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the office of the
A meeting of the Federal Reserve 3oard was held in
J1
October 30, 123, at 11:10 a.m.
Pederal Eeserve 303rd on Tuesday,
PEESErT:
Governor Crissinger
Fr. Platt
Fr. Hamlin
Yr. Filler
Yr. James
I. r. Ounnin-ham
Ir. Dawes
ir. 124ddy, Secretary.
lieserve loard held on October
The minutes of the meeting of the Federal
25th were read and approved.
Curtis had reouested the
Governor Orissinger announced that Senator
T'osti,onel rent, until the week beginning 7ovember 12th,
the hearing with
ikeserve 3ank at 7ichita,
regL'rd to the establishment of a branch iederal
lausas, previously set for tororrmr.
Advisory Committee
Letter dated October 30th, from the Railway Loan
Of
the
fom of obligation
eserve 3 oard, recorrendinc; approval of the
ecloral
for a loan of
submitted by the seaboard Air Line Eailway Company
6,759,000
take over the sizth
(in seven parts, the carrier electing at this time to
Part of the loan in the amount of
350,000), under the provisions of Section
210 of the Yrausportation'Act, 1920, as amended.
Approved.
circulated at the meeting of
The Governor .-presented the matter ordered
from General Counsel
October 23rd, namely, a memorandum dated October 10th,
on the
suggesting a form of letter to be sent to all Federal 13.es :rye Agents
of Ierber
Subject "Surrender of Federal 'eserve dank Stock Tv-ion aeduction
'
3ank Surplus".
amended
After discussion, it was voted that the letter be
the
in
nothing
is
there
that
to 0:Tress the view of the 3oard
10/30/23
tr)
01110,1M
law that recuires the surrender of capital stock of
Federal Reserve banks neon the re'duction of surT)lus by
nerber bans and to advise that the Board will, 16:
. -erefore, until conditions arise that roquire a revision
of its view, proc - -,d on the assur- 'tion that the rerber barks are to exercise their option in the natter,
all substantial reductions, however, to In reported
to the Board for the purpose of its records.
Letter dated October 2Gth, from
Ir. 77.
R. Kettig, with respect to the
erection of a buildinz-.2 to house the Birminham Branch of the Federal Reserve
ank of Atlanta.
Referred to Cormittee on Branches,
Letter dated OcLobor 19th, from the Chairman of the Federal Reserve Ban":
Of San Francisco, suggesting that a Counittee of the Federal Roservd Board
be created to conduct a study of banking and currency exi)crionces of
the
;'"
Vc7-'rious nations during and since the World Mr,'
'Toted.
L ,tter dated October 19th, from the Federal Reserve Agent at San Fran°I2oo, trel-snitting the application of the ,Jalley Bank of
Phoenix, Arizona,
ror 1-,ermission to take over the assets of the Yirst rational
dale, Arizona, and assure it
of Glen-
liabilities, o orating it as a branch of the
lizalley 33111z.
Referred to Cotnittee on Exarinations.
Latter dated October 27th, frorn Fr. Bur;: ss, Assistantcdcra1
4Cent at
nCSO"VC
Pew York, transmitting the report of the Cormittee on Expenses of
Statl stical and Reporting Services of Federal Reserve barks.
ileforred to Corznittee on Econor7 and Efficiency.
(-"C“,)
LPL,
10/30/23
-3-
The Governor submitted and there was read a letter dated October
:7th, from the ?ederal Reserve Agent atTinneaTolis with respect to sentir.ent toward the federal :deserve System existing in the -inth 2'ederal Reserve
Listrict and suggesting the broadening of public relations work by the .j-edra]. Reserve iank of Tinn a olis in an effort to tact criticisms directed
at the Sstem.
Referred to a special cormittee, colisistin7 of Ie3srs.
James, Filler and Ounninr;ham, for recommendation as to the
form of reply vhjch should be made to the letter and the Committee was requested to recommend a general policy to be pursued by the federal Reserve 3oard and the federal Reserve ban.:s
in the matter of publicity and public relations work.
Yr. Ounninsham announced that he had received invitations to address several meetings of farm organizations in
the riddle west, and the aforenamed committee was instructed
to assist him in the preparation of the addresses he proposes
to deliver.
submisovernor referred to the Committee on Examinations, for the
sion c).' r report as to the form of reply, the letter dated October 8th, signed by representatives of te Iercantile .4 12rust ComT)any, the Pacific Southwest
Yrust and Savings 33-11:, and the Security 2rust and Savings 3ank, making certain
211{Te3ti0115 for the consideration of the 3onrd in the formulation of its rolleY toward the further extension of branch banking in the state of California.
Letter dated October 27th, from the Chairman of the Federal Eeserve
3ank of Yansas City, requesting the 3oard's approval of certain amendments
to Sections 03 and 4 of _Article rT of the 37-laws or its Oklahoma City
branch, clarifying the duties of the manager and cashier of the branch.
Approved.
17)
1,o/30/25'
-4-
11111P0RTS OF STA/TIM COT,IIITT 14.11S:
Dated, October 30th, Recorm nding action on armlications for fiduciary
iliar Finute Book
30th, powers as set forth in thdate.
of this
Approved.
approval of th,: application of Fr. rewcomb
Recorrending
Dated,October 26th,
Carlton for permission to serve at the same time as
director of the Chase National Bank and as director of
the International Acceptance Bank, Inc., both of flew
York City.
Approved*
Recemm-nding approval of the application of Yr. John.
Dated, October 25th,
P. Frenzel, Jr., for permission to serve at the same
time as director of the lerchnnts National Bank, ani
as director of the Indiana Trust Conrany, both of
Indianapolis, Indiana.
•
Approved.
Recommending approval of the application of rr.
Dated,October 29th,
Holmes, for permission to serve at the same time as
Vice President and director of the First rational Bark
of Richmond, Texas and as director of the rational
3ank of Commerce of Houston, Texas.
Approved.
The meeting adjourned at 1:15 P.T.
o
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