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50 A meeting of the Federal Reserve Board was held in the office of the Pectoral Reserve Board on Tuesday, January 17, 1928 at 11:30 a.m. PRESENT: Governor Young Mr. Platt Mr. Hamlin Mr. Miller Er. Cunningham Mr. McIntosh Mr. Eddy, Secretary Mr. McClelland, Asst. Secretary The minutes of the meeting of the Federal Reserve Board held on a4lluary 16th were read and approved. An informal discussion ensued regarding the rediscount rate situ— ati011. The Governor stated that this matter will undoubtedly be under discussion (Ltrinc-7 the next week and stated that if there is no objection ( he will address a communication to Mr. James requesting an expression s views. Report of Executive Committee on letter dated January 16th from the Comptroller of the Currency, recommending an increase from ,343,600 to 200 per annum in the salary of National Bank Examiner F. . Denton; ' 44 the Board's Committee also recommending approval. Approved. The Governor presented a letter addressed to him by Mr. Robert ?i addox, Chairman of theAtlanta-Lowry National Bank, Atlanta, Ga., who le President of the recently organized Non Cash Item Association; the letter inquiring as to the present attitude of the Board on the question 11 the handling of non-cash collection items by Federal Reserve banks and all gesting a hearing before the Board by representatives of the association. The Governor suggested that Mr. Maddox be advised that at the last Governors' 51 I 1/17/2s -2- e°11ference the question of non-cash collections wis referred to the Standing CoMmittee on Collections for further study and report at the next Conference, rurther, that the Board will be glad to arrange for a meeting with represelltatives of the association. The Governor also suggested that a communica- tion be addressed to the Governors of all iederal Aeserve banks, advising °f the proposed hearing and inquiring whether the Governors would like to have it held at the time of their Spring Conference in order that they too IllaY attend. He stated that if the Governors ao not wish to participate ill the hearin: , it can be arrange/ at an earlier date before the Board. Upon motion, the suggestions made by the Governor were approved. The Secretary then reported a visit this morning from Mr. Ormsby -g, attorney for the organizers of the proposed United States iorei74 --Licing Corporation. He stated that Mr. McHarg desires to learn of the l'ea80ns for the Board's action of Jarmary 13th in not approving the articles association and organization certificate of the proposed corporation, Which he stated he had been advised by Mr. 7iyatt were in legal form. He Ported, that Idr. McHarg was told that the Board felt it to be its duty 114 connection with all applications filet with it to organize so-called 'IkpA -- Act corporations to proceed to inform itself with respect to the blsilless experience and qualifications of the organizers, particularly as allch experience and qualifications have a bearing upon the management and °13e ration of an Edge Act corporation, and further, that from the knformati °11 obtained by the Board in this specific case the Board did not feel tip44. it could approve the articles of association and organization certifi- 52 1/17/28 -3- C/Itte Of the proposed corporation. The Secretary stated that Mr. EcHarg re Vested that he be afforded an opportunity of appearing before the efterrior of the Board, a committee of the Board or the Board itself, in °Ilex. that he might present such information as he has with respect to the bllailless experience and qualifications of the organizers of the proposed "rPoration and as to others interested. The Secretary stated that he 814/ised Mr. McHarg that he would inform the Governor of his request, that 448 done so and that at the suggestion of the Governor he is now rePorting the matter to the Board. After considerable discussion, the Secretary was authorized to advise la*.McHarg that the Board is willing to consider any further information he may wish to submit in writing regarding the business experience and qualifications of the organ*zers of the proposed corporation. ( 1 1 The meeting adjourned at 1:20 p.m. 44reetired:
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