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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on 2liesday, September 11th, 1923, at 11:00 a m PRESZN2: Governor Crissinger Mr. Hamlin Mr. Miller Mr. James Mr. Cunningham , Mr. Haxton, Secretary Zhe minutes of the meeting of the Federal Reserve Board held an September 6th were read and approved. Upon motion, the bond of Mr. William Joseph Evans, Acting Assistant Federal Reserve Agent of the Federal Reserve Bank of Dallas, was approved in the amount of50,000. Letter dated September 7, 1923, from the President of the Chicago Associati011 of Commerce, enclosing copy of a resolution adopted by the Executive COMkttee of that Association, urging the Board to continue its efforts to develop the existing Par Clearance System. Referred to the Committee on Clearings. Letter dated September 6, 1923, from the Chairman of the Federal Reserve Of New York advising that the Deputy Governor of the bank, Mr. George L. R4rrison, has accepted the Board's invitation to come to Washington and consult with the Board's General golunsel in matters relating to Par Clearance. Noted. 2elegram dated September 6, 1923, from the Federal Reserve Agent at Dalin advising of the closing of the First National Bank of Lovington, 2exas, a/1cl advising of the amount of indebtedness of that institution to the Federal Ileserve Bank of Dallas. Noted. 9/11/23 -2- Mr. James submitted a letter dated September 4, 1923, addressed to him by lr. I. H. Nakdimen, President of the City National Bank of Fort Smith, Arkansas, enclosing copy of a letter to a correspondent bank with regard to the practice of charging exchange on checks drawn upon it. Ordered circulated. Mr. James submitted a letter dated September 5, 1923, addressed to htm by the Federal Reserve Agent at Dallas, with regard to the recent consolidation of the First rational Bank of Hugo, Oklahoma, with the Hugo National Batk. Ordered circulated. .report of Committee an Examinations on letter dated August 30th, from the Chairman of the Federal heserve Bank of San Francisco, enclosing copy of a letter received from the ualifornia Superintendent of Banks, advising of the discontinuance by that department of the "simultaneous entry examinations"; said report recommending that the natter be made the subject of a conference With Er. l'errin while he is in Washington. Upon motion, the report of the Committee was approved and the matter in question was referred back to the Committee for discussion with Mr. 2errin. Letter dated September 8, 1923, from Er. VI. H. Kettig, Deputy Chairman Of the Federal Reserve Bank of Atlanta, with reference to the action of the 4xacutive Committee of that bank in voting to allocate q100,000 of capital to its agency in Havana, Cuba, and requesting a copy of Chairman record's letter to the Board of September 4, 1923, commenting on said action. 9/11/23 -3- Upon motion, it was voted that a copy of Mr. McCord's letter in question be sent to Mr. Rettig, and that Mr. McCord be so advised and be furnished with a copy of Mr. Kettig's letter. Letter dated September 5th, from Governor Wellborn, enclosing petition Of the Fourth And First National Bank of Nashville, 2ennessee, for the re- fund of excess interests alleged to have been charged by the Federal Reserve Bank on liberty bonds carried for it, and reouesting the Board's advice with regard to a proposed reply to the petition mentioned, which reply is to be submitted to the Board of Directors of the Federal Reserve Bank of 4,t1anta. at its meeting on September 14th. Referred to the Committee on District No. 6 for report and recommerriation. Letters dated September 5. and September 6, 1923, from the Deputy Governor and Chairman, respectively, of the federal Reserve Bank of New York, on the subject of reimbursement for fiscal agency operations. Referred to the Committee on Ebonomu and Efficiency for report. The Governor stated that the hearing before the Board tomorrow on the Subject of branch banking would consume the greater part of the day and called attention to the fact that there is also docketed as special order business for tomorrow'Mr. Miller's proposed new plan for stating the reserve positions of the Federal Reserve banks and Mr. Gilbert's suggested resolution on the subject tn gold payments by Federal Reserve Banks, suggesting that action on Mr. Plan might well be taken at today's meeting. 4.fter discussion a motion, as follows, was put by the chair and was Carried: 14-0 9/11/23 -4- "It is the sense of the Board that beginning with the year 1924 the weekly statements of condition of the Federal Reserve Banks, both the consolidated statement and that of each of the banks, shall state the reserve positions of the banks in swab. form as to show the reserve ratios separately for notes and deposits, with a foot note, for purposes of theoretical comparison, showing the reserve against note and deposit liabilities combined; and the Committee on Discount and Open Market Policy is requested to work out all necessary details in connection with making the new plan of stating the reserve positions of the Federal Reserve Banks operative." Upon motion, it was voted that action upon the resolution suggested by Zr. 011bert be deferred until the Committee on Discount and Open Market Policy shal atibMit its report an the new plan of stating the reserve positions. It was the sense of the Board that Mr. Platt should be given an opportunity to record a vote upon the new plan of stating reserves. ilEPOR5'.3 OF S2ANDING CoMAT22EIS: bated September 11, 1923, Recommending changes in stock at Federal Reserve banks, as set forth in the Auxiliary Minute Book of this date. Approved. The meeting adjourned at 12:30 o'clock. General Secretary. 41:TOyed
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