) 9

, A neetin7, of the Executive Committee of the Federal Reserve Board

W" held in the office of the Federal Reserve Board on Friday, March 6, 1931,

at 11:00 o'clock, a.m.

PRESENT: Mr. HamlinMr. MillerHr. JamsMr. McClelland, Assistant Secretary.

The Assistant Secretary presented various matters which were con-

by the Committee and acted upon as follows:

Letter dated March 5th from the Secretary of the ]Federal Reserve

Bank of New York, and teleGrams dated March 4th from the Chairman of the

Peder-,c-1- Reserve Banks of Philadelphia and St. Louis, and March 5th from

the Chairman of the Federal Reserve Bank of San Francisco, all advising

t/ult at meetings of their boards of directors on the dates stated, no changes

178118 nlade in the banks' existing schedules of rates of discount and pur-chase.

Without objection, noted withapproval.

Letter dated March 4th from the ChairriPn of the Federal 'Reserve Bank

Of St° Louis, advising that at the meeting of the Board of Directors on

14111ch 4t-1,1 it was voted, subject to the approval of the Federal Reserve

to amendthe by-laws of the Louisville Branch, changinrF, the closing

4911r Of the branch on Saturday from one o'clock to two o'clock p. m., so

48 to conform to achange made by Louisville banks and trust companies.

Upon motion, it was voted to approvethe change made by the directors of theSt. Louis Bank in the by-laws of theLouisville Branch.

Letterdated March 3rd from Mr. ..;alter S. Logan, General Counsel

Of thejiederal deserve Bank of New York, advising that r. Theodore LI. Crisp,

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Assistant Counsel, did not rind it necessary to take the leave of absence

granted him beginning January 1, 1931, but returned to the bank on that

date, but that because of the large amount of legal work at the New York

44k, Mr. Harold S. Schultz, who was employed as Assistant Counsel for a

Period of three months ending'l!arch 31, 1931, is being retained by the bank

44t1l the expiration of his temporary appointment.

Noted.

Letter dated March 2nd from the Federal Reserve Agent of the Federal

Reserve Bank of Chicago, recommending that the Board waive the usual re-

qUirement of six months' notice in the case of the Ulch Brothers State Bank,

8°1°11, Iowa, and permit the bank to withdraw from membership in the Federal

1've System immediately under the voluntary notice of intention to with-

cirew filed on February 27, 1931.

Upon motion, it was voted to Permitthe immediate withdrawal of the member bank.

Letter dated March 2nd from the Assistant Federal Reserve Agent at

ehieAr.--160, with regard to the action of the American Trust Company of South

13°4c1, Indiana, a member bank, in absorbing for liquidation on February 1,

19311 the LaSalle State Bank of South Bend, Indiana, a non-member

illetitution; the Assistant Federal Reserve Agent stating that, in his

°111114111 the absorption has resulted in practically no change in the general

eter of the assets of the American Trust Company.

Noted without objection.

14emorandum from Counsel dated March 3rd, submitting draft of reply

t0 lett er addressed to the Comptroller of the Currency, under date ofletirtla

rY 28th by Er. Percy D. Naddin, Attorney at Nashville, Tenn., inquiring

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whether certain directors of the Fourth and First National Bank, rashville,

IllaY lawfully also serve as directors of the American National Bank of

Iles/wale; the proposed reply stating that inasmuch as the Fourth and First

National Bank, though not in liquidation, has transferred practically all of

it8 assets to the American National Bank and is not engaged in any commercial

bank4_Aaig business, it comes within an exception to the Clayton Act and the

service of a person as a director of the two institutions is accordingly

4(lt affected by the provisions of that Act.

Upon recommendation of the LawCommittee, the proposed letter was approved.

jal!taTa OF STANDING cormi

1015ted,March 5th Recommending changes in stock at Federal Reserve Banks,as set forth in the Auxiliary Mnute Book of this date.

bated Recommendations approved., March 5th Recommending approval of the application of Yr. Frank S.

Boland, for permission to serve at the same time as adirector of the Workers Trust Company of Tohnson City,N. Y., and as a director of the First Atlantic NationalBank of Daytona Beach, Florida.

Nted, Approved.lilareh 5th Recommending approval of the application of 1,!r. Y. K.

Wadley, for permission to serve at the same time as adirector of the Commercial National Bank of Shreveport,Louisiana, and as a director of the Texarkana NationalBank, Texarkana, Texas.

Niko,Approved.uarch 5th Recommending approval of the application of Mr. Sohn

Tunell, for permission to serve at the same time as adirector of the First National Bank in Minneapolis,Minneapolis, Minnesota, and as a director of The Merchantsand 'liners National Bank of Ironwood, Ironwood, Michigan.

Approved.

The meeting adjourned at 12:00 noon.

44roveci:

14ettler Executive Committee

Assistant Secretary

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4 (4ecutiveCommittee)

AUXILIAIff MINUTES• (March 6, 1931.)

Reports of Standing Committee dated March 5th, recommending changesit stock at Federal Aeserve Banks, approved as follows:

s for ADDITIONAL Stock: District No. 2.

Perth Amboy National. Bank, Perth Amboy, N. J.

District No. 5.First National Bank, Barton, Md.

District No. 7.Cornmercial National Bank &,Trust Co., St. Joseph, Mich. 60

Shares

District No. 9.Commercial Bank, Menominee, Mich.i-rst National Bank, Chatfield, Minn.

Iszlerican National Bank, St. Cloud, Minn.,ecurity Bank & Trust L:o., Bozeman, Mont.''irst National Bank, Great Falls, Mont.r(!l'aet Falls National Bank, Great Falls, Mont..'telliand National Bank, Sidney, Mont.

I' Pl.rst National Bank, Hunter, N. Dak.00mMercial Trust and Savings Bank, Mitchell, 0.

28curity National Bank, Lobridge, 6. Dak.

45

15

6336601593

Dak. 62

A 1t4ications for SINAENDER af Stock:

IJistrict No. 4.14erchal tate Bank, New Philadelphia, Ohio. (Liquid-

ation)

District No. 5.144tIol-----1 1 "---kof Greenville, N. C. (Insolvent)

strict No. 7.'Irst N

ational Bank,Stonington, Ill. (V.L.Abs. byFarmers State Bank)

1,,istrict No. 8.iret af -ranite City National Bank, Granite City, Ill.pitleons. First National Bank, with the above bank)

'46 National Bank, Ludlow, no. (Insolvent)

41.13provea:

4e1ber, 2aacutive Ca=ittee.

45

15

60

113Total

135 .

90

36

6020

233

135

90

36

80341

Assistant Secretary.

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