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270 A meeting of the Federal Reserve Board was hold in the office of the Federal Aeserve Board on Wednesday, April 6, 1927 at 11:30 a.m. Governor CrissinF:er 2.1r. Platt hillier Mr. James Er. Cunninpjham Hr. day, Secretary Mr. McClelland, Asst. Secretary Circular letter dated April 1st from the DeiTuty Chairman of the Federal Reserve Bank of New York, announcin-7 the election as Class B Director of the bank, for the unexpired term ending December 31, 1928, of 1.1r. William H. Woodin, President of the American Car and Foundry Company. Noted. Letter dated April 1st from the Deputy Governor of the Federal .Reserve Bank of New York, advising of the termination of the services of Lir. R. W. Furman, former chief of the bank's Credit Department. Noted. Letter dated April 1st from the Federal Reserve Agent at San Francisco, advising that under the Board's authority of January 25th the American ?rust Company of San Francisco on. April 1st opened a branch at Fillmore and California Streets (2100 Fillmore Street) San Francisco. Noted. Letter dated March 29th from the Assistant Federal Reserve Agent at .San Francisco, advising that under the .Board's authority of January 25th the American Trust Comoany of San Francisco on ::Larch 29th ooened a branch' at the Fairmont Hotel, San Frareisco. Noted. 271 4/6 A7 Letter dated 7..lamh 31st from the Federal Reserve Agent at ClevelarA, submitting application of the Guardian Trust Company of Cleveland for an extension of six months from March 29th in which to open the branch at the corner of ?earl .toad. and Broadview Road, Cleveland, approved by the Board on September 29, 1926. Upon motion by Mr. Platt, the extension requested was granted, Mr. James voting "no". Report of Executive Committee on letter dated April 1st from the 'Comptroller of the Currency, recommending approval of a salary of , ' ; ,3,000 Per an.num for National Bank Examiner Charles J. Machleid, assigned to the 2nd Federal Reserve District; the Committee also recommending approval. Approved. Report of Committee on Examinations on letter dated April 4th from the Federal Reserve Agent at Boston, transmitting and recommending approval of an arsplication of the Industrial Trust Company, Providence, R. I., for permission to open a branch at the corner of Elmwood and. Adelaide Avenues, Providence; the Committee recommending that the application be noted with approval. Upon motion, the recommendation of the Committee was approved.. Report of Committee on Examinations on letter dated. April 4th from the Federal Reserve Agent at Boston, transmitting and recommending approval of an a-oplication of the Rhode Island Hospital Trust Company, Providence, I., for permission to establish a branch at Olneyville Square, Providence; the Committee recommending that the application be 272 4/6/27 -3- noted with approval. Uron motion, the Committee's recommendation was afproved. The Governor then presented a statement prepared by :Ir. Cunningham under the authority granted by the Board at the meeting on February 17, 1927, explaining the vote cast by him at that meeting on a motion to approve the application of the Bank of Italy, San Francisco, for permission to take over the Liberty Bank of America of San Francisco. Noted. At this point, Mr. McIntosh joined the meeting. Letter dated April 2nd from the Federal Reserve Agent at Dallas, inquiring whether or not in the oninion of the Board it is wise for executive Officers of Federal Reserve banks to accept invitations extended to them to deliver public addresses on questions concerning the Federal Reserve bank or the Federal Reserve System; the Agent stating that he realizes the difficulties confronting the Board with reference to public utterances, aid if in the Board's opinion it wculd be better not to engage in such addresses the suggestion will be followed. Following a discussion, Mr. Hamlin moved that the Federal ,eserve Agent at Dallas be advised that the Board has no objection to his making addresses on the subject of the Federal Reserve System but that he should be careful in such addresses not to commit the Federal Reserve Board except insofar as the .7oard itself has made published. rulings. Mr. Hamlin's motion being put by the' Chair was carried. The Secretary then presented a telegram dated April 5th from the Deputy Governor of the Federal Reserve Bank of Atlanta, advising of un- 273 4/6/27 -4- settled conditions in Havana, Cuba and of a request for a currency shipment received from the Manager of the Havana Agewy. The Deity Governor stated. that he will keep the Board fully advised of any developments. The Board's Secretary reported that the available - eserve stock of Federal Reserve notes of the Federal R situany of care Bank of Atlanta is sufficient to take of basis the ation which may arise and that the bank on note its present condition increase its Federal Reserve circulation 'by about 340,000,000. The Governor then referred to the report submitted by Mr. Gilbert, the Board's Supervisor