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Upon call of the Governor, a special meoting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Friday, Lpril 25, 1924, at 11:05 o'clock. PRESENT: Governor Crissinger Er. Platt Mr. Hamlin Mr. Miller Mr. Eddy, Secretary The Governor stated that he had called the meeting to take up with the Board the mutter of the discount rate at the Federal Reserve Bank of New'York. Re stated that while in New York on Wednesday he had attended the meeting of the directors of the Federal Reserve Bank and he had found them of the opinion that a reduction should be made in the Federal Reserve bank rate to but that action by the directors had been deferred at the request of Mr. Case, Acting Governor of the bank. Mr. Miller stated that he thought a reduction in the rate should be r°n(10, and further, that he was of the opinion that such action should have been taken about two months ago. After an informal discussion, during which the members present seemed inclined ta favor a lower rate at New York, it was voted to request the Secretary of the Treasury to attend a meeting to be held at 10:00 o'clock next Monday morning for a further discussion of the matter. The minutes of the meetings of the Federal Reserve Board held on 4/11 17th and 22nd were read and approved. The minutes of the meetings of the Executive Committee of the Federal Reserve Board held on Lpril 22nd, 23rd and 24th were read and approved. Mr. Hamlin then moved that action taken by the Executive Committee be approved and ratified as action of the Board. Carried. -2- 4/25/24 Mr. Platt then moved that the natter of increases in the salaries of six Assistant Cashiers at the Federal Reserve Bank of Philadelphia, be taken troM the table and that the increases recomended be approved, effective IlaY 1, 1924, as follows: C. A. MCIihenny W. J. Davis James M. '2oy R. M. Miller, Jr. Frank W. LaBold Samuel R. v]arl 8,000 to 8,000 " 6,500 " 6,500 " 6,500 " 7,000 " 9,000 9,000 7,500 7,500 7,500 7,500 Mx. Platt's notion being put by the chair was carried. The Law Committee then presented a memorandum from Counsel dated April 14119 with regard to the application of Mr. W. S. Palmer to act at the same tille as director of the McDowell National Bank and the Merchants and facturers National Bank, both of Sharon, Pa., Counsel statin Manu- that the case la a close one and while he is nwbie to recommend that the application be aPproved, the Board may find as a matter of fact that the two banks are not 114 substantial competition. After discussion, Mx. Platt moved approval of the application. Carried. Memorandum dated April 24th from the Director of the Division of Research and Statistics, recommending the permanent appointment of Mrs. Margaret Ilaltunond, a temporary employee, at a salary of 1924, Approved. 1440 per annum, effective May 1, -3_ 4/25/a4 April 16th from Mbmoranam from Counsel with regard to letter dated the Chairman of the Federal Reserve Bank of Boston, inluiring whether the term of office of Mr. C. H. Manchester, as Class "C" director of that bank, Board or became effective on A7,ril 11th, the date of his appointment by the his cra April 16th, the date on which he took his oath of office; Counsel in term of office should Memmadum stating that in his opinion Mr. Manchester's be held to begin on the date of his appointment - April 11th. Approved. the meeting on Report of Law Committee on matter referred to it at the Federal APril 17th, namely, letter dated April 10th from the Chairman of Reserve Bank of of an Francisco, with regard to the extent of the authority the Comptroller of the Currency in denying or approving applications to of a letter to the Qrganize national banks; the Coninittee submitting draft Cenlptroller of the Currency referring the matter to him for reply. Upon motion, the letter to the Comptroller of the Currency was approved. Mmoramdum dated pri1 24th from Mr. Miller with regard to matter dated October teferred to him at the meeting on October 23rd, namely, letter of the Internation19th from the State Department with respect to the proposal of formulating a al Chamber of Commerce to hold a conference for the purpose of exchange; tostandardized intornational code for the regulation of bills the opinion that gether with a suggested reply stating that the Board is of purpose this country should be represented at any conference held for the above stated. Upon motion, the proposed letter was approved. 4/26/24 -4- Report of Committee on Examinations on letter dated April 17th from the Federal Reserve Agent at Boston, transmitting and reco!nmonding ariproval of the application of the Newton Trust Company of rewton, Massachusetts, for perto purchase and hold approximotely two-thirds of the capital stock of tIle podham National Bank of Dedham, Massachusetts; the Committee recommending that the application be approved. Approved. Memorandum dated April 19th from Mr. James submitting letter dated April 17th from Mr. 7. H. Kettig, Chairman of the board of directors of the Branch Itedera1 Reserve Bank at Birmingham, with regard to the purchase of a building Site for the branch. Noted. Report of Committee on Examinations on letter dated March 18th from the haeral Reserve Agent at San Francisco, transmitting the application of the 144]:k Of Italy for permission to establish a branch de novo at Twenty-fourth and 81Vant Streets, 3an Francisco, and advising that the application has the approv41 Of the State Superintendent of Banks, the Executive Committee of the Federal Ileserve bank and himself as Federal Reserve Agent; the majority of the Committee leconinending that the application be voted on on it3 merits and Mr..Platt stat' ille that he sees no reason why the application should not be approved. Mr. Miller moved approval of the application. Carried. Letter dated April 21st from the Governor of the Federal Reserve Bank Llinneapolis, requesting approval of the action of the board of directors of 4/25/24 -5-, that bank in reappointing Mr. 2. B. Teibir as Counsel for the Helena branch at an annual salary of 3600 and with an additional allowance of ,2400 per annmm for office expense, effective January 15, 1924. Referred to the Law Committee. ORTS OF STAMM COME2TL:3S: Dated, April 24th, Dated,Lpril 25th, Dated, April 25th, Dated, April 24th, Recommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary Minute Book of this date. Approved. Recommending action on applications for fiduciLry powers as sot forth in the Auxiliary Minute Book of this date. Ordered held. Recommending action on application for fiduciary powers as set forth in the Auxiliary Minute Book of this date, Approved. Reco2Amending approval of the application of M r. Lee ,gess to servo at the same time as director of the Bos Union National Bank of Clarksburg, 1. V ., and as director .,. Va. of the 2irst National Bank of Shinn to Approved. The meeting adjourned at 12:3Oc oak. Secretary Approved:
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