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241 A. meeting of the Board of Governors of the Federal Reserve 8ratem was held in Washington on Monday, Iebruary 20, 1939, at 11:30 PRESENT: Mr. Ransom, Vice Chairman Mr. Draper Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary The action stated with respect to each of the matters hereinreferred to was taken by the Board: Telegram to Mr. McCravey, Secretary of the Federal Reserve 13eak of Atlanta, reading as follows: "Retel. Board approves appointment of Robert S. Parker as President of Federal Reserve Bank of Atlanta for unexpired portion of five year term ending February 28, 1941. Board also approves salary fixed by your directors for Mr. Parker as President at rate of 4.20,000 Per annum for the remainder of the calendar year 1939." Approved unanimously. Memorandum dated February 14, 1939, from Mr. Van Fossen, AssistIltit Chief of the Division of Bank Operations, submitting a summary of the aformation contained in statements received from the Federal Re8ellre banks in compliance with the Board's request of November 23, 1936 $ giving the name and annual salary of each employee on January 1, 1939 and on January 1, 1938, or the date anployed if hired during 1938. The memorandum stated that the salary lists, as submitted by eEtchPederal Reserve bank, had been examined, and that the only salary 24° ) 2/20j3g -2- PaYment requiring special approval by the Board noted was as follows: Employee A.tlanta The Genevieve M. Barnett, Alternate Assistant Federal Reserve Agent (Secretary-Senior Clerk) Salary increased To From 2,700 0,000 memorandum recommended approval of letters attached thereto advis- ing the Federal Reserve banks that the Board notes without objection the salaries of employees on January 1, 1939, the letter to the Federal Reserve Bank of Atlanta stating also that the Board approves the incl ' saes made in the salary of the Alternate Assistant Federal Reserve Agent at the bank. The recommendation was approved unanimously. Letter to Mr. Kimball, Secretary of the Federal Reserve Bank Of New York, reading as follows: "Referring to your letter of February 16, 1939, the Board approves the reappointment of Messrs. William 1-1- Pouch, Arthur G. Nelson, Herman K. Beach, Edward J. Noble and Francis B. Reynolds as members of the Industrial Advisory Committee for the Second Federal Reserve District to serve for terms of one year each I3eginning March 1, 1939." Approved unanimously. Letter to the board of directors of the "Nevada Bank of Comtli"ce", Elko, Nevada, stating that, subject to conditions of membership ' lIbered 1 to 3 contained in the Board's Regulation H and the following _ 2/20/39 8Psoial condition, the Board approves the bank's application for members ._ 4111/0 in the Federal Reserve System and for the appropriate amount °t stock in the Federal Reserve Bank of San Francisco: "4. Such bank shall make adequate provision for depreciation in its furniture and fixtures." The letter also contained the following special comments: "It has been noted that the bank has the authority to exercise trust powers but that such Dowers are not to be exercised at this time. Therefore, the application has been approved on the same basis as if the bank did not have trust powers, and should it desire in the future to do a trust business, application for permission to do so should be made to the Board of Governors in accordance with the condition of membership numbered one." Approved unanimously, together with a letter to Mr. Day, President of the Federal Reserve Bank of San Francisco, reading as follows: "The Board of Governors of the Federal Reserve System approves the application of the 'Nevada Bank of Comraerce', Elko, Nevada, for membership in the Federal eserve System, subject to the conditions prescribed 14 the enclosed letter which you are requested to forward to the board of directors of the institution. TWO copies of such letter are also enclosed, one of which 18 for your files and the other of which you are reqUested to forward to the Superintendent of Banks for the State of Nevada for his information. "It will be noted that the Board has not prescribed the special condition prohibiting the exercising of trust Powers, as recommended by your executive committee. It is understood that the bank will not do a trust business for the present and the Board has taken the position that ill cases of this kind such a condition is unnecessary 244 2/20/39 -4- "inasmuch as the matter is covered by condition of membership numbered one. Therefore, in lieu of prescribing 8 special condition, the letter to the bank calls particular attention to the necessity of obtaining the Board's Permission, under condition numbered one, before engaging in trust activities." Letter dated February 18, 1939, to Mr. Hill, Vice President of the Federal Reserve Bank of Philadelphia, reading as follows: "Reference is made to your letters of February 14, 15, and 16, 1939, concerning the assumption by the 'Camden Trust Company', Camden, New Jersey, of the deposit liabilities of the North Camden Trust Company, Camden, New lersey, amounting to approxtmately820,000, effected February 11, 1939, and the proposed assumption of the deposit liabilities of the Iirst National Bank & Trust GanPanY of Blackwood, Blackwood, New Jersey, amounting to aPproxtmately V750,000, to be effected February 18, -L939 1 and submitting the application of the Camden Trust CmlaPeny for permission to establish a branch at Blackwood in connection with the purchase of assets and assumption Of liabilities of the national bank. "In view of the character of the assets acquired and to be acquired in the transactions involving the assUmPtior of the deposit liabilities of the two banks and the relative amount of such deposits, it does not appear that the transactions came within the scope of condition Of membership numbered 3, to which the Camden Trust CamnY is subject, and, therefore, the approval of the al'd in that respect is not required. "In accordance with your recommendation, the Board "Proves the establishment and operation by the Camden ?‘Ist Company of the proposed branch at Blackwood, New " , 1 aelr, subject to the approval by the examiners for Federal Reserve Bank of the assets to be acquired tY the trust company in the transaction and subject also aPProval by the appropriate State authorities of the establishment of the branch. In this connection, it is 114derstood that in the opinion of counsel for the Federal Reserve Bank the establishment of such branch conWith the applicable provisions of the laws of the tate of New Jersey and the State Banking Department t 245 2/20/39 "has advised that the establishment of the branch will be approved." Approved unanimously. Letter to the Presidents of all Federal Reserve banks, reading as follows: "The Board will publish a list of stocks registered °n national securities exchanges, as of January 31, 1939, and three supplementary lists to be issued quarterly during the year 1939. These lists, to be published by the Board to facilitate compliance by banks with the provisions of Regulation U, will be similar in form to those published by the Board in 1937 and 1938. "In accordance with the procedure established in 1937) the Board will furnish one copy of the list and of each supplementary list free of charge to each member and nonmember bank in the United States and to all bank examiners and supervisory authorities. The Board will continue sending additional copies to those in this group who requested them in previous years and will continue sending copies free of charge to such national securities exchanges, government officials, members of Congress, Press representatives and educational institutions as lictve previously requested copies. The Board will also send copies free of charge to any additional persons in the foregoing groups who request them for their own use. "The lists will also be supplied to brokers or other Persons who may request them at a charge of 25 cents for the annual number and the three supplements. On bulk Orders calling for five or more copies, the rate will be 20 cents per copy, and on orders for fifty or more copies the rate will be 15 cents. The Board has already sent a notice of the 1939 publication and an order form directly b° each person who subscribed for conies of the lists in 1938. "Please notify the Board as soon as possible if your bA.,,,I, --.. will require for its own use, including the requireof its examiners, 8 different number of copies of these lists than it received last year. Please refer to the Board any requests or orders which you may receive from other persons." Approved unanimously. 24E 2/20/39 Thereupon the meeting adjourned.
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