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A meeting of the Federal Reserve Board was held in the office of the Aaderal Reserve Board on Monday, May 18, 1931, at 2:30 p. •5 yof 114 : Governor Meyer Mr. Hamlin Mr. Miller Mr. James Mr. Magee Mr. Pole Mr. McClelland, Assistant Secretary. The minutes of the meeting of the Federal Reserve Board held on Illqr6th were approved. The minutes of the meetings of the Executive Committee of the Fedaerve Board held on May 8th, 9th, and 11th, were approved, and upon 451444, the actions recorded therein were ratified. The Assistant Secreta ry then presented various matters which were e44id ered by the Board and acted upon as follows: Letter dated May 16th from the Comptroller of the Currenc y, recommend- 14413Proval of the applica tion of the Pine Bush National Bank, Pine Bush, NIT It' j c/rk, for permission to reduce its capital from S50,000 to $25,0O0 413°4 the f ollowing conditions: 1. That immediately following the reduction the capital stock of the applicant bank be increased to $50,000, the increase to be paid for in cash in the ratio of two for one, thus realizing 50,000. 2. That before the certificate of reduction in capital is issued by the office of the Comptroller of the Currency, the amount necessary to pay for the proposed increase in !took be on deposit in the bank in a special account. 6, That estimated losses of at least 107,000 be charged Off on the day the reduction and increase in capital are effected by the bank. After discussion, upon motion, the application was approved subject to the conditions recommended by the Comptroller of the Currency, lit. James voting "no". M13/31 -2At this point Mr. Pole left the meeting. Memorandum from Counsel, dated May 14th, with regard to the %)140ati0n of Mr. John W. Carpenter for permission to serve at the same time 48a director of the First National Bank in Dallas and as a director of the 1430.tile Bank and Trust Company of Texas, both of Dallas, Texas; Counsel 811€geeting that inasmuch as the Federal Reserve Agent at Dallas has not (146111 the Board a definite recommendation as to whether or not the application be approved, that he be requested to advise what action, in his (11441°111 should be taken by the Board. After discussion, upon motion, It was voted to request the Federal Reserve Agent at Dallas to submit the matter to his Executive Committee, if he has not already done so, and furnish the Board with a definite recommendation. Telegram dated May 16th, addressed to Mr. James by the Managing Ilitecto of the Little Rock Branch, advising of the death on that date of 141N A.-QV Williams, one of the Board's appointees to the directorate of the 4141e4. Voted with regret. In this connection Mr. Dames stated that he, as Chairman of the Committee on District Vb. 8, is looking into the matter of the appointment of a successor to Mr. Williams and, upon motion, the matter of the appointment was referred to the St. Louis Committee for recommendation to the Board. 14ftorandum from the Governor recommending the appointment of Miss "eiramith, as a stenographer in his office, at a salary of 32,3OO -44111n11 effective May 25, 1931. Approved. 4/113/31 -3- The Assistant Secretary reported that Et. A. M. Stone of his office IL" been temporarily assigned to Mt. ragee's office as private secretary, and Nnested authority to appoint Et. Edward A. Sheafe, Tr., as stenographer in his oro 'ice for a probationary period of three months, with salary at the rate 01,600 per annum. Upon motion, the authority requested was granted. Telegram dated May 18th from the Secretary of the Federal Reserve Iklak Ol* Mituasapolis, advising that the Board of Directors at its meeting tod4 , °ado no change in the bsnk's existing schedule of rates of discount kild PlArohase. 41 Without objection, noted with approval. Letters dated May 13th from the Assistant Federal Reserve Agents at '14118.441 °r ' 4zY and Dallas advising of the establishment of the following schedule ezreA+4 —41ire buying rates on bankers' acceptances; the Assistant Federal 4elnre A_ ent at Dallas also advising of the establishment of a repurchase kte or 3. /iv'• 1 to 15 days 16 to 120 days 121 to 180 days I% 1 1/&70 1 1/0 Without objection, noted with approval. 