National Bank affiliate of Chicago City Bank and TrustCompany, both in same position as regards capi-tal, FRBank of Chicago and National Bank Ex-aminer to determine measures to be taken by

To be

Merchants

Merchants

Michigan,

Minnesota

245Pages

5/15 945

8/18 1633

7/ 9 1389

1/24 117

10/ 1 1923

2/21 308

6/ 6 1152

6/19 1256

5/28 1077

7/17 1450

2/27 361

10/15 2027

5/7 879

5/7 879

3/2 400


246Pages

Nati onal banks: (Continued)National Bank of Adrian, Mich., assets purchased and liabili-

ties assumed by Lenawee County Savings Bank,Adrian, Mich.

National Bank of Commerce of Lincoln, Neb., absorption of ex-change and collection charges

National Bank of Port Byron, N. Y., assets to be purchased andliabilities assumed by Auburn Trust Company,Auburn, N. Y., and branch to be established inPort ByronNational

Bank of Washington, Tacoma, Washington, submission of

8/14

8/ 7

11/18

1618

1586

2194

National City

report covering holding company affiliate rela-tionship with Transamerica Corporation waived

Bank of New York, no objection to proposedchanges in Statement of Borrower form used inconnection with Regulation Vi

4orthwestern National Bank and Trust Company, Minneapolis,Minnesota, reply to suggestion that the Boardpublish a pamphlet saying what "can" andcan't" be done under Regulation W

things that lending agencies cannot do under Regu-lation W, Board will edit list but assume no

Peo 1 responsibilityPJ-es National Bank, Rock Hill, S. C., reply that Federal

Housing Administration loans must comply withReportsprovisions of Regulation W

of examination, copies sent to branches can be de-stroyed if copies retained in files of head

Riggs office

National Bank, Washington, D. C., reply to, regardingapplication of Regulation W to loan plansoperated for two local public utility com-paniesSecond

National Bank of Ravenna, Ohio, copy of report on inves-tigation of trust department of, in connectionwith surrender of its fiduciary powers, no ac-tion to be taken by Board because of pendinglitigation, letter to FRBank of Cleveland

to Comptroller containing the same informationto surrender fiduciary powers deferred until litiga-

tion is terminated

List of

LetterAction

StandardNational Bank of New York, N. Y., no objection to pur-

chase of assets and assumption of liabilitiesof, by the Manufacturers Trust Company, NewYork, and establishment of a branch of thetrust company in the quarters of the nationalbank

3/20 516

2/23 319

5/22 1021

6/ 3 1131

6/19 1259

11/ 3 2113

5/20 998

2/14 2572/14 258

7/15 1429

2/7 221


247Pages

National banks: (Continued)Suits against directors, etc., of national banks for expenses

incurred in defense of actions, suits, etc.,

Tel report on S. 2039 4/23 760egraphers National Bank of St. Louis, Mo., absorbed by United

Temple Bank and Trust Company, no objection 10/ 8 1972City National Bank, Temple City, California, request of

First Trust and Savings Bank, Pasadena, Cali-fornia, for permission to acquire assets of,and operate as a branch 1/22 102

Request of First Trust and Savings Bank of Pasadena deniedon present information before Board 2/14 255

Transamerica Corporation advised that further expansion willnot be permitted 2/14 256NV of letters to First Trust and Savings Bank of Pasadenaand Transamerica Corporation to be sent to

Tem,i_ Comptroller and FDIC 2/14 257National Bank, Temple, Texas, application for fiduciary

10/26 2064Union Nat powers approved

ional Bank, Wilmington, Delaware, assets to be pur-chased and liabilities assumed by WilmingtonTrust Company 11/ 4 2116Valley

National Bank, Tucson, Arizona, declined to participatein war loan to W. E. Jacob, letter to Senator

W Hayden on ar , 7/11 1407loans making of, by national banks, Comptroller asked to

give consideration to question of permittingwithout holding national banks subject to sec-tion 5200 of Revised Statutes

O n applicability of section 5200, Revised Statutes 4/ 8 661Letter

to, Board has no objection to the giving of a

fro Letter copy of, to interested parties 5/12 924

m Mr. Upham on participation in lending program,to be published in FRBulletinnational

Bureau of Economic Research, industrial advances and com- 5/25 1033

mitments, amount of, charge offs for, and earn-l'Itional

defense, 2/26 360

intga -(t)jii.Onb3;e7.1:7t11;%yi=7:;17ffix--setietoawarding of defense contracts, Defense ContractOfficers asked to send Board copy of the re-

Housing A ports 1/ 5 14

ct, amendments introduced in Senate and House,report of Mr. Ransom on discussions with MessrsBodfish and West, Counsel requested to keep

(See a150LegislEa'Z

To'rd.oadvised of progress of legislation 1/16 68


tonal Housing Agency:Remodeling or rehabilitation projects as defense housing underRegulation W, request for copies of orders andforms

Letter on proposed revision of Administrator's Order No. 8delegating authority for designation of

Natio,_,Proposed changes in procedure for designation of"q4.-L Faint, Varnish and Lacquer Association, Washington, D. C.,

letter on applicability of Regulation W tocredit granted by wholesaler to retailer and

Nation, by manufacturer to wholesalerResources Planning Board:

°flomic welfare of the country, suggestion that studies ofFRBanks on financial requirements and studiesof planning board on physical needs be co-ordinated

Members, advisers and staff to be present at dinner for Chair-

for men of FRBanks

coordinating resources and statistical activities ofBoard of Governors with, Messrs. Delano and

Pr() Ruml present at Board meeting to discussblaja of cooperation between FRSystem and National Resources

Planning Board for study of national and re-Staff: gional problems

Blaisdell, Thomas C., Assistant Director, to confer with Mr.Goldenweiser on developing plan of coordinatingresearch and statistical activities of Boardof Governors and National Resources PlanningBoard

Rm1, Beardsley, Adviser to:To meet with Board on program for coordination of study

of physical needs with study of financial re-

Present quirements and economic welfareat meeting of Board to discuss development ofplan for coordinating research and statisticalactivities of Board and National ResourcesPlanning Board

Present at meeting of Board to consider collection ofTentn+- statistics on national and regional problems

Nati1312.10.

_ e outline of subjects for regional and national studies

unal net • to be made by research departments of FRBanks

. all to

Association:'111 on charge accounts of husbands and wives under Regu-

Stat. lation W18tios on furniture sales, inventories, etc., memorandum

from Mr. Goldenweiser on taking over collectionby Board of Governors

248Pages

6/18 1247

10/28 208111/12 2158

6/ 5 1144

6/ 9 1164

9/18 181,2

6/ 9 1173

7/21 1460

6/ 9 1175

6/ 9 1166

6/ 9 1173

7/21 1460

7/30 1520

10/12 2010

5/15 943


National securities exchanges, list of Stocks Registered on, sup-

plementary lists to be issued in future and

Natio - distributed by FRBanks upon requestnal Used Car Market Report, Inc., Chicago, Ill., advised that

Board will consider data supporting requested

additional designations for purposes of Regu-

Natio lation W,nal War Labor Board:Effect of regulations that may be issued on salaries

Sa cers and employees of FRBankslarIes and wages regulations being prepared

executive orderRegulations regarding payment of supplemental

Gen , allowanceseral order No. 19, procedure for handling adjustment in

salaries for employees of FRBanks and BoardWage and salary adjustments of employees of Board and FRBanks,

procedure for handlingSalarY adjustments at FRBanks, procedure

na+4 _ catesEusiness:ioank ,uebits figures, letter

1TA-v3r D publicationePartmentn:

-°11tracts with ship building concerns, branches of Canadian

nuPlic at Bank of Commerce being named assignee of

e copies of guarantees executed on behalf of, shouldbe forwarded to the Board, reply to FRBank of

Fee, Chicago' collected on behalf of, to be credited to suspense account

until further noticeof war production contracts, plan discussed whereby

FRBanks by authority of an Executive Order

would act as fiscal agent for, in regard to

agreement modification where loan made or partici-pated in by FRBank may be guaranteed by depart-

inf°rmation ment

on financial ability of ship repair and buildingyards furnished by FRBanks to, request by Board

Interes., that information also be reported to BoardL, fees, and other charges derived from loans and guar-

antees, instructions for crediting of8°11th African Reserve Bank, negotiation of U. S. notes for

Naval personnel, suggestion of Board in letterto Treasury that same arrangements as developedfor Javasche Bank be followed

Finu,_ .,clng

Guarantee

of offi-

to comply with

compensation or

for filing certifi-

to Mr. Willoughby on release andof

249Pages

2/25 353

3/24 550

10/28 2077

11/ 4 2115

11/ 6 2127

12/16 2318

12/12 2305

12/23 2370

5/30 1099

6/ 4 1140

5/8 903

8/28 1709

3/20 507

6/15 1218

1/22 107

9/19 1847

2/4 190


New

N811%12epartment:Quaff:

Conard, Rear Admiral Chairman of the Inter-depart-Charles,mental War Savings Bond Committee, advised ofextent of participation of Board employees in,and of the designation of Mr. Bethea as an al-

ternate for Mr. Eccles on the committeeForrestal, James V., Under Secretary, advised of slight

change in guarantee fees to avoid uncertaintyKenney, W. John, Special Assistant to the Under Secretary

of the Navy and Assistant Chief of the Procure-ment Legal Division, present at Board meeting

Cost of luncheon to be borne by BoardDesignated as authorized representative of the Secre-

tary of the Navy to act under Section 4 of

War 1Presidential Order No. 9112

,°ans, instructions for, as approved by, sent to FRBanksPIebras,_ lSee also War loans)

Bankers Association, resolution of Committee on CompetingLending Agencies with reference to production

Negroes credit associations' rePly to President's Committee on Fair Employment Practice

on charge alleging discriminatory requisitionN for elevator operators

tY Act, amendment proposed to section 7, State Department%ow advised that Board favors

ngland Home Equipment Company, reply to inquiry on instalment

11:4t, D sales of silverware and dinnerware" H., of the Wharton School of the University of

Pennsylvania, cost of luncheon to be borne

Nelat by Board,also Wharton School of Finance and Commerce)' discussion of substitution of other cities as money mar-/4/1,-Lork ket

urb Exchange, advised that an odd-lot dealer is con-sidered as acting under Regulation T in spite

Yoric 0, of entry into the armed forcesnari L'Lc'ek Exchange:

uach, William L., no objection to retaining status asregistered employee while employed in tem-

List of porary capacity at FRBank of Philadelphiamember firms reporting customers debit balances of

more than e5,000,000 which are to continue

4(onthii, filing monthly reportsJ reports of ledger balances of 15 firms to be submitted

Statist. monthly, all others semi-annually1" on customers debit balances being collected from

certain member firms not to be furnished tofirms

250Pages

5/13

4/ 9

3/204/ 1

4/ 25/19

930

665

507613

616991

10/ 8 1976

12/11 2301

1/27 130

6/19 1257

1/26 124

3/12 475

3/23 545

9/25 1883

9/ 8 1751

8/20 1648

9/30 1914


Nickel8, advice to National Automatic Merchandising Associationthat information should be obtained from Treas-

143nraember b ury Department

anks: Alaska, to be permitted to carry accounts with FRBank of San

during war emergencyAmerican Securitycan Security Bank, Honolulu, to be permitted to carry ac-

count with FRBank of San Francisco duringwar emergencyBank of •Phil adelphia, Mississippi, Board not in favor of extend-ing safekeeping service of FRBanks to nonmember

Chittebanks for holding Government securitiesnden County Trust Company, Burlington, Vermont, Ir. B.

Frank advised that Board has no control overservice charges instituted byCitizens Savings Bank, Providence, Rhode Island, to be advisedthat an exception to section 32 of Banking Actof 1933 cannot be made for trustees of a mutual

Clarend savings bank

on State Bank, Clarendon, Pa., assets purchased and lia-

6/ 4

9/15

9/15

7/ 8

4/18

3/9

251Pages

1135

1819

1819

1384

746

436

bilities assumed by Warren Bank and Trust Corn-

Clearing pany, Warren, Pa.account of, FRBank of Minneapolis advised that it may

accept or decline according to its own discre-

C°flvers' tion

-1°n of national bank into nonmember State bank beingconsidered, mentioned in letter to FRBank of

enforce St. Louis

-ement of Regulation W, letter to FDIC on cooperation withrespect to insuredP4rMer s & Merchants Bank, Rochester, Ind., reply to letter withadvice that Board does not favor extension ofsafekeeping service of FRSystem to nonmember

ilawn banksto be permitted to carry accounts with FRBank of San

Indllstr•Francisco during war emergencyal Bank, St. Louis, Missouri, reply to question of, re-

garding schedule of payments under RegulationLo •Viraln Co unty Savings & Trust Company, Elyria, Ohio, action de-

11/30

2/11

1/ 1

6/12

8/20

9/15

1/30

2243

239

6

1205

1649

1819

152

ferred on application for membership until man-agement has been strengthened 3/26 563

Barn: and Trust Company, Fayetteville, Ark., reply toinquiry on proposed stock dividend as taxable

Morris income 11/ 4 2120Plan Banking Co. of Boston, Mass., permission to FRBank

Pe°Plesto open and maintain clearing account for 3/10 458Bank of Cumberland, Md., loan obtained by borrower on

inadequate statement for which loan is used 8/ 7 1590


Nonmember banks: (Continued)Peoples Bank of Lakewood Village, Los Angeles County, Califor-

nia, discussion between Messrs. McKee andCrowley resulted in decision that applicationfor membership should not be approved

Application to be forwarded without recommendation of ex-ecutive committee of FRBank of San Franciscoas question of policy to be determined byBoard

that application for membership is receiving theattention of the Board

Discussion of application, review of connections withTransamerica Corporation, letter from FDIC

regarding, letter to be drafted by Legal Divi-sion and Division of Examinations advisingthat Board is unwilling to approve applicationon information before Board

Peoples State Bank, Cherryvale, Kansas:Floor plan loan on pick-up, advice that Board has no control

over either RFC or OPR, and that Congress isgiving consideration to solution of problem

Safekeeping, reply to letter on FRBanks holding United StateGovernment bonds for nonmember banks

P"r"burg Banking Company, Perrysburg, Ohio, action on applica-tion for membership deferred because of slowprogress in rehabilitation

Prince Georges Bank and Trust Co., Hyattsville, Md., letter toMr. Wilson on effect of Regulation W on certain

Safekee modernization loanspingservice for holding government securities, Board

does not favor extension of service toBoard does not favor extension to-,)30- cussed at meeting with Presidents5 ard not in favor of extending this service to nonmember

Safek— banks'Ping of Treasury bills and certificates of indebtedness

8°11th si by FRBanks for, to be permittedde Bank of Jacksonville, Fla., permission to carry re-

serves required of banks in outlying districtsupon conversion into American National Bank of

Town . JacksonvillevlileState Bank, Townville, Pa., deposit liability to be

assumed by Crawford County Trust Company,Uni--"°n Ba—Meadville, Pa., no objection to transactionof Michigan Grand Rapids, Michigan, Board willing

to approve application for membership on condi-tion that it create a reserve of $150,000 fordividends and increase its capital stock to$500,000

Advised

252Pages

1/22 103

1/22 105

1/31 161

2/ 6 208-14

04 718

11/ 5 2125

6/11 1186

10/23 2055

7/ 8 13848/20 16499/29 1901

11/ 5 2125

10/14 2019

10/26 2063

10/10 2002

5/19 986


253Pages

Nonmember banks: (Continued)Union Savings Bank of Pittsburgh, Pa., proposed take over by

Un ion Union Trust Co. of Pittsburgh 11/10 2142

Trust Co., Clairton, Pa., proposed absorption by PeoplesCity Bank, McKeesport, Pa., and establishment

Uni of branch at Clairton 12/ 3 2262on Trust Company, Newark, Ohio, purchase of stock by Banc-

Ohio Corporation and assets to be taken overby Licking County Bank 5/19 986

Assets purchased and liabilities assumed by Licking County

Warlm Bank and title changed to Union Licking Bank 11/18 2194-848, authorizing deposits of advance payments in banks

not members of the FRSystem discussed with War

Woo 5/23 1024Department•dville Savings Bank Company, Woodville, Ohio, to be taken

Norfoll. over by State Bank of Woodville 8/26 1689Virgini • • .Anal . a.Ysls of housing conditions in, bulletin will be furnished

by Bureau of Census to State banks holding realilorth estate mortgages 7/ 8 1385

"werican Investment Corporation, applicability of Sec. 32 of°Weg. Banking Act of 1933 to 10/28 2080

" Fin Banking statement prepared for short wave broadcast to

Notes Europe at request of Office of War Information 8/24 1663, advances on, secured by Government obligations, amendment pro-

posed to Regulation A to clarify authority ofFRBanks to make, draft submitted, opinion of

Notice of A Board that it is unnecessary at this time 3/10 446kiward, assignment of, letter to Comptroller General of the

United States for advice on 10/14 2018

°t t13ri- , ,n 1Nalter A.: (See National banks, LaSalle National Bank,

°'Connor„ Chicago, Illinois), fi.epresentative James F., advised of reasons why the report

in connection with the application of the Bill-ings Utility Company, Billings, Montana, for a

OtDanie,, loan from the FRBank of Minneapolis cannot bemade available 5/20 1001

1. Senator i. Lee, reply to copy of letter from Mr. Chambers,forwarded to Board by, protesting against theobservance of legal holidays by banks and post

Co offices during the war4ti PY sent to FRBanks 4/27

776-8

„ ,,ensorehip:ce cf , 4/27 778Ini

ormati-on of value to Board obtained from international com-munications by, to be sent by Board to FRBankshaving an interest in certain information 2/ 5 195

!toll


254Pages

Oirfl ce of Censorship: (Continued)Information of value: (Continued)

Letter to FRBanks advising them of availability of informa-tion, requested to designate information of in-terest to them

ota(_See also Censorship)ee of Defense Transportation, reply to Mr. Eastman that members

of Board and staff cooperate in restriction of

°ttice of holiday travel

Staff:Emergency Management:

Moon, Lida S., former action of Board amended to extendleave without pay and accept resignation at alater date as she is to be continued on the

°trice f pay roll of 2/23 317A,.0 Price Administration:4oaressograph plate for addressing commercial banks, facili-

ties of Board and FRBanks to be made availableto 11/30 2245Ann° uncement by, of commodities in which shortages are expected

Char should be discontinued in opinion of Mr. Fleming 3/12 480Charge accounts under Regulation W, authority of merchants to

charge penalty rate of interest on those in de-

Coope, fault, report of Mr. Ransom on 7/ 2 1353iont between FRBanks and field units of, letter to Mr.

Hubachek 6/ 9 1171Cl'edits, transfer through bank accounts, plan to be tried

experimentally in Albany, Schenectady, and

Ilvent°r • Troy, and surrounding territory 9/24 1876

ies of consumers goods, use of credit in connectionwith accumulation of, letter to financing in-

(See alstitutions to be cleared through

Loans so Inventories)Peoples State Bank, Cherryvale, Kansas, advised re floor

plan loan on pick-up that Board has no controlover either RFC or OPA, and that Congress is

Maturit

giving consideration to solution of problemies under Regulation W, views of, given by Mr. Hubachek

Penaltin discussion at meeting of BoardY interest rate on defaulted charge accounts, proposal

Ration b for establishment abandonedanking, letter to Mr. Henderson on cooperation by Board

and Governor Szymczak designated to take charge

Pla of work n" with suggested revisions by System Committee on Collec-

tionsLetter to Mr. Henderson presented, but action deferredLetter to Mr. Henderson on cooperation of Board in

2/5 196

11/17 2192

6/11 1186

4/14 718

1/16 60

7/10 1400

12/ 5 2273

12/16 232712/18 233712/28 2399


255Pages

°Irace of Price Administration: (Continued)Ration coupons, handling by banks for, discussed at meeting

of executive committee of Federal AdvisoryCouncil with Board 10/ 7

Regulationw, proposed Amendment No. 3, statement with regardto the extent of help that its adoption wouldbe to 2/24

Modification of, desirable in opinion of, as it would re-lieve necessity for rationing certain com-modities 3/12

Questions of policy under consideration by, that involve

Staff: changes in, reviewed by Mr. Ransom 3/23

Bonner, Francis A., reply to question of, regarding appli-cation of Regulation W to charge accounts ofdepartment store employees, the accounts to beliquidated in full within 42 days by pay rolldeductions 5/25

Henderson, Leon, Administrator:Letter from, opposing ceiling on consumer credit quoted

in regard to proposed Amendment No. 4, to Regu-lation W 4/27

Letter from, suggesting inclusion of provisions thatwould permit local law enforcement in the pro-pd amendment to Regulation W 4/30

Hubachek, F.

Present at Board meeting 1/16Present at Board meeting 2/24Statement by, giving reasons for broader restrictions

not being recommended by the Office of PriceAdministration 2/24

Present at Board meeting 4/27Statement opposing application of instalment credit ceil-

ings 4/27Opinion that 115 was important as providing distinction

between wool and non-wool goods, in connectionwith proposed Amendment No. 4 4/27statis. .Present at Board meeting 4/30

tics of department store inventories by departments, let-ter to Mr. Goldenweiser on monthly instead ofquarterly collection 6/13--ug of banks for work in connection with collection of couponsused in rationing commodities and for othertasks, discussed at meeting of Federal AdvisoryCouncil with Board 9/14

1968

324

482

539

1036

771

787

60322

337768

772

774784

1211

1799


Offl ce of War Information:Norwegian Finance, statement prepared for short wave broadcast

256Pages

to Europe at request of Mr. Farishpoi icy and procedure in connection with, letter to Mr. Davisdesignating Mr. Thurston as representative of

8/24 1663

Board to cooperate with 7/25 1485Security officer to be designated by Board, reply designating

Olmstead Mr. Elliott Thurston 12/ 1 2256

, Major General Dawson, to be advised that FRBanks have nocost accountants on their staffs, and sugges-tion that he contact American Institute of Ac-countancy and American Association of Account-

°Pen , antsF.N.rKet operations:nAct, proposed amendment to Section 14(b) to allow FRBanks to

purchase securities directly from the Treasurysubject to direction of the Federal Open MarketCommittee, discussed at meeting of Board withFederal Advisory Council

Powers bill, second, provision for eliminating Section 14(b)of FRAct to allow direct purchase of Governmentsecurities from Treasury by FRBanks, insteadof limiting purchases to the open market, dis-

(See i cussion by Presidents in meeting with Boarda,

War

Operat, -so Committees, Federal Open Market)-Lng ratios of member banks, supply of Form 456 forOrders: data for 1942 sent to FRBanks

0 1 a T.

compiling

Bros. Furniture Stores, Chattanooga, Tenn., to closestores for one week for violation of Regula-tion W

Pon of banks:

e°Ples Bank of Lakewood Village, Los Angeles County, Califor-

°Ireqiirafts,acY s Bank

nia, action on application to be deferred untilconsideration of matter by Mr. McKee with FDIC,because of possible connection with Transamer-ica Corporation

Regulat' , New York, treatment of

1°n IV, not subject to provisions of, unless used asTrean. means of evasion'Airy at FRBanks anticipated within the next few days, tele-

S gram to FRBanks on manner of handlingSenator John H., reply to letter on inquiry of constitu-

ents on application of Regulation W to chargeaccounts of farmers

3/2 389

2/16 264

2/3 170

12/ 3 2263

11/ 3 2103

1/16 70

5/29 1088

5/29 1088

6/18 1248

7/ 1 1347


Hp'

Pael 4-,•4 ..Lc Finance Corporation of California, transactions involvingstock of, questions raised by Los Angeles Stock

Panama , ExchangeCanal Zone, destruction of currency in, copy of Treasury

Paper. . order sent to FRBanks3 sizing of, process developed by Mr. Scherbak to increase life

of paper currency, letter to Mr. Bell for reportonPar

collection system, rules and regulations of Nashville and

PaYnients: Memphis Clearing House Association, changes in

Cravens, Kenton R., for expenses in coming to Washington fordiscussions on procedure under Executive Order9112

Payment for expenses incurred in coming to Washington forconsultation on Regulation Wapproved

Granted per diem in lieu of subsistence for one day in con-nection with conference arising under Executive

FRB ank of Dallas: 9112

Crump, M., cash allowance equal to 6 months salary to sup-plement retirement benefits under disability

1Tprovisions

a er, Howard G., reimbursed for expenses of trip to WashingtonPer A • to discuss problems arising under Regulation W

die and travelling expenses for persons under considerationRes.— for employment by Board, policy for payingReserve

Board Club, Board to make monthly contribution to, to beused for the employment of Miss Jeanne Tydingsas an attendant in the recreation room

Salvetti, Umberto F., two months salary because of terminationPaYne, vi„. of employment

Uor, advised that Board cannot foretell rulings and regu-lations that will make loans on automobiles morehazardous.

gc[ ction plan for purchase of savings bonds, forms for4tent furnishing information to Secretary of Treasury

01 participation of Board employees in, and designationof Mr. Bethea as an alternate for Mr. Eccles onthe committee, letter to Rear Admiral Conard,Chairman of the Inter-departmental War Savings

Letter t Bond Committee, advising of0 Admiral Charles Conard that staff of Board had ex-

ceeded ten per cent goalto FRB) Char n s on reporting information

les O., Counsel, War Department Price Adjustment Board,meeting with committee of Federal AdvisoryCouncil and committee of Board

257Pages

7/ 6 1372

7/17 1452

8/ 6 1579

2/16 278

4/13 712

4/13 712

4/15 724

7/27 1490

2/26 360

9/19 1847

2/12 243

6/15 1216

2/23 320

1/28 140

5/13 930

11/ 2 210112/14 2312


13eri 4"on funds of employees of City of Birmingham, effect of Regula-

Peoplestion V: onCash Store, Mt. Olive, Mississippi, letter of appreciation

for suggestion that a customer in default atone store might obtain credit at another and

Per.s°rIn thus avoid Regulation W

pers_ e classification plans: (See FRBank of vnnel problem facing banks discussed at meeting of Federal Ad

Peters u visory Council with Board' "-• E., President of the Pacific Auto Guide, reply to, in-

forming of possible results of the establishmentof price ceilings on used automobiles

et (See (See also Appraisal guides; Official Guide)u-Leum Administration for War, proposed directive to be issued to

restrict retail credit sales of petroleumPq1.01

eum products

products: •zixtension of credit in connection with sales by or through re-tail outlets, letter from Mr. Davies, Mr.Ransom to look into matterionRestrict

of retail credit sales of proposed directive to bePetty issued by Petroleum Administration for War

cash fund, increase from ten to fifty dollars to permit pur-chase of railroad tickets for FRBank officialsand Mr. Nelson designated to be responsible for

phil°r13 G. B.: fund with Mr. Carpenter as alternate(See Regulation W, Billing of charge accounts)

4, Halle, Memphis, Tennessee, reply to, regarding problem ofmaking the billing month correspond to thecalendar month with respect to charge accounts

-Llips Petroleum

under Regulation WCompany, effect of Regulation Vi on credit cards

P v al ex . issued byamlnations:Bettal

an) Alfred, not to be required because of appointment onpart time basis as special consultant in Divi-sion of Research and Statistics

3 David M., in connection with appointment as AssociateEconomist in Division of Research and Statis-tics, report of test made at University ofVirginia to be obtained and further considera-tion to be given to appointmentRepo rt of Dr. Swineford of University of Virginia and Dr.

4uks.ra Barr of no evidence of tuberculosis'3 Charles Doyle, reply to letter from, forwarded to Board

by Senator Hill regarding a charge of 15 centsby the Albertville National Bank, Albertville,Alabama, for the cashing of veterans' checks

258Pages

9/22 1864

5/23 1025

9/14 1799

4/16 731

12/23 2366

9/ 4 1732

12/23 2366

12/ 2 2259

5/22 1020

7/ 9 1392

6/23 1269

7/10 1399

7/22 1469

5/23 1028


1 outh Co-Op erative Oil Company, Le Mars, Iowa, inquiry of Mr.Meek on treatment of charge account under Regu-lation W when customer charges at two or more

P°11cY record: stations

Board of Governors:Drafts of entries for 1941 approvedMechanics and Farmers' Bank of Albany, New York, action de-

ferring application for sharing quarters withuninsured nonmember bank not to be included in

Federal O policy record

pen Market Committee:Draft of letter to be enclosed with drafts of entries cover-

ingDraft actions for 1941, approved

of entries for 1941 approvedLl'aJ- affiliations of directors:°Yd, Walter H., resignation because of acceptance of position

in Department of Agriculture not deemed neces-sary

P011"d, Robert V., report by Mr. Ransom on discussions with, in re-gard to S. 2146, 2147, and 2148 to amend Home

Post, chn Owners' Loan Act of 1933, etc.-r4-es A., President of the Citizens Savings Bank, Providence,

Rhode Island, to be advised that an exceptioncannot be made for trustees of mutual savings

Postbankexchanges:

Acce tanP -ce of savings deposit by First National Bank of Gal-

Deposit veston, Texas, from

s made by, to be reported as public moneys in conditionP°st Offi reports if not designated depositaries

ce station at FRBank of Kansas City, embezzlement by em-ployee of, special comment requested and study

Poti•t - er, Iv to be made on operations of station

(See Glendale Merchants Association, Ltd.)pedn6 of the United States:

eral Open Market Committee, opinion of Mr. Eccles that amend-ment to FRAct to regroup FRBanks for purpose ofselecting members of, is not of sufficient im-

Piser portance to take up with' LeroY M., letter requesting reclassification for military

Preo_ service for purpose of deferment" statement containing message to Congress relating to con-sumer credit control read at meeting of the

Publ.'l Board

e statements relating to differences of opinion betweenagencies or officials of the Federal Government,reply acknowledging letter

259Pages

7/20 1456

1/20 91

2/24 348

1/9 352/10 236

6/30 1329

5/5 856

3/9 436

9/14 1804

10/13 2014

10/ 8 1975

2/17 283

11/23 2217

4/27 773

9/11 1784


Pr-.eza.dent of the United States: (Continued)Special committee appointed by, to study inflation, report by

Mr. 'Eccles on the findings of, at a meeting ofPre sid the FAC with the Board

f ents, meeting with Board of Governors\See also Conferences, Presidents)Pre88:

Press

Code of Wartime Practices for the American Press and a copy ofRules for the Guidance of Persons Correspondingwith Foreign Countries issued by the Office ofCensorship sent to FRBanks, advised that anyproblem submitted will be taken up with Officeof Censorship by Mr. Draper,

statements*16ank debits: no longer to be compiled on

monthly basis onlyBank for International Settlements, daily press reviews pre-

pared by, letter advising Coordinator of Infor-mation that Board would be glad to rely ontheir service as a source forClark

Bros. Stores, notice of suspension of license for viola-

e tion of Regulation ion WW

rCons .._vation of vital metals, paper, etc., used in making coins,

currency, campaign of Treasury to increase in-vestments in War Savings Stamps, etc.

statement to encourage reduction of, by individuals, tobe considered by Messrs. Ransom, McKee, andSzymczak and then submitted to Board, FDIC,and Comptroller

approvedchanges, no special statement to be released butattention of press representatives called to

'Ilbank notes, to be released by Board and FRBanks to be advisedreference in FRBulletin

PI nk week,Ly statement of condition:

Debt,

Statement

.1scount rate

Memo of

Changes

ni.PRn-'es and

Inlientories

Mr.

weekly basis but on a

anote statement to be discontinued, information to be shownunder liabilities, and statement to be reducedto two sheetsSmead on manner of showing government securitiespurchased in open market or directly from Treas-ury

in connection with participation of FRBanks inforeign accounts

FRbank notes of 1928 series, statement regardingthe issuance of, to be drafted by Mr. Bernsteinand checked with Ir. Vest

of consumers goods, use of credit in connectionwith accumulation of, letter to banks and financ-ing institutions revised and to be released forpublication

260Pages

5/18 9549/29 1897

1/22 108

5/6 874

5/4 845

11/ 9 2136

6/18 1250

5/5 8515/7 880

10/27 207112/12 2307

5/5 865

6/15 1221

8/25 1673

5/26 1061


PresTe_statements: (Continued)"elle to individuals for nonproductive purposes, statement on

amortization to be sent to member banks by

FRBank of Clevelandllernber bank weekly statements:

Debits to demand deposit accounts to be shown inPress statement to be released when change is made

Reciprocal bank balances, proposed procedure for reporting,

agreeable to Comptroller, no change to be made

on the face of the report and the form of pub-

lished statementby Messrs. Goldenweiser and Rouse at request of Secre-

tary Morgenthau to be considered by members of

Federal Open Market Committee present in Wash-

ingtonRoosevelt's anti-inflation message to Congress relat-

ing to consumer credit control, read at meetingof Board

the United States on temporary war pay resolutionand increasing hours of work week

statements, Board has no objection to release by

Prepared

P'eeident

President of

Registration

Regulation A,

COpy

Regglation D,

StatementAmendment

Re Statement

W:Arilendment

FRBank of Minneapolis of summary data from, copyof release requested

proposed amendment to clarify authority of FRBanksto make advances on notes secured by Governmentobligations, press statement submitted withdraft of amendment

of press statement enclosed with letter to FRBanks ad-vising of adoption of amendment to

amendment proposed to permit weekly computation ofreserves by member banks in central reservecities or in cities in which a FRBank or branchis located, statement to be prepared regarding,if reaction of FRBanks is favorable to

released to pressreducing reserves required of member banks incentral reserve cities

Mr. Thurston to prepare statement denying thatprocedure of, is being used to create amonopoly for member banks

to be released in connection with the adoption of

No. 3 adopted, to be released to the press March9, 1942

COPY of statement to be sent to FRBanks-"endment No. 4, to be wired to FRBanks and held in con-

fidence until release date

261Pages

6/11 1189

4/18 7444/18 745

5/11 921

10/ 6 1954

4/27 773

12/26 2386

3/10 459

3/10 446

3/17 500

2/17 2852/21 314

10/ 2 1931

4/1 6024/10 690

2/24 3412/25 354

4/30 786


Peee statements:

Regulation IV: (Continued)(Continued)

Amendments number 6 and 7 on fuel conservation credits and

disaster credits adopted and to be released for

publicationAmendment No. 9 to be releasedEnforcement of, memoranda from Mr. Hodgson including, sent

to Board membersNot to be given out as it lacks news value

m Statement regarding revision of, sent to FRBanksileserve requirements, reduction in, origin of statements dis-

tail cussed at meeting with FACStreet Journal, article that Federal Reserve officials

were contemplating control of savings accounts

14ek lY

denied reports of member banks in 101 leading cities, change in

Price item due to and due from being consideredPri' -'711°n: (See Office of Censorship)ce , control:

7/2710/14

5/55/55/ 4

6/ 3

9/21

3/24

262Pages

14892019

847848841

1116

1852

550

discussion by Chairman Eccles with regard to therole of credit control as supplementing pricecontrol, priorities, and rationing in control-ling trend toward

APPlications forwarded on Form PD-408 for fourth calendar guar-Form_ ter, for assistance on

and instructions furnished by War Production Board sent toFRBanks

1°n, discussion by Chairman Eccles with regard to credit

control as supplementing price control, priori-ties, and rationing in controlling trend toward

Of FRSystem for, letter to Mr. Maury Maverick on needsof FRSystem and designating Mr. Myrick to actin the liaison capacity with War ProductionBoard

''''emental forms PD-408, to be submitted by bank and transmit-ted to War Production Board

Trave, s and materials, Governmental classification ofair carriers, recommendation that authority to sign

certificates for, be limited to members of Boardand Secretary approved

Pro, Letter to FRBanks recommending that they restrict authority

to sign certificatescredit associations, resolution of Committee on Competing

rcd_c Lending Agencies of Nebraska Bankers Associa-tIon c tion

redit Corporation:ture loans, letter to Mr. T. P. Coats on exemption under

provisions of Regulation W

2/16

8/19

7/30

2/16

7/21

8/ 18/ 5

2/ 5

2/ 5

10/ 8

12/19

263

1642

1519

263

1466

15361565

196

197

1976

2344


Prc)tecti°n of Public buildins against air raids and sabotage:FRBanks requested to submit floor plans and to designate offi-

Let+ cor to whom correspondence should be sentLetter to Mr. Blakeslee transmitting plans of FRBanks and sug-

gesting needs of FRBanksCode nt to FRBanks and defense coordinator to be selected byse

Protee • each banktlon of recol-ds, letter to Mr. Dan Lacy on measures taken to

Provid_ protect records of Board'ence Better Business Bureau, reply on letter of authorization

Pr°vostliv.Marshal

1form of statementGeneral:

'LltarY occupation of countries, memo of Mr. Clayton on con-versation with Mr. Jesse I. Miller on problems

Pla, involved and on procuring qualified personnel' and studies being made by Military Government Division,

Lawrence Clayton designated as liaison officerto cooperate with

-1' rule toregistered companies being considered by Se-curities and Exchange Commission

George reply to letter on application of Regulation V.to credit extended by Great Atlantic and Pacific

'Lle Tea Company to employees

Build.nefe lngs Administration:nse coordinator, appointment by FRBanks, letter to FRBanks

Protecf. on protective measures--1°n of buildings against air raids and sabotage, FRBanks

requested to submit floor plans to, and to des-ignate officer to whom correspondence shouldbe sentLetter

to Mr. Blakeslee transmitting plans of certain build-P141,1.'4-1c ings and suggesting needs of FRBanks

5/7

5/29

6/13

11/13

2/4

10/21

11/ 6

10/ 2

9/ 4

6/13

5/7

5/29

263Pages

883

1092

1213

2166

186

2045

2128

1932

173h-

1213

883

1092staff: ,kallgs of the Federal Works Agency:

Howe,

Nblic statements,

131.11)1

icatio13 1 ns:ant:ers ,

dagazine, advised that Regulation W was designed to dis-courage unwise borrowing and not prohibit instal-

C°11nteri• 4 ment buying generally 1/16 77it notes, Board willing to print notices of, on a re-

imbursable basis for the Secret Service Divisionof the Treasury Department 5/20 1004

George, Acting Commissioner, advised that Board hasdesignated Mr. Belt as its representative onthe Advisory Committee on Subversive Activities 2/27 379

differences of opinion between agencies or offi-cials of the Federal Government, reply to let-ter from the President on 9/11 1784


264Pages

(Continued)114", order for printing of, placed with Government Printing

Office, new amendments to be added in supple-ment, charge to be made for copies sent tothose not on free list 3/ 6 433

Juldn s Handbook of Regulation W, comments of Board to be sent

List to Mr. J. Gordon Dakins 7/24 1480of

to Registered on National Securities Exchanges, sup-plementary lists to be issued in future and dis-tributed by FRBanks upon request 2/25 353

Regulation W, upon adoption of Amendment No. 3 entire regulationto be reprinted, FRBanks to advise Board whetherthey desire proofs or offset negatives 2/ 3 168

Pamlohlet saying what "can" and "can't" be done under, sug-gestion of Northwestern National Bank and TrustCompany, Minneapolis, Minnesota, that Board pub-lish 5/22 1021

Statistical manual, no need for extension of clerks on reim-bursable basis as help can now be supplied byBoard's staff, reimbursement of only one clerk

; necessary for December as Mr. Martin resigned 1/ 5 11-alformation on number and amount of applications of war

1111el'to Rico: loans, letter to FRBanks on release of 6/ 3 1129

Destruction of currency in, procedure as to FRnotes and FRbanknotes approved by Board 10/15 2027

1'11°1811°s* Jewelry Co., answers to questions of, rendered incorrectby revision of Regulation WI letter to FRBank ofCleveland advising 5/ 5 865

q11".t. nna-L 4/410°--res:

'4Purpose loans, questionnaire on, sent to representatives ofthe trade, and bank and finance companies, giv-ing reasons for regulation of/T

-negUlat'o

1 questionnaire prepared by Mr. Ransom in connectionwith regulation of charge accounts transmittedto FRBanks

Su-etireP -D1ementa ry question addedment System questionnaire returned to committee of Presi-

dents' Conference, no opinions or suggestionswith regard to changes to be made at this timeby Board

-alestionnaire, reply to, giving outline of organizationof Board and number of persons employed

4/6 640

3/21 5343/24 549

2/26 357

3/2 396


Q1lest ionnaires: (Continued)dings Questionnaire: (Continued)Chairman Eccles authorized to ask whether in view of cir-

cumstances Board should make a reply or askstaff to prepare an answer, Mr. Ransom opposedto any answer which is not complete

worhpecision of Board that staff heads answer questionnaire'lng hours of Board, Ir. Leonard authorized to circulate to

staff

Rabaut, Congressman

Code of Wartime

Radi0 broadcasts:

!IR!?

Louis C.: (See Regulation W)

Practices of the American Press and a copy ofRules for the Guidance of Persons Correspond-ing with Foreign Countries issued by the Of-fice of Censorship sent to FRBanks, advisedthat any problem submitted will be taken upwith Office of Censorship by Mr. Draper

Mcrwegian Finances,

Ratea:

Advances to

statement prepared for short wave broadcastto Europe at request of Office of har Informa-tion

individuals, partnerships, and corporations securedby direct obligations to United States will beapproved at 2 per cent if established by

Advn, FRBanksunder Section 10(b), reduction discussed

"Banks to be advised that Board would approve reduction to

CePtifi 1-1/2 per cent

cates of indebtedness, suggestion of Mr. McKee that

°I-8e°11nts, rate schedules in FRBulletin to be changed to clarifyFRSystem post buying rate on

authority of FRBanks to make advances on notes4feetsecured by Government obligations

of short-term rates on long-term rates discussed at meet-ing of the executive committee of the Federal

PRHA„,_ Advisoryof Atlanta:ivisory Council with the Board

Advn.,-"ces to individuals, partnerships, or corporations es-

tablished at 2%Advco at:Ices under section 10(b) established at 1-1/2 per centI 11,1114tment rate fixed at 1/4 to 1/2 per centnwastrial advances established at 1-1/2 to 6 per cent

265Pages

3/10 4493/23 543

12/14 2312

1/22 108

8/24 1663

10/ 9 198610/ 6 1954

10/ 9 1985

7/ 1 1339

3/10 447

4/9 675

10/15 202110/15 20213/20 5143/20 514


Plates:(Continued)

PRBank of Atlanta: (Continued)Industrial advances, schedule for advances and commitments

approvedRediscount established at one per centRediscount established at 1/2 per cent on advances secured

by direct or guaranteed obligations of UnitedStates

Schedules of discount and purchase approved

PRBankof Boston:

Advances to individuals, partnerships, or corporations

Ad

es-tablished at 2 per cent

vances under sec. 10(b) of FRAct established at 1-1/2per cent

Industrial advances under section 13b established on ad-vances and commitments, approval of

Rediscount established at 1/2 per cent on advances securedby direct or guaranteed obligations of United

Sc od, States.1--"4-Les of discount and purchase approved

266Pages

5/15 9343/20 514

10/15 20211/9 311/23 1102/6 1992/20 3023/20 5144/3 6224/17 7345/1 8335/29 10836/12 11986/26 12867/10 13967/24 14768/ 7 15828/21 16519/ 4 17309/18 182910/ 2 192510/30 208911/13 216111/27 223212/11 230012/26 2384

10/26 2060

10/26 2061

5/29 1080

10/26 20601/9 311/23 1102/6 1992/20 3023/20 5154/3 622


Rates:(Continued)

rmank of Boston: (Continued)Schedules of discount and purchase: (Continued)

PlIBank of Chicago:Advances to individuals, partnerships, and corporations

Advances established at 2 per cent

ances under Sec. 10(b) established at 1-1/2 per cent-Industrial advances under section 13b, changes in rates on

advances and commitments approvedRediscount rate of 1 per cent on advances, establishment

of, approved under sections 13 and 13a of theFRAct

Rediscount established at 1/2 per cent on advances securedby direct or guaranteed obligations of UnitedStatesSchedules of discount and purchase approved

267Pages

4/17 7345/1 8336/12 11986/26 12867/10 13967/24 14768/ 7 15828/21 16519/ 4 17309/18 182910/ 2 192510/26 206010/30 208911/13 216111/27 223212/11 230012/26 2384

10/16 20298/28 1706

5/29 1083

2/27 362

10/16 20291/2 71/9 311/16 751/23 1101/30 1462/6 1992/20 3023/13 4893/20 5153/27 5724/3 6224/10 6874/17 7344/25 761


Rates:(Continued)

raank of Chicago: (Continued)Schedules of discount and purchase: (Continued)

111Bankof Cleveland:

Advances to individuals, partnerships, or corporationsAdva established at 2 per cent

flees to lenders other than banks, deletion of ratefrom scheduleAdv,-

-"ces to nonmember banks secured by Government obliga-tions, establishment at 1 per cent approved

til!*arIces under section 10b approved at 1-1/2 per centqustrial advances, schedule for advances and commitments

approved

268Pages

5/1 8335/8 8995/22 10125/29 10836/ 5 11386/12 11986/19 12536/26 12867/10 13967/17 14467/24 14767/31 15228/ 7 15828/14 16158/21 16518/28 17069/ 4 17309/11 17779/18 18299/25 188110/ 2 1925loi 9 197710/16 2029lo/26 206111/ 6 212611/13 216111/2o 22012/ 4 226612/11 230012/18 233412/26 2384

1026 2060

4/11 696

4/11 6969/11 1777

5/8 900


269Pages

Rates: (Continued)

rilbank of Cleveland: (Continued)Rediscount, establishment at 1 per cent approved 4/11 696Rediscount, established at 1/2 per cent on advances secured

by direct or guaranteed obligations of UnitedStates 10/26 2060

Schedules of discount and purchase approved 1/ 2 71/16 751/30 1462/13 2513/13 4894/11 6964/25 7615/22 10126/ 5 11386/19 12537/ 3 13597/17 14467/31 15228/14 16158/28 17059/11 17779/25 188110/ 9 197710/26 206011/ 6 212611/20 2203

1V/1 36364PRBankof Dallas:

4avances to individuals, partnerships, and corporationsAchi„ established at 2 per cent

-"ces under section 10(b) established at 1-1/2 per centIndustrial advances, schedule for advances and commitments

approvedilleecll.scount established at 1 per centulecount, established at 1/2 per cent, on advances se-

cured by direct or guaranteed obligations ofU. S.Schedules of discount and purchase approved

10/16 202910/16 2029

5/15 9363/20 514

10/16 20291/2 71/16 751/30 1462/13 2513/13 4893/20 5144/3 6224/10 687


Rates,(Continued)

PRBank of Dallas: (Continued)Schedules of discount and purchase: (Continued)

PRgank of Kansas City:Advances to individuals, partnerships, or corporations

Advances established at 2 per cent

es under section 10(b) of FRAct established at1-1/2 per cent

270Pages

4/25 7615/8 8995/29 10836/12 11986/26 12867/10 13967/24 14768/ 7 15828/21 16519/ 4 17309/11 17779/25 188110/ 9 197710/16 202910/30 208911/13 216111/20 220312/ 4 226612/18 2334

10/26 2060

10/26 2061Industrial advances, letter to, suggesting that in light

of discussion by Presidents it might desire toreconsider its schedule for advances and com-mitments 5/12 925

Schedule on advances and commitments approved 6/ 5 1137Rediscount:

Establishment at 1 per cent approved 4/11 697Established at 1/2 per cent on advances secured by di—

Schedul rect or guaranteed obligations of U. S.

es of discount and purchase approved10/261/ 21/161/302/133/13

4/114/256/ 56/197/ 3

2060775

146251

1.492,697761113712531360


11°48: (Continued)PRBank of Kansas City: (Continued)

Schedules of discount and purchase: (Continued)

271Pages

7/31 15228/14 16158/28 17059/11 17779/25 188110/ 9 197710/26 206011/ 6 212611/20 220311/27 223212/ 4 2266

PRIkrik of Minneapolis:

12/18 2334

Advances to individuals, partnerships, or corporations es-tablished at 2-1/2 per cent 10/29 2083

Advances under section 10(b), reduction recommended 10/ 9 1981Advances to member banks under section 10(b) of FRAct es-

tablished at 1-1/2 per cent 10/29 2083Advances to nonmember banks secured by Government obliga-

tions, establishment at 1 per cent approved 3/26 562Industrial advances, schedule for advances and commitments

approvedRediscount establishment at 1 per cent approved

5/153/26

935562

Reduction voted by executive committee, action deferred 10/ 9 1980Report of Mr. Morrill of discussion with Mr. Powell

and advice that action is to be taken at nextmeeting 10/27 2070

Establishment of 1/2 per cent on advances to memberbanks secured by direct or guaranteed obliga-tions of U. S. approvedSc

hedules10/29 2083

of discount and purchase approved 1/ 9 311/23 1102/13 2513/13 4893/26 5624/10 6874/25 7615/8 8995/29 10836/12 11986/26 12867/10 13967/24 14768/ 7 1582


Rates: (Continued)FRBank of Minneapolis: (Continued)

Schedules of discount and purchase: (Continued)

272Pages

8/14 16158/28 17059/11 17779/25 188110/29 208311/ 6 212611/13 216111/27 223212/11 2300

PRBank 12/26 2384of New York:

Advances to individuals, partnerships, and corporations,recommendation of rate of 2-1/2 per cent 10/27 2066. Established at 2-1/2 per cent 10/30 2090Advances under section 10(b) of FRAct established at1-1/2 per cent 10/30 2090Industrial loans, rate of 1/2 to 2 per cent on commitmentsfor future discount of loans under Sec. 13b ofFRAct, approved

Letter to Mr. Sproul on changes submitted, Board doesnot favor 6 per cent limit

Discussion of maximum rate of 6 per cent desired bydirectors of FRBank, Board in favor of 5 percent maximum

Red_Schedule on advances and commitments approvedlscount, recommendation that rate be established at 1/2

per cent on advances and that rate be applicableto nonmember banks as well as to member banks,Mr. Eccles to take up with Mr. Sproul beforeformal action

Established at 1/2 per cent on advances to member bankssecured by direct or guaranteed obligations of

Sch U. S.edules of discount and purchase approved

5/1 834

5/29 1081

6/ 3 11256/ 5 1136

10/27 2066

10/30 20901/2 71/9 311/16 751/23 1101/30 1462/6 1992/20 3023/2 3963/13 4893/20 5153/27 5724/3 622


Rates: (Continued)

FRBank of New York: (Continued)Schedules of discount and purchase: (Continued)

oA, f Philadelphia:Pri8anit

4avanoes to individuals, partnerships, and corporationsestablished at two per centAdvances to nonmember banks secured by Government obliga-tions, establishment at 1 per cent approvedInd es under section 10(b) established at 1-1/2 per cent

ustrial advances, schedule for advances and commitmentsapprovedRedisc_Re,, ount established at one per cent

'18count established at 1/2 per cent on advances secured

ITt ect or guaranteed obligations of United

Sa

273Pages

4/10 6874/17 7344/25 7615/8 8996/ 5 11366/12 11986/19 12536/26 12867/ 3 13597/10 13967/17 14467/24 14767/31 15228/ 7 15828/14 16158/21 16518/28 17059/ 4 17309/11 17769/18 18299/25 188110/ 2 192510/ 9 197710/30 209011/ 6 212611/13 216111/20 220311/27 223212/ 4 226612/11 230012/18 2334

10/16 2029

3/20 51310/16 2029

5/19 9853/20 513

10/16 2029


Rates:(Continued)

PRBank of Philadelphia: (Continued)Schedules of discount and purchase approved

ank of Richmond:Advances to individuals, partnerships, and corporations

Advan established at 2-1/2 per cent approved--ess under section 10(b) of FRAct established at

1-1/2 per cent approvedIndustrial advances, schedule for advances and commitments

approvedRediscount:Established at one per centEstablished at 1/2 per cent on advances to member banks

secured by direct or guaranteed obligation ofUnited StatesSchedule s for discount and purchase approved

274Pages

1/2 71/16 751/30 1462/6 1992/20 3023/20 5134/3 6224/17 7345/1 8335/29 10836/ 5 11386/19 12537/ 3 13597/17 14467/31 15228/ 7 15828/21 16519/ 4 17309/18 182910/ 2 192510/16 202910/30 208911/ 6 212611/20 220312/ 4 226612/18 2334

10/27 2066

10/27 2066

5/22 1013

3/13 488

10/27 20661/9 311/23 1102/6 1992/13 2513/13 4883/27 5724/10 687


Rates: (Continued)

FRBank of Richmond: (Continued)Schedules of discount and purchase: (Continued)

PRBank of St. Louis:Advances to individuals, partnerships, and corporationsestablished at 3 per cent

Advances to individuals, partnerships, or corporations es-tablished at 2 per cent

&Ivances under section 10(b), established at 1-1/2 per centIndustrial advances, Board has no objection to proposed

schedule for advances and commitments1, Schedule for advances and commitments approvedliediscount:Established at one per centEstablished at 1/2 per cent on advances secured by di-

Schedules rect or guaranteed obligations of U. S.of discount and purchase approved

275Pages

4/25 7615/8 8995/22 10136/ 5 11386/12 11986/26 12867/ 3 13597/10 13967/24 14768/ 7 15828/14 16158/28 17059/11 17769/25 188110/ 9 197710/27 207011/ 6 212611/13 216111/27 223212/11 230012/26 2384

3/13 488

10/26 20603/13 488

5/155/15

3/13

933935

488

10/26 20601/2 71/9 311/23 1102/6 1992/13 2513/13 4883/27 5724/10 6874/25 761


Rates: f‘COntinUed)

ritbank of St. Louis: (Continued)Schedules of discount and purchase: (Continued)

276Pages

5/8 8995/22 10125/29 10836/12 11986/26 12867/10 13967/24 14767/31 15228/ 7 15828/14 16158/21 16518/28 17059/11 17779/25 188110/ 9 197710/26 206010/30 208911/13 216111/27 223212/11 2300

111/3atAlk‘vof San Francisco:ances to individuals, partnerships, and corporations

established at 2-1/2 per cent approved

12/26

10/27

2384

2066Advances secured by direct obligations of the United States,

changes receiving consideration 3/20 515Ad Rates recommended by FRBank, action deferredvances to nonmember banks secured by Government obliga-

3/26 561

AdvA,, tions, establishment at 1 per cent approved—4ces under Sec. 10(b) of FRAct established at 1-1/2

4/3 622

Indus per cent approved+ •',Mal advances, letter to, suggesting that in light

10/27 2066

of discussion by Presidents it might desire toreconsider schedule for advances and commit-ments 5/12 925

aed isSchedule for advances and commitments approvedcount, establishment at 1 per cent requested by

5/22 1013

FRBank, action deferred 3/26 561Establishment at 1 per cent approved 4/ 3 622Established at 1/2 per cent on advances to member banks

secured by direct or guaranteed obligations ofU. S. 10/27 2066


Rate8:(COntinUed)

rRBarik of San Francisco: (Continued)Schedules of discount and purchase approved 1/ 2

1/161/231/302/ 62/132/203/133/204/ 34/104/174/255/ 15/ 85/225/296/ 56/126/196/267/ 37/107/177/248/ 78/148/218/289/ 49/119/189/2510/ 210/ 910/2711/ 611/1311/2011/2712/ 412/1112/1812/26

277Pages

77511014619925130248951562268873476183389910141083113811981253128613601396144614761582161516511706173017771829188119251977207021262161220322322266230023342384


278Pages

Rates:(continued)

Advances under Section 10(b) of FRAct, maximum rate to bediscussed at next conference of Presidents 8/20 1647

Discussion of possible changes in, and necessity for

Gove uniformity 9/29 1906

rnment obligations, preferential rate for loans byFRBanks to member banks on security of, dis-cussed at meeting of Federal Advisory Council 7/ 1 1340

Graduated scale on series B tax notes suggested to Ur.Morgenthau by Board of Governors 8/27 1696

Industrial advances, existing schedules should be changedand made uniform at all FRBanks 4/ 3 621

Telegram to FRBanks suggesting schedule of rates 4/30 825Schedule of, covering loans and commitments under Sec.

