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Pursuant to the terms of adjournment, the Board net at 2:30 this afterJune 1st, 1923, in the Board Room. PRESENT: Governor Crissinger Mr. Platt Yr. Hamlin 1"..r. Miller Ur. James Mr. Dawes Mr. Hoxton, Secretary Mr. Platt moved that the Board reconsider its action taken on rarch 30, 1923, whereby the Lpplication of the Bank of Italy to establish a branch de novo in Sacramento, California, vas disapproved. Mr. Platt's motion being put by the chair was lost. Mi. Hamlin submitted to the Board the natter referred to the Law Comittee on May 29th, namely, the draft of a letter to Mr. T. G. McAdoo, Counsel for the Bank of Italy, giving the Board's reasons why the applications for anches of the Bank of Italy at Yuba City and Sacramento were disapproved ' bl /7 the Board. Upon motion, the letter referred to was, after amendment, approved. Matter referred on May 23rd to Governor Crissinger to secure an opinion trom Counsel namely, letter of May 17th from the Feceral Reserve Ap;ent at , requesting the approval of the Federal Reserve Board to action taken by 440 Board of Directors of the Federal Reserve Bank of Boston, whereby that /113411t declined to make an appropriation of :1 25,00 for the furtherance of the work ‘ Ot 11, -' P. C. Ayres, the local director of Treasury Savings Sales, for the six mentl -2- 6/1/23 beginning July 1st. The Governor submitted a letter dated May 31st, opinion, a contriaddressed to Mr. Curtiss advising .that in the Board's ation bution of funds to defray the operating exnenses of a separate organiz consuch as the Treasury Savings Sales organization, can not be properly Reserve sidered as coming within the fiscal agency functions of a Feeeral bank, and therefore advising further that the Directors of the Federal g to make the opReserve Bank of Boston took the proper action in refusin Propriation in question. Upon motion, the letter to Mr. Curtiss referred to was approved. letter of Matter referred to the Law Committee on May 17th, namely, May 16th, from Mr. J. H. Case, Deputy Governor of the Federal Reserve Bank nt proOf New York, enclosing, for the approval of the Board a new agreeme 'Posed between that Bank and the Bank of Japan, with reference to the handling of the latter's account. . Mr. Hamlin reporting for the Law Comnit tee, submitted with favorable reconymndation,. an opinion of the Assistant Counsel, Mr. Freeman, dated May 31st, recommending approval of the agreement referred to above, wi th a suggestion as to a slit change in the phraseology of the agreement. Approved. y, I.,qter dated May 31st, frail the Deputy comptroller of the Currenc 1.1'• Fowler, transmitting the resiMation of Hovard Bell messenger boy, at ,>1,000 p ur annum, detailed to the Redemption Division of the Comptroller's ce at the Office, and recommending its acceptance, effective without prejudi close of business June 30, 1923. Approved. -3- 6A/23 The Sp ecial Commit t ee, consisting of Governor Crissi nger, Mr. James and Mr. Hamlin, appdinted on May 29th, to recommend to the Board a plm for through the establishment of a Federal T;eserve Bank Agency in Cuba reported . Hamlin and submitted a draft of tentative resolutions covering the 4 Havana esta.blishment and operation of a Federal Reserve Bank Agency in Federal to 1-co established by the Federal Reserve Bank of Boston and the lieserve Bank of Atlanta, a copy of said resolution being filed as a part Of this record. Upon notion of Mr. Platt, it was voted that the Committee be authorized to take up the proposed resolution' referred to, with the Federal Reserve Banks of Boston and. Atlanta, as the tentative basis for an agreement. In view of the expected congestion in the City of Washington during the forth coming Shriners' Convention, it was at 3:20 ?.M.. voted to ad7th, with the underi°11-111 to meet again at 11:00 A.M. next Thursday, June reetings if Elta/Aing that the Governor will in the nv.:ati time call special f°1-Ind necessary. OF COFMITTFAF, NO. 1 Recommending changes in stock at Federal Reserve banks, as set forth in the Auxiliary Minute Book of this date. Approved. 13ated May 31, Redommending action on applications for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Ordered held. 13ated May 31, Recommending action on applications for fiduciary powers as 31, set f(rth in the Auxiliary Minute Book of this date. Approved. approval of the application of Mr. Thomas DickRecommending Dated May 31, son to serve at the same time as director of the Hanover Yational Bank and as trustee of the Brooklyn Trust Co., (Brooklyn) both of New York City. Approved, bated. May 31, Oune 1, 6/1/23 -4- REPORTS OF COMVITTEE, NO. 1 (Cont,d) Dated May 31st, Recommending approval of the application of Mr. Charles W. Horne to serve at the same time as director of the Commercial National Bank, Raleigh, N.C., and of the Virginia Trust Company, Richmond, Va. Approved. Dated May 31st, Recommending approval of the application of Mr. Herbert W. Jackson to serve at the same time as director of the Commercial National Bank, Raleigh, N.C., and as President and director of the Virginia Trust Company, Richmond, Va. Approved. - Secretary. Approved:
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