19280417_1145a_Minutes.pdf

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)A meeting of the 2]xecutive Committee of the Federal deserve Board

W48 heid in the office of the Federal deserve Board on Tuesday, April 17,

1926 at 11:45 a.m.

PHE73NT: Vice Governor Platt

Mr. Hamlin

Mr. MillerJames

Mr. Noell, Asst. Secretary

Mr. McClelland, Asst. Secretary

Letter dated April 13th from the Chairman of the Federal Reserve

kik of Boston, advising of the adoption on that date of the following

selleaule of buyins-; rates:

Bankers acceptances:1 to 30 days - 3 5/8„;

31 to 120 days - 3

121 to 160 days - 4,7,

Repurchase - 3 3/4

Trade acceptances - 4;70

Government securities (repurchase) - 4",;

Bank

Dalia

1108er?

Without objection, noted with approval.

Letters dated April 13th from the Secretary of the Federal aeserve

of Cleveland and from the Chairman of the Federal aeserve Bank of

8' and telegram dated April 13th from the Secretary of the Federal

e Bank of Minneapolis, advising of the adoption on that date of thetoilov

/14g rates for purchases of acceptances:

Bankers:1 to 30 days 3 5/8;0

31 to 120 days 3 3/4;7,

121 to 180 days 4/0 ,

Repurchase 3 3/4,0

Trade 4/,

Without objection, noted with approval.

Letter dated April 13th from the Secretary of the Federal Reserve Bank

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"Atlanta, advising of the adoption of the following schedule of purchase

rates:

Bankers acceptances:

1 to 30 days - 3 5/8:;

31 to 120 days - 3 3/470

121 to 180 days - 4/2

Repurchase - 3 3/4%

Government securities (repurchase) - 4//0

Without objection, noted with approval.

Memorandum dated April 16th from the Assistant Secretary, recaamend-

Ig th-at the resignation of Mr. Robert 3. Benner, clerk in the

Currency

Sect'ion of the Secretary's Office, which was accepted on March 28th,

reet ::.ay 1st, be extended and made effective May 9th.

Approved.

ieport of Executive Committee on letter dated April 13th from the

AQtiri„-5

Comptroller of the Currency, recommending approval of a salary of

4.0on%' Per annum for National Bank Examiner John T. Aaimmel,

assigned to

tilel'welfth Federal Reserve District; the Board's Committee also

recom-

inerIctilIR approval.

Formally approved.

lieport of Committee on Salaries and Expenditures on letter dated

4131111 llth from the Chairman of the Federal Reserve bank of Boston, ad-

vi84_44P; of the action of the board of directors of that ba

nk in voting to

etella until its next meeting leaves of absence on account of illness

111'61101131Y granted Mr. Joseph Buckley, Miss Dorothy M. Aoberts, Er. Lester

*46 Clark and Mr. Joseph L. Gaynor, Messrs. Buckley and Clark and Miss

'therts to receive half pay, and Mr. Gaynor full pay; the Board's Conmittee

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ree

eMiending approval of the salary payments involved.

Approved..

IlePort of Committee on Salaries and F,xpenditures on letter dated April

1411 from the Chairman of the Federal Reserve Bank of Richmond, advising

°I. the ,cketion of the board of directors of that bank in voting to extend

Period of thirty days from March 25th, with full pay, leave of absencefor a

o11 '‘oaourif

--- of illness previously granted Miss Mary G. 2alcott, an employeeOf th

--e bank; the Board's Committee recommending approval of the salary pay-

net involved,

Approved.

Report of Committee on Salaries and 3xpenditures on letter dated

4111lot

from the Federal Reserve Agent at Kansas City, advising of the

Of the Executive Committee of that bank in voting to extend for a

l*Iled Of three months from March 1st with full pay, leave of absence onoocoll

lit of illness previously granted Mr. R. P. Smith, special officer and

WEitobiaan-la at the bank; the Board's Committee recommending approval of the

44141.,.-4 PaPnent involved.

