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I A meeting of the Federal Reserve Board was held in the office of the Governor on Tuesday, September 15, 1931, at 10:00 a. in. PRESENT: Governor Meyer Mr. Hamlin Mr. James Mr. Magee Mr. Pole Mr. McClelland, Assistant Secretary. The minutes of the meetings of the Executive Committee of the Federal Reserve Board held on August 26th and 27th, September 2nd and 8th were approved 411d, upon motion, the actions recorded therein were ratified. Mr. Pole then left the room and the meeting continued as a meeting of the Executive Committee. The Assistant Secretary reported that on September 10th, under author'anted by the Board at the meeting on September 9th, Kr. Xames, as Executive °trice/. of the Board, approved action taken by the board of directors of the lederal Reserve Bank of New York in authorizing the officers of the bank to arrange for the renewal, for a period not exceeding three months, of the bank's 8hare in the two central bank credits to the Hungarian National Bank which exDire September 18, 1931, subject to the repayment before that date of 1,000,000 PoUnds pro rata among all participants in these credits, it being understood that the renewal will be upon substantially the same terms and conditions as the elliginal credits, Noted. The Assistant Secretary then submitted various reports and communications hieh Were considered and acted upon by the Executive Committee as follows: Telegrams dated September 14th from the Federal Reserve Bank of New 1.(311k advising of the repayment on that date of an advance of $10,949,850 made on SePteMber 12th to the Bank of England against gold sovereigns amounting to 42,250 -,000 earmarked for account of the New York Bank. Noted. 2'09 9/15/31 Letter dated September 10th from the Secretary of the Federal Reserve Bellic of New York and telegrams dated September 9th from the Chairman of the Fed"al Reserve Bank of Boston, September 11th from the Secretary of the Federal Reserve Bank of Cleveland, September 10th from the Chairman of the Federal Re"rye Bank of Richmond, September 11th from the Secretary of the Federal Reserve 81141k of Atlanta, and September 14th fron the Secretary of the Federal Reserve 138Zk of Minneapolis, all advising that their boards of directors at meetings Ot the dates stated made no changesin the banks' existing schedules of rates of discount and purchase. Without objection, noted with approval. Reports of Committee on Salaries and Expenditures on lists submitted bY t• he Federal Reserve Banks of New York, Richmond, Atlanta and Kansas City of er4)1°Yees for whom the directors of those banks authorized leaves of absence 1714 pay, on account of illness, during the month of August, where the total r•such absences since January 1, 1931, has exceeded thirty days; the Board's C°111 ttee. recommending approval of the salary payments involved. Approved. Letters dated September 11th and 12th from the Chairman of the Federal 118 " 1"re Bank of Richmond, advising of the resignation of Mr. Junius P. Fishburn, B. Class B director of the bank, for the term expiring December 31, 1933; the ell"Iloan stating that a special election will immediately be held to fill the IrElcancy. Noted. Report of Committee on Salaries and Expenditures recommending approval or c• ertain changes in the personnel classification plan of the Federal Reserve 131/1k °f Kansas City, as submitted in a letter received from the Deputy Governor 9/15/31 -3- alld Cashier of the bank under date of September 5, 1931. Approved. Memorandum from Counsel dated September 8th, submitting draft of a proPosed reply to letter dated September 4th from Honorable Louis T. McFadden, Chairman of the Committee on Banking and Currency of the House of Representatives, inquiring as to the names of the foreign banking corporations, organized under state laws and operating under agreement with the Federal Reserve Board, to which the Board has given permission to maintain reserves in the form of call loans to discount corporations or bill brokers secured by acceptances which are eligible rediscount or purchase at a Federal Reserve bank, as well as in the form °t bank balances; the reply stating that such permission was first granted to the International Acceptance Bank, Inc., early in 1924, later in the same year to the French-American Banking Corporation, and in 1928 to the Equitable Eastern Banking Corporation. Upon motion, the proposed reply was approved and ordered transmitted. Memorandum from the Assistant Secretary dated September 14th, approved bY the Law Committee, suggesting reconsideration of the action of the Board on Allguat 18, 1931, in granting permission to the Hatboro National Bank, Hatboro, 1)8nha., to exercise general fiduciary powers only in specific trusts held by the Ratboro Trust Company of Hatboro, Penna., which may hereafter be acquired bY the Hatboro National Bank; the Assistant Secretary pointing out that the limited powers were granted on the understanding that they would meet the needs t the national bank at this time, that a letter has been received from the ?resident of the bank expressing disappointment that the institution was not allth°rized to exercise unlimited trust powers, and that the condition of the bank 11°Uld seem to warrant reconsideration of the Board's action. 