13b to be reviewed 5/ 8 895Rediscount, change at all FRBanks whose rate is above one

per cent, advice to Presidents that Board willapprove 2/27 373

Discussion of uniform reduction to 1 per cent, no objec-tion by Presidents in meeting with Board

/Comments in minutes of Conference of Presidents /2 136847Reduction discussed in connection with possible change

in rate on 10b loans 9/29 1907Discussion of reduction in and establishment of prefer-

ential rate on advances secured by Governmentobligations 10/ 2 1926

Establishment of preferential rate on advances securedby direct obligations of United States dis-cussed 10/ 6

Reduction as compared with establishment of preferentialrate discussed

10/ 6

Preferential rate on advances secured by obligationsof United States maturing within one year 10/ 7

Preferential rate of 1/2 per cent on advances to mem-ber banks secured by direct or guaranteed ob-ligations with one year or less to run, motion

Interest: approved after lengthy discussion 10/ 9

Advice that interest after maturity, interest on overdueinterest, or otherwise, should not exceedmaximum rate prescribed for guaranteed loans 9/14

Graduated scale of series B tax notes, to be suggested to

• Mr. Morgenthau by Board 8/27sissiPpi, national banks in, opinion of Board that they

may not make interest payments in excess ofrates prescribed by State Bank Comptroller 1/27

1954

1954

1963

1978

1805

1696

126


RateS: IT_

(Continued)-Liiterest:

(Continued)Penalty rate on defaulted charge accounts, idea abandoned

by Office of Price AdministrationPatternWar loans:

of, (See infra War loans)

on Treasury issues for long-term money during thewar, discussed at meeting of executive committee

Tre of the Federal Advisory Council with BoardaQurY bills, increasing to 3/8 per cent or higher, suggested

by Mr. Harrison to protect banksMaximum rate discussed by Federal Advisory Council at meet-

ingIss of Board

Issues for long-term money during the war, discussion ofadoption of a pattern of rates on, at meetingof Executive Committee of the Federal Advisory

Inc Council with Board

Increase to broaden distribution suggested by Mr. FlemingPurchases, relation to discount rate policy discussedloans, table of interest rates and guarantee charges which

might be adopted by War Department consideredfor submission to conference of Reserve Bankrepresentatives

Board to submit to War Department recommendations on

Me schedule of rates onMessrs Hays, Hale, and Olson requested to assist in the

preparation ofReport by Mr. Eccles on results of discussion by the Re-

serve Bank representatives conference on in-terest rates and guarantee charges on

Letter containing schedule of rates on, approved to be sentto Under Secretary of War to be cleared withNavy Department and Maritime Commission, copy

Schedul to be sent to Major Cleveland

e of interest rates and guarantee fees to be chargedfor, and copy of proposed regulation sent to

8 Under Secretary of War Patterson,imil ar letters to be sent to Under Secretary of Navy For-

restal and Chairman Land of Maritime CommissionSched ule of rates for guarantees and interest rate of 5 per

S1 cent on, approvedight change in guarantee fees for, made to avoid possible

confusion, Navy Department and Maritime Commis-

Interest sion advised

rates and guarantee fees for, discussed at meetingof the executive committee of the Federal Advis-ory Council with the Board

War

279Pages

7/10 1400

3/12 473

6/ 3 1117

7/ 1 1335

3/12 4738/ 5 155910/27 2069

4/1 606

4/3 618

4/ 3 618

4/3 618

4/3 619

4/6 634

4/6 635

4/6 639

4/9 665

4/9 685


Rates: (Continued)

"ar loans: (Continued)Information regarding schedule on, not to be generally re-

leased but used in connection with actual trans-

actions as they ariseInterest rates on, in excess of five per cent is in viola-

tion of rates established by the BoardRatio comPutation to be on 365 day basis

of be-nk capital to deposits, change in formula discussed atmeeting of members of executive committee of

Dis^ Federal Advisory Council with BoardRation 1-pussed at meeting of Federal Advisory Council with Board

anking, letter to Mr. Henderson on proposed plan for clear-ing checks and offering cooperation of Boardin plan

Ior clearance of ration checks as submitted by Office ofPrice Administration with changes by SystemCommittee on Collections

RLetter 4._ -Le+.4.__ to Mr. Henderson on inauguration of action deferred

iat ori 4r to Mr. Henderson on cooperation of Board in planuP°ne, handling by banks for Office of Price Administra-

tion, procedure discussed at meeting of membersof executive committee of Federal AdvisoryCouncil with Board

transfer through bank accounts, plan to be testedby Office of Price Administration in Albany,Schenectady, and Troy, and surrounding ter-ritory

Ratio,credits,

Rationing:

Alltomobiles,

C°mmodities,

Distribution

l'feet of,41flation,

Office

discussion of whether to continue coverage of,under Regulation W, in view of rationing sys-tem of Office of Price Administration

use of banks in collection of coupons, discussedby Federal Advisory Council

of goods by manufacturer as means of credit controland as check to inflationary influence of ex-panded inventories

on the financing of the war, discussed at a meetingof the FAC with the Board

discussion by Chairman Eccles with regard to creditcontrol as supplementing price control, priori-ties, and rationing in controlling trend towardof Price Administration of opinion that necessity for,can be relieved by further modification of Reg-ulation W

-i;g1IT:reable assets:erlea Corporation, Comptroller of the Currency advised

that it holds assets of the kind and amount

required by sec. 5144 of the Revised Statutes

280Pages

4/14 716

5/22 10166/10 1180

10/ 7 196711/16 2179

12/ 5 2273

12/16 232712/18 233712/28 2399

10/ 7 1968

9/24 1876

2/24 328

9/14 1799

6/ 9 1168

5/18 953

2/16 263

3/12 482

5/9 911


Reconstruction Finance Corporation:Accounts for local loan agency, letter to FRBanks on opening

C of

entral Home Trust Company, Elizabeth, New Jersey, not inclined

to disturb the management of the bank at this

time00mrarcial loans, results of survey conducted by Mr. Golden-

weiser for one-month period1484s, Peoples State Bank, Cherryvale, Kansas, advised re floor

plan loan on pick-up that Board has no control

over either RFC or OPA, and that Congress isRecorA! giving consideration to solution of problem

g and Statistical Corporation, Chicago, Ill., letter to Mr.

Meffley on designation of Official AutomobileGuide

°fficial Automobile Guide published by, included among ap-praisal guides designated for purpose of Regu-lation W

Automobile Guide Price Edition, letter to Ir. Meffleyon designation of publication for purposes ofRegulationW

°facial

Iled•lecolants.

of war loans for, discussed at meeting with FederalGove Advisory Council

rament securities, authority to FRBanks to make advanceson, up to 90 days

Discussion of uniform reduction of rediscount rate on, to1 per cent at all FRBanks, no objection by

GuarantPresidents in meeting with Boardzasts, eed loans, amendment to Regulation A on eligibility of

.4.-unent paper purchased by Bank of America N.T. & S.A.,balances in differential account as deposits

U°tes PNr4A against which reserves must be maintained

-"'"ericing guaranteed loans, statement on eligibility to

Regulat' be published in FRBulletin

lon A, amendment to, suggested to clarify authority of

FRBanks to make advances on notes secured byGovernment obligations, draft, press statementand letter to FRBanks submitted, Board of

Re opinion that it is unnecessaryglonal

(See also Regulations, Board of Governors, A)Pr°gram for economic studies and planning, resolution of

(Seeat' c14-80 Studies

Conference of Chairmen onloae:len Property

Custodian, statement ordered published inFRBulletin

281Pages

6/17 1238

1/5 12

5/19 984

4/14 718

6/30 1327

7/15 1436

10/12 2011

9/14 1801

2/27 373

3/2 3829/18 1838

2/21 310

10/24 2059

3/10 446

11/18 2195

4/22 754


Regulesations: (Continued)bo4rd of Governors:

AY Discounts for and Advances to Member Banks, amendmentto section 2(b) to clarify authority ofFRBanks to make advances for periods up to90 days to member and nonmember banks onnotes secured by Government obligations,draft of, submitted with press statementand letter to FRBanks

Amendment to subsection (b) of section 2 adopted, let-ter to FRBanks advising, copy of press state-ment enclosed

Amendment regarding advances on government obligations,statement for publication in FRBulletin

Amendment approvedAmendment transmitted to FRBanks with instructions on

treatment of notes evidencing loans guaranteedunder Executive Order No. 9112

Amendment to be published in FRBulletinDiscount of notes representing guaranteed loans, ef-

fect of amendment onAmendment to, relates to eligibility of paper evidenc-

ing guaranteed loans and does not affect ac-ceptability

Reserves of Member Banks:Amendment proposed to permit member banks in central

reserve cities or in cities in which a FRBankor branch is located to compute reserves on aweekly basis, FRBanks requested to submit com-ments, if reaction is favorable staff to pre-pare press release and an appropriate amend-ment

Amendment adopted to permit member banks in centralreserve cities or in cities in which a FRBankor branch is located to compute reserves on aweekly basis

Circular letter to FRBanks containing press releaseFRBanks advised that amendment is to be effective

on computation period beginning February 28Amendments to conform to recent amendment of section 19

of FRAct discussed, Legal Division to preparerevised draft of regulation

Arnendments adopted and regulation to be reprinted andsupplies sent to FRBanks

D,

Amendment to be published in FRBulletin

282Pages

3/10 446

3/17 499

3/24 5519/18 1838

9/21 18539/23 1875

10/ 3 1940

10/29 2085

2/17 285

2/21 3122/21 314

2/26 358

7/10 1402

7/14 14237/21 1468


283Pages

Re •guletions: (Continued)Board of Governors: (Continued)

D: (Continued)Amendment to supplement to reduce requirements of mem-

ber banks in central reserve cities 8/ 6 1568Amendment to reduce required reserves of member banks

in central reserve cities 9/11 1782Amendment to supplement to be published in FRBulletin 9/23 1875Amendment to reduce reserves required of member banks

in central reserve cities 10/ 2 1929Weekly reserve computation period for all central re-

serve and reserve city banks, FRBanks advisedof approval of Board and effective date of 3/ 2 402

P, Trust Powers of National Banks:Common trust fund, amendment suggested by Penn. Co. for

Insurances on Lives and Granting Annuities,Philadelphia, to eliminate the restrictionthat not more than $25,000 of any one trustfund might be invested in, consideration de-ferred 5/ 5 854

American Bankers Association quoted by Mr. Leonardas being in favor of an amendment to eliminatethe amount of any one trust fund that may beinvested in 5/ 5 856

LaSalle National Bank, Chicago, Illinois, advised thatBoard will not undertake to comment on plansfor the operation of common trust funds in con-nection with, informal discussion with Mr.Mulroney at the FRBank of Chicago suggested

R, . Letter to Mr. Mulroney regardingAdmission to Membership in FRSystem:Credit unions or cooperative banking institutions, re-

ply to Congressman Voorhis advising of amend-ments necessary to allow membership in FRSys-tem

LPRBank Stock, amendment to, Board does not contemplateeave: am

Amendment to section on compensatory leave for over-time

Ann ual, restrictions on, approvedAccumulation of unused annual leave up to 90 days,

5/155/15

2/ 47/14

2/ 95/26

944945

1911426

2261051

amendment to regulations to conform to bill

11recently passed 12/21 2352

' Procedure with Respect to Foreign Relationships ofFRBanks, revision recommended in report ofCommittee of Presidents' Conference, staffof Board to draft revision 8/25 1668-75


aegulat'Boa1°113:(Continued)

rd of Governors: (Continued)Q, Payment of Interest on Deposits:

Absorption of exchange and collection charges, Board

feels it inadvisable to attempt amendmentAmendment proposed to permit immediate withdrawal of

savings deposits to purchase defense bonds,

Federal Advisory Council of opinion that

amendment should not be adopted by BoardConference arranged with Chairman of FDIC to reconcile

differences between regulations, and if desir-able, with Chairmen of the Banking and CurrencyCommittees of House and Senate and Congressman

DoughtonDefense savings bonds, requirement of presentation of

savings passbook interferes with use of formfor purchase of, reply to Treasury that Boardand FDIC will consider waiver of requirementif felt necessary

Georgia Railroad Bank and Trust Co. of Augusta, Georgia,account carried by, for the University ofGeorgia School of Medicine, question as towhether properly classified as savings de-posit, Mr. Vest to prepare memorandum recon-ciling possible exception to

Jackson-State National Bank, Jackson, Mississippi,Opinion of Board that national banks in Miss.may not make interest payments in excess ofrates prescribed by State Bank Comptroller

Savings, classification not affected by discontinuanceof interest payment

Savin-s6 passbook, requirement of presentation of,for withdrawals, interferes with use of formfor purchase of U. S. defense savings bonds,reply to Treasury that Board and FDIC willconsider waiver of requirement if felt neces-sary

Savings represented by time certificates, amendment topermit immediate withdrawal prior to maturityfor purchase of war bonds unwarranted

Withdrawal of savings deposits without notice for pur-chase of defense savings bonds, comments ofComptroller of Currency and FDIC sent to Mr.Fleming indicating that it is not advisableto amend to permit

284Pages

8/ 7 1586

2/16 273

8/ 7 1585

1/15 56

3/10 451

1/27 126

9/ 8 1750

1/15 56

4/25 763

3/9 437


.00 ions: (Continued)of Governors: (Continued)

Q: (Continued)Withdrawal of time deposits prior to maturity sug-

gested, amendment to aid in purchase of Gov-

ernment securitiesR3 Relationships with Dealers in Securities:

Amendment proposed to permit officers, directors, oremployees of trusts to serve in the same capa-

city with member banks under certain conditions,not to be adopted at this time, letter regard-

ing not to be sent to FRBanks, and Ir. Morrillto advise Mr. Young of FRBank of Boston of

Board's decisionAmendment to permit certain officers of investment com-

panies to serve as officers of member banks,Mr. Young, President of FRBank of Boston, ad-vised that Board does not consider amendmentdesirable at present time

Member banks and open-end investment companies, amend-ment to exempt interlocking relationships be-tween, disapproved

Open-end investment companies, administration of Regu-lation Loans:n relationship with member banks

IndustriaAmendment adopted for purpose of gearing the FRBanks to

T the war program, •Extension of Credit by Brokers:Asher, Norman, reply to letter of, referred to Board

by Securities and Exchange Commission, copiesof Regulation T and related publications en-closed

Dealers not prohibited from purchasing from a customersecurities called for redemption to enable thecustomer to purchase from the dealer other se-curities in advance of the call date, answer toquestion of Minot, Kendall & Co., Inc., Boston,Mass.

First Boston Corporation, opinion of Board that it issubject to regulation as it does transact a se-curities business through the medium of a mem-ber

Loan to a general partner to enable him to make a con-tribution to the capital of the firm, securedby securities not registered on any nationalsecurities exchanges, permissible

285Pages

12/ 1 2252

2/27 375

3/6 432

9/ 4 1731

9/22 1863

4/30 826

3/12 485

5/6 870

2/7 222

4/1 608


286Pages

Regulati(Continued)Governors: (Continued)

T: (Continued)Odd-lot dealer considered as acting in spite of entry

into the armed forces 3/23 545Travel regulations:

Amendment to provide for increase in per diem allowance 2/17 286No change because of amendment to standardized Govern-

ment travel regulations, changes in vouchers

U: approved 11/ 4 2115

V,

Loan, if purpose is to purchase listed article, itis not subject to Regulation but would not beexempted by section 8(b) of Regulation W

War Financing, draft of, approved for purpose of discus-sion with Reserve Bank representatives

Press statement to be prepared by Mr. Thurston denyingthat procedure under, is being used to createa monopoly for member banks

Adopted, following notification of informal approvalof War and Navy Departments and Maritime Com-mission

Copies of proposed regulation sent to War and Navy De-partments and Maritime Commission

Guarantee fees, slight change in, made to avoid possibleconfusion, Navy Department and Maritime Commis-sion advised

Press statement to be released in connection with theadoption of

Procedure to be followed in making war loans, pendingappointment of liaison officers by War Depart-ment

Guarantee agreement may be signed by officers of WarDepartment named in memo from General Styer

,S..tatement ordered published in FRBulletinFunds may be released immediately upon execution of the

assignment by the contractor, memo from War De-_ . partmenttxperience of the Board under, reviewed by Mr. Draper

at meeting of the Board with the PresidentsGuarantee agreement, revision of the form sent to

FRBanks with request for suggestionsovernment's right to cancel a contract, discussion of,

at meeting of the Board with the PresidentsGuarantee agreement for, proposed standard form trans-

mitted to FRBanks with requests for commentsand suggestions

5/9 912

4/1 601

4/ 1 602

4/6 635

4/ 6 634-5

4/9 665

4/10 690

4/13 709

4/15 7224/22 754

5/6 870

5/8 894

5/8 894

5/8 895

5/8 902


RegillThations: (Continued)4card of Governors: (Continued)

(Continued)Guarantee agreements executed on behalf of the Navy and

War Departments, duplicate copies of, should beforwarded to the Board, reply to FRBank ofChicago

Guarantees, authorization memoranda for the executionof, to be sent to FRBanks by air mail insteadof by wire, telegrams to be used only to notifyof action taken on applications

War Loans Committee to continue for time being to wireentire memoranda to the FRBank of San Francisco

Guarantee agreement, procedure for the execution of,sent FRBanks, supersedes prior instructions

Interest rates on war loans in excess of five per centis in violation of rates established by the

W Board, r-onsumer Credit:Accounts of Campbell County Protestant Orphan's Home,

Newport, Ky., are exempt from provisions ofAccounts carried for employees by department stores in

San Francisco to be paid by pay roll deductionsAdd-on to cash loan, answers to several questions of

FRBank of MinneapolisAdministration of, difficulties due to green personnel,

FRBank of Atlanta to have inspectors visit cer-tain stores

Advances made by general agents of insurance companiesto sub-agents for living expenses, applica-bility to

Advertisement of promotion items by Harold A. LiftonCompany, New York City

Adverti sing, misleading, reply to Boston Better Busi-ness Bureau in regard to distribution of theNational Bureau's statement in respect to

Agreement between oil company and credit card holdersto permit sale of listed articles even thoughaccount is in defaultA

gricultural loans:Credit to salaried worker for purpose of permitted

improvements not considered listed articlesLoans to persons engaged in, letter to Mr. T. P.

Coats on exemption ofMeaning of phrase "engaged in agriculture" used in

section 8(1)

V:

287Pages

5/8 903

5/11 915

5/12 925

5/18 974

5/22 1016

6/12 1206

6/19 1258

1/9 34

11/11 2151

12/11 2303

7/31 1528

5/15 941

7/14 1426

6/11 1192

12/19 2344

6/27 1308


288Pages

Regta_aoations: (Continued)rd of Governors: (Continued)W: (Continued)

Air coolers, evaporative type manufactured by EssickManufacturing Co., not among listed articles 3/ 6 433

Alaska, provisions inapplicable to 6/29 1319Amendment to permit the initial payment on instalment

loans to be deferred for 90 days, Morris PlanIndustrial Bank of New York advised that Boarddoes not favor 1/14 53

Amendment No. 3, draft of, transmitted for comments andsuggestions of FRBanks, Federal Advisory Coun-cil, and the trade 1/ 9 33

Sent to Mr. Brown and FRBanks, requested to consultwith trade and members of Federal AdvisoryCouncil and forward comments and suggestions 1/23 111

Bracketing principle to be applied to certain ar-ticles, opinion of FRBanks and Federal AdvisoryCouncil requested 2/12 244

Proposed, report by Mr. Ransom with regard to com-ments of FRBanks and incorporation of recom-mendations of the Office of Price Administra-tion 2/24 322

Statement by Mr. Hubachek with regard to the extentof assistance that its adoption would be to theOffice of Price Administration and the WarProduction Board 2/24 324

Draft of, sent to Consultative Committee, report onreplies received 2/24 340

Revised draft of, sent to Consultative Committee,report on replies 2/24 340

Two drafts of, sent to Federal Advisory Council andreply received 2/24 341

Adopted with understanding that it be printed andsent to FRBanks as promptly as possible, anddate for release to press agreed upon 2/24 341

FRBanks notified of effective date of, requested toinform Board of number of copies needed, and ad-vised that entire regulation will not be re-printed at this time 2/25 354

Summary of principal provisions of, sent to FRBanks 3/ 2 402Changes in interpretations caused by, to be pre-

pared and transmitted to FRBanks 3/ 4 415Rendered list of articles on back of Statement of

Borrower Form incomplete, suggestion that ad-ditional items be added by rubber stamp orother convenient method 3/20 517


Reglilations: (Continued)Board of Governors: (Continued)W: (Continued)

Amendment No. 3: (Continued)Reply to questions regarding instalment obliga-

tions created before the effective date ofEffect on a prior bona fide commitment to make a

subsequent sale or loan, reply to questions re-garding

Amendment No. 4, proposed, to add to listed articles,increase down payment and reduce maximum ma-turity

Statement regarding and review of status by Mr.Ransom

Comments regarding by Mr. Williams, opinion that itmight result in black markets and suggestionthat a ceiling be applied to amount of consumercredit

Letter from Leon Henderson opposing fixing of ceil-ing on amount of consumer credit, quoted by Mr.Ransom

Points agreed upon in response to questions pre-sented by Mr. Ransom

Special meeting of the Board to be held on April 30,to consider

Revised draft of, distributed for consideration, andmemo outlining the important changes that wouldresult if adopted

Reduction in the volume of consumer debt that willresult from the adoption of

To be made effective May 6Press statement to be wired to FRBanks and held in

confidence until release dateDiscussion of changes that would result from the

adoption ofSection 10(b), Option 2, regarding consolidated

loans, discussion as to whether maturity period

289Pages

3/27 577

3/27 578

4/ 7 649

4/27 768

4/27 771

4/27 771

4/27 774

4/27 775

4/30 784

4/30 7844/30 786

4/30 786

4/30 787

should be shortened 788Adopted and regulation as revised g 788Explanation by Mr. Ransom of reasons for adoption

of, without prior discussion with Presidents 5/ 8 893List showing the effect of, on Interpretations and

changes in section numbers and in substance,sent to FRBanks 5/ 9 912

Effect of provision including cash loans up to$1500 and other provisions discussed by ex-ecutive committee of Federal Advisory Council 6/ 3 1118


Regtaa •tlons: (Continued)

8°ard of Governors: (Continued)W: (Continued)

Amendment No. 5 providing for cycle billing approvedAmendment to be published in FRBulletinAmendment number 6 on fuel conservation credits adoptedAmendment number 7 on disaster credits adoptedAmendment number 8 adopted applying to certain loans to

farmers, permitting railroad employees to pur-chase watches without down payment, and chang-ing down payment for reupholstering

7/ 27/217/277/27

8/12

290Pages

1349146814871487

1608Amendment to, statement for publication in FRBulletin 8/25 1682Amendment on charge-send transactions, draft to be sent

to FRBanks shortly 9/21 1858Amendment No. 9, draft sent to FRBanks for comments and

suggestions 9/23 1871Adoption of, adding new sections on approvals,

demonstrators, and charge accounts 10/14 2018Amendment to, statement for publication in FRBulletin 10/24 2059Amendment proposals sent to Consultative Committee, re-

plies received from Messrs. Upham, Jones, andHenderson advising that proposals were satis-factory 2/24 340

Am endment to section 5(f) requested, no change to bemade at present 6/27 1304

Ame ndments, FRBanks notified of intention to add tolisted articles and restrict terms, procedurefor obtaining comments of FRBanks and trade tobe outlined 1/ 8 29

Amendments, floods causing families to lose house fur-nishings and clothing, letter to Mr. Hays on

A need for action on

merican Association of Personal Finance Companies, ex-7/23 1473

planation of possibility of revision following

A default on instalment payments 1/14 51

nswers to questions of FRBank of Cleveland, based ondefinition of instalment loan credit in section

A (nswers oeq 1 / 9 34questions of Pugh Bros. Jewelry Co., rendered

incorrect by revision, letter to FRBank of Cleve-land advising 5/ 5 865

Apartment hotels, designed for residential and nonresi-

Apart dential use, classification of

ment hotels are residential structures although 4/ 3 624

accepting some transient guests 6/11 1190


t1 On: (Continued)4 a of Governors: (Continued)W: (Continued)

Appraisal manuals for determining value of used cars,discussion of, suggestions by Mr. Cravens ofmanuals that could be used

Memorandum on, by Mr. Cravens read in connectionwith proposed Amendment No. 3

Information on designation of, to be furnishedFRBanks as soon as possible

Letter to publishers of, requesting information re-

gardingMemorandum regarding and list of those designatedLetter to publishers of guides designated for use

in connection withItems which may be added to, in determining maximum

credit valueReply to FRBank of Kansas City regarding reasons

for designating guides which in some casesquote separate prices for cars having specialfeatures

Revised list of those designated for purpose ofsection 13(c) sent to FRBanks

Designation of publications for 1943Appraisal guides:

American Auto Appraisal, Morris Plan Savings Bankof Jacksonville, Florida, advised of reasonsof Board for not designating

Blue Book National Used Car Market Reports - Ex-ecutive Edition, designated for use in addi-tional territories, letter to Mr. Leukhart ofthe National Used Car Market Report, Inc.

Kelley Blue Book, Los Angeles, California, replyto several questions of, to be advised of an-swers to other questions at a later date

Reply to letter regarding practice of some pub-lishers to imply that theirs is the only offi-cially designated guide

Advised of possible results of the establishmentof price ceilings on used automobiles

Reply regarding 1934 automobiles and earliermodels and quotation of automobiles havingSpecial equipment

Advised that Board will designate for use inother States upon submission of data in sup-port of the suggestion

291Pages

2/24 325-30

2/24 332

3/ 3 409

3/9 4393/21 521-32

3/21 532

4/6 640

4/30 832

7/15 143812/19 2346

4/7 652

4/9 667

3/27 580

4/14 717

4/16 731

4/25 765

5/6 874


292Pages

Re •gIllations: (Continued)Board of Governors: (Continued)

/11 (Continued)Appraisal guides: (Continued)

Kelley Kar Company, advised that Board expectseach publication to quote average retailvalues of used cars in its territory 4/ 4 625

Market Record, implication that it has a better official standing than other designated guidesto be eliminated 4/14 717

National Used Car Market Report, Inc., advised thatconsideration is being given to designatingtheir Red Book and Executives Edition for usein the Detroit area 4/ 9 667

Reply to regarding Market Record, designation in certain territories, and possible effect ofprice ceilings on used cars 4/15 723

Advised of guides designated for use in certaincounties in Michigan 5/26 1060

Official Automobile Guide published by Recording &Statistical Corporation, letter on designationof publication 6/30 1327

Included among designated publications 7/15 1436Board willing to consider for designation in con-nection with Regulation W, non-inclusion isnot a reflection upon the accuracy of guides 4/10 694

Letter to Mr. Dillard on effect of failure todesignate under 4/14 717

Letter to Mr. Meffley on designation of publica-tion

Official Guide (Pacific Auto Guide, Inc.):Advised of designation of, for purposes ofAdvised that Board has no objection to higherquotations if they reflect the actual market,other questions answered

Advised of possible results of the establishmentof price ceilings on used automobiles

Official Nebraska Used Car Survey, new issues tobe made only when necessary instead of quar-

10/12 2011

3/27 581

4/10 693

4/16 731

terly 8/19 1641Sapers, A. E., letter of appreciation for sugges-

tions regarding, advised that they are usedmerely for setting maximum credit values onused cars 4/ 8 660

Wisconsin Automobile Guide, designation of July-August edition extended to September 30 8/24 1666


Regulations: (Continued)Board of Governors: (Continued)

(Continued)i t*nued)Article combining public relations work on regulation

with defense saving bond program, Presidents'Conference asked if in view of difficultiesit is desired that Board continue with prepa-ration of

Asbestos cement products, proposed amendment extendingcredit for longer period than now permitted

Asbestos siding not exempt from provisions of RegulationAutomobile accessories, Board in agreement with inter-

pretation of, by the FRBank of San FranciscoAutomobile appraisal guides: (See supra Appraisal

guides)Automobiles:

Appraisal guide value of, when equipped with specialaccessories, FRBank of San Francisco advised re-garding

Bene Feferman Motor Sales, advised that maximumcredit value may not be in excess of figurecontained in guide book unless higher downpayment is made

Credit extended to salesmen for purchase of demon-strators, renewal of

Discussion whether coverage of, should be continuedin view of the rationing system

Financing of, reply to Miss Hester G. Garner regard-ing

Loans to finance purchase ofPayne, Mr. V., advised that Board cannot foretell

293Pages

2/13 252

9/10 177011/ 3 2108

5/13 929

4/17 740

14j4 626

9/ 5 1741

2/24 328

5/25 10373/13 491

rulings and regulations that may make loans onautomobiles more hazardous

Permission to sell on terms other than prescribed,not permissible under regulation, letter to

2/23 320

John L. Russell Chevrolet Co., El Campo, Texas 8/ 8 1595Purchase or discount by registrant on terms more

liberal than prescribed, does not alter re-quirements under regulation 8/11 1604

Purchased by workers in war plants, action deferredfor present 7/ 3 1365

Registrants may not expect single payment note forentire purchase price with longer maturity thanprescribed 7/ 2 1356

Repossessed by finance companies, revision of con-tract allowed 3/3 409


Regations: (Continued)looard of Governors: (Continued)

W: (Continued)Automobiles: (Continued)

Repossessed, effect of section 8(a)(2) on instal-ment sale of, reply to questions regarding

Repossessed, sale by registrant without regard toone-third down payment, letter from Commissionerof Banking of Virginia

Resale by credit union for member in armed forcesowing balance, still subject to requirements ofthe regulation

Resale by financing institution which has lien se-curing a loan, applicability of regulation

Sale by dealer to customer and promissory note ac-cepted in payment

Sale to person unable to make down payment, no ex-ception provided

Sales contracts, where the automobile which has beenused for collateral has been damaged, explana-tion to FRBank of Philadelphia

Salesmen's demonstrator plan notes, renewal or re-vision in cases where makers are still salesmenof new cars

Sold on instalment basis to wife and husband whohas been called to active duty, company maytake action as outlined in Section 8(a)

294Pages

3/27 578-9

6/11 1189

6/17 1236

7/ 7 1380

6/27 1307

9/ 3 1726

1/27 128

6/27 1307

2/14 259Trade-in may be used to reduce deferred balance due

on purchase of, subject to section 4(d) and re-quirement that no monthly instalment may beomitted

Transfer of equity in, from son to father who in-tends to borrow from M-A-C Plan ManagementBureau, must meet requirements of W-72

Used, Zenoff Motors advised that Board agrees with

3/6

1/30

432

150

FRBank of Chicago in connection with a plan forthe sale of 5/6 873

Used as demonstrator now sold for first time isused automobile 7/11 1408

Bank Which discounts instalment contracts is not re-quired to ascertain that the price at which thearticle was sold was in compliance with 4/17 740

Bankers Magazine, advised that regulation was designedto discourage unwise borrowing and not prohibitinstalment buying generally 1/16 77


295Pages

Regulat', is: (Continued)lu()at'd of Governors: (Continued)

/11: (Continued)Batteries and accessories, designed for trucks and

busses, are included in listed articles 6/ 8 1159

Included in listed articles 6/23 1273

Included in listed articles 7/ 2 1355Berry, Homer F., advised that Board cannot answer his

question re merger of balances due on furni-

ture, as all necessary facts are not included 1/24 115Copy of letter sent to Baltimore Branch with sug-

gestions regarding proper answer 1/24 116Billiard tables and billiard supplies, bowling alleys

and bowling supplies, classification as sportsand game equipment, reply to inquiry of Bruns-wick-Balke-Collender Co. 6/ 1 1104

Billing of charge accounts, reply to Phil A. Halle, re-garding the problem of making the billing monthcorrespond to the calendar month 5/22 1020

Problem of making the billing month correspond tothe calendar month, questions regarding fromHr. Peyton, Controller, Joske Bros. Co., andMr. Ryan 5/25 1035

Black list of individuals whose accounts are in default,report of Mr. Ransom that Office of Price Ad-ministration had abandoned proposal for them 7/10 1400

Boat motors, subject to, depending upon classificationas to whether designed for use in pleasure orcommercial craft 1/28 139

Bonus in form of Defense Savings Stamp may be given topurchaser if full payment for article has beenmade 2/10 235

Bonus of defense bonds may be given to purchaser whenpayment for the article has been fully made 2/27 377

Bowling alleys and bowling supplies, billiard tables,and billiard supplies, classification as sportsand game equipment, reply to inquiry ofBrunswick-Balke-Collender Co. 6/ 1 1104

Bowling alleys are part of structure and are not con-sidered equipment, but bowling pins and ballsare included in Section 13(a) 6/11 1190

BoY are

of America exempted under Section 8(1) of 6/29 1319"Budget" definition of term, reply to Federal Outfitting

Co., Fresno, Calif., regarding 5/25 1039Budget companies and instalment vendors, application

of Regulation to operations of 12/15 2313


296Pages

Re0,1 .(Continued)

'''°ard of Governors: (Continued)W: (Continued)

Building and loan shares, loans for purposes of pur-

chasing or carrying, exempted by the last

clause of section 8(b)Building materials, sales of materials in same account

on different dates, date when considered in

5/20 998

default 8/14 1621Buildings not for residential use, repairs, alterations

or improvements not subject to regulation 6/ 6 1153Bumper or balloon payment on instalment loan, effect of

Regulation upon renewal of 10/17 2035Canada, Messrs. Brown and Robinson authorized to go to,

to make a study of consumer credit 3/10 443"Carrying" stocks, definition of, as contained in sec-

tion 8(b) 5/26 1057Meaning of word as used in section 8(b) 6/18 1247

Ceilings on credit, application of, in connection withproposed Amendment No. 4, opposed by Mr.Hubachek in statement at Board meeting 4/27 772

Central bureau as coordinating agent between employeesin defense industries and their creditors, re-

ply to Messrs. Womack and Mason on plan sug-gested 5/27 1071

Chairmen of FRBanks requested to discuss the future of,with directors and advise Board as to views 1/28 136

Changes in, discussed by Mr. Ransom with Presidents, tobe reprinted when amended again 3/2 394

Charge accounts, inclusion of, discussed at meeting of

Board with executive committee of Federal Ad-

visory Council, effect of such regulation in

Canada considered 3/12 478-82Charge accounts, consideration being given to, in rela-

tion to an amendment to include 3/23 539Charge accounts, opinion that they should be covered

to prevent evasions of the purpose of the regu-lation 4/30 786

Charge account, sale of listed article in, with agree-ment to convert into an instalment contractlater is in violation of sections 5(a) and11(a) 5/7 881

Charge account, combining of, with existing instalmentaccount, reply to the FRBank of Minneapolisregarding 5/18 976

Charge 6 account, when in default under provisions ofregulation, reply to Mr. House regarding 5/19 992


RegulationBoard

W:

s: (Continued)of Governors: (Continued)(Continued)Charge accounts, reply to Retail Credit Grantors of

New England regarding adoption of resolutionasking that regulation be changed to permit

asking that regulation be changed to permitthe billing month to differ from the calen-dar month

Charge accounts in default, suggestion of Credit Bureaus

of America, Inc., for control ofCharge account, reply to Cleveland Retail Credit Men's

Company regarding suggestion that all trans-actions of g5 or less be given the benefit of

section 5(f)Charge accounts, customer in default at one store ob-

taining credit at another store, letter regard-ing sent to Peoples Cash Store and The 1NM.Erlanger Company

Charge accounts, problem of making billing month cor-respond to calendar month, questions raisedby Joske Brothers Company and W. H. Ryan

Charge accounts of department store employees, the ac-counts to be liquidated in full within 42 daysby pay roll deductions, reply regarding, toMr. F. A. Bonneraccounts for either listed articles only or un-listed articles, application of regulation to,reply to Retail Merchants Credit Associationof Los Angeles

accounts, use of credit cards by oil companiesand difficulty of making billing month coin-cide with calendar monthaccount in default, bad debts charged off or ab-

sorbed in reserve does not relax prohibitionof section 5b

accounts of partnerships and personal charge ofindividual partners are separate accountsaccounts, single payment loan used to retirecharge accounts arising from sale of unlistedarticles, may be renewed or extendedaccounts, single payment loans used to retirecharge accounts arising from sale of unlistedarticle may be renewed or extended

accounts including items purchased on last fivedays of calendar month, letters from Memphisfirm sent to Memphis Branch for reply

Charge

Charge

Charge

Charge

Charge

Charge

Charge

297Pages

5/20 997

5/21 1008

5/21 1009

5/23 1025

5/25 1035

5/25 1036

5/25 1038

5/26 1057

5/27 1070

5/28 1076

5/28 1076

5/28 1077

5/29 1089


Re(Continued)',card of Governors: (Continued)

W: (Continued)Charge accounts, house, letter to Mr. Hodgson on status

ofaccount, conversion into instalment account,statement of borrower not necessary

accounts, amendment suggested by retail creditassociation of Los Angeles for additional timefor purchase made in last few days of monthaccounts of school teachers, letter to Mr.Wallace on applicability of Regulation toaccounts, identification as to default after10th of month and default where amount ofmoney involved is very smallaccounts, default cured by execution of 6 monthsinstalment agreement under section 5(d)(2)accounts, retailers having several stores, cus-tomers accounts at all branches are combinedas single accountaccounts, provisions dealing with conversions,renewal or revision of contractsaccounts, conversion into instalment obligationswith payments running in excess of 6 or 12months, letter to Mr. Kennel answering ques-tions onaccounts, farmers, letter to Senator Overtonanswering inquiry of constituents on provi-sions of regulations coveringaccounts, penalty rate of interest on, reportof Mr. Ransom on consideration of Office ofPrice Administrationaccounts, questions involving maximum maturityof loans to retire and single payment loan toretire

accounts in default cured by conversion intoinstalment obligationsaccounts, default is cured when registrant con-verts accounts pursuant to sections of regula-tionaccounts, blacklist of individuals whose ac-counts are in default by local credit bureaus,idea abandonedaccounts, proposal of Office of Price Adminis-tration for the establishment of penalty in-terest rates on defaulted, abandonedaccounts, account of customer is in default ifassigned account is not paid within prescribed

time

Charge

Charge

Charge

Charge

Charge

Charge

Charge

Charge

Charge

Charge

Charge

Charge

Charge

Charge

Charge

Charge

298Pages

5/29 1090

6/ 1 1103

6/ 5 1142

6/10 1181

6/11 1191

6/18 1245

6/19 1259

6/25 1284

6/27 1305

7/ 1 1347

7/ 2 1353

7/ 6 1373

7/ 6 1376

7/ 7 1380

7/10 1400

7/10 1400

7/10 1404


Re •glaatl°ns: (Continued)8°ard of Governors: (Continued)

W: (Continued)Charge accounts, question whether member of family may

open when another member of family has accountwith same seller which is in default

Charge accounts, inquiry of Plymouth Co-Operative OilCompany on treatment of account when customercharges at two or more stations

Charge accounts, includes all indebtedness from charge

sales to given customerCharge accounts, stores operating branches where cus-

tomer has account with various branchesCharge accounts, curing of default in acceptance of

postdated checks as complying with agreementCharge accounts, suggestion that default date be changed

from 10th to 15th of month by Mr. E. F. Pettis,not approved

Charge accounts, objectionable form of letter used byDetermann's of Belfield, N. D.

Charge accounts, customers who have paid promptly beforeand insist on now taking full amount of time,reply to letter of Ir. A. B. Trott, Presidentof the Daniels and Fisher Store Company,Denveraccounts, default cured by agreement to payamount of default in one monthaccounts, account of customer is in default ifarticle purchased is defectiveaccounts, failure to make payment for articlesby 10th of calendar month, no fine or imprison-ment prescribed under regulation

account, instalment agreement converting, before

or after default, not entitled to 15-day option

under regulationaccount, Mr. and Mrs., questions arising underaccounts in default at different stores and in-stalment loan from lending agency to take upaccounts in default, return and exchange of mer-chandise by customersaccounts, repair bills at garages as subject toaccounts where balance in default represents ar-ticle that is defective

accounts of husband and wife, bulletin of Na-tional Retail Furniture Association and others

Charge

Charge

Charge

Charge

ChargeCharge

Charge

ChargeCharge

Charge

299Pages

7/15 1434

7/20 1456

7/22 1471

7/27 1498

7/29 1515

7/30 1518

7/31 1527

8/ 4 1546

8/ 4 1547

8/ 5 1563

8/11 1602

8/19 16378/20 1645

9/16 1826

9/23 18729/23 1874

10/ 2 1935

10/12 2010


300Pages

Nnal t.a -ions (Continued)Board of Governors: (Continued)

(Continued)Charge accounts, books, effect of purchases on ac-

counts in default 10/24 2058Charge by hotels to account of guests or tenants not

included in listed articles 8/ 1 1534Charge sales for deferred delivery, interpretation of

section 12(d) 7/25 1484Charge-send transactions, no change in regulations as

suggested by J. L. Brandeis & Sons, Omaha 7/15 1436Draft of possible amendment to be sent to FRBanks 9/21 1858

Check credit plan of Merchandise National Bank of

Chicago, use of statement of borrower in con-

nection with 5/28 1077Reply that statement of borrower must apply to all

persons affected and procedure outlined is notpermissible 7/17 1450

Clark Brothers Furniture Stores, letter on designatedterms of agreement 11/ 4 2119

Cleveland Retail Credit Men's Company, reply regardingsuggestion that all transactions of A5 or lessbe given the benefit of section 5(f) 5/21 1009

Coal circulating heater to replace gas heater, sale notexempt from regulation 8/17 1629

Coal furnace, conversion of gas furnace into, as exemp-tion under Regulation W 7/31 1527

Coal stokers, applicability of amendment No. 6 to in-stallation of 9/25 1884

Coats sent on approval, stores should ascertain if cus-tomer expects to pay cash, charge the sale orpay in instalments 11/ 3 2110

Collateral in automobile sales contracts where the au-

tomobile is damaged, explanation to FRBank of

Philadelphia 1/27 128

Collection letters, form used by R. H. Johnson & Company,Wilmington, Del., letter to Assistant AttorneyGeneral submitting correspondence 8/27 1698

Commodity Credit Corporation loans not exempt for useto purchase listed articles 6/20 1262

Complaint of Joseph Wolffson of difficulty in continu-ing his business because of restrictions ofregulations 7/ 2 1356

Connecting line not included in Group E items if theline is not the property of the consumer and

building is designed exclusively for nonresi-dential use 3/13 492


Regulations: (Continued)Board of Governors: (Continued)

W: (Continued)

301Pages

Consolidation of debt, effect of various options of

regulation on, letter to Mr. Wesley of Lincoln

Loan Corporation 7/ 9 1394Consolidation of existing credit with new credit, treat-

ment of 6/30 1327

Consolidation of instalment obligations resulting from

conversions of charge accounts 5/27 1071

Consolidation of loans, answers to question regarding

provisions of Section 8 as amended by AmendmentNo. 3 with reference to 3/13 491

Consolidations, discussion as to whether maturity on,be restricted to 12 months or left at 15 in con-nection with proposed Amendment No. 3 2/24 335

Contract providing for balloon payment at its end maybe revised to provide for monthly payments 4/16 731

Contract in form of lease with option to purchase, replyto inquiry of Southern Specialty Company, Al-bany, Ga. 6/12 1205

Contracts of sale not conforming to regulation, accountsreceived should be returned 6/25 1283

Coupon books, sale of, procedure that keeps transactionin compliance with section 4(d) 5/15 941

Coupon books used to purchase listed articles, inquiryof Colonel Higgins of Beneficial ManagementCorporation on treatment of instalment loansto purchase 9/23 1971

Credit Bureaus of America, Inc., letter from, and reply

regarding the organization of, to report the

names of customers whose charge accounts are in

default, sent to FRBanks 5/21 1008Credit card of Atlantic Refining Company, Philadelphia,

Pa., compliance with regulation would neces-sitate promptness in assigning and forwardingcharge slips and notifying of account in default 8/14 1620

Credit cards of Humble Oil and Refining Company, reply

Credit cards issued by corporations with out-of-town 6/19 1257that they may be confined to unlisted articles

branches, letter to FRBank of Cleveland oncharge accounts in default 9/17 1825

Credit cards issued by gasoline companies and others,status of charge accounts in connection with 10/15 2026

Credit cards issued by Phillips Petroleum Company, ef-fect of Regulation on 7/ 9 1392


302Pages

Regul,ations: (Continued)zoard 4,ol Governors: (Continued)W: (Continued)

Credit cards, use of, by oil companies, and difficultyof making the billing month coincide with thecalendar month, reply regarding 5/26 1057

Credit granted by wholesaler to retailer or by manu-facturer to wholesaler, letter to NationalPaint, Varnish, and Lacquer Association onapplicability of regulation to 6/ 5 1144

Credit sales of listed articles by a subcontractor toprime contractor on government projects, ex-empt under section 8(f) 7/11 1408

Credit Service Plan of General Motors Acceptance Corpora-tion, effect of regulation on 7/ 9 1393

Dealer who sells article is registrant 7/23 1475Credit union, loan for purpose of purchasing shares in

Minnesota, applicability of regulation to loan 7/ 7 1381Loan to member of, conditions for renewal of 9/10 1771

Credit union shares, loans secured by, for purchase ofshares 11/ 5 2124

Creo-dipt Company, Incorporated, North Tonawanda, N.Y.,effect of amendment No. 6 on credit sales ofproducts of 9/10 1769

Criticisms, letter to Mr. Cordner of First Thrift ofLos Angeles, Calif. 5/27 1071

Cumberland Maytag Company, advised of necessity forwritten statements under section 4(f) 1/21 94

Curing defaults, reasons for the adoption of the six-month method, Mr. Stevensen to be advised re-garding, by the FRBank of Minneapolis 5/25 1035

Curtains, applicability of Regulations depends onwhether sold singly or in groups 7/23 1474

Customer in default at one store obtaining credit atanother store, letter regarding sent to PeoplesCash Store and The Wm. Erlanger Company 5/23 1025

Reply to Federal Outfitting Co., Fresno, Calif.,regarding 5/25 1039

Cycle billing, applications of Standard Oil Company andUnion Oil Company of California not applicableunder sec. 12(m) 8/ 1 1535

Charge accounts that meet with specification underregulation, approved, letter to William Y.Gilmore and Son 8/ 4 1545

Dealer who consults an appraisal guide which does notlist a particular model of automobile, if ingood faith he extends credit without consult-ing other guides he is not guilty of a viola-tion 5/6 871


RegIllat*lons: (Continued)1.)0 s•allA or Governors: (Continued)W: (Continued)

Debt outstanding following adoption of Amendment No.

4, press statement to encourage the reductionof, to be considered by Messrs. Ransom, McKee,and Szymczak and then submitted to Board,FDIC, and Comptroller, letter to FRBanks re-

garding, to be cleared only with the BoardPress statement approvedLetter to FRBanks approved

Default cured by agreement to pay amount due withinone month by post-dated check does not con-

Defense stitute written agreementbonds, giving to purchaser as bonus permissiblewhen payment for the article has been fullymade

Defense housing, extension of credit to remodel or re-habilitate a structure by National Housing au-

303Pages

5/ 55/75/8

851880903

12/11 2303

2/27 377

thority exempt from provisions of RegulationsQuestion raised by FRBank of MinneapolisProposal for exemption, procedure to be submitted

by National Housing AdministrationProjects, letter to National Housing Agency on pro-

posed revision of Administrator's Order No. 8Proposed changes in procedure for designation of

projectsDefense Savings Stamps may be given to purchaser as

bonus if full payment has been made for articleDelco Farm Lighting System, advice to Brittain Sales

7/ 17/31

10/ 9

10/28

11/12

2/10

13461526

1998

2081

2158

235

Company on classification approved 6/26 1299Dental laboratories are not subject to, unless they

make sales of listed articles, reply to Amer,Cunningham & Keeney, Akron, Ohio 5/25 1037

DePosition for use in private litigation as to signa-ture on registration statement, no legalgrounds for refusal 6/ 9 1171

Development and administration of, description fur-nished to office of the Bureau of the Budgetfor compiling history of development in warprogram 10/30 2093

Letter to Bureau of the Budget with descriptivestate-Anent 11/28 2238

Disaster credits, amendment No. 7 adopted 7/27 1487District L Edition NADA Official Used Car Guide,

Nevada should be added to list of Statescovered by 3/23 545


Regtaat', 1°ns: (Continued)u°ard of Governors: (Continued)

W: (Continued)"Davin payment" in section 5(f) refers to the down pay-

ment required by the regulation, explanation toFRBank of Cleveland

Down payments, reply to questions raised by FRBank ofRichmond

Down payments and maturities for instalment sales, let-ter to Congressman Rabaut on changes proposed

Down-payment provision, opinion of Ir. Hodge that theyshould be eliminated because of administrative

difficulties, in connection with discussion of

proposed Amendment No. 4Inclusion of, discussed at Board meeting in connec-

tion with proposed Amendment No. 4Discussion of not requiring on articles costing

less than 1t15, in connection with proposedAmendment No. 4

Down payment, pay roll deduction orders asDraperies and slip covers included in classification of

Interpretations to be published in FRBulletinDryer, Joseph E., reply to letter on intention and

purpose of Regulation and on extension ofcredit to persons subject to military serv-ice

Dunning letters and notices, objection to wording ofE. A. Kelly Furniture Company, New Haven, Conn., letter

to, giving opinion of Board regarding deliver-ing of range of more expensive type than oneoriginally ordered, amount of down payment re-quired

Easy Furniture Company, Chattanooga, Tennessee, action

regarding violation by, to be held in abeyance

304Pages

1/ 5 13

2/14 258

2/25 353

4/27 772

4/27 774

4/27 7746/18 12446/ 3 11326/24 1277

9/21 18598/11 1602

1/28 138

pending development of a program of enforcement 5/20 997Educational loans to students to complete college

courses, reply to inquiry of Rotary Club ofFlorence, S. C. 6/12 1203

Efforts to collect unpaid obligations, statement forpublication in FRBulletin 11/24 2228

Electrical equipment, Inland Empire Llectrical EquipmentAssociation, advised by Board that suggestedreduction in down payment requirements for, isnot justified by present conditions 1/ 1 5

Congressman C. H. Leavy advised that Board gavecareful consideration to request of InlandEmpire Electrical Equipment Association ofSpokane, that Regulation be amended to providefor a lower down payment on 1/15 58


Regillat*lons: (Continued)zoarld of Governors: (Continued)

W: (Continued)

305Pages

Electrical hearing devices not included in listed ar-

ticles 5/23 1025Electrically operated cream separators, band and circu-

lar saws, etc., not included in Item 14, GroupA 5/21 1010

Elevators, reply to question raised by Sims Handy and

McKnight as to whether modernization of, in

existing structures is included in Group E

articlesti/ 3 624

Enforcement, opinion of Board that uniform policy of

enforcement should be adopted, answer to letterfrom Mr. B. F. Goldman

Enforcement, discussion of, with regard to developmentof a program for

Enforcement of, conference of FRBank representatives to

2/6 217

2/24 325

be arranged to consider problem of, copy of re-port on, sent to FRBanks 3/11 468

FRBanks requested to submit comments and suggestions,conference to be avoided by submission of planby Board 3/27 576

Enforcement of, consideration being given to, by Mr.Szymczak and other members of Board's staff 3/23 539

Enforcement, proposed Amendment No. 4, inclusion of pro-vision suggested by Mr. Henderson that wouldpermit enforcement by local officials discussed 4/30 787

Enforcement of, memoranda including press statement and

letter to National Association of Better Busi-ness Bureaus prepared by Yr. Hodgson sent to

Board members5/ 5 847

Press statement not to be released and reference to,to be omitted from letter to Better Business

Bureaus 5/5 848Enforcement, proposed program for, discussed and sug-

gestion that in case of willful violations thereshould be a hearing to show cause vIhy violator'slicense should not be suspended 5/5 849

Enforcement of, draft of program for, prepared by Mr.

