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153 A meeting of the Board of Governors of the Federal Reserve Systern was held in Vashington on Saturday, January 231 1937, at 12:50 p.M. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Broderick Szymczak McKee Davis Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman Consideration was given to each of the matters hereinafter referred to and the action stated with respect thereto was taken by the (3a.rd: The minutes of the meeting of the Board of Governors of the Federal Reserve System held on January 22, 1937, were approved unanimously. Telegram to Mr. McKinney, President of the Federal Reserve Bank of Dallas, stating that the Board approves the establishment without change by the bank today of the rates of discount and purchase in its existing schedule. Approved unanimously. Memorandum dated January 18, 1937, from Mr. Carpenter, Assistant Secretary, recommending, for the reasons stated in the memorandum, that the f ollowing persons be employed on a temporary basis as file clerks to d° tYPing work and assist the experienced file clerks in the Board's gelleral files for such period as may be necessary to complete the work, each with salary at the rate of :)100 per month: 154 1/23/37 -2Hazel I. Coffman Patricia M. Collier Helen B. Wolcott Elizabeth W. Thompson Mary V. Quimby Approved unanimously. Memorandum dated January 18, 1937, from Mr. Goldenweiser, Direc- tOr'of the Division of Research and Statistics, recommending that the temPorary appointment of Miss Alice Swindlehurst as a clerk in the Division be extended for a period of three months from January 26, 1937, With salary at the present rate of 0.20 per month. Approved unanimously. Memorandum dated January 13, 1967, from Mr. Goldenweiser, Direct°1" of the Division of Research and Statistics, recommending, with the cohourrence of Mr. Paulger, Chief of the Division of Examinations, that Mrs 'Natalie Boiseau, a stenographer in the Division of Examinations, be transferred to the Division of Research and Statistics as a secretary, With no change in her present salary at the rate of 1,800 per annum. Approved unanimously. Letter to Mr. Leach, President of the Federal Reserve Bank of Rlehmond, reading as follows: "Receipt is acknowledged of your letters of January 15, 1937, and, in accordance with the requests contained ! herein, the Board approves the appointment, effective zebrualy -- 1, 1937, of Mr. James W. Dodd, Jr., as assistant examiner for the Federal Reserve Bank of Richmond. In the.information submitted with regard to Mr. Dodds exPerlence and qualifications, no reference is made as to Whether he has any outside business connections which would have an undesirable effect upon his service with 155 1/23/37 "the examination department, and, while it is assumed that no such connections exist, definite advice in this respect Will be appreciated. The Board approves also the use of the two employees listed to lend clerical assistance to your regular examiners when needed in the examinations of State member banks, and the designations of such employees as Special assistants to examiners. It is understood, of course, that they will not be transferred permanently to examining work without the Board's approval. "With further reference to the use of employees of Other departments of your bank to lend clerical assistance in examinations, the Board, on May 271 19311 approved the designations as special assistants to examiners of 50 employees of other departments of the Reserve bank and the Baltimore Branch, and it will be appreciated if you will furnish the Board's Division of Examinations with a list of those of the employees approved who still hold such designations. In order that its records may be kept current and complete, it will be appreciated also if, in the future, you will keep the Division of Examinations advised of any deductions from the list." Approved unanimously. Letter to Mr. Martin, President of the Federal Reserve Bank of St. °Ills, reading as follows: "Upon reviewing the salaries for the officers of your bank for the year 1937 the Board noted that the title 'Controller is used to designate the positions of a number of Officers of the bank, a title which is not now used by any Other Federal Reserve bank to designate an official position. "It would appear that officers at other Federal Reserve banks of comparable size holding positions similar to those held by the controllers at your bank have the title 'Assistant Cashier'. The Board will appreciate it therefore if YOU will give consideration to the advisability of changing the title 'Controller' to 'Assistant Cashier'." Approved unanimously. Memorandum dated January 221 