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4 A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Tuesday, March 22, 1932, at 11:45 a. m. PRESITT: Governor Meyer Hr. Hamlin Mr. Miller Mr. lames Mr. Magee Er. Morrill, Secretary Er. McClelland, Assistant Secretary Er. Harrison, Assistant to the Governor. The Board considered and acted upon the following matters: Report of the Committee on Salaries and Expenditures on a letter dated March 11, 1932, from the Chairman of the Federal Reserve Bank of Dallas requesting approval by the Board of a change in the personnel classification Plan of the bank to provide for the new position of "Typist" in the Reconstruction Finance Corporation Department; the Board's Committee recommending approval. Approved. Reply to a letter dated March 3, 1932, from the Federal Reserve Agent at Dallas reporting that the Moran National Bank, Moran, Texas, was continuously deficient in its reserves during the six months period ending, February 15, 1932; the reply stating that in accordance with the Agent's recommendation no action will be taken at this time with regard to the matter, but requesting that he advise the Board of the response made by the directors to the letters which he addressed to them concerning the bank's reserve Position. The reply also stated that a copy of the Agent's letter is being forwarded to the Comptroller of the Currency for the information of his office. Reply approved. 3/22/32 ) 1 -2Reply to a memorandum dated narch 10, 1932, from the Comptroller of the Currency with reference to the application of the First National Bank of Northampton, Massachusetts, for permission to reduce its capital stock from , a80,000 through a reduction in the par value of the stock from l'!'p300,000 to : ;h00 to :7%20 and the issuance of three new shares to present stockholders for each share now held; it being the plan of the bank immediately thereafter to increase the bank's capital from ::;180,000 to :1250,000 by the sale of 3,500 Shares of new stock at $28.50 per share and to credit the 120,000 of re- leased capital and the .1,29,750 of premium on the new stock to the surplus account of the bank from which it is proposed to set up a "reserve for loss" ,eik in the amount of .1:150,000. The Comptroller recommended approval of the reduction and subsequent increase on condition that no money be returned to the shareholders in connection with the reduction in capital and that the funds for payment of the new stock be on deposit in a special account before the reduction is made effective. The reply stated that the Federal Reserve Board approves the proposed reduction in capital under the plan submitted, subject to the conditions recommended by the Comptroller, and with the understanding that the reduction will be authorized by a vote of shareholders owning not less than two-thirds of the capital stock of the bank. Reply approved. Telegram to the Federal Reserve Agent at Minneapolis referring to the Board's letter of March 10, 1932, addressed to Assistant Federal Reserve Agent I.:osher advising of approval of the designation of Mr. A. T. Hibbard as Acting Assistant Federal Reserve Agent at the Helena Branch, to succeed 1]r. J. E. O'Connell, and of Mr. L. S. Hazard as Alternate Acting Assistant 3/22/32 -3- Federal Reserve Agent at the branch, both effective April 1, 1932; and stating that in view of the statement contained in Assistant Federal Reserve Agent Losherts letter of March 2, 1932, that it is contemplated that the Agent will have three representatives at the Helena Branch, the Federal Reserve Board had approved the redesignation of Mr. Fred. Heinecke as Alternate Acting Assistant Federal Reserve Agent at the branch, effective April 1, 1932. The letter of /larch 10, 1932, to the Assistant Federal Reserve Agent and the proposed telegram to the Federal Reserve Agent were approved. Reoort of Standing Committee dated March 22, recommending approval of the following change in stock at a Federal reserve bank: Atalidation for ORIGINAL Stock: District No. 3. Portland National Bank, Portland, Pennsylvania. Shares 86 86 Approved. Thereupon the meeting adjourned. 4 Secretary. Approve
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