Hodgson, submitted to Messrs. Ransom and

Szymczak with power to put into effect andmake such changes as they deem desirable 5/5 850

Enforcement, program for, outlined by Mr. Szymczak at

meeting of Presidents with the Board 5/8 893Enforcement, action against Easy Furniture Co. for vio-

lation to be held in abeyance pending the de-

velopment of a program for 5/20 997


306Pages

ReMbations: (Continued)iooard n0.1 Governors: (Continued)W: (Continued)

Enforcement, plan for, submitted to Attorney General,letter to be sent to FRBanks upon advice fromAttorney General that there are no objections

Enforcement, letter to Comptroller of the Currency oncooperation with respect to national banks

Enforcement, letter to FDIC on cooperation with respectto nonmember insured banks and Federal creditunions

Enforcement of, advice that FDIC and Comptroller of the

Currency will cooperate with Board inEnforcement of, evasion by jewelers in Chicago area who

deliver merchandise with less than requireddown payment with no official report of saleof, etc.

Enforcement of, letter to FRBanks on dealing with prob-lems arising under

Enforcement of, outline of program sent to National As-sociation of Supervisors of State Banks fortheir cooperation

Enforcement of, problems arising by violation by branchlocated in one district and manager located inanother district

Enforcement, reply to letter of Tripp Furniture Co.,Jackson, Miss., down payment by buyer does notaffect right of

Enforcement to be discussed at Examiners' Conference in

5/22

6/12

6/12

7/ 6

7/10

7/15

7/15

7/16

8/ 7

9/ 5

9/ 9

10/17

10/28

12/ 5

3/ 6

1018

1204

1205

1374

1405

1432

1438

1444

1591

1742

1762

2035

2081

2272

433

Philadelphia in September, representatives ofFRBanks to be prepared for discussion

Enforcement, telegram to FRBank of Atlanta that no gen-eral conference is contemplated

Enforcement of, letter to Federal Home Loan Bank Commis-sioner for cooperation of his office in

Enforcement of, summary of discussion at conference ofexaminers in Philadelphia

Enforcement of, as to institutions subject to supervi-sion and examination of Farm Credit Adminis-tration

Essick Uanufacturing Company, evaporative air coolersmanufactured by, held not to be included in

Everhart Surgical Supply Company, Atlanta, Ga., replythat most of articles sold by are unlisted ar-ticles 12/23 2375

Exceptions in individual cases, letter to districtclerk of Bexar County, San Antonio, Texas 10/ 2 1936


307Pages

Regulat*b 1°ns: (Continued)Doard of Governors: (Continued)

(Continued)Exchange of article by seller with allowance for full

original purchase price as credit, not treatedas trade in 7/24 1478

Executive Order No. 8843, scope of authority to pre-scribe regulations granted to Board by 4/30 786

Fans, circulating type which are installed in furnaces,reply to question regarding the classificationof 5/11 918

Father may borrow from bank on 18 months' basis withStatement of Necessity to retire obligationwith finance company, transfer of equity tofather permissible 2/12 248

Federal credit union, loans to purchase a house ex-empted by Section 6(a) 5/ 2 839

FR 563-a, registration statement for newly organizedconcerns, and letter of instructions to FRBanks

1approved /30 149Finance company may purchase contract if it complies

with 4/10 692Finance company, right to purchase or discount note ex-

ecuted by vendor and extending maturity of in-stalment sale indebtedness that is delinquent 11/ 4 2118

Financing of certain purchases, letter to SenatorEllender in reply to inquiry of A. L. Arpin 7/ 1 1347

First National Bank of Fairmont, Minnesota, FHA loanstaken by, without knowledge that such loanswere in violation of, no punitive action to berecommended, program of enforcement to be de-veloped, letter to FRBank of Minneapolis 2/20 305

Floods causing families to lose house furnishings and

clothing, suggested amendment to take care ofsuch situations 7/23 1473

Fluorescent lights and lamp shades, reply to questionwhether they are included in listed articles

5/ 8 904Flying lessons considered for bona fide educational pur-

poses 10/ 3 1942Food or coal, reply to W. Homer Kelly that regulation

does not apply to open account sales of 5/29 1090Forked Deer Electric Cooperative, Inc., Halls, Tenn.,

Statement of Borrower not required for pur-chase by Cooperative from, for resale 4/ 2 615

Formality required in agreements, requirements of sec-tion 5(d)(2) as to extension of 12/ 1 2255


308Pages

Regulati cms: (Continued)aioard of Governors: (Continued)

W: (Continued)Freezing of consumer credit of each lender and vendor

at present level, preparation of program sug-gested by Mr. Eccles

Frozen food cabinets, sizes under 12 cubic feet subjectto regulation

Fuel conservation credits, amendment No. 6 adoptedFuel conservation, exception to amendment No. 6 relates

4/ 7

3/167/27

649

4971487

to present equipment, not to complete replace-

ment of one type with another 8/ 4 1545Fur coats, covering storage, cleaning, alteration and

repairing, inquiry of Hixons, Milwaukee, Wis. 6/11 1181Fur coats, loan maturity for not more than 16 months

under regulation, reply to letter of LincolnLoan Corporation, Indianapolis, Ind. 8/19 1640

Fur coats sold in June for delivery in November and tobe billed at time of delivery, letter to FRBankof St. Louis on 7/ 6 1374

Furnace altered to burn hard coal instead of soft,ruled to be exception by Board, reply to Mr.Swanson's telegram 8/ 5 1564

Furnaces and stokers, explanation of standards appliedin determining the rating of 2/12 245

Furniture, Mr. H. F. Berry advised that Board cannotanswer his question regarding consolidation ofbalances due on, as all necessary facts are notincluded 1/24 115

Copy of letter sent to Baltimore Branch with sug-gestions regarding proper answer 1/24 116

Furniture company advertisement in violation of regula-

tion, as articles are closely related but downpayments required are insufficient 2/ 7 223

Furniture, suggestion by Mr. Brown that it be elimi-

nated from "listed articles" discussion at meet-ing of Board with executive committee of theFederal Advisory Council with Board 3/12 478-82

Furniture sales, inventories, and credit, memo from Mr.Goldenweiser in regard to the collection of sta-tistics on, for purposes of the regulation,forms and letters to FRBanks included 5/15 943

Furniture transactions, letter to Messrs. T. R. andW. S. Freeman giving reasons for including 5/26 1059

Furniture, avoidance of Regulation by renting instead ofselling, letter from Mr. Cline 6/ 5 1140


RealQat'lons: (Continued)of Governors: (Continued)

W: (Continued)Furniture, made to order and charge is made at time of

delivery, reply to FRBank of St. LouisFurniture contract for sale of group of articles de-

livered over a period of time due to lack ofmaterials

Furs sold by Saks Fifth Avenue, Chicago, in January tobe billed for in October covered by exceptionto regulation

Future of, views of Board reported by .Mr. Ransom, anddiscussion at meeting of the Board with thePresidents

Gems used to decorate watches included in the totalcost of the watch

George, Senator Walter F., inquiry from Ir. Roesel whichwas forwarded to the Board by, reply advisingthat Regulation is in accord with program sug-gested by the President

Gold purchased by jeweler at about the same time of asale to the same person, value of, must be de-ducted from the price of the listed article

Government Employees Finance Corporation, advised inreply that Statement of Borrower is requiredin connection with the proposed loan, unlessit is a renewal or revision

Great Atlantic and Pacific Tea Company employees,credit extended for purchasing of merchandisewith dealers who agree to honor company pur-

309Pages

7/ 6 1374

11/ 3 2109

7/ 2 1355

2/ 3 179

4/23 759

5/ 8 905

4/13 711

2/27 378

chase orders, application to 9/ 4 1734Groceries, letter to Mrs. Frances Hodges that they are

not included in listed articles 6/ 2 1110Group E, answers to several questions regarding screens,

electric signs, prefabricated marquees, etc.,whether they are included in 2/ 6 218

Hamilton Ross Toolmaster, classification of 6/25 1283Hebrew Mutual Association, Inc., advised that it and

similar associations are subject to the provi-sions of the regulation in respect to loanscovered by the regulation 5/ 7 882

High school athletic association or activity funds notexempt under section 8(i) 6/ 8 1159

Home Furniture Company, Dallas, Texas, group offeringscontained in advertisement of 9/10 1767

Homewares or housewares if not designed for kitchen usenot included in kitchen equipment and utensils 7/17 1449


310Pages

Reg'taations: (Continued)Board of Governors: (Continued)

W: (Continued)Hotels are non-residential structures even though ac-

cepting some permanent residentsHouse charge accounts, letter to Mr. Hodgson on status

ofHouse trailer, terms allowed dealer and those limiting

loans by banks and other lending institutions

Industrial Mortgage Company of Grand Rapids, Michigan,

6/11

5/29

5/22

1191

1090

1017

purchase of entire business of small loan com-

pany which holds nonconforming paper would be

violation of 2/12 247Information to branch offices, responsibility of FRBank

for sending 6/27 1303

Inland Empire Electrical Equipment Association, Spokane,

Washington, reply by Board that suggested re-

duction in down payment requirements for elec-

trical equipment is not justified by present

conditions 1/ 1 5INSEL,BRIC and INSELSTONE, described in pamphlet, not

applicable to special exemption in Amendment

6 of regulation, letter to Jones & Brown, Inc.,Pittsburgh, Pa. 9/ 1 1717

instalment contract which could have been written for a

longer maturity, may be consolidated and a loanextended and the monthly payments reduced byextending the maturity date 5/ 7 882

Instalment note with maturity of more than 18 months

made by person exempt under section 3(a), such

note may not be subsequently purchased by

Registrant, explanation to FRBank of Dallas 1/ 1 3Instalment sale of listed article or unlisted article

and instalment loan, differences between 7/14

Insulating board not exempt if on outside of building 8/12

Insulation, rock wool, request for longer period than

12 months in maximum maturity denied 6/17

Insulation materials used on exterior of building notexempt 7/31

Insulations, not to include siding and roofing materials,letter to R. J. Tobin, President of the TiloRoofing Company 8/ 3

Insulation shingles, letter to Mr. Reichart on reasonsfor not including as exemption in amendment

No. 6 10/ 5Insul-Mastic Corporation of America, request for amend-

ment to Regulation W to exempt products of 11/ 9

14241609

1235

1526

1539

1944

2137


Regulati-°ns: (Continued)DlOard of Governors: (Continued)

W: (Continued)Insurance, fire, reply to Del Mar Company regarding

the instalment financing of the premium on athree-year policy in connection with section8(g)

Insurance policy loans, discussion of provisions of,with respect to, at meeting of the FAC with the

BoardLetter from Mr. Dickson of First National Bank of

testwood, N. J., commenting on sectionProvisions relating to, discussed at meeting with

the executive committee of the Federal AdvisoryCouncil

Provisions with respect to making of loans securedby cash surrender value of policies

Insurance premiums, notes payable to financial institu-tions are considered instalment loans

Insurance premiums, fire or casualty, suggestion of Pres-ident of Great Eastern Fire Insurance Company,thite Plains, N. Y., that regulation beamended to make inapplicable to notes coveringloans of less than $1500

Insurance premiums, applicability of Regulation to fi-nancing

of:ing of fire and casualty

Ordered published in FRBulletinSimilar to W-108 calling attention to parts of regu-

lation made obsolete by Amendment No. 3 to beprepared for release with revised and reprintedregulation

Ordered published in FRBulletinChanges in, caused by Amendment No. 3, to be pre-

311Pages

5/15 943

5/18 965

5/30 1098

6/ 3 119

9/30 1910

7/23 1474

8/19 1637

9/14 1808

1/23 113

2/12 2482/21 316

pared and transmitted to FRBanksStatement for publication in FRBulletinStatement ordered published in FRBulletinStatement ordered published in FRBulletinStatement for publication in FRBulletinStatement to be published in FRBulletinStatement for publication in FRBulletinStatement to be published in FRBulletinLetter to Mr. Gilmore on policy with regard to pub-

lication of S lettersStatement to be published in FRBulletin

3/244/225/256/227/218/259/23

10/2010/24

t5175410421268146816821875

20432059

V-10, principle contained in, is now stated in sec-tion 11(e) of the regulation as revised 5/13 928


312Pages

Reetaat*t 1°ns: (Continued)p°ard of Governors: (Continued)

IN: (Continued)Interpretations of: (Continued)

Th-51, further explanation of standards applied in

determining the rating of furnaces and stokers

W-122, Group E-1 of Supplement includes materialsfor repair or erection of new fence on property

on which there is an existing structureW-123, words "down payment" in section 5(f) refer

to the down payment required by the RegulationW-124, distinction between an extension of instal-

ment loan credit and an extension of instalmentsale credit

2/12

1/ 5

1/ 7

1/ 9

245

13

22

341(1-125, Statement of the Borrower required by section

5(d) need be obtained only from the party whoreceives the proceeds of the loan 1/27 128

W-126, persons engaged in extending credit are re-

quired by section 3(a) to register, even thoughentitled to other exemptions 2/ 3 167

W-127, first mortgage may be considered first lienunder section 6(a) regardless of status of anyproperty taxes 2/ 3 168

W-128, second mortgage considered as first lienwhen both notes are held by the same lender

W-130, rating and classification of coal stokers 3/2164' 5654V.-131, still cameras classification does not include

equipment used for photograving or lithograph-ing purposes 3/31 600

W-132, classification, floor coverings, includesrubber, asphalt, cork, etc. 4/16 731

WR-1, revision of, places no restriction on re-

newals or revisions of single-payment loanmade prior to May 6 5/ 7 881

Discussion of several questions relating to, sentto FRBanks 5/26 1054

Investment securities, classification of savings passbooks under section 8(b) as 6/18 1246

Jewelers, question submitted by Donald McNeil, Asso-ciate Editor of the Jewelers' Circular-Keystone,material for use in articles in publicationnot to be encouraged 10/ 5 1943

Jewelry, articles included in classification of, let-ter to FRBanks regarding 5/26 1055

Jewelry, request of National Association of CreditJewelers for opportunity to be heard on mat-ters pertaining to instalment sales 10/28 2082


RegtaationsBoard

W:

: (Continued)of Governors: (Continued)(Continued)Kitchen equipment designed for

classification as usedKoolShade sun screens included

to regulationLamp shades and fluorescent lights, reply to question

whether they are included in listed articles

Landscaping, materials and services used for, are in-

cluded in Group ELast payment may be less than 5 as formerly stated in

S-479Last payment on loan may be any amount that represents

balance as long as previous payments complywith regulations

Lay-away plans as relates to section 12(d), inquiry ofMr. W. J. Brett, Editor, Fur Trade Review, re-garding

Reply to Lion, San Diego, Calif., on details ofplans

Involving sale of furs and furniture for future de-livery

Letter to Mr. Hodgson on transactions involving ac-cumulation of funds for down payment

Layman's Handbook of Regulation W, letter to Mr. Dakinswith comments on publicationCongressman Charles H., advised that Board gavecareful consideration to request of Inland Em-

pire Electrical Equipment Association ofSpokane, that Regulation be amended to provide

for a lower down payment on electrical equip-

mentLeo S. Mode & Company, reply to question of, regarding

minimum monthly payment provisionLife insurance companies, reply to question of, as to

whether they are required to register undersection 3(a)

Loans or advances to new salesman, applicabilityof regulation to

Life insurance policy, loan secured by loan value orcash surrender value not exempt from provi-sions of

Light plant, windcharging, for use of a dwelling, opin-ion of Board that it is included in Group E

Limit when Federal price authorities have prescribedmaximum retail price, and other questions

Leavy,

household use, scope ofin item 35in Group E items subject

313Pages

9/30 1912

3/16 497

5/8 904

4/23 759

5/23 1025

7/17 1451

5/22 1017

6/ 5 1145

7/ 6 1374

7/24 1480

7/24 1480

1/15 58

5/15 942

3/26 566

12/26 2394

5/27 1070

1/28 138

5/6 871


314Pages

IlWat*,10n8: (Continued)08.rd of Governors: (Continued)

(Continued)Lincoln Loan Company, reply to question of, regarding

a case in which a Registrant is asked to makean instalment loan for the purpose of payingoff an instalment sale contract which was madebefore May 6, for an article which at the timewas unlisted

List submitted by Mr. Burgess of Northwestern Bank and5/11 918

Trust Company will be edited by Board but with-out assuming any responsibility 6/ 3 1131

Listed articles not part of a set, group or assembly onarticle costing less than $15, lender permittedto lend full purchase price of articles 6/25 1284

Loan drawn for 15 months not extensible to 18 months 1/30 153Loans to college professors and school teachers, letter

to First National Bank of Princeton, N. J.,on procedure in connection with 2/27 378

Loan made by registrant for maturity in 18 months to berepaid in 12 instalments, payment to start 6months after making of loan, prohibited 3/13 493

Loan evidenced by notes followed with request for in-crease in amount and unsecured note to be givenfor, question of applicability of Regulation to 4/ 9 666

Loans which are not extensions of instalment credit arenot subject to provisions dealing with renewalsor revisions 4/25 765

Loans, single-payment, opinion that they should be cov-ered to prevent evasions of the purpose of theregulation 4/30 786

Loan to be used to purchase a listed article and pay agrocery bill, answer to question whether theloan may be secured by a chattel mortgage onthe listed article not changed by revision ofthe regulation

Loan, if purpose of, is to purchase listed article itis not subject to Regulation U, but would notbe exempted by section 8(b) of Regulation W

Loan plan involving pay roll deductions, period longerthan 45 days for first instalment not permitted

Loan plans for two local public utility companies, replyto Riggs National Bank, Washington, D. C., re-garding

Loans for purposes of purchasing or carrying buildingand loan shares exempted by the last clause ofsection 8(b)

5/ 6 872

5/ 9 912

5/20 998

5/20 998

5/20 998


: (Continued)Board of Governors: (Continued)(Continued)Loans, single-payment, answer to questions regarding

315Pages

renewals of 5/26 1056Loans to individuals for nonproductive purposes, reply

to Villiam J. Field on tax rates and assessmentpolicies in Jersey City 5/26 1059

Loan to American Legion not exempt from provisions 5/27 1070Loans consolidated and amounting to more than limit pro-

vided by regulation, no objection unless regula-tion is evaded 6/ 3 1130

Loans to individuals for nonproductive purposes, pressrelease to be sent to member banks by FRBank ofCleveland 6/11 1189

Loans to students to complete college courses, reply toRotary Club of Florence, S. C., that considera-tion will be given to 6/12 1203

Loans, renewal or revisions not subject to Regulationsif originally for more than 1l500 6/16 1226

Loans to school teachers in cases where school Board isunable to raise funds needed, school board laterto pay loan to bank 6/18 1244

Loans of Federal Housing Administration must comply withprovision of Regulation 6/19 1259

Loans of less than $1500, letter to Senator Wagner onletter of Mr. Bruchs on misunderstanding of reg-ulation 6/27 1309

Loans by Investor's Syndicate companies on certificatesissued by them 7/ 9 1390

Loan may have maximum maturity of 12 months even ifcharge account is in default, reply to MorrisPlan Bankers Association 7/ 9 1394

Loans secured by bona fide first lien on improved realestate and duly recorded to finance extensionof credit, advice to registrant in regard tomaking loan under regulation 8/ 3 1539

Loans not subject to Regulation Iv discussed by Mr.Ransom at meeting of executive committee ofFederal Advisory Council with Board 8/ 5 1561

Loans in excess of .01500 to building corporation, notcovered by Regulation, reply to letter of lawfirm of Heaton, Mules, Ireton & Hatch, Balti-more, Md. 8/19 1639

Loans made to dependents of men in the armed forceswith special reference to dependency allot-ments 9/23 1873


316Pages

Rew at., 10n5: (Continued)450ard of Governors: (Continued)

17: (Continued)Loans secured partly by credit union shares, statement

for publication in FRBulletin 11/24 2228Loss or damage to article, clarification of interpreta-

tion W-112 7/24 1479Lumber used by church for building parsonage, letter to

Senator Wheeler that Regulation does not apply 6/ 3 1131M-A-C Plan Management Bureau, reply to question re trans-

fer of automobile equity from son to fatherwho intends to borrow from 1/30 150

Market record, letter to Mr. Anderson acknowledging ad-vice of change in publication date 5/28 1078

Materials and services under Group E, contract relatingto 1/30 153

Materials and services used to alter basement room andlandscaping business held to be subject to 4/23 758

Materials and services, meaning of phrase as used insection 13a 9/ 3 1727

Maturity, discussion of substituting maturities of15 and 12 months for present maturities of18 and 15 months, views of OPA given by Mr.Hubachek 1/16 60

Maximum credit value fixed by Federal price authorities,discussion of not allowing a bona fide cash pur-chase price in excess of 2/24 334

Mayer, Howard G., reimbursed for expenses of trip toWashington to discuss problems arising under 2/26 360

Merchandise orders, use in connection with purchase oflisted articles 9/14 1807

Merchandise sales under plan of Hamilton Ross Industrieswhere articles are delivered for approval, trialor inspection period but no down payment re-quired 7/27 1497

Minimum monthly payments, when relating to aggregate in-debtedness and not to individual purchases 5/15 942

Minimum payments on aggregate indebtedness, ruling on 5/29 1088Mining companies operating stores for sale of mer-

chandise to employees, wage assignments in con-nection with 9/10 1766

Mod ernization loans, letter to Prince Georges Bank andTrust Co., Hyattsville, Md., on effect of 10/23 2055

Morris Plan Company of Holyoke, answers to several ques-tions 1/13 46

Morris Plan Industrial Bank of New York, advised thatBoard does not favor amendment to permit theinitial payment on instalment loans to be de-

1/14 53ferred for 90 days


421,1 L.

Board: (Continued)of Governors: (Continued)(Continued)Musical instruments, delivery of two or three in anti-

cipation of sale of one, deposit required onmost expensive

Down payment required only on most expensive ofthose taken out for selection

National Used Car Market Report, Inc., Chicago, Illi-nois, advised that Board will consider datasupporting requested additional designations

Nonconforming paper, Industrial Mortgage Co. of GrandRapids, Michigan, properly advised that purchaseof small loan company holding, would be viola-tion of

Nonpurpose loans, amendment regarding, being given con-sideration

Nonpurpose loans up to $1500, opinion of Mr. Brown thatinclusion of, in Amendment No. 4 was unjusti-fied, discussed at meeting of FAC with Board

Obligation of customer sold by registrant and additionalobligation entered into by same customer

Letter to Mr. Hodge re Libby Furniture and Linol-eum Co

Office of Price Administration, review of questions of

317Pages

10/26 2065

11/ 3 2112

3/24 550

2/12 247

3/23 539

5/18

11/12

11/30

964

2157

2244

policy under consideration by, in relation tochanges in Regulation

Oil burner, money borrowed in anticipation of taxes forpurchase of, by Union Free School District #7held not to be an extension of instalment

3/23 539

credit 1/24 117Open-book credits, discussion of applying some form of

restriction to 2/24 325-37Overdrafts in Macy's Bank, New York, treatment of 5/29 1088Overdrafts resulting from drawing of check not subject

to the regulation unless used as a means ofevasion 5/29 1088

Paint and glass sold to hotels used for transientguests, applicability of section 13a 9/30 1913

Pamphlet saying what "can" and "can't" be done under,suggestion of Northwestern National Bank andTrust Company, Minneapolis, Minnesota, thatBoard publish 5/22 1021

Pawn transaction in which pawnor is not under obliga-tion to repay pawn broker not subject to 6/ 5 1140

Payment of part of debt pursuant to agreement that suchpayment will satisfy entire debt does not renderremainder of debt uncollectible 6/27 1306


Re •Maticms: (Continued)

13°ard of Governors: (Continued)W: (Continued)

Payments on credit sales of seasonalGoldbright, Jr. advised thating restriction of defermentgiven careful consideration

Pension and relief fund of employees of city of Bir-mingham, effect of Regulation on

Petroleum products, reply to Retail Merchants Credit As-sociation of Los Angeles, as to whether theyare listed articles

Restriction of retail credit sales of, directiveproposed by Petroleum Administration for War

Pianos, reply to Mr. Beasley of Valittle Music Company,Dallas, Texas, on effect of regulation

Restriction of credit to dampen demand, letter toSenator Connally on

Pool tables and equipment are included in Section 13(a)Porcelain, antique, classified as tableware designed

for household use even though regarded as workof art

Pre-September contracts, exceptions underPresident Roosevelt's anti-inflation message to Congress,

press statement of, relating to consumer creditcontrol read at Board meeting

Press statement regarding revision of, sent to FRBanksPrinciple for ruling on individual cases, not desirable

to give publicity to interpretationPrinting, upon adoption of Amendment No. 3 entire regu-

lation to be reprinted, FRBanks to advise Boardwhether they desire proofs or offset negatives

Printing and distribution of regulation and registrationstatements, letter to FRBank of Cleveland onsupply of

Production credit corporation, regulation applicable tosame extent as other lending agencies

PumPs, types of, not intended to be included in W-21Questionnaire prepared by Mr. Ransom in connection with

charge accounts, sent to FRBanksSupplementary question added

Questionnaire on nonpurpose loans sent to representa-tives of the trade and bank and finance com-panies, letter giving reasons for regulationof

goods, L. H.opinion regard-of, will be

318Pages

4/7 652

9/22 1864

5/25 1038

12/23 2366

6/16 1227

8/ 4 15476/11 1190

9/ 8 17501/30 154

4/27 7735/4 841

11/28 2238

2/3 168

6/24 1276

6/18 12454/21 751

3/21 5343/24 549

4/6 640


RegillationsBoard

: (Continued)of Governors: (Continued)(Continued)Questions presented by Mr. Woolley of Kansas City, dis-

cussion ofQuestions on single payment loans,

of regulation submitted byreply to Mr. Wallace

Rabaut, Congressman Louis C., reply to letter of, inwhich was enclosed a letter from Mr. Blood,advised of purpose of regulation and opinionthat little difficulty will be experiencedin returning to normal consumer credit terms

Radio, sale of, as advertised permissible under section6(j), letter sent to Mr. W. E. Carney and Bureauof Internal Revenuetwo-way transmitting and receiving unit for useon an aeroplane not included in Group C-10 ofSupplement

Radios, deposits required on demonstrators, CumberlandElectric Company cannot be excepted from provi-sions of Regulation

Railroad watches, letter to Mr. Harold P. Sutton onamendment No. 8 to Regulation

Records, definite policy regarding the retention of,being formulated, Statement of Borrower andStatement of Necessity should be retainedpending the establishments of time limits bythe Board

Records in connection with loans, question of preserva-tion of

Records and papers relating to credits, retention byregistrants

Refinancing of contract made prior to September 1,1941, and which has not been renewed, letterto Mr. and Mrs. Dale Kuhn

Registrant not required to act when payment is omittedor paid only in part, explanation to FRBank ofMinneapolis, copies sent to all FRBanks

Regis trant who moves from one FRDistrict to a town inanother, procedure covering, as suggested byFRBank of Kansas City approved

Registrant can delay making contract until date of de-livery, letter to Mr. Gilmore replying to thisand other questions

Registrants, letter to FRBanks for figures with re-spect to

Radio,

and on other partsFRBank of Richmond,

319Pages

7/ 9 1391

7/13 1415

2/25 355

1/7 23

2/21 314

10/26 2064

11/ 3 2112

5/6 872

7/29 1513

11/ 4 2116

11/23 2218

1/7 22

4/15 723

6/11 1190

11/12 2156


: (Continued)of Governors: (Continued)(Continued)Registration, an organization registered in one dis-

trict which moves to another Federal Reservedistrict not required to register again

Registration statements:Instructions to FRBanks with regard to tabulation

of Registrants who do no instalment businessor business in listed articles

Reply to FRBank of Cleveland regarding questionsof refusal to file, incomplete answers, and en-forcement

Board has no objection to release by FRBank of Min-neapolis of summary data from, copy of releaserequested

Board has no objection to release of informationdeveloped from

Form for use by those solely making charge salesor single-payment loans

Request of Department of Justice for permissionfor investigator of Anti-trust Division to in-spect those of small loan companies

Remedial loans for repaying obligation held elsewhereRemodeling or rehabilitation projects as defense hous-

ing, letter to National Housing Agency for sup-ply of orders and forms

Renewal of loans, necessity of making curtailment uponrenewal

Renewal or revision of instalment credit, new interpre-tations suggested on effect of amendments toregulations on

Renewal or extension of single payment note, reply toquestion presented by Mr. Messinger of ToledoTrust Company

Renewal of note, provisions of section 7(c)(2) on ma-turity of

Renewals of single-payment loans made prior to May 6,are not subject to, in view of first sentenceof section 7(c)

Rental-purchase contract, transaction involving, con-stitutes a sale, reply to Messrs. T. R. andW. S. Freeman

Renting of furniture instead of selling it, letter fromMr. Cline on avoidance of regulation by prac-tice

320Pages

5/ 4 841

1/10 38

3/9 440

3/10 459

3/20 518

7/15 1435

12/223/13

2363491

6/18 1247

5/29 1088

6/27 1305

7/ 9 1390

9/30 1912

5/9 912

5/19 993

6/ 5 1141


RegillationsBoard

W:

321Pages

: (Continued)of Governors: (Continued)(Continued)Residential building, does not include house boat or

trailer 6/29 1313Residential mortgage loans, plan to amend Executive Or-

der to regulate presented by Mr. Ransom 8/ 7 1586Residential property, repair and maintenance of, plan

of Vestern Electric Company of handling foremployees 12/15 2314

Restaurants and hotels, extension of credit for pur-chase of supplies for 6/ 1 1104

Restrictions on business, letter to Senator George onpurpose and scope of regulation 6/ 5 1142

Restrictions on business caused by regulation, letterto Senator Russell in reply to inquiries ofconstituents 6/ 5 1143

Restrictions of, letter to Mr. Ira A. leveller with opin-ion that people should not reduce payments onobligations or increase obligations in order topurchase war savings bonds 9/25 1885

Retail Credit Grantors of New England, reply to, regard-ing adoption of resolution asking that regula-tion be changed to permit the billing month todiffer from the calendar month 5/20 997

Retention of records in connection with, questionsraised by Peoples Pittsburgh Trust Co., Pitts-burgh, Pa. 9/21 1858

Reupholstering, reply to Lee Fabric Corporation, Cleve-land, Ohio, on provisions of regulation 6/16 1228

Interpretations to be published in FRBulletin 6/24 1277One third down payment on, when furniture requires

only 20 per cent, letter to Like-Nu Re-Uphol-stering Co. on 8/ 4 1549

Revisions following default on instalment payments, ex-planation to American Association of PersonalFinance Companies 1/14 51

Rogers Jewelry Co., Norfolk, Virginia, reply to regard-ing application of regulation to sales in chargeaccounts 5/20 999

Rugs and carpets, letter to Institute of Carpet Manu-facturers of America, Inc., on reasons why downpayment required is greater than that for fur-niture 9/ 3 1728

and clocks, reply to question of Mr. Brubaker re-garding 3/28 586

Rugs


Nlaat.t_l_c)ris: (Continued)uuard of Governors: (Continued)

W: (Continued)Schedule of payments, reply to question of Mr. Butler,

of the Industrial Bank, St. Louis, regardingapproval of

Secretary's note, letter to Better Business Bureausas amended regarding the enforcement of

Section 4(d), requirements of, are met if Statement ofTransaction is given promptly to obligor, ir-respective of whether it is given by selleror by some other person

Procedure in connection with the sale of coupon

Section books in compliance with5, reprinting of, for enclosures with state-ments rendered customers, no objection byBoard

Section 6(b) refers to a loan to retire an obligationheld elsewhere whereas section 7(c)(1) refersto the renewal or extension of an obligationheld by the registrant

Section 8 as amended by Amendment No. 3, answers toquestion regarding provisions of, with refer-ence to instalments and consolidations

Section 8(a)(1) applicable in circumstances describedin letter from FRBank of San Francisco

Section 8(a) and (b), reply to Ir. Bisselle regardingrenewals and revisions

Section 9(d) words "permitted in the first instance"refer to period from date of original extensionof credit

Section 10(a)(2), reply to inquiry with respect toSection 13, list of articles covered bySections 5(f) and 8(f), explanation of, to FRBank of

Cleveland with regard to a Registrant makinga loan to a father to enable him to pay a pre-existing debt to his son

Security pledged for second loan cannot be used as se-curity for the first loan in the absence of aspreader clause or overlap agreement

Services, applicability of credit restrictions to es-tablishments that furnish, such as rentinglaundry linen

Shifting of date of first payment and of final maturityunder section 9(b), reply to State Street TrustCompany, Boston, Mass., regarding

322Pages

1/30 152

5/ 5 848

5/ 9 913

5/15 941

5/18 975

5/ 9 912

3/13 491

2/12 248

4/25 766

3/18 50411/12 21545/25 1034

1/14 50

2/20 304

12/12 2307

2/10 234


Reyatj

Board : (Continued)of Governors: (Continued)(Continued)Shuffleboards ruled to be games equipment

Sales made by Modern-Art & National ShuffleboardCo. before advice of Board's classificationas listed article

Siding and roofing not exempt under regulationSilver-backed toiletware, opinion of Board that it is

included in Group A-32 of sec. 13(a)Silverware and dinnerware, reply to inquiry of New

England Home Equipment Company with respect toinstalment sales

Single-payment loans made prior to May 6, 1942, renewalsand revisions of, not prohibited

Single-payment loan limited to credits in form of loanSingle-payment loans, answer to certain questions

raised by Topeka Chapter of American Instituteof Banking

Single-payment loan, effect of agreement with customerregarding periodic renewals and reductions

Single-payment loans covered by sections 7(a) and7(h) of regulation

Small loans lenders, Mr. Brantley advised that regula-tion of, is not intended by, and should beregulated by State

Spot-checking for the purpose of disclosing violationsof, desirability of, discussed at meeting ofthe Presidents with the Board

Spritz Credit Department Store of Cincinnati, advisedthat the sale of a listed article in a chargeaccount with the understanding that the creditwill later be converted to an instalment basisis prohibited

State small loan supervisors, list of those willing tocooperate with Board in enforcement program

State Street Trust Company, Boston, Mass., reply toquestion involving Section 9(h) regarding shift-ing of date of first payment and of final ma-turity

Statement of Borrower:FRBank of San Francisco advised that they should be

retained for a reasonable timeForm, no objection by Board to changes proposed in,

by National City Bank of New York

323Pages

7/13 1417

7/30 15178/ 5 1563

5/8 904

6/19 1257

5/11 9176/ 5 1140

6/ 5 11L5

6/ 8 1159

7/16 1445

4/13 712

5/8 894

5/21 1009

11/24 2226

2/10 234

1/21 94

2/23 319


324Pages

Regtaat.(Continued)

'uard of Governors: (Continued)(Continued)Statement of Borrower: (Continued)

Required in connection with loan proposed by Gov-ernment Fmployees Finance Corporation unlessit is a renewal or revision 2/27 378

F.R. 564, list of articles on back of, rendered in-complete by Amendment No. 3, suggestion that ad-ditional items be added by rubber stamp or otherconvenient method 3/20 517

Consideration to be given suggestions regarding,when statement is again revised, reply to otherquestions submitted by FRBank of Minneapolis 3/26 568

F.R. 564 not suitable for use following revisionof regulation, changes to be made in, pendingpreparation of new form which will be imme-diately forwarded to all FRBanks 5/ 5 864

New specimen form, F.R. 564-a, transmitted to FRBanksfor use in connection with regulation as re-vised, FRBanks advised that with certain changesuse of the old form may be continued until July31, instructions for printing and distributionincluded 5/11 916

Inapplicable to loans exempted by section 8 5/18 976Not required for loans exempted by section 8 5/20 998Use of old form 564 by financial institutions in

Richmond District opposed by Board 7/29 1514Loan obtained from Peoples Bank of Cumberland, Md.,

inadequate statement for which loan is to beused 8/ 7 1590

Preservation of, reply to inquiry of Household Fi-nance Corporation 9/14 1806

Statement of Necessity to Prevent Undue Hardship,F. R. 565, use of, to be continued in connectionwith regulation as amended, certain changesnecessary in some cases pointed out, requestfor suggestions included in letter to FRBanks 5/11 916

Letter to FRBank of San Francisco on deletion ofword "instalment" in form pending revision 7/31 1528

Statement of Transaction, requirements of section 4(d)regarding, are met if the statement is givenpromptly to obligor, irrespective of whetherit is given by seller or by some other person

tatistical and research work in the field of consumercredit, Mr. Ransom authorized to confer with Mr.

5/ 9 913

Taylor in regard to the Board taking over fromthe Department of Commerce 5/19 979


RegLaat',_ (Continued)l'oard of Governors: (Continued)

W: (Continued)

325Pages

Statistics reports on, letter to American Bankers Asso-

ciation regarding transfer to Board, requestfor list of reporting banks, procedure and form

of report outlined 2/ 4 187

FRBanks advised of transfer 2/ 4 188Sterling silverware, should be included, opinion of

Board 2/24 339Stokers, credit to finance installation not exempted if

same kind of coal is to be used 9/ 3 1727Stokers installed in connection with change of fuel, if

coal cannot be hand-fired stoker comes withinexception 9/ 9 1762

Stokers, maximum net heat output as well as designshould be basis for test of application of reg-

ulation, explanation to FRBank of Minneapolis 1/ 1 2Stokers, purchase by person changing from hand-fired

soft coal lump to soft coal screenings is ex-empt 9/12 1792

Stokers and coal loans, reply to Morris Plan BankersAssociation, Washington, D. C., regarding ap-plication of regulation to 5/19 993

Stove with more than 7 heating surfaces, advertisementof, brought to Board's attention, reply thatBoard is aware that classification is unsatis-factory and would appreciate suggestions forchanges 1/ 1 4tt,

oummer Plan" for modernization loans in connectionwith Federal Housing Act no longer permissible,letter advising Mr. Goldbright of the Heatingand Plumbing Corporation, New York City 3/28 586

Supplemental loans made under Bankhead-Jones Farm TenantAct are exempt under section 6(a), letter to De-partment of Agriculture 1/15 57

Taxes, money borrowed by Union Free School District #7in anticipation of, for purchase of oil burner,held not to be an extension of instalment credit 1/24 117

Taxi being purchased on instalment, title inadvertentlyrestored to vendor, may be returned to vendeeand contract reinstated without down payment 1/30 154

Tenth day falls on Sunday, payment is made on next day 12/ 1 2254Term loans, amendment regarding being given considera-

tion 3/23 539Toys and children's games, application to credit sales

of 11/13 2166To-s as listed articles including games designed for

use by adults and those for use by children 11/18 2195


Re 8111.tions: (Continued)80ard of Governors: (Continued)

(Continue()Toys and games, application to credit sales ofTrade, conference of Eoard with representatives of, au-

thorization of employment of a stenographerfrom Hart s?„: Dice to report

11/25

3/12

326Pages

2230

07Trade-in may be used to reduce deferred balance due on

purchase of an automobile, subject to section4(d) and requirement that no monthly instal-ment may be omitted 3/ 6 432

Transfer of equity in listed articles 7/11 1408TYpes of loans exempt from requirements of regulation 6/10 1182Uniforms, down payment of 1/3 necessary under regula-

tion, reply to letter of Bourgeois & Harris,Atlantic City, J. 8/ 8 1594

Union Free School District r'7, Corinth, 'Jew or:, pur-chase of oil burner, money borrowed for, in an-ticipation of taxes not held to he an extensionof instalment credit 1/2i, 117

Union Pacific Coal Company, furnishing of houses com-plete with furniture to workmen discussed 7/17 150

United Roofing Contractors Association, appreciation ofpassing resolution at Annual Convention of 14/8 59

Advised that certain sections of former letter fromthe Board to, have been changed by AmendmentNo. 3, but that other sections are still cor-rect and may he quoted if desired 5/ 6 783

Unlisted articles, reply to Glendale Merchants Associa-tion, Ltd., Glendale, Calif., questions relat-ing to 5/29 1091

Upholstery includes yard goods and pricing includes in-stallation charges 5/19 992

UPholstery, meaning and application under Board's let-ter 2-492-a 6/12 1203

Used cars, discussion of market for, view of Office ofPrice Administration that maximum maturity berestricted from 13 to 15 months

Utica Provident Loan Association, Inc., Utica, New2/24 330

York, advised of reasons for fifteen months'maturity provisions 5/ 11 c',42

Utility companies, sale of water, gas, and electricitytakes place on date meter is read 6/ 3 1131

u.l.ox Rapid Printer manufactured by the Lastman KodakCompany not to be classified as an enlarger

Venetian blinds included in Group E items subject toregulation

4/13 710

3/16 1197


1141tions: (Continued)Board of Governors: (Continued)

W: (Continued)Violations:

327Pages

Advertisement by store in Rochester in connection

with charge salesAutomobile dealer, no objection by Board to the

obtaining by the FRBank of St. Louis of sworn

statements from purchasersClark Brothers Furniture Company of Chattanooga,

Tenn., procedure under consideration

Order to be issued to close stores for one week

Telegram that Board insists on full week's clos-

ing as minimum penaltyOrder suspending license

Consumers Home Equipment Company of Detroit, Mich.,

procedure under considerationCorrespondence with Assistant Attorney General on

plan involving misrepresentations, sent to

FRBank of Kansas CityMBank of San Francisco advised to handle in accord-

ance with policy outlined in Board's letter

8/22

5/16

7/3011/ 3

11/ 511/ 9

7/30

7/25

1661

949

15172103

21242134

1517

1484

3-368 2/20 306

Koppers Stores, Inc., in regard to the use of scrip

which is not redeemed daily 5/19 991

Letter to Mr. Hale on treatment of case of PaulLowrey 6/ 2 1109

Program to secure compliance with regulation, let-

ter to Assistant Attorney General transmitted,

copies of program 5/28 1078

Report of investigation of certain cases, reply to

letter of Mr. Raisty, FRBank of Atlanta 8/19 1637

Transactions described by Mr. Shapiro, would be in

violation of regulation 1/31 162

Warren, Keith F., advised that regulation was designed

to discourage unwise borrowing and not prohibit

instalment buying generallyWatches, preference not to be given trainmen for pur-

1/16 77

chase ofhatches, payment plans on, suggested by Baltimore and

2/24 339

Ohio Railroad Company permissible under 4/ 6 641W under Watches, purchase by railroad employees, status der 6/ 5 1142

Viatches, plan of Southern Pacific Railroad Company to

meet problem 6/18 1247

Watches, purchased by railroad employees, letter to Mr.

Stroud on 6/22 1266

Notches, railroad, action that might be taken pending

adoption of amendment 7/31 1525


ta-

i (Continued)

Beard of Governors: (Continued)W: (Continued)

Water heaters, letter of Board

81'anch

328Pages

regarding, not to begiven general circulation in view of letterfrom FRBank of Philadelphia in respect to ex-perience with 3/13 490

"Wearing apparel", Board in agreement with definitionof, by the FRBank of San Francisco 5/13 928

Wind electric plants, reply to Jacobs Wind ElectricCompany regarding application of the Regulationto 3/27 582

Windmills to be included in classification "waterpumps designed for household use" despitepriority status 2/2 164

Written statements, necessity for, under section 4(f)explanation to the Cumberland Maytag Company 1/21 94

Y.M.C.A. exempted under Sec. 8(1) of 6/29 1319Zenoff Motors advised that Board agrees with FRBank of

Chicago in connection with a plan for the saleof used automobiles

banks, revision to provide for viceofficer to be in charge of

Buren- managing director

president or otherbranch in place of

'u of Internal Revenue, taxation of stockamendment relating to

dividends as in-Direc come,

tOr of Economic Stabilization Board, effect on salary in-creases of officers and employees of FRBanks

lle and Memphis Clearing House Associations, changes inrules and regulations on par clearance of

Natio checksnal War Labor Board, bulletin number one regarding payment

O e ffic _ of supplemental compensation or allowancesof War Information, policy and procedure in connection

with, letter to Mr. Davis designating Mr.Elliott Thurston to act as representative ofBoard to cooperate with

wwctized Government Travel, amendment to certain provisionsof

;,..ry Department:1113ank notes, amendment to permit pledge of Government se-

curities with FRAgent as securityIndustrial loans, liberalization of provisions regarding

losses discussed at meeting with PresidentsAmendment suggested to comply with recent Executive Or-

der on guaranteeing loans

5/6 873

11/20 2210

2/12 249

10/28 2076

2/16 278

11/ 6 2128

7/25 1485

11/ 4 2115

12/16 2325

3/2 385

3/26 560


Regtaat.T 1°11s: (Continued)reasury Department: (Continued)

Industrial loans: (Continued)Proposal of Board that funds be furnished directly to

Rel t* FRBanks by TreasurysvAv._ a h dealers in securities:'11drilent to Regulation R to permit officers of investment com-

panies to serve also member banks suggested,

zens not considered desirable at presentSavings Bank, Providence, Rhode Island, to be advised

that an exception to Section 32 of Banking Act

of 1933 cannot be made for trustees of a mutualsavings bankCom

monwealth Investment Co., sec. 32 applicable to, becauseopen-end investment company

Interlockinc, relationships between member banks and open-endinvestment companies, letter to Mr. Paddock

on views expressed in his letter and one fromMr. Charles E. Spencer, Jr. but regulation not

Melliber ban,K s to be amendedand open-end investment companies, letter to Mr.

4/ 1

3/ 6

3/ 9

10/28

10/17

329Pages

607

432

436

2080

2037

Jaretzi that Board should not amend Regulation

Misn.11 R to exempt interlocking relationships 9/ 4 1731---4-Laneous:Egner, Carl, cannot lawfully continue to serve as director

of national bank while associated as partnerof Clark Dodge & Co., N. Y. 7/14 1422

*el's, L. R., applicability discussed in connection with

Nor admission of bank to membership 4/13 708

th American Investment Corporation, applicability ofSec. 32 of Banking Act of 1933 10/28 2080

Request for reconsideration of applicability of sec. 32

0 to, Board adheres to previous rulingsPen-end investment companies, letter to FRBanks on admin-

istration of Regulation R in connection with 9/22 1863Letter to Mr. Wagner on request for issuance of general

regulation to permit service of member banksunder Sec. 32 of Banking Act of 1933 12/16 2323

11 RailwaY and Light Securities Company, not subject to provi-Ports: sions of sec. 32 12/29 2402

Affiliates:Bank of

11/25 2230

America N.T. and S.A., letter advising that Boarddoes not consider holding company affiliate re-lationship with Transamerica Corporation asterminated, and that Board is without authorityto waive filing of reports of affiliates 1/22 101


330Pages

Report •,,.e• (Continued)4rfiliates: (Continued)

Bank of America: (Continued)Copies to be sent to Messrs. Clerk and Crowley, and the

Comptroller of the CurrencyDel Rio Bank & Trust Company, Del Rio, Texas, attention to

be called to definition of affiliates in connec-tion with Val Verde Wool & Mohair Company

First Securities Corporation of Syracuse, New York, reporton F.R. L37 requested, despite fact it has onlya limited voting permit

First Trust and Savings Bank of Pasadena, Calif., time ex-tended for filing of reports of

Peoples-Pittsburgh Trust Company, Pittsburgh, Penn., publi-cation of report of Hotel Conneaut at Conneaut

1/22

4/9

1/7

4/21

105

664

21

749

Lake waived, but report should be rendered at

Barv, A next call if affiliation still existsA otebits, suggestion and form for reporting on monthly basis

rather than weekly transmitted to FRBanks forcomments and suggestions

5/13

1/23

928

112Instructions to FRBanks for reporting on monthly basis

Setterrather than weekly 3/26 569Business Bureaus, relationships with FRSystem, report

sent to FRBanks, conference to be arranged 3/11 468FRBanks requested to submit comments and suggestions, con-

ference to be avoided by submission of plan byBoard

Utility Company, Billings, Montana, report in connec-tion with the application of, for a loan fromthe FRBank of Minneapolis, letter to SenatorB. K. Wheeler advising that report cannot bereleased because of its confidential nature andrelation to pending litigation

Letter to Representative O'Connor and Senators Wheeler and

Colored'u

Murray explaining reasons more fullyemployees employed by Board, report submitted at re-

quest of War Man Power Commission and similarreports to be submitted every four months

u.wer credit statistics, letter to American Bankers Associa-tion regarding transfer to Board, request forlist of reporting banks, procedure and form of

3/27

5/ 4

5/20

9/12

576

844

1001

1788

FRB report outlinedT_ rms advised of transfer

2/42/4

187188

L,ruct1ons for submission of reports transmitted toCtzrre FRBanks

ncY, held in liquid form by State and local governments,FRBanks requested to report amount of

3/5

1/5

419

15


RePor ts: (Continued)us tComers debit balances of more than 5,000,000, list of New

York Stock Exchange firms which are to continue

filing monthly reportsEnf

orcement of Regulation W, report on, sent to FRBanks, confer-

ence to be arranged to consider questionPRBanks requested to submit comments and suggestions, plan

of enforcement to be submitted by Board to avoid

False necessity of having conferencereports, letter to Congressman Lea, advising that Board

feels that banks and holding company affiliatesshould be exempted from proposed section 17(c)of amendments to Securities Act of 1933, regard-ing

Punct ional Expense, manual governing the preparation of, sent toFRBanks, changes involving reimbursement for ex-penses incurred in making war loans

Sim-pl • ification of, and discontinuance of certain portionsdiscussed at meeting with Presidents

Group clearing of checks outside FRBank and branch cities andarrangements with local clearing house associa-tions to be made every three years

Information on financial ability of ship repair and buildingyards furnished by FRBanks to Navy, request byBoard that information also be reported toBoard

InsUrance, joint report on, by Insurance Plan Committee andStanding Committee on Insurance, accepted byPresidents' Conference and to be recommendedto the board of directors of each FRBank

Report approved by a majority of FRBank boards of directors,plan for self-insurance now being prepared by

Loan,, the two committees'' commercial and industrial, proposed form for monthly

reports on, by member banks approved, to be

Request for sent to FRBanks for comments and suggestionsreports reconsidered and approved with letter

New 4 to FRBanksustrial and commercial loans made by member banks, memo

331Pages

9/ 8 1751

3/11 468

3/27 576

1/30 155

5/ 4 842

9/29 1903

12/23 2376

1/22 107

3/2 392

5/8 908

2/6 200

2/6 206

by Mr. Goldenweiser on procedure for reportingapproved 4/1 609

Pay ;!;"' FR 574-A and 574-B for reporting, sent to FRBanks 4/1 611--L4- savings plan for purchase of bonds, telegram to FRBanks

ecin on reporting information 12/14 2312,rocal bank balances, proposed procedure for reporting,

agreeable to Comptroller, no change to be madeon the face of the report and the form of pub-lished statement 5/11 921


1114)()rts: (Continued)8* 2146, 2147, and 2148, letter to Senator Wagner amending Home

Owners Loan Act, etc., and opposing enactmentS. 2250, Murray bill, to mobilize small business for war pur-

poses, submission of report to Senate Bankingand Currency Committee discussed, to be clearedwith Budget Bureau as proposal by Mr. Ecclesmay be substituted

8. 2565 to amend sections 12A and 19 of FRAct, letter to Senator

Vial% l Wagner favoring enactmentoans, pending discussion with War Department of type of

332Pages

3/27 583

2/17 290

6/17 1239

reports desired, reports may be made on FR

577PRBanks advised of kind of reports Board wishes to receive

on, with respect to outstanding loans guaranteedby FRBanks, Forms FR 579 and 577 enclosed withproper instructions

Ine and scope of those to be submitted in addition to reg-tar ular report formSa vings Program, monthly reports of liaison officers of

FRBanks need no longer be submittedand ntral reserve cities:Chi ca cec

go, discontinuance as central reserve city opposed by Fed-eral Advisory Council

sk-ussion at meeting of executive committee of Federal Ad-visory Council with Board as to whether shouldbe included with New York as central reservecityReduction in required reserves of member banks discussed atmeeting with executive committee of Federal Ad-

Corre visory Councilspondent balances, discussion as to Reserve Bank cities in

4/17

5/2

6/30

6/18

5/18

6/ 3

7/ 1

738

838

1324

1248

961

1113

1330

which they should be placed, at meeting of ex-ecutive committee of Federal Advisory Council

New y..., wlth Boarddiscontinuance as central reserve city opposed by Fed-

eral Advisory Council133-11toRed_ . amend FRAct to change reserve requirements in'4ction in required reserves of member banks discussed at

meeting with executive committee of Federal Ad-visory Council

cillirements of Section 19 of FRAct, proposed amendment to per-mit changes in reserve requirements of centralreserve city banks independently of the require-ments for reserve city banks and eliminate theprovision that no bank shall make new loansor pay dividends while its reserves are defi-cient

3/12 472

5/18 9616/ 3 1113

7/ 1 1330

5/19 982


333Pages

Reserve Board Club:It3rd ings, Jeanne, to be employed as attendant in recreation

room, contributions to be made by Board to

ReServ_ Club for salary of 2/12 243Rese, position of member banks, discussed by Mr. Thomas

'etvne9/11 1779

requirements:,u_ange at present time opposed by Federal Advisory Council 8/ 5 1556'verrunent securities, investment of as many nonbank funds as

Re

As8essment

ta4nce in

Bank

Inflation,

PrOVieions

rites:ker.;

possible in, prior to making a reduction in,considered at meeting of Board with the execu-tive committee of the Federal Advisory Council

effect on, of lowering reserve requirements, dis-cussed at meeting of the Federal AdvisoryCouncil executive committee with the Board

of H.R. 7158 to amend FRAct to change those in cen-tral reserve cities discussed at meeting ofFederal Advisory Council with Board

.4- an National Bank of Jacksonville, Fla., permission toSouth Side Bank of Jacksonville to carry re-serves required of banks in outlying districtsupon conversion of nonmember bank into na-tional bank

of penalties for deficient, suggestion that theynot be made, discussed at meeting of FederalAdvisory Council with Board

differential account set up from purchase of in-stalment paper, statement to be published in

Of AMerica

4/9 673

4/9 675

6/ 3 1113

10/26 2063

11/16 2182

FRBulletin 3/24 551National Trust & Savings Association, questionas to whether differential account in connec-tion with contracts for instalment paper con-stitutes deposit liability against which re-serves must be carried, question to be submit-

Le+ ted to FDIC and another FRBank'ter to FDICLetCentr t er to Mr. Sproul, FRBank of New York'4- reserve cities, proposed amendment to law to authorize

Board to change reserve requirements in, or re-

1/81/81/8

262728

serve citiesReduction

5/18 961in requirements of member banks, report of Mr.

