19270715_Minutes.pdf

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meet in of the ,;;:ocutive 0o2mnittee of the 2ederal :,eserve Doard

was held in the office of the Governor on 2riday, July 15, 1927, at

10:45 a.m.

iS3S. 2:Javernor Crissiner

• James• Junninr'ham

Mr. Eddy, Secretary

• .oe11, Asst. Jecretary

2eleram dated July 15th from the Ohairman of the Federal deserve

3ank of Aston, advisin's7 that the board of directors at their meetintr on

that date made no chanr:e in the bank's e;:istin-: schedule of rates of dis-

count and ..Jurchase.

:oted.

Letter dated July 14th from the Secretary pro tom of the 2edera1

deserve F5'ank of :,aa York, advisinf„.; that at the meeting,7 of the board of

directors on t,at date the e::Istln.f.,; schedule of rates of discount and

purchase was DvesJAted a-d AO chanos were made.

doted.

2e1egram dated July 14th from the hairman of the 2ederal ceserve

Bunk of Liichmond, advising that the board of dirocUors at their meeting

on that date made no chanr:c in the bank's oxistine7 schedule of rates of

discount and ..,Iirchase.

dOted

2.e1e,Eram dated July 14th from the Jhairman of the Federal deserve

Bank of 1:ansas Gity, advsing that the board of diroctors at their meetinc:

on that date made no chanr.o in the ba-n]:'s schedule of rates of

discount and -„Tarchase.

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.opert of :Joyaflittoo on ;:;a1rie3 anl on letter dated July

12th from the 2o2eral ..eserve at -lancas re -aeetiny the ]-3oar2ts

a-o)roval of an increase from „2.,400 to .::2,710 1)er :1-.Lnal-1, effective July 1st,

in-,thesalary of r. I:arry L. Uaak, is amIlleyed O.. th special

aelt for the collection of )a)ar acquired thraa01 sus _pilled -a_11:-s; the

:.ittee a-v)revaLl.

.92rovcd.

,c»ort of on ;alaries ;.1:0enlituros on letter clate,L Jul:f

12th froz. thefe.)..oral ,eeerve .'a-t at reouestiagu7 the

a)rov„...1 of an 1,crease Z.00n 2Jh to oer (effective July 1st,

in the saia1j of "2. 7. Trost, one of t_a a::aere; the Oonmittee

recolL:aLdin- L.);)rovz.d.

_Lpprove(.

-e)ort of Ja_mittee on Jalaries aad 4::.-oealitAres on letter dated

12th from the federal eserve -c:eat at ::ansas Jity, requestin: the Board's

al)proval of an increase fro1.1 to 2,Q3J0n annum, effective Julj 1st,

in the salarj of hiss :abel 2. 3eoler, _urse aad.auaf;er of the Bank's

diflia-: room; the Janittee recalv,e-tin- ap2rovu1.

2elocral.a dated Jilj 14th from the ,aairman of the "federal 2Leserve

Bank of ,..ichmena, of the action taaa on that .Lat uw the uoard

.)f lirectors of the l ith res--)ect to leasing the so-called ,uott ,ro2ertT;

at .;:„.arlotte, . for the purpose of huising the branch of the Riclonond

ba.lh to be o,eae, at that ,)oint, and letter -ated July 1.1th from the i:I.2airman

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Trtst Con,r, ua- 2ra-cisco, ior -)en_lissio,a to l_ove its b.:a,Ach noa

d9erate- at e9J3 21I trot, ,Ja.1 2rancisco, to ne, ,.,e_art,Drs at the

ilortLeL,st corner of 2,-4611 and eastro Jtreets; th.; letter that

a ,:aa is being erected ozi the latter locatio:1, i0

vest of t_Le ta fwe "ill no, be

CirtOJ joy a da s.

