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33 meetin of the ,;;:ocutive 0o2mnittee of the 2ederal :,eserve Doard was held in the office of the Governor on 2riday, July 15, 1927, at 10:45 a.m. iS3S.2:Javernor Crissiner • James • Junninr'ham Mr. Eddy, Secretary .oe11, Asst. Jecretary • 2eleram dated July 15th from the Ohairman of the Federal deserve 3ank of Aston, advisin's7 that the board of directors at their meetintr on that date made no chanr:e in the bank's e;:istin-: schedule of rates of discount and ..Jurchase. :oted. Letter dated July 14th from the Secretary pro tom of the 2edera1 deserve F5'ank of :,aa York, advisinf„.; that at the meeting,7 of the board of directors on t,at date the e::Istln.f.,; schedule of rates of discount and purchase was DvesJAted a-d AO chanos were made. doted. 2e1egram dated July 14th from the hairman of the 2ederal ceserve Bunk of Liichmond, advising that the board of dirocUors at their meeting on that date made no chanr:c in the bank's oxistine7 schedule of rates of discount and ..,Iirchase. dOted 2.e1e,Eram dated July 14th from the Jhairman of the Federal deserve Bank of 1:ansas Gity, advsing that the board of diroctors at their meetinc: on that date made no chanr.o in the ba-n]:'s discount and -„Tarchase. schedule of rates of 7/1V27 on letter dated July .opert of :Joyaflittoo on ;:;a1rie3 anl - oar2ts re -aeetiny the ]3 at -lancas . 12th from the 2o2eral .eserve a-o)roval of an increase from „2.,400 to .::2,710 1)er :1-.Lnal-1, effective July 1st, in-,thesalary of special is amIlleyed O.. th r. I:arry L. Uaak, aelt for the collection of )a)ar acquired thraa01 sus _pilled -a_11:-s; the a-v)revaLl. :.ittee .92rovcd. ;.1:0enlituros on letter clate,L Jul:f on ;alaries ,c»ort of reouestiagu7 the 12th froz. thefe.)..oral ,eeerve .'a-t at a) rov„...1 of an 1,crease Z.00n in oer 2Jh to 7. Trost, one of t_a the saia1j of "2. (effective July 1st, a::aere; the Oonmittee recolL:aLdin- L.);)rovz.d. _Lpprove(. -e)ort of Ja_mittee on Jalaries aad 4::.-oealitAres on letter dated 12th from the federal eserve -c:eat at ::ansas Jity, requestin: the Board's al)proval of an increase fro1.1 to 2,Q3J0n annum, effective Julj 1st, in the salarj of hiss :abel 2. 3eoler, _urse aad.auaf;er of the Bank's diflia-: room; the Janittee recalv,e-tin- ap2rovu1. 2elocral.a dated Jilj 14th from the ,aairman of the "federal 2Leserve Bank of ,..ichmena, .)f lirectors of the l at .;:„.arlotte, . of the action taaa on that .Lat uw the uoard ith res--)ect to leasing the so-called ,uott ,ro2ertT; for the purpose of huising the branch of the Riclonond ba.lh to be o,eae, at that ,)oint, and letter -ated July 1.1th from the i:I.2airman 2rTpuotta0000: TE13 unowe!:7 oK4 .770 TzoTf1-30TIC(713 0114 70 T'3L00:(7-613 ;- q3 oosTauu.Tj uu( f ir-f OAJOSO- TrJ070J 0T14 1.U.O.T.T. 446 ! r *7.7.0Toe:rlo pc4o' rc)A077 oq ITT' [OUTq c114 , g enuoA7 aY,TC7, 99z7 T7'u ;71 410-FlooT Tio O TO.J CJOO-C ro,77 1.!.17_7.o sT u pc4oTa:oo !!07.7. 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TTqui.-1 cLocu , 70 0119 0:0:"-ry 01 7r.10/. e74 ( :7 OTT:', „To "oqc 'Touuocac OOOt *II07.7.10 17T rJ770: ounr ,To 5o4gcT LuT7zoouoo inaopo,7 OAJSC7- 0.1.0(1 .0 tOTOT J1t oq -0.77,0Tul'=oc suoTqooL.:.lao 7.7Tuqa-oo 11 Ot St?sJoqooaTr .To pa :or 7qT - 7717- oT:q :170 oT), gr'pe-v 7/15/27 Trtst Con,r, ua- 2ra-cisco, ior -)en_lissio,a to l_ove its b.:a,Ach noa d9erate- at e9J3 21I trot, ,Ja.1 2rancisco, to ne, ,.,e_art,Drs at the that ilortLeL,st corner of 2,-4611 and eastro Jtreets; th.; letter is being erected ozi the latter locatio:1, a ,:aa i0 ta fwe "ill no, be vest of t_Le da s. CirtOJ joy a ;:ainor,ILliduna fro :Jounsol dated ,7711;.7 11th, surx:Aittin, in accordauce t?A :oar's reuest, data for publiee.tioI in the forthconain of the 2edera1 fi4serv 11.11etin, 'Ath ro 2- 2,73c:J to the ap1icabi1ity to ro,fisioll3 of ::action 22 o tate nIxaber bnTtS of the eserve issue the Zeaerai ct ane. of the '...),evisea. ':.;tatates of the...United :_tates. Upon motion, the mat rial sbmittea bzi was approvea'for pu'Jlictio..a in the 3ul1etiu. 3th, sqbnittin, in accordance A!=.3.nse1 a'J:ted ';ith the. 1:.;ord's ro(;11est, a rulhv orIy.ThlicLtioa in the 'Zedeal nosarva Bulletin prepued aba. the linus ()L. Ub.3 letter addressea to te Fedecal ...esarve :137,-c of Jhicao uaier data of ;- 1',ne 29th, with reforeace to the cassification as saviu.s accounts of certain s7acial reserve savilir2z ..3ank . of ..17Licao. counts (.): the ::•arris ',2r.lst and 3aviHs' Upon motion, the raliA sittod b: Jounsol V15$ cf;droved for publication iu t::10 Bulletin. Lemoranden • atea July 14th from te letter dated J'a.1 12th fro:,), the :..ittee on Ji;trict JO, sub-' .eserve .:.:eat at I.D.Ilsas jity transmitting the rosiaation of hr..:..rthur J. :eaver, one of the J. 'Aard's ap-oointees to the directorate of the Uaaiia 3ralach of the 2edora1 37 7/15/27 Reserve Bank of I:ansas City, who has announced his intention of beeomin,(7 the jommittee recom. a candidate for nomination as awornor of :ebraska, mendins-;' that hr. jeaver's resination be acce-lted by the board. Upon motion by hr. James, hr. leavor's resii;nation was LIcceped, and the matter of the ai)pointment of a successor was referred to the Committee on District j,10 for report. , letter from the i.s.moranum from Counsel dated July 7th, submittin:, Supervising liecolver of the :)ivision of Insolvent National Banks, Office of the Comptroller of the Currency, stating that the Federal :,ieserve Bank Of Jan Francisco has expressed opoosition to issuing cashier's checks to - nd requestexaminers in charge or roceirs of suspended national banks :1; tug the Board's views on the matter; Counsel suggesting that the Board ,es3rve Bank of Can _:rancisco what its views ascertain from the Federal , are oa the practical questions. involved, and what its reasons are, if any, for iishin.'7 not to handle accounts of this kind. Upon motion, the suggestion of Counsel was approved. Letter dated Jul.,/ 11th from the ,hairman of the Federal ,leserve sank - to the :oLrd's letter of June ZOth in which it is of ,tlanta, referrin: stated that it is the oard's opinion that the 2eleral ,eserve Bank of ,.tlanta should exercise its discretion yivell unf.er, heralation - and require a financial statement of the borrower in sport of all a(7ricu1tural paper offered in amounts of ,500 and above; the illf.irLa.:1's letter stating that the board Of directors. of the bank has iven consideration to the matter and has t1_,..(ea tile view that it is not advisable at this tine to require sta,eents in accordance with thehoard's suggest ion, but that gip lalp 0(.7 7/15/27 -6- at a later date the attor shoula bo hvcii 'urther consioration. U-Don T:lotion, it . ;as votea to deflr action on this !aattr until the revision of its rellations iG taken the 3oard. .:07,01UilaUMfro letter fro.: the ..'oun':;e1 dated July 7th . aJvi3e Zrom. t1;.e, Aard as ,;(x.-:Itrller of tile ,...;urrocy, to , ether natioaul lYzak.o locte mission frol in LebrsXa have rceivad por- the Alrd under the :rovisions of Action 11 (k) of the . edera1 Jeserve 2 ct to exercise t.ost powers, 3:lay e;:ercise such powers in 'Abras; Uounsel submittinT'draft of rofly to the jeputy „.;o:Ilotrollerts letter ad.visinJ that since it appears there is no law of ilebraska v;hich either ra)ress1:" or by necessary iyaTAication forbids national baras to e;:eroise trust powers, the 3 ard is of the opinion that a national banic located in rebraska which has received pemission frmi the 'oar,J to ea:ersise tr17,st -oowers n,ay lawfully e:,:ercise them. in ;Tebraska; the letter Parter auvisina that evea if thero wore a libraska 11 ,;" wich.by its. oar-ported toAd national b3.;:c:; from oxercisinLf trAst powers, : to . in that Jtate wic;h had tue 3oard is of the o-rdnion that a national ba..a fror.i the 3c)ard could lawfully o:.:ercisa thc trust received pe :iission . , ooacrs that trust coLA-r)a,Aes orab.ized unaor te laws of :ebrask,a, which coo into ,7rater or less coetition aith national bans, are tO .pon notion, the rr000zL. leter was 0:0Droved. :_emorandlul frn the niof j1ork d.ated. July 15th, advisin of the receiL)t of notice that Jaes Poles nAd 2- raU7. n011060-A, detailed arnloyes in the edor:,tio.1 .Avis ion of :,ho office of the ':or2T.)troller of the Jurrency, utri 7/15/27 • -7- whose naes have been carried on the 'oard's rolls ana whose salaries are reimbursable to it, were transferred from the .:oard's rolls to those . of the Jord,)troller of the •2,urrency, effective 1st. IJ-oon reca=endation of the Jeeretary, it was voted to dro.o the names of the above era,)loyees from the 3oarais rolls, effective July 1st. Dated, July 13th, hated, July 13th, Dated, Jul ilth, hated, July 14th, Dated, July 14th, Dated, July hated, July 14th, chan7es LI stock at :ederal eserve Banks as sot forth in the humiliary :.Anute .5ooh of this date. _Acommendations approved. ';Zeconne-adinr; a[Troval of an application for fiduciary powers as sot forth in the ;I:INiliary hook of this date. doccuimeudation approved. .ocarcznen inm approval of the application of J. for permLsion to serve at the same time as director of te National Dank, hhi1adel1uia, :m., as 2residet and. director of the 'Jest-ud 2rast Company, Y,'hiladelphia, ha., and as director of the Philadelphia :iompany for Juarantooiup PhilLdelphia, ITtecommendation api)roved. .'ecormending a,.)-proval of the a42p1ication of. 21Y. J.eore :;i1cox for pe rmis sion to servo at the sane time as director of the :,;ixth n - ational Bank, Philadelphia, Pa., and as director of the ::est Jid 2r. st Company, ]:,hiladelphia, Pa. ..ioconnendati,-;:a a-pproved. iecommendinT aperoval of the application of hr. David i. i1liams, Jr., for )emission to servo at tJe same time as director of the Jorn lachan o ITational Bank, 2hiltadelhia, Pa., and, as director of the ::erion Title and ?rust Jom2any, 2z, decommenjtion aproved. A.coralleudil approval of the application of :11"4. Frederick h. Prince for permission to serve at the sal::.° time as • director of the :drst 1:ational Junk, Chicao, Ill., and as ..iirector of the 'itose: Yards hat ional Bank, Chicao, ..'- ,econ.maad.at ion a':reroved. Ilecoriamoud.in al)proval of the applicaion of 1:r. 3[1];fuel 3. 2retz„Tr., for permission to serve at ti,e same time 7/15/27 -8- ORT4 OF 8TAIMING 00:471ITT335: (GoutId) liAl) as director of the National Security Bank, Philadelphia, Pa., and as director of the Jyoming Bank and Trust Company, Philadelphia, Pa. .Recommendation approved. The me tin adjourned at 1l:O a • rota].
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