1936 UNITED STATES GOVERNMENT - FRASER1936 F UNITED STATES GOVERNMENT EXECUTIVE OFFICERS President - Franklin D. Roosevelt (ts-Secretary of Treasury Comptroller of Currency Secretary

1936 F UNITED STATES GOVERNMENT

EXECUTIVE OFFICERS

President - Franklin D. Roosevelt (ts-

Secretary of Treasury

Comptroller of Currency

Secretary of State Secretary of War Secretary of Navy Secretary of Interior Secretary of Agriculture Secretary of Commerce Secretary of Labor Postmaster General Attorney General

- Henry Morgenthau,

- J. F. T. O'Connor

- Cordell Hull - George H. Dera - Claude A. Swanson - Harold L. Ickes - Henry A. Wallace - Daniel C. Roper - Frances Perkins - Dames A. Farley - Homer S. Cunmings

Jr. (appoint.4 A served wi

(date of appoint resigned April :

BirtY_ . . =~ --- I -YUY61~LLZ~ :ll~i

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

1936 January

, 7th Congress

iaeWA'a )

Re-hre"^

FLETCHER, Duncan U. GLASS, Carter WAGNER, Robert F. BARKLEY, Alben W. BULKLEY, Robert J. GORE, Thomas P. COSTIGAN, Edward P. REYNOLDS, Robert R. BYRNES, James F. BANKHEAD, 2nd John H. MCADOO, William Gibbs ADAMS, Alva B. MALONEY, Francis T. RADCLIFFE, George L.

Florida Virginia New York Kentucky Ohio Oklahoma Colorado North Carolina South Carolina Alabama California Colorado Connecticut Maryland

NORBECK, Peter TOWNSEND Jr. John G. CAREY, Robert D. COUZENS, James STEIWER, Frederick

South Dakota Delaware Wyoming Michigan Oregon

U. S. G 0V E RN M E N T

SENATE

Banking and Currency Committee

PerMr Pi 0Aa M ^^pbfBaoa^sy

:- i ~-~-IW;:_l-L l-Vdr;aJ~i~:~ar;;~Li~W-Y-

1

L

w

~ .e


1936 January

SDemocratv

STEAQALL, Henry B. Alabama HOLLI GOLDSBOEOUGH, T. Alan Maryland WOLCO REILLY, Michael K. Wisconsin CAVIC HANCOCK, Frank North Carolina FISH WILLIAMS, Clyde Mississippi GIFFO CROSS, 0. H. Texas DIRKS SPENCE, Brent Kentucky FENER BROWN, Prentiss M. Michigan SISSON, Fred J. New York FARLEY, James I. Indiana MEEKS, James A. Illinois KOPPLEMANN, HermanP. Connecticut KENNEDY, Martin J. New York FOD, Thomas F. California SBROWN, Paul Georgia RUSSELL Richard M. Massachusetts DRISCOLL, .D 0. Pennsylvania

DLB[ A-i~t-^-^, ^ ^.:.^.^ .

STER, John B. TT, Jesse P. CHIA, Peter A. Jr., Hamilton RD, Charles L. EN, Everett M. TY, Clare G.

Ohio Michigan New Jersey New York Massachusetts Illinois Pennsylvania

U. S. G 0V E RN ME N T

HOUSE OF REPRESENTATIVES

Banking and Currency Committee

74th Congress

- -- - -~-

Republicans


1936FEDERAL RESERVE SYSTELZ

BOARD OF GOVEITNORS

Marriner S. Eccles, Chairman

Joseph A. Broderick

Ronald Ransom, Vice Chairman

M. S. Szymcak John K. McKee Chester C. Davis (eff. 6/25) Ralph W. Morrison (2/10/36 res. 7/9/36)

Charles S. Hamlin, Special Counsel Lawrence Clayton, Assistant to the Chairman Elliott Thurston, Special Assistant to the Chairman

Secretary's Office Chester Morrill, Secretary

Liston P. Bethea, Asst. Sec. S. R. Carpenter, Asst. Sec. J. C. Noell, Asst. Sec.

Counsel's Office Walter Wyatt, General Counsel

George B. Vest, Asst. Gen. Counsel B. Magruder Wingfield, Asst. Gen.Counsel

Division of Examinations Leo H. Paulger, Chief

R. F. Leonard, Asst. Chief C. E. Cagle, Asst. Chief

Division of Research and Statistics E. A. Goldenweiser, Director

Woodlief Thomas, Asst. Dir. Lauchlin Currie, Asst. Dir. George W. Blattner, Asst. Dir.

