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A meeting of the Executive Commdttee of the Federal Reserve Board was held in the office of the Federal Reserve Board on Friday, July II, 1931, at 10:45 a.m. PEESENT: Mr. Mx. Mr. Mx. James, presiding Miller Magee McClelland Assistant Secretary. The Assistant Secretary presented the following matters of business which were considered and acted upon by the Committee: Letter dated July 16th, from the Secretary of the Federal Reserve Bank of New York, and telegrams dated July 15th and 16th, from the Chairmen of the Federal Reserve Banks of Boston, Philadelphia, Kansas City and San Francisco, advising that the Boards of Directors, at meetings on the dates stated, made no change in the banks' existing schedules of rates of discount and purchase. Without objection, noted with approval. Letter dated July 14th from Deputy Governor Crane of the Federal Reserve Bank of New York, submitting a compilation of short term indebtedness between New York banks and bankers and foreign clients as of June 30, 1931. Ordered circulated. Letter dated July 16th from the Assistant Federal Reserve Agent at New York advising that on July 15, 1931, the Manufacturers Trust Company of New York City, a member bank, took over, on a liquidation basis, the assets and liabilities of the Lebanon National Bank of New York; the Assistant Federal Reserve Agent stating that the action of the member bank does not appear to conflict with the conditions under which it was admitted to membership in the Federal Reserve System. Noted without objection. 7/17/31 Memorandum from Counsel dated June 22nd, with regard to the application of Mr. E. B. Leisenring for permission to serve at the same time as director of the Philadelphia National Bank, the Fidelity-Philadelphia Trust Company, and the Girard Trust Company, all of Philadelphia; Counsel submitting draft Of letter to the Federal Reserve Agent at Philadelphia requesting advice in greater detail as to the reasons why, in his opinion, the service of Mr. Leisenring as a director of the institutions involved would not be incompatible with public interest. Upon motion, the proposed letter was approved. Memorandum from Counsel dated July 15th submitting copy of a digest of the provisions of State laws permitting banks and trust companies to join the Federal Reserve System and authorizing member banks and trust companies to maintain the reserves required by the Federal Reserve Act in lieu of those required by the State law; Counsel stating that, in his opinion, it is not desirable to publish this digest in the Federal Reserve Bulletin because of the fact that since it shows not only the present status of such legislation but also the original enactments and all amendments thereto, it may be confusing. Noted, a copy of the digest having been furnished to the individual members of the Board. Letter dated July 15th from the Federal Reserve Agent at Philadelphia advising that the Hatboro National Bank, Hatboro, Penna., plans to acquire certain assets and assume the deposit liabilities of the Hatboro Trust Com- pany, the latter institution having trust assets of slightly more than 000,000, and that inasmuch as the national bank is desirous of qualifying 7/17/31 -3- to handle these trust accounts, it is considering the advisability of apPlying for full trust powers, the Federal Reserve Agent inquiring whether, in view of the circumstances outlined in his letter, the Board feels the application should be deferred. After discussion, upon motion, it was voted to advise the Federal Reserve Agent at Philadelphia that the matter has been considered at a meeting of the Executive Committee, and, in the opinion of the numbers present, the Hatboro National Bank would be justified, under the circumstances outlined, in filing an application for permission to exercise fiduciary powers. REPORTS OF STANDING COMXIILEES: Recommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary Minute Book of this date. Recommendations approved. Recommending approval of the application of Mr. Roger Amory, for permission to serve at the same time as a director of the National Rockland Bank, Boston, Mass., and as a director of The Kidder Peabody Trust