19350218_Minutes.pdf

471

A meeting of the Federal Reserve Board was held in Washingtonon.

Monday, February 18, 1935, at 11:30 a. m.

Assis

kiss 1,Ilattie M. Wise, as his secretary, with salary at the rate of

11462n Per annum, effective as of the date upon which she enters uponthe

verformance of her duties, after having passed a satisfactoryInkyeic

a- examination.

ibireetor of the Division of Research and Statistics, recommending an

483.ort fora Period of three months from February 27, 1935, of the

4;17 appointment of Miss Neva Ewin as a stenographer in thedi1311, with salary at the rate of ';11440 Per annum.

Approved.

Letter to Mr. Winfield W. Riefler, formerly a member of the

terApo

PRESENT: Mr. Thomas, Vice GovernorMr. HamlinMr. MillerMr. JamesMr. Szymczak

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

The Board acted upon the following matters:

Memorandum dated January 19, 1935, from Mr. Daiqer, Special

tant to the Federal Reserve Board, recommending the appointment of

etatt

°f the Board's Division of Research and Statistics, reading as10 8:

terld The Federal Reserve Board accepts your resignation,

Of iZed in your letter of February 14, 1935, as a membere staff of the Board's Division of Research and

Approved.

Memorandum dated February 14, 1935, from Mr. Goldenweiser,

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

472

2/18/35

"Statistics, effective as of February 15, 1935, and sincerelywishes you every success in your new field of activity."

Approved.

Memorandum dated February 16, 1935, from Mr. Morrill, submitting

for. the approval of the Board, at the request of Governor Eccles, the

roe mmendation of Mr. Daiger, Special Assistant to the Federal Reserve

8c)ard) that, effective as of February 18, 1935, the Board employ for a

Period not longer than the current session of Congress, Miss Jeanne

Stevens for the purpose of going through newspaper clippings and pre-

ling an informative summary or digest of the press comments upon the

Ilallking Act of 1935, and that her salary be fixed at the rate of $2,600

Per annume

toa,,to Mr. Austin, Chairman of the Federal Reserve Bank of Philadel-

Nita

Approved.

Letter dated February 16, 1935, approved by six members of the

' l'eading as follows:

Y°11r letter of February 6 in regard to salaries of officers

2c1 employees at the Federal Reserve Bank of Philadelphia.

rig other things I note your statement that the controlling..!etor in the determination of the salaries to be paid byB;)111' bank must be a comparison with the salaries paid for111ilar services in the other banks of Philadelphia.

I„ In considering the general question of policy involveddetermining salaries to be paid at the Federal reserve'nks I do not believe that one who is familiar by actualeZerience 'rith the conduct of the affairs of commercialdttril'inEr institutions of substantial size and with the every-thY denands upon their officers and employees will feel thatat: comparative security and stability of income of officers1.11'4 employees of the Federal reserve banks should be ignorednizninlbaking comparisons. In this connection, there are a

or of important factors affecting such a comparison that

"I have read with interest the information contained in


2/18/35

473

-3-

"should not be overlooked."Member banks are required to provide the capital of

the Federal reserve banks and must maintain on deposit ziththem at least the amount of the reserves required by law.The operating officers of the Federal reserve banks do not haveto solicit deposits nor do the reserve banks have to competeWith other similar institutions in order that they may con-tinue in existence and maintain or improve their relativePosition in the community. They are not under the pressingnecessity of looking for sound loans or investments and re-newing them constantly after they get them into their port-'0110 for the purpose of making net earnings sufficient toPaY interest to depositors as well as dividends to stock-holders

. They are not confronted with the dangers tocommercial institutions from rumors and misrepresentations

to their financial solvency or ability to meet withdrawals.41sY ere not ordinarily affected by changes in managementwfhich sometimes happen in commercial banks due to dissatis-.c?tion among stockholders or the competition of conflictinganc'erests to gain control, nor are Federal reserve bank:ffioiels subject to the risk of loss of status or position

the result of mergers or consolidations, such asitl'equently take place in commercial institutions. The reservewlIlks have carried their personnel through the depression

h comparatively small curtailments of salaries, all ofhave been restored and in many instances with increases

4,,st salaries, so that the average salaries of officers and em-t?yees in the twelve Federal reserve banks as a whole, asfInted out in my letter of January 5, is greater today thanwas before the depression, and I understand that this is

Ivtle also at the Federal Reserve Bank of Philadelphia.4 'The Board is glad to note, however, that the subject

r'celving your close and constant attention."

