19310213_Minutes.pdf

"

A meting of the Executive Committee of the Federal Reserve Board

Was held in the office of the Federal Reserve Board on Friday, February

131 1931, at 11:30 a. mi.

PRESTTT: Governor MeyerMr. HamlinYr. MilerMr. JamesMr. Noell, Assistant Secretary

The Assistant Secretary presented various matters of business which

Were considered by the Executive Committee and acted upon as follows:

Letter dated February 11th from the Secretary of the Federal Re-

Serve Bank of New York, and telegrams dated February 11th from the Chairman

of the Federal Reserve Bank of Boston, and February 12th from the Chairman

c/f the Federal Reserve Bank of Kansas City, all advising that at the regu-

lar meetings of their boards of directors on the dates stated no changes

Were made in the banks' existing schedules of rates of discount and pur-

chase.

Without objection, noted withapproval.

Letter dated February 11th from the Chairman of the Federal Reserve

Bank of Boston, advising of the appointment on that date of Mr. Carl B.

Manager of the discount department, as Assistant Cashier of the

bailk for the year ending December 31, 1031, no change to be made in his

'8alarY at the present time.

Noted.

Report of Executive Committee on letter dated February 11th from

11 % 1)ePlitY Governor wleming of the Federal Reserve Bank of Cleveland, requesting

al3Proval of the acceptance by the bank of an actual bid of :3,723.08,

executive furniture for the new Pittsburgh branch bank building

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

2/13/31 -2-

r°1" Which item an allowance of '4,000 had been previously approved by

the Board; the Board's Committee recommending approval.

Approved.

Repo of Executive Committee on letter dated February 9th from

the A.,1ssistant Federal Reserve Agent at Cleveland, recommending approval

°r the action taken by the Peoples-Pittsburgh Trust Company, Pittsburgh,

on January 19, 1931 in purchasing the assets and assuming the

liabilities of the First National Bank of Birmingham, Pittsburgh; the Board's

Committee also recommending approval.

Approved.

Xoint report of Committees on Research and Statistics and on Salaries

4314 Expenditures, recommending approvnl of the budgets submitted by the

-ecisral Reserve Agents of the various Federal Reserve banks, covering

the statistical and analytical functions of the banks during the year 1931.

Upon motion, the budgets submitted bythe individual Federal Reserve agents wereapproved.

leplerandum from Counsel dated February 9, 1931, on letter dated

'‘e131.11ary 2nd from the Federal Reserve Agent at Richmond, enclosing certified

Q°PY Of resolution adopted by the Board of Directors of the National Capital884k

Of Washington, D. C. signifying a desire to surrender the right

€'1''EtIlted to the bank by the Federal Reserve Board on December 11, 1930, to

4et registrar of stocks and bonds, the reason given for such action beingt4/14

") Under the provisions of the Board's Regulations, the bank would be

l'°glired, in order to exercise the power granted, to deposit with the Comp-

t14)11sr of the Currency securities in the amount of approximately 50,000,

it does not care to do; Counsel's memorandum stating that under the

111'°171s1on3 of - Section 11(k) of the Federal Reserve Act, the Federal Re-


2113/31 -3...

"rye Board, after satisfying.itself that the bank has

tidUelary duties, is authorized to issue a certificate

the bank is no longer authorized to exercise the power

been relieved of all

to the effect that

granted, and suggesting

that the Board, in order that it may satisfy itself that the bank has been

l'elieved of all duties under the power granted, request the Comptroller of

the OUrrency, at the time of the next examination of the bank, to have the

6461Jainer make an investigation of the trust department in order to determine

174ether or not any trusts have been accepted, and if so, to see that such

tIllets have been properly disposed of.

Upon recommendation of the Law Committee,draft of letter to the Comptroller of the Cur-rency in accordance with the above suggestion,submitted with Counsel's nemorandum, was ap-proved and ordered transmitted.

Memorandum from Counsel dated February 12th, submitting in accordance

With the action taken at the meeting of the Board on February 11th, two letters

to the Attorney General of the United States; one letter transmitting for such

114e 48 he deems advisable, information submitted by Messrs. Wood and Drinnen

With regard to the investigation of the American Exchange Trust Company of

Little Rock, Arkansas; the second letter quoting and summarizing solely for the

the Attorney General and the officials of his department in Washington,

Q"t4in confidential information on the sane subject.

After discussion, during which it was decidedthat all of the exhibits attached to Mr. Drinnen'sreport, with the exception of the report of exam-ination of the American Exchange Trust Company,should be sent to the Attorney General, the letters,enclosing also the exhibits referred to, were ap-proved and ordered transmitted.


