19341009_minutes.pdf
TRANSCRIPT
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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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3113
:!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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3114
(
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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3115—4—
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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3116
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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3117
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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3118
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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3119
10/9/34
d:
-8-
Thereupon tle meetin„; adjourned.
-
Assistant Secretary.
. , -
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