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2 L meetin; of the 2edera1 Heserve Board was held in the office of the &eden1 aeserve Board on .'itesday, November 2 , 1924, at 11:15 a.m. Vice l;overnor Platt Mr. liamlin Mx. Miller Mr. James ham Mr. Cunn Mr. 'Eddy, '3ecretary 2he minutes of the meetin of the 2edera1 2eserve ,)oard held on Jth zero read and approved as amended. ItOVenJr 2he readinc, of the minutes of the metinL; of the 2ederal :ieserve Board held on November ...ast was dispensed with. Memorandum dated November 21st from the Secretary, advisinc that the two months' leave of absence, ithout pay, :,_ranted Miss Miriam Holmes, Stenographer in the Chief Clerk's Office, expired on November 15th and recomMendinc that her name be dropied from the Board's rolls, effective as of i:ovember 16, 1924. pproved. Report of Co:mittee on Salaries, Expenditures and Lfficiency on matter referred to it t the meeting on November 19th, namely, letter dated November 14th from the :.ctin,:; Comptroller of the Currency, recommending approval of a. salary of ,,:2700 per annum for National Bank :lxaminer Prank Krippell to be assii;ned to the 6th 2edera1 2eserve Jistrict; the Committee also recommending approval. Ipproved. 2he Vice Governor then presented the matter approved on initials on lovember 22nd, namely, letter dated November 22nd from the Lcting Comptroller Of the Currency, recommendinG approval of a salary of .:;3600 per annum for r) 4 Nrctional Bsnk Examiner Otis . 7.7hite, to be assined to the 10th 'Federal lieserve District. Upon motion, the above mentioned salary was Cormally approved. - eport of Committee onarnint,tions on memorandum dated November 21st R • from the :ctinL; ComPtroller of the Currency, re,comnendin; approval of a reduction from . 100,000 to :50,0u0 n the capLza of the A.anters rational tank of Bennettsville, J. 0.; the Committee also recolzmiendinf; a-oprovl. Lpproved. :eport of Committee on .]xamin: Lions on letter dated November 17] frem the Chairman of the Federal Reserve Bank of C3- icac7o, requesting approval Pf the absorption by the Kent State Bank of Brand jlapids, Llichi,san, of the 4. Commorciz 1 a.vin ;s Bank and the Peoples Javinzs Bank, both members in that city; the Board's Committee :.lso recommending approval. Lpproved. Letter dated November 19th from the Federal :ieserve I:;ent at Can erancisco, recommending approval of the application of the Pacific Southwest -Lrust and. Savings bank to change the location of its proposed Culver City brLnch 2roi Bagley znd 'Vashin.:ton Streets to Main Street and Venice Boulevard, Culver City district, Los 4,ni:;eles. Approved. . lieport of Committee on oalaries, Ixpenditures and "ifficiency on the mtter referred to it at the meeting on Lovember 19th, namely, letter -3- 11/25/24 Bank of itlanta, dated November 13th from the secretary of the Federal Reserve of that bank in votin requesting aplroval of the action of the directors to Chapter of the :merican contribute an amount not exceeding ,;50(.) to the Atlanta attention to the fact that the Institute of Banking; the Committee calling suchappropriations was discussed question of the advisability and legality of recomct the recent conference of governors and Federal Reserve :„gents and the establishment of mending that Lotion by the Board be deferred pending and educational a jystem policy in the matter of contributions for %elfare work. Upon motion, the recommendation of the Committee was approved. that his 2elegrm dated November 20th from Mr. Henry C. Brock advising dated November . rosi rrtion ts _ssistant Federal Reserve ..:-ent at Ban Francisco, 14th nnd effective December 1st, is awaiting the return of Mr. errin for tran3mission to the Board. Noted. Ban Francisco Letter dated November 22nd from the Federal Reserve .f,;ent at issistant Federal recommending the appointment of 1:1r. Henry L. Sproul as 1924; together Reserve Lgent to succeed Mr. _,reck, effective December 1, to with E- telegram dated November -4th recommending an increase from -4,000 1, 1925. 5,000 per annum in the salary of Mr. Sproul, effective January Referred to the Committee on Jalt.ries, and _::fficiency. xpenditures Reserve Letter dated :ovember 21st from the Chairman of the Federal -ank of New York, advising that the resignation of Mx. Lthepard Morgan, -4- 11/25/24 Assistant Federal Reserve Agent, has been tendered effective rovember 21, 1924. Upon motion, the resignation of Mr. Morgan was zccepted. Memorandum dated November 24th from the Committee on Salaries, Expenditures and Efficiency, submitting draft of a letter to the Chairmen Of all Federal Reserve banks on the subject "Closing of Books on December 31, 1924." After amendment by the omission of a paragraph relating to charges against surplus, the proposed letter was approved and ordered transmitted. Memorandum dated November 19th from the Director of the Division of Research and Statistics, recommending the purchase of electric calculating machines at a total cost of 41000. Approved. Memorandum dated November 19th from the Director of the Division of Research and Statistics, submitting certain amendments to the principles governing research, statistical and publication activities of the Federal Reserve banks and the Federal Reserve Board, adopted by the Board on October 31, 1924. After discussion, the revised principles were referred to the Committee on Research and Statistics for the inclusion of a clause prohibiting bulk distribution without charge of copies of monthly letters issued by the Federal reserve banks, the memorandum being otherwise approved. Memorandum dated November 24th from the Secretary transmitting a statement on the subject "Relation of the Federal Reserve System to 11/25/24 -5- Acriculture", requested by the Under oecretary of the -2reasury in his letter Of November 19th. .ieferred to the Committee on .Lricultural Credits. LibmonAldum from Lssistant Counsel dated November 24th, vith mzard to letter dated November 20th from the Chairman of the Zedeml Reserve 13anIc Of Ltlanta in4uirin1;7 whether the election of a Class A director to succeed 1,4*. Oscar Newton, appointed Class C director of the bank, effective January 1 1925, should be undertaken r.-t the present time or deferred until after January 1st; Counsel advising that it would be better to hold the election after January 1st. Upon motion, the position taken by the Board's Counsel 1-as approved. Report of Committee on Branches on letter dated November 18th from the Jecretary of the 2ederal Reserve Bank of Cleveland, transmitting the By-laws of its _ittsburh and Cincinwti Branches, amended to conform to the "Board's ffoverning the appointment of directors of Branch clederal Reserve banks; the Co-Imittee recommending approval of the By-laws as amended. 1,pproved. Better dated November 42nd from the Jecretary of the jtockholders A_dvisory Committee of the 1st - ederal 2eserve District, transmittin a resolution adopted by the Stockholders of the 2ederal Reserve Bank of 3ostJn at a. meetin,2 held on November 19th, recommending that member banks be permitted to ded'act from cross demand deposits subject to reserve, the amount o: cash items sent to the 2ederal :eserve bank in process of collection 21 11/25/24 -6- Upon motion, the above letter was ordered circulated and referred to a special committee to be appointed for the purpose of considering the revision of reserve requirements. Letter dated November 24th from the Secretary of the Governors' Conference, advising of the recommendation of the recent Governors' Conference that there be referred to the meeting of Federal Reserve Bank counsel to be held in Washington on December 5th, the question of the necessity of a guarantee of prior endorsements on non-cash collection items. Upon motion, this question was ordered referred to the Federal Reserve Bank Counsel at their meeting on December 5th, • Draft of reply to letter dated Novnnber 20th from the Assistant Federal Reserve Agent at Boston, advising that the Holyoke National Bank of Holyoke, Massachusetts has declined to cancel shares of capital stock in the Federal Reserve bank in proportion to a recent reduction from 000,000 to .;100,000 in its surplus; the proposed reply stating that under the Board's ruling on the subject the bank is entitled to retain the extra stock if it desires. Upon motion, the proposed reply was approved. Telegram dated November 22nd from the Issistant Federal Reserve /cent at San Francisco, Inquiring whether Oaklz..nd, Berkeley and Alameda, which are separated from Jan Francisco by San Francisco Bay, are considered contiguous to the city of San Francisco under the Board's regulations. Referred to the Committee on :IxaminLtionse Report of Law Comndttee on the matter referred to it at the meeting °11 November 19th, namely, memorandum dated November 15th from Mr. James submit- -7_ 11/25/24 ting an opinion of Counsel on the subject of permitting country banks to deduct items in process of collection from gross demand deposits; the Law Committee recommending that this mitter be referred to a special committee on reserves the appointment of which was recommended by the recent conference of Governors and Federal Reserve Agents. Upon motion, this memorandum was ordered referred to the special committee along with the letter from the Secretary of the Stockholders Advisory Committee of the 1st Federal Reserve District, above referred to. Er. Cunninc ham then reported that there had come to him as Chairman of the Board's Committee on District 410, a letter dated September 29th addressed to the governor of the Board by Er. Fred 0. Roof, tendering his resignation as Class C director of the Federal Reserve Bank of Kansas City. Mr. Cunningham . stated that he desired instructions as to whether the Committee Should proceed in the matter of recommending a successor to Mr. Roof. After discussion, Mr. James made the following motion: "Whereas, a letter dated September 29, 1924 from Er. 2red 0. Roof, tendering his resignation as Class C director of the Federal Reserve Bank of Kansas City, has inadvertently miscarried and has not formally been acted upon, Be It Resolved, that mr. Roof and the Federal Aeserve Bank of Kansas City be formally notified that the resignation is accepted as of September 29, 1924." Carried. Mr. James then moved that the Board's Committee on District 410 make recommendation to the Board as to the appointment of a succe3sor to Er. Roof, to serve for the unexpired term ending December 31, 1925. Carried. 2_L1 k/ 11/25/24 _8- AZPOBTS 02 STANDING COMMI=S: Dated, November 21st, 22nd, Dated, November 25th, 25th, 25th, Dated, November 25th, Dated, November 24th, Dated, November 22nd, Dated, November 22nd, 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 Auxiliary Minute Book of this date. Approved. Recommendinc 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. Disapproved. Recommending approval of the application of Er. J.,. 77. Baltz to serve at the same time as director and officer of the First National Bank of Madison, Ills., as director and officer of the First National Bank of Millstadt, Ills. and as director and officer -]ast St. Louis, Ills. of the First Nctional Bank of , Approved, Recommending approval of the application of Ur. L. T. Hudspeth to serve at the same time as director of the American-Southern Trust Company, Little Rock, Ark., as Vice President and director of the First National Bank, Zureka Springs, Ark.and as Vice President and director of the Citizens National Bank, Harrison, Ark. Approved. Recommending disapproval of the application of Er. E:nanuel Cohen to serve as director of the United States National Bank, Los Ingeles, Cal. and as officer and director of the Hel Commercial Trust and Savirigs Bank, Los An s, Cal. Disapproved. The meeting adjourn Secreta APProve
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