19291226_Minutes.pdf

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A meeting of the Federal Reserve Board was held in the office of the Fed-

el'al Reserve Board on Thursday, December 26, 1929 at 11:00 a.m.

PRESE1TT: Governor Young1:1r. PlattUr. HamlinMr. MilerMr. JamesMr. CunninghamMr. McClelland, Asst. Secretary.

The minutes of the meetings of the Federal Reserve Board held on December

17) 18, 19 and 20th were read and approved.

The minutes of the meeting of the Executive Committee of the Federal Re-

eve Board held on December 21st were read and, upon motion, the action

l'ecorded therein was ratified.

The minutes of the meeting of the Federal Reserve Board held on December

23rd Were read and approved as amended.

Telegram dated December 24th from the Deputy Governor of the Federal Re-

eve Bank of New York, advising that bill dealers' portfolios increased sub-

etealtially during the week due to end of the year conditions and bid and asked

114tes on 60 and 90 day maturities have been increased one-eighth per cent; the

telegram stating that dealers expect to revert to former rates after January

and that the Federal Reserve bank's rates remain unchanged.

Noted.

Telegram dated December 24th from the Chairman of the Federal Reserve

/laro,Of St. Louis, advising of the death that morning of Ur. Leroy Percy,

Cl es B Director of the bank.

Noted, with regret.

Letter dated December 21st from the Chairman of the Federal Reserve Bank

or Tr_'4/18as City, advising of the action of the directors of that bank in voting

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

12/26/29 -2-

to grant a sixty-day leave of absence to Governor Bailey who is leaving Kansas

CitY on advice of his physicians for a visit to southern California.

Upon motion, payment of salary to GovernorBailey during the leave of absence granted him bythe Kansas City direetors was approved.

Letter dated December 21st from the Chairman of the Federal Reserve Bank

Of Kansas City, advising of the action of the board of directors of that bank

14 voting to appoint 11.. T. W. Helm as Deputy Governor of the bank in addition

to his appointment as Cashier, minking no change in his present salary and pro-

that as Deputy Governor he shall exercise the powers and discharge the

dllties of the Governor of the bank only in the absence or disability of both

the Governor and senior Deputy Governor.

Noted, no action by the Board being required.

Letter dated December 19th from the Chairman of the Federal Reserve Bank

°t St. Louis, advising of the reappointment of Messrs. Eugene E. Hoge and

StIlart Wilson as directors of the Louisville and Little Rock Branches, re-

81ectively, and the appointment of Er. William White as director of the Memphis

811111oh, all for terms of three years beginning Tanuary 1, 1930; the letter also

41:71sing of the reappointment of Messrs. V. P. Kincheloe, A. F. Bailey and W. H.

41a8gow as Eanaging Directors of the respective Branches for the year 1930.

Noted.

The Assistant Secretary then submitted letters and telegrams from the

"lioral Federal Reserve Agents, requesting approval of the designation of

4818tant Federal Reserve Agents and Acting Assistant Federal Reserve Agents

tor the year 1930.

Upon motion, it was voted to approve the redesignation ofrx. Charles F. Gettemy as Assistant Federal Reserve Agent at the

Pederal Reserve Bank of Boston.


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Upon motion, it was voted, to approve the redesignationof Messrs. W. R. Burgess, William H. Dulls tin and Herbert S.Downs as Assistant Federal Reserve Agents at the Federal 'Re-serve Bank of New York.

Upon motion, it was voted to approve the redesignationof Messrs. Arthur E. Post and Ernest O. Hill as AssistantFederal Reserve Agents and Mr. J. F. Rehfuss as Acting Assist-ant Federal Reserve Agent at the Federal Reserve Bank of Phila-delphia.

Upon motion, it was voted to approve the redesignation ofMessrs. William H. Fletcher and J. B. Anderson as AssistantFederal Reserve Agents at the Federal Reserve Bank of Cleveland,and the redesignation for not to exceed three months of Messrs.P. J. Faulkner and T. M. Jones as Acting Assistant Federal Re-serve Agents at the Cincinnati and Pittsburgh Branches, respective-ly, and Messrs. R. G. Johnson and Raymond Armour as alternateActing Assistant Federal Reserve Agents at the respective branches.

Upon motion, it was voted to approve the redesignation ofMr. J. G. Fry as Assistant Federal Reserve Agent and Mr. HobertS. Shepherd as Acting Assistant Federal Reserve Agent at theFederal Reserve Bank of Richmond.

Upon motion, it was voted to approve the redesignation ofMr. Ward Albertson as Assistant Federal Reserve Agent at theFederal Reserve Bank of Atlanta, and the redesignation for aperiod of three months of Messrs. Thomas Bawron, 7-ulton 3aussy,Maclin P. Davis and J. E. Miller as Acting Assistant FederalReserve Agents at the Birmingham, Jacksonville, Nashville andNew Orleans Branches, respectively.

