19341009_Minutes.pdf

3112

A meeting of the 2xecutive Committee of the -pederal xteserve Board

Iv" held in Washington on Tuesday, October 9, 1934, at 3:00

PRESENT: Mr. Thomas, Vice Governor'1;:r. HamlinMr. lames

Szym.czak

p.m.

Mr. bethea, Assistant SecretaryEr. Carpenter, Assistant becretary

The Committee considered and acted upon the following matters:

Telegrams dated October 8, 1934, from ir. Powell, Secretary or

l'ecieral Reserve bank of lanneapolis, and October 8, 1934, fromliqsh

Chairman of the IFederal Reserve bank of Dallas, both advising that,

bleeting8 or the boards of directors on the dates stated, no changeswere

1141416 ia the banks, existing schedules or rates of discount and pur-the.se.

Without objection, noted with approval.

Telegram dated October 8, 1934, approved by four members of the

to T,• Eirgent, Assistant Federal deserve Agent at the xederallieserve

Ballic or an lirancisco, reading as follows:

totir "1.°11r letter October first. Board approves designation ofZirarlm,eM13103rees of Seattle branch and four employees of Portlandle as assistant examiners without change in compensation. ItpelitZeratood that none of the individuals will be transferred

lie tlY to examining work without Board's approval."

13015.1.,(1,

Approved.

tter dated October 8, 1934, approved by four members of the

to*. O'Connor, omptroller of the Currency, reading as follows:

8oard."!4 accordance with your recommendation, the 1.tderal eserveI.PasaaT131311(3ves a reduction in the common capital stock of the*014 --C Ilational Bank and Trust uompany', Passaic, New .Tersey,

'v00,000 to ,,1,000,000, pursuant to a plan which provides

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:!hat the bank's capital shall be increased by the sale of -1,750,000

!Jreferred stock to the Reconstruction Finance Corporation and that

released capital, toether with a portion of the bank's surplusand• undivided profits, shall be used to eliminate all estimated losses

t° write down the investicient in lower grade securities to market• Iles) all as set forth in your memorandum of October 1, 193.4x."

Approved.

Letter to Mr. 'Connor, Comptroller of the Currency, reading as

"In accordance with your recommendation, the Federal Reserve

Am,a,c.1 approves a reduction in the common capital stoc_s: of 'Therz—lcan :ational Bank Trust Company of Mobile', Mobile, Alabama,

4:500,000 to 350,000, pursuant to a plan which provides that10• :1'41011 of the released capital shall be used to eliminate allall'es estimated at the last examination which have not since been

Us:f12ed °fr, and to establish a reserve for contingencies to beall,k to

--arge orr assets under the instruction of the examiner,as set forth in your letter of September 24, 1934.'

Approved.

Let i;eirL,1/4.) O'Connor, Oomptroller of the Currency, readin: astqlows:

iloal.,"In accordance with your recommendation, the Federal Reservetr aPProves a reduction in the common capital stock of the*oz. Citizens National Bank of Green Bay', Green Bay, Wisconsin,the

D,000 to .250,000, pursuant to a plan which provides that

to h alak's ,':

capital shall be increased by ,350,000 of preferred stockz,eleo s°1d to the Reconstruction Finance Corporation, and that the

Droris_ eci caPital, together with a portion of the bank's undivided

ct 1.11-1's account, shall be used to eliminate approximately 311,000Se satisractory assets, all as set forth in your memorandum ofPte7absr

19, 1934,

camt"In considerinc, the plan under which the reduction in commontoratal is to be effected it has been noted that the bank's direc-

It lae mana7,e1nent are severely criticized by your examiner.tio, Understood however, that this matter is receiving the atten-- Your Office"

Approved.

Lett-r to the "Bankers Bond ,., Share Company", Omaha, Nebraska,4 as ro

llaws:

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(

10/9/,,4-3-

"The Federal deserve Board has received from the Federal

jeerve agent at the Federal Reserve Bank of -ansas City advicein at Your corlioration has complied with the conditions to thee(sl'allce of a general voting permit to the corporation, contain-4̀ in the Board's letter dated August 24, 1934.

aut

° "Accordin gly, there is inclosed herewith a voting permit

it 1:. 1'12ing Bankers Bond & Share Company to vote the stock whichLa "ns or conizols of The Security National Bank of Laurel,aturel, ebraska, and the Washington County Bank, Blair, 1:ebraska,ke,,!1. 1 elections of directors and in deciding all questions at

41.rE;s ol shareholders of such banks."