Company, Boston, Mass. Approved. Dated, July 16th Recommending approval of the application of Mr. Herbert Jackson, for permission to serve at the same time as a director and officer of the First National Bank, Ludlow, Ky., and as a director of the Peoples Liberty Bank and Trust Co., Covington, Ky. Approved. Dated, Tilly 17th Recommending approval of the application of Mr. John R. McDonald, for permission to serve at the same time as a director and officer of the First National Bank of Erie, Erie, Pa., and as a director of The Lawrence Park National Bank, Lawrence Park, Pa. Approved. Dated, July 17th Recommending approval of the application of Mr. James C. Griffin, for permission to serve at the same time as a director of the First National Bank of Erie, Erie, Pa and as a director of The Lawrence Park National Bank, Lawrence Park, Pa. Approved. Dated, July 17th Recommending approval of the application of Mr. J. C. Spencer, for permission to serve at the same time as a director and officer of the First National Bank of Erie, Erie, Pa., and as a director and officer of The Lawrence Park National Bank, Lawrence Park, Pa. Approved. Dated, Tuly 15th 16th 17th Dated, Iuly 16th 51 7/17/31 — 4 — REPORTS OF STANDING COIGIITITEs: Dated, Tuly 17th Dated, Ally 17th Dated, July 17th (Cont'd.) Recommending approval of the application of Mr. Otto F. Behrend, for permission to serve at the same time as a director and officer of the First National Bank of Erie, Erie, Pa., and as a director and officer of The Lawrence Park National Bank, Lawrence Park, Pa. Approved. Recommending approval of the application of Mr. R. F. Devine, Ir., for permission to serve at the same time as a director of the First National Bank of Erie, Erie, Pa and as a director of The Lawrence Park National Bank, Lawrence Park, Pa. Approved, Recommending approval of the application of Mr. H. L. R. Emmet, for permission to serve at the same time as a director of the First National Bank of Erie, Erie, Pa., and as a director of The Lawrence Park National Bank, Lawrence Park, Pa. Approved. The meeting adjourned at 11:30 a. m. Rti „,060.40p)(ro Assistant Secretary. Approved: Member, Exe ' e44tive ommittee. (Executive Committee) AIITTT.IARY 1MTUTES (J'uly 17, 1931) Reports of Standing Committee dated Tuly 15th, 16th and 17th, recommending changes in stock at federal Reserve Banks, approved as follows: Pjicatjons for,SURRENDER of Stock:, 21-s*.4rict No. 2. Pirst rational Bank &. Trust Co., I;liddletown, N. Y. rerchants National Bank, Middletown, r. Y. (Both above succeeded by Il'irst Merchants rational Bank & Trust Co.) Shares 180 160 360 District Lo. 4. Citizens rational Bank, -da.1J:en, Pa. (Insolvent) 120 120 strict No. 5. Boone National Bank, l'adison, N. Va. (Decrease in surplus) • First rational Bank, Kinston, N. C. (Insolvent) Planters National Bank, Saluda, S. C. (Insolvent) sank of Woodruff, Woodruff, S. C. (Insolvent) 30 103 72 71 276 District ro. 6. Pirst rational Bank, Prattville, Ala. (Insolvent) Coramercial National Bank, Hattiesburg, Miss. (Insolvent) 42 75 117 District No. 7. First rational Bank, Elliott, Iowa. (Insolvent) First rational Bank, Royal Oak, 1Iieh. (Insolvent) Pirst rational Bank, St. Clair Shores, Mich. (Insolvent) 39 120 36 195 District ro. 9. First National Bank, l'ountain Lake, 1:inn. (Insolvent) Pirst National Bank in Litchfield, Litchfield, liinn. (V.L.Suc. by Northwestern National Bank) District No. 10. Pirst rational Bank, Valley Palls, Kans. (V.L.Abs. by KendailState Bank) First National Bank, Gresham, rebr. (V.L.Abs. by Gresham State Bank) Allqtrict No. 11• Alba National -Bank, Alba, Texas. (V.L.Abs. by First National Bank of Mineola, Texas) District Lo. 12. First National Bank, Salida, Calif. (V.L.Abs. by 1Pdesto Trust & Savings Bank) Paisley National Bank, Paisley, Oreg. (V.L.Abs. by Coulaercial National Bank, Lakeview, Oreg.) 29 63 -. 92 18 36 30 17 30 30 53 7/17/31 -2- Aalications for SUBBENDER of Stock: (Cont/(1) District No. 12. -----TgEFET--l'irst National Bank, Marysville, Calif. (V.L.Abs. by Bank of America National Trust & Savings Association, San Francisco, Calif.) Shares 42 Total (PM(0 89 1,353 Assistant Secretary. Proved: Committee.
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