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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Tuesday, December 11th at 11:30 a.m. PRESENT: Vice Governor Platt Mr. Hamlin Mr. Miller Mr. James Mr. Eddy, Secretary The minutes of the mooting of the Federal Reserve Board held on December 7th were read and approved. Letter dated December 4th, from the Comptroller of the Currency recommending the appointment of Miss Dora I. F0x, as clerk-counter in the Federal Reserve Issue and Redemption Division at a salary of 0.020 " la annum, effective December 10, 1923. Approved. Letter dated December 4th, from the Commissioner of the Public 1)eltio in,uiring whether the designation of Mr. James W. Bowie of the 135-vision of Loans and Currency as second alternate vault clerk at the kraau of Engraving and Printing will meet with the approval of the .Board. Approved. Memorandum dated December 6th, from the Director of the Division °f Research and Statistics, recommending the appointment of Mr. Winfield ii 74 Riefler as Research Assistant at a salary of''.2500 per annum, effective Ncember 10, 1923. Approved. Memorandum dated December 6th, from the Director of the Division " Research and Statistics, recomaending that beginning with the January 3 4 12/11/23 -2- 1924 issue of the Federal Reserve Bulletin, the Board discontinue the Vablicat ion of two editions and that the subscript ion price for the 131a1etin be reduced to c';2•00 per annum; and. recommending. further that tOr the year 1924 the Bulletin shall not exceed, on the average, ninetyritc Pages. Approved. Report of Committee on Dxaminations on letter dated December 4th tr°Iz the Deputy Governor of the Federal Reserve Bank of Chicago, t rans/kitting and recommending approval of the application of the First /lational 13134k of Estherville, Iowa, for permission to rediscamt with the Federal Iteserve Bank, paper taken from three non-member banks in that state; the Coraraittee recomnendimg approval of the application for a period of six 14/4ths in view of reported banking conditions in the community served by the Bstherville bank. Upon motion by Mr. Hamlin, the report of the :amirztions was approved. Committee on Ea . Upon notion, the Secretary was instructed to secure an opinion of C°141sei as to viiother the Federal Reseve banks could legally discount for 143)Zber banks paper orig thating in non-member banks at the same rate as that b0r110 by the notes themselves. Letter dated Decanber 5th, from Chairrran of the Federal Reserve 11471k Of Chicago, calling attention to the fact that the 1924 convention of the American Bankers' Associat ion will be held in Chicago, and request- 141a an ression from the Board as to the propriety of continuing the ,0 12/11/23 -3- Practice of making Federal Reserve exhibits at such conventions. Upon motion by Mr. Miller, it was voted to authorize the Federal Reserve Bank of Chicago to make an exhibit with the understanding that it will consult with the Federal Reserve banks which prepared former exhibits, utilize as much previous exhibit material as possible and submit to the Board plans for additional material with an estimate of the cost thereof. Letter dated December 8th, from the Chairman of the Federal Reserve Bank of Philadelphia, advising of the approval by the Board of Directors Of that bank of the purchase for (Aoo,000 of 2 - roperty on Tenth Street acliacent to the bank, known as Dooner's Hotel. Noted, it being understood that Governor Norris will be in '.7ashington tomorrow to discuss this matter with the Board. RePort of Committee on Salaries and :&cpenditures on letter dated beeember 5th from the Chairman of the Federal Reserve Bank of Philadelphia* 4334 recommending approval of the application of that bank for authority to el°30 its books at the and of the year, to pay a dividend and to make certain Miner charges against current net earnings. Upon motion by Mr. Hamlin, the recommendation of the Committee on Salaries and ..tpenditures 1 was • approved. Relocrt of Committee on Salaries and Expenditures on letter dated . 1)ecerriber 3rd, from the Federal Reserve 4 .; - ent at Boston, transmitting the l'ec°111Irlendations of the Board of Directors of that bank for salary adjusttilellts for enployees, effective January 1, 1924; the Committee recommending 41313is°va1 of all. adjustments requested. 