Approved.

Letter to Mr. Preston, Deputy Governor of the Federal Reserve

0f Chic co, reeding as follows:

"Ref erring to your letter of February 11, the Federalliti;:rve Board approves the temporary employment of Mr. Raye14sY, electrician, at the prevailing scale for

ChicagoTlion.

exc icians in Chicago which is between $200 and $300 infi -86 of the maximum provided for in the personnel classi-eaticn plan,"

Approved.


474

2/18/35-4-

Memorandum dated February 15, 1935, from the Committee on

Ilaries and Expenditures, submitting a letter dated January 28 from

M1'' Preston, Deputy Governor of the Federal Reserve Bank of Chicago,

Which requested approval of changes in the personnel classification

P1611 of the bank and its Detroit branch to provide for the new posi-

ti°118 of "Chief" in the Cash Department of the head office, end of"Sten

-°grapher" and "Typist, Sr." in the Federal Reserve Agent's

0411m.ent at the Detroit branch. The memorandum recommended thatthe „

Proposed changes, which do not appear to be in conflict With the

P°14cY of the Board as set forth in its letter of January 5, 1935, be

PP1*°Ireci by the Board.

Approved.

Memorandum dated February 9, 1935, from the Committee on

80.14ries and Expenditures, submitting a letter dated January 9 from

I 'eYton, Chairman of the Federal Reserve Bank of Minneapolis, ad-

visite that, in view of the policy set forth in the Board's letter of

61114'17 5' 1935, the executive committee of the bank had reeved the

el144gee in the personnel classification plan of the bank previously

ree°111111ended in Governor Geery's letter of December 7, 1934, and hade elataem4ed

certain changes therein. The memorandum stated that the

°111ended increases of $100 each in the salary ranges for the

Of P°8itions

"Purchasing Supervisor", "Equipment Mechanic", "Registered

141'11 811Pervisor" and "Manager, Securities Department" do not appeartob in keeping with the principles set forth in Governor Eccles'


475

2/18/35letter of January 5it is

Proposed that

thereby eliminating

-5-

and recommended that they be disapproved, and, as

the guards are to take Sunday and Holiday shifts,

the necessity for employing extra men, that the

151I'c'P°8ed salary ranges for guards be approved. The memorandum further

ec°111111ended that the other proposed changes, all of which appear to be

e°112istent with the procedure outlined in Governor Eccles' letter of4411,

-17 5, be approved.

Recommendations approved.

Letter to Mr. Burke, Acting Chairman of the Federal ReserveWk of

Cleveland, reading as follows:

"The Federal Reserve Board has received your letter ofPebrAllarY 8, 1935, and approves the reappointment of Messrs.4, Smythe, D. P. Davies, and E. C. Folsom as members ofthe Industrial Advisory Committee for the Fourth Federal Re-

Arre District, each for a term of one year from March 1,'5. It is assumed that each of these gentlemen is stillapel'ivelY engaged in some industrial pursuit within the Fourtheueral Reserve District.

1,f. "The Board also approves the appointment of Mr. H. J.fole2ter as a member of the Industrial Advisory Committeeitr Your district for a term of one :ear from March 1, 1935.aejs not clear from your letter whether Mr. Pfiester ispo lvelY engaged in some industrial pursuit within theiall,r_th District, but the Board's approval of the appointment

""ed upon the assumption that he is so engaged.rill be appreciated if you will advise whether essr mythe and Davies will continue as Chairman and

p_-e Chairman, respectively, of the Industrial Advisory-wlimittee for the Fourth District.raa "It is noted from Governor Fleming's telegram of Feb-th.brir., 16 that Mr. James 0. Carr, who had been selected astIbi,'th member of the committee, has advised of his in-

saoitYeeted to serve and that another appointee will be-4.. n

Approved.


t\ 2/18/35

476

-6-

Letter dated February 161 1935, approved by five members of the

Board, to Mr. Sargent, Secretary of the Federal Reserve Bank of San

4ancisco, reading as follows:

"The Federal Reserve Board has received your letter of!ebruary 7, 1935, and anproves the reappointment by theJooard of Directors of the Federal Reserve Bank of San Fran-cisco of Messrs. Ralph Burnside, Shannon Crandall, Henry D.Nichols, and Stuart L. Rawlings as members of the IndustrialAdvisory Committee for the Twelfth Federal Reserve District,each for a term of one year from March 1, 1955.,. "The Board also approves the appointment of Mr.nliliam G. Volkmann as a member of the Industrial Advisoryuommittee for your district for a term of one year fromMarch 1, 1935, to succeed Mr. H. L. Terwilliger, it being1.1nderstood that Mr. Volkmann is actively engaged in someIndustrial pursuit Tithin the Twelfth Federal Reserve District.Ra "It will be appreciated if you will advise whether Mr.

1711ngs will continue as Chairman of the committee."

Approved.

Letter to "The Austin National Bank of Austin")

"'al reading as follows:

19 "This refers to the resolution adopted on September 11,b 34) by the board of directors of your bank signifying theInki s desire to surrender its right to exercise trust powers"ieh have been granted to it by the Federal Reserve Board.b, "The Federal Reserve Board understands that your bank

been discharged or otherwise properly relieved in accord-I;Te with the law of all of its duties as fiduciary. Theb..!rd, therefore, has issued a formal certificate to youralv"1"k certifying that it is no longer authorized to exercises_Y ?f the fiduciary powers covered by the provisions ofc:ret.,1011 11(k) of the Federal Reserve Act, as amended. This

6ificate is inclosed herewith."In this connection, your attention is called to the

er that, under the provisions of section 11(k) of the Fed-be:-L Reserve Act, as amended, when such a certificate has

issued by the Federal Reserve Board to a national bank,Of bank (I) shall no longer be subject to the provisionsOf !eetiOn 11(k) of the Federal Reserve Act or the regulationsbp, °le Federal Reserve Board made pursuant thereto, (2) shall' entitled to have returned to it any securities which it

Austin, Minne-


477

) 2118/35

may have have deposited with the State or similar authorities forthe protection of private or court trusts, and (3) shall notexercise any of the powers covered by section 11(k) of theFedera 1 Reserve Act except with the permission of the FederalReserve Board."

Approved.

Letter to Mr. Case, Federal Reserve Agent at the Federal Reserve

441c of New York, reading as follows:

"Reference is made to Mr. Dillistin's letter of Feb-;118-rY 11, 1935, inclosing a copy of a letter dated February

New 1955, from the 'Lawyers County Trust Company', New York,

"?1-17 York, wherein the bank reouests an extension of time of48.,,x months from March 1, 1935; within which to comply with'fle provisions of membership condition numbered 19 whichProvides that:

tc,,uch bank shall, within six months from thedate of its admission to membership, disposeof any loans which may be secured in whole orin part by its own stock or obtain other se-curity for each such loan.'

, "The bank accomplished its membership on April 13, 193,a the Board subsequently granted an extension of time to,l'eh 1, 1935, within which the bank might comply with the

v-"Arisions of the condition.

YourIn vier of the circumstances and the recommendation of

ti,_ Office, the Board extends to September 1, 1935, the1744,T within Which the Lawyers County Trust Company may complyirt.1 the provisions of membership condition numbered 19 and

18 requested that you advise the bank accordingly."

Approved.

Lettertr,4 to Mr. Austin, Chairman of the Federal Reserve Bank of

Phie, reeding as follows:

Ped "The Board has reviewed the report of examination of thebils?ral Reserve Bank of Philadelphia made as at the close ofyoultlees November 17, 1934, copies of which were left with

4Td Governor Norris.the 'It has been noted (page 18) that certain employees one,s Btaff of the Industrial Advisory Committee are designated

examiners and assistant examiners. The Board prefers that


478

A-8-

"the title of examiner and assistant examiner, so far asindividuals connected in any way with a Federal reserve bankare concerned, be confined to individuals who are actuallyengaged in work in connection with the bank examining de-partment and who have been approved as such by the Board.The Board requests, therefore, that the titles of the em-

Yes of the Industrial Advisory Committee who are nowdesignated as examiners or assistant examiners be changed8° as to eliminate the word 'examiner'.

