The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Saturday, December 5, 1S131, at 11:30 a. m. PRESENT: Governor Meyer Mr. Hamlin Mr. Miller Mr. Tames Mr. I:lagee Mr. Mx. Mr. Mr. Morrill, Jecretary McClelland, Assistant Secretary Harrison, Assistant to the Governor Wyatt, General Counsel The following matters of business were considered and acted upon by the Board: Letter to the Chairman of the Governors' Conference referring to the letter of the Committee on Bank Reserves transmitting its report to the "I'd and the Federal Reserve banks, suggesting that the question raised by he Committee as to whether it should undertake to study the matters nie ntioned therein be called to the attention of the Governors so that they 11111 be prepared to discuss it at the next Conference, and expressing the view that, entirely aside from this question, the Committee should be conlied in existence while its recommendations regarding member bank reserves are under active consideration. Upon motion, the letter was approved. Letter dated December 3 from the Assistant Secretary cf the Federal Reserve Bank of New York, and telegrams dated December 3 from the Chairman °r the Federal Reserve Bank of Jan Francisco and December 4 from the etary of the Federal Reserve Bank of Cleveland, advising that at meetOf the Boards of Directors, on the dates stated, no changes were made 14 the banks' existing schedules of rates of discount and purchase. Without objection, noted with approval. 419 12/5/31 -2Reports of Committee on Salaries and Expenditures on lists sub- Mitted by the Federal Reserve Banks of Boston and St. Louis of employees tc/r whoM the directors authorized leaves of absence with nay on account of illness during the month of November, where the total of such absences since lillarY 1, 1931 has exceeded thirty days; the Board's Committee recommending aPProval of the salary payments involved. Approved. Reply to a telegram dated December 3 from the Federal Reserve Agent "San Francisco submitting a request of the Board of Directors of the bank that the suspension of Paragraph 3 of Section 1 of Article II of the by-laws r the branches of the bank, granted each year since 1928, be extended for the e°11inL: year for the Portland and Seattle branches; the reply stating that the Board waives the Provision of the regulations contained in its letter °r J'anliary 29, 1926, (X-4516) which requires that at least one director 4DP°1nted by the Federal reserve bank shall reside outside of the branch and that the Board has no objection to the amendment of the by-laws lsning the branches named so as to eliminate this requirement as to the al)Pointment of directors of such branches for the terms com-lencing January 1, 1932. Upon motion, the reply was approved. Memorandum dated November 24 from the Chief of the Division of Bank °Dern+4 -"4.0ns calling attention to requests received by the Federal Reserve Bank or 17 ' 4eW York that the Federal reserve bank condition statement, at present ed on Thursday afternoon for publication in Friday morning papers, be asecl on Thursday afternoon for immediate publication; Yr. Smead statine, 4‘j -o -3-that he sees no reason why publication of the statement should be withheld 11111;11 Friday morning, and that he would recommend that the Federal reserve ba'rik condition statement and the bank debits statement, which latter is now ' leleased on Saturday for publication Sunday morning, be released for I'llediate publication. It was Pointed out that the matter had been brought to the attention of the Governors at their recent Conference, and that they telt that the proposed change should not be made. During the discussion which t011017ed, it was developed as the feeling of the members of the Board that no slIrricient reason exists at present for a change in the time of release of the etatements referred to. Upon motion, the Secretary was instructed to advise Mr. Snead that in the opinion of the Board no change should be made with regard to the release of the statements. rAemorandum from Counsel dated Eovember 13 submitting a summary of the 11.11111-3 which the Federal Reserve Board has made from time to time upon the ' gile2t1on whether certain deposits may be classified as "deposits of public -Y the by the United States in designated depositaries" which are exempted from reserve recluirements of the Federal Reserve Act by the provisions of the tibertY Bond Acts, and recommending publication of the sunnary in the next 43a4e of the Federal Reserve Bulletin. Upon motion, the publication of the summary was approved. In. connection, with the action of the Board at the meeting on 311 ,1„ '"uer 3 in voting again to approve an amendment to the Federal Reserve Act Whim, 4 would make debentures of Federal Intemediate Credit Banks eligible as ' .011-ateral for member bank fifteen-day notes, attention was called to the o- 12/5/31 -4- that the Board had not taken up for consideration the reconmendations l'e rdtn possible amendments to the eligibility requirements of the Federal Reserve Act made by the April, 1931 Conference of Governors. Upon motion, the Secretary was instructed to furnish each member of the Board with a copy of the resolution adopted by the Governors' Conference in order that the matter may be given consideration at an early meeting of the Board. Reports of Standing Committee dated December 4 and 5, recommending EIPProval of the following changes in stock at Federal reserve banks: 4P-101ions for ADDITIONAL Stock: 1. ' e°Ples-Ticonic National Bank, Waterville, flaine. Shares 60 60 390 Total 390 450 78 78 tCjo3111411striai-TI7a7t Company, Wilmington, Del. (Increase in capital) A 14 b, 4-4-cations for SURRENDER of Stock: No. 2. -441 " 8t Bank, Williamsville, N. Y. (Insolvent) ,0, 41zens National Bank, Vandergrift, Pa. (Insolvent) '.4rst National Bank, Youngsville, Pa. (V.L.Abs. by Warren National Bank, Warren, Pa.) 14at ie-___ l'at National Bank,. New Windsor, Ed. (Insolvent) ?i . 0.7. 14 ”r•-.. p,l'et National Bank, Buchanan, Eich. (Insolvent) l‘st State Bank, Petoskey, Mich. (Insolvent) 128 57 185 65 65 45 60 Total 105 433 Approved. Report of Standing Committee dated October 21, recommending approval Or all application for fiduciary powers by the following bank: 12/5/31 -5- Distri t N First National Bank in Lamed, Kansas. (3359. Powers 1, Approved. The meeting adjourned at 12:15 p.m. 13131'oved: 3 and 5)
@FedFRASER