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1410 A meeting of the Federal Reserve Board was held in Washington On itu esday, June 18, 1935, at 11:30 a. m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Governor Hamlin Miller James Szymczak Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary The Board acted upon the following matters: Telegram dated June 14, 1935, from Mr. Clark, Secretary of the Pederal Reserve Bank of Atlanta, advising that, at the meeting of board of directors on that date, no change was made in the bank's elisti g schedule of rates of discount and purchase. Without objection, noted with approval. . eel., Memorandum dated June 122 1935, from Mr. Wyatt, General Coun- eec3r1flending the appointment of Mr. Richard A. Hill as a stenog4111er . all the legal division, with salary at the rate of $1,680 per ettli , effective as of the date upon which he enters upon the perform' 414 : 40 4 his duties after having passed a satisfactory physical examina- Approved. the 40 Telegram to Mr. Sargent, Assistant Federal Reserve Agent at ere'l Reserve Bank of San Francisco, reading as follows: te 4.7°ur letter June 10. Board approves employment of B. E. -verTY in your division of Analysis and Research with salary 1411 64/35 -2"at rate of $1920 per annum effective July 1, 1935." Approved. Memorandum dated June 12, 1935, from the Committee on Salaries atld r Penditures, submitting a letter dated June 4 from Mr. Preston, 141:n1tY Governor of the Federal Reserve Bank of Chicago, which reapproval of certain changes in the personnel classification P411 of the bank. The memorandum stated that the Committee had re- the proposed changes and recommended. that they be approved. Approved. Tel egram to Mr. Wood, Federal Reserve Agent at the Federal ilese l'17e Bank of St. Louis, referring to the application of the "Bank ot ma Marvell, Arkansas, for permission to withdraw immediately '4 mem bership in the Federal Reserve System, and stating that the toarri waives the usual requirement of six months' notice of intention 4•Lioci.raw and. that, accordingly y upon surrender of the Federal re41've bank stock issued to the Bank of Marvell, the Federal Reserve tkq oa the„ 4eoria st- Louis is authorized to cancel such stock and make a refund Approved. Telegram dated June 15, 1935, approved by three members of the A m N. Re t 4111 Eitela to Mr. Sargent, Assistant Federal Reserve Agent at the serve Bank of San Francisco, referring to the application 11411eY Bank and Trust Company", Phoenix, Arizona, for permisto wi4. " - Ildraw immediately from membership in the Federal Reserve 1412 6/18/35 _3_ 8Yateill, and stating that the Board waives the usual requirement of s4monthsi notice of intention to withdraw and that, accordingly, 111414 surrender of the Federal reserve bank stock issued to The Valley 114111k and Trust Company, the Federal Reserve Bank of San Francisco is allth°11-zed to cancel such stock and make a refund thereon. Approved. tet*17e Telegram to Mr. Austin, Federal Reserve Agent at the Federal s°ank of Philadelphia, reading as follows: , n, !question raised in connection with issuance of voting perto The First National Bank of Philadelphia has not yet been ted Upon and the Board, therefore, extends to thirty days from e date on which its decision on the question involved is anpluirced the time within which First Trust Company of Philadelphia, Ividelphia, Pennsylvania, may accomplish its membership and pe ' 4In which The First National Bank of Philadelphia, Philadelphia, per. lnivania, its holding company affiliate, may obtain a voting In view of the length of time which has elapsed since the tg'ications were approved, the extension is granted with the Standing that compliance with requirements prescribed in azds ! Leases will be based upon current appraisals of securities rac,'Qe latest reports of examination available which are satis`°rY to you. Please advise the banks accordingly." Approved. Let ter dated June 17, 1935, approved by four members of the 4rcl) 0 Mr O'Connor, Comptroller of the Currency, reading as follows: to toaranin accordance with your recommendation, the Federal Reserve aPProves a reduction in the common capital stock of the $40' 01 (Y National Bank', Kearny, New Jersey, from $200,000 to alleilfj'Pursuant to a plan which provides that the bank's capital the b'e increased by the sale of 675,000 of preferred stock to ' re1ea e°11struction Finance Corporation and others, and that the or thsed capital shall be used to eliminate a corresponding amount yo4t e least desirable assets in the bank, all as set forth in flisillorandum of June 10, 1935. 