UNITED 77777St......
EXECUTIVE OFFICERS
President - Woodrow Wilson (re-elected Nov. 1916, inaugurated March 4, 1917
Secretary of Treasury - Carter Glass (appointed Dec. 16, 1918, served until Feb. 1, 1920)
David F. Houston (appointed Feb. 2, 1920, served until March 3, 1921)
Comptroller of Currency - John Skelton Williams (date of appointment Feb, 2, 1914, resigned March 2, 1 Secretary of State - Robert Lansing Bainbridge Colby Secretary of War - Newton Baker Secretary of Navy - Josephus Daniels Secretary of Interior -John B. Payne Secretary of Agriculture - David F. Houston Edward T. Viredith Secretary of Commerce - Joshua W. Alexander Secretary of Labor - William B. Wilson Postmaster General Digitized for FRASER - Albert S. Burleson http://fraser.stlouisfed.org/Attorney General - A. Mithhell Palmer Federal Reserve Bank of St. Louis ~I ____ _ 19 2 0 December U. S. GOVERNMENT
S EN A TE | Banking and Currency Committee 66th Congress
Republicans Democrats
McLEAN, George P. Connecticut OWEN, Robert L. Oklahoma PAGE, Carroll S. Vermont HITCHCOCK, Gilbert M. Nebraska GRONNA, Asle J. North Dakota POMERENE, Atlee Ohio NORRIS, George W. Nebraska FLETCHER, Duncan U. Florida FRELINGHUYSEN, Joseph New Jersey KENDRICK, John B. Wyoming PENROSE, Boies Pennsylvania HENDERSON, Charles B. Nevada CALDER, William M. New York WALSH, David I. Massachusetts NEWBERRY, Truman H. Michigan KEYES, Henry W. New Hampshire
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -- ~ - 1920 December U. S. G 0 VERNMENT HOUSE OF REPRESENTATIVES
Banking and Currency Committee
66th Congress
Republicans Democrats
McFADDEN, Louis T. Pennsylvania PHELAN, Michael F. Massachusetts DALE, Porter H. Vermont EAGLE, Joe H. Texas McCULLOCH, Roscoe C. Ohio WINGO, Otis Arkansas KING, Edward J. Illinois S.EAGALL, Henry B. Alabama SCOTT, Frank D. Michigan HAMILL, James A. New Jersey NELSON, Adolphus P. Wisconsin LONERGAN, Augustine Connecticut STRONG, James G. Kansas BRAND, Charles H. Georgia ECHOLS, Leonard S. West Virginia STEVENSON, William F. South Carolina BROOKS, Edward S. Pennsylvania HILL, William H. New York LUCE, Robert Massachusetts BURDICK, Clark Rhode Island
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FEDERAL RESERVE BOARD
Ex Officio Members W. P. G. Harding, Governor David Houston, Albert Strauss, Vice Governor Secretary of the Treasury, (retired March 15) Chairman Edmund Platt, Vice Governor John Skelton Williams, (succeeded Strauss, July 23) Comptroller of the Currency R. G. Emerson, Assistant to Governor (appointed Oct. 16)
Adolph C. Miller Charles S. Hamlin Henry A. Moehlenpah (term expired 9/5) D. C. Wills (succeeded Moehlenpah 9/20)
Secretary's Office W. T. Chapman, Secretary (resigned Nov. 1) W. W. Hoxton , (succeeded Chapman Nov. 1) W. W. Hoxton, Asst. Secretary (before Nov. 1) R. G. Emerson, Asst. Secretary Walter L. Eddy, Asst. Secretary, (October 16)
Division of Operations and Examination George L. Harrison, General Counsel James F. Herson, Chief (resigned late in the year) W. S. Logan, General Counsel Digitized for FRASER (succeeded Harrison) http://fraser.stlouisfed.org/ (Turn) Federal Reserve Bank of St. Louis Division of Analysis and Research