Division of Bank Operations E. L. Smead, Chief

J. R. Van Fossen, Asst.Chief J. E. Horbett, Asst. Chief

Division of Security Loans Carl E. Parry, Chief

Philip E. Bradley, Asst. Chief Fiscal Agents

0. E. Foulk, Fiscal Agent Josephine E. Lall*. Deputy .

l^^l |,^,... - yical &enl__. IT=, - -'? - - - -- ri 7 0


1936 FEDERAL RESERVE STSStFEDERAL ADVISORY COUNCIL

District No. 1 (Boston) Thomas M. Steele

District No. 2 (New York) James H. Perkins

District No. 3 (Philadelphia) Howard A. Loeb, Vice President

District No. 4 (Cleveland) Arthur E. Braun

District No. 5 (Richmond) Charles M. Gohen

District No. 6 (Atlanta) H. Lane Young

District No. 7 (Chicago) Edward E. Brown

District No. 8 (St. Louis) Walter W. Smith, President

District No. 9 (Minneapolis) Theodore Wold

District No. 10 (Kansas City) W. T. Kemper

District No. 11 (Dallas) Joseph H. Frost

District No. 12 (San Francisco) M. A. Arnold

Walter Lichtenstein, SecretaryDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1936 (to Card 1

1.

2.

3.

4.

5.

6.

March 1)

Composed

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta -

FEDERAL RESERVE SYSTEM

FEDERAL OPEN IRKET COITTEE

of 12 Governors of Federal Reserve Banks,

Roy A. Young 7. Chicago

G. L. Harrison 8. St. Louis

- George W. Norris 9. Minneapolis

M. J. Fleming 10. Kansas City

George J. Seay 11. Dallas

Oscar Newton 12. San Francisco

up to March 1. 1936 I

G. J. Schaller

William Mc. Martin

W. B. Beery

George H. Hamilton

B. A. LMcinney

- John U. Calkins

i


1936 June Card 2

Joseph A.Broderick M. J. Fleming

G. H. Hamilton John K. McKee

M. S.Szymc

B.A. McKinney Ralph W. Morrison

FEDERAL RESERVE SYSTEM FEDERAL OPEN MARKET COMM.ITTEE

Marriner S. Eccles,Chairman George L. Harrison, Vice Chairman

Chester Morrill, Secretary

Walter Wyatt, Counsel

E. A.Goldenweiser, Economist

John H.Williams,Associate Economist

W. Randolph Burgess, Manager of Account

7..

:1

Ronald Ransom George J. Schaller

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

1936Federal Reserve Bank of Boston (Dist. 1)

DIRECTORS

Class A

SEWALL, Arthur (Bath, Me.) REED, L. S. (Waterbury, Conn.) RIPLEY, A. L. (Boston, Mass.)

Class B

FROST, E. J. (Boston, Mass.) FRENCH, E. S. (Boston, Mass.) ALLEN, P.R. (E. Walpole, Mass.)

Term Expires

1936 1937 (elected) 1938(re-elected)

1936 1937 1938 (re-elected)

Class C

HOLLIS, Allen (Concord, N.H.) Deputy Chairman MERRIMAN, C. H. (Providence, R.I.) CURTISS, F. H. (Boston, Mass.) Chairman and FR Agent

1936 1937 1938 (re-appointed)

_ __Li ~__i ~ _~ __ _-LL I


1936 Federal Reserve Bank of Boston (Dist. 1)

OFFICERS

* Governor

*Deputy Governor

Vice President

Chairman and Federal Reserve Agent

Deputy Chairman

- R. A. Young

W. W. Paddock

- W. Willet

E. H. Curtiss

Allan Hollis

*Note: The titles of Governor and Deputy Governor was changed to President and First Vice President, effective March 1. W. Willet was appointed Vice President on March 1.


Federal Reserve Bank of New York (Dist. 2)

OFFICERS

*Governor - G. L. Harrison

* Deputy Governors - W. R. Burgess L. R. Rounds L. F. Sailer

W. S. Logan J. H. Williams Allan Sproul +

Chairman and Federal Reserve Agent - J. H. Case (resigned Apr. 30)

Deputy Chairman - 0. D. Young (from June 16 to Dec. 31)

* Note: The titles of Governor and Deputy Governor was changed to President and Vice President, after March 1.

