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1129 A meeting of the Board of Governors of the Federal Reserve Syst" held in Washington on Thursday, August 12, 1937, at 2:30 p. m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Davis Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman Mr. Thurston, Special Assistant to the Chairman Mr. Wyatt, General Counsel Mr. Dreibelbis, Assistant General Counsel Mr. Vest, Assistant General Counsel There was presented a memorandum dated August 5, 1937, from Mr. ateed '`llier of the Division of Bank Operations, recommending that, for the l'eesons set forth in the memorandum, the participations (approxi1114te1 Y 42 '500,000) of the Federal reserve banks in the central bank elledits to the National Bank of Hungary, which are now included in the itet „ tills bought in open market" in the weekly press statement of C(IrldttiOn Of Federal reserve banks, be included in the item in the state- rit entitled "All other assets", effective as of such date as may be Il'eecl1-11)on with the Federal Reserve Bank of New York. Upon motion by Mr. Szymczak, the recommendation was approved unanimously. At this point Messrs. Thurston, Wyatt, Dreibelbis, and Vest lett tile M eeting and consideration was then Tiven to each of the matte1,8 h"einafter referred to and the action stated with respect thereto t -14 by the Board: 1130 8/12/37 The minutes of the meeting of the Board of Governors of the Federal Reserve System held on August 11, 1937, were approved unanirrtallsl ys Telegram to Mr. Leach, President of the Federal Reserve Bank Richm °lad, stating that the Board approves the establishment without ellatlEe by the bank today of the rates of discount and purchase in its eZisting schedule. Approved unanimously. Memorandum dated August 10, 1937, from Mr. Goldenweiser, Direct°1" the Division of Research and Statistics, recommending the ap13°41trileilt for a probationary period of eight months of Mr. R. L. Horne 4SSeill°r Economit in the Division, with salary at the rate of " I) annum, effective as of the date upon which he enters upon the 11nance of his duties after having passed satisfactorily the 1414til Physical examination. Approved unanimously. There was submitted a recommendation from Messrs. Spurney and ICc).13PE1116 that the following persons, who had been selected in accordwith the authority granted by the Board on July 12, 1937, and who 1/"sed sat isfactory physical examinations, be appointed as charin the Board's new building, each with salary at the rate of 50V effective as of August 12, 1937: Mrs, Alice K. Bardales Mrs, Mary A. Brazinski Mrs. Birdie L. Crist Mrs. Elizabeth R. Stone Approved unanimously. 1131 8/12/37 """ Letter to the board of directors of the "Citizens Bank", Hebron, stating that, sabject to the conditions of membership numbered 1 to 3 contained in the Board' Regulation H and the following special S c°11diti°1181 the Board approves the bank's application for membership in the Federal Reserve System and for the appropriate amount of stock in the l'ueral Reserve Bank of Chicago: 114. Such bank shall make adequate provision for depreciation in its banking house and furniture and fixtures. tt5. Prior to admission to membership, such bank, if it has not already done so, shall charge off or otherwise eliminate estimated losses of :i4,158.31, as Shown in the report of examination of such bank as clf June 22, 1937, made by an examiner for the Federal Reserve Bank of Chicago." 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 ePProve,4, ue n application of the 'Citizens Bank', Hebron, for membership in the Federal Reserve System, subwhi' to the conditions prescribed in the inclosed letter torch Y°1-1 are requested to forward to the board of direcals of the institution. Two copies of such letter are or ° i nclosed, one of which is for your files and the other pa4hieh You are requested to forward to the Director, Deror ?nt of Financial Institutions of the State of Indiana, hi5 information. Y°ur attention is called to the fact that stock of the .0, pecleral Reserve Bank should be issued to the applicant tpa'e,.basis of capital of 04,800 (including 4.24,800 capiti34)euentures sold to the Reconstruction Finance Corporat:It has been noted that the reports and statements 4e bank do not reflect the full amount of its outstandstrtlenmon stock and capital debentures sold to the Recon"ion Finance Corporation but do reflect undivided or 1132 8 12/37 -4- ”Profits. In this connection, as you know, the bank will be required if it becomes a member of the System to make and blish reports in the form prescribed by the Board for other te member banks under the provisions of Section 9 of the 2ilueral Reserve Act. Accordingly, in order to avoid any " sun derstanding, it is suggested that you call to the atnti !eon of the bank the form of report now required by the boaI?d under the provisions of Section 9 of the Federal Reserve Act (Form 105)." r Thereupon the meeting adjourned. qt?ed6_14fr Approyea: Chairman. ecretary.
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