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124y liela in A meeting of the Executive Connittee of the Federal Reserve Board was ii the office of the Federal Reserve Board on Wednesday, June 3, 1931, ' at 11:30 a. la. PRESENT: Governor Meyer Mr. Hamlin Mt. Miller Ur. Magee Mr. McClelland, Assistant Secretary. The Governor brought up the matter which has been considered at Dtevio 118 meetings recently, namely, the application of the Fiduciary Trust C(kPattv Ilew York, hew York, for membership in the Federal Reserve System and tor 1 '20O shares of stock in the Federal Reserve Bank of hew York. The Committee reviewed the questions which were raised during previous (111c4a8, 1°118 as to whether the business contemplated by the Fiduciary Trust QottL, Which is to be confined largely to personal trust work and the in°- funds for individuals and institutions, makes it appropriate that tktetrtzst c°mPany should be a member of the Federal Reserve System. Doliey It was the consensus of opinion that the matter involves questions of Whieh cannot be definitely decided by the Board at this time, but thcit 40 ?ickei action should be taken which would prejudice the standing of the titah. : Iblr Trust Company or the future consideration of its admission to MITI174 the System after the Board has had an opportunity to observe its 441 cm ' ,,-erations over a reasonable period of time. Accordingly, upon motion, it was voted to advise the Fiduciary Trust Company of New York, through the Federal Reserve Agent at New York, that after careful consideration the Federal Reserve Board has decided to postpone action on the application of the institution for the present. 4 tikee • uaMlin referred to the question raised during the Board's Con- lith Mr. Jay on May 29th as to the supervision of trust activities in 6/3/31 Ikea -2- lark state institutions. Upon motion by him, it was voted to address a letter to the Federal Reserve Agent at New York minking inquiry as to the character of examinations of the trust departments of state institutions which are being made by the New York State Banking Department. The Assistant Secretary referred to the action taken at the meeting h8tez 'cle•Y in voting to advise the Federal Reserve banks that the Board will 11°t 4I)Pr°ve a group insurance qticers and employees plan for any Federal Reserve bank insuring its excess of an amount equal to one year's salary of in 44. ellch officer and employee with a maximum limit of 10,000, and called Ettteirtioa to the fact that the Federal Reserve Bank of St. Louis has at the Te8elact tine a group insurance policy providing for insurance of its officers -Dloyeee in an amount equal to two years' salary with a maximum of ;10,000. A discussion followed, at the conclusion of which it was voted to reconsider the action taken at the meeting yesterday. It was also voted to defer action until the Chief of the Division of Bank Operations can secure from the various Federal Reserve banks detailed information regarding the group insurance policies now in effect at the banks and submit a report thereon to the Board. The Assistant Secretary then presented various matters which were 441.41 `1 by the Committee and acted upon as follows: Telegrams dated June 3 from the Chairmen of the Federal Reserve Banks (4, iladmi 'Phia and St. Louis, advising that their Boards of Directors, at thetr /'eguaar meetings today, made no changes in the banks' existing schedules qqe8 ef discount and purchase. Without objection approval. noted with 6/3/31 -3Memorandum dated June 3 from the Examiner in Charge submitting, in 4cordanee with the action taken at the meeting on May 27th, a summary of the r ePort of the examination of the Fletcher Trust Company, Indianapolis, made as at the close of business May 4, 1931. Ordered circulated. Memorandum dated June 2nd from the Examiner in Marge submitting l'ell°1 ' t or examination of the Federal Reserve Bank of New York and its Iltt8.10 branch, as at the close of business April 11, 1931. Ordered circulated. Memorandum dated June 2nd from the Examiner in Charge reporting that there cent examination of the Federal Reserve Bank of New York disclosed the ta.et that two employees of the bank are now at the Bank of England for the 11111. Ivith Pose of studying foreign banking and obtaining the benefit of contact e. r °I'eign institution. After discussion, the Assistant Secretary was instructed to bring the Exsminer's memorandum up for consideration at a later meeting of the Board. Memorandum dated June 1st from the Examiner in Charge submitting 41'()11 Of examination of the Federal Reserve Bank of Richmond and its branches 44 Eut tht, - close of business March 24, 1931. Ordered circulated. lie lorandum dated June 2nd from the Board's Fiscal Agent, submitting litiNtient8 received from the Federal Reserve Banks of Boston, Philadelphia, and Richmond, covering the expenses of and allowances to (n those banks who were used by the Federal Reserve examiners in 111 l'eoent eXamination of the Federal Reserve Bank of New York; the Fiscal 4terlt stating that the vouchers have been verified by the Examiner in Charge Ililending that the Board approve payment. -4- Upon motion, it was voted to authorize the Fiscal Agent to pay to the Federal Reserve Banks of Boston, Philadelphia, Cleveland, and Richmond, the amounts shown in the respective vouchers submitted by them. 111)()1113 OF STANDING colzaTTEEs: ktea une 2nd $ -une 2nd kited,, °In() 2nd kte4$ kne 2nd 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 Hr. Paul S. Dick, for permission to serve at the same time as director and officer of the United States National Bank of Portland, Oregon, as director and officer of the Central National Bank of Portland, Oregon, and as director of the Citizens National Bsnk of Portland, Oregon. Approved. Recommending approval of the application of Mr. A. L. Powers, for permission to serve at the same time as director and officer of the Citizens National Bank of Portland, Oregon, and as director of the First National Bank of Camas, Wash., Approved. Recommending approval of the application of Hr. John F. Miller, for permission to serve at the sane time as director and officer of the First National Bsnk of Wilmerding, Penna., as director of the Fidelity Trust Company of Pittsburgh, Penna., and as director and officer of the Bank of Pittsburgh National Association, Pittsburgh, Penna. Approved. The meeting adjourned at 12:55 p. khovesa: Assistant Secretary. (40eutive ec traittee) 7 4_ AUXILIA;IY NINUTES '(June 3, 1931.) st Reports of Standing Committee dated June 2, recommending changes in (41c at Federal aeserve Banks, arproved as follows: A l loation for ORIGINAL Stock: Shares: Dist krat National Bank in Seabright, N. J. 45 45 lications for suluaizoilii. of Stock: No. 5. Piret National Bank, iiavenswood, W. Va. (Vol. Lig. Alps. by Jackson County Bank) 42 42 330 330 54 54 72 72 33 33 45 Total 45 576 trict No, 6 —411ee Banking and Trust Company, L iovo Ga. (Insolvent) aGrarl— tr ct o. 7, tret National Bank, Dyersville, Iowa. (Va. Lig, Sue. by Dyersville National 1144k) le triet 0 8. ?irat U ational Bank,Waverly, Illinois. (Insolvent) str t No. 9. /1 liational Bank, Ninneota, Minn. (Vol, q.Abby Farmers and Merchants 44t tonal Bank) et No. 11. 443 N ational Bank, Athens, Texas. (Vol. Lig. Termina1) Assistant Secretary. ii4rovea:
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