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1.8U meeting of the Executive Committee of the Federal aeserve Board was held in the office of the Federal deserve Board on Thursday, March 3, 1927 at 11:00 a.m. PaESENT: Vice Governor Platt Mr. Hamlin Mr. :liner Mr. Noell, Asst. Secretary Mr. MeOlelland, Asst. Secretary Telegran dated March 2nd from the Chairman of the Federal 2eserve Bank of Philadelphia, advising that the board of directors on that day rrlacie no change in the bank's existing schedule of rates of discount and Purchase. Noted. Telegram dated March 2nd frcm the Chairman of the Federal eserve Babk of St. Louis, advising that the board of directors on that day raade no chance in the bank's existing schedule of rates of discount and Purchase. Noted. Letter dated March 2nd fram the Speaker of the House of Aeoresentatives ac:eznowledging receipt of the Board's Annual deport covoring operations during the Year 1926. Noted. Bond of Mr. :ard Albertson, Assistant Federal aeserve Agent at the 4aeral Loserve Bank of Atlanta,in the anount of „100,000. Approved. Ae-oort of F4xecutive Committee an memorandum dated February 26th from the Comp broiler of the Currency, recommending approval of an application of 190 3/3/27 -2- the New First National Bank of Howard, South Dakota, for permission to reduce its capital from 00,000 to w25,000; the Committee also recommending approval s Approved. Report of Committee on Examinations on matter referred to it at the meeting on February 23rd, namely, telegram dated February 18th from the Federal Reserve Agent at Chicago, advising that the Bay City Bank, Bay City, Michigan, has absorbed the Farmers State Savings Bank of Bay City; the Committee submitting a letter dated February 28th from the Federal Reserve Agent at Chicago regarding the consolidation and recommending approval. Approved. Letter dated February 26th from the Assistant Federal Reserve Agent at San Francisco, advising that the absorption of the Liberty Bank °f America and its branches by the Bank of Italy of San Francisco was effected at close of business February 19th. Noted. Letter dated March 2nd from the Federal Reserve Agent at Philadelphia advising that on February 15th the directors of the Colonial ?rust Company and the Excelsior Trust Company, both member banks of Philadelphia, voted, subject to the approval of their stockholders, to consolidate the two institutions with the title of "The Colonial Trust Company"; the Agent stating that the proposed consolidation will cause no change in the character of the assets of the two institutions or in the scope of the functions now exercised, and it is felt that no objection should be interposed. Noted, with approval. 191 Letter dated ',larch 2nd from the Deputy Governor of the Federal deserve Bank of New York, ref,;rring to the employment of L:r. J. A. Mitchell a5 .-Ihief of their Credit Division and. stating that in order to assist 1:r. 11 in becoming familiar with his um' duties, it is desired to have J. Furman continue his services with the bank until March 15th or 313t- The Secretary stated that the Board. on Jamary 4th approved payment salary to Mr. Furman who was formerly Chief of the Credit Department, f°r a period not exceeding 60 days frcm Jaman/ 1, 1927, at which time it was understood his services would be discontinued. Upon motion, it was voted. to interpose no objection to the continuance of Mr. Furman's services and payment of salary to him until March 31st. iteport of Committee on Salaries and Expenditures on letter dated. liarch lst from the Deputy Governor of the Federal ieserve Bank of Atlanta, re qtzestin.g acproval of the actiln of the Executive Committee of that bank voting to authorize payment of full salary to Mr. J. 111 Christian dur- au extension of 15 days in leave of absence granted him on account of 1114ess; the Committee recommending approval. Approved. The Vice Governor then stated. that the lease covering the space QccUipied by the Board in the Otis Building expires on April 30, 1927, and recIllested authority to renew the lease for a period of one year, at the 1)l ' esezit rental and. under the same terms and conditions, and to arrange with the owner to give the Board. the option at the end of a year to renew for an 4Ciclitional period of one, two or three years. Upon motion, the authority requested was granted. 192 3/3/27 -4- .2POHTS OF SlANDING COMMIITIES: Dated, March 2nd, Dated, March 1st, Dated, March 2nd, Dated, March 2nd, Dated, March 2nd, Dat Dated., ated, March 1st, March 1st, March 1st, Aecommending changes in stock at Federal Reserve Banks as set forth in the Auxiliary Minute Book of this date. Approved. Recommending action on applications for fiduciary paaers as set forth in the Auxiliary Minute Book of this date. Approved. Recommending approval of the application of Mr. George W. Roily for permission to serve at the same time as director-officer of the Harrisburg National Bank, Harrisburg, Pa., as director-officer of the Harrisburg Trust Company, Harrisburg, Pa. and as director of the New Cumberland National Bank, New Cumberland, Pa. Approved. _Jecommeading approval of the aTlication of Mr. iward Bailey for permission to serve at the same time as director of the Harrisburg National Bank, Harrisburg, Pa. as director of the Harrisburg Trust Company, Harrtturg, pa. and as director of the Steelton National Bank, Steelton, Pa. Approved. Recommending approval of the application of Mr. George Bailey for permission to serve at the same time as Vice President and Assistant Cashier of the Harrisburg National Bank, Harrisburg, Pa., as director of the Harrisburg ?rust Company, Harrisburg, Pa. and as director of the Halifax National Bank, Halifax, Pa. Approved. Recannending approval of the application of Mr. Ira W. Bedle for permission to serve at the same time as officer and director of the Marine National Bank, Seattle, ',/ash., as director of the Marine Central Bank, Seattle, Wash. and as officer and director of the Marine State Bank, Seattle, ;;ash. Approved. Recommending approval of the application of Mr. John E. Price for permission to serve at the same time as officer and director of the Marine National Bank, Seattle, Wash. as officer and director of the Marine State Bank, Seattle, Wash. and as officer and director of the Marine Central Bank, Seattle, Wash. Approved. Recommending approval of the application of Mr. Andrew Price for permission to serve at the same time as officer and director of the Marine National Bank, Seattle, Wash. as officer and director of the Marine Central Bank, Seattle, Wash. and as director of the Marine State Bank, Seattle, Wash. Approved. 193 3/3/27 -5- POTS OF STANDING COMMITTEES: (Cont'd) ecommending approval of the application of Mr. George E. Hardenbergh for parnission to serve at the same time as director of the Marine National Bank, Seattle, Wash. and as director of the Marine Central Bank, Seattle, '::ash. Approved. Dated, March 1st, Recommending approval of the application of Mr. E. H. Hatch for permission to serve at the same time as director of the Marine National Bank, Seattle, Wash. and as director of the Marine Central Bank, Seattle, *dash. Approved. Dated, March 1st, .iecommending approval of the application of Mr. _Z. H. Miller for permission to serve at the same time as director of the Marine National Bank, Seattle, :lash. and as director of the Marine Central Bank, Seattle, Wash. Approved. Dated, Larch 1st, .lecommending apprnral of the application of Mr. Bruce C. Shorts for permission to serve at the same time as officer and director of the Marine National Bank, Seattle,Wash. andas director of the Marine Central Bank, Seattle, 'Jash. Approved. Dated, March 1st, Ilecommeniing approval of the application of Mr. Blake D. Mills for permission to serve at the same time as director of the Marine National Bank, Seattle, Wash. and as officer and director of the Marine State Bank, Seattle, ":ash. Approved. Dated, Larch 1st, Recommending approval of the application of Mr. C. Stimson for permission to serve at the same time as director of the marine National Bank, Seattle, Wash. and as director of the Marine Central Bank, Seattle, Wash. Approved. Dated, March 1st, The meeting aijourned at 11:45 a.m. Assistant Secreta Vice-Governor.
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