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ri A raeetina• of the :xecutive Comittee of the :.,?ederal 1/'?14 in the office of the federal :eserve :ioard on Tuesday, Decenber 2, 1030, kitil:30 a. Governor -eyer Ir. -amlin L. James 1.c0lelland, Assistant Secretary. The Governor referred to the sudden death of Ltv-,.,.veraber 28th, and r. Cunninffaam on :A . .iday, r. ilamlin was requested to prepare, for adoption at the next of the iloard, appropriate resolutions for transmittal to the members of , 1414 ClInnineham's family. ljatters aporoved on initials by the L;xecutive Committee yesterday, 4441eIY, applications under the Clayton _Act involving the Uorcester County ' 44. -43*Onal Bank, ,;orcester, :assachusetts, and other institutions, as listed the Reports of Standing Cortaittees. I r) eserve Board was formally approved. ' -ellorandum dated Aecember 2nd from the assistant Secretar, recomnendlhat L:iss Leona Seller, who served as Secretary to tt4lael,erred beeetther r. Cunningham, be terl)orarily to the rolls of the Secretary's Office, effective 1, 1950, at her nresent salary of 900 Per annum. Approved. Letter dated lovember 28th from the federal '2,eserve -.._7ent at Dallas, that the first State Bank of Abernathy, Texas, which the 13w.rd on 'ovel-aber 17th cited to show cause why its nerabershi) - in the federal 1-eserve tenh should not be forfeited, Is waived the ri2ht to a-)pear before the Board 4t the hearin to be held on December 17th, but will appear before the :?esaeral i.Zecerve :ent at Dallas on December 10th for the purpose of presenting .thich it desires to have submitted to the Board, iloted. - 12/2/30. -2- Liemoranaam dated December 1st from the Examiner in Charge, advising that 11111es5 otheraise instructed by the 2,oard, he will not make an examination this Yeaz 0 , J. The Chase Bank organized under Section 22(a) of the federal Reserve Act aild c;ranted a final permit to coumence business on l'ay 22nd; the Examiner that un examination of the corPoration will be conducted during 193/ Q14, it it -- can be arranged, the headoffice will be examined at the sane title the Paris Branch is examined by the re,)resentatives of the Comptroller °r the Currency who are now engaged in making foreign examinations. noted with approval. Letiorandum dated December let from the Board's Examiner in Charge, subreport of an examination of the _Arst 7'ederal A)rei7n 3anking Cor-)ora- 1;1011, 4:eW York, Lew York, made as at the close of business ally 7, 1930. In thie eonnection the .Assistant Secretary also submitted a letter from the '1'ez3i-delit of the Corporation, dated I:ovember 12, advisinil that in accordance the recornendation of the Examiner, arrangernnts are being made to )ay ute eaPitcil impairment of .140,995.10, as well as 50:2 of the assets classified 4a d (.!63,230); that a firm of certified Public accountants have audited ,e ueks of the cororation and set up adenuate records; and that additional ice assistants have been emloyed to facilitate clerical operations. Ordered circulated. l'etter lib dated Lovember 24th from the federal Reserve Agent at San Francisco that the survey of the reserve requirements of the Bank of Italy Qtioii b a.1- Trust and Savings Association, directed by the board, has been delayed r the merer of the institution with the Bank of America; the letter " atatirl, that te.111,,a reserve surveys of Los Angeles member banks and other -nether in San Francisco have been made during the interim, which it is hoped to u 12/2/30 • -3- e°11q5lete within the next week or ten days and that the survey of the Bank of 414elle8. National Trust and Savings Association will follow immediately. Noted. Letter dated November 29th from the Comptroller General of the United Ste vte8$ with regard to payments into the Civil Service Retirement and DisMilv. Fund which heretofore had been made individually by four employees or tlifq ard; the Comptroller requesting that beginning with the month of beeem her 1930 the Fiscal Agent of the Board be instructed to follow the klQeedure which has been set up for the deduction of the appropriate amounts rtc)ra the - salaries of the employees and their deposit in the Treasury of the tIolited States to the credit of the Retirement Fund. After discussion, upon motion, it was voted to authorize the Board's Fiscal Agent to make whatever arrangements are necessary with the employees affected in order to comply with the request of the Comptroller General. OF STANDING CONMITTRES: kted, -,oirember 28th December 1st 44%18 