1957, from Mr. Morrill stating that to Board had been advised of the selection by the boards of directors °e the Federal reserve banks of the following members of the Federal 156 1/23757 -4- Advisory Council for the year 1967: Name and Affiliation District No. 1 * Thomas M. Steele, ?resident, First National Bank & Trust Company of New Haven, Connecticut. No, 2 Winthrop W. Aldrich, Chairman, The Chase National Bank of the City of New York, New York, New York. No. 5 * Howard A. Loeb, Chairman, Tradesmens National Bank & Trust Co., Philadelphia, Pennsylvania. No. 4 Lewis B. Williams, Chairman, The National City Bank, Cleveland, Ohio. No. 5 * Charles M. Gohen, President, First Huntington National Bank, Huntington, West Virginia. No. 6 Edward Ball, c/o Barnett National Bank Building, Jacksonville, Florida. NO. 7 * Edward E. Brown, President, The First National Bank of Chicago, Chicago, Illinois. No. 8 * Walter W. Smith, President, First National Bank in St. Louis, St. Louis, Missouri. No. 9 John Crosby, Vice President, Farmers and Mechanics Savings Bank, Minneapolis, Minnesota. No. 10 No, 11 No, 12 * W. T. Kemper, Chairman, Commerce Trust Company, Kansas City, Missouri. R. Harding, President, The Fort Worth National Bank, Fort Worth, Texas. Paul S. Dick, President, United States National Bank, Portland, Oregon. * Reappointment Noted. Letter to Mr. Young, President of the Federal Reserve Bank of B°8t 04, reading as follows: "Referring to your letter of January 7, the Board 157 1/23/z7 -5- "approves the reappointment of Messrs. Winthrop L. Carter, Albert M. Creighton, Carl P. Dennett, Paul A. Draper, and Edward M. Graham as members of the Industrial Advisory Committee for the First Federal Reserve District to serve for terms of one year each beginning on March 1, 1937." Approved unanimously. Memorandum dated January 6, 1937, from Mr. Paulger, Chief of the 1)17ision of Examinations, submitting for approval of the Board a supple1 Page 3 for Form F.R. 61a (information to be furnished by reserve banks When submitting applications for fiduciary powers), and a proposed letter to the Presidents of all Federal reserve banks with regard to the riew page. The memorandum stated that the reason for suggesting the additi°n of the page was that in a number of instances the data supplied by t he reserve banks in connection with fiduciary applications had been inMequate and it had been necessary to develop additional information by co rrespondence or otherwise before submitting the application to the BOard. Approved unanimously. The letter to the Presidents of all Federal reserve banks read as follows: "There is being mailed to you, under separate cover, a TIPPly of a third page of Form F.R. 61a, for use in submitting to the Board applications of national banks for trust powers. 'he information called for on this page should also be sub" -Led With all applications of State member banks for perunder the so-called general condition of membership, to exercise fiduciary powers. "While the comments to be supplied under the various ' Tidings should be stated concisely, full information is desired in each instance in order that, when considering an ap121i-cation for trust powers, the Board may have available as complete a record as possible of the pertinent facts and circumstances in connection therewith. of.,, "For example, information relating to the proposed trust n leer Should include his commercial banking and other busies8 experience, if any, as well as his training and experience 158 1/267• /3 -6"in fiduciary matters. If the proposed trust officer has had no previous experience in handling fiduciary matters for a trust institution but has acted as trustee, executor, administrator or in other fiduciary capacities as an individual, a statement of the nature and extent of such activities is desired. If he is personally known to you, an expression of your views as to his fitness for the position is also desired. "Information relating to the proposed trust investment committee should include the business or other occupation and any training or experience of its members bearing upon their fitness to serve in such capacities. "It is the desire of the Board to give full and fair consideration to every application for fiduciary powers, and, as it must necessarily rely to a large extent upon the information furnished by the reserve bank, your cooperation in developing the necessary data will be appreciated, and will result in eliminating the delay occasioned when, as has been the case in some instances, it has been necessary to defer consideration of a fiduciary application until additional information could be developed." Thereupon the meeting adjourned. APProved: Chairman.