19311231_minutes.pdf
TRANSCRIPT
A meeting of the Executive Committee of the Federal Reserve Board
17.a8 held in the office of the Vederal Reserve Board on Thursday, December 31,
1931 at 11:35 a.m.
PRESITT : Gov err. or TTeye r
Hr. HamlinLir. MillerMr. James
Nr. flbrrill, SecretaryYr. ilcOleliand, Assistant SecretaryMr. Harrison, Assistant to the GovernorErr. Snead, Chief, Division of Bark Operations.
The Committee considered and acted upon the following matters':
Telegram dated December 30 from the Chairman of the Federal Reserve
844k of Boston advising that the Board of Directors, at its meeting on that
late, rode no change in the bank's existin schedule of rates of discount
e'lld purchase.
Viithout objection, noted withapproval.
Telegram dated December 31 from the Federal Reserve Agent at ITew
Ibl'k stating that he desires to redesignate Messrs. Withal], H. Dillistin
alld Herbert S. Downs as Assistant Federal Reserve Agents at the bank for
the coning year.
Desiznations approved.
Letter to the Chairman of the Federal Reserve Bank of Atlanta ad-.
ing in response to the request contained in his letter of December 16,
Of approval by the Board of the payment of a fee of ;1,500 to :Ir.
Ikl"m„7. Smith, Attorney, Nashville, Tennessee, for services rendered in the
of Wonack JL Stone and Flat Creek Savings Bank v. the Federal Reserve
411Iz of Atlanta, et al.
Letter approved.
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12/31/31 -2-
Reply to letter dated December 15 from the ssistant Federal Reserve
Agent at Chicago expressing the opinion, on the basis of an appraisal of the
assets acquired by the Oak Park Trust and Savings Bank, Oak Park, Illinois,
a raember bank, through the absorption on Ir7ovember 1, 1031, of the 2-orth Oak
lark State Bank, that the transaction does not in any manner chance the
eharacter of the assets or the scope of the functions exercised by the mem-
ber bank within the meaning of the so-called general condition under which
it was admitted to the Federal Reserve System, and that the natter has been
taken up with the State Banking Department which agrees that the member bank
18 7‘1,11protected against any loss as a result of the transaction; the
l'ePlY stating that the Board will interpose no objection, under the con-
to which the Oak Park Trust and Savings Bank is subject, to the
action of that institution in absorbing the business of the nonmember bank.
Reply approved.
Telegram to the Chairmen of all Federal Reserve banks giving the
(140tations on United States Government securities which are to he used by
he Federal Reserve banks in determining the amount of the depreciation re-
a°X*ve to be set up on United States securities held at the close of business
t°daY, the telegram also stating that the reserve should be shown in the
e41-1a.inEs and expense statement against the caption "Depreciation Reserve on
ued States Securities" and that in the condition statement it should be
illellIded in "All Other Liabilities", also that the amount charged off as
clel/reoiation in sterling balances should be included in the item "All Other"
4e(illetions from current net earnings in the earnings and expense statement.
Telegram approved.
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Secretary.
12/31/31 177•••0••••
Reports of Standing Comittee dated December 30, recomending
approval of the followin:, changes in stock at :federal Reserve banks:
A2Rlication for 0RIG1T2L Stock:
DistriciTh0. 2.
Carthage Nationallac c — h-oire Carthage, K. Y.
Shares
300 300
A20.ications for $UT1,--TIEll of Stock: District Io --Lincoln National Dank, Passaic, N. T. (T.1,-03G.
by Peoples BankTrw3t Company) 4)O 450
.1.4azIt No. 4.Citizens National Bank, Ellwood City, Pa.
(Insolvent)Pirct National Bank, Somerriela, Pa. (Insolvent) 60 132
District No. 5.First National Bank, Luray, Va. (Insolvent) 42 42
District 7o 10First National Bank, Steamboat SPrincs, (3010.
(Insolvent)
Apnroved.
72
30 30Total 654
The meeting adjourned at 12:00 noon.
APProved:
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