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Oc'`' A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Thursday, December 18, 1924, at 3:10 p.m. PRESENT: The Chairman Governor Crissiner Mr. Platt -Mr. Hamlin Mr. Miller Mr. James Mr. Cunningham Mr. Eddy, Secretary Governor Crissinger stated that the purpose of the meeting was to Point a Class C Director to fill the vacancy on the Board of Directors Of the Federal Reserve Bank of Kansas City. The.Committee on District 410 submitted the following report: "Your Committee herewith hand the Board for determination the matter of the appointment of Mr. Fred 0. Roof to fill the vacancy Of Class C Director on the Kansas City Federal Reserve Bank Board. This vacancy was created by the resignation of Mr. Roof on September 29th, 1924, at which time he stated that he was to engage in other activities. It subsequently developed that the activities of Mr. Roof after handing in his resignation were of such a nature, in the judgment of your committee, as to make his re-appointment a question of eligibility according to the policy outlined by the Board in a resolution adopted December 23, 1915, and still in effect. Statements have been made in informal discussions of the filling of the vacancy on the Board of the Kansas City Bank, that wr. Roof could consistently be reappointed by the Board at this time. Your Committee does not concur in this view, but wishes to add, in justice to Mr. Roof and his proponents, that its attitude implies no criticism of him or his general qualifications for the office of Director. In the event that the Board should adopt the view of the Committee, the Committee recommend the following names in .the order of precedence: "1. John nr. More. 45 years old. President, Morey Mercantile Company which is the largest wholesale grocery concern in Denver. Director, First National Bank. Chairman of the Board, International ?rust Company. President, Community chest. He is a man of the highest standing in the community; of ride business experience; hts considerable means; of great civic interest, and is an allaround, broad guage business man. He is very conscientious and a hard worker, and would make an excellent director. or)!\ ' , SC)• 12/18/24 "The only objections to his appointment are that C. C. Parks, already on the Board, is vice-president of the First ITational Bank, and John 3vans, already on the Board, is president of the International Trust Company, of which Mr. Morey is chairman of the Board. The same interests own the stock of the First rational Bank and the stock of the International Trust Company. From ell accounts he would make an ideal director. 2. Merritt Gano. About 50 years of age. President, GanoDowns Company, a clothing house in Denver. Director of the Denver National Bank. Very successful in business. A large property owner. A Republican in politics, but not active. Stands hih in the community, and my best advice is he would alke an excellent director. The only objection urged against him as that he traveled a good deal and mi,.ht not be willing to accept. 3. 2. B. Stearns. Zbout sixty years of age. President, Stearns-Rogers Manufacturing Company. Republican in politics. He is a big machinery contractor and a man of large means and varied interests. Very public spirited." Thereupon ensued a discussion as to whether or not Mr. Roof was eligible for reappointment. The Chairman stated that he did not believe Mr. Roof was . clisqUalifIed under the Board's resolution of December 23, 1915 and that he thol101t it would be wise to reappoint him. Mr. Hamain moved that it is the sense of the Board that the appointment of 11±4 Roof to the vacancy would not in spirit or technically violate the Board's resolution of December 23, 1915. Mr. Hamlin's motion, being seconded by Mr. James, was put by the Chair and carried, the members voting as follows: The Chairman, "aye" Governor Crissincer, ',aye Mr. Platt, "aye" Yr. Hamlin, "aye" Mr. James, "aye" Mr. Miller, "no" Cunningham, "no" Mr. Cunningham then stated that in his opinion Mr. Roof, by reason °r his t, AA past axperience on the Board of Directors of the Bank and his high In the District, was particulaarly qualified to fill the vacancy 293 12/18/24 -.3- end that in view of the above action of the Board he persbnally would have no Ob jection to the appointment. Mr. Cunningham thereupon moved that Mr. Fred 0. Roof be appointed as a Class "C" Director to fill the vacancy on the Board of the Kansas City bank, for the term expiring December 31, 1925. Mr. Cunningham's motion being put by the Chair was carried, the members voting as follows; The Chairman, "aye" Governor CrissinLer, "a Mr. Platt, "aye" Mr. Hamlin, "aye" Mr. James, "aye" Mr. Cunningham, "aye" Mr. Miller, "no" slar. Miller stated that he voted "no" on Mr. Cunnin .ham's motion with no l'enection on the ability of Mr. Roof or the character of his past services, 1)14 b ecause he could not agree with the position of the Board as to his eligibility r°:rreappointmant. RePort of Executive Committee with regard to action by the recent Federal 11AR Agents' Conference on the question of the advisability of discontinuing reports of Federal Reserve Agents to the Federal Reserve Board, and present- the Federal Reserve Banks' operations and _financial developments during the Yeal. , n the form of e brief resume in the January or February number of the Beetk a Lionthly reviews; the Committee's report reading as follows: "The Executive Committee concurs in the conclusion Of the recent Conference of Federal Reserve Agents that there should be a report from each Federal Reserve bank to its stockholders printed separately from the Board's Annual Report; and also in conclusion that these reports should be shortened by the omission of most of the statistical matter previously included in them." Upon motion, the report of the Ii1xecutive Committee was approved. e 12/18/24 Pe-;'ort of Oo'ittee on to the rctior, of the moo t ;lvisabili and Op,In 7ar'zet ,10di:-P7) CrIS of or roverJors anI Uit-iri on OR the nedor-1. reserve er1"1 to cr -oltn1 and sarolus ill ,overnrInt ro2)orting that after consider, sm,n 1;ia]. agreer.alt r? - 'ard i- vesti an riro/Kt earnin_; purcoses; the tie nattr it finds itself it- t'le position strtel in the r,eellition aio-tel ' t 2 LI]it.irnents Oonferellce, to wit: that the Syste sho'L(i not c•L'.1'e its 3ntnolicv because of ter-oor^r- clinfres in creilit co--:q1 17,10-ls and that 10 -Prsealt is not an o-o-nortnne time to rake such investrents even if, as (fl Tratter of rollc7, ft v r, 120 cons-1(lerntion to ......or7171.r..te 13. ' 7 20derr=1 ConSiderel, desirable and recotendi:r.*, 17,71e 3oard should the 3onrd at. an:7 ti a a die- its attitude in the ratter of invest,fent 1..y.11f:s of tirfroints equal to their crapit.1 mid surplus in -cit . .)or-rls for oariirf prtrpo es. action TT-oon rnotion, the re..!- ort of the Oornittee on Discount and anon Farl-et Polic:!r v.ras approved. I oetj-,,-: adjounled at 4400 Secretar7. 74 . 1V7, ;
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