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0c3c) meetirig of the Federal Reserve Board was held in the office of the ed°1"111 eserve Beard on Wednesday, October 29, 1930, at 11:00 o'clock a. m. PRESEITT: Governor Meyer Mr. Hamlin Lr. Miller Mr. Tames Mr. Cunningham Er. McClelland, Asst. Secretary. The minutes of the rooting of the Federal Reserve Board held on October 4t4 lore read and approved. 1161210randum from Counsel dated September 27th iith regard to a renuest or -'ederal 2eserve Bank of Richmond that Hon. JThwton D. Baker be employed 04 . Dec• lul Counsel on a SystEra basis to assist in -cho liti:;ation involved a 2111t Of the Federal Reserve Bank of Richmond v. .ttmore, Counsel reco- aleLd- inr, 411 t tue RoaTd (1) approve the request of the Richmond ban::; f vi 2) transmit (ara to all other Federal Reserve banks inruirin3 whether they are will1112 to - PüGici ate in the employment of Mr. Baker on a System basis and to bea ' L 11°1:c .i)rerata shares of the expense, and (3) authorize him to make the e„2a x'Y arrangements with Mr. Baker as soon as a '.1ajority of the Federal Resezive bar,:8 advise that they are willing to participate in his employment. After discussion, upon motion, it was voted to approve Counsel's recommendations with the understanding that the arrangements with Ia.. Baker and the fixing of the fee for his services will be subject to the approval of the Board. Tel -egram dated October 24th from the Chair.lan of the 7ederal Reserve Q.Qte Vi °II Chicago, advising that the board of directors at a meetin7, on that 110 chan.e in the bank's c:zistinR schedule of rates of •discount and ,fithout objection, noted with approval. 4 10/29/30 -2- IJ Illorandum from the Assistant Secretary dated October 28th, recommendthat the Board extend for a period of thirty days from October 22nd, PeY, the leave of absence on account of illness granted Lafayette 1418111/1g4ton, a messenger on its staff. Approved. Report of Executive Committee on letter dated October 24th from the 0(111N ' vi ciller of the Currency recommending approval of a salary of 3,000 Der "laun for National Bank Examiner Glenn E. Anderson, assigned to the Terith eederal Reserve District; the Board's Committee also recommending 41nTOval, Approved. . RePort of Committee on Salaries and Expenditures on list submitted by ecleral Reserve Bank of Chicago of employees for whom the directors of tha:t -xr. authorized leaves of absence with Pay, on account of ilaess, during the „ from September 26th to October 23rd, where the total of such " 8 since January 1, 1930 has exceeded thirty days; the Board's Commdttee -recolaim endinr:, approval of the salary payments involved. Approved. Port of Committee on Salaries and Expenditures on letter dated October the Federal Reserve Agent of Atlanta, advising that subject to the 11)D(317.al of the Board, the Executive Committee of the bank has approved Nrtlelit of a bill in the amount of .,3,74b.21 rendered by lIcKay, Withers & 1141.1°'TaMPa, Florida, for attorneys' and other fees in connection with the 1) t(11 of the Citizens Bank and Trust Company of Tampa; the Board's Qoybh.. `q -"tttee also recommending approval. Approved. C)611) r7. 10/29ho -3- lenic)randam fram Counsel dated October 21, recommending publication in the lie4t issue of the , ''ederal Reserve Bulletin of the Board's recent rulings (1) til-t the note of an insurance agency, the Principal business of which 12, the writinc of fires surety and casualty insurance, the purpose of the bol'rowing being for the carrying of accounts covering premiums due on in111..0.11 ee 2°1d, (2) is not eligible for rediscount at a Federal Reserve bank, and on the Question whether in. computing the deposits of Aap. a member bank non-member bank 'under the limitations contained in Section 19 of the , eserve Act, deposits of the non-member bank with the member bank 11/.1r be deducted. Approved. leport of Committee on Examinations on letter dated October 23rd from • , approval of ,Istant 2edera1 Reserve Agent at Cleveland, reconnendinE, 11 Ohio -1cati0n of the 2rovident Savings Bank and Trust Company, Cincinnati, Permission to Purchase the assets and assume the liabilities of the /34az 01: k)11..e'rePnd Trust Company of Cincinnati, Ohio, also a member bank; tlienoard, Committee recormending approval. Approved. ,ort of Committee on i)istrict 1.o. 7, dated October 28th, recommending -4101)t'40 „ 1 - uY the Board of the following resolution: 0, "WHEREAS, the Federal Reserve Board by resolution adopted I.ber 13, 1930, authorized Er. Tames Simpson of Chicago, ettinois, to offer to I:1r. Eugene Stevens of Chicago, Illinois, for on behalf of the Board, appointment as Class C director of 0',;.e Federal Reserve Bank of Chicago, with