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61_ Upon call of the Governor a special meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Friday, January 16, 1925 at 11:25 a.m. PR=2: Governor Crissirwer Mr. Platt Mr. Hamlin Miller Mr. James Mr. CunnirOlam Mr. Eddy, Jecretary The minutes of the meetinc, of the Federal Reserve Board held on Jenuary 15th were read and aplroved. Report of Committee on Examinations on letter dated January 14th from the _ssistant Federal Reserve ,gent at Boston, transmittiny and recommending approval of the application of the Columbus .1xcharie Bank of Providence Rhode Island, for permission to establish a branch at Branch Avenue and Charles 3treet, Providence; the Committee also recommending approval. Approved. Memorandum d._,ted January 16th from the Chief 3xaminer, recommending acceptance of the resination of Mr. M. R. 7;ilkes as Issistant xaminer, ef- fective January 31, 195 and requesting authority to fill the vacancy caused by this resiznation at not exceeding the salary received by 7,:r. *Alkes - Per ,nnuni. Upon motion, the resi,netion of Yr. V:ilkes was accepted and the authority re-uested was granted. Letter dated January 14th from the Chairman of the Federal Reserve Bank of Boston, advising of officers elected to serve at the bank during the Year 195 and also of the reappointment of Mr. Charles I. Morss as member of elt 1/16/25 • the Federal Advisory Council from the First District for the year 1925. Noted. Memoranda dated January 15th from the Board's Fiscal Agent, advising Of suspensions in his account by the Controller ;enema of the United States Of expenditures cov,ring subscriptions to publications, purchase of binders for the use of the Board's examiners and payment of rent for space leased by the Board in the Otis Building. Referred to the Governor. Letter dated January 10th from the Chairman of the Federal Reserve Bank of Kansas City, reporting action taken at the meetin Directors of that bank on January 8th,inc1udin of the Board of the appointment of Mr. Harry Parr of Greeley, Colorado, as a director of the Denver Branch for a term of one year endiir; December 31, 1925, in lieu of Mr. J. Van Houten who declined aPpointment. Noted. Letter dated January 13th from the President of the Federal Advisory. Council, advising that the next Meetin of the Council will be held in 'ashington on Monday, February 16th, and requesting to be advised of any topics the Board may desire discussed. Referred to the ;:lxecutive Committee for submission ' of topics. Report of Committee on Branches on telegram dated December 24th from the Chairman of the Federal Reserve Bank of Jan Francisco, su-gesting that the Board make some provision for Vice Chairmen of the Boards of Directors 0f Branch Federal Reserve banks to serve in the '_Absence or the Chairmen; the 1/16/25 -3- Committee submittinL; memorandum by Counsel statir„7 that und r the Board's re,:ulations it seems to be the intention that z director v.ho has been appointed by the -orrd shall be Chairman and that, in czrryin: out this intention, it 17ou1d seem reasonable that in the absence of the proper Chairman, who is the Board's appointee for one year, the director appointed by the'2oard of next 1°21:::er term should act as Chairman and in his absence the third director Pointed by the Board should so act. Upon motion, Counsel's su.,:gestion trs approved. Memorandum from the Secretary with regi.rd to letter dated December 15th from the Under Secretary of the Treasury, transmitting memorandum addressed t0 him by the Commissioner of Lecounts and Deposits of the Treasury Department 7)rocedure desined to effect payments to the Treasurer of the United 3t&tes for ';old bars released by the United States mint of Pew York City through the medium of Ald Settlement z'und transfers; the Secretary stating that the Procedure outlined is L practical one. Upon motion, it vrs voted to approve makin:- of such puments throlvt the lold Settlement morn2he Jovernor then stated that the special order business for this the Open s meetin;„; would be consideration of the minutes of the meetirv- of r,et Investment Committee held in Yev York on January 9th. was 2he Director of the Board's Division of :iesearch and Statistics 411ed into the meeting and discussed the Committee's reports and minutes with the Members of the Board. lifter discussion, La.. Miller moved that the follo -inc; letter be addressed to the Chairman of the Committee: 1/16/25 -4- i2)) "The Federal Reserve Board has considered the recommendation transmitted in the minutes of the meeting of the Open Market Investment Committee, held on January 9th, to wit: 'Mat the Committee stand ready to make such further sales of securities as seemed necessary from time to time in view of changing money conditions to prevent undue ease in the money market.' In the light of the most recent movement of production and other indications of trade and industrial activity and employment and the trend of money market conditions and rates, the Board is of the opinion that the continuation of the policy of selling from time to time the bank's open market holdings of government securities is indicated to be advisable at the present time, and that sales of such securities should be made as they can be made without undue disturbance of the money market." Mr..Miller's motion being rut by the Chair was lost, the members voting as follows: 1.IT. Platt, 'aye" Mr. Miller, "aye" Mr. Cunnin7ham, "aye" 7;.overnor Crissiiv:er, "no" Mr. Hamlin, "no" Mr. James, "no". Mr. Hamlin stated that he voted "no" because in his opinion such action by the Board is unnecessary. Mr. Platt then moved that the Open Market Investment Committee be advised that the Board notes with approval the minutes of the meeting of the Committee hold on January 9th, indicating that the Committee proposes to continue to sell from the open market portfolio of securities, as this can be done from time to time without disturbance of the market. Carried, Mr. Miller not voting. 1.1 01t2,3 OF 62177DIN'l- COMMLO plated, January 16th, 16th, Dt,ted, January 15th, : Recommending action on applications for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Ordered held. Recommending approval of the application of Mr. R. V. Colbert to serve at the same time as director of the ft. 77orth National Bank, ft. -;orth, 2exas, and as president and director of the First National Bank, Stamford, 2exr-s. Approved. 5 1/16/25 RP07.2S OF S2iNDIN1 CO=IMES:(Cont'd) Dated, January 15th, Dated, Jarnry 15th, Recommending approwl of the appliction of Lir. Jamuel R. Kingston to serve at the same time as director of the National Btnk of Co=orce, of the Home Savin,7s & Loz-.n Association znd of the itandard 2rust '.;ompany, ell of Detroit, Michigan. Approved. Recommondin3 approval of the rpplication of Mr. 7ugene Giles to serve at the same time as officer and director of the National Copier 2ank, Salt 1,ke City, Utah, as officer and director of the first :ationL1 Bank of Ely, 7evada and ns director of the First rLtional Bank, ephi, Utah. Lpproved. , adjourned at 1:05 p.m. 2he meetins
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