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Ii A meeting of the Federal Reserve Board was held in the office of the haderal Reserve Board on Tuesday, May 15th, at 11:00 o'clock. The Board was advised that Messrs. qeorge R. James and --)dward H. Clulningham had yesterday afternoon taken the oath of office as members of the Pederal Reserve Board. ?RESENT: Governor Crissinger Mr. Platt Mr. Hamlin Mr. Miller Yr. James. Yr. Cunningham Mr. Dawes Yr. Hozton, Secretary The minutes of the meeting of the Federal Reserve Board held on May 1C/t4 were read and on motion approved. Telegram dated May 11th, from the Federal Reserve Agent at Dallas, luiring if there would be any objection to the Federal Reserve Bank of Dallas receiving an application of membership from a state bank eligible under amend111%4 to the 4th, Federal Reserve Act in the Federal Farm Loan Act of March clin adoption by the Federal Reserve Board of rules and regulations as out- ' in proposed Regulation "H". Upon motion it was voted that the Board interposes no objection to the Federal Reserve Bank of Dallas receiving the application referred to. Letter,dated May 8th, from the Chairman of the Federal Reserve Bank of St. Lo u,s, transmitting action taken by the Board of Directors of that bank, 1 Whe,4 *e°17 it was voted that subject to the approval of the Federal Reserve Board, 1 3,000 be set apart for welfare work among the anployees for the the sum of : Year 1923. _2- Upon motion it was voted that the Board approve for the Federal Reserve Bank of St. Louis and its branches, an appropriation of t250 a month for educational and welfare work, it being understood that the Chairman of the Board will be advised that the Federal Reserve Board intends to make a systematic survey of all appropriations for educational and welfare purposes at all of the Federal Reserve banks with a view to informing itself as to whether or not it may be necessary for the Federal Reserve banks to scale down their expenditures for such puriJoses. Letter dated 7ay 10th, from the Federal Reserve Agent at Philadelphia, adg that he had called a.meeting of Federal Reserve Librarians to discuss 8Pec ific problems, policies, etc. at Philadelphia on May 21, 1923, and extendat invitation to a representative from the Federal Reserve Board to be rftesent, Yr. Hamlin moved that Mr. Austin be advised that the Board at this time notes without objection the arrancements made for a meeting of librarians, but that in the future any sucb matter which involves expenditure of money must be submitted to the Federal Reserve Board in ample time to permit the Board to pass upon the question. Upon roll call requested by Governor Crissinger, Mr. Hamlin's motion was carried, the members voting as follows: Governor Crissinger, "no" Mr. Miller, "no" Mr. Platt, "aye" Yr. Hamlin, "aye" Er. James, "aye" Yr. Cunningham, "aye" Yr. Dawes, "aye" Ilealorandum dated may 11th, from the Librarian of the Board, Miss Rackstraw, tem, l'usting that the Library of the Federal Reserve Board be represented at the 4L1111111 meeting of the Special Libraries Association to be held at Atlantic 5/m/23 -3- eitY May 22-25, 1923. Approved, the roll being called upon the request of Governor Crissinger, and. the members voting as follows: Governor Crissinger, "no" Mr. Cunningham, "no" Mr. Platt, "aye" Mr. Hamlin, "aye" Mr. Miller, "aye" ,Mr. Jame s, "aye" Mr. Dawes, "aye" ltemorandum dated May 11th, from the Director of the Division of Analysis 411cl Research, requesting authority to print a small pamphlet which will bring tcjeether the Federal Reserve Board's various index numbers of prices fbr foreign e"Mtries and thus publish for the first time the prices for the particular e°11tiod1tie3 which have entered into the index. Approved, and referred to the Governor with power to fix the price at which the pamphlets shall be sold. Telegram dated May 14th, from the Governor of the Federal Reserve Bank of C1(11'618141 advising of the death of Mr. John R. McCune, a director of the ?itto, --largh Branch of the Federal Reserve Bank of Cleveland, appointed by the ?ellerlea Reserve Board for a term ending December 31, 1923. Referred to the Execut ive Cornmittee for recommendation. The Board approved the bond of Mr. S. H. Leavell, Assistant Federal Reserve '413/It a t the Houston Branch of the Federal Reserve Bank of Dallas in the amount 5°1000, Upon motion, it was ordered that all employees whose services may be °Ilea. a 'would be excused on Thursday, May 17th, at 2:00 p.m. for the remainder 