designation as Chairman Al the Board of Directors of the said bank and Federal Reserve at a salary not to exceed ‘35,000 per annum, said appointment be effective as of January 1, 1031; and ”Lx. James Simpson has reported that, acting under ne authority of said resolution of the federal Reserve Board, 10/29/30 -4- 411s has tendered to Er. Eugene Stevens the said appointment as -ass C director of the Federal Reserve Bank of Chicago with gesignation as Chairman of the Board of Directors of the said bank and Federal Reserve Agent, and that Er. Stevens has accepted; 7now, THEREFORE, BE IT RESOLVED, That the Federal Reserve " 44 )ard does hereby appoint Er. Eugene Stevens of Chicago, Illinois as Class C director of the Federal Reserve Bank of Chicago for a tern' of three years commencing January 1, 1931; and does hereby esignate him as Chairman of the Board of Directors of the said flk and as Federal Reserve Agent, at a salary of .)35,000 per 44main, for a term of one year commencing January 1, 1931. "BE IT FURTHER RESOLVED, That the Governor of the Federal eserve Board convey to La.. Stevens official notice of his apDointuent in accordance with the above resolution." P Upon motion, the resolution as quoted above wa's adopted. r-Uhe CoIrmittee on District No. 7 then submitted draft of a statement rc* -e press to be released this afternoon for publication in the morning 4 of tomorrow, October ! 30th. After discussion, the statement was amended and approved for release in the following' form: "The Federal Reserve Board today announced that Er. William A. ,Heath, in accordance with the decision he expressed to the Board ;" a year ago, would retire from the position of Class C director, ( 0 ) i'airman of the Board of Directors and Federal Reserve Agent at the te(leral Reserve Bank of Chicago, at the expiration of his present M of office, December 31, 1930. In connection with the retirelit of Lir. heath, the Board said: Tr. Heath has had one of the longest terms of service . of any of the Chairmen of the Federal Reserve Banks, having held his present position since January 1, 1917. His long tenure of office is testimony of the fidelity, integrity and • ability with which he has handled the responsibilities of the position from which he has asked to be relieved at the end of the current' year.' "The with the 'vac , Federal Reserve Board announced, in connection Bank of Chicago 2ederal Reserve Board of the cY the created on by vlie st retirement of Lir. Heath, the appointment of. 1.±. Eugene H. ene, of Chicago, as Class C Director with designation as ChairOf the Board of Directors and Federal Reserve Agent, in succes1:fa to heath, his appointment to take effect January 1, 1931. connection with the' selection of Ls.. Stevens for this important v"ition, the Board stated: Z e -5'Mr. Stevens COMBS to the Federal Reserve System with the high credentials of a long, varied and successful banking, financial and business experience in Chicago and the Upper Mississippi Valley, in the course of which he became President of one of the largest and most important banking institutions in the United States. Mr. Stevens Will retire fram.this position at the end of the year, When he assumes the Chairmanship of the Federal Reserve Bank of Chicago. 1.7r. Stevens became President of the Continental Illinois Bank and Trust Company and its affiliated organization, the Continental Illinois Company, at the time of its organization on March 18, 1929, by the consolidation Of the Continental National Bank and Trust Company and the Illinois : orchants Trust Company. At the time of the consolidation of these two institutions Yr. Stevens was President of the Illinois Merchants Trust Company." . OE G COMITIES: i)ateci, Recommending changes in stock at Federal :Leserve Banks, as set forth in the Auxiliary Minute Book of this date. Recommendations approved. i 1) te October 28th Recommending action on applications for 'iduciary 29th powers as set forth in the Auxiliary ilinute Rook of this date. Recommendations approved. Dated, October 27th Recomaending approval of the application of :r. Wellin;ton H. Slocum, for permission to serve at the same time as director of the First National Bank of Hartford, Conn., and as director of the Travelers Bank 8.. Trust Company of Hartford, Conn. Approved. October 27th Recommending approval of the application of L. Joseph H. Soliday, for permission to serve at the same time as director of the State Street Trust Company of Boston, Mass., as director of the Dedham National Bank of Dedham, Mass., and as director of the Day Trust Company of Boston, Mass. Approved. October 27th The meeting adjourned at 12:30 p. m. Assistant Secretary.
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