View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

o'rcr)

A meeting of the Federal Reserve Board was held in the office of the
Federal Reserve Board on Thursday, November 10, 1927 at 11:30 a.m.
PAESENT:

Governor Young
Mr. Platt
Mr. Miller
Mr. James
Mr. Cunningham
Mr. Eddy, Secretary
Mr. McClelland, Asst. Secretary

The minutes of the meeting of the Federal Reserve Board held on
November 9th were read and approved.
Letter dated November 9th from the Federal Reserve Agent at Richmond,
advising of the resignation effective November 12th of Mr. S. M. Foster,
Acting Assistant Federal Reserve Agent, and requesting approval by the
Board of the designation as Acting Assistant Federal Reserve Agent of
Xr. Robert L. Shepherd, who will be transferred from the Credit Department
Of the bank with an increase in salary from 41,860 to 42,100 per annum.
Upon motion, the designation of Mr. Shepherd
as Acting Assistant Federal Reserve Agent and the
increase proposed in his salary were approved.
Letter dated November 7th from the Governor of the Federal Reserve
Bank of New York,advising of the action of the board of directors of that
bank in voting, subject to the approval of the Board, to authorize the
officers to appoint The Norges Bank, the central bank of issue in Nor:Jay,
as agent and correspondent of the Federal Reserve Bank of New York and to
establish relations with it along the same general lines as existing relations with other foreign central banks.




Upon notion, the action of the directors of the
Federal Reserve Bank of New York was approved.

rc.C:

-2-

11/10/27

Aeport of Executive Committee on letter dated November 3rd from the
Assistant Federal deserve Agent at San Francisco, transmitting and recommending approval of an application of the Citizens National Bank of Los Angeles
drafts
for permission, unuer Section 13 of the Federal Aeserve Act, to accept
aAd bills of exchange drawn upon it up to l00, of its paid-in and unimpaired
capital stock and surplus; the Board's Committee also recommending approval.
Approvea.
REPORTS OF STANDING COMMITTEES:
Dated, November 9th,

10th,

Dated.,

November 7th,

ecommending changes in stock at Federal eserve Banks
as set forth in the Auxiliary Minute Book of this date.
Aecommendations approved.
Aecommending approval of the application of Mr. Lewis
G. Castle for nermission to serve at the same time as
director of the Northern National Bank, Duluth, Linn.,
as director of the Astern National Baak, Duluth, Minn.
and as director of the Miners National Bank, Eveleth,
Linn•
aecommendation approved.

The meeting adjourned at 12:0

o clock.noon.

tatts

Secretary.
Approved: