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meeting of the Federal Reserve Board was held in the office of the
Federal Reserve Board on Welnesday, October loth, at /D:30 a.m.
Governor Crissiher
Platt
Bamlin
James
Cunningham
Mr...,Eady, Jecretary
2he minutes of the meeting of the Federal Reserve Board held on October 4th weri read and approved.
2he Secretary stated that the Federal Reserve Bank of New York had
r''ached an agreement with 71r. James 7. Carmalt who is to present to the Interstate Commerce Commission the matter of the revision of express rates on money
and securities, Lhereby his maximum fee of :15,000 will include all expenses
with the exception of court costs which it is estimted will amount to about
and which will be paid by the Federal Reserve Bank of New York.
Letter dated October 8th from the Comptroller of the Currency, recomMerlding,
from
an increase in the salary of National Bank
730 to .
aminer Wiley B. Sellers
0.)0 1,er L-innum.,
41roved.
2he Governor presented the report of examination of the Federal Reserve
Bank of Cleveland, including its branches, made as at the close of business July
71 1923.
Ref,Jrred to the Committee on District
To. 4.
1:.emorandum dated October 5th, nrom iLr. James, sunesting
form of
resolution regarding ship.lents of currency by and to Federal Reserve banks iro-
A
'riding that all such shipments to 2nd from .ember banks be considered as Tart
°f their reserve account larin: the period of transit.
)
1)/1O/23
Upon motion of lir. James, the resolution above mentioned was referred to a Standing Committee of the Board
on Currency, to be appointed by the Governor, and ordered
placed upon the program for consideration at the forthcoming
conference of Governors.
In accordance with the above action, the Governor appointed a Standing Committee on Currency consisting of Llessrs.
James, Platt and Hailin.
Llamorandum from Lir. James, dated October 9th, presenting to the Board
certain charts illustrating clearing house charges in certain cities where
Sudh. charges. are made to customers on itwis collected through the Federal Reserve System.
Upon motion of Lir. Hamlin, the memorandum and charts
were ordered laid on the, table.
Letter dated October 2nd, from the Chairman of the Federal Reserve Bank of
3an.
:ancisco, recommending that the Board cancel the designation of
acoma,
'
`la shington, as a reserve city.
4.
Referral to the Committee on District ITo. 12.
Letter dated October 4th, from the Chairman of the Federal Reserve Bank of
Lian
Francisco, transmitting copy of letter from
the Bank. of Italy Tithdraring its
ePllicetions for the approval oe the Federal Reserve Boer(' to its establishing
b ranches at Long Beach, Santa I.Laria and 71atsonvil1e, California.
Noted.
2he Governor stated to the Boerd that he had spent I:,onday, October 8th,
at the Federal Reserve Bank of New York, and while there discussed in detail
the Practice of Federal Reserve benks purchasing acceptances from bill brokers
1
L
11111er agreement to resell at a later date.
:here followed a discussion of the subject of repurchase agreements and In% Hemlin moved that the Board's General
t
10/10/23
""N
r;aulisel be instructeti to proceed to New York for the
purpose of looking trite the legal phase of repurchase
agreement contracts.
Ca rri ea.
.'he Law Committee submitted a memorandum from Counsel on the applioation
Of ljr. Albert C. Middleton for the Board's .1)ermission to serve at the same
tine ‘s director of the Camden 3afe Deposit and 2rust Company and the First
rnt 4
the
3tate Bank, both of Camden, New Jersey, expressing the opinion that
Board
has no power to
rant the application on the basis of the evidence
before it
with respect to competition between the institutions named.
.2tfter thorough discussion of the extent to which
the institutions appear to be in competition, it was
the opinion of all members of the Board that the application should be granted.
:r. Platt submitted a letter dated October 3rd, from the United 5tates DePartment of L.gricultIlre with respect to procedure in the matter of granting
licenses as Live atock Loan Inspectors.
Referred to Counsel for i)reparation of a reply for
s igiature of the Governor.
i!he Governor advised that he had, subject to formal al proval by the Board,
oi
Q-ven verbal authority to the Federal Farm Loan Board to make debentures of the
Intermediate Credit banks payable at the Federal Reserve banks.