"On page 24 the examiner calls attention to the pro-Portionately large amount of expenses absorbed by the Fed-eral Reserve Bank of Philadelphia in connection with itsmembership in the Philadelphia Clearing House Associationa2 compared with the expenses absorbed by the other Fed-eral zserve banks in their relations with the clearinghouseIt will be appreciated if you will advise theBoard

whether an investigation of the matter was made in!lccordance with the recommendation of the Board's examiner and,lf so, as to the results thereof.

"The comments on page 24 of the report indicate thatProper care had not been exercised in connection with thecustody of cash, as it was found that combinations oncertain chests containing cash had not been thrown. Theexaminer reports that the management has cautioned the em-?1°Yees concerned to guard against a repetition of the°currence and it will be appreciated if you will advisewhether proper custody is now being maintained.

"It has been noted (page 25) that the validity of the

parenty executed by the First National Bank in Bangor,ennsylvania, in connection with a direct loan made undersection 13b has been questioned. It is assumed that it hasbeen

determined that the guaranty is legally effective orhat a Proper guaranty has been obtained. Definite advicethis respect, however, will be appreciated.

been "It has been observed (page 25) that Mr. McIlhenny has

al: serving as Deputy Governor, Cashier, and Secretary,t.1

or ough the by-laws of the bank provide that 'the officesb, ueputy Governor, Secretary, or any other office createdg the Board of Directors, or any two of them, may be held1 °ne person in the discretion of the Board.' It was re-

POl'that the situation would be brought to the attentionof 1„4 the directors and it will be appreciated if you will ad-Vise

the Board as to the action taken in the matter."It has been noted (page 41) that the suit institutedthe Reserve Bank in the effort to obtain payment of the00028°New tax anticipation note of the City of Ocean City,erc'ey, which note was accuired under repurchase agree-


479

2/18/35 -9-

Hment from the First National Bank of Ocean City, suspended,was scheduled for trial in December or January. It will beaPpreciated if you will advise the Board of any recentdevelopments in the matter.

"The examiner has reported that it came to his attentionduring the course of the examination that certain employeesOf the bank were also holding elective civic positions whichappear to come within the scope of the Board's resolution ofDecember 231 19151 with regard to directors and officers ofFederal reserve banks holding political or public office.While the Board's resolution referred specifically only todirectors and officers, it is felt that the principle appliesalso to employees of the Federal reserve banks. It is under-stood that this situation was discussed with the managementOf the bank by the examiner and that a report thereon wastO be made to Governor Norris by Deputy Governor Hutt and itwill be appreciated if you will advise the Board as to thenature

f. the report and as to the action taken in connection

therewith"The examiner has referred to a report made to you in

JulY 1934 by one of your examiners regarding certain irregu-larities in connection with subscriptions to Government?:ssues placed by the Main Line Trust Company, Ardmore,rennsylvanie, with the Federal Reserve Bank as Fiscal Agent.

n ame of Daniel V. McLaughlin, an employee of the Reservedank and formerly in charge of the Fiscal Agency Department,

mentioned in connection with the irregularities which wereulselosed in an examination of the Main Line Trust Company, a14?onmember bank, made as of March 241 1934. The Board feels'hat a thorough investigation of the matter should have been

rde immediately upon the discovery of the situation. Thea°ard requests, therefore, that, if it has not already been°Ile, a thorough investigation of the entire matter be made,?listing the services of the appropriate Governmental in-,?Etigating agencies if necessary. The Board requests also_Qtlat it be kept advised of the developments and that a fullrrePort unon the matter be submitted, together with yourecommendations and the recommendations of Governor Norris.

"After the report and this letter have received thensideration of the board of directors of the Federal Re-

v8,2rve Bank, the Board would appreciate advice from you as toat action has been, or will be taken on the matters dis-'43sed.n

Approved.

Letter to Mr. Clark, Assistant Federal Reserve Agent at the Fed-

e3erve Bank of Atlanta, reading as follows:


480

2/18/35JI

Counselrequesting approval by the Board of his negotiating a loan of

not rn

-10-

"Reference is made to your letter of February 1, 1935,transmittinga copy of an audit of the Birmingham Branch,as of January 14, 1935, made by the General Auditor.