2/13/31.4TtaaTs OF STANDING COMMITTEES:t ted,

Dated,

DEtt

Dated,

February 11th Recommending changes in stock at Federal ReserveBanks, as set forth in the Auxiliary Minute Bookof this date.

Recommendations approved.

±40

February 10th Recommending action on applications for fiduciary11th powers as set forth in the Auxiliary Minute Book

of this date.Recommendations approved.

February 12th Recommending approval of the application of Mr.Henry Bahnsen, for permission to serve at the sametime as a director and officer of the American *National Bank of Passaic, N. X., and as a directorof the Peoples Bank & Trust Co., of Passaic, N. T.

Approved.

February

%roved:

12th Recommending approval of the application of Mr.Harry M. Addinsell, for permission to serve at thesame time as a director of The Chase National Bankof the City of New York, New York, N. Y., and as adirector of the Harris Trust and Savings Bank ofChicago, Ill.

Approved.

The meeting adjourned at 12:45 p.

Assistant Secret


(ExecutiveCommittee)

AUXILIA:1Y MINUTES(February 13, 1931)

Reports of Standing Committee dated February 11th, recommending changesin stock at Federal Aeserve Banks, approved as follows:

Atal.ication for ORIGINAL Stock:District No. 10.Citizens First National Bank of Pawhuska, Oklahoma. 72

Shares

A ,ications for ADDITIONAL Stock:District No. 3.l'irst National Bank, Absecon, New Jersey.Clayton National Bank, Clayton, New Jersey.lioPles National Bank, Lakewood, New Jersey.4irst National Bank, Pleasantville', New Jersey.Ilerchents-Gitizens National Bank & Trust Go.,bi A11entown, Pennsylvania.41rst National Bank, Cressona, Pennsylvania.P„iirst National Bank, Greencastle, Pennsylvania.

Vrst National Bank, Hanover, Pennsylvania.

beSt Shore National Bank, Lemoyne, Pennsylvania.

jarmers National Bank, Lititz, Pennsylvania.liirs iational Bank, Mount Holly Springs, Pennsylvania.DTIF V9e1iland National Bank, New Cumberland, Penna.:„.4rst National Bank & Trust Co., Orwigsburg, Penna.irst National Bank & Trust Co., Schuylkill Haven, Pa.

14,iirst National Bank, West Chester, Pennsylvania.epern National Bank, York, Pennsylvania.11-'41-1Ylkill Haven Trust Co., Schuylkill Haven, Penna.p!rlaysville National Bank, Harleysville, Penna.4a'st National Bank, Johnstown, Pa.

Aylyoip....g.alons for SUARENDER of Stock:

410-1Jerchants Trust Company, Massillon, Ohio.Doll(Decrease in surplus)Savings Bank, St. Clairsville, Ohio. (V.L.Abs.

uY First National Bank of St. Clairsville)

Fibistrict No. 6.-rat

National Bank, Griffin,pi Griffin Banking Co.)Arst National Bank, Luverne,Bank of Tuverne)

!strict No, 7.'rst National Bank, Augusta, Ill. tInsolvent)

Ga. (V.L.Abs. by

Ala. (V.L.Abs. by

316018

60615303011361530151575120

25

66

150

32

44

72

504

91

182

44


2/13/31 -2- Pi)_12: 6,00

APPlications for SURliENDER of Stock: (Cont'd) Shares District No. 11.

First National Bank, 4vord, Texas. (V.L.Abs. byAlvord National Bank) 16

—0 National Bank, Plano, Texas. (V.L.Suc. byFirst National Bank of Plano) 60

Permers National Bank, Italy, Texas. (V.L.Abs. byFirst National Bank of Italy) 33 109

Total 426

a aeports of Standing Committee dated February 10th and 11th, recommendingon applications for fiduciary powers by the following banks:

AloPOVED:

DISTRICT NO. 6. TENNESS3E:

The Citizens National Bank, Greeneville. (3328)(Approved only for trustee and guardianshipaccounts being administered at time ofconversion into national bank. Applicationfor full trust powers held.)

DISTRICT NO. 7. ILLINOIS: Inland Irving National Bank of Chicago.

(Confirmatory. Application made by theIrving Park National Bank. Approval effectiveif and when The Irving Park National Bank, ThePortage Park National Bank, and The InlandTrust & Savings Bank are consolidated underthe above title.)

DISTRICT NO. 12.

UTAH:The First National Bank of Price. (3337)

(Powers 2,3,5-8. Approval conditional uponsurrender of trust powers by Helper StateBank, Helper, Utah, an affiliated bank)

IF

1111r :Assistant Secret

% 415P1'oved:


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19310213_Minutes.pdf