19290710_minutes.pdf

A meeting of the Executive Committee of the Federal Reserve Board was

held in the office of the Federal Reserve Board on Wednesday, July 10, 1929

at 11:00 a.m.

PRESENT: Vice Governor Platt

Mr. Hamlin

Mr. JamesMcClelland, Asst. Secretary

The Vice Governor announced that the term of Mr. Miller as a member

of the Executive Committee expired on June 30th and that in regular rotation

Mr. James would serve on the Committee during the quarter ending September

30th.

Telegram dated July 8th from the Secretary of the Federal Reserve Bank

of Minneapolis, advising that the board of directors at a meeting on that date

made no change in the bank's existing schedule of rates of discount and pur-

chase.

Without objection, noted with approval.

Telegram dated July 8th from the Chairman of the Federal Reserve Bank

of Dallas, advising that the board of directors at its meeting on that date

made no change in the discount rate of the bank but established the follow-

ing schedule of rates for purchases of bankers acceptances:

1 to 45 days 4 7/0

46 to 90 days 5%

91 to 180 days 5 1/4%

Repurchase 5 1/4

Without objection, noted with approval.

Telegram dated July 8th from the Deputy Governor of the Federal Re-

serve Bank of New York, advising that conditions in the acceptance market con-

tinue as previously repokted and that dealers are offering endorsed bills matur-

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

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ing up to 90 days at 5;0 and longer maturities at 5 1/8/0; the telegram stating

that the Federal Aeserve bank rates will remain unchanged for the present.

Noted.

Memorandum dated July 10th from the -ssistant Secretary, advising that

under the authority granted by the Executive Committee on July 5th Liss Anne B.

Hacker has been employed as stenographer in the Chief Chrk's Office for a

2robationary period of three months, with salary at the rate of 4500 per annum,

effective ,uly 8th.

Noted.

Letter dated July 4th from the Chairman of the Federal eserve Bank of

Dallas, advising that if agreeable to the Board he will arrange to beg-in his

annual vacation on July 15th.

Noted, without objection.

Reports of Committee on Salaries and Expenditures on lists submitted by

the Federal Reserve Banks of Philadelphia and Dallas of employees for whom the

directors of those banks approved leaves of absence with pay, on account of ill-

ness, during the month of June where the total of such absences since January 1,

1929 has exceeded thirty days; the Board's Committee recommending approval of

the salry payments involved.

Approved.

Report of Committee on Jalaries and Expenditures on letter dated July

8th from the Comptroller of the Currency, reconmendinF: approval of increases,

effective July 1st, in the salaries of thirty-three National Bank T.xaminers

listed; the Board's Committee also recommending approval.


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7/10/29 -3-

Approved.

Memorandum dated July 8th from the Comptroller of the Currency, recommend-

ing approval of an application of the Brown National Bank of Jackson, Linn., for

permission to reduce its capital stook from 455,000 to 440,000.

Approved.

The Assistant Secretary then submitted draft of a letter to the Governors

of all Federal Aeserve banks, transmitting one from the Postmaster General, with

regard to the practice of certain of the Federal Aeserve banks of salvaging can-

celled postage stamps and disposing of them to collectors and others, some of

which have been improperly used; the letter stating that the Board is inclined

to agree wIth the Postmaster General that in view of the small amounts received

from the sale of the used stamps, which would hardly appear to justify the ex-

penditure in collecting them, and in view of the extensive misuse of such stamps,

it would be well for the Federal Aeserve banks to have the salvaging and sale

of cancelled stamps discontinued.

Upon motion, the proposed circular letter

was approved.

Letter dated July 9th from the Governor of the Federal Reserve Bank of

New York, with further regard to the amount of short-term funds held in New

York for foreign account; the letter stating that the bank would prefer not to

ask for figures with regard to the volume of funds held abroad for American

account, until it can establish its present compilation of foreign funds in

this country on a more permanent basis, and only then if the various banks

and banking houses which now cooperate can give the additional figures without


7/10/29

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Noted.

Letter dated July 5th from the Assistant Secretary of the Treasury, re-

guesting preparation of a reply for the signature of the Secretary of the

Treasury to a letter dated Tune 27th from the Chairman of the Committee on

Banking and Currency of the Senate requesting an expression of opinion on

S. 1247, a bill fixing and establishing the legal and contract rates of

interest between persons, firms, associations and corporations when residents

of different states, and prescribing penalties.

After discussion, it was voted to request

Counsel to prepare draft of a proposed letter,

not attempting to pass upon the merits of thebill but expressing the opinion that provisionshould be made therein that the prescribed max-imum shall not be applicable to the discountrates of the Federal Reserve banks.

The Vice Governor then stated that when he was in New York last week

the Governor of the New York bank suggested that if a conference on future

credit policy is to be held, it should be called not later than the 17th

instant. He also stated that he wrote the Governor and Llr. Taller regarding

the matter and had received a telegram from Lir. Miller advising that July

17th would be a satisfactory date to him for the holding of a conference.

A discussion ensued during which flbssrs.James and Hamlin expressed the opinion that thereseems to be no reason for a conference, at least

as early as next week, and the Vice Governor wasrequested to communicate their views to Mr. Taller.

Mr. Hamlin then referred to the proposed publication in the forthcoming

issue of the Federal Reserve Bulletin of the recent report of the Expert's Corn-


7/10/29

mit tee

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on Aeparations and a summary thereof prepared by Dr. Goldenweiser.

