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0:3 A meeting of the federal Reserve Board was held in the office of the Federal Reserve Board on Tuesday, January 26, 1932, at 11:45 a. m. PRESENT: Governor Meyer Mr. Hamlin Mr. . Tames . Magee Er. Eorrill, Secretary Mr. reClelland, Assistant Secretary. Er. W. H. Hutt, Deputy Governor of the Federal Reserve Bank of Philadelphia and Mr. William H. Livingston, of the firm of architects employed by the Thiladelphia bank to nrepare plans for the enlargement of its bank building, were also present. Messrs. Hutt and Livingston had Previously met informally with the Executive Committee of the Board and submitted the architect's plans and sketches and an estimate of the cost, in the amount of :31,109,000, exclusive of furniture, furnishings and equipment, window hangings, floor coverings, etc., and architectts, engineers' and bank equipment engineers' fees. There was some further discussion, following which 1,:r. Hutt and Mr. Livingston left the meeting with the understanding that the Federal Reserve Board would give consideration to the Matter upon receipt of a written request from the bank for permission to Proceed to obtain bids based on the plans submitted. The Board considered and acted upon the following matters: Reply to a letter from the Federal Reserve Agent at Atlanta reporting that the Tlorida Bank and Trust Company of West Palm Beach, Fla., has been deficient in its reserves for more than six consecutive months, and enclosin[7 copy of a letter received from the directors of the bank following -2- 1/26/32 their meeting on January 5, stating that instructions have been given to the Officers to maintain the bank's reserves at the required figure; the Board's reply stating that in accordance with the Federal Reserve Agent's recomnendation the Board will take no action on this latter at the present time. Reply approved. Telegraphic reply, approved by the Executive Committee on January 25, to a telegram of that date from Deputy Governor itounds of the Federal Reserve Bank of New York requesting approval of the purchase by the reserve bank of 40,628.65 of tax revenue notes of the town of Scotch Plains, New Jersey, being offered by the Westfield Trust Company of Westfield, New Jersey; the reply stating that the Board authorizes the purchase of the notes with the Understanding that they met all of the requirements of the Board's Regulation E except that the population of Scotch Plains is less than 10,000 and that the amount of the notes offered represents the entire amount of the warrants of the municipality outstanding. Reply approved. Telegraphic reply to a letter dated January 10 and telegram dated January 22 from the Federal Reserve Agent at San Francisco giving the details Of a proposed merger of the Bank of Woodburn, Oregon, a nnmber, with the First National Bank of Woodburn, under the charter and title of the former; the reply stating that upon the basis of the information furnished, and in accordance with the Federal Reserve Agent's recommendation, the Board interposes no objection to the contemplated merger, assuminc, that the transaction Will not in any way affect the legal status of the member bank and that no new application for membership is necessary; the reply also requesting 65 1/26/32 -3- certain additional infornation regarding the transaction and suggesting that the Federal Reserve Bank participate in an examination of the consolidated institution by state authorities, or make an independent investigation within the next three months. Reply approved. Reports of Standing Committee dated January 25, reconnending approval of the following changes in stock at Federal Reserve banks: AWications for SURRIMER of Stock: District No. 2. First National Bank, F.illtown, r. T. (Decrease in surplus) Orange rational Bank, Orange, N. T. (Decrease in surplus) Lafayette National Bank of Brooklyn in New York, New York. (Decrease in surplus) ), 1 45 60 405 510 240 240 District No. 4. Peoples National Bank, Lodi, Ohio. (Insolvent) Farmers National Bank, Leechburg, Pa. (Insolvent) 45 60 105 District No. 6. First National Bank, Piedmont, Ala. (Decrease in surplus) First National Bank, Elizabethton, Tenn. (Insolvent) 3 75 78 District No. 7. Taylorville National Bank, Taylorville, Ill. (V.L.Abs. by Farmers National Bank of Taylorville) 108 First National Bank, Tremont, Ill. (V.L.Suc. by First 54 National Bank in Tremont) First National Bank, Lost Nation, Iowa. (Insolvent) 23 National City Bank, Ottawa, Ill. (Insolvent) 210 oceana County Savings Bank, Hart, Lich. (Insolvent) 39 439 District No. 3. Burlington City Loan & Trust Co., Burlington, U. T. (Insolvent) ii Shares District No. 8. llount Olive State Bank, Hount Olive, Ill. (Insolvent) First National Bank, Eudora, Ark. (Insolvent) 36 28 - 64 1lAstrict No. 9. First National Banc, Custer City, S. Dak. (Insolvent) 17 17 -.4- 1/26/32 ) Shares lications for SURIIDER of Stock: District No. 10. 30 WestemaNational Bank, Pueblo, Colo. (Decrease in surplus) 90 (Insolvent) Nebr. Norfolk National Bank, Norfolk, 90 (Insolvent) Nebr. West Point National Bank, West Point, First Park County Bank, Powell, Wyo. (V.L.Abs. by 20 National Bank of Powell) District No. 11. City-Central Bank (?e, Trust Co., San Antonio, Texas. (Insolvent) District No. 12. Walnut Park National Bank, Walnut Park, Calif. (Insolvent) First National Bank, TWin Falls, Idaho. (Insolvent) First National Bank in Aberdeen, Wash. (Insolvent) 230 1,092 1,092 72 66 120 Total 258 3,033 Approved. Report of Standing Committee dated January 22, recommending approval of an application for admission to membership in the Federal Reserve System by the following state institution, subject to the conditions contained in a letter to the applicant bank submitted with the Committee's report. Number of Shares Name of Bank Farmers State Bank, Faith, S. D. 18 Approved. The meeting adjourned at 12:10 p. m. F. R. Bank Minneapolis
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