1413 6/18/35 -4- "In considering the plan under which the reduction in common 2-Pital is to be effected, it has been noted that the losses esaated by your examiner in his reoort of examination as of March 1935, exceed the aggregate of the released capital and the firPlus and undivided profits accounts by approximately $40,0001 ' asulting in a capital impairment of that amount; that securities 18Preciation unprovided for in the amount of approximately 62)5OP, if considered as a loss, will further impair the bank's :aPital, and that there will also remain unprovided for a large ITount of doubtful assets in which further losses appear probable. noted also that your examiner severely criticises the ti,'lvs management and directors. It is assumed, however, that "ess matters are receiving the attention of your office." V Approved. Telegram to Mr. Austin, Federal Reserve Agent at the Federal 88.ak of Philadelnhia, authorizing him to issue a limited voting tO the "Scranton Investment Company", Scranton, Pennsylvania, 41t1 tling such organization to vote the stock which it owns or controls -e Abington National Bank of Clark's Summit", Clarks Summit, Penn1:411114-, at any time prior to September 30, 1935, (1) to authorize the 481aA : t4ce bY such bank of common and/or preferred stock; (2) to author1on in common capital stock, change in number of shares of (z) 4t°ck or change in par value of shares of such stock of such bank; to ke such amendments to the articles of association and by-laws ballk as shall be necessary for the purposes stated in (1) and and (4) to amend the articles of association of such bank t- Nia -11(1 4 11--e for a board of directors consisting of not less than five Ot )0 tqq, illore than twenty-five shareholders; provided that all action 811°11 be in accordance with a plan or plans satisfactory to the 111 Ileserve Agent at the Federal Reserve Bank of Philadelphia and 1414 6/18/35 -5- 4P1'°yed by the Comptroller of the Currency. Approved. Telegram dated June 17, 1935, approved by four members of B the °ard, to Mr. Walsh, Federal Reserve Agent at the Federal Reserve Of Dallas, authorizing him to issue a limited voting permit to the Ho °mmercial National Bank in Shreveport", Shreveport, Louisiana, Or i ' - 8 nominee, entitling such organization to vote the stock which 4(47118 Or controls in the "Continental-American Bank and Trust Com15474 'Shreveport, Louisiana, for the purpose of acting at any time ilrl°r to August 1, 1935, upon a proposal to issue : ,,250,000 preferred t'3ek011 such bank and to make such amendments to the articles of ine°113°"°n) charter, and/or by-laws of such bank as shall be neces411'3' t° effect such change in capitalization, all in accordance with 2atisfactory to the Federal Reserve Agent at the Federal Re- 41''7e BEtnic of Dallas and approved by the appropriate supervisory 4tithcrities. Approved. Telegram to Mr. Sargent, Assistant Federal Reserve Agent at the ecieral Reserve Bank of San Francisco, authorizing him, subject ‘,0 the conditions prescribed in the telegram, to issue a limited Permit to the "Peoples Corporation", Seattle, Washington, ensuch organization to vote the stock which it owns or controls the Peoples Bank and Trust Company", Seattle, Washington, at any 141.5 6/18/35 -6time Prior to September 30, 1935, (1) to authorize the issuance by Such bank oi capital stock; (2) to authorize a change in the number (31' 418Tes of capital stock and a change in the par value of shares of qock of such bank; and (3) to make such amendments to the articles of ilic°1*P°rat1on, charter and/or by-laws of such bank as shall be neces417 for the purposes stated in (1) and (2) above; provided that all aet1°11s taken shall be in accordance with a plan or plans satisfactory ederal Reserve Agent at the Federal Reserve Bank of San Frant" " cisco id approved by the appropriate supervisory authorities. Approved. Telegram dated June 17, 1935, approved by five members of the 114,rd 'to the Federal reserve agents at all Federal reserve banks, Nip as follows: . "The Board's regulation contained in Trans. No. 2269 was Intended to prescribe rules for the computation of total deposit sutuilities by those banks which, under the law, must base their co ecriptions for class A stock of the Federal Deposit Insurance .01"ati0n on total deposit liabilities; and it was understood thil pizat6 all member banks organized prior to July 1, 1935 would combil,their subscriptions for class A stock on total deposit liatri'lties. However, the Board is now advised that Federal Deposit ollYance Corporation feels that a member bank organized subseier to June 16, 1933 and which applies