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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Wednesday, October 28, 1931, at 11:30 a. m. PRESENT: ALSO PRESENT: Governor Meyer Mr. Hamlin Mr. Miller Mr. James Mr. Magee Mr. McClelland, Assistant Secretary. Mr. Harrison, Assistant to the Governor. The minutes of the meeting of the Executive Committee of the Federal Reserve Board held on October 19 were approved, and, upon motion, the actions recorded therein were ratified. The minutes of the meetings of the Federal Reserve Board held on October 20, 21 and 22 were approved. The following matters were then presented for consideration and action 4 by the Board: Report of Committee on Salaries and Expenditures on letters dated " ° °ber 19 from the Chairman of the Federal Reserve Bank of Dallas requesting 4PProval of the following appointments to the appraised position of special rePre sentative in the Loan Department of the bank at the salaries named; the Board's Committee recommending approval: Ray Calvin Vance Duwain E. Hughes William O. Stevens 0,000 3,000 1,800 Approved. Report of Executive Committee on letters dated October 23 from the Co 111P-troller of the Currency recommending approval of increases in the salaries Or ilitional Bank Examiners G. S. Coffin and Otis W. Beaton from ,$'5,400 to 06,00o per annum, and from v1,500 to .5,500 per annum, respectively; the Board's ec)MMittee also recommending approval. Approved. 67-' 4: )0 1 10/26/31 -2- Letter dated October 23 from the Federal Reserve Agent at the Federal Reserve Bank of Chicago submitting the application of the Valley National Bank, DeEi tioines, Iowa, for permission to rediscount paper acquired from nonmember benk8, and letter of the same date from the Federal Reserve Agent at Dallas stlizidAting the application of the First National Bank of Roswell, New Mexico, " r Permission to rediscount paper acquired from the Bank of Commerce, Roswell, New Mexico, State the Citizens State Bank, Artesia, New Mexico, and the Lea County Bank, Lovington, New Mexico, all nonmember banks; the Executive Committee havinE approved the applications informally on October 26, under authority Pl'eviclusly granted it by the Board. Upon motion, the informal actions of the Executive Committee were ratified. Ilemorendum dated October 22 from the Comptroller of the Currency recom' meliding approval of the application of the Citizens National Bank of Bluffton, for permission to reduce its capital stock from 00,000 to c:',40,000, on "ndition that the capital of the bank be immediately increased to 'i;80,000 t4c)ugh the sale of new stock at a premium of 50%, the premium, together with the ftlount of the reduction to be used to eliminate losses and to provide a Us account of 420 000; the Executive Committee of the Board having 4Prelred the application informally on October 26, subject to the condition l'ecommended by the Comptroller. Upon motion, the informal action of the Executive Committee was ratified. Report of Executive Committee recommending that, in view of the withby the Federal Reserve Bank of Boston of objection previously filed by that itsti tution, the Board approve a change in the interdistrict time schedule from BaIttrnore referred to the Standing to Boston from two days to one day, which was _J33 10/28/31 3 Committee on Collections under authority granted by the Board on Tuly 30; the Committee also submitting a proposed letter to the Chairman of the Standing Committee on Collections advising of approval of the change, but requesting that the Committee submit, for the records of the Board, a formal report setting forth its opinion on the position taken by the Federal Reserve Bank of Richmond, but tot concurred in by the Boston bank, that the interdistrict time schedule °f the Federal Reserve banks should be based on train schedules between bank and branch cities, leaving out of consideration direct sendings. Upon motion, it was voted to approve the change in the interdistrict time schedule, as well as the proposed letter to the Chairman of the Standing Committee on Collections. Letter dated October 27 from the Secretary of the Open Market Policy C(Inference, transmitting copy of the minutes of the meeting of the Executive Committee of the Conference held in New York on October 26, together with CoPies of memoranda presented at that meeting. After a brief discussion, during which the Governor reported verbally on his attendance at the meeting referred to, the minutes and memoranda were ordered circulated. 11EPORTS OF STAEDINGlaTTEES: 1)4tad, October 27 28 bat ,, October 1? 20 Recommending changes in stock at Federal Reserve banks, as set forth in the Auxiliary Minute Book of this date. Recommendations approved. Recommending action on applications for fiduciary powers, as set forth in the Auxiliary Minute Book of this date. Recommendations approved. The meeting adjourned at 12:40 p. m. Assistant Secretary. APProved. 3:34 AUXILIARY MINUTES (October 28, 1931.) Reports of Standing Committee dated October 27 and 28, recommending ehan es in stock at Federal Reserve banks, approved as follows: 42..1ication for ADDITIONAL Stock: DiifiTci No. 2. Passaic National Bank and Trust Co., Passaic, N. S. Shares 300 300 120 120 1,920 1,920 41 41 APDlications for SURRENDERf o Stock: District No. 1. SEuaforci National Bank, Sanford, Maine. (V.L.Abs. by Fidelity Trust Co., Portland, Maine) District No. 2. International-Madison Bank and Trust Co., New York, N. Y. (Insolvent) District No. 3. Visstmont National Bank, Westmont, N. J. (Insolvent) District NO. 4. °410 National Bank, Columbus, Ohio. (Cons. First Citizens Trust Co. with the above bank) iJotters National Bank, East Liverpool, Ohio. (V.L.Abs. , by Potters Bank & Trust Co.) -d.rst National Bank, Ironton, Ohio. (Decrease in capital and surplus) ICJo ö ..rst National Bank, Williamsburg, Va. (V.L.Abs. by ,3 Peninsula Bank and Trust Co.) ,lrst Huntington National Bank, Huntington, W. Va. (Decrease in surplus) 300 360 300 960 36 300 336 'virst National Bank, Aurora, Ill. (V.L.Suc. by First National Bank in Aurora) ..?,alumet National Bank, Chicago, Ill. (Insolvent) National Bank, Erie, Ill, (Insolvent) -"sriean Trust Company, South Bend, Ind. (V.L.Abs. by La Salle State Bank) istriet at National Bank, Ku, N. Dak. (V.L.Abs. by First State Bank) ,1?,istrict No. 10. 41Mball National Bank, Kimball, Nebr. (V.L.Abs. by American National Bank of Kimball) 300 360 39 396 1,095 30 30 38 38 (11 10/28/31 -2- Al) lications for SURRENDER of Stock: (Cont'd) District No. 11. First National Bank, Fort Stockton, Tex. (Insolvent) Plainview National Bank, Plainview, Tex. (Insolvent) on Shares 47 78 Total 125 4,665 Reportsof Standing Committee dated October 17 and 20, recommending action applications for fiduciary powers by the following banks: APPRovRD. DISTRICT NO. 7. INDIANA: Old-First National Bank in Bluffton. (Confirmatory. Consolidation of the Old National Bank and the First National Bank) DISTRICT NO. 6. TENNESSEE: The Citizens National Bank of Greeneville. (3328) Assistant Secretary. 4'1313roved:
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