The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
•
4
-
A meeting of the Federal Reserve Board was held in the office of the
2ederal
_Ieserve Doard on
Thursday, April 2, 1931, at 11:45 a. m.
PRESENT:
Governor :Jeyer
Hamlin
hr. Miller
1:1r. Tames
2ole
17eC1e11ar_d, Assistant Secretary.
The minutes of the meetina• of the .1.xecutive Committee of the Federal
'3sel've Board held on Larch 30th were approved, and upon motion, the actions
recorded therein were ratified.
The minutes of the meeting of the Federal Reserve Board held on
.414r
all 31st wore apnroved.
The _,ssistant Secretary then ?resented the following communications
11111'elports which were considered by the Board and acted upon as follows:
Telegrams
dated April 1st from the Chairmen of the Federal Reserve
13E1114
of
J'hiladelohia and St. Louis, advising that at meetings of t_-.cir
boaz.ds or
directors on that date no chances were made in the banks'
schedules of rates of discount and Purchase.
Without objection, noted with
apnroval.
Aa.
Circular
dated April 1, l'.131 from the President of the Stockholders
- of the Federal Reserve Bank of Richmond, advising that the Seventh
A44
11' 1 -eet •
of representatives of member banks in the Fifth 'ederal -eserve
48.
4
11,4
17ill be held at the ,ichmond bank on Friday, April 10, 1931.
1.oted.
ReP°rta of Committee on Salaries and icipenditures on lists submitted
tile 14,e
ral ileserve Banks of Boston arid Chicago of employees for wham the
citte
tors
''IPProved leaves of absence with pay, on account of illness, during
t.
,,
'11°11th 0
1 -arch at Boston, and during the period from February 27th
(3
p
4/2/31
-2.-
to llarch 26th at Chicago, where the total of such absences since January 1,
1931 has exceeded thirty days; the Board's Committee recommending approval of
the
i
se-Lary Payments involved.
Approved.
hemorandum from Counsel dated March 26th, submitting draft of telegram
to
"
8
Assistant 2ederal ileserve Agent at San Francisco, in reply to an incluiry
"her the service
?irst
of 1.1r. James C. Ainsworth as President and director of the
National Bank of Linnton, Portland, Oregon, comes within the exception
to tile'
- Clayton Act which permits a director, officer or employee of one bank,
the e
"ire capital stock of which is owned by the stockholders of another bank,
to An
. --17e as a director, officer or employee of such other bank; the proposed
teaY
stating that inasmuch as the stockholders Of the United States rational
tea*
ttret not stockholders in the First National Bank of Linnton, the stock
latter being owned by a subsidiary of the former, I. Ainsworth's
Elf*vip.
"Of
the Linnton bank does not come within the exception to the Clayton
Aot referred to.
Upon motion, the proposed telegram
was approved.
Liatter ordered circulated at the meeting of the Board on Larch 21st;
llake
'application of the Citizens National Bank, Cicero, Indiana, for
ttqet
klwel's, on which action was deferred by the Board at its meeting on
vetober
30
'1930, pending the next examination of the bank, and approval of
vittiL04
114
is
40w recommended by the Executive Committee of the Federal neserve
Of Chicago.
A discussion ensued during which
reference was again made to the slight
improvement in the bank's condition since
the previous examination, Shown by the
-3recent report, and at the conclusion of
the discussion it was voted to again defer action on the application.
Report of Executive Committee on letter dated Larch 26th from the
4:letal Reserve Agent at Dallas, advising that in compliance with one of its
°010ditiens of membership in the Federal Reserve System, the City-Central
41,6
-"‘ and Trust Company of San Antonio, Texas, has transferred from undivided
13"ts account to surplus account the sum of .12,500, which is in excess
or
Per cent of the bank's net earnings for the last half of 1930 and the
quarter of 1931; the Agent stating that the bank showed no net profits
r°r 41e
first half of 1930 and during the year 1929 increased its surplus
413(
"
in the sum of !400,000 in connection with a consolidation, on which
1)414 ha recommends approval of the adjustment in surplus whidh has been made.
Upon recommendation of the Executive
Comnittee, the action taken by the member
bank was noted with approval.
