The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
A meeting of the Federal Reserve Board was held in the office of the Feleral Reserve Board on 2uesday, September 25th, at 11:00 a.m. PRESENT: Governor Crissinger Mr.' Platt Mr. Hamlin Mr. James Mr. Cunningham Mr. Dawes Mr. Eddy, Executive Secretary The minutes of the meetingsof the Federal Reserve Board held on Septem- ber 20th and 21st were read and approved. 2he resignation, effective September 30th, of Mrs. Grace M. Kendall, stenographer in the Division of Bank Operations was accepted. Letter dated September 19th, from the Assistant 2ederal Reserve Agent at San Francisco, recommending that the Board approve the appointments of Ilessrs. H. F. Iverson and VI. D. Durran as special assistant bank examiners to be located at he Salt Lake City branch. Approved. Letter date.' September 21st, from the Chairman of the Board of Directors of the Federal Reserve Bank of 4,t1anta, with further refer,mce to the matter of compensation to be paid to Messrs. Randolph and Parker, attorneys, employed by the Bank in connection rith its par clearance litigation. Referred to the Law Committee for report thereon . to the Board. Memorandum dated September .0th, from the Board's Division of Eiamillation advising of the request made by the Bank of Ocoee, Ocoee, Florida, for permission to retain its membership in the Federal Reserve System until November 30th, the bank having advised the Board on .January 15th, 1923, of Its Intention to withdraw from the System and the cUte of the expiration of the six months's notice of withdrawal Approved. falling on July 15, 1923. 7•••••- 9/25/23 Letter dated September 19th, from the Ghairman of the Joard of Directors of the 1,ederal Reserve oank of Atlanta, requesting the 13oard's approval Of the action taken by the Directors of the Atlanta J3ank at their regular theeting on September 14th in voting to hold their next regular meeting in 17ew Orleans, Loilisiara. Approved. Report of the 13oard 1 s Gormittee on salaries and Expenditures, recommending approval of the request contained in a letter dated September 19th frorr. the federal Reserve bank of loston that the oard approve the action Of the Directors of that Jank in voting to contribute the sum of , 2,500 tO the federal Reserve Society for educational and welfare work among the eM1)10,ees of the Bank. Approved. Letter dated September 21st, from Ir. L. R. Adams, General Secretary Of the l'ational and State ciankers' irotective Association, requesting that he and Jr. Laniborne each be furnished with copies of the stenographic report Of the Joardsconferences, in which they participated, on the subject of the " -called Ldaiborne-Adams neck Gollection Plan. Approved. Letter dated September 12th, from the Governor of the federal Reserv Of Sari 2:rancisco, transmitting cony of a communication addressed to him 1/ Ir. . VT. Cunningham, Vice-President of the first ,ational an1,- of Idaho, 41)iee, Idaho, requesting that the bank furnish him with the names, titles and e°1'Pen5ation paid to each officer and erployee of the Federal Reserve 3ank of a 4,Tanc1sco and its branches those annual compensation exceqds , 2500 per annum* 9/25/23 -3- The Secretary was instructed to suggest to the Governor of the Federal Reserve Jank of San Francisco that he furnish Lr. Cunningham with a bow of the Board's last annual report to Congress which contains such information concerning the salaries of officers and employees of rederal Reserve 3anks as is available for general distribution. Letter dated September 21st, from the Assistant l'reasurer'of the Vnited States, requesting that the hoard send to the Treasurer of the United otates its check for y100 to reimburse the Treasury forapackage of one hundred one dollar silver certificates furnished the 3oard for the purpose of cormParing redemption receipts of currency notes against standard fit notes as Prescribed by the Treasury Department. Approved. lemorandum dated btipterber 25th, from the Assistant uaunsel of the rederal Reserve board regarding the necessity for the filing of an application for authority to exercise fiduciary powers by a national banking institution °reated as the result of the merger of two national banks, both of which exercise fiduciary powers under authority granted them by the Federal Reserve 130ard, The Board caxzwred In the suggestion made by its Assistant Counsel that it continue the present practice of issuing its certificate without requiring the formality of a new application. Letter dated September 18th, from the Governor of the -Federal Reserve Bank of Yinneapolis, requesting that the Board approve of the Einneapolis tiank continuing in its