Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, December 4, 1924, Volume 11, Part 3

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A meeting of the .1.'edera1 Reserve Board was held in the office
of the Federal Reserve Board on Thursday, i.ecember 4, 1924

t 11:00 a.m.

Governor Crissinger,
Mr. Flatt,
-r. Haffilin,
i. Mier,
Hr. James,
Cr. Cunningham,.
F. Jddy, Secretary.
The reading of the minutes of the meeting of the Board held on
Jovember 21st was dispensed with.
The minutes of the meeting of the Board held on December 3, 1C24
were read and ap:,roved.
The Governor announced that he had talked on the telephone with
ulovernor Strong, Chairman of the iederal 1-,eserve Oen :Arket Investment Committee, and it had been agreed, subject to the sly,roval of
the Federal Reserve Board, that the next meeting of the Open latrket
Committee would be held on December 17th.
The date of the meeting was -pTroved by the Board.
::emorandum dated .4ovember 23th from the ,cting Comptroller of
the Currency, recommending ap-,roval of the apnlication of the :.orwood
:National Bank of Greenville, S. C., for permis:lion to reduce its capital stock from :g00,000 to :;250,000; the Board's ColT. .ittee on Lxvminations also recommending ap royal.
Ap'roved.
Apulication of the First _ational Ban:: of ,:inslow, Arizona, for
permission to exercise trust Powers; the Hoard's Committee concurring
in the recommendation made by
Reserve




he Executive Committee of the Federal

nnb of Son Francisco that the bank be granted permission to

-2

act as trustee only, in order that it flay continue to hnndle
trusts assumed ')y- it prior to its conversion from a stnte bank
into n national bank.
Approved.
The Governor then announced that the next matter for crnsideration by the Board would be the matter made special order of business
for this meeting, namely;(1)

The

,p, ointment

of Class "C" directors to fill vacan-

cies occuring in the boards of directors of the twelve Federal reserve bnilf,-s due to the expiration of terms on December 31, 1924 of
certain of the present incumbents;
(2)

The designation of a Class "C" director at each Federal

reserve bank to serve as Federal reserve agent and chairman of the
Board during the year 1925;
(3)

The designation of n Class "G" director nt each Federal

reserve bank to serve as demIty chairman of the Board during the year
1925;
(4)

The appointment of directors for the branch Federal re-

serve banks.
On motion, Allen Hollis was reaptointed a Class "C" director of
the Federnl Reserve Bank of Boston for a term of three years, beginning January 1, 1225;
Frederic H. Curtiss was redesignated as Federal reserve agent and chairman of the board of directors of the Federal Reserve bark of Boston for n_ term of one year, beginning January 1, 1925;




- 3 -

e,
r'SLit AL

Allen Hollis Was redesignated as deputy chairman
of the board of directors of the Federal Reserve Bank of Boston
for n term of one year, beginning January 1, 1925.
On motion, Clarence M. Woolley was reappointed a Class

?TO

director of the Federal Reserve :;an17. of :Tewiorl: for n term of three
years, beginning January 1, 1925;
Pierre Jay was redesignated as Federal reserve agent
and chairman of the hoard of directors of the Federal Reserve Bank of
ilew York for n term of one year, beginning January 1, 1925;
Milian L. Saunders was redesignated as deputy chairman of the board of directors of the Federal Reserve Bank of Hew York
for a term of one year, beginning January 1, 1925.
On motion, Chas. C. Harrison was reap ointed a Class "C" director
of the Federal Reserve Bank of ihilndelchia for a term of three years,
beginning January 1, 1925;
Richard H. Austin was redesignated as Federal reserve
agent and chairman of the board of directors of the Federal Reserve
.3ank of Ihiladelphin for n term of one year, beginning January 1, 1925;
Chas. C. Harrison was redesignated as deputy chairman
of the board of directors of the Federal Reserve Bank of Philadelphia
for a term of one year, beginning January 1, 1925.
On motion, W. W. Knight was reappointed a class "C" director of
the Federal Reserve Bank of Cleveland for a term of three years, beginning January 1, 1925;




