The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
t,c) A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Thursday, December 10, 1925 at 11:15 a.m. PUISE112: PRESENT ALSO: Governor Crissingpr Platt Mr. Hamlin Miller Mr. James Mr. Cunningham Mr. Eddy, Secretary Dr. Stewart, Director of the Division of esearch & Statistics The minutes of the meeting of the Federal Reserve Board held on December 8th were read and approved. Memorandum from Counsel dated November 23rd and report of the Law Cominittee dated December bth, with reference to the applications Of Messrs. Cecil B. DeMille, J. E. Carr and D. M. Dorman for permission to serve at the same time as directors of the Commercial National Bank and the Banc of America, both of Los Angeles, and the application of Mr. L. M. MacDonald for permission to serve as Vice President and director Of the commercial National Bank and as Chairman of the Board and director Of the Bank of America; Counsel pointing out that in addition to serving the two institutions above, the applicants are also connected with the Los Angeles Branch of the Bank of Italy, and the Committee recommending that permission be granted them to serve the Commercial National Bank and the Bank of America, but that notice be given that they should also request the permission of the Board to serve as officers of the 3ank of Italy. Upon motion, the applications, as filed, were approved and it was voted that applications should also be made for permission to serve the Bank of Italy. 12/10/25 -2- Letter dated December 7th from the Federal deserve Agent at Minneapolis, advising of the resignation of Yr. F. P. Hixon, Class B Director, to take effect on the election of his successor, and advising that Mr. John S. Owen of Eau Clare, Wisconsin, was elected to succeed Mr. Hixon on December 1st. Noted. Draft of reply to letter dated November 23rd from Honorable Irvine L. Lenroot, United States Senator from Wisconsin, requesting certain information concerning the relation of the Federal :deserve System to recent credit developments; the proposed reply answering the several specific inquiries made and discussing the more important phases of the present banking and credit situation. After full discussion, upon motion by Mr. James, it was voted to approve the proposed reply, Mr. Miller not voting. The Governor then stated that he had been advised of an inquiry made of the Federal deserve Bank of New York by Senator Byers of New Jersey for the details of the recent credit of '200,000,000 extended to the Bank of England by the Federal deserve Bank of New York, and for copies of any agreement entered into with the Bank of England and of the Board's approval of the arrangement. The Governor stated that he had suggested to the Chairman of the Federal deserve Bank of New York that Senator Byers be advised that it is not within the province of the Federal Reserve Bank of New York to give out the minutes of the Federal Aeserve Board. 12/10/25 -3_ REPORTS OF STANDING COMITTEES: Dated, December 7th, Recommending approval of the application of Mr. Ford Ballantyne for permission to serve at the same time as director of the merchants National Bank of Detroit, Michigan and as director of the Guardian Trust Company of Detroit, Michigan. Approved. The meeting adjourned at 1:00 We "ck. Secretary. Approved: 60111111111,-/ Al .:.....16.4..1,0 Govern• 4,2
@FedFRASER