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72 A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Monday, February 1, 1932, at 11:35 a. in. PRESENT: Governor Meyer Mr. Hamlin Mr. Miller Mr. Tames Yr. Magee Mr. Morrill, Secretary Mr. McClelland, Assistant Secretary Mr. Harrison, Assistant to the Governor. The Board considered and acted upon the following matters: Letter dated January 20 from the Secretary of the Federal Reserve Bank of New York, advising that at a meeting of the directors on that date, no changes were made in the bank's existing schedule of rates of discount and purchase. Without objection, noted with approval. Telegram dated january 29 from the Chairman of the Federal Reserve Bank of Chicago, advising that at a meeting of the Executive Committee on that date, no change was made in the bank's existing schedule of rates of discount and purchase. Without objection, noted with approval. Memoranda from the Secretary stating that advice had been received Of the appointment by the Boards of Directors of Federal Reserve banks of Illembers of the Federal Advisory Council for the year 1932, and of directors Of branches of the respective Federal Reserve banks for tei-ins of three Years beginning January 1, 1932, as follows: Federal Advisory' Council: District: No. 1 Thomas Li. Steele, President, First rational Bank & Trust Company, New Haven, Connecticut. 73 -2- 2/1/32 Federal Advisory Council: (Cont'd) District No. 2 *R. H. Treman, President, Tompkins County National Bank, Ithaca, N. Y. No. 3 *Hauard A. Loeb, Chairman, Tradesman's National Bank & Trust Company, Philadelphia, Pa. No. 4 *J. A. House, President, Guardian Trust Co., Cleveland, Ohio. No. 5 Howard Bruce, Chairman, Baltimore Trust Co., Baltimore, Pd. ii*Chas. E. Rieman, President, Western National Bank, Baltimore, Ed. No. El *john K. Ottley, President, First national Bank, Atlanta, Ga. No. 7 *Li. A. Traylor, President, First National Bank, Chicago, Ill. JI*Arthur Reynolds, Chairman, Continental-Illinois Bank & Trust Company, Chicago, Ill. *Walter W. Smith, President, First national Bank, St. Louis, L:o. /To. 8 Theodore Wold, Vice-President, Northwestern. National Bank of Minneapolis, Minneapolis, Minn. No. 9 1111, No. 10 *Walter S. McLucas, Chairman, Commerce Trust Co., Kansas City, Mo. No. 11 *Joseph. H. Frost, President, Frost National Bank, San Antonio, Texas. 0. W. Woodson, President, First National Bank, Waco, Texas. NO. 12 *Henry Li. Robinson, Chairman, Security-First National Bank, Los Angeles, California. *Reappointment. #Alternate. Branch Directors: Name Address Branch Rochester, U. Y. Buffalo *E. S. Lee Covington, Kentucky. Cincinnati *A -m. E. Braun Pittsburgh, Pennsylvania. Pittsburgh *Levi B. Phillips Cambridge, Maryland. Baltimore *4. H. Wood Charlottejlorth Carolina. Charlotte RaYMond N. Ball 74 -3- 2/1/32 Name Address Branch *T. H. Frye Birmingham, Alabama. Birmingham *G. G. Ware Leesburg, Florida. Jacksonville *Frank T. Earle Cleveland, Tennessee. Nashville *R. 3. Hecht New Orleans, Louisiana. Kew Orleans *William T. Gray Detroit, Michi,;an. Detroit *John T. Reynolds Greenville, Kentucky. Louisville *X. W. Alderson Forrest City, Arkansas. I:emphis *So Nichol Pine Bluff, Arkansas. Little Rock Helena, Montana. Helena Greeley, Colorado. Denver *Ned Holman Oklahoma City, Oklahoma. Oklahoma City *A. H. Marble Cheyenne, Wyoming. Omaha El Paso, Texas. El Paso *.T. A. ,iilkins Houston, Texas. Houston *Walter P. Napier San Antonio, Texas. San Antonio #*F. T. Belcher, Jr. San Diego, California. Los Angeles PT. Portland, Oregon. Portland #*H. E. Hemingway Ogden, Utah. Salt Lake City #*.M. A. Arnold Seattle, WashinGton. Seattle #*D. W. Twohy Spokane, Washington. Spokane #*T. A. Turlow H. W. Farr E. II. Hurd C. Ainsworth #Two year term. *Reanpointed. Noted. Telegram dated January 28 from the Governor of the Federal Reserve Bank of New York stating that the Bank of England has not drawn on its credit With the Federal Reserve Bank of New York during the past three months but it 75 -4- 2/1/32 is understood that a small amount has been outstanding under the credit with the Bank of 2rance which will be repaid by February 1, and that the Bank of England will not ask for a renewal of either of the credits, which