;:ainor,ILliduna fro :Jounsol dated ,7711;.7 11th, surx:Aittin, in accordauce

t?A :oar's reuest, data for publiee.tioI in the forthconain issue

of the 2edera1 fi4serv 11.11etin, 'Ath ro -22,73c:J to the ap1icabi1ity to

tate nIxaber bnTtS of the ro,fisioll3 of ::action 22 o the Zeaerai

eserve ct ane. of the '...),evisea. ':.;tatates of the ...United :_tates.

Upon motion, the mat rial sbmittea bzi

was approvea'for pu'Jlictio..a in the 3ul1etiu.

A!=.3.nse1 a'J:ted 3th, sqbnittin, in accordance

';ith the. 1:.;ord's ro(;11est, a rulhv orIy.ThlicLtioa in the 'Zedeal nosarva

Bulletin prepued aba. the linus ()L. Ub.3 letter addressea to te Fedecal

...esarve :137,-c of Jhicao uaier data of -;1',ne 29th, with reforeace to the

cassification as saviu.s accounts of certain s7acial reserve savilir2z

counts (.): the ::•arris ',2r.lst and 3aviHs'...3ank of ..17Licao.

Upon motion, the raliA sittod b: Jounsol

V15$ cf;droved for publication iu t::10 Bulletin.

Lemoranden atea July 14th from te :..ittee on Ji;trict JO, sub-'

• letter dated J'a.1 12th fro:,), the .eserve .:.:eat at I.D.Ilsas

jity transmitting the rosiaation of hr..:..rthur J. :eaver, one of the

.J'Aard's ap-oointees to the directorate of the Uaaiia 3ralach of the 2edora1

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Reserve Bank of I:ansas City, who has announced his intention of beeomin,(7

a candidate for nomination as awornor of .:ebraska, the jommittee recom-

mendins-;' that hr. jeaver's resination be acce-lted by the board.

Upon motion by hr. James, hr. leavor's resii;na-

tion was LIcceped, and the matter of the ai)pointment

of a successor was referred to the Committee on District

j,10 for report.

i.s.moranum from Counsel dated July 7th, submittin:,, letter from the

Supervising liecolver of the :)ivision of Insolvent National Banks, Office

of the Comptroller of the Currency, stating that the Federal :,ieserve Bank

Of Jan Francisco has expressed opoosition to issuing cashier's checks to

examiners in charge or roceirs of suspended national banks :1-;nd request-

tug the Board's views on the matter; Counsel suggesting that the Board

ascertain from the Federal ,,es3rve Bank of Can _:rancisco what its views

are oa the practical questions. involved, and what its reasons are, if

any, for iishin.'7 not to handle accounts of this kind.

Upon motion, the suggestion of Counsel was ap-

proved.

Letter dated Jul.,/ 11th from the ,hairman of the Federal ,leserve sank

of ,tlanta, referrin-: to the :oLrd's letter of June ZOth in which it is

stated that it is the oard's opinion that the 2eleral ,eserve Bank of

,.tlanta should exercise its discretion yivell unf.er, heralation - and re-

quire a financial statement of the borrower in sport of all a(7ricu1tural

paper offered in amounts of ,500 and above; the illf.irLa.:1's letter stating

that the board Of directors. of the bank has iven consideration to the

matter and has t1_,..(ea tile view that it is not advisable at this tine to

require sta,eents in accordance with thehoard's suggest ion, but that

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at a later date the attor shoula bo hvcii 'urther consioration.

U-Don T:lotion, it . ;as votea to deflr action on this!aattr until the revision of its rellations iG taken

the 3oard.

