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A special meeting of the Federal Reserve Board was held in the office Of the Federal Reserve Board on Wednesday, December 22, 1926 at 3:30 p.m. PHESRaT: Governor Crissinger Mr. Platt Mr. Hamlin Mr. Miller Mr. James Mr. Cunningham Mr. Eddy, Secretary Mr. McClelland, Asst. Secretary The Governor stated that the meeting was called for the purpose of considering draft of a telegram to the Governor of the Federal Reserve Bank Of Chicago, prepared by Mr. Gunnindham, with regard to the matter referred to him at the meeting on December 17th, namely, request of the First National Bank of Fort Dodge, Iowa, for permission to redisccunt with the Federal Reserve Bank of Chicago paper originating in or endorsed by non-member banks. A discussion of the proposed telegram ensued during which it was the sense Of the meeting that the authority asked for should be granted only if on full knowledge of the situation involved it was find necessary to give the Privilege to the bark. Thereupon it was voted that the Governor and Mr. Cunningham be appointed a special committee with power to authorize the Federal Reserve Bank of Chicago to rediscount non-member bank paper for the First National Bank of Fort Dodge, for such period of time and under such conditions as they may think necessary after discussing the situation in detail with the Federal Reserve Bank of Chicago. At this point, the Board's General Counsel entered the meeting and advised the Board of the necessity of filing with the government of the Republic of Cuba a formal notice of its action of December 7, 1926 in voting that effective January 1, 1927 the agency of the Federal Reserve Bank of Lilt) 12/22/26 ' -2- Boston in Havana, Cuba should be discontinued and its functions transferred to the Havana Agency of the Federal Reserve Bank of Atlanta. Mr. Wyatt stated that no formal resolution was adopted by the Board and suggested that such action be taken in order that a certified copy of the resolution may be • filed with the Cuban government. Upon motion, the following resolutions submitted by the Board's General Counsel were unanimously adopted: "WHEREAS, by a resolution adopted at a meeting held on June 27, 1923, and amended at a meeting held an July 30, 1923, the Federal Reserve Board authorized the Federal Reserve Bank of Atlanta and the Federal Reserve Bank of Boston to establish separate agencies in. Havana, Cuba, subject to certain terms and conditions defining the respective rights and powers to be exercised by each such Federal reserve bank through such agencies; WHEREAS, pursuant to such authority, the Federal Reserve Bank of Boston and the Federal Reserve Bank of Atlanta each established an agency in Havana, Cuba, which agencies were opened for business on September 1, 1923, and have since been, and now are, in operation; WHEREAS, the Federal Reserve Bank of Boston has expressed a desire to discontinue its agency in Havana, Cuba, and the Federal Reserve Bank of Atlanta has expressed a desire to assume and exercise the functions now being exercised by the agency of the Federal Reserve Bank of Boston in Havana, Cuba; BE IT RESOLVED BY THE FEDERAL RESERVE BOARD, that, effective January 1, 1927, the agency of the Federal Reserve Bank of Boston in Havana, Cuba, shall be discontinued; BE IT FURTHER RESOLVED, that, effective January 1, 19L:7, the Federal Reserve Bank of Atlanta is hereby authorized to assume, exercise, and perform, in its own right and on its own behalf, through its agency in Havana, Cuba, all of the duties, functions, rights, powers and privileges previously performed or exercised by the Federal Reserve Bank of Boston through its agency in Havana, Cuba, pursuant to the resolution adopted by the Federal Reserve Board on June 27, 1923, as amended July 30, 1923, in addition to the dutis, functions, rights, po-hers and privileges now being performed or exercised by the Federal Reserve Bank of Atlanta through its agency in Havana, Cuba, pursuant to the aforesaid resolution; BE IT FURTHER RESOLVED, that the operation of such agency in Havana, Cuba, by the Federal Reserve Bank of Atlanta shall be 516 -3- 12/22/26 "subject to such changes and such further rules and regulations as the Federal Reserve Board may from time to time prescribe; BE IT FURTHER RESOLVED that the Federal Reserve Board expressly reserves the right to revoke at any time its consent to the continuance of such agency by the Federal Reserve Bank of Atlanta, to require the discontinuance of such agency, or to authorize the establishment of new agencies whenever in its discretion it considers it desirable to do so." Mr. Hamlin then submitted a letter addressed to him under date of December 21st by the Chairman of the Federal Reserve Bank of New York, with regard to the recommendation of the board of directors of that bank for an increase in the salary of Mr. J. H. Philbin, Assistant Gencral Counsel and Secretary," Ordered circulated. The meeting adjourned at 4;40 p.m. APproved:
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