November 29th 4qed, November 28th kte N Q'Ve1nber 26th Recommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary Minute Book of this date. Recommendation approved. Recommending action on an application for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Recommendation approved. Recommending approval of the application of Mr. Albert N. Page, for permission to serve at the same time as a director of the First National Bank of Wilmette, and as a director of The Terminal National Bank of Chicago, Ill. Approved. Recommending approval of the application of idr. Raymond G. Kimbell, for permission to serve at the same time as a director of the First National Bank of Wilmette, Illinois, and as a director of the Elmbell Trust and Savings Bank of Chicago, Illinois. Approved. 12/2/30 -4- _t_ TANDING CUEUITTEES: (Continued) 1114)( 41ted Novenber 28th kted s november 28th 1)Etted, 1)4ted, liecember 1st December let December 1st DeceLlber 1st December 1st cember 1st te Ikte,12 Nteo I • Reconnending approval of the application of Mr. Gilbert H. Scribner, for permission to serve at the same time as a director of the First National Bank of Wilmette, Illinois, as a director of the Boulevard Bridge Bank of Chicago, Illinois and as a director of The Terminal National Bank of Chicago, Illinois. Approved. Recormending approval of the application of Er. V. H. Ehrhart, for permission to serve at the sane time as a director of The Miami Beach First National Bank of Miami Beach, Aorida and as a director of The First National Bank of :lard, Florida. Approved. Recommending approval of the application of Er. Forrest W. Taylor, for permission to serve at the sane time as a director of the dorcester County National Bank of 4orcester, Mass., as a director of the Worcester Bank& Trust Company, Worcester, Mass., and as a director of the industrial Trust Company, Providence, Rhode Island. Approved. Recomraending approval of the application of Er. Matthew P. Whittall, for Permission to serve at the same time as a director of the 4orcester County National Bank of Worcester, :-ass., and as a director of the Worcester Bank & Trust Company, Worcester, Lass. Approved. iieconnendinc a2proval of the application of Er. Samuel B. Woodward, for permission to serve at the same time as a director of the Worcester County National Bank of Worcester, Mass., and as a director of the Worcester Bank eh Trust Company, Worcester, Mass. Approved. Reconnending approval of the application of Mr. Warren A. Whitney, for permission to serve at the same time as a director of the Worcester County National Bank of Worcester, Mass., and as a director of the Worcester Bank & Trust Company, Worcester, Mass. Approved. Recommending approval of the application of Er. A. Otis Davis, for permission to serve at the same time as a director of the Worcester County National Bank of Worcester, Mass., and as a director of the Worcester Bank & Trust Company, Worcester, 'Lass. Approved. Recommending approval of the application of Mr. George A. Gaskill, for permission to serve at the some time as a director of the Worcester County National Bank of Worcester, Mass., and as a director of the Worcester Bank & Trust Company, Worcester, Mass. Approved. ) 12/2/30 °I1T3 -5OF 3TANDDcG C01.1111TiOlS (Continue d) Dated, Recommending approval of the application of Ur. T. Hovey Gage, for permission to serve at the same time as a director of the Worcester County National Bank of Worcester, Mass., and as a director of the Worcester Bank &. Trust Company, Worcester, Mass. Approved. bated, December 1st Recommending approval of the application of ?Ir. Harry G. Stoddard, for permission to serve at the same time as a director of the Worcester County National Bank of Worcester, Liass., and as a director of the Worcester Bank & Trust Company, Worcester, lass. Approved. flirted, December 1st ziecommending approval of the application of Mr. William H. Sawyer, for permission to serve at the same time as a director of the Worcester County National Bank of Worcester, Mass., and as a director of the Worcester Bank & Trust Company, Worcester, Mass. Approved. kited, December 1st Recommending approval of the application of Mr. Paul B. Morgan, for permission to serve at the same time as a director of the dorcester County National Bank of Worcester, lass., and as a director of the 'Worcester Bank & Trust Company, Worcester, Mass. Approved. December 1st The meeting adjourned at 12:15 p. Goi„( Gov9rnor Assistant Secretary
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