The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
L mootin,; of the 2ederal :eserve Board was held in the office of the Federal Reserve Board on :friday, Earch 7, 1924, at 10:10 a.m. P:ESTITT: Governor Crissingor :Jr. Platt Er. Hamlin Mr. Miller Er. Janes 11r. Cunningham 3ecretary The minutes of the meetinJ; of the Federal Reserve Board held on ',larch 5th '::ere read and approved as amnded. :.1r. Platt then moved. that Part I of the i'mnual ,:aeport, as amended, be adopted and that it be sent to theprinter for par7e-proof. Er. Platt's motion being rut by the chair was carried, the members voting as fellows: 4 Governor Crissiner, "aye" Er. Platt, "aye" Mr. Miller, "aye" 17r. Hamlin, "aye" Er. Cunningham, "no" :Ir. James, "no" :a'. Cunningham stated that ha reserved the rirJrt to record an explanation of his vote Then he has had all opportunity of reading the page-proof of t 110 report. Er. James made the following statement: "In explanation of my vote in the negative on Part I Of the ,:'-ainual Report of the Federal Reserve Beard for to Congress, I desire to say that I voted "no" because I do not feel that the report as submitted for vote ras a report of the 1 roccedings and activIties of the 3oard during the time of my service on the Board, but vas more in the nature of a theoretical discussion of one particular phase of the business of the Board. va of the opinion that the report to Conress should have boon an outline of the policies adopted, changes made in rates, the establishment of Havana agencies, approval given for buildings in Little Rock and 3alt Lake City, and other matters Of like character passed on by the Board, and I believe that such • 3/7/24 "report should have been compiled from the records of such activities as the records in the hands of the Secretary of the Board may show." The minutes of the =airy; of the Federal Reserve Board held on March Gth were read and approved. Mr. Hamlin stated that it was h is intention to re-employ Illss Y,araret a, Lrming as a steno-,:rapher in his off ice, 7ith slrlry at the rate of ..1800 per annum, effective March 17, 1924, iith the understanding that part of lass Laninc;'s time would be available for work of the Board. Memorandum dated March 6th from the Secretary requesting authority to employ a telegraph operator as vacation relief, from June 15 to September 15, 1924, at a salary of 2.65 per month. Approved. Letter dated March 4th from the Federal Reserve Agent at Boston, ransmitting the application of the Safe Deposit National Bank of New Bedford Massachusetts, for authority to accept drafts and bills of ex- change up to 100 of its paid up and unimpaired capital stock and surplus; this bank being a conversion of the New Bedford Safe Deposit and Trust ComPany which had been granted permission to accept up to 100.0 Upon motion, the application was approved. Memorandum dated /larch 5th from the Secretary reuesting authorityto employ Mr. 71i11iam Y. Fisher, Jr., as axtra clerk-typist in the Gold Settlement Division with compensation at the rate of:)1..50 per evening. Approved. 3/7/24 The Law Committee then reported on the matter referred to it at the mooting on December 10th and presented a memorandum from General Counsel dated :Lrch 6th on the subject "AppointIsca of Notaries Public Under 2ederal Law". Noted and ordered circulated. Letter dated 1.1rch 6th from the Deputy qovernor of the Federal Reserve Bank of New Ybrk, onclosilv cony of letter to the Under Secrotar; of the Treasury raportirk, on (;old payments and receipts of the Federal :losorve Bank of New York for the month of February. After discussion, Ur. Hamlin moved that all banks be requested to make similar ranorts to the Board. Carried. In this connection, the Secretary stated that on February 29th Federal 1Zeserve Bank of Chicago had renorted more ;old pled d the 1.th its Pederal Reserve .Agent than the amount of its Federal Reserve notes outstanding on that date. After discussion the Law Committee was requested to investi:ate the question of a Federal Reserve bank's retaining more than 100,; of gold as collateral against Federal Reserve notes outstanding. Report of Committee on 2aaminations on nutter referred to it at the on Mc.rch 6th, namely, letter dated l:obruary 20th from the President Of the California League of Independent Bankers, protesting a ; - ainst the Cranting by the Board of the application of the Bank of Italy for Permission to establish eir;hty-two additional branches in the state of 3/7/24 California; the Committee recommending that the 3ecretary be instructed to advise the .%ssoci: tion that due consideration will be :ivon to the point raised .11en the ap-,-,lications referred to are considered by the hoard and further that the Boa;d will ;,ot consider any apilicat ions not previously approved by the Juperintendent of Banks of California and that no such number of applications has be-n approved by the 3ur erint end ent Upon motion the report of the Committee on Ixaminat ions was approved. .11±. Hamlin then inquired whether a minority report w3s to be filed by the members of the Board who had voted against the publicat ion Of the .Annual Report in its present form. Messrs. James and Cunningham, the dissenting members, stated that they would not file minority reports. Mr. Miller inquired if the Board wanted to go over the Lnnual Report again in rage-proof form and if it is to be signed by the Governor. After discussion Mr. Platt moved that the presentation of the report to Congress and the question of releasing it to the press for publication be left in the hands of the Governor with power., the report,„ however, to be, dated February 15th, the date on 1111 it wns ordered sent to the printer. Carried. Th 3ecretary then requested authority to dispense with the services of :ass Harriet - -. Fowler, stenographer, as of Lurch 51, 1924, stating that there was not sufficient stenorarhic work in his office to justify her retention beyond that date. ;Tproved. 3/7/..4 -5- Ur. Hamlin, on behalf of the Law Committee, reported on the matters referred to it at the meetinggon February 26th and Uarch oth, namely, letter dated February 27th from the Governor of the Federal Reserve Bank of Richmond and telegrams dated February 20th and March 5th from the Governer of the Federal Reserve Bank of Kansas City, - 1.1 vith regard to the decision of the Supreme Court in the Malloy Case" and its relation to Regulation "J"; Ur. Hamlin inquiring whether it vs the opinion of the Board that c- rartial regulation covering the tatters referred to in this decision should be issued at once in telegraphic form. after discussion, it 7Jas voted that nothing be done until the Board is prepared to issue in its entirety the revised Regulation "Jo, as .tent&tivoly adopted March 4th. RZOIZTS OFMA/TDI1D COUITT:1".;S: Dated, March 7th, 7th, Recommending changes in stodk at Federal Reserve banks, as set :orth in the Auxiliary :anuto Book of this date. ',pproved. The meetin adjourned at 11:30 Secrotary. Approved:
@FedFRASER