Ransom on telephone call from Mr. Sproul, ac-

0 Amendm tion postponed until meeting on September 11elatral ent to supplement of Regulation D approved

reserve city banks, statement for publication in FRBul-letin

9/ 99/11

8/25

17541782

1682


4840',.7s: (Continued)"Icago City Bank and Trust Company, Chicago, Illinois, permis-

sion granted to maintain the same reserves

against deposits as are required to be main-

tained by reserve city banksComputation on weekly instead of semi-weekly basis, proposed

amendment to Regulation DDeductions for social security taxes as deposits, statement or-

Deficient: dered published in FRBulletin

Amendment to FRAct: (See infra FRAct)Penalty waived, First National Bank of Paris, TexasWaiver of penalties incurred by member banks in Dallas dis-

trict for first half of AugustDifferential account set up in connection with contract for

purchase of instalment paper by Bank ofAmerica, N.T. & S.A. as deposit liabilityagainst which reserves must be carriedDisc .

Ussion by Messrs. Stewart, Viner, and Haas with Mr. Golden-

4cess: weiser and other members of Board's staff

Availability of Treasury bills to be brought to attentionof banks with

Furnishing of names of member banks to Victory Fund Commit-tee, telegram to FRBanks

Informtiaon requested from FRBanks by Treasury in telegram

ember sent without knowledge of Board

ber banks in central reserve cities, request of Mr.

0 • Bell on information of volume ofPinion of conference held by Secretary of Treasury that

larger amounts should be in hands of banks

Net, during financing periodamendment proposed to repeal prohibition against member

banks paying dividends or making loans while re-

serves are deficient, Board to retain power toprescribe penalties for deficiencies, discussion

Me at meeting of Board with Presidentsmorandum distributed at meeting of Board with Federal Ad-

visory Council to be given considerationSection 19, amendment proposed to authorize Board to change

reserve requirements for member banks in cen-tral reserve cities

-ment suggested that bank not make new loans or pay

Proo—s dividends while reserves are deficient

_,u0ea amendment discussed--Iseussed at meeting with executive committee of Federal Ad-

Amefa- visory Council11,,uent to be published in FRBulletin

334Pages

3/23 544

2/17 285

5/25 10/1,2

2/2 163

9/22 1862

2/21 310

11/11

5/18

2147

960

7/ 8 1384

12/ 8 2287

9/15 1811

11/11 210

2/3 182

2/16 273

2/27 373

5/18 9635/19 982

6/ 3 11157/21 1468


Res „-%:Iss: (Continued)rIrst National Bank of Paris, Texas, penalty for deficient,

Induwaivedstrial advances and commitments of FRBanks, certain FRBanksto set aside for estimated losses

Lowering ofring of requirements and increase of excess reserves dis-cussed at meeting of Federal Advisory Council

Member banks: with Board

Central reserve cities, amendment to section 19 of FRAct toauthorize Board of Governors to change, letterto Senator Wagner favoring enactment of bill

Amendment to Regulation D to reducem ,issuance of FRbank notes to provide additionalone

market, reserve situation in, and effect on future market

2/ 2

12/24

11/16

6/1710/ 211/20

335Pages

163

2382

2180

123919292210

issues of the Treasury, discussed at meetingof executive committee of Federal AdvisoryCouncil with Board

Reduction not favored at present time, discussion at meeting ofBoard with Federal Advisory Council

Reduction in central reserve cities, discussed by FederalAdvisory Council and opinion of Mr. McKee thatall reserve requirements for all banks should bereducedAm

endment to supplement to Regulation D adoptedReduction should apply to country as a whole instead of only

to central reserve city banks, opinion expressedat meeting of executive committee with Federal

Mee • Advisory CouncilMeet. called to discuss further action, adjourned because

Chairman Eccles unable to attendegtile.ti°n 1), amendment proposed to permit member banks in

central reserve cities or in cities in whicha FRBank or branch is located to compute re-serves on a weekly basis, FRBanks requested tosubmit comments, if reaction is favorable staff

3/12

5/18

7/ 18/ 6

10/ 7

11/14

471

961

13301568

1962

2171

to prepare press release and an appropriateamendment

Allienciment2/17 285

adopted to permit member banks in central reservecities or in cities in which a FRBank orbranch is located to compute reserves on aweekly basis 2/17 312

pRu.':11-ar letter to FRBanks containing press release 2/21 314'nks advised that amendment is to be effective on computa-

tion period beginning February 28es outside central reserve cities, request of Treasury for

2/26 358

11"°1uti study of distribution of excess 9/15 1811-°a adopted by Federal Advisory Council that reserve re-

quirements should remain stable, unless a changeis clearly required, opinion that at presentthere is no need for change 2/16 261Digitized for FRASER

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

Reserve (Continued)

geeolution adopted: (Continued)Discussion of resolution by Board with Federal Advisory

Council with regard to Treasury financingCopy of resolution to be sent to TreasuryRet irement System, memorandum of Mr. Szymczak on plan of pay-

336Pages

2/16 261-32/27 363

ments necessary to place on sound actuarial

basisSollth r1,-;---,cago Savings Bank, Chicago, Illinois, granted permis-

sion to maintain same reserves against deposits

Surnm., as required of reserve city banks17 statements for various classes of member banks to be

Trie furnished to Board-surY bills deducted from deposits in computation of, dis-

Unive- . cussed with Federal Advisory Council'slt.7 State Bank, Houston, Texas, permission to maintain

same reserves against demand and time depositsas are required to be maintained by member banks

War in central reserve or reserve citiesloam d'-oan deposit accounts, banks unwilling to open because of

maintenance of reserves onIve2r0p0se1 amendment to FRAct to exempt from requirements'4-L7 reserve computation period for all central reserve and

12/21

5/30

9/17

11/16

2/17

12/ 112/ 8

2350

1096

1827

2181

287

22472284

rtem reserve city banks, FRBanks advised of approval

-'enatione. of Board and effective date ofAcker •Ali ,rnan, Stephen, as guard, accepted

wine, Mrs. Ruth Dewey, clerk-typist in Division of Research

3/2

6/29

402

1315

Ander and Statistics, acceptedson, A. June, clerk stenographer, Division of Research and

10/27 2071

Araol, Statistics, accepted 6/10 1179James W., elevator operator, accepted

l'Sr, Clarence W., as director of Detroit Branch to assumeduties as director of FRBank of Chicago

12/19

11/12

2342

2153"44) Mrs. Beatrice S., clerk in Division of Research and

8arteit Statistics, accepted 8/10 1598Beaa. 2 Betty, stenographer in Office of Mr. Draper, accepted 12/30 2406

I Anne, as statistical clerk in Division of Security Loans,8eci— accepted 2/5 193Ber7,.Herbert E., guard, accepted 11/14 2169

°11ni, Josephine F., as clerk in Division of Research andStatistics, accepted 6/15 1216

Bonnie Beth, clerk-stenographer in Division of Research

8c3gart, and Statistics, accepted 9/25 1882

Vincent L., as supply clerk in Secretary's Office ac-

8°°rst cepted 4/2 614e-n, Edward, resignation as junior economist accepted 3/27 573


ReR.ons: (Continued)

BMInsdorf, Florence, as stenographer in Secretary's Office,

Br acceptediscoe, Dolph, as director of San Antonio Branch to become

Brod Class C director of FRBank of Dallasp e_Ll, Albert P., Jr., as page accepted-radley, Philip E., resignation as assistant chief in Division

Bro of Security Loans acceptedwn, Arch B., senior clerk in Division of Examinations, ac-

BrithA cepted--kage, Dean E., as page and reimbursement for unearned sick

1311411.6a and annual leave waived-n, Ethelda M., resignation as assistant private secretary

in the Office of Mr. Szymczak, acceptedEdwin C., as plumber, accepted

c:TPi°n, James H., Jr., as elevator operator, acceptedchir°11, Mrs. Alene D., charwoman, acceptedcol lester, Sidnor T., Jr., resignation as page, accepted

'Ler, Mrs. Margaret J., clerk-stenographer in Division of

Cook, Ed

Research and Statistics, accepted00110. ward, laborer, accepted

Lenwood, page in Secretary's Office, accepted--'s) Mrs. Catherine M., clerk in Division of Research and

Statistics, accepted and refund to be madefor advanced sick leave grantedCl'ane D.

' -lnar, as guard to enter military service accepted and

Crav, letter of explanation on temporary employment'118, Kenton R., as Administrator of War Loans Committee,

Crawf acceptedJames D., accepted as guard, and grant of leave for

Ounni military service rescindedngham, Alex, as director of Helena Branch to enter military

Dearbo serviceDepe,J11, Hamilton Q., resignation as junior economist accepted

-"Jr°ck, Mrs. Barbara, as draftsman in the Division of Re-

search and Statistics, acceptedbDiozrzill'Itt:l M., guard, accepted

chauffeur, acceptedEahenn!,) Amy L., as stenographer in Counsel's Office, accepted

Mary Elizabeth, charwoman in Secretary's Office, ac-

tarni. 4 ceptedg physicians:

Pree'aughton, A. D., Alternate Medical Examiner, approvedProsrn4 Mrs. Rose S. clerk in Secretary's Office, accepted

) rrederick L., as messenger in Office of Governor Szym,czak accepted

337Pages

3/10 456

2/3 1672/5 193

1/16 77

12/ 4 2267

10/30 2091

1/13 4510/29 20842/5 19411/ 4 21144/8 659

11/28 223712/ 3 226111/18 2193

9/16 1821

6/29 1315

10/ 6 1947

5/1 835

10/ 6 19501/16 77

5/18 97311/ 9 21336/22 12633/28 585

7/16 1441

8/17 162711/30 2242

10/ 5 1943


Resignations: (Continued)Gallagher, Mrs. Nadine L., stenographer in Counsel's Office,

Glaz. acceptedfl ler, William H., as economic assistant, accepted''°m°r1) Jeanne M., as clerk in Division of Research and Statis-

Gree„ tics, accepted') u1W, senior economist in Division of Research and Sta-

Grim tistics, acceptedes, Prank H., Jr., as voucher clerk in Secretary's Office,

Haig acceptedS. Julia, clerk-stenographer in Division of Research

and Statistics, acceptedHall, Har Joan, stenographer in Counsel's Office, acceptedriHill s, Joseph P., Jr., guard in Secretary's Office, accepted, Gretchen, clerk in Division of Research and Statistics,

HizsonacceptedHolt "" H. guard, accepted

suerg, Marilyn S., as junior file clerk in Secretary's

11°Aki Office, acceptedHow n3, Julia B., Assistant FRExaminer, acceptedH111;rd, Thomas P., as FRExaminer, acceptedbb

d,

Carol, clerk in Division of Research and Statistics,

Hummer, accepted-r) Mrs. Lucy F., as stenographer in the Office of Mr. Draper

JarvenPa, Mrs.

487.1George,

jjZs) Lau Statistics

rence H., as FRExaminer, accepteds' Mrs. Nancy Kengla, as law clerk in Counsel's Office, ac-

cepted(3n, Milton K., as stenographer in Division of Examinations

Kaisft. acceptedPhilip M., as junior economist in Division of Research

4114_ and Statistics, acceptedHelen Jean, clerk-stenographer in Division of Research

Kind].eber and Statistics, accepted

ger, Charles P., as Associate Economist in DivisionKirki of Research and Statistics, accepted

and, Rexford, senior operator, duplicating devices, Sec-Lars retary's Office, accepted

Esther H., as clerk in Division of Research and Sta-Lars° tistics, accepted

n, Jefferson J., resignation as page in Secretary's Of-

Of fice, acceptedabsence of employees of Board, procedure when odd

amount is less or more than 1/2 day

acceptedAili L., clerk-stenographer, Division of BankOperations, accepted and amount of unearnedleave to be deducted from salary checkJunior Economist in Division of Research and

338Pages

6/25 12791/30 147

1/5 11

11/23 2217

1/21 93

11/ 3 21059/ 2 17196/ 2 1108

7/166/10

1/138/128/ 1

7/28

3/28

11/19

6/ 69/16

7/13

3/11

1/22

11/ 5

8/ 7

9/15

4/25

5/28

11/ 3

14421179

4516071534

1508

585

2199

11511821

1411

461

106

2122

1589

1815

762

1073

2105


339Pages

Resio,,,r",!610ns: (Continued)

Lewis, Leon A., as clerk in Secretary's Office, accepted 1/21 93Frank J., Chairman and FRAgent at FRBank of Chicago, ac-

L. Accepted

cepted effective July 1 6/ 1 11066/26 1291

lchtash, Ben S., economic assistant in Division of Research

Lisc,h1 and Statistics, accepted 11/ 5 2122---nsKY, Mrs. Melva, as clerk-stenographer in Division of

Research and Statistics, accepted 2/17 291'ars. Charlotte, junior file clerk, accepted 12/23 2370waiter H., as Class C director at FRBank of Cleveland 8/ 6 1570

Lockhart, Mrs. Frederica R., secretary to Mr. Cravens, ac-

Lovir., cepted 9/ 3 1723uorothy L., telephone operator, accepted 7/15 1428

'cKadoo, Mrs. Elizabeth F., as economic assistant in Division

Mann, Mof Research and Statistics

-rs. Sadie M., as charwoman, accepted 97N tInMrs. Mary B., charwoman, accepted 12/ 3 2261Mart1,

Dora W., clerk in Division of Bank Operations of Board

ble00, of Governors, accepted 6/ 4 1133La-Ld, Patricia A., as clerk in Division of Research and Sta-

tIcLe . tistics, accepted 3/ 3 407nlghan , Mrs. Wanda G., secretary to Governor Szymczak, ac-

cepted 12/10 2297Bernadine M., junior file clerk, accepted 11/ 2 2099

ziarla, Mrs. Mary, charwoman, accepted 8/11 1601es, aldred C., clerk in Division of Bank Operations, ac-

cepted 11/27 2233tlit,h',uames V., Jr., guard, accepted 11/28 2237

''" e-11, Charlotte N., as stenographer, accepted 4/15 720Litt 'etion of Board in accepting, rescinded 5/12 924

chell, tars. Margaret, clerk in Division of Research and Sta-MO on , tistics, accepted 12/ 4 2267' -4rs. Lida Sloan, leave without pay discontinued, resigna-

tion to be effective at end of accrued annualleave accepted

Former action of Board amended and resignation of, not toNewell be accepted until a later dateRicki ' George B., as page in Secretary's Office, accepted

Lynda, clerk in Division of Research and Statistics, ac-No e cepted

n, Leonard A., as guard, acceptedlen, Mrs. Bernice, file clerk in Secretary's Office, ac-

ceptedPaul Iler, Charles S., clerk in Secretary's Office, acceptedPeak' Randolp h, class C, FRBank of New York, accepted

e3 Donald E., as chauffeur, accepted

2/3 166

2/23 3175/29 1084

7/14 14204/13 707

7/16 144112/10 22978/13 16121/28 135


Resi

340Pages

gnations: (Continued)pPl..1111iPs, Howard, director of Jacksonville Branch, accepted 4/18 744pinn, William E., as messenger in Secretary's Office, accepted 3/11 461c)wer, Reginald C., junior operator (duplicating devices),

acceptedPjles, Mrs. Adelia G., as charwoman, acceptedRandall, Mrs. Alice, clerk in Division of Research and Sta-

Reerl rtistics, accepted

Lewis S., as Class A, at FRBank of Boston, special elec-

tion to be held to choose successornsch, Pauline, economic assistant in Division of Research

Rhoda and Statistics, acceptedS. Isabelle N., as clerk in Division of Research and

Statistics, acceptedChard

Statistics,James E., as elevator operator, accepted

Winfield W., Class C director at Philadelphia, because

RilitiseY duties require presence in England

, Elizabeth V., clerk in Division of Research and Sta-

Rtulai tistics, accepted---tue, Helen Roberta, clerk in Division of Research and

Sadie Statistics, accepted96%158 1R3Sai A 4..

r, Albert J. guard, accepted to enter military service- La, Umberto F., laborer in Secretary's Office, resignation

Sarfat accepted and to be paid two months' salary 61/11 1216

PeteSar YY M. r, clerk to the Building Manager, accepted 1541schgent, LaRue, stenographer in Counsel's Office, accepted 7/17 1448sci:,111ring, John, guard in Secretary's Office, accepted 8/15 1625

Mrs. Rose H., as clerk stenographer in Division of

Scott:r Research and Statistics, accepted4811 -oseph E., guard in Secretary's Office, accepted48 e, L. A. A., FRExaminer, accepted

sman, Mrs. Louise, resignation as junior economist, ac-cepted

t> Mrs. Mildred F., as stenographer in Secretary's Office410:1", Stephen, as elevator operator, acceptedsck, G. A., as alternate assistant FRAgent at San Francisco

Melania K., stenographer in Division of Personnel Ad-Spare() ministration, acceptedStet ' C- as chauffeur in Secretary's Office, accepted

nacker, William A., as operator, duplicating devices, inSecretary's Office, accepted

an, Mary A., substitute nurse in Division of Personnel Ad-

T4lbott, ministration, accepted-, Laura S., junior file clerk in Secretary's Office, ac-

Thomas ceptedTois Mrs. Ellen C., as clerk in Division of Bank Operations

°n, Charlotte N., stenographer in Counsel's Office, ac-cepted

10/14 20166/27 1302

9/25 1882

7/30 1516

9/11 1784

5/23 10239/ 1 1716

9/11 1777

8/21 1653

6/15 12167/16 1441

12/15 2313

2/6 2167/ 6 13713/11 46110/ 8 1971

12/ 8 22893/9 436

6/24 1275

8/21 1652

9/25 18825/27 1068

8/6 1571


Res

inatlOnS: (Continued)kel") Robert L., plumber in Secretary's Office, acceptedBrakle, Raymond, as library aid in Division of Research and

StatisticsWald) -askell, as junior economist in Division of Research and

Wal StatisticsYce, Eugenia N., as junior file clerk in Secretary's Office,

Wei accepted

Wse tsip Iflary L., clerk in Secretary's Office, acceptedwh. ake, Richard H., as guard, acceptedwitlsY, Paul C., elevator operator, accepted

S) Norma F., resignation as clerk-stenographer, accepted1j-5°n) Lucile G., clerk-stenographer in Division of Research

and Statistics, acceptedD

iP Y°1-14 Roy A. as President of FRBank of Bostonutons:

Roy

BoarALt of Governors:Assessment on FRBanks to cover expenses of Board of Gov-

ernors for last 6 months of 1942Assessment on FRBanks for expenses of Board for first six

Regulation A months of 1943, amendment to subsection (b) of section 2adopted, letter to FRBanks advising, copy ofpress statement enclosed

341Pages

7/16 1441

6/17 1230

7/27 1490

2/24 34910/ 3 19384/8 6587/ 9 13871/8 26

7/ 3 13602/27 361

Regulation S, amended for the purpose of gearing the FRBanks

to the war programRegulation 11, Amendment No. 4 adopted and regulation as re-

C°Mmittee visedon Competing Lending Agencies of Nebraska Bankers As-

sociation with special reference to productionFeder , credit associations

,648,1-L Advisory Council:--°Pted at meeting on September 14 presented to Board for

considerationRenegoti ation of war contracts presented at meeting with

Board for discussionrequirements, recommendation that no change should

Reserve

6/17 1237

12/21 2354

3/17 499

4/30 826

4/30 788

10/ 8 1976

9/18 1830

9/14 1794

be made in, unless clearly required, opinionthat there is at present no need for change 2/16 261

Tr. C°PY of resolution to be sent to Treasury-asury bills, recommendation that amount issued each week

2/27 363

be increased 2/16 263Federal Open Market Committee, resolution to be brought

to the attention of, copy sent to the SecretaryPRI?, of the Treasury

p, of Chicago:

2/27 363

notes, authority to issue 1928 series adopted by directors

discussed by Board at meeting with Presidents 5/8 897


Resolutions: (Continued)PRBank of Chicago: (Continued)

Government securities, transfer by wire of long-term as

well as short-term, suggested by, reply from

FRB ank of Dallas

Board

Taylor, Jay, requesting leave of absence while on duty with

U. S. Arm'Continuation of service during absence while on active

duty with U. S. Army, to be sent to members of

Nat* his family1°nal Association of Supervisors of State Banks on Treasury

financingPresidents' Conference, war risk insurance, that FRBanks shall

n not assume, on shipments of currency and coin'redit Association of Minneapolis to be advised by the FRBank

of Minneapolis of the reasons for the adoptionRetail of the six-month method of curing defaults

Credit Grantors of New England, reply to, regarding adoptionof resolution by, asking that Regulation W bechanged to permit the billing month to differ

, from the calendar monthMerchants Credit Association of Los Angeles, California, re-

ply to, regarding application of Regulation Wto petroleum products and charge accounts for

Stleges+-listed and unlisted articles'10n that Regulation W be amended to give additional time

1/12

6/26

6/29

1 1/20

9/29

5/25

5/20

5/25

342Pages

42

1290

1317

2205

1897

1035

997

1038

to pay for purchases made last few days ofReti1142-re month

Ment System:

Service Retirement Act, discussion and approval of ques-

tions to be submitted to the Civil Service Com-

mission regarding coverage of Board membersCollie and employees of Board and FRBanks by

r, Mrs. Margaret, payment not to be made while on leave

Cenuation of absenceemployment after age 65, at Board and FRBanks

“T'butions: of

2/27 369

6/23 127010/ 2 1928

c)unts, Catherine M., in connection vith extension of leave

without pay, Board to continue contributions oncondition that she does 3/21 520

Board to continue during absence on condition that shecontinue her contributions 4/ 7 643

Lauchlin, to be discontinued, adjustment to be made1/16 74pending return to active service


irn131.°Yees

411Ployees

Retire,,oment System: (Continued)untributions: (Continued)

Employees on leave without pay, arrangementpayments, letter to Mrs. Frank

Faulkner, Kathryn S., Clerk in Division of Research andStatistics, to be continued during leave ondition that she continue her contributions

To discontinue her payments while on leave withoutpay because of confinement, but Board to continueits contributions 6/29

Contributions continued by Board during leave withoutpay because of confinement and she was permit-ted to discontinue her payments

Gaither, Anna Margaret, to be continued while on leave ofabsence without payJulia, granted leave without pay because ofillness, Board to continue contributions on con-dition that she continue hers

Eleanor, to be discontinued, adjustment to bemade pending return to active service

on leave because of confinement, contributions byBoard restricted to one year from date uponwhich the absence began

Margaret E., Secretary to Mr. Draper, granted leavewithout pay not to exceed 90 days, Board to con-tinue contributions on condition that she con-tinue hers

Haigh, Mrs.

/4Yer, Mrs.

Persons

Rauber,

Crum13, M., payment of six months salary as cash allowance

to supplement retirement benefitsencY impairment resulting from age, number of employees

Division Heads might wish to retire if allow-ances were adequate

added to staff who were not members of the CivilService Retirement System to be required tobecame members of the Retirement System ofthe FRBanks

not members of, and thought to be subject to theCivil Service Retirement Act, discussion ofwhat to do with impounded funds of, decisionto transfer to Treasury and advise Civil

tens4 Service CommissionBufns of service:

William J., supervisor in Auditing Department atFRBank of Boston, no objection to temporary em-ployment after retirement to terminate whenspecial conditions no longer exist

for forwarding

con—

343Pages

10/14 2017

3/21 519

1314

11/ 6 2127

7/ 1 1343

5/11 915

1/16 74

4/7 644

5/7 877

7/27 1490

2/26 357

2/27 371

2/27 367-71

8/ 3 1541


344

Revlrement System: (Continued)x-xtensions of service: (Continued)DeLaMater, John, to be retained in service for one year

and payment of retirement allowance suspended

and no further contributions to be made to Re-

tirement SystemDYson, Seaton, to be retained in active service until end

of calendar year

12/ 9

6/ 1

Pages

2292

1101

Employment extended for one year and to be advised of

rights under Retirement System 12/ 2 2258Retention of officers and employees after age 65 during

war emergency, previous letters canceled 12/ 3 2262Riley, Mrs. Martha G., no objection to continued service

at FRBank of San Francisco until June 30,

Interest base, 1943adjustment to be charged to this year's earnings

8/24 1665

Legislation: and manner of showing in published statements 12/31 2415

Civil Service Retirement Act, list of positions of Board em-ployees who should be excluded from the benefitsof, reply to circular from Civil Service Commis-

McDor,,, sion 3/ 5-"ell, Mary, stenographer in Counsel's Office, not to be mem-

ber during period of extended leave of absence

tteNes. without pay 6/2911Y, Bernardine, junior file clerk in Secretary's Office,

granted leave of absence without pay and con-

Uftber tributions to system to continue 8/13

8"11) of, statement left by representative of Civil Service

PaYMents: Commission reviewed and checked for accuracy 8/14

Adjustment in interest base, payments in connection with

proposed, telegram to FRBanks on charging against

this year's earnings 12/30

1P1,e1.1e?ions not to be made from overtime 12/31-'11ciency in reserves, payments to be made by Manks and

Board to eliminate 12/21P°8t, Arthur E., sum to supplement allowance approved 5/30Stre

cx ,, Isidore, Jr., FRBank of New York, sum to supplement

°sitions allowance approved 10/ 8not covered by, list of, sent to Civil Service Com-

417

1311

1612

1623

24082413

23501096

1969

mission in reply to circular, opinion of Boardthat they should be excluded from benefits ofthe Civil Service Retirement ActQflestionnaires of Presidents' Conference on, returned, no opin-ions or suggestions with regard to changes to be

made at this time by Board

3/5 417

2/26 357


Ret,_""ent System: (Continued)'eemployment of officers and employees who had been retired,

previous letters canceled because of war emer-

gencyRep°rt of Presidents committee discussed and special meeting

R of presidents to be held to consider

eser-yes, payments to be made by FRBanks and Board to eliminate

Re deficiency in

tirements:CarPentier, Phil, clerk in Clearings Division at FRBank of

New York, payment to supplement allowance ap-

proved and extra monthly payments for period

345Pages

12/ 3 2262

9/29 1901

12/21 2350

of year 6/22 1264P, Crum 11., FRBank of Dallas, under disability provisions,

payment of cash allowance equal to 6 monthssalary to supplement benefits 7/27 1490

ZlIrlinden, F. J., First Vice President at FRBank of Cleve-

land, discussed by Mr. Szymczak in statementto Board 9/15 1814

star, and Regulations, revised Section 2 approved 6/26 1298'-rersonnel Committee to study liberalization of, to corres-

pond with benefits of the Civil Service Retire-ment System and to discuss with the Personnel

Waiver Committee 2/27 372, of death and disability benefits:"right, David M., will be required to execute if appointed

associate economistTo execute waiver for period of 10 years in connection

with appointment as Associate Economist in41/1

;Z.Stt..tutes: Division of Research and Statistics

)136, proposed amendment to reimburse directors, etc., of

national banks for expenses incurred in defense

See' 5144, of actions, suits, etc.

Comptroller of the Currency advised that Transamerica

Corporation holds readily marketable assets of

See' 5200, the kind and amount required by

letter to Comptroller of the Currency as to restric-

Letter tions on national banks in making war loanson applicability of, to war loans made by national

banks, Board has no objection to the giving of

a copy of, to interested parties, informationon State limitations on loans made by Statebanks requested

Alternate drafts of amendment to, which would exempt loanscovered by guaranties or commitments made bythe U. S. or by any FRBank, memo from Mr. Wyatt

regarding

7/10

7/21

1399

1469

4/23 760

5/ 9 911

4/ 8 661

5/12 924

5/18 976


346Pages

Re e.ed Statutes: (Continued)Sec. 5200: (Continued)

Definition of term unconditional, as used in and compliance

of standard form of guarantee agreement with

definition 6/24 1275Applicability of exception 10 to participations in loans

covered by guarantees or take over commitments 11/23 2218No objection to making information available to member

banks 12/12 2306

Language of section 10, letter to Comptroller of the Cur—

rency on use of word unconditional in guarantee

11()gers Jewel agreements 12/23 2375

ry Co-, Norfolk, Virginia, reply to, regarding applica—

tion of Regulation V, to sales in charge ac—Rosenkr counts 5/20 999

antz, E.: (See Federal Outfitting Company, Fresno, Califor—

R08s, 0. nia)11%it4., H.: (See Connally, Senator Tom)

R. W.: (See Nebraska Bankers Association)-4' Laub of Florence, S. C., reply to letter on making of loans

to students for college courses under Regula—

tion Y 6/12 1203ard of Governors:

Corporateo stocks pledged with member banks as security for loans,

1112111ors determining' savings accounts, letter to FRBanks enclosing Treasury let—

ters denying rumor that Government intends to

confiscate

existence of affiliate relationships because of,

policy of Board not to reply to hypotheticalquestions but possible reply suggested to FRBank

Holdi of San Franciscorig company affiliates, ruling of Board changing basis for

ell' john L.: (See John L. Russell Chevrolet Co., El Campo,

Texas)Senator Richard B., letter on restrictions to business

rari, 14. He: caused by Regulation W and purpose and scope

of relation(See Regulation W, Billing of charge accounts)

2/26 358

2/19 300

1/12 41

6/ 5 1143

ITS!?

eke

ePinP•

GOld held at FRBank of New York, question of moving to an in—

tenor FRBankranlent securities for nonmember banks, Board does not favor

of service to keepReply to13-,-Y to Farmers 8: Merchants Bank, Rochester, Ind.

2/27

7/ 88/20

373

13841649


SafekeePing: (Continued)

vovernraent securities: (Continued)Authority discussedExtending of safekeeping

'vernment securities held by FRBank of Dallas for Merchants

National Bank of Port Arthur, Texas, letter

securities to be pledged by member banks with

FRBanks, request that FRBank of New York holdfor other FRBanks

held in trust account, permission to First National

Trust and Savings Bank of Santa Barbara, Calif.,1424Trea, to deposit with inland banks during emergency 7/14

'1117 bills and certificates of indebtedness of nonmember

banks, FRBanks permitted to hold for duration

Viar . of war 10/14 2019Savings Bonds, request of Montana Bankers Association that

facilities of Helena Branch be made available

Safety: to Montana member banks 7/14 1427

PREank • .buildings, protection of, against air raids and sabotage,

FRBanks requested to submit floor plans toPublic Buildings Administration and to desig-nate officer to whom correspondence should besent 5/ 7 883

4 Fifth Avenue, Chicago, practice of selling furs in January to

Salaries: be billed in October, exception to Regulation Wapplicable to 7/ 2 1356

PRBanks:

Career system, study on "Executive Development in the

FRBanks" copy of, not to be made available to

the Training Division of the Civil Service

c, List Commission

Qtaff of employees, approved°I' Board, supplemental compensation plan, report of Staff

Personnel Committee that adoption of, for em-

ployees of Board would be inadvisable, continua-

tion of periodic salary reviews deemed adequateStarr _, to meet present situation

of Board and employees of FRBanks, general order No. 19 of

National War Labor Board with procedure forhandling adjustments

PCert'.1-icates to be filed with joint committee on salariesand wages established by National War LaborBoard and Commissioner of Internal Revenue

on protection affordedG°vernment

347Pages

9/29 1901service not favored 11/ 5 2125

10/15 2027

12/16 2326Securities

5/20 10004/7 651

1/16 73

12/16 2318

12/23 2370


c'-es: (Continued)'taff of Board and employees of FRBanks: (Continued)

Prcce(Jure covering adjustments, advice from Commissioner

Saper of Internal Revenues' F., letter of appreciation for suggestions regarding

appraisal guides, advised that they are usedmerely for setting maximum credit values on

kPo, c. used carsScherb, (See Southern Specialty Company

(1k' H., process for sizing paper to increase life of paperSecre.,, currency, letter to Mr. Bell on,77 of Contrierce:441 entories of consumers goods, use of credit in connection

with accumulation of, letter to financin,, in-stitutions to be cleared throughseez‘(e& also Inventories)czY of Treasury:

erence to be held with Messrs. Sproul and Hopkinson onMay 12 for presentation of program on sale ofGovernment securities

C°°Perat.Le1 _, .ion given by System, statement of Mr. Morgenthau't'f„ation of powers of Alien Property Custodian to, statement

Fed-. for publication in FRBulletin'=ral Advisory Council resolutions regarding maintaining the

stability of reserve requirements, and increas-ing the amount of Treasury bills issued, copies

Inve,. sent to"14)ries of consumers goods, use of credit in connection

with accumulation of, letter to financing in-stitutions to be cleared through

Lice See also Inventories)As" and public circulars issued by, statement ordered pub-

lished in FRBulletinFepial,” issued by, statement for publication in FRBulletin

ions on industrial loans under FRAct, amendment to com-ply with ')rovisions of Executive Order sug-

Statemo gestedn, prepared by Messrs. Goldenweiser and Rouse at re-

quest of, to be considered by members of Fed-eral Open Market Committee in Washington'ar-t

rPtI8.note:O n of exchange and collection charges by member banks,

letter sent to Comptroller of Currency after13ette, approval by Mr. Ransom

"Jusiness Bureaus, letter to, as amended regarding theiscou enforcement of Regulation 1/

111:' rates at FRBank of Minneapolis, report of Mr. Morrillon discussion with Mr. Powell and advice thataction will be taken at next meeting

348Pages

12/24 2379

.1t./ 3 660

8/ 6 1579

6/11 1186

5/8 89611/11 2146

3/24 551

2/27 363

6/11 1186

2/21 3163/24 552

3/26 560

101 6 1955

10/ 9 1988

5/ 5 3148

10/27 2070


349Pages

Secr,etaryfs note: (Continued)

uiscount rates at FRBank of New York, report of Mr. Eccles

of discussion with Mr. Sproul and request of

Mr. Sproul that no formal action be taken by

Board until matter could be reviewed by his10/27 2071

Eccles, M. S., directorsrecorded as favoring acceptance of the American

and service flags presented to the Board by

Mr. McKee 4/ 7 645Meetings,

interim of Board with Federal Advisory Council execu-

tive committee members arranged for second

Thursday of each month with certain exceptions 2/16 273menInterim meeting arrangements approved by Board 2/23 321—rand

on reasons for issuance of short-term nonmarket

Treasury securities, copies sent to Mr.Fleming and members of the Federal Advisory

Council who are not members of the executive

Norwegi committee 7/ 1 1340an Finances, statement prepared for short wave broad-

cast to Europe read by Messrs. Morrill and

Pollard Knapp to Mr. Farish over the phone 8/24 1663

, r. B. to go to Pacific Coast to assist Mr. Szymczak

Rates in work in connection with property of evacuees 3/ 6 428on industrial advances at FRBank of New York, considera-

Series . tion given changes suggested 5/29 1082

4cUrities:

8ank loans,capital issues for the purpose of paying off, which

would leave the companies free to borrow again

from banks for the purpose of building up in-ventories, report by Mr. Eccles on discussionof, at Treasury meeting

Oapit ,c1nd Exchange Commission:a' issues, review of list of pending, report of meeting of

Chairman Eccles with Secretary of Treasury and

e4Pital T members of Security and Exchange Commission-Lssues Committee, need as part of restriction of

sumer goods, drafting of executive orderHOi ri cussed

bs of United States Treasury bills by J. P. MorganCo., Inc., report for confidential use

Pules, revision being considered, no action by Board be-ing necessary

con-di s-

and Series B tax notes, letter to Secretary Morgenthausent to home of Mr. Ransom for signature andprocedure for advising Mr. Sproul of action 8/28 1705

5/19 981

5/19 981

6/26 1295

11/ 5 2123

10/ 2 1932


350Pages

and Exchange Commission: (Continued)QLaff:

Goldsmith, R. W., Assistant Director of the Trading andExchange Division, information on issuance ofcommon stock by the Penn. Company for Insur-ances on Lives and Granting Annuities sup-

Sec1111 plied to 3/11 L67ti p

exchange administration:'4.8t Boston Corporation, transactions are not exempt under

Regulation TList cf Stocks Registered on National Securities Exchanges,

supplementary lists to be issued in futureand distributed by FRBanks upon request

lac)ari to general partner to permit him to make a contribution tothe capital of the firm, secured by securitiesnot registered on any national securities ex-changes, permissible under Regulation T

4argin accounts, reports of ledger balances on Form FR-240 tobe made by all firms semiannually, except 15largest firms in New York City

°cid-lot dealer considered as acting under Regulation T in spitePaelfi of entry into the armed forces

C Finance involv-Corporation of California, transactionsing stock of, questions raised by Los AngelesStock ExchangePerinsy

lvania Company for Insurances on Lives & Granting Annui-ties, information on issuance of common stockby, supplied Securities and Exchange Commission

Sectlrities Act of 1933 and Securities Exchange Act of 1934,proposed amendments to section 7(c) and (d),letter to Federal Advisory Council explainingconsideration and stating why amendments were

SeclIrities not discussed with Council

Exchange Act of 1934, amendment to section 7(d),request of Mr. Brown of Federal AdvisoryCouncil that testimony of hearings be sentto them and that they be allowed to file amemorandum with the Interstate and ForeignCommerce Committee

-rown to be advised that Congressman Lea, Chairman ofthe House Committee, has been informed of re-quest for hearings and filing of statement

Le,A to Mr. Brown and Congressman Lea'er to Federal Advisory Council suggesting that statement

be submitted to be held for committee consid-eration, but not to be included in printedhearings

2/ 7 222

2/25 353

4/ 1 608

8/20 1648

3/23 545

7/ 6 1372

3/11 467

1/17 82

1/22 97

1/22 981/24 117-8

1/29 144


SecUrit',_ les exchange administration: (Continued)Qecurities Exchan;e Act of 1934: (Continued)

°Pinion of Federal Advisory Council that power proposed

Unis sued

biye.srendment should not be given to any agencysecurities, reply to Mr. Norman Asher on transactions

Unregist under Regulation T involving

ered securities, proposed amendment to Section 7(d)of Securities Exchange Act giving Board powerto regulate amount that may be loaned on,opinion of Federal Advisory Council that

Se„'411.ties4 power should not be given to any agency

issued for purpose of paying off bank loans and placingBureau in position for further use of bank

Selectiv. 0 credit, means of restricting discussedpat:, oervice System:''nks as essential industry for purpose of deferment, Board

118.h.1V4-r0 A not in favor of classification as' Joseph, opinion of Board that transactions described

Shaw by, would be in violation of Regulation W(

Si \See Nonmember banks Peoples State Bank, Cherryvale,

oilver Sam U Kansas)sgel,H.: (See Regulation W, Hebrew Mutual Association, Inc.)

' suggestion that Treasury dispose of holdings and moresilver used in minting coins discussed at meet-

Posa,bi ing of Federal Advisory Council with Board-s 1

,industrial purposes proposed by Federal Advisory

Councilver

Si certificates, denominations of five and ten dollars, request

418 Hand of Treasury that paying out be discontinuedY and McKnight, reply to question raised by, whether mod-

ernization of elevators in existing structures

Sto is included in Group E of Regulation Vneman & Kurland, reply to inquiry on selling a charge

account by a store of a customer and accountSr,of customer is in default

ellsto-:28es:-s of FRBanks other than member banks, letter to Mr.

Eugene Thompson onto, statement of Presidents' Conference regarding crea-

tion of industrial loan corporation to make,

141irrEty bill,

for war purposes, and discussion at meetingof Board with Presidents

s.

2250, to mobilize, for war purposes, submis-sion of report to Senate Banking and CurrencyCommittee discussed, to be cleared with BudgetBureau as proposal by Mr. Eccles may be sub-stituted

351Pages

2/16 270

3/12 485

2/16 270

6/ 9 1167

6/ 1 1102

1/31 162

9/14. 1798

11/16 2189

9/29 1904

4/3 624

7/10 1404

12/ 3 2264

3/2 385

2/17 290


Small 1Oa n companies, registration statements filed under Regula-

tion IV, request of Department of Justice forpermission for investigators of Antitrust Divi-

S4Yder sion to inspect 12/22 2363) Baird, letter requesting continued use of space in Board's

(See building by Inter-American Defense Board 6/26 1296social a_Lso Federal Works Agency)' Security deductions, opinion of Board that they should not

be classified as deposits but should be shown

State as "Other liabilities" in condition reports 5/ 8 907804c1.4 ment ordered published in FRBulletin 5/25 1042

0/' General, executive order, 9112, opinion of Mr. Oscar Coxon legality of, no distribution to be made un-

Sollthern o less requested 5/19 984-.'acific Railroad Company, plan being used to solve watch

8011thern problem 6/18 1247Specialty Company, Albany, Ga., reply to contract in form

of lease with option to purchase under Regula-

S1)414h co_ tion % 6/12 1205'41'ses, Plan of FRBank of New York for sharing cost of,

with employees participating in, notes byBoard, opinion that same arrangement should81)

ce R be made for Portuguese 5/20 996ePresentative Brent, reply to letter on accounts of

Campbell County Protestant Orphan's Home,under Re

Sh

eR

RegulationSt Reserve Survey

6/12 1206

ST3t-eserve, survey of qualified banking men to be made for

-') Carl service in occupied countries 11/ 6 2129--os A., reply to question of changes in standard form

of agreement under Regulation V 5/29 1086SProilse ;edit Department Store of Cincinnati: (See Regulation IV)

• Commissioner of Internal Revenue interpreted as an at-tempt to reverse Eisner v. Macomber and renderstock dividends taxable as income, discussionat meeting of Board with Federal Advisory Coun-cil, with regard to steps that should be taken

01.1baa tion fund: in the event of such a decision 2/16 273

' Pr°Posed establishment in connection with organization ofIfltcentral bank, report of mission on 2/ 6 203ernatio

nal plans prepared as basis for discussion at meetingof Messrs. Eccles and Goldenweiser with repre-sentatives of Treasury and State Departments

Internationa1

_, and othersestablishment after the war discussed by Dr.Goldenweiser and Mr. Hansen at meeting withrepresentatives of Treasury and State Depart-ments and other organizations

352Pages

5/26 1047

6/ 9 1161


353

Staff of Board of Governors:Aliens, no fixed policy to be adopted regarding the employment

of, recommendations to Board to be made on the

merits of the person involvedAnnual leave:

Amendment to regulation to provide for accumulation up to

2/10

Pages

229

90 days 12/21 2352Policy modified to provide for 2-1/2 days at a time 10/31 2096Resignations when odd amount is less or more than 1/2 day 11/ 3 2105

'

A Restrictions approvedPPointments, question of advising applicants of recommendation

5/26 1051

before Board has taken actionAuthorization2/17 280

s to accept appointment in Army, permission to

Secretary or Assistant Secretary to signBoard Members ' Section:

9/25 1883

Hamilton, James F., messenger, salary increased 8/ 1 1531Johnson, Gordon P., junior operator in Secretary's Office,

transferred as messenger to, with no change insalary

Mitchell, Charlotte N., retransferred from, to the Secre-

BuilA4_ tary's OfficeOperation and Maintenance:

ash, John, apprentice mechanic, salary increased;41ndamood, Charles D., Operating Engineer, salary increasedMackll

James H., laborer, salary increasedarfatY, M. Peter, clerk to the Building Manager, resigna-

tion acceptedArad B., gardener, salary increased

-PurneY, F. E., granted leave of absence without pay forremainder of calendar year for defense workwith Turner Construction Co., right to recallin the event of some unforeseen circumstance

Ohm reserved by Board—rman s Office:Clayton, Lawrence, designated liaison representative with

Military Government Division of Provost MarshallGeneral's Office in connection with programfor military governmentThur

suon, Elliott, special assistant to the Chairman, des-ignated as representative of Board to cooperatewith Office of 11:ar Information

Class C directors, to assist in drafting statement onsix-year rule

Charw°men:

Bardales, Alice K., salary increasedBeach, Ida M., salary increased

1/19

1/7

4/284/284/28

8/ 34/28

2/16

10/10

7/25

7/28

8/ 18/ 1

87

19

782782782

1541782

278

2005

1485

1504

15321532


StaffOf Board of Governors: (Continued)

Charwomen: (Continued)Bertolini, Madalena, salary increased and changed from

hourly to yearly basisCarroll, Alene D., salary increased

Resignation acceptedCooke, Clara R., salary increasedCorbin, Sarah F., salary increasedEaheart, Mrs. Mary Elizabeth, assent given to examination

and certification by Civil Service Commissionfor jobs of attendant and kitchen helper andmess attendant

Ellis, Maude E., salary increasedEnrico, Mary J., salary increased

Mrs. Sadie M., resignation acceptedMarshall, Mary B., salary increased

Resignation acceptedMcNeill, Mary C., salary increasedMock, Clara, salary increasedPYles, Mrs. Adelia G., resignation acceptedRogers, Dorothy, salary increasedShelton, Lulu Mae, salary increased

Steiner, Libbie L., salary increased

2teiner, Almeda, salary increased, tInderman Ethel M., salary increased

cha fiklund, Lillie J., salary increasedulfeurs:Bell, J. Frank, appointment and salary approved

APpointment extended for indefinite period on temporary

basis with no change in salary

2°°k, Thomas G., promoted to guard and salary increaseduia2, Anthony, appointment and salary approved

ResiEnation acceptedauser, Adam V., appointment made permanent with understand—

ing that upon the return of Mr. Wilkinson he

will no longer be in charge of the chauffeur

forcetlmraI/-erry, Haywood F., appointment and salary approved

Salary increased, Salary increasedrseake, Donald E., resignation accepted

13.argo, C. W., resignation accepteds'eger, Karl J., appointment and salary approved

coloreA Salary increased' employees, report to War Man Power Commission on number

employed, and similar report to be submittedevery four months

354Pages

8/ 1 15328/ 1 153211/ 4 21148/ 1 15328/ 1 1532

1/5 118/ 1 15328/ 1 15327/ 1 13438/ 1 153212/ 3 22618/ 1 15328/ 1 15326/27 13028/ 1 15328/ 1 15328/ 1 15328/ 1 15328/ 1 15328/ 1 1532

8/13 1612

11/16 21744/ 9 6635/20 9956/22 1263

4/14 7141/29 1434/16 7268/15 16241/28 1353/9 4365/13 9278/15 1624

9/12 1788


355

Staff of Board of Governors: (Continued)v4Pensatory leave to be granted for overtime in excess of

Conv_ eight hours per week-Luement cases, policy regarding, amendment to limit con-

tributions to Retirement System to one year

Co from the date upon which the absence beganlansel's Office Cashell, Frances C., stenographer, salary increased

Title changed from stenographer to Secretary to Mr.

