Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, April 22, 1937, Volume 24, Part 2

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593
A meeting of the
Board of Governors of the Federal Reserve System was
held in Washington on Thursday, April 22, 1937, at 10:30 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

Co
nsideration was given to each of the matters hereinafter referred
to atA

'
4 the action
stated with respect thereto was taken by the Board:
The minutes
of the meeting of the Board of Governors of the Fed"a
Re8-rve System held on April 21, 1937, were approved unanimously.
Telegrams to
Mr. Leach, President of the Federal Reserve Bank of
Illehril°11d, and
Mr. Stewart, Secretary of the Federal Reserve Bank of St.
touts)
stating that the Board approves the establishment without change
bY the
respective banks today of the rates of discount and purchase in
ej
th
'48ting schedules.
Approved unanimously.
T
eleg--4.-tka to Mr. F. W. Peck, Director, Agricultural Extension
lOws:

University of Minnesota, St. Paul, Minnesota, reading as fol-

Or pe;!
".rd of Governors has appointed
or .L
°I'al Reserve Bank of Minneapolis

you class 'C' director
for unexpired portion
urm
e
lectot ending December 31, 1939. Please wire acceptance col-

Approved unanimously.
t

Telegrem to Mr. Newton, President of the Federal Reserve Bank

lailtal r
eferring to the application of the "Central Farmers' Trust




594
4/22/37
-2“ectiparlY") West Palm Beach, Florida, for permission to withdraw immediately
rum membership in the Federal Reserve System, and stating that the
111(3arci waives the usual requirement of six months notice of intention to
withdraw, and
that, accordingly, upon surrender of the Federal reserve
be'alt stock
issued to the Central Farmers' Trust Coiapany, the Federal Re13enk of Atlanta is authori2,ed to cancel such stock and make approPriate

refund thereon.
Approved unanimously.
TelegrEm to Mr. Sargent, Vice President of the Federal Reserve

8ank

ul 6an
Francisco, reading as follows:
"In
Board will
interPoseaccordance with your recommendation the
To
v se no objection to the consolidation of 'The Bank of
quiellt ) hoquiam, Vvashington, with the 'Peoples Bank and
1 ,ashington, under the charter of
the” e°r1PanY', Seattle, !
t_i;laveer institution, provided the proceedings in connecective,r=th are in the opinion of your counsel legally efBoard approves the establishment and operation
viYasthe Peoples Bank and Trust Company of a branch at Hoquiam,
131,,
1,on)
11-n6t
with the understanding that the capital and suren
of the trust company will be increased to 0_,350,000
1
%7Tpectively, as stated in your telegram of
Aprilt:0(

Approved unanimously.
Letter to "The Flame National Bank of Milford", Milford, MassaelliJisettS,
reading as follows:
has "The Board
of Governors of the Federal Reserve System
i.ven consideration to your supplementary application
tor, ucierY Powers, and, in addition to the authority heregranted to act as trustee, executor, edministrator,
re
ittheneistrar of stocks and bonds, grants you authority to act,
,
110t in contravention of State or local law, as guardian
oD ;
tie;-'"ates) assirmee, receiver, committee of estates of lune°r in any other fiduciary capacity in which State banks,
peti;.comPanies or other corporations which come into con'1
with national banks are permitted to act under the
rioit°f the State of Massachusetts, the exercise of all such
A ci:
8 tO be
subject to the provisions of the Federal Reserve
led -nd the
regulations of the Board of Governors of the
el'al Reserve
System.



595
4/22/37

-3fidue."This letter will be your authority to exercise the
lary powers granted by the Board pending the preparation
o
formal certificate covering such authorization, which
l be
Will
forwarded to you in due course."
Approved unanimously.
Letter to Mr. Dillistin, Assistant Vice President of the Federal

Re

rye Bank of
New York, reading as follows:
In accordance with the recommendation contained in
111" letter of
April 160 1937, the Board extends to June 17,
, mf 7) the time
within which City Bank Farmers Trust Company,
;.,," York, New
York, shall file the reports of its affili'Jos as of
March 31, 1937."

12




Approved unanimously.

Thereupon the meeting adjourned.

Secretary.

Chairman.