The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
225 4 meeting of the Federal Reserve Board was held in the office of the 'ectera). rieserve Board on Friday, March 9, 1928 at 11:30 a.m. PRESENT: PRESENT ALSO: he Vice Governor Platt Mr. Hamlin Mr. Miller Mr. James Mr. Cunningham Mr. Eddy, Secretary Mr. McClelland, Asst. Secretary Mr. Wyatt, General Counsel minutes of the meetingsof the Federal Reserve Board held on March 41181147th were read and approved. The were r minutes of the meeting of the Executive Committee hela on March 7th ead and upon motion the actions recorded therein were ratified. ltatter approved on initials yesterday, namely, application of the Pelham tto al BaWc and Trust Company, Philadelphia, Pa. for original stock (156 BIlate8 111 the :Federal :Reserve Bank of Philadelphia, effective if and when the C°IattrollsLer of the Currency issues a certificate of authority to commence busitless• Formally approved. Ilelnorandum dated February 28th from the Deputy Comptroller of the Currency Eith,is Ile that on Tuesday, March 6th, the Comptroller would issue a call upon Ilat icalal banks, and all banks in the District of Columbia, for reports of O ctjt ect °11 a8 cf the close of business February 28, 1928. The Secretary present- aa, Legram addressed by him to all Federal Reserve Agents requesting them to 4strilot all state member banks to file reports of condition as of the same date. Pt Upon motion, the call made upon state member banks was ratified. The Secretary then presented a memorandum dated December 12th addressed 226 3/9/28 -2- t° the Board by the Governor, with reference to the action of the last 411ferenoe of Federal deserve Agents in suggesting that a committee of the °°4fetrenoe be appointed to confer with the Chief of the Board's Division efBamk0p3rations relative to revision of the Board's earnings and call l'ePort forms, With a view to devising standard forms and eliminating the 4"elle itY for current changes now existing; the Governor recommending that the holding of the Conference be approved and that the Chief of the Board's ivisi°71 of Bank Operations be authorized to arrange for same. Upon motion, the recommendations made by the Governor were approved. Letter dated march 8th fram the Secretary of the Federal Reserve Bank gew Yo k, telegram dated March 7th from the Chairman of the Federal lieserve Beak of Philadelphia, telegram dated March 8th from the Chairman of the „ rederal deserve Bank of Richmond, telegram dated March 7th from the Chei1ln 44 of the Federal Reserve Bank of St. Louis, telegram dated March 8th r°111 th ry6, 6 -.madman of the Federal Reserve Bank of Kansas City and telegram Utea 17 -arch 7th from the Chairman of the Federal Reserve Bank of Dallas, all 8441.Binft 5 that their boards of directors at meetim.s on the dates stated made Of 'hallges in the banks' existing schedules of rates of discount and purchase. Without object ion,noted. with approval. 110 rt of Executive Committee on memorandum dated March 6th from the C°1"11°11er of the Currency, recommending approval of an application of the /14tional Bank and Trust Company, Utica, N. Y. for permission to reduce ite eattitai from .4,0u0,000 to 4500,000 on condition that none of the funds 4et tree bY the capital reduction be repaid to stockholders but be credited 21) 4.s7 v9/28 -3- 0 the surplus and undivided profits accounts of the bank for the charging Of of 000,000 of losses, and that the bank immediately increase its capital "1111t, bY the sale of 1500 shares of stock at „2010 per share, to „4,390,000 e°flsisting Of capital 4650,000, surplus mg500,000 and undivided profits 240,000; the B°4ra'5 Committee recommending approval, subject to the conditions suggested by the Comptroller. Approved. Zemorandum dated /Larch 8th from the Chief of the Division of Bank Operati°114 sOmitting a statement of expenditures of the Federal Reserve banks for *444tional and welfare work, etc. during the month of January. Ordered circulated. Secretary then reported that H. R. 6491, the bill amending Section 8 of the n -4.sYton Act in accordance with the recommendation made by the Board on several (32casion5 and which passed the House of Aepresentatives some time ago, ot, kareu II 6th was passed by the Senate. Yr. Wyatt stated that the engrossed bill is IlOw in the hands of the Secretary of the Treasury and will be transkitted. t ° the President this afternoon with the recommendation that it be apprOirect• Istters dated March 2nd from the Deputy Governor of the Federal Rest 44k of New York, setting forth a detailed report of gold movements durillg thA -taeriths of January and February. The above letters having been circulated among all members of the Board were noted. tLie The v. lee Governor then submitted a memorandum dated March 8th from Boar,, s General 0ounse1, submitting draft of material for the An4E01^ consisting of recommendations for and discussions of the amend- 228 3/9/28 -411161:Its to the Fedral Reserve Act and other statutes which the Board at its uleGtilag on March 6th voted to include in the report. Ilfter discussion, during which several changes were made in the draft submitted, it was approved as amended. The Secretary then referred to the fact that galley proof of the Board's Anzalai aeport has been received from the printer. .After discussion, it was voted that before the galley is returned for page proof it should be considered by the Board for further changes. The matter was not taken up at this meeting due to the absence of the Governor. al?Cri;m, --° OP ST/ZDING 00=2TEES: 7th, Dated., mazoh Recommending changes in stock at Federal Heserve banks as 8th, set forth in the Auxiliary Minute Book of this date. ate 9th, Recommendations approved. " reh 6th, aecommending action on applications for fiduciary powers as set forth in the lauciliary — in e Book of this date. Recommendations approve The meeting adjourned at 12:30 Secretary. 4pproveci: Vice Governor.
@FedFRASER