Chase, G. Dreibelbis and salary increased

Howland, impounded funds of, sent to Treasury De-

partment, thought to be covered by Civil Serv-

Ch ice Retirement Act

A.erry A. K., trip to Chicago with representatives of

Treasury Department in connection with use of

tabulating card form of check for purpose of

Oros making disbursementsby, Jean, appointment and salary as stenographer ap-

provedDo Salary increased

resignation acceptedDrribelfb

it y . ,. P., toto work with attorneys or agencies in

drafting executive order of restricting capitalissues as part of controlling credit use forfinancing inventories of consumers goods

Made General Attorney, placed in charge of office andsalary increased

Taxation of Board's building, resume of developments

to dateEnpDoris M., appointment and salary as stenographer ap-

provedTransferred to Division of Research and Statistics as

clerk-stenographer with no change in salary1:11triken, Samuel E., impounded funds of, sent to Treasury

Department, thought to be covered by

increased

Civil

Service Retirement Actvi Gal Salary

lagher, Mrs. Nadine L. stenographer, resignation ac-

cepted\Jae Pfert, Mabel, secretary to Mr. Wingfield, salary in-

Hack creasediHal;--eY, Howard H., assistant attorney, salary increased----' Joan, appointment and salary as stenographer ap-

proved

H,4) Resignation accepted

` ff, Vilson L., law clerk, salary increased

12/26

4/ 7

4/14

8/20

3/6

6/11

3/189/123/28

6/26

8/10

12/14

5/11

9/ 5

3/611/30

6/25

6/2011/30

5/219/ 26/23

Pages

2391

644

715

1644

430

1194

5031787585

1295

1596

2309

914

1737

4302241

1279

12622241

100717191270


Staff „„,2J-L Board of Governors: (Continued)'°unselfs Office: (Continued)

Hutchinson, Mrs. Clara A., granted leave of absence without

pay for approaching confinementExtension of leave of absence on account of confinement

:',ones, Mrs. Nancy Kengla, law clerk, resignation acceptedx‘engla, Nancy Duvall, appointment and salary as a law clerk

approvedMcColloch, Mrs. Lucy I., secretary to Mr. Vest, salary in-

creasedMcDonnell, Mary, stenographer, leave of absence without pay

extended for six months, not to be a member of

retirement system during periodMue hlhaus, Margaret, stenographer, salary increased

Salary increased'Lea-ligament of duties and changes in titlesQdrgent, LaRue, appointment and salary as stenographer ap-

provedResignation accepted

'flaY, Jerome W., promoted from law clerk to Assistant Coun-

Solo sel, salary increasedmon, Frederic, Assistant Counsel, granted leave for

military serviceTols,-Charlotte N., stenographer, resignation accepted

George B., memorandum from, regarding sending to theTreasury Department impounded funds of Board

employees, thought to be eligible for CivilService Retirement System

Memorandum to be prepared by, regarding classificationas savings deposit of account of University of

Georgia School of Medicine carried by Georgia

Railroad Bank and Trust Co. of AugustaTo act as Counsel for War Loans Committee1,1emo re amendment to Regulation Sotatement of legal basis of Executive Order No. 9112

providing for guaranteeing of war loansMission to Cuba, memorandum on letter to be sent to

Minister of Finance of Cuba on draft of mone-tary law

Visit to FRBank of Cleveland to review situation on in-

creased costs for legal serviceMade Assistant General Attorney and to be in charge of

Wirt • office in absence of Mr. Dreibelbis-g'ield, B • M., memorandum re Sprouse v. Commissioner of

Internal Revenue distributed at meeting ofBoard with Federal Advisory Council, to be con-sidered in regard to steps that should be takenif stock dividends are held to be taxable asincome

356Pages

3/3 40610/ 7 19567/13 1411

3/30 588

6/20 1262

6/29 13113/3 40611/30 22418/10 1596

1/27 1257/17 1448

6/23 1270

4/20 7478/6 1571

3/6 429

3/10 4513/26 5554/30 826

4/ 1 605

5/11 919

7/28 1507

8/10 1596

2/16 275


Staff Ofc_ Board of Governors: (Continued)

°unsel's Office: (Continued)Ydngfield, B. M.: (Continued)

Memoranda from, on S. 2146, 2147, and 2148, to amend

Home Owners' Loan Act of 1933, etc., circulated

among Board members and discussedMade Assistant General Attorney and in charge of office

in absence of Yr. Dreibelbis and Mr. VestWy -att, Walter, General Counsel, designated to assist inpreparing a draft of statement which Board rep-

resentative might make at hearings on Inter-

American Bank before the Senate Banking and

Currency CommitteeAuthorized to advise Mr. Cox that Board has no legisla-

tion it wishes included in another War PowersAct

To discuss with Mr. Foley legal authority under whichFRBank of San Francisco may act as fiscal agentin connection with evacuees' property and toadvise Ir. Szymczak

Realignment of duties in connection with reorganizationof office

Desi gnated to deal with Council of State Governments inoffer to obtain State legislation to facilitate

'Defer— war effort

Olt from military or naval service:vice to Civil Service Commission that it is general

Li Policy not to request st of classes of positions to be prepared for submission

ivlsion „ to Civil Service CommissionOf bank Operations:-'exander, Frederick L., temporary assignment for

from staff of FRBank of New YorkExtension of assignment from staff of FRBankYork and FRBank to be reimbursed fortation and subsistence expenses

) ars. Margaret K., granted leave of absence

Boothe a six months leave without pay) ,iardner L., II to act as liaison assistant between

Banks and II,

services for War Loans Commit-tee

B Transferred to War Loans Committee1311,n' EvelYn, clerk, salary increasedc,'

anan, Avelyn, secretary, salary increased0114-1,han, Frank J., clerk-typist, salary Increased"lk) Mary Ann, clerk, appointment and salary approvedSalary

increased

two weeks

of Newtranspor-

including

357Pages

5/ 5 856

8/10 1596

1/22 99

2/17 288

3/6 428

8/10 1596

9/14 1809

7/ 1 1348

10/ 2 1926

11/28 2236

12/15 2315

9/ 3 1722

3/26 5554/6 62811/30 224011/30 223911/30 22407/30 1516

11/30 2240


Staff o-0, Board of Governors: (Continued)"Lvlsion of Bank Operations: (Continued)

Collins, Wesley B., messenger, salary increased

Salary increasedConkling, Gerald M., Technical Assistant, salary increased

Daniels, Mortimer B., Technical Assistant, salary increased

DeLaMater, John, Supervisor of Service Functions, to be

retained in active service for one year with

payment of retirement allowance suspended and

no further contributions to be made to Retire-

ment SystemFarrell, John R., Associate Technical Assistant, salary in-

creasedHolmes,

358Pages

7/ 1 13428/ 1 153111/30 223911/30 2239

12/ 9 2292

11/30 2239 Mary, clerk, appointment made permanent with no in-

crease in salary 3/ 4 413Not included in list of employees whose impounded funds

were sent to Treasury Department for reasons

stated in memorandum from Mr. Vest 3/ 6 429

Transfer to War Loans Committee with no change in sal-ary

Hon 4/ 6 628

r-P-ng, Catherine E., clerk-stenographer, transferred toWar Loans Committee with no change in salary

Ho 4/ 6 628

rbett

, J. E., Assistant Chief, Graduate School of Bankingat Rutgers University, selected to attend 1942

session 4/10 688JarvenPa, Aili L., clerk-stenographer, salary increased 7/ 1 1342

Resignation accepted and amount of unearned leave to be it//1 : f1.33deducted from salary check1,41.in, Dora W., clerk, resignation accepted

Les, Mildred C., clerk, salary increased 7/ 1 1342Resignation accepted 11/27 2233

-L-Lloan, Thelma C., clerk, salary increased 11/30 2240ohell, Willis H., Supervisor, Call Report Section, sal-

11/30 2239rick,• ary increasedL. S., Technical Assistant, to attend Fiscal Agency

Conference 5/ 1 836Trip to Chicago with representatives of Treasury De-

partment in connection with use of tabulating

card form of check for purpose of making dis-

bursements 6/11 1194Designated to act in the liaison capacity with War Pro-

duction Board in granting of priorities to

FRSystem 7/21 1467Parson ,

s Thomas M., Associate Technical Assistant, granted

leave of absence for military service 4/14 715Porter,

Joseph H., transfer to Division of Examinations and

appointment and salary as FRExaminer approved 1/31 159


Starro1 Board of Governors: (Continued)

ulvision of Bank Operations: (Continued)Scudder, Dilver, Supervisor, Reserve Bank Section, salary

increasedShaffer, Charlotte M., clerk, salary increased,, Salary increased

R. E., senior clerk, salary increasedSkinner, Carl M., under clerk, salary increaseds

mead, Edward L., designated to represent Board on subcom-

mittee to the System Committee on Free ServicesTo act as Technical Adviser for War Loans Committee

Memo on issuance of 1928 series of FRnotes and FRbank

notesMemo from, including press statement, recommending that

weekly figures of debits to demand deposit ac-

counts be shown in the weekly member bank press

statementTo attend Fiscal Agency ConferenceIndividual debt, reduction through amortization of bank

loans, memorandum on reports by banks and other

lending agenciesCondition reports of State member banks, memo on trans-

mitting of forms and instructions and on minor

revisionsCondition reports, memorandum on omitting of fall call,

approved with understanding that FRBanks would

obtain from member banks a classification of

loans and investmentsBank earnings, to collaborate with Mr. Goldenweiser on

continuing study of problemFunctional expense reports to be discussed with Mr.

LeachDesignated Acting Administrator for War Loans Commit-

teeForm 105, proposed revision reducing from four to two

pagesInstructions for preparation of reports of condition

by State bank members, revised form submitted

Stone, and approved"Th0_ zlarrY B., senior clerk, salary increased:"8, Mrs. Ellen C., clerk, resignation acceptedOtt, Sarah L., clerk-stenographer, salary increased

lAir.'ery F. A., senior clerk, salary increased

Zelpha M.,SJ 4. on f clerk, salary increased

0 Examinations:Baker/ Ellery W., permission to accept appointment in Army

for military intelligence duties

359Pages

11/30 22397/ 1 1342

11/30 224011/30 223911/30 2240

2/3 1693/26 555

4/7 646

4/18 7445/1 836

5/25 1041

6/10 1183

7/18 1455

7/28 1501

9/29 1903

10/ 7 1956

11/18 2198

12/16 232811/30 22395/27 10687/ 1 134211/30 223911/30 2240

9/25 1883


360Pages

Staff of Board of Governors: (Continued)ulvision of Examinations: (Continued)

Bangs, Olga W., transfer to Division of Personnel Adminis-

tration approved 6/29 1313Brown., Arch B., senior clerk, resignation accepted 12/ 4 2267Brown, W. G., travel expenses budget covering difference in

price of standard lower berth and roomette

Cagle,

ap-

proved because no other space available 8/ 6 1580C. E., Assistant Chief, to go to Chicago to make an

investigation of unethical transactions between

Mr. Lewis and the Continental Illinois National

Bank and Trust Co. involving Government securi-

ties 5/22 1011

Trip to Chicago for investigation of Continental Illi-

nois National Bank and Trust Company 5/26 1046To go to Cleveland and investigate indebtedness of Mr.

Wagner 8/27 1694To go to Cleveland to present letter to board of direc-

tors requesting investigation of affairs of Mr.

Wagner 9/ 9 1760To accompany Mr. Szymczak to Cleveland to attend meeting

of board of directors on September 14 for inves-

Connel tigation of affairs of Mr. Wagner 9/10 1763J

lR„. oseph J., FRExaminer, salary increased 10/29 2084

Charles, Assistant FRExaminer, appointment and sal-ary approved 12/21 2348

Eal:ish, J. Fred, Assistant Examiner, salary increased 9/15 1815

Barbara Jane, stenographer, appointment and salary on

Pols temporary basis not to exceed 90 days, approved 8/ 7 1588om, George H., granted leave of absence for military

serviceGio vanetti, Eleanor C., stenographer, transferred to Divi-

sion of Research and Statistics as clerk stenog-

Good rapher with no change in salary 7/17 1447r,/ ueorge E., assistant FRExaminer, granted leave of

ab-

sence without pay to enter military service 11/21 2213

Ha Glenn M., FRExaminer, salary increased 11/14 2169g'er, Herbert H., Assistant Examiner, salary increased 9/15 1815

'lardin g leave without pay to enter duty with Navy 11/ 9 2133

'lng, Mrs. Marie Anne, stenographer, appointment andsalary on temporary basis not to exceed 90

A days, approved 8/ 7 1588Har,ItPPointment made permanent and salary approved 9/22 1861

John Joseph, Assistant FRExaminer, salary increased 5/25 1030

Granted military leave to enter service with Army 11/12 2152

5/7 877


4atf 0ABoard of Governors: (Continued)on of Examinations: (Continued)

Highfield, Carroll R., Assistant Examiner, salary increased

H°Pkins, Mrs. Julia B., Assistant FRExaminer, salary in

creasedResignation accepted

dostrup, Clarence C., FRExaminer, salary increasedHoward, Thomas P., FRExaminer, resignation accepted

,ones, Laurence H., FRExaminer, resignation acceptedvohnson, Edwin J., Assistant FRExaminer, granted leave of

absence for military serviceJohnston, Milton K., stenographer, resignation acceptedKnight, James, appointment and salary as assistant FhExam-

iner approvedKrur., H6 arold T., Assistant FRExaminer, appointment and

salary on temporary basis with headquartersat Omaha

Lamb, Ruth S., impounded funds of, sent to Treasury Depart-ment, thought to be covered by Civil Service

Retirement ActLan-1Arthur H., appointment and salary as Assistant FREx-

aminer approvedHeadquarters changed from Chicago, Ill., to Cleveland,

OhioSalary increased

ver, Thomas N., appointment on temporary basis and salary

Leo as assistant FRExaminernard, Robert F., appointed director of Division of Per-

sonnel Administration and salary increasedMalone, Charles T., FRExaminer, granted leave of absence

Mass,„ for military service-Y, E. R., Assistant FRExaminer, transfer to Office of

Mr. McKee as secretary and increase in salary

UcClei approvedmil'l L J., FRExaminer, salary increased

ard, E. R., travel expenses, budget covering difference

in price of standard lower berth and roomette

approved because no other space availableTravel expenses, voucher including additional expendi-

ture for higher priced accommodationm,,,, alarY increased1; Gordon R., FRExaminer, salary increased

417s, Edward S., Assistant Examiner, salary increasedHil e°111e, Elnyr D., secretary, salary increased'es, Donald C., appointment and salary as assistant FREx-

aminer on temporary basis

361Pages

9/15 1815

6/ 1 11018/12 160711/12 21528/ 1 15349/16 1821

5/25 10313/11 461

5/23 1014

6/ 6 1150

3/6 430

3/ 4 412

8/15 162512/10 2297

11/ 5 2121

5/27 1068

5/11 914

2/10 2315/25 1030

8/ 6 1580

12/ 9 229412/10 22975/25 10309/15 18158/ 1 1533

6/12 1199


Staffti u!- Board of Governors: (Continued)-Lvision of Examinations: (Continued)

Noell, J. Carroll, FRExaminer, leave of absence due to

illness, not to be charged against future

leave, approved, Extension of leave on account of sickness approvedraulger, Leo H., Chief, directed to make at least one ex-

amination of each FRBank during 1942

Recommendation that travel regulations of Board be

amended to provide increase in per diem allow-

anceAuthorized and directed to conduct examination of each

FRBank during 1943Pollard, B., to go to Pacific Coast to assist in

protection of property of evacuees and remainafter Mr. Szymczak, secretary's note

Appointed Assistant Chief of Division of Examinationsand salary increased

Porter, and

H., transfer from Division of Bank Operationsand appointment and salary as FRExaminer ap-proved

Headquarters changed from Atlanta, Ga., to Washington,D. C.

Voucher for travelling expenses approved to cover draw-ing room because no other accommodation avail-

able_Salary increased

Porter, Nancy R., salary as stenographer increasedLoan to War Production Board not approved but no objec-

tion to resignationRadfSalary increased

Sch'c)rd' John R., Jr., FRExaminer, salary increased

Iller, Lillian H., stenographer, appointment and salary

Schoenh, approved

offScott Robert J., Assistant Examiner, salary increased

Se Frances A., stenographer, salary increasedeger, William H., Jr., Assistant FRExaminer, appointment

" Land salary on temporary basis

ems •A. A., FRExaminer, resignation accepted", James C., appointment and salary as Assistant FREx-

aminer approvedston8ealary increased

2 Harold F., clerk-stenographer, transfer to Secre-

Thom, tary's Office as accounting clerk approvedAndrew N., Assistant Examiner, appointment and

Trou_ _ salary approved

Walt:' Fred W., Assistant FRExaminer, salary increasedsrs, Mrs. Helene K., stenographer, salary increasedalarY increased as secretary to Mr. Pollard

362Pages

8/10 15989/17 1823

1/16 79

2/17 286

12/11 2302

3/6 427

6/26 1297

1/31 159

8/15 1625

9/ 8 175212/10 22973/13 490

9/ 8 174912/10 229711/16 2174

9/22 18629/15 181511/12 2152

7/ 6 137012/15 2313

5/21 100612/10 2297

2/9 225

8/26 16865/30 10955/25 10309/12 1787


hair0,n Board of Governors: (Continued)J-vlsion of Examinations: (Continued)

Winkler, P. J., FRExaminer, salary increasedGranted leave of absence without pay to enter service

in the ArmyWright, Marion E., appointment as assistant FRExaminer and

salary approved, transferred from War Loans

CommitteeDivj.i.delc, Louis W., Assistant FRExaminer, salary increased

°a-on of Personnel Administration:Bangs, Olga W., Secretary to Mr. Leonard, transfer from

Division of Examinations and salary approvedSalary increased

Braden, Mrs. Helen F., substitute nurse, appointment and

salary approvedBrown, Helen Lindsley, clerk, transfer from Division of Re-

search and Statistics with no change in salaryEdwards, Harry i.e., clerk:

Transfer from Secretary's Office and salary approvedSalary increased

,. Granted military leave to enter Maritime servicel'ishburn, Judith M., interviewer, transfer from Division

of Research and Statistics and salary approvedFrench

Amy P., substitute maid, transfer from Secretary's

ja Office approved

Salary increasedrvis, Ruth L., maid, transfer from Secretary's Office

and salary approvedx4,..Salary increased

J. Edward, Administrative Assistant, transferfrom Secretary's Office and salary approved

Granted leave to enter NavyLeonard,

Robert F., appointment as director and salary in-

creasedAPPointed on committee to consider suggestions for

nominating employee each month for Post award

in making suggestion for improvement of Fed-

eral serviceAdvice to Mr. McNutt that he will act as point of con-

tact on problems of occupational defermentContact man between Board and FRBanks to procure men

qualified for work in connection with military

occupation of countries, Overtime payments and official hours of work, memo on

", Florence, clerk, transfer from Secretary's Officeand salary approved

363Pages

5/25 1030

10/15 2022

7/14 14199/15 1815

6/29 13139/11 1783

8/21 1652

10/14 2016

6/29 13139/11 178310/10 2002

6/29 1313

6/29 13138/ 1 1531

6/29 13138/ 1 1531

6/29 13139/ 8 1749

5/27 1068

9/26 1892

10/23 2051

10/21 204512/18 2338

6/29 1313


364Pages

Staff.4'4 Board of Governors: (Continued)

v-1,8,i°n of Personnel Administration: (Continued)x'arkhill, Dorothy M., clerk-stenographer, transfer from

Secretary's Office and salary approvedSalary increased

Sokol, Melania K., transfer fromuntil resignation is

Resignation acceptedStone, A. M., senior clerk, transfer from Office

Sumczak and salary approvedSullivan, Mary Alice, substitute nurse, transfer

retary's Office and salary approved,., Resignation acceptedvestergren, Ruth A., personnel clerk, transfer from

ne, tary's Office and salary approvedtl •ckli M. Callie, nurse, transfer from Secretary'sfice and salary approved

Divis. Salary increasedAl°n of Research and Statistics:lidditional personnel for study of national

problems, memo of Mr. EvansAliens, appointment of, refugee from Poland being consid-

eredA lbe, Mrs. Ruth Dewey, clerk-typist, transferred from

Secretary's Office, no change in salaryResignation accepted

Llerson, A. June, clerk-stenographer,Bach, Amy Phyllis, clerk-stenographer,

Bach, Gapproved

h, G. L., Associate Economist,Ba. Salary increased1rd, Frieda, Associate Economist,

Baker, D4/28 781

er, Dr. John C., payment of transportation to Washington

for interview in connection with possible em-1/12 43

salary3/19 5058/10 15987/ 1 1342

per diemof illness 2/27 377made per-

9/ 5 173712/30 24059/12 1787

6/29 13139/11 1783

Office of Mr. Szymczakeffective 9/23 1868

12/ 8 2289of Mr.

6/29 1313from Sec-

6/29 13138/21 1652

Secre-6/29 1313

Of-6/29 131310/31 2096

and regional7/21 1460

2/10 229

7/ 1 134310/27 2071

resignation accepted 6/10 1179appointment and

8/26 1686salary increased 2/ 6 215

8/12 1606appointment and salary

ployment, authorizedBai •dw1n, Mrs. Beatrice S., clerk, appointment and

on a temporary basis approvedBar Restillation acceptedpar °, Jane W., clerk, salary increased

'er, Clarence S., Assistant Examiner, granted

Bean in lieu of subsistence during period2 Robert t., economic assistant, appointment

manent, no change in salarySaBe lary increased

ers, .rs. Anna G., clerk-stenographer, salary increased


365Pages

kaff1),Of Board of Governors: (Continued)j'Illsion of Research and Statistics: (Continued)

Bergelin, John 0., Associate Economist, salary increased 2/ 6 215Voucher for traveling expenses approved 8/ 4 1551Salary increased 12/23 2370

Bertolini, Josephine F., clerk, resignation accepted 6/15 1216Bettman, Alfred, appointed on part time basis as Special

Consultant in connection with work on urbanredevelopment and to be reimbursed for travel

expenses, not to become a member of Retirement

System 6/23 1269Voucher for traveling expenses approved 8/18 1631

Blake, Bonnie B., clerk-stenographer, appointment and salaryapproved 6/12 1200

Resignation accepted 9/25 1882Blattner, George W., Special Statistician, transferred to

Division of Security Loans as Special Assistant

Bohl4 and appointment extended for one year

--J-71, Mary Hedda, clerk, salary increased 3i 1t2527/ 1 1342?,"oiseau, Natalie, clerk-stenographer, salary increased116°0rstein, Edward, Economic Assistant, salary increased 2/ 6 215B Resignation accepted 3/27 573°urneuf, Alice Elizabeth, associate economist, appointment

and salary 10/ 2 1933Brooks, Ruth, clerk, salary increased 7/ 1 1342Brown, Helen L., appointment made permanent with no change

in salary 1/13 44Salary increased 7/ 1 1342

Transfer to Division of Personnel Administration with

Cop- no change in salary 10/14 2016-ler, Mrs. Margaret, clerk-stenographer, granted leave of

absence to join husband for not over six months

and contributions to Retirement System not to

be made 6/23 1270Letter to Retirement System on contributions while on

leave without pay 10/14 2017c Resignation accepted 11/28 2237

°lints, Catherine M., clerk, leave without pay extended,

contributions to be continued on condition she

continues to make contributions to Retirement

System 3/21 520Leave without pay extended, contributions to Retirement

System to be continued on condition that she con-

tinue her contributions 4/ 7 643Resignation accepted and refund for advanced sick leave

to be made 9/16 1821Crandall---, Elizabeth Ridings, clerk, appointment on temporary

12/10 2296basis and salary approved


Nti or411.213oard of Governors: (Continued)

lon of Research and Statistics: (Continued)Crawford, John M., junior economist, appointment and salary

3approved /10 455_ Salary increased 12/30 2405Crews, Mildred, clerk-stenographer, transferred from office

of Mr. Draper at no change in salary 6/20 1262Currie, Lauchiin, leave of absence without pay extended for

one year, contributions to Retirement System to

be discontinued, adjustment to be made pending

return to active service 1/16 74Dearborn, Hamilton Q., junior economist, resignation ac-

cepted 1/16 77DePenbrock, Mrs. Barbara S., request for assent to examina-

tion and certification by Civil Service Commis-

sion presents borderline case under Board's

policy 1/16 64No objection to examination and certification of, by

Civil Service Commission for position of Archi-

tect 1/16 6810. Resi gnation as draftsman accepted 5/18 973

Irks, Frederick C., junior economist, salary increased 2/ 6 215_0 Salary as Associate Economist, increased 8/19 1636D0ebler,6/29 1314Leila M., clerk, appointment and salary approved-47, Alice N., clerk, appointment and salary approved,

formerly employed by FRBank of New York and al-

Ellis, ready member of retirement system 7/ 3 1360

Margaret, Junior Economist and Executive Assistant,

salary increased 2/ 6 215

Engel, Doris M., clerk-stenographer, transferred from Legal

Division with no change in salary 9/ 5 17374 Salary increased 12/21 2350

p,nst, Rosa, Economic Assistant, salary increased 2/ 6 215Fa t R osa,Kathryn S., clerk, granted leave of absence with-

out pay because of approaching confinement,

Board to continue contributions to Retirement

System if she does 3/21 519To discontinue her payment to Retirement System while

on leave without pay because of confinement,

but Board to continue its contributions 6/29 1314Letter to Retirement System on contributions while on

leave without pay 10/14 2017Leave of absence because of confinement extended and

reemployment at end of period approved 10/10 2001

Leave of absence without pay because of confinement ex-

tended for three months 11/ 6 2127

366

Pages


Staff eBoard of Governors: (Continued)

4'71eion of Research and Statistics: (Continued)Fishburn, Judith M., transfer to Division of Personnel Ad-

ministration approvedPorsling, Mary Elizabeth, clerk, appointment and salary ap-

provedSalary increased

Prase, Mrs. Eleanor S., junior economist, leave of absence

on account of confinement including leave with-

out pay but granted permission to remain at

office from November 1 to November 15Frederick, Mrs. Louise Abbe, clerk-typist, appointment and

salary approvedGaither, Anna Margaret, clerk-stenographer, granted leave

of absence without pay to accompany husband

to California, contributions to Retirement

G System

arber, Margaret R., clerk, salary increasedGardner, Walter R., Senior Economist, designated to as-

sist in preparing a draft of statement whichBoard representative might make at hearingson Inter-American Bank before the Senate Bank-ing and Currency Committee

Statement submitted by, for use by representative ofBoard if called to testify before a Congres-sional committee in regard to the Inter-Ameri-can Bank

Mission to Cuba, memorandum on, letter to be sent toMinister of Finance of Cuba on draft of mone-tary law

Representative of Board on committee on relation between

the domestic and international measures con-templated in article 7 of the master lend-lease

Get- agreementsrn

-uan, Clayton, Associate Economist, salary increased

Ge Salary increasedrvais, Helen E., clerk-stenographer, transfer from

o

Sec-retary-'s Office and salary increased

vanetti, Eleanor C., clerk-stenographer, transferredfrom Division of Examinations with no change

Gla in salaryser, Mrs. Vera R., transferred to Office of Mr. Szym-

czak as stenographer and salary increasedRetransferred from office of Mr. Szymczak with previous

G1

a r, •

salary`l er, William H., economic assistant, resignation ac-

cepted

367Pages

6/29 1313

3/26 5639/11 1783

10/22 2047

11/ 6 2127

7/ 1 13437/ 1 1342

1/22 99

3/10 448

5/11 919

9/ 4 17352/6 215

12/23 2370

6/29 1313

7/17 1447

7/ 1 1341

8/11 1601

1/30 147


368Pages

Staff of BoardDivis of Governors: (Continued)lon of Research and Statistics: (Continued)Goldenteiser, E. A., Director:

Designated to assist in preparing a draft of statementwhich Board representative might make at hear-ings on Inter-American Bank before the SenateBanking and Currency Committee

Loans, commercial and industrial, memorandum regard-ing monthly reports on, by member banks, formproposed

Request for report reconsidered and approved withletter to FRBanks

Memorandum of, regarding possibility of dangerous infla-tion in authorizing Government to borrow directlyfrom the central bank, distributed at meeting ofBoard with Federal Advisory Council

Memo from, recommending procedure for survey of new com-

1/22

2 / 6

2/ 6

2/16

99

200

206

266

mercial and industrial loans made by memberbanks approved 4/ 1 609

Forms FR 574-A and 574-B for reporting sent to FRBanks 4/ 1 611

Commercial loans, results of survey conducted by, forone-month period 5/19 984

Memorandum from regarding the collection of statisticson retail furniture sales, inventories andcredit 5/15 943

Plan for coordinating research and statistical activi-ties of Board and National Resources PlanningBoard, to keep in touch with Mr. Blaisdell inconnection with 6/ 9 1177

Statistics of department store inventories by depart-ments be collected monthly instead of quarterly 6/13 1211

Bank earnings, to collaborate with Mr. Smead on continu-ing study of problem 7/28 1501

International Stabilization Fund and InternationalBank report on conference on establishmentof, no action to be taken until discussedwith Secretary Hull 7/10 1401

Go_ Problems in maintaining adequate staff, memorandum of 8/12 1606G4°/11 Jeanne M., resignation as clerk accepted 1/ 5 11

er, Guy E. Senior Economist, temporary appointment ex-tended with no change in salary 3/17 499

Gulab esignation accepted 11/23 2217art, Mary Hall, Economic Assistant, appointment and

salary approved 8/13 1611


369Pages

Staff _

i4T Board of Governors: (Continued)l!i°n of Research and Statistics: (Continued)Haigh, Mrs. Julia, clerk-stenographer, granted leave of ab-

sence without pay because of illness, Board to

continue contributions to Retirement System

on condition that she continue hersTT Resignation acceptednamm, Mary Louise, clerk-stenographer, appointment made per-

manent and salary increasedH Salary increasedHalmnill, Caroline, Economic Assistant, salary increasedansen, Alvin H., Special Economist:

Included in list of employees who should be excluded

from the benefits of the Civil Service Retire-

ment Act

5/1111/ 3

2/1812/212/6

3/ 5

9152105

2942350215

417Impounded funds of, sent to Treasury Department, thought

to be covered by Civil Service Retirement Act 3/6 430To be requested to come to Washington to assist Yr.

Leland with studies relating to inflationarydevelopments 3/23 541

Studies to be undertaken on establishment of Interna-tional Stabilization Fund and InternationalBank, able to give some of his time to 6/ 9 1162

Ha Budget increased to provide for compensation ofrleY, C. R., Economic Assistant, salary increased

11/252/6

2231215

Appointment made permanent with no change in salary 2/17 290Not included in list of employees whose impounded funds

were sent to Treasury Department for reasons

Hal, • stated in memorandum from Mr. Vestrington, Mary Jane, Economic Assistant, salary increased

but less than recommendedHer Salary increased

tflIr's,erg, Paul G., Associate Economist:lemporary appointment for one year approved with no

change in salaryImPounded funds of, sent to Treasury Department, thought

to be covered by Civil Service Retirement ActHer seY, A. B., Associate Economist, salary increasedTo be ascertained whether he would be willing to repre-

sent the Board in the campaign to raise funds

Rill for United China Relief4-, Gretchen, clerk:Resignation accepted

Hod_Salary increasedHoi"rn, Viola A., clerk, salary increasedhausen, Duncan M., junior economist, appointment and

salary approved

3/6

7/ 112/30

6/ 5

3/ 62/6

4/15

7/167/ 17/ 1

4/9

429

13422406

1138

430215

724

144213421342

663


tail' ofO Board of Governors: (Continued)'illtision of Research and Statistics: (Continued)

Hough, M. Margaret, clerk-stenographer, salary increasedHubbard, Carol, clerk, resignation accepted'Tani, George, Junior Economist, resignation accepted

TJ,ones, Ruth, clerk-stenographer, salary increased"aiser, Philip M., Junior Economist, no objection to employ-

ment by Board of Economic WarfareResignation accepted

Aallio, Helen Jean, clerk-stenographer, appointment and

salary approvedResignation accepted

1el4, Nancy B., clerk-stenographer, salary increasedKennY, Gunhild Anderson, Junior Economist, salary increased

Granted leave without pay, in accord with policy regard-ing confinement cases

Leave of absence without pay because of confinement ex-tended

,. Reemployment at end of confinement leave approvedx‘Indleberger, Charles P., Associate Economist, salary in-

creasedStudies to be undertaken on establishment of Interna-

tional Stabilization Fund and InternationalBank, able to give most of his time to

lc Resignation acceptednaPP, J. Burke, Junior Economist, salary increased

To prepare memorandum on control of frozen funds and

Salary give to Mr. Szymczak

increasedRepresentative of Board on committee on the commercial

policy aspects of exchange, monetary and in-

Lars vestment problems, on, Esther H., clerk, resignation accepted

en Mrs. Agnete, economic assistant, appointment and

salary approvedLichtash, Ben S., economic assistant:

Appointment and salary approvedResignation accepted

'lschinsky , Mrs. Melva, clerk-stenographer, resignation ac-

Litchfield,

Longstreet,Granted

ceptedSusan Burr, Senior Economist, proposed increasenot approved by Personnel CommitteeVictor M., Associate Economist, salary increased

leave of absence without pay for military serv-ice

-a,Aocs, Mrs. Elizabeth F., economic assistant, resigna-tion accepted

370Pages

7/ 17/286/ 67/ 1

1/161/22

1342150811511342

68106

8/21 165211/ 5 21227/ 1 13422/6 215

2/10 232

8/14 16169/11 1778

2/6 215

6/ 9 11628/ 7 15892/6 215

3/6 4288/19 1636

9/ 4 17354/25 762

10/ 1 1917

9/22 186111/ 5 2122

2/17 291

2/6 2152/6 215

5/15 937

9/19 1844


Staff _a,0,0? Board of Governors: (Continued)j'irleion of Research and Statistics: (Continued)

Lupton, Eleanor B., appointment and salary as clerk-stenog-

rapher on temporary basis for limited period

Margolis, Julius, Junior Economist, appointment and salary

on temporary basis1,4,,rmleY, Mary M., Economic Assistant, salary increased41artin, Robert B., resignation of, makes reimbursement for

only one clerk necessary for December, for work

on statistical manualMcCann, Mary Ann, clerk, appointment and salary approved11eCloud, Lyndall C., Economic Assistant, salary increasedMcDonald, Patricia A., clerk, resignation acceptedli

enze, Robert E., question of appointment and salary sub-

mitted to Personnel Committee for study and

recommendationMetcalf, Margaret G., appointment and salary as clerk-sten-

ographer approvedSalary increased

;4,!'ller, Regina E., clerk, appointment and salary approvedMitchell, Mrs. Margaret Elizabeth, clerk, appointment and

salary approved„ Resignation accepted

Wilellyn, clerk, salary increasedu_3e, Milton, Junior Economist, salary increased;rgravel Richard A., Associate Economist, salary increasedver, Mrs. Eleanor, leave of absence without pay extended

for one year, contributions to Retirement Sys-tem to be discontinued, adjustment to be made

pending return to active serviceJames Harvie, messenger, salary increased

41, Lynda A., clerk, salary increasedResignation accepted

't"3st, Mrs. Margaret Richards, junior economist, appointment

Pa,- and salary approved

pe;t), Mary Louise, clerk, appointment and salary approved

Harvey S., impounded funds of, sent to Treasury

Department, thought to be covered by Civil

Service Retirement ActTemporary appointment extended for year with no change

in salarySalaphil,. rY increased'4-1Ps, Margaret W., clerk-stenographer, appointment and

salary approveder, Leroy M., draft of statement prepared by, proposing

special security to absorb idle business bal-ances

371Pages

6/22 1263

6/23 12702/6 215

1/5 118/14 16162/6 2153/ 3 407

2/17 280

1/ 1 19/12 17879/ 8 1747

10/ 1 191712/ 4 22677/ 1 1342

12/30 24058/19 1636

1/16 747/ 1 13427/ 1 13427/14 1420

7/31 152311/10 2140

3/6 430

9/ 8 174812/30 2405

12/21 2349

1/28 134


Staffv.1 Board of Governors: (Continued)'41a8i0n of Research and Statistics: (Continued)

Piser, Leroy M.: (Continued)Salary increasedCanadian financing, copies of memorandum furnished to

members of executive committee of Federal Ad-

visory CouncilLetter to draft board requesting deferment on occupa-

tional groundsRequest for reclassification for deferment from mili-

tary service, letter to PresidentRandall, Alice F., clerk, salary increased but less than

recommendedResignation accepted

Reeves, Dorothy D., Secretary, salary increased

Katharyne P., Economic Assistant, salary increased"einsch, Pauline, economic assistant, appointment and salary

approvedResignation accepted

Report on status of projects to be submitted by Mr. Golden-

weiserRhodes, Isabelle N., clerk, resignation acceptedRobinson, Roland I., Associate Economist, salary increased

Authorized to make trip to Canada to study consumer

creditRo 2=a1 of payment for unused pullman reservation

increasedSalaryEdward D., laborer, transferred from Secretary's

Office as messenger and to continue on tem-

porary basis and salary increased1/11!_

fl48.,Y, Elizabeth V., clerk, resignation accepted

'aidue, Helen R., clerk, salary increasedsal R?eignation accepted

arles of list of employees approved, with understanding

that the action shall not be regarded as estab-

lishing a precedent, revised job description

sheets to be submitted to Committee on Person-

Schre-lb nel Classification

er, Mary Alice, clerk, appointment and salary ap-

Schul tz

proved, Mrs. Rose H., clerk-stenographer, resignation ac-

Sette, cepted

Mrs. Elizabeth E., economic assistant, salary in-

creasedShiPnia112 Ruby M., clerk-stenographer, appointment and

Simr,8 salary approved°n, Paul, Junior Economist, salary increasedSala - increased

372Pages

2/6 215

7/ 1 1337

11/ 4 2114

11/23 2217

7/ 1 13429/25 18827/ 1 13422/6 215

2/19 2989/11 1784

7/28 15045/23 10232/6 215

3/10 44310/10 200512/ 7 2275

8/ 1 15338/21 16537/ 1 13429/ 5 1738

2/6 214

8/10 1597

6/15 1216

12/30 2406

7/ 7 13782/6 2158/19 1636


373Pages

Staffpi° Board of Governors: (Continued)vision of Research and Statistics: (Continued)Sissman, Mrs. Louise, Junior Economist, resignation ac-

cepted 2/ 6 216Smith, Jesse D., messenger, salary increased 7/ 1 1342Stark, Walter R., Assistant Director, Mr. Rockefeller ad-

vised that he is the proper person to contact

regarding further development of Inter-American

Scholarship program 4/20 748Stewart, Mrs. Maxine Glad, clerk, salary increased 4/21 749

Granted leave of absence during confinement 9/16 1820

Salary increased as economic assistant 12/30 2406Strickler, Betty J., transferred from Secretary's Office

as junior file clerk to clerk-stenographer

with no change in salary 7/17 1447T Salary increased 12/21 2350

Thomas, Elizabeth P., clerk, salary increased 7/ 1 1342

Woodlief, Assistant Director, authorized to repre-

sent Board on conferences regarding suspension

of publication of statistical series for dura-

tion of war 1/12 43Individual debt, reduction through amortization of bank

loans, memorandum on reports by banks and other

lending agenciesArticle in Wall Street Journal on article in FRBulletin,

Tho- 59//2251 11084419

, discussion of Mr. Flynn withendell E., Junior Economist, salary increased 2/ 6 215

Ifin, Robert, associate economist, appointment and salary

approved 7/31 1523Trueblood, Lorman C., junior economist, appointment and sal-

ary approved 11/16 2173ww, a le, Raymond, library aid, resignation accepted1/4n Br k

V/g 31t4warner; Haskell, junior economist,

resignation accepted

Mrs. Doris P., economic assistant, appointment and

White salary approved 11/10 2140

Mary, clerk, salary increased 7/ 1 1342wilip:ams, Kenneth B., associate economist, salary increased / T425

lams, Lois A., secretary, salary increased

Norma F., resignation as clerk-stenographer accepted 1/ 8 26wine2n, Lucile G., clerk-stenographer, resignation accepted 7/ 3 1360

cuell, Mrs. Will° J., clerk, appointment on temporary

basis and salaryapproved 11/14 21681r41-ght , David M., recommendation of appointment as Asso-

ciate Economist for one year, report of testson physical condition made at University of

Virginia to be obtained and appointment con-

sidered later

1

Appo intment and salary approved and to waive death and

139:9

A

disability benefits for period of 10 years 4


Staff11,n Board of Governors: (Continued)"rision of Security Loans:

Beal,, Anne, resignation as statistical clerk acceptedBlat tner, George W., Special Statistician in Division of

Research and Statistics, transferred to, as

Special Assistant and appointment extended for

Bra one year

rn--eY, Philip E., Assistant Chief, resignation acceptedfl:ranic, Otto H., salary increasedBrown, Bonnar, Special Assistant, authorized to make trip

to Canada to study consumer creditSalary increased and title changed to Administrative

AssistantCravens, Kenton R., Special Consultant, payment for expenses

incurred in coming to Washington for consulta-

tion on Regulation W approvedDehn, Ruth L., stenographer, salary increased

Lewis N., Special Assistant, salary increased"uugson, Thomas H., special consultant, memoranda from,

outlining a tentative program for the enforce-

ment of Regulation W, including press statementand letter to Mr. K. Barnard, sent to the of-

fice of each Board memberDecision not to release press statement as it lacks

news valueVoucher covering expenses during assignment from FRBank

Lutz , of Minneapolis, approved, luice, stenographer, salary increasedParry,

Carl E., individual debt, reduction through amortiza-

tion of bank loans, memorandum on reports byEft-lelen banks and other lending agencies

cY Impairment resulting from age, number division heads

Operators:

might wish to retire if allowances were ade-El quate

“I°1d, James W., Jr., appointment and salary approved

Bird, accepted' James F., appointment on temporary basis and salary

approvedTransferred to position of page in Secretary's Office

Brun ci and salary increasedcam ;age, Dean E., promoted to page and salary increasedcort':-°n, James H., Jr., resignation acceptedOsalc n, C. Lenwood, appointment and salary approved

Ine, Thomas R., appointment on temporary basis and

Gello salary approved

Promoted Carl J., appointment and salary approved

rromoted to page and salary increased

374Pages

2/5 193

3/ 3 4051/16 771/16 76

3/10 443

7/23 1472

4/13 7129/12 17877/23 1472

5/5 847

5/5 848

6/29 13169/12 1787

5/25 1041

2/26 357

8/ 7 158912/19 2342

6/13 1208

8/ 7 15896/13 12082/5 1943/19 505

12/23 23692/12 2416/13 1208


375Pages

StaffOf Board of Governors: (Continued)za.evator operators: (Continued)Hurst, Donald A., appointment on temporary basis and salary

approvedLarso-,a Jefferson J., transfer to

ary approvedMule

aryM., appointment

salary approvedPhillips, Donal H., appointment and

Salary increasedReplacing by women suggestedReport from United States employment

tory requisition forRichardson, James E., appointed on temporary

ary approved„ Resignation accepted

Stephen, resignation acceptedWhitly, Paul C., appointment and salary approved

Ltapi Re signation accepted°Yees not to be loaned to any other Government agency

4aPloy out specific authority from the Board 1/ 1 1-e-s, Mr. Price, Director of Censorship, advised that

Board cannot spare any of its employees atpresent time 2/11 237

kPloyees added to staff who were not members of the Civil Serv-ice Retirement System to be required to become

4111%ees, members of the Retirement System of the FRBanks 2/27 371

impounded funds of, who are thought to be subject to

the Civil Service Retirement Act, discussion of,

and decision to transfer to Treasury and advise

'It1131.0Yees, the Civil Service Commissionquestions submitted to Civil Service Commission with

2/27 367-71

regard to coverage of, by the Civil Service Re-

Naoyees, tirement Act 2/27 369release of under Executive Order, reply to Civil

Service Commission advising that Board needsall present employees and that Mr. Nelson is

s 414x:toper person to contact regarding 2/25 351Agent,

'oulkLail?! L.!liver E., Fiscal Agent, surety bond approved 4/25 762

Josephine /$ osephine E., Deputy Fiscal Agent:Bond of 5/13 927Sala

increased 2/16 277Gardeners. rY

144Yhew

Increase salary increased

in salary

6/13 1208page and increase in sal-

2/12 241on temporary basis and

9/ 8 1748salary approved 2/12 241

7/31 152410/ 2 1929

service of discrimina-12/11 2301

basis and sal-7/13 14109/ 1 17163/11 4613/31 5977/ 9 1387

with-

7/31 15248/ 1 1531


StaffOf Board of Governors: (Continued)Guards:

Ackerman, Stephen J.:Appointment and salary approved 1/19 87

Resignation accepted 6/29 1315Anderson, E. F., Acting Captain, salary increased 8/ 1 1531Becke, Herbert E.:

Appointment on temporary basis and salary approved 7/23 1472Salary increased 8/ 1 1532

Resignation accepted 11/14 2169Bertol, Louis N., Captain:

Salary increased 2/10 232Granted leave of absence for military service 3/ 4 414

Boothe, Woodley, laborer, promoted to, and salary increased 4/ 9 663Salary increased 7/31 1524

Transferred to position of general mechanic and salary

increased 10/30 2090Carm

-'en, John C., appointment on temporary basis and salary

approved 6/25 1278

Con Salary increased 8/ 1 1531stable, Frank W., appointment and salary approved 5/12 923Salary increased 8/ 1 1531

Cook, Thomas G., chauffeur, promoted to, and salary in—

creasedc ,Salary increased 14/3(1 61523400

4/

Leroy H., granted leave of absence for military

Oran service 4/16 727el Pinar, salary increased 2/10 232

-rawford, James D., granted leave for military service 4/10 689Resignation accepted and grant of leave for military

5/i 835service n

rescindedDa

De •

Appointment on temporary basis and salary approved 7/ 7 1378Salary increased 8/ 1 1531l!esignation accepted 11/ 9 2133

n. 'qz0Pointment on temporary basis and salary approved 12/ 4 2267Emmett M., appointment and salary approved 2/12 242

Har Salary increased 7/31 1524Joseph P., Jr., promoted to senior guard and salary

increased 1/15 55Rix Resignation accepted 6/ 2 1108

82n, Mabron H., appointment and salary approved 3/ 3 405Hor;:cesignation accepted 6/10 1179

lgan, John F., appointment on temporary basis and salary

Sal approved 7/25 1482Salary increased 8/ 1 1532

376Pages


Staff of Board of Governors: (Continued)Guards:

(Continued)Hyde, William, salary increased for time he serves as

guardPromoted to senior guard and salary increased

Langham, Lee W., granted leave for military serviceMinor, James V., Jr., appointment and salary approved

Salary increasedResignation accepted

Moffett, Bruce L., appointment on temporary basis and sal-

ary approvedMyers, Clifford B., appointment and salary approvedSalary increased

illchols, Charles R., appointment and salary approved” Salary increasedilorden, Leonard A., salary increased

Resignation as, accepteduvermiller, Charles S., promoted to position of clerk and

Pa salary increasedrquette, Fred, appointment and salary approvedSalary increasedReading, Benjamin R., granted leave of absence for military

serviceReduction in number suggested by Mr. EcclesSadler, Albert J., appointment and salary approved

Resi gnation accepted to enter military serviceu4nderson, James W., promoted to senior guard on temporary

basis and salary increasedLeave of absence without pay for military servicesa

ir_re, Isaac A., appointment and salary on temporary basis-cneuring, John, appointment and salary on temporary basis

for indefinite period, approvedsco,Resignation acceptedsn uty Joseph E., appointment and salary approved

4311!f?r, Paul, appointment and salary on temporary basiss,„`falary increased

u-Llvan, David, promoted to senior guard on a temporary

Sala increased

and salary increasedsw„, / Tavr, Tlmothy, appointment and salary approved

Y Ccl,r2 Franklin, appointment and salary approvedunp L'alarY increased

11- M., senior guard, salary increased-sase involving V‘iorkmen's Compensation Insurance

1.gestl4c

arY increased';',-'e, R. H., salary increased'tesignation accepted

6/208/131/74/238/ 111/28

8/193/ 37/311/307/311/154/13

1/304/178/ 1

3/1310/ 23/276/18

6/207/177/ 6

8/ 38/153/246/108/ 1

5/ 78/ 13/ 35/128/ 14/18/1911/134/ 14/8

377Pages

1261161119756

15312237

16354041524147152454707

147735

1531

4901929572

1243

126114471371

15411625547

11781511

8761531404923153260816362162608658


Staff:I-

1/4' Board of Governors: (Continued)

11 rds: (Continued)Yilek, J. J., promoted to position of Supply Clerk in Sec-

retary's Office and salary increasedof work, to be increased to 44 per week, official hours

to be from 9:00 a.m. to 5:45 p.m. with 45minutes for lunch, Saturdays from 9:00 a.m.

to 1:00 o.m.Mr. L Leonard authorized to circulate questionnaire to em-

ployees as to preferenceMem°randum from President to all departments and agencies

in Government on lengthening work week to 48

hoursEstabli shed on 48-hour basis with overtime payMeeting to be held with division heads and with committee

representing Board's employees to discuss ad-

justment of office hoursApproved from 8:45 a.m. to 5:15 p.m. with thirty minutes

Me for lunch-mol-andum to members of staff on changes in working hours

and procedure for computing overtime paymentsin salaries of employees in Division of Research and

Statistics not to be considered as establish-ing a precedent, revised job description sheetsto be submitted to Committee on Personnel Clas-

sificationgroup life for employees of Board, continuation of

contract with Aetna Life Insurance Company ap-

proved

Flours

Increase

Itsurance,

Laborers.

LeavBoothe, Woodley, promoted to guard and salary increasedof employees in connection with resignations when odd

L°an tooir oth agencies:less or more than 1/2 day

er aect°P of Censorship, Mr. Price advised that Board cannot

Spare any of its employees at present timeent Agencies, not to be done without specific au-

Porter thority from Boardu-' 'ars. Nancy Randolph, request of War Production

Board for services for ninety days refused but

no objection to resignationt44ids:

Fr-ench' AMY P., substitute day maid, included in list of

employees who should be excluded from the bene-fits of the Civil Service Retirement Act

Sala •Jar,,_ rY increased";!, Ruth L., salary increased41ary increased

378Pages

3/3 405

1/16 62

12/14 2312

12/26 238612/26 2389

12/26 2392

12/30 2410

12/31 2411

2/6 214

4/22 755

4/9 663

11/ 3 2105

2/11 237

1/1 1

9/ 8 1749

3/5 417

8/ 1 15314/28 7828/ 1 1531


379

Starru 01 Board of Governors: (Continued)'4essengers:

Branic, Otto H., Division of Security Loans, salary in-

Pages

creased 1/16 76Collins, Wesley B., salary increased 7/ 1 1342

Salary increased 8/ 1 1531Dyson, Seaton, to be retained in active service until end

of calendar year 6/ 1 1101Extension of employment for one year approved and to be

advised of rights under Retirement System 12/ 2 2258Frost, Frederick L., assigned to Office of Governor Szym-

czak, resignation acceptedliamilton, James F., transferred from Secretary's Office to

the Office of Mr. Evans as a messenger

10/ 5

5/1

1943

834_ Salary increased 8/ 1 1531Hart, Bishop, granted leave without pay for military serv-

ice to re-enter active duty with the U. S. Army,

unearned salary not to be given as previously

paidj°11nson, Gordon P., junior operator, transferred from Secre-

tary's Office to Board Members' Offices as,

with no change in salary

1/16

1/19

76

87Salary increased 8/14 1616

Lane,n Daniel F., Office of Mr. •Szymczak, appointment and

salary approved 11/ 3 21051\11,!ton,James Harvie, salary increased 7/ 1 1342

William E., messenger in Secretary's Office, resig-

Ropy.. nation accepted--rs, Edward D., laborer, transferred from Secretary's

3/11 461

Office and to continue on temporary basis and

salary increased8c°tt, Julian R., porter, promoted to messenger in Secre-

8/ 1 1533

tary's Office and salary increased 3/11 460Salary increased 7/13 1411

Jesse D., salary increased 7/ 1 1342

8raden, Mrs. Helen F., substitute, appointment and compen-

sation approvedliv an, Mary Alice, appointment and compensation rate as

substitute approved

8/21

1/26

1652

120Included in list of employees who should be excluded


ment Act 3/5 417Impounded funds of, sent to Treasury Department,

thought to be covered by Civil Service Retire-

ment Act 3/6 430Res ignation accepted 8/21 1652


4arr of Board of Governors: (Continued)

nurses. (Continued)Wickline, M. Callie, transfer to Division of Personnel Ad-

ministration approved

Offi ce of

Salary increasedthe Chairman:

Benton, Madeleine E., secretary to Mr. Thurston, salary

increasedCI ayton, Lawrence:

Inter-American Scholarship program, letter for the

signature of, to Mr. Rockefeller advising that

Mr. Stark is the person to contact regarding

participation of the Board inMilitary occupation of countries, memo on problems in-

volved and authorized to supervise compilation

of list of names of qualified men to be used

in connection withDe signated liaison officer with Military Government

Division of Provost Marshal General's office

with reference to banking and financial phase

God of studies being planned byJulia B., appointment and salary as stenographer

in Mr. Clayton's office approvedSalay increasedHart,

Bishop, granted leave without pay for military serv-

ice to re-enter active duty with the U. S.

Army, unearned salary not to be given as it

has been previously paid:jpn780n, Gordon, messenger, salary increased-urston, Elliott, to prepare press statement contradicting

Opinion that Regulation V was created to provide

a monopoly for member banksOffic _ Security officer of Board, designation as

42f Mr. Draper:rtelt, Betty, stenographer, transferred from Secretary's

Office and salary increasedcr__s ion accepted

Res iPne‘r

Mildred, stenographer, transfer from Secretary's

Office approvedTransferred to Division of Research and Statistics as

Humme_ clerk-stenographer with no change in salaryRauber, Mrs. Lucy F. stenographer, resignation accepted

r, Margaret E., granted leave without pay not to ex-

ceed 90 days, contributions to Retirement Sys-Office 0, tern to be continued

I Mr. Evans:°/1, James F., transferred from Secretary's Office to,

as a messenger

380Pages

6/29 131310/31 2096

4/8 658

4/20 748

10/21 2045

11/ 6 2128

5/16 94710/28 2076

1/16 768/14 1616

4/1 60212/ 1 2256

10/ 9 199312/30 2406

4/14 715

6/20 12623/28 585

5/7 877

5/1 834


381Pages

hartOf Board of Governors: (Continued)

Officeof Mr. Evans: (Continued)

Westman, Elsie M., appointment and salary as private secre-

tary approved 3/13 489Grflce of Mr. McKee:

Hoffman, Dorothy B., transferred to,and salary increased

Salary increasedMassey, E. R., transfer to, as secretary with increase in

salary from Division of Examinations as As-

sistant FRExaminer approvedWalters, Alvin C., secretary, enlistment contemplated, Mr.

