244

A meeting of the Executive Committee of the Federal Reserve Board

was held in the office of the Governor on Tuesday, March 20, 1926 at

3:30 P.M.

kat Of

Boston, and letter dated March 15th from the Secretary of the Fed-

ileserve Bank of New York, both advising that their boards of directorsrn eetin,e

5 on the dates stated made no chances in the banks' existing

Os B.seheala_Of rates of discount and purchase.

Without objection, noted with approval.

4 Telegram dated ;larch 15th from the Chairman of the Federal Reserve

tik of''an Francisco, advising that. due to lack of a quorum no meeting of

the bo

11144

11 the banks existing schedule of rates of discount and purchase.

Noted.

PRESENT: Governor YoungMr. PlattMr. HamlinMr. Eddy, SecretaryY.r.Y.cClelland, Asst. Secretary

Matter approved on initials on March 17th, namely, application of the

al Bank for Savings in Los Angeles, Los Angeles, Calif., for original

stock (2i0 shares) in the Federal Reserve Bank of San Francisco, effective

it 411c1 when the Comptroller of the Currency issues a certificate of authorityto c,

mmence business.

Formally approved.

Telegram dated March 14th from the Secretary of the Federal Aeserve

41'cl Of directors was held on that day and consequently no change was

BonA-- of Mr. W. J. Evans, Assistant Federal Reserve Agent at Dallas in

the alm

°Ialt Of 450,000.

Approved.

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

2453/20/28

-2-

Letter dated March 14th from the Secretary of the Federal Reserve

1141321C Of Atlanta, advising that at the meeting of the board of directors

°f the bank held on Larch 9th it was voted that the May meeting of the di-

Ilectors be held at the Nashville Branch, provided the Federal Reserve Board

i/lterposes no objection.

Noted, without objection.

Letter dated Larch 16th from the Federal deserve Agent at Minneapolis,

cillesting the designation as Federal Aeserve 2xaminer of Mr. W. A. Cutler,

4614ssistant Cashier at the Helena Branch.

Approved.

Report of Committee on Salaries and Expenditures on letter dated

11111 14th from the Secretary of the Federal Reserve Bank of Boston, advising

" the action of the board of directors of that bank in voting to extend

111411 its next meeting leaves of absence on account of illness previously

grarited. Lir. Joseph Buckley, Miss Dorothy :11. Roberts, Mr. Prank C. Hoyt, Mr.

a°"1)11 Powers, Mr. Henry T. O'Keefe and Mr. Lester W. Clark, employees ofthe

44k1 Mr, Buckley and Miss lioberts to receive half pay and Messrs. Hoyt,Power

8s O'Reefe and Clark full pay; the Board's Committee recommending ap-Drovel

4 Of the salary payments involved.

Approved.

Report of Committee on Salaries and Expenditures on letter dated

114111 15-- from the Chairman of the Federal Aeserve Bank of Philadelphia,actvisitOf the

ztexici untilto e

action of the Executive Committee of that bank in voting

April 30th, with half pay, ana for a period of thirty days,

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

246

3/20/28-3-

With lull Day, leaves of absence on account of illness previously granted

24ise IlarY Bozarth and Mr. J. J. Gorman, respectively; the Board's Committee

ree°11tilending approval of the salary payments involved*

Approved.

eport of Committee on 3alaries and Expenditures on letter dated March

14th fOM the Federal Reserve Agent at it. Louis,

the 4xecutive Committee of that bank in voting to

thirtIr days from March 15th, with full pay, leave

1114e85 previously granted hr. Hobert Zeller, an

154rtMent of the bank; the Board's Committee recommending approval of the

saiar

Payment involved.

ii.pproved.

Report of Committee on Salaries and Expenditures on letter dated March

froln the Governor of the Federal Reserve Bank of Minneapolis, requesting

advising of the action of

15 t h

extend for a period of

of absence on account of

employee of the Money De-

44r0141 Of the action of the Executive Committee of that bank in voting to

trallt A- leave of absence of sixty days, with full pay, to Judge Andreas Ueland,

a°114--for that bank; the Board's Committee recommending approval.

POrei

17.1 Investment Trust, New Yoxic City, advising of delay experienced in

Approved*

Letter dated March 14th from the Vice President of the First Federal

5ecttr.

111g final approval to a subsidiary corporation being organized in Brazil,44(1 r

.Eillesting that certain facts in the case be transmitted to the American

11111ister at aio de Janeiro through the State Department.

The Secretary presented draft of a letter to the Secretary

Of State transmitting a copy of the above communication from the

First Federal Foreign Investment Trust, without comment thereon,

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

217

-4-

which letter was upon motion approved.

The Secretary then referrea to a demonstration given in the Board room

Yesterday by a representative of the Bank Protective Devices, Inc., of

Baltirac/re, of a working model of a bank door being manufactured by that

"171PanY, following which the representative requested that the Board ask

the 134reau of standards to conduct certain tests of the device. He submit-

ted-draft of a letter to the representative, prepared after consultation

44 the Comptroller of the Currency, who was represented at the demonstra-

ti°11' advising that it is felt that the Board can not with propriety re-

(Meat the Bureau of 6tandards to test any material or device which the

4aera1 deserve banks do not contemplate installing or employing in their

billidinge and that the Comptroller of the Currency concurs in this view.

Upon motion, the letter submitted by the Secretarywas approved.

Memorandum dated February 18th from Counsel, submitting draft of replyto le,

"ers dated August 12th and November 11th from the Federal Reserve Agent

at-'°n, requesting on behalf of Lee, Hicginson and Company a ruling as to

the ..,

ibility of certain bankers acceptances arising out of the storage of

Qtte'll 14 Italy; the proposed reply stating that in view of the Board's re-

cellt rulinp regarding acceptances growing out of the importation and exports-

tiO4 °f goods, acceptances of the kinds described may properly be regardederwng

1 out of the exportation of goods if drawn for the purpose of fin-

atIcillR the sale and distribution into the channels of trade on usual credit

t"Ile " cotton which has been exported to Italy, notwithstanding the fact

tIlEtt the cotton has already reached Italy when the bills are accepted.

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

248

4

1%, 3/20/2s -5-

Upon motion, the letter submitted by Counselwas approved.

OF *.'741).0;t1Q .:

batea, litArch 17th, ecommending changes in stock at Federal Aeserve banks

19th, as set forth in the Auxiliary Minute Book of this date.

c ommenda t ions a pprove

The meeting adjourned at 4:15 D

Secretary.

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