H. Parker Willis, Director
Division of Foreign Exchange J. E. Crane, Acting Director
Division of Reports and Statistics
E. L. Smead, Chief
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis - 1 S1920 ~ FEDERAL RESERVE SYSTEM
J FEDERAL ADVISORY COUNCIL J
District No. (Boston) Philip Stockton
District No, (New York) A. B. Hepburn
District No. (Philadelphia) L. L. Rue, Vice President
District No. (Cleveland) W. S. Rowe
District No. (Richmond) Joseph G. Brown
District No. (Atlanta) Oscar Wells
District No. (Chicago) James B. Forgan, President
District No. (St. Louis) F. 0. Watts
District No. (Minneapolis) C. T. Jaffray
District No. (Kansas City) E. F. Swinney
District No. (Dallas) R. L. Ball
Digitized for FRASERDistrict No. (San Francisco) A. L. Mills http://fraser.stlouisfed.org/ Merritt Federal Reserve Bank of St. Louis H. Grin, Secretar 1920 Federal Reserve Bank of Boston (Dist. 1)
FFICERS
Governor - Charles A. Morss
Deputy Governors - C. C. Bullen W. W. Paddock
Chairman and Federal Reserve Agent - Frederic Curtiss
Deputy Chairman - Allen Hollis
Assistant Federal Reserve Agent - Russell B. Spear
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -r*----~---- -I
Federal Reserve Bank of Boston (Dist. 1)
DIRECTORS Term Expires Class A Dec. 31 BEAL, Thomas P. (Boston, Mass.) 1920 KENNARD, Edward S. (RUmford, Me.) 1921 CHAMBERLAIN, F. S. (New Britain, Conn.) 1922(elected)
Class B
ALLEN, Philip R. (East Walpole, Mass.) 1920 WASHBURN, Chas. G. (Worcester,Mass.) 1921 MORSE, Edmund R. (Proctor,Vt.) 1922 (re-elected)
Class C
CURTISS, Frederic H. (Boston Mass.) Chairman and FR Agent 1920 HOLLIS, Allen (Concord, N.H.) Deputy Chairman 1921 METCALF, Jesse H. (Providence, R.I.) 1922 (re-appointed)
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1920 Federal Reserve Bank of New York (Dist. 2)
OFFICERS
Governor - Benjamin Strong (on leave of absence)
Acting Governor - J. H. Case
Deputy Governors - L, F. Sailer E. R. Kenzel G. L. Harrison
Chairman and Federal Reserve Agent - Pierre Jay
Deputy Chairman - George F. Peabody
Assistant Federal Reserve Agent Shepard Morgan
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1920 Federal Reserve Bank of NEW YORK (Dist. 2) :r
DIRECTORS Dec. 31 CLASS A Term Began Term Endec
ALEXANDER, James S. (New York) 1/1/20 1922 (el ected) TREMAN, Robert H. (Ithaca) 1/1/18 1920
SMITH, Charles, (Oneonta) 3/119 1921 CLASS B
STONE, Charles A. (New York) 1/1/20 1922 (elected)
*THOMPSON, William B. (Yonkers) 1/1/18 1920 (resigned 12/22/19)
PALMER, Leslie R. (Croton-on 1/1/19 1921 Hudson) CLASS C
JAY, Pierre (New York) 1/1/20 1922 (reappointed) (Chairman) SAUNDERS, William L. (Plainfield) 1/1/18 1920
PEABODY, George F. (Lake George) 1/1/19 1921 (reappointed) (Dep Chairmai Digitized for FRASER http://fraser.stlouisfed.org/*WILLIAMS, Richard H. (Madison) 6/1/20 1920 Federal Reserve Bank of St. Louis Federal Reserve Bank of Philadelphia (Dist. 3)
OFFICERS
Governor, E. Pussey Passmore
George W. Norris (elected April 5)
Deputy Governor, Wm. H. Hutt, Jr.
