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(17 A meetin vias held of the ::14xecutive Jormittee of the Federal deserve Board ta the office of the 2ederal eserve Board on 1:onday, ::ay 14, 1928 at 12:40 p.m, 2 - 1'.1T: Vice Governor Platt Hamlin r. ;Mier 3ecretary McClelland, .ilssistant 3ecretar7 Latter approved on initials on :lay 11th, namely, application of the First Tnt.i4 --,,-Lonal Bank in Temple, ''exas, for oriinal stock (90 shares) in the, zeoteral teserve bank of )allas, effective if and when the 'Comptroller of the 0 - -urrency issues a certificate of authority to commence business. :ormally approved. Letter dated day 10th from the Federal eserve Agent at Dallas, ad- 1113111F, that the ";]xecutive ;:onmittee on day 7th incrased from 4 to 4 1/2,, the bank s ' rate for purchases of 7overnment securities unier resale agreeto conform to the rediscount rate in effect. :iithout objection, hoted with approval. Telegram dated :,:ay 7th from the Chairman of the Federal eserve 4111t Of : ,iichmond, advisinti: that the Executive Jormittee on that day estabii sheri the f ollowinc- schedule of rates for purchases of ban4Ters, acceptances: 1 to 30 days 31 to 120 days 121 to 180 days 5 7/8; 4 1/4"; :iithout objection, noted with approval. ' eleram dated :,:ay 9th from the Chairman of the 1- :'ederal deserve or Tz -oston, letter dated day 10th from the .;ecretary of the Federal 3ank of Hew York, telegram dated Lay 10th from the ,;hairrnan of the C ' Z111,44 . 4• co I 5/14/28 l'ecteral eserve Bank of 2,ichmond, telegram dated May 12th from the Chair- 01 the l'ederalr-teserve Bank of Atlanta and telegram dated May 10th fl'°14 the Chairman of the Federal eserve Bank of Kansas City, all advising that their oonrds of directors at meetings on the dates stated made no bas in the banks' existing scheoAdes of rates of discount and purchase. 1ithout objection, noted with approval. Ilernorandun dated May 9th from the Chief of the Division of Bank Onerat i0,„ recommendin that the temporary appointment of Miss Felipa conntometer onerator in the Division, be extended until August 14, 1928, with salary at the rate of ,c/100 per month. Approved. Letter dated May 7th from the Comptroller of the Currency, recommend- irtg a 114 pproval of a salary of ,13,000 per annum for National Bank Examiner Wei). ',:ard, assigned to the Fourth Federal deserve District. Approved. Letter date,' May lath from the Comptroller of the Currency, recommend1111 an vProval Of a salary of /2700 per annum for National Bank ixaminer aoberf " Hooker, assigned to the Eighth Federal Reserve District. Approved. aeport of Committee on 3alaries ana E:menditures on letter dated 1,,lay 9th °m the Chairman of the Federaleserve Bank of Boston, requesting apy,, e4"Ovni Of the action of the board of directors of that bank In voting to e (teri.A until its next meeting, with half pa:;, leave of absence on ac01111t 01 illness previously granted Mr. Joseph Buckley, an employee of the b ank; the Board's Committee recommendin7 approval of the salary payment i c7-Kt)f) t.) -3 GPM llemoranaum th..ted :::ay 8th from the _-_cting Comptroller of the Currency, e 'ending approval of an application of the ,iluefield Eational Balk, 44efield, ,:est Virginia, for permission to reduce its capital stock from ' °00 to 15o,000, on conaition that there be removed from the bank (1°11btfla assets amounting to A2,L-..)4.67 and estimated losses amounting- to v42'840.64, the assets removed to be trusteed for the benefit of the shareat date of reduction. Approved, subject to the condition recommended by the 4.icting Comptroller. by 13°110-s in the amount of .A0,000 each, executed under date of llay 11th • -'" Carl :3chellin 44rd- to Or and Clifford S. Young, recently authorized by the act for the Federal 2,eserve Agent at Chicago in the nerfoluance esrtn in • duties. ipproved. '4eport of Committee on _,]xarlinations on letter dated ::ay 8th from the , e4ral .z/eserve Agent at t. Louis, recommending approval of an application the hisiaronce Bank, 3t. Louis, Lo. for permission to establish a trust .