The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
A meeting of the Federal Reserve Board was held in the office of the Pederal Reserve Board on Thursday, April 17, 1924, at 11:15 a.m. PRESENT: Governor Crissinger Mx. Platt Mx. Hamlin Mr. Miller Mr. James MX. Cunningham MX. Eddy, Secretary The minutes of the meeting of the Federal Reserve Board held on April 16th were read and approved as amended. The Governor stated that he had received word from the Chairman of the Committee on Banking and Currency of the House of Representatives that if the members of the Board wished to be heard on the so-called McFadden Bill, the Committee would be glad to have any of them appear before it at 10:30 toMorrow morning. The Law Committee then submitted draft of reply to letter dated March 27th from the Deputy Governor of the Federal Reserve Bank of Chicago, enclosine specimen of a certificate of deposit received by him from a member bank With request for a ruling as to the classification of funds represented by 81101 certificate in computing the required reserve; the proposed letter statlaag that the Board is of the opinion that such a certificate of deposit should be considered to represent a demand deposit for the purpose of computing reserves, and suggesting the advisability of an amendment to the form of certificate. Upon motion the proposed reply was approved. Letter dated April 11th from the Federal Reserve Agent at San Francisco, aavising that the Pacific Southwest '2rust and Savings Bank on March 31st opened 4 branch at 3927 west Sixth Street, Los Angeles, the establishment of which 4/17/24 -2- ta the neighborhood of Sixth Street and Western Avenue was not approved by the Board until yesterday. • Mr. Hamlin moved that the Governor communicate with the Pacific Southwest Trust and Savings Bank and inquire as to the circumstances surrounding the opening of this branch. Carried. Report of Committee on Examinations on memorandum dated April 14th from the Comptroller of the Currency recommending approval of the application Clf the 2irst National Bank of Anthony, Ransas, for permission to reduce its &.pital stock from g75,000 to 050,000, on condition that the bank be reim- blzreed by the directors for certain excessive loans, and that the entire 14401•Int of reduction be applied to taking out remaining losses and doubtful assets; the Committee also recommending approval. Approved. Letter dated April 16th from the Deputy Governor of the Federal Reserve Bank of New York, enclosing draft of formal agreement with the Bank of the Ilepublic, Bogota, Colombia, similar to that made with other foreign central bas• Referred to Law Committee. Letter dated April 15th from 'Senator David I. 7:alsh transmitting mefor information with regard to fire insurance carried by Federal Resell) banks on their buildings and with what companies such insurance is placed. Upon motion, the Secretary was instructed to secure this information from the Federal Reserve banks and transmit same to Senator 4/17/2A -3- Letter 0,ated April 16th from Yr. A. 1. Tro-wbridge, Consaltin .A rc"litect of the 'loard, reouestin authority to send to all Federal Reserve banks the list of items to be considered "filrniture and fixtures, and permanent eouipment" in the construction of Federal Reserve bank bUildings, vthich was approved by the Board on February 14th. Yr. Hamlin moved that the Secretor; be instructed to transmit the list referred to to all Federal Reserve banks. Carried. Letter dated April 10th from the Chairman of the Federal Reserve Bank of San Francisco on the subject of the extent of the authority of the Oolrrtroller of the Currency in denying or approving applications to organnational banks. Referred to Law Committee. Letter dated Aixii 1. -th from Senator Pittman, Vice Chairman of the Senate Commission on Gold and Silver Thquiry, reouestin certain in- under fer/ration with regard to the export of standard silver dollars 1919 and 1920. aPaieerents with international bankinr, corporations durinf. Referred to Yr. Hamlin. referred to it at Report of Committee an Paaminations on matter April 11th froln the the meeting on April 15th, namely, letter dated to the application of -ederal Reserve Agent at ,hiladelphiawith regard over the the Guardian Trust Company of -ork, Pennsylvania, to take recorAnending approval of Title and Trust Company of York; the Committee the application. koproved. -4- 4/17/24 addressed to Mr. E. I. • File Governor then presented draft of a letter to his letter of April 5th with Vaughan of Kansas City, Missouri, in reply banks and the method regard to the open market operations of Federal Reserve nt current earnings ,bY Which dividends would be paid in the absence of sufficie to meet such dividends. Upon motion the proposed letter was approved. • application of the Bank of Italy Report of Committee on Examinations/on the o under transmitted to the Board by the 2ederal Reserve Agent at San Francisc e the business and assets of the date of January 29th, for permission to purchas Pirst National Bank of Sbafter, California and to establish a branch in the y of the Committee, Messrs. Premises now occupied by that institution; the majorit voted on on its merits, JaMes and Dawes, recommending that the application be the application should not be 44d rjr. Platt stating that he sees no reason why exception be clearly apPreved with the understanding that the reasons for the Stated in the notification of approval. Mr. Hamlin moved arproval of the application. Mr. Hamlin's 'motion being put by the chair was carried, the members voting as follows: Governor Crissinger, "aye" Mr. Platt, "aye" Mr. Hamlin, "aye" -- Mr. Miller, "aye" Mr. James, "no" Mr. Cunningham, "no" the meeting on Report of Law Committee on the matter referred to it at fees paid by 4hruary 19th, namely, an investigation of the problem of notary Pederal Reserve banks; the CoMmittee submitting a memorandum from Counsel dated 4Pri1 16th summarizing information contained in the replies of Federal Reserve banks to the Board's letter of March 6th (X-3967) on the subject. 4/17/24 -5Mr. Hamlin moved that the question of notarial fees be Placed on the program for discussion at the forthcoming Govel.nors' Conference. Carried. OF 3TL-DIKG Dated -,ril 16th, 17th, Date J.pril 17th, L1Qted 11 ril 16th, 33ated April 16th, Dtted 13th, kted April 16th, kted Lpril 16th, kted April 16th, kted April 16th, Recommending changes in stock at Federal _Reserve Banks, as set forth in the Auxiliary Minute book of this date. Ipproved. Recommending action on application for fiduciary powers as set forth in the Luxiliary Minute >ook of this date. ipproved. Recormnending approval of the application of Mr. C. J. Men to serve at the same time as director and officer of the Brown National Bank, the First National Bank, Lnd the Northwestern Loan & 2ru3t Co., all of henosha, -As. ,.pyroved. Recommending approval of the application of Mr. C. C. _Brown to serve at the same time as director and officer of the Brown National Bank, the First rational Bank, and the Northwestern Loan & 2rust Co. all of Kenosha, Approved. Recommending approval of the aprlication of Mr. C. H. Pfening to servo at the same time as director of the Brown National Bank, the First National Bank, and the Northwestern Loan & Trust Co., all of Kenosha, 'As. Approved. Recommending aproval of the application of Lir. C. 3. Judd to serve at the same time as director of the Brown National Bank and as director of the First National Bank, both of Kenosha, 'As. Approved. Recommending arproval of the application of Mr. C. '7. Nash to serve at the same time as director and officer of the Brown National Bank, Kenosha, As., as director of the First National Bank, Kenosha, 'As., and as director of the 2irst -Asconsin National Bank of Milwaukee, As. Approved. Rocommending approval of the ayplic. tion of Ur. A. H. Lane to serve at the same time as director of the Lro-7n N ational Bank and as director of the First National Ban::, both of Kenosha, Approved. Recommending approval of the applic:tion of . L. J. Logan Bank of Pittsto serve at the same time as director of t burgh, N. A., and as director of the Hij .nd National Bank, both of Pittsburgh, Pa. ,pprov The meeting 41' ,Droved Secretary.
@FedFRASER