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A meeting of the Federal eserve ioard was held in the office of the Board on ',iednesday, July 25th, at 11:00 a.m. PRESENT: Governor Crissinger Yr. Hamlin Yr. James Er. Cunningham rr. Dawes Mr. hoxton, Secretary. The minutes of the meeting of the Federal heserve Board held on July 24th ware read and on motion approved. Letter dated July 23rd from the Chairman of the Federal Reserve Bank of Cleveland advising that the Central Trust company of uincinnati objects to agreeing to the condition set forth by the Board in the approval of that Institution's application for membership in the Federal Reserve System - "That except with the approval of the Federal Reserve Board, additional branches Shall not be established". rr. Wills expressed the hope that the Board can suggest some wording of the condition or in some manner assure the Central Trust Company that under given circumstances it may expect approval of an aPplication to establish a branch. The Secretary was instructed to advise Ir. Wills that the condition of membership imposed upon the central Trust uorpany is one habitually imposed upon State Banks applying for membership and that the Board is unwilling in this case to make any special modification or qualification. Letter dated July 24th from LI.. Case, Deputy Governor of the Federal Reserve Bank of 1.ew /ork, advising that in order to comply with cabled instructions of the Colombian Government to earmark gold for the Bank of the Republic Of Colombia, the Federal-Reserve Bank of New York has opened a custody account in the name of the Bank of the Republic of uolombia. Yr. Case further advised that the Executive committee of his Bank had approved the opening of the objection, new account and requested the Federal Reserve Board, if it sees no to i:ew lork in this regard. confirm the action of the Federal Reserve Bank of 7/25/23 -2- The Secretary MS instructed to advise Mr. uase that the 3oard interposes no objection to the action above stated. Application dated June 25th of the Lowell Bank, an outlying bank in the City of St. Louis, io. for reduction in its reserve requirements from 100 of demand deposits and 30 of time deposits to 770 of demand deposits and 3 time deposits, under the provisions of Section 19 of the Federal of eserve Act. Approved, upon the affirnative vote of five 'embers of the 3oard. The Governor, referring to action taken at the meeting yesterday, stated that it had been found desirable to postpone fror July 27th to July 30th the conference with representatives from Atlanta and Boston in regard to quarters for the uuhan Agencies. 'the Governor further stated that from his telephone conversation with Governor liardin,7, he inferred that the latter would not be Present at the conference. Governor Urissiner was requested to transmit to Governor Harding, the following telegram: "The Board considers it essential that you be present in person with Bullen at the conference on quarters for the uuban Agencies to be held next Londay at 10:30 a.m." Bank of Lew /ork Letter dated July 24th from the international iicceptance aPPlying for modification or amendment of the agreement entered into with the ederal heserve Board permitting the applicant to issue acceptances, the Maturity not to exceed one year, to finance the importation or exportation of ftods. heferred to the Law uommittee. subject Draft of proposed circular submitted for docket by Li.. tiller, "liniformity of Policy in 6tatistica1, _eublication Ark, etc". Ordered docketed for the meeting of July 31st. At 12:30 a recess was taken until 2:00 p.m. 1 7/25/23 f . -3- At 2:15 p.m. the board reassembled, those iembers being Present who were present at the morning session, except 1.r. Lames. Present also, upon invitation, ir. ulaiborne of ,evr urleans and Ir. Adams of Atlanta, ua. In accordance with the agreement reached at the meeting yesterday, lessrs. olaiborile and Adams presented to the loard a proposed revision of i'egulation "J", drawn in accordance with their views. After full discussion, Jessrs. ulniborne and Adans were assured that the board mould give consideration to their proposed revision of negulation -J-. Thereupon, J.essrs. kAaiborne and Adans withdrew fron! the room. Upon motion, the following telegram was ordered transmitted to the G°vervors of all iederal neserve Danks over the signature of Governor Urissinger: "The effective date of .1;egulation j has been postponed by the board until further notice. buspend for the present all activities with respect to its administration." It was then determined that the plan proposed by /essrs. Olaiborne and Adams should be submitted to the Advisory Committee of ffederal ieserve Bank Governors and the Secretary was instructed to transmit to f,essrs. narding, Case, r.orris, rancher, oeay and :cLougal, the 'embers of that Committee, the following telegram: "The ioard desires to meet the Advisory Committee of r.ederal ieserve Bank Governors next dednesday, August 1st, at 10:30 in the Board 1:oom in Washington. This wire is being sent to each member of the Uomudttee, and 3oard desires all •.embers to be present". PORT OF 0=ITTEE NO. 1 of state Dated July 24, 1923. /lecommending action on application for admission individual the in stated bank, subject to the condition report attached to the application, as set forth in the of this date. Auxiliary Yinute Approved. The me t 413pro g adjourned at 4:00 p.m.
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