The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
A special meeting of the Federal ieserve Board was called by the Governor at 11:00 a.m., July 30, 1923. PRESENT: Governor Crissinger Er. Platt Mr. Hamlin Mr. Jams Mr. Cunningham 111.. Dawes Yr. Hoxton, Secretary. Present also- Yr. Wyatt, General Counsel Present also Governor Harding) by invitation-Mr. Curtiss I of Boston Yr. Bullen Governor Wellborn) Yr. McCord Yr. icCrary lof Atlanta Yr. Adelson The Governor stated that the gentlemen from 3oston and Atlanta had been called to Washington to discuss with the Board certain problems which have arisen over the establishment of the Cuban Agencies of the Federal Reserve Banks of Atlanta and Boston. , A stenograohic report was made of the proceedings of the conference and is filed as a part of this record. The Board, upon motion, voted to reconsider its action on June 27th whereby a resolution was adopted on the subject of Cuban Agencies of the 'uueral eserve Janks of Atlanta and doston. Upon motion, the resolution aforesaid was amended by striking out paragraphs 2 and 3 and substituting in lieu thereof the following: "(2) The Federal Reserve sank of Atlanta SHALL NOT BUY OR SELL ANY CABLE TRAIISFEhS EXuEt-T AT THE REQUEST OF THE FEDERAL RES7RVE BANK OF BOSTON AS PROVIDED Eg PARAGRAPH 3 HEREOF, AND shall not purchase, sell or collect any bills in Cuba except such as originate in or are drawn upon banks or other drawees, in the Sixth Federal Leserve District; and shall purchase no other bills nor purchase or sell any cable transfers, except upon the request of, and for the account of, the Federal Reserve Bank of Boston. 7/30/23 -2(3) The Federal Reserve Bank of Boston shall not pay out any currency in Cuba, except as hereinafter provided, and whenever bills OR CABLE TRANSFERS are offered for sale to its Havana Agency and the sellers request payment in Federal Reserve notes or other currency, the Federal Reserve Bank of Boston shall request the Federal Reserve Bank of Atl&nta to purchase such bills OR CABLE TRANSFERS for it and immediately pay for them with Federal Reserve notes issued through the Federal Reserve Bank of Atlanta or other currency. The Federal Reserve Bank of Atlanta shall comply with all such requests and shall make immediate payment, and shall tmmedlately resell such cable transfers or bills to the Federal Reserve Bank of Boston at cost and without recourse. If the Federal Reserve Bank of Atlanta shall fail to purchase such bills OR CABLE TRANSFERS promptly for the .Federal Reserve Bank of Boston or shall not have available in _Havana a sufficient supply of currency, the Federal Reserve Bank of Boston may itself purchase such bills and pay for them with its own Federal Reserve notes. in making sales of cable transfers and bills of exchange where currency is tendered in payment, the Federal Reserve Bank of Boston shall require the purchasing banks to make the currency payments to the agency of the Federal Reserve Bank of Atlanta for credit of its account. All settlements between the agencies shall be made at the request of the creditor bank by the head offices through the Gold Settlement Fund. Neither bank shall make any direct exchanges of currency in Cuba." After discussion of the housing problem of the Uuban Agencies, it vms agreed that the Federal Reserve Bank of Atlanta sinll take temporary quarters in. the building in Havana of the National Ci-* Bank of rew York, and that the Federal Reserve Bank of Boston Agency shall be temporarily quartered in the building now occupied in Havana by the branch of the tirst National Bank of 3oston or in sore other suitable location. It was upon motion voted to be the sense of the 3oard that the above distribution of quarters is temporary and pending permanent arrangements, which, according to the understanding of the Board with the representatives of Atlanta and Boston, will place the two Agencies together in the same building. Letter dated July 21st from the Chairman of the Federal Reserve Bank of Atlanta, advising that at a meeting of the Board of lArectors of that 3ank held on Friday, July 20th, Yr. L. O. Adelson, Deputy Governor, was elected -3_ 7/30/23 ranager of the salary of • uban Agency of the Federal Reserve Bank of Atlanta at a 16,000 per annum, effective August 1st, and that IT. J. r. Slattery, Secretary of the Federal heserve Bank of Atlanta was elected Assistant Manager Of the Cuban Agency at a salary of 9,000 per annum, effective Au7ust 1st, it being noted that rr. Adelson's present salary is 12,000 per annum, and rr. Slattery's 0,900. Disapproved, it being the sense of the Board in conference with the representatives of Atlanta and Boston that the personnel of the Cuban agencies, for the present, will be in the form of temporary detail from the head offices, and that the salaries of the members of the force of the Cuban agencies will not be increased at this time, but that an adequate expense account will be allowed to cover the increased cost of living in Havana. Latter referred to the Law Committee July 24th; namely, telegram of July 23rd from rr. ±errin suggesting that the Board's regulations be amended by the inclusion of certain limitations on rediscounts for Federal Intermediate uredit Banks. The Law Colamittee submitted the following draft of telegram to Lr. Perrin, which was, upon notion, approved and ordered transmitted over the signature of Governor Urissinger: "Replying your wire July 23, Board feels that present regulations contain sufficient limitations on rediscounts for Federal Intermediate Credit Banks". 12110RTS OF COU.MTEE NO. I Dated July 27th 30th hecomnending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary Yinute Book of this date. Approved. Dated July 27th 28th hecommending action on applications for fiduciary powers as set forth in the Auxiliary Yinute Book of this date. Approved. Held. 1)ated July 30th th ` 1)ated July 27th Recommending approval of the application of rr. James H. _tost to serve at the same tine as director of the National City Bank, New -York, and as trustee of the Atle Guarantee Trust 00.,i-,ew York, N. Y. Approved. 7/30/23 -4- Dated July 27th Recommanding approval of the application of Li'. John A. Coe to serve at the same time as director of the Torrington National Bank, Torrington, Conn. and as director of the Colonial Trust Co., Waterbury, Cann. Approved. Dated July 27th Recommending approval of the application of Lis. Harold C. Keith to serve at the same time as Vice-President of the Brockton National dank, Brockton, Vass. and as director of the Old Colony Trust company, Boston, rags. Approved. Dated July 28th Recommending approval of the application of kr* B. P. Brewer to serve at the same time as officer and director of the Exchange 1 - 41tional Bank, Tulsa, Okla. as director of the Commerce Trust Company, Kansas City, Vb., and as director of the First hiational Bank, LcAlester, Okla. Approved. The meeting adjourned at 1:30 p.m. Secretary
@FedFRASER