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DIRECTORY OF FEDERAL RESERVE BOARD AND

FEDERAL RESERVE BANKS.

December 31, 1923.

FEDERAL RESERVE BOARD.

Ex officio members:

D. R. CRISSINGER, Governor.
A. W. MELLON,

EDMUND PLATT, Vice Governor.
Secretary of the Treasury, Chair- | ADOLPH C. MILLER.

CHARLES S. HAMLIN.
HENRY M. Dawes,

GEORGE R. JAMES.
Comptroller of the Currency. EDWARD H. CUNNINGHAM.

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WALTER L. EDDY, Secretary.

Walter W. STEWART, Director, Division J. C. NOELL, Assistant Secretary.

of Research and Statistics. J. F. Herson, Chief, Division of Exami- M. Jacobson, Statistician.

nation and Chief Federal Reserve E. A. GOLDENWEISER, Associate StatistiExaminer.

cian. WALTER Wyatt, General Counsel. E. L. SMEAD, Chief, Division of Bank EDGAR W. FREEMAN, Assistant Counsel. Operations. GEORGE B. Vest, Assistant Counsel. W. M. IMLAY, Fiscal Agent.

FEDERAL ADVISORY COUNCIL.

District No. 1 (Boston)....
District No. 2 (New YORK).
District No. 3 (PHILADELPHIA).
District No. 4 (CLEVELAND)..
District No. 5 (RICHMOND).
District No. 6 (ATLANTA).
District No. 7 (CHICAGO).
District No. 8 (St. Louis).
District No. 9 (MINNEAPOLIS).
District No. 10 (KANSAS City).
District No. 11 (Dallas).....
District No. 12 (SAN FRANCISCO)..

ALFRED L. AIKEN.
PAUL M. WARBURG, Vice President.
L. L. RUE, President.
C. E. SULLIVAN.
John M. MILLER, Jr.
EDWARD W. LANE.
John J. Mitchell.
Festus J. WADE.
G. H. PRINCE.
E. F. SWINNEY.
R. L. BALL.
D. W. Twohy.

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Boston.....

New York.

Philadelphia. Cleveland Richmond

Atlanta

Frederic H. Curtiss.. W.P. G. Harding.. C.C. Bullen. W. Willett.

W. W. Paddock.
Pierre Jay.
Benj. Strong J. H. Case..

L. H. Hendricks.1
L. F. Sailer

J. D. Higgins.
G. L. Harrison. A. W. Gilbert.1
E. R. Kenzel.

J. W. Jones.1

G. E. Chapin.
R. L. Austin.. George W. Norris, Wm. H. Hutt.. W. A. Dyer.
D. C. Wills.
E. R. Fancher. M. J. Fleming. J. C. Nevin.

Frank J. Zurlinden.
W. W. Hoxton.... George J. Seay C. A. Peple.

Geo, H. Keesee.
R. H. Broaddus.
A. S. Johnstone.

John S. Walden.
Joseph A. McCord... M. B, Wellborn... L.C. Adelson

M. W. Bell.

J. L. Campbell
Wm. A. Heath...... J. B. McDougal.. C. R. Mckay. W.C. Bachman.

John H. Blair.

K.C. Childs. 1
J. H. Dillard.
D. A. Jones.1
0. J. Netterstrom.

Clark Washburne.
Wm. McC. Martin. . D. C. Biggs.. 0. M. Attebery. J. W. White.
John H. Rich. R. A. Young. W. B. Geery

Gray Warren.
B. V. Moore...
Harry Yaegers

Frank C. Dunlop
M. L. McClure. W.J. Bailey. C. A. Worthington. J. W. Helm.
Lynn P. Talley. B. A. McKinney R. G. Emerson. R. R. Gilbert.
John Perrin.
J. U. Calkins. Wm. A. Day. W. N. Ambrose.

Ira Clerk 3.
L. C. Pontious 3

Chicago.

St. Louis..
Minneapolis.

Kansas City..
Dallas....
San Francisco..

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PREFACE.

a

It is the purpose of this Digest of Rulings of the Federal Reserve Board to present in convenient and accessible form the gist of the various rulings of the board and the opinions of its counsel and related matters which have been from time to time published in the Federal Reserve Bulletin. In this respect it is supplementary to the IndexDigest of the Federal Reserve Bulletin, compiled by Hon. Charles S. Hamlin, member of the Federal Reserve Board, which was published in 1921, 1922, and 1923, and which furnishes a complete source of reference to all matters published in the Bulletin, 1914–1922, inclusive. This Digest of Rulings is confined to rulings of the Federal Reserve Board, opinions of its counsel, and similar matters, such as court decisions, opinions of the Attorney General, and rulings of the Comptroller of the Currency; but in addition to being an index to these sources, it furnishes a digest or abstract of each ruling or opinion. Necessarily, however, the limitations of space in a work of this sort preclude the digests from being more than their name implies, and while the endeavor has been made to include within each digest the salient facts and the conclusion predicated thereon which are contained in the apposite ruling, much of the detailed discussion and reasoning leading to the conclusion has been omitted. For a comprehensive understanding of the entire scope of the various rulings, therefore, recourse should be had to the full text thereof as published in the Federal Reserve Bulletin.