Approved.

146111"ancluxn dated April 16th from the Assistant Secretary of the Board,heoram

approval of amendments to the by-laws of the Houston and San

44t0h4-'0 Branches of the Federal Reserve Bank of Dallas, adopted by the di-

reotors-

°f that bank at their meeting on April 7th, to cover the recenttr4 et

er 0f Victoria County, Texas from the territory of the San Antonio

4411ell to that of the Houston Branch.

Approved.

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Liemorandum dated April 16th from the Assistant Secretary, submitting

841814.ed form of Article II, Section 1 o the By-laws of the Federal Res-

erve ,'Dank of Dallas, adopted by the directors of that bank at their meeting

°11APril 7th, coverino: recent action in fixing the terms of members of the

'41zeelIt-Ire Committee of the oank and dates of meetings of the committee.

Noted.

Report of Committee on 111::aminations on letter dated April 13th

*°M theFederal aeserve Agent at Atlanta, with reference to improvement

the. "vwlition of the Citizens Bank of Lake Wales, Fla., continuation

q theMembership of which has been a subject of previous corregpondence

tetwee,- the Board and the Atlanta bank; the Committee concurring in a

reaoh---huerldation of the Executive Committee of the Atlanta bank that a fur-

ther e

1 t, b.- granted the institution for the parpose of further improving its

°°11cliti

xterleion of time, until another examination is made soon after July

n.,

Upon motion, the extension recommended by the

Executive Committee of the Atlanta bank was granted.

Report of Committee on Examinations on letters dated April 13th and

rem the Chairman of the Federal Reserve Agent at Philadelphia, sub-

tittbao,') and recommending approval by the Board of a proposal of the Provi-

(1(41t

--8t Company of Philadelphia to take over the banking and trust bus i-

° .I the Commonwealth Title Insurance and Trust Company of Philadelphia,

, •4111 be continued as a title insurance ccmpany only; the Board's

-4Att ee recommendinfT, approval.

Approved.

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Report of Committee on Examinations on letter dated April 13th from

t4eAesistant Federal deserve Agent at Cleveland, recommending approval

Of aproposed merger of the Citizens Trust and '3avings Bank and the First

lati°1141 Bank, both of Columbus, Ohio, which will be effected under the

Charter of the state bank and under the title of First Citizens Trust

Cora„4-u'll1 of Columbus; the Board's Committee also recommending approval.

Approved.

Letter dated April 11th from the Deputy Governor of the FederalResew_

'ye Bank of hew York, submitting a detailed memorandum with refer-

elle° t0 Principal developments in the credit and business situation

cillritg the past two months.

The above letter having been circulated amongall members of the 17ioard was noted.

Letter dated April 16th from the Chairman of the Federal eserveBaajit

of tiohmond, advising that the action of the directors

11°tIng thata4

the investment securities

"derly manner

l'el"ed to the Board in his letter of April 12th, related to the securi-

tie8which have been acquired through rarticipation in the open market

14e8trnent account,

of his bank

carried by the bank be sold off

at the discretion of the officers, which action was

amounting on Arlin 12th to ,6,617,000.

Detailed discussion ensued of the questions ofP.olic:; raised by the action of the iichmond directors,following which upon motion the letter from the Chairmanof theHichmond bank was laid on the table to be broughtuP at a meetincx, of the Board.

OPSaiZii;G

9 4pri1 14th,16th,

COM.MITTS:Hecommenaing changes in stock at Federal deserve banksas set forth in the Auxiliary Minute Book of this date.

aecommendations approved.

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Date

PPr

—6—

STLNDLI:G 002,ZIT22S: (0ontld)

April 13th,16th,

Hecommenditw action on

powers as set forth in

of this date.iecommendations

applications for fiduciary

the Auxiliary minute Book

approved.

The meetinR adjourned at 1:00 p.m.

Vice-Governor.

Assistant Secretary.

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