+ Mr. Sproul was appointed First Vice President, after March 1 and C. H. Coe was appointed Vice P , ..


1936

CLASS A

BERRY, Cecil R. (VCverly)

DAVISON, George W. (Greenwich)

MILLS, Edward K. (Morristown)

CLASS B

STEVENS, Robert T. (Plainfield)

WATSON, Thomas J. (Short Hills)

TEAGLE, Walter Q. (Port Chester)

CLASS C

WOOLLEY, Clarence M. (Greenwich)

CASE, J. Herb

YOUNG, Owen D

Feder

1/1/34

1/1/35

1/1/36

1936

1937

1938

1/1/34 1936

irt (Plainfield) 1/1/35 1937

. (Van Hornesville) 6/17/36 1937

aLReserve Bank of N YBORK (Dist-. 2)

DIRECTORS Dec. 31

Term Began Term Ende

1/1/34 1936

1/1/35 1937

1/1/36 1938 (:

(reelected)

(resigned 4/30/36) (Chairman) (Deputy Chairman)

j

reelected)


Federal Reserve Bank of Philadelphia (Dist. 3)

OFFICERS

Governor - G. W Norris

Deputy Governors - W. H. Hutt(res. /30) J. S. Sinclair

• C. A. McIlhenny


Deputy Chairman

President - J. S. Sinclair First Vice

President- W. H. Hutt (res. 1/30) F. J. Drinnen (eff. 6/1)

Vice President- C. A. McIlhenny

- R. L. Austin

- vacancy

Note: According to the Banking Act of 1935 the titles of Governor and Deputy Governors were changed to President and Vice Presidents, effective Mar. 1.

.....................................


1936Federal Reserve Bank of Philadelphia (Dist. 3)

DIRECTORS

Class A

REILY, G. W. (Harrisburg, Pa.) HENNING, J.B. (Tunkhannock, Pa.) WAYNE, Joseph (Jr.) (Philadelphia, Pa.)

Term Expires Dec. 31

1936 1937 1938 (re-elected)

Class B

DeLaCOUR, J. C. (Camden, N.J.) STOUT, C.F.C. (Camden, N.J.) SEtALL, A.W. (Philadelphia, Pa.)

1936 1937 1938 (re-elected)

Class C

Vacancy CANNON, H. L. (Bridgeville, De.) AUSTIN, R. L. (Philadelphia, Pa.) Chairman and FR Agent

1937 1938 (re-appointed)

_ i~_ i_ __


1936

* Governor

* Deputy Governors

M. J. Fleming

F. J. Zurlinden H. F. Strater

First Vice President - F. J. Zurlinden

Vice Presidents - H. F. Strater W. F. Taylor


Deputy Chairman

- E. S. Burke, Jr. (March 1 to Dec. 31)

- E. S. Burke, Jr. (Jan. 1 to Feb. 29)

*Note: The titles of Governor and Deputy Governors were changed according to the act passed in 1935, to President and Vice Presidents. Therefore, the President, Vice INresi~p Ireident became effective March 1.

Federal Reserve Bank of Cleveland (Dist. i)

OFFICERS

1 j


Federal Reserve Bank of Cleveland (Dist. 4)

DIRECTORS


CONNER, B. R. (Conner, Ohio) LAMBERTON, Ches (Franklin, Pa.) WARDROP, R. A. (Pittsburgh, Pa.)

1936 1937 1938 (re-elected)

Class B

GALVIN, J. E. (Lima, Ohio) WRIGHT, R. P. (Erie, Pa.) CRABBS, G. D. (Cincinnati, Ohio)

1936 1937 1938 (re-elected)

Class C

KNIGHT, W. W. (Toledo, Ohio) BRAINARD, G. C. (Youngstown, Ohio) BURKE, E. S. (Jr.) (Cleveland, Ohio) Chairman and FR Agent

1936 1937 1938 (re-appointed)

1936

Class A

- ~,~a e ;l~i~-~s~i~z~- ~n~ ;PI~J;~i~Y~ZP~ 'YZ -'~ ,


1936Federal Reserve Bank of Richmond (Dist. 5)

OFFICERS

* Governor

President

*Deputy Governors


Deputy Chairman

- George J. Seay

- Hugh Leach

R. H. Broaddus J. S. Walden, Jr. (G. H. Keesee)

F. A. Delano (January 1 to Feb 29 and from March 17 to Dec. 31)

- vacancy

* Note: the banking Act of 1935 changed the titles of Governor and Deputy Governors to President and Vice Presidents effective March 1. G. H. Keesee was a Vice President, but not a Deputy Governor.