(1e4rtlexit and to ohanve its name to "Guaranty Bank and Trust Company", prothat Qt1-4 tiie Commissioner of finance of the tate of L'Assouri confers fi- Miers on the institution; the Board's Committee concurring in the Of r.,.e federal ..eserve Agent. ,,..pproved e Letter dated Lay 10th from the Secretary of the Federal ,., ,eserve Bank 5/14/28 Of -4- aw York, transmitting with the favorable recommendation of the directors et that bank, an application of the pacific Coast Trust Company, New York, 114Y° for permission to accept drafts and bills of exchange drawn upon it 1111 to 100,0 of its paid up capital and surplus, in accordance with the pro1181°112 of Section 13 of the Federal _teserve Act. Approved. Letter dated May 10th from the Federal deserve ,:,gent at New York, adof a contemplated merger of the United Capitol National Bank and Ns+ n " ftPany of New York with the Manufacturers Trust Company, in con°4 with which the capital of the Manufacturers Trust Company will be 1 rea --sed from •,15,250,000 to . 90,000,000 and its surplus and undivided 1)rcIf1ta accounts from 1,;29,167,000 to „40,342,000. roftorandum from Counsel dated April 25th with further reference to the a pplication fo r permission to exercise trust powers filed by the City 114ti°11a1 Bank in LIiami, a newly organized bank which absorbed the City 114t1°11a1 Bank and Trust Company of Miami; Counsel stating that prior to the oenseliLtation practically all trusts of the City National Bank and T/'113t Company were assigned to a state institution known as the City Trust Coram IV, the city National Bank taking over only a few trusts which are be g 11a/idled with the prospect of liquidation or later transfer to the Trust Company. In his memorandum, Counsel recommended, as a result c°11 ' esPondence with the Federal the (1 itY eserve Agent at Atlanta, that since Nat ional Bank of Miami is not actively en47ar_7ed in a trust business, the 8clard comply vith a request of the bank that its application for trust 4 / 28 5/1 -5- Which was of a confirmatory nature, be filed without action by the 13°We1‘ Oa fter discussion, upon motion, Counsel's recommendation was approved. Letter dated May 7th from the ;icting Secretary of the Open Market Inyestineut Committee transmitting copy of minutes of the meetings of the ee'rrtni ttee • held in °f the ashinon on April29th and 30th, together with copies retort of the Secretary of the , COantittee dated April 30th and. of Pl'elirn• --lnary memorandum considered by the Committee, dated April 27th. Ordered circulated. Letter dated May 8th from the ActLng Chairman of the Open Market In'%tmpw -116 Committee, transmittim• a statement of changes in the total holdOf government securities in the System's special investment account ot a aeekly basis since January 4, 1928 and commenting upon the present .-Vmarket situation; the letter stating that it seems reasonably clear 4m4 4 with the large withdrawal of funds from the market it may be unnecest0 make further sales of securities for the present. The above letter, having been circulated among the members of the Board, was noted. Letter dated May 8th from the Chairman of the Federal :eserve Bank Or 118a8 City, advising of the postponement until May 24th of the hear111 11. leh was to have been held before the directors of that bank on May loth egarding an application for the establishment of a branch of the deserve Bank of Kansas City at Yichita, Yansas. Noted. The secretary then read to the Board a letter dated May 3rd from the 5/14/28 -6- 3"retary of the ',2reasury, with reference to the situation at the Bureau aving and printing due partly to the fact that at the sumestion Of Of Treasury Department, in connection with the program for conversion f17°It the production of large sized currency to notes of smaller size, the board, r efrained from placing orders fOr the delivery of Federal deserve notes dzIri --g the months of May and June; the Secretary requestin that in view of the oacertainty of the situation and as to the actual conversion date, that the b, ,uoard place delivery orders for the months of May and June at the rate 0:t 75, 040 sheets daily, with the understanding that the Treasury Department 14 the event it should later develop that these deliveries are not needed relieve the Federal Reserve banks on the conversion date of the amount " tes delivered during May and June by substituting therefor an amount °f °tas of the smaller size, the rxoduction cost of which will be borne 1)1T tile Treasury and be equivalent to the production cost of the old sized 11(Ites d elivered during May and June. The Secretary of the Board reported that he has about completed arrano;ements with the Federal aeserve Banks of 13°8tori, ew -Ark, Philadelhia, Cleveland, _dchmond and Jhicago, under '4'41°h those banks will agree to the placing of orders as requested by the Trea Department, subject to the conditions set out in the letter of the '6e cretary of the Treasury. hiaa The Secretary stated that the arrangement pr oceeded far enough to permit the filing of an order for the delivery "54°0 sheets daily during the remainder of current month. 