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

Federal Reserve Board on Thursday, December 10, 1925 at 11:15 a.m.

PUISE112: Governor CrissingprPlatt

Mr. HamlinMiller

Mr. JamesMr. CunninghamMr. Eddy, Secretary

PRESENT ALSO: Dr. Stewart, Director of theDivision of esearch & Statistics

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

December 8th were read and approved.

Memorandum from Counsel dated November 23rd and report of the

Law Cominittee dated December bth, with reference to the applications

Of Messrs. Cecil B. DeMille, J. E. Carr and D. M. Dorman for permission

to serve at the same time as directors of the Commercial National Bank

and the Banc of America, both of Los Angeles, and the application of

Mr. L. M. MacDonald for permission to serve as Vice President and director

Of the commercial National Bank and as Chairman of the Board and director

Of the Bank of America; Counsel pointing out that in addition to serving

the two institutions above, the applicants are also connected with the

Los Angeles Branch of the Bank of Italy, and the Committee recommending

that permission be granted them to serve the Commercial National Bank

and the Bank of America, but that notice be given that they should also

request the permission of the Board to serve as officers of the 3ank of

Italy.

Upon motion, the applications, as filed,were approved and it was voted that applicationsshould also be made for permission to serve theBank of Italy.

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12/10/25 -2-

Letter dated December 7th from the Federal deserve Agent at

Minneapolis, advising of the resignation of Yr. F. P. Hixon, Class B

Director, to take effect on the election of his successor, and advising

that Mr. John S. Owen of Eau Clare, Wisconsin, was elected to succeed

Mr. Hixon on December 1st.

Noted.

Draft of reply to letter dated November 23rd from Honorable

Irvine L. Lenroot, United States Senator from Wisconsin, requesting

certain information concerning the relation of the Federal :deserve

System to recent credit developments; the proposed reply answering

the several specific inquiries made and discussing the more important

phases of the present banking and credit situation.

After full discussion, upon motion byMr. James, it was voted to approve the pro-posed reply, Mr. Miller not voting.

The Governor then stated that he had been advised of an inquiry

made of the Federal deserve Bank of New York by Senator Byers of New

Jersey for the details of the recent credit of '200,000,000 extended

to the Bank of England by the Federal deserve Bank of New York, and

for copies of any agreement entered into with the Bank of England and

of the Board's approval of the arrangement.

The Governor stated that he had suggestedto the Chairman of the Federal deserve Bank ofNew York that Senator Byers be advised that itis not within the province of the Federal ReserveBank of New York to give out the minutes of theFederal Aeserve Board.

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12/10/25 -3_

REPORTS OF STANDING COMITTEES:

Dated, December 7th, Recommending approval of the application of

Mr. Ford Ballantyne for permission to serve

at the same time as director of the merchantsNational Bank of Detroit, Michigan and as

director of the Guardian Trust Company of Detroit,

Michigan.Approved.

Approved:

The meeting adjourned at 1:00 We "ck.

/ Al .:.....16.4..1,060111111111,--Govern•

Secretary.4,2

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