4:

_ T~i-rjl P 7---~-Cr


1936

RIEMAN, C. E. (Baltimore, Md.) BRASWELL, J.C. (Rocky Mount, N.C.) JOHNSON, L.E. (Alderson, W.Va.)

1936 1937 1938 (re-elected)

Class B

REED, C. C. (Richmond, Va.) HANNA, J. H. (Washington, D. C. ) MALLOY, Edwin (Cheraw, S. C.)

1936 1937 1938 (re-elected)

Class C

DELANO, F. A. (Washington, D. C.) Chairman and FR Agent LASSITER, Robert (Mooreaville, N.C.) Vacancy

1936 1937

Federal Reserve Bank of Richmond (Dist. 5)

DIRECTORS

Term Expires Dec. 31Class A

__ ___~ i _ __ _~~ ~~ _i _1__ i__ _


1936Federal Reserve Bank of Atlanta (Dist. 6)

OFFICERS

*Governor

* Deputy Governors

First Vice President


Deputy Chairman

- Oscar Newton

- H. F. Conniff H. W. Martin

(M. W. Bell)

R. S. Parker

H. W. Martin (March 1 to Dec. 31)

- W. H. Kettig (Jan. 1 to Feb. 29)

*Note: The titles of Governorand Deputy Governors were changed to President and Vice Presidents, effective March 1. Mr. Bell was a Vice President appoited after March 1. Mr. Martin did not become a Vice, tN|^ eereegBen ii March.


Federal Reserve Bank of Atlanta (Dist. 6)

DIRECTORS

Class A

CLAY, R. G. (Atlanta, Ga.) COOK, W. D, (Meridian, Miss.) WHITE, G. J. (Mount Dora, Fla.)

Term Expires Dec, 31

1936 1937 1938 (elected)

Class B

McCRARY, J.A. (Decatur, Ga.) HALL, Fitzgerald (Nashville, Tenn.) GEORGE, E. T. (New Orleans, La.)

1936 1937 1938 (elected)

Class C

ALLEN, J. P. (Atlanta, Ga.) KETTIG, W. H. (Birmingham, Ala.) Deputy Chairman MARTIN, H. W. (Atlanta, Ga.) Chairman and FR Agent

1936 1937 1938 (appointed)

_ _ _I__


1936 Federal Reserve Bank of Chicago (Dist.

OFFICERS

* Governor

*Deputy Governors

Vice President


Deputy Chairman

- G. J. Schaller

(H. P. Preston) C. R. Mc Kay J. H. Dillard

- W. H. Snyder

S E. M. Stevens (effective Mar. 1, resigned March 31)

- R. E. Wood (from July 7 to Dec. 31)

*Note: The titles of Governor and Deputy Governors were changed to Vice Presidents effective March 1.

* Mr. Preston was appo 'e1 PYresident on March 1)

President and

7)

-- --- -


1936 Federal Reserve Bank of Chicago (Dit. 7) Federal Reserve Bank of Chicago (Dist. 7)

DIRECTORS

Class A

LEAVELL, J. R. (Chicago, Ill.) ESTBERG, E. R. (Waukesha, Wis.) WILLIAMS, F. D. (Iowa City, Iowa)

Term Expires Dec.- 31

1936 1937 1938 (re-elected)

Class B

BABB, M. W. (Milwaukee, Wis.) CRAPO. S. T. (Detroit, Mich.) NOYES, N. H. (Indianapolis, Ind.)

