19370812_Minutes.pdf

1129

A meeting of the Board of Governors of the Federal Reserve Sys-

t" held in Washington on Thursday, August 12, 1937, at 2:30 p. m.

PRESENT: Mr. Eccles, ChairmanMr. Ransom, Vice ChairmanMr. SzymczakMr. McKeeMr. Davis

ateed' ̀llier of the Division of Bank Operations, recommending that, for

the

Mr. Morrill, SecretaryMr. Bethea, Assistant SecretaryMr. Carpenter, Assistant SecretaryMr. Clayton, Assistant to the ChairmanMr. Thurston, Special Assistant to the

ChairmanMr. Wyatt, General CounselMr. Dreibelbis, Assistant General CounselMr. Vest, Assistant General Counsel

There was presented a memorandum dated August 5, 1937, from Mr.

l'eesons set forth in the memorandum,1114te1

Y 42'500,000) of the Federal reserve banks in theelledits to the National Bankitet „

of Hungary, which

tills bought in open market" in the weekly press

C(IrldttiOn Of Federal reserve banks, be included inrit

entitled "All other assets", effective

Il'eecl1-11)on with the Federal Reserve Bank of New York.

the participations

as

(approxi-

central bank

are now included in the

statement of

the item in the state-

of such date as may be

Upon motion by Mr. Szymczak, the recom-mendation was approved unanimously.

At this point Messrs. Thurston,

lett tile Meeting and consideration waste1,8

t-14 by the Board:

Wyatt,

then

h"einafter referred to and the action

Dreibelbis, and Vest

Tiven to each of the mat-

stated with respect thereto

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1130

8/12/37

Federal

rrtallslys

The minutes of the meeting of the Board of Governors of the

Reserve System held on August 11, 1937, were approved unani-

Tel egram to Mr. Leach, President of the Federal Reserve BankRichm

°lad, stating that the Board approves the establishment without

ellatlEe by the bank today of the rates of discount and purchase in its

eZisting schedule.

Approved unanimously.

Memorandum dated August 10, 1937, from Mr. Goldenweiser, Direc-

t°1" the Division of Research and Statistics, recommending the ap-

13°41trileilt for a probationary period of eight months of Mr. R. L. Horne

4SSeill°r Economit in the Division, with salary at the rate of

I)" annum, effective as of the date upon which he enters upon

the 11nance of his duties after having passed satisfactorily the

1414til Physical examination.

Approved unanimously.

There was submitted a recommendation from Messrs. Spurney and

ICc).13PE1116 that the following persons, who had been selected in accord-

with the authority granted by the Board on July 12, 1937, and who

1/"sed satisfactory physical examinations, be appointed as char-

in the Board' s new building, each with salary at the rate of 50V

effective as of August 12, 1937:

Mrs, Alice K. BardalesMrs, Mary A. Brazinski

Mrs. Birdie L. CristMrs. Elizabeth R. Stone

Approved unanimously.

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1131

8/12/37"""

Letter to the board of directors of the "Citizens Bank", Hebron,

stating that, sabject to the conditions of membership numbered1 to 3

contained in the Board' S Regulation H and the following special

c°11diti°1181 the Board approves the bank's application for membership inthe

Federal Reserve System and for the appropriate amount of stock inthe

l'ueral Reserve Bank of Chicago:114.

tt5.

Such bank shall make adequate provision for depre-ciation in its banking house and furniture andfixtures.

Prior to admission to membership, such bank, if ithas not already done so, shall charge off or other-wise eliminate estimated losses of :i4,158.31, asShown in the report of examination of such bank asclf June 22, 1937, made by an examiner for the Fed-eral Reserve Bank of Chicago."

Approved unanimously, together witha letter to Mr. Schaller, President of theFederal Reserve Bank of Chicago, readingas follows:

"The Board n

of Governors of the Federal Reserve SystemePProve, 4,ue application of the 'Citizens Bank', Hebron,for membership in the Federal Reserve System, sub-

whi' to the conditions prescribed in the inclosed lettertorch Y°1-1 are requested to forward to the board of direc-als of the institution. Two copies of such letter areor ° inclosed, one of which is for your files and the otherpa4hieh You are requested to forward to the Director, De-ror ?nt of Financial Institutions of the State of Indiana,

hi5 information.th Y°ur attention is called to the fact that stock ofe

pecleral Reserve Bank should be issued to the applicantt

.0,

pa 'e,.basis of capital of 04,800 (including 4.24,800 capi-ti34)euentures sold to the Reconstruction Finance Corpora-

or t:It has been noted that the reports and statements4e bank do not reflect the full amount of its outstand-

strtlenmon stock and capital debentures sold to the Recon-"ion Finance Corporation but do reflect undivided

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8 12/37 -4-

”Profits. In this connection, as you know, the bank will berequired if it becomes a member of the System to make and

rblish reports in the form prescribed by the Board for otherte member banks under the provisions of Section 9 of the

2ilueral Reserve Act. Accordingly, in order to avoid any"sunderstanding, it is suggested that you call to the at-!eonnti of the bank the form of report now required by theboaI? d under the provisions of Section 9 of the Federal Re-serve Act (Form 105)."

Approyea:

Thereupon the meeting adjourned.

qt?ed6_14fr

Chairman.

ecretary.

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