for class A stock of itsel'al Deposit Insurance Corporation within twelve months after its °1'ganization would subscribe for class A stock on basis of exc Paid-up capital and surplus under provisions of following (e)ePtion contained in second sentence commencing in subdivision * * * except that section 12B of Federal Reserve Act: date this secthe tip2'he ease of a member bank organized after b `)11 takes effect, the amount of such class A stock applied for oLsuch member bank during the first twelve months after its anization shall equal 5 per centum of its paid-up capital and ' 1416 6/18/35 _7— “ hurplus, and beginning after the expiration of such twelve ,cnths' period the amount of such class A stock of such member Dank shall be adjusted annually in the same manner as in the ”se cf other member banks.' The Board feels that the determina1011 of what member banks should subscribe for class A stock of ,ederal Deposit Insurance Corporation on basis of total deposit 1-L3.1abilities and what banks should subscribe for such stock on +a .-sls of capital and surplus is a question within the jurisdic10n of Federal Deposit Insurance Corporation. Therefore, the 'DDard's regulation does not apply to any bank which under the law should subscribe on the basis of its capital and surplus in— :tead of its total deposit liabilities. Please advise any ember bank in your district which might be affected by this advice.” Approved, together with a letter to Mr. Leo T. Crowley, Chairman of the Federal Deposit Insurance Corporation, reading as follows: "This refers to the letter and memorandum of June 15, 1935, Ilddressed by the General Counsel of the Federal Deposit Insurance lel°rporation to the Board's General Counsel, with regard to the jals On which newly organized banks should subscribe for 4t488 A stock in the Federal Deposit Insurance Corporation. In 1;s connection, there is inclosed a copy of a telegram which is „„eing sent to all Federal Reserve Agents, advising that this is a ;I:lestion coming within your jurisdiction and that the Board's ,egulation covering the computation of total deposit liabilities ; la which are to be based subscriptions for class A stock of the wielleral Deposit Insurance Corporation does not apply to banks c„1"?h should subscribe for such stock on the basis of their ,21ta1 and surplus. You will observe that the Board has not : tertaken to determine the question raised in the letter and eurncTandum of your Counsel since, as noted above, it feels that eh question is one coming within your jurisdiction." Letter dated June 17, 1935, approved by four members of the to4110 `I) to m Fletcher, Acting Federal Reserve Agent at the Federal Ve Blink of Cleveland, reading as follows: "Reference is made to your letter of May 28, 1935, regardpossible violation of Section 23A of the Federal Reserve bY the 'Peoples City Bank', McKeesport, Pennsylvania, by "11 Of an additional investment in, and advances secured by, 4 4 ( 1417 6/18/35 -8- stock of the Columbia Radiator Company, an affiliate of the bank, the total of the bank's advances to, investment in the stock of, and loans dependent on the stock of such affiliate amounting to 0_55,700.04 on April 20, 1235, the date of the recent examination, an amount slightly in excess of 10 per cent of the bank's capital and surplus of 41,500,000. "You state that the apparent violation of the provisions Of Section 23A was called to the attention of the bank, that the questioned the manner in which your examiner computed the i tank c amount of loans dependent upon stock of the ColumbiaRadiator .°mPanY, and that in reply to the bank you reaffirmed the manner 3-11 which the collateral securing such loans had been appraised . , but also indicated that y-Ju would be inclined, should the Board interpose no objection, to let the matter rest until the time the next examination in view of the fact that the total investment and extension of credit was only slightly in excess of Re limits prescribed. "It has been noted that since the previous examination direet advances to the affiliate have been reduced from $75,000 r to -J ,-A,000, and certain loans secured in whole or in part by of the Columbia Radiator Company have been reduced $9,340, tockWhilelle during the period other loans secured in whole or in part 1S," stock of the radiator company increased $9,585 and the bank's sevestment in the stock of the company increased ':)1,847, repreriting additional holdings of 100 shares. 