4.fter discussion, it was voted to recommend to the Beard approval of the arrangement worked, out by the Secretary of the Board. Ct. ( 5 14/28 -7- The Secretary then referred to the action of the Board at its meeting °I1April 4, 1928 in deferring action on an application for membership in the Federal Aeserve System filed by the ,merican State Bank, Frankenmuth, Luchi 'gala, which action was taken due to the small ratio of the bank's capital acc()111at to its deposits. He stated that the matter of an increase in the ballk t 8 atielbY (3f ita capitalization was taken up with the Federal ieserve Agent at Chicago him with the applicant bank which advises that it is the intention directors to increase the capital stock from .25,000 to •35,000 and the surlaus from .45,000 to .w30,0u0 or ,e35,000 at the next annual stockholdarat . ui -tinc7, which will be held in January next. He stated that the Federal Aeserve A gent at Chicago, therefore, believes the application for mmLsisl., "41 )should be approved, which recommendation is concurred in by Platt 1111a4 of the Committee on Examinations, but not by ,Tr. James, who recomtaeha .° approval if and when the capital increase is effected. -„fter discussion, it was voted to defer action on the above matter and to refer it to the Board without recommendation. The Secretary then presented reports of the Law Committee dated 1:ay 6th a 11(1. 12th on numerous Clayton Act applications, submitted in accordance the amendment to the Clayton Act recently adopted and the Board's iteeta /1 "L", Second Series of 1928. atic) After discussion the applications, as follows, approved, subject to ratification by the Board and the understanding that certificates of the Board's are not to be forwarded until the applications are were with consent ratified. RetlrY7. Dickols, as Jirector of the Pelham National Bank, l'elham, N. Y Y. und• as Director of the Seward National Bank, New York, 671 orN 5/14/28 T. B. Slick, as Director of the 41.merican-First National Bank in Oklahoma City, Okla., and as Director of the First National Bank, Tulsa, Okla. E. je gockbach, as Officer of the Denver i;ational Bank, Denver, Colo., and as Director of the First rational Bank, Center, Colo. Tanor S. iJaernathy, as Director and officer of the First National Bank, Kansas City, Mio., and as Director of the Gate City National Bank, K'snsas City, Mo. 011,8 r H. Shoup, as Director of the 2.xchane;e National Bank, Colorado Springs, Colo., and as Director of the Denver Joint Stock Land Bank, Denver, Colo J, •as Berryman, as Director of the Merchants National Bank, Topeka, Fans., as Director and officer of the First National Bank in :iichita, Kans., and, as Director and officer of the Stockgrowers National Bank of shland, Itshland, Kans. GeorD.4 L. Rose, as Director of the Security National Bank of Oklahoma City, la-, Ok and as Director of the First National Bank of Calunet, Okla. 44i81 E. :laters, as Director of the National Bank of Germantown, Philadelphia, Pa., and as Director of the Continental-quitable Title and Trust Company, Philadelphia, Pa. R. L • liuffines, as Direci,or of the National Bank of Rocky Mount, N. C., and as Director of the Citizens National Bank, Raleigh, N. C. Li 0 Slape, as Director of the City National Bank and Trust Company, Philadelphia, Pa., and as Director of the Ltlantic City National Barlk, ;Itlantic City, N. J. ritt G. Perkins, as Director of the Port Newark National Bank, Newark, 11* J., and as Director of the Merchants & Newark Trust Company, leviark, N. J. Johri 44cRugh, as Officer and Director of the Chase National Bank of the ?,itY of New York, N. Y., and as Director of the J. Henry Schroder Joanking Corporation, New York, N. Y. 40bert ' 4. Boyd, Jr., as Director of the Bloomfield National Bank, BloomN. J., as Director of the Bloomfield Trust Company, Bloomfield, "J., and