E. R. Massey to be transferred from Division

of Examinations to succeed

Off Granted leave of absence for military serviceice of Mr. Ransom:Schaffner, Edith L., stenographer, transferred from Secre-

Off tary's Office with no change in salary 12/30 2406ice of Mr. Szymczak:Bultman, Mrs. Ethelda M., resignation as assistant private

secretary accepted 1/13 45Frost, Frederick L., messenger, resignation accepted 10/ 5 1943Glaser, Mrs. Vera R., transferred from Division of Research

and Statistics and salary increased 7/ 1 1341

Retransferred to Division of Research and Statistics

with previous salary 8/11 1601Johnson, Dorothy R., stenographer, appointment and salary

approved 9/23 1868Lane, Daniel F., messenger, appointment and salary ap-

proved 11/ 3 2105

McLenighan, Mrs. Wanda G., secretary, appointment and sal-

ary approved 8/10 1597

Salary increased 10/16 2030

Resignation accepted 12/10 2297

6°k01, Melania K., appointment and salary as stenographerapproved 1/21 92

Salary increased 7/ 1 1341

Transfer to Division of Personnel Administration until

resignation is effective 9/23 1868Stone, A. M., transfer to Division of Personnel Administra-

tion approved 6/29 1313ers and employees beyond age of retirement, continuation

°Ire/'ta_rn• of employment discussed 10/ 2 1928

--e Payments under resolution of Congress, payment ap-12/18 2338

erao from proved

Mr. Morrill outlining procedure for additional

payment to employees of Board 12/22 2356

from Secretary's Office2/23 3179/16 1820

2/10 231

2/10 2314/ 9 435


St

382Pages

aff of Board of Governors: (Continued)

Bird, James F., transferred from elevator force to posi-tion of page in Secretary's Office and salaryincreased 8/ 7 1589

Brodell, Albert P., Jr., resignation accepted 2/ 5 193Brundage, Dean E., promoted from elevator operator and

salary increased 6/13 1208Resignation accepted and reimbursement for unearned

sick and annual leave waived 10/30 2091Chichester, Sidnor T., Jr., resignation accepted 4/ 8 659Conlen, Joan, appointed on temporary basis and salary ap-

proved 11/18 2193Corbin, Lenwood, salary increased 10/ 1 1918

Resignation accepted 11/18 2193ulckerson, Claude A., Jr., salary increased 4/28 782

Promoted to clerk to building manager in Secretary'sOffice and salary increased 8/ 7 1588

Edwards, L. Harry, promoted to position as clerk on per-manent basis in Secretary's Office, salary in-

Gel) creased and provision made for further increase 1/21 93--ogg, Carl J., promoted from elevator operator and sal-

La "r')

sal-ary increased 6/13 1208

on, Jefferson J., transfer from elevator operator topage and increase in salary approved 2/12 241

Ile Resignation accepted 5/28 1073-,e0d, L. Paige, appointment and salary approved 1/21 93

Salary increased 7/13 1411ell, George D., resignation accepted 5/29 1084

°Ilerrill, Mrs. Vera M., appointed on temporary basis and

NTT. salary approved 11/18 2193°11 deduction plan for purchase of tar Savings Bonds,

reply to Admiral Conard that Board does notfavor change in minimum deduction at present 8/28 1710

Letter to Admiral Conard that ten per cent goal had beenPer exceeded 11/ 2 2101

recommendations of Staff Personnel Committee regard-ing release of employees and examination byCivil Service Commission rejected, formerpolicy rescinded and no objection to be madeto transfers and examination by Civil ServiceCommission

under consideration for employment to be granted perdiem and travelling expenses with concurrenceof Director of Division of Personnel Adminis-tration

Per ons

porters:

800the, Vioodley, salary increased

1/16 64

9/19 1847

3/16 495


4aff Of p Board of Governors:o

rters: (Continued)Faber, Philip D., salary increasedHyde, William, appointment made permanent with understanding

that it will not affect his temporary assign-ment to the guard force

Morley, Michael, salary increasedRogers, Edward D., appointment and salary approvedScott, Julian R., appointment and salary approved

Promoted to messenger in Secretary's Office andincreased

Sinclair, Robert, salary increasedpoeT?bler, Herman Lee, salary increased

""lons concerned with the war effort, list submitted to CivilService CommissionPos •

itIons eliminated from list of proposed key positions, addi-tional information furnished to Civil Service

ilecreat' Commission in requesting reconsideration

ion room: (See Reserve Board Club)-7,1es of personnel:Report of Staff Personnel Committee that adoption of sup-

plemental compensation plan would be inad-visable, continuation of periodic salary re-views deemed adequate to meet present situa-tion

Report of Mr. Leonard on discrepancies and study to bemadePr

ocedure for handling of, letter to Commissioner of In-ternal Revenue on wage adjustments of employees

Procedure for handling adjustments, general order No. 19 ofNational War Labor Board

rldr authorized to sign authorizations to accept appoint-

Secret a ,nclOffice: in

Army

Ackerman, Stephen J., appointment and salary as guard ap-proved

Ali Resignation acceptedwine) Mrs. Ruth Dewey, clerk-typist, transferred to

Division of Research and Statistics with no

Anders change in salary'.son, E. F., Senior Guard, salary increased, to continue

only during service as Acting Captain of theGuard

Arn . 8.3-arY increased(344, James W., Jr., elevator operator, appointment and


ecreta

(Continued)

salary

383Pages

3/16 495

3/14 7143/16 4953/11 4601/13 44

3/11 4603/16 4953/16 495

10/ 6 1948

10/27 2072

1/16 73

8/ 1 1532

12/12 2305

12/16 2318

9/25 1883

1/19 876/29 1315

7/ 1 1343

3/16 4958/ 1 1531

8/ 7 158912/19 2342


Nff, of Board of Governors: (Continued)°"retaryl s Office: (Continued)

Ayers, June E., stenographer, salary increasedBardales, Alice K., charwoman, salary increasedBartelt, Betty J., stenographer, appointment and salary ap-

provedTransferred to Office of Mr. Draper and salary in-

creasedBass, Sampson H., Supervisor, Accounting Section, salary

increasedBeach, Ida M., charwoman, salary increasedBeale, Loretta D., appointment and salary as junior file

clerk approvedAppointment made permanent and salary increasedSalary increased

Becke, Herbert E., guard, appointment on temporary basisand salary approved


Bell, J. Frank, chauffeur, appointment and salary on tem-porary basis, approved

Appointment extended for indefinite period on temporarybasis with no change in salary

8e11, Robert H., operator (duplicating devices), appointedon temporary basis, salary approved

Belt/ J. Watson, designated as Board's representative onthe Advisory Committee on Subversive Activi-ties to cooperate with the Protective Con-struction Unit in the Public Buildings Admin-istration

During absence of Mr. Sourney to act as building man-ager and salary to be increasedBern

tson, Paul H., clerk, appointment made permanent andsalary increased

Salary increasedtol, Louis N., captain of the guard:Granted leave of absence for military serviceSalary increased

Madalena, charwoman, salary increased and

Beth- changee from hourly to yearly basisea, L. P., Assistant Secretary, to act as secretary for

War Loans CommitteeDesignated as alternate for Mr. Eccles on the Inter-de-

partmental Viar Savings Bond CommitteeAPpointed on committee to consider suggestions for

nominating employee each month for Post awardin making suggestion for improvement of Federal

service

384Pages

3/16 4958/ 1 1532

3/31 597

10/ 9 1993

2/13 2528/ 1 1532

3/27 5738/20 164312/16 2317

7/23 14728/ 1 153211/14 2169

8/13 1612

11/16 2174

11/23 2216

2/27 379

3/ 5 416

1/28 13512/16 2317

3/4 4142/10 232

8/ 1 1532

3/26 555

5/13 930

9/26 1892


Staff ,o_oi Board of Governors: (Continued)'ecretaryr s Office: (Continued)

Bird, James F., appointment as elevator operator on tem-

porary basis and salary approved

Transferred from elevator operator to position of page

and salary increasedBlash, John, apprentice mechanic, salary increased

Salary increased as general mechanicPromoted from general mechanic to painter and salary

increasedBloch, Stanley, foreman operator (duplicating devices),

salary increasedSalary increasedGranted leave of absence without pay to enter service

with NavyBocuilis, Adela, stenographer, appointment and salary ap-

proved cr^

provedt'cLrt, Vincent L., supply clerk, resignation accepted

Boothe, Woodley, porter, salary increasedPromoted to guard and salary increasedSalary increasedTransferred from position of guard to general mechanic

and salary increasedBrennan, John C., general assistant, granted leave of

Bra

ab-sence for military service

unsdorf, Florence, stenographer, resignation acceptedb11rodell, Albert P., Jr., resignation as page accepted35

rundage, Dean E., elevator operator promoted to page andsalary increased

Resignation accepted and reimbursement for unearned

Buckley sick and annual leave waived

T. N., telegraph operator, salary increasedGranted leave without pay to enter service with Naval

Burk Reserve3 Edwin C., plumber, appointment on temporary basis

and salary approvedSalary increasedesignation accepted

'Plon, James H., Jr., elevator operator, resignation ac-ceptedCarmen

John C., appointment and salary as guard on tem-porary basis

0,_ alary increased,7rmlchael, Elizabeth L., stenographer, salary increased''LrPenter, S. R.:

Designated to be responsible for petty cash fund inabsence of Mr. Nelson

Designation to be responsible for security of censor-

ship intercepts

385Pages

6/13 1208

8/ 7 15894/28 7828/ 1 1531

10/30 2090

7/31 152410/ 1 1918

11/25 2229

10/13 20134/2 6143/16 4954/9 6637/31 1524

10/30 2090

5/18 9733/10 4562/5 193

6/13 1208

10/30 20911/15 54

11/16 2174

7/17 14468/ 1 153110/29 2084

2/5 194

6/25 12788/ 1 15316/12 1200

12/ 2 2259

12/28 2399


Staff z.of Board of Governors: (Continued)ecretary's Office: (Continued)

Carpenter, S. F.: (Continued)Supervision of Washington office of Leased Wire Sys-

tem transferred to Mr. NelsonCarroll, Alene D., charwoman, salary increased

Resignation acceptedCharwomen, change from hourly basis to full time weekly

basis and salaries adjustedCheatham, Mrs. Mary Katharine, appointment and salary as

clerk approvedChichester, Sidnor T., Jr., page, resignation accepted

Collier, Raymond J., junior economist:Graduate School of Banking at Rutgers University, not to

attend 1942 sessionGranted leave of absence to serve with Naval reserve

Colon, Virginia M., junior file clerk, appointment and sal-

ary approved with provision for salary increase

laterSalary increased and appointment made permanent

Conlen, Joan, appointed as page on temporary basis andsalary approved

Conley, Helen, stenographer, salary increasedSalary increased

Constable, Frank W., appointment and salary as guard ap-proved

p. Salary increasedu°°k, Edward W., appointment and salary as laborer on tem-

porary basisSalary increased

r, Resignation accepted

rok, Thomas, guard, salary increasedc°°ke, Clara R., charwoman, salary increased

eY, Leroy H., guard, granted leave of absence formilitary service

Corbin, C. Lenwood, elevator operator, appointment and sal-ary approved

Salary increasedc Resignation accepted

errbln, Sarah F., charwoman, salary increasedane, Pinar, guard, salary increasedResignation accepted to enter military service and

letter of explanation on temporary employmentCl'aWf0'^d, JaMES D., guard, granted leave for military serv-

iceResignation accepted and grant of leave for military

service rescinded

386Pages

12/22 2364d/ 1 1532

11/ 4 2114

s/ 1 1532

5/ 1 834/4/ 3 659

L/lo 6585/28 1073

6/29 131510/31 2095

11/18 21933/16 495

10/15 2022

5/12 9238/ 1 1531

V20 12618/ 1 153212/ 3 22E17/31 15248/ 1 1532

ti/16 727

3/19 50510/ 1 191811/18 21938/ 1 15322/10 232

6/29 1316

4/10 6-19

s/i 035


StBoard of Governors: (Continued)

0 cretary's Office: (Continued)Crews, Esther G., file clerk, salary increased

Salary increasedCrews, Mildred, stenographer:

1/156/13

387Pages

541209

Salary increased 2/13 252Transfer to the Office of Governor Draper approved 4/14 715

Dampley, Chester B., painter:Salary increased 8/ 1 1531Granted leave of absence to enter service with Navy 9/19 1844

Deakins, Thomas R., elevator operator, appointment on tem-

porary basis and salary approved 12/23 2369Derrick, Daniel M., guard, appointment on temporary basis

and salary approved 7/ 7 1378Salary increased 8/ 1 1531Resignation accepted 11/ 9 2133Appointment on temporary basis and salary approved 12/ 4 2267

Deuterman, Mary A., appointment and salary as junior file

clerk approved 2/12 242Appointment made permanent and salary increased 7/13 1411Salary increased 10/ 1 1918D

„!weY, Ruth E., junior file clerk, salary increased

Emmebt M., appointment and salary as guard approved2/122/12

242242

,. Salary increasedulaz, Anthony, appointment and salary as a chauffeur ap-

proved

7/31

5/20

1524

995,. Resignation accepted 6/22 1263ulekerson, Claude A., Jr., page, salary increased 4/23 782

Promoted from page to clerk to building manager and

DoH salary increased-ge, Mary J., junior file clerk, salary increased

u°uglas, Mrs. Louise B., appointment and salary as sten-

ographer

8/ 712/16

6/20

15882317

1261

Salary increased 10/15 2022DYson, Nelson, junior operator (duplicating devices) salary

Dy increaseds °n, Seaton, to be retained in active service until end

7/31 1524

of calendar year 6/ 1 1101Eaheart, Mrs. Mary Elizabeth, assent given to examination

and certification by Civil Service Commission

for jobs of attendant and kitchen helper and

mess attendant 1/5 11

Ed Resignation accepted

'-&lwards, L. Harry, page, promoted to position as clerk on

permanent basis, salary increased and provision

made for further increase

7/16

1/21

1441

93Transfer to Division of Personnel Administration ap-

proved 6/29 1313


4affOf Board of Governors: (Continued)

Secretary's Office: (Continued)Eliason, Mrs. Doris, stenographer, appointment and salary

approvedEllis, Maude E., charwoman, salary increasedEmery, Kenneth, supply clerk, salary increasedEnrico, Mary J., charwoman, salary increasedFaber, Philip D., porter, salary increasedFlagg, M. P., telegraph operator, salary increasedFoulk, Oliver E., Fiscal Agent, surety bond approvedFreeman, Rose S., clerk in correspondence and publications

Section, granted leave without pay because of

approaching confinementResignation accepted

French, Amy P., substitute day maid, included in list ofemployees who should be excluded from the bene-

fits of the Civil Service Retirement Act

Transfer to Division of Personnel Administration ap-

provedGad, Thomas H., clerk, granted leave for military service,

payment of unearned salary limitedGellogg, Carl J., appointment and salary as elevator oper-

ator approvedPromoted to page and salary increased

Gervais, Helen is., appointment and salary as stenographerapproved

Transfer to Division of Research and Statistics andsalary increase approved

Glotfelty, Joseph T., Jr., operating engineer, salary in-creased

Salary increased°°d10e, Ida, stenographer, salary increased. Salary increased

rlffith, Flora J., telephone operator, salary increasedrimes, Frank H., Jr., voucher clerk, resignation accepted

'rimwood, Gordon B., stenographer, salary increased

Salary increasedH . Granted leave without pay to enter service with Army

lsa liP, Vivian K., file clerk, salary increasedLy Salary increased"8.1tigan, Helen A., junior file clerk, appointment and sal-

ary approvedAPpointment made permanent with no change in salary

, Salary increasedJames F., junior operator of duplicating devices,

appointment and salary approvedH Transferred to the Office of Mr. Evans as a messengera'mmond, Bray, Chief of the Correspondence and Publications

Section, salary increased

388Pages

9/ 3 17218/ 1 153210/ 1 19188/ 1 15323/16 4951/15 544/25 762

3/24 54711/30 2242

3/ 5

6/29

1/5

2/126/13

2/14

6/29

8/1512/ 82/139/ 83/161/212/109/ 811/306/1312/16

3/ 49/1212/16

417

1313

10

2411208

254

1313

16242289252

174849593232

1748224112092317

41317862317

3/30 5885/1 834

5/1 834


Star P

-I of Board of Governors: (Continued)Secretary's Office: (Continued)

Harris, Joseph P., Jr., guard, promoted to senior guard

and salary increasedResirInation accepted

Hatch, Cora tee, junior file clerk, appointment and salary

approvediiauser, Adam V., chauffeur, appointment made permanent with

understanding that upon the return of Mr.

Wilkinson he will no longer be in charge of the

chauffeur forceHeddinc;s, Carrie, tele)hone operator, appointment and salary

approvedHixson, llabron H., guard, appointment and salary approved

Resi7qation acceptedH°ffman, Dorothy B., transferred to Office of Mr. WicKee and

salary increasedHolt sberg, Marilyn S., resignation as junior file clerk ac-

9nepted

orrigan, John F., appointment on temporary basis and salary

approvedSalary increased

Hunter, Beatrice S., junior file clerk, salary increased

Salary increasedHurst, Donald A., appointment as elevator operator on

Hydtemporary basis aril salary approved

.e, porter, appointment made permanent vdth un-

derstanding that it will not affect his tem-

porary assignment to the guard force

Salary increasedPromoted to position of senior guard and salary in-

creasedJac°bs, Mary I., junior file clerk, salary increasedvamison, Michael L., laborer, appointment on temporary

Ja, • basis and salary approved

vls, Ruth L., maid, salary increased


provedJohnson,John Claiborne, mail clerk, salary increasedson,

Gordon P., junior operator, transferred to Board

Jc)hnson, Members' Offices with no change in salary

Sven E., foreman of laborers, granted leave of ab-

sence to enter NavyElizabeth, junior file clerk, appointment made

permanent and salary increasedj Salary increased°fles, Robert H., junior mail clerk, salary increased

369Pages

1/15 556/ 2 1108

10/22 2047

4/14 714

7/16 14413/ 3 4056/10 1179

2/23 317

1/13 !,5

7/25 1428/ 1 15321/15 5412/16 2317

6/13 1203

3/14 7146/20 1261

2/13 16116/13 1299

12/ 4 22674/28 782

6/29 131310/ 1 1918

1/19 87

9/ 3 1722

1/27 1252/20 16!,37/31 1524


Staff Of Board of Governors: (Continued)Secretary's Office: (Continued)

Kay, George R., operator, granted leave of absence for

military serviceKeesee, June, junior file clerk, appointment and salary ap-

provedKelleher, Joseph E., Supervisor, Duplicating and Mail Sec-

tion, salary increasedSalary increased

Kern, Harry E., supply clerk, salary increased. Salary increasedKidwell, larren, junior operator, salary increased. Salary increasedKieffer, Alden J., apprentice operating engineer, appoint-

ment on temporary basis and salary approved

Salary increased. Appointment made permanent and no change in salaryKiley, John N., Jr., Supervisor, Procurement Section, salary

increasedSalary increased

Kilgore, J. Edward, Administrative Assistant, salary in-creased


provedReport of United States employment service of discrim-

inatory requisition for elevator operatorsKirkland, Rexford, senior operator, duplicating devices,

resignation acceptedKline, William A., printing clerk, granted leave without pay

to enter military serviceKnight, Grover C., index clerk, salary increased

Appointment made permanentGranted leave of absence without pay to enter military

serviceKramer, Fannie A., stenographer, salary increased

lrieger, D. Jeanne, general assistant, salary increasedi allY, Josephine E., Deputy Fiscal Agent, salary increasedTanghca, Lee W., guard, granted leave for military service

'arson, Jefferson J., transfer from elevator operator to

page and salary increased, Resignation acceptedIbuffe, Leon A., clerk, resignation accepted''Ildamood, Charles D., operating engineer, salary increased

Salary increasedSalary increased

ssY, Mrs. Charlotte, appointment as junior file clerk on

temporary basis and salary approvedResignation accepted

4/15

390Pages

720

9/ 3 1721

2/10 23210/ 1 19182/10 23210/ 1 19184/1 60810/ 1 1918

3/ 5 4168/15 162411/16 2173

2/10 23210/ 1 1918

6/29 1312

6/29 1313

12/11 2301

9/15 1815

11/24 22256/12 12006/16 1222

7/18 14546/12 120010/15 20222/16 2771/7 19

2/12 2415/28 10731/21 934/28 7828/15 162412/ 8 2289

12/ 2 225712/23 2370


Staff f.0.1 Board of Governors: (Continued)

'ecretary's Office: (Continued)Lockhart, Frederica R., clerk, transfer to l'ar Loans Com-

mittee with no change in salaryLove, Stanley M., laborer, appointment on temporary basis

and salary approvedLowry, Dorothy L., telephone operator, appointment and


Lyon, John N., clerk, granted leave of absence without payto enter military service

MacDowell, I. DuBose, clerk, salary increased

Salary increasedMackey, Alice M., appointment and salary as junior file

clerkSalary increased and appointment made permanent

1;!ack1in, James H., laborer, salary increasedMaize, Margery D., file clerk, salary increased

391Pages

4/6 628

10/15 2022

3/18 5047/15 1428

6/15 12153/16 49511/13 2162

6/ 6 115110/31 20954/28 7826/13 1209

Granted leave without pay in addition to other leave to

be with husband while he is stationed in South

CarolinaSalary increased

mann, Mrs. Sadie M., charwoman, resignation acceptedMarch, G. L., telegraph operator, salary increasedMarshall, Mary B., charwoman, salary increased

8 ration accepted

Mayberry Haywood F., appointment and salary as chauffeur

approvedSalary increasedSalary increased

Mayhew Morris, gardener, salary increasedIncrease in salary'cAllister, Emily A., junior file clerk, salary increased

Salary increasedLeod, L. Paige, appointment and salary as page approved

me, Salary increased"anY, Bernardine Mary, junior file clerk, appointment

and salary approvedGranted leave of absence without pay and contributions

to Retirement System to continueTemporary appointment extended three months and leave

of absence without pay extended to allow for re-

covery from operationF.Lesignation acceptede111, Mrs. Mary, charwoman:,

n

Sbalary increased

Mej esignation accepted'er, E. Katherine, clerk-stenographer, salary increased

10/ 912/167/ 11/158/ 112/ 3

1/294/168/157/318/ 14/16

12/161/217/13

199323171343

5415322261

143726

162415241531726231793

1411

3/4 413

8/13 1612

9/12 178611/ 2 2099

8/ 1 15328/11 16016/12 1200


Starr ,of Board of Governors: (Continued)ecretaryi s Office: (Continued)

Miles, Maria D., junior file clerk:Salary increasedImpounded funds of, sent to Treasury Department,

thought to be covered by Civil Service Retire-

ment ActMiller, Sylvester M., elevator operator, appointment on

temporary basis approvedMinor, James V., Jr., guard, appointment and salary ap-

provedSalary increasedResignation accepted

Nlitchell, Charlotte N.:Retransferred from the Board members' Offices to the

Secretary's OfficeResignation acceptedAction of Board in accepting the resignation of, re-

scindedIF Salary increased as secretary to Ir. Bethea

,:"ky Clara, charwoman, salary increased-''°ffett, Bruce L., guard, appointment on temporary basis

and salary approvedMoon, Mrs. Lida Sloan, leave without pay discontinued,

resignation to be effective at end of accrued

leave acceptedFormer action of Board amended to extend leave without

pay and accept resignation at a later date14°Ore, June A., stenographer, salary increased

392Pages

1/15 54

3/6 430

9/ 8 170

4/23 7568/ 1 153111/28 2237

MOrin,Florence R., assent given to examination and certifi-

cation by Civil Service Commission for position

of personnel assistant with understanding that

before accepting another job, she obtain con-

sent of BoardSalary increasedSalary increased and further adjustment to be made

later if work continues to be satisfactoryTransfer to Division of Personnel Administration ao-

Mor proved

lemo .Y, Michael, porter, salary increased1'1'111, Chester:To attend Fiscal Agency Conference14ithholding Agent as officer responsible for approving

and scheduling pay rolls in connection with

Victory tax deductionsMrs. Sarah B., secretary, salary increasedClifford B., guard, appointment and salary approved

Hel SalarY increased8°n, F. A., Assistant Secretary:Civil Service Commission advised that he is the proper

person to contact with regard to release of

employees under Executive Order

1/7 194/15 720

5/12 9246/12 12008/ 1 1532

8/19 1635

2/3 166

2/23 3177/13 1411

1/15 552/10 232

6/29 1312

6/29 13133/16 495

5/1 836

12/17 233010/31 20953/3 4447/31 1524


393

Staff ui _,

Board of Governors: (Continued)oec retary' s Office: (Continued)Nelson, F. A.: (Continued)

To act as alternate for Mr. Myrick in the liaison

capacity between Board and War Production

Pages

Board in priority matters 7/21 1467

Designated to be responsible for petty cash fund 12/ 2 2259

Supervision of Washington office of Leased Ure System

transferred to, advice to Mr. Leach 12/22 2364Newell, George B., page, resignation accepted 5/29 1084Newquist, Dorothy, appointment and salary as clerk approved 9/26 1889

Nichols, Charles R., appointment and salary as guard ap-

proved 1/30 147Salary increased 7/31 1524

Norden, Leonard A.:Resignation as guard accepted 4/13 707

_ 1 Salary increased 1/15 54O'Brien, Brien, Bernice, file clerk, salary increased 6/13 1209

Resignation accepted 7/16 1441

13862022

°ddsson, Mary Louise, stenographer, appointment and salary


7/ 910/15

Oros, Susie T., clerk, appointment on temporary basis and

salary approved 11/13 2162Overmilley-, Charles S., guard, promoted to position of

clerk and salary increased 1/30 147

Salary increased 10/ 1 1918

, Resignation acceptedvarkhill, Dorothy M., transfer to Division of Personnel

12/10 2297

Administration approved 6/29 1313Parquette, Fred, guard, appointment and salary approved 4/17 735, Salary increasedrauszek, Mrs. Margaret C., stenographer, appointment and

salary approved

8/ 1

5/29

1531

1084p Salary increased 10/15 2022

peake, Donald E., resignation as chauffeur, acceptederegory, Walter, operator, duplicating devices, salary in-

creased

1/28

10/ 1

135

1918

Granted leave without pay to enter service with Naval

Phill. Reserve--Lips, Donal H., appointment and salary as elevator op-

11/16 2174

erator approved 2/12 241i8c?-lary increasedphi

pi '11Ps, Mrs. Grace, appointment and salary as file clerkpirltn, William E., messenger, resignation accepted

7/316/133/11

15241208461

1),„”r, Ruby A., junior file clerk, salary increased 4/16 726"4-lard, V,ayne A., accountant, salary increased 2/13 252


Staff r_(31 Board of Governors: (Continued)'-'cretaryt s Office: (Continued)

Pool, V. S., telejraph operator, salary increasedPounds tone, John M., clerk, salary increased

Salary increasedPower, eginald C., junior operator (duplicating nevices):


PYles, Mrs. Adelia G., charwoman, resination accepted

394Pages

1/15 5/,2/13 252

11/13 2162

7/31 152410/14 20166A7 1302

Benjamin R., guard, ,:ranted leave of absence for

military service-lcharlson, James F., elevator operator, appointment on

temporary basis and salary approved

Resignation acceptedRieseberg, Pobr)rt Vi., accounting clerk, salary increased

Granted leave of absence to enter military service

Piston, Percy C., assistant supervising janitor, salary in-

creasedSalary increased as assistant foreman of laborers

Promoted to foreman of laborers and salary increased1),-gers, Dorothy, charwoman, salary increased

tto;Nrs, hdward D., porter, appointmcn-', and salary approved

Calary increasedTransferred to Division of Research and Statistics as

messenger on continued temporary basis and sal-

ary increasedSa

Albert J., appointment and salary as guard approved

Resignation acceptedLalvetti, Umberto F., laborer, resignation accented and to

be paid two months salarySandeirson, James W., guard, promoted to senior guard on

temporary basis and salary increaseds Leave of absence without pay for military service

arfatY, M. Peter, clerk to Building Manager:

Salary increased

Se. Resignation acceptedYre, Isaac A., guard, appointment and salary on temporary

basisSch affner, Edith L., stenographer, appointment and salary

approvedSalary increasedTransferred to Mr. Ransom's office with no change in

Qch salary

•euring, John, guard, appointment and salary on temporary

basis for indefinite period, approved

Resi,Tnation acceptedec)tt, Joseph P., appointment and salary as guard approved

Resi ;nation accepted

3/13

7/139/ 11/152/27

3/168/ 19/230/ 13/116/12

8/ 13/276/18

6/15

)7//7

23

3/16

8/ 3

7/ 6

7/ 310/15

12/30

2/ 48/153/247/16

490

14101716

54376

49515321.6.?15324601200

1533572

1243

1216

-11744•!,9!.

1541

1371

13322322

2406

15411625

5471441


r, of Board of Governors: (Continued)oecretary's Office: (Continued)

Scott, Julian R., appointment and salaryproved

as porter ap-

Promoted from porter to messenger and salary increased

Salary increasedSeagle, Mrs. Mary, teletype operator,

approvedSeverud, Esther, stenographer, salary

Transferred to Lar Loans Committeesalary

Sexton, Jessie A., telephone operator,Salary increased

appointment and salary

increasedwith no change in

salary increased

Shelton, Lulu Mae, charwoman, salary increasedSherrill, Mrs. Vera M., appointed as page on temporary

basis and salary approvedSherrod, Ralph A., appointment and salary as a junior oper-

ator of duplicating devices approvedSalary increased

°1111313, Arad B., gardener, salary increasedSalary increased

°3-mpson, Evelyn L., appointment and salary as junior file

395Pages

1/13 443/11 4607/13 1411

12/21 23493/16 495

6/22 12643/16 495

10/ 1 19188/ 1 1532

11/18 2193

5/7 87610/ 1 19184/28 7828/15 1624

clerk with provision for later increase in

salary 6/20 1260Salary increased and appointment made permanent 10/31 2095

Simpson, Hazel L., junior file clerk, appointment made per-

manent and salary increased 2/12 242Salary increased 8/20 1643

°I-nclair, Robert, porter, salary increased 3/16 495Salary increased 8/15 1624s.

12'e, Rose A., stenographer, appointment and salary ap-proved 4/20 747

Smit h, Mrs. Mildred F., stenographer, resignation accepted 7/ 6 13718mith, Stephen, elevator operator, resignation accepteds n°uffer, Paul, appointment and salary as guard on tem-

3/11 461

porary basis 6/10 1178Salary increased 8/ 1 1531s

sP,rgo, C. W., resignation as chauffeur acceptedPj-cer, Libbie L., charwoman, salary increaseds PurneY, F. E., granted leave of absence without pay for

remainder of calendar year for defense work

with Turner Construction Co., right to recall

in event of some unforeseen circumstance re-

served by BoardStaley,

3/98/ 1

2/16

4361532

278Enid W., clerk, salary increased 1/15 54

st Salary increasede6er, Karl J., chauffeur, appointment and salary approved

10/ 15/13

1916927

Salary increased 8/15 1624


Staff.

Board of Governors: (Continued)cretary's Office: (Continued)Steinacker, illlam A., operator duplicating devices, resig-

nation acceptedSteiner, Almeda, charwoman, salary increased

Stewart, Betty Jane, stenographer, appointment and salary

approvedStone, Harold F., transfer from Division of Examinations

as clerk-stenographer to accounting clerk in,


Storm, Charles L., maintenance mechanic, salary increasedStrickler, Betty J., junior file clerk, appointment made

permanent and salary increased

Transferred to Division of Research and Statistics as

clerk-stenographer with no change in salarySullivan, David, guard, promoted to position of senior

guard on a temporary basis and salary increased, Salary increasedullivan, Mary Alice, appointment and compensation rate as

substitute nurse approvedIncluded in list of employees who should be excluded


ment Actimpouncied funds of, sent to Treasury Department, thought

to be covered by Civil Service Retirement Act


provedResignation accepted

's1 clerman, Ethel M. charwoman, salary increased11,11m'ett, Timothy, guard, appointment and salary approvedlalbott, Laura S., junior file clerk, salary increasedm_ Resignation acceptedla5rlor, Franklin, appointment and salary as guard approvedT, Salary increased2.°w'son, Louise, clerk-typist, salary increasedTo,, Salary increased'Ler, Herman Lee, porter, salary increased

fr, Calary increasedRobert L., plumber, resignation accepted

c)racY, Raymond C., foreman operator, salary increasedri\FI Salary increased,-1/ ell, Alice E., file clerk, special arrangement for hours

of work and salary approvedB. M., senior guard, salary increased

Case involving workmens compensation insuranceSalary increased

396Pages

6/24 12758/ 1 1532

7/ 9 1386

2/ 9 225!/P. 782

1624

2/12 242

7/17 1447

5/77E8/ 1 1531

l,26 t20

3/5 417

3/6 430

6/29 13133/21 16528/ 1 15323/3 4044/16 7269/25 18825/12 9238/ 1 15326/12 12CC12/16 23173/16 4953/15 16247/16 1441?,/16 05

10/ 1 1918

4/16 7274/ 1 6088/19 16'36

11/13 2162


tart Of Board of Governors: (Continued)Secretary? s Office: (Continued)

ad ley, Margaret I., appointment and salary as junior file

clerk with provision for later increase in

salarySalary increased and appointment made permanent

Walyce, Eugenia, junior file clerk, appointment made per-

manent and salary increased

Resignation acceptedWard, Thelma E., file clerk, salary increased

Salary increasedWarner, Robert P., clerk, salary increased

Salary increasedSalary increased

watkins, F. L., senior mail clerk, salary increasedWebb, Elizabeth A., junior file clerk, appointment and

salary for period not to exceed six months ap-

provedVireeks, Edwin J., laborer, salary increased

Promoted to assistant foreman of laborers and salary

increased on temporary basisIVelsh, Mary, clerk in accounting section:

Appointment and salary on temporary basis for indefi-

nite period, approved,,, Resignation acceptedv,estlake, R. H., guard, salary increased

Resignation accepted"astergren, Ruth A., transfer to Division of Personnel Ad-

ministration approvedu_Ltley, Paul C., elevator operator, appointment and salary

approvedResi ck nation accepted

M. Callie, transfer to Division of Personnel Ad-ministration approved

v, Salary increasedund, Lillie J., charwoman, salary increased

"lcott, Helen B., stenographer, salary increased'-'°-lary increasedlght, Marion E., stenographer, salary increased

Transferred to Aar Loans Committee with no change insalary

Yilek J'3 J•) guard, promoted to position of supliiy clerk

and salary increasedy, Salary increased'ung, Herbert A., principal operating engineer, during ab-

sence of Mr. Spurney to act as mechanicalsuperintendent and salary to be increased

397Pages

6/20 126010/31 2095

1/27 1252/24 3496/13 120912/16 23172/10 2327/13 1411

10/15 202210/ 1 1918

8/10 15987/13 1411

9/23 1863

3/ 7 158710/ 3 19384/1 608i/3 658

6/29 1313

3/31 5977/ 9 1387

6/29 131310/31 20968/ 1 15323/16 h957/13 14112/10 232

6/22 1264

3/3 40510/ 1 1913

3/5 L16


398Pages

Staff Of' Board of Governors: (Continued)

Security officer, designation of Elliott Thurston as'413Plemental compensation plan, report of Staff Personnel Com-

mittee that adoption of, for employees of Board

would be inadvisable, continuation of periodic

salary reviews deemed adequate to meet present

Te lephone operat=

ation

12/ 1

1/16

2256

73

Griffith, Flora J., salary increased 3/16 495Heddings, Carrie, appointment and salary approved 7/16 1441Lowry, Dorothy L., appointment and salary approved 3/18 504

Resignation accepted 7/15 1428, Sexton, Jessie, salary increased

egraph operators:

10/ 1 1918

Ball, L. L., salary increased 10/31 2095

Buckley, T. N., salary increased 10/31 2095

Granted leave without pay to enter service with Naval

Reserve 11/16 2174Flagg, M. P., salary increased 10/31 2095Alarch, G. L., salary increased 10/31 2095

supervisor, telegraph section, salary increased 10/31 2095

S., salary increased 10/31 2095Seagle, Mrs. 4ary, appointment as teletype operator and

salary approved 12/21 2349

TyculTlanner, J. E., salary increasedgs, Jeanne: (See Reserve Board Club)Viet

10/31 2095

°/7 tax, amount to be withheld from salaries of employees111\iar to be paid to Collector of Internal Revenue

Loans12/17 2330

Committee:Administrator to be appointed from outside Board's organ-

ization 3/26 555Recommendation to be made by Messrs. Eccles and Draper

as to person to be employed as 3/26 557Bethea, L. P., to act as Secretary for 3/26 555Boothe, Gardner L., II, to act as liaison assistant between

Banks and armed services for 3/26 555

Transferred to 4/6 628t Salary increased 6/12 1198LAidget for non-personal services of, to be submitted to

Bud Boardget, covering estimated requirements to December 31,

4/6 628

1942, approvedC/"avens / Kenton R., Administrator, appointment for 60 days,

and salary with per diem for subsistence andreimbursement for transportation expenses ap-proved

4/14

4/6

719

627May attend meeting of the Executive Council of the

American Bankers Association on April 19-22,

to present plan for war loans 4/9 685


4af f -I Board of Governors: (Continued)

UWar Loans Committee: (Continued)Cravens, Kenton R.: (Continued)

Payment for expenses incurred in coming to 2..shington

for discussion of procedure under Executive

Order 9112Granted per diem in lieu of subsistence for one day in

connection with conference arising under Execu-

tive Order 9112Employment continued on temporary indefinite basis,

salary and conditions of employment outlined

Voucher for traveling expenses approved

Resignation accepted and letter of appreciation for

services approvedSalary payment approved without deduction for unearned

Dra annual leave taken

Per, Ernest G., to act as Vice Chairman of

I!cles, M. S., to act as ex officio Chairman of

'=Jcecutive officer to be appointed from outside Board's or-

ganizationSuggestion changing title to Administrator

Recommendation to be made by Messrs. Eccles and Draper

Fa— as to person to be employed asuuette,

asC., clerk-typist, appointment and salary


Holmes, Mary, clerk in Division of Bank Operations, trans-

fer to, with no change in salarySalary increasedSalary increasedHo

PPing, Catherine E., clerk-stenographer in Division of

Bank Operations, transfer to, with no change

in salarySalary increased

Lockhart, Frederica R., clerk in Secretary's Office, trans-

fer to War Loans Committee with no change in

salarySalary increased

ucK Resignation acceptedsevee, John K., to act as member of

erud, Esther, stenographer, transferred from Secretary's

Office with no change in salarysm. ,,alary increased

-341, Edward L., to act as Technical Adviser for

Designated Acting Administrator for

399Pages

4/13 712

4/15 724

6/ 5 11487/ 8 1385

10/ 6 1947

10/10 20023/26 5553/26 555

3/26 5553/26 556

3/26 557

8/26 168712/ 1 2253

4/6 6286/12 119812/ 1 2253

4/6 6286/12 1198

4/ 6 6286/12 11989/ 3 17233/26 555

6/22 126412/ 1 22533/26 555

10/ 7 1956


400Pages

Starr 4,

,_(31 Board of Governors: (Continued)"ar Loans Committee: (Continued)

Vest, George B., to act as Counsel for 3/26 555

Winkler, Patrick J., granted leave of absence without pay

to enter service with ArmyWright, Marion, stenographer, transferred from Secretary's

Office with no change in salary

Transferred to Division of Examinations and appointed

44421s: Assistant FREL'caininer

Defense savings may pe given to purchaser as bonus under Regula-

tion W if full payment has been made for ar-

ticleStandar

Company of California, not intended to apply to cycleState b billing concession under sec. 12(m)

K,,Ll_ 11k supervisors:ux, George J./ Superintendent of Banks of the State

of

California:First Trust and Savings Bank of Pasadena, Calif., establish-

ment of branches at Alhambra and Temple City

not approvedPeoPies Bank of Lakewood Village, California, reply to, to

be drafted with regard to letter to FRBank of

San Francisco concerning membership applica-

10/15 2022

6/22 1264

7/14 1419

2/10 235

8/ 1 1535

8/ 7 1583

tion of 3/10 /11,5

Advised of reasons for not approving the application

National of, for membership 3/11 465

Association of, reply to, regarding Board's reasons

for opposing S. 2146, 2147, and 2148, to amend

State bank the Home Owners' Loan Act of 1933, etc. 5/25 1042supervisory authorities, inventories, consumer goods,

use of credit for the accumulation of, copies

of letter sent to banks and other financing

4at„ institutions, sent to examiners and supervisory

authorities 6/26 1293v. bank. lng authorities, caption to appear at top of publishers

copy of condition form, wording acceptable to

Ste 4 authorities and to Board of Uovernors approved6/26 1299De with modification

00 Partment:eS sponsored by, Messrs. Ic;alter Gardner and J. Burke

Governm Knapp to represent Board of Governors on 9/ 4 1735

ental administration arising from occupancy of areas

outside United States, letter to Secretary11/24 2226Hull about studies in connection with


state Depa.rtment: (Continued)

Inter-American Bank, draft of statement which Board representa-

tive might make at hearings on, before the

Senate Banking and Currency Committee, dis-

cussed, to be revised and when approved to be

submitted to Mr. Berle for commentsInternational stabilization fund and international bank, views

401Pages

1/28 132-5

on desirability to be discussed with Secretary

IHull

leutr"-lity Act, amendment proposed to section 7, advised that

Board favorsProcedure outlined by, to be followed in extending financial

assistance to American nationals in territories

where the interests of the United States are

Representatives represented by Switzerland

of foreign countries, bringing to this country

to work out international program, opposed at

this timeStaff:

Berle, Adolph A., Jr., Assistant Secretary:

Memorandum re maintaining supply of dollar exchange in

Canada, sent toStatement to be used by Board representative in testify-

7/10

1/27

4/1

6/ 9

1/6

1401

130

613

1163

17

hate

State membe

Abingdoln'

kerican

AMerican

ing on Inter-American Bank to be sent to, for

comments and suggestionsCorbett, Jack, advised of conditions upon which the RBank

of Ueu York carries the accounts of foreign

central banks and governments, particularly

Gov.- Banco Central de Bolivia-111-ments, legislation to facilitate war effort, letter to

Attorney General that Board has no suggestions

for consideration of Council of State Govern-

b ments

banks: Bank and Trust Company, Abingdon, Illinois, application

for membership approved subject to condition

of payment of deferred certificate of deposit

Bank and Trust Company, Idami, Florida, application

for membership approved, management situation

to be watched carefullyand Trust Co., New Orleans, La., problems needing

immediate correction, belief that Mr. McLarin

should meet with bank's directors at onceQatisfactory features of condition to be eliminated

Bank

3/10 448

4/ 9 669

12/26 2396

1/31 160

5/i 835

9/ 3 172310/22 2049


Bank

tank

Bank

tank

13a, Ilk'tank

Batt,

Be.nk

8ank

state member banks: (Continued)Araerican State Savings Bank, Lansing, _Mich., no objection to

acting as trustee in case cited but to accept

no other business without permission

American Trust and Banking Company, Chattanooga, Tennessee,

reduction in common capital stock approved

Allies Trust and Savings Bank, Ames, Iowa, application for member-

ship approvedArkansas Trust Company, Hot Springs, Arkansas, application for

membership approved and savings account to be

brought into conformity with law

Auburn Trust Company, Auburn, New York, purchase of assets and

assumption of liabilities of National Bank of

Port Byron and establishment of branch in Port

AusByron approved

tin State Bank, Austin, Minnesota, application for member-

ship approved subject to increase in capital

structure, Northwest Bancorporation to comply

with conditions for general voting permit en-

titling it to vote the stock of


tionsOf Auburn, Alabama, application for membership approved

subject to charge off of losses and permission

must be obtained to exercise powers not now

being usedof Forest, Miss., charges made by banks in connection

with check collections, reply to Mr. McCravey

onof Menomonie, Wisconsin, application for membership ap-

proved subject to certain charge offs and cap-

ital requirementsof Mount Eaton Company, Mount Eaton, Ohio, membership ap-

plication approved and savings account to be

brought into conformity with law

of Neosho, Missouri, application for membership approved

Of Oakfield, Wisconsin, application for membership ap-

proved and savings account to be brought into

conformity with lawof Southold, New York, application for membership approved

subject to certain charge offsof Warwick, Hilton Village, Va., membership application

approved and criticized matters to be super-

visedof .a.verly, Inc., Waverly, Va., application for member-

ship approved and savings deposits withdrawals

to be made to conform to provisions of law

402Pages

6/30 1328

2/ 4 186

3/1 /4-14

9/14 1803

11/18 2194

4/30 819

4/30 823

12/10 2298

11/11 2150

2/21 307

5/28 10743/20 515

5/6 867

3/11 462

9/10 1765

11/17 2190


Statemember banks: (Continued)

403Pages

Bar* of iestchester, Yonkers, New York, application for mem-

bership approved subject to certain charge

offs, and employment of an Executive Vice

President satisfactory to FDIC and RFC, reten-

tion and operation of branches at Mt. Kisco,

Ba.nk Nev York, and Larchmont, New York, approved 3/30 590

ers Trust Company, New fork, N. Y., examination of foreign

branch not considered necessary under present

conditions 3/11 466Barnes Banking Company, Kaysville, Utah, new application for

membership must be made upon expiration of

charter13eloit Savings Bank, Beloit, Wisconsin, to be advised that it

should not belong at the same time to the Home

Loan Bank System and the FaSystemBerwind Bank, Berwind, West Virginia, no objection to handling

trusteeship now held, but permission of Board

. necessary to exercise other trust powers

omfield State Bank, Bloomfield, Indiana, granted permission

Brue to act as trustee for one account onlyeton Bank, Bruceton Mills, W. Va., application for member-

B1.ship approved

_4-4-ngton City Loan and Trust Company, Burlington, New Jersey,

no objection by Board to reduction in amount

of capital stock

Cent 01 condition reports: (See infra Condition reports)

ntral Hanover Bank and Trust Company, New York, N. Y., exami-

nation of foreign branch of, not considered

necessary under present conditionsCentral Home Trust Company, Elizabeth, New Jersey, close ob-

servation of management situation should be

continued, although process of rehabilitation

appears sensibleCentralState Bank, Connersville, Indiana, application for mem-

subject to certain chargebership approved offs,

Ohica common stock to be shown at par value_o City Bank and Trust Company, Chicago, Ill., application

for membership approved subject to certain con-

ditions, including charge offs and increasing

of capital structureHeld to be in same position as affiliate, Mutual National

Bank, as regards capital, FRBank of Chicago

and National Bank Examiner to determine measures

to be taken byPermission granted to maintain the same reserves against

deposits as are required to be maintained by

reserve city banks

8/18 1632

5/18 974

7/31 1524

5/21 1007

10/28 2078

4/25 762

3/11 466

1/ 5 12

5/15 937

3/ 2 400

3/ 2 400

3/23 51,4


State memberCitizens

Citizens Bank

Citizens Bank,

Citizens Bank,

Permission

Citizens Bank

Reasons for

Citizens

citizens

eitizens

Bank

Citizens 'Joan

citizens State

State

State

Citizens State

CitizensState

banks: (Continued)

Bank, Cardington, Ohio,granted

of Follansbee, V. Va., application for membership

approved subject to charge off of losses

Magnolia, Arkansas, application for membership

approved, applicability of sec. 32 to one of

directorsMarshall, N. C., permission for immediate with-

drawal

to FDIC to examine in connection with continua-

tion of insurance after withdrawal from member-

shipof Montana, Havre, Montana,

tion approved and bankin:

munity to be watched

including statement on closely following sit-

uation in connection with approval of member-

shipof nite Plains, New York, permission to reduce

par value of common stock outstanding

Banking Company, Perrysburg, Ohio, application for

membership approved subject to charge off of

lossesBanking Company, Sandusky, Ohio, security portfolio,

reply to request for information on proper

composition of, for banks of certain size

and Trust Co., ';ashinzton, Indiana, application

for membership approved and compliance l'ith

condition No. 6 waivedFllsworth, Kansas, application for member-

approved, savings accounts to be brought

conformity with law and excess balance

Bank,shipinto

application for membership

membership applica-

situation in corn-

with nonmember bank to be reduced

Bank, Hempstead, Texas, application for member-

ship approved

Bank, 'triox City, Texas, certificates of interest

issued by Commodity Credit Corporation, classi-

fication in condition reports

Bank, Marianna, Fla., application for immediate

withdrawal approved and permission to FEIC to

examine for continuance of insurance

Bank of Petersburg, Ind., application for mem-

bership approved and compliance with condition

No. 6 waived

404Pages

6/30 1322

6/22 1264

L/13 708

10/13 2013

11/12 215L

12/19 2343

12/31 2!_14

12/16 2321

12/17 2333

12/31 2L18

11/ 7 2131

12/22 2359

6/12 1202

6/ 5 114-7

10/20 2W

10/26 2062



Colonial Savings Bank, Fremont, Ohio, application for member-

ship approved subject to bank bringing savings

accounts into conformity with law and further

inquiry into outstanding obligation

CoMmerce Union Bank of Nashville, Tenn., list of employees

designated special assistant examiners to par-

ticipate in the examination ofCommercial and Savings Bank of Millersburg, Ohio, application

for membership approved and to reduce excess

Cbalance with nonmember bank

oiumercial Savings Bank, i,ohrville, Iowa, no objection to ad-

ministering trusteeship accepted, but to ac-

cept no further fiduciary business without

Cpermission°rn.n.

'..ulonwealth Bank, Detroit, Michigan, establishment and opera-

tion of a branch in the City of Highland Pa-k,

CoMichigan, approved

ndition reports:Call as of December 31, 1941Call as of April 4, 1942Call as of April 4, on FR 105e and 220a, change in instruc-

tions forCall issued as of June 30Pall call not contemplated but FRBanks to obtain from mem-

ber banks a classification of loans and invest-

ments including information on personal loans

and retail instalment paper

Telegram to FRBanks and advice may be given to State

banking departments

No objection to advising that call is not contemplated

at present timec)rme and instructions for next call transmitted to FRBanks

rorms and instructions transmitted to FRBanks

Proposed revision of Form 105 for end-of-year call reduc-

ing from four to two pages

Revision of form 105 to obtain breakdown of maturities of

Government bonds from insured commercial banks

Revised instructions and definitions covering loans and

discountsCrawford County Trust Company, Meadville, Pa., assuming of

deposit liabilities of Townville State Bank,

Townville, Pa., no objection to transaction

but conservation of earnings to be impressed

on bankClIrw

ensville State Bank, Curwensville, Pa., application for


losses and payment of interest on time deposits

to be brought into conformity itiith lawCertification to FDIC as member of FRSystem

405Pages

8/25 1678

3/ 3 407

7/ 1 1344

7/24 1477

5/26 1054

1/2 8

4/7 650

4/17 7427/ 3 1359

7/18 1454

9/28 1895

10/ 3 19424/2 61412/24 2383

11/18 2198

11/21 2214

12/16 2327

10/10 2002

12/ 5 227012/18 2340


State, member banks: (Continued)Danville Loan and Savings Bank, Danville, Va., application for


losses and deposits to be brought into con-

formity with law

Certification to FDIC as member of FRSystemRio Bank & Trust Company, Del Rio, Texas, attention to be

called to definition of affiliates in connec-

tion with Val Verde tool & Mohair Company

State Bank, DeMotte, Ind., application for membership

approved subject to charge off of losses

and Trust Co., Dormont, Pa., assets to be pur-

chased and liabilities assumed by Peoples

Pittsburgh Trust Co. and branch to be estab-

lished at DormontBank, Dundee, New York,

approveddividends reports, proposed revision of form 107,

letter to FRBanks for comments and suggestions

Revised form of report approvedr_a.Instructions for preparation of approved'tan Trust Company, Easton, Pennsylvania, FDIC granted permis-

sion to examine in connection with rehabilita-

tion programBanking Co., Elizabeth, N. J., problems in connec-

tion with managementmodification of policy requiring one each year,

letter to FRBanks approvedand Trust Company, El Dorado, Ark., application

for membership approved subject to charge off

of losses, and permission of Board must be

tained to exercise fiduciary powers beyond

account now handledand Citizens Bank, Tiro, Ohio, application for member-

ship approvedMerchants Bank of Spencer, N. Y., application for


lossesBank and Trust Company, Blytheville, Arkansas, letter

on par clearance of checks received by FRBank

of St. Louis fromState Bank of Buffalo, Ill., application for membership

approvedState Bank of Englewood, Ohio, application for member-

ship approved, savings department to conform

with the provisions of law and the Board's

regulations

Del

Dekotte

Dormont

1)1111clee

Savings

State

4rn1ngs and

Elizabethport

Exnations,

4change

Farmers

Farmers

Farmers

ParMers

Farmers

Bank

and

application for membership

oh-one

406Pages

12/ 4 226812/16 2321

4/ 9 664

7/16 1442

11/23 2218

1/26 122

10/23 205611/30 224512/16 2328

3/31 598

1/5 12

6/26 1287

8/25 1679

11/ 2 2099

7/ 7 1379

2/16 278

10/ 9 1995

5/7 378


L07Pages

StateThamember banks: (Continued)rmers State Bank of Illiopolis, Ill., application for member-

ship approved subject to increase in number of

directors 9/30 1909

FidelitT Bank, Durham, N. C., establishment of branch at Camp

Butner, N. C., approved 10/27 2073First

rst

Jeannette Bank and Trust Company, Jeannette, Pa., appli-

cation for membership approved, subject to

charge off of losses and management of trust

department to be watched and savings depart-

ments to be brought into conformity to law

State Bank, Aransas Pass, Texas, violation of criminal

provisions of banking laws by bookkeeper of,

matter to be handled in accord with Board's

8/14 1617

letter of July 8, 1937, (3-12)First State Bank of Hotchkiss, Colorado, application for member-3/17 501

ship approved 4/17 736

Advised that it is not necessary that the certificate of

membership be posted in the lobby

First

5/23 1028

State Bank of Lamed, Kansas, application for membership

approved and FRBank to follow matter of amend-

ing charter with respect to number of direc-

tors 6/22 1265p4 Certification to FDIC as member of FRSystem 6/27 1302irst State Bank, Lockwood, Texas, application approved

rst State Bank of Vest Manchester, Ohio, membership applica-

tion approvedFirst

10/12

5/29

2008

1085

Trust and Savings Bank of Kankakee, Ill., application

for membership approvedFirst Trust and Savings Bank, Pasadena, California, request

for retirement of preferred stock, acquire

assets of Temple City National Bank and opera-

tion as branch and establishment of branch at

12/ 9 2293

Alhambra 1/22 102

Discussion of application for permission to establish

branches at Alhambra and Temple City, relation-

ship with Bank of America National Trust &

Savings Association reviewed, letter to be

drafted advising that Board is unwilling to

approve application on present information 2/ 6 208-14Permission to acquire the assets of the Temple City Na-

tional Bank and establish branches at Temple

City and Alhambra denied on basis of informa-

tion before Board at present 2/14 255Transameri ca Corporation advised that further expansion

will not be permitted 2/14 256


State_member banks: (Continued)rlrst Trust and Savings Bank: (Continued)

Copy of letters to First Trust and Savings Bank of Pasadena,

California, and Transamerica Corporation to be

sent to Comptroller and FDIC.