23A "Whether or not a violation of the provisions of Section ala,, exists is a matter of fact to be determined in each case, co') in the event a violation exists, steps should be taken, of l1rse, to effect a correction. In view of the circumstances, h, :ever, and the fact that the excess portion, if any, of the s?entrEtion is slight, the Board, in accordance with your suggen iolly will take no action with respect to the matter at this . : tim 19, "It is noted from the report of examination as of April 20, °5, that since the Previous examination the bank has acquired icy, ociu Shares of stock of the Columbia Radiator Company, 400 shares Atchison, Topeka and Santa Fe Railroad Company, and 140 shares catTexas Oil and Land Company. Since the report does not indj!that the stocks were acquired account of debts previously ca 4"aeted, it will be appreciated if you will advise whether th-' sie stocks referred to were acquired in violation of the proviaXls of Section 9 of the Federal Reserve Act, and, if so, what 10n the bank proposes to take to effect disposition thereof. ' re "It is assumed that you will forward advice in due course ding the action taken by the bank in connection with the ' °I f I; 1418 B/18/35 -9- " .elimination of the estimated losses shown in the report of examas of April 20, 1935." Approved. Letter dated June 15, 1935, approved by four members of the Boa, . to Mr. Paul P. 0ret, Philadelphia, Pennsylvania, reading as follows: "Reference is Tade to your letter of May 29, 1935, in reto special engineering services and to the provisions of yotlele 3 on this subject contained in the agreement made with lir firm by the Federal Reserve Board under date of June 5, 1935 "The Board has decided to exercise the option reserved to and to require your firm to perform, in addition to all other :ervices and duties required of your firm, all of the designing titlid engineering services in respect to the matters set forth in e Paragraphs designated (a) to (h) inclusive in Article 3. It Will be appreciated if you will acknowledge receipt of this letter." it Approved. batacs Letter to the Federal reserve agents at all Federal reserve 'reading as follows: au "At the present time the Board is receiving reports on inadvances and commitments from the Federal Reserve banks orms B-22, B-22a, B-23, Schedule BD-41 letters or schedules a„-ring commitmmts and monthly lists of outstanding advances mmitments, and in addition is receiving copies of statefurnished the Secretary of the Treasury in accordance with the regulations issued under date of August 15, 1934. ter "Such other information as you have been furnishing by lettoa er otherwise at regular periods in compliance with the Thera's requests may be discontinued, effective immediately. mat.13°ard will, however, have occasion to request special inforte lOn from time to time; and in addition it will be appreciated 4,2°u Will send the Board a letter as occasion arises explaining 0;Jillnu8ual changes in your weekly reports on Forms B-22 and B-22a, withnf°rming the Board of any special developments in connection Y°11r bank's industrial loans program, which you feel should 1419 6/18/3.5 -10"be brought to its attention. "It is requested that the above mentioned list of outstand• ing advances and commitments be furnished quarterly hereafter, as ?! the last day of March, June, September and December, instead monthly as at present, and that it show the business of each uor rower," Approved. Letter dated June 17, 1935, approved by four members of the 4U, as to Messrs. Blandy, Mooney & Shipman, New York, New York, readfollows: Gi "Your letter of Aoril 17, 1935, addressed to Senator Carter "sy has been referred to the Federal Reserve Board for reply. °11 have requested information as to the intention of Congress enacting section 11(k) of the Federal Reserve Act and you have quire with special reference to the origin of the phrase 'funds de CP°sited or held in trust by the bank awaiting investment' as it '8 used in that section. c_. :Section 11(k) of the Federal Reserve Act was a part of the 0;?-glnal Federal Reserve Act, approved December 23, 1913, and as inally enacted that section merely provided as follows: "Sec. 11. The Federal Reserve Board shall be authorized and empowered: * 4 " "(k) To grant by special permit to national banks applytherefor, when not in contravention of State or local law, he right to act as trustee, executor, administrator, or i'egistrar of stocks and bonds under such rules and regulations as the said Board may Prescribe.' "However, on September 261 1918, section 11(k) was amended al:4 reenacted so as to authorize the Federal Reserve Board to sc:It additional trust powers to national banks and so as to pre0e appropriate safeguards for national banks exercising trust your's and the section was