as Director of the Montclair Trust Company, Montclair, 'A Dodd, as Director of the Bloomfield National Bank, Bloamfield, "J., as Director of the Fidelity Trust Company of New York, N. Y., e-T=Qiit 514/28 -9- and as Director of the Bloomfield Trust Company, Bloomfield, N. J. tue el Hollander, as Director of the Public National Bank and Trust Company, New York, N. Y., and as Director of the Guardian Trust Company of New Jersey, Newark, N. J. 411kTh la. Harriman, as Director and officer of the Harriman National Bank, New York, N. Y., and as Director of the First National Bank, Glen Read, New York, N1/1„4 3chilliir, as Director of the Bloomfield National Bank, Bloomfield, IT. J., and as Director of the Bloomfield ?rust Company, Bloamfield, E. J. P. J. 7; -481man, as member of the firm of private bankers of F. J. Lisman and °mPanY, New York, N. Y., and as Director of the First Federal Foreign lalvestment Trust, New York, N. Y. 2 411Q4),a Jones, as member of the firm of private bankers of McBee, Jones 411c1 Company of New York, N. Y., and as Director of the First Federal Pore; -Sm Investment Trust, New York, N. Y. be)) .R allsen, as Director of the First National Bank, Perth Amboy, N. J., and as officer of the Fords National Bank, Fords, N. J. Charie 8 o $ Davis, as Director of the Seward National Bank, New York, N. Y., auct as Director of the Pelham National Bank, Pelham, N. Y. Nit Ili,'" Benson, as Director and officer of the Traders rational Bank, a'rooklyn, I. Y., and as officer of the Title Guarantee 3: Trust Company, Nevi York, N. Y. ZdAtiara Sabin, as Director of the City National Bank and Trust Company, rhiladelphia, Pa., and as Director of the Northwestern Trust Company, Philadelphia, pa. 41,m, —44111 1 -0dard, as Director of the First National Bank, Wilson, IT. C., and 48 b irector of the Citizens National Bank, El.leigh, Y. C. kest ; as an Officer of the Mellon National Bank, Pittsburgh, Pa., 44c1 as Director of the 8heraden Bank, Pittsburgh, Pa. , lenderson, as Director of the City National Bank .,?4 Trust Company, 4.tliiladelphia, Pa., as Jirector of the National Bank of Lt. Airy, ;'-hilaaellphia, Pa., ana as Director of the ,ational Bank of Olney, Pa. h3egh cr..p 5/14/28 -10- 41fraa O. Corbin, as m:mber of firm of private bankers of F. J. Lisman °mPany, Naa York, N. Y., and as Director of the First Federal Foreign Investment 2rust, New York, N. Y. • Paine, as officer of the-..ngineers National Bank, Cleveland, Ohio, and as Director of the First National Bank of Burton, Ohio. Braaf ord H. lalker, as )irector of the First & LIerchants National Bank, ' - 11chmond, Va., and as Director of the Virginia 2rust Company, Achmond, Va. 4111f,• Van Dyke, as Director of the First :isconsin rational Bank, Milwaukee, us., as Director of the First Misconsin Trust Company, Mil!,ukee, Jis., ani as Director of the Second Wiscalsin National Bank, 'alwaukee, ais. °I/ellr Greenwald, as Director of the First Wisconsin National Bank, Milwaukee, as Director of the First Asconsin Trust Company, Milwaukee, Wis., and as Director of the Second Visoonsin National Bank, Milwaukee, Zia. W. Griffiths, as Director of the National Bank of the Republic, Chicago, Ill., and as Director of the National Builders Bank, Chicago, 14/1c Jobal Honeywell, as Director of the Farmers S,1 /abash Nutional Bank, Wabash, Ind., and as Director of the Lincoln National Bank, Fort Wayne, Ind. g Hogan, as Director of the Des Moines National Bank, Des Moines, Iowa, and as officer of the Continental National Bank and Trust Company, °IlicaP;o, Ill. 1'1'1es Xrutekoff, as Director of the National Builders Bank, Chicago, 111., and as Director of the Peoples Stock Yards State Bank, Chicago, 441liam Schlake, as Director of the National Builders Bank, Chicago, Ill., anct as Director of the Marshfield Trust and Savings Bank, Chicago, I11. Sandera, as Director of the Austin National Bank, Chicago, Ill., lid as Director of the Depositors State Bank, Chica7o, '" Lenz, as Director of the National Builders Bank, Chicago, Ill., Its Director of the Security Bank, Chicago, Ill., and as Director 6he Second Security Bank, Chicarro, Ill. 4lea M. Fultz, as officer of the Union Trust Joint Stock Land Balk, . 