expire on January 31, 1032. Noted. Telegraphic reply, approved by five members of the Board on January 29, to a telegram received on January 28 from Deputy Governor Rounds of the Federal Reserve Bank of New York requesting authority to purchase 110,000 of tax revenue notes of the Union Free School District No. 10, Town of Hempstead, New York, being offered by the Sunrise Nationnl Bank, Baldwin, New York; the reply statincr, that the 1-3oard authorizes the Purchase with the understandin; that the notes meet all of the requirements of the Board's Regulation E except that the amount offered will bring the reserve bank's total holdings of these notes up to an amount in excess of 25c; of the total ftiount of warrants of the municipality outstanding. Reply approved. Report of Committee on Salaries and Expenditures on a letter dated Xanuary 19, 1932, from the Chairlan of the Federal Reserve Bank of San Francisco requesting approval of a change in the personnel classification Plan of the bank to provide for an increase in the salary range of the Position "Research Assistant" in the Division of Analysis and Research of the head office to from :,;2,100 to '3,600 per annum, and also advising of an increase from !)3,120 to .3,240 per annum, effective January 1, 1932, in the 8alary of Nr. R. Bachelor, who holds the position of Research Assistant; the Board's Committee recommending that the proposed increase in the salary l'ange (fran ,100 to 600) of the position be not approved, but that the e6 -5- 2/1/32 salary of 3,240 for Mr. Bachelor be approved with the understanding that any future changes in Mr. Bachelor's salary will require the approval of the Board before they became effective. Recommendation approved. Reports of Standing Committee dated January 22 and 29, recommending approval of the following changes in stock at Federal Reserve banks: Applications for_ADDITIONAL Stock: District No. 7. Centerville National Bank, Centerville, Ia. Hillsdale Savings Bank, Hillsdale, Mich. Shares Applications for SUMMER. of Stock: District No. 1. Boston-Continental National Bank, Boston, Mass. (Insolvent) State National Bank in Lynn, Mass. (Insolvent) District No. 2. American Express Bank & Trust Co., New York, N. Y. (V.L.Abs. by the Equitable Trust Co.) City National Bank & Trust Co., Hackensack, N. T. (Reduction in surplus) • , 0 6 4 10 765 150 915 9,000 12 9,012 Pistrict No. 4. National Bank of Morrow County, Mt. Gilead, Ohio. (II.L.Abs. by Mt. Gilead National Bank, Mt. Gilead, Ohio.) • Mellon National Bank, Marion, Ohio. (Insolvent) Aliquippa National Bank, Aliquippa, Pa. (V.L.Abs. by Woodlawn Trust Co., Aliquippa, Pa.) 180 396 District No. 5. First National Bank, Parkersburg, W. Va. (Insolvent) Second National Bank, Morgantown, W. Va. (Insolvent) First NatiorAl Bank, Terra Alta, VI. Va. (Insolvent) 600 210 42 852 District No. 6. •First National Bank, Kingston, Tenn. (Insolvent) 20 20 District No 7 -----------•_:_. Albion State Bank, Albion, Eich. (Insolvent) 54 54 60 159 219 36 180 (b District No. 8. Oil Belt National Bank, Oblong, Ill. (V.L.Abs. by First National Bank, Oblong, Ill.) 0 Pidelity Bnnk &Trust Co., St. Louis, Mo. (Insolvent) 77 -6- 2/1/32 holications for SURRENDER of Stock: (Conttd) District No. 10. National Bank of Chetopa, Chetopa, Kans. (1T.L.Abs. by Chetopa State Bank) Creighton National Bank, Creighton, Nebr. (Insolvent) District No. 11. First National Bank in Brownsville, Texas. (V.L.Abs. by Merchants National Bsnk, Brownsville, Texas.) First State Bank, Dinday, Texas. (Insolvent) Slaton State Bank, Slaton, Texas. (Insolvent) First State Bank & Trust Co., Snyder,Texas. (Insolvent) District No. 12. First National Bank, Lakeview, Oregon. (V.L.Abs. by Commercial National Bank, Lakeview, Oregon.) Shares 18 30 48 180 28 25 45 278 60 Total 60 11,854 Approved. Report of Standing Committee dated February 1, recommending approval Of the following Clayton Act application: Er. Herbert Mi. Cole for permission to serve at the same time as director of The Natiorn1 Rockland Bank of Boston, Mass., and as director of the Newton Trust Company of Newton, Mass. Approved. The meeting adjourned at 1:00 p. 4 1 0-26-GnAL k/)01A,AIIZ-12 Secretary.
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