1936 1937 1938 (re-elected)

Class C

STEVENS, E. M. (Chicago, Ill.) Chairman and FR Agent LEWIS, F. J. (Chicago, Ill.) WOOD, R. E. (Chifago, Ill.) Deputy Chairman

1936 1937 1938

(res. March 31) (July 7) (appointed)

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

1936

* Governor - vm. Mc C. Martin

* Deputy Governors- 0. Mi. Attebery J. G. McConkey

(J. S. Wood, appointed May 1)

Chairman and Federal Reserve Agent - J. S. Wood (until April 30)

Deputy Chairman - Paul Dillard (until February 29)

*Note: The titles of Governor and Deputy Governors were changed to President and Vice Presidents effective March 1. Mr. Attebery was on March 1 elected as First Vice President and Mr. Wood who was not a Deputy Governor was elected on May 1 as a Vice President,

__________ -.ae ^ f_________

Federal Reserve Bank of St. Louis (Dist. 8)

OFFICERS

i


1936 Federal Reserve Bank of St. Louis (Dist. 8)

DIRECTORS

Class A

NAHM, M. B. (Bowling Green, Ky.) HITT,F. G. (Zeigler, Ill.) LONSDALE, J. G. (St. Louis, Mo.)

Class B

HARRIS, J. W. (St. Louis, Mo.) PLUNKETT, W. B. (Little Rock, Ark.) STURDIVANT, M. P. (Glendora, Miss.)


1936 1937 1938 (re-elected)

1936 1937 1938 (re-elected)

Class C

*OWOD, J. S. (St. Louis, Mo.) Chairman and FR Agent DILLAHD, Paul (Memphis, Tenn.) Deputy Chairman STANLEY, J. R. (Evansville, Ind.)

* Mr. Wood served only up to April 30, as in accordance with

the Banking Act of 1935.

1936 1937 1938 (re-appointed)

i


1936

Governor - W. B. Geery (served to March)

President

Deputy Governors (Vice Presidents)

Chairman a nd Federal Reserve Agent

Deputy Chairman

- J. N. Peyton

- Harry Yaeger H. I. Ziemer

- J. N. Peyton (from the beginning of the year unitl March)

W. B. Geery ( from March 1 to Dec. 31)

H. P. Clark (January 1 to Feb. 29)

Note: The titles of Governor and Deputy Governor were changed to President and Vice President effective March 1.

Federal Reserve Bank of Minneapolis (Dist. 9)

OFFICERS

i '-L ~


1936Federal Reserve Bank of Minneapolis (Dist. 9)

DIRECTORS

Class A

HANSEN, H. C. (Churchs Ferry, N. Dak.) GRANGAARD, M.O.'(minneapolis, Minn.) KIBBEE, H. R. (Mitchell, S. Dak.)

Class B

FUNK, A. P. (La Crosse, Wis.) WASHBURN, W. O. (St. Paul, Minn.) O'CONNELL, J.E. (Helena, Mont.)


1936 1937 1938

1936 1937 1938

(re-elected)

(re-elected)

Class C

CLARK, H. P. (St. Paul, Minn.) Deputy Chairman McCORMICK, G.W. (Menominee, Mich.) GEERY, W. B. (Minneapolis, Minn.) Chairman and FR Agent

1936 1937 1938 (appointed)


r..

~

OFFICERS

*Governor

*Deputy Governors


Deputy Chairman

- G. H. Hamilton

- C. A. Worthington J. W. Helm

- J. J. Thomas (served all year)

- E. P. Brown (served from Jan. 1 to Feb. 29)

*Note: the titles of Governor and Deputy Governors were changed to President and Vice President effective March 1, Mr. Worthington was appointed First Vice President after March 1 leaving Mr.Helm as the only Vice President.

------------- -- ----- __ -... . * ---... _- __ .;3 ..--- _ ..

Federal Reserve Bank of Kansas City (Dist. 10)


1936

PARKS, C. C.(Denver, Colo.) SPONABLE, E, W. (Paola, Kans.) MULLANEY, (Hill City, Kans.)

1936 1937 1938 (re-elected)

Class B

HOSFORD, W. D. (Omaha, Neb.) BERNARDIN,J. M. (Kansas City,Mo.) PHILLIPS, L. E. (Bartlesville, Okla.)

1936 1937 1938 (re-elected)

Class C

BROWN, E. P. (Davey, Neb.) Deputy Chairman DOOLIN, J. B. (Alva, Okla.) THOMAS, J. J. (Kansas City, Mo.) Chairman and FR Agent

1936 1937 1938 (appointed)

Federal Reserve Bank of Kansas City (Dist. 10)

DIRECTORS



Federal Reserve Bank of Dallas (Dist. 11)

OFFICERS

*Governor

* Deputy Governors


Deputy Chairman

- B. A. McKinney

R. R. Gilbert R. B. Coleman

- C. C. Walsh

- S. B. Perkins (Jan. 1 to Feb. 29)

*Note: the Titles of Governor and Vice Governor were changed to President and Vice President effective March 1. Mr. Gilbert was appointed First Vice President.

