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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve 3oard on 'ednesday, December 5th at 11:15 a.m. PRBJ=1: Vice Governor latt Mr. Hamlin Mr. Miller Er. Ounninham Er. 17°011, Lssistant Secretary. The minutes of the meetings of the Federal Reserve Board held on liovember 28th and on Dece-aber 3rd were read and approved. Ebmorandum dated Deceber 1st, from the Secretary requesting authority to emigoy Mrs. Ruth S. Lamb as clerk, with salary at the rate of •.1200 Per annum, effective as of December 1, 1920. Approved. Memorandum dated iToveraber 28th, from the Director of the Division of Research and Statistics, recommending the appoiLt-ent of Mrs. DarL;aret 2. ond as tenporary statistical clerk, for two months beinning December 1st, at a salary of .:120 per month. Approved. Lemoranaum dated r.ovomber 30th, from the Director of the Division of 4.1earch and Statistics, recomlendin::: the apLoint :ent of Dr. John :fummings as a member of the staff of the Division at a salary of ,:24,000 per annum, effective January 1, 1924. Approved. 201,k;ram dated December 4th, from the 2ederal Reserve Lent at Boston, advising of the re-election of Mr. Alfred L. RiDley, as Class "L" director of the banc and Mr. Philip R. Allen as Class "B" director, both terms expirin;s DeceMber 31, 1926, :Toted. 12/5/23 0 ••• 2ent at CleveLetter dated December 3rd, from the federal Reserve • land, advisin Of oi the re-elecL ion of Yir. Robert 'ardrop as Q_A.40r"1- 's " " director , "B" director, the bank and the election of Lir. 7feorge D. Crabbs, as Class both for terms axpirinc; December 31, 1926. roted. L:sent at Richmond Letter dated December 4th, from the Federal Reserve director of advisna of the re-election of Lir. L. i. Johnson, as Class "L" terms azpitinG the bank and Ur. D. R. Coker as Class "B" director, both for December 31, 196. Noted, Reserve Lzent at -2e1ei;ram dated December ,"th, from tho Federal Rausas City, advising of the re-election of Mullaney as Class Class "3" director, both "4" director of the bank and 1.1r. H. W. Gibson as for terms expiring December 31, 1926, roted. Reserve A :ent at 2eleL;ram dated December 1st, fmmthe'federal Smith, as Class Dallas, advising of the re-election of 1.1r. Howell 2. Class "B" director, director o: the bank and Mr. J. J. Culbertson, as Loth for terms expiring December 31, 1926. Noted. exchanged Telecrams dated November 26th and November 30th, the e'ederal „Reserve A.,;ent at Richmond, with respect to a reduction from .;Lon, 11.0. '''450,000 to :100,000 in the capital stock of the 3ank of 7:Lshitr the red.uction having been approved on revamber 35th, by the initials of five roMbers of the Board, Upon motion, the action taken on iTovember 3'0th was form.11y rat ifled. T.Zeport of Connittee on az:aminations on letter dated ,i.ovember 27th, from the Federal eserve Agent at Jan Francisco, with roard to ;he sub- of applications for branches to either the board of direct,irs, the oeutive Committee, or the Liembership Committee of the bank; the Committee l'°e0,-anendinzs thz-„t, the Federal Reserve 2. ;oat be permitted to submit such 11.1) .Dlicat ions to tile a:ecutive Committee whenever he has on, application before him and a meet in': of the i,:xecutive Committee precedes a meet in of the board of directors. Upon motion, the report of the Cormittee on Ibcaminations as approved. The Connitter3 on Clearings reported on the ratters r(fcrrcd to it at the meeting on November 2nd, namely, correspondence with the Gover_or 02 the Federal Reserve Bank of Chicago with respect to the ranner in which it handled certain cash it ex..; drawn on the Bank of Buckley, Buckley, MichiS reverted to the Board by the Secretar:- of the National and. State 411 ' 4ers 1 Protective fssociation, and the Board's re_luest for a recormenda% ti°11 Ls to the procedure which should be followed by Federal Reserve ban. ill handling items drawn on non-monter banks -those names a:Tcar on the par 11-ct but whose remittances in payment of Federal reserve cash 1.3tters are tulsatisfact,ory. The Connittee reDorted that there is nothing .further to . 12/5/23 be done in the case of the Buckley 1,ank, and that it has no suggestions to make as to how Federal Reserve banks should handle items drawn on nonpar banks whose remittances are unsatisfactory, statin that this iS a 4Ivtter of yractical bank operation that can best be left to Federal reserve baahs themselves. Upon motion, the report of the Comituee on Cl ov.rings was a.ccept ed. Report of CoLthttee on Lialaries and -:,.cpenditures on letter dated november 27th, from the Chairran of the Federal Reserve Bank of Boston, l'e -Illesting . authority to close the books of the bank, to prty t, dividend and te liTtko certain charges a amnst current earnings on December 31st; the Comlaittee recomending approval of the reciuest. Upon motion, the report of the Cornittee was accepted and the dividend rayment an1 charge offs Yore approved. Report of Law Co.