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BSORPTION OF EXCHANGE OR COLLECTION CHARGES

BY MEMBER BANKS BORD DER

HEARINGS

1946
OCUMENT

WE

BEFORE THE

COMMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE
SEVENTY-EIGHTH CONGRESS

SECOND SESSION

ON

S. 1642 and H. R. 3956
BILLS TO'AMEND THE FEDERAL RESERVE ACT, AS AMENDED,
TO PROVIDE THAT THE ABSORPTION OF EXCHANGE AND
COLLECTION CHARGES SHALL NOT BE DEEMED

THE PAYMENT OF INTEREST ON DEPOSITS

DECEMBER 7, 8, 11, 12, 13, 14, and 15, 1944

Printed for the use of the Committee on Banking and Currency

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COMMITTEE OX BANKING AND CURRENCY

ROBERT F. WAGNER, New York, Chairman CARTER GLASS. Virginia

CHARLES W. TOBET, New Hampshire ALBEX W. BARKLEY, Kentucky

JOHN A. DANAHER, Connecticut JOHX H. BANKHEAD. Alabama

ROBERT A. TAFT, Ohio FRANCIS MALONEY, Connecticut

JOHN THOMAS, Idaho GEORGE L. RADCLIFFE. Maryland HCGH BUTLER, Nebraska D. WORTH CLARK, Idaho

ARTHU'R CAPPER, Kansas SHERIDAN DOWNEY, California

C. DOCGLASS BUCK. Delaware ABE MCRDOCK, Utah

ALBERT W. HAWKES, New Jersey BCRNET R. MAYBANK, South Carolina JAMES G. SCRUGHAM, Nevada JOHN L. MCCLELLAN, Arkansas

DAVID DELMAN, Clerk

CONTENTS

218

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Crawford, Hon. Fred. L., Member of the House of Representatives from

the Eighth District of Michigan-------

Downie, Robert N., president, the Fidelity State Bank, Garden City,

Kans---------------------

Drawdy, Sherman, vice president and cashier, Georgia Railroad Bank

& Trust Co., Augusta, Ga------

Dreibelbis, J. P., general attorney, Federal Reserve Board, Wash-

ington, D. C--

DuBois, Ben, Sauk Center, Minn..

Felio, Earl N., assistant treasurer, Colgate-Palmolive-Peet Co., Jersey

City, N. J.; chairman, legislative committee, National Association

of Credit Men --

232

Gandrud, Oluf, president, Swift County Bank, Benson, Minn...

237
Gersten, E. ('hester, president, Public National Bank & Trust Co., New

York, N. Y.; past president, New York State Bankers Association. 210
Gidney, Ray M., president, Federal Reserve Bank of Cleveland, Cleve-

land, Ohio------

Gormley, R. E., vice president, Georgia Savings Bank & Trust Co.,

Atlanta, Ga.; chairman, National Association of Nonpar Banks --- 2, 189

Gregory, W. L., vice president, Plaza Bunk, St. Louis, Mo--------- 162

Guhring, H. F., executive vice president, Citizens First National Bank,

Frankfort, N. Y.---.

Hansen, 0. D., executive vice president, Bank of Union County, Elk

Point, S. Dak-----

Haugo, Erling, superintendent of banks of South D. kota, Pierre, S.

Dak.

127

Hawkins, Charles W., president, First National Bank, Spring Valley,

N. Y.----

215

Hills, L. K., vice president, the Bank of Bakei. Eaker, Mont., and Mon-

tana Bankers Association ------

229

Holmes, F. V., cash' *; State Bank of Parish, Parish, N. Y.------ 217
Johnson, Willis, president • vins Bank & Trust Co., West Point, Ga. 44

------------

216

133

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Statement of-Continued.

Page

Kelly, Carlos D., vice president, Fidelity Union Trust Co., Newark, N. J. 225
Kielmann, William A., president, Peoples National Bank & Trust Co.,
Lynbrook, N. Y--------

219
McDonnell, William A., vice president, Mercantile-Commerce Bank &

Trust Co., St. Louis, Mo.; chairman, bank management commission,

American Bankers Association -----

191

McKinney, M. L., president, Citizens Bank of Jonesboro, Ark.--

57

McMullan, W. P., executive vice president, Newton County Bank,

Newton, Miss.---
Mitchell, J. E., president, First National Bank, Carbondale, III.------ 158
Neiman, Don E., secretary, Des Moines Credit Men's Association, Des
Moines, Iowa---------

235
Newsom, F. M., Jr., president, Farmers & Merchants Bank, Lawrence-
ville, Va--------

-----
Niebank, C. George, Jamestown, N. Y., president, Bank of Jamestown,
and president of the New York State Bankers Association.-

210

Norris, R. H., vice president and cashier, Security Bank of Edgefield,

S. O--------

110

Peters, J. H., president, First National Bank, Loveland, Colo-------- 176, 236
Reader, H. P., assistant treasurer, Cannon Mills, Inc., New York, N. Y.,
representing National Association of Credit Men.-----

231
Romines, E. E., cashier, Bank of Houston, Houston, Mo------

168

Rossetti, Victor H., president, the Farmers-Merchants National Bank,

Los Angeles, Calif.---

116

Rowe, A. F., cashier, First National Bank, Ayden, N. C__.