*- * - ^ ^ ^ fe^^ ^^^_________


1936

DIRECTORSTerm Expires

Dec. 31Class A

HARDING, R. E. (Fort Worth, Tex.) HOOKS, P. E. (Itasca,Tex.) MORRIS, Alf (Winnsboro, Tex.)

1936 1937 1938

MILAM, J. R. (Waco, Tex.) CLEVELAND, A.S. (Houston, Tex.) MIDDLETON, J. D. (Greenville, Tex.)

1936 1937 1938

(re-elected)

(re-elected)

Class C

PERKINS, S. B. (Dallas, Tex.) Deputy Chairman NVALSH, C .C. (Dallas, Tex.) Chairman and FR Agent Vacancy

Federal Reserve Bank of Dallas (Dist. 11)

Class B

1936 1937 1938

_ __f_~ __f


F i 1936 Federal Reserve Bank of San Francisco (Dist. 12)

OFFICERS

Governor - J U. Calkins Deputy Governors- W. A. Day

Ira Clerk


Deputy Chairman

President - W. A. Day First Vice

President - Ira Clerk Vice President - W. M. Hale

C. E. Earhart

- W. N. Moore (Jul 7 to Dec. 31)

- W. N. Moore (from Jan. 1 to Feb. 29) A. 0. Stewart (effective July 7)

Note: The titles of Governor and Vice Governor were changed to President and Vice President effective March 1.

?


1936

POWELL, Keith (Salem, Oreg.) McINTOSH, C. K. (San Francisco, Calif.) RAMSAY, T. H. (San Francisco, Calif.)

Class B

McNAGHTEN, Malcolm (Los Angeles, Calif.) COX, E. H. (Madera, Calif.) vacancy

1936 1937 1938

1936 1937

(re-elected)

Class C

MOORE, W. N. (San Francisco, Calif.) Chairman and FR Agent WELCH, A. P. (San Francisco, Calif.) STEWART,A.O. (San Francisco, Calif.) Deputy Chairman

1936 1937 1938 (appointed)

Federal Reserve Bank of San Francisco (Dist. 12)

DIRECTORS


I_ _i


U.S. Congress. Senate. Special committee investigating the munitions industry Munitions industry: HEARINGS ... 74th cong., 1st sess.

pursuant to S.Res. 206 (73d cong.) a resolution to make certain investigations concerning the manufacture and sJle of arms and other war munitions. Wash. Govt. ptg.off., 1936.

39pts. Index, pt. 40, printed 1943. Testimony: (Strong, Benjamin

(Exhibits, letters etc. before Senate Special committee

1915-17 (investigating munitions industry. HEARINGS ... 74th cong., 2d sess. S.Res. 206 (73d cong.) Feb.6, 1936 pp9537-9588; 9680-9682 of Pt. 30: pp.9919, 9920,9935-9973, 10145, 10149, 10165, 10169-10174 of Pt.31: pp. 10429-10431, 10469, of Pt. 32.

(Index, p. 14708, shows items as late as 1924; see under Strong, Benjamin entries for S.P. Gilbert and R. C. Leffingwell.) Warburg, Paul - see Pt. 30 and Pt. 31

HEARINGS 4028 .A2

(1936)

II _ II I


1936 April 21 LEGIiATION

P~pBLIo RAsOLUTIoN-No. 83-74Tr CONGRBSS [8. J. Res. 230 .

JOINT RESOLUTIO,'t

Amending paragraph (4) of subsection (n) of ueeion 12B of the Federal erv Act, as armeded.

Resolved by the Senate and House of Representatives of thk United States of America in Congress assembled, That paragraph (4) of subsection (n) of section 12B of the Federal Reserve Act, >- nded, is amended by striking out "July 1, 1986" and inse J w lie thereof "July 1, 1938". *>' U

Approed, April 21, 193.


