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A meeting of the Federal Reserve Board was held in the office of the Peaeral Reserve Board on Wednesday, April 27, 1927 at 11:30 a.m. PRESENT: Governor Crissinger 2latt Mr. Hamlin Mr. :=11er Mr. James Mr. Cunningham Mr. Eddy, Secretary Mr. McClelland, Asst. Secretary Report of the Executive Committee on letter dated April 25th from the C°raptroller of the Currency, recommending approval of a salary of :).3,000 4anum for National Bank Examiner Charles W. llotter, assigned to the 5th 4c1 " 41 Reserve District; the Committee also recommending arproval. Approved. lieport of Executive Committee on letter dated April 25th from the 001/1 Ptroller of the Currency, recommending approval of a salary of ,r,;2700 1t41' "Mara for National Bank Examiner Fred C • Ockershausen, assigned to the 5th p ederal Reserve District; the Committee also recommending approval. Approved. :aeport of Committee on 2xaminations on letter dated April 19th 44 a the Federal Reserve Agent at San Francisco, transmitting and recommend- PProval of an application of the Pacific southwest Trust and Savings Of Los Angeles for permission to purchase the business and assets of the 7 411eY Savings Bank of 3anta Maria and to consolidate it with an extatini„ ,branch at that point; the Committee also recommend ing approval. Noted, with approval. Report of Committee on Examinations on letter dated April 19th 353 4/27/27 -2- from the 17ederal Reserve Agent at San Francisco, transmitting and recommendinE aPProval of an application of the Pacific Southwest Trust and Savings Bank Of Los Angelee, for permdssion to establish a branch in the vicinity "West 1st and Vendome streets, Los Angeles; the Committee also recommendapproval. Noted, with arpraval. Report of Committee on Examinations on letter dated April 19th from the Pederal Reserve Agent at San Francisco, transmitting and redommending 4151)r"al of an application of the Security Trust and Savings Bank of Los 44€eles for permission to establish a branch at the intersection of HollyBoulevard and La Brea Avenue, Los Angeles; the Committee also recommendapproval Noted, with approval. Report of Committee on Examinations on letter dated April 19th from the Pederal Reserve Agent at San Francisco, transmitting and recommending 4PProliaa of an applicati on of the Security Trust and Savings Bank, Los 441/les, for permission to establish a branch at 57th Street and Angeles 1482 4 Drive and to retain an existing branch at 6425 Angeles Mesa Drive; comittee also recommending approval. Noted, with approval. Report of Committee on Examinations on the matter referred to it at "o Meeting on April 2nd., namely, letters from all Federal Reserve reolyinr to the Toard's circular letter of December 4, 1926 (X-4739) sUbmitting a survey of all outlying banks in central reserve and resel've .1! 4/27/27 —3— cities to which the Board has Granted authority to carry reduced reserves 4a1nst demand deposits; the Committee recommending that no action be taken bY the Board to revoke authority previously granted by it except in the case Of the National .ockland Bank of Boston, Massachusetts, which after receiving PerThission to carry a 7,, reserve against demand deposits while located in a°4)1.1rY, a suburb of Boston, moved its office to the downtown district of 13°St011 and has since been carrying a reserve of 10,: against its demand de- After discussion, Mr. Platt moved that the Board approve the recommendation of the Committee on Examinations and that the authority granted by the Board to the National .0ckland Bank of Boston, Massachusetts, to carry reserves of 7% against demand deposits be revoked. Mr. Platt's motion being nut by the Chair was carried. he Governor then submitted the matter referred to the Committee on Diet at the meeting on April 26th, namely, letter dated April 25th trol4 the 1:xec-utive Committee of the 2ederal .eserve Bank of _iichmond with filrther -- reference to the proposal of the bank to acquire the so-called l'oate 1* Property, adjoining the main bank building, at a price of ,450,000; the otter replying to the Board's request of April 22nd for more definite tAto ' rn ation as to the practicability of ultimately improving the Foster Drole rtY in harmony with the existing building so as to make it service4b1e 1'1'ft an oneratinr point of view and for a more definite statement as to th e use which it is proposed to make of the property at the present time. 7ale Governor submitted a divided report of the Committee, reading t°1101iVa. om.r- t),Lot.) 4/27/27 -4- 1/ "The undersigned, Chairman of the Board's Committee of the Federal ileserve Bank of Richmond, reports as follows: 1. It is reasonable to expect a future development of the Bank requiring additional space. The only possible development in the future would be by use of the Foster property. 3. The existing practice of unloading currency in thc alleyway is dangerous and is condemned by the Secret Service. 4. If immediate steps are taken to sell the Annex building, it is believed the original cost, allowing for depreciation, will be recouped. 5. The plans furnished by the architects show that it is reasonably oracticable to utilize the Foster property in connection with the main building for either temporary or permanent purposes, so that the additional structure will be in harmony with the architecture of the present building, and that the same can be done at a comparatively small cost for alteration of the existing structure. In my opinion the Board should vote that it will interpose no objection to the Purchase of the Foster property as requested by the Directors. (s) C. S. Hamlin 26, 1927 I shall vote "no" on this proposition. (s) Geo. R. James" Following a detailed discussion, Mr. Platt moved that the Board approve the recommendation made by Mr. Hamlin and authorize the Federal Reserve Bank of Richmond to purchase the so-called Foster property at a price of not to exceed 0150,000, and further that the Federal Reserve Bank be advised that the Board in approving the proposal was influenced by the statement of the committee of directors of the bank Which appeared before it, that the bank would be able within a reasonable time to dispose of. its present annex building at a good figure. 356 4/27/27 -5- Following a further discussion, Mr. Platt's motion was put by the Chair and carried, Yr. James Voting "no". 11113 minutes of the meting of the Federal. Reserve Board held. on April 26th were then read and. approved. 11-1,,Naza.s1F STANDING COLIMITTK}..S: Dated April 26th, Recommending changes in stock at Federal Reserve Banks, 27th, as set forth in the Anxiliary Minute Book of this date. Recommendations approved. Dated April 23rd, Recommending action on application for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Reoommendation approved. Dated April 22nd, Recommending approval of the application of Mr. Harris J. Latta for permission to serve at the same time as director of the Aldine Trust Company, Philadelphia, Pa. and as director of the Drovers and Merchants National Bank, Philadelphia, Pa. Recommendation approved. bated. April 25th, Recommending approval of the application of Mr. Neil Sims for permission to serve at the same time as director of the Central National Bank, Poteau, Okla. and as officer of the First National Bank, Fort Smith, Ark. Recomendation approved.. The meeting adjourned at 12:30 p.m. Secretary. '1`
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