The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
A
4
meetino: of the Executive Camlittee of the Federal deserve Board was
held .
in the office of the Federal deserve Board on Tuesday, December 9, 1930,
at
11:30 a. m.
Governor 1,-,eyer
Mr. Hamlin
Mr. Miller
Lr. James
Mr. McClelland, 1,ssistant Jecretary.
The Governor reported receipt of advice from ,iovernor Black that the
46Leral deserve Bank of Atlanta has agreed to act for the Federal Intermediate
ereait Banks as custodian of warehouse receipts on cotton in connection with
the loan to the American Cotton Cooperative
ssociation.
He then stated that he has been .c7iving close attention recently to the
IleY situation in connection with demands which may be made on the
ral deserve Banks and referred to the fact that all of the Federal debanks were advised of the arrangement which has been authorized at
of the branches for the custody of unissued Federal deserve notes.
sta
He
tecl, that upon further consideration, he had reached the conclusion that
the Board should interpose no ob,lection to the sugg:estion made by the Federal
e
ent at Dallas that an agreement be executed covering the custody
'
41ssued Federal deserve notes at branches of that bank in advance of
4efici
for the actual establishment of reserve stocks of unissued notes.
Upon motion, it was voted to reconsider
the action taken by the _xecutive Committee
on December 5th in approving a letter to the
Federal deserve Agent stating that in the
opinion of the Board it would be better not
to have any agreement in effect which does
not actually cover an established custody of
unissued Federal deserve notes.
It was then voted to advise the Federal
deserve Agent at Dallas that the Board will
not object to the execution of the ap,Teement
as suggested by him.
12/9/3o
-2-
Telegram dated December 5th from the !Secretary of the federal Reserve
441 °f Linnea-)olis and the ChairAan of the :ederal ,SZeserve Bank of Dallas;
both
abT1SiRig
that their boards of directors at meetings on the dates- stated,
lElde 11.° chanes in the banks' existing, schedules of rates of discount and
1)11111ase.
Without objection, noted with approval.
' lieports of Comittee on jalaries and xpenditures on lists submitted
bsy
the 2edera1 Reserve Banks of few York, Cleveland and Ilansas City of
er1P1°Yees for whom the directors of those banks authorized leaves of absence
7lith ba„,
of
on account of illness, during the month of lovember, where the total
ztich absences
since j'anuary 1, 1930 has exceeded thirty days; the Board's
Colizaitt
-ee also recorT-aendiir; approval of the salary payments involved.
Approved.
Letter dated December 5th from the Chairman of the federal Reserve Rank
or cl
• '
jevelund, advising of the reapointraent of the following branch directors:
mai z-:- .PLREs
C. F. LcCom)s, :.anagin17, Director
B. H. Kroger
December 31, 1931
December 31, 1933
PITTS-31311WI
J. C. Nevin, kanaging Director
H. B. 1.:ellon
December 31, 1931
December 31, 1933
Lotter dated December 5th from the Chairman of the federal Reserve Bank
or
'11.sasiity, advising of the reappointment of the following branch directors:
DENVER Olson, 1.b.na.7ing Director
a.
Harold - untze
December 31, 1931
December 31, 1933
L. H. Larhart, :_ana:inr.f, Director
O. irarnell
December 31, 1931
December 31, 1933
12/9/30
wo.,jewo
0Irf
C. A. Daniel,lianaing Director
illiam Lee
TER:- L _December 31, 1931
December 31, 1933
Aot ed.
epert of Committee on Salaries and _L]xpenditures on letter dated December
.11. froirt the
2ederal Reserve Agent at Cleveland, requesting, approval of the
(leaigtation as Examiner of 1.1r. Harold .teriz, who has been act inc, as Assistant
-azoar , for some time, and advisins that if the change in desi7,nation is
1)131' 3̀1/0(1
'ienz's salary will Probably be advanced from ,2,500 to
2,700 per
411,11414.
2 '
,he .Board's Committee recommendinz approval.
Approved.
1- ePort of* ixecutive Committee on letter dated December 2nd from the
4
i-leserve AF;ent at Can Francisco, recomending, with the concurrence
his -',
xecutive Co:ruittee, that the -,-ioard waive the usual six months' recuire11141t
-114 j,)011111 t immediate termination of membership by the
G. J-enkins and
0
'1171 Bankers, i_ackar, Idaho, which on 1,:ovember 19th filed voluntary notice
01'
Iltention
to withdraw from the J'ederal Aeserve System, the Committee also
eo
tlileildins approval.
ADDroved.
'-eraorandum from Counsel dated December 4th, submittin7 draft of a letter
to
Aderal 2,eserve 21:ent at Atlanta with respect to an application for
t t at
Powers received from the First lational Bank of Gulfport, ilississigoi,
ee
tlY formed by the consolidation of the First 1.ational Bank and the 1:ational
GUlfport which had Previously been authorized to exercise trust powers;
taci
ettol: statinL; that while under an existind rulinC of the Board the
la1V powers granted to the constituent banks pass by operation of law to
the ec„
4solidated institution, it is believed advisable in such cases to have
•
,
. 12/9/30
il
-4-
a
4
e°11firmatorY aryolication filed ,)romptly and a new permit issued by the Board.
U-con motion, the letter submitted by
Counsel was a-oproved.
11:ernorandun from Counsel dated December 2nd, submittin7; draft of letter
to 4./
le federal Reserve _,rent at Chica:,
,o with regard to the procedure which
8110104 be
followed in order to effect cancellation of federal Reserve Bank
stock s
tandinr7 in the name of the Capital ,,tate Savino.:s Bank, Chicago, Illinois,
11111e4 recentl: consolidated with the 3uilders andi -erchants Itate Bank of
elliek;°, a nonrae!aber institution, to form an entirely new corporation.
Upon motion, the letter submitted with the
Counsel's iemorandum was asproved.
Weraorandilla dated Jecember 9th, from the Chief of the Jivision of lank
°Dez
atious, advisinL, that the L3ystera Committee on Reserves at a meeting
Teetel‘day aooroved the 2em or letter to the Deputy Governor of the federal
11141erve Bank of St.
Louis, with reference to the calculation of reouired ree.vos of
menber banks for Sundays and holidays, referred to it by the :xecutive
{°11ztattee on December,_6th; the memorandum stating that the Committee also
Ileec311allencl'a that a coDy of the letter be sent to each other Federal Reserve bank.
Upon notion, the letter to the Rt. Louis
Bank was approved and a copy ordered transmitted •
to all Federal Reserve banks as recorraended by
the Committee on .eserves.
41'014m0
'
• 0
1)I1
LITTI ES:
kited,
December 9th
l'ecember 8th
if
_iecommending chanes in stock at federal Reserve Ranks,
as set forth in the Auxiliary :inute Book of this date.
jecommendutions aoproved.
ieco1rrn1endinC approval of the application of :r. iathan
2'.da1n3, for permission to serve at the same time as a
director and officer of the first :rational Bank in Dallas,
Dallas, Texas, as director and officer of the '?irst
national Bank in _ cKinney, :icKinney, Texas, and as an
officer and director or the Rod "liver Rational Bank in
Clarksville, Clarksville, Texas.
Aonroved.
The inOtini ad journed at 12:O P.
@FedFRASER