1936 April 21.4 LEGISLATION

(!PUDLXO--NO. 53 O--74TxF OONGAsg3

[B. 3258j AkTj ACT pv-n -nRYx'

bl ibamend uWon 304 of the Revised 8 *

Be it mpted by' fhe Senate a Housef.R~pIe Wof fA Units .. of Am~%a in Oge8ei aisnmbiedV'Iction 804 of the dL6 Statutes,' -as 'nended (81 U. 8. Qjpm 144), is further ded to read as follows:

"ZO. ?'2he may~h Tnr asi4 discretion, and witht consent of S ecretary o ty, authoie the Ass Treasurer in the place and d~isharge ai4 of the of the er of The United States; and o Treasu a point from among the pp'P~ Office to be Acting Treasurer, 4 absenc illness the. Treasurer and Assistan reasurer; and'

Bec tasury mayll?' any time, on the recommenda of the ~ appoint from ino the clerks in OT~ Treasui OffceIU-AL ia 1 f said tobealalAri

leters ut4 to sg edtficates4 op -positi ch

capacity weThat no appointme this section.

untilthe oade. in terms to cover and son appointed hereunder. er, for the time

ann, e es prescribed by

Approv~Apd1Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LEGISLATION

[PUmzo-No. 621-74T CoaMres]

S8o. 8. Subsection (a) oilsection 28 of such Act is amended to

read as follows: ', trr s

"(a) Th iC midssion a&d the Bord of oQwnors of tb# jederal

Reserve ~ shall each'have power to .mk such rules n regu

l na e8ay, necessary for t execution of the functions vested

in then" his ttle, and may for such purpose classify issuers, ou

ritie xcanges, and other persons or matters within theij pec

tive Uisdictions. No provision of this title imposing any ity

shall apply to any act done or omitted in good faith in co rity

with any rule or regulation of the Commission or he Boar of

Governors of the Federal Reserve System, notwithsn4ipg that

such rile or regulation may, after such act or omission, be amended

or rescinded or be determined by judicial or qthqr authority to be

invalid for any reason." Approved, May 27, 1936.


1936 June 24 LEGISLATION

[PUBUo-No. 778-74m Coxarl [8. 4512]

AN ACT

To amend section 641 of the Code of Law for the District of Columbia.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 641 of chapter XVIII of the Code of Law for the District of Columbia is amended by adding at the end thereof the following new paragraph:

"Any company transacting the business of a trust company and heretofore or hereafter organized or operating under the provisions of this chapter shall have perpetual succession from the date of its organization, or until such time as it be dissolved, or until its franchise shall become forfeited by reason of violation of law, or until terminated by either a general or special Act of Congress or until its affairs be placed in the hands of a reoeive and finally wound up by him."

Approved, June 24, 1936.


1936 February 1936 to April 1936

Open Market Operations

FEDERAL RESERVE SYSTEI POLICY ACTION

Apparent Intent - Restrictive

Discount Rate

Reserve Requirements

Selective Regulations

Surrounding Circumstances

- Margin requirements raised from range of 25-45 to 55 percent of market value*.

- Stock market had been advancing with increased rapidity; some growth in credit used for speculative activity.

Source: Joint Committee on the Economic Report

Monetary Policy and the Management of the Public Debt (Patman Report) 1952,

Page 220.

*General rule for extensions of credit by brokers and dealers on listed securities

other than exempted securities and, beginning May 1, 1936, for loans by banks on

stocks for the purpose of purchasing or carrying listed stocks.

- ..... e.. oooo*o..


FEDERAL RESERVE SYSTEM1936 August 1936

Apparent Intent - For other purposes

Open Market Operations

Discount Rate

Reserve Requirements

Selective Regulations

Surrounding Circumstances

- Raised by 1/2.

- To reduce large volume of excess reserves created by gold inflow so that the Federal Reserve would be in a better position to influence credit if necessary at some future time. No change in Federal Reserve policy to influence

business business and credit situation at the time intended

by action.

Source: Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patmn Report) 1952,

Page 220.

POLICY ACTION


1936 LITIGATION

4.201. sidenta i s.-T of tkl# Federal Res.vDAct greaVti dentL ~i e fks is preS lly the same as the section granting fiidental pb o national ban;fs. These powers are such as are necessary to meet 'e le4 ate demands of the authorized business and to enable the "n hto conduct its affairs within the general scope of it* c prudently. Federal

rr- qi i1181 S.E. 82 (1936).