"On page 29 of the report under the schedule 'LocalClearing House Operations' the Auditor states, 'Branchcashier is Secretary of the Clearing House and receives asalary of 4,1_20.00 per annum.' While it would not appearfrom the information available that this situation would?ome within the scope of the Board's letter of April 29,e331 (X-7425) regarding the holding of outside positions,L),Y officers and employees of Federal reserve banks, it isuelieved that such a situation is not desirable and thatan officer or employee of a Federal reserve bank should not''-eeeive salary or compensation from other banks or groupsof banks.

"It will be appreciated if you will furnish the Boardw_ith informPtion regarding the arrangement and the basisf?r the payment of the salary by the Clearing House Associa--clon to the cashier."

Approved.

Memorandum dated February 15, 1935, from Mr. DuBois, Assistant

ore than 8,000 with the United States Trust Company of New York,

e•raeraber bank, on the security of stocks or bonds, or rith some other

41ber bank which will make the desired loan on the security of the

NI estate to be purchased with the proceeds of the loan. The approval

l'ecrnested wasgiven by five members of the Board on February 16, 1935.

?eciertti

Approved.

Letter to Mr. Sargent, Assistant Federal Reserve Agent at the

Reserve Bank of San Francisco, reading as follows:

"Reference is made to the report of examination as ofcirmber 13, 1934, of the 'Bank of Southern Utah', Cedar

w&t'Utah, and the information submitted in connection there-

"The report indicates that the Ceder Finance Company,°rganization in which certain directors of the bank are


481

\ 2/18/35-11-

"interested and which deals in automobile contracts, stillOccupies space in the banking quarters of the member bank.In the confidential section of the report of examination ofthe bank as of March 10, 1934, the examiner stated:

'Directors are of the opinion that the companyShould obtain quarters elsewhere and this maybe done. Company pays a nominal rental.'"The removal of the Ceder Finance Company from the

banking quarters of the member bank would be in agreementwith the principles expressed in the Board's letter ofNovember 28, 1934, X-90311 and it will be appreciated if youwill advise the Board as to what action is contemplated re-garding the removal of the offices of the finance company inaccordance with the opinion expressed by the directors of thebank.n

Approved.

Letter to Mr. Charles F. Zimmerman, Secretary of the Pennsylvania

136-niters Association, Huntingdon, Pennsylvania, reading as follows:

"In accordance with the request contained in yourletter of February 13 there is inclosed a copy of a state-entgiven to the press by Governor Eccles on February 8in regard to proposed changes in the present banking laws.

"Your courtesy in sending with your letter a copy ofthe resolution of Group VI of the Pennsylvania Bankers&sociation, adopted on February 12, is appreciated. Theerlor of the resolution indicates that the members of theg:°uP may not have been fully informed as to the exacteffect and Purposes of the proposed 'Banking Act of 1935'lat,Ir in this connection there is also inclosed a copy of an

ciress made by Governor Eccles on February 12 at the:flual mid-winter meeting of the Ohio Bankers Association,

th Columbus, Ohio. It will be appreciated if you will bringinclosed information to the attention of the group who

"i&i.opted the resolution referred to."

telik

Approved.

Letter to Mr. F. J. Thull Vice President of the First National

8t. Charles, St. Charles, Minnesota, reading as follows:

:19"Reference is made to your letter dated January 24,orv5 in which you state that you feel that the provisions

section 19 of the Federal Reserve Act forbidding member


482

2/18/35 -12-

"banks to pay interest on demand deposits are being evadedby the improper classification as savings deposits of manydeposits which do not consist of funds accumulated for bonafide thrift purposes and by the practice of member banks ofwaiving the requirement of notice before payment of savingsdeposits. You also state that you think that the Board shouldmake further definitions and restrictions regarding savingsdePosits in order to terminate such evasions.