Time extended for filing of reports of affiliates

Resolution of directors authorizing transmission of examina-

tion report to Transamerica Corporation

Request for establishment of branches at Temple City and

Alhambra disapproved

Extension of time to file reports of affiliates

Permission to establish branches at Alhambra and Temple

City, not approved by Board

to Mr. Giannini on denial of application for estab-

lishment of branches at Temple City and

Alhambrato president of bank explaining denial of applica-

tionBank and Trust Company, Vdnamac, Ind., application

for membership approved and next shareholders

meeting to take action to make increase in

capital validBank and Trust Company, Floral Park, New York, per-

mission given to FDIC to examine in connection

with assumption of liabilities and assets of,

by First National Bank and Trust Co. cf Floral

ParkState Bank, French Lick, Ind., application for mem-

bership approved, compliance with condition No.

6 waived and possible merger of bank suggestedState Bank, Garrett, Ind., no objection to proposed

transfer of amount in reserve to surplus instead

of increasing capitalCounty Savings Bank, Flint, Mich., application for fidu-

ciary powers, subject to prescribed conditions,

approvedRailroad Bank and Trust Company of Augusta, Georgia,

account carried by, for the University of

Georgia School of Medicine, question as to

whether properly classified as savings de-

posit, Mr. Vest to prepare memorandum recon-

ciling possible exception to Regulation Qto raise no further questions regarding funds of

University of Georgia School of Medicine as

they have been transferred from savings ac-

counts to checking accounts

Letter

Letter

First Union

Floral Park

French Lick

Garrett

Genesee

Ge°rgia

Board

408Pages

2/12, 2574/21 749

6/ 5 1146

7/10 14037/16 1443

8/ 7 1583

11/13 2163

11/19 2200

7/25 1482

1/30 148

11/ 3 2106

8/26 1690

8/ 4 1544

3/10 451

3/30 591


Stete member banks: (Continued)Glenn's Ferry Bank, Limited, Glenns Ferry, Idaho, application


of losses and excess balance with nonmember

409Pages

bank to be reducedGoldfield State Bank & Trust Co., Goldfield, Iowa, application

9/ 5 1739

for membership approved 5/12 924Grant County Bank, Sheridan, Ark., application for membership

approvedGranite Trust Company, Quincy, Ilass., application for member-

ship approved subject to charge off of losses

and permission granted to retain branches in

5/29 1085

1%eymouth 10/15 2023Guaranty Trust Company, New York, N. Y., examination of the

five foreign branches of, not considered neces-

sary under present conditions 3/11

Branch at London, England, authority to establish where of-

fice of American Finance Office is operating 7/14Havre de Grace Banking and Trust Company, Havre de Grace, Md.,

application for membership approved and sav-

ings deposit withdrawals to be brought into

conformity with law 8/12Industrial State Bank of Kalamazoo, Mich., application for mem-

bership approved and comments on interlocking

J. p. relationship of Director George E. Monroe 9/19

Morgan & Co., Incorporated, New York, New York, applica-

tion for membership approved with understanding

that the Morgan Grenfell & Co., Ltd. will be

an affiliate 4/23

Certified to FDIC as member of FRSystem 4/28

Affiliate relationship of Morgan Grenfell & Co., belief

of Board that relationship will have been ter-

minated when steps enumerated have been taken 6/23

Report of holdings of United States Treasury bills to Se-

curities and Exchange Commission for confidential.

use 11/ 5ICane Bank and Trust Co., Kane, Pa., permission to purchase

assets and assume liabilities of First National

Bank of Kane 12/30Ladoga State Bank, Ladoga, Indiana, application for membership

approved 10/ 9Lake State Bank, Richland, Indiana, no objection to continuing

executorship now held but permission must be

obtained before acquiring other fiduciary busi-

ness 10/ 3

'"ee County Savings Bank of Adrian, Mich., purchase of as-

sets and assumption of liabilities of National

Bank of Adrian 8/14

467

1421

1607

1845

757782

1271

2123

2408

1994

1972

1618


Stat a.member banks: (Continued)Llcking County Bank, Newark, Ohio, stock of Union Trust Company

to be purchased by BancOhio Corporation and as-

410Pages

sets taken over by member bank 5/19 986Proposed absorption of Union Trust. Company with change in

title, new voting permit not necessary for

BancOhio Corporation 8/ 8 1593

Purchase of assets and assumption of liabilities of Union

Trust Company of Newark and title changed to

1T— Union Licking Banka.riUfacturer?g Bank of Cohoes, New York, application for mem-

bership approved and attention to be given to

management problem

11/18

3/30

2194

589Manufacturers Trust Company, New York, N. Y., no objection to

Marion

rkle

proposed purchase of assets and assumption of

liabilities of the Standard National Bank of

New York, and establishment of a branch of the

trust company in the quarters of the national

bankState Bank, Marion, Texas,

provedBanking and Trust Company, Hazleton, Penn., approval for

establishment of branch at Weatherly, Pennsyl-

vania by assumption of liabilities of First Na-

tional Bank of Weatherly, rescinded

Planters Bank, Norfolk, Virginia, application

for membership approved subject to the estab-

lishment and maintenance of complete records

of trust department and reduction in number

of directorsIx_ Retention of branch at South Norfolk, approved

"rchants State Bank, Rhinelander, Wisconsin, purchase of in-

terest in bank premises and furniture and fix-

tures of claims held by trustees for waiving

Mer— depositors1'111 Trust Company, Bangor, Me., examination report shows

two affiliates, letter on publication of reports

ofRepo rt should be submitted for affiliate not in formal

Mexi liquidationco for member-

Merchants and

Savings

application for membership ap-

Bank, Mexico, Missouri, application

ship approved subject to further progress in

banks asset condition and Reserve Bank will fol-

low up situationary reservations, FRBanks to be advised of designation by

Secretary of Treasury as to establishment of

banking facilities

2/7 221

6/ 8 1156

1/27 126

4/16 7274/16 729

8/25 1680

6/17 1231

11/11 2149

8/23 1708

11/30 2243


Statemeaber banks: (Continued)

11°gadore Savings Bank, Vogadore, Ohio, application for member-

ship approved and savings account to be brought

• into conformity with lawMOnongahela Trust Company, Homestead, Pa., extension of time

for disposal of stock of Hays National Bank,

or conversion into branchMembership condition involving holding of stock in Hays

Na-

tional Bank, Hays, Pa., canceledseY Trust Co., .tashington, D. C., reply to letter that

C. Y. H. Corporation is not holding company

affiliate for purposes other than those of

Sec. 23A of FRAct0'B

Sec.Banking Company, Buffalo, Missouri, application for

membership approved, reasonable dividend policy

to be followedOgdensburg Trust Company, Ogdensburg, New York, permission given

to, for establishment of a branch in Winthrop,

New York, in connection with the purchase of

assets and liabilities of First National Bank

of WinthropOld

Capital Bank and Trust Company, Corydon, Ind., application

for membership approved, telegram to Mr. Davis

to transmit adviceOntario County Trust Company, advised that contract providing

for balloon payment at its end may be revised

to provide for further monthly payments°ssininc, Trust Company, Ossining, N. Y., recapitalization plan

involving reduction in common stock and sale of

preferred stock to RFC approvedPetlinsula Bank of Ishpeming, Ishpeming, Mich., application for

membership approvedPennsylvania Company for Insurances on Lives and Granting An-

nuities, information on issuance of common

stock by, supplied Securities and Exchange

CommissionSuggestion that Regulation F be amended to eliminate the

restriction that not more than $25,000 of any

one trust fund might be invested in a common

trust fundes Bank, Beaufort, S. C., application for membership ap-

proved subject to certain charge offs and ade-

quate capital to be maintainedpeo ertification to FDIC as member of FRSystem

1J-1-es Bank, •Lakewood Village, California, application for

membership approved subject to authorization

of appropriate State authorities, and maintain-

ing status as a local independent institution

411 Pages

12/26 2393

7/ 6 1372

12/22 2360

10/ 8 1971

1/26 123

2/14 254

6/26 1298

4/16 731

6/25 1281

8/26 1688

3/11 467

5/ 5 854

6/12 12017/ 7 1379

5/6 868


Peoples City Bank, McKeesport, Pa., proposed absorption of Union

Trust Co., Clairton, Pa., and establishment of

branch at Clairton approved on certain condi-

tionsPe oPles-Pittsburgh Trust Company, Pittsburgh, Penn., publica-

tion of report of Hotel Conneaut at Conneaut

Lake, as an affiliate waived, but report should

be rendered at next call if affiliation still

existsRetention of records for purpose of Regulation WPlan to purchase assets and assume liabilities of First Na-

tional Bank of Etna and establish branchTo purchase assets and assume liabilities of Dormont Sav-

ings and Trust Co., Dormont, Pa. and establish-

ment of branchPe°Ples savings Bank, Laurel, Iowa, application for membership

approvedPeoPles Trust Company, Martinsburg, West Virginia, criticism of

management and plan to correct unsatisfactory

condition, examination to be made by examiners

Pe— of FDIC and FRBank of Richmond

"4 Trust Company, Peru, Indiana, application for membership

approved and certain practices to be watched

Picke by FRBankby

Bank, Pickerington, Ohio, application for member-

• ship approvedgrla Trust Company, Boston, Mass., corrections in condition

report, publication of affiliate report and

Port luk..7- republication of own report not to be required

-ron State Bank, Port Byron, Ill., application for member-

ship approved and FRBank to follow situation

Pwith respect to waived deposits

oughkeepsie Trust Company, Poughkeepsie, N. Y., application


of losses and compliance with condition number

6 waived

Stete member banks: (Continued)Peoples Bank, Lakewood Village: (Continued)

Letters sent to Comptroller and FDIC advising of Board's

approval of the application 5/ 6 869Certification to Federal Deposit Insurance Corporation as

member of FRSystem 5/15 940Peoples Bank, Pikesville, Md., application for membership ap-

proved 6/16 1223

Peoples Banking Company of Lewisburg, Ohio, application for mem-

bership approved 5/29 1084

412Pages

12/ 3 2262

2 1:

10/13 2014

11/23 2218

2/18 295

10/28 2078

1/26 122

7/ 3 1361

8/ 6 1575

8/26 1687

6/30 1320


Stete member banks: (Continued)Prattsburgh State Bank, Frattsburg, New York, application for

membership approved subject to certain charge

offs 3/24 548Provident Savings Bank and Trust Company, Cincinnati, Ohio,

charge for special investigation of, to be

left to the discretion of FRBank of Cleveland 1/30 148Randallstom Bank, Randallstown, Md., application for membership

approved and savings account to be brought into

Ravai • conformity with law 9/ 5 1738

4-11 County Bank, Hamilton, Mont., application for membership

approved, subject to charge offs and bank to be

given close supervision 6/15 1216

Extension of time for completion of membership 7/10 1402

"4.ehland Trust Company, Mansfield, Ohio, FRBank of Cleveland au-

thorized to waive membership condition numbered

6 4/11 697Riverview State Bank, Kansas City, Kansas, holdings of special

tax bills of City of Kansas City, legal question

on classification as securities not to be

raised at present, manner of showing in condi-

Rock tion reports and examination reports 6/17 1232

Island Bank and Trust Company, Rock Island, Illinois,

application for membership approved with under-

Rom.- standing that management is to be strengthened 2/ 9 226

1/4)- Savings Bank, Romeo, Mich., examination report shows that

Melvyn F. Lanphar & Co., and The Lanphar Agency,

Inc., were affiliates of the bank and if condi-

tion still exists report should be submitted 9/12 1789

Stock disposed of by Melvyn F. Lanphar and no longer con-

sidered affiliate of Uelvyn F. Lanphar and Co.

and Lanphar Agency, Inc. 10/12 2008St.

Michaels Bank, St. Michaels, Md., application for membership

approved and excess balance with nonmember bank

to be reduced 10/12 2007Seguin State Bank and Trust Company, Seguin, Texas, application

for membership approved and bank not to exercise

fiduciary business until necessary organization

and equipment are provided 6/13 1209Seville State Bank, Seville, Ohio, membership application ap-

proved, savings account to be brought into con-

formity with law 12/30 2407South chica,0 Savings Bank, Chicago, Illinois, application for

membership approved subject to certain charge

offs 5/15 939Extension of time to accomplish admission to membership in

FRSystem 5/25 1031

413Pages


State member banks: (Continued)

South Chicago Savings Bank: (Continued)Granted permission to maintain same reserves against deposits

as required of reserve city banks 5/30Southwest Bank of St. Louis, Missouri, reduction in preferred

stock approved 7/29

SPringville Banking Company, Springville, Utah, additional ex-

penditure for remodeling banking quarters, no

objection to 10/ 2

State Bank of Albany, New York, permission to take over bank

holdings from affiliate and transactions in-

volved 12/23State Bank of Clearing, Chicago, Illinois, extension of time

414Pages

1096

1513

1934

2373

in which to increase capital stock granted,

further requests for extensions not antici-

pated 4/27 775State Bank of East Moline, Illinois, application for membership

St approved subject to charge offs for losses 6/17 1231

ateBank of Farina, Illinois, reduction of common capital,

inadvertent approval by FRBank of St. Louis

State ratified by Board

Bank of Hardinsburg, Indiana, application for membership

approved and excess balance with nonmember

Stat banks to be reduced

Statee Bank of Latham, Ill., membership application approved

Sank of Lima, Howe, Indiana, application for membership

approved, change to be made in savings pass

State books in regard to withdrawals

Bank of Marathon City, Marathon, Wisconsin, application

for membership approvedsta,

tCertification to FDIC as member of FRSysteme Bank of2,14yville, laisconsin, permission to FDIC to ex-

amine to permit continuance as nonmember in-

sured bankl ithdrawal from FHSystem, six months' notice waived and

State permission given for immediate

Bank of Milan, Indiana, application approved subject to

certain charge offs, common stock to he shown

State Ban,c at par valuei of Northfield, Minnesota, application for member-

ship approved subject to increase in the number

of directors, Northwest Bancorporation to com-

ply with conditions for general voting permit

entitling it to vote the stock of


tions

1/31 161

7/29 151212/10 2299

4/30 818

4/ 2 6144/10 690

1/14 49

2/10 233

4/22 752

4/30 820

4/30 823


Ntemember banks: (Continued)

State Bank of St. Charles, Ill., application for membership

approvedState Bank of Virginia, Idinnesota, application for membership

approved subject to increase in the number of

directors, etc., Northwest Bancorporation to

comply with conditions for general voting per-

mit entitling it to vote the stock of


tionsState Savings Bank of Woodville, Ohio, to take over Woodville

Savings Bank Company, technical requirements

waived and to be allowed to continue as member

bankState Street Bank and Trust Company, Quincy, Ill., application


of losses and savings deposit withdrawals to

be brought into conformity with provisions of

State law

Street Trust Company, Boston, Mass., reply to question

involving Section 9(b) of Regulation VC, regard-

ing shifting of date of first payment and of

final maturityStockments

Bank, Gillette, Wyoming, application for membership

approved and savings accounts to be brought into

conformity with law and balance with nonmember

bank to be reducedPton Farmers Bank, Tipton, Mo., application for membership

approvedTiPt°n State Bank, Tipton, Iowa, application for membership ap-

Toba proved subject to charge off of lossescco Exchange Bank, Edgerton, Casconsin, application for

fiduciary powers deniedT°1edo Trust Company, Toledo, Ohio, reply to inquiry of Mr.

Messinger on renewal or extension of single pay-

TruittU ment note

- atthews Banking Co., Chillicothe, Ill., application for

membership approvedTrust funds awaiting investment or distribution, deposit by

banks in Wisconsin in own commercial and savings

department14trl Valley Bank, test Alexandria, Ohio, membership application

approved and change in wording of savings pass

Utlion B book to be made

ank, Loogootee, Ind., application for membership ap-

proved, excess balance with nonmember bank to

be reduced

415Pages

9/12 1789

4/30 821

4/30 523

8/26 1689

7/29 1511

2/10 234

9/21 1853

6/13 1209

10/ 1 1919

5/19 988

7/ 9 1390

7/17 1),48

7/15 1430

5/28 1075

7/14 1420


416Pages

State member banks: (Continued)Union Bank of Michigan, Grand Rapids, Liich., application for

membership approved, to create reserve for

payment of dividends in capital stock and in-

creased capital stock and operation and re-

tention of branch approved

Amendment to condition of membership that capital need not

be increased if branch is discontinued

Union Bank and Trust Company, Bowling Green, Va., application

for membership approved, bylaws to be revised

and other corrections to be made

6/16

6/29

10/ 3

1224

1317

1938Union Savings a Trust Co., Varren, Ohio, application for mem-

bership approved, retention and operation of

branch at Newton Falls, Ohio, to be permitted 3/16 496

FRBank of Cleveland authorized to waive membership condi-

Un tion numbered 6

ion State Bank, Clay Center, Kansas, application for member-4/11 697

ship approved, Mieelock indebtedness and as-

signed claims to be eliminated and other cor-

rections to be madeus_ Certified to FDIC as member of FRSystem

"ion Trust Company of Pittsburgh, Penn., purchase of addi-

tional stock in the Union Savings Bank of

Pittsburgh and the lellon National Bank, both

affiliates, held to be in violation of FRAct

and Revised Statutestake over its affiliate Union Savings Bank of Pittsburgh

nited Bank and Trust Company, St. Louis, Mo., absorption of

8/ 6 15718/15 1625

2/21 30811/10 2142

Telegraphers National Bank of St. Louis, no

objection toUniversity State Bank, Houston, Texas, application for member-

ship approved despite insufficiency of capital

stock, provision as to maintenance of reserves

and given 90 days to complete membershipv

ee'

ertification to FDIC as member of FRSystemersburg State Bank, Veedersburg, Ind., application for mem-

bership approved and bank to revise trust op-

erations to conform to approved procedureen Bank and Trust Co., warren, Pa., purchase of assets and

assumption of liabilities of Clarendon State

Bank, Clarendon, Pa.'"-Lngton County State Bank, Brenham, Texas, retirement of

capital debentures not permitted without in-

creasing capital stocko objection to retirement of capital debentures and dis-

regard of technical requirements of law cited

10/ 8

2/173/10

7/29

11/30

6/19

7/27

1972

287457

1510

2243

1254

1490



Ilashington Irving Trust Company, Tarrytown, New York, permis-

sion to change head office to Port Chester

and transfer Port Chester branch to Tarrytown

granted17aterloo Savings Bank, Waterloo, Iowa, application for member-

ship approved by telegram and fiduciary ac-

tivities to be organizedWaYne State Bank, Wayne, Mich., expenditure for purchase of

bank premises and for improvements approved

15estfield Trust Company, Westfield, New Jersey, purchase of

assets and assumption of liabilities of First

National Bank of Garwood, and establishment

Wes+ • and operation of branch at Garwood approved

umlnster Savings Bank, Westminster, Maryland, application

Whi# for membership approveduehouse State Savings Bank, Whitehouse, Ohio, application


of losses111am Penn Bank of Commerce, Pittsburgh, Pa., membership ap-

plication approved and management situation tobe supervised by FRBank

-"LLngton Trust Company, Wilmington, Delaware, purchase of as-sets and assumption of liabilities of Union Na-tional Bank of Wilmington

Winne tka Trust and Savings Bank, Winnetka, Ill., applicationfor membership approved and trust operations

State to be revisedLoan Supervisors, list of those willing to cooperate

with Board in enforcement program of Regula-St •4t1stics: tion W

'Ilmer credit reports, letter to American Bankers Associationregarding transfer of, to Board, request forlist of reporting banks, procedure and formof report outlined

Fa Banks advised of transferInstructions for submission of reports transmitted to Fed-

eral Reserve Banksand statistical work in the field of, Ir. Ransom

authorized to confer with Mr. Taylor in regardto the Board taking over from the Department

Transferred of Commercefrom Bureau of Foreign and Domestic Commerce

Transfer o to Board, letter to Mr. Taylor on

f work being done by Bureau of Foreign and Domes-

tic Commerce to FRSystem

Research

417Pages

2/11 239

12/23 2372

9/ 5 1740

3/26 564

3/2 399

11/30 2242

12/ 7 2275

11/ 4 2116

12/18 2339

11/24 2226

2/4 1872/4 188

3/5 419

5/19 979

8/ 6 1578

8/21 1658


418Pages

Statistics: „'cs: (Continued)Customers debit balances collected from certain member firms

of New York Stock Exchange, figures not to be

furnished to reporting firms 9/30 1914Department store inventories by departments be collected

monthly instead of quarterly, memo of Mr.

Goldenweiser 6/13 1211Furniture sales, inventories, and credit, memo from Mr. Golden-

weiser in regard to the collection of statistics

on, forms and letters to FRBanks included 5/15 943Statistical manual, joint publication of Board, FDIC, and Comp-

troller's Office, advised that there is no

need for extension of clerks on reimbursablebasis as help can now be supplied by Board's

staff, reimbursement of only one clerk neces-

sary for December as Mr. Martin resignedSusPension of publication of statistical series for duration

of war, Mr. Thomas to represent Board in confer-

8teagal, ences on, letter advising Mr. Harold D. SmithCongressman Henry B., meeting with Mr. Crowley and mem-

bers of Board on proposed amendment to FRAct

4en, discussedwpr, •..,phic records:onference of representatives of FRBanks, Board of Governors,

and the services on war loans, payment of costauthorized

Hart & Dice, employment of stenographer of, to report confer-ence of Board with representatives of the trade

Nye on Regulation W authorized 3/12 487Stewan,seny A. C.: (See Retail Credit Association of Minneapolis)

meeting with members of staff of Board to discussreserves and Treasury financing suggested by

1/ 5 11

1/12 43

12/ 8 2287

10/12 2012

Stock Mr. MorgenthauA,1 capital:'ulerican Trust and Banking Company, Chattanooga, Tennessee,

Bank - reduction approved01. Menomonie, Usconsin, membership application approved

subject to certain requirements on amount of

Burl • unimpaired capital4-ington City Loan and Trust Company, Burlington, New Jersey,

Ci • no objection by Board to reduction in amount oftlzens Bank of White Plains, New York, reduction in par value

Pi of common stock approvedSecurities Corporation of Syracuse, N. Y., purchase of

Gar own stock not warrantedrett State Bank, Garrett, Indiana, permission to transfer to

surplus of l0,O00 in reserve for dividends

payable in common stock, no objection

11/11

2/ 4

2/21

4/25

12/16

1/ 7

8/26

2147

186

307

762

2321

21

1690


k)c k, capital: (Continued)Lionongahela Trust Company, Homestead, Pa., extension of time

for disposal of stock of Hays National Bank or

conversion into branch 7/ 6

419Pages

1372

Condition of membership involving holding of stock in Hays

National Bank canceled 12/22 2360

°881ning Trust Company, Ossining, N. Y., reduction in common

stock approved and sale of preferred stock to

RFC 6/25 1281Pennsylvania Co. for Insurances on Lives and Granting Annuities,

Philadelphia, Pa., information on issuance of,

supplied to Securities and Exchange Commission 3/11 467State Bank of Clearing, Chicago, Illinois, granted extension of

time in which to increase, further requests for

State extensions not anticipated

Bank of Farina, Illinois, reduction of common capital,4/27 775

State bank with capital as low as 25,000, discussion of amend-

ment to Sec. 9 of FRAct to permit, to become

Union a member of the FRSystemk of Michigan, Grand RapiBan ds, Michigan, Board willing

to approve application for membership in FRSys-

tem on condition that it create a reserve of

150,000 for dividends and increase its capital

stock to 500,000un, Increase in connection with admission to membership

311 Trust Company, Newark, Ohio, purchase by BancOhio Corpora-

tion and bank to be absorbed by Licking County

Unto , Bankn 'rust Company of Pittsburgh, Penn., purchase of additional

stock in the Union Savings Bank of Pittsburgh

and the Mellon National Bank, both affiliates,

held to be in violation of FRAct and Revised

StatutesUniversity State Bank, Houston, Texas, application for member-

ship approved despite insufficiency of, pro-

vision as to maintenance of reserves1V4shington

County State Bank, Brenham, Texas, retirement of de-

bentures not permitted without increase in cap-

ital stockkock, ,a1)ita1 set-up discussed in detail

Taxulvidends:able as income, to be made, by amendment to regulations of

Bureau of Internal Revenue or reversal of ruling

in Eisner v. Macomber

inadvertent approval by FRBank of St. Louis

ratified by Board 1/31 161

5/19 983

5/19 9866/16 1224

5/19 986

2/21 308

2/17 287

6/19 12547/27 1490

2/12 249


S .t°ck, dividends: (Continued)

Taxable as income: (Continued)Likelihood that court may hold that they are taxable as

income, discussed at meeting of Board with

Federal Advisory Council, memorandum dis-

tributed re and to be considered in regard

to steps that should be taken in the event of

such a decisionStoReply to inquiry of McIlroy Bank and Trust Co.

FRBank:Issuance of certificates in connection with tax on dividends

and writing of legend on face of certificate

Public Debt Act of 1942, effect on additional issues of, unde-

termined, further issuance to be withheld pend-

ing conference of Legal Division with Bureau

of Internal RevenueTax exemption on dividends of, FRBanks advised that matter is

still pending before the Bureau of Internal

Revenue and to continue to withhold issuance

of stock certificates

Decision of Treasury Department on date stock is issued

Banks to continue practice of cancellation of old and is-

suance of new certificates

Telegram to Mr. Fleming that ruling will be obtained from

Bureau of Internal Revenue regarding effect

of first-in,first-out rule transactions

Statement to be published in FRBulletin

Letter to Commissioner of Internal Revenue on question of

what steps taken to make shares applicable to

first-in,first-out rules

Requirements necessary to avoid application of first-in,

first-out ruleIssuance of certificates in connection with, and legend

written on face of certificate

8tocL, Statement to be published in FRBulletin

preferred:Burlington City Loan and Trust Co., Burlington, N. J., retire-

ment in connection with plan to reduce capital

stockFirst Trust and Savings Bank of Pasadena, California, request

for retirement ofOssining Trust Comoany, Ossining, N. Y., sale to RFC in pro-

gram of recapitalization approvedstc:,outhwest Bank of St. Louis, Missouri, reduction approved

exchange firms, list of members of New York Stock Exchange

which are to continue filing monthly reports

of customers debit balances

420Pages

2/16 27311/ h 2120

9/30 1914

4/2 616

5/2 8397/ 8 1383

7/14 1426

7/20 14577/21 1468

8/ 4 1550

9/22 1865

9/30 191410/24 2059

4/25 762

1/22 102

6/25 12817/29 1513

9/ 8 1751


401-maximul. net heat output as well as design should be basis

for test of application of Regulation W, expla—

nation to FRBank of linneapolis

411°11g, Benjamin, statement made in 1923 on adoption of preferen—

tial discount rates inserted in minutes at

Studies: request of Mr. Draper

Balderston study on "Executive Development in the FRBanks,"

Mr. Ruml advised that Board concurs in objec—

tives of, and is willing to provide space for

officers on tour of duty at the Board

Copy of report not to be made available to the Training

Division of the U. S. Civil Service CommissionCaribbean area, results to be made available to other Federal

agencies, letter to FRBank of New York on

routing through Board of GovernorsConsumer credit, lessrs. Brown and Robinson authorized to go

to Canada to make study of 3/10 443Earnings of banks, discussion of work of Research and Statis—

tics in connection with, Messrs. Goldenweiser

and Smead to collaborate on continuing study 7/28 1501Economic welfare of country, suggestion of Ir. Delano that

study of financial requirements by FRSystem

and study of physical needs by National Re—

sources Planning Board be coordinated 6/ 9 1164

Messrs. Delano and Ruml present at meeting of Board to

discuss 6/ 9 1173Inflationary developments, Mr. Hansen requested to come to

1Vashington to assist Mr. Leland with studies

relating to 3/23 541Governmental administration arising from occupancy outside

United States, letter to Secretary Hull in

connection with 11/24 2226International financial reconstruction after the war, plans

for international stabilization fund and in—

ternational bank, report of Messrs. Eccles

and Goldenweiser on conference with repre—

sentatives of Treasury and State Departments

and others 5/26 1047Joint project of Province of Manitoba and State of Minnesota,

no objection to Dr. Upgren completing work in

connection with 11/12 2153Leadership and management in FRSystem, letter to FRBanks on

development and maintenance of efficiency as

result of Balderston study and on establish—

ment of Division of Personnel Administration6/25 1279at Board of Governors

421Pages

1/ 1 2

10/ 9 1983

2/ 6 202

5/20 1000

11/ 2 2101


4114ies: (Continued)Regional and national studies by research departments of

FRBanks, outline of subjects presented by Mr.

EvansRegional problems to be considered at conference of representa-

tives of Board and research departments of

FRBanksRegional program for economic planning, resolution of Confer-

8 • ence of Chairmen onIthversive activities:

Advisory Committee on, J. Tatson Belt designated representative

of Board on, to cooperate with the Protective

Construction Unit in the Public Buildings Ad-

ministrationkits against directors, etc., of national banks for expenses in-

curred in defense of actions, suits, etc.,

1/4-14 report on S. 2039

"van & Cromwell, New York, N. Y.: (See National Association of

811n1p, Investment Companies)

-'ery Representative Jessie, alternate drafts of amendment to

Sec. 5200 to exempt loans covered by guaranties

or commitments made by the U. S. or by any

FRBank, copy of memo from Mr. Wyatt regarding,

sent tosi;71ntendent of Banks: (See State bank supervisors)

/131-emental compensation plan, Staff Personnel Committee report

that adoption of, for employees of Board would

be inadvisable, continuation of period salary

reviews deemed adequate to meet present situa-

tion8111'etY companies, place in war loans program as reinsurer discussed

at meeting of Federal Advisory Council with

mve Board

Commercial loans, results of survey conducted by Mr. Uolden-

weiser for one-month periodDivision of Research and Statistics, reference to report made

by Hr. KoppangLoans, new industrial and commercial, made by member banks,

memo of Mr. Goldenweiser on procedure for re-

422Pages

7/30 1520

9/30 1915

11/18 2195

2/27 379

4/23 760

5/18 976

1/16 73

9/14 1800

5/19 984

7/28 1504

porting approved 4/ 1 609

Siltt_ Forms FR 574-A and 574-B for reporting, sent to FRBanks b/ 1 611

'fly Harold P., reply to letter on sale of railroad watches

without requiring down payment 11/ 3 2112

erland, procedure to be followed in extending financial as-

sistance to American nationals in territories

where the interests of the United States areL/ 1 613represented by


423Pages

Tax bills:lansas City, Kansas, holdings by Riverview State Bank, legal

question on classification as securities not

to be raised at present, manner of showing

in condition reports and examination reports 6/17 1232

notes:Changes in present series suggested by Treasury Department,

suggestions of Board of Governors and members

of executive committee of Federal Open Market

Committee requested 8/27 1694

Changes in Series A and Series B notes, letter to Secretary

of Treasury recommending graduated scale of

rates on Series B notes instead of flat rate 8/28 1700Distribution of revised Series B, Victory Fund Committees to

be requested to make special effort to obtain

wide, and Messrs. Ransom and Szymczak to keep

in close touch with activities of committees 9/11 1778

Savings Bond and Tax Mote operations, certain FRBanks asked

to furnish information regarding the scope

kxes: of, at their branches 4/ 8 661

Assessment on buildings of FRBank of New York, payment to Mr.

b. B. Altreuter for services in connection

with effort to obtain reduction 11/ 6 2128Banks, question of giving them preferential treatment under

the tax program in view of the substantial

part they play in war financing, considered

at meeting of the executive committee of the

Federal Advisory Council tith the Board 4/ 9 676. Opinion regarding, to be presented to Congress 4/ 9 681

Bullding of Board of Governors, memorandum of gr. Vest on

two bills introduced in Congress, Board will

take no action at this time 8/ 7 1583

Report by Mr. Dreibelbis on discussion of courses of ac-

tion and opinion that legislation should not

be sought at present 11/24 2221

Report of Mr. Dreibelbis on conversations with Mr. Keech

and Mr. Carusi and suggestion that might be

taken up with Senator McCarran for inclusion

in Senate report on pending bill 12/ 1 2250

Developments with respect to, outlined in memo by Mr.1Dreibelbis 2/ 8 2289

Resume by Mr. Dreibelbis of developments to date and state-

ment by Mr. Ransom that Board's building had

been removed from list of property advertised

for sale 12/14 2309


Taxes:(Continued)

Building of Board of Governors: (Continued)

No provision made in budget for 1943Attorney General not to give opinion on matter but to co-

operate in any litigation

Dividends on FRBank stock, decision of Treasury Department on

when stock is issuedTax to continue, practice of cancellation of old and issu-

ance of new certificates

Telegram to Mr. Fleming that ruling will be obtained from

Bureau of Internal Revenue regarding effect of

first-in, first-out rule transactions

Statement to be published in FRBulletin

Letter to Commissioner of Internal Revenue on applicability

of first-in, first-out rule to shares sur-

rendered by member banks

Requirements necessary in order to avoid application of

first-in, first-out rule

Issuance of certificates in connection with, and legend

written on face of certificate

Statement to be published in FRBulletin4cess Profits Tax, reply to inquiry of the Committee on

Foreign Banking of New York City regarding

the legislative clarification of the status

of bankers' acceptances for the purpose of,

advising that there have been no further de-

velopments in connection with the proposed

amendment to the Internal Revenue Code

Effect of, guaranteed loans in financing of war contracts

onExemption on dividends of FRBank stock, FRBanks advised that

matter is still pending before the Bureau of

Internal Revenue and to continue to withhold

issuance of stock certificates4Penditure, suggested and discussed as means of financing the

FRB war, at a meeting of the FAC with the Board

ank of Chicago, emoloyment of special counsel in tax matter

FR approvedBank stock: (See supra Dividends on FRBank stock)Fr .anchise, restoration of provision of law to provide for pay-

ment in case earnings of FRSystem were increased

come, credit for payments on existing debts and life insur-

ance premiums discussedneY borrowed in anticipation of, by Union Free School Dis-

trict fi7 for purchase of oil burner held not

to be an extension of instalment credit under

Regulation W

42.4Pages

12/23 2377

12/24 2384

7/ 8 1383

7/14 1426

7/20 14577/21 1468

3/ 4 1550

9/22 1865

9/30 191410/24 2059

5/13 929

7/ 1 1336

5/2 839

5/18 956

3/31 598

9/15 1811

3/ 5 1561

1/24 117


Taxes: (Continued)Pending tax bill, effect on amount of short-term corporate

money for investmentPro gram suggested by Mr. Eccles at meeting of Federal Advisory

Council to counteract inflationary develop-

mentsPublic Debt Act of 19h2, question as to exemption of dividends

of additional issues of FRBank stock from tax

provided by, Legal Division of Board to confer

with Bureau of Internal Revenue regarding

Repayment of debts under high tax rates, memorandum of Mr.

Randolph Paul and report of Mr. Ransom on

conference with Secretary of Treasury

Sales, as means of financing the war, discussion of, at meeting

of the FAC with the BoardSocial Security, opinion of Board that they should not be clas-

sified as deposits but should be shown as

"Other liabilities" in condition reports

Opinion of Mr. Vtakefield that an increase in, would elimi-

nate necessity for a plan of forced savings,

in connection with a discussion of war financ-

ing at a meeting of the Federal Advisory Coun-

cil with the Board

Deductions of, as deposits, statement ordered published in

the FRBulletinStock dividends to be made taxable as income, by amendment to

regulations of Bureau of Internal Revenue or

reversal of ruling in Eisner v. Macomber

Likelihood that they may be held subject to, as income,

discussed at meeting of Board with Federal Ad-

visory Council in regard to steps that should

be taken in such eventT_ Reply to inquiry of McIlroy Bank and Trust CompanyTr

Replymembers of Federal Advisory Council traveling

on official business entitled to use F.R. 158

in obtaining exemption from

Letter to Mr. Lichtenstein suggesting means of obtaining

exemption from, as Secretary to Federal Advisory

CouncilForm of not avail-exemption certificate in connection with,

„or-, able but letter or statement may be filed

Virs4.Y amount to be withheld from employees salaries for pay-

ment to Collector of Internal Revenue

War Deductions to be made from overtime payments

financing, question of whether increasing taxes would

render unnecessary a plan for compulsory sav-

ings, discussed at meeting of Board with the

425Pages

L./ 9 672

11/16 2183

h/ 2 616

8/25 1677

5/18 956

5/ 8 907

5/18 953

5/25 1042

2/12 249

2/16 27311/ 4 2120

2/27 379

3/31 599

11/30 2245

12/17 233012/31 2413

Federal Advisory Council 5/18 952

()Pinion of Mr. Fleming regarding 5/18 953


426Pages

Ta.es: (Continued)':.ithholding tax at source on wa7es, dividends, etc., problem

of administration and expense placed on banks

by proposed current revenue actInterest on bonds including Government securities, memoran-

dum to be sent to Chairman of Senate Finance

Committee to be prepared by Messrs. Ransom andSzymczak and submitted to Treasury for sug-gestions

Application to interest on bonds, letter to Mr. RandolphPaul prepared by Messrs. Ransom and Szymczakto be delivered at hearing room of SenateFinance Committee

Telee:rem, certificates of indebtedness, result of using telegramto urge subscription to, discussed at meetingof Board with executive committee of Federal

Tel Advisory Councilraph,possible use of, in establishing additional money mar-

kets 3/12 L77Phone, possible use of, in establishing additional money mar-

Ter, kets 3/12 L77pitory:

El Paso Branch, transfer of Brewster County, Texas, from an

Thie Antonio tols, L. j., reply to Senator Overton on inquiry re application

711.,of Regulation V: to charge accounts of farmers“ oofins Company, Inc., Stratford, Conn., reply to, re reasons

for not including siding and roofing Ataterials

as insulation under Regulation WLe schedules:

Paso to Los Angeles, change in time approved

Leg al Division, changes in titles to Attorneys24anag:ing Directors at FRBranch banks change in title to Vice

President and Mana4ng Director with appro-

8/ 5 1553

2/ 6 1567

2/26 1623

h/ 9 671

12/1h 2311

7/ 1 1347

,/ 3 1539

11/1L 2170

8/10 1596

nriate adjustment in salary, discussed at

meeting of ?residents and Board, to be studied

by PresidentsNO objection to use by Cincinnati and Pittsburgh branches

for time beingTitl of banks:

'"-Lckin;: County Dank, Newark, Ohio, proposed change upon absorp-

tion of Union Trust Co., new voting permit by

FancOhio Corporation not necessary because of

. changes

nic)n Lacking Bank, Newark, Ohio, new title of iiicking County

Bank after purchase of assets and assumption

of liabilities of Union Trust Company of

Newark

3/ 2

12/16

2

11/18

390

2321

1593

2194


TobinTo R. J.: (See Tile Roofing Company)

lir of duty, Mr. Ruud advised that Board is willing to provide

office space for officers of FRBanks on

aegler, J. W.: (See National banks, First National Bank of

'Ira; Princeton, N. J.)preference not to be given to, under Regulation t for

Trv. the purchase of watcheslivisaimerica Corporation:Acquisition of additional banking offices, letter to Mr. Knox

to be prepared on reasons for refusing

Banking offices cremed or controlled by, report of Mr. McKee

on discussion with Mr. West

Letter to Mr. Giannini on denial of application to establish

branches of banks affiliated with

Expansion of institutions in group, letter to Mr. aannini on

position of Board1811eportation:

Federal tax on, letter to Mr. Lichtenstein suggesting means

of obtaining exemption from, as Secretary to

Federal Advisory CouncilPriority for travel on air carriers, authority to sign cer-

427Pages

2/6 202

2/24 339

8/ 7 1584

9/24 1878

11/13 2163

12/19 2343

3/31 599

tificates for, limited to Members of Board

and Secretary

Letter to FRBanks recommending that authority to sign cer-tificates be restrictedTravel

Reply to Mr. Eastman that members of Board and staff had beenasked to cooperate in curtailment of holiday

travelRegulations , no change because of amendment to standardized

Government travel regulations but changes in

form of vouchers approvedt ing expenses:aker, Dr. John C., payment authorized for transportation

costs to tashington for interview in connec-

tion with possible employment•ergelin, John 0., voucher approved for payment

Bettman, Alfred, between Cincinnati and tashington as Special

Consultant in Research and Statistics

Voucher approved for payment as Special Consultant in

Division of Research and Statistics-Oa rd .

ctr'4 of Governors, travel regulations amended to provide in-

Br crease in per diem allowance

o,em, W. G., FRExaminer, voucher approved covering difference


Cravens, Kenton R., payment of voucher for expenses incurred in

coming to Washington for consultation on Regu-

lation V. approved

2/5

2/ 5

11/17

11/ 4

1/128/ 4

6/23

8/18

2/17

8/ 6

4/13

196

197

2192

2115

431551

1269

1631

286

1580

712


TNweling expenses: (Continued)

Cravens, Kenton R.: (Continued)Payment of voucher for expenses incurred in coming to

Washington for discussions on procedure underExecutive Order 9112

Voucher approved for paymentEmployees of FRBank of Boston assisting in examination of

FRBank of New York, payment of sum representingexcess charges for use of all pullman train ap-proved

Mayer, Howard G., reimbursed for expenses of trip to Washingtonto discuss problems arising under Regulation W

Millard, E. R., FRExaminer, voucher approved covering differencein price of standard lower berth and roomette

Voucher including additional expenditure for higher-pricedaccommodation

Persons under consideration for employment by Board of Gover-nors, policy for paying of

Porter, Joseph H., FRExaminer, voucher approved to cover draw-ing room because no other accommodation avail-able

Robinson, Roland I., payment for unused pullman reservation ap-proved

Szymczak, M. S., additional expenditure to cover price of com-partment because no other accommodation avail-able approved

Transportation exemption certificates, use of FR 158 by members

Tl'easury of Victory Fund Committee

bills: Availability to be brought to attention of banks with excess

reservessecurity of, instead of selling, discussed at meet-

ing of executive committee of Federal Advisory

Co Council with Boardllateral security for FRbank notes rather than System Open

. Market Account securitieseduction from deposits in computation of required reserves

discussed with Federal Advisory Council/leans of broadening distribution of, discussed at meeting of

Executive Committee of Federal Advisory Councilwith Board

Offering on fixed price basis, suggested at meeting of execu-tive committee of Federal Advisory Councilwith Board

in reserve requirements to allow banks to purchase,discussed at meeting of Federal Advisory Coun-cil with Board

holdings by J. P. Morgan & Co., Inc., New York City

made to Securities and Exchange Commission forconfidential use

Borrowing on

Reduction

Report of

428Pages

4/13 7127/ 8 1385

10/26 2065

2/26 360

8/ 6 1580

12/ 9 229h

9/19 1847

9/ 8 1752

10/10 2005

10/23 2057

6/12 1206

5/18 960

7/ 1 1339

12/16 2325

11/16 2181

8/ 5 1559

7/ 1 1338

11/16 2180

11/ 5 2123Digitized for FRASER http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

T

Destruction of

1.surly bills: (Continued)P-esolution of Federal Advisory Council that amount of, issued

L29Pages

each week be increased 2/16 263

Discussion of board with Federal Advisory Council, Board

in favor of resolution, and Federal Open Market

Committee reported as supporting resolution

also 2/16 263

Federal Open Market Committee, resolution to he brought to

the attention of, copy sent to the Secretary of

thc Treasury 2/27 363Safekeepin for nonmember banks by FRBenks discussed at meeting

with Presidentsury Department:

9/29 1901

Certificates of indebtedness of, to be shown separately in

weekly condition reports of member banks 14/9 669Decision issued to determine date FRBank stock is issued for

purposes of Federal tax on dividends 7/ 8 1333Defense Savings Bonds, form enclosed to provide Treasury with

information on sales of, under pay roll allot-

ment plan, same information requested by Board 1/28 140

Procedure for issuance of, to be studied by Defense Savings

Bond Committee of the Presidents' Conference

and to submit recommendations to 3/currency in Panama Canal. Zone, copy of ordersent to FRBanks

Disbursements by Chicago and New York offices

Blracueesing card form of check

property of, memorandum from suggesting that FRBank

of San Francisco act as fiscal agent, Mr.Szymczak to o to the Pacific Coast

391

7/17 11;52by use of tabulat-

6/11 1193

El). Secretary's note, Mr. W. B. Pollard to go to the Coast'eeutive Order for making of war loans, objection of, to being

Not directed rather than authorizedes of FEBank of San Francisco with Hawaiian overprinting,

letter agreeing with plan for payment ofof :ar, discussion of progress made by Board and

Treasury in formulation of a long range programfor, at meeting of Board with Ixecutive Commit-tee of Federal Advisory Council

P , in

Development of a long-term program of, discussed at a meet-ing of the executive committee of the Federal

3/ 6 4233/6 1427

4/1 602

7/13 12118

3/12 471

Advisory Council with the BoardForeic-n funds control, activities of FRBanks, information on

number and cost of applicationsGovernment securities, distribution of, Mr. Eccles to represent

the Board in discussion with the Treasury in

furthering

4/ 9

10/14

5/5

677

2020

258


Treasury Department: (Continued)Government securities: (Continued)

Representatives of Board and Presidents to confer withcommittee of investment bankers and TreasuryDepartment regarding the sale and distribu-

tion ofIdle business balances, statement proposing special security

designed to absorb, approved for transmissionto Mr. Bell as reflecting general viewpoint

of BoardImpounded funds of employees thought to be subject to Civil

Service Retirement Act, transferred to, and

Civil Service Commission to be advised of

Funds sentIndustrial loans, liberalization of regulations on losses dis-

cussed at meeting with PresidentsProposal of Board that funds for, be furnished directly to

FRBanks byInformation requested from FRBanks on subscriptions to bonds,

excess reserves, etc., and telegram direct toFRBanks without knowledge of Board

Insurance, request of Board that Treasury write Board thatwhen shipments of FRnotes are completely de-stroyed in transit no charge will be madeagainst the FRBank except for printing, let-ter desired so that Board may obtain -,-eductionin premiums for

Issues of, for long-term money during the war, discussion ofadoption of a pattern of rates on, at meetingof executive committee of the Federal AdvisoryCouncil with Board

'Meeting Iv' ,all the Presidents with the representatives of theTreasury and the investment bankers scheduledfor the afternoon of May 8

Overdrafts at FRBanks anticipated within the next few days,telegram to FRBanks on method of handling

Press statement to be released on conservation of coins andpaper currency and on investment in War Sav-ings Stamps

Public circulars, general licenses and general ruling issuedby, ordered published in FRBulletin

Plinch card checks, plans for use in Chicago and New York of-fices of Division of Disbursement and paymentthrough FHBank

. Letter to FRBanks transmitting copies of correspondence-elmbursem.ent of banks by, for out-of-pocket expenses incurred

for services rendered the Government withoutcharge, suggested by Mr. 1cLee at a meeting ofthe executive committee of the Federal AdvisoryCouncil with the Board

430Pages

336

1/28 134

2/27 3713/6 429

3/ 2 385

14/1 607

12/ 3 2237

2/21 315

3/12 473

5/8 892

6/18 1248

6/13 1250

1/23 113

9/10 177210/ 5 191,5

L/ 9 677


Treasur7 Department: (Continued)Reimbursement from, for expenses incurred in creating organiza-

tions for the promotion and sale of Government

securities, question discussed at meeting of

L31Pages

Presidents with Board 5/8 890Report by Chairman Eccles on meeting at, with representatives

of the Treasury and investment bankers, in re-

gard to formulation of a program for the promo-

tion and sale of Government securities 5/8 896

Secret Service Division, Board willing to print for, notices

of counterfeit notes on a reimbursable basis 5/20 1004

Series F and G savings bonds, discussion of whether FRBank or-

ganizations should handle them or leave them

entirely in the hands of the Treasury 5/8 891

South African Rese*-ve Bank, negotiation of U. S. notes for

Naval personnel, suggestion of Board in letter

to, that same arrangements as developed for

Javasche Bank be followed 2/4 190

Staff:

Eartelt, E. F., Commissioner of Accounts, to confer with

ar Loans Committee regarding miscellaneous

receipts of funds under Executive Order 9112 4/1 603Bell, D. W.:

Report of Mr. Szymczak to Board on conclusions reached

in discussion with, regarding fiscal agency

conferences 1/23 140

Procedure for destruction of FRnotes and FRbank notes

as outlined in letter from, approved by Board 3/ 3 L10Objections of, regarding Executive Order No. 9112 1 602Report by Mr. Szymczak in regard to discussion with,

in respect to the issuance of the 1928 series

of FRnotes and FRbank notes

Bernstein, Bernard, to draft press statement re issuance of

FRbank notes and FRnotes of 1928 series and

check it with Mr. Vest

Foley, E. H., Acting Secretary:Mr. Lyatt to discuss with, legal authority under which

FRBank of San Francisco may act as fiscal agent

in connection with evacuees' property and to

advise Mr. SzymczakEvacuee property, to confer with Mr. Agnew regarding au-

thority of FRBank over, following transfer to

the Treasury of sections 3(a) and 5(b) of the

Trading with the Enemy Act

Certain correspondence between the Board and the Chase

Bank sent to, in reply to request

V 8 897

5/26 1061

3/6 428

3/10 454

4/21 750


Tr ,e'sur7 Department: (Continued)Staff: (Continued)

Kuhn, Ferdinand, complaints from press of discrimination

in placing advertisement on Treasury financing

Morris, Dave H., Jr., Assistant Secretary, cost of luncheon

to be borne by BoardCost of luncheon to be borne by Board

Paul, Randolph, General Counsel:Resignation as Class C director at FRBank of New York

acceptedRepayment of debts under high tax rates, memorandum on

Vithholding tax, application to interest on bonds, let-

ter prepared by Messrs. Ransom and Szymczak to

be delivered to, at hearing room of Senate

Finance CommitteeStatement covering circular issued by, regarding foreign funds

control, ordered published in FRBulletinTaX notes, changes in present series under consideration, sug-

gestions of Board of Governors and Messrs.

Sproul and Williams requestedTrading with the Enemy Act, discussion of results of delegation

War powers

of sections 3(a) and 5(b) with regard to con-

sumer credit and authority of FRBank of San

Francisco over evacuee property, Mr. Foley

to confer with Mr. Agnew concerning

bill, second, provision for eliminating Section 14(b)

432Pages

12/ 1 2248

1/5 161/8 30

8/13 16128/25 1677

8/26 1683

4/22 755

8/27 1694

3/10 453

of FRAct to allow direct purchase of Government

securities from, by FRBanks, discussion of

TNA ea- Presidents in meeting with Boardp177 financing:

2/3 170

14anoing of war, discussion of long-range program for, by

Board in meeting with Federal Advisory Council 2/16 26LFurther discussion directed toward an exchange of views

of Board and Federal Advisory Council 2/16 266—ecutive committee of Federal Advisory Council, to discuss,

with regard to recommendations made to the

Treasury, at coming interim meeting

Prc)gmln for, letter to Federal Advisory Council advising that

Board has no topics to suggest for (discussion,

to contain no reference toShort-term nonmarket issue, inclusion in program of Treasury

discussed at meeting of Board with executive

committee of Federal Advisory CouncilProgram of offerings of Treasury certificates discussed in con-

nection with consideration of reduction in re-

serve requirementsllecting of executive committee of Federal Open Market Commit-

tee, Treasury officials to discuss

3/10

5/ 5

6/ 3

9/ 9

9/29

h47

852

1120

175/,

1897


Trott, A. B.: (See1171aslow, Francis A.Trust accounts:

Securities held

T17118t funds:Common:

American

433Pages

Tr easury financing: (Continued)Funds needed in, telegram of Secretary of Treasury to FRBanks

on expansion of Victory Fund Committees 11/11 2144Discussed at meeting of Federal Advisory Council with Board 11/16 2180

War loan deposit accounts, banks to be encouraged to make

greater use of 11/17 21911,1, Participation of FRSystem in, letter to Bureau of the Budget)ggy Ernest: (See National Paint, Varnish and Lacquer Associa-

11/28 2238

tion)Trilv

Furniture Co., Jackson, Miss., reply to inquiry on down pay

ment of buyer, no effect on right of enforce-

ment of RegulationDaniels and Fisher Stores Co.? Denver)

: (See New York Curb Exchange)

in, permission to national bank to deposit

with inland bank for safekeeping during emer-

gency

Bankers Association quoted by Mr. Leonard as

favoring a liberalization in Regulation F

increasing the amount of any one trust fund

that may be invested inLaSalle National Bank, Chicago, Illinois, advised that

Board will not undertake to comment on plans

for the operation of, in connection with Reg-

ulation F, informal discussion with Mr.