.:07,01UilaUMfro ...'oun':;e1 dated July 7th letter fro.: the

,;(x.-:Itrller of tile ,...;urrocy, aJvi3e Zrom. t1;.e, Aard as

to , ether natioaul lYzak.o locte in LebrsXa have rceivad por-

mission fro l the Alrd under the :rovisions of Action 11 (k) of the

.2edera1 Jeserve ct to exercise t.ost powers, 3:lay e;:ercise such powers

in 'Abras; Uounsel submittinT'draft of rofly to the jeputy „.;o:Ilotrollerts

letter ad.visinJ that since it appears there is no law of ilebraska v;hich

either ra)ress1:" or by necessary iyaTAication forbids national baras to

e;:eroise trust powers, the 3 ard is of the opinion that a national banic

located in rebraska which has received pemission frmi the 'oar,J to ea:-

ersise tr17,st -oowers n,ay lawfully e:,:ercise them. in ;Tebraska; the letter

Parter auvisina that evea if thero wore a libraska 11 ,;" wich.by its.

to oar-ported toAd national b3.;:c:; from oxercisinLf trAst powers, :

tue 3oard is of the o-rdnion that a national ba...a in that Jtate wic;h had

received pe .:iission fror.i the 3c)ard could lawfully o:.:ercisa thc trust

, ooacrs that trust coLA-r)a,Aes orab.ized unaor te laws of :ebrask,a, which

coo into ,7rater or less coetition aith national bans, are

tO

.pon notion, the rr000zL. leter was 0:0Droved.

:_emorandlul frn the niof j1ork d.ated. July 15th, advisin of the

receiL)t of notice that Jaes Poles nAd -2raU7. n011060-A, detailed arnloyes

in the edor:,tio.1 .Avis ion of :,ho office of the ':or2T.)troller of the Jurrency,

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whose naes have been carried on the 'oard's rolls ana whose salaries

are reimbursable to it, were transferred from the .:oard's rolls to those .

of the Jord,)troller of the •2,urrency, effective 1st.

IJ-oon reca=endation of the Jeeretary, it was votedto dro.o the names of the above era,)loyees from the 3oaraisrolls, effective July 1st.

Dated, July 13th,

hated, July 13th,

Dated, Jul ilth,

hated, July 14th,

Dated, July 14th,

Dated, July

hated, July 14th,

chan7es LI stock at :ederal eserve Banksas sot forth in the humiliary :.Anute .5ooh of this date.

_Acommendations approved.';Zeconne-adinr; a[Troval of an application for fiduciarypowers as sot forth in the ;I:INiliary hook ofthis date.

doccuimeudation approved..ocarcznen inm approval of the application of J.

for permLsion to serve at the sametime as director of te National Dank,hhi1adel1uia, :m., as 2residet and. director of the'Jest-ud 2rast Company, Y,'hiladelphia, ha., and asdirector of the Philadelphia :iompany for Juarantooiup

PhilLdelphia,ITtecommendation api)roved.

.'ecormending a,.)-proval of the a42p1ication of. 21Y. J.eore:;i1cox for pe rmi s s ion to servo at the sane time asdirector of the :,;ixth -national Bank, Philadelphia, Pa.,and as director of the ::est Jid 2r. st Company, ]:,hila-delphia, Pa.

..ioconnendati,-;:a a-pproved.iecommendinT aperoval of the application of hr. Davidi. i1liams, Jr., for )emission to servo at tJe sametime as director of the Jorn lachan o ITational Bank,2hiltadelhia, Pa., and, as director of the ::erion Titleand ?rust Jom2any, 2z,

decommenjtion aproved.A.coralleudil approval of the application of :11"4. Frederickh. Prince for permission to serve at the sal::.° time as •director of the :drst 1:ational Junk, Chicao, Ill., andas ..iirector of the 'itose: Yards hat ional Bank, Chicao,

..-',econ.maad.at ion a':reroved.Ilecoriamoud.in al)proval of the applicaion of 1:r. 3[1];fuel3. 2retz„Tr., for permission to serve at ti,e same time

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liAl)ORT4 OF 8TAIMING 00:471ITT335: (Gout Id)

as director of the National Security Bank, Phila-

delphia, Pa., and as director of the Jyoming Bank

and Trust Company, Philadelphia, Pa..Recommendation approved.

The me tin adjourned at 1l:O a •

rota].

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