Chairman and Federal Reserve Agent Richard L. Austin
Deputy Chairman Henry B. Thompson
Asst. Federal Reserve Agent Arthur E. Post
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Federal Reserve Bank of Philadelphia (Dist. 3)
DIRECTORS Term Expires Class A Dec. 31
WAYNE, Joseph (Jr.) (Philadelphia Pa.) 1920 DOUGLAS,Francis (Wilkes-Barre, Pa.) 1921 MURPHY, M. J. (Clarks Green, Pa.) 1922 (re-elected) Class B
STUART, Edwin S. (Philadelphia, Pa.) 1920 HADDON, Chas. K. (Camden, N. J.) 1921 JOHNSON, Alba B. (Philadelphia, Pa.) 1922(re-elected) Class C
AUSTIN, Richard L. (Philadelphia, Pa.) Chairman and FR Agent 1920 HARRISON, Chas. C. (Philadelphia, Pa.) 1921 THOMPSON, H. B. (Wilmington, Del.) Deputy Chairman 1922 (re-appointed)
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1920 Federal Reserve Bank of Cleveland (Dist. 4)
OFFICERS
Governor - E. R. Fancher
Deputy Governors - M. J. Fleming Frank J. Zurlinden
Chairman and Federa l Reserve Agent - D. C. Wills
Deputy Chairman - Lewis B. Williams
Assistant Federal Reserve Agent - J. C. Nevin
Acting Federal Reserve Agent - Lewis B. Williams (after September 30)
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Federal Reserve Bank of Cleveland (Dist. 4)
DIRECTORS
Term Expires Class A Dec, 31 WARDROP, Robert (Pittsburgh, Pa.) 1920 SAMS, 0. N. (Hillsboro, Ohio) 1921 LAMBERTON, Chess (Franklin, Pa.) 1922 (elected) Class B
COMBS, T. A. (Lexington, Ky.) 1920 STAMBAUGH, John (Youngstown, Ohio) 1921 WRIGHT, R. P. (Erie Pa.) 1922 (re-elected) Class C
WILLS, D. C. (Cleveland, Ohio) Chairman and FR Agent 1920 (resigned Sept. 30) WOLFE, H. P. (Columbus, Ohio) 1921 WILLIAMS, Lewis B. (Cleveland, Ohio) Deputy Chairman 1922 (appointed)
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FFICERS
Governor - George J. Seay
Deputy Governors C. A. Peple R. H. Broaddus
Asst. to Governor - A. S Johnstone John S. Walden
Chairman and Federal Reserve Agent - Caldwell Hardy
Deputy Chairman - James A. Moncure
Assistant Federal Reserve Agent - J. G. Fry
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Federal Reserve Bank of Richmond (Dist. 5)
DIRECTORS
Term Expires Class A Dec. 31
MANN, Edwin (Bluefield, W. Va.) 1920 RIEMAN, Chas. E. (Baltimore, Md.) 1921 BRUTON, J. F. (Wilson, N.C.) 1922 (re-elected)
Class B
COKER, D. R. (Hartsville, S.C.) 1920 STRUDWICK, Edmund (Richmond, Va.) 1921 OYSTER, James F. (Washington, D. C. ) 1922(re-elected)
Class C
HARDY, Caldwell (Richmond, Va.) Chairman and FR Agent 1920 BRUCE, Howard (Baltimore, Md.) 1921 MONCURE, James A. (Richmond, Va.) Deputy Chairman 1922(re-appointed)
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Federal Reserve Bank of Atlanta (Dist. 6)
OFFICERS
Governor - M. B. Wellborn
Deputy Governor - L. C. Adelson
Chairman and Federal Reserve Agent - Joseph A. Mc Cord
Deputy Chairman - Edward T. Brown
Asst. Federal Reserve Agent - Ward Albertson
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis = -~~-...... 'II
Federal Reserve Bank of Atlanta (Dist. 6) 7
DIRECTORS
Term Expires Class A Dec. 31
KITTLES, P. R. (Sylvania, Ga.) 1920 OTTLEY, John K. (Atlanta, Ga.) 1921 NEWTON, Oscar A. (Jackson, Miss.) 1922 Class B
SIMON, Leon C. (New Orleans La.) 1920 (elected) McCRAIR, J.A. (Decatur, Ga.) 1921 HARTFORD, W. H. (Nashville, Tenn.) 1922 (re-elected) Class C
