19390220_Minutes.pdf

241

A. meeting of the Board of Governors of the Federal Reserve

8ratem was held in Washington on Monday, Iebruary 20, 1939, at 11:30

PRESENT: Mr. Ransom, Vice ChairmanMr. Draper

Mr. Morrill, SecretaryMr. Bethea, Assistant SecretaryMr. Carpenter, Assistant Secretary

The action stated with respect to each of the matters herein-

referred to was taken by the Board:

Telegram to Mr. McCravey, Secretary of the Federal Reserve

13eak of Atlanta, reading as follows:

"Retel. Board approves appointment of Robert S.Parker as President of Federal Reserve Bank of Atlantafor unexpired portion of five year term ending February28, 1941. Board also approves salary fixed by yourdirectors for Mr. Parker as President at rate of 4.20,000Per annum for the remainder of the calendar year 1939."

Approved unanimously.

Memorandum dated February 14, 1939, from Mr. Van Fossen, Assis-

tIltit Chief of the Division of Bank Operations, submitting a summary of

theaformation contained in statements received from the Federal Re-

8ellre banks in compliance with the Board's request of November 23,

1936$ giving the name and annual salary of each employee on January 1,

1939and on January 1, 1938, or the date anployed if hired during

1938.The memorandum stated that the salary lists, as submitted by

eEtchPederal Reserve bank, had been examined, and that the only salary

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

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PaYment requiring special approval by the Board noted was as follows:

A.tlanta

Employee

Genevieve M. Barnett, AlternateAssistant Federal Reserve Agent(Secretary-Senior Clerk)

Salary increasedFrom To

2,700 0,000

The memorandum recommended approval of letters attached thereto advis-

ing the Federal Reserve banks that the Board notes without objection

the salaries of employees on January 1, 1939, the letter to the Federal

Reserve Bank of Atlanta stating also that the Board approves the in-

cl'saes made in the salary of the Alternate Assistant Federal Reserve

Agent at the bank.

The recommendation was approvedunanimously.

Letter to Mr. Kimball, Secretary of the Federal Reserve Bank

Of New York, reading as follows:

"Referring to your letter of February 16, 1939,the Board approves the reappointment of Messrs. William1-1- Pouch, Arthur G. Nelson, Herman K. Beach, Edward J.Noble and Francis B. Reynolds as members of the In-

dustrial Advisory Committee for the Second Federal Re-serve District to serve for terms of one year eachI3eginning March 1, 1939."


Letter to the board of directors of the "Nevada Bank of Com-

tli"ce", Elko, Nevada, stating that, subject to conditions of membership

l'Ibered 1 to 3 contained in the Board's Regulation H and the following


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8Psoial condition, the Board approves the bank's application for mem-

bers 4111 ._/0 in the Federal Reserve System and for the appropriate amount

°t stock in the Federal Reserve Bank of San Francisco:

"4. Such bank shall make adequate provision for depre-

ciation in its furniture and fixtures."

The letter also contained the fol-

lowing special comments:

"It has been noted that the bank has the authorityto exercise trust powers but that such Dowers are not tobe exercised at this time. Therefore, the applicationhas been approved on the same basis as if the bank didnot have trust powers, and should it desire in the futureto do a trust business, application for permission to doso should be made to the Board of Governors in accordancewith the condition of membership numbered one."

Approved unanimously, together witha letter to Mr. Day, President of the

Federal Reserve Bank of San Francisco,

reading as follows:

"The Board of Governors of the Federal Reserve Sys-

tem approves the application of the 'Nevada Bank of Com-

raerce', Elko, Nevada, for membership in the Federaleserve System, subject to the conditions prescribed

14 the enclosed letter which you are requested to for-ward to the board of directors of the institution. TWOcopies of such letter are also enclosed, one of which

18 for your files and the other of which you are re-qUested to forward to the Superintendent of Banks forthe State of Nevada for his information.

"It will be noted that the Board has not prescribedthe special condition prohibiting the exercising of trustPowers, as recommended by your executive committee. Itis understood that the bank will not do a trust business

for the present and the Board has taken the position that

ill cases of this kind such a condition is unnecessary


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"inasmuch as the matter is covered by condition of mem-bership numbered one. Therefore, in lieu of prescribing8 special condition, the letter to the bank calls par-ticular attention to the necessity of obtaining the Board'sPermission, under condition numbered one, before engagingin trust activities."

Letter dated February 18, 1939, to Mr. Hill, Vice President of

the Federal Reserve Bank of Philadelphia, reading as follows:

"Reference is made to your letters of February 14,15, and 16, 1939, concerning the assumption by the 'CamdenTrust Company', Camden, New Jersey, of the deposit lia-bilities of the North Camden Trust Company, Camden, Newlersey, amounting to approxtmately820,000, effectedFebruary 11, 1939, and the proposed assumption of thedeposit liabilities of the Iirst National Bank & Trust

GanPanY of Blackwood, Blackwood, New Jersey, amountingto aPproxtmately V750,000, to be effected February 18,-L939 1 and submitting the application of the Camden TrustCmlaPeny for permission to establish a branch at Blackwoodin connection with the purchase of assets and assumptionOf

liabilities of the national bank."In view of the character of the assets acquired

and to be acquired in the transactions involving the as-sUmPtior of the deposit liabilities of the two banks andthe relative amount of such deposits, it does not appearthat the transactions came within the scope of conditionOf membership numbered 3, to which the Camden Trust Cam-

tnY is subject, and, therefore, the approval of theal'd in that respect is not required.

"In accordance with your recommendation, the Board"Proves the establishment and operation by the Camden?‘Ist Company of the proposed branch at Blackwood, New,1"aelr, subject to the approval by the examiners for

Federal Reserve Bank of the assets to be acquiredtY the trust company in the transaction and subject also

aPProval by the appropriate State authorities of theestablishment of the branch. In this connection, it is114derstood that in the opinion of counsel for the Fed-eral Reserve Bank the establishment of such branch con-

With the applicable provisions of the laws of thetate of New Jersey and the State Banking Department


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"has advised that the establishment of the branch will be

approved."


Letter to the Presidents of all Federal Reserve banks, reading

as follows:

"The Board will publish a list of stocks registered°n national securities exchanges, as of January 31, 1939,and three supplementary lists to be issued quarterly dur-ing the year 1939. These lists, to be published by theBoard to facilitate compliance by banks with the provisionsof Regulation U, will be similar in form to those pub-lished by the Board in 1937 and 1938.

"In accordance with the procedure established in1937) the Board will furnish one copy of the list and ofeach supplementary list free of charge to each member and

nonmember bank in the United States and to all bank ex-aminers and supervisory authorities. The Board will con-tinue sending additional copies to those in this groupwho requested them in previous years and will continuesending copies free of charge to such national securities

exchanges, government officials, members of Congress,Press representatives and educational institutions aslictve previously requested copies. The Board will alsosend copies free of charge to any additional persons inthe foregoing groups who request them for their own use.

"The lists will also be supplied to brokers or otherPersons who may request them at a charge of 25 cents forthe annual number and the three supplements. On bulk

Orders calling for five or more copies, the rate will be20 cents per copy, and on orders for fifty or more copiesthe rate will be 15 cents. The Board has already sent anotice of the 1939 publication and an order form directlyb° each person who subscribed for conies of the lists in1938.

bA.,,,I, "Please notify the Board as soon as possible if your

--.. will require for its own use, including the require-

of its examiners, 8 different number of copies ofthese lists than it received last year. Please refer tothe Board any requests or orders which you may receivefrom other persons."



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Thereupon the meeting adjourned.

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Documents

19390220_Minutes.pdf