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+LA A meeting of the Executive Committee of the Federal Reserve Board was held in the office of the Federal Reserve Board on Wednesday, October 23; 1929 at 11:15 a.m. PRESENT: Governor Young Mr. Platt Mr. James Mr. Cunningham Mr. McClelland, Asst. Secretary Telegram dated October 22nd from the Deputy Governor of the Federal Reserve Bank of NEW York, advising that dealers generally advise that they will reduce both bid and asked rates for all maturities of bills one-eighth percent, effective today. Noted. Telegram dated October 17th from the Chainnan of the Federal Reserve Bank of San Francisco, advising that the board of directors at a meeting on that date made no change in the bank's existing schedule of rates of discount and purchase. Without objection, noted with approval. Letter dated October 21st from the Comptroller of the Currency, advising of the resignation of Mrs. M. Marjorie Noone, temporary money counter in the Federal Reserve Issue and Redemption Division, effective at the close of business October 20th. Noted. Letter dated October 21st from the Comptroller of the Currency, advising of the appointment of Mrs. Lida L. Connor and. Mrs. Kathryn Gorman as temporary money counters in the Federal Reserve Issue anti Redemption Division, with salary at the rate of ii;1200 per annum. Noted, with approval. -2- 10/23/29 Report of Committee on Salaries and Expenditures on list submitted by the Federal Reserve Bank of Atlanta of employees for whom the directors of that bank authorized leaves of absence with pay, on account of illness, during the month of September where the total of such absences since January 1, 1929, has exceeded thirty days; the Board's Conmittee recommending approval of the salary payments involved. Approved. Letter dated October 17th from the Chairman of the Federal Reserve Bank of Kansas City, inquiring whether the Board would have any objection to Mr. S. A. Wardell, Auditor of that bank, assisting the receiver of the Kansas City Joint Stock Land Bank in certain accounting work in connection with the receivership; the Agent stating that the work will be done at night and in off hours and will not interfere with Mr. Wardell's duties as Auditor nor in any way work to the detriment of the reputation of the Federal Reserve bank. After discussion, upon motion, it was voted to interpose no objection. Letter dated October 18th from the Assistant Federal Reserve Agent at New York, advising of the prospective merger of the Murray Hill Trust Company, New York City, a member bank, into the Bank of America National Association of New York. Noted. Letter dated October 21st from the Federal Reserve Agent at Minneapolis, advising of the resignation of Mr. R. 0. Kaufman as Director of the Helena Branch and the appointment, to succeed him, of Mr. Samuel UbEennan, President of the 41 Union Bank and Trust Company of Helena. Noted. -3- 10/23/29 Memorandum from Counsel dated October 21st with reference to a proposed consolidation of the Central Savings and Trust Company and the Depositors Savings and Trust Company, both of Akron, Ohio, to form a bank with the title "Central Depositors Bank and Trust Company", approval of which, under the general condition of membership of the consolidating banks, is recommended by the Federal Reserve Agent at Cleveland; Counsel expressing the opinion that there is no legal reason why the Board may not approve the proposed consolidation; that a new application for membership in the System on behalf of the consolidated bank will not be necessary; and that the consolidated bank may lawfully remain a member of the Federal Reserve System while retaining branches located at Barberton and Cuyahoga Falls, Ohio, which were established by the consolidating banks. After discussion, upon motion, the proposed consolidation was approved. Memorandum from Counsel dated October 21st, advising that the Supreme Court of the United States on that date denied the petition for a writ of certiorari in the so-called Apfel (Foreign Financing Corporation) case, thereby upholding the authority of the Board to exercise its discretion in the matter of approving or disapproving the organization of corporations under Section 25 (a) of the Federal Reserve Act; Counsel calling attention to the fact that the Board can now pay the remainder of Ur. Newton D. Bak'er's fee for his services in.the case and his incidental expenses, although there are some technical details to be worked out in connection with the latter, due to requirements of the General Accounting Office. Upon motion, payment of the balance of Mr. Balier's v2,500 and expenses of ;/138.49 was approved with of fee that Counsel will take up with him in understanding the advance the matter of itemizing the disbursements making up the latter amount. ,t4 lip -4-- 10/23/29 Memorandum from Counsel dated October 22nd, submitting for publication in the next issue of the Federal Reserve Bulletin: (1) A statement as to the denial by United States Supreme Court of the petition for a writ of certiorari in the so-called Apfel case; (2) The Board's recent ruling on the question whether Philippine funds deposited in a member bank are time or demand deposits where the contract states that the deposit is immediately withdrawable but preliminary correspondence indicates that thirty days' notice may be required; (3) Recent ruling of the Board regarding the right of a national bank to borrow securities from its trust department for the purpose of obtaining loans thereon at a Federal Reserve bank; and (4) A compilation of state laws regarding the ownership of bank stock bu holding corporations. After discussion, upon motion, it was voted to approve publication of the first three items mentioned, but to defer action regarding publication of the compilation of state laws regarding the ownership of bank stock by holding companies pending further consideration. Letter dated October 16th from the Acting Secretary of the Federal Advisory Council, advising that the next meeting of the Council will be held on Tuesday, November 19th, and requesting advice of any topics which the Board desires to have discussed. Referred to the Executive Committee. .REPORTS OF STANDING COLMITTEES: Dated, October 18th, Recommending changes in. stock at Federal Reserve banks 19th, as set forth in the Auxiliary :Minute Book of this date. Recommendations approved, 22nd, 23rd, Dated, October 22nd, Recommending approval of the application of Mr. W. W. Woodson for permission to serve at the same time as director of the Republic National Bank & Trust Company of Dallas, Texas, as director and officer of the Pint 1. • 10/23/29 -5- REPORTS OF STANDING COMUITTEES: (Conttd) National Bank of Waco, Texas and as director of the First National Bank of Mart, Texas, Approved. Dated, October 22nd, Recommending approval of the application of Ur. W. O. Connor for permission to serve at the same time as director and officer of the Republic National Bank & Trust Company of Dallas, Texas and as director of the First National Bank of Waco, Texas. Approved. Dated, October 22nd, Recommending approval of the application of Mr. F. F. Florence for permission to serve at the same time as director and officer of the Republic National Bank & Trust Company of Dallas, Texas and as director of the First National Bank of Jaco, Texas, Approved, The meeting adjourned at 1:15 p.m. 6‘,WX/Ilffelleatel Assistant Secretary. // Approved:
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