McCORD, Jos. A. (Atlanta, Ga.) Chairman and FR Agent 1920 (appointed) BROWN, Edw. T. (Atlanta, Ga.) Deputy Chairman 1921 KITTIG, W. H. (Birmingham, Ala.) 1922(re-appointed)
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis __ I______~_I__~______
Federal Reserve Bank of Chicago (Dist. 7)
OFFICERS
Governor - J. B, Me Dougal
Deputy Governor - C, R. Mc Kay
Asst. to Governor - B. G. Mc Cloud
Chairman and Federal Reserve Agent - William A. Heath
Deputy Chairman - James Simpson
Assistant to Federal Reserve Agent - W. F. Mc Lallen
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis _~C
Federal Reserve Bank of Chicago (Dist. 7)
DIRECTORS
Term Expires Class A Dec. 31 JOHNSON, E. L. (Waterloo, Iowa) 1920 REYNOLDS, Geo. M. (Chicago, Ill.) 1921 McNIDER, Charles H. (Mason City, Iowa) 1922 (elected)
Class B
ERSKINE, Albert R. (South Bend, Ind.) 1920 VOGEL, A. H. (Milwaukee, Wis.) 1921 BLODGETT, John W. (Grand Rapids, Mich.) 1922 (re-elected) Class C
SIMPSON, James (Chicago,Ill.) Deputy Chairman 1920 HEATH, Wm. A. (Evanston, ll.) Chairman and FR Agent 1921 *MEREDITH, E. T. (Des Moines, Iowa) 1922 (re-qa *BALL, Frank C. ( Muncie, Ind.) 1922 (succeee Mere dith in May)
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1920 Federal Reserve Bank of St. Louis (Dist. 8)
OFFICERS
Governor - David C. Biggs
Deputy Governor - 0. M. Atteberry
Chairman and Federal Reserve Agent - William McC. Martin
Deputy Chairman - John W. Boehne
Asst. Federal Reserve Agent -
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis _ I ______I__ I _ _ _ _ _1__1 __ ~* _ __I __ _I _ _~_
Federal Reserve Bank of St. Louis (Dist.8)
DIRECTORS
Term Expires Class A Dec. 31
HILL, Walker (St. Louis, Mo.) 1920 UTTERBACK, J.C. (Paducah, Ky.) 1921 ZIEGLER, Sam A. (Albion, Ill.) 1922 (re-elected)
Class B
PERCY, Le Roy (Greenville, Miss.) 1920 WELLS, Rolla (St. Louis, Mo.) 1921 (elected) PLUNKETT, W. B. (Little Rock, Ark.) 1922 (re-elected)
Class C
BOEHNE, John W. (Evansville, Ind.) Deputy Chairman 1920 McC. MARTIN, William (St. Louis, Mo.)Chairman and FR Agent 1921 MOONEY, C. P. J. (Memphis, Tenn.) 1922 (re-appointed)
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis '~'ilC~~;fa---- r ~- l----~- ~l"-- ~i----- ~-CC~C~-I -C4~CC _ _ __ I I I C
Federal Reserve Bank of Minneapolis (Dist. 9)
OFFICERS
Governor - R A. Young
Deputy Governors -(S.. Geery ? XAt-Of/'i S. S. Cook
Chairman and Federal Reserve Agent - John H. Rich
Deputy Chairman - William H. Lightner
Asst. Federal Reserve Agent - Curtis L. Mosher
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis ~~ ______I _ 1 S1920 Federal Reserve Bank of Minneapolis (Dist. 9)
DIRECTORS
Temn Expires Class A Dec. 31
HANNA, L. B. (Fargo, N.Dakota) 1920 McDOWELL, W. C. (Marion, N.Dak.) 1921 WOLD, Theodore (Minneapolis, Minn.) 1922 (elected)
Class B
HOLTER, N. B. (Helena, Mont.) 1920 HIXON, F. P. (La Crosse, Wis.) 1921 BIGELOW, F. R. (St. Paul, Minn.) 1922 (re-elected)
Class C
RICH, John H. (Minneapolis, Minn.) Chairman and FR Agent 1920 LIGHTNER, W. H. (St. Paul, Minn.) Deputy Chairman 1921 BENEDICT, C. H. (Lake Linden, Mich.) 1922 (re-appointed)
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis - -- ~ 1920 Federal Reserve Bank of Kansas City (Dist. 10)
OFFICERS
Governor - J. Z. Miller, Jr.
