19301029_Minutes.pdf

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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 MeyerMr. HamlinLr. MillerMr. TamesMr. CunninghamEr. McClelland, Asst. Secretary.

Th e minutes of the rooting of the Federal Reserve Board held on October4t4

lore read and approved.

1161210randum from Counsel dated September 27th iith regard to a renuestor

-'ederal 2eserve Bank of Richmond that Hon. JThwton D. Baker be employed04 .

Dec•lul Counsel on a SystEra basis to assist in -cho liti:;ation involveda

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::; 2) transmit

(ara to all other Federal Reserve banks inruirin3 whether they are will-1112 to -

PüGici ate in the employment of Mr. Baker on a System basis and tobea

e„2ax'Y arrangements with Mr. Baker as soon as a '.1ajority of the Federal Re-

L'11°1:c .i)rerata shares of the expense, and (3) authorize him to make the

sezive bar,:8

advise that they are willing to participate in his employment.

After discussion, upon motion, it wasvoted to approve Counsel's recommendations withthe understanding that the arrangements withIa.. Baker and the fixing of the fee for hisservices will be subject to the approval ofthe Board.

Tel-egram dated October 24th from the Chair.lan of the 7ederal Reserve

°II Chicago, advising that the board of directors at a meetin7,Q.Qte

110 chan.e in the bank's c:zistinR schedule of rates of •discount and

,fithout objection, noted with approval.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10/29/30-2-

IJ Illorandum from the Assistant Secretary dated October 28th, recommend-

that 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 the0

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

(111N

Teritheederal 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 Commdtteerecolaim

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(11of the Citizens Bank and Trust Company of Tampa; the Board's

Qo`q

ybh..-"tttee

also recommending approval.

Approved.


10/29ho-3-

C)611)r7.

lenic)randam fram Counsel dated October 21, recommending publication in

thelie4t 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 in-

111..0.11

ee 2°1d, is not eligible for rediscount at a Federal Reserve bank, and

(2) on t he Question whether in. computing the deposits of a member bank

non-member bank 'under the limitations contained in Section 19 of theAap.

,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

•,Istant 2edera1 Reserve Agent at Cleveland, reconnendinE,, approval of

11 -1cati0n of the 2rovident Savings Bank and Trust Company, Cincinnati,Ohio

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 of0',;.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

P-ass C director of the Federal Reserve Bank of Chicago withgesignation as Chairman of the Board of Directors of the saidbank and Federal Reserve Agent, and that Er. Stevens has accepted;

7now, THEREFORE, BE IT RESOLVED, That the Federal Reserve44")ard does hereby appoint Er. Eugene Stevens of Chicago, Illinoisas Class C director of the Federal Reserve Bank of Chicago for atern' of three years commencing January 1, 1931; and does herebyesignate him as Chairman of the Board of Directors of the saidflk 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 ap-Dointuent in accordance with the above resolution."

Upon motion, the resolution as quotedabove 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 wasamended and approved for release in thefollowing' form:

"The Federal Reserve Board today announced that Er. WilliamA. Heath,, in accordance with the decision he expressed to the Board(0);" a year ago, would retire from the position of Class C director,i'airman of the Board of Directors and Federal Reserve Agent at thete(leral Reserve Bank of Chicago, at the expiration of his present

ZM of office, December 31, 1930. In connection with the retire-lit 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 longtenure of office is testimony of the fidelity, integrity and

• ability with which he has handled the responsibilities ofthe position from which he has asked to be relieved at theend of the current' year.'"The Federal Reserve Board announced, in connection with the'vac,cY created on the Board of the 2ederal Reserve Bank of Chicagoby vst lie retirement of Lir. Heath, the appointment of. 1.±. Eugene H.

ene, of Chicago, as Class C Director with designation as Chair-Of the Board of Directors and Federal Reserve Agent, in succes-

1: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:


i)ateci,

i 1) te

Dated,

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'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 organ-

ization, the Continental Illinois Company, at the time of

its organization on March 18, 1929, by the consolidationOf the Continental National Bank and Trust Company andthe 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:

October 27th Recommending changes in stock at Federal :Leserve Banks,

as set forth in the Auxiliary Minute Book of this date.

Recommendations approved.October 28th Recommending action on applications for 'iduciary

29th powers as set forth in the Auxiliary ilinute Rook of

this date.Recommendations approved.

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.

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

October

e

The meeting adjourned at 12:30 p. m.

Assistant Secretary.


Documents

19301029_Minutes.pdf