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143 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Tuesday, January 31, 1939, at 11:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Davis Draper Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairnan The action stated with respect to each of the matters hereinafter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Fed- "al Reserve System held on January 30, 1939, were approved unanimously. The minutes of the meeting of the Board of Governors of the Federal Reserve System with the Chairmen and Deputy Chairmen of the Federal Reserve banks held on January 30, 1939, were approved unanimously, with 1151e1111derstanding that should any of the chairmen suggest changes in the l'ee0141 of their statements at the meeting the changes would be made 1113" aPProval by the Board. Letter to Mr. Day, President of the Federal Reserve Bank of 44 'encisco, reading as follows: "Reference is made to your letter of January 18 ad' 01:eased to Governor Szymczak with regard to the question t,the aPpointment of Mr. R. B. West as vice president of 11.0:e Federal Reserve Bank of San Francisco. The Board will glad to discuss the appointment with you at the time " 11 review the salary situation of your bank with the Board. You state in your letter that previous correspondence with the Board indicates that the examination function will 144 1/31/39 2- Come under the direction of Mr. Clerk, First Vice President, and by previous correspondence it is assumed that you have reference to your letter of December 2, 1938, regarding assipmments and salaries of the officers of your bank. It is understood, however, that you are not submitting the matter of supervision of the examination department to the Board for consideration at this time. "You will recall that in the Board's letter to you of August 29, 1936 in connection with the transfer of nonstatutory duties from the Federal Reserve Agent's departwent to the bank it was stated that the examinatio department would n be Under the supervision of a vice President to be designated bY the bank after consultation with the Board. Approval Of the Board before such designation is of course contemPlated in the case of a successor, as well as in the case °I" en original appointment. Since no reply has been received to Mr. Paulger's telegram to you of December 23, 1981 it is assumed that the complete details of your plans Ii ave not yet been worked out for submission to the Board °r for formal action by your directors, and it is suggested in this connection that the matter of selecting:, a successor .• c) Mr. Sargent as the officer in charge of the bank examination department of your bank be held in abeyance until efter your next visit to VJashington. This suggestion is to be taken as an indication that the Board would not 1,,00k with favor upon the selection of Mr. Clerk for this tu_netion, but is made in order that an opportunit y may be !rforded for a full discussion of the matter between you 'nd the Board and members of its staff. "The Board is greatly interested in having: the examination work at the Federal reserve banks carried on in a most efficient and highly creditable manner, and in passing the selection of an officer to supervise this function tr)11 e Board would like to have, among other data, informebe°n es to: the amount of the officer's salary which will allocated to the examination department; the proporonate amount of time which he can and will give to this fPortant work; his interest in and qualifications for the ticular task; and the other duties which he is to perand the extent of their demands upon his time and energy.r, 4 T Approved unanimously. the tiv M emorandum dated January 28, 1939, from Mr. Smead, Chief of isi°71 of Bank Operations, submitting a letter dated January 145 1/31/39 -3- 23 '1939, from Mr. Worthington, First Vice President of the Federal Reserve Bank of Kansas City, which requested approval by the Board of changes in the personnel classification plans of the Kansas City bank Ithd its Denver branch to provide for the discontinuance of the position c)f "Assistant Supervisor" and the creation of the position of "General elellk", in the Custodian - R.F.C. and P.V.A. Department at the head ce) and for the creation of the new position of "Supervisor of I'araontel and Expenditures" in the Personnel and Accounting Departand a change in the description of work for the position of "Get eral Clerk" in the Accounting Department, at the Denver branch. The Memorandum stated that the proposed changes had been reviewed 1.hd recaamended that they be approved. Approved unanimously. Letter to Mr. Leedy, Secretary of the Federal Reserve Bank of 4484 8 C. CltY, reading as follows: toara"Referring to your letter of January 20, 1939, the - approves the reappointment of Messrs. R. L. Gray, 'ter X. Berkowitz, D. Bruce Forrester, Ed. S. Miller, !nd L. F. Rooney, as members of the Industrial Advisory :mmittee for the Tenth Federal Reserve District, to for terms of one year each, beginning March 1, 4.939.ft Approved unanimously. Letter to the Northwestern Trust Company, St. Louis, Missouri, as follows: 1/31/39 -4.- "The Board has considered the application for permission to exercise fiduciary bowers made by you on behalf Of the 'Northwestern National Bank of St. Louis', St. Louis, Missouri, the national bank into which the Northwestern Trust Company is to be converted, and grants such national bank authority, effective if and when it is authorized by the Comptroller of the Currency to commence business, to act, when not in contravention of State or local law, as trustee, executor, administrator, registrar of stocks and b°nds, guardian of estates, assignee, receiver, caumittee Of estates of lunatics, or in any other fiduciary capacity 1=1 which state banks, trust companies or other corporations which came into competition with national banks are Permitted to act under the laws of the State of Missouri, the exercise of all such rights to be subject to the proions of the Federal Reserve Act and the regulations of the Board. "After the conversion of the Northwestern Trust ComPanY into the Northwestern National Bank of St. Louis becomes effective and the Comptroller of the Currency authorizes the national bank to commence business, you are requested ° have the board of directors of the national bank adopt e( resolution ratifying your application for permission to nercise trust powers, and a certified copy of the resolu; ilon so adopted should be forwarded to the Federal Reserve : ink of St. Louis for transnittal to the Board for its facords. When a copy of such resolution has been received the Board, a formal certificate coveringthe national Ilk's authority to exercise trust powers will be forwa rded." Approved unanimously. Of chi c Letter to Mr. Young, Vice President of the Federal Reserve Bank aEr,o, reading as follows: "The Board of Governors of the Federal Reserve System vs p lias considered the recommendation of the Elecutive Zmittee of your bank, contained in your letter of Jan19r, 1939, end, pursuant to the provisions of Section ,: of the Federal Reserve Act, grants permission to 'The b#°111..th Shore National Bank of Chicago', Chicago, Illinois, 149 1/31/39 "to maintain the sane reserves against net demand deposits and time deposits as are required to be maintained by Reserve city banks, effective with the first semi-v.reekly reserve computation period beginning after the date of this letter. "Please advise the member bank of the Board's action tfl this matter, calling its attention to the fact that such permission is subject to revocation at any time by the Board of Governors of the Federal Reserve Systems' , Approved unanimously. Thereupon the meeting adjourned. Secret .
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