9/15/31 After discussion, upon motion, it was voted to reconsider the Board's action of August 18th and to grant permission to the Hatboro National Bank to exercise unlimited trust powers. 1 . 11 -11g2TS OF STANDING =SUTTEES: Dated, September 9th 10th 11th 14th Dated, September 14th Dated, September 15th tated, September 15th Recommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary Minute Book of this date. Recommendations approved. Recommending action on application for admission of a state bank, subject to the conditions stated in the report attached to the application, as set forth in the Auxiliary Minute Book of this date. Recommendation approved. Recommending approval of the application of Mr. I. W. Hellman, for permission to serve at the same time as director and officer of the Wells Fargo Bank and Union Trust Company of San Francisco, Calif., and as director of The Farmers and Merchants National Bank of Los Angeles, Calif. Approved. Recommending approval of the application of Mr. Otto S. Martin, for permission to serve at the same time as director of the First National Bank of Belleville, N. J. and as director of the Montclair National Bank of Montclair, N. X. Approved. The meeting adjourned at 10:30 a. m. Assistant Secretary. %roved: (Executive Conlinittee) re AUXILIARY MINUTES (September 15, 1931.) Reports of Standing Committee dated September 9th, 10th, 11th and 14th, Comilending changes in stock at Federal Reserve Banks approved as follows: 4444Cation for ORIGINAL Stock: gtt,112.1129.t 6t '4acasieu National Bank in Lake Charles, La. A 44cations for ADDITIONAL Stock: State Savings Bank, Fairfield, Iowa. ','"Alrity Trust and Savings Bank, Shenandoah, Iowa. 11-1-ty Trust and Savings Bank, Storm Lake, Iowa. 441Peer Savings Bank, Lapeer, Mich. ;r1Ir8t National Bank, La Veta, Colo. troee National Bank, Montrose, Colo. 1,:41arVale National Bank, Cedar Vale, Kans. National Bank in Dodge City, Kans. tret National Bank, Osawatomie, Kans. rtiit National Bank, Summerfield, Kans. i ;iret Trust Company, King City, Mo. 1,,1rst National Bank, Scribner, Nebr. ci.l.ret National Bank, Farmington, New Max. Iltral National Bank, Alva, Okla. Itirret National Bank in Marlow, Okla. St Bank of Okarche, Okla. Z ket 11. "rY National Bank, Hamilton, Texas triet No. 12. 11dia National Bank, Brea, Calif. 11:L.ret National Trust & Savings Bank, Fullerton, Calif. of Montreal (San Francisco), San Francisco, Calif. t National Bank, Toledo, Oregon. .0 1.'s and Merchants Bank, Provo, Utah. c44•Ight Trust & Savings Bank, Provo, Utah. 'tizens Security National Bank, Everett, Wash. Shares 675 675 2 2 3 3 10 1 1 2 1 1 1 1 3 2 3 1 1 18 3 3 1 1 2 6 3 1 1 Total 15 46 VII lications for SURRENDER of Stock: ..etrict No. 1. "c)rd National Bank, Sanford, Maine, (V.L.Abs. by 4 Fidelity Trust Co., Portland, Maine) 4'Port National Bank, Searsport, Maine. (V.L.Abs. by ?.1 Merrill Trust Co., Bangor, Maine) Illt National Bank, Reading, Mass. (V.L.Suc. by First National Bank in Reading, Mass.) 120 45 90 255 9/15/31 2_1_3 2- A244.9ations for SURRENDER of Stock: (Cont,d) kt1 : 121111tjlt eirst National Bank, Mechanicville, N. Y. (Insolvent) American National Bank, Passaic, N. J. (V.L.Abs. by Peoples Bank & Trust Co.) Shares 60 210 150 District No. 4. Pirst National Bank, Middlebourne, W. Va. (V.L.Suc. by , United Bank of Middlebourne, W. Va.) te ubenville Bank and Trust Co., Steubenville, Ohio. (V.L. Abs. by National Exchange Bank) 42 581 District No. 6, 41clital National Bank, Jackson, Miss. (Decrease in u capital) 4/1ke and City National Bank, Johnson City, Tenn. (Decrease in capital) 623 15 72 87 Di strict No. 7. State Savings Bank Northville, Mich. (Insolvent) 63 1\lorth111, Western Trust & Savings Bank, Chicago, Ill. (Insolvent) 960 114:t National Bank, Downers Grove, Ill. 75 (Insolvent) nd-Irving National Bank, Chicago, Ill. (Insolvent) 387 1,485 Leath 8t . 11ELY4340 g• 41rert National Bark, Phillips, Wis. (V.L.Suc. by First National Bank in Phillips, Wis.) Pi 1St National Bank in Mt. Vernon, S. Dak, (Insolvent) 1).114__Ict No. 10. O1' National Bank, Topeka, Kans. (V.L.Abs. by National Bank of Topeka) District No. 11. 4rMers National Bank, Cross Plains, Tex. (Insolvent) "urity State Bank, Odessa, Wash. (V.L.Abs. by Old National Bank & Trust Co., Spokane, Wash.) 413„, 19 18 37 114 114 24 24 36 Total 36 2,871 Report of Standing Committee dated September 14th, recommending action on an cation for admission to membership by the following state institution, subto the conditions stated in the report attached to the application: Name It Guardian Bank of Royal Oak, Michigan. Shares F.R.Bank 90 Chicago WZ,X/6/ 4PProved: Za 7a Assistant Secretary.
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