Upon motion, it was voted to approve the redesignation ofMr. William H. White and the designation of Mr. Clifford S.Young as Assistant Federal Reserve Agents at the Federal ReserveBank of Chicago.

Upon motion, it was voted to approve the redesignation ofMr. Clarence M. Stewart as Assistant Federal Reserve Agent andMr. William L. Gregory as Acting Assistant Federal Reserve Agentand the designation of Mr. L. H. Bailey as Acting Assistant Fed-eral Reserve Agent at the Federal Reserve Bank of 3t. Louis.

Upon motion, it was voted to approve the redesignationof Messrs. Curtis L. :Mosher and F. M. Bailey as AssistantFederal Reserve Agents and of Mr. Oliver 3. Powell to act forthe Federal Reserve Agent in the performance of certain sped-


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fied duties at the Federal Reserve Bank of Minneapolis.

Uoon motion, it was voted to approve the redesignation

of Mr. A. Y. McAdams as Assistant Federal Reserve Agent at

the Federal Reserve Bank of Kansas City.

Upon motion, it was voted to approve the redesignation

of Messrs. C. C. Mall and J. Evans as Assistant Federal

Reserve Agents at the Federal Reserve Bank of Dallas.

Upon motion, it was voted to approve the redesignation

of Messrs. S. G. Sargent and Allan Sproul as Assistant Fed-

eral Reserve Agents at the Federal Reserve Bank of San Fran-

cisco.

Letter dated December 17th from the Federal Reserve Agent at Atlanta,

advising of the redesignation of Messrs. E. P. Paris and R. A. Radford as

Examiners during the year 1930 and the redesignation as special examiners

Of the following officers of the bank:

Ward Albertson - Asst. Federal Reserve Agent

Creed Taylor - Deputy Governor

W. S. Johns - Assistant Auditor

J. W. Honour - Assistant Auditor

H. F. Conniff - Assistant Cashier

V. K. Bowman - Assistant Cashier

J. A. '::alker - Asst. Manager, Kew Orleans

Branch.

Approved.

Letter dated December 23rd from the Treasurer of the Shawmut Corporation,

Boston, Massachusetts, advising that the stock of the Corporation formerly

hela by the National Shawmut Bank is now trusteed for the benefit of the stock-

holders of the bank and none is omed by any national bank; the letter trans-

mitting certified copy of a resolution of the board of directors of the Corpora-

tion, in the form sup:7ested by the Board under date of December 14th, requesting

cancellation of the agreement heretofore entered into with the Board under

tak-


12/26/29 -5-

ing to comply with regulations promulgated pursuant to the provisions of

Section 25 of the Federal Reserve Act.

After discussion, upon motion, it was voted to cancel

the Board's agreement with the Shawmut Corporation, the

members voting as follows:

Governor Young, "aye"

Mr. Platt, "aye"Mr. Hamlin, "aye"Mr. James, "no"Mr. Miller, "not voting"

Mr. Cunningham, "not voting"

Draft of letter to the Chairman of the Federal Reserve Bank of Richmond,

prepared by the Committee an District #5 in accordance with instructions at

the meeting on December 19th, requesting a statement as to the reasons for

the depreciation in the value of the bank's annex building and What, if any,

Prospects there are for its disposal in the near future.

Upon motion, the letter was approved.

The Assistant Secretary then submitted report of examination of the

Atlantic Merrill Oldham Corporation of Boston, now the Atlantic Corporation of

Boston, made as at the close of business Liarch 29, 1929, which at the meeting

on December 6th was referred to the Committee on examinations. He called at-

tention to a notation by Mr. Platt that he sees no reason why the Board should

continue to examine the Corporation which is clearly not "principally engaged"

in foreign business within the meaning of Section 25 of the Act.

After discussion, it was voted to take no action

at this time regarding the Corporation's agreement

with the Board but the Assistant Secretary was in-

structed to ascertain the presentownershin of the

stock of the Corporation.


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„Ii2pOiTS OF STANDING COMUITTEES:

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Dated, December 23rd, Recommeniing a change in stock at a Federal Reserve

bank as set forth in the Auxiliary Minute Book of this

date.Recommendation approved.

Dated, December 21st, Recommending approval of the application of Mr. Ned

Holman for permission to serve at the same time as

director and officer of the Exchange National Bank,

Tulsa, Okla., as director and officer of the First

National Bank of Guthrie, Okla., and as director and

officer of the First National Bank of McAlester, Okla.

Approved.

Dated, December 21st, Recommending approval of the application of Mr. Rodolphe

Louis Agassiz for permission to serve at the same timeas director of the First National Bank of Boston, Massa—

chusetts, as director of the American Trust Company of

Boston, Massachusetts and as director of the State Street

Trust Company of Boston, Massachusetts.Approved.

The meeting adjourned at 12:30 p.m.

Assistant Secretary.

Approved:


Documents

19291226_Minutes.pdf