- 4 -

David C. Iills was redesignated as Federal reserve
agent and chairman of the board of directors of the Federal Reserve
Banic of Cleveland for n term of one year, beginning January 1, 1925;
L. B. Williams was redesignated as deputy chairman
of the board of directors of the Federal Reserve Bank of Cleveland
for a term of one year, beginning January 1, 1925.
On motion,Frederic A. Delano was reaprointed a Class "C" director
of the Federal Reserve Bank of Richmond

for a term of three years,

beginning January 1, 1925;
Wm. V. lioxton was redesignated as Federal reserve agent
and chairman of the board of directors of the Federal Reserve Bank of
Richmond for a term of one year, beginning January 1, 1925;
Frederic A. Delano was redesignated as deputy chairman
of the boor
fbr

A,

of directors of the Federal Reserve Bank of-Richmond

term of one year, beginning January 1, 1925.
On motion,Lindsey Hopkins was reap,ointed a Class "C" director

of the Federal Reserve Bank of Atlanta for a term of three years,
beginning January 1, 1925;
Secretary's note: At a meeting of the Board on Oct. 28,
1924, flr. Oscar Newton was ap-ointed a Class "C" director to fill the
unexpired term of ir. Jos. A. 1cCord,(December 31, 1926) whose resignation becomes effective December 31, 1924.
the

ioard ir. liewton

Was

At the same meeting of

also designated as Federal reserve agent and

chairman of the board of directors of the Federal Reserve Bank of
Atlanta for a term of one year, beginning January 1, 1925.




0el

- 5 -

4. H. Kettig was redesi-,nated as deputy chairman
of the hoard of directors of the Federal Reserve Bank of Atlanta
for a term of one year,

°ginning January 1, 1925.

On motion, the ap:ointnent of a Class "Cu director of the
Federal Reserve Bank of Chicago, and the designation of a Class "C"
director to serve vs Federal reserve agent and chairman of the board
of directors of that bank was Postponed until a future meeting of the
noardi
James Simpson was redesignated as deputy chairman of
the board of directors of the Federal Reserve 'dank of Chicago for a
term of one year, beginning January 1, 1925.
On motion, 'Anima EcC.

artin Was reappointed a Class "C" direct-

or of the Federal Reserve Bank of St. Louis for a term of three years,
beginning January 1, 1925, and also redesignated as Federal reserve agent
and chairman of the hoard of directors of that bank for a,term of one
Year, beginning January 1, 1925;
John W. 13oehne was redesignated as deputy chairman of
the board of directors of the Federal Reserve Bank of ;t. Louis for a
term of one year, beginning January 1, 1925.
On motion,

Homer P. Clark wns reappointed a Class "C" director

of the Federal Reserve Bank of :A.nneapolis for a term of three years,
beginning January 1, 1025;
John R. latchell was redesignated as Federal reserve
agent and chairman of the board of directors of the Federal Reserve Bank
of Rinneapolis for a term of one year, beginning January 1, 1925;




ot-NP.-7

-6

Homer 1. Clark w-s redesignated as deputy chairman
of the board of directors of the Federal Reserve Bank of lAnneapolis
for a term of one year, beginning January 1, 1925.
On motion, Heber Hord was reapnointed a Class "C" director of
the Federal Reserve Bank of Kansas City for a term of three years,
beginning January 1, 1925;
The appointment of a Class "C" director to fill the
vacancy caused by the resignation of Fred U. Roof, the term of which
anuointment expires December 7,1, 1925, was postuoned for a future
meetini; of the Board;
I:. L. 1.IcClure was redesignated as Federal reserve agent
and chairman of the board of directors of the Federal Reserve Bank of
Kansas City for a -burp. of one year, beginning January 1, 1925;
Heber fiord was redesignated as deputy chairman of
the board of directors of the Federal Reserve Bank of Kansas City for
a term of one year, beginning January 1, 1925.
On motion, S. B. Perkins, of Dallas, Texas, was an ointed a
Class "C" director of the Federal Reserve Ban:: of Dallas for a term
of three years, beginning January 1, 1925, to succeed 1. B. liewsome,
whose term as a Class "C" director expires December 31, 1924;
L. P. Talley wns redesignated as Federal reserve agent
and chairman of the board of directors of the Federal Reserve Bank of
Dallas for a term of one year, beginning January 1, 1925;
C. E. Linz was

designated as deputy chairman of the

board of directors of the Federal Reserve Bank of Dallas for o term
of one year, beginning January 1, 1925.