After discussion, it was agreed that the matter

should be taken up at the next meeting of the Board,

probably on Tuesday, and that in the meantime the Vice

Governor should endeavor to ascertain the attitude of

the State Department toward publication of the documents

in question.

Jz.1130:iTS OF STANDING COLIIITTES:

Dated, July 5th,8th,9th,

Dated, July 3rd,5th,

Dated, July 1st,

Dated, July 2nd,

changes in stock at Federal Reserve Banks as

the Auxiliary Minute Book of this date.

Aecommendations approved.

action on applications for fiduciary powers

in the Auxiliary Minute Book of this date.

tecommendations approved.

Recommending approval of the application of Mr. John E.

Buckingham for permission to serve at the same time as

director and officer of the Ashland National Bank of

Ashland, Ky., as director and officer of the Paintsville

National Bank of Paintsville, Ky., and as director and

officer of the First National Bank of Jenkins, Ky.

Approved.

Aecommending approval of the application of Mr. Maxwell

Strawbridge .for permission to serve at the same time as

director of the Peoples National Bank of Norristown, Pa.,

and as director of the Montgomery Trust Company of Norris-

town, Pa.

Recommending

set forth in

Aecommendingas set forth

Approved.

Dated, July 2nd, Jecommending approval of the application of Mr. Edwin W.

Harrison for permission to serve at the same time as di-

rector of the Tradesmen's National Bank of Conshohocken,

Pa., and as director of the Montgomery Trust Company of

Norristown, Pa.Approved.

Dated, July 2nd, Recommending approval of the application of Mr. John Taber

for permission to serve at the same time as director of

the -Ifirst National Bank of Moravia, New York and as director

of the Auburn Trust Company of Auburn, New York.

Approved.

Dated, July 3rd, .ecommanding approval of the application of Yr. Charles A.

Wight for permission to serve at the same time as officer

of the National City Bank of New York of New York City,

as director of the First National Bank in Palm Beach,

palm Beach, raa., and as director of the Central Farmers'

Trust Company of 'lest Palm Beach, Fla.

Approved.


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REPOliTS OF STANDING C0LIII2TEES: (Cont'd)

Dated, July 5th, Aecommending approval of the application of Mr. G.

Price for permission to serve at the same time as director

of the Cambridge Trust Company of Chester, pa., and as

director of the Tradesmen's National Bank & Trust Company

of Philadelphia, Pa.Approved.

Dated, July 5th, lecommending approval of the application of :Ir. F. Barnett

for permission to serve at the same time as director of the

Astern National Bank in Los Lngeles, Los Angeles, 3E11.,

and as director of the Hollywood State Bank of Los Angeles,

Cal.ALpproved.

Dated, July 6th, Recommending approval of the application of Mr. Benjamin ::.

Seaman for permission to serve at the same time as director

and officer of the .illiston National Bank of “illiston

Park, .&Ist Williston, New York and as director of the First

National Bank of Hempstead, New York.

Approved.

Dated, July 6th, liecommending approval of the application of Mr. Franklin

D'Olier for permission to serve at the same time as director

of the First National Bank of Philadelphia, Pa., as director

of the Morristown ?rust Company of Morristown, New Jersey,

and as director of the Seaboard Bank of the City of New

York, of New York City.Approved.

Dated, July 9th, Aecommenling approval of the application of Mr. L. M. Daven-

port for permission to serve at the same time as director of

the Old National Bank S.: Union ?rust Company of Spokane,

:.ashington, and as director of the First rational Trust and

Savings Bank of Spokane, ashinE7ton.Approved.

Dated, July 9th, .Aecommending approval of the application of Mr. J. L. Paine

for permission to serve at the same time as officer and

director of the 'Old National Bank 3: Union Trust Company of

Spokane, ';:ashington, and as director of the First National

Trust and Savings Bank of Spokane, ::ashington.

Approved.

Dated, July 9th, Recommending approval of the application of 'Mr. E. 2. Twohy

for permission to serve at the same time as director of the

Old National Bank & Union Trust Company of Spokane, Washington

and as director of the First National Trust and Savings Balk

of Spokane, ,:ashington.Approved.

Dated, July 9th, Recommending approval of the application of Mr. J. P. McGold-

rick for permission to serve at the same time as director of

the Old National Bank F):: Union Trust Company of Spokane, uash.,


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REPORTS OF STANDING COMMITTEES: (Cont'd)

and as director of the First National Trust and Savings

Bank of Spokane, Washington.Approved.

Dated, July 9th, Recommending approval of the application of Mr. Charles A.

Gonser for permission to serve at the same time as direct-

or of the First National Trust and Savings Bank of Spokane,

Washington and as director of the Old National Bank & Union

Trust Company, Spokane, Washington.Approved.

Dated, July 9th, Recommending approval of the application of Mr. W. J.

Kommers for permission to serve at the same time as of-

ficer and director of the Old National Bank & Union Trust

Company of Spokane, Washington and as officer and director

of the First National Trust and Savings Bank of Spokane,

Washington.Approved.

The meeting adjourned at 12:15 p.m.

(P& ft;e1N(7

Assistant Secretary.

Vice Governor.


19290710_minutes.pdf

Documents

federal reserve bank

federal reserve board

federal aeserve bank

executive committee

federal reserve bankof

federal eserve bank

boards committee

report of committee