"As you are no doubt aware, section 19 of the FederalReserve Act provides that no member bank shall 'waive anyrequirement of notice before payment of any savings depositexcept as to all savings deposits having the same requirement',and Section VI of the Board's Regulation Q sets forth inmore detail the conditions under which savings deposits maybe Paid by member banks without requiring notice of intendedWithdrawal. It is believed that the provision of the statuteon this subject constitutes an implied authorization tomember banks to waive any such requirement provided the samewaiver is made as to all savings deposits having the same re-qulrement and, accordingly, that the Federal Reserve Boardc?uld not require member banks to obtain notice of intended!Ithdrawals before paying savings deposits in cases in whichthe condition prescribed by the statute is met.

"However, your attention is invited to the fact that”otion 223(a) of the proposed 'Banking Act of 1935'°!.R. 5357), recently introduced in Congress, contains a pro-:lsion Emending the first paragraph of section 19 of the.'ederal Reserve Act to read as follows:

'The Federal Reserve Board is authorized, forPurposes of this section, to define the terms"demand deposits", "gross demand deposits","deposits payable on demand", "time deposits","savings deposits", and "trust funds", to deter-mine what shall be deemed to be a payment of in-terest, and to prescribe such rules and regula-tions as it may deem necessary to effectuate thePurposes of this section and prevent evasionsthereof.'"If this bill should be enacted into law, it is believed

tzt the provisions authorizing the Board to define savingsti-IPosits and to Prescribe regulations to prevent evasions of,„e 1E117 will be of material assistance to the Board in its;'-f?rts to prevent evasions of the statutory provisionsg'inst payment of interest upon demand deposits.oc. "The Federal Reserve Board appreciates the expression81,Jour views upon this matter, and will give careful con-4,Gieration to such views in dealing vAth this problem inue

future."


483

-13-

Approved.

Letter dated February 16, 1935, approved by five members of the

()alsd, to Mr. J. D. Wn Llooser, President of J. D. Van HooserCom,

Lexini;ton, Kentucky, reading as follows:

'This refers to your letter of January 25, 1935, withregard to your letter of October 9, 1934, and the reply ofthe Comptroller of the Currency, with respect to the mean-tag of the term 'general obligations' as used in section°156 of the Revised Statutes of the United States.

"While it is probable that the term 'general obligation'would be interpreted in its relation to State member banks ofthe Federal Reserve System in substantially the same way inwhich it is interpreted by the Comptroller of the Currencyv,ith respect to national banks, the Federal Reserve Board hasnot had occasion to consider the question whether thedefinition of the term contained in the Comptroller's letterto you would be applicable in all cases to State memberuanks; nor has the Board issued any instructions to StateTember banks with regard to charges which may be made by suchuanks for the service of buying or selling securities for the”oount of their customers. The Board, of course, would be!4'!"1 to give consideration to any specific question which may

in connection with such matters in the actual operationsa State member bank, upon rec,uest of such bank with a fullzatement of the facts in the case."It is the practice of the Federal reserve banks in

Conducting examinations of State member banks to utilize the:egular examining staffs for the bond departments of suchrenther banks and there are no special investigating staffsor this purpose.

"The administration of the Securities Act of 1933 isvested in the Securities and Exchange Commission and it is(7gested that you communicate with the Commission with

fo'aPect to any questions upon which you may wish to be in-rmed with regard to the interpretation of that act."

serlre 8

allk of Richmond, reading as follows:

Approved.

Letter to Mr. Hoxton, Federal Reserve Agent at the Federal Re-


484

2/18/35 -14-

"Receipt is acknowledged of Mr. Fry's letter of February4, 1935, with respect to the necessitz, of obtaining reportsof the Holston Agricultural Corporation, an affiliate of theBank of Glade Spring, Glade Spring, Virginia, and of theFarmers Exchange Bank of Abingdon, Abingdon, Virginia.

"In view of the statements contained in your letter rithrespect to the republication of the report of the Bank ofGlade Spring, the Board agrees that it is undesirable to askthe bank to republish its report at this time, but a reportfrom the Holston Agricultural Corporation as of December 31,1934 should be obtained and published under the conditionsIndicated on Form 220-a.. "If the affiliation of the Holston Agricultural Corpora-On with the Farmers Exchange Bank of Abingdon has been

terminated, as you say was contemplated, the Board will notat this time require publication of its report as an affili-ate of the Farmers Exchange Bank of Abingdon as of December61, 1934."

