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A meeting of the Executive committee of the Federal Reserve Board was held in the office of the Federal Reserve Board on Thursday, June 7th, at 11:05 a.m. Govern o r Crissi nger Mr. Platt Mr. Miller Hoxton, Secretary Letter dated June 1st, from the Federal Reserve fglt at Philadelphia, alld letter of June 2nd, from the Federal Reserve Agent at Cleveland, advising cl their understanding of the Board's recent rulings with respect to the examination of state member banks, and requesting advice from the Federal Resalsve Board as to vthether or not the methods of examination as explained in the aaid letters are satisfactory and can be continued. aminer shall return Action postponed until the Chief to the city, with the understanding that at that time Mr. Herson will appear before the Board for the purpose of informing the Board with respect to the methods outlined by Mr. Will and Mr. Aust in in the letters above mentioned. Mr. /Mier stated that he had received information from Mr. Royal Meeker the Commissioner of Labor and Industry of Pennsylvania that he had called a C'llterence on employment statistics to be held at the Federal Reserve Bank est Philadelphia on June 8th, and to which Mr. Meeker has invited representatives Of the Federal Reserve Banks e Mew York, Cleveland and Ph iladel phia, Upon motion, the Board approved the transmission of the following telegram to Messrs. Jay, Austin and Wills: "Board hears indirectly of conference on employment statistics called by Commissioner of Labor of Pennsylvania for dune eighth to be held. at Philadelphia Federal Reserve Bank and attended by respresentatives of, New York and Cleveland Banks. • hat such conference is inadvisable end that in any Board feels t case representatives of banks should make no cormitrnents which will extend the scope of their present statistical work or involve additional expense. 6/7/23 -2- The Board also a)proved the following telegram to Mr. Meeker: "I regard proposed conference with Federal Reserve Banks on employment statistics as inadvisable. Board does not contemplate extension of present statistical work by the banks or favor incurring of additional expense for such work." Letter dated June 6th, from Mr. A. H. Titus, President of the First Federal Foreign Banking Association, 40 Wall Street, Mew York City, submitting fell the consideration of the Federal Reserve Board changes in Articles 11, 12, arid 13 of the Regulations of the Board of March 23, 192), for the government alid regulations of banking associations organized under the so-called Edge Act. Upon nation, the Secretary vas instructed to invite Mr. Titus and such of his associates as he may care to bring to appear before the Board at 11:00 a.m. on Friday, June 15th, at which time the Board will conduct a hearing with respect to the amendments to regulations suggested or requested by the First Federal Foreim Banking Associat ion. The Secretary was further instructed to furnish several copies of Mr. Titus' letter to Mr. L. L. Rue, President of the Federal Advisory Council with the request that the Board be supplied, prior to the hearing above mentioned, with the observations of the xecutive Corrinittee of the Federal Advisory Council in the matter of the petition of the First Federal Forei,gn Banking Association. The Secretary was also instructed to transmit copies of Ir. Titus' letter to the Governors of the Federal Reserve Banks of Mew York, Boston, Philadel)hia and Chicago, with the request that the Board be supplied with any observations of the petition aforesaid which the said -Feeral Reserve banks imay care to make. Mr. Miller stated that the Bank of igland had offered to take over 4rta,in statistical work in London now being done for the Federal Reserve cl by the American .:112Dassy, and moved that with respect to certain sta' 11°41 ti8tleal services which the Bank of ngland is wi1lin to perform for the 1°'lle ra1 Reserve Board, the Governor be authorized to make any necessary areernents with the Bank of England. Referred to the Governor with power. -3_ 6/7/23 Telegram dated June 6th, from Senator Reed Smoot of Utah, requesting Governor Crissinger to telegraph him when the Board will issue' irlstructions to the Governor of the Federal Reserve Bank of San Francisco to proceed with the construction of the proposed building for the Salt Lelce City branch._ Ordered laid over for a full meeting of the Board. Letter dated June 1st, from Senator T. H. Caraway of Arkansas Urging that the Board authorize the Federal Reserve Bank of St. Louis to begin work upon the proposed new building