1936 LITIGATION

13.580. ,"Ne tule',denying privity ontract.:r 4<'ts

b l.the f Federal Reser* bank had forwarded

diretCs re ane draft, subsequently dishonored, was aaid that the "New

York rule" was applicable and that therefore there was no privity of

contract between the plaintiff and the defendant Reserve bank. On this

theory, the court sustained the defendant's general demurrer and ordered

the suit dismissed. Denning v. Federal Reserve Bank of San Francisco,

Idaho State Dist. Ct., Jan. 14, 1936 (unreported).

e" was lfiwise applied in Whiltingham v. Federal

&l-lU State Dist. C, l lr). For nk of Dalas, 21. . e), aring 2C Fed.

nk o Dalas, 271 U. S. ( ),fring 2 Fed.

T he "Ne~ of

w

it

R e ea 1m ith, 1924).


1936 LITIGATION

.604. Bank Col thorizing preference.-The eial Reserve Bank %6 a StaW bank for collection i

drawn up ai- ~ ~ iBks were charged on the books of the

latter bank to the accounts of the respective drawers; and a draft was* .Ie Federl Rese rve bank in pa t he iift i as

isued, before it was presented for paym tthe "drawee bank failed.i an action for the appointint ser, the 'Federal Re.ase bank intervened to establish i. i laim againstt the amets of the bank. It was held that since t s in question were not paidor settled for, and since the draft issued y the State bank was not payment or an unconditional credit, the fcets of the case met the requirements of the State Bank CollCtion C l loing a preference in such circumstances. A td tRi~ the Federal Reserve bank was affirmed, ,Fklallan of Chicago v. American Trust and Savings Bank of Hammond, 00 N.E. 248 (Ind. 1936).


1936 -.... .. 1936 : R i chIarge bajckatc pte^hecks t f g g

kiap. -Believing that defend k was in a unsaf the 'ew fends from that b a ehech d

d bank forwarded titck ank io and the latter bank, after charging the reservo N of

d bank pursuant to an agreement, presented, the 460fl -to nti Defendant returned the check to thesFederal erve Uat the check hald been recalled by tbe p intiff. J was

a o| tion, unauthorized by the plain.tifL I the f ire of ,deft ;' plaintiff brought .suit against the deftito iapress (a trus on the assets of the. hank in the amountlvLe chetk~ Sqyepl 'yea aer the Federal RIHe bank was also made a party d all. It w held that since tht ederg#Reserve bank acted merel°gent

Jin colfecting the check and, undIM e circular governing collections, had Sauthority tocharge back to ti barxny checks not4etually and finAly paidthe charge a of t4defendant was merely pr na ad the dera~t was t&Wfore not liable to the ltiff. Converse . Boston-Continen Nat i k M.I- ' (Q' "1935), aff'd, 87 Fef. (2d1) r% A. 1 W6).

LITIGATION


1936 LITIGATION

13.83. Rig S act to action of Federal Reserve bank di ounting ineligr1i paper. -Irrespective of the power of a Federal rve .k to take as collateral paper not eligible for discount, no W

can fS0ilaii' of such action except the Government itself. Accordingly, the maker of a note secured by real estate cannot complain, in a suit by the Fdral Reserve bank on the note, that the note was not given for .P ageultural, industaal, or aM" mercial purpose and could not thtore be lawfully discounted by e Federal Reserve bank. Federal Reserve Bank of Richmo ffy, 21,4).C. 598, 188 S.E. 82 (1936).

Nor.-ee also 13.863; 13.1 S ... .


LITIGATION1936

e Ce anote to a member bank whj~h tfe a Federal Reserve bank. Shprtly befor e emep~

Alosed ad before the not epid~fi amu of tkie membej Ian ou ghi e.g 5 h I'dil te in1 ~ i oif. -Pg~n acOV5y the Fede&ralRe

adk againit the deOMUtVni Awat the note hao 1the meinber bank' as0etWa 'held that

thire is -no agency relationship,LMt . h ank and" its nier Unks exoept such aes n r U'ht,*~gh ti~kderal ~Erve bank had b ccusto 'to send td6 4hjember

bank quu&& tionlotes, w icb.Ahat mneffber 'bank' dVdi

k pIdg e bank, this fa s not.

't e MAhe 4 cor r defent *tre, involvedif Jud~mnt~h or eedn

ijlhmond.1r41o


Documents

1936 UNITED STATES GOVERNMENT - FRASER1936 F UNITED STATES GOVERNMENT EXECUTIVE OFFICERS President - Franklin D. Roosevelt (ts-Secretary of Treasury Comptroller of Currency Secretary