Approved.

Letter to Mr. A. P. Giannini, Palm Beach, Florida, reading as

tqlows.

"Reference is made to your letter of February 9, 1935,"Iiing that upon your retirement from the Bank of America

kState bank), San Francisco, California, you were electeddirector of the City Bank Farmers Trust Company, New

tc3rk, Nev York, and returning the Clayton Act permit whichl'ad been forwarded to you covering your services to Thee..,..tional City Bank of New York, New York, New York, Bank

()' America National Trust and Savings Association, SanFrancso, California, and Banc& d'America e d'Italia,'lan, Italy. Your courtesy in this connection isaPPreciated.

Of "The matter will receive the further consideration+1,

, 'lie Federal Reserve Board and you will be advised in due'°urse of the action taken."

Pe IA copy of this letter has been sent to the AssistantFed "A

Reserve Agent at the Federal Reserve Bank of Sanm aneisco and to the institutions involved for their infor-ation and records."

Approved, tor!ether with a letter toMr. Sargent, Assistant Federal Reserve Agent


485

2/18/35-15-

at the Federal Reserve Bank of San Francisco,reading as follows:

"There are inclosed for your information and filescopies of tvo letters addressed to the Board by Mr. A. P.Giannini dated January 24, 1955 and February 9, 1955,respectively, regarding his application under the pro-

of the Clayton Act, and a copy of the Board'sreply to the second letter.

"For your information, it has seemed desirable todefer further action in connection with this matter untilit can be definitely ascertained whether the proposedamendments to the Clayton Act which are now pending inCongress will be enacted at this session."

Letters to applicants for permits under the Clayton Act ad-

118ing respectively of the issuance by the Board of permits as

Naows:

Mr. Darius J. Taveniere, to serve at the Fame time as an°fficer of the Manufacturers Trust Company, New York, New(31°.4, and as a director of the Closter National Bank and

'rust Company, Closter, New Jersey, for the period endingJanuary 14, 1936.

Palter V. Bulleit, to serve at the same time as alrector and officer of The Union National Bank of NewLlbanY, New Albany, Indiana, and as a director of the

11isville Branch of the Federal Reserve Bank of St. Louis,the period ending January 14, 1936.

Approved.

There were then presented the following ennlicetions for changesst

of Federal reserve banks:A

&cations for ADDITIONPL Stock:114104

In1Trust Company of Ellsworth,--Lsworth, Maine.

Shares

6 6


486

2/18/35 —16—

A Dlicptions for ADDITIONAL Stock: (Continued) Shares

plIs.LP_LJEal_at 48 City National Bank of South Norwalk,, South Norwalk, Connecticut. 15

Hardyston National Bank of Hamburg,T R6inburc, New Jersey. 15he First National Bank of Highland Park,1,1„ Highland Park, New Jersey. 15"%First National Bank and Trust Company ofTh "arrlY, Kearny, New Jersey. 9e Second National Bank of Oran(Yel Orem-felp New Jersey. 45r°810ect Park National Bank, Prospect Park,New Jersey. 15

4e First National Bank of Canestota,Th knestotal New York. 15e First National Bank of Fleischmanns,

The!?:eischmanns, Now York.Th'ilational Bank of Geneva, Geneva, New York."National Bank of Newburgh, Newburgh,

New York.4e zens National Bank of Poland,Ooland, New York.T:p;lliazzs4:trrt Bank of Potsdam,

VIrst National Bank of Richfield Springs,Th:!chfield Springs, New York.T11;i7,,lem National Bank, Salem, New York."nitesto—n National Bank of 7hitesboro,itesboro, New York.

mNational Bank of Taterville, Waterville,"ew York.

h./io. 4.biztriet"'AB p

armers National Bank of Seven Mile, Ohio. 2 2325Total

Ablieation for EURRFNDTT of Stock:„let No. 1.Vh)rthfield National Bank, Northfield,48Bachusetts

31

18

48

333

24

12 507

Bio g Dank—Columbia Trust Company,°rnsburg, Pennsylvania.

Approved.

10 10

19 19


Thereupon the meeting adjourned.


19350218_Minutes.pdf

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federal reserve8card

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