Mulroney at the FRBank of Chicago suggested

Letter to Mr. Mulroney regarding

Regulation F, suggestion of Pennsylvania Company for Insur-

ances on Lives and Granting Annuities, Phila-

delphia, Penn., regarding amendment to elim-

inate the restriction that not more than

•25,000 of any one trust fund might be in-

vested in a common trust fundInvestment of, in tap issues, question of legality discussed

in meeting of the executive committee of the

Federal Advisory Council with the Board

t ries G Savings Bonds held in, basis for valuing of-i- consin, deposit by bank in own commercial and savings depart-

mentlesch, Donald, Jr., request for hearing in Washington on exempt-

ing asbestos siding from provisions of Kegula-

7,"ger p tion W,-onstruction Co., Mr. F. E. Spurney released on leave of ab-

sence for remainder of calendar year to do de-

fense work for, advised that Board reserves

right to recall in the event of some unfore-

seen circumstance

8/ 7 1591

7/14 1424

5/ 5 856

5/15 9445/15 945

5/ 5 854

4/ 9 6797/15 1431

7/15 1430

11/ 3 2108

2/16 278


1\jclin5, Senator Millard B., reply to questionnaire from, regard-

ing organization and number of persons employed

by BoardQuestionnaire from, Mr. Eccles authorized to ask whether a re-

ply is desired or may ask staff to prepare an

answer, Mr. Ransom opposed to any answer whichis not complete

Decision of Board that staff heads be directed to answer ques-

tionnaire from

°n Free School District /i7, Corinth, New York, money borrowedby, in anticipation of taxes, for purchase of

oil burner, held not to be an extension of

instalment credit under Regulation1Jr °r1 Oil Company of California, cycle billing concession under

Uni sec. 12(m) not intended to apply toO n Pacific Coal Company, plan of furnishing rental of houses

complete with furniture to workmen, application

of Regulation V,China Relief, to be ascertained whether Mr. Hersey would be

willin7 to represent Board in campaign for

Contractors Association, New York City, letter ex-

pressing Board's appreciation of resolution

passed at Annual Convention of

Board of Governors that certain sections of former

letter from the Board to, have been changed by

Amendment No. 3 to Regulation IA but that other

sections are still correct and may be quoted if

desiredCompensation Comission, letter to Mr. Cardillo ad-

vising that employees of Board are covered by

insurance policyEmployment Service, report alleging discriminatory

requisition for elevator operators from Mr.

UtlitedKilgore

States Government:ight to cancel a contract, in connection with the 7uarantee

agreement for war loans, discussed at a meet-

ing the Board with the Presidents

Georgia School of Medicine, question as to whether

account of, carried by Georgia Railroad Bank

and Trust Co. of Augusta is properly classi-

fied as savings deposit, Mr. Vest to prepare

memorandum reconciling possible exception to

Regulation c

United

Utlited Roofing

Advised by

Ullited States

United State'

—ier-sity of

434Pages

V 2 396

3/10 449

3/23 543

1/24 117

8/ 1 1535

7/17 1450

/1/15 724

/8 659

5/ 6 873

3/19 1636

12/11 2331

5/8 895

3/10 451


versity of Georgia. School of .:ledieine: (Continued)

80ard to raise no further questions regarding funds deposited

in the Georgia Railroad Bank & Trust Company,

Augusta, as they have been transferred from

tj„

savings accounts to checking accountso-sP

"1 ueori-re F., advised of reasons for fifteen months' maturity

provisions

"V"

- Calvin C.: (See Morris Plan Bankers Association)

-LL control and building safety:C°nfere.ice of representatives of FRBanks, request for list of

topics for discussion

suggested as topic for discussion at Presidents'Standards on,Conference

Jacob, meeting with members of staff of Board to discuss

reserves and Treasury financing suggested by

Vio Mr. Iorgenthaulations:

First State Bank, Aransas Pass, Texas, violation of criminal

provisions of banking law by bookkeeper of,

matter to be handled in accord with Board's

letter of July 8, 1937, (3-12)Regulation relating to absorption of exchange and collection

charges of banks, action against a national

bank suggestedegulation

Advertisement by store in Rochester, N. Y.

Automobile dealer, FRBank of Et. 1,ouis advised that Board

has no objection to the obtaining of sworn

statements from purchasers

Clark Brothers Furniture Company, Chattanooga, Tenn., pro-

cedure under consideration

Order to be issued to close store for one week

Letter on designated terms of agreement

Telegram that Board insists on full week's closing as

minimum penaltyOrder suspending license

Consumer Home Eouipment Company of Detroit, Mich., nro-

cedure now under considerationEasy Furniture Company, Chattanooga, Tennessee, action to

be held in abeyance pending development of a

-)rogram of enforcement

435Pages

3/30 591

5/ 4 842

4/16 732

5/ 4 -34.4

11/11 2147

3/17 501

11/16 2184

S/22 1661

5/16 '')/9

7/30 151711/ 3 210311/ 4 2119

11/ 5 212411/ 9 2134

7/30 1518

5/20 997


436Pages

Violations. (Continued)-elation W: (Continued)

Enforcement, problems of, letter to Mr. Young on letter

from Mr. Goldman 2/ 6 217Proposed program for, discussed and suggestion that in

case of willful violations there should be a

hearing to show cause why violator's license

should not be suspended 5/ 5 849Plan for, submitted to Attorney General, letter to be

sent to FRBanks upon advice from Attorney

General that there are no objections 5/22 1018

First National Bank of Fairmont, Minn., loans made by, no

action to be taken because of technical viola-

tions 2/20 305

Koppers Stores, Inc., in regard to the use of scrip which

is not redeemed daily 5/19 991Lowrey, Paul, letter to Mr. Hale on treatment of case 6/ 2 1109National banks and credit unions, letter to Comptroller of

the Currency on cooperation with respect to 6/12 1204

Registration Statements, letter to FRBank of Cleveland re-

garding refusal to file or make complete answers

onReported by FRBank of San Francisco, advised to handle in

accordance with policy outlined in 3-368Union Trust Company of Pittsburgh, Penn., purchase of additional

stock in the Union Savings Bank of Pittsburgh

and the Mellon National Bank, both affiliates,

held to be in violation of FRAct and Revised

Statutes 2/21 303V4its:

Robert G., Vice President of FRBank of New York, to visit

Bank of Canada, request of Board for copies of

NI 17 any reports made by 4/21 750“enin5-, A., letter to War Department on interpretation of word-

ing of guarantee agreement 8/17 1629Request for interpretation of wording of standard form of

this guarantee agreement 10/16 2030

Congressman Jerry, advised of amendments necessary to al-

low credit unions or cooperative banking insti-

tutions membership in FRSystem 2/ 4 191

j°6eph, U. S. District Attorney, correspondence involving

misrepresentations under Regulation W, sent to

FRBank of Kansas City 7/25 104,e Permits:'411cOhi0 Corporation, new voting permit not necessary because of

absorption of bank by subsidiary of the corpora-

tion and change in title of bank 8/ 8 1593

3/ 9 1..L0

2/20 306


vot ing permits: (Continued)First Securities Corporation of Syracuse, New York, granted

limited permit to vote the stock of four banks,

limitation on dividend payments and purchase

of own capital stock, requested to furnish

annual holding company affiliate report-orthwest Bancorporation, Minneapolis, Minn.:

L1-37Pages

1/ 7 21

Austin State Bank, Austin, Minnesota, application for mem-

bership in FRSystem approved subject to com-

pliance by Northwest Bancorporation of condi-

tions incident to permit to vote stock of 4/30 819General voting permit approved subject to certain con-

ditions 4/30 823State Bank of Northfield, Minnesota, application for mem-

bership in FRSystem approved subject to com-

pliance by Northwest Bancorporation of condi-

tions incident to permit to vote stock of 4/30 820

General voting permit approved subject to certain con-

ditions 4/30 823State Bank of Virginia, Minnesota, application for member-

ship in FRSystem approved subject to compliance

by Northwest Bancorporation of conditions inci-

dent to permit to vote stock of 4/30 821General voting permit approved subject to certain con-

ditionsUnited

4/30 823States Investment Company, East Chicago, Ind., applica-

tion to vote stock of national banks not neces-

saryoconsin Bankshares Corporation of Milwaukee, Wisconsin, lim-

ited permit granted to vote the stock of the

37

Baraboo National Bank, action on general per-

mit deferred until capital structure of the

First Wisconsin National Bank is strengthened 1/10 36General permit granted to vote stock of Baraboo National

Bank, Baraboo, Wis. 6/ 8 1157Agreement on Form P-3 must be executed by 425 West Wis-

consin Avenue, Inc., Milwaukee, Wisconsin,

before authority is granted for issuance of

voting permit to 10/15 2024Ir(kch

ers: General permit to vote stock of Baraboo National Bank

ter .tetgelln, John 0., for traveling expenses approved

n, Alfred, for traveling expenses from Cincinnati as

12/ 3

8/ 4

2263

1551

Special Consultant in Division of Research

and StatisticsBrown,covering travel expenses including difference

8/18 1631

in price of standard lower berth and roomette 8/ 6 1580


Vouch (Continued)

Cravens, Kenton R., payment of, for expenses incurred in coming

to Washington for consultation on Regulation T.-,

approvedPayment of, for expenses incurred in coming to Washington

for discussions on procedure under Executive

Order 9112Payment for traveling expenses approved

Covering expenses for attending meeting in WashingtonPRBank of Cleveland for reimbursement of expenses incurred

Maritime Commission under Regulation V

Thomas H., for reimbursement of FRBank of Minneapolis

to cover expenses in connection with assign-

ment to staff of Board approved

covering travel expenses including difference


traveling expenses including additional expenditure

because ordinary accommodations not available

Joseph H., travelling expenses approved to cover draw-

ing room because no other accommodation avail-

Rodgson,

for

438Pages

4/13 712

4/13 712

7/ 8 138511/ 6 2129

8/29 1715

6/29 1316Millard, E. R.,

8/ 6 1580For

12/ 9 2294Porter,

able 9/ 8 175282Tmczak, M. S., to cover price of compartment because no other

accommodation available approved 10/23 2057Traveling expenses, elimination of jurat approved and use of

certificate of, granted 11/ 4 2115War loan expenses:

To be submitted by FRBanks through Division of Bank Opera-tions 6/ 2 1111

Submission of June vouchers to be deferred for time being 7/ 1 1345To be forwarded through Board's Division of Bank Operations

and salaries and other items that may be in-cluded in

Suggestions for uniform preparation of

Senator Robert F.:'Iequest that Board submit routine report to Senate Banking

and Currency Committee on Murray bill, S.2250, to mobilize small business for warpurposes

to request for opinion on S. 2146, etc., advising thatBoard is opposed as they include the objec-tionable features of S. 4095

RePly

7/15 143212/31 2416

2/17 290

3/27 53


Senator Robert F.: (Continued)

Regulation W, reply to letter on questions raised by Mr. Bruchs

on feature of regulation

Service under Sec. 32 of Banking Act of 1933, reply to reouest

of representatives of open-end investment com-

panies that officers, etc., of member banks be

6/27

439Pages

1309

Permitted to serve onWall Street JournaL:

12/16 2323

Article to effect that Federal Reserve officials were con-

templating control of savings accounts, denial

War: of 9/21 1849

Executive Order dealing with war contracts, ordered published

in FRBulletin 1/23 113

Financin of, discussion of long-range Treasury program for,

by Board in meeting with Federal Advisory

Council 2/16 264

Further discussion directed toward an exchange of views

of Board and Federal Advisory Council 2/16 266

Discussion of progress made by Board and Treasury in

formulation of a long rair:e program for, at

meeting of executive committee of Federal Ad-

visory Council with Board

Discussion of Federal Advisory Council with Board as to

whether it should be conducted on a voluntary

basis or a plan of compulsory savings should

be adopted

Suggestion that higher taxes rather than a plan for com-

pulsory savings is the proper solution to the

problem, discussed at a meeting of the FhC with

the Board

Inc:ustrial loan corporation, statement of Presidents' Confer-

ence regarding the creation of, to make loans

to small business concerns for war purposes

and discussion at meeting of Board with Pres-

identsl'egislation to be included in another V,ar Powers A

ct, Mr. Vyatt

authorized to advise Mr. Cox that Board has no

additionalLoans to small business concerns for war purposes, ne

w bill to

provide for, reported on by Mr. Eccles at meet-

ing of Board with Presidents, Mead Bill con-

sidered inadequate

Expression of opinion regarding, by Messrs. Eccles, McKee,

and Ransom

3/12

5/18

3/2

L71

9525/18953

385

2/17 288

2/3 178

2/ 3 la


(Continued)Wiurray bill, S. 2250, to mobilize small business for war pur-

poses, submission of report to Senate Banking

and Currency Committee discussed, to be cleared

with Budget Bureau as proposal by :,1r. Eccles

may be substituted

on Treasury issues for long-term money during the war,

discussion of pattern of rates at meeting of

executive committee of the Federal Advisory

Council with Board

of Executive Order dealing with contracts for, or-

dered published in FRBulletin

bill, second, provision for eliminating section

14.(b) of FRAet to aba aireet purchase of

Government securities from Treasury by FRBanks,

instead of limiting purchases to open market,

discussion by Presidents in meeting with

Rates

Statement

War

War

powers

Board

Production Board, Executive Order establishing,

lished in FHBulletin

letter urging inclusion of "no setoff clause" pro-

tecting assignee against claims

Declarations, statement for publication in FRBulletin

Department:Defense contracts, information requests by, re the

of, Defense Contract Officers asked to send

Board copy of reportsDuplicate copies of guarantees executed on behalf of

, should

be forwarded to the Board, reply to FRBank of

ChicagoI.'xpenses in connection with mskin of war loans, allocation of

items covered in vouchers for reimbursement of

expensesFinancing of war production contracts, plan dis

cussed whereby

FRBant:s by authority of an Executive Order

would act as fiscal agents for, in regard to

guarantee and other ihar loan forms, instructions for

use, sent to FRBank of Atlanta

Guarantee agreement for war loans, official approval of, not

yet received, upon receii)t to be sent to all

FHBanksForm, instructions, and documents sent to FRBanks

Eorm proposed by, for adoption for its use, sent to Filbans

Agreement my be si-med by officers named in memo from

General Styer

contracts,

Forms for

ordered pub-

awarding

440Pages

2/17 290

3/12 473

V22 754

2/ 3 17')

1/23 113

5/30 .10976/22 1268

1/5

5/ 8 903

8/21 1653

3/20 507

4/17 739

4/10VIIL/15

690698721

1,/15 722


V:ar Department: (Continued)Guarantee loans:

Guarantees of 100 per cent to be made only in exceptional

cases, telegram to FRBanks

Complete file to be furnished to

Minor changes in condition may be accepted by FPBanks with-

out reference to War Department, prior approval

not necessary after authorization, letter to

all FRBanksPower of FRBanks to increase up to amount not exceeding

4100,000, approved, copies of memorandum sent

to all FLBanks(See also V.ar loans)

Instructions of, regarding war loans are not for general publi-

cation, but disclosures may be made as neces-

sary in connection with negotiations

Interest, fees, and other charges derived from War Department

loans to be credited to account of Lieutenant

Colonel WitcherInterpretations of certain words in guarantee agreement, in-

quiry of Mr. von Wening of A. 0. smith Corpora-

tion, Milwaukee, Ids.Procedure for execution of guarantees and making of loans pur-

suant to authorization of, sent to FRBanksProvisions of loan agreement under Regulation V used by FRBank

of Cleveland, revisions requested

Reports on war loans, FR 577 to he used pending further discus-

sion by Board withSchedule of rates on war loans to be submitted to, by Board

Messrs. Hays, Hale, and Olson requested to assist in the

preparation ofLetter containing Board's recommendations sent to Under-

Secretary of, to be cleared with Navy Depart-

ment and Maritime CommissionStaff:

Browning, Col. A. J., Director of Purchase Division, not

available for meeting with Federal Advisory

Council on renegotiation of war contracts

Cleveland, Major Paul:To visit field procurement districts

Present at Board meeting

Statement by, regarding plan whereby FRBanks would act

as fiscal agents for War and Navy Departments

and Maritime Commission in financing war pro-

duction contracts

Copy of letter containing Board's recommendations of

rates on war loans sent to

441Pages

4/17 7368/ 6 1577

8/18

8/17

4/13

1633

1628

710

7/ 1 1345

8/17 1629

4/22 753

8/22 1661

4/17 7384/ 3 618

4/ 3 618

4/ 3 619

9/14 1795

1/5 143/20 507

3/20 509

4/ 3 619


rDepartment: (Continued)Staff: (Continued)

Comers, Colonel E. T., memorandum from, re financial

contracting officers assigned to duty in

VlashingtonKarker, Maurice H., Chairman of Price Adjustment Board, sug-

gested to meet with Federal Advisory Council on

renegotiation of war contracts

Patterson, Robert P., Under Secretary, letter to, enclos-

ing copy of proposed instructions to be followed

in making war loans

Letter to, containing maximum interest rates and guar-

antee charges that may be charged on war loans,

draft of Regulation V also enclosed

Letter from, modifying instructions for war loans sent

to FRBanksPengra, Charles 0., Counsel for Price Adjustment Board, to

meet with War Loans Committee and representa-

tives of Federal Advisory Council on war con-

tractsStyer, General W. D., memorandum from, setting forth speci-

men signatures, sent to FRBanks

of War Department program for military government,

letter to Provost Marshall General designat-

ing Mr. Clayton as liaison representative of

Boardprocedure to be followed by FRBanks in execution of

guarantee agreements, in accordance with sug-

gestion ofConditions contained in authorization by, need not be in-

cluded in guarantee agreement unless so in-

dicatedMemo advising that funds may be released immediately upon

execution of the assignment by the contractor

Adoption of a standard form of guarantee agreement for,

letter to FRBanks regarding

Discussion with regard to authorizing deposits of advance

payments in banks not members of the FRSystem

Guarantee agreement form for, special condition to be in-

serted in section 13 of agreements executed

on behalf ofWar, (See also War loans)

t'epartment Price Adjustment Board, meeting of committee of Fed-

eral Advisory Council and committee of Board

with Mr. Pengra

Synopsis

War loans,

fAinanCing:

Ilet to Mobilize Productive Facilities of Small Business, state-

ment to be published in FRBulletin

442Pages

4/17 737

9/12, 1795

4/ 6 628

4/6 634

4/17 737

9/1L 1795

4/17 737

10/10

4/27

2005

776

5/ 5 864

5/6 870

5/16 948

5/23 1024

5/25 1032

9/18 1830

6/22 1268


443

War. financing: (Continued)Banks, question of giving them preferential treatment under

the tax program in view of the substantial

part they play in, considered at meeting of

the executive committee of the Federal Ad-

Pages

visory Council with the Board 4/ 9 676Opinion regarding, to be presented to Congress 4/ 9 681

Definition of term Unconditional Guarantee, statement for pub-

lication in FRBulletin 6/22 1268

Limitations on national bank loans, statement for publication

in FRBulletin 5/25 1042

Military, Naval, and Maritime Commission appropriations, state-

ment for publication in FRBulletin 5/25 1042

Statement regarding, to be published in FRBulletin 4/22 754

Surplus funds of business concerns, suggestion in memorandum

Wa,4-0an deposit

use ofProposed amendment to FRAct to exempt from reserve requirements

r and from FDIC assessment

-Loan depositaries, letter to be sent by FRBank of Chicago to

War 1 banks in district suggesting they qualify as

' -Loans:Accounts, opening by small banks discussed at meeting of Fed

-

eral Advisory Council with Board

Accounts to be opened by small banks, telegram from Treasury

Department to FRBanks to encourage opening and

enlarging ofAdministration of Federal Reserve activities placed

under War

Loans CommitteeAdvance payments and Government loans, acceptance by borrower

,

memo of War Department on inclusion in loan

agreementsAggregate amount of funds advanced by financing institutions

on each loan guaranteed, duplicate reports to

be furnished each monthAmendment to Regulation A, relates to eligibility of paper evi-

dencing guaranteed loans and does not affect

Ate• acceptability

rican Bankers Association, Executive Council of, meeting on

April 19-22 may be attended by Mr. Cravens to

present war loans plan

Anlount made to date discussed by Mr. Draper

from Mr. Williams that they be used for, no

action to be taken until after discussion

with executive committee of the Federal Open

Market CommitteeWar. information, publication of, letter to Mr. Davis designating

Mr. Thurston as contact man

accounts, banks to be encouraged to make greater

1/16 69

7/25 1485

11/17 2191

12/ 8 2285

11/16 2175

9/14 1798

9/18 1842

7/ 3 1369

10/22 2050

7/16 1443

10/29 2085

4/ 9 6856/ 3 1122


loans: (Continued)Amount of guarantee if less than 100,000, not necessary to

submit to Maritime Commission for prior ap-

provalAmounts to be reported in column 4 of Form 579, instructions to

FRBanksAPPlicability of exception 10 to section 5200 of revised sta-

tutes to participations in loans covered by

guaranteesApplications for loans and guarantees:

FRBanks requested to give consideration to suggestion that

such applications be forwarded directly to

Washington from the FRBranch banks

Financing institutions for guarantees should be submitted

on uniform forms by FRBanks

Form to be submitted by financing institutions for guar-

antees, modification ofA eekly reports may be discontinuedl'APropriation for carrying out provisions of Executive Order,

fund available to Maritime Commission under

Independent Offices Appropriation Act, 19/13Assignment of claims in connection with, correspondence with

Comptroller General on procedure of his office

Assignment of moneys as against trustee in bankruptcy, validity

upheld in Rockmore v. LehmanAssignment of original contract, informal opinion of General Ac-

counting OfficeAuthorizing deposits of advance payments in banks not members

of the FRSystem discussed with War Department

Barnes-Duluth Shipbuilding Co., request that authorizations in

connection with loan be ratified and confirmed

by Maritime CommissionBendix Aviation Corporation, notes issued by, not negotiable

and ineligible for rediscount

Canadian Bank of Cowerce, branches located in this country

being named as assignee of contracts by the

Navy Department and ship building concerns

Letter to FRBank of San Francisco enclosing copy of reply

of Navy Department on questionCancellation of terminated guarantee agreements, instructions

of War Department

Letter from FRBank of Cleveland on cancellation of copies

given to borrowersList submitted by FRBank of New York with copy of form of

notice of termination

I-ist submitted by FRBank of Richmond

444Pages

8/14 1619

10/ 1 1920

12/12 2306

5/25 1032

6/30 1325

9/ 3 17257/30 1520

7/ 2 1354

9/ 3 1724

9/14 1805

12/21 2353

5/23 1024

10/ 2 1934

9/18 1832

6/ 5 1140

6/15 1220

9/15 1816

9/21 1857

9g8 L 118896


445Pages

18-/' loans: (Continued)Certificate, form of, to be used by Maritime Commission 5/25 1031

Certificates of deposit covering interest, fees, and other

charges sent to Major W. E. Schooley 8/2L 1665Charges on behalf of War Department, instructions for inclusion

of salaries of officials 9/15 1817Check of action of financing institutions in disbursing and

servicing loans, letter to Presidents of all

FRBanks 6/10 1179Clark, G. designated as representative of Maritime Commis-

sion in connection with loans in place of George

Mayor 9/26 1891Compliance with requirements of, exception to Sec. 5200 of Re-

vised Statutes, no objection to giving copies

of Comptroller's letter to interested banks

and their attorneys 11/ 2 2100Computation of interest in guarantee fees, 365 days to be used

in 6/10 1180Computation of guarantee fees, interest, etc., Government

should be credited with exact amount due 10/ 1 1922Condition D under Regulation V, interpretation of 12/ 7 2277Conference of representatives of FRBanks in Washington at early

date suggested 10/ 2 1933

Board of Governors and the Services to be held in Wash-

ington on October 19, 20, and 21 10/ 6 1952Expenses of those attending to be assumed by each FRBank 10/29 2086Copies of proceedings sent to FRBank representatives and

others 11/20 2209Contract, certified copy to contractor, letter to firm of

Hinckley, Allen, Tillingast &11,heeler, Provi-

dence, R. I., procedure suggested by War and

Navy Departments 6/16 1225Contra cts made by War and Navy and Maritime Commission, letter

from FAC on including "no setoff clause" pro-

Copies tecting assignee against claims 5/30 1097or documents to be sent to Board for transmission to

War and Navy Departments and Maritime Commis-

sion, letter to FRBank of Atlanta on extent of 9/17 182/,c°rporate seal of financing institution should appear on guar-

antee agreements executed on behalf of Aar

Department 9/ 3 1725CoUnsel's Office, in connection with consideration of, discussed

in connection with bill of Squire, Sanders, and

Dempsey 7/28 1505Cl'edit agreement, questions on standard form raised by Mer-

cantile National Bank, Chicago, letter to I'Var

Department suggesting conference on interpre-

tation 6/19 1256


War. loans: (Continued)Decentralization of authority with respect to guarantee loans,

letter to FRBanks on letter from General Carter

and reports on Form 577 to continue to be for-

warded to Board

Default of contractor, guarantee of loan not affected by

Delegation of authority by Maritime Commission to guarantee

loans, copy of revised general order sent to

FRBanksDepositing of guarantee fees to Maritime Commission, FRBanks

to use form No. 1

Discount of notes representing guaranteed loans, effect of

amendment to Regulation A onDocuments required in connection with, FRBanks should satisf

y

themselves as to legal sufficiency of

Eligibility for rediscount discussed at meeting of Federal Ad-

visory Council with Board

Executive order authorizing FRBanks to act as fiscal agents for

War Department, etc., in making, reviewed by

Mr. Eccles and discussed with regard to effect

upon industrial loan corporation bill

Signed by President

FRBanks advised of Order, requested to send representatives

to conference for development of procedure

Conference postponed from Monday until Wednesday

Statement of legal basis for, by Mr. Vest and discussion by

BoardTo he published in FRBulletin

Penses and their allocation at FRBanks, outline of Procedure

of FRBanks in preparing vouchers requesting re-

imbursement from War Department

FRBank of Minneapolis, no objection to brief narrative of ac-

tivities in annual report if first submitted

to BoardFees on guaranteed loans, treatment in earnings and ex

pense

re-

ports of FRBanks

ina-ncing of war production contracts, plan discussed whereby

446Pages

7/25 1036/ 8 1158

9/19 1847

10/ 9 1998

10/ 3 1940

6/15 1219

9/1L 1801

3/23 5423/26 553

3/26 5533/27 534

4/1 6059/23 1875

8/21 1653

12/23 2374

10/22 2049

FRBanks by authority of Executive Order would

act as fiscal agents for 1,ar and Navy Depart-

ments and Maritime Commission in regard to 3/20 507F. Statement by Major Paul Cleveland regarding

lrlancir4; of contracts under Regulation V discussed at meeting

of Board with executive committee of Federal

3/20 509

P . Advisory Councilinncing of war contracts by large concerns, effect on F

ed-

eral revenue discussed at meeting of Federal

6/ 3 1122

Advisory Council with Board 7/ 1 1335


10an S (Continued)P - -'cwra for guarantee and other war loan forms, instructions for

use, sent to FRBank of AtlantaForm of loan agreement and assignment of contract for use in

guaranteed loan, copies used by FRBank of New

York sent to War and Navy Departments and Man -

time CommissionPOrm of loan aE;Teemnl.., we ojea.tion to addition of sentence by

FRBank of New YorkPorn of loan agreement used in connection with guarantees,

plies of War and Navy Departments, and Maritime

Commission on, suggested additional paragraph

to be included by FFBank of BostonFOrm. FR-577 should be forv;arded to Board on date

guarantee for

war loan is executed and mailed or delivered

to financing institution

Fund-3 may be released immediately upon execution of the assign-ment b! the contractor in so far as War Depart-

ment is concernedFuns received under Lxecutive Order 9112, Mr. Bartelt of the

Treasury to confer with Viar Loans Committee re-

garding covering of, into the TreasuryFurniture and equipment for use in connection with, not to be

purchased for handling work of Viar Department

Furniture and equipment 1)urchased by FRBank of Boston, amount

to he deducted from vouchers sent to War Depart-

mentGen - •cral Motors Corporation, notes issued by are not negotiable

and are ineligible for rediscount

Compliance of guarantee agreement used in loan nith para-

G graph 10 of sec. 5200 of revised statutes

eri-"al order No. 54 issued by Maritime Commission, inter

preta-

tion of provisions ofGoi'ernment's riht to cancel a contract, discussion o

f, in

connection with the guarantee agreement, at

a meeting of the Board with the PresidentsGuar-aneee agreement for making war loans:

Preliminary draft of, sent to FHBanks for comments and SUg-

gestionsFREanks to be advised of, upon receipt of official approval

from dElr Department

Form, instructions, and documents sent to FRBanks

11 c)rm, pro.)osed by War Department for adoption for its use,

sent to FRBanksMay be aLTled by War Department officers named in memo from

General StyerConditions contained in authorization by War Department need

not be included in, unless so indicated

L/17

6/19

7/31

12/ 2

5/22

5/6

4/ 1

9/15

9/21

9/12

10/23

10/ 8

5/8

4/ 7

4/104/11

4/15

4/15

5/ 5

447Pages

739

1255

1525

2259

1016

870

603

1818

1857

1833

2052

1974

395

653

690698

721

722

864


Warloans: (Continued)Guarantee agreement: (Continued)

Revision of the form sent to FRBanks with request for

suggestionsProposed standard form transmitted to FRBanks with requests

for comments and suggestions

Executed on behalf of the Navy and V.ar Departments, dupli-

cate copies of should be forwarded to the Board,

reply to FRBank of Chicago

Adoption of standard form by the Var Department and the

Maritime Commission, FRBanks advised regarding

Procedure for the execution of, sent FRBanks, supersedes

prior instructions

Standard form of, documents relating to the approval of,

by the V.ar and Navy Departments and the Maritime

Commission sent to FRBanks

Form, special condition to be inserted in section 13 of

agreements executed on behalf of the War Depart-

mentUse of illustrative examples of the operation of sections

5 and 6 of standard form, FRBank of St. Louisto be advised later on use of

Reply to Mayer, Meyer, Austrian and Platt, Chicago, answer-

ing certain questions on wording of form

Maritime Commission, letter designating representatives to

act for commission in connection with

Changes in wording of condition approved

Interpretation of section 6 of guarantee form, letter from

attorney of Mercantile National Bank of Chicago

Modification where loan is made and participated in by

FRBank and is guaranteed by Maritime Commission

Modification of standard form to be used where loan made or

participated in by FRBank may be guaranteed by

Navy DepartmentMemo to Colonel Mechem on necessity for insertion of spe-

cial condition quoted in memo of ia.r Department

Compliance of standard form with definition of term uncon-

ditional, as used in revised statutes

Standard form modified for use in cases where loan made or

participated in by FRBank is guaranteed by War

DepartmentProvision to permit borrower to withdraw uncancelled con-

tracts from collateral and substitute cancelled

contracts

448Pages

5/ 8 894

5/8 902

5/8 903

5/16 948

5/18 974

5/19 989

5/25 1032

5/28 1076

5/29 1086

5/30 10976/ 5 1139

6/ 6 1152

6/15 1218

6/15 1218

6/15 1220

6/24 1275

6/29 1318

7/ 3 1363


War,

449Pages

loans: (Continued)Guarantee agreement: (Continued)

Question of making two signed copies available to financ-

ing institutions so one copy may be delivered

to borrower, advice of lAar and Navy Departments

and Maritime Commission requested 7/ 8 1383

Interest may not exceed prescribed fee on overdue principal

or overdue interest or otherwise 7/10 1404

Provision to allow withdrawal of uncancelled contract from

collateral securing loan and substitution of

cancelled contracts, letter to Maritime Commis-

sion acknowledging letter

77//1271 11444696Interpretations of section 1 on number of purchases and sec-

tion 4 on bankruptcy proceedings

Insertion of special condition on higher rate of interest

charged at maturity, letter to FRBank of Rich-

mond that change in standard form is not desir-

able but changes may be made in particular cases 7/27 1495

Incorporation of uniform paragraph to give protection to

financing institutions against invalidity of

assignments, letter to FRBank of Chicago that

changes in standard form are not desirable 7/27 1496

Loans not in excess of f100,000 executed for War Depart-

ment and Maritime Commission without prior ap-

proval, but not for Navy Department, letter

to Mr. Gilbert 8/ 6 1577

Loans up to t100,000 by Helena Branch without reference to

Washington after receiving certificate of neces-

sity from liaison officer at Minneapolis 8/17 1628

Minor changes in condition may be accepted by FRBanks with-

out reference to 1%ar Department, prior approval

not necessary after authorization, letter to

all FRBanks 8/18 1633

Power of FRBanks to increase up to amount not exceeding

N_00,000 approved, copies of memorandum sent

to all FRBanks 8/17 1628

'Aade on behalf of Tar Department, instructions for includ-

ing terms and conditions in 9/16 1222

Special conditions of 'iar and Navy Departments transmitted

to FRBanks with advice of contemplated revision

of standard form 10/12 2009

Interpretation of wording of standard form requested by

Mr. A. von 'Vening 10/16 2330

Cancellation of terminated, memo of '.iar Department on 10/20 2042

Interpretation of section 3 of standard form, questions

raised by Mr. Grant V. Anderson1(0)// 03 001;3Original maturity, meaning of term as used in


450Pages

r loans: (Continued)Guarantee agreements: (Continued)

Special provisions in connection with loan to General

Motors Corporation, request of Davis, Polk,

Wardwell, Sunderland, and Kiendl that provi-

sions be included in all guarantee agreements

Special conditions to be inserted approved by Maritime

CommissionInclusion of provisions included in loan to General Motors

Corp., letter to Maritime Commission on

10/27

10/30

11/11

2074

2091

2150

Optional condition L, letters from V:ar Department and Mari-

time Commission on use of 11/13 2166

Inclusion of provisions in loan made to General Motors

Corporation, letter from Davis, Polk, Wardwell,

Sunderland, and Kiendi 11/27 2234

Amendments submitted in memo from War Department, copies

sent to Navy Department and to Maritime Commis-

sion 12/ 9 2294Amendments to, procedure for making 12/14 2311

Proposed revision of standard form sent to FRBanks for sug-

gestions 12/22 2361

Proposed revision of standard form, letter to certain

bankers for suggestions 12/22 2362

Proposed revision of standard form submitted to Comptroller

of Currency for suggestions 12/23 2375

Proposed revision of standard form, suggestions may be

Guarantee submitted not later than Jan. 12

charges, may be paid at time justified by loan agree-12/26 2394

ment 4/11 706Guarantee charges on loans, letter to Tar Department for opin-

ion on proposed change in minimum guarantee

feeGuarantee charges, telegram to FRBank of Chicago on circular-

izing new scheduleGuarantee fees:

Slight change in, made to avoid possible confusion, Navy

Department and Maritime Commission advised

Letter to War Department on provisions in guarantee agree-

ment with reference to rate of interest payable

after the maturity higher than rate payable

before maturity

Remittance by financing institutions, advice to FRBank of

Chicago that Government be credited with exact

amount of fees due

Computation where first advance is made by financing insti-

tution prior to issuance of agreement

Schedule approved

12/26 2394

12/31 2417

9 665

7/ 2 1355

7/13 1415

11/27 223412/29 2403


loans: (Continued)Guarantee fees and other charges, information on how amount is

arrived at, to be kept by FRBanks for future

reference

Guarantee fees and schedule of rates, telegram to FRBanks on7/ 2

451Pages

1354

proposed changes in 12/22 2360

Guarantee schedule of rates approved and minimum guarantee fee

eliminated 12/30 2409

Guaranteed loans, compliance with requirements of, exception

to section 5200 of revised statutes, letter

from Comptroller of Currency on 10/29 2086

Guaranteed loans, eligibility of notes evidencing, statement

for publication in FRBulletin 10/24 2059Guarantees of 100 per cent on war loans, to be made by War De-

partment only in exceptional cases, telegram

to FRBanks 4/17 736Guarantees, procedure for determining authenticity of authoriza-

tions for the execution of, reply to FRBank of

Cleveland regarding 4/17 738

Guarantees, FRBanks requested to forward in duplicate all cor-

respondence regarding 4/25 764Guarantees, authorization memoranda for the

execution of, to

be sent to FRBanks by air mail instead of by

wire, telegram to be used only to notify of

action taken on applications 5/11 915

1.%ar Loans Committee to continue for time being to wire en-

tire memoranda to the FRBank of San Francisco 5/12 925Guarantees, letter to FRBanks containing answers

to questions

involving the execution of 5/23 1023Guarantees, loans and commitments made by W

ar Department, memo

randum of General Somervell on procedure, copy

sent to FRBanks

Guarantees by War Department, complete file to be furnished to

Guarantees, desire of JEIr Department that applications be for-

warded to washington through FRBank of Min-

neapolis and not direct from Helena Branch,

loans not in excess of 8100,000 to be reported

to head office

6/ 58/ 6

8/27

11391577

1698Illinois Tool and Machine Company, not necessary to prepare

form FR 577 covering guarantee of loan to 5/22 1016Information, in connection with a

pplications for, pending ap-

pointment of liaison officer if not available

immediately, application should be forwarded

to Washington without it 4/30 825Information on number and amount, letter to FRBanks on

release

of 6/ 3 1129


452

loans: (Continued)Information requested with applications, letter to FRBank of

Atlanta commenting on mimeograph sheet calling

for supplemental data to be furnished with ap-

Pages

plications 7/13 1413Instructions to be followed in making, copy sent to Under Sec-

retary of War Patterson 4/6 628Instructions of War Department not for general publication,

but disclosures may be made as necessary in

connection with negotiations 4/13 710Instructions of War Department and Maritime Commission in au-

thorizing making of guarantees by FRBank, au-

thority of certain officials to waive require-

ments 9/23 1869Instructions for guidance of FRBanks in arranging guarantees

and in servicing loans, copies of those adopted

by War and Navy Departments and Maritime Com-

mission sent to FRBanks 9/30 1910Interest and fees derived by War Department from, instructions

as to the account to credit it to 5/27 1069Int erest, fees, and other charges derived from War Department

loans to be credited to account of Lieutenant

Colonel WitcherInterest, fees, and other charges to credit of Laritime Commis-

sion, manner of covering into general fund,

Interest, letter to Maritime Commission on arrangement

fees, and charges derived by Maritime Commission, ad-

vice to FaBanks on crediting to account ofInt erest, fees, and other charges derived by Navy Department

from loans and guarantees, instructions for

crediting ofInterest rates on, in excess of five per cent is in violation

of rates established by the BoardInterest rate on loans guaranteed by Maritime Commission, let-

ter from Commission that rate should be as low

as possibleInterest rate, advice that interest after maturity, interest on

overdue interest, or otherwise should not ex-

ceed maximum rate prescribed for guaranteed

loansJacob, W. F of Tucson, Arizona, reply to Senator Hayden that

application was not executed by any financial

institution and War Department ruled that no

application existsL e gal

work and procedure at FRBanks in connection with guar-

anteed loans, letter to War Department for

advice and comment

7/ 1

7/ 3

7/23

9/19

5/22

9/ 3

9/14

7/11

8/10

1345

1364

1456

1847

1016

1725

1805

1407

1599


Warloans: (Continued)Legality of executive order, 9112, opinion of Mr. Oscar Cox

on, no distribution to be made unless re-

questedLiability of guarantor for loss without any express limitation

on period of timeLiaison officers not authorized to execute guarantee agreement

in any amount without submitting to War Depart-

mentLimitations on loans by State laws, compilation of State laws

sent to War Department with opinion that they

do not apply to guaranteed loansLoan agreement used by FRBank of Cleveland, request of War De-

partment for revision of certain provisionsLoan a greements, memorandum from War Department on provisions

which prevent borrower from undertaking addi-

tional war contracts, from consenting to modi-

fication of war contracts, etc.

Maritime Commission, manner of handling negotiations by subcon-

tractorInstructions of, sent to FRBanksMr. Rockwell authorized to execute guarantees for, signa-

ture sent to FRBanks

Maturity of, acceleration prohibited without written consent

of guarantorMemoranda from General Styer, Colonel Comes, and Mr. Patterson

re specimen signatures, contracting officers,

and modification of instructions for, sent to

FRBanksand Newell of FRBanks of New York and Cleveland,

respectively, to be requested to come to Wash-

ington to discuss procedure for making

as security for, possibility of conflict be-

tween Government's rights and rights of financ-

ing institutionComptroller requested to give consideration to

question of allowing the making of war loans by,

without being subject to section 5200 of Re-

vised StatutesLoans made by, applicability of section 5200, Revised

Statutes to, letter to FRBanks regarding,

Board has no objection to the giving of a

copy of, to interested parties, information

on State limitations on loans made by State

banks requested3allY D epartment, instructions as approved for

Letter of Board on making guaranteed loan prior to filing

of notice of assignment of contract

Messrs. Rounds

Mortgages taken

National banks,

453Pages

5/19 984

10/19 2039

8/13 1613

7/22 1470

8/22 1661

9/12 1790

4/22 7535/16 948

5/21 1008

9/28 1895

4/17 737

3/20 513

10/ 8 1973

4/8 661

5/12 9245/19 991

6/10 1181


'ar loans: (Continued)

Non-negotiable notes of corporations, eligibility under Regula-

tion ANotes evidencing loans guaranteed pursuant to Executive Order

No. 9112, instructions to FRBanks for treatment

of, and amendment to Regulation A transmitted

Number of applications for loans and guarantees and number

made each week, request of Board that wire

covering, be sent each week

Number of applications for loans and guarantees on hand, reports

to exclude those referred to Ibashington

Optional condition (N), memo of liar Department on use of

Optional conditions (N) and (L), letter from Navy Department on

insertion in guarantee agreements and on modifi-

cation in standard form of authorization

°riginal maturity, explanation of term in connection with, let-

ter from Mr. VerhelleProcedure for making, pending appointment of liaison officers

by the War DepartmentProcedure for execution of guarantees and making of loans pur-

suant to authorization of War Department sent

to FRBanksProcedure to be followed by FRBanks in execution of guarante

e

agreements, in accordance with suggestion of

War DepartmentProposal of having FRBanks act as fiscal agents for the making

of, reviewed and discussed at meeting of the

executive committee of the Federal Advisory

Council with the BoardPurchase of guaranteed portion by War Department, proce

dure

454Pages

9/18 1835

9/21 1853

5/ 2

6/9 117111/ 3

11/ 3

10/ 1

4/13 709

339

2107

2107

1923

4/22 753

4/27 776

4/ 9 683

forQuestions in connection with loan applications ca

lled to atten-

tion of FRBanks by Maritime Commission

Rates, table of, which might be adopted by War Department con-

sidered for submission to conference of Reserve

Bank representativesRates on, letter containing Board's recommendations

regarding

approved, to be sent to Under Secretary of War

to be cleared with Navy Department and Maritime

Commission, copy to be sent to Major Cleveland

Rates of interest and guarantee fees on, discussed at meeting

of the executive committee of the Federal Ad-

visory Council with the Board

Rates on, not to be generally released but used in connection

with actual transactions as they arise

Rates of 1/2 to 2 per cent on commitments for future discount

of loans at FRBank of New York, approved

12/23

9/26

4/1

4/ 3

4/ 9

4/14

5/ 1

2373

1891

606

619

685

716

834


17ar loans: (Continued)Real estate loans by national banks, mortgages as additional

security for guaranteed loans where primary

security is represented by guarantee or by as-

signed contract•

Regulation S, amended to gear the FRBanks to the program for

Regulation V, draft of, approved for purpose of discussion with

Reserve Bank representatives

Press statement to be released in connection with the adop-

tion of, sent to FRBanks

Experience of the Board under, reviewed by Mr. Draper at

meeting of the Board with the Presidents

Regulations of Secretary of Treasury on industrial loans, amend-

ment to be requested

Reimbursement for traveling and other expenses, letter to

FRBank of Dallas regarding suggested procedure

for allocating

Reimbursement of expenses for, vouchers to be forwarded through

Board's Division of Bank Operations

Renegotiation of war contracts:

Resolution of Federal Advisory Council presented at meeting

with Board for discussion

Instructions of VVar Department on principal policy and pro-

cedure for

Probable losses to banks if right is exercised by Govern-

mentReports on:

9/23

455Pages

13704/30 826

4/ 1 601

4/10 690

5/ 8

3/26

894

560

5/20 996

7/15 1431

9/14

9/21

10/ 7

179L

1856

1959

FR 577 may be used for, pending further discussion with

War Department

FRBanks advised of kind desired by Board, with respect to

outstanding loans guaranteed by FRBanks, Forms

FR 579 and 577 enclosed with proper instruc-

4/17 738

tions 5/ 2 838

Manual governing the preparation of functional expense,

sent to FRBanks, changes involving reimburse-

ment for expenses incurred in making 5/ 4 842Type and scope of those submitted in addition to regular

forms 6/30 1324

Forms 577, 577a, and 579, instructions for reporting 7/ 3 1361June and July requested to show total amount of advances

made 8/26 1690

Total daily balances outstanding on loans, revised reports

requested from FRBank of St. Louis 9/12 1791Representatives of FRBanks to confer r

egarding procedure for 3/20 513

Salaries of senior officers and other items to be included in

vouchers for reimbursement of expenses 7/15 1432


456Pages

tar loans: (Continued)Schedule of interest rates and guarantee fees that may be

charged for, and copy of proposed regulation

sent to Under Secretary of bar Patterson 4/ 6 634Similar letters to be sent to Under Secretary of Navy

Forrestal and Chairman Land of Irlaritime Com-

mission 4/ 6 635Schedule of 5 per cent on, approved 4/ 6 639

Secretarial and other service and supplies to be furnished

liaison officers of lair Department on reim-bursable basis 6/15 1217

Sec. 5200 of revised statutes, applicability of exception 10

to participations in loans covered by guaran-tees or take over commitments 11/23 2218

Series of numbers on guarantees to be assigned by FRBank andsame numbers to be used on reports 7/10 1405

State laws limiting loans to one person, compilation of reportsreceived from FRBanks 8/ 6 1577

Statement by Mr. Eccles on conference of Board vith ReserveBans representatives regarding interest ratesand guarantee charges on

Statement of necessity to accompany applications for guaranteesof loans, FRBanks requested to submit, for useof bar and Navy Departments and Maritime Com-mission

L/ 3

4/25

618

764SuPnly contracts, memo of bar Department with amendment of con-

tract inserting article 14 10/10 2003Lalrety companies as reinsurer of risks in program discussed at

meeting of Federal Advisory Council with Board 9/14 1800Transfer of collateral securing 7uaranteed loan, right of guar-

antor to require 12/31 2418Transfer of note evidencine- guaranteed loan, question whether

FRBank succeeds to rights of discounting financ-ing institution 10/ 7 1957

Voucher submitted by FRBank of Cleveland for reimbursement ofexpenses on behalf of Maritime Commission, re-quested to ;,ithhold voucher until loans areguaranteed 8/29 1715

Vol aceiers for reimbursement of war loan expenses for June to bedeferred for time being 7/ 1 1345

Vouchers, suggestion for preparation of 12/31 2416Itaiver of requirements of instructions authorizing the making

of guarantees by FRBanks, authority of certainofficials of War Department and Maritime come

missionar Loans Committee, organization of, as outlined in memorandum

from :r. Eccles approved with minor change

9/23

3/26

1869

554


tar Man Power Commission:Colored employees on staff of Board, report submitted at re-

quest of, and similar reports to be submitted

every four months

Directive Number XI requesting list of positions in Board's or-

ganization concerned vith war effort and for

which deferment might be requested

Problems of occupational deferment, advice to Civil Service

Commission that Mr. R. F. Leonard will act for

War P Board of Governors

roduction Board:APplications for priority assistance for fourth calendar

quarter, to be forwarded on Form PD-408

Pxecutive Order establishing, ordered published in FRBulletin

Forms and instructions of Bureau of Governmental Requirements,

copies sent to FRBanks

Guarantee agreement for war loans, letter to :Jr. Mark Brotn on

including provision to permit borrower to with-

draw uncancelled contract from collateral and

substitute cancelled contracts

Inventories of consumers goods, use of credit in connection

with accumulation of, letter to financing in-

stitutions to be cleared through

(See also Inventories)

Loan of Mrs. Nancy Randolph Porter refused, but no objection toresignation

Priority assistance by FRBanks and designation of Mr. Myrick to

act in liaison capacity with War Production

Board, letter to Mr. „faury Maverick on request

for

Regulationb, proposed Amendment No. 3, statement with regard

to the extent of help that its adoption would

be to

Statistics of department stores inventories by department to be

collected monthly instead of quarterly

4.r Relocation Authority:F)eecutive Order establishing office, statement for publication

in FRBulletinar L'avings Program:

Activities of FRBank liaison officers, monthly reports need no

longer be submitted

v,a. Discussion of record of FRBanks in pay roll savings plan

Keith F., Publisher of The Bankers Magazine, advised that

Regulation designed to discourac:e unwise bor-

rowing and not prohibit instalment buying gen-

erally

/457Pages

9/12 1788

10/ 2 1926

10/23 2051

3/19 16421/23 113

7/3O 1519

7/ 3 1563

6/11 1186

9/ 8 1749

7/21 1466

2/214 324

6/13 1211

3/24 551

6/18 12/489/29 1903

1/16 77


14,58Pages

Washington Post:100 V,ar Bond offered each month to Federal employee who makes

most constructive suggestion for improvement ofFederal service 9/26 1892

Weller, Ira A., reply to letter relating to restrictions of Regula-tion W 9/25 1885

Wesley, Irvin: (See Regulation V, Lincoln Loan Company)test, George, report of discussions of Mr. Ransom with, concerning

amendments to several loan acts 1/16 68Western Electric Company, repair and maintenance of residential

property for employees, application of Regula-tion W to

/1tharton School of Finance and Commerce, study on "Executive Devel-opment in the FRBanks," copy of, not to be madeavailable to the Training Division of the U.S.

Wh Civil Service Commission

ee4-er, Senator Burton K., advised that the report in connectionwith the application of the Billings UtilityCompany, Billings, Montana, for a loan fromthe FREank of Minneapolis cannot be made avail-able because of its confidential nature, andrelation to pending litigation

Letter to Representative O'Connor and Senators theeler andMurray explaining reasons more fully

Credit to church for building parsonage does not come under Reg-ulation Vi

Letter on refusal of request of Mr. Moss of Billings UtilityCompany for copy of report of examiner who madeinvestigation in connection with application

White for loan

House Market, Vichita Falls, Texas, letter to Mrs. FrancesHodges that groceries are not included in listedarticles under Regulation V,

1C111' Erlanger Company, East Liverpool, Ohio, letter of appreciationfor suggestion that a customer in default atone store might obtain credit at another andthus avoid Regulation W

11am Y. Gilmore and Son, Oak Park, Illinois, charge accountscomplying with specifications under RegulationW, approved

.1.., 0ughby, Raymond: (See Nation's Business)'"uMills, included in classification "water pumps designed for

household use," under Regulation W regardlessWise of priority status

°nein, trust funds awaiting investment or distribution, depositby State to member banks in (An commercial andsavings department

12/15 2314

5/20 1000

5/ 4 844

5/20 1001

6/ 3 1131

7/ 9 1388

6/ 2 1110

5/23 1026

8/ 4 1545

2/2 164

7/15 1430


459

Withdrawals from FRSystem:Citizens Bank, Marshall, N. C., permission for immediate with-

drawal approved

Citizens State Bank, Marianna, Fla., application for immediate

approved and permission to FDIC to examine in

connection with continuance of insurance

State Bank of Mayville, Wisconsin, permission to FDIC to ex-

amine to permit continuance as nonmember in-

sured bankSix months' notice waived and permission given for imme-

diateWolffson, Joseph, complaint regarding difficulty of continuing bus-

iness because of hardships of Regulation WWoodhull Insulation Co., Inc., request that maximum maturity for

credit in connection with rock wool insulation

be more than 12 months, not grantedNol shipments, request of Commonwealth Bank of Australia to send

messages in private code to FRBank of Boston

for transmission by mail to commercial banks,

letter to Director of Censorship

I'l°rking hours: (See Hours of work)

Y. If C. A.3 exempted from provisions of Regulation W

4.°11 Ralph A.: (See National Bureau of Economic Research)

112,11

.enoff, Ben: (See Zenoff Motors)

'eltoff Motors, advised that Board agrees with FRBank of Chicago inconnection with a plan for the sale of used au-tomobiles under Regulation W

10/13

10/20

1/14

2/10

7/ 2

6/17

7/17

6/29

5/6

Pages

2013

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49

233

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1235

1451

1319

873
