The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
185 meeting of the Federal Reserve Board was held in the office of the wov ernor on Tuesday, February 28, 1928, at 11:00 o'clock Eton. PRESENT: Governor Young Mr. Platt :,-.r. Hamlin r. Miller Lie. Cunningham Mr. McClelland, L'isst. Secretary The minutes of the meeting of the Federal Reserve Board held on l'ebrIlarY 27th were read and approved. Telegram dated February 27th from the Federal Reserve agent at Pra/risco, recommending approval of a proposal of the Bank of Haines, 04'eg°11, to take over deposits aggregating ,,115,000 of the Farmers State Ballk Of North Powder, Oregon, together with sufficient assets to cover; tha. xederal _ieserve i'l.gent stating that it is not believed that the ab8°IiPtic)n of the Farmers State Bank of North Powder will adversely affect the c ondition of the Bank of Haines. Upon recommendation of the Executive Committee, it was voted to approve the proposal referred to. At the request of the Governor, the secretary then read to the Board 4 revisioa, dated February 27, 1928, of the so-called "Strong Bill", an act tf to amend the approved December 23, 1913, known as the Federal 've 4:',.ct; to aid in the definition of the policies towards which the r1c3wers of the Federal Heserve System shall be directed; to further the 111414tellance Of a stable Pold standard; to promote the stability of comtiel'ee, agriculture, industry, and employment; to assist in realizing a tlOrm. ' stable purchasing power of the dollar, and for other purposes." The Governor stated that the above mentioned revised bill has not Yet be, ' 11 introduced by Congressman Strong, but that the copy came to 186 2/2e/28 -2- 41111 Governor Strong. He also stated that he had reason to believe that he would be requested to express an opinion regarding the proposed Am informal discussion ensued, during which it appeared to be the consensus of opinion that until the bill, or a similar one, is introduced in Cong:ress and referred to the Board by the appropriate committee, any expression regarding it which the Governor or any member may make should be a personal one. The Governor then reported a telephone conversation with the Chairman --e Federal lieserve Bank of Cleveland during which he was advised that bebiles 4 February 23rd and 27th the reaiscounts of the Cleveland bank in'41seld 1.2,500,000, and that the Executive Committee of the bank -aill hold 111"ting tomorrow morning for the purpose of considering a change in the c1 4 iae°12alt rate, LsP STALDMG COMMIT2EE: 1)148a, February 27th, aecommending action on applications for fiduciary powers as set forth in the Auxiliary 1:inute Book of this date. aecommendations approved. The meeting adjourned at 12:40 p.m. Assistant Secretary. Approyea:
@FedFRASER