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1584 A meeting of the Executive Committee of the Federal Reserve Board was held in Washington on Monday, July 8, 1955, at 11:30 a. m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Governor Thomas, Vice Governor Hamlin James Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary The Committee acted upon the following matters: Telegram dated July 8, 1935, from Mt. Walsh, Chairman of the Federal Reserve Bank of Dallas, advising that, at a meeting of the board of directors today, no change was made in the bank's existing schedule of rates of discount and purchase. Without objection, noted with approval. Memorandum dated July 5, 1955, from Mr. Smead, Chief of the Division of Bank Operations, stating that Mrs. Emma L. Chapin, a statistical clerk in the division, has been absent on account of illness since June I, 1935; that the probable date of her return to her duties is very uncertain; and that it is recommended that the Board authorize the extension to her of thirty days additional sick leave during the current year from June 300 1935. Approved. Letter to Mr. Peyton, Chairman of the Federal Reserve Bank of Minneapolis reading as follows: "Reference is made to the Board's letter of February 18, in which you were advised that the $100 increase recommended for the position of Manager, Securities Department had been disapproved. t5S5 7/B/35 Am, "As the Form A page covering this position, which was submitted with your letter of January 9, shows the salary range as530043600 (Maximum400) instead of 0300043300 as approved by the Board, it will be appreciated if you will furnish the Board with a corrected page number 15 of Form A showing the approved range at your early convenience." Approved. Telegram dated July 6, 1935, approved by two members of the Board, to Mr. Peyton, Federal Reserve Agent at the Federal Reserve Bank of Minneapolis, authorizing him to issue a limited voting permit to the "Northwest Bancorporation", Minneapolis, Minnesota, entitling such organization, at any time prior to September 1, 1955, to vote the stock which it owns or controls in "The United States National Bank of Omaha", Omaha, Nebraska, to act upon a proposal to authorize or ratify the adoption of a pension plan for employees of such bank and to take all necessary action incident thereto, provided that such plan shall be in substantial accordance with the plan outlined in a letter of June 26, 19350 from Mr. S. S. Ford, Vice President of the Northwest Bancorporation, to the Federal Reserve Agent at the Federal Reserve Bank of Minneapolis. Approved. Telegram to the Federal reserve agents at all Federal reserve banks) reading as follows: "Ruling No. 45 interpreting Regulation T. The Federal Reserve Board, in reply to inquiries regarding the provisions of section 6 of Regulation T, as amended May 10, 1935, rules that a debit entry made by a broker in accordance with common practice in a customer's 'special cash account' as of the day on Which the broker, in accordance with the usual custom of the trade and in the absence of 'failures to receive', would ordinarily receive and pay for securities which have been purchased 5RG 7/8/35 -3- "for the customer in such account, shall be deemed, for the Purposes of the third paragraph of section 6, to constitute the required record of 'the date of payment by the creditor' for such securities in all cases except those in which the broker, having in fact received and paid for the securities on a later day, shall have recorded such later day in such account as the date of payment by the creditor." Approved. Letter to Mr. Sailer, Deputy Governor of the Federal Reserve Bank of New York, reading as follows: "This refers to your letter of July 1, enclosing a letter from Mr. Everett D. Hawkins, of Princeton University, to Mr. D. H. Barrows, Manager of your Administration Department, in which he asks that you furnish him with information concerning the dismissal compensation policy of your bank. "The questionnaire enclosed with Mr. Hawkins' letter has been examined and there seems to be no objection to your furnishing the information called for therein. If such information is furnished, it will be appreciated if you will mail the Board a copy of your reply to Mr. Hawkins." Approved. Letter to Mr. Peyton, Federal Reserve Agent at the Federal Reserve Bank of Minneivolis, reading as follows: "This refers to your letter of May 14, 1935, submitting a revision of the by-laws of the Helena branch of the Federal Reserve Bank of Minneapolis. The Board regrets that due to the fact that your letter was inadvertently placed in the files an earlier reply has not been made. "The Federal Reserve Board has considered the revision of the by-laws of the Helena branch inclosed with your letter and approves the by-laws so revised. It is noted that section 3 of article 4 of the revised by-laws vests in the executive committee power to conduct and supervise all business incident to the Operation of the branch, subject to such rules, regulations or restrictions as may be prescribed by the head office or by the board of directors of the branch. It will be appreciated if you will forward to the Board a copy of any such rules, regulations or restrictions which may be prescribed in this connection. "It is requested that you forward to the Board for its use three copies of the revised by-laws governing the Helena 1587 7/8/55 -4- "branch." Approved. Letters to applicants for Clayton Act permits advising respectively of the issuance of permits by the Board as follows: Mr. William Elliott, to serve at the same time as a director of The Rutherford National Bank, Rutherford, New Jersey, and as an employee of the United States Trust Company of New York, New York, New York, for the period ending January 14, 1936. Mr. Ira Odgers, to serve at the same time as a director of The First National Bank of Alpha, Alpha, Michigan, and as a director and officer of The Iron River National Bank, Iron River, Michigan, for the period ending January 14, 1936. Mr. Henry J. Veeser, to serve at the same time as a director and officer of The First National Bank of Alpha, Alpha, Michigan, and as an officer of The Iron River National Bank, Iron River, Michigan, for the period ending January 14, 1936. Mr. W. L. Goetz, to serve at the same time as a director of The First National Bank of St. Joseph, St. Joseph, Missouri, and as a director of The First Trust Company, St. Joseph, Missouri, for the period ending January 14, 1936. Approved. There were then presented the following applications for Changes in stock of Federal reserve banks: APtalatloas for ADDITIONKL_ptock: District No 4. The Hicksville National Bank, Hicksville, Ohio The National Bank of Hudson, Hudson, Ohio The First National Bank of Slippery Rock, Slippery Rock, Pennsylvania The Cortland Savings and Banking Company, Cortland, Ohio IlatUatAl t_g_% Trust Company of Georgia, Atlanta, Georgia Shares 12 14 6 10 42 300 300 1588 7/8/35 -5- Lagications fo ADDITIONAL ock: Co tinued District No 7 The Halsted Exchange National Bank of Chicago, Chicago, Illinois The Live Stock National Bank of Chicago, Chicago, Illinois The Newton National Bank, Newton, Iowa District No 9 The Merchants National Bank and Trust Company of Fargo, Fargo, North Dakota A licatURRENDIR of Stock: astrict No 9. The First National Bank of Little Falls, Little Falls, Minnesota Approved. Thereupon the meeting adjourned. Approved: Governor. Shares 6 150 3 15 Total 4 159 15 516 4
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