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56 A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Tuesday, January 15, 1929 at 12:15 p.m. PRESENT: PRESENT ALSO: The Chairman Governor Young Yr. Hamlin Yr. James Mr. Cunninfham Mr. Eddy, Secretary Mr. McClelland, Asst. Secretary Mr. Smead, Chief of the Division of Bank Operations Telegram dated January 14th from the Chairman of the Federal Reserve Bank (If Minneapolis, advising that the board of directors at a meeting on that date Itade no change in the bank's existing schedule of rates of discount and purchase. Noted. Report of Committee on Salaries and Expenditures on letter dated January 7th from the Chairman of the Federal Reserve Bank of San Francisco, transmitting list of employees for whom the directors of that bank approved leaves of absence with Pay, on account of illness, during the month of December, where the total Of such absence since January 1, 1928 has exceeded thirty days; the Board's Comtittee recommending approval of the salary payments involved. Approved. Report of Committee on District #8 on the matter referred to it at the " 111 Ittng yesterday, namely, letter dated January 11th from the Federal Reserve 4Rent at St. Louis, requesting approval of the designation of Mr. William L. l'egorY, Jr. as Acting Assistant Federal Reserve Agent vice Yr. J. Vion Papin; the Board's Committee recommending approval. Approved. Matter approved on initials yesterday, namely, letter dated January 12th 57 1/15/29 -2- addressed to Mr. Cunningham by the Chairman of the Federal Reserve Bank of Kansas of that bank in City, requesting approval of the action of the board of directors granting sixty days' leave of absence to Governor Bailey. Formally approved. Mr. Smead then submitted draft of a circular letter to all Federal Reserve Agents, transmitting a revision of the weekly member bank condition statement, to be made effective as of January 30, 1929, including a new item of loans on securities made "to brokers and dealers in securities outside of New York City"; the change being in accordance with one made in the Board's form for quarterly reports of condition of member banks. Approved. submitting a sugamead then presented a memorandum dated January 5th, gested revision of the Board's form for determining deposits of member banks on Which reserves are computed, in accordance with the present quarterly call report forth in smead commented upon the principal changes in the form set his Memorandum. Upon motion, it was voted to approve the revised form as submitted by Mr. Smead. on January The minutes of the meeting of the Federal Reserve Board held 14th were then read and approved. Chairman of the The Governor presented a letter dated January 11th from the by l'irst Federal Foreign Investment Trust, New York City, requesting a ruling nt resales of Amerithe Board that the Corporation's bills arisino: from installme ory basis for acceptance credCan automobiles in foreign countries are a satisfact its that banks in New York are willing to give to the Corporation; the Latter 58 1/15/29 c\ -.3- setting forth the methods employed in financing the foreign merchants who import 4111erioan cars, as well as the Corporation's reasons for believing that the ruling l'aquested would be in line with other recent rulings of the Board. Lima motion, it was voted that the above letter be referred to the Federal Reserve Bank of New Yotk for an expression of opinion, and to the Board's Counsel. R:11/00-)TS OF c'TArDT/TGCOr'ITTEES: Dated, January 14th, Dated, January 14th, Dated, January 14th, Dated, January 14th, Aecommending a change in stock at a Federal Reserve Bank as set forth in the Auxiliary Minute Book of this date. Recommendation approved. Recommending approval of the application of Mr. J. D. Bronson for permission to serve at the same time as director of the Merchants National Bank of St. Paul, Minn., and as director and officer of the First National Bank, Stillwater, Minn. Approved. Recommending approval of ?the application of Mr. C. B. Little for permission to serve at the same time as director of the Merchants National Bank, St. Paul, Minn. and as officer of the First National Bank, Bismarck, N. D. Approved. Recommending approval of the application of Yr. John Murphy, Jr., for permission to serve at the same time as director of the Passaic National Bank and Trust Company, Passaic, N. J., and as director of the First National Bank in Lodi, N. J. Approved. The meeting adjourned at 1:15 p Secretary, PProved: Chairman.
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