Upon motion, the actiox of the Gayer:or in this matter was formally approved.
he Jecretary requestel authority to employ two additional stenographers
it annual salaries not to exceed ;31500 each.
Approved.
t
-4-
Mr. Platt submitted a letter, dated October 6th, from the Governor
Of the iecieral Reserve Bank of _Atlanta, which he stated was written in reply
to
n
letter addressed by him to the -tlantu bank in which he called attention
to '
11 inquiry magas by the member of the 2ederal .dvisory Council from the Sixth
District as to why the Atlanta bank was not following the pogitice of some of
the other 7ederal Reserve banks in purchasing 2 'easury Certificates from member
banks under resale agreement.
Mr. Platt was requested to reply to Governor Wellborn's letter and to advise him that he Board's letter
calling attention to the inquiry ma Je by Mr. Lane was sent
merely as a matter of information and to inform Governor
Wellborn that the Board has made no formal ruling on the
subject of repurchase agreements.
-114,t1ROR2S OF 32ANDING
Dated, October 4th,
COMII22
Recommending changes in stock at Federal Reserve banks
:3 set forth in the Auxiliary Minute Book of this date.
Approved.
bated, October 10th, Recommending action on applications for fiduciary powers
10th, as set forth in the Auxiliary Minute Book of this date.
:Tproved.
Dated,
October 10th, 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 ;:inute Book of this date.
Approved.
Dated, October 9th,
Recommending approval of the applic it ion of W.
A. Rockfeller to serve at the same time as director of the National City Bank, New York City, an, the Greem.ich 2rust Company, Greenwich, Conn.
Approved.
Dated, October 9th, Recommending approval of the at plic t ion of Mr. Morris
L.
;lothier to serve at the same time as director of the Franklin National Bank, of the Bank of North 41, merica and 2rust
Company and as director (manager) of the Girard 2rust Company,
all of Philadelphia, Pa.
Approved.
J),ted, October 9th,
Recommending a,]royal of the application of Mr. Gustavus
01)er, Jr. to serve as director of the Citizens Nation.,1
Bank, of the eidelity 2rust Company and of the Morris :lan
Bank, all of Baltimore, Md.
Approved.
5th,
10/1o/2,5
11
....kPOR2S
-5-
S2•21.DING CO2211122E.EZ (Cont'd)
Dated October 9th,
Dated October 9th,
Dated October 9th,
Dated October dth,
Dated octolier 9th,
Jated October 9th,
1),Ited October 4th,
Dated October 4th,
44revad:
Reoommending approval of the application of Mr. James Mitchell to serve at the same time as director of the Union 2rast
and Hudson County National Bank and of the Bergen National
Bank, both of Jersey City, N.J.
Approved.
Recommending approval of the application of Mr. '7.M. Anderson to serve at the sane time as director of the Union rational Bank and of the Drovers and Memhants National Bank, both
of Philadelphia, Pa.
Approved.
Recommending approval of the application of Ur. Charles A.
Miller to serve at the same time as director of the First
National Bark, Allegany, New York and as employee in the
&change National Bank, Olean, New York.
•
Approved.
Recommending approval of the application of Mr. E. J. Davenport to serve at the same time as Vice Presiuent and
Direc:Jor of the Uidwood 2rust Company, Brooklyn, and as
Director of the Hatilton National Bank, New York City.
Approved.
Recomnending approval of the application of lir. xking Norwood to s,q-ve at the same ti n23 as officer and ciirector of
the National Bank of Commerce, Houston, l'exas and us Vice
President of the First National Bank, Navasota, 2exas.
approved.
Recommending approval of the application of Mr. F.X. Rydzewski to serve at the same tii as director of the Calurnent
National Bank, of the Ogden Avenue State Bank, and as officer and director of the Inter-State National Bank, all of
Chicago, Illinois.
approved.
Reoonrnending approval of the application of Ur. .E.O'.Frutchinsonto serve at the same time as director of the Broad Street
National Bank sand of the Mercer Trust Company, both of 2renton, New Jersey.
•
Approved.
Recommending approval of the application of Mr. 17m. G. Howell
to serve at the same time as director and off cer of the
Broad Street National Bank and, of the Uer
Trust Company,
both of :2renton, New Jersey.
Approved.
•
2he meeting a, .iourned at 12
@FedFRASER