The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
187 11 meeting of the Executive Committee of the Federal aeserve Board was ta the office of the Governor on Adnesday, F - ebruary 29, 1928 at 11:00 Qtel°074 a.m. PHESET: PAESEXT ALSO: Governor Young Mr. Platt Mr. Hamlin 1:T. Eddy, Secretary Mr. McClelland, Asst. Secretary Yr. Vest, Asst. Counsel The Secretary reported that the lease held by the Board on space in the Otis B,., 11(ling expires on April 30th and requires 60 days' notice of intention ' to re We He stated that in view of the fact that considerable inconvenience is ce used by the location of the Otis Building and the fact that several new °ttice buildings more centrally located have been erected, a committee conOf himself, Dr. Goldenweiser and Mr. Smead reviewed the situation 4111i invited offers from certain other buildings. Of He reported that an offer Per square foot on about 9,000 net square feet of space was received teza thia - owners of the new : - a.shington Building and an offer of $2.25 per foot on 9,169 net square feet was made by the agents of the Press 14C. He advised that the Board now uses 10,500 net square feet in the Ot Bui • -"ung for which it pas an annual rental of 41.66 2/3 per net square f°et, b„ -u that au offer has been made for the renewal of the Board's lease the same space at a price of 41.52 per net square foot. He stated that i 4 V iew Of the fact that the space leased by the Board in the Otis b 1i tig is entirely satisfactory, the committee believes that the offer 40%, tad. e °ffsets the inconvenience of the location of the building, and thsret elle, recommends that the Board approve of a two year renewal of the lesse on the annual rental space now occupied in the Otis Building at an '0; 188 -2Of ,1;1A " vuue lie added that in the event of such renewal certain desirable tinor a lterations will be made by the owners of the building. Upon motion, it was voted to authorize renewal, for a period of two yaars, of the Board's lease covering space tn the Otis Building at the reduced price of ,f;16,000 per annum. Letter dated February 26th from the Chairman of the Federal Reserve Bank (nNew York, advising of the appointment of Mr. H. B. Wiltse as Assistant kahao.. of the Buffalo Branch, at an annual salary of v6,600, effective l'ebrtzery 25th, 1928. Noted. Letter dated February 29th from the Acting Comptroller of the Currency, "ng approval of a salary of 4,000 per annum for National Bank Ex- Herbert Hallenberg, assigned to the Second Federal aeserve District. Approved. Ilfterarialun dated February 25th from the Acting Comptroller of the elarrelloy, recommending approval of an application of the Adams National 1144k °f Devine, Texas, for permission to reduce its capital from 950,000 t025.000, on condition that no money is returned to the shareholders, that "other real estate" amounting to A7,000 be removed from the assets °I* th Comptroller 6 1311 k, that satisfactory evidence be furnished to the that , AlEs bank has been relieved of all liability to the Federal Land bank, ' 414)114":ag to13,277.63 on account of the assumption of mortgages on real e8tate acquired, and further, that doubtful pape r aggregating approximately çj kell '°O. as shown by the last report of examinat ion, be removed by charge to the extent of ,?7,500 and the securing of the remainder in such manner 189 2/29/28 -3- as to remove it from the objectionable class. Upon motion, the reduction in capital was approved subject to the conditions recommended by the Acting Comptroller. The Secretary then reported an interview had by the Governor and himself eaterasywithLir. William H. Aamsay of the Department of Justice, with re8aot to the reporting to that Department and to local United States Distrtet A ttorneys apparent violations of the criminal provisions of law brought to the Board's attention by the various Federal Reserve Agents. He stated Mat the d iscussion referred particularly to the procedure followed by the °014Ptreller of the Currency in the case of National banks under which all 4131341'64 v iolations are reoorted to the Comptroller and by him to the Depart) 14'64t of Justice with any recommendation he may care to make and a copy of 114°1 rePort is furnished subsequently to the local United States District 4tt0 , 4 r aY through the Chief National Bank Examiner. The Governor stated that he expects to suggest to the Board later a revised procedure to be followed by it in reporting violations by.officers and employees of state member banks. The Governor then stated that he had been advised over the telephone (11,, bYthe --"datIala of the Federal deserve Bank of Cleveland that the Executive C'tltitt (It 66 Of that bank at a meeting this morning voted to establish a re- 8%4At raf --.0a on all classes of paper of all maturities, effective -tirst business day following that on which approved by the Federal 4se Boara, Upon motion, the rate of 4;; established by the Executive Committee of the Cleveland Bank was approved, effective as at the opening of business tomorrow, March let.
@FedFRASER