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191 meetin.7 of the Federal deserve Board was held in the office of the Federal Aeserve Lioard on “ dnesday, November 30, 1927 at 11:L:) a.m. Vice Governor Platt "r. Hamlin Li'. James 1:r. Cunningham Eddy, Secretary Lr. .110Clelland, Asst. Secretary „Ale minutes of the meetinf4 of the Federal Reserve Board held on November '-'uth were read and approved. Telegram dated November 29th from the Chairman of the Federal ,ieserve Balak of Kansas City and telegram dated November 28th from the Secretary of the Federal 'deserve Bank of 1:innea.polis, both advising that at meetin,s on the dates stated the boards of directors of the banks made no changes in their existing schedules of rates of discount and purchase. Without objection, noted with approval. ::lemorandum dated November 26th from the Secretary requesting authority to purchase, at a price of %/358, one electric calculating machine for use in the office of the Board's Supervisor of Examinations. Approved. Telegram dated November .9th from the Chairman of the Federal ,eserve 3a4k of Dallas, roolying to a telegraphic inAuird made of him by the Governor °f the Board in accordance with action at the meeting on November 25th and 8t4tinP: that after consulting with Lr. J. P. jilliams the bank estimates that it will cost between ,,;3,500 and 1;4,000 to hold the hearing which is to be aocorued:„:,r. lilliams and his associates, including traveling expenses scq' those attendinP: the meetim.; 5 and the cost of a stenographic record of Ii .:i.fter discussion; it was voted to interpose no objection to the expenditure mentioned by the Federal reserve Bank of Dallas. On this motion Lr. Miller re4aested to oe recorded as voti-iv: "no". . Letter dated F.ovembur :„ird from the Federal deserve tent at ian Francisco, ; on October With reference to the action taken by the Board at its meetin', 16, 1927 n otin 1 that the action of the Bancitaly Corporation in acquiring 37 ' 9 -.percent of the stock of the United Bank and 2rust Company, without the approval of the 3oard and the Comptroller of the Currency, was in violation °f the agreement of the Bancitaly Cornorati ,n filed with the Federal _Leserve 4gent unier date of Yebruary 17, 1927, whereby it 9romise and afreed that it California W°111 d not acquire the stock of any indenendeAt bank in the state of t° an exteat exceeding twenty-fiv3 percent of the capital stock of such inclePendent bank without permission of both the Federal deserve Board and the CoMntroll r of the Currency, for five years after the date of anproval of the consolidation of the Bank of Italy and the Liberty Bank of 4,merica; the 'Z'ent trarismittlw: cony of letter from the President of the Bancitaly Corporation expressing disagreement with the Board's opinion and also copy of a Irlerno andum from counsel to the Federal - eserve Bank of an irancisco statinr,7 his Opinion to the effect that the Bancitaly Jornoration has not violated its areemnt of February 17, 1927. .',eferred to the Law Jamittea. szb!:Aittin L:emorandum dated 1,,ovember 26th from the Board's Counsel, Bulletin the publication in the DecoLwer issue of the Federal _:eserve 1 11/ • 0/27 adoited by the hoard on that date with regard to acceptances -rowoat of trahsactions involving the importation or exportation of cloods. Upon motion, the public.ation of the rqlin,- was approved. 1:emorandum Zrom JounGel dated November 28th fllbmittin ' draft of letter to the .,eedaral eserve ,,tent at ;:ans s eity, transmittiir; letters to be delivered to the buster eltate hank, 3rm.en ;ea, ,ebr. and to the Cuerantee ,JornInission of 1.ebras::a advisin - of a hearine to be held by the hoard at which reeresentatives of the J-3ster 3tate hank should al'pear to 1.,- how c`llse 7hy the bank should not be need ired to surrender its stock in the 2ederal eeserve hank of i:ansas iity and to forfeit all ri -hts and privile7es lfl th :ederal Aeser ;stem; Counsel statin- that the bank has failed to Maintain the reserves required by law and that the roctoral .eeserve ,eent at Kansas City has been unable to secure from it certain reeorts requested °f all member bans. Upon motion, the proposed letter was approved and )ece:,:oer JO, l'L427 was fixed as the date for the hearin _emoranaum dated november 26th from the Director of the. Division of 4eaearchand 3tatistios, suumittine an article on the subject of the "Federal .eeserve e-Jste!.1 in ie27" preeLred ,eserve t.1 . Burr.ess, _Lssistant Feu.erai at -er,ew York, for -oublication in the :'..merieen Year hook; the 1)11'cLoretatin7 that he has gone °ler the article and sees no °ejection to its eeulleation. hho eecretary seated that the article has been read by 1,1,e ' ' (31rernor of the hoard who has euestioned the advi_saellity of makin7 certain stateeents contained therein. )loo eqnuTii (J-TonflT:r 2: •udou. • po •JOA0r.—001A VC 0 40 qr suo-lq -puE)woocT sTY1to • ;- j0z-ADj uT; 11JO.T. 4es 1r uo uo-r?, Jc16.13 SITOTgrpum:rzool.7 ow" 4 1149z ,Trail ON 4 D041_41. •04•Tril SITI1 00 TIT elnuTT: :1:anTiTxn Y„ooqs uT TTGPOL IT.. 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