The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
470 At a special meeting of the Federal Reserve June Board held in the office of the Board on Thursday, 3, at 3.00 p. in. PRESENT: Mr. McAdoo, presiding, Mr. Warburg Mr. Hamlin Mr. Harding Mr. Delano Miller Mr. Willis, Secretary. The minutes of the morning and afternoon meetings of June 2 were read. and approved. On motion the Board approved applications the of the following banks for the right to exercise functions of trustee, executor,. administrator, and on registrar of stocks and bonds, upon the recommendati of Mr. Harding and Er. Williams Commercial National Bank First National Bank First National Bank Peoples State National Ashuelot National Bank Citizens National Bank First National Bank Rockville National Bank First National Bank Rushville National Bank First National Bank Farmers National Bank First National Bahk City rational Bank First National Bank Clifton Forge Nat'l Bank Shreveport, La. La Porte, Ind. Story City, Iowa Anderson, Ind. Keene, N. r. Alexandria, Va. Cheyenne, Wyoming Rockville, Ind. Hutchinson, Kan. Rush, Ind. Horton, Kan. Webster City, Iowa. Dyer, Ind. Council Bluffs, Iowa Eagle, Colo. Clifton Forge, Va. September 19, 1941 All of the records of the Board other than the minutes, including the annual reports, are clear that the Ashuelot National Bank) Keene, New Hampshire, was only granted the right to act as trustee and registrar of stocks and bonds, and that the entry in the minutes for June 3, 1915, is in error in including the powers of executor and administrator. 471 The following banks were granted the right to act as executor, trustee and administrator: Trinidad, olo. Carthage, No. Liberty, Ind. Woodward, Okla. First National Bank Central National Bank Union County National First National Bank The First National Bank of Tulsa, Oklahoma, was granted the right to exercise the functions of trustee, executor and registrar. The following were granted the right to act as registrar of stocks and bonds: National Park Bank Fourth Street National New York City Philadelphia, Pa. On motion the Board voted to place on the suspended list the following applications of banks for the right to exercise the functions of trustee, executor, etc., the same being in accordance with the recommendation of Mr. William and :r. Harding& Burnes National Bank First National Bank First National Bank Central National Bank National Bank of First National Bank Corsicana National Bank First National Bank of First National Bank Commercial National Bank Greylock .National Bank National City Bank Fairfield National Bank St. Joseph, No. Fortville, Ind. Beattie, Kan. St. Petersburg, Fla. Mattoon, Ill. Marion, Ind. Corsicana, Tex. George, Iowa Galva, Iowa Madison, Wis. Adams, Mass. Chicago, Ill. Fairfield, Iowa 472 First National Bank First National Bank Citizens National Bank First National Bank Farmers & Merchants National First National Bank National Produce Bank First National Bank Batesville, Ind Rochester, Ind.; Tipton, Ind. Baraboo, Ms. Wabash, Ind. Lyons, Neb. Chicago, Ill. Greenwood, lass. The circular relating to the membership of State banks, which had previously been made a special order for the day, was taken up and given discussion. Mr. McAdoo informed the Board that he had examined the various opinions of Counsel produced at the meeting of the preceding day, and now believed that it was feasible to dispense with the course opinion of the Attorney General, and proceed with such of policy as might be determined on. He expressed the opin' ion that the policy proposed in the circular was one that was open to considerable doubt, stating that he was willing to join with the Board in authorizing the circular in its present form should that be the prevailing opinion. He, however, suggested that a State bank desiring to withdraw from the system be required to give twelve monthstnotice instead of six as prescribed in the present circular. Gen- eral discussion ensued, and the question of substituting a twelve months' notice for six months having been put to vote, was carried. The circular itself being then offered for vote in 473 Its amended form, was adopted. Mr. Williams, who was out of the city, having sent word that he desired to vote in favor of it, was so recorded. The Secretary of the Board presented a draft of the minutes of a conference between certain Federal reserve agents and certain members of the Board on Eay 28. On motion the minutes were referred to Mr. Delano for report. The 3ocretary of the Board having presented a recommendation of Counsel with reference to an inquiry put by Federal Reserve gent Wills as to the granting of trustee and executor powers in Kentucky, wherein he suggested that la% Wills forward all applications of banks either with or without his favorable recommendation, it was voted that Mr. Wills be so advised, and that a copy of the ruling be sent to all Federal reserve agents, the said letter to inform the agents, however, that it is desired to have them furnish all the facts as to the condition of the banks even in those cases where there seems to be a legal reason for not giving the desired permission to banks that are otherwise in a satisfactory condition. A memorandum from the Comptroller of the Currency 474 with accomnanying report by Counsel relative to the limit on real estate loans, was referred to Hr. "farburg and 1",r. Harding for report. A letter from Federal Reserve Agent Perrin relative to large denominations of Federal reserve notes, was rresented to the Board, and the 3ecretary directed to say that amendments on this subject had already been suggested by the Board to no purpose. In answer to a letter from Federal Reserve Agent J. Z. asking for permission to charge interest on debit shortages in deposit balances, the secretary was directed to say that the whole matter had been ploced in the hands of k. C. Miler, who will take it up with him in detail. On motion it was voted to grant Counsel power to tae such steps as are necessary in joining with the Federal Reserve Bank of,3an Francisco to vest the power of the 1Tational banks of California to receive savings accounts and to advertise the fact. The question of a special rate of discount for and 15-day maturities having been. presented to the Board given consideration, it was agreed to refer the subject to the Conference of Governors shortly to moot in nicago, 47T. for an expression of opinion. It was further agreed to suggest to the Conference the following additional topics: "Use of Federal Reserve Banks as fiscal agents." "Purchase of trade acceptances by Federal Reserve Banks in open market.".// A letter from Governor Rhoads of the Federal Reserve Bank of Philadelphia requesting authority to reinvest in revenue warrants of the City of New York up to the amount of '::),1,750,000, was approved. A forn:H.1 letter of notification from Federal Reserve Agent Austin to the effect that he had turned n7c)r !1 - 1 duties to Deputy Federal Reserve Agent La ::_onte during his suminer vacation was read to the Board and noted. Pr. Warburg called attention to the fact that the Board had previously settled upon a payment of ,r;25 a day and traveling expenses for the Deputy Federal reserve agent. The 3ecretary of the Board presented tho usual weekly discount report, noting that no change las asked for. A memorandum from the office of the Comptroller of the Currency relative to the report of the First National Bank of New 1,arket, Va. was read, and the Secretary directed to take action in accordance therewith. 476 The question of compensation of Mr. 0. Howard Wolfe for services in connection with the formal opening of the book) of the new Gold Jettlement Fund having been presented, it was voted to )0,,y :r. Wolfe the sum of „200 in consideration of his services. A letter from Federal Reserve Agent Ingle presenting certain forms for the withdrawal of stock by banks transferred to the Federal Reserve Bank. of Cleveland, was referred to Counsel. Applications for additional stodk. totaling 96 shares, duly' recommended by Mr. Harding, were approved as follows: "• oflarOS. DI32RICT No. 6. Calhoun National Bank • Calhoun, Ga. 3 DISTRICT No. 7. Farmers & Merchants Nat'l. Bank Wabash, Ind. German-American National Bank . Pekin, Ill. Mapleton, Iowa First National Bank 48 DI3TRICT No. S. First National Bank First rational Bank Trenton, Ill. Wayne City, Ill. 1 2 Springfield, :Ann. Herman, Minn. Fairmont, Minn. Hamilton, Mont. 1 3 1 2 DISTRICT No. 9. First National Bank First rational Bank Fairmont National Bank First National Bank 477 'DISTRICT No. 9. (Contid.) United dtates National Ba Northern National Bank First National Bank Peshtigo National Bank shares. Red Lodge, Eont. Ashland, Wis. Scranton, IT. Dak. Peshtiuo, Wis. 4 6 Burkburnett, To. Pittsburg, Tex. 3 1 DISTRICT No.• 11. rv First National Bank First Guaranty State Bank On motion at 1.55 p. m. the Board adjourned to neat at 3.00 p. m. on Friday, June 4. AlTpaovID: irman. •
@FedFRASER