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24.3 : of tlie Federal : )011tho Governor, a special meetinf U1 73bard on 7)oard was hold in the office of the Federal aoservo Friday, april 3, 1925 at 11:00 a.m. dovornor Crissiner L:r. Platt 11r. Miller :f. ntu*am ' jho minutos of the meetilll J . Tho Jrve bard, hold. on 1.17..1.ch 31st were read and approved as 7,1 Letter dated :roh -7th from the 70dJ:-1 ,er. :Jut at San 2rauci_cl0 _,,roval of an -q)plieation Of the 2-Leific Southwest Trust and -Is., Bank for permission to 5407 ',.hittior ove its branch at ':,'hittier ou1vard.,Los Angeles, to a new location at 46-15 Boulevard. approved. Federal Lot: dated March 30th from the Chuirmn of the Bank of :" oserve howell , rstin7 approval of the losirnation of Mr. ors of Messrs. .tillman as Chief Examiner and the designation as :xamin D. aaasch and Hex. Gidney, H. H. Wiqhton, 73onjamin L. ayrns, Henry Z. Persons. approved. agent at atlanta, Lotter dated april .1st from the Federal aoserve of :;,1•r. Lawson brown, advising of the resignation, effective aprii 15th, the Uew Orleanz branch ...ssistant Federal aoservo kL;. -nt and. Auditor at ?eloral and reciUesting approval of the dosizuation as assistant , now actin -&Gent and assistant auditor of Mr. 77. E. Miller eserve assistant 244 4/3/25 .eserve 2aderal ) with salary at the !_at of .0 pir month. -pTon motion, it was voted to anprove the desis-as 2.ssistant Federal -,eserve Lent nation of L:r. ad Itistant .uditor, to be effective Until Juno 30, 1925, in accordance with the policy adopted by the loard at the beginnine: of the year. Lotter dated Lpril 1st from the Federal deserve .'..gent at 0hica7o, aavising of the resisnation of 2.1". Charles F. .deidell, 4-]::a:fliner, effective 4.-Pril 30, 1925, and advisin.:T. of the probable employment to succeed him 0.f . B. Chaffer, Thief 7]...f.aminer for the State of Iowa. Lr..Cunninham stated that .7.r. Heath had communicated with him regarding the employment of . hr. Shaffer, and the above letter was therefore referred to him. Lemeranium dated ,pril 2n1 from the Division of -]:lamination with :Throne° to letter dated "Larch 30th from the 2.ssistant Federal oservo _t Dallas, enclosina certified copy of an _.rmen'reiont to the charter of the First Guaranty 51tate Bank of Seymour, Texas, authorizing it to change its none to the First State Sank of Seymour, Tea:as, and transmitting a • request of the bank for a new certificate of membership in its new name; the memorandum from the Division of 7xamination recommendin: approval of the issuance of a new certificate. ..1pproved. Lemorandum dated April 1st from Counsel on the subject of the forfeiture of membership by the Farmers and Ilerchants State Bank of liecla, South Dakota; Counsel submittincr drafts of letters to the bank and tO the Federal deserve :gent at Linn3apolis statin- that in that the bank has failed continuously frol.T. January, 1921 to February, 19:5 to Illaintain with the Federal eserve Ban::: of :Unneapolis the reserve required 245 4/3/25 IV Section 19 of the Federal Reserve Act, a hearing will be held in the offices of the Board on May 4, 1925, at which a duly appointed representative or representatives of the bank are requested to appear to show -,Lase why it should not be required to surrender its stock in the Federal 2, ,serve Baia of ::innoalolis and to forfeit all rights and privileges of membersili, in the Federal aeserve :ysteT, and further that if the bank desires to waive its right to arAioar before the Board, it may appear before the Federal Reserve .gent on a date to be fixed by him to present such evidence as it may care to have transmitted to the Federal Reserve Board for its consideration. Upon motion, the proposed letters were approved. Report of Camittee on District 'Y), recommendln- the appointment iidley of lit. Pleasant, Tennessee, as a director of Of tbe Nashville Branch of the Federal Reserve Bank of .tlanta for the unexpired term ending December 31, 1927, to succeed Mr. Jos. .1.. Chapman, resigned. Ul)on motion, Mr. -R,idley was appointed a director of the rashville Brarich for the term ending December 31, 1927. Letter dated March 31st from the President of the Federal ...dvisory Council advising that the next meeting of the Counsel will be hell on , ,:ay 11th and requesting to be advised of topics which the Beard would like to have discussed at the meeting. Referred to the Executive Committee. Mlearam dated March 31st from the Secretary of the Lincoln P7 '—mring House Association, advising that the Lssociation recommends the aPPointment of i.:111r, now a director of the Omaha Branch, as 4/3/25 -4-- 01-ass G Director of the Federal Reserve Bank of Kansas City to succeed • Heber Hord, resigned. The Secretary stated that the Board had not received official advice of Mr. Hord's resignation and the above telegram was referred to Committee on District #10 for recommendation at the proper time. Letter dated March 26th from the Federal Reserve Agent at Chicago. ':fith regard to examinations of State member banks in Michigan. Referred to Committee on Examinations. Letter dated March 28th from the Federal Reserve Agent at San Prancisco transmitting copy of the by-laws of the Security Trust and Savin''s Bank_ of Los Angeles, recently amended to remove all distinctions Provioasly existinc: anong the various classes of savings deposits of the 14)34 , so fax as the right to demand notice of vithdra=a and the prose:qtatioll of pass book is concerned. Aeferred to the Law Committee. The Executive Committee then submitted drafts of letters to the Federal Reserve Agents at San Francisco, Minneapolis and 3t. Louis, callinr- attention to delinquency of certain directors in attendance at bou-rd neetings and advising that the Board will depend upon the cooperati°11 of the local boards of directors in the matter of remedying this '31 tuation and that any recommendations the directors