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FEDERAL RESERVE BOARD
WASHINGTON
OPPICIAL. CORRESPONDENCE TO
,t0E.RAL. RESERVE BOARD
June, 15, 1923.
11:22,10T'AI1yUTI FOR 110r.R-0-
The undersigned request that you call a special
meeting of the Federal Reserve _T'''toard for today, Friday, June 15th,
1923, at 11:00 A.1,I.
•
;
A special meeting, of the Federal Reserve Board was held in the office
Of
the Federal Reserve Board on Friday, june 15th, at 11:00
2
. 7?
governor C r is si nger
17r. i)latt
1:r. Hamlin
Ir. Janes
Pr. Cunningham
11r. Hoxton, Secretary
PRESIYTT ALSO: Mr. 7Tyatt
Herson
The Cloveinor stated that the meeting had been called upon the vrritten
request of three TTembers of the Board as provided by the By-laws, in order
to
,E32-r representatives of the First _Federal Foreign Banking Association,
Lith respect to their application of ,ilune 6th, for authority to exercise
broader 00 wer s than those zescribed by the Board's Regiation of March
1920.
By direction, the 3ecretary read a letter of June 14th, from Fr.
L"L. .7),ue,expressing the opinion of the
xcutivc Committee of the Fe("eral
116-171sory Council upon the application of the First Federal Fordl crn Banking
Asocit)tion.
'I so, letters on this subject from the 20( eral Reserve Banks
()r Tew York, Boston and Chicago.
Thereupon, upon invitation, Messrs. Titus
I<Aes joined the moetino, and presented to the Board their views suppleand in extension of those expressed in thc aforesaid letter of June
6th,
After the withdrawal of l'essrs. Titus and Kies from the room, the
TioEkr A
discussed the arguments presented.
Pr. Miller moved that it is the sense of the
Federal Reserve Board that the First Federal Foreign
-2-
6/15/23
Banking Association be given liAited authority
to engage in the business of long time debentures
under the Provision of Section 25 (a) of the Federal Reserve Act, and that the Law. Committee be
requested to prepare (for report back to the Board)
the draft of a letter on the subject to be submitted
as a basis for Board action.
Carried.
21gPORTS OF COMMIT:2XE NO. 1:
Dated June 14th,
14th,
14th,
14th,
Dated June 14th,
Reoomnending action on applications for fiduciary powers
as set forth in the Auxiliary Minute Book of this date.
Approved.
Recommending approval of the application of NY. Charles C.
Drueding to serve at the same time as director of the
Market Street National Bank and of the Continental-Equitable 2it1e & 2rust Company, both of Philadelphia.
Approved.
Dated June 14th, Recommending approval of the application of Mr. R. Livingston
Sullivan to serve at the same time as director and Vice President of the Market Street Nationll Bank and as director of
the Guarantee 2rust & Safe Deposit Company, both of Philadelphia, Pa.
Approved.
Dated June 14th, Recommending approval of the application of Mr. R.S. Howard
to serve at the same time as director of the First National
Bank of Astoria, Oregon and as officer of the Ladd and 2ilton
Bank, Portland, Oregon.
Approved.
Dated June 15th, Recommending approval of the applicatior of Mr. John Enright
to serve at the same time as director and Vice President of
the Second National Bank, Red Bank, N.J. and as director of
the Central National Bank, Freehold, N.J.
Approved.
Dated June 15th, Recommending approval of the application of Mr. Vta. Barker,
Jr. to serve at the same time as director of the Union Nation,
et,
7Iatervli
of
Bank
al Bank, 2roy, N.Y. and of the National
N.Y.
Bated June 15th,
Approved.
Recommending changes in stock at Federal Reserve Banks, as
set forth in the Auxiliary Minute Book of this date.
Approved.
tomorrow,
At 12:50 P.M. a recess was taken until 11:00 o'clock
Saturday, Jun
6, 1923.
Secretary.
4Pproved.
@FedFRASER