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106 Upon call of the Governor, a special mooting of the Federal Reserve Board was held in the office of the Federal Reserve Board at 11:00 o'clock Friday, October 31, 1924. :Pit:;3.111T.P.: PR.::331T2 Governor Cris singer Mr. Platt Mr. Lamlin Miller Mr. James Mr. Cunningham Noell, Assistant Secretary LSO: Dr. Stewart, Director of the Division of Research and Statistics. The minutes of the meeting of the Federal Reserve Board held on October 28th were read and approved. The minutes of the meeting of the Federal Reserve Board held on October 30th were read and approved as amended. Letter dated October 24thfrom the Assistant Federal Reserve Agent at San Francisco, advising that the Security Trust Company of Bakersfield has decided not to establish the branch at Eighteenth Stteet and Chester livenue, Bakersfield, which was approved by the Board on January 25, 1923. Noted. Letter dated October 24th from the Federal Reserve Agent at San Francisco, requesting approval of the location at 3222 South Main Street, Los Angeles, of the branch of the Pacific Southwest Trust and Savings Bank, approved for establishment at Washington Street and Arlington Avenue. Approved. Report of Committee on District 49 on matter referred to it at the Meeting on October 28th, namely, letter dated October 22nd from the Chairman of the conOf the Federal Reserve Bank of Minneapolis, requesting approval 10/31/24 -2- struction of an assembly room on the roof of the bank's building, at a cost Of approximately .47,310; Mr. Miler recommending approval of the expenditure and Mr. Cunningham recommending disapproval. After discussion, Mr. Hamlin moved that the Board approve of the Federal Reserve Bank of inneapolis proceeding with the construction. Mr. Hamlin's motion being put by the chair was carried, the members voting as follows: Mr. Platt "aye" Mr. Hamlin "aye" Mr. Miller "aye" Mr. James "no" Mr. Cunningham "no" Governor Crissinger "not voting" Memorandum dated October 24th from Assistant jecretary of the Treasury Dewey, suggesting that the Board circularize the Federal reserve banks requesting each to receive a proportionate share of about ten million new Treasury; standard silver dollars, the cost of shipping same to be borne by the togethEr with draft of letter to all Federal reserve banks on the subject. Upon motion, the suggestion of the Assistant Secretary of the 2reasury was approved and the proposed letter to all Federal reserve banks, after amendment, was ordered transmitted. In this connection, Mr. Platt moved that all Federal reserve banks not doing so be requested to give consideration to the question of absorbing the cost of outgoing shipments of standard silver dollars. Carried. The Governor then submdtted communications dated October :.9th from the Federal Reserve Banks of Philadelphia, Cleveland and Chicago, with regard to the observance of November 4th, election day, as a holiday. Mr. Hamlin moved that the Federal Reserve Banks in question be directed to comply with the Board's Regulations which require all Federal reserve banks and branches to remain open, and all Federal reserve banks and direct settling branches to participate in the gold settlement fund clearing. Carried. ,o I( UC) 10/31/24 Letter dated October 24th from the Federal Reserve Agent at Atlanta, enclosing copy of suit brought by depositors in the Bank of Iota, Iota, Louisiana, aainst the Federal Reserve Bank of Itlanta, and advising that all bills receivable and other collateral of the bank held by the New Orleans Branch have, under order of the Court, been sequestered into the hands of the officers of the Court. After discussion, Jr. Miller moved that this matter be referrel to the Governor with the view of seeing that the Federal reserve interests in this case are properly defended and protected. Carried. The Governor then presented a letter addressed to him from Paris by the Federal Reserve Agent of New York outlining for the personal and con- fidential information of the Members of the Board his observations on conditions abroad. Ordered circulated. The Governor then stated that the Members of the Board should submit, prior to December 1st, any material which they desire to have incorporated in the Board's annual report for the year. Dr. Stewart then read and discussed with the Members of the Board, the following report slimed by the Committee on Research and Statistics: "The Committee on Research and Statistics in response to the resolution of the Board of July 30, 1924, asking the Committee to prepare a plan designed to secure the coordination and control of the research, statistical and publication activities of the Federal Reserve banks and the Federal Reserve Board submits the following report: Scope and Purpose. The purpose of the work of the research and statistical divisions of the Federal Reserve Banks and Board is to collect and digest information bearing on the problems with which the Federal Reserve System is concerned, either as a matter of current operation or as the basis of Federal Reserve policies. 