of Examinations, based upon a survey made by him of examination practice and policy at the Federal Reserve Bank of St. Louis. Following a discussion, it was voted that :Ir. Gilbert's report be made special order of business for a meeting of the Board to be held on Thursday, April 14th. At this point, Mr. McIntosh left the meeting. Mr. James read a letter addressed to him under date of :.larch 25th by Mr. Magnus i. Alexander of New York City, advisin7 that the Business Men's °omission on Agriculture will be in ".7ashington on April 11th and 12th and Would like to have a conference with him on the subject of agricultural credit. Mr. James also read his reply stating that he will be glad to meet with the Commission on the afternoon of April 11th and inquiring whether the Commission would care to have other members of the Board at the suggested conference. He read another letter from Mr. Alexander stating he is glad to know that "You and other members of the Federal Reserve Board will confer with the Business Men's Commission on Agriculture on Monday,. April 11th in the afternoon, at the office of the Federal iZeserve Board." Mr. James submitted certain data regarding the Busines.S Men's Conmimion on 2741. 4/6/27 _5- Agriculture, secured by the Secretary of the Board from the Chamber of Commerce of the United States, inquired as to the pleasure of the Board regarding the conference. Thereupon ensued a discussion during which it was understood that such members of the Board as cared to do so would attend the conference. Following the discussion, Mr. Platt moved that Mr. James be authorized in his discretion to tender to the Commission the use of the Board room. Mr. Platt's motion being put by the Chair was carried, Governor Crissinger voting "no". The reading of the minutes of the meeting of the Federal Reserve Board held on April 1st was dispensed with. REPORTS OF STANDING C=MITTEES: Dated, April 4th, Recommending changes in stock at "Federal Reserve Banks, 5th, as set forth in the Auxiliary Minute Book of this date. 6th, Recommendations approved. Dated, April 1st, Recommending action on applications for fiduciary 4th, powers as set forth in the Auxiliary Minute Book of this date. Recommendations approved. Dated, April 5th, Recommending approval of the application of Mr. E. J. A. Gold for permission to serve at the same time as director of the Austin National Bank, Chicago, Ill, and as director of the Stockmen's Trust & Savings Bank, Chicago, Ill. Approved. Dated, April 1st, Recommending approval of the application of MI". J. H. Jones for permission to serve at the same time as officer and director of the Atlas Exchange National Bank, Chicago, Ill. and as officer and director of the Halsted Exchange National Bank, Chicago, Ill. Approved.. Dated, April 1st, Recommending approval of the application of Mr. T. Frank quilty for permission to serve at the same time as director of the Atlas Exchange National Bank, Chicago, Ill, and as director of the Halsted Exchange National Bank, Chicago, Approved. 275 4/6/27 ,IP07:12S OF STANDIirG CO:21ITTEES: (Cont'd) Dated, April 1st, Dated, April 1st, Dated., April 2nd, Recommending approval of the application of Mr. Daniel 1.1. Healy for permission to serve at the sane time as director and. officer of the Atlas Exchange National Bank, Chicago, Ill, and as director and officer of the Halsted. Exchange National Bank, Chicago, Ill. Approved, iiecornmending approval of the application of Mr. Andrew J. Schultz for permission to serve at the same time as director of the Atlas Exchange National Bank, Chicago, Ill, and, as director of the Halsted Exchange National Bank, Chicago, Approved. Reconrmending approval of the application of Mr. George H. Corey for permission to serve at the same time as director of the Atlantic National Bank, Boston, Mass. and as director of the Malden Trust Company, 1,1alden, 1,1ass. and as director of the Joseph 7.Tarren 0,0-operative Bank, Boston, Approved. Dated., March 30th, Recommendirg approval of the application of Mr. E. Hayward. Ferry for permission to serve at the same time as director of the Hanover National Bank, New York, N. Y. and as director of the Colonial Bank, New York, N. Y. Approved, Dated, April 5th, Recommending approval of the application of Mr. J. H. Allman for permission to serve at the same time as director of the Butler County National Bank, Butler, Pa. and as director of the Lyndora National Bank, Lyndora, Pa. Approved. Dated, April 5th, Recommending approval of the application of Mr. 71lias Ritts for permission to serve at the same time as director of the Butler County National Bank, Butler, Pa. and as director of the Lyndora. National Bank, Lyndora, Pa. Approved. Dated, April 5th, Recommending anproval of the applicatio of Er. T. H. Gillespie for permission to serve at e same time as direc;or of the Butler County Natio Bank, Butler, Pa. and as director of the Lyndora Na al Bank, Lyndora, Pa. Approved. Th Approved: tang adjo at 1:00 Secreta
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