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14A meetin7 of the Federal Reserve Board was held in the office of Cl the 2ederal Reserve Board on 2riday, March 10, 1932, at 11:45 a. mi. PRE3T1T: Governor Meyer Mr. Hamlin Mr. Miller Mr. James ITagee Mr. Morrill, Secretary Mr. 1:ocC1e1land, Assistant Secretary Mr. Harrison, Assistant to the Governor Mr. ';iyatt, General Counsel Mr. Goldenaeiser, Director, Division of Research and Statistics. The followinr; matters were considered and acted upon by the Board: Telegrams dated March 17, 1932, from the Chairmen of the Federal Reserve Banks of Kansas City and San Francisco, both stating, that, at meetings of their directors on the date stated, no changes were made in the banks' existing schedules of rates of discount and purchase. Without objection, noted with approval. Letters dated March 14, 1932, from the Comptroller of the Currency reconiending approval by the Federal Reserve Board of salaries for national bank examiners, as follows: William H. Lewis, Jr. Gordon E. Starkey Roger A. McLean Sherman C. Shull 2,700 per annum 3,000 " It " 2,700 fl 3,000 " Salaries approved. Memorandum dated larch 17, 1932, from the Connittee on District 7). 10, reconmendin,-; the appointment of Mr. Lee Clinton of Tulsa, Oklahoma, as a director of the Oklahoma City Branch of the Federal Reserve Bank of Kansas City for the unexpired nortion of the term ending December 31, 1934. Upon motion, 1,:r. Clinton was appointed a director of the Oklahoma City Branch of the Federal Reserve Ban of Kansas City for the term specified. J 3/18/32 - -2Letter to the Federal Reserve Agent at St. Louis, approved by five Members of the 3oard on liarch 17, referrimg to the Agent's letters of January 21 and February 5, 1932, transmitting the applications of Fessrs. E. T. Mudd and E. W. Stix for permission to serve, under the provisions of the Clayton Antitrust Act, the I•ercantile-Cornerce Bank and Trust Company and the 1-ercantile-Commerce National Bank, both of St. Louis, llissouri, and the applications of 7:essrs. P. D. George and W. T. Tones for Permission to serve the Lafayette-South Side Bank and Trust Company and the South Side National Bank, both of St. Louis, ITissouri; the Board's letter callin-_; attention to the letters addressed by it to the Federal Reserve Agent on Tune 19 and August 19, 1931, with rerr,.,rd to the holding of stock Of the :'ereantile-Commerce National Bank by the I ercantile-Commerce Bank and Trust Company and the holding of stock of the South Side national Bank by the Lafayette-South Side Bank and Trust Company, and advisin7 that action on the anplications of iiessrs. Iludd, Stix, George and Tones will be deferred Pending final disposition of the stockholdings referred to. Letter approved. At this 2oint the Chairman joined the meeting. acply to a letter dated Larch 17, 1932, addressed to the Governor by Senator Garter Glass, enclosing conies of bill S. 4115 and stating that the bill was introduced after numerous and prolonged conferences with experts attached to the Board and Treasury; that the sub-committee of the Senate Comnittee on Banking and Currency, of which Senator Glass is Chairman, will im-ediately ask the general Committee to substitute the new bill for the so-called Glass Bill, S. 3215, introduced on January 21, 1932, and -fi 3/10/32 -3- to make it a continuing order of the committee, with a view to havin- it reported to the Senate as soon as possible after such modificatioLs as the Committee may decide to make; and that the Committee would be glad to have the Federal Reserve Board make any comnent or suggestions that in its judgment would seem desirable. The reply stated that while the Board is aware that from tiro to time certain members of the staff of the Federal Reserve Board and of the Federal Reserve lank of Yew York have been called into consultation and their suggestions obtained by members of the Committee, it was understood that the members of the staff referred to made it clear that they were acting solely in their personal capacities and that they did not undertake to express any views on behalf of the Board; that since it appears that the bill, if enacted, would make extensive and important changes in existing law, it will be readily appreciated that the Board will desire to make a careful analysis and study of its Provisions; that while this will necessarily require some time, the Board will hasten in every way practicable its consideration of the bill and will submit its corudents to the Committee at the earliest possible date; and that upon transmission of its report the Board will respectfully request an 0T)ortunity to be heard on the measure. Letter approved. Telegram dated 17arch 17, 1932, from the Chairman of the Federal Reserve Bank of Kansas City, advising that his Board of Directors had established, subject to the approval of the 2eaural Reserve Board, a rate of 5, for advances to merber banks under the )1.ovisions of Section 10(a) and 10(b) of the Federal Reserve Act. 4 i 1 3/18/32 -4Reference was made to the discussion concerning the rate for the Federal Reserve Bank of Atlanta which was had at the Meeting on Larch 15, 19620 and I:agee was requested to communicate to the Chairman of the Kansas City bank by telephone the attitude of the Board as expressed at that tirn. Reports of Standing Comittee dated I arch 15, recannending approval of the following Clayton Act apPlications: Fletcher for permission to serve at the sarn Nr. 5-ohn tir7e as director of the Fairfield American National Bank of Fairfield, Alabama, and as director of the First National Sank of Birminghara, Alabama. ITr. Victor H. Hanson for permission to serve at the same ti7e us director of the North Birmingham,American Bank of Birmingham, Alabama, and as director of the First National Bank of Birmingham, Alabama. narles D. Saunders for permission to serve at the same time as officer of the First National Bank of Omaha, Nebraska, as director and officer of the Security National Bank of Laurel, Nebraska, and as director and officer of the Bank of Florence, Omaha, Nebraska. Approved. Thereupon the meeting adjourned.
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