19280105_Minutes.pdf

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A meeting of the Federal Reserve Board was held in the office of the

Federal Reserve Board on Thursday, January 5, 1928 at 11:30 a.m.

PXESENT: Governor YoungMr. PlattMr. HamlinYr. MillerMr. JamesMr. CunninghamMr. Eddy, SecretaryMr. McClelland, Asst. Secretary

The minutes of the meeting of the Federal Reserve Board held on

January 4th were read and approved as amended.

Telegrams dated January 4th from the Chairmen of the Federal Reserve

Banks of Boston, Philadelphia and St. Louis, advising that the boards of

directors at meetings on that date made no changes in the banks' existing

schedules of rates of discount and purchase.

dithout objection, noted with approval.

Telegram dated January 4th from the Chairman of the Federal Reserve

Bank of Atlanta, advising of receipt of cable advice from the Manager of

the Havana Agency that the Agency's Counsel has been advised that the

%ban Secretary of the Treasury will reverse his previous decision at once

alld that a Presidential decree will be issued unconditionally exempting the

4gency from taxation on exportations of currency.

Noted.

Bond of Mr. F. M. Bailey, Assistant Federal Reserve ;gent at Min-

4aapo1is, executed under date of December 28, 1927 in the amount of 4100,000.

Approved.

Letter dated January 3rd from the Treasurer of the United States,

4avising that no applications were received from National banks during the

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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quarter ended December 31, 1927 for the sale of bonds under Section 18 of

the Federal Reserve Act.

Noted.

Memorandum dated January 4th from the Secretary, approved by the

4scutive Committee, recommending increases effective January 1st in the

salaries of the following telegraph operators in the Washington office:

J. J. Mooney, Chief Operator _ ,3,300 to ;i 3,500 per annum

.-.:. L. Mulranen, Supervisor - 2,200 to 2,600 per annum

L. L. Ball, _ 2,100 to 2,160 per annum

W. J. Pool, _ 2,100 to 2,160 per annum

M. P. Flagg, _ 2,100 to 2,160 per annum

E. F. Anderson - 2,040 to 2,100 per annum

J. E. Tanner - 2,040 to 2,100 per annum

W. J. Walsh - 1,980 to 2,040 per annum

.Approved.

Letter dated January 4th from the Assistant Federal Reserve Agent

at New York, advising that at the close of business January 11th the

Brooklyn Trust Company, Brooklyn, N. Y. will absorb the Bank of Coney

Island which has one branch in Brooklyn in addition to its head office;

the Assistant Agent stating that after completion of the merger the

Brooklyn Trust Company will have six branches.

Noted.

Letter dated December 31st from the Chairman of the Federal Reserve

Bank of Philadelphia, advising of the election of Mr. C. Frederick C. Stout

as Class B Director of the Federal Reserve Bank of Philadelphia for the un-

expired term of Mr. Alba B. Johnson, resigned, endinf:: December 31, 1928.

Noted.

Letter dated December 19th from the Chairman of the Federal Reserve

441k of Philadelphia, with reference to the matter on which action was


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cleferred by the Board at the meeting on November 21st, namely, the action

of the directors of the Federal Reserve Bank of Philadelphia in granting

to Governor Norris a leave of absence of three months, which began on

December 12th, and in declining to act on a request by Governor Norris

that the leave of absence be without pay.

After discussion, Mr. Hamlin moved approval of

the action of the directors of the Philadelphia bank.

Oarried.

The Secretary referred to the policy which has been followed of en-

aesvoring to keep on hand in Jashington the equivalent of a six months'

ellPply of Federal deserve notes of each Federal Reserve bank and of syn-

chronizing the Federal Reserve note production with the production of

Ullited States currency. He presented a letter dated January 4th from

the Assistant Secretary of the Treasury advising that no one dollar notes

cf the new size currency will be issued prior to October 1, 1928 nor notes

cr other denominations prior to July 1, 1929; the Assistant Secretary' in

his letter also advising that he appreciates the importance of having the

Nasury and Federal deserve currency in the new size issued simultaneously

411d will endeavor to see that the Board is advised sufficiently in advance

of the issue 02 the new currency to arrange for the use of the reserve

et°ok Of old size currency.

Noted.

Letter dated December 3rd from the Federal Reserve Agent at San

4e4cisco, referrinc, to the expansion in reserves carried by member banks

14 the Twelfth district due to consolidations and the extension of branches,

44a stating that because of this increase he would like, with the approval


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01 the Board, to increase the reserve stock of unissued Federal deserve

llotes carried at the bank from .60,000,000 to not less than 00,0J0,000,

the increase to be in notes of denominations of ia,000 and under.

Upon motion, the proposed increase in the stock of

Federal Reserve notes held at the an Francisco bank was

approved, it being understood that it will be brought about

by the transfer to San Francisco of notes now held in the

bank's reserve stock in -;iashington.

Governor Young then discussed with the members of the Board the question

Of the advisability of holding a meeting of the Open Market Investment Com-

Mittee some time in the near future, and upon motion the matter of arranging

for a meeting was referred to him with power.

The meeting adjourned at 12:30 o'c p.m.

Secretary.

Approved:


Documents

19280105_Minutes.pdf