The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
1169 A. meeting of the Board of Governors of the Federal Reserve SYeten was held in Washington on Friday, September 22, 1939, at 1:30 P. m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Davis Draper Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter referred to was taken by the Board: The minutes of the meetings of the Board of Governors of the Federal Reserve System held on September 20 and 21, 1939, were approved Unanimously. Telegram to Mr. Kimball, Secretary of the Federal Reserve Bank Of New York, stating that the Board approves the establishment without ehaage by the Federal Reserve Bank of New York on September 21, 1939, Of the rates -of discount and purchase in its existing schedule. The telegram also stated that in the light of the suggestion contained in the Board's telegram of September 13, 1939, it was desired that the bank confirm the Board's understanding that the rate of 1 per cent established on rediscounts for and advances to member banks under sections 13 and 13(a) applies to advances to member banks under the last Paragraph of section 13. Approved unanimously. 9/22/39 -2Telegrams to Mr. Olson, Assistant Secretary of the :Federal Reserve Bank of Chicago, and Mr. Hale, Secretary of the Federal Reserve Bank of San Francisco, stating that the Board approves the establishment without change by the Federal Reserve Banks of Chicago and San Francisco on September 21, 1939, of the rates of discount and Purchase in their existing schedules, except that the Board approves for the Federal Reserve Bank of San Francisco a rate of 1-1/2 per cent on advances to member and nonmember banks under the last paragraph of section 13, effective September 23, 1939. Approved unanimously. Letter dated September 21, 1939, to Mr. Fletcher, Vice President Of the Federal Reserve Bank of Cleveland, reading as follows: "In accordance with the request contained in your letter of September 15, the Board approves the designations of the following employees as special assistant examiners: Main Office E. F. Peck W. J. Caley F. M. Osburn L. G. Hasek Wereb Joseph F. A,. Atzberger Cassell H. P. Wm; Elliott W. C. Spring A. F. Gaertner D. E. Davies E. L. Neuswander B. Pretzer H. T. A. Ostendorf Bechemer Carl R. Neubacher Kunz H. R. Sparrow 0. O. Ramsay Thos. Winter P. A. Sheets A. F. Basta S. R. Cincinnati Branch Howard E. Taylor A. F. Wiegand, Jr. "Approval has been given with the understanding, of course, that such employees will be used only to lend clerical assistance to your regular examiners and will not be 1171 9/22/39 -3- "transferred permanently to examination work without the Board's approval. "In accordance with your advice, the names of the following employees have been removed from the list of employees who have been designated as special assistant examiners in order to furnish temporary assistance to your regular examining staff: - Main Office Geo. Sommer Jas. B. Walsh - Cincinnati Branch - Cincinnati Branch" Geo. Frede Approved unanimously. Memorandum dated September 20, 1939, from Mr. Van Fossen, Assistant Chief of the Division of Bank Operations, submitting a letter dated September 16 from. Mr. McLarin, Vice President of the Federal Reserve Bank of Atlanta, which requested approval by the Board of Changes in the personnel classification plans of the head office and its Birmingham and Jacksonville Branches to provide for the discontinuance of the positions of "Coin Counter", "Currency Verifier" and "Currency Sorter", and the creation of the new positions of "Coin Teller" and "Currency Verifier and Sorter" in the Currency and Coin Department, at the head office; for the creation of the new position of "Chief Clerk" in the General Department, and the discontinuance of the position of "Chief Clerk" in the Service Department, both at the Birmingham Branch; and for the creation of the position of "Building Custodian and Mechanic" in the Service Department at the Jacksonville Branch. The memorandum stated that the proposed changes had been re- viewed and recommended that they be approved. Approved unanimously. 1172 9/22/39 Letter dated September 21, 1939, to Mr. Leach, President of the Federal Reserve Bank of Richmond, reading as follows: "Reference is made to the application of the 'First National Bank in Henderson', Henderson, North Carolina, for full fiduciary powers, which was transmitted to the Board with Mr. Fry's letter of July 15, 1939. "The Board has given consideration to the application and to the information available in relation thereto, from which it appears that the asset condition of the applicant bank is reasonably satisfactory but that its management, particularly the executive vice president, who is also the proposed trust officer, is regarded as week and unsatisfactory and has been the subject of unfavorable comwent by the national exRminer at nearly every examination of the institution since its organization in 1934. "In view of the questionable ability of the management, and in accordance with your adverse recommendation, in which the Comptroller of the Currency concurs, the Board has denied the application. Please advise the applicant bank accordingly." Approved unanimously. Letter to Mr. Stewart, Secretary of the Federal Reserve Bank of St. Louis, reading as follows: "This refers to your letter of September 15, 1939, advising that the by-laws of the Little Rock, Louisville, and Memphis Branches of the Federal Reserve Bank of St. Louis have been amended, effective September 15, 1939, subject to the approval of the Board of Governors, by striking out the words 'be appointed to' in the fourth sentence of section 1 of Article II of the by-laws of each branch, so that that sentence will read: 'No director of a Federal Reserve Bank shall serve as a director of a branch of the bank during the period of his service as a director of the Federal Reserve Bank.' "It is understood that this amendment has been made in order to comply with the Board's letter of September 8, 1939 (S-180), and you are advised that the Board of 1171 9/22/ Governors approves the amendment as set forth in your letter. It is noted that you will furnish the Board with copies of the revised by-laws of the branches of your bank." Approved unanimously. Mr. Morrill suggested that the Board authorize the payment of the cost of the luncheon served to Mr. Vb.. Mee. Martin, sr., President of the New York Stock Exchange, in the Board's dining room today. Approved unanimously. Thereupon the meeting adjourned.
@FedFRASER