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,4 "±r~, ..0 A meeting of the Federal Reserve Board was held in the office of the Pedoral Reserve Board on Wednesday, December 9, 1931, at 11:35 a. m. PRESENT: Governor Meyer Mr. Hamlin Mr. 1.111er Mr. James Mr. Magee Li'. Morrill, Secretary Mr. McClelland, Assistant Secretary Mr. Harrison, Assistant to the Governor. The following items of business were presented for the Board's consideration and action: Memoranda dated 1:overTher 17 and December 8 from the Board's Examiner in Charge, outlining the details of the procedure to pe followed in a proPosed examination of the Paris offices of The Chase Bank by an examiner from the Board's staff, to be made simultaneously with an examination in the near future of the New York office of the Corporation, and stating that in view Cr the comparative unimportance of the Mexico City office of the Corporation, it is believed that the results obtained from an examination of that office 7°111d not warrant the expense involved and unless the Board directs otherno examination of the office will be made this year. A discussion followed during which Mr. Drinnen, the Examiner in was called into the meeting. LIembers of the Board expressed the feelinC; that in view of existing conditions, it might be desirable to defer " 3 ding one of the Board's examiners to Paris for the purpose of making an eturaination of the offices of The Chase Bank there, especially in view of the ret that, under arrangements previously made with the Comptroller of the eill'rencY, these offices can be examined not later probably than July of next by a representative of the Comptroller, who is now engaged in the exe,q11 nation of the offices of the Corporation in China. It was the consensus, 11°/7ever, that an examination of the New York office of the Corporation should 12/9/31 9 not be deferred pending the examination of the Paris offices. At the conclusion of the discussion, upon motion, it was voted not to require an examination of the L.exico City office of The Chase Bank at this time, and the Governor was authorized to determine the time and !lan, Aer of examination of the Faris of'ices of the corporation. The Governor stated th-t he understood it to be the view of the BoEtrd that in the absence of any unusual developments as the result of the eI mination of the New York office on otherwise, the examination of the Paris °frices should be deferred until it can be made by the representative of the °°mPtroller who expects to reach Paris next July. Drinnen then left the meeting. Reports of Committee on jalaries and 2xpenditures on lists submitted by ,_ tile Federal Iteserve Banks of Cleveland and Dallas of employees for whom the directors authorized leaves of absence with Pay on account of illness r'-ug the month of November, where the total of such absences since January 1) 1931, has exceeded thirty days; the Board's Committee recommending l'I.Proval of the salary payments involved. Approved. Draft of reply to a letter dated November 9 from the Assistant Federal erve Agent at hew York inquiring whether under the procedure outlined in th : , 7009), in connection with the Beard's letter of October 30, 1931, () 017a1 of applications of state banks for membership, it is necessary for 111) '91 ' the conditions of membership imposed by the Board to be formally accepted by -e selution of the applicant bank's board of directors; the reply stating thclt in view of all the circumstances involved the Board deems it advisable to r_ 'quire that conditions of membership shall be formally accepted by the 428 12/g/31 _3- board of directors of the applicant bank and that a certified copy of the resolution accepting the conditions shall be furnished to the Board through the Federal Reserve Agent. Upon motion, the letter was approved. Reply, approved by five members of the Board on December 8, to a letter dated November 23 from the Federal Reserve Agent at St. Louis, recommending approval of a request of the Chouteau Trust Company, St. Louis, 148souri, for an extension from November 20, 1931 to March 1, 1932, of the Period in which it may comply with one of its conditions of membership in the l'ederel Reserve System, requiring that it dispose of 480,000 of first mortgage "rial real estate notes held in its assets, the reply stating that the Board has approved the extension to March 1,1932 on condition that the directors "the trust company immediately execute, and forward to the Board through the Federal Reserve Agent, an agreement that they will purchase the real eatate notes in question from the institution at their face value and for eltell not later than March 1, 1932, if by that date the bank has not otherreceived full payment for the notes. Upon motion, the reply was approved. Reports of Standing Committee dated December 7 and 8, recommending 413Prove1 of the following changes in stock at Federal reserve banks: A 14 bt 4-Leations for SURRENDER of Stock: Shares Iskt:Itrio1 "2° 1(311e1 Bank of Ridgewood in New York, N. Y. 150 (V.L.Abs. by Richmond National Bank of New York) ket • 1°11.National Bank, Massillon, Ohio. (V.L.Abs. by :First National Bank of Massillon) 120 150 12/9/31 -4- cations for SURRENDER of Stock: (Cont'd) District No. 4. First National Bank, Brockway, Pa. (V.L.Suc. by First National Bank in Brockway) First National Bank and Trust Co., Monessen, Pa. (Insolvent) Shares 63 216 399 District No. 5. Pirst National Bank, Spartanburg, S. C. (Cons. American ..._ National Bank with the above bank) rirst National Bank, Newburg, W. Va. (Insolvent) 180 27 207 D istrict No. 7. Zirst National Bank in Hamburg, Iowa. (V.L.Abs. by Iowa State Bank of Hamburg) 45 45 District Ro. 8. Pirst National Bank, Noble, Ill. (Insolvent) National Bank of Albion, Albion, Ill. (Insolvent) 21 39 60 D istrict No. 9* Pirst National Bank, Forman, N. Dak. (Insolvent) 21 21 District No. 11. 13411inger State Bank, Ballinger, Texas. (Taken over by the Security State Bank, Ballinger, Texas) hrst State Bank, Cross Plains, Texas. (Insolvent, sold to the Citizens State Bank of Cross Plains) 36 27 Total 63 945 Approved. The meeting adjourned at 12:30 p. ra. SecCtary.
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