The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Thursday, June 27, 1929 at 11:30 a.m. PltESE:2: Vice Governor Platt Mr. Hamlin Miller Mr. James Mr. Cunningham Mr. Noell, Assistant Secretary The minutes of the meeting of the Federal Reserve Board held on June 26th were read and approved, as amended. Report of Committee on Examinations on letter dated June 25th from the iederal rieserve 4.gent at Philadelphia, recommending a further extension until July 1, 1930 of the period in which the Lycoming Trust Company, Williamsport, from Pa.,may dispose of the remainder of certain real estate to be eliminated the institution under the second condition of its membership in the Federal Reserve System; the letter stating that as the major portion of the property time referred to has been eliminated from the institution's assets and more is apparently required in which to effect the disposal of the remainder, the directors of the Philadelphia bank recommend that the request for additional time be granted. Upon motion, the extension requested was granted. Bank Letter dated June 26th from the Governor of the Federal Reserve Of Richmond, referring to the Board's confidential letter of June 21st, setting forth an analysis of the recent quarterly report of banks in the Fifth , as compared Federal Reserve District which have been continuous borrowers With all member banks in the System. Noted. . 1* 6/27/29 -2- Letter dated June 26th from the Cuban Security Corporation, Philadelphia, Pa., advising that it has a contract to sell ,10,000,000 of stock in the Cuban Security Trust Company, chartered :March 5, 1929 under the laws of Cuba, and inquiring whether the trust company could become a member of the Federal Reserve System through the Havana ,Lgency or in any manner work through the rederal deserve bank with its correspondents or agents in the United States. deferred to the Law Committee. Letter aated June 26th from the Deputy Governor of the Federal Reserve Bank of New York, advising that since his letter to the Board of June 19th the Open Market investment Account has been reduced ,5,000,000 through repurchase by the Federal Aeserve Bank of St. Louis of the remainder of the Fourth Liberty Loan bonds taken over from that bank; the transaction bringing the total holdings in the Account down to 0.7,500,000, consisting entirely of 3 1/2p Treasury notes due December 15, 1930-32. Ordered circulated. Matter approved on initials on June 26th, namel, letter to the Assistant Federal deserve Agent at Philadelphia, regarding an application for membership in the Federal Reserve System filed by the Camden Safe Deposit and Trust Company, Camden, i. J., a member bank, following a merger with the Security ',2rust Company Of Camden, a nonmember bank; the letter stating that since the merger was effected under a New Jersey statute by which the corporate existence of the member trust company is continued without interruption and is unaffected by the merger, it is not necessary for the Board to approve the application filed by the Camden safe Deposit and Trust Company since this institution is already a member of the Federal Reserve System. Upon motion, the letter was formally approved. -3- ( 6/27/29 Memorandum dated 'June 25th from the Chief of the Division of Bank Operations, submitting draft of letter to the Governors and Chairmen of all Federal letter Reserve banks on the subject of operating efficiency at the banks; the traasmitting a statement relating to the out-put per employee and per unit of cost in the principal departments of the banks. Upon recommendation of the Committee on Salaries and Expenditures, the proposed letter was approved and ordered transmitted. REPORTS OF STANDING COMMITTEES: as Dated, Jane 26th, Recommending changes in stock at Federal Reserve banks date. of this 27th, set forth in the Auxiliary =brute Book Recommendations approved. The meeting adjourned at 12:10 p.m. fide 1400011V dop ,or 00 Assistant Secretary. Approved: 42r,9 Vice Governor.
@FedFRASER