A meeting of the Federal Reserve Board was held in Washington on Th ursday , October 6, 1932, at 11:30 a. In. PRESENT: Mr. Magee, Presiding Mr. Handin Mr. James Mr. Morrill, Secretary Mr. McClelland, Assistant Secretary Mr. Harrison, Assistant to the Governor Mr. Wyatt, General Counsel Mr. Paulger, Chief, Division of Examinations Mr. Siems, Federal Reserve Examiner Mr. Await, Acting Comptroller of the Currency. Mr. Magee stated that this meeting had been called as a meeting of the p ede a_ r 1 Reserve Board, with the acquiescence of the Governor, who is in New York and Mr. Miller, who is confined to his home by illness, for the pur- Pose 'Co nsidering a pending application for the issuance to the Continental- Ill1n018 National Bank and Trust Company of Chicago, Illinois, of a permit to e4"cise fiduciary powers. It appeared that the Continental -Illinois 41ak "d Trust Company, now a State member bank with trust powers, desires to c°117art into a national bank with such powers at the close of October 15, 193 ' and that it was desirable for the Board to consider the matter at this time because of the fact that Mr. James expects to leave the city tomorrow tc)Il triP to the southwest. A discussion ensued, based on a memorandum prepared by the Board's - op E xaminations under date of September 30, 1932, and reference was bb ri 41E14 to the fact that the trust department of the Continental -Illinois Bank I Trust c°11 Pany was last examined by State authorities under date of May 1, 43 11 vh en no criticisms of material importance were made, and was not %.1 7tired In the special examination for conversion which was made by a national bEttk e aminer as of June 16, 1932. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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Transcript
A meeting of the Federal Reserve Board was held in Washington on
Thursday, October 6, 1932, at 11:30 a. In.
PRESENT: Mr. Magee, Presiding
Mr. Handin
Mr. James
Mr. Morrill, Secretary
Mr. McClelland, Assistant Secretary
Mr. Harrison, Assistant to the Governor
Mr. Wyatt, General Counsel
Mr. Paulger, Chief, Division of Examinations
Mr. Siems, Federal Reserve Examiner
Mr. Await, Acting Comptroller of the Currency.
Mr. Magee stated that this meeting had been called as a meeting of
the pede a_r 1 Reserve Board, with the acquiescence of the Governor, who is in
New Yorkand Mr. Miller, who is confined to his home by illness, for the pur-
Pose 'Considering a pending application for the issuance to the Continental-
Ill1n018 National Bank and Trust Company of Chicago, Illinois, of a permit
to e4"cise fiduciary powers. It appeared that the Continental-Illinois
41ak "d Trust Company, now a State member bank with trust powers, desires
to c°117art into a national bank with such powers at the close of October 15,193' and that it was desirable for the Board to consider the matter at this
time because of the fact that Mr. James expects to leave the city tomorrow
tc)Il triP to the southwest.
A discussion ensued, based on a memorandum prepared by the Board's
- op Examinations under date of September 30, 1932, and reference was
bbri
41E14 to the fact that the trust department of the Continental-Illinois Bank
I Trust c°11Pany was last examined by State authorities under date of May 1,4311 vh
en no criticisms of material importance were made, and was not%.17tired
In the special examination for conversion which was made by a nationalbEttke aminer as of June 16, 1932.
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1°/6/32 -2-
Tames stated that, in his opinion, the information now before
the Board regarding the trust department is inadequate, that in such cases
tilE13(3ard should have the benefit of a.current examination participated in
rePresentatives of the Board, and that in view of the responsibility of
the ede Reserve Board in connection with the granting of trust powers,
WIlich it would be without authority to revoke, he could not vote to approve
the ePPlication at this time. 11r. Magee expressed agreement with Mr. Tames'
Position.
Pir. Await then stated that, if agreeable to the members of the Board,
ha Itc3ilid arrange for an ixranediate examination of the trust department of the
C04tillental-illinois Bank and Trust Company, in which representatives of the
ght participate, for the purpose of ascertaining the present con-A,
the department and would submit a preliminary report for the in-
t0114ati n „t WIAB Board, if possible, before October 15. He stated, however,that
while it had been planned that at the meeting of stockholders of the
Iltbielltel-/llineis Bank and Trust Company on October 10 the conversion
It°4341 b voted as of the close of business October 15, he would suggest
273
that 4or ° definite date be fixed but that it be left instead to the discretion
the board of directors of the bRnk.
A further discussion ensued, at the conclusion
Of which Mr. Hamlin moved that action on the applica-tion be deferred pending receipt of a preliminary re-Port of the examination of the trust department of theContinental-Illinois Bank aro Trust Company to be con,-ducted by the Comptroller's office and participated inbY the Beard's examiners, when it can be determinedWhether the Board will approve the application on thezarermation then before it or whether it will requirepurther information before taking final action on theaPplicatien.
Motion carried.
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1-0/6/32MIP
Thereupon Mr. Paulger was requested to confer withUr, Await and to arrange for suitable representation ofthe Board in the conduct of the examination.
Thereupon the meeting adjourned.
274
erLA,ILL(10 Secretary.
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