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A meeting of the Federal Reserve Board was held in the office of the Pederal Reserve Board on Tuesday, May 8, 1923, at 11:00 o'clock. PR2SENT: Governor Crissinger Yr. Platt Mr. Famlin Mr. Miller Mr. Mitchell Mr. Dawes Mr. Hoxton, Secretary The minutes of the meeting of the Federal Reserve Board held on May 3rd Were read and on motion ap„)roved. The minutes of 's. special meeting of the Federal Reserve Board held on 1111Y 4th were read and on motion approved. Letter dated May 4th, from the Governor of the Federal Reserve Bank of Dallas, suggesting that some arrangement be made by which Federal Reserve notes Issued by the Federal Reserve Bank of Dallas may be circulated in Cuba. Ordered laid on the table until the matter of a Cuban Agency is settled. Matter ordered circulated on May 3rd, namely, memorandum dated May 3rd *ft General Counsel upon the legality of a plan of examination of state member banks, outlined by Yr. Austin in his letter of May 1st. Ordered ref,3rred to Mr. Ferson for report together with letters upon this subject which have subsequently been received from other Federal Reserve banks. Letter from the Chairman of the Federal Reserve Bank of Yew York, with l'eterenee to filling a vacancy caused by the resignation of the General Auditor °f that bank, Yr. FrEtncis Oakey. Referred to Mr. Herson for report tomorrow. Letter dated April 30th, from the Federal Reserve Agent at San Fran0, submitting further information with reference to building materials 5/8/23 -2- 11d wages at Salt Lake City, Utah. Referred to Mr. Hamlin for report. Memoiandum dated May 3rd, from the Comptroller of the Currency, transbitting with favorable recommendation the application of the First National Bank of Bridgeport, Connecticut, to reduce its capital stock from !2,000,000 to 11,000,000. .Approved. Letter dated May 3rd, from the Federal Reserve Agent at ?hiladelphia„ tl ' ansmitting with favorable recommendation, the application of the Peoples Savings and Dime Bank and Trust Company of Scranton, Pa., to broaden its Powers by exercising trust functions. Approved. Telegram dated May 5th, from the Federal Reserve Agent at Dallas, reglaseting authority to appoint Fr. S. F. Leavell, as Assistant Federal Reserve Agent and Assistant Auditor at the Houston Branch of the Federal Reserve Bank of Dallas at a salary of' ' 1 3300 per annum. Approved. Letter dated May 4th, from S. B. Redding and Company, protesting against banks and banking institutions acting as agents for insurance coMpanies, Referred to Mr. Hamlin for reply. Matter ordered circulated on April 18th, namely, letter from Mr. J. rooks B. Parker, of the Aviation Syndicate with reference to the proacceleration of bank clearances by means of air service. -3- 5/8/23 The Secretary was instructed to advise Yr. Parker that the Board is satisfied with present facilities. Matter ordered circulated on May 1st, namely, draft of letter prepared by General Counsel, for the signature of the Secretary addressed to Mr. -T. P. 14eQ1ald. Jacksonville, Florida, replying to Mr. rcT',uaid's inquiry as to vhat constitutes a farm loan under Section 24 of the Federal Reserve Act. Approved. Mr. Miller submitted to the Board a draft of a letter dated May 3rd, addressed by him to Mr. Ivan 7right, Department of Economics, University of in reply to Mr. -:right's expression of a desire to maim connection With the Federal Reserve Board for the summer in order to prosecute his studies cr national credit policy. Approved. Letter dated May 4th, from Mr. Case, Deputy Governor of the Federal ileaerve Bank of New York, suggesting that the Committee on Open Market Operaand the Committee on Voluntary Services of the Federal Reserve banks, hold. a meeting at Cleveland, Ohio, on June 25th. Upon motion, the Secretary was instructed to advise Mr. Case that the Board wishes the meeting referred to, to be held in Washington on June 25th, Fr. Platt voting "no". Letter dated April 13th, from the Manager of the Minneapolis Clearing Rom, --e Association, addressed to Fr. Crissinger, transmitting a resolution of the ..._ Cl ring House, protesting against the Federal Reserve banks handling Rola_ "ash or Collection items and requesting that the Federal Reserve Board Rivet, "cheideration to the matter of discontinuing said service on the part 13 the said Federal Reserve banks. 5/8/„„3 -4- Upon motion, the 2ecretLry was instructed to advise the Manager of the :'inneapolis Clearing house Association that the subject matter of his letter is now under consideration of the Federal .",eserve Loard. Lr• iller stated that a request had been received from the Continental 13111:1 and. Mortgage Corporation, for permission to reprint a certain article 11P°11 finalice companies which appeared in the January edition of the Federal IlesQr — ve Bulletin. l',eferred to 1.."r. Tiller for reply. It was the sense of the meeting that' there is no objection of the reprint referred to if the source of the material is clearly indicated in the reprint and under conditions to be set forth in Mr. Tiller's letter. r. Tsl'iller called attention to the large cost of the research, statistical, 6rld b, 14 relations work at the several Federal 7eserve banks and expressed his °I?illion that there is along these lines a particular work for the Federal 7esbanks and a particular work for the F - ederal -Qmserve Board, but that a 837st illatic survey should be made in order to secure unity and efficiency and in 0,, laer to eliminate duplication and to reduce cost. r-rovcrnor Crissin:-er adviser. the Board that effective Fay 1st he has selectcl Lir. Aubrey P. Carter to serve as his Secretary with no change in present 11''Y and. hr. Henry G. Giovanetti to serve as stenographer in his office at of '.2.,000 per annum and that he has attached to his office as mes-1 81.e 'rY 411fl'el", Tiobert cir 1.7aNY c. Simms, those appointment has heretofore been mde effective a, 1923. I? çhLrITCz 1)4t etC1 Lay 3rd, 5th, 7th, 8th, 110. 1 Recommending changes in stock at Federal 72.eserve banks, as set forth in the Auxiliary Minute book of this date. Approved. 4 r k 5/8/23 -5- 1.112sImiop C=ITT1',:2 M. 1 (Contid) Dated }Tay 2nd, 'ecommending action on applications for fiduciary powers as May 5th, Dated Lay 5th, Datea Liay 8th, bat ed ria y 5th 11- bated May 2nd, Dated flay 7th, set forth in the ,tuxiliary Minute Pock of this date. Approved. :ecommendin17, action on application for fiduciary poters as set forth in the 2_uxiliary Minute Rook of this date. Ordered held. Recommending action on application for admission of state bank, subject to the conditions stated in the individual reports attached to the application, as set forth in the Auxiliary minute book of this date. Approved. Recommending approval of the application of Yr. Arthur Sachs to serve at the sane time as director of the Public National Bank, of the Irving flank - Columbia Trust Company and of the Goldman-Sachs and Company, all of Now York City. Approved. Recommending approval of the application of Yr. Pathburn Fuller to serve at the same time as director and Vice President of the First National Bank and of the Summit Trust Company, both of Toledo, Ohio. Approved. Recommending approval of the application of Mr. O. D. Jacoby to serve at the same time as director of the American National Bank, San Francisco, Cal. and of the First National Bank, Livermore, Cal., and as director and Vice President of the First National Bark, rakland, cal. Approved. The meeting adjournec at 12:40 p.m. e Secretary. %roved:
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