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j,› A meetinr:, of the Federal Reserve Board was held in the office of the • ?ecleral Reserve Board on Tuesday, Decerber 15, 1931, at 10:30 a. m. PRESEFT: Governor Eeyer Er. Hamlin Mr. Er. Tames Mr. Tjagee Mr. Morrill, Secretary Mr. McClelland, Assistant Secretary Mr. Harrison, Assistant to the Governor. The minutes of the meetings of the Federal Reserve Board held on 1)ecerrber 5 and 7 were approved. The following matters of business were then considered and acted upon 11V the Board: Telegram dated December 14 from the Secretary of the Federal Reserve 114111k of Liinneapolis, advising that the Board of Directors at its meeting on that date made no change in the bank's existing schedule of rates of discount 44a bUrchase. Without objection, noted with atyproval.. Report of Comittee on Salaries and Expenditures on list submitted the Federal Reserve Bank of San Francisco of employees of the bank and its T i-os Angeles and Seattle branches for whom the directors authorized " of T absence with pay on account of illness during the month of Dpvember, the total of such absences since Tanuary 1, 1931 has exceeded thirty %Ye; the Board's Committee recommending approval of the salary payments Olvod Approved. Reply, approved by five members of the Board on December 14, to te e fil'am dated December 14, from Deputy Governor Rounds of the Federal Re_ Bank of Hew York, requesting approval of the purchase from the 12/15/31 -2- 1:6tachen 1:ational Bank, iletuchen, New Tersey, in an emergency due to the Pzebable closing of a competing state institution, of :163,212.50 of tax 17`Irrants of the Borough of i'etuchen, such approval being required under the 804rd's Regulation E because the population of ietuchen is less than 10,000 11(1 because the amount of warrants which it is desired to Purchase is "htlY in excess of 25(:, of the total warrants of the municipality outstandlile. Upon motion, the reply, advising of ap-oroval of the Purchase, in view of the emergency which exists and with the understanding that the warrants meet the requirements of the Board's Regulation E with the two exceptions noted, was approved. Consideration was then given to re-Ports of various district %1Qiittees, relative to the appointment of Class C directors of the Federal 48e r've banks, the designation of Chairmen and Federal Reserve Agents, the kpeintment of Deputy Chairmen, and the appointment of directors of branch klezal Reserve banks. Upon motion, the following actions were taken: 14‘. or 4.-urederic H. Curtiss was redesignated Chairman of the Board of Directors 1.9,116 Federal Reserve Bank of Boston and Federal Reserve Agent, for the year 14.1. tlase 411en Hollis was reappointed Deputy Chairlan of the Board of Directors of Pederal Reserve Bank of Boston, for the year 1932. 'harles H. lierriman was reappointed a Class C director of the Federal el've Bank of Boston, for a tern of three years beginning January 1, 1932. the Illehard L. Austin was redesignated Chairman of the Board of Directors of yA. Pederal Reserve Bank of Philadelphia and Federal Reserve Agent, for the 1.,J32 • ' tlIba B. Tohnson was reappointed Deputy Chairmen of the Board of Directors e Federal Reserve Bank of Philadelphia, for the year 1932. Ai A *. gn,z'arry L. Cannon was reappointed a Class C director of the Federal Reserve of Philadel)hia, for a tern of three years beginning January 1, 1932. G Gorge DeCamp was redesignated Chairman of the Board of Directors of the -orge icy, ral Reserve Bank of Cleveland and as Federal Reserve Agent, for the year 44 B $alliams was reannointed a Class C director of the Federal Reserve be'of Cleveland, for a term of three years beginning January 1, 1932, and tY Chzir:an of the Board of Directors of the bank for the year 1932. h4 ?ea -red A. Geier was reapPointed a director of the Cincinnati branch of the 3 p,!I'al Reserve Bank of Cleveland, for a term of three years beginning 7 1, 1932. 44 exass Rae was reappointed a director of the Pittsburgh branch of the 4c1;" Reserve Bank of Cleveland, for a term of three years beginninr-411arY 1, 1932. 4 _ Ho.,,,ton was redesignated Chairman of the Board of Directors of the ecie,, 'al- Reserve Bank of Richmond and Federal Reserve Agent, for the year 1932. ,. the A. Delano was reappointed Deputy Chairman of the Board of Directors of iedsral Reserve Bank of Richmond, for the year 1932. 14% p TktIztobert Lassiter was reappointed a Class C director of the Federal Reserve O2 Richmond, for a term of three years beginning January 1, 1932. eete,:w.. H. Ittthai was reapPointed a director of the Baltimore branch of the ' ea Reserve Bank of Richmond, for a term of three years beginning January 1) 1932 )4, -C)11n tbe p :_oorhead was reap3ointed a director of the Charlotte branch of 4411, e`'eral Reserve Bank of Richmond, for a term of three years beginninr-, 1, 1932. kr. 0 NLer!?ar Newton was redesignated Chairnan of the Board of Directors of the ileaerve Bank of Atlanta and Federal Reserve Agent, for the year 1932. s Ws 11. - . 'li tlIci„, ° "as sclex.„, -4- the i e=erve l c i c.) If c h 2tree2d tI Lent ancrard=ted iL7 Atlanta ofathearirLdig years beginning January 1, 1932, Bank of Atlanta, for terns of three also Board of Directors of the reappointed Deputy Chairman of the 1932. year Reserve Bank of Atlanta, for the ig e pSaunders was reappointed a director of the New Orleans branch of -7(1-.