for the Little Rock branch. Ordered laid over for a full meeting of the Board. Draft of circular letter dated June 7th, to the Federal Reserve Agents in cotton producing districts, with reference to the question of indicating preference for receipts issued by Federal bonded warehouses. Referred to Mr. Platt for amendment. Letter dated May 26th, from the Vice ?resident of the First National Bank of Santa Maria, California, protesting against the issuance Of ah additional charter to either a state bank or national bank in the eitY of Santa Maria on the grounds that that community is now adequately served: :Toted. Letter dated May 29th, from the Federal Reserve Agent at San 2ramcisco, transmitting with favorable recommendation, the application of the Bank of Italy to establish a branch in Salinas, California. Ordered laid over for a full meeting of the Board. 4 Jft.( k tit ) -4- 6/7/23 Letter dated June 1st, from the Assistant Federal Reserve Agent at 41-1 Francisco, replying to the Board's 1 etter of ray 24th, reouesting a further iL•ti on and report upon the application of the Bank of Italy to establish ' t ion havinc: been declined a brr'zich de nova at Yuba r'ity, california, said a;)plicthe ?eoeral Reserve Izoard. Ordered circulated and docketed for ti-e meetinp_; of the Board to I e held next 7iednesday„Tune 13th. remorandum dated June 1st, from rr. "ryatt, General Counsel, to rr. 'Terrain t,dvising that 1:r. 1-. aliott had stated that if the Federal Reserve 'aard decides to submit to the „ttorney General the question as to the scope o nenter banks ad°I' its power to impose conditions of membership on the stai an /flitted to the Federal Reserve System, he (Yr. Elliott ) would like to have °I3Portunit-z7 to file a brief \•:ith the Attorney General. lot ed. Vemorandum dated June 4th, from the Chief of the Division of Analysis 1.1c1 ' Cjfl a proposed cirResearch, addressed to Cr. Hamlin, transmitting a copy of ar view to securing tter addressed to .1.1 Feueral Reserve Agents rith a fl'cthl the Federal Reserve banks a statement of Fold oaid out. Ordered held until lir. Hamlin shall be present. r, by the riemorandum dated June 2nd, addre. ssed to Governor Crissinc!e policy Issistant Secretary of the Board, recornending that the Board adopt a ' maintaininp, resrve stocks of "specified in the memorandum, vith res)ect to .?edert3.1 Reserve TTotes. Approved. t-• -5_ 6/7/23 Telegram dated June 5th, from the Federal Reserve Agent at Dallas, l'equesting the Board's approval of certain salary adjustments made necessary 11 the resignation of the ranager of the Houston Branch. Approved. OF COiliir"17.2 NO. 1: Dated June 4th, 6th, 7th, Dated June 2nd, 5th, Dated June 4th, 'bated June 4th, La June 1st, beted June 1st, blited June let, bated June 1 st 9 Recommending changes in stock at Federal Reserve banks, as set forth in the Auxiliary Minute Book of this date. Approved. Recommending action on applications for fiduciary powers as set forth in the Auxiliaryirinute Book of this date. Approved. Recommending approval of the application of Er. J. W. Teter to serve at the sane time as Vicb President of the First National Bank, Oklahoma City, Okla., and as director of the First National Bank, Jones, Okla. Approved. Recommending approval of the application of Mr. H. R. Gaither to serve at the smne time as officer of the American National Bank, San Francisco, and of the Security Bank and Trust Company of San Francisco, and as director of the First National Bank, Concord, Cal. Approved. Recommending approval of the application of Mr. J. R. McAllister to serve at the same time as President of the Franklin National Bank, and as director of the Bank of North American and Trust Company and as director of the Pennsylvania Company for Insurance on Lives, etc. all of Philadelphia. Approved. Recommending approval of the application of Mr. William P. Barba to serve at the same time as director of the Girard National Bank and of the Northern Trust Company, both of Philadelphia, Pa. Approved. Recommending approval of the application of Mr. "'alter Hardt to serve at the same time as officer of the Fourth StrPet National Bank and of the '7est Philadelphia Title and Trust Company, both of Philadel)hia, Pa. Approved. Recommending approval of the application of Yr. George F. Frazier to serve at the mule time as director of the Franklin National Bank, the Pennsylvania Company for Insur- 6 23' ..,_ORTSOPCOLVITT7' ,.TZ ) NO. 1: (Contfd) Oh livesona of the Provident Trust Company, all of Philadelphia, Pa. Approved. The meeting adjourned at 1:15 p.m. Approved:
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