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596 A meeting of the Board of Governors of the Federal Reserve Syser '"ea held in Washington on Friday, April 23, 1937, et 10:30 a. r. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Broderick Szymczak McKee Davis Mr. Mr. Mr. Mr. Con to Board: erea ere]. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman sideration was given to each of the matters hereinafter re- and the action stated with respect thereto was taken by the The minutes of the meeting of the Board of Governors of the FedRe " 8 ve System held on April 22, 1937, were approved unanimously. Tel -egrams to Messrs. Clark, and Young, Secretaries of the Fed- Re serVe Banks of Atlanta, and Chicago, respectively, stating that the toe rd aPProves the establishment without change by the banks today °t the 111.4 "of discount and purchase in their existing schedules. Approved unanimously. Memorandum dated April 19, 1937, from Mr. Paulger, Chief of the 4 °r Ex aminations, recommending the appointment of Miss Eleanor el GiclItalletti 0n.e temporary basis for a period of two months as a sten°grepher in the Division, with salary at the rate of 0.20 per month, "tecti„ es of the date upon which she enters upon the performance of her. ditties. Approved unanimously. 597 4/23/37 -2Letter to Mr. Logan, Vice President of the Federal Reserve Bank ' c t New reading as follows: "In response to your letter of April 19, 1937, you are advised that the Board, subject to the terms of its letter of April 15, 1936 (X-9548), relating to the employOf special counsel, approves the employment of Pitney, of ,J1rdin and Skinner, Esquires, attorneys of Newark, New Jersey, e l the matter of your claim against the Lambertville Rubber .°mPanY, Incorporated, of New jersey, which it appears is in tnv oluntary bankruptcy under section 77(b) of the Federal ankruPtoY Act." Approved unanimously. Letter to the board of directors of the "St. Louis County Bank", 4Et3r t°41 Missouri, stating that, subject to the conditions of membership 11111Q1bered 1 to 3 contained in the Board's Regulation H and the following 4eell. condition, the Board approves the bank's application for membership i 11 the Federal Reserve System and for the appropriate amount of sto& . - in the F9 deral Reserve Bank of St. Louis: "4 ' Such bank shall make adequate provision for depret ei s. oi t, / in its banking house and furniture and fix- t Approved unanimously, together with a letter to Mr. Martin, President of the .Cederal Reserve Bank of St. Louis, reading as follows: "The Board of Governors of the Federal Reserve System apProve is s the aPplication of the 'St. Louis County Bank', Clayton, :jecis .°u11-, for membership in the Federal Reserve System, subyou" to the conditions prescribed in the inclosed letter which ilist e requested to forward to the board of directors of the orle7,t _pution. Two copies of such letter are also inclosed, which is for your files and the other of which you are st;:e2ted to fomard to the Commissioner of Finance for the of !,Tissouri for his information. 598 4/23/37 "It has been noted that one of the directors of the bank, P°rrest D. Wetzel, is reported to be a member of a firm of security dealers, that the provisions of section 32 of the Blanking Act of 1933 were discussed with him by the examiner, that he offered to resign upon the bank's becoming a member of the System. It is assumed that it has been ascertained that the firm in question is engaged in the business described in section 32 of the Banking Act of 1933, and that the business of the firm is not confined to securities of the type which would Permit the relationship to continue under the exceptions Il i!" .ided in the Board's Regulation R. On such assumption, li b is requested, therefore, that the bank be informed of the tressitY of Complyingwith the provisions of section 32 and Regulation R as they relate to the services of Mr. ±'zel. Please advise the Board of the steps which are taken ,"I conform to such provisions. , he Board has not prescribed the special conditions of rship recommended by the Federal Reserve Bank regarding the es,. future acauisition of assets of the General Realty Company of certain closed banks which the applicant bank is liquidating re under appointments from the Commissioner of Finance. The of examination and other data submitted with the appli,,1°n do not contain npy indication that the bank contemplates PUrchases and this matter would seem to be more properly mue of local 1, 1pervision than the subject of a condition of -embership. not ."The papers submitted with the bank's application did h.as include a copy of the form of capital notes which the bank forw eold to the public. It will be appreciated if you will m,_ ai'd such a copy to the Board in order that its records gY be complete." Letter to Mr. McKinney, President of the Federal Reserve Bank Of r, 44111n ''S) reading as follows: tr6_ "Reference is made to your letter of April 14, 1937, -ng the request of the 'Minden Bank & Trust ComMinden, Louisiana, for permission in accordance with the fO' trvisions of membership condition numbered 8 to purchase e consideration of U2,000 the banking house which now It °ccuPies. terpn"In a ccordance with your recommendation the Board indicalses no objection to such investment in the amount incorcjed, and it is reouested that you advise the bank acthe t IlaglYs It is suggested that you acquaint the bank with °erd'e views, with which you are familiar, with respect 599 Mg5/20 "to making adequate provision for depreciation in banking quarters owned," APP Thereupon ved unan he ously. meeting adjourned.
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