may make will be aPPreciated by the Board and have its careful consideration should any further action become necessary. Upon motion, the proposed letters were approved. I) -5- V3/25 The Executive Committee than submitted draft of a letter to the Ohairman of the Federal ReserVe Bank of Atlanta transmitting copy °I' communication from Mr. A. B. Traabridge advising that he has been consulted by the local architects with regard to certain features of the Proposed. Birmincfaam building other than those relating to vault contruction and installation, the proposed letter stating- that (1) that ' 4f. Trowbridge was employed by the Board as consulting architect, in capacity he would pass upon ;plans and specifications when submitted by the Federal ileserve Bank of Atlanta to the Board for approval and would also stand read:: to cooperate with the local architects and builders in the matter of vault construction and. installation; (2) that consultation with the local architects in the matter of preparing preliminary sketches and plans is not coate:.plated in the Board's contract with Mr. Trowbridge and is not covered by the fee of 41250 which V110 - Board will pay him; and, (3) that in the opinion of the Board if Trowbridge is called upon to advise and assist the local architects aad builders in matters other than those relating directly to vault coastruction and installation, his compensation for such services should not come from the Board but should be paid either directly by the architects consulting him or by the Federal aeserve Bank of Atlanta as Part of the foe it is paying for necessary architectural services. Upon motion, tLe proposed letter was approved. Aeport of Law Committee an the matter referred back to it at t4e 1•10tin ezPressin on March 31 st, nr--nely, revised draft of a circular letter the opinion of the Board "that persons holding, or persons ii 11 248 4/3/25 becoming. candidates for political or public office in the service of the UniteJ States or of any state, territory, county, district, Politb,e1 sub-division or municipality thereof, or' acting as members of -Nlitical party committees, cannot consistently with the spirit ana underlyinr7 principles of the Federal deserve Act serve, or continue to serve, 'as directors and officers or employees of Federal reserve batiks or Federal reserve branch banks"; the Committee recommendin- that the application of the circular be restricted to offices of national or state scope, by omitting the words "territory, county, district, Political sub-division or municipality thereof". Thereupon ensued a discussion as to the desirability of issuing the reviseJ circular with the Lmendments suested during which there was read to the Board the previous circular on the subject approved by the Board on Dcomber 27, 1915 and again brow:lit to the attention of the Federal reserve banks on December 6, 1919. Followin7 the discussion, Mr. Hamlin ,:.oved that the revised circular, submitted by the Law Committee, be laid on the table. .77.r. Hamlin's motion being rat by the chair was carried, Mr. Platt voting "no". :r. Miller then moved that the Board reaffirm the provisions of its circular of December 27, 1915, and that a copy thereof be sent to the Chairmen of all Federal reserve banks with directions to call it to the attention of the members of their boards of directors, both at head offices and branches, and to inform the Board as occasion may arise of anything which in their opinion violates the tenor or spirit of the circular. :liller's motion bein7 :out by the chair was carried. 3 249 4/3/25 fi this point Jr.: J. J. O'Connor of the Chamber of Commerce ef the "'Tufted States entered the meetinc7. Mr. O'Conner stated that the annual meeting of the Chamber would be held in 7ashington the period May 18th to May 23rd and that it would be hi7h1y desirable if a spring conference of Lgents could be held 111.111'3 that period, in order that the Avnts might have an opportunity of attending the meeting of the Chamber, which would also be attended by some 3,000 delegates including several hundred of the leading business man of the country. Mr. O'Connor said that the Chamber planned to devote some time during the meeting to a discussion of the Federal Reserve System' aM its relation and benefits to the business of the country. He stated that the Chamber expected to be addressed by the President of the United States who would be requested to make some reference to the interest of 'business men in the System and that it was desired to have a presentation of the System made by the Governor of the Board, another by one of the Federal 13sOrV gents and to have an address on the relation of the System to business by some prominent business man, as well as one on the relation of the System to banking by some Well known banker. He said that the pur.,,ose of this discussion wqs to int,..r":st the_members of the Chamber in the welfare of the System, loekint3 forward to the time when the Taestion of the exte:Ision of the charters of the Federal reserve banks will arise. V. After 7,as. O'Connor had left the meetin7, the matter presented by him was referred to the Faecative Coy:Atte° for report. ORTS Oj STANDI1TG COL3.11TTE-23: TP4t d April 1st Reconamenai.-ig changes in stock at Federal reserve banks, as set forth in the Amelliary Minute Book of this date. Approved. Dated. April aid. Recommending action on applications for admission of 2nd_ state banks, sabject to the conditions stated in the individual reports attached to the applications, as set forth in the Auxiliary Minute Book of this date. Approved. Dated. April 1st Recommending approval of the application of Mr. T. Chalkley Palmer to serve at the same time as director of the First National Bank of Pat and as director of the Delaware County National Bank of Chester, Pa. Approved. The meeting adjourned a Secretary.
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