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A meetinc of the Sxecutive Conillittee of the f - ederal Yieserve Board Was', in the office of the federal 2,eserve Board on Thursday, April 9, 1931 at 12:00 noon. TaESEITT: Mr. Mr. Mr. Mr. Miller, Presiding Hamlin Tames McClelland, Assistant Secretary. The Assistant Secretary presented various reports and communications waich were considered and acted upon as follows: Teleams dated April 8th from the i,lovernor of the federal lieserve 3ank , of --,oston and April 7th from the Chairman of the federal iieserve Bank ballas, both advjsini that their boards of directors at neetin-,s on the c18 stated made , schedules of rates of no chan,es in the banks' existing: discount and purchase. Without objection, noted with approval. Letter dated Aoril 7th from the :issistant Treasurer of the United &tate a 34vis1nr); that no aoplications were received from national banks, 4111'11-444.. -n.e quarter ended T:arch 31, 1931, for the sale of bonds under Section le or , 2ederal Ileserve Act. rioted. RePort of Committee on Salaries and ixpenditures on letter dated '4 6th fr om the Chairman of the federal deserve Bank of - ansas ity, re-°etttli,2 4PPraval of the action of the Executive Committee of that bank in t ° grant leave of absence with half pay for a Period of three months tNlvia ?I lzt to 1:x. Charles A. Tritz, an employee of the Federal Reserve "4'0 bePartment of the bank w_o has been absent on account of illness elrel.._, ttl months; the Board's Committee reconnendin13 approval of the salary ktyr1 =slit . Involvea. rc4.. 4 Approved. 4/9/31 -2Letter dated April 6th from the Comptroller of the Currency, re- (1.11esting approval of a salary of 3,000 per annum for l':ational J'oh no • • -eggins, assigned to the Tenth Federal Reserve District. 'Examiner Approved. Letter dated April 7th from the ssistant .ederal heserve Agent at el"and, transnitting copy of letter addressed to him by or the Peoples- ittsbur he 7ice ?resident -2rust Company of Pittsburgh, Pa., indicating tilat the trust company is now working on a plan to dispose of its holdings et°ek in the Second :.ational Bank of Allegheny and the 1irst :ational Bank o in accordance with the reruirement of the Board. Letter dated April 8th from the 'ederal -eserve Agent at Richmond, ft reserve deficiencies on the part of the )11tnam County Bank, Can0 .,est 7ir-inia; the _Pederal _:eserve Agent advising, that a re- -' 1°n of the institution is now pending, in view of which he recommends tlaA ae Federal Reserve Board take no action in the matter at this time. Upon motion, the recoHmendation of the 2ederal :eserve Agent was ap,_)roved. Letter dated April 7th from the Assistant 2ederal _eserve Agent at nubmitting copy of an agreement entered into by the :ichiTan State o jetroit with the .ceonles-;ayne County _ank of that city, a member -4herebY its assets were purchased and liabilities assumed by t11"lellter btAnk; tz.44actetion Was the -ssistant 5ederal .:ecerve Agent stating that the an emergency proposition incident to the absorption of the 4111t7=ti &te.4uu Dank of Jetroit, which had previously agreed to take over tIle:1,41c, State Bank, and that the -i'ederal Reserve Bank approves the 4/6/31 -3_ /.1 " tion of the ?eoples-:layne County Dank in the natter. Upon notion, it was voted to interpose no objection to the action of the member bank. liztter approved on initials on April 7th, namely, recommendation of t4e--6Xecutive Committee of the ::ederal'deserve Bank. of Atlanta that the Board waive the usual recluirelnent of six months' notice and permit immediate termination Of membership in the.7ederal deserve Systeli by the Farmers and -°'-"alls Bank, ,:atonton, Georgia, under a voluntary notice of intention to 19ithdraw filed on iarch 18, 1031; the 72ederal Reserve Agent, under date 4th, havin furnished additional information in support of the reeo_ gulendation as renuested by. the Board on Ilarch 31st. Formally apProved. Draft of letter to the Chairman of the Federal Reserve Bank of 4/13ci CitY, in reply to an inquiry as to whether amendments to bylaws of Nera 1 Reserve Banks renuire the apnroval of the Federal Reserve Board; tie 1) l'°13(/ ed letter advising that while the Board does not ren. 2 uire that kaeri -.s to the bylaws of the Federal Reserve banks be submitted to it EtD ozo , val.) it is the practice to take formal action with respect to the ki°Dtio„ Of branch bylaws and amendments thereto. Approved. lieniorandum dated April 6th from the Board's Examiner in Marge, with eot tn , -- -463 shares of stock of the Camden Safe Deposit and Trust Company, ' -oaly J"'S a member institution, which is held by the Columbian Securities 174011y owned subsidiary; the Examiner recommending that no action 1) t e bit4., 4 .11e Board at this time looking to the disposition of this stock. 4/9/3i -4Upon motion, the recommendation of the Examiner was concurred in and no action was taken. APplication of the Farners National Bank, Houlton, Maine, for ilellission to exercise general trust Dowers; together with a recommendation "the Executive Committee of the Tederal Reserve Bank of Boston that in 1/iew Of the condition of the bank, the andication be approved at this time °111/. 1 as to R gistrar of Stocks and Bonds and Transfer Agent. After consideration of memoranda from the Board's General Counsel and the Assistant Secretary,'attached to the application, it was voted to defer approval of the exercise of any trust powers by the national bank pending receipt of the report of the next examination. 1 10ORT0 --- 1.) OF STAUDING•COISIITTEES: lkitea „ 1-Pril Eith Reconmendin, - changes in stock at 7ederal Reserve Banks, as set forth in the Auxiliary Minute Book of this date. m Recoendat ions approved. °I.Leci3 4111 0th Recomiendin-. aDproval of the application of Mr.• Vt. Bryant, for permission to serve at the same time as a director of the Citizens-2irst National Bank of Pawhuska, Oklahoma, and as a director and officer ,of the cchance National Bank of Tulsa, Oklahoma. Anproved. The meeting adjourned at 12:40 p. m. Assistant Secretary. Al)Dlsoireci: ,xecutive -,orlinittee. --2 14. 4.-141Q NZecutive C ommittee) AUXILIARY 1.03,TUMS (April 9, 1931) i4 stockReports of Standing Committee dated April 8th, recommending changes at Federal Reserve Banks, approved as follows: te tV ilal : t ORIGINAL Stock: liarailton. Rational Bank, Knoxville, Tennessee. Shares 360 360 90 90 i)strict Ro. 5. 121Zat ], ational Bank & Trust Co., Asheville, N. C. 60 60 lbfistrict Ro. 7. tlea tate Savings Bank, Utica, Mich. 15 15 l for AflDITIO1LAL Stock: 1)1. icatiens • ---3ronx Bank, New York, N. Y. • — 3. fr.tional Bank, Clarksville, Ark. ;,1rst3:Tational Bank, Fayetteville, Ark. 1:at1onal Bank, Carlyle, Ill. L-,111esPie National Bank, Gillespie, Ill. l ational Bank, Lebanon, Ill. fj lational Bank, lit. Vernon, Ill. ational Bank, West Frankfort, Ill. -04t10lial Bank of Llunnxniville, K.37 ,(3.1.3111ereial rational Bank, Greenville, !is. 1:ational Bank, Clayton, Mo. 1.at1onal Bank, Trenton, Me. ' r ltY Banks North Little Rock, Ark. Trust Company, Little Rock, Ark. katr. ho. 12. '1:ational Trust & Savings Bank, Fullerton, Calif. ler3 k\ L'oT- SUR=DER of Stock: 4. 144e.°11"11 -unk of Toronto, Toronto, Ohio. (Insolvent) liestional Bank, Avella, Pa. (Insolvent) •-,;, ,.k at • ITO 7• '•atloilaihank, Cuba, Ill. (V. L. Abs. by State Bank of Cuba) 11 30 2 19 3 15 3 1 1 9 3 6 100 1 Total 285 102 90 192 40 1 PtitT) 4/g/31 licationsfor STSRR1TDER of' Stook (Continued) rict 8. virst liational Bank, Blytheville, Ark. (Decrease in capital and surplus) 38 Total 38 270 Assistant Secretary %roved: er, xeeutive Committee
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