<

-7

11

On motion, :- ialton F. :oore was reanuointed a Class "C" director
of the Federal Reserve Bank of San Francisco for a tent of three
years, beginning January 1, 1925;
John Perrin was redesignated as Federal reserve agent
and ch-irm-n of the board of directors of the Federal Reserve Bank of
on Francisco for a tern of one year, beginning Jnnuar7 1, 1925,
Jovernor Crissinger not voting;
b;alton F.

oore was redesignated as deputy chairman of

the board of directors of the Federal Reserve Bank of San Francisco
for a tern of one year, beginning January 1, 1925.
On motion, the matter of appointing directors to serve on the
board of the Branch Federal Reserve Bank of 3uffnlo was deferred
for - future meeting of the Board.
On motion, Judson Harmon was reap ointed a director of the
Branch Federal Reserve Bank of Cincinnati for o torn of one year,
beginning January 1, 1925.
John Omwake was reappointed a director of the
Branch Federal Reserve Bank of Cincinnati for a term of two years,
beginning January 1, 1525.
George F. Verity, of ''iddletown, Ohio, was appointed
n director of the Branch Federal Reserve Bank of Cincinnati for a
term of three years, beginning January 1, 1925.
On motion, Chas. 71. Brown was appointed a director of the
Branch Federal Reserve Bank of Pittsburgh for a term of one year,
bef7inning January 1, 1925.

Secretary's note:

Fr. Brown has served

since 1918 as a director of the iii—sburgh 3ranch .s an appointee




3
of the directors of the Federal Reserve Ban' of Cleveland.
James D. Callery was reappointed a director of
the Branch Federal Reserve Bank of rit,sburgh for a term of two
years, beginning January 1, 1925;
Joseph llaylor, of -heeling, W. Va., was apnointed
a director of the Branch Federal Reserve Bank of Pittsburgh for a
ten

of three years, beginning January 1, 1925.
On motion, '4m. H. :-atthal was reapointed a directpr of the

Branch Federal Reserve Bank of Baltimore for a term of one year,
beginning January 1, 1925.
Edmund F. Cohill was romp ointed a director of
the Branch Federal Reserve Bank of ;.altimore for a tern of two
Years, 'neginning January 1, 1925.
(John G. Rouse, of Baltimore, :Id., was appointed a
director of the Branch Federal Reserve Bank of Baltiore for a. term
Of three years, beginning January 1, 1925.
On motion, raul H. Saunders vas reappointed a director of the
Branch Federal Reserve Banh'. of New Orleans for a term of one year,
beginninp; January 1, 1925;
F. W. Foote was reappointed a director of the Branch
Federal Reserve

ank of Irew Orleans for a term of two years, Beginning

January 1, 1925;
Albert P. Bush was reappointed a director of the Branch
,
-'oderal Reserve Bank of
January.1, 1925.




Orleans for a term of three years, beginning

240

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On motion, la. H. Hartford was reappointed a director of the
Branch Federal Reserve Bank of iiashville for a term of one year,
beginning January 1, 1925; (Gov. Crissinger nnd

r.

i1lor voting "No")

Paul M. Davis was reappointed - director of the
Branch Federal Reserve 3an

f Nashville for a term of two years,

beginning January 1, 1925;
Jos.

Chapman, of Columbia, Tennessee, appointed a

director of the Branch Federal Reserve Bank of Nashville for a term of
three years, beginning January 1, 1925.
On motion, J. C. Cooper was reappo'nted a director of the Branch
Federal Res-rve Bank of Jacksonville for

P

term of one year, beginning

Jnnunry 1, 125;
Fulton Saussy wn.s reappinted n director of the Branch
Federal Reserve Bank of Jacksonville for a trm of two years, beginning
January 1, 1925;
L. C. Edwards, of Tampa, Florida, was appointed a director of the Branch Federal Reserve Bank of Jacksonville for a term of
three years, beginning January 1, 1925.
On motion, W. H. Kettig was reappointed a director of the 3ranch
Federal Reserve Bonk of Birmingham for a term of one year, beginning
January 1, 1925; (Governor Crissinger voting "No")
Oscar 'Wells was reapPointed a director of the Branch
Federal Reserve Bonk of Birmingham for n term of t-o years, beginning
January 1, 1925; (Governor Crissinger voting "No")
Richard L. Hobby, of ;:ontgomery, Alabama, appointed a
director of the branch Federal Reserve Bank of Birmingham for a term of
three years, beginning January 1, 1925.



