Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, February 20, 1929, Volume 16, Part 1

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180
4 meeting of the Federal Reserve Board was held in the office of the
Federal aeserve Board on Jednesday, Febraary 20, 1929 at 2:45 p.m.
PitF,SENT:

PRESENT ALSO:

Governor Young
Mr. Platt
Yr. Hamlin
Mr. Miller
Mr. Cunningham
Mr. Eddy, Secretary
Mx. McClelland, Asst. Secretary
Dr. Goldenweiser, Director of the
Division of Research and Statistics.

The Board discussed with Dr. Goldenweiser the galley proof of the Annual
IlelPort of the
Board to Congress covering operations for the year 1928, partielliarlY the paragraphs entitled "Position of

eserve Banks in the Banking

tI*114tur°", "BankinE,Policy and Credit Policy" and "Money dates".

Several

11114 e were agreed upon which Dr. Goldenweiser was instructed to make bethe galley proof goes back to the printer.

Los

The Secretary then presented a telegram dated February 19th from the
An
geles Clearing House Association protesting against the erection of a

01111a;

to

house the Los Angeles Branch on the site now owned, at Tenth and

Streets, and recommending instead a site at Fourth and Main Streets.
After discussion, upon motion, the Secretary was instructed to reply to the above telegram as follows:
"Federal aeserve Board acknowledges receipt your telegram 19 advising of your resolution disapproving site owned
by and upon which Federal Reserve Bank proposes to locate
branch in your city and recommending another site. Federal
Aesavve Board approved site now owned upon recommeniation of
directors of Federal eserve Bank of San Francisco and Congress
has authorized necessary expenditure for erection of building
'on site now owned'. So far as Federal Reserve Board is concerned the matter is closed."
17r. Hamlin then stated that in accordance with the action of the Board
'
ht
Comptroller of
the meetinP; on February 14th he discussed further with the




2/20/29
the

-2-

Ourrenoy the suggestion that the Board file a brief as amicus curiae in

tbl Worcester County National Bank case now pending in the United States
81111rame Court. Yr. Pole, he stated, took the matter up with Mr. Newton D.
1lEtkert Counsel in the case, who advised him that he thought it would be help114 to have the brief filed by the Board.
Upon motion, the Law Committee wa authorized
to arrange for filing of the brief, wh •h at the meetn prepared.
ing on February 14th it reported has
The meeting a

rued, at 4:30 p.m.

Secretary.
PPITrfed:




vernor.