441„ Report of Committee on Salaries and Expenditures on letter dated lbth the Chairman of the Federal Reserve Bank of Kansas City re(111°Ertirle 4PProval of the salary payment involved in a leave of absence of tiro p*tithe 1111,,, with half-pay granted to Mt. Tohn A. Williams, an employee of the the g card's Committee reconnending approval. Approved. .1.96 shahi Report of Executive Committee on letter dated May 15th from the ?e4etal Reserve Agent at Richmond requesting permission to participate in a 811:tat:an -eoue examination of the head office and branches of the Baltimore Net en,- --"klanY, Baltimore, Maryland, which is to be conducted by the Maryland 1)Ele`ttraent of Examination, without assessing the cost of the participation kelitat the member bank. Approved, upon recommendation of the Board's Committee. It was also voted to place on the program for the next Federal Reserve Agents' Conference, the question of assessing against State member bank the cost of Federal Reserve bank participation in examinationsof State member banks. Draft of letter, prepared in accordance with the action taken at the 44'44g of the Board on May 15th, to Mr. C. S. Newhall, Executive Vice eiclemt of the Pennsylvania Company for Insurances on Lives and Granting 41441ti. d' 81 advising that in the light of the considerations underlying the bezkts investment program which were developed at his conference with the tot " 0_ ob 11 114Y 9th, the Federal Reserve Board is not disposed to make any hot, 4.°11 to the completion of that program, it being understood that if Itt etv tlale in the future the Pennsylvania Company should desire to make PUrehases of bank stocks, the natter will be taken up with the l'ea Reserve Board in advance. Upon motion, the proposed letter was approved. J07 1, 5/16/31 OF STANDING COMEIIIITMS: 1)ttteds utity 15Th Recommending changes in stock at Federal Reserve Banks, as 18th set forth in the Auxiliary Minute Book of this date. Recommendations approved. Dated,may 9._ 9th Recommending action on applications for fiduciary powers as 18th set forth in the Auxiliary Minute Book of this date. Recommendations approved. Llateci '144Y 16th Recommending approval of the application of Mr. Burleigh B. Draper, for permission to serve at the same time as director and officer of the First Camden National Bank and Trust Company, Camden, N. J., as director and officer of the First National Bank of Haddon Heights of Haddon Heights, N. J., and as director of the Broadway-Merchants Trust Company of Camden, N. T. Approved. 44ed) MaY 16th Recommending approval of the application of Mr. F. Morse Archer, for permission to serve at the sane time as director and officer of the First Camden National Bank and Trust Company of Camden, N. Y., as director and officer of the First National Bank of Haddon Heights of Haddon Heights, N. X., and as director of the Broadway-Merchants Trust Company, Camden, N. I. Approved. M4Y 16th Recommending approval of the application of Mr. David Baird, Jr., for permission to serve at the same time as director of the First Camden National Bank and Trust Company of Camden, N. J., as director of the First National Bank of Haddon Heights of Haddon Heights, V. T., and as director and officer of the Broadway-Merchants Trust Company of Camden, Y. 7. Approved. The meeting adjourned at 3:30 p. m4 rgie Assistant Secretary. ,UIULIA3Y MINUTES (May 18, 1931) .leports of Jtandin. Committee dated May 15th and 13th, recu.lmendinr: ' Q elige3 in stock at Federal Aeserve 3anks, approved as follows: !:11i cations for SILLEND'a of Stock: ;ustrict No. 5. irst N ational in surplus)Bank, Gastonia N. C. (Decrease shares: 210 1)1strict No. 6• ?e l'es-First National Bank, ,uitman, Ga. (Cons. of the Peoles National Bank and the First National earin an.4 Of ',uitman) 8411k& Trust Company, New Orleans, La. WedUction in capital) istrict -0. 8. Pirat 1;ational Bank. Goreville, ill. (insolvent) 101 210 105 405 510 18 18 120 120 33 Total 33 891 " 10. I'ational Bank, Ellsworth, I:ans. (Insolvent) tat . 12. liational Bank, Puente, Calif. (Vol. Lig. Abs. Pirst National Bank) faett: leNrts of 3tandino- Committee dated May 9th and 18th, recommendin7 applications for fiduciary pavers by the followinf!, banks: 41,4 DIS2.11IO2 illIai41 ihe E.dar County National B211:4, 2aris. (3341) DISTAI,;T co. 9. SOUTH Dlik02A: The Security National Bank of Brookins. (3351) 4Dtiroveci. Lssistant secretary.
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