19260720_Minutes.pdf

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A meeting of the Executive Committee of the Federal Reserve Board vas

held in the office of the Governor on Tuesday, July 20, 1926, at 10:30 a.m.

PRESENT: Governor CrissingerMr. PlattMr. JamesMr. Eddy, Secretary

Mr. Noell, lAssistant Secretary

ALSO PRESENT: Mr. Hamlin

Report of Committee on Salaries and Expenlitures on letter dated July

19th from the Chairman of the Federal Reserve Bank of Richmond, requesting

approval of the action of the Board of Directors of the bank in granting

to Hiss Roberta Tenor, of the Transit Department, an extension for thirty

days with full pay, from July 15th, in the leave of absence previously

granted to her on account of illness; the Committee recommending approval.

Approved.

Bond of Nr. Ernest Clarke Hill as Assistant Federal Reserve Agent at

the Federal Reserve Bank of Philadelphia, executed July 15, 1926.

Approved.

Bond of Mr. Erwin J. Julich, as Assistant Federal Reserve sigent at the

Oklahoma city Branch of the Federal Reserve Bank of Kansas City, executed

June 30 1926.

Approved.

Letter dated July 17th from the Federal Reserve Agent at New York, ad-

Vising that due to organization difficulties the American Trust Company of

Neff York has not yet opened the branch office at 30 Bay Street, St. George,

Staten Island, which was approved by the Federal Reserve Board on January

16, 1926, and recommending that the time in which this branch nay be estab-

lished be extended for a period of thirty days.

Upon motion, it was voted to extend the

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time in which the branch may be establishedfor an additional thirty days.

Letter dated July 17th from the Federal eserve Agent at New York,

advising that the New York State Banking Department has authorized the

Corn Exchange Bank, New York, N. Y., to open and maintain a branch office

Oil Or after July 14, 1926, at No. 5588 Broadway in the Borough of the

Bronx, City of New York.

Noted.

Telegram dated July 17th from the Federal Reserve Agent at Atlanta,

advising of telegraphic request of the 2ampa Clearing House Association

that a Federal reserve bank agency be established at Tampa, Florida; the

telegram stating that he had replied advising that the matter is one to

be passed upon by the Board of Directors of the bank and the Federal .te-

serve Board.

Noted.

Draft of letter to the Governor of the Federal Reserve Bank of Boston,

In reply to his letter of July 15th, advising that it has been decided to

maintain a cash position at the Havana Agency of the Federal Reserve Bank

Of Atlanta of from 415,000,000 to „20,000,000, and that the Board, as a

check, will require the Federal .cieserve Bank of Atlanta to advise it by tele-

graph as of the close of business each Friday of the amount of cash on hand

at Havana, and that the Board will, in turn, advise the Federal Reserve Bank

Of Boston of such amount.

Approved.

he Governor then read a letter dated July 15th from The Secretary of

the i'reasury, with relation to certain fiscal agency operations participated

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in by Governor Strong, of the Federal Reserve Bank of New York, and others

in Europe.

•So:ne discussion then ensued regarding

the expenses of these operations, the memberspresent being unanimously of the opinion thatit was a matter vrholly vrithin the province ofthe Secretarj of the Treasury.

REPORTS OF STANDING _COMMITTEES:

Dated, July .16th, Recommending changes in stock at Federal Reserve Banks17th, as set forth in the Auxiliary Minute Book at" this date.19th,, Approved.

Dated, July 16th, Recomending action on applications for fiduciary powers17th, as set forth in the Auxiliary Ilinute Book of this date.

Approved..

The meeting adjourned at 11 :30 ,art•

S-ecretar y

Appr caved:

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