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7/21/2019 19261102_Minutes.pdf
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3
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The reading
of
the
minutes
of the
meetings
of
the
Federal
Reserve
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Commerce
for
the copies
desired,
the
Board
having
a
b
ou
t
s
e
v
e
n
7/21/2019 19261102_Minutes.pdf
http://slidepdf.com/reader/full/19261102minutespdf 2/7
315
1
1
/26
-2
-
hu
ndre
d
and
fift
y
on
hand
.
Upon
motion
it was
voted to approve the
re
comm
enda
tion
t
hat o
ne h
undr
ed co
pies
of t
he
Dige
st
be
fur
nish
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the
Cham
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omme
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cha
rge
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ry w
as aut
hori
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o mak
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fr
ee
dis
trib
utio
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of
the
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nce
of co
pies
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han
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Let
ter
date
d
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ctob
er
25t
h
f
rom
t
he A
ssis
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l Re
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at
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anci
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eric
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o
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o
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ober
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h
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rary
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atio
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rket
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t t
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ranc
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4
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ed
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th
e Bo
ard
o
n
O
ctob
er 27
192
5
f
or
the
n
orth
sid
e
of
Ma
rke
t
Str
eet
at
Van
N
ess
Av
enue
.
N
oted
.
Le
tter
date
d
O
ctob
er
28
th
fr
om
the
A
ssis
tan
t
F
eder
al R
eser
ve
A
gent
at
8
4
a
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ncis
co
advi
sing
t
hat
t
he
Sec
urit
y Tr
ust and S
avin
gs
Bank
of
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s
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1es
on Oc
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th
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erge
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t
he Ban
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ys an
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es
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2
3rd
the
bo
-
of
t
he bran
ch
b
eing
630
2
Va
n Nu
ys
B
oule
vard
.
N
oted
.
L
ette
r d
ated
Nov
embe
r 1s
t f
rom
th
e
Ass
ista
nt
Fed
eral
Re
serve
Agen
t
a
t
New
Yor
k
advi
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th
at
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e
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icip
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nk
B
rook
lyn
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Y.
on
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ctob
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° t
ope
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rary
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uart
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at
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ifth
Av
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teen
th
Stre
et
4
0
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the
bran
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ap
prov
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by
the B
oard
o
n
O
ctob
er 7
th fo
r
Fif
th
A
venu
e
4
4a
Fif
teen
th
Str
eet.
N
ote
d.
Ma
tter
appr
oved
on
init
ials
thi
s
mo
rnin
g
nam
ely
le
tter
da
ted
14
ber
nd from
the
Comptroller
of
the
Currency
recommending
a
salary
7/21/2019 19261102_Minutes.pdf
http://slidepdf.com/reader/full/19261102minutespdf 3/7
3
1
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Federal
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p
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7/21/2019 19261102_Minutes.pdf
http://slidepdf.com/reader/full/19261102minutespdf 4/7
e .4
CVAL.
11/2/26
Committee
recommending
approval.
Approved.
Letter
dated
October
30th from
the
Federal
Reserve Agent
at
Kansas
City,
transmitting
report of
examination
of
the
Commerce Trust
Company of
Xansas
city
which
was commenced
on
March 13,
1926;
the
Agent
stating
that
t i l
bank
examined
is
the
largest
member
bank
in
the
district and an
efficient
examination could have been
accomplished
only with
the assistance
of the
examiners
of the
Federal
Reserve
Board who
cooperated in
the
examination.
-4-
Noted, with the
miderstanding that
the
Chief
Board.
an
analysis
of
the examination
report.
Examiner
is to
prepare
for the
information
of
the
The
Governor then
presented
application
of
the
First National
Bank
Of
Clinton,
Ind.
for remission
to exercise general
fiduciary
powers, action
on
vdiich
was
deferred
at
the
meeting
on
October
12th
with
the
understanding
that
the Comptroller
of
the
Currency
would
correspond. with
the
bank with
reference
to
a possible
increase
in
its
capital. The
Governor also
presented
a
letter
addressed
to
the
Comptroller
by the President of the
bank
stating
that if
they
are
to
be
compelled to increase
their capital to
secure
tru.st
1:owers
they
will abandon
the idea
of
having
trust
powers
issued
to
them
and
s
tating
that
while
they
know
their
capital
is
small
for
the amount of
their
deposits
business conditions
in their territory are
bad
and
they
do not know
that
their
deposits
will
continue
as
they are.
Following a
discussion, Mr. McIntosh
moved
that the
Board approve
the
application of
the
First
National Bank of
Clinton,
Indiana, for
permission
to
exemise
general
fiduciary powers.
7/21/2019 19261102_Minutes.pdf
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31
.8
/2
6
-5
-
Mr
.
M
cIn
to
sh
s
mot
io
n b
ei
ng
pu
t
b
y
the
Cha
ir
was
ca
rr
ied
,
Me
ssr
s.
P
la
tt
an
d M
il
ler
v
ot
ing
no
.
Me
mo
ran
du
m fro
m
Co
uns
el
s
ub
mit
ti
ng
d
ra
ft
of
re
ply
to l
ett
er
dat
ed
O
ct
obe
r
28
th
fr
om H
on
ora
bl
e
Is
aa
c
Bad
ha
ra
ch,
wi
th
re
fe
ren
ce
t
o
the
Cl
ay
to
n
Ac
t
ap
pli
ca
tio
n
of
M
r.
Ric
ha
rd
Mc
Al
lis
te
r
wh
ich
th
e
B
oa
rd o
n
O
cto
be
r 6t
h
t
em
por
ar
ily
r
ef
use
d
w
ith
t
he
un
der
st
and
in
g
tha
t
Mr
.
