19310806_Minutes.pdf

A meeting of the Executive Committee of the Federal Reserve Board was

held- in the office of the Federal Reserve Board on Thursday, August 6, 1931,

Ett 11:00 a.

PRESENT: Governor Meyer

Er. MillerMr. Tames

Er. MageeMr. MbClelland, Assistant Secretary.

Dr. Walter 7. Stewart was also present and advised the Board of his

observations and views as to conditions in the more important European

emln:tries based upon a trip abroad from which he but recently returned. At

the conclusion of his discussion with the Board, Dr. Stewart left the meeting.

The Assistant Secretary then presented various matters of business

174ieh were considered and acted upon by the Committee as follows:

1:emorandum from Counsel dated August 5th with reference to the

ClaYton Act application of Mr. William Z. Hayes, involving the Republic

Bank and Trust Company and the Liberty State Bank, both of Dallas,

Te-4as; Counsel submitting draft of letter to the Federal Reserve Agent at Dallas

l'eqU°Sting more detailed information as to why, in the Federal Reserve Agent's

°Pinion, the approval of the application would not result in a restriction of

e/leclit or a lessening of competition between the barks involved.

Upon motion, the letter submitted

by Counsel was approved.

Telegram dated August 5th from the Chairman of the Federal Reserve Bank

3t. Lotus, advising that his Board of Directors, at a meeting on that date,

blade no change in the bank's existing schedule of rates of discount and purchase.

Without objection, noted with

approval.

lIemoranduni dated August 5th fram the Director of the Division of

iles°1'ch and Statistics, recommending that the leave of absence without pay

te to Lais. Toyee I. loss, which expires on .August 23rd, be extended to

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EL

Approved.

Bond in the amount of :)500000 executed under date of August 4th by

*4 Harold V. Roelse, whose temporary designation. as Acting Assistant Federal

Reserve Agent at the Federal Reserve Bank of New York was approved by the

Executive Committee on August 5th.

Approved.

Report of Committee on Salaries and Expenditures on list submitted by

the Federal Reserve Bank of St. Louis of anoloyees for whom the directors of

that bank authorized leaves of absence with pay, on account of illness, during

tile Dionth of Tuly, where the total of such absences since Tanuary 1, 1931,

exceeded thirty days; the Boardts Committee recommending approval of the

8414rY payments involved.

Approved.

Telegram dated August 5th from the Secretary of the Federal Reserve

14u* of New York, advising that due to a weakness in sterling on that date

the Federal Reserve Bank of New York made purchases aggregating .R500,000.

Noted.

Letter dated August 5th from the Assistant Deputy Governor of the

ecleral Reserve Bark of New York, transmitting sumnaries of short—term

tridebtedness between New York banks and bankers and foreign clients as of

.'111Y. 29, 1931.

Of the

that a

Ordered circulated.

The Governor then referred to the meeting of the Executive Committee

Open Market Policy Conference held in New York on TUesday and stated

meeting of the full Conference will be held in Washington on next

sclaY, August 11th. There followed a discussion of money market conditions

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11 and Possible courses of action by the Federal Reserve System.

The Assistant Secretary reported that the cost of printing Federal

Reserve notes has been reduced by the Bureau of Engraving and Printing,

effective Tuly 1st, from '95.45 to 92.50 per thousand sheets.

11213°R OF STANDING conaTri7s:

Dated.,

nated,

IDEtteci,

110

August 5th Recommending changes in stock at Federal Reserve Banks,

6th as set forth in the Auxiliary Minute Book of this date.

Recommendations approved.August 5th Recommending action on application for admission of a state

bank, subject to the conditions stated in the report

attached to the application, as set forth in the Auxiliary

'dilute Book of this date.Recommendation approved.

August 5th Recommending approval of the application of Ir. H. J. Gook,

for permission to serve at the same time as director of the

First National Bank of Madison, New Jersey, and as officer

of the National City Bank of New York, New York.

Approved.

Aucust 5th Recommending approval of the application ()fn.. J. F. Deasy,

for permission to serve at the same time as director of the

Bank of Pittsburgh, N. A. of Pittsburgh, Penna., and as

director of the Guardian Trust Company of Cleveland, Ohio,

Approved.

The meeting adjourned at 12:30 p. m.

Assistant Secretary.

41)1)1'eved

(L:r

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AUXILIARY 12MUTES(August 6, 1931.)

Reports of Standing Committee dated August 5th and 6th, recommendingchanges in stock at Federal Reserve Banks, approved as follows:

AUlications for ADDITIONAL Stock: SharesDistrict N 2Irst National Bank, Southampton, N. Y. 60 60

District No. 3.West Shore National Bank, Lemoyne, Penna. 3First National Bank & Trust Co., Orwigsburg, Penna. 6Swarthmore National Bank & Trust Company,

Swarthmore, Penna. 15 24

District No. 6.Baznett National Bank, Cocoa, Florida. 3 3

Total 87

ziaalgations for SURRENDER of Stock:.RIZ.112:11111!_4Union Na-iii,E7aTbank, Massillon, Ohio. (Decrease

in surplus)

District No. 6.14britEamery County Loan and Trust Co., Hillsboro, Ill.

(Decrease in capital and surplus) 18State Savings Loan and Trust Co., Quincy, Ill., (Decrease in capital and surplus) 36041rst National Bank, Bethany, Mo. (Decrease in

surplus) 9zirst National Bank, Montgomery City, Mb.

(Decrease in capital and surplus) 16 405

District No. 9.First National Bank, Wheaton, Minn. (V.L.Suc. by

First National Bank in Wheaton)

30 30

30 Total

30465

Report of Standing Committee dated August 5th, recommending action onekn

aPPlication for admission to membership by the following state institution,allbiect to the conditions stated in the report attached to the application:

Aloppur— Nare

4pproved:

Shares

State Savings Bank, Escanaba, Michigan. 120

F.R.Bank

Chicago

Assistant Secretary.

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