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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Thursday, November 1st, at 11:05 a.m. PRESENT: Governor Crissinger Platt Mr. Hamlin Er. Miller Yr. James Ur. Cunningham Mr. Lddy, Secretary. Mr. The minutes of the meeting of the Federal Reserve Board held on October 31st were read and approved as amended. Memorandum dated October 31st, from the Comptroller of the Currency, recommending approval of the application of The Ubtacomet National Bank of Pall River, Massachusetts, to reduce its capital stock from 1, ::750,000 to00,000, Approved. Letter dated October 30th, from the Governor of the Federal Reserve Bank of Chicago, with regard to the recent case, called to the attention of the Board by the Secretary of the National and State Bankers' Protective Association, of the use of an agent other than a bank in collecting checks drawn upon a non-member bank in the Seventh Federal Reserve District. Referred to Committee on Clearings, for recommendation as to the policy to be followed by Federal Reserve banks in handling items drawn on banks whose names appear on the Federal Reserve Par list, but from which the Federal Reserve banks do not receive satisfactory remittances. Letter dated October 30th, from the Chairman of the Federal Reserve Bank of Atlanta, with respect to the eligibility of certain member 11/1/23 -2- banks to cast votes in the forthcoming election of Class "A" and "B" directors of the Federal Reserve Bank of Atlanta. Referred to Law Committee. Telegram dated October 31st, from the Federal Reserve Agent at San Francisco, advising of arrangments being made for the merger Wider state charter of the Wells Fargo Nevada National Bank and the Union Trust Company, both member banks located in San Francisco, and the operation of both offices, one as head office and the other as a' branch, and recommending approval of the arrangements by the Federal Reserve Board. Referred to Committee on JIcaminations. Memorandum dated October 31st, from Counsel with reference to the application of Mr. John D. Spreckels, for permission to serve as a director of the Anglo and London-Paris National Bank, and the Union Trust Company, both of San Francisco, and as director of the First National Bank of San Diego, stating that the Board has no power under the law to grant the application, and recommending that the Board take no administrative action to enforce Mr. Spreckells resignation from either institution With the close of the present year, but require him not to stand for re- election at the next election of directors of one of the banks. Upon motion, the recommendations contained in the memorandum of Counsel were approved. Letter dated October 30th, from Mr. Kenzel, Chairman of the Committee on Pensions, enclosing copies of a supplemental report of the Pension 11/1123 -3- Committee, and calling attention to the fact that the proposed pension Plan will be discussed at the forthcoming conference of Governors. Upon motion, copies of the supplemental report of the Pension Committee were ordered distributed among the members of the Board and the matter was docketed for consideration at the meeting on Wednesday, November 7th. The Special Committee appointed by the Governor at the meeting On October 30th, submitted its report on the matters referred to it, tamely, suggested resolutions establishing a liolicy for the Federal Reserve System in the matter of publicity and public relations pork and a suggested form of reply to the letter from the Federal Reserve Agent at Minneapolis with regard to broadening of public relations work in the Ninth Federal Reserve District. Upon motion of Mr. James, the resolution set forth in the Committee's report was unanimously adopted as follows: "WEMEAS, it is most desirable that the public, the member banks and non-member banks throujiout the country should be accurately advised as to the work of the Federal Reserve Board and the Federal eserve Banks; and 7,HEREAS, lack of knowledge and misinformation is responsible for almost all of the criticism and attacks made upon the System; BE IT RESOLVED that it be the duty of the members of the Board and the his.her officers of the Reserve Banks to make special effort to overcome antagonism toward -the System, by personal efforts in visiting and consulting with in those communities -here T. the banters and business = dissatisfaction with or criticism of the System prevails; and BE IT URTILR RESOLVED that an hour be set for the special consideration of this subject at the November conference Of the Governors and Agents." .11 11/1/23 -4- Mr. James then moved that the Board approve the form of letter to the Federal Reserve Agent at llinneapolis suggested by the Connittee. Unanimously approved. The Coranittee on Branches re orted on tht) matter referred to it at the meeting on October 30th, and submitted a form of letter addressed to the Chairman of the Board of Directors of the Birmingham Branch of the Federal Reserve Bank of Atlanta, with respect to the erection of a building to house the branch. Upon motion of Mr. Hamlin, the letter was approved and ordered transmitted under this date. Ur. James advised the Board that 1,1r. Paul Edwards, of the Bureau Of Foreign and Domestic Commerce of the Department of Commerce, this Morning presented to him, as Chairman of the Board's Committee on Cuban Agencies, a series of questions set out in a memorandum dated October SOth, with the request that answers thereto be secured from Dr. Clarence Liar me, and that a transcript of Dr. Marine's answers be furnished to lir. Edwards. :Jr. James requested that the Board instruct him, as Chairof its Committee on Cuban Lgencies, Whether he should decline or undertake to comply with Mr. Edward' request. Following a general discussion of the responsibility of the Board for the actions of its nominee on the Superior Liquidating Commission of Cuba, Dr. Millor moved the adoption of the following resolution: "MEMO, it appears that some doubts have arisen in the minds of State Department officials concerned with , 11/1/23 Cuban affairs with reference to the manner in which the Superior Liquidating Commission of Cuba, on which there is a member who was nominated by the Federal Reserve Board, on the specific recommendation of the State Department throu6h General Crowder, is carryiag on its work, especially whether the interests of American creditors are being properly protected the Governor is instructed to communicate with the State Department and in.,uire what responsibility the State Department believes the Federal Reserve Board has in the premises and 7:that it wishes the Board to do that is within its power and province." Carried. Mr. James then stated that in the licht of the resolution offered by L7r0 Miller he would not attempt to develop the questions proposed by Mr. dwards, without further instructions from the Board. aVORTS OF sTAripaG COMMITTEES Dated, October 31st, rovember 1st, Dated, October 31st, Recommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary Minute Book of this date. Approved. Recommending approval of the application of Er. John Porter to serve at the same time as director of the Chicopee rational Bank of Springfield, Massachusetts, and as director of the City Bank and Trust Company, Hartford, Conne ticut. Approved. The meeting adjourned at 1:45 Approved: Air Airaf A Gov° Seer a ry.
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