Telegram

Approved.

dated October 8, 1934, approved by four members of the

1(14N) tAustin, Federal Reserve Agent at the Federal Reserve Bank

-Pula, reading as follows:

Bazik "Board approves applications of conservator or Penn Nationaletacii!tld Trust Company and Reading Y;ational Bank and Trust Company,st)e,g, Pennsylvania, for surrender of 870 and 1,260 shares re-

ely or Federal reserve bank stock."

or

Approved.

Letter dated October 8, 19,J4, approved by rive members or thepato

71°0d, Federal Reserve Agent at the Federal Aeserve Bank't. Lo,.

4.e, reading as follows:

i,Geor"The Federal :_ieserve Board has given consideration to theStew rit'dellclation of your Executive Committee, contained in r.siollertt Fr.e letter of August 22, 19z-1:), ana pursuant , psuant to the provr-to 4,1„01. Section 19 of the Federal Reserve Act, grants permission

4Mer1can Exchange National Bank in St. Louis', Missouri,4.1te ve with the first reserve computation period beginning

e date of this letter, to maintain a reserve with theot -'-eServe Bank of St. Louis equal to not less than 7 percentthe a: aggregate amount or its demand deposits and 3 percent of

-4'°gregate amount or its time deposits.typl

44i3 e. advise the American Exchan,fl National Lank in St.ita

e..souri, or the Board's action in this matter, calling

revoxAtion to the fact that such permission is subject to13/liaet --4°n bY the Federal Reserve Board at any time after appro-

e Aotice to the member bank."

Approved.

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kard, , ,1'0'11% Sargent, Assistant federal eserve A7ent at the Federal

Tele .Csram dated October 8, 1_964, approved by four members of the

erve Bale ,4 oi San Francisco, reading as follows:

13, "Your wire October 5 re sale of certificate of deposit issuedill.eraber bank in order to pay dividend of nonmanber State bank.

pla le understood that proposed transaction ill not be part GI orz„or,sUant to any agreement, arrangement or understanaing for pur-

e or evading law or regulation between the raeLaper bank purchas-eT- &Ich certiricate and the member bank which issued it. In thesetaFel-,Imstances Board knows of no legal objection to sale in goocojtfl or certificate ol deposit before maturity to a mel,ber bank"er than that which issued it."

4,41,Letter to .

case,cr New York,

eetilIg that the

4Atatied that the

40t applicable

llisioris of that section,

tteterait the permit

or hitjs action

inrom11 17111

iLiprove

the

his attendance

411.112`11k that the permit hast4e

2ederal Reserve Agent at the Federal Reserve

inclosing the following Jlayton Act pemit, and re-

agent withhold delivery of the permit until he is

provisions of section 32 of the Banking Act or l9z),-.)

to F.r. O'Neil or that he is complying with the r'-

in which which event the agent is authorized to

to the applicant, at the sane time advising the

in the matter.

applicant

aUbiaits his recommendationth

Dertzit, he reportrliteetora

ineetilr's•1-r1 • Arthur. S. ror

C director and

Officer

le113buriL*, New York, as

the letter also suggested that

that it is with the expectation that

at directors' meetings of the St. Regis

been granted, and requested that, when

fully

as a result of his annual review

as to the applicant's attendance at

permission to serve at the same timeof the Ogdensburg '.rust Company,director of The St. Regis Falls

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that the Chicaj;o ITansrer and Clearing Company, Chicago,

holding company affiliate of the State Bank of Clearing,

and that the application presents a question of policy

heretofore been considered by the Board; namely, whether

10/9/6,1-5-

National Bank, St. Regis Falls, New York, and as a director01 the I:adrid Bank, I,:adrid, New York.

Etchrisitt,i,

to

Approved.

Letter to an applicant for a permit under the

aPproval of his application as follows:

Olin Anton, for permission to serve at the same time111,4 orlicer of ihe First National Bank of Chicago, ChicaL;o,ch,111°is, and as a director oi the State Bank of Clearing,'Lea.e:0) Illinois.

Clayton

Approved.

In connection with the above application, consideration was given

rac,1 ra4cium dated September 2?, 1934, rram Ir. Cherry, Assistant

'1113e1, atatinr.

t1 e.

