19260512_1200p_Minutes.pdf

431

° Per annum for National Bank Examiner Frank T. Hansom, to be assigaed

A meeting of the Executive Committee was held in the office of the

Pederal Reserve Board on Wednesday, May 12, 1926 at 12:00 o'clock noon.

PRESENT: Governor CrissingerMr. HanlinMr. MillerMr. JamesMr. Noell, Asst. SecretaryMr. McClelland, Asst. Secretary

PRESENT ALSO: Mr. Smead, Chief of the Division of BankOperations.

Goldenweiser, Acting Director ofthe Division of Research andStatistics.

Mr. Miller reported on the matter referred to him at the meeting

reaterde,Y, namely, letter dated May 10th from the Chairman of the CommitteeO

Baalking and Currency of the House of Representatives, submitting certaincille5

ti0rle with reference to the issuance of Federal Reserve notes and depositrese

rve"_.

He read to the Committee draft of a reply, prepared with the co-

°Peration of Messrs. Smead and Goldenweiser, answering the specific inquiriesIna4e j1 the letter and containing a general discussion on the subject of note

loth I.

Several changes were suggested and the proposedreply was referred back to Messrs. Smead and Goldenweiserto be revised and submitted to the Board at a later meeting.

Report of Committee on Salaries and Expenditures on letter dated May

l'°In the Comptroller of the Currency, requesting appraval of a salary

to the

Third Federal Reserve District; the Committee also recommending ap-

Approved.

Letter dated May 10th from the Chairman of the Federal Reserve Bank

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432

'Alejandro E. Bun :of Buenos Aires, Argentina,

tcrArgentina, together with a letter addressed

5/12/26 -2-,

OIlew York, advising that the Peoples Trust Company of Brooklyn has removed

itsata office from 181-183 Montague Street to 185 Montagae Street and is

cQllt& ---44K its former main office at 181-183 Montague Street as a branch,

t1134 Procedure having been adopted in order that when the trust company has

beell converted into a national bank And subsequently consolidated with the

atj'w4. City Bank, the 181-183 Montague Street office may be continued

bralleh of the National City Bank; the letter also stating that the Corn

°}18.11ge Bank, New YoVk City, has been authorized by the State Banking

13€113"ment to open and maintain a branch on or after May 15th, 1926 at 3191-

93 Broacilm_,Manhattan.

Noted.

Memorandum dated May 6th from the Acting Director of the Divisionot Res_

a.roh. and Statistics, requesting authority to enter into an agreement

11411

* contribute(4.,350 a month toward the construction of1)rices

4°.tilirs TN,i'reetOr of the Division agreeing to contribute 4;50 a month for a

t)ell°c1 of not exceeding eighteen months, but stating that before ex-fending

434r sdA4,---‘61onal funds the Board desires to have definite assurance that some

2:a144":46 agency will continue to compute the iniex and will cable the

m4J4tIllsr data to the Board at its expense.

Upon motion, the authority requested

granted.

STA1 ING calmiTmq:

1144Y llth, Recommending changes in stock at Federal Reserve Banks,as set forth in the Auxiliary Minute Book Of this date.

Approved.

by which the Board

an index number of

to Dr. Bmage by the

was

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433

V12/26

STANDINCri COLMITTEES: (CONT/D)

Dated.,

Dat

pated,,

LiaU 11th,

1.:ay lith,

La y 11th,

Dated, l'lay 11tht

Datea, llth,

D4t

„Jew/mend ing approval of the application of Lir. James E.Long for permission to serve at the same time as director

of the Pacific National Bank, LOE: Angeles, Cal. and. asdirector of the Graham National Bark, Cal.

Approved.,Liecommend.ing approval of the application of Mr. --:dward

idesterburg for permission to serve at the same time as

director of the Labor National Bank, Jersey City, N.J.and as director of the National. Bank of North Hudson of

Union City, N.J.Approved.

..lecommending approval of the a-Tlication of Mr. B. N.

Butler for •Dermission to serve at the same time as officer

of the American Exchange Pacific National Bank of New York

City and as director of the First National Bank of Tenafly,

N. J.Approved.

'Recommending approval of the a-oplication of Mr. Adolph Ott

for permission to serve at the same time as director and

Vice President of the Pacific National Bank of Los Angeles,

Cal. and as President and director of the Graham National

Bank of Graham, California.Approved.

aecommending approval of the amlication of Mr. J. S. A.Smith for -cermiss ion to serve at the same time as director

of t he Pac if ic Nat iom-.)1 Bank, Los Angeles, Cal. and as

President and director of the Florence National Bank, Florence,Cal.

141 Approved.

4 llth, Recommending approval of the application of 1,1r. T. T. Cramptonfor permission to serve at the same time as director of the

Pacific National Bank of Los Angeles, Cal. and. as directorof the Graham National Bank, Graham, Cal.

Approved.

ADDrolre

The meeting adjourned 12:55 p.m.

Assistant Secretary.

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