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1.384 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Thursday, December 29, 1933, at 12:15 p.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Davis Draper Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman Chairman Eccles reported that in accordance with the informal request made by the members of the Board yesterday he had talked over the telephone with T. J. Thomas, Class C director and Chairman and Federal Reserve Agent at the Federal Reserve Bank of Kansas City, that he had discussed with Mr. Thomas the desirability, with which the latter was in agreement, of having as Chairman and Federal Reserve Agent a Class C director residing in or close to Kansas City and therefore the decision of the Board to designate R. B. Caldwell, Class C director of the bank, as Chairman and Federal Reserve Agent for the coming year, to appoint Mr. Thames as Class C director for a three-year term as beginning January 1, 1939, and at the same time to appoint him Deputy Chairman of the bank for the year 1939 if he would be willing to accept. Mr. Thomas had replied, Chairman Eccles said, that he would be agreeable to such an appointment. Qpr; 12/29/38 -2Thereupon J. I. Thames was appointed a Class C director of the Federal Reserve Bank of Kansas City for the three-year term beginning January 1, 1939, and as Deputy Chairman of the bank for the year 1939. The action stated with respect to each of the matters hereinafter referred to was then taken by the Board: The minutes of the meeting of the Board of Governors of the Federal Reserve System held on December 28, 1938, were approved unanimously. Telegram to Mr. Peyton, President of the Federal Reserve Bank of Minneapolis, reading as follows: "Relet December 24, Board approves appointment of Arthur L. lUkholm as an examiner for the Federal Reserve Bank of Minneapolis effective at the close of December 31." Approved unanimously. of e Letter to Mr. Day, President of the Federal Reserv Bank San Francisco, reading as follows: "Reference is made to your letter of December 16, 1938, regarding the examining staff of your bank. L. "The Board approves the appointments of Albert l Federa Cryor and C. A. Reinholdt as examiners for the their basis, Reserve Bank of San Francisco on a permanent been appointments as such on a temporary basis having previously approved by the Board. assis"The Board approves also the designations as adesign such ees, tant examiners of the following employ ance al assist cleric lend tions being in order that they may to your regular examiners: 138E -3- 12/29/38 H. E. Jones A. R. Szevery W. J. Thomas E. N. Crouch H. H. Morse tions is given with the designa "Approval of the above of the employees listed none understanding, of course, that g work without examinin to will be transferred permanently the Board's approval. "Mention is made in your letter that the same regular examiners, and the one regular assistant examiner on the examining staff of your bank had been reappointed. You understand, of course, that since the appointments of those men have already been approved by the Board, reapproval is not necessary. "The request contained in Mr. Paulger's letter of September 26, 1934, that his office be kept currently advised with respect to changes affecting the examining staff, had reference only to the regular examiners and assistant examiners. Therefore, it is not necessary, as you have done in your letter, to advise of the salary adjustments of employees of other departments of the bank who have been designated as assistant examiners for the purpose of lending temporary assistance in examinations, since these employees are classified under your personnel classification plan in accordance with their regular duties and not as examiners or assistant examiners." "A. R. M. E. E. E. L. L. Bollinger Everson Hart Baldwin Approved unanimously. Telegram to Mr. Geery, Federal Reserve Agent at the Federal to the conditions Reserve Bank of Minneapolis, stating that, subject of the Federal Reset forth in the telegram, the Board of Governors voting permit, under serve System authorizes the issuance of a general Revised Statutes of the United the provisions of section 5144 of the olis, Minnesota, States, to the "Northwest Bancorporation", Minneap which it owns or controls entitling such organization to vote the stock 1387 12/29/38 -4- of the following banks: "Iowa-Des Moines National Bank & Trust Company", Des Moines, Iowa "The First National Bank of Albert Lea", Albert Lea, Minnesota, "The First National Bank of Marshall", Marshall, Minnesota, "The Central National Bank of Minneapolis", Minneapolis, Minnesota, "The Empire National Bank and Trust Company of St. Paul", St. Paul, Minnesota, "The First National Bank of Waterville", Waterville, Minnesota, "Daly Bank and Trust Company of Anaconda", Anaconda, Montana, "The First National Bank of Dillon", Dillon, Montana, "Union Bank and Trust Company", Helena, Montana, "The First National Bank of Kalispell", Kalispell, Montana, "The Continental National Bank of Lincoln", Lincoln, Nebraska, "The