19260419_Minutes.pdf

358

Upon call of the Governor a meeting of the Federal Reserve Board

Was held in the office of the Board on Monday, April 19, 1926 at 12:45

APril

PRESENT: Governor CrissingerMr. PlattMr. HamlinMr. MillerMr. JamesMr. McClelland, Asst. Secretary

The reading of the minutes of the Federal Reserve Board held on

15th was dispensed with.

Letter dated April 15th from the Assistant Secretary of the Federal

Reserve Bank of New York, advising that the board of directors on that

%considered the bank's existing schedule of rates of discount aad pur-

elle." and made no change.

Noted.

Telegram dated April 15th from the Chairman of the Federal Reserve

134111k Of :alchmond, advising that the board of directors on that day made40 0

hang° in the bank's existing schedule of rates of discount and purchase.

Noted.

-2elegram dated April 15th from the Chairman of the Federal ReserveB4ck

of San Francisco, advising that the board of directors on that day11:44e

40 change in their existing schedule of rates of discount and purchase.

Noted.

Memorandum from the Assistant Secretary advising that the services

cb ot a

-4/4" E. Stills, messenger on the Board's staff, will terminate at the

1O seOf business April 22nd, and requesting authority to fill the vacancy

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4/19/26 -2-

359

thus created by the appointment of 3utledge Wheeler at a salary of .;1,000,

effective l'Iay 1st.

Approved.

.4enort of Executive Committee on letter dated. April 17th from the

Comptroller of the Currency, requesting approval of a salary of ,,;4,000

Per arrrum for National Bank F.:car:liner Charles W. Foster, to be assif7ed.

t° the 11th Federal -Reserve District; the Committee recommending approval.

Approved.

ilemorandum dated April 17th from the Acting Director of the Division

Of :Issearch and Statistics, approved by the Chain-ran of the Committee on

Research and Statistics, recornmen.d2ng the temporary appointment of Mrs.

-ess Hamilton and. Mrs. Kathleen B. Perry as Statistical Clerks in the

Division, at salaries of 5 per working day, for the period April 19th

t° 3eptember 1st.

Approved.

Letter dated April 19th from :Ir. -Robert B. 7arren, tendering his

l'esilation from the Division of Research and Statistics, to take effect

day9 .1."-ay 5, 1926. The Governor stated. that 1Ir. Warren, who had been

Od in central bank research in the Division, was resigning to accept

a /3osition tendered him by the Federal lieserve Bank of New York, in which

,.',ould continue the line of work he has been conducting for the Board.

The (--vv-ernor stated. he understood Mr. Warren was to be placed in charge

Of a. Division in the Federal Reserve Bank of New York to be organized for

thePurpose of pursuing a study on the subject of central. banks.


1 4/19/26 7

After discussion, upon motion by Mr. Hamlin,

it was voted. that Lir. Warren's resignation be

laid. on the table peruin.g the receipt of definite

information as to the plans of the Federal _deserve

Bank of New York.

360

Matter approved on initials on April 17th, namely, letter dated

4111 15th from the Federal :deserve Agent at Boston, transmitting mod

recommending approval of an Tplication of the Industrial Trust Company

Of Providence, d. I. for permission to take over the National Exchange

also of Providence, and to continue its present office as a branch.

Foimally approved.

Memorandum dated April 17th from the Acting Director of the Division

Of ilesearch d Statistics on the matter referred to him at the moot ii

0 6th, Eith, namely, letter dated. April 6th from the Director of the

1311reau of (Javings ,iesearch in Mew York City, with reference to a detailed.

allaaysis of the activity of savings depos its being undertaken by the

/311reall, and inquiring whether the Board would be sufficiently interested

ill the project to finance it in a moderate degree; the Director in his

rne craziduan recomniending that the Board. decline to extend the financial

aid- requested and submitting draft of a reply to the letter advising

accordingly,

Upon motion, the proposed reply was

approved.

• eport of Committee on Salaries and Expenditures on letter dated.

ADril 15th from the Chairman of the board of directors of the Federal

°I've Bank of Richmond, requesting approval of the action of the


361/./19/26 -4-

directors of that bank in grantiiu on extension of thirty days from

APril 11th, with full pay, in leave of absence on account of illness

for :ass Charlotte 'Meade of the Bank .delz.tions Dertment, and an exten-

sion throur-h April 30th, with fall i)w, in leave granted Miss Bernice

Shortt of the Distributing Department; the Committee recommending approval.

Approved.

Letter dated April 15th from the Secretary of the Onen.T.:arket

irweetment Coaaittee, transmitting copies of the minutes of the meeting

Of the Committee azd its joint 2.1eeting with the Federal -.deserve Board .

ill 'Washington on Larch 20th.

Noted..

Letter dated April 14th from the Chairman of the Federal lieserve

3a-rik of Atlanta, replying to the Board's letter of ',larch 30th, with

l'efei'ence to certain items contained in the budget of the Federal :deserve

Clubs Of the bank and its branches for welfare and. educational work for

the Year 1926, covered by an appropriation of .„;7-,600 made by the directors

Of the Bank.

Noted.

Letter dated April 14th from the Director of the Department of

?ilblicity of the Sesquicentennial International Exposition, to be held

Philadelphia June 1 to December 1, 1926, inquiring whether the Board

Would be willing

ceritennia1.

to aid in distributing posters descriptive of the Sesqui-

Upon motion, the Secretary was directed toadvise that it 7.-ou1d be against the policy of theFederal deserve Board to comply with the request.


362-5-

Letter dated April 12th from the Governor of the Federal Reserve

Bealk of Boston, transmitting copies of correspondence with Mr. Robert

F. Maddox,of the Atlanta and Lawry National Bank, Atlanta, Ga., on the

subject of non-cash collections by Federal Reserve banks.

