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3214 An executive meeting of the Federal Reserve Board was held in Wa 8141104 to4Y.a on Thursday, October 18, 1934. PRESENT: ?Tr. Mr. Mr. Mr. Mr. Mr. Y:orgenthau, Chairman Thomas, Vice Governor Hamlin Miller James Szymczak Ur 'Hamlin referred to the vacancy in the position of Chairman of the Pecleral Reserve Bank of San Francisco and moved the adoption of the 1)11 g resolution: "Inasmuch as it has come to the attention of Board memy that _r? the name of Mr. O'Connor may be available for the Z .ltion of Chairman of the Federal Reserve Bank of San Fransaid office being now vacant, and inasmuch as the Committee for the San Francisco District has, Yet made its report to the Board upon this matter of -Ing said vacancy, ,ta BE IT RESOLVED, That the Committee be requested to convacel" the name of Mr. O'Connor in connection with filling the allq7 in said Chairmanship." ha& c Mr. ller said that the Committee for the San Francisco district 111,. °n actively an investigation to find a suitable successor for Ileitoti and that ).Z r he and Lr. Szymczak had prepared under date of October enf, 17hich he nm presented recommending the appointment of Wilson kil*, of Oakland, California, as class "C" director and Chairman and ?Ekle:NtIR , ksir "orve Agent at the Federal Reserve Bank of San Francisco for the P°Ition of the term of Mr. Newton. Ms. Miller thereupon moved the adoption of the Committee's report, which was as follows: t. "The un %let dersigned committee of the Twelfth Federal Reserve recommend tic% which was referred the matter of making a athe vacancy occasioned by the death of Isaac 3215 -2"Newton, Chairman and Federal Reserve Agent at the Federal Reserve Bank of San Francisco, recommends the appointment of Wilson McCarthy of Oakland, California. b "Mr. McCarthy is 50 years old. Much of his life has een spent in Salt Lake City. He was engaged there in the Practice of law, specializing in banking law and also has cl/erience in banking, holding at one time the position of Vice P resident and Director of the First National Bank of Park City. HT -Ln January, 1932, he was appointed a Director of the 19e0netructi0n Finance Corporation and served until October, 34 when he resigned. He had charge of the setting up of t; Aegional the Agr;cultural Credit Corporation which made exloans in the western section of the country, parAle1,11arlY on live stock. The activities of the Regional j!rleultural Credit Corporation were under the immediate ouPervision of Mr. McCarthy." Mrs Ilsralin said that some of the members felt bound to vote to the rec ommendation of the Committee although individually they kik think some other name equally as good but that in reaching its e°11clusion the Committee had never considered Mr. O'Connor, and Mr. Hamlin (eked it the Committee would agree, in order to have all available names 40 'ol ' e the Board, to report back both names so that each member could vote c"Illg to his conscience unimpaired by this report which had not prey_ 1(4‘Y be co nsidered. 80th l'r- Miller and L. Szymczak declined to agree to this sugh : that, since the Committee had reached a con- ::::: ot th 8 Should either accept or reject it and any member the e (3el ' cl can feel free to offer any other names, for the members of Oti,„ t not bound to accept the Committee's recommendation, hut the 11c1 d one its et-kt-::::::cientiously and was ready to report, conwith its res the pon14% 4tinee asked that the Committee agree to a reference back to (11411ttee and a further rePort giving the name of any persons whom 321_6 10/18/54 _5- t4 Committee found to be available, including that of Mr. O'Connor. Mr. mill '-er and Mr. Szymczak declined to agree to this suggestion for reasons mentioned above. Thereupon the adoption of the report was put to a vote, those favoring its adoption being Messrs. Miller, Szymczak and James, and those opposed being Messrs. Morgenthau, Thomas and Hamlin, whereupon the motion was declared lost. In connection with his vote, Mr. Hamlin explained at some length his -s-sc)ns for not voting to accept the report and stated that no pres134re 'direct or indirect, had been used upon him in favor of any person; that no 1_ e-Laim had been made that Mr. O'Connor was not a fit man for the isiti°11; and that other members of the Board had indicated that they thNht he was a fit man for the place. 441 Thomas stated that he thought the Board should select the best qii ualified for the position even though he is found after the of the committee; that in this case it appeared that the committee 41ticillg its r ecommendation did not take into consideration the avail°f Mr. O'Connor and the Board, therefore, did not have the benerf the co mmittee's judgment as to his qualifications; and that, Iii4ce it s 1,4 “-i-S conviction that Mr. O'Connor is the best qunlified of (11V 1711 c)8e nanles had been mentioned, he felt it his duty to disregard he com,, -44.11ttp, --e's report and vote for Mr. O'Connor. Thereupon the meeting adjourned. Vice Governor.
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