further amended on June 26, 1930. For a e information in this connection, there is inclosed herewith ActaPY of the Board's latest compilation of the Federal Reserve 71hi',,and all amendments thereto, on pages 32 to 34, inclusive, of te ?" You will find this section set out in its entirety. There eowl„Ii?losed also a copy of the Board's Regulation F, Series of 1930, -%ng the exercise of trust Powers by national banks. sect. It appears that the principal purpose of Congress in enacting Of ,.,1 ; 311 11(k) was to enable national banks to compete on a basis Quostantial equality with State banks and trust companies 1 6118/35 -1 1-- nexercising trust powers. That Congress had this purpose in mind is recognized by the United States Supreme Court in its decision in the case of First National Bank v. Union Trust Corny, 244 u. S. 416. In that case the court said as follows: * * plainly the Particular functions enumerated in the statute were conferred upon national banks because of the fact that they were enjoyed as the result of state legislation by state corporations, rivals in a greater or less degree of national banks.' uontinuing the court also said that: HT* * * even although a business be of such a character that it is not inherently considered susceptible of being included by Congress in the powers conferred on national banks, that rule would cease to apply if by state law state banking co rporations, trust companies, or others which by reason of their business are rivals or quasi-rivals of national banks are permitted to carry on such business. This must be since trie State may not by legislation create a condition as to a Particular business which would bring about actual or potential comPetition with the business of national banks and at the same time deny the power of Congress to meet such created condition hY legislation appropriate to avoid the injury which otherwise 4ou1d be suffered by the national agency. * * * And these considerations clearly were in the legislative mind when it enacted the statute in question. This result would seem to be Plain when it is observed (a) that the statute authorizes the exertion of the particular functions by national banks when 11?t in contravention of the state law, that is, where the right to perform them is expressly given by the state law or what is equivalent is deducible from the state law because that law has given the functions to state banks or corporations ose business in a greater or less degree rivals that of na10nal banks, thus engendering from the state law itself an ;-1112l1cati0n of authority in Congress to do as to national p?-nks that which the state law has done as to other corporaand (b) that the statute subjects the right to exert ,Ithe particular functions which it confers on national banks r the administrative authority of the Reserve Board, giving uesides to that Board power to adopt rules regulating the e ercise of the functions conferred, thus affording the means °I coordinating the functions when permitted to be discharged IV national banks with the reasonable and non-discriminating Pr°vIsions of state law regulating their exercise as to state ! °rporations, -- the whole to the end that harmony and the °ncordant exercise of the national and state power might result,' n 1421 6/18/35 -12- "With respect to your inquiry concerning the origin of the 1?hr49.se 'funds deposited or held in trust by the bank aaaiting investment', you are advised that this phrase first became a 6rt of section 11(k) as a result of the amendment of September .) 1918, and you will note that it is contained in the law as it exists today. The Board has not had occasion to determine !nether there were any explanatory comments in the debates which place in Congress or in the committee reports with regard to the 2 meaning of this phrase as it was contained in the amendof September 26, 1918) but you may be able to examine such debates and reports at some library in your city. Your letter ??E3 not furnish any information concerning the problem with which you are confronted, but, if you have under consideration 7',cpestion upon which you desire information regarding the apgLlcability of this phrase, the Board will be glad to advise Y°11 upon receipt of full information as to the facts involved." r Approved. 