Deputy Governor - C A. Worthington
Chairman and Federal Reserve Agent - Asa E. Ramsay
Assistant Federal Reserve Agent - C. K. Boardman
Deputy Chairman - F. W. Fleming
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Federal Reserve Bank of Kansas City- (Dist. 10)
DIRECTORS Term Expires Class A Dec. 31
BURNHAM, C. E. (Norfolk, Nebr.) 1920 MITCHELL, J. C. (Denver, Colo.) 1921 BAILEY, W. J. (Atchison, Kans.) 1922 (re-elected)
Class B
GIBSON, Harry W. (Muskogee Okla.) 1920 BYRNE, T. C. (Omaha, Nebr.3 1921 McCLURE, M. L. (Kansas City, Mo.) 1922 (re-elected)
Class C
RAMSAY, Asa E. (Kansas City, Mo.) Chairman and FR Agent 1920 MALONE, R. H. (Denver, Colo.) 1921 FLEMING, F. W. (Kansas City, Mo.) Deputy Chairman 1922 (re-appointed)
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1920 Federal Reserve Bank of Dallas (Dist. 11)
OFFICERS
Governor R. L. Van Zandt
Deputy Governor - Lynn P. Talley
Chairman and Federal Reserve Agent W. F. Ramsey
Deputy Chairman - W. B. Newsome
Assistant Federal Reserve Agent - Charles C. Hall
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis - Il I I i . -.-- rrarr I I II m 'TT-w rw 'y" iwf ifs w **_rsv-*:
Federal Reserve Bank of Dallas (Dist. 11)
DIRECTORS Term Expires Class A Dec. 31
SCOTT, John T. (Houston, Tex.) 1921 SMITH, E. K. (Shreveport, La.) 1920 McKINNEY, B. A. (Durant, Okla.) 1922 (re-elected)
Class B
CULBERTSON, J. J. (Paris, Tex.) 1920 KELL, Frank (Wichita Falls, Tex.) 1921 SANSOM, Marion (Fort Worth, Tex.) 1922 (re-elected) Class C
RAMSEY, W. F. (Dallas Tex.)Chairman and FR Agent 1920 NEWSOME, W. B. (Dallas, Tex.) Deputy Chairman 1921 WOOTEN, H. 0. (Abilene, Tex.) 1922 (re-appointed)
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Federal Reserve Bank of San Francisco (Dist. 12)
OFFICERS
Governor - John U. Calkins
Deputy Governor - William A. Day
Asst. Deputy Governors - Ira Clerk C, H. Stewart
Chairman and Federal Reserve Agent - John Perrin
Deputy Chainnan - Walton N. Moore
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis ~~~~~-- -- ;-:~ --- ~-- - I,: ----.------rr. I g~
Federal Reserve Bank of Sa n Francisco (Dist. 12)
DIRECTORS
Term Expires Class A Dec. 31 FISHBURN, J. E. (Los Angeles', Cal.) 1920 BUCHAN, M.A. (Palo Alto, Calif.) 1921 McINTOSH, C. K. (San Francisco, Calif.) 1922 Class B
DOHRMANN, A. B. C. (San Francisco, Cal.) 1920 McGREGOR, J. A. (San Francisco, Cal.) 1921 COX, E. H. (San Francisco, Calif.) 1922 (re-elected) Class C
PERRIN, John (San Francisco, Calif.) Chairman and FR Agent 1920 MOORE, Walton N. (San Francisco, Calif.) Deputy Chairman 1921 ELLIOTT, Edward (Berkeley, Calif.) 1922 (re-appointed)
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1920 HEARINGS
Feb. 10 TT.S. Congress. House. Committee on banking and HG currency. 2535 Abolition of the subtreasuries: hearing ... .A3 on F.R. 12209, a bill toabolish the subtreasuries 1920 and to transfer their duties to the Federal reserve banks, the Treasury at Washington, the Mints and Assay offices, and for other ourposes, February 10, 1920. Wash., Govt.ptg.off.,1920. 47 p.