10/31/24 -4- on "All such work shall be under the supervision and directi of n Divisio its through acting Board of the Federal Reserve Research and Statistics. be While research studies and scientific investigations may of or Banks Reserve Federal the of ive initiat undertaken on the before must Banks Reserve Federal the Board, the Federal Reserve l any expense is incurred for their prosecution secure the approva the of the Federal Reserve Board. In conducting such studies may ics Statist and h Researc of n Divisio Board's Director of the of Banks Reserve Federal the of more or one to make assignments such portions as may seem desirable. monthly publiPublications. Beginning with January, 1925, the oi ht pages. cations of the Federal Reserve Banks shall not exceed only to made be shall tions publica such of ution Free distrib 'Federal member banks, to other Federal Reserve Banks, to the information. To Reserve Board and to firms reortin; statistical all others a charge shall be made to cover costs. Agents The Lionthly Reviews published by the Federal Reserve r Directo the of sion shall be under the general editorial supervi shall wi,o Board, Reserve of Research and Statistics of the Federal the research, be responsible to the 3oard for the proper conduct of Board and the by ken underta statistical and publication activities authorized for the several banks. the Recommendations. It is recommended that the Board adopt d informe be ligents Reserve above principles and that the Federal ming forthco their at asked be of the conclusions of the Board and the Board's conference to come with specific suggestions to assist the to effect giving in ics Director of Research and Statist ve effecti become to are which principles laid down by the Board January 1, 1925. If the Board approves this recommenLetter of Transmittal. of transmittal dation, it is suggested that the following letter Agents: be sent to all Federal Reserve The Board after careful consideration of the problem of reorganizing and coordinating the work of research and statistics of the Federal Reserve System in the interest both of economy and efficiency has reached certain conclusions, a copy of which is herewith transmitted. You are requested to prepare and submit to the Board for approval not later than December 15, 1924, a budget of expenditures covering work in research, statistics and publication to be carried on during the year 1925 by you or in your department. This budget must conform carefully to the scope and purpose of research, statistics, and publication as defined in the Board's statement of principles." ‘f 10/31/24 Mr. Miller moved adoption of the Committee's report. Yir. Hamlin moved as a substitute for Mr. Miller's motion that the Committee's report be referred to the Federal Reserve Agents at their conference on November 10th for discussion with Dr. Stewart and report to the Board. Mr. Hamlin's motion being put by the chair was lost, the members voting as follows: Mr. Platt "aye" Mr. Hamlin "aye" Mr. Ja,ries "aye" Governor Crissinger "no" Mr. Miller "no" Mr. Cunningham "no" Mr. Miller's original motion being put by the chair was carried, Mr. Hamlin voting "no". The Governor then stated that consideration by the Board of the Pension tatter discussed at a conference yesterday with members of the Pension Comtittee of the Governors' Conference and their advisers, would be made special order of business for the meeting on November 13th. The Governor also stated that the matter of the appointmemt of Class C Directors of Federal reserve banks and directors of branch Federal reserve banks will be made special order for the first meeting in December and that the various District committees should submit their recommendations to the Committee on Nominations before that date. Upon motion by Mr. Hamlin, it was then voted that the Federal reserve banks be advised to consider amendment of the by-laws of their branches to conform with the Board's Regulations governing the appointmemt of brunch directors. ZEPORTS OF STAITIKG COMIITTEES: Dated Qctober 28th, Recommending changes in stock at Federal Reserve banks, as set forth in the Auxiliary Minute Book of this date. Approved. 10/31/24 -6Me meeting adjourned at 12:20 p.m. Assistant Secretary Approved: Govern
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