Letter dated narch 7th from the Federal Reserve Agent at Atlanta,
44114ittillg for the information of the Board copies of a report made by him
to the pederal
=ieserve Agent at St. Louis, with respect to the operations
(11' C44171611 and Company and its affiliates; the data having been assembled
r°1
'the rairpose
of enabling the Federal Reserve Agent at St. Louis to complete
146 detailed
report regarding the activities of Caldwell and Company, A. B.
4,141t
4 4114
Company and the Banco-Kentucky, reouested in the Board's letter
t° 441 c)t Zanuary
29, 1931.
Upon raising the question, 1.r. James
was requested to discuss with the Beard's
General Counsel the responsibility of the Beard
in the matter of reporting to the Attorney
General of the United States information received by the Board involving possible violations of the criminal provisions of the law
on the part of officials of the companies
referred to.
1
ki'Dz
-4Memorandum dated March 30th from the Board's Examiner in Charge,
.
elamLitting
report of examination of the Federal Reserve Bank of Cleveland
EtIld ita branches made as at the close of business March
7, 1931.
Ordered circulated.
REpopr"
or
tee,
STAI DDIG COT/FITTERS:
April let
2nd
4ted,
.March 31st
rktte
March 31st
\
41teas Llarch 31st
IIELteds !larch
31st
Ikteat
let
Recommending chanr;es in stock at Federal Reserve Banks,
as set forth in the Auxiliary Minute Book of this date.
Recommendations approved.
Recommending approval of the application of Mr. P. C.
Willis, for permission to serve at the same time as a
director of the Rembert National Bank of Longview, Texas,
as a director and officer of the Commercial lAtional Bank
of Shreveport, La., and as a director and officer of the
First National Bank of Gibsland, Louisiana.
Approved.
- a% P. J.
Recommending approval of the application of f
time as an
at
the
same
serve
to
Cashman, for permission
Oklahoma,
Tulsa,
National
of
Exchange
Bank
officer of the
Comnerce
of
and as a director of the National Bank of
etumka, Oklahoma.
Approved.
Recommending approval of the application of Mr. W. G. C.
Bagley, for permission to serve at the sane time as a
director of the Forest City National Bank of !Sorest City,
Iowa, and as a director of the First National Bank of
Mason City, Iowa.
Approved.
Recommending approval of the application of Mr. Charles
N. Moderwell, for permission to serve at the sane time as
a director of the City National Bank and Trust Company of
Evanston, Evanston, Illinois, and as a director of the
National Bank of the Republic of Chicago, Chicago, Illinois,
Approved.
Recommending approval of the application of Mr. John F.
Tufts, for permission to serve at the same time as a
director and officer of the Union Market Nationsl Bank of
Watertown, Mass., and as a director of the Second National
Bank of Malden, Malden, Mass.
Approved.
The meeting adjourned at 12:40 p.
4ppt
Assistant Secretary
AUXILIAa 111NUTES
(April 2, 1931)
cha Reports of Standing Committee dated April 1st and 2nd, recommending
flgas in stock at Federal Reserve Banks, approved as follows:
4
"
.,,.P,-. a_tA2a_s_g_il_24.IGINAL Stock:
Shares
41fle
National Bank, Rifle, Colorado.
18
18
Bank and Trust Company,
Burlington,
Vermont.
60
60
0
) .1.1i4
JUla.
21
p711°Pac National Bank, llahopac, N. Y.
st
National Bank, Port Jervis, L. Y.
Aiteatowa National Bank, Whitesboro, N. Y.
11
90
18
119
Diatrict No.
3.
Pirst N
ational Bank, Dallas, Pa.
24
24
45
Total
45
248
120
120
4 4i
1
,
cations for ADDITIONAL Stock:
°ward. National
1
('
ico.
Diatrt
N
4.
li Pirat National
Bank, Lockland, Ohio.
blications for
41st
SUirrtENDP11 of
Stock:
National Bank, Plattsburg, N. Y.
bY Pl
attsburg National Bank & Trust Co.)
p 4triet
ilational Bank, Dublin, Ind. (V.L.Abs. by
First Natj051
Bank & Trust Co. of Cambridge
p4a0ity,
Ind.)
Plr t National
Bank, Veedersburg, Ind. (Insolvent)
4't
liatiOrlal Bank, Frankfort, Ind. (V.L.Suc. by
Pirat
State Bank)
18
30
168
Total
216
336
Assistant Secretary.
/.......11164Amdmwahmogimei
.6
Gov
r;
@FedFRASER