F.R.Bd.L. a
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis .- mm-mmmw-w 1920 March HEARINGS Federal Reserve Board - Rates of Interest on Collateral call loans. Letter transmitting in response to a Senate resolution of March 8, 1920, a communication concerning the rates of interest on collateral call loans. (66th Cong. 2d Sess. Senate Doc. No. 262) 55 p.
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may 4 U.S. Congress. vouse. Committee on banking HG and currency. 2562 Par collection of checks. Hearing before the .C6A2 committee ... on H. R. 12379, a bill amending (1920) section 13 of the ... Federal reserve act ... Tuesday, May 4, 1920. Wash., Govt.pt'. off., 1920. 118 p.
F.R.Bd.L. a
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May 4 U.S. Congress. Fouse. Committee on rules. HG Appointment of committee for investigation 2562 of administration of Federal reserve act: hear- .06A21 ings before the committee on H. R. Res. 476. Wash., Govt.pt . off.,1920. (1920, 89 P. sarding,W.P.G. (Gov.) May 4 pp.42-57 Testimony:
F.R.Bd.L. a
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1920 HEARINGS
Dec. 2-8 U.S.Congress. Joint committees on agriculture HJ and forestry. 258 Reviving the activities of the War finance .A2 corporation: ENARINGS ... 66th cong.,3d sess. on S.J.Res.212, a resolution directing the War (1920) finance corporation and the Federal reserve board to take certain action for the relief of the present depression in the agricultural sections of the country. Dec. 2-,, 1920. Wash., Govt.ptg.off., 1920. 275 p. Testimony: Harding,W.P.G.(Gov.) Dec.3 pp.51-98 Houston,D.F.(Sec.Treas.) Dec. pp.35-51 F.R.Bd.L. Dec.16 Pt.3, pp.16- 4 Meorer,Eugene,Jr. Dec.2,3,6; po.4,13-22, a PP.98-102; pp.121-131.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1420 April 13 Phelan Act LEGISLATION
[PUBLC-No. 170--66T CONGRESS.] [H. R. 12711.] An Act To amend the Act approved December 23, 1913, kown M the Federal Reserve Act.
Be it enacted by the Senate and House of Representatives of the United t4tes ofAmerica in Congress assembled, That section 14 of the Federal Reserve Act as amended by the Acts approved September 7, 1916 and June 21, 1917, be further amended by striking out the semicolon after the word "business" at the end of subparagraph (d) and insert in lieu thereof the following: "and which subject to the approval, rdview, and determination of the Federal Reserve Board, may be graduated or progressed on the basis of the amount of the'advances and discount accommodations extended by the Federal reserve bank to the borrowing bank." Approved, April 13, 1920.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1920 May 26 LEGISLATION