employ Ir. E. A. Hoff, with salary at the rate of 25(:) Per month, as its representative in the collection and preservation of the security behind the debt awed the Federal Reserve bank by the First National Bank of ledina, Uorth Dakota, suspended. The Governor of the 9/25/23 -4- Minneapolis bank stating in his letter that heretofore Mr. Hoff's salary Of 250 per month has been borne pro rata by several creditors of the First National Bank of Medina all of Whom, with the exception of the Federal Reserve Bank of Minneapolis, have now withdrawn from the arrangement under vitich Mr. Hoff was employed. Upon motion of Ur. James, the Secretary was directed to adyise the Federal Reserve Bank of Minneapolis of the Board's approval of its continuing Yr. Hoff. in its employ at the rate of :',250/ per month, and to request the bank to advise the Federal Reserve Board of the extent' to which the debt of the First National Bank of Medina to the Federal Reserve Bank of Minneapolis has been liquidated, what progress is being made and what prospects there are for further liquidation of the debt. Letter dated September 21st, from the Chairman of the Board of Directors Of the Federal Reserve Bank of Atlanta, requesting to be advised as to the status of its application to establish a member banks' relations department. Ur. James moved that the Atlanta Bank be advised that the Federal Reserve Board has no objection to its proceeding to establish a member banks' relations department, with the understanding, however, that the question of salaries to be paid to the heads of the proposed department is aae which should not be determined by the Atlanta bank without the approval of the Federal Reserve Board. All members present, with the exception of Governor Crissinger, voted "aye". A° Governor submitted a letter dated September 22nd, from the Deputy Governor of the Federal Reserve Bank of New York and a copy a a letter addressed by the Deputy Governor of the Federal Reserve Bank of New York to the Bank of the Republic of Colombia, South America, relative to the proposal Of the Colombian bank that the 2ederal Reserve Bank open on its books an ac- -5- 9/25/23 count current in the name of the Bank of the Republic of Columbia, the New York Bank, in its letter, requesting permission to proceed in the matter of opening the account with the understanding that when the form of agreement between it and the Bank of the Republic of Colombia is negotiated, the agreement will be submitted to the Federal Reserve Board for its approval. The Liecretary was instructed to advise the Federal Reserve Bank of New York that the Board approves of its request to proceed in the matter as outlined in the Bulk's letter of September 22nd. Letter dated September 20th, from the Chairman of the Board of Directors Of the Federal Reserve Bank of Cleveland relative to the application for mem- bership of the Central 2rust Company of Cincinnati. Referred to the Board's Committee on Ekamination for report. Lemorandum dated jeptember 24th, from the Board's Committee on District No. 11, with reference to applications from eleven banks located in the Eleventh Federal Reserve District,' for permission to rediscount during the remainder of the year 1923, hills of exchange endorsed by or emanating from non-member barks, payable at sight or on demand, which are drawn to finance the domestic shipment o non-Derishab1,3, readily marketable staple agricul- tural products and are secured by bills of lading or other shipping documents conveytng or securing title to such staples. Mr. Platt moved that the Board grant the permission re lueated. ' The motion was lust and the applications refused on the following vote: Messrs. Orissinger, Hamlin and Janes voting "no"; Messrs. Cunningham and Platt voting "aye". P/25/23 -6- 1.112ORTs OF STATMDTG COMITTEES: Dated Sept. 20th Sept. 24th Dated Sept. 25th Dated sept. 20th Dated Sept. 24th ( Recommending changes in stock at .btederal Reserve banks, as set forth in the Auxiliary hinute Book of this date. Approved. Recommending action on applications for fiduciary powers as set forth in the Auxiliary TJmute Book of this date. Approved. Recommending approval of the application of Ir. Aenneth Lacdonald to serve at the same time as Vice President of the lanufacturers & Traders National dank, Buffalo, N. Y., and as director of the Aiverside lational Bank, Buffalo, I:. Y.' , Approved. Aecommending approval of the application of :r. Jos. H. Soliday to serve at the same time as director of the Dedham National Bank, Dedham, /ass., and as director of the State street .2rust Gompany, Boston, lass. Approved. At 1:10 p.m. the meeting ad* e • xecutive Secre ry.
@FedFRASER