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A meeting of the Board of Governors of the Federal Reserve

SYsteraWas held in Washington on Wednesday, September 8, 1937, at

.10:30 a. in.

PRESENT: Mr. Ransom, Vice Chairman

Mr. BroderickMr. Szymczak

Mr. Bethea, Assistant Secretary

Mr. Carpenter, Assistant Secretary

Consideration was given to each of the matters hereinafter re-

tl'ed to and the action stated with respect thereto was taken by the

13()E11"c1;

Letter to Mr. Gidney, Vice President of the Federal Reserve

of New York, reading as follows:

"This refers to the item 'Certification of Docu-Ments - 000.82' listed in the report of the current ex-penses of your bank for the month of June, 193? (Form F.

11' 96). It is understood from an informal telephone con-

liersation with a representative of the Bank Examination De-

Partment of your bank that this item represents expendituresMade by your bank in payment of fees charged by State au-thorities for certifying amendments to charters of StateMember banks submitted in connection with the Board's let-

of December 26, 1934 (X-9060), and that such certifica-

'0ns are made as a matter of routine at the request of thecounsel for your bank.

"As stated in the letter of December 26, 1934 (X-9060),it is desirable that the Board have among its records copies°f all amendments to the charter of a State member bank inOrder that such records may contain complete information re-gctrding the corporate powers and status of the bank. How-

"'el') while the Board desires such copies to be accurateand complete, its letter of December 26, 1934, does not re-quire that they be certified copies. The Board contemplatesclalY that the Federal Reserve bank and its counsel shall bel'easonably certain that the copies received are accurate!'nd complete. In the circumstances, it would not seem neces-'arY for your bank to obtain certified copies unless your

°Unsel is doubtful that the copies furnished are complete

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accurate, and such doubt cannot otherwise be eliminated."

Approved unanimously.

Memorandum dated September 8, 1937, from Mr. Leonard, Assistant

Chiefof the Division of Examinations, referring to the Board's letter

tAtTil 2, 1937, to Acting Comptroller of the Currency Prentiss, with

Which" were inclosed commissions issued by the Board in the names of

Me8w.Francis R. Steyert and Theodore T. Trepanier authorizing them

eXET[iners for the Board of Governors to examine each of the branches

Or the Chase Bank (A corporation organized under the provisions of sec-

ti°11 2)(0 of the Federal Reserve Act) located outside of the United

statThe memorandum suggested that inasmuch as Mr. Folger, Chief

1011e1 Bank Examiner, had advised that the plans of the Comptroller

or t he Currency with respect to Mr. Steyert had been changed and that

ewellYn A. Jennings would be sent abroad in place of Mr. Steyert,

the ,xooard issue a commission to Mr. Jennings authorizing him as an

Exerai

rier for the Board to examine each of the branches of the Chase

1°cated outside of the United States.

Approved unanimously, with the under-

standing that the commission issued in the

name of Mr. Steyert would be surrendered and

canceled.

There was submitted a recommendation, which had been approved

bY'e Personnel Committee, that the Board authorize the payment of

likehers totaling 41•212.99, covering furniture and equipment for use

tithe Board's new building, as called for in purchase orders Nos. 1666,

160 end 1733.

Approved unanimously.

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Thereupon the meeting adjourned.

Assistant Secretary.

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