- Reserve Bank of Atlanta, for a term of three years beginninr. Y 1) 1932. /2/15/31 -4- C. Cooper was reappointed a director of the Jacksonville branch of 3.'e Federal Reserve Bank of Atlanta, for a term of three years beginning 111111ary 1, 1932. Ped 0. B. Hill was reappointed a dire ctor of the Nashville branch of the eral Reserve Bank of Atlanta, for a tern of three years beginning Tanuary 1932. EUgen L. Stevens was redesignated Chairman of the Board of Directors of 1,,u_vederal Reserve Bank of Chicago and Federal Reserve Agent, for the year , or ,,u4raes Simpson was reappointed Deputy Chairman of the Board of Directors bile Federal Reserve Bank of Chicago, for the year 1932. 4414- C. Ball was reappointed a Class C director of the Federal Reserve Of Gillet-lap, for a term of three years beginning January 1, 1932. Xames Inglis was reappointed a director of the Detroit branch of the 1 —el'al Reserve Bank of Chicago, for a term of three years beginning January 1932. John S. Wood was redesignated Chairman of the Board of Directors of the 193, • c1-1- Reserve Bank of St. Louis and Federal Reserve Agent, for the year or 4rhn 446 W. Boehne was reappointed Deputy Chairman of the Board of Directors Federal Reserve Bank of St. Louis, for the year 1962. p 1-11 Dillard was reapointed a Class U director of the Federal Reserve Of St. Louis, for a term of three years beginning January 1, 1932. the ,.• ,' W. Crawford was reappointed a director of the Louisville branch of lederal Reserve Bank of St. Louis, for a term of three years beginning llarY 1, 1932. 1.4.. 8 'E. Ragland was reappointed a director of the Temphis branch of the a rljal Reserve Bank of St. Louis, for a tern of three years beginning 4I7 1, 1932. the 'Pl'ehead Wright was reappointed a director of the Little Rock branch of ederal Reserve Bank of St. Louis, for a term of three years beginning Xy 1, 1962. 14, . ab la. latchell was redesignated Chairnan of the Board of Directors of leae n41,, ral Reserve Bank of Minneapolis and Federal Reserve Agent, for the 4.932. 12/15/31 _5_ Ramer P. Clark was reappointed Deputy Chairman of the Board of Directors °t the Federal Reserve Bank of Minneapolis, for the year 1932. • • Geo. W. McCormick was reapPointed a Class C director of the Federal Reae Bank of Minneapolis for a term of three years beginning January 1, 1932e henry Sieben was reappointed a director of the Helena branch of the eri Reserve Bank of Minneapolis, for a tern of two years beginning ejauarY 1, 1932. Va.. 1-? .1. L. McClure was redesignated Chairman of the Board of Directors of the ,!,6eral Reserve Bank of Kansas City and Federal Reserve Agent, for the year 4, H. i.. Langworthy was appointed a Class C director of the Federal Reserve ' be of Kansas City for a term of three years beginning January 1, 1932, and 1111tY Chairman of the Board of Directors of the ban:: for the year 1932. • L ItIrdo LacKenzie was reappointed a director of the Denver branch of the uezal Reserve Bank of Kansas City, for a terld of three years beginning 84:1118,1'Y I, 1932. 4.. aeze"fl1. Diesing was reappointed a director of the Omaha branch of the Federal Lank of Kansas City, for a term of three years beginning January 1, C. Walsh was reappointed a Class C director of the Federal Reserve of Dallas, for a term of three years beginning January 1, 1932, and Rezesignated Chairlan of the Board of Directors of the bank and Federal el've Agent, for the year 1932. 4, 0 or B, Perkins was reappointed Deputy Chairman of the Board of Directors 'he Federal Reserve Bank of Dallas, for the year 1932. 11*.6 ,1 C• 11. Newman was reappointed a director of the El Paso branch of the 1e-1..9321 Reserve Bank of Dallas, for a term of three years beginning January 11% 11* 11:. Farrar was reappointed a director of the Houston branch of the 1., 193 Bank of Dallas, for a term of three years beginning January • Lewis was appointed a director of the San Antonio branch of the 11032, Reserve Bank of Dallas, for a term of three years beginningbeginningJanuary 1,11, • Is-, N[ex. B. ITewton was redesignated Chairmnr of the Board of Directors of the : 11 Reserve Bank of San Francisco and Federal Reserve Agent, for the year 1932 4417 12/15/31 -6- 1Jac., valton N. roore was reappointed Deputy Chaim= of the Board of Directors °I' the Federal Reserve Bank of San Francisco, for the year 1932. ':71,1. Sproule was reappointed a Class C director of the 'Federal Reserve Bank r San Francisco, for a term of three years beginning January 1, 1932. pecieliathan Strauss was reappointed a director of the Portland branch of the ral Reserve Bank of San Francisco, for a term of two years beginning anUary 1, 1932. 11 H. Clarke was reappointed a director of the Seattle branch of the 3,eaeral Reserve Bank of San Francisco, for a term of two years beginning cLiluarY 1, 1932. G. 1. Toevs was reappointed a director of the Spokane branch of the Pe aeral Reserve Bank of San Francisco, for a term of two years beginning Zex, -4ary 1, 1932. Lafayette Hanehett was reappointed a director of the Salt Lake City ' ' IsIsanch of the Federal Reserve Bank of San Francisco, for a term of two years ning January 1, 1932. 'J. B. Voorhis was reappointed a director of the Los Angeles branch of the aeral Reserve Bank of San Francisco, for a term of two years beginning el4IlarY 1, 1932. Report of Standing Committee dated December 11, recomrending approval or the following Clayton Act application: Ir. Casper W. Clarke for permission to serve at the same time as officer of the Pacific National Bank of Seattle, Washington, and as director of the First National Bank of Kent, Kent, Washington. Approved. The meeting adjourned at 11:30 a. in. I .41)DZav overnor.
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