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Pursuant to he terns of adjournment at the meeting this mornin, a meetino, of the Federal Reserve Board was held in the office of the Federal Reserve Board on L,'riday, February 15, 1924, at 3:15 p.m. PIT]L3E172: Governor Crissinger rlatt Hr. Hamlin Hr. Hiller Mr. James Mr. Eddy, Secretary Memorandum dated February 15th, from the Secretary advising of receipt from the Federal Reserve Bank of Jan Francisco of (1) Report Of illxamination of the Bank of Italy mude by the State Banking Depart- ment of California as of September 29, 1923; (2) Report of Credit Investi ation made by Federal Reserve Bank Examiners as of the same date; and (3) an analysis of the report of the State Banking Department made by Examiners of the Federal Reserve bank. Referred to the Committee on .:bcaminations. Ebmorandum dated February 5th, from the Chief 1aminer reuestlila extension, for three months freyfl date, of the special compensation ,at the rate of :6,000 per annum for foreign service of three Federal Reserve :&xaminers engaged in the examination of the Bank of Central and South America; namely, Messrs. James Buchanan, R. B. 7;iltse and J. A, Griffin. Approved. -2- 2/15/24 Lotter dated February 9th, from Mr. Chas. DeB. Claiborne, of Now Orleans, protesting against the issuance by the Eational Association of Credit lien of a pamphlet entitled "Checks Payable at l'ar -- one hundred cents on the dollar". :ie.:Jrred to the Committee on Clearings. Letter dated February 4th, from the Comptroller General of the United States replying T3o the Board's letter of December 44 1923, requesting reconsideration of his previous decision that Federal Reserve Board funds are appropriated moneys of the United States. Referred to the Law Committee. , Ilemorandum .dated February 12th from Counsel .ith regard to the membership Status of the American Trust Company of Jacksonville, Florida, which has transferred all of its deposit accounts to the 1,tlantic rational Bank of Jacksonville, but will continue to operate as a trust company under its present charter and do investment banking, real estate and trust business; Counsel in his memorandum stating that in his opinion the l_merican /rust Company may properly continue as a member bank and submitting draft of a letter on the subject to the Chairman of the Federal aeserve Bank of Ltlanta. 2/15/24 Upon motion, the proposed letter to Mr. McCord was approved as amended. Report of Law Committee on matter referred to it at the meeting on January 10th, namely, report of Committee on District No. 10 on the subject "Notary Fees of Kansas City Bank"; the Law Committee reporting favorably on the recommendation of the Committee on District No. 10 that the Kansas City Bank be advised that the existing Practice under which its notary is deprived of legal fees for services and such fees diverted to a special fund from which miscellaneous dis- bursements are made 'should be discontinued and that the Federal Reserve bank should rermit its notaries to retain all legal fees collected . by them for official services. Upon motion by Mr. James, the recommondat ion of the Committee on District No. 10, concurred in by the Law Committc3e, was approved. Letter dated February 13th, from the Federal Reserve Lgent at Cleveland transmitting and reccmnonding approval of the application of the Faurth and Central Trust Company of Cincinnati, Ohio, for permission to establish a branch at Reading Road and Molish Avenue, Cincinnati; the letter stating that the application also has the approval of the State SuPerintendent of Banks and the Executive Committee of the Federal Reserve -4- 2/15/24 Upon motion by Ur. James, the application was approved. d circulated at the The Governor then presented the matter ordere from Counsel dated January meeting on January 10th, namely, memorandum in Case Notes are 7th on the subject, "Provision for Attorneys' Fees the Board approve the not Paid at Maturity"; Counsel recommending that following practice for Federal Reserve banks: ed in (1) In a case where special counsel are employ ning contai note, n connection with the collection of a certai maker the by fees ey's a stipulation for the payment of attorn full the for ed obtain in case of default, judgment should be ing accord rable recove amount due including all attorney's fees the to made be to thi3 tJrms of the note, but a refund should contracted to be debtor for any amount not actually paid or raid to the attorney for his sorvices. regular Federal (2) Where the collection is made through the or retainer, salary reserve bank counsel employed on an annual including due judgment should be obtained for the full amount Federal the but le) the stipulated attorney's fees (if possib of amount entire the reserve bank should refund to the debtor attorney's fees recovered. of Upon motion by Mr. James, the recommendations action s Board' Counsel were approved and notice of the banks. ordered transmitted to all Federal Reserve d circulated on the The Governor then presented the matter ordere January 24th from Mr. M. C. Meeting January 24th, namely, letter dated ures, addressed to him under Elliott, transmitting a letter,uith enclos Vice President of the Bank date of January 8th by Mr. J. A. Bacigalupi, bank for permission to of Italy, with regard to the aprlicttion of that California. establiah a branch de novo at Santa Maria, Referred to Committee on Examinations. -5- 2/15/24 'The Governor then presented the matter ordered circulated at the Meeting on January :Ath, namely, letter dated JanaLry 3rd. from the Chairman of the Federal Reserve Bank of N3w York, onclosinf; memorandum with regard to the participation of Messrs. Mason and Philbin, Counsel for the bank in the employnent of Hr. James ..". Carmalt to represent the Federal Reserve banks in the presentation to the Interstate Commerce Commission of the mtter of express rates on shipmmts of currency and securities; this letter being written because of the act ion of Board in disa-nproving salary increases recomended for Messrs. Mason and Ord.,3red filed without action. Thereupon ensued discussion of drafts of portions of the Annual Report of the Board for the year 1923 relating to Federal Reserve notes and ratios and to credit tests. Upon motion by Mr. Hamlin, it v.as voted, that the draft of the Annual Report, as amend'A, be sent to the print er. ORTS 3TIINDING COL111.22'ES: Dated, 2ebruary 14th, Recommending changes in stock at Federal Reserve Banks, as set forth in the ;,uxiliary Llirrute Book of this date. 2..pproved. . Dated, February 13th, Recomending approval of the applicat ion of Mr. '7. J. Hillman to serve at the same time as director of the Florida National Bank of Jacksonville, Fla., 2/15/24 ' d) PORT3 OF STADIITG COEII12:2111E3: (Cant as director of the Live Oak, 21a, Approved, The rneotin- adjourned at 4:45 p 'st National sank of • Soc rotary. Approved: Governor.
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