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465 meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Monday, December 12, 1927 at 11:15 a.m. PIMENT: Governor Young Mr. Platt Mr. Hamlin Mr. Miller Mr. James Mr. Cunningham Mr. Eddy, Secretary :Ir. McClelland, Asst. Secretary The minutes of the meeting of the Federal Reserve Board held on December 8th were read and approved. Letter dated December 8th from the Lssistant Secretary of the Federal Reserve Bank of New York, telegram dated December 9th from the Secretary of the Federal Reserve Bank of Cleveland, telegram dated December 9th from the Chairman of the Federal Reserve Bank of Richmond, letter dated December 9th from the Secretary of the Federal Reserve Ballk of Atlanta and telegram dated December 8th from the Chairman of the Federal Reserve Bank of Kansas City, all advising that their boards Of directors at meetings on the dates stated made no changes in the banks' existing schedules of rates of discount and ourchase. dithout objection, noted with approval. Memorandum dated December 10th from the Director of the Division of Research and Statistics, recommending the appointment of Mr. Jack L. Sehneiaer as messenger in the Division at a salary of ,900 per annum, effective December 13th. Approved. Report of Executive Committee on letter dated December 8th from the Comptroller of the Currency, recommending approval of a salary of 4:66 12/12/27 g2700 per annum for National Bank Examiner T. L. Seitz, assigned to the Third Federal Reserve District; the Committee also recommending approval. Approved. aeport of Committee on Salaries and Expenditures on letter dated December 7th from the Chairman of the Federal aeserve Bank of Boston, advising that the board of directors has voted, subject to the approval Of the Board, to extend until January 1, 1928, with half pay, leaves of absence on account of illness previaasly 'granted Mr. Joseph Buckley and Yliss Dorothy M. _ioberts, employees of the bank; the Board's Committee recommending apnroval of the salary payments involved. Approved. aeport of Committee on Salaries and Expenditures on letter dated December 9th from the Chairman of the Federal deserve Bank of Richmond, requesting approval of the action of the board of directors of that bank ta voting to extend for periods of thirty days each, with full pay, leaves Of absence on account of illness previously granted Mr. George H. Keesee, Cashier, and Mrs. R. J. James and Mr. A. C. Taylor, employees of the bank; the Board's Committee recommending approval of the salary payments involved. Approved. deport of Committee on Salaries and Expenditures on letter dated December 8th from the Federal aeserve Agent at St. Louis, requesting approval of the action of the Executive Committee of that bank in voting to extend for a period of thirty days from December 1st, with full pay, leave of absence on account of illness previously granted Mr. ,jailer 4167 12/12/27 sww0.mb Poehler, an employee of the Dank; the Board's Cornittee recommending approval of the salary payment involved. .:.nproved. Letter dated 3ecemper 8th from the lissistant Federal Jeserve Agent at 1Tew York, advisinp: that the Claremont Bank of Jersey City, N. J. has been authorized by the State Commissioner of Banl,cins7 and Insurance to establish a branch at Old Beren Road and Danforth ,_venue, Jersey City. deport of Committee on _]xaminations on letter dated Decemuer 6th from the Federal deserve :4,7ent at Boston, transmittinr:. and recommending approval of an acTlication of the Union 2rust Comoany of Providence, _. I. for permission to establish a branch in the vicinity of Hopkins c3quare, Providence, subject to the a-oproval of the State Board of Bank Incorporation; the Board's Cormittee also recommendinc; anpreval. .pproved, subject to aonreval of State authorities. Letter dated December 10th from the Chairman of the Federal deserve Bank of Atlanta, transmittin- copy of a resolution adopted at the last ineeting of the board of directors of that bank nrovidinc, that the :dections Of officers called for that meet in-, ; under the amended By-laws of the bank be deferred until the January 1928 meeting. 'Toted. Netter approved on initials on December 9th, namely, telenram to the Chairman of the Federal deserve Bank of Can Francisco, advisinc• that ta order that he and his uoard of directors may feel free to exercise discretion ,:ith respect to retainin for the year 1928 the nresent Chairmen 168 12/12/27 1 Of their Branch directorates, the Board suspends the requirement of the branch by-laws that the appointees of the Board whose terms expire with the current year shall be designated as Chairmen of the Branch boards. Formally approved. Letters uated December bth from the De-mty CTovernor of the Federal aeserve Bank of 1;ew York, with respect to reductions in -..rilarican eort points and the rossibility of shipments of gold to Europe. The above letters havin4 been circulated among all members of the Board were noted. Telegrams dated December 9th addressed to the Board and the Governor by Mr. Lindsey Hopkins, submitting his resignation as Class 0 Director of the Federal .,ieserve Bank of Atlanta, effective at once. Upon motion, hr. Hopkin's resignation was accepted. . Z2P0?:113 OF STANDING COMIITTEES: Recommending changes in stock at Federal .:eserve. banks as set forth in the Auxiliary Minute Book of this date. Recommendations approved. Dated, December 7th, Recommending approval of the application of Mr. A. Z. Litz for permission to serve at the same time as director of the First-Huntington National Bank, Huntington, 7. Va., as director of the Flat Top National Bank, Bluefield, 7:est Virginia and as director of the Farmers National Bank, Tazewell, Va. Recommendation approved. isiated, December 7th, Recommending approval of the apnlication of Mr. Norman De Vaux for normiosion to serve at the same time as director of the First National Batik in Oakland, Oakland, Cal. and as director of the Merchants National Bank, Sacramento, Cal. Recommendation approved. Dated, December 9th, 69 1V1:1-,/ -5- OF STL6DING COU11.223: CON'PD Recommending approval of the application of Mr. Charles Eohlmeyer for permission to serve at the same time as Vice President and director of the Interstate Trust and Banking Company, New Orleans, La. and as director of the First Joint Stock Land Bank, New Orleans, La. Recommendation approved. ecommending approval of the application of .Yr. Dated, December 8th, B. Harding for permission to serve at the same time as Vice President of the Guardian Trust Company, Newark, N. J. and as Vi,:e President and director of the Hayes cArcle National Bank and Trust Company, Newark, N. J. Hecammendation approved. 'Dated, December 8th, Recommending approval of the application of Mr. Souers for permission to serve at the Sidney same time as Vice President of the Canal Bank and Trust Company, New Orleans, La. and as director of the First Joint Stock Land Bank, New Orleans, La. Recommendation annoyed. Dated, December 8th,ecommending approval of the application of Mr. Ben Johnson for permission to serve at the same time as director and officer of the Commercial Lational Bank, Shreveport, La. and as director of the First Joint Jtock Land Bank, New Orleans, )b.tect, December 8th, • Recommendation app • ed. The meeting adjourned at =0)-provoci: :irover:Lio 2.00 o'clock noon.
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