The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
366 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Thursday, March 4, 1937, at 11:30 a. m. PRESEM: Mr. Eccles, Chairman Mr. Szymczak Mr. Davis Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman Mr. Davis referred to the action taken at the meting of the Bostrd on February 2, 1937, and recommended that Mr. Jay Taylor, Amarillo, 111"as ' be aPpointed a Class C director of the Federal Reserve Bank of t11148 for the unexpired portion of the three-year term ending December 4, 1939. Mr. Taylor was appointed a Class C director of the Federal Reserve Bank of Dallas in accordance with Mr. Davis' recommendation. Consideration was given to each of the matters hereinafter re- 41.red to and the action stated with respect thereto was taken by the 130111,d: Telegrams to Mr. Thomas, Chairman of the Federal Reserve Bank oritnp, "ses City, and Mr. Sargent, Secretary of the Federal Reserve Bank or 41.1 (41t ch Preencisco, stating that the Board approves the establishment with- bY the respective banks today of the rates of discount and pur- chtlse ri their existing schedules. Approved unanimously. Letter to Mr. Sargent, Vice President of the Federal Reserve Bank ..._ noisco, reading as follows: Feb "In accordance with the request contained in your letter of l*klerY 25, 1937, the Board approves the appointment of Henry 367 /4/37 -2'IF' Dryden as assistant examiner for the Federal Reserve Bank of San Francisco." Approved unanimously. Letter to Mr. Gidney, Vice President of the Federal Reserve Bank (ItNew York, reading as follows: "Reference is made to Mr. Dillistin's letter of January 27 1(17 ,1 -L.7, Q0 transmitting a request of the 'Lawyers Trust Com14!'115°, New York, New York, for a further extension of the time 1 .11thin which the bank may complete compliance with the following condition of membership: '19. Such bank shall, within six months from the date of its admission to membership, dispose of any loans which may be secured in whole or in part by its own stock or obtain other security for each such loan.' „ "The bank was admitted to membership April 13, 1933, and re Board has granted four previous extensions of the time with'4.1 which the bank might comply with the provisions of the consiti°n, the last of which expires March 1, 1957. Since admiscli°n to membership, however, some progress has been made in 10813°Bing of the stock held as collateral and in reducing the Cans against which the stock is held. In this connection it ;:8 been noted that the 1,311 shares still held as collateral pre2ent a relatively small proportion of the 80,000 shares ott h„standing, and Vice President Broderick states that the bank found it difficult to market the stock at the present time. terlds 'In view of the circumstances, therefore, the Board exto March 1, 1938 as recommended by Mr. Dillistin, the : 178 within which the Lawyers Trust Company may comply with the .7i810n5 of condition of membership numbered 19." Approved unanimously. Or Letter to Mr. Young, Vice President of the Federal Reserve Bank Chi ellgo, reading as follows: ."Reference is made to your letter of February 27, 1937, to the Board the application of the 'Corn Belt Bank', 410 raingt0n„ Illinois, for permission to retire 45,000 of its st )°00 of outstanding capital debentures owned by the ReconrUction Finance Corporation. 368 /4/37 . ."The Board has considered the information submitted, and, 14 view of the circumstances and in accordance with your rec°mmendation, grants its permission for the proposed retirement, Ptrovided, of course, that the transaction has the approval of he appropriate State authorities." Approved unanimously. Letter to Mr. Gilbert, First Vice President of the Federal Re2er1 fe i3a 44 of Dallas, reading as follows: "Reference is made to your letter of February 11 requestthe Board's approval of the action taken by the board of 'au-rectors of your bank, at its meeting on February 5, in fixing .-;?mPeasation and allowances for the member of the Federal Ad1 50rY Council representing the Eleventh District for the year as follows: (a) Compensation and allowance for attending meetings of the Federal Advisory Council, the amount of *275 for each meeting attended. (11) Transportation and subsistence expenses for attending meetings of the board of directors of your bank. 1 accordance with the request contained in your letter the the a°ard authorizes your bank, until further notice, to pay to tle Inember of the Federal Advisory Council representing the „eventh District an amount not to exceed $275 for each meeting '4.tethe Council attended in lieu of fees and expenses, and to pay tr aasportation and subsistence expenses incurred by the Council , zember in attending meetings of the board of directors of w our bank. "r. -- auThe Board's telegram of March 11, 1936 to McKinney tho -4ea your pay an amount not bank, until further notice, to to the%ceed a50 toward the expenses of the secretary's office of the 'ederal /Advisory Council. Accordingly, no further action by b4, , 1 134rd appears necessary at this time in connection with your ex,;.. 8 share of the expenses of the secretary's office if such teci 4ses are 1.ithin the amount authorized in the above-mentioned ee:ram s o Approved unanimously. Mell3orandum dated March 3, 1937, from Mr. Kramer, Superintendent of etio4 for the Board's new building, transmitting a requisition in 369 v4/57 —4_ the amount of 4256,400 submitted by the George A. Fuller Company cover— t"he entire estimated value of the work completed on the Board's new -"g during the month of February, and recommending, for the reasons ettited in the memorandum, and with the concurrence of Mr. Morrill, that tiler ecillieltion be approved and that no increase be made in the amount ret4in ed by the Board until final completion and acceptance by the Board Or tai Work covered by the contract. Approved unanimously. Thereupon the meeting adjourned. 4PPro cit Chairman.
@FedFRASER