-10-

On motion, Chas. H. Hodges -:,as reapnointed a director of the
3r-inch Feder-1 Reserve :3an'
:
, of Detroit for a term of one year, beginning January 1, 1925;
H. B. Hull, of Lansinc;, -:ichigan, was appointed a
director of the Branch Federal Reserve Bank of Detroit for - term
of two years, beginning January 1, 1925;
Harry H. Bassett, of Flint, iiichigan, was appo'nted
a director of the Branch Federal Reserve Bank of Detroit for a term
of three years, begin Ing January 1, 1925.
c At this 'oint Governor Crissinger loft the room.
On motion, E. D

Swearingen was reap ointed a director of the

Branch Federal Reserve Bank of Louisville for a term of one year,
beginning January 1, 1225;
;1.11iam 31nck, of Louisville, hy., was ap:ointed a
director of the Branch Federal Reserve Bank of Louisville for a term
of two years, beginning January 1, 1925;
E. H. Wood, of lageville, Allen County, Kentucky, was
appointed a director of the Branch Federal Reserve Bank of Louisville
for a term of three years, beginning January 1, 1925.
On motion, T.

Riddick was reap,
ointed a director of the Branch

Federal Reserve Bank of Lemnhis for a term of one year, beginning
January 1, 1925;
S. E. Ragland was renpPointed n director of the Branch
Federal Reserve Bank of :Icimphis for a term of two years, beginning
January 1, 1925;
E. -. Allen, of Helena, Arkansas, was ap.nointed a director
of the branch Federal Reserve Bank of
demphis for a term of three years,



beginning Oa uary 1, 1925.
On motion, l!oorhead ilrik,ht was reappointed n director of the
Br,nc1, Federal Reserve Bank of Little Rock for a term of one year,
beginning January 1, 1925;
C. S. Liceain was reappointed a director of the
Branch Federal Reserve Bank of Little Rock for a term of two years,
beginning January 1, 1925;
Harm viilliams, of hot 3prins, Arkansas, was appointed a director of the Branch Federal Reserve Bank of Little Rock
for a term of three years, beginning January 1, 1925.
On motion, H. ,.. lowloy, of Billings, 1:ontana, was appointed a
director of the Branch Federal Reserve Bank of Helena for n term of
one year, beginning January 1, 1925;
Secretary's note: Hr. Rowley has served since 1921 as a
director of the .,:elena .)ranch as an appointee of the directors of the
Federal Reserve 'Ban': of Llinneapolis.
C. J. Kelly, of Butte, lontana, wns appointed a director of the Branch Federal Reserve panic of holena for a term of two
years, beginning Januar- 1, 1925;
Secretary's note: -r. 7elly has nlso served since 1921 as a
director of the Lelona nranch as an apr'ointee of the directors of the
Federal Reserve Bank of Lanneanolis.
Henry Sieben, of lelena, Lontana, was appointed a
director of the Branch Federal Reserve Bonk of Helena for a term of
thr,:e years, beginning January 1, 1925.




- 12 -

On Lotion, laird() ::acKenzie was reappointed a director of the
Branch Federal Reserve Ban

of Denver for a term of one year,

beginning January 1, 1925;
Roblin H. Javis, of Denver, Colorado, was appointed
a director of the Branch Federal Reserve Bank of Denver for a term
of two years, begin, In -4 January 1, 1925;
William L. retriken, of Denver, Colorado, was appointed
a director of the Branch Federal :,escrve Bank of Denver for a term of
three yars, beginning ,January 1, 1925;
On motion, E. K. Thurmond was reappointed a director of the Brrnch
Federal Reserve Banl: of Oklahoma City for a term of one year, beginning
January 1, 1925;
Frank 3uttram,

or

Oklahoma City, was appointed a director

of the Branch Federal Reserve Bank of Oklahoma City for a term of two
Years., beginning January 1, 1925;
W. A. Stewart, of Olc:lulgee, Oklahoma,

Was

apnointed

a director of the Branch Federal Reserve Eank of Oklahoma City for a
term of three years, beginning January 1, 1925.
On motion, the matter of appointed directors to serve on the board
of the Branch Federal Resorve Bank of Omaha was deferred for a future
meeting of the Board.
On motion, W. W. Turney was reappointed a director of the Branch
Federal Reserve Bank of E:1 Paso for a term of one year, beginning January
1, 1925.