4 12/11/23 f -4- Upon mot ion by Ur. Hamlin, the salary adjustments recommended by the directors of the Boston bank were anproved. The Committee on Agriciiltural Credits reported on the matters refer- red to it at the meeting on December 5th, namely, a letter dated November 22nd, addressed to Mr. Miller by the General Manager of the Peanut Growers' 4ssociation, Norfolk, Virginia, and letter dated November 30th, addressed to Mr. Miller by the Campaign Director of the Organization Committee of the li°rth Dakota Potato Growers' Association, Fargo, North Dakota; the Committee Ileconmending that the letters be referred back to Mr. Miller for such replies as in his personal judonent are warrant ed. Upon motion, the recommendation of the Committee on Agricultural Credits was approved and the letters were referred back to :a.. Miller for reply. Report of Committee on Economy and Efficiency, on nutter referred t° it at the meeting on 1Tovamber 22nd, namely, resolution adopted by the iTatiotal Associat ion of Credit Men at Atlanta in Juno, 1923, requesting that the Federal Reserve Board standardize all forms used. by the Fedora]. Ileserve Banks in assembling credit information with respect to the standitla Of makers of notes offered for rediscount at Federal Reserve barks; tile C°rItaittee reporting, for reasons stated, that it would be inadvisable, not impracticable, for the Federal Reserve System to undertake to nuke 42241101a' statements in all sections of the cou.ntry conform to a uniform stalidard, 12/11/23 Upon mot ion by Lr. James, tile report of the Committee on :::conomy and ..2;fficiency as approved. Draft of letter dated Decemb.er 4th, addressed to the Comptroller General, requesting reconsideration of his decision, reported in his letter to the Board of October 8th, dis-allowin, certain items in the account of the 3oarl's Fiscal 24,-;ent and holding that Federal Reserve Board funds are appropriated moneys. Upon motion by lir. Ha:din, the proposed letter to _:otecutive the Comptroller General was referred to the 7 Conanittee with power. Letter dated December 4th, from the Chairmn of the Federal Reserve 13a112: , of New York, request ilia approval of the publicati,Jn of figures, collected at the request of the Board, showing the shipments abroad and the l'eeeipts from abroad of United States currency, by banks in New York City WIlich are the principal shippers of currency, together with a memorandum dated December 10th from the Director of the Division of Research and Stati sties, recommending approv-1 of Lir. Jay's request. Ilfter discussion, it vas voted to aithorize the publication, carefully guarded, by the Federal Reserve Bank of New York in its own monthly bulletin of the fines collected by it. Lerner anclum dated November 27th, from General Counsel on the sub, ct, "4ecep tanc es o f the Nat ional Park Bank of New Yo rk for the Yokahonia 3p ecie 841k Lc:ainst the Security of Import or .1]xport Bills", recomniend.ing a ruling the Board to the effect that acceptances of the kind under considerat ion 12/11/23 are not authorized by law. Noted and ordered circulated without action. Memorandum dated December 4th, from Counsel with respect to t:_e aPPlication of Mr. E. S. 7;elch for the Board's permission to serve as director of the Old Colony ?rust Company and the National Union Bank both of Bestk,n, Massachusetts, Counsel recommendinz: that the application 110 finally refused. Upon mot ion b;,, Mr. Hamlin, Counsel's memorandum, with file attached, .as ordered circulated. Mr. Platt presented a letter dated Decenber 10th, addressed to him IV' the Federal Reserve Agent at Richmond with regard to the amendmert of Reg'karat ion j. Referred to Committee on Clearings. 11- 412_92213 OF •32,',.:DIMI_C01.2.11T.2a]3: DzIted, December 11th, Lat December 11th, Dated, DecombJr 11th, 11th, Reeo-lnending changes in stock at Vederal Reserve banks, as set forth in the auxiliary Minute Book of this date. 4proved. Recommending action on application for fiduciary powers as set forth in the Auxiliary ::mute Book of this date. Recommending action on applications for admission of state barks, subject to the conditions stated in the individual rerports attached to the applications, as set forth in the .kuxiliary Minute Book of this date. Approved. • 12/11/23 -7... II GI: COMITTNEad CONT ID) Dated,' December 8th, Recommending approval of the application of Mr. L. 3. West to serve at the same time as director of the Genesee Valley Trust Company, Rochester, N.Y. and. of the First National Bank, East Rochester, N.Y. Approved° Dated., December 7th, Recommending approval of the anplication of Mr. John S. Graves to serve at the same time as director of the National Bank of Gordonsville, Gordonsville,' Viminia, and of the Peoples National Bank, Charlottesville, Virginia. Approved.. Dated., December 6th, Recommending approval of the application of Mr. Norman B. Potter to serve at the same time as Assistant Cashier of the Merchants National Bank, 'Llorcester, Massachusetts, and as director of the No rthboro National Bank, No rthboro, Massachusetts. Approved. Dated, December 10th, Reconriending approval of the application of Mr. R. 7. Kinney to serve at the same time as director of the First National Bank, San Francisco, California and as director of the Central National Bank, Oakland, California. Approved. The meeting adjourn•xl 2:40 p.m. Secretary. %roved: Vice Governor.
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