1clianapolis, Ind., and as officer of the Union Trust Company, ' Indianapolis, Ind. rt.or. -11- illian j D. Baird, as officer and Director of the Merchants National Bank, St. Paul, :Ann., as officer and Director of the First Veterans State Bank, St. Paul, Linn., and as Director of the Grand Avenue State Bank, St. Paul, Minn. Johli Oace, as officer and Director of the Merchants National Bank, St. Paul, Minn., and as officer and Director of the First Veterans State Bank, 3t. Paul, Minn. ha;rckhoff, as Director of the Farmers and Merchants National Bank °f Los Angeles, Cal., and as Director of the Security Trust and Savings Bala, Los Angeles, Cal. LI% °I-Irright, as employee of the Northwestern National Bank, Minneapolis, "nn. and as Director and officer of the 5th Northwestern National Bank, Minneapolis, Minn. a. C, T. as officer and Director of the Merchants National Bank, St. Paul, Minn., as officer and Director of the First Veterans State : aallk. St. Paul, Minn., and as officer and Director of the Grand Ilrenue State Bank, St. Paul, :inn. 4'111Y, S!1 . 1o1es, as Director of the Minnehaha National Bank, Minneapolis, and as officer of the First National Bank, Minneapolis, 11( rt 41 Sr., as Director of the First Joint Stock Land Bank, Ft. '4aYne. Ind., and as Director of the Tri State Loan and Trust Co., Port Wayne, Ind. "Aomy, • iiitchie, as officer of the Union Trust Joint Stock Land Bank, Indianapolis, Ind., and as officer of the Union Trust Company, Indianapolis, Ind. lus 0. /dig, as officer of the Union Trust Joint Stock Land Bank, Ladianapolis, Ind., and as officer of the Union Trust Company, Indianapolis, Ind. 11 cNut, as officer of the Union Trust Joint Stock Land Bank, Illdianapolis, Ind., and as officer of the Union Trust Company, Illdianapolis, Ind. aohla leed, as Director and officer of the Union Trust Joint Stock Land : Company, ank. Indianapolis, Ind., and as officer of the Union ?rust ! Indianapolis, Ind. 5/14/28 -12- ZdPn„ n. 4]vans, as Director of the Union Trust Joint Stock Land Bank, Indianapolis, Ind., and as Director of the Union Trust Company, Indianapolis, Ind. Robert Bracken, as officer of the Union Trust Joint Stock Land Bank, IndianLpolis, Ind., and as an employee of the Union Trust Comnany, Indianapolis, Ind. barettLett, as officer of the Union Trust Joint Stock Land Bank, Indianapolis, Ind., and as officer of the Union Trust Company, Indianapolis, Yd Ran, as officer of the Union Trust Joint Stock Land Bak, Indianapolis, Ind., and as officer of the Union Trust Company, Indianapolis, Ind. Hornbrook, as Director of the Union Trust Joint Stock Land Bank, In diananolis, Ind., and as Director of the Union Trust Company, IndianEloolis, Ind. Alfree; Gaudinp:, as Director and officer of the Union Trust Joint Stock Land Bank, Indianapolis, Ind., and as officer of the Union Trust (4)mP5n7, Indianarolis, Ind. C,, ochran, as Director and officer of the First National 3ank of Houston, xaa, and as Director of the Houston Land and Trust Company, Houston, xexas, I" Neville, as Director of the First National Bank of Houston, Texas, and as Director of the Houston Land and Trust Company, Houston, Texas. TrEtvi P 1* Rolland, as officer of the 2irst National Bank, Port Lrthur, Texas, 411C1 as officer of the First National Bank, Port Eeches, Texas. . ...arson, as officer o'the First Wisconsin National Bank, Milwaukee, :1.1", and as officer and Director of the 7liet Street State Bank, • ' l ilwaukee, :is. 1111ter . 3,4,asten, as Jirector and officer of the First jisconsin National ,41c, Milwaukee, us., as Director and officer of the First disconsin 'L14St Company, Milwaukee, Wis., and as Director and officer of the 38cond National Bank, Milwaukee, A.s. 11144Ptor, Patton, as Director of the First jisconsin National Bank, Milwaukee, 41", as Director of the First ,iisconsin Trust Company, Milwaukee, Wis. as Director of the Second :lisconsin National Bank, Milwaukee, /28 -13- P. Turnbull, as officer and Director of the Hanover National Bank New York, N. Y., and as officer and Director of the Lontclair National Bank, Montclair, N. J. OP STANDING COHUITT3ES: 8th, 12th, y 7th, Recommending changes in stock at Federal ieserve Banks as set forth in the Auxiliary Minute Book of this date. aecommendations approved. Recommendintr action on applications for fiduciary powers as set forth in the Luxiliary Mi.,te Book of this date. Recommendations approved. The meeting adjourned at 1:1 Secretary. ApP
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