The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
960 At a regtlar meeting of the Federal Reserve Beard held in the office of the Board at 11;00 a. m., on Thursday, November.11, H&mlin, presiding Mr. Delano r Warburg 1r. Harding Mr. Mr. Willis, Jec etPry. The minutes of the meetirg of November nd and approved. The minutesof the joiiit conference with Federyl reserve aronts on November 4 - 5 aril were ordered referred to Mr. Delano for readi i„ and report. Applications for additional stock in 720doral reserve banks, duly recommended• by Mr. Harding were approved as follows: Shares. DTRICT No. 3. National Bank of First National Bank ilopewell National Bank Berwick National Bank Lialvern, Pa, Leesport, Pa. Hopewell, Pa. Berwick, Pa. 9 2 1 • 9-61 DISTRICT Shares. No. 4. First National Bank First National Bank Piketon National Bank First National Bank. First National Bank Bruin, Pa. Et. Sterling, O. Piketon, Ohio Hazard, Ky. Cheviot, Ohio 3 1 1 2 DISTRICT No. 5. Canmercial National Bank First National Bank Farmers' & Merchants Nat. First National Bank Central National Bank Snow Hill, Md. Snow Hill, Md. Bel Air, Md. Lt. Airy, Md. Richmond, Va. 2 Rome, Ga. Ozark, Ala. Decatur, Ala. De Land, Fla. Orlando, Fla. 6 2 1 4 1 3 9 DISTRICT No. 6. National City Bank First National Bank • City National Bank First National Bank Peoples National Bank DISTRICT No. 7. First National Bank First NatiOnal Bank First National Bank First National Bank Atlas Exchange Nat'l Bank Farmers & Merchants Nat. Clear Lake, Iowa Eadison, 7is. Mayville, Wis. St. Anne, Ill. Chicago, Ill. Morris, Ill. 3 12 3 3 14 3 Grer;ory, O. Dak. 1 DISTRICT No. 9. Gregory National Bank DISTRICT No. 10. Kansas National Bank Peoples National Bank American National Bank 30 Wichita, Kans. Kansas City, Kans. 2 20 Tulsa, Okla. 962 Stock Yards National Bank Gate City National Bank Enid National Bank National Bank of Commerce State National Bank. 2irst National Bank National Bank of Commerce Kansas City, Kansas City, Lb. Enid, Okla. Shawnee, Okla. Shawnee, Okla. - Tulsa, Okla. Tulsa, Okla. 6 18 6 1 1 6 6 ,DISTRICT No. 11. Stone Fort Nat'l Bank Stockmens Ndtional Bank Nacogdoches, Tex. 6 15 Cotulla, Texas. Applications for the surrender of stock in Federal reserve banks, duly recommended by Ni. Harding were approved as follows: DISTRICT No. 2. Commercial Nat'l Bank- Shares. Syracuse, N. Y. 420 DISTRICT No. 4. First National Bank Conneaut Lake, Pa. 1 A letter from the Federal Reserve Bank of Chicago relative to conditions in the Commercial and Savincs Bank of Albion, Michigan, was referred to the Committee on State Banks with power to take immediate steps. The report of Ni. Harding, acting as a special committee to consult with the Secretary of the 4 963 Treasury regarding representation at certain coming meetin‘-s, to the effect that the Buffalo meeting was provided for, and that he would hii,iself attend a meeting at Atlanta at the desire of the Jecretary of the Treasury, was approved. A report of Mr. 'qarblirg and L:r. Delano actin as a special committee on the forthcoming meeting of the Advisory Council, and sur:gestim7 certain topics :or the approaching sessions, was presented to the Board, approved, and ordered circulated. Areport of a special committee consisting :r. Warburg and Mr. Delano, relating to transfers in the A:,-ents settlement fund designed to offset shipments of mutilated notes, and favorable to permitting such shipments under specified conditions, provided they are in multiples of ten thousand dollars was read,and. on motion approved. The report of a special comittee (1:r. Delano, _iller, Mr. :amlin) relating to the auggestion of 2euorai eserve 4ujont CLurtiss for a change in position of the serial number on notes, to the effect that th.e 964 present practice meets the objection raised by Mr. Curtiss, was read and on motion, approved. A report of the Committee on Issue and Redemption relating to the sorting and re-shipment of Federal reserve notes transmitted for redemption, was read and on motion, approved,the following resolution being adopted: First: Assistant Secretary Malburn be requested to sort the 2ederal Reserve notes which he has thus far received and which he may hereafter' receive, ship the fit notes back to the issuing banks, and charge the actual cost for the clerical labor of sorting and issuing, and the cost of shipping Federal Reserve notes to the issuing banks. Second: Inasmuch as the shipping of Federal Reserve notes, fit for circulation, to Washington involves the expense of shipment to Washington, sorting out at Washington, and re-shipping to the issuing Federal Reserve Banks: BE IT RESOLVED, That the Treasurer of the United States be requested to notify National banks, when sending Federal Reserve notes, fit for circulation, that the express charges will be assessed against the sending bank. • Third: That notice of this action be given to each Federal Reserve Bank. 965 It was inforra11,7 -reed that no further action be taken until the foregoinc resolution had been brouzht the attention of the Exective Go::.