The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
1_549 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Monday, December 11, 1939, at 11:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak Davis Draper Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein- 'Itter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Peder 41 Reserve System held on December 8, 1939, were approved unani111°11813r. Letter dated December 9, 1939, to Mr. Worthington, First Vice President of the Federal Reserve Bank of Kansas City, reading as follows: "Reference is made to your letter of December 2, 1939, submitting information relating to the purchase of assets :nd assumption of deposit liabilities of 'The First National liinnk of Tyrone', Tyrone, Oklahoma, by 'The Citizens State mank, Liberal, Kansas', which was effected on October 28, 1939. "From the information submitted it appears that the ransaction did not involve any change in the general charof assets or broadening in the functions exercised by "we member bank within the meaning of condition numbered 2, under which the bank was admitted to membership. a. "It has been noted that, inasmuch as the transaction mla not seem to come within the scope of the condition of rnbership, you did not deem it necessary to submit it to 1,"e Board for consideration. It is the general practice, rwsver, to submit to the Board for review all transactions ,! ' 1701ving the acquisition by a State member bank of other 4.nstitutions through merger, consolidation or purchase. Maile in some instances, such as the present case, it may J 11 12/11/39 MeTh —2- be entirely clear that the transaction does not come within the scope of the general condition of membership, the Board nevertheless desires to have complete information with re— spect thereto. It is suggested, therefore, that information regarding such transactions be forwarded to the Board promptly, together with your recommendation.” Approved unanimously. Letter date(f. December 9, 1939, to the Federal Deuosit Insurance 'Corp° ration, reading as follows: "Pursuant to the provisions of section 12B of the Fed— eral Reserve Act, as amended, the Board of Governors of the FBederal Reserve System hereby certifies that the 'Farmers ank & Trust Co.', Bardstown, Kentucky, became a member of the Federal Reserve System on November 25, 1959 and is now a member of the System. The Board of Governors of the Fed— eral Reserve System further hereby certifies that, in con— r2ect10n with the admission of such bank to membership in -1017.1F oled:al Reserve System, consideration was given to the factors enumerated in subsection (g) of section 12D of the Federal Reserve Act: "1. The financial history and condition of the bank, 11 2. The adequacy of its capital structure, 11 3. Its future earnings prospects, "4. The general character of its management, "5. The convenience and needs of the community to be served by the bank, and "6. 11.hether or not its corporate powers are con— sistent with the purposes of section 12B of the Federal Reserve Act." Approved unanimously. Memorandum dated December 7, 1939, from Mr. Smead, Chief of the bloP 4.1°n of Bank Operations, stating that the Integrity Trust Company, elPhia, Pennsylvania, had not yet published its October 2, 1239, 1311diti °n report although two extensions of time for publication had 1551 12/11/39 been granted by the Board, the last one having expired on December 5. The memorandum outlined the reasons why the bank had not published its rePort and stated that as there will be another call at or around the end of the year it did not appear that anything worthwhile would be gained by granting the bank a further extension of time in which to Publish its report of October 2. The memorandum set forth the actions the Board could take in the matter and Mr. Davis had added his reeo endation to the memorandum that the Board take no further action atthis time. The recommendation tas approved unanimously. Letter to Mr. Logan, Vice President of the Federal Reserve Bank Of New York, reading as follows: . "Receipt is acknowledged of your letter of November 3, 103 in which you request the approval by the Board of two u'lls dated October 241 19591 for professional services rendered and disbursements made by Messrs. Lynch & Cahn, at torneys, of Thite Plains, New York. , "The bill in the one case of Mosier Radio Service V. f_ederal Reserve Bank of New York is for a fee of $1500 and 'eimbursement for expenses of $56.90. ,. "The second bill in the case of Mosier Radio Service ; Federal Reserve Bank of New York in a second action commenced January 71 1939, is in the sum of $250 for profes.'"Ial services rendered and for reimbursement of $8.45 for ' /rPonses. "It is understood that payment of both these bills has been aPproved and recommended by you as General Counsel for You are advised that the Board approves the payment a,Tf both of these bills, one in the amount of 0_556.90 uu the second in the amount of $258.45." Approved unanimously. 1_552 12/11189 Thereupon the meeting adjourned. Chairman.
@FedFRASER