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93 Upon oall of the Governor a sp3cial meeting of the Federal Reserve Board waS held in the office of the Governor on Thursday, Augast 12, 1926 at 2:30 p.m. PiSENT: Governor Crissinger Mr. Platt Mr. Hamlin Mr. James Mr. McIntosh Mr. Noe11, Asst. Secretary Mr. McClelland, Asst. Secretary. The Governor stated. that he had been advised, over the telephone that the board of directors of the Federal Reserve Bank of New York today voted to establish a rediscount rate of to on all classes of paper of all maturities, effective the first business clay following that on which approved by the Federal Reserve Board.. Thereupon ensued a discussion following which Mr. Hamlin moved that the Board approve a Vo rate for the Federal Reserve Bank Of New York, effective tomorrow, Augist 13th. Mr. Hamlin's motion being put by the Chair vas unanimously carried. Telegr'am dated August llth from the Deputy Chairman of the Federal Reserve Bank of Boston, advising that the board of directors on that day made 110 Change in the bank's existing schedule of rates of discount a.nd purchase. Noted. Telegram dated August 12th from the Chairman of the Federal Reserve Batk of Richmond, advising that the board of directors on that day rilde no °bangs in the bank's existing schedule of rates of disc amt ani purchase. Noted. Telegram dated August 12th from the Chairman of the Federal Reserve 8a1k of Kansas City, advising that the board of directors on that day made no 94 8/12/26 -2- Change in the bank's existing schedule of rates of discount and purchase. Noted. Memorandum dated August 12th from Counsel advising that in accordance with the authority granted by the Board yesterday he has employed Lim. Grace 14. Costinett as a temporary stenogsrher in his office for a period of six weeks, commencing August 12th at a salary of .'7„;150 per month. Noted. Letter dated August 11th from the Chain= of the Federal Reserve Bank Of New York, advising he has learned from the Chairmen of some of the other PederEt1 Reserve banks that it is their custom to send. to the Board copies of all credit investigations or examinations made of member banks by Federal Reserve Examiners axd stating that if the Board desires to receive copies of his examiners' reports he will be glad. to send them in future. After discussion, the Secretary was instructed to request the Federal Reserve Agent at New York to furnish the Board with copies of reports of all credit investigations and examinations made by his examiners. Letter dated August 11th from the Chairman of the Federal Reserve Bank Of New York, recommending approval of an application of the American Trust C°133Pany of New York City for an extension of 90 clays from August 16th in the time in which the bank may establish the branch approved for 30 Bay Street St. George, Staten Island. Approved. Memorandum from Counsel dated August 11th, with reference to the ruling approved, by the Board on August 3rd. in a letter addressed to the Deputy Governor Of the Federal Reserve Bank of Kansas City, with reference to the eligibility 95 8/12/26 -3- k for rediscount at the Federal Reserve bank of certain notes of the Kansas City 001d. Storage and jarehouse Company; Counsel submitting a form of ruling with the recorrmenclation that it be -published in the next issue of the Federal ..eserve isulletin and that copies be furnished to all Federal deserve banks. Approved. hr. Hamlin then referred to the matter considered by the ioard at • the meeting on &July 14th, narely, a letter dated July 7h from the Chairman Of the Federal .Lteserve Bank of hew York inquiring whether the Board. would bave any objection to his being away on a vacation for about a month and a half starting the middle of September. 1.1r. Hamlin moved that the Board approve a vacation of six weeks for 1,:r. Jay. hr. Hamlin's motion being put by the Chair was carried, 1:s. James voting "no". Hr. James stated that he was opposed. to vacation -oariods for officers of Federal .aesexve banks extending beyond a period 4f 30 days except in cases of illness or for special reasons. The minutes of the meeting of the 'Federal .:.;.eserve Board held on A:lgust 11th were then read and approved. :1ZP0ilT3 OF STANDEIG C0:L:172E7L5: Dated, August 12th, -Dated, August 10th, 11th, Dated, August 10th, Recommending changes in stock at Federal zteserve banks, as sc.;it forth in the ILuxiliary Minute Book of this date. Approved. _tecommending action on applications for fiduciary powers as set forth in the Auxiliary '.1inute iook of tills date. Approved. ecommending a-Oproval of the aoplication of Mr. A. M. Chaffey for permission to serve at the same time as director aid. officer of the 14-ational City Bank, Los Angeles, Cal., as director and officer of the Jalifornia Bank, Los Angeles, cal. and as director and. officer of the california 4:rust Company, Los Angeles, Cal. Approved. 96 8/12/26 —4- 1 2.--'010.,S 0i ST..LTDL -G Ca.:r.ITTEES: (Cont'd) 4.1... 10th, ..-.;econnen:ling approval of the application of ...r. George A. J. Howard for permission to serve at the sane time as director of the ziational City iank, Los Angeles, Cal. as director and officer of the California Jank, Los Angeles, (Jal. and as Ace President ani Director of the california 2rast Company, Los Angeles, Cal. Approved. Jated, 1.oagust 10, itecommending approval of the aTlication of L:r. harry J. Bauer for permission to serve at the san-e time as director of the 1:ationa1 city Jaik, Los Angeles, O.. and as director of the California Bank, Los Angeles, Cal. Approved. Dated, August 10th, . : , ecommending approval of the atplication of :Ir. Gordon C. Smith for permission to serve at the same time as director and officer of the National City Bank, Los Angeles, and as officer of the ialifornia _auk, Los Angeles, /..Lpproved. Dated, -ust Aur) The meting, adjourned at 3:00 o'clock. retary. Approved.:
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