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354 A meeting of the Federal eserve Board was held in the office of the Pederal Reserve Board on Friday, December 7, 1928 at 11:30 a.m. PRESENT: Governor Young Mr. Platt Mr. Hamlin Mr. Miller Y.r. James Mr. Cunningham Mr. Pole Mr. Eddy, Secretary Mr. McClelland, Asst. Secretary The minutes of the meeting of the Federal Reserve Board held on December 4th were read and approved. Telegram dated December 5th from the Chairman of the Federal Reserve Bank °I* Boston, letter dated December 6th from the Secretary of the Federal Reserve Federal 1144C 01 New York, telegram dated December 5th from the Chairman of the aeeerve Bank of Philadelphia, telegram dated December 5th from the Chairman of the Federal Reserve Bank of St. Louis, telegram dated December 6th from the Che — icmen of the Federal Reserve Bank of Kansas City and telegram dated December 6t14 from the Chairman of the Federal Reserve Bank of San Francisco, all advis1143 that their boards of directors at meetings on the dates stated made no haages in the banks' existing schedules of rates of discount and purchase. Without objection, noted with approval. Memorandum dated December 6th from the Chief of the Division of Bank McCarthy, 4etations, recommending acceptance of the resignation of Miss Minnie effective at the close of business December 5th, and requesting that authority be annum. granted to fill the vacancy at a salary of not to exceed 41500 per Upon motion, the resignation was accepted and authority for the employment of a successor was granted. 3Z0,5 t 12/7/2e tr -2- Letter dated December 4th from the Chairman of the Federal Reserve Bank of ?Ililadelphia, advising of the re-election of Mr. John C. Cosgrove as Class A Di"tor and Mr. C. Frederick C. Stout as Class B Director of the bank, both for tOts Of. three years beginning January 1, 1929. Noted. Letter dated December 3rd from the Chairman of the Federal Reserve Bank oteleveland, advising of the re-election of Mr. Chess Lamberton as Class A Diteritpr and Mr, R. P, Wright as Class B Director of the bank, both for terms of three years beginning January 1, 1929. Noted. Telegram dated December 5th from the Chairman of the Federal Reserve Bank or 'cm Francisco, advising of the re-election of Mr. C. K. McIntosh as Class A ector and Mr. Elmer H. Cox as Class B Director of the bank, both for terms of thtee Years beginning January 1, 1929. Noted. The Secretary then requested authority to furnish to the Comptroller of the 0 -11rran0Y, for use by National bank examiners, 200 copies of the new edition Or „ ",e Board's Digest of Rulings. Approved. deports of Committee on Salaries and Expenditures on lists submitted bY be - Rederal Reserve Banks of Philadelphia, Minneapolis and Dallas of employees whft the directors of those banks approved leaves of absence with pay, on keo such ab114t Of illness, during the month of November, where the total of tett es since January 1, 1926 has exceeded thirty days; the Board's Committee 356 -3- r lormending approval of the salary payments involved. " Approved. nding renewal for the llemorandum from Counsel dated December 4th recomme Congresse°°12d session of the 70th Congress of the Board's subscription to the al service of the Corporation 2rust Company, at a cost of .400. 8 Approved. of the Currency, recomidemorandum dated December 6th from the Comptroller National Bank and ?rust Pleluing anmoval of an application of the Continental capital from .,:,35,000,000 et3InPanlY of Chicago, ill, for permission to reduce its Chicago, t0 %,1,0J0,000, effective when the Illinois Merchants ?rust Company of , throu) the liabilities of the consolidation or otherwise, has assumed all of 44ttnental ors and other credational Bank and Trust Company to its deposit connection with itors; the memorandum stating that the proposed reduction is in the s, interests reorganization, unification and consolidation of the busines lating the transfer by citIcl Properties of the two banks named, the plan contemp except an amount the national bank to a state institution of all its assets of its various trusts, the state ec111111 to its reducea capital and the assets ng which it titution to assum) all liabilities of the national bank, followi the state bank will consolidate with the Illinois Merchants Trust Company Ae, for all of the obligations of 'ellPon that institution will become liable the national bank to its depositors and other creditors. it was A detailed discussion ensued, during which sugshould y Currenc the of agreed that the Comptroller that and d, retaine be 0 gest that a capital of v2,500,00 he that bank l nationa if objection is expressed by the the for gton 7;ashin to come suggest that a representative Board. the and office purpose of conferring with his 357 -4- Bond of 2,1r. Allan Sproul, Assistant Federal Reserve Agent at San Francisco, (14ted December 1, 1928 in the amount of .50,000. Approved. The Governor then requested that the various District Committees file their r61)(3rt8 With reference to the appointment of directors of the Federal Reserve banks 414 branches and the designation of Chairmen and Deputy Chairmen for the year 1929, 14 tIlle for such appointments to be considered by the Board within the next week. OP STANDING COITTEES: Dated, December 4th, 5th, 6th, 7th, Datea, November 24th, 27th, December 1st, 4th, bth, Dat , November 27th, Recommending changes in stock at Federal Reserve banks as set forth in the Auxiliary Minute Book of this date. Recommendations approved. Recommending action on applications for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Recommendations approved. Recommending approval of the application of Mr. J. B. Orr, for permission to serve at the sometime as director of the Second National Bank of Allegheny, North Side, Pittsburgh, Pa., as director of the Dollar Savings and l'rust Company, North Side, Pittsburgh, Pa., and as director of the Colonial Trust Company, Pittsburgh, Pa. Approved. 1)4tect, December 4th, Recommending approval of the application of Mr. Frank O. Roe, for permission to serve at the same time as an officer of the Chase F.ational Bank, New York, and as director of the Chester National Bank, Chester, N. Y. Approved. 1)ateri, December 4th, Recommending approval of the application of Mr. A. H. Truax, for permission to serve at the same time as director of the First Rainier Valley Bank, Seattle, Wash., and as director and officer of the First National Bank, Seattle, Wash. Approved. 4tect, December 4th, Recommending approval of the application of Yr. J. G. Hoffman, 3rd, for permission to serve at the same time as director of the National Exchange Bank, Wheeling, Va., and as director of the Security Trust Company, Wheeling, W. Va. Approved. 358 12 28 -5- Ts OP STANDING COMMITTEES: (Conttd) Datea, December 4th, Recommending approval of the application of Yr. Charles Eisler, for permission to serve at the same time as director of the Clinton Trust Company, Newark, N. J. and as director of the Port Newark National Bank Newark, N. J. Approved. The meting adjourned at 1:00 •. Seer ta APPAIved:
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