The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
558 A meeting of the Board of Governors of the Federal Reserve Systen:114as held in Washington on Thursday, April 15, 1937, at 11:30 a. m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Broderick Szymczak McKee Davis Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman Consideration was given to each of the matters hereinafter referred to and the action stated with respect thereto was taken by the 4bard: The minutes of the meeting of the Board of Governors of the Federal Reserve System held on April 14, 1937, were approved unanimously. Telegram to Mr. Sargent, Secretary of the Federal Reserve Bank Or San Pralla800, stating that the Board approves the establishment with- clit change by the bar today of the rates of discount and purchase in it8 existing schedule. Approved unanimously. Letter to the board of directors of the "Green Lake State Bank", Green Lake, Wisconsin, stating that, subject to the conditions of membership numbered 1 to 3 contained in the Board's Regulation H and the t°11°wing special condition, the Board approves the bank's applica11 for membership in the Federal Reserve System and for the appro13111 " e amount of stock in the Federal Reserve Bank of Chicago: 559 4/15/37 -2- "4. Such bank shall make adequate provision for depreciation in its banking house and furniture and fixtures." Approved unanimously, together with a letter to Mr. Schaller, President of the Federal Reserve Bank of Chicago, reading as follows: "The Board of Governors of the Federal Reserve System approves the application of the 'Green Lake State Bank', Green Lake, Wisconsin, for membership in the Federal Reserve System, subject to ths conditions prescribed in the inclosed letter uhich you are requested to forward to the board of directors of the institution. Two copies of such letter are also inclosed, one of which is for your files and the other of which you are requested to forward to the Commiss ioner of Banking of the State of Wisconsin for his information. "In view of the nominal amount of estimated losses as shown in the report of examination, the customary condit ion of membership elimin regard ation ing estima of losses has ted not been prescribed. "It has been noted from the presentation memorandum accompanying the application that you will call the bank's IlaPecial attention to the provisions of Section 5136 U. S. S., and to the fact that accounts which do not qualify as savings accounts under the provisions of the Board's regulations should be carried in some other manner." Letter to "The First Nation al Bank of Paintsville", Paintsville, ICentUckY, reading as follows: "The Board of Governors of the Federal Reserve System has given consideration to your applic ation for permission to exercise fiduciary powers, and grants you authority to act, when not in contravention of State or local law, as brustee, executor, admini strator, guardian of estates, assignee, !!caiver, and committee of estates of lunatics, the exercise !;),I. all such rights to be subject to the provisions of the :edera, Reserve Act and the regulations of the Board of Govrnor:41f.sthe Federa l Reserve System. letter will be your authority to exercise the fiduciary powers granted by the Board pending the preparation of a formal certificate covering such authorization, 560 4/15/37 "which will be forwarded to you in due course." Approved unanimously. Letter to the Calumet State Bank of Hammond, Hammond, Indiana, reading as follows: "The Board of Governors of the Federal Reserve System has given consideration to your application for permission to exercise fiduciary powers, and grants you authority, effective if and then the Calumet State Bank of Hammond, Hammond, Indiana, is converted into a national tanking association and is authorized by the Comptroller of the Currency to commence business as 'The Calumet National Bank of Hammond', to act, when not in contravention of State or local law, as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies or Other corporations which came into competition with national banks are permitted to act under the laws of the State of Indiana, the exercise of all such rights to be subject to the provisions of the Federal Reserve Act and the regulations of the Board of Governors of the Federal Reserve SYstem. "After the conversion of the Calumet State Bank of Hammond into The Calumet National Bank of Hammond becomes effective and the Comptroller of the Currency authorizes the national bank to commence business, you are requested to have the board of directors of the national tank adopt a resolution ratifying your application for permission to j ,e al*eise trust powers, and a certified copy of the resolurif4 so adopted should be forwarded to the Federal Reserve nuk of Chicago, to be forwarded to the Board of Governors of the Federal Reserve System for its records. When a copy r such resolution has been received by the Board, a formal Certificate covering your authority to exercise trust powers will be sent to you." Approved unanimously. Telegram to Mr. McKinney, President of the Federal Reserve Bank of D.1, "4-Las, reading as follows: 4, "Relet April 9, 1937. Board will interpose no objec410n under condition of membership to expenditure by 'Southern 561 4/15/37 "'Arizona Bank and Trust Company', Tucson, Arizona, of approximately $45,000 for alterations and improvements in bank premises. It is not clear that additional expenditure of 415,000 mentioned in your letter requires Board's approval under condition of membership; but, if such should be the case Board interposes no objection to such additional expenditure." Approved unanimously. Thereupon the meeting adjourned. •.(75re..„. 1-y) Secretary.
@FedFRASER