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held in the office of the A meeting of the Federal Reserve Board was Federal Reserve Board on Friday, June 13, 1924, at 12:05 a.m. PRESENT: Governor Crissinger Mr. Platt Jr. Hamlin Mr. James Cunningham Mr. Eddy, Secretary The minutes of the meeting of the Federal Reserve Board held on June 12th were read and approved. Telegram dated June 12th from the Chairman of the Board of Directors Of the Federal Reserve Bank of Richmond, advising that the directors of that bank had voted to reduce the rediscount rate of the bank to 4% on all classes Of paper of all maturities, effective June 14th. Upon motion the action of the Directors of the Federal Reserve Bank of Richmond was approved. Telegram dated June 13th from the Federal Reserve Agent at Chicago, of advising that he has returned to the bank earlier than expected because Prospective action by the directors on the rediscount rate of the bank. Noted. Secretary The Governor then presented an order issued by the Under Of the Treasury that all employees of the Department whose services can be spared be excused at 1:00 o'clock p.m. on flag Day, Saturday, June 14th. Upon motion the Board voted to follow the same procedure with regard to its employees. Report of Committee on Salaries and Expenditures on letter dated June 11th from the Chairman of the Federal Reserve Bank of Boston, quoting a resolution adopted by the directors of that law& declaring a dividend 6/13/24 -2- or the six months' period ending June 30, 1924, at the rate of 6% per annum ()nth() paid-in capital stock of the bank; the Committee recommending approval Of the dividend resolution. Approved. The Law Committee reported on the matter referred to it at the meeting On June 6th and submitted drafts of letters addressed to the Attorney General 'and the Postmaster General rith regard to the Peoples Reserve System, Inc. of Chicago, Ills. Upon motion the proposed letters were approved. At this point Mr. Miller entered the meeting. The Committee on Examinations then submitted a report dated Jane 13th on the application of the Farmers State Bunk of 'Garvin, Okla„ for membership it the Federal Reserve System; the Committee recommending approval of the application subject to conditions enumerated in the report of the Division of Zxemination attached thereto. Approved, Governor Crissinger voting "no". The Secretary then informed the Board that he had just received word from Governor McDougal of the Federal Reserve Bank of Chicago over the telephone that the Executive Committee of the bank had today voted to reduce its rediscount tate to 4 on all classes of paper of all maturities, effective June 14th. The Seeretary. stated further that Governor McDougal had inquired whether he mijit not be immediately advised of the Board's action. Upon motion by Mr. Miller it was voted to approve the action of the Executive Committee of the bank with the understanding that announcement is to be made by the Board and the bank at 3:00 o'clock:Chicago time and no sooner. " -3- 6/13/24 The Governor then presented the matter ordered circulated at the meeting Governors of (In Jane 10th, namely, draft of circular letter to the Chairmen and of Rate Changes". all Federal Reserve banks on the subject "Announcements After discussion it was voted to tentatively adopt the rules and regulations set forth in the circular letter and to transmit them to all Governors and Chairmen for comment or suggestions. , Mr. Hamlin then moved that Counsel be authorized to prepare a nem pamphlet Of the same size as the Federal Reserve Act and the Board's Annual Report, con- of taining the Regulations of the Board, and that the Board print a new edition the Regulations, Series of 1924. Carried, Mr. James then submitted a report, prepared after his visit to Birmingham am branch 021 ilay 15th, relative to the proposed purchase of a lot for the Birmingh Of the Federal Reserve Bank of Atlanta. Mr. James moved that the matter of the purchase of a lot for the Birmingham branch be taken from the table and considered and that the Federal Reserve Board interpose no objection to the purchase of a lot for the purpose of erecting, at some subsequent time, a building for the Federal Reserve branch at Birmingham, and further, that the Federal Reserve Bank of Atlanta reconsider the location of the lot along the lines indicated in his report. Mx. James' motion being put by the chair was carried, Governor Crissinger and Mr. Biller voting "no". AsReport of Committee on Examinations on letter dated June 12th from the sistant Federal Reserve Agent at New York, transmitting and reconnending approval , New York, °f the application of the First Trust and Deposit Company, Syracuse n Avenue for permission to establish a branch office at the corner of Lexingto and Cherry Street in Syracuse; the Board's Committee also recommending approval. Approved. _a- 6/13/24 MPaRTS OP STANDING COTAITTEiAS: Dated, Jane 10th, 10th, Dated, June 10th, Dated,\JUne 13th, Recorunending act Ion on applications for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Approved. Recommending action on application for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Ordered held. Recommending approval of the application of Ur. Award A. Duerr, to serve at the same time as President and Director of the Southside National Bank of 3uffalo, N. as President and Director of the Community National Bank of Buffalo, N.Y„ and as Director of the Citizens National Bank of Lancaster, Pa. Approved. The meeting adjourned at clock. Secretary. Approved: ' ', Governor , .1
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