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A meeting of the Executive Committee of the Federal Reserve Board was held in the office of the Federal Reserve Board on Thursday, July 2, 1931, at 12:00 noon. • t. PRESENT: Governor Meyer Mr. Miller Mr. James Mr. McClelland, Assistant Secretary. r.ft The Assistant Secretary presented the following matters of business Which were considered and acted upon by the Committee: Application of The First National Bank in Sioux City, Iowa, which was organized in April, 1930, to take over certain assets and assume certain liabilities of the First National Bank of Sioux City, for Permission to exercise trust powers; together with a letter from the Federal Reserve Agent at Chicago recommending that action be deferred until after receipt of a report of examination of the bank. In this connection consideration was also given to letter dated June 30th from the Couptroller of the Currency recommending that the bank be given permission to administer such trusts as were held by the First National Bank of Sioux City at the time of its closing and that no further powers be granted the new bank until a report of examination of the bank is available. After some discussion, during which the Governor stated he would take up with Mr. Stevens the reasons for his recommendation that action be deferred until receipt of the examiner's report, it was voted to authorize the Governor, unless some reason for not doing so is developed in his discussion with the Federal Reserve Agent, to approve the application for limited powers in accordance with the recommendation of the Comptroller of the Currency. Telegrams dated July 1st from the Chairmen of the Federal Reserve Banks of Philadelphia and St. Louis, advising that their Boards of Directors, at meetings on that date, mnde no change in the bank's existing schedules of fc4 -2- 7/2/31 rates of discount and purchase. Without objection, noted with approval. Report of Committee on Salaries and Expenditures on lists submitted by the Federal Reserve Banks of Boston and Chicago of employees for whom the directors approved leaves of absence with pay on account of illness during the month of Tune at Boston and the period from May 22nd to Tune 25th at Chicago, where the total of such absences since January 1, 1931, has exceeded thirty days; the Board's Committee recommending approval. Approved. Letter dated Tilly 1st from the Governor of the Federal Reserve Bank of New York, advising that up to that date the recently arranged credit to the German Reichsbank had been drawn upon in the amount of c.48,000,000, the participation of the Federal Reserve System being 42,000,000. Noted. Telegram dated July 1st from Deputy Governor Gilbart of the Federal Reserve Bank of New York, stating that the New York bank on that date earmarked 50,000,000 of gold coin for the Treasurer of the United States for credit to the account of the New York bank in the gold settlement fund. Noted. Draft of reply to letter dated Tune 26th from the Federal Reserve Agent at St. Louis reporting that the Montgomery County Loan and Trust Company, Hillsboro, Illinois, was deficient in its reserve requirements during the period from October 1, 1930, to May 15, 1931; the proposed reply stating that in accordance with the Federal Reserve Agent's recommendation, no action will be taken on the matter at the present time, and requesting that the Agent advise whether the action of the member bank in absorbing 7/2/31 -3- the Peoples National Bank of Hillsboro and the State Bank of Taylor Springs has effected such a change in the general character of the assets of the member bank as to constitute a violation of the second condition under which it was admitted to membership in the Federal Reserve System. Upon recommendation of the Committee on District No. 8, the proposed letter was approved and ordered transmitted. Memorandum dated Tune 30th from the Fiscal Agent recommending that the Board bill the First Federal Foreign Banking Corporation in the amount of $2,092.95 to cover the cost of the examination of the Corporation made by the Board's examiners under date of April 28, 1931. Upon motion, the Fiscal Agent was authorized to bill the First Federal Foreign Banking Corporation in accordance with his recommendation. Or. .pE.PORTS OF STANDING COMIITTP.ES: Dated, July 1st 2nd Dated, July 1st Recommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary Llinute Book of this date. Recommendations approved. Recommending action on an application for fiduciary powers as set forth in the Auxiliary hinute Book of this date. Recommendation approved. The meeting adjourned at 12:30 p. itVyaffi Assistant Secretary. Approved: AUXILIARY MINUTES (May 2, 1931.) Reports of Standing Committee dated Xulylst, and 2nd, recommending Changes in stock at Federal Reserve Banks, approved as follows: Mares Application. for ORIGINAL Stock: District No. 9. laein National Bank, Madison, Minnesota. 11••••• 36 36 3 3 District No. 2. Florida National Bank, Florida, N. Y. 50 30 District No. 4. Provident Savings Bank & Trust Co., Cincinnati, Ohio. 78 78 A 4cations for Stock: District No.. 1. Day Trust Company, Boston, Mans* District No. 7. American Savings Bank &Trust Co., Davenport, Iowa* Peoples State Bank of Milan, Milan, Michigan. Applications for SURRENDER of Stock: District No. 7. American State Bank, Detroit, Mich. (Abs. by Peoples Wayne County Bank, Detroit, Mich., a member) Broadway National Bank, Chicago, Ill. (V.L.Abs. by Devon Trust and Savings Bank) Security National Bank, Rockford, Ill. (Insolvent) District No. 10. Security National Bank, Florence, Colo. by First National Bank) Astrict No. 12., First National Bank, Door, Bank of America of California) 60 30 Total 90 201 3,000 180 150 3,330 17 17 18 Total 18 3,365 V.L.Abs. by Report of Standing Committee dated JUly 1st, recommending action on an application for fiduciary powers by the following bank: DISTRICT NO. 10. KANSAS: First National Bank in Lamed. (3359. Powers 1,2,3 and 5) Assistant Secretary Approved: Governor,
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