21 4

- 17

A. P. Coles was reappointed ft director of the
Branch Federal Leserve Bank of El i'aso for a term of tvto years,
beginring January 1, 1925;
H. L. l'rokernot, of Fort Davis, Texas, appointed
r, director of the Branch Federal Reserve Bank of El Paso for a
term of three years, beginning January 1, 1925.
On motion, R. i. Farrar was reappointed a director of the Branch
Federal Reserve Bank of Houston for a ter:: of one year, beginning
. January 1, 1025;
J. C.

ibcon, of Beaumont, Texas, was appointed a

director of the Branch Federal Reserve Bank of itouston for a torn
of two years, beginning January 1, 1925;
E. A. Eeden, of Houston, was appointed a director
of the Branch Federal Reserve Bank of Houston for a tern of throe
years, beginning January 1, 1925.
On motion, Joseph B. Teal was reappointed a director of the
Branch Federal T-eserve Bank of Portland for a term of one year,
beginning January 1, 1925;
Ilathan Strauss was reappointed a director of the
- eserve Bank of Portland for a terra of two years,
Branch Federal .i
beginning January 1, 1925;
A. C. Dixon, of Eugene, Oregon, was ap- ointed a
director of the Branch Federal Reserve Bank of Portland for a term
of three years, beginning January 1, 1925.




2ttO

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On motion, Chas. E. Peabody was reanLointed a director of the
Branch Federal Reserve Bank of Seattle for a term of one year,
beginting January 1, 1925;
Chas. H. Clarke was reappointed a director of the
Branch Federal Reserve dan'.:. of Seattle for a term of two years,
beginning January 1, 1925;
Charles E. _laches, of -ount Vernon, ;fashington, was
apoointed a director of the branch Federal Reserve Bank of Seattle
for a term of three years, beginning January 1, 1925;
On motion, leter ,cGregor was reappointed a director of the
Branch Federal Reserve bank of Spokane for a term of one year,
beginning January 1, 1925;
G. I. Toevs was reappointed a director of the Jranch
Federal Reserve 3onk of Spokane for a term of two years, beginning
January 1, 1925;
- ointed
,;dward H. Van °strand, Coeur d'Alene, Idaho, ap-:;
a director of the Branch Federal Reserve Ban;: of
three years,

pokane for a term of

ginning January 1, 1a5;

On motion, G. 0. ',Wight was reappointed a director of the Branch
Federal Reserve Bank of Salt Lake City for a term of one year, beginning
January 1, 1925;
Lafayette Hanchett was reapr.ointed a director of the
Branch Federal Reserve Bank of Salt Lake City for a term of two years,
beginning January 1, 1925;




Chapin A. Day, of Ogden, Utah, was appointed a director

- 15 -

of the ,,,ranch Federal Reserve Bank of Salt Lake City .or a term
of three years, beginning January 1, 1925;
Secretary's note: Mr. Day has served since 1919 as a
director of the Salt Lake City Branch as an apPointee of the directors
of the Federal Reserve Bank of San Francisco.
On motion, I. B. Newton was reappointed a director of the
Branch Federal Reserve Bank of Los Angeles for a term of one year,
1925;

beginning January

H. S. McKee was ap,-;ointed a director of the Branch
,oginning
Federal Reserve Bank of Los Angeles for a term of two years,'
January 1, 1925;
Secretary's note: Mr. IdcKee has served since 1923 as
director of the Los Angeles iranch as an appointee of the directors
of the Federal Reserve Bank of San Francisco.
E.

M.

Lyon, of Redlands, Calif., was appointed a

director of the Branch Federal Reserve Ban1:: of Los Angeles for a
term of three years, beginning

January 1, 1925.

Tho meeting adjourned ac

: J

Secretary
ApTroved: