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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Thursday, Septeunber 20, 1923, at 10:30 a.m. PRE3Er2: Governor Crissinger . Et. Platt Mr. Hamlin Mr. Miller Er. James Mr. Cunningham Mr. Eddy, Executive Secretary The minutes of the „meeting of the Federal Reserve Board held on September 19th were read, and. approved. The Governor called attention to the action taken at the meeting On Septezber 19th relative to the request of Assistant Secretary of the Treasury Winston that 1e be furnished with copies of the minutes of the meetings of the Federal Reserve Board, and read a letter which he bad addressed to Ur. Winston on the subject. The Board voted its approval of the letter and ordered it to be spread upon the minutes of this meeting and voted also that the Secretary of the Board be directed to continue to send direct to the Under Secretary of the Treasury or to the Assistant Secretary of the Treasury in charge of fiscal operations, as soon as prepared prior to each meeting day, a copy of the regular docket for the meeting. The Governor's letter to Ur. Winston above referred to reads as follows: "September 19, 1923. My dear Mr. Winston: One of the undersecretaries of the Board, Mr. McClelland, called my attention of the fact that you had inquired why the Board had passed upon Mt. Miller's plan for stating the reserve position, and also the resolution of Undersecretary Gilbert ad- . vising the Federal Reserve Banks to pay out more gold without you being notified. 4) 47,0 -2- 9/20/23 "The action of the Board as taken was simply one of thoroughly postponement until Ur. Miller's plan could be more worked out. It has been the practice of Mr. Gilbert to notify the Board that he desired to be heard on questions before the Board Board in which he was interested, _aid when he did so the up. taken be would ns questio gave him notice when such When the Board places questions on its docket from day is estopred to day for consideration, it does not consider that it esfrom taking up such questions for an earlier consideration, taking to le agreeab are Board the of pecially when the members them up in advance. 2he Board is always happy to have any recommendations from to such the Secretary of the Treasury and to give fall consideration recommendations. of Mr. McClelland also advised me that you requested a copy on attenti the minutes of the Board each day. In this matter your of copy a Board, is called to the by-laws of the Federal Reserve request which I enclose. You will find a regulation covering your note will You in the first three lines at the top of page eight. Indeed, ed. furnish be by this that a copy of the minutes could not inadvisable to the Board has always been of the opinion that it is for it might purpose any make or furnish a copy of the minutes for of the Board e practic result very harmfully. It has long been the of the members by .to only permit an examination of the minutes . I by-laws the in ed Board and the secretaries and counsel mention the in ion regulat this am quite sure you will see the mason why by-laws is necessary and proper and should be enforced. Very sincerely yours, Hon. G.B. Winston, Assistant Secretary of the Treasury, Washington, D. C. D. R. Crissinger, Governor. 11 Savage, President of Letter dated September 17, 1923, from Mr. Francis M. the Northwest Savings Bank, Washington, D. C., protesting against the action National Bank of 0f the Comptroller of the Currency in permitting the Riggs the location of the 11148hthgton, D. T. to establish a branch in the vicinity of to rthwest Savings bank. Ordered circulated. 9/20/23 Letter dated September 14th, from the Chairman of the Board of Directors of the Federal Reserve Bank of Atlanta and a letter dated September 17th, from Mr. 77. H. Kettig, Deputy Chairman of that bank, relative to a statement made in error by Mr. McCord to the effect that he was not Present at the meeting of the Ekecutive Committee of the bank on August 25th at which there was passed a resolution allocating a certain portion of the capital of the Federal Reserve Bank of Atlanta as the operating capital °f the Havana Agency of the Atlanta bank. Ordered circulated. Letter dated September 18th, from the Assistant Counsel of the Fed- eral Reserve Bank of New York, addressed to the Board's Assistant Counsel, requesting that he be furnished with copies of the report of the Board's Law Committee on the Board's Regulations, Series of 1923. Upon motion of Mr. Hamlin, it vas voted that the request be complied with. of Letter dated September 18th, from the Chairman of the Board Directors of the Federal Reserve Bank of Atlanta, advising of the action °f the Board of Directors of that bank at a meeting held on September of Nashville, Ten14th, in voting that the Fourth and First National Bank Ileasee be furnished with a copy of the reply of the Federal Reserve Bank of Bank for a Atlanta to a petition filed by the Fourth and First National National refund of certain interest charges alleged by the Fourth and First )1ank to be excessive. Upon motion of 1Jr. Hamlin, the Board voted to refer the matter to the Governor with power. t 9/20/23 -4- Memorandum dated September 19th, from the Comptroller of the Currency, reconMending that the Board approve the application of the Hugo National Bak of Hugo, Oklahoma, to reduce its capital stook from 0200,000 to 4',310J,000. Approved. Dr. Miller submitted a letter dated September 17th, from Mr. 2hornton Cooke, President of the Columbia National Bank, Kansas City, Mo., which ccntained a reVest for certain information relative to national and state banks in Oklahoma. the Board voted to refer the matter to the Governor with authority to comply with the request, if possible. Dr. Miller moved' that the Executive Committee take up with the Acting Chairman of the Governors' Conference and with Mr. Jay,in charge of the formula- tionof the program for the forth coming conference of Federal Reserve agents', the matter of the program for the joint sessions of the two bodies. Upon vote, 3111r. Miller's motion was adopted. IL-LOPS 02 STANDITTG C0M-g22ii:Pa: f Dated September 19th, 19th, • Recommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary Minute Book of this date. Approved. 2he met, :40 a.m. 2xecutive Seer APproved: adjourned a Governor. ary.
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