II. R. 13138.]
An Act To amend section 8 of an Act entitled "An-Actto Buppa exjitig laws against unlawful rea mono to lies, and for other Iurposies roved Oc beQ&0,4J14,.,B a ,l Be it enacted by the S enatm Tke United States of America in Congress assembled, That section 8 of an Act entitled "An Act to supplement existing laws against unlawful restraints npolies and for other purposes," approved Octo ber 15, 1 e 'by the Act of May 15, 1916, be further anide serting in t e proviso at the end of the second clause of mid see on after the word "prohibit" the words "any private bakkwa or," so that the proviso as amended shall read: "And providedfurther, That nothing in this Act shall prohibit any private banker or any officer, director, or employee of any member bank or class A director of a Federal reserve bank, who shall first procure the consent of the Federal Reserve Board, which board is hereby authorized, at its discretion, to grant, withhold, or revoke such consent, from being all officer, director, or employee of not more than two other banks, banking associations, or trust companies, whether organized under the laws of the United States or any State, if such other bank, banking association, or trust company is not in gubstantial cobpetition with such banker or membet lb "The consent of the Federal Reserve Board mayi procured before the person applying therefor has bi elected as a class A diretr of a Federal reserve bank or as a.rector of any member
Digitized for FRASER Approved, May 26, 1920. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1920 May 29 Performance of subtreasury functions by Reserve Banks. LEGISLATION
The laws authorizing the establishment or maintenance of offices of assistant treasurers or of subtreasuries of the United States were repealed and the Secretary of the Treasury was authorized to transfer their duties and functions to the Treasurer of the United States or the United States mints, or to utilize the Federal Reserve banks for this purpose. With re spect to deposits of certain Treasury trust funds or speciel funds, the Re serve banks were required to segregate such deposits from their assets and to hold them in joint custody with the Federal Reserve agent. The Secretary was authorized to assign rooms, vaults, etc. in the buildings used by the subtreasuries to any Federal Reserve bank acting as fiscal agent of the United States. (41 Stat. 654, 655.)
Source: Supplement to statement on Evolution of Banking Legislation by Walter Wyatt, October 26, 1939. Exhibit G
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1920 FEDERAL RESERVE SYSTEM POLICY ACTION (See 1919 Nov.1919 - Mar. 1921)
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1920 LITIGATION
11.603. Connectictt.-A probate court in Connecticut held that it t had no pow to appoint a nil bank as guardian of an estat. Upon appeal to the Suprea.i cut, it was held that State may not withhold 'itsaatio cated within its bo4'rs the right to exercise fiduciary po W inpeting State corpora tions are permitted to excise, e 'ihether the attempted discrimination by the State ta of-d express statutory pro hibition or is to be implied A ert;ol nce of permissive legis lation; and that therefore col"~'t perly be appointed as guardian. Hamilton v. .onn. 648, 110 Atl. 54 (1920). 1920 BULLETIN 610. vi i
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis LITIGATION
t1.607.-4state statute prohjbied t h use of the rds "teet com pany" by any person or corporatln as a pa ate title unless psch person or corporation i uthorized by3 e of the State to Sbusiness as a trust company. A national bank was organized in the tatewith the nime of "Fideli ational Bank and Trust Company o&Kansas City, Misso i," and lewas approved by the Comptroller of the Currency. The te b mas ione, however, took the posi tion that the nationa estioz~ snksming such name, acted in violation of State aw and accordi to approv *he na tional bank as a depoitory of rgerv nks and tryst com panies. Thereupon, the nq , nk b.hoenjoin the action of the State bank commissper. I Id ta nce the right of Con gress to confer trust powers I ba been upheld by the Supreme Cou f the mnid 11.500), any act on ,tbe part of a State, ir~iror restrict the discharge of it# functions as Snational k"i' incidental powers enumerated, is void because hI enflict' Witth th p&Ahlibunt laws of the Unite 0-s. The right of Ste sustained. Fi . t1 Co. v. Enright, 264 Fed. :6 4D. C. Mo., 4~ 1920 BULLETIN 497. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis LITIGATION 11.615. Wisconsin.-Applica a mtb Sun court for th Jasl 'nigtra. . es Wdrmind thMi O as ng in a fiduciary .4 il y co er r s& under t :lawedh at State. app to,. 'ate, it was,b1d that the provisions of section 11(k) .Federal Reserve Act, authorizing national banks to act in certain. 'eharycapacities where similar State organizatiqalqp authorized to. act in such capacities, must prevail over the conflieUtia rovisions of State law; and accordingly the decision of the county couit was reversed. In re Stanchfield's Estate, 171 Wis. 553, 178 N. W. 310 (192A. 1UMVLrLETN 700.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis