The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
239 11 A meeting of the Federal Reserve Board was held in the office of the l'ederai Reserve Board on dednesday, March 14, 1928 at 12;00 o'clock noon. PRE5sZT: Governor Young Kr. Platt Mr. Hamlin Er. Miller Kr. James Mr. Cunningham Mr. Eddy, 'Secretary Mr. McClelland, Asst. Secretary The minutes of the meeting of the Federal Reserve Board held on March 13th were read and approved. f Letter dated March 9th from the Federal Reserve Agent at Chicago, with refere e to a request by 1,:r. H. H. Whiteside, a local representative of the thlited States Department of Agriculture, that the Federal Reserve bank add.ress nveloPes covering its mailing list for the distribution of informsti4.04 ,. ' l ltulars to be issued by the Department; the Agent stating that he is Wilit4 to work with the Department provided the Board approves. After discussion, Mr. Cunningham moved that the Board interpose no objection to compliance by the Federal Reserve Agent with the request referred to, as a matter of accommodation to the Department of Agriculture in this particular case. Carried. 118 04 he Governor then handed each member of the Board a copy of H. R. 4/ the so-called "Stabilization Bill", introduced by Congressman Strong Liar ch. 6th, He stated that hearings on the proposed bill will be held bY the n "ftmittee on Banking and Currency of the House of Representatives 4 4e 7, Tuesday and 3ednesday and that all members of the Board 11°):144 4844, ' 41R to do so are invited to appear before the Committee. He also 240 11 3/14/28 -2- stated that on Saturday Congressman Strong will furnish the Board with a Tlemtionnaire concerning the bill which will be used by the Committee in Its hearings. An informal discussion of the bill then ensued during which the Governor stated that he believed the Board, before appearing before the Committee, should review the present business and credit situation with the Director of the Division of Research and Statistics. He stated that the Secretary of the Treasury would like to participate in a meeting of this kind an Friday afternoon at 2:30 o'clock, which hour was agreeable to all members of the Board. Report of Executive Committee on letter dated March 12th from the Federal Reserve Agent at Cleveland, advising that he has discussed with the directors °f his bank the cases of the Highland National Bank, the Pennsylvania National 13441c alod the Second National Bank of Allegheny, all outlying institutions ?ittebure, n which under authority previously granted by the Board are e"ille reduced reserves against demand deposits; the Federal Reserve Agent Stat that his directors recommend that the Highland National Bank and the '154111sYlvan1a National Bank be continued on a 7, basis as regards reserves 114inst d., -Inland deposits, and request that an additional thirty days be given the Second National Bank of Allegheny to clear up certain matters in conwit an account carried by it for another bank, a definite report latiNre to this bank to be made by the Federal Reserve Agent following the rileeting of his board of directors. Upon recommendation of the Executive Committee, it was voted to approve continuance of the present reserve requirements of the Highland National Bank and the Pennsylvania National Bank, and to grant thirty days' additional time for consideration of the case of the Second National Bank of Allegheny. 241 if 3/14/28 anil.TEES: 33ateal Larch 13th, Aecommenaing changes in stock at Federal Reserve banks 14th, as set forth in the Auxiliary Minute 3ook of this date. Aecommendations approved. The meeting adjourned at 1:00 lock p.m. ftriaftio,, Q Secretary. 4131)1'oved.:
@FedFRASER