8erve Letter to Mr. 7;ood, Federal Reserve Agent at the Federal ReBank of St. Louis, reading as follows: "RefPrence is made to Mr. Paulger's letter of May 15, 1935, to theTy and your letter of June 4, 1935, in reply, relative to Gr layton Act status of Messrs. J. P. Bacon, H. E. Bacon, W. W. A.aY, J. L. Knauss, C. F. Rose, T. D. Scales, F. J. Bernhardt, se O. Froelich, and W. F. Huthsteiner, who are reported to be : 131 7ing as directors and/or officers of The Citizens National Ilk of Evansville) Evansville, Indiana, and other banks. It is noted from your letter of June 4, 1935, that the qt lestion as to the Clayton Act status of these individuals has , 13,_ 471 before you for some time; that you have received applicaclops from certain of them; that it has seemed desirable to th er action on these applications for various reasons, among pr% being a determination of the question of the issuance of the4erred stock by The Citizens National Bank of Evansville, Bte ,telDs to be taken in connection with the endorsement on the ev?e4 certificates of The Citizens National Bank of Evansville atldencing the stockholders' beneficial interest in the affilira d Citizens Trust and Savings Bank of Evansville, and the ma.7t that the Clayton Act status of these individuals will be baerial],y affected by the Proposed consolidation of the national rellk and its affiliated State bank. It is noted that for these "°ns you propose deferring action on the Clayton Act I422 6/18/35 -13ncTipl. ications of the individuals involved pending the outcome of ?e proposed consolidation of these two institutions if such ac°-.0a meets with the approval of the Board. "The Board has no objection to the deferment proposed; however) if there is any undue delay in the consunmation of the Proposed consolidation it is suggested that you keep the Board advised.” Approved. Letters dated June 17, 1935, approved by four members of the to aPplicants for Clayton Act permits advising respectively of the iq -43114noe of permits by the Board as follows: Mr,, of ,..tmanuel Blosser, to serve at the same time as a director and buirlcer of the Harrisonburg Loan & Thrift Corporation, Harrison13,...gY Virginia, and as a director of The National Bank of Harrison;_, Harrisonburg, Virginia, for the period ending January 14, 1; Laird L. Conrad, to serve at the same time as a director of Rockingham National Bank of Harrisonburg, Harrisonburg, 7 / Z r inia) and as a director and officer of the Harrisonburg Loan 1.,:x1riftCorporation, Harrisonburg, Virginia, for the period endJanuary 14, 1936. Mr. in. orf.. w M. Menefee, to serve at the same time as a director and cer of The Rockingham National Bank of Harrisonburg, HarrisonTrn Virga, and as a director of the Harrisonburg Loan & 4:flft Corporation, Harrisonburg, Virginia, for the period ending auary 14, 1936. Approved. following applications for qh6.4ee There were then Presented the / 1 4 : in stock of Federal reserve banks: Et 1.9).1§_for ADDITIONAL Stock: t 131:8t National Bank of Plainfield, '14,47field, New Jersey ' - 1.National Bank and Trust 041Pa4QUassaick r of Newburgh, Newburgh, New York Shares 130 420 1423 6/18A5 —14— Stock: (Continued) ;1strict No. 2. (Continued) alley Stream National Bank and Trust Company, Thevalley Stream, New York First National Bank of Cedar Grove, 111C.Var Grove, New Jersey eqrst National Bank of Eatontown, DieEatontown, New Jersey IFirst National Bank of Farmingdale, Thhrmingdale, New Jersey e Cornwall National Bank, Th Cornwall, New York iariner Harbor National Bank, NiltrirlersHarbor, New York st National Bank of Roosevelt, The11.00E_Irelt, New York Peoples National Bank and Trust Company of 44 e Plains, White Plains, New York v cle Bank, " ne8thaZIPtOrl Beach, New York V -1.et tio Shares 186 6 6 3 34 9 42 1 2 839 3 3 6 St National Bank of Jefferson Parish at mretIlay Gretna, Louisiana 4IQ14 4tri t bMBank and Trust Company / The erlY) Missouri 414%t National Bank of Raymond, Y°11c1, Illinois 4418t National Bank of Eagle River, gie • Rlver, Wisconsin . The Zeg:tii. 12. Tkcc, -ound National Bank of Tacoma, "lila, Washington 1 66 67 3 3 120 Total blq,leations for SURRENDER of Stock: NO. 1 D,sil'et National Bank of Rockland, Maine kbe,c1Tles National Bank of Marlborough, orough, Massachusetts 4 2 120 1,032 1424 6/i8/35 -151../1. LAlons for SURRENDER of Stock: (Continued) Diatriet—g(T":T:— Continued,' krat NationE-1:1 Bank of Webster, liebster, Massachusetts '-t e ZWL.No. 5. 110 Seaboard Citizens National Bank of Norfolk, I'fo1ko Virginia Shares 6 12 30 30 ID sji.et No. 8. e,..irst-Hardin National Bank of Elizabethtown, ta.iz abethtown Kentucky e!irst National Bank Df Carrollton, La;arrollton, Missouri '4Yette National Bank and Trust Company of 1)14Jcebra3Urg, Luxemburg, Missouri °Staunton National Bank, Staunton, Illinois tlltict No. 12. si,111.versi-iy National Bank of Seattle, -4ttley Washington Approved. Thereupon the meeting adjourned. vroved: 21 31 2 60 114 60 Total 60 216
@FedFRASER