- nittee of the Governors of the banks. A report of the Corr,littee on L;taff recor::20-ding the holding of a desin,f‘ted examination for examiner's assistvnt, and. recommending that nn clerical e- n-lination be hold- this year was read, and on :1o4..ton ap.provoC. The Zecretary of the Board wns directed to take action accordingly for the hr)1(.1 _ing of a desionated examination for examiner's assistant.. The Gocretar,r of the 2oard save notice of the receipt of information from Governor J. B. LicDouzal of Chicago that the meetin of 'xovernorst Ex- ecutive Committee would be set for November 10 instead of November 16th. report of the special committee (Mr. Hamlin, Mr. Warburg and Mr. Ha.,-din) minting to the conduct of business and the management of publicity relationships, was rend and the following resolution adopted: 966 RL'JOIIED: 1. That there shall .be three stated weekly meetings of the Board, with ouch special meetings as the Governor of the Board may choose to call in addition 2. That these stated meetings shall be held on Mondays, Wednesdays and Friclays at 11:00 a. in, 3. That under the supervision of the Executive Committee, the Secretary of the Board shall directly assign pending business to existing standing and special committees. 4. That such committees shill be authorized to secure the aid of Counsel in passing upon the subjects Tabmitted to them whenever necessary. 5. That there shall be placed on each docket a call of committees, the Secretary to provide separate lists showing the division of pending business among the committees, report to be made by each committee within a special period. 6. That all matters which for any reason can not conveniently be disposed of by committees, or which it is the desire of members to present without such preliminary consideration, shall be placed on a unanimous consent list, and the subjects in such list shall be discussed only after all others have been disposed of, except that, by unanimous consent, at the request of any member of the Board, any such subject may be taken from the unanimous consent list for immediate consideration. 7. That a retresentative of Counsol's office maY, 967 at discretion, attend Board meetings in order to familiarize himself with pending business. 8. That it shall be the duty of the Secretary before transmitting any letter involving new constructions of the Federal Reserve Act, or changes in, or further development of, the general policy of the Board, to keep advised the office of Counsel. 9. That the Secretary shall regularly circulate to members executive correspondence and matters requiring no direct action. On motion it was voted that the following order be made with reference to the question of publicity: 1. That the Governor of the Board shall semiweekly hold a conference with newspaper representatives for the purpose of discussing such pending business of the Board as is of a public nature. 2. That the Secretary of the Board shall continue the routine management of publicity on the present basis, but shall submit to the Governor items for discussion at the semi-weekly conferences. It was informally agreed that the Secretary should use rather more freedom in communicating with newspapers than heretofore. A letter from Federal Reserve Agent Rich re- 968 garding the appointment of Mr. Mosher at Einneapol s, was read, approved and ordered transmitted. On motion applications for Federal reserve notes, duly recommended by the Committee on Issue and Redemption, were approved as follows: For the Federal Reserve Bank of Minneapolis, 000,000, 05 denomination 10 20 0400,000 800,000 800,000 For the Federal Reserve Bank of Kansas City, 01,000,000, 05 denomi 10 " 20 0600,000 240,000 160,000 A report prepared by Mr. Warburg relative to the purchase of State warrants by ,the Federal Reserve Bank of Minneapolis, in the form of a proposed letter to Governor Wold of Minneapolis was read and on mo- tion approved. It was infornally agreed that the Board would consult with Governor Strong of New York regarding certain questions affectingEuropean credits on the day 969 at the time of thu approaching meeting with the executive committee of Governors. The Secretary of the Board gave notice that the current week's discount rate notices included no changes. The notices wore ordered filed. On motion December I was fixed as the date for beginning formal consideration of the annual report of the Board to Congress. The Secretary of the Board having road a memorandum from the fiscal agent relating to the payment of gold settlement fund expenses out of the general fund of the Board, the action recommended was, on motion approved with the understanding that it should not constitute a precedent in the future. A report of Mr. Delano as a special committee to pass upon the invitation of the Credit Men's Association that the Board become members of the Robert Morris Club, in the form of a letter to Mr. A. Wall, was read to the Board and on motion approved. A letter from Mr. H. V. Whipple representing the Connecticut banks asking for transfer to the New 970 York District, was read and on motion laid on the table. A report prepared by Assistant Secretary of the Treasury Malburn relating to regulations for the retirement of national bank circulation, and the refunding of United State3 bonds, was presented by the Governor of the Board, and on motion referred to Mr. Warburg and Mr. Harding as a special committee. On motion it was voted that the Executive Committee be requested to reconsider and readjust the present committee assignments. On motion the Board adjourned to meet on Friday, November 12, at 11:00 a. m. ARPRO : Chairman.
@FedFRASER