National Bank of Norfolk", Norfolk, Nebraska, "Stock Yards National Bank of South Omaha", Omaha, Nebraska, "The First National Bank and Trust Company of Fargo", Fargo, North Dakota, "First National Bank of Hillsboro", Hillsboro, North Dakota, "The Tames River National Bank of Jamestown", Jamestown, North Dakota, "The First National Bank of Mandan", Mandan, North Dakota, "First National Bank in Minot", Minot, North Dakota, "First National Bank of Aberdeen", Aberdeen, South Dakota, "First National Bank of The Black Hills, Rapid City", Rapid City, South Dakota, "Northwest Security National Bank of Sioux Falls", Sioux Falls, South Dakota, "The Commercial National Bank of Sturgis", Sturgis, South Dakota, n, "The First National Bank of Baldwin", Baldwin, Wisconsi , Richmond "The First National Bank of New Richmond", New Wisconsin, , Aisconsin, "The First National Bank of Prescott", Prescott at all meetings of shareholders of such banks. The conditions contained ed were as follows: in the telegram upon which the permit was authoriz 1388 -5- 12/29/38 "1. Prior to issuance of general voting permit authorized herein, applicant shall execute and deliver to you In duplicate an agreement in the form accompanying Board's letter X-9385, except that (a) paragraphs numbered 1, 2, 4 and 5 shall be omitted and remaining numbered paragraphs appropriately renumbered, and (b) all lettered paragraphs and introductory sentence immediately preceding them shall be omitted. "2. Prior to issuance of general voting permit authorized herein, Federal Reserve Bank of Minneapolis shall ascertain and be satisfied that all provisions of agreement executed by applicant on December 30, 1936, have been complied with. ”3. Prior to issuance of general voting permit authorized herein, applicant shall deliver to you in duplicate Rxhibit L (Form P-3) executed by Duluth Glass Block Store Company; Duluth, Minnesota, and Exhibit N (Form P-4) executed by applicant and consented to by such company, or furnish assurances satisfactory to you that it will deliver such exhibits to you within 30 days after issuance of general voting permit authorized herein or furnish evidence in writing satisfactory to counsel for Federal Reserve Bank of Minneapolis that such exhibits are not required by Board's Regulation P and directions on printed forms referred to." Approved unanimously. e Telegram to Mr. Martin, President of the Federal Reserv Bank of St. Louis, reading as follows: t pro"Referring your December 22 letter, under presen be must es advanc cedure reserves set aside on industrial on losses ated for the purpose of taking care of anticip respecific advances. No objection to allocating $5,000 s expect bank your serve to an industrial advance on which alloso If amount. to sustain a loss of at least that advance recated please advise Board to what industrial serve is assigned." Approved unanimously. J38 -6- 12/29/38 Telegram to Mr. Powell, First Vice President of the Federal Reserve Bank of Minneapolis, reading as follows: "In view of statements contained in your letter of December 23 and data shown in inclosures therewith, Board will offer no objection to your bank's charging off at the end of 1938 44,134.97 on the new Helena building." Approved unanimously. Letter to Mr. Parker, First Vice President of the Federal Reserve Bank of Atlanta, reading as follows: "In response to your letter of December 22, 1938, you are advised that the Board approves payment by the Federal Reserve Bank of Atlanta of its pro rata part, or 80 per cent of the $1500 fee to Messrs. Brandon, Hynds & Tindall of Atlanta, for services rendered in connection with the claim against the bankrupt Larkin Refrigerating Corporation, a borrower under section 13b of the Federal Reserve Act." Approved unanimously. Letter to the Presidents of all Federal reserve banks, reading as follows: "It seems desirable that the commjssions or identification certificates issued by the Federal Reserve banks to their examiners and assistant examiners be uniform throughout the System. Therefore, it is requested that the following form be used: NAME OF FEDERAL RESERVE BANK , 19_. This is to certify that whose signature appears below, has been appointed, with the approval of the Board of Governors of the for the Federal Federal Reserve System, an _7- 12/29/38 "Reserve Bank of This certificate expires December 31, 19_. President Examiner's Signature "The above form provides blank space for typing in 'Examiner' or 'Assistant Examiner', as the case may be, but, of course, if any bank prefers one set of cards may be printed for examiners and another for assistant examiners. It will also be satisfactory to have the holder's signature appear on the side of the certificate instead of at the bottom, if such arrangement is preferred. In such case, of course, appropriate change should be made in the reference to the place of the holder's signature. "The certificates should be issued to expire at the end of each calendar year, with new certificates issued for the succeeding year." Approved unanimously. Thereupon the meeting adjourned.
@FedFRASER