Ordered circulated.

Memoranaum from Counsel dated April 15th on the matter referred

to him at the meeting on April 14th, namely, letter dated April 7th from

the Federal Reserve Agent at Chicago, suggesting that consideration be

elven by the Board to the advisability of having banks withdrawing from

tile Federal Reserve System relinquish their membership certificates;

Co,Ku.lel submitting draft of a circular letter to all Federal $eserve

4gents requesting that state member banks hereafter terminating their

LeIllbership be required to surrender their membership certificates.

Upon motion, the proposed letter was approved.

Letter dated April 14th from the Federal Reserve Agent at Atlanta,

e4vieing that in the opinion of that bank it is desirable to place

c'-u 9000,000 to .„;15,000,000 of unissued Federal Reserve notes in the

aa'eltsonville Branch and requesting permission to appoint a responsible

e llloYee as custodian of these unissued notes in joint custody with the

r of the Branch; the custodian to be an employee of the Federal

lbserve Agent's Department and notes to be delivered to the Federal

eserve bank only on order of the Federal Reserve Agent.

Referred to the Committee on District ;‘6.

.11' 11'S OF STAIMING COI.TIIMEES:

4tea, April 16th, Recommending changes in stock at Federal Reserve

17th, banks as set forth in the Auxiliary Minute Book

of this date.

Approved.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

363

4/19/26-6-

(Cont,d)

Dated, April 13th, Aecomnending approval of the application of Er.

Eoy 0. Shaneberger for permission to serve at the

same time as director of the Fletcher American

National Bank of Indianapolis, Ind. as director

of the Virginia Avenue State Bank of Indianapolis,

Ind. and as director of the Ilarion County State

Bank of Indianapolis, Ind.

Dated, Approved.

April 13th, lecommending approval of the application of Er.

George ,atson for permission to serve at the same

time as director of the National City Bank' of New

Rochelle, N.Y. as director of the Central National

Bank of New 2oche11e, N.Y. and as director of the

Westchester Title and Trust Company of White Plains,

Dated,

Dated,

bated,

Dated,

Dated,

Approved.April 16th, ecommending approval of the application of Lir.

Jonathan R. Davis for permission to serve at the

same time as director of the First National Bank

of Kingston, Kingston, Penna. and as president and

director of the Wilkes-Barre Deposit & Savings

Bank, Wilkes-Barre, Pa.Approved.

April 17th, ecommending approval of the application of Er.

H. G. Christman for permission to serve at the same

time as director of the Citizens National Bank of

South Bend, Ind. and as director of the Citizens

Trust and Savings Bank of South Bend, Ind.

Approved.April 17th, aecommending amroval of the application of Mr.

J. C. Bowsher for permission to serve at the same


South Bend, Ind. and as director of the Citizens

Trust and Savings Bank of South Bend, Ind.

Approved.April 17th, iecommending approval of the application of Mr.

C. C. Shafer for permission to serve at the same


South Bend, Ind. and as officer and director of the

Citizens Trust and Savings Bank of South Bend, Ind.

Approved.April 17th, ilecommending approval of the application of Mr.

.. R. Baker for permission to serve at the same

time as officer and director of the Citizens National

Bank of South Bend, Ind. and as officer and director

of the Citizens Trust and Savings Bank of South Bend,

Ind.Approved.


364

4/19/26

RIZ)QS OF allUDING

Dated,

Dated,

Dated,

Dat ed

Dated,

Dated,

Dated.,

Dated,

April 17th,

April 17th,

April 17th,

April 17th,

April 17th,

April 17th,

April 17th,

April 17th,

-7-

COMIITTRES : ( Cont d)

lecommending alloroval of the application of Mr.

George I:, Studebaker for permission to serve at

the same time as director of the Citizens National

Bank of South Bend, Ind. and as director of the

Citizens ?rust and Savings Bank of South Bend, Ind.Approved.

ecommending approval of the application of Mr.

W. Mueller for permission to serve at the same

time as director of the Citizens National Bank

of South Bend, Ind. and as director Citizens ?rust

and Savings Bank of South Bend, Ind.Approved.

-iecommending approval of the application of Mr.

Miles O'Brien for permission to serve at the

same time as director of the Citizens National Balk

and as director and officer of the Citizens Trust

and Savings Bank of South Bend, Ind.

Approved.

liecommending approval of the application of Mr.

Marvin Campbell for permission to serve at the

same time as director of the Citizens National Bank

and as director and officer of the Citizens Trust


Approved.Recommending approval of the application of Mr.

George A. Robertson for permission to serve at the

same time as director of the Citizens National Bank

and as director of the Citizens Trust and Savings Bank

of South Bend, Ind.Approved.

_iecommending approval of the application of Mr.

H. S. Badet for permission to serve at the same

time as director of the Citizens National Bank and

as director of the Citizens Trust and Savings Bank

of South Bend, Ind.Approved.

Recommending approval of the application of Mr.

George L. O'Brien for permission to serve at the

same time as officer and director of the Citizens

National Bank and as director of the Citizens 2rust


Approved.

Recommending approval of the application of Mr.

G. Fassnacht for permission to serve at the same time

as officer and director of the Citizens National Bank

and as officer and director of the Citizens Trust

and Savings Bank of South Bend, Ind.Approved.


1;

365

4/19/26 -8_

411Sga_a_a2402ING COLUITTE2A: (Contfd)

Dated, April 17th, liecammending approval of the application of Mr.

C. L. Millhouse for permission to serve at the

same time as director of the Citizens National

Bank and as director of the Citizens Trust arA

Savings of South Bend, Ind.Approved.

ADProved:

The meeting adjourned at 1:20 p.m.

Assistant Secretary.


Documents

19260419_Minutes.pdf