The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
A meeting of the Federal aeserve Board was held in the office of the Vice Governor on Thursday, July 1st, 1926 at 10:15 a.m. PRESENT: PliSENT ALSO: Governor Crissinger Platt Mr. Hamlin Mr. James Mr. McIntosh Mr. 3ddy, Secretary Mr. Wyatt, (Jeneral Counsel The Governor stated that the regular order of business would be - dispensed with, arid in accordance with the action taken at yesterday's meeting the record with respect to the allegations made concerning the conduct of Mr. J. A. McCrary, one of the directors of the Federal Reserve Bank of Atlanta, would be read to the Board. Thereupon, the Secretary read the following documents: Minutes of a special meeting of the Federal Reserve .boa rd held on December 5, 1924. Memorandum prepared by the Secretary and addressed to Mr. James, under date of Jure 5, 1926, setting forth the status of an investigation conducted by the Department of Justice early in 1925, at the request of the Federal eserve Board and upon recommendation of the Board's Committee on District No. 6. L'acerpts from the minutes of a meeting of the Board held on May 20, 1926, authorizing an investigation into the conduct of Director McCrary by the Jommittee which investigated the matter of the shipment af currency to k:aba on April 10th, the investigation to be conducted with a view of determining whether or not r. McCrary should be eliminated from the Federal Reserve System. Report dated June 5, 1926, submitted by Mr. James, who constituted the special °omit tee referred to in the previous paragraph, and certain exhibits attached thereto. Folloing discussion of the contents of the above documents the Secretary was instructed to request Mr. unningham of the Bureau of -2- 7/1/26 Investigation, Department of Justice, to come before the Joard and advise it of the facts, if any, developed as a result of the investigation conducted by the Department into allegations concerning the official conduct of Director LIcCrary. lir. Cunninjian then entered the meeting and handed to the Secrotary a report dated January 6, 192b, signed by J. LI. Tower, lIgent in. uharge of the Investigation, vhich report the Secretary read to the Board. 1::r. k:unningham was advised by the Governor of the 3oard's action at its meeting on yesterday in voting to request the Department to resume its investigation into the conduct Of ...r• J. A. licCrary, and Mr. Gitriningharn suggested that a letter making fonnal request be addressed, by the hoard. to the Attorney General. Thereupon, the Secretary was instructed to prepare such a letter for submission to the hoard at its meeting tomorrow. The Secretary was instructed to communicate with the hoard's Chief Examiner, who is now on examination of the Z - ederal deserve Bank of New York, and request that he be in Washington tomorrow morning and. sit with the Board. during its discussion of the advisability of undertaking an examination of the Federal deserve Bank of Atlanta at this time, which question the members of the board voted should be made special order of business for tomorrow's meeting. The meeting adjourned at 12:50 p.m. Secretary. I Approved:
@FedFRASER