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3160 A meeting of the Federal Reserve Board in executive session 14111 held in Washington on Friday, October 12, 1934, at 2:30 p. in. PRESENT: Thomns, Vice GoTernor Hamlin Miller Tames Szymczak Yr. O'Connor Mr. lir. Yr. Mr. Reference was made to the recent action taken by the l'ederal ReServe Bank of Atlanta in regard and DO the discontinuance of the Havana to the letters received under date of August 10 from la'. ilewtoa, Chairman of the federal Reserve Bank of Atlanta, and September .1"41 tel Governor Black of the Atlanta bank, advising of the action by the board of directors of the bank in voting that the federal Ileserve Board be advised that the Federal Reserve Bank of Atlanta would el5c110erate in the System operation of the Havana agency, and expressing the °1/inion that its operation as a System agency would be a proper Naution of the problem. The suggestion of the Atlanta directors was uiscusied and it was voted that Counsel be requested to submit an opinion as to the authority of the Board to require the naintenance of the agency on a 6ystem basis. Lx. Thomas called attention to a letter received by him under 4te °1 Septemb.r 26, 1934, from Mr. Curtis L. Losher, which had been "ea ctmong the members of the Board, referring to the discontinuance ot Ilia 8 k)1,1 or the ices es assistant iederal reserve agent at the Jederal Reserve Anneapolis, and suggesting that the .ederal Reserve Board reauest erea Reserve Bank of i.inneapo1is to restore his name to the b:1711-'s 3161 10/12/',54 -2Dayroil 1O the period from ,Tanuary 1 to 1,Arch 1, 1934, and permit him, as the latter date, to make application for voluntary retirement under the retirezlent systau of the Federal reserve banks. _fter uiscussion, it was voted that Counsel be requested to submit an opinion as to the Board's authority to recuire the restoration of 1:.r. 1,:osher to the payroll of the Linneapolis bank and with regard to his elisibi'ity for retirement under the retirement system of the wederal reserve banks. Reterence was uhen made uo the Board's letters or Se7i,tem:cer 13 t ' 0 the chairmen of the uoards of cdrectors of all Federal reserve b ith resurd to meetings of the uoards of uirectors of the banks and CAe i4ith the Federal Reserve Board in Viashington, Fr. Tames stated that he had been aavised by some of the directors in the St. Louis aistI7leti Pa.'ticularly the directors of the Lemphis branch, that it would be difficult for them to find time to come to Washington during 13°t(3ber• Reference was also made to the expense which would be involved hayiztk; the directors of the respective banks and branches come to h4411i1)€t0n, and there was discussion of the matters which would be placed :!c1114 1311(3gram fc.pr consideration with the various boards of directors. Ile(1).%/Iion was expressed by some of the members present that, in view (Itthe difficulty time which some of the directors would have in finding t0 Ettteild i;he meetings, and a3 there are a number of other matters which l'ecIlitre the Eoard's attention at the present time, it woula be desirable to 1:)°stioolle all arrangements for the meetings and 60 dive consideration to the rilatter at a later date. Szymczak stated that he felt the meetings should be held as ecl' as his recent visits to some or the reserve banks had convinced 3162 1°/12/64 that banks and the Board are drifting apart and that they should be brollght tcy,; - ether either through the medium of such meetings or such Othe Llealls as the Board might consider desirable. He also stated that ueetings are not held, the Board should consider the Possibility 47ing the directors of the eastern banks come to ::ashington for meet' 144 with the Board, anu of the Board arran:ing meetings at some western * where the directors of the western banks could meet with the Board without the necessity of coming all the way to ,ashineton. At the conclusion af the discussion, it was voted to advise the 7ederal reserve banks -6hat, inasmuch as some of the directors had indicated that it would difficult for than to find time to attend meetings in the near future and as there L,re a number or matters which are making heavy demands on the Board's time which make it difficult to arrange a satisfactory schedule for the neetings, the Board has concluded hat, without abandoning entirely the idea which prompted the original suggestion, it would be desirable to Postpone until a later date all arrangements ror the meetings. Mr. Thomas was authorized to select a person to be added to the Board's staff to act as his assistant, it being understood that the salary of tne person selected would be submitted to the Board for approval in the usual way. be roll Con3i A -L ueration was then given to the question of the procedure to ()we( ' bY the Federal .;eserve Board in the selection of an architect the .13°azd's new building. After discussion, it was voted that the selecticm of the architect for the now building should be on a competitive basis, and La.. hiller was requested to consult with Charles :oore, Chairman of the Coirtinission of Fine Arts, and submit recomuendations to the Board with regard (1) to the details 'or the pzocedure in making the selection or the architect, and (2) to the employment of a professional adviser to assist the Board in working out the details of the program ror the competition. Thereupon the meeting adjourned. r--
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