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1187 At a meeting of the Executive Committee of the Federal Reserve Board held in the office of the Comptroller of the Currency on Friday, June 18, at 2.30 p. m. PRESENT: Vt. Delano, presiding Mr. Warburg Mr. Williams Mr. Willis, Secretary. rjr. Delano presented to the Committee a report Of the result of a meeting held this morning between the Counsel of the Board and Mr. Curtis, Secretary and Counsel for the Federal Reserve Bank of New York, representing also the Federal Reserve Bank of Philadelphia, relative to the final adjustment of the plan tentatively agreed upon by the Federal Reserve Banks of Philadelphia and New York, for adjustment of accounts between them growing out of the recent transfer of banks to the New York District by order of the Federal Reserve Board. From the report thus pre- sented it appeared that Counsel for the Federal Resorve Board had submitted a plan of adjustment, making the following recommendations: (1) That the forms of application for surrender of stock in the Federal Reserve Bank of Philadelphia, and for subscription to stock in the Federal Reserve Bank of New York, be approved. (2) That a joint letter to be sent out by the two banks affected, be approved with a suggested amendment. 1188 (3) That the adjustment of any claim that the Federal • Reserve Bank of Philadelphia may have against the these of nt accou on York New of Federal Reserve Bank and transfers be treated as an independent question Banks ve Reser al Feder ctive respe the that Counsel for ion derat consi 's Board the for t be requested to submi and tors direc the of right the opinions dealing with officers of the banks in question to consumate the tentative agreement submitted.. by The amendment to the joint letter suggested the of lieu in that t effec Counsel to the Board was to the the of York New of Bank ve assumption by the Federal Reser certain accrued dividends on cash paid subscriptions by delphia, Phila of Bank ve member banks to the Federal Reser an issue d shoul ia the Federal Reserve Bank of Philadelph banks r membe such to le accrued dividend certificate payab when like dividends are paid to other stockholders. forms re.The Board having heretofore approved the Counsel, its of tion menda ferred to, in accordance with recom after a general discussion it was FOISOLVT3D: (1) (2) PhilaThat the Federal Reserve Banks of New York and ge arran to once at delphia be authorized to proceed banks r membe by held for the surrender of stock now Bank in northern New Jersey in the Federal Reserve by stock to on of Philadelphia, and for subscripti York, Now of such banks in the Federal Reserve Bank approved. using the forms of application heretofore That joint letter submitted be amended by strikption ing out that part which relates to'the assum al Feder the of liability for accrued dividends by a of there lieu Reserve Bank of New York, and in the provision be embodied to the effect that upon Fedthe en final adjustment of accounts as betwe Reeral Reserve Bank of New York and the Federal end divid ed serve Bank of Philadelphia, an accru al certificate will be issued either by the Feder ve Reser Reserve Bank of New York or the Federal Bank of Philadelphia, to the member banks trans dered consi ferred, when this matter has been fully and determined by the Federal Reserve Board. 1189 (-3 That consideration of the question of pay... ment of any part of the organization or current expenses of theFederal Reserve Bank of Philadelphia by the Federal Reserve Bank of New York be deferred for a later adjubtment, together with any other questions involved in adjustment of accounts as between the two Federal Reserve Banks. On motion it was ordered that instruc- tions be sent to other banks affected by the redistricting decisions in accordance with the plan thus developed for the banks of Now York and Philadelphia. Er. Delano presented a request from the Federal Reserve Bank of Dallas for withdrawal of )10,000 from the balance of that bank in the Gold Settlement Fund, the same to be deposited with the Treasurer of the United States for the account of the five per cent redemption fund. After discussion it was voted that the Federal Reserve Bank of Dallas be notified to transmit to the Federal Reserve Board a resolution of its board authorizing the Reserve Board to make transfers of the kind referred to, whioh 1190 step having been taken, there should, in the future, be transferred, upon order of the Federal Reserve Bank of Dallas, such sums as might be desired provided, that they were in multiples Of 010,000. It was further suggested that the Dallas bank be informed that it was preferred to make these transfers on the regular settling day of each week, unless in ease of some emergency. A telegram from Federal Reserve Agent Jay of New York, with reference to the purchase of small municipal notes, was referred to Y.r. Warburg. * On motion at 3:00 p. m., the Cm.littee adjourned. Jecretary.
@FedFRASER