-.1mittee on memorandum dated November BCth, from °nora.1 Counsel, with resard to the application of Mr. . P. Teber to u. eerlis on the directorates of the Calcasieu 7ational Bank and the 2irst Irat ional Bank, both of Lake Charles, La.; the Co mit t ee recortnend:Ln; that v ew o c rcumstanc es surround inj the ay- 1icat ion the m,tt or ho held in 41)e:ranee pending action by Congress on the Board's suggested amend lent to tho Clayton .41ct and that the Board meamthile p,,rrait 1.Ir. ober to be re- elected to both directorates. Mr. Hamlin moved that L:r. "eber be advised that the Board, after careful consideration, has decirled that for the present, at least, no action will be taken in connection with his continuing to serve on both boards of directors -5- or to prevent his re-election at the first of the year. Carried. Letter dated November 26th, from the Lssistant Secretor:- of the ITational .1',.ssocition of Credit Men, reuesting an expression of the Board's °Pinion on drafts of proposed letters to mebors of the ,..ssociat ion and to all banks and trust companies tra:Ismitting a entitled "Checks -ayablo at*.,.:ar" and suggesting the adoption of a plan fa...c. par payment outlined therein. Upon motion of L'Ar. Hamlin, the matter was ordered tabled ithout action by the 2oard« aemorandum df.tJd Novanbor .23th, from the Comut roller of the Currency, l'ecommending approval of the oplication of the Bankers rational Bank of :ann., for permission to reduce it cal ital stock from .:830,000 to 40O,O0O. kpproved. 17 .1morandum dated roveMber 30th, from the Comptroller of the Currency, l*ecommendins approval of the application of the rational Dank of Commerce Qt :!rederick, Okla„ for permission to reduce its capi,a1 stock from '''(51000 to ::50,000. lipproved. Memo randum dated December 1st, from the Comptroller of the C-irrency, /‘Qcolnrnendinc approval of the application of the Billini;s rational Bank Oklahoma, for permission to red - ce its cari,a1 stock from "30,030 tO 000s Referred to Committee on ''.1xamination, 145/23 ••111.(3.1•111 Letter dated NoveMber 30th, from the President of the Calcasieu rational Bank, Lake Charles, La., advocating the discontinuance of the 11011-cash collection fanction by Federal ileserve banks. Noted, and copy ordered transmitted to the Miairman of the Governors' Committee on Voluntary :3(32VICOS• 2he Committee on Clerin,zs rel)o-2ted o,n the matter referred to it o ITovember 27th, namely, letter dated November 22.id from the Federal Ileaervo Agent at Richmond, enclosing copies of correspondence %..ith and between non-mamber banks in the Fifth Federal Reserve District on the stibject of withdrawals from the .- -ar list; the Committee reporting that 11° action by the Board is necessary. Upon rotion, the re ort of the Committee on Clearings was accepted. 7:4a7 Miler presented a letter dated Kovanber 22nd, addressed to by the ,leneral :anazer of the Peanut .'rrowers Association, Norfolk, uesting a statanent of his views with regard to the value re, "cooperative marketing. Iz.eferred to Committee on 4x,j;ricultural Credits. Miler also presented a letter dated November 30th, addressed to htm by the camnaign director of the organization committee of the North c'ta Potato Trowors 2.!Ixchan6'e, 2argo, :orth ;)akota re,luestinL; his opinion 48 to the advisability of legislation permitting the purchase ly ':overnmental 4el1c1e5 of preferred stocks or bonds in storage warehouses ereced for te laIrpose o: assisting in orderly marketing. :leferred to 'Joumittee on 2gric-,z1tural Credits. • 12/5/23 1-4•-lf I') -7 ::iller then called attention to an article c..-,-,pcarin2; in the December 4_th issue of the Journal of Comore°, said article -Dein: a 7-asii1t0n despatch containing a circumstantial report of the proceedings °I. the hoard's conference of December Ord with the Open Market Investment Cen;mit tee of the Federal Reserve System; no statement in connection Y.Ith the meeting having been authorized by the Board. Lt this point ;loverner Stronc -\73s invited into the room and discussed_ -,-;ith the members of the Board the probable source of the information contained in the article, and, the importance o: strictly reLralating the publication of 2ederal reserve infortion. 11--.1,3a23 OF 3a.:311:1. Dated, I7ovember 30th, December 3rd, 4th, Dated, December 5th, 5th, 1)atecit December Ord, 3rd, Datcd, :eve:I-fuer a3th, r:econnendinj changes in stock at 2ed.eral Reserve banks, as set forth in the f.uziliary Lanute hook of this date. Approved. Reco mmend ilk.; act ion on applications for fiduciary powers as sot forth in the Auxiliary Minute Book of this date. Approved. Recommending action on applications for admission of state banks, subject to the conditions stated in the individual reports attached to the ap:lications, as set forth in the ,..uxiliary Minute Book of this date. Approved. ;.ecoraTiendin:; approval of the appli-:r...t ion of Mr. Theodore M. Logan to serve at uhe came time as Vice President of the 2ecleral rat ional Banli.: of Boston, L,assachusets, and as president and director of the State 'at ional Bank in Lynn, Lassachusetts, -;.Dproved• (1) 12/5/23 -8- 2.4202'ITS OF STANDING- Cantal2TS: (CONT'D) Recommending approval of the application of Er. E. E. Flood to serve at the same time as • director and officer of the Exchange National Bank, Spokane, *:!ashincton, and of the First ,change National Bank, Couer d'Alene, Alaba E:: Approved. Dated, November 30th, Reconnending approval of the application of Er. Henry Parsons Cross to serve at the came time as director of the Providence rational Bank and of the Industrial Trust Company, both of Providence, R. I. Approved. bated, November 30th, Reconmendins. approval of the application of Er. F. O. Watts to serve at the same time as director of the First rational Bank, St. Louis, Missouri, the St. Louis Union Trust Company, it. Louis, Missouri and of the Fourth and First rational Bank, Nashville, Terms Approved. bated, December 1st, Recommending approval of the application of Er. Gordan Hollis to serve at the same time as president and director of the Drovers National Bank, the Broadway National Bank and of the North Denver Bank, all of Denver, Colorado. Approved. bated, December 3rd, The meetins. adjourned at 12:45 p.m. Assistant Secretary. %roved: Vice overnor.
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