Russell, F. B., cashier, Farmers National Bank & Trust Co., Ashtabula,

Ohio; chairman, Council of Administration of Ohio Bankers Asso-

ciation; chairman, group 9, Ohio Bankers Association----

184

Smith, J. Spencer, president, Tenafly Trust Co., Tenafly, N. J.; vice

president, First Federal Savings & Loan Association, New York---- 222

Tait, Robert C., vice president, Genesee Valley Trust Co., Rochester,

N. Y.; chairman, group 2, New York State Bankers Association ---- 213

Thomas, Harrison M., president, Princeton Bank & Trust Co.; vice

president, First Federal Savings & Loan Association, New York------ 222

Thompson, W. E., cashier and chief executive officer of the Bank of

Chapel Hill, Chapel Hill, N. C..

29

Thornton, J. G., president, Wilmington Savings & Trust Co., Wilming-

ton, N. C-----------
Trefz, Richard W., president, Beatrice State Bank, Beatrice, Nebr.----
Ward, George, vice president, Charleston National Bank, Charleston,

W. Va--------

Warrick, Harold D., general credit manager and assistant treasurer,

General Foods Corporation --

234

Weiler, J. R., cashier, Harlan National Bank, Harlan, Ky--

226

Whelchel, 'Clarence A., president, Farmers & Merchants Bank, Mt.

Pleasant, Tenn.---

239

Wilson, James C., president, First Bank & Trust Co., Perth Amboy,

N. J.; president, Middlesex, Somerset, and Union County Bankers
Association, New Jersey.------

226

------

Worden, Frederic E., president, National Bank of Auburn, Auburn,

N. Y.--------------------

218

Statements, letters, telegrams, exhibits, etc., submitted for the record :

Association of Reserve City Bankers, Chicago, Ill., letter.
Bates, Jeff B., chairman, board of bank control of State of South

Carolina, letter---
Bell, Miller R., president, the Milledgeville Banking Co., Milledgeville,
Ga., statement---------

206

Board of Governors of the Federal Reserve System:

Report on S. 1642----

Statement of Chairman of.----

267

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Statements, letters, telegrams, exhibits, etc.—Continued.

Brown, Hon. Paul, Member of the House of Representatives from the

Tenth District of Georgia :

Letter to Senator Robert F. Wagner----

Extract of remarks of Representative Brown on floor of House,

from Congressional Record of December 21, 1943----------

Letter of Board of Governors of the Federal Reserve System

to Senator Robert F. Wagner, dated August 6, 1943_-

Letter of the Federal Deposit Insurance Corporation to Hon.

Henry B. Steagall, dated August 20, 1943------

Extract of remarks of Representative Brown on floor of House,

from Congressional Record of March 2, 1944--

Extract of remarks of Representative Doughton, of North Carolina,

from Congressional Record of March 2, 1944_-

Statement of Hon. R. L. Doughton, a Representative in Congress

from North Carolina, chairman of the Committee on Ways and

Means, made before the House Banking and Currency Com-

mittee ----

Chamber of Commerce of the United States, letter containing state-

ment of policy------
Citizens National Bank, Waxahachie, Tex., letter to Hon. Lee O'Daniel,

United States Senator from the State of Texas.---

Copeland, H. B., cashier, Bank of Ahoskie, Ahoskie, N. C., statement.-

District of Columbia Bankers Association, Washington, D. C., letter--

Federal Deposit Insurance Corporation:

General counsel's memorandum re H. R. 3956-------

Letter submitted in lieu of statement, dated January 3, 1945_--

Report on S. 1642_----

Ferguson, Frank, president, Hudson County National Bank, Jersey

City, N. J., statement.---

Glass, Carter, United States Senator from the State of Virginia,

telegrams received from-

Citizens Bank & Trust Co., Clarksville, Va---

Citizens National Bank of Petersburg, Petersburg, Va---

First and Merchants National Bank, Richmond, Va.

Retail Merchants Association of Charlottesville, Va., and Alber-

marle County -------

State Planters Bank & Trust Co., Richmond, Va-----
The First Naitonal Bank of Danville, Danville, Va.-
The First National Bank of Quantico, Va----------
The Morris Plan Bank of Virginia, Richmond, Va---

The Peoples Bank & Trust Co., Chase City, Va------

Gormley, R. E.:

Additional statement-

Article entitled “What About the Maybank Bill?"----

Letter of Congressman Brown, of Georgia, to National Associa-

tion of Credit Men---------

H. R. 3956_-------

Latham, J. W., State Comptroller, State of Mississippi.

Montana Bankers' Association :

Bulletin No. 1186, dated April 27, 1944_-

Letter to Hon. Burton K. Wheeler..

Telegram to Hon. Burton K. Wheeler---

The Continental National Bank, Harlowton, Mont., letter to Hon.

Burton K. Wheeler.

----

National Retail Credit Association, St. Louis, Mo., letter------------

New Mexico Bankers' Association, statement.---

Reeves, F. M., executive vice president, First National Bank of Cor-

nelia, Cornelia, Ga., statement--------

S. 1642----

Treasury Department, report on S. 1642---

Union National Bank of Pittsburgh, Pittsburgh, Pa., letter---
Waldrop, J. H., vice president and cashier, Guaranty Bank & Trust

Co., Greenville, N. C., statement-----
Wyoming Bankers Association, telegrams to Senator E. V. Robertson,

of Wyoming------

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