M
cAl
li
ste
r
mi
gh
t
wi
thi
n
thi
rt
y
da
ys
pr
es
ent
ad
di
tio
na
l
e
vid
en
ce t
o
sh
ow
t
hat
t
he
b
an
ks
i
nvo
lv
ed
in
I i
i
s
a
ppl
ic
ati
on
ar
e n
ot
i
n
sub
st
ant
ia
l
co
mp
eti
ti
on;
t
he
pro
po
sed
r
epl
y
sta
t-
i
4e
th
at
t
he
B
oar
d w
il
l
be gl
ad
t
o
ext
en
d th
e
t
ine
in
w
hi
ch
a
ddi
ti
ona
l
evi
de
nce
i
u
thi
s
cas
e
ma
y
be
pre
se
nte
d
aw
l
re
qu
est
in
g
Co
ngr
es
sma
n
Ba
ch
ar
ach
t
o
a
dvi
se
t
he
oa
rd
w
hen
it
w
il
l
be
co
nv
eni
en
t
fo
r
hi
m to
ta
ke
th
e
ma
tte
r
up
.
U
po
n
mo
ti
on,
the
pr
op
ose
d r
ep
ly
w
as
app
ro
ved
.
M
at
te
r
o
rd
ere
d
c
irc
ul
ate
d
at
t
he m
eet
in
g
on
Oc
tob
er
1
2t
h,
na
me
ly,
m
emo
ra
ndu
m f
rom
Co
un
sel
dated
September 30th,
with
reference to the
power
Of
t
he
Fed
er
al
Re
se
rve
Boa
rd
t
o
re
gu
lat
e o
r
eli
mi
nat
e
c
ol
lec
ti
on
cha
rg
es
h
c
hec
ks
c
ol
lec
te
d
thr
ou
gh
Fe
de
ral
Re
se
rve
ba
nks
.
No
te
d
an
d
ord
er
ed
f
il
ed.
The
Se
cr
eta
ry
the
n
pr
ese
nt
ed a
f
ur
the
r le
tt
er
da
te
d
O
cto
be
r
29
th
I
D=
th
e Ass
is
tan
t
Fe
de
ral
Re
se
rve
A
gen
t
at
Ne
w Yo
rk
wi
th
r
efe
re
nce
to
the
Ma
tte
r
di
sc
uss
ed
a
t th
e
me
et
ing
o
n Oc
tob
er
26
th
,
n
am
ely
,
a
su
gge
st
ion
fo
r
th
e
9
ar1
1e
r
r
el
eas
e
o
f
fi
gur
es
sh
ov
ing
th
e
co
nd
iti
on
o
f
r
ep
ort
ing
ne
mb
er
ba
nk
s
in
New
Yo
rk Ci
ty
a
nd
Ch
ic
ago
; th
e
Ass
is
tan
t
Fed
er
al
Res
er
ve Ag
ent
s
tat
in
g
th
at h
e
do
es
n
ot
bel
iev
e
the
ea
rli
er
r
ele
as
e of
t
he
Ne
w
Yo
rk
and
Chi
ca
go
fi
gu
res
w
ou
ld
in
any
wa
y
imp
ai
r
the
us
ef
uln
es
s
of
th
e
st
ate
me
nt
of
condition
of all
member
bankswhich
it
is
co
nte
mp
lat
ed
wou
ld
co
nti
nu
e
to
7/21/2019 19261102_Minutes.pdf
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31
9
—
6—
be
released
as
usual.
F
ollowin
g a
disc
ussion
,
Mr.
n
ller
moved
that
the
sugg
ested
chang
e be l
aid
on
t
he
ta
ble
for
the
time
being
.
Carrie
d.
Repor
t
of
Comm
ittee
on
Ex
aminati
ons dated
Oc
tober
30t
h on
the
matte
r
refer
red
to it
at
the me
eting o
n
Septem
ber
17
192
5
name
ly, r
esoluti
on
i
ntroduc
ed
bylAr
.11ille
r
that
the Co
mmitte
e on.
Exa
minati
ons be
re
quested
to
inv
estiga
te
a
nd re
port
to
t
he
Board
on
the
dvi
s bili
ty
a
nd
practi
cabilit
y
Of
coor
dinatin
g
a
ll
exa
mining
work
in the
Fe
deral
Reser
ve
System
un
der
the
s
uper
vision
of
the
Bo
ard,
act
ing
thr
ough
its
Di
vision
o
f
Exam
ination
, which
l
esol
ution
was
later
rsfe
rred
to the
F
ederal
R
eserve Age
nts
Co
nferenc
e
h
eld
in
November
1925
and
by
it
referred to the
Federal
Reserve
Agents
Standing
C
ommitte
e
on
Exami
nations
,
Which,
in turn
report
ed
it
s
findi
ngs to
t
he
Board s
C
o
mmitte
e.
The
ab
ove report
was
read t
o the
Board by
the
Secret
ary
and
after
a
brief
di
scussio
n
wa
s
made
sp
ecial orde
r
o
f
busines
s f
or
a meeti
ng to
be he
ld tomo
rrow.
P
0aT3
OF STADI1TG
Dated
,
Octob
er
3
0th
Novemb
er
1st
ated
Oc
tober
30t
h
Nove
mber 1
st
Reco
mmendin
g
ch
anges
in
sto
ck a
t
Feder
al
Rese
rve
Banks
as
set
forth
ba
the
Au
xiliary
1 : i n u
t e Book
of
th
is
da
te.
Ap
proved
.
Re
commend
ing
a
ction
on
appli
cations
for
fidu
ciary
p
owers
as
se
t for
th
in
the
Auxi
liary
Minute
book
of
thi
s
d
ate.
Approv
ed.
The
me
eting
a
djourne
d
a
t
1:15 p.m.
7/21/2019 19261102_Minutes.pdf
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