19280320_minutes.pdf
TRANSCRIPT
244
A meeting of the Executive Committee of the Federal Reserve Board
was held in the office of the Governor on Tuesday, March 20, 1926 at
3:30 P.M.
kat Of
Boston, and letter dated March 15th from the Secretary of the Fed-
ileserve Bank of New York, both advising that their boards of directorsrn eetin,e
5 on the dates stated made no chances in the banks' existing
Os B.seheala_Of rates of discount and purchase.
Without objection, noted with approval.
4 Telegram dated ;larch 15th from the Chairman of the Federal Reserve
tik of''an Francisco, advising that. due to lack of a quorum no meeting of
the bo
11144
11 the banks existing schedule of rates of discount and purchase.
Noted.
PRESENT: Governor YoungMr. PlattMr. HamlinMr. Eddy, SecretaryY.r.Y.cClelland, Asst. Secretary
Matter approved on initials on March 17th, namely, application of the
al Bank for Savings in Los Angeles, Los Angeles, Calif., for original
stock (2i0 shares) in the Federal Reserve Bank of San Francisco, effective
it 411c1 when the Comptroller of the Currency issues a certificate of authorityto c,
mmence business.
Formally approved.
Telegram dated March 14th from the Secretary of the Federal Aeserve
41'cl Of directors was held on that day and consequently no change was
BonA-- of Mr. W. J. Evans, Assistant Federal Reserve Agent at Dallas in
the alm
°Ialt Of 450,000.
Approved.
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Letter dated March 14th from the Secretary of the Federal Reserve
1141321C Of Atlanta, advising that at the meeting of the board of directors
°f the bank held on Larch 9th it was voted that the May meeting of the di-
Ilectors be held at the Nashville Branch, provided the Federal Reserve Board
i/lterposes no objection.
Noted, without objection.
Letter dated Larch 16th from the Federal deserve Agent at Minneapolis,
cillesting the designation as Federal Aeserve 2xaminer of Mr. W. A. Cutler,
4614ssistant Cashier at the Helena Branch.
Approved.
Report of Committee on Salaries and Expenditures on letter dated
11111 14th from the Secretary of the Federal Reserve Bank of Boston, advising
" the action of the board of directors of that bank in voting to extend
111411 its next meeting leaves of absence on account of illness previously
grarited. Lir. Joseph Buckley, Miss Dorothy :11. Roberts, Mr. Prank C. Hoyt, Mr.
a°"1)11 Powers, Mr. Henry T. O'Keefe and Mr. Lester W. Clark, employees ofthe
44k1 Mr, Buckley and Miss lioberts to receive half pay and Messrs. Hoyt,Power
8s O'Reefe and Clark full pay; the Board's Committee recommending ap-Drovel
4 Of the salary payments involved.
Approved.
Report of Committee on Salaries and Expenditures on letter dated
114111 15-- from the Chairman of the Federal Aeserve Bank of Philadelphia,actvisitOf the
ztexici untilto e
action of the Executive Committee of that bank in voting
April 30th, with half pay, ana for a period of thirty days,
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With lull Day, leaves of absence on account of illness previously granted
24ise IlarY Bozarth and Mr. J. J. Gorman, respectively; the Board's Committee
ree°11tilending approval of the salary payments involved*
Approved.
eport of Committee on 3alaries and Expenditures on letter dated March
14th fOM the Federal Reserve Agent at it. Louis,
the 4xecutive Committee of that bank in voting to
thirtIr days from March 15th, with full pay, leave
1114e85 previously granted hr. Hobert Zeller, an
154rtMent of the bank; the Board's Committee recommending approval of the
saiar
Payment involved.
ii.pproved.
Report of Committee on Salaries and Expenditures on letter dated March
froln the Governor of the Federal Reserve Bank of Minneapolis, requesting
advising of the action of
15 t h
extend for a period of
of absence on account of
employee of the Money De-
44r0141 Of the action of the Executive Committee of that bank in voting to
trallt A- leave of absence of sixty days, with full pay, to Judge Andreas Ueland,
a°114--for that bank; the Board's Committee recommending approval.
POrei
17.1 Investment Trust, New Yoxic City, advising of delay experienced in
Approved*
Letter dated March 14th from the Vice President of the First Federal
5ecttr.
111g final approval to a subsidiary corporation being organized in Brazil,44(1 r
.Eillesting that certain facts in the case be transmitted to the American
11111ister at aio de Janeiro through the State Department.
The Secretary presented draft of a letter to the Secretary
Of State transmitting a copy of the above communication from the
First Federal Foreign Investment Trust, without comment thereon,
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which letter was upon motion approved.
The Secretary then referrea to a demonstration given in the Board room
Yesterday by a representative of the Bank Protective Devices, Inc., of
Baltirac/re, of a working model of a bank door being manufactured by that
"171PanY, following which the representative requested that the Board ask
the 134reau of standards to conduct certain tests of the device. He submit-
ted-draft of a letter to the representative, prepared after consultation
44 the Comptroller of the Currency, who was represented at the demonstra-
ti°11' advising that it is felt that the Board can not with propriety re-
(Meat the Bureau of 6tandards to test any material or device which the
4aera1 deserve banks do not contemplate installing or employing in their
billidinge and that the Comptroller of the Currency concurs in this view.
Upon motion, the letter submitted by the Secretarywas approved.
Memorandum dated February 18th from Counsel, submitting draft of replyto le,
"ers dated August 12th and November 11th from the Federal Reserve Agent
at-'°n, requesting on behalf of Lee, Hicginson and Company a ruling as to
the ..,
ibility of certain bankers acceptances arising out of the storage of
Qtte'll 14 Italy; the proposed reply stating that in view of the Board's re-
cellt rulinp regarding acceptances growing out of the importation and exports-
tiO4 °f goods, acceptances of the kinds described may properly be regardederwng
1 out of the exportation of goods if drawn for the purpose of fin-
atIcillR the sale and distribution into the channels of trade on usual credit
t"Ile " cotton which has been exported to Italy, notwithstanding the fact
tIlEtt the cotton has already reached Italy when the bills are accepted.
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Upon motion, the letter submitted by Counselwas approved.
OF *.'741).0;t1Q .:
batea, litArch 17th, ecommending changes in stock at Federal Aeserve banks
19th, as set forth in the Auxiliary Minute Book of this date.
c ommenda t ions a pprove
The meeting adjourned at 4:15 D
Secretary.
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