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L meeting of the Federal Reserve Board was held in the office of the Governor on Iluesday, Lpril 29, 1924, at 12:00 o'clock. PinSE172: Gov erno r Cr is singer Mr. Platt Mr. Harnlin Mr. Miller Mr. Eddy, Secretary 2he minutes of the meeting of the Federal eserve _,oard held on _pril 25th were read and approved as amended. - eserve Board held on Lpril 2he minutes of the meeting of the Federal 2 28th were read and approved. Letter dated Lpril 24th from the Comptroller of the Currency, recomaoroval of a salary of ,2700 per annum for National Bank Examiner Loren Swenson to be assigned to the Fourth Federal 2eserve District. Lpproved. Letter dated Lpril 23rd from the Chairian of the Federal 2eserve Bank Of Nev York, requesting approval by the Board of action taken by the directors Of that bank in voting to grant vacation of six weeks to Deputy lovernor Case and a vacation of two months to Chairman Jay, both with full salary. Lpproved. Telegram dated /1-)ril 25th from the Chairman of the Federal deserve Bank of jt. Louis, recommending approval of the merger of the Security National 4nk Of 2ast Jt. Louis, Illinois and the Union Trust Company of that city; together with telegraphic reply approving same transmitted on Lpril 25th on the initials of four members of the Board. Upon motion, the consolidation was formally aTTroved. -2- 4/29/24 e Agent at San FranLetter dated April 23rd from the Federal Reserv ion of 01800, with regard to assessing costs of examinations made by direct the Board of the American Bank of San Francisco, the American Bank of Oakand the First National Bank of Oakland. Referred to Counsel. of the Guaranty Letter dated April 25th from the Vice President of that Company in reprintCoMPany of Maryland, with regard to the action Companies" which appeared with certain changes, the article on "Finance 41 the January 1923 issue of the Federal Reserve Bulletin. Noted. President of the Telegram dated April 28th from the Executive Vice requesting prompt reconsideration Pacific Southwest 2rust and Savings Bank, to establish six bY the Board of that bank's application for permission branches in the city of Los Angeles, approval of which was revoked by the Board on April 21st. six After discussion Mr. Platt moved approval of the and Vernon at branches above referred to and of the branch 23rd. Vermont Avenues applied for under date of April Carried. Agent at Dallas, Letter dated April 22nd from the Federal Reserve arising from the enclosing a report with regard to the discount of paper s consideration a form of Petroleum industry and submitting for the Board' that business. financial statement to be filed by borrowers in Referred to the Law Committee. 4/29/24 -0- Report of Law Committee on letter dated 4ril 23rd from Mr. E. R. Renzol, Chairman of the Insurance Committee of the Governors' Conference, in(juiring whether the Board is definitely opposed to inter-insurance plans in principle, and advising that he insurance Committee has had under con- Ressideration a plan of placing employees' ;roup life insurance by Federal erve banks upon the basis of self-insurance through an inter-insurance orrani;ement whereby all the Employees of all of the banks would be considered as one group; the Committee presenting a memorandum on the subject from aecided Counsel, submitting dilaft of a reply stating that the Board has not unWhether it is opposed Lo inter-insurance plans in general, but would be such willing to approve any such plan until Congress has amended the law in a way as to remove all doubt as to the legality of Federal Reserve banks Participating in such arrangements. Upon motion the proposed letter was a2,proved. 2he Governor then presented a letter dated _pril 27th from ;,ssistant of PederL1 Reserve _ixaminer J. L. Bobb, with further reference to the arrest four Lssistant ',Ixaminors in Mew Orleans for violation of the Prohibition Jct. 'Toted. 2hereuron ensued a discussion of vhat action should be taken by the Board with regard to the matter above referred to, following which :Ar. Miller moved that the four Issistant Examiners be placed on probation, subject to immediate dismissal on repetition of the offense with which they are charged, the Board reserving for future consideration any further steps that it may think necessary to take in the premises, with a view of maintaining the morale and conduct proper to the staff of the Federal Reserve Board and the faithful observance of the laws of the United States. Carried, and advice ordered transmitted to tho. men involved, the Chief thcaniner and the Commissioner of Internal Revenue. 4/29/24 -4- Memorandum from General Counsel dated April 29th, advising that the kPreme Court of the United States has reversed the decision of the Supreme Court of Missouri in the Burnes National Bank case, establishing the right Of national banks to exercise trust powers in any state in which competing state corporations exercise such pomrs, regardless of discriminatory state legislature; Counsel recommending that the Board purchase one hundred copies et this opinion for distribution to interested parties, and that it authorize the publication of the opinion in the forthcoming issue of the Bulletin. Upon motion, Counsel's recommendations were approved. ItaPORTS OF STANDING COUMI=S: Recommending action on application for admission of state bank, subject to the conditions stated in the individual reports attached to the application, as set forth in the Auxiliary Minute Book of this date. Approved. Dated, April 26th, Recommending approval of the application of LIr. Joseph B. McCall to serve at the same time as director of the First National Bank and as director of the Provident Trust Company, both of Philadelphia, Fa. Approved. L'ated, April 26th, Recommending approval of the application of Mr. George Burnham to serve at the same time as director of the Central National Bank and as director of the Integrity .rust Compahy, both of Philadelphia, Pa. Approved. L'ated, April 25th, Recommending approval of the applicatio if Ur. Julius resident of the Breckwoldt to serve at the same time a and as director First National Bank of Dolgaville, IT. Falls, N.Y. Little f of the Herkimer County 2rust Comp Approved. pet ed, April 29th, The meeting adjrned at APProved: Secretary.
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