The greater part of the rulings and opinions which have been published and which are digested herein, relate primarily to and are interpretative of the various provisions of the Federal reserve act. There are, however, a number of rulings dealing with questions arising under certain sections of other acts of Congress, which affect the operation of the Federal reserve system, such as the Clayton Antitrust Act, the farm-loan act, and the national-bank act. All these sections are reprinted in full, in addition to the complete text of the Federal reserve act and the regulations of the Federal Reserve Board. The Digest also contains a reprint of the Federal reserve act as originally enacted December 23, 1913, followed by a composition showing by italics and canceled words the textual changes made in the original act by all amendments thereto. There is also published a nontechnical summary of all these amendments showing the purpose and effect of the changes made.

For convenience of reference and because this seemed to be the most logical order, the rulings are numbered and arranged according to the sections of the Federal reserve act and other acts to which they primarily relate, and are further grouped under appropriate headings and subheadings intended to indicate the particular subject matter covered by the rulings in each grouping. In case it is desired to consult other rulings related to any particular ruling appearing in the Bulletin, there is printed a table of all rulings in the order in which they are published in the Bulletin, together with their respective numbers as arranged in the Digest. Page numbers of the Bulletin are those of the final or complete edition. The index to the rulings, supplemented by the detailed subject analysis of rulings and the index to the Federal reserve act, assures ready reference to the subject matter desired.

The foregoing paragraph describes the general arrangement and composition of the Digest of Rulings, from which it will be seen that the digest is in substance an annotated edition of the Federal reserve act, combined with a ready reference book, or hand book, to legislation and regulations affecting the Federal reserve system. A brief word of explanation as to the use of the Digest may not be inappropriate. A person who desires to refer to a ruling dealing with a cer

. tain question arising under the Federal reserve act or related acts, and who knows the particular section of the act which has to do with that question, would normally consult the headings and subheadings under that section in the subject analysis of rulings and therein find reference to the ruling sought for. If he does not know the particular section under which his question arises, he should consult the index to the rulings, or the index to the Federal reserve act which will refer him to that section and then recourse may be had to the subject analysis of rulings. A person who has found in the Bulletin some ruling on the subject which he is investigating, and who desires to consult other rulings dealing with the same or a related question, may readily do so by ascertaining the digest number of the ruling in question from the parallel table of rulings printed at page 109 and then referring to the grouping in the subject analysis in which the ruling appears. As above stated, the rulings are numbered according to the sections of law to which they primarily relate, and are further grouped under appropriate headings and subheadings. Sections of the Federal reserve act are designated in the digest numbers by roman numerals, and sections of other acts by obvious symbols or abbreviations, such as C. A. for Clayton Antitrust Act, N. B. A. for miscellaneous provisions of the nationalbank act, and R. S. for Revised Statutes of the United States. The headings and subheadings are indicated by progressive letters and arabic numerals, the latter arranged in hundredths to provide for the incorporation and proper numbering of future rulings.

SUBJECT ANALYSIS OF RULINGS.

FEDERAL RESERVE ACT.

Page.

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SECTION 1.........

(1) Construction of the word “bank.” (I, 100-101.)
SECTION 2.........
(1) Federal reserve districts. (II, 100–101)...

(a) Description.
(6) Reduction in number,

(c) Board's power to abolish.
(2) Federal reserve banks. (II, 200–201).

(a) Board's power to abolish.
(6) Change of location.

(c) Minimum capitalization.
(3) Member banks. (II, 300_301)......

(a) Transfer from one Federal reserve district to another.

(6) Double liability of stockholders. Section 3.... (1) Federal reserve branch banks. (III, 100–101)

(a) Election of branch-bank directors.

(6) By-laws of branch banks. SECTION 4.. (1) Federal reserve bank directors. (IV, 100-105)

(a) Qualifications and election of.

(6) Can not hold political office. (See N. B. A., 102.) (2) Federal reserve bank officers and employees. (IV, 200).. (3) Federal reserve bank notes and Federal reserve notes, distinction

between. (IV, 300)..... (4) Discrimination against member banks. (See XIII-A, 100.)

(5) Incidental powers of Federal reserve banks. (SeefXIII-B, 200.)
SECTION 5........
(1) Federal reserve bank stock. (V, 100–105).

(a) Surrender by liquidating national bank.
(6) Calculation of dividends on surrendered stock.
(c) Conversion of State bank into national bank.
(d) Transfer of stock held by liquidating national bank.
(e) Reduction of surplus, effect of, on stockholding in Federal

reserve bank.
Section 6.........
(1) Dividends on Federal reserve bank stock claimable by insolvent mem-

ber banks. (VI, 100) SECTION 7.......

(1) Federal reserve bank dividends. (VII, 100–101).

(2) Taxation of Federal reserve banks. (VII, 200–205). SECTION 9........ (1) Member banks in general, including State banks

(a) Use of words “Federal," "Reserve,” and “National as part

of corporate title. (IX, 100–101).

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