5/15/23 , -4- Of thA A - -a:7 to enable those who so desire to attend the ceremonies in connection With the the Unveiling of the statue of Alexander 7 arillton on the south plaza of Treasury, it 1 eing noted that the :;ecretary of the Treasury has issue such order affecting the employes of the Treasury Department. Letter dated May 7th, from the Federal Reserve Agent at San Francisco, tan sMitting with favorable recommendation, the application of the Pacific Southat Trust and Savings Bank of Los Angeles, to establish a branch de novo at Fine Z13411t, California. Approved, Mr. Crissinr,er and 17r. Jams votiir, "no". ?Ir. Dawes advised the Board that he had designated Mr. Francis C.'. )1S (i% It'ill°1111Y as his secretary at a salary of ''2500 per annum, effective 1,-E._=V 19')3. Memorandum dated May 15th, from the Chief aminer advising of the rei•fAIL-..tion of Mr. A. . :4'reerl .Assistant F - ederal Peserve'Examiner, salary, Per annum, and requesting authority to employ a successor at a salary not t° exceed 2700. Approved. Memorandum dated May 12th, from Mr. Jacobson, 1-rearin7 the favorable 4worsemont Of Dr. Stewart, recommendin7 that the Board grant Mrs. reachan, an . ein1)1°Yee of the Statistical Division, a leave of absence for three months with(314 Pay, 6 Approved. Fr. Hamlin submitted, with favorable reconnendation, a memorandum .clat A 11.) `-Y -1.15th, recommending action of the Board with respect to the application Of the federal foreign Banking Association for the Bo. rd's consent to e pun'Lts Stock i n another corporation. Approved. ‘ tr ( 5/15/23 The Governor submitted a letter dated May 12th, from Honorable ?hillips, Under Secretary of State, transmitting a telegram dated "Havana, May 11th, 1923" from Ambassador Crowder with reference to the present status of banking legislation in Cuba. Upon motion the Governor was requested to transmit to the Under Secretary of State, a copy of a memorandum delivered over the signature of Governor Crissinger to Mr. White of the State Department following a conference of the Federal Reserve Board with Yr. White on May 7th as follows: (% "There is no authority under the Federal Reserve Act for the investment of funds of the Federal Reserve Banks in the capital stock of foreign banking corporations. The proposed plan for the establishment of a central bank in Cuba would therefore require an amendment to the Federal Reserve Act. The Federal Reserve Board would not be disposed to ask of Congress an amendment for this purpose. It is therefore not necessary for the Board to comment on other features for the participation of the Federal Reserve Board in the proposed banking plan." ' The Governor submitted a letter dated May 12th, from Mr. J. 7% Barton Vice Presfdent of the Metro )olitan-National Rank of Minneapolis, advising that the National Bank Section of the American Bankers' Association had ap13°Inted a committee consisting of five members, with 'Mr. Barton, Chairman, to , -onsider the question of the handling of non-cash collections by Federal Ileserve banks and requesting that authority be granted that Committee to conWith the Federal Reserve Board or with a Co-mitteeqappointed by the Board, "the subject of "Non-cash collections". Upon notion, it was voted thf,t the Governor be requested to advise Yr. Barton, that the Committee of Federal Reserve bank Governors a)pointed by the Board to consider the matter of Non-cash collections, will meet in 7ashington at 10:00 a.m. on May 23rd, and to extend to Mr. Barton *LI f -6- 5/15/23 together with such members of his Committee as he may wish to bring, an invitation to attend for the purpose of presenting their views to the Governors' Committee on Voluntary Services appointed by the Federal Reserve Board. The Governor was further requested to advise the Committees of Federal Reserve Bank Governors on Open Market Purchases and Voluntary Services that the Bo.ard desires them to meet in '.7ashington on May 23rd, 1923, at 10:00 a.m. OF COMMITTEE NO, 1 Dated May 11th, 12th, 14th, 15n, Dated May 10th, Recommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary'Yinute Book of this date. Approved. Recommending approval of the application of Mr, Edgar L. Marston to serve at the sane time as director of the First National Bank, Los Angeles, Cal., and. of the Guaranty Trust Company and of the Bankers Trust Company, both of New York City. Approv ed. The meeting adjourned at 12:45 p.m. Secret ary. •die %roved: Governor•iiiffiro,
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