13(3alletiii considerinc

(1.11'ect0r or a

arriliate

crti 1/ermit,

t111€ 13errait be

relrlewed the

°'11Q PI-0bably

th is type

a Clayton Act application involving the service

State member bank which is controlled by a holding

which has

will grant

,(-,:ranted to

facts with

°11 beLais of the

or the racts

erralt should be

railed or refused to file an application for

the Clayton ,,ct permit on condition that a

the holding company affiliate.

regard to the application, and

be inadvisable

The me:_oran-

stated that

to attempt to establish a general

of situation, but each case should be considered

particular facts

in the present

granted to the

and circumstances involved; that,

case, it is felt that the Clayton

applicant without reference to the

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10/9/64

queztion.I GrantinZ a

t t the question.

_6-

voting peruit to the holaing comrany affiliate;

one or policy for the Board to deciae.

ichere Were then ore sented thest °-01,

- or .bederal reserve banks:•

Dist cations for ORIGINAL stock:rlct 6st Xational 13ank in Donaldsonville,

2,hebortaldsonville, Louisiana1.Blourit ITational i.- ank of Maryville,r'e'1771.11e, fennessee

katriet iro. 7.

1:ational 6a.nk of Greenwood,Indiana

1)13tr•.11e let 10,

'Im°re 1:ational 'Bank,"Y111°1'e, ITebraska

l'a•ctIzz •Ications ror

,.L.DDITION-AL Stock:

A1111)0Y 14tional Bank,'1140e,111.1 .1.1taboy, 1:ew 3-erseYecond

'' ::ational -13ank and

.--lrusT Company

144°1' .(,,.1 '''' k', 'c'd ;,ank, 1. -,ew :Terse/

,

,!..12,Company,1"4.a•Z'ara

Iralls, :?Terr YorkT ti'1.-the ,

..:0. q.

vi4

ee011'a 'iat10/1.0.1

138111 ofr'1'1%4, 6hio Warren,

biatriet -. go.4.4cod

.•', 'ellills 1:4at1ona1

Bank,4,e'lerztown, - q 1 dc'olzth -Lry an

oi Hagerstoydn,

valley National &ink ofrloorefield, '.Vest Virginia

1.et ITo. 6.kts

,:ation41 Dank or ..,thens,Z11

linesseeL:4,14.!..,11atioaal Bank or Jookeville,e)

l'ennessee

follo;-,inB applications for changes

Shares

64

66

b6 Total

7u

lo0

180

180

60

6

79

66

D6lbl

4,05

180

06

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JI

10/91,)4-7-

.13lications LiDDI7IONAL Stock: 1),T,LletPict (Contiaueill

( ont inuea' )"i° First

Irationai Bank or Dickson,Dickson,

TennesseePirst T.:rational Bank o

Kingsport'1C-1-4sPort , Tenue s see

1)4tziet lcio. 7.t'isaxt ::,ratiolical

Danic,DYsat, Iowae i,iirst c iTational Bank or Burr Oak,o0a:c. ,

:-iChi,:all411ercial ;tate Savills Bank,

s. Clreenvi lle,

::ichian

Bank

''iliatee County -:avin.,_;s ,

,..1,

It

istee, lachiL,fan

8tti-etIlle Z`irst ''' t: Bank

or )reonal ta,T42'reat .'Salls, LIontana

;71tional Lau:: in ..rahpeton,"4111Deton, iTorth Dakota

. 12.Oorapton

:rational Baet nk'

r,b .

°Lk) t 011 ) Caliroraia'll'

1Tationai

lifornia

Ban '-'

k in r°31"Ca

b/3*--t•L'?gLions for .313-1111-4-'-'-ui.-1='" w

'114 I'let iro. 4.711%1 ::.e.tional

..,stnk or ziallenop1e,,liellolole,

Pennsylvania_, 4

,-nOple 2

ZD1.-s ITational Bank.of Zu-L-L*110131e, Pennsylvania4ztz,ict ,,

CltiZxia parik,. 6.

Cletorl, Geor:ia1,, tbict 1:0. 12.''4

'first iTatioxial

Bank oil' l'Illite)

California -::- -uente,

pp roved.

Shares

30

01

1

10

12

156

01 07

1

7

60

60 120

00 22

60 60232

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10/9/34

d:

-8-

Thereupon tle meetin„; adjourned.

-

Assistant Secretary.

. , -

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