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CIO A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Tuesday, September 4, 1923, at 11:15 a-. Governor Criscinger, yr. Platt, yr. Hamlin, Mr. James, Mr. Cunningham, Mr. Yoxton, Secretary. The minutes of the meeting of the FeC.eral Reserve Board .eld on August 30th were read and approved. Letter, dated August 31, 1923, from the Governor of the Federal Reserve B of Boston, advising that .the Havana Agency of that bank will open on September lst and enclosing ceipy of circular letter announcing the opening. Noted. The Governor announced that he had received two letters, dated September 1, 1923, from the Federal Reserve Banks of Atlanta and Boston with reference to the allocation of capital to the Havana Agencies of those banks, which letters he had referred to Counsel for an opinion as to the right of the Board to make such allocation. The action of the Governor in the above matter was ratified. Letter, dated August 31, 1923, from the Federal Reserve Agent at Dallas, ' l ecommending that bill of lading drafts that are otherwise eligible be made elle'eqble for discount or purchase by Federal Reserve Banks for member banks when erldersed by or emanating from non-member banks. Upon motion, the Secretary was instructed to advise Mr. Talley that the provisions of tile Board's regulation with regard to rediscounts for non-member banks shall apply to bill of lading drafts. Letter, dated September 1, 1923, from the Federal Reserve Agent at Kansas City, recommending approval of the application of the First National Bank of '1°(36-ward, Oklahoma for permission to rediscount with the Federal Reserve Bank -13 13er which it has acquired -.A, listed. or which it may acquire from seventeen non-member t---747.1c) :'._ Upon motion, it was voted to approve the application of the First National Bank of Woodward so far as it relates to paper already acquired. It was the sense of the meeting, however, that the Board should not grant permission to the bank to rediscount Paper which it may in future acquire from the non-member banks named. Letter, dated August 29, 1923, from the Federal Reserve Agent at San ?I'alleisco, recommending approval of the application of the American Bank of San ?rarleiseo to absorb the Security Bank and Trust Company, San Francisco and to °Perate the latter's Branch located at 2626 Mission Street, San Francisco. Approved. Memorandum, dated August 30, 1923, from the Director of the Division of Ilesearch and Statistics recommending that the temporary sixty-day appointment ot Ill's, Effie !Milan, approved May 10th, be made permanent. Approved. Letter, dated August 30, 1923, from the Comptroller of the Currency, recommend-. tmo. approval of an increase in the salary of Chief National Bank Examiner J. W. (11e from 110,000 to 112,000 per annum. Approved. , Letter, dated August 30, 1923, from the Comptroller of the Currency, recommend.approval of an increase in the salary of National Bank Examiner William F. Sheehan from 03,600 to 15,000 per annum. Approved. la'. James submitted a letter, dated August 31, 1923, addressed to the Executive 8ecretary of the Board by the Assistant Federal Reserve Agent at Atlanta, enclosing eclir Of Power of attorney executed by Governor Wellborn, giving power of attorney to Uessrs. L. C.Adelson and J. M. Slattery to act for the Federal Reserve Bank of ittlanta at its Agency in Havana, Cuba. Referred to Counsel for review. 914/23 Mr. Hamlin called attention to the proyision of Section 25 (a) of the Federal Reserve Act that "NO member of the Federal Reserve Board shall be an ofor director of any corporation organized under the provisions of this section, or .of any corporation engaged in similar business organized under the laws of any State, nor hold stock in any such corporation, and before entering 11904 his duties as a member of the Federal Reserve Board he shall certify under oath to the Secretary of the Treasury that he has complied with this requirement". The Secretary was instructed to have prepared a form of certificate to be signed by all members of the ipresent Board to which the provisions of thi's paragraph apply. The Governor stated that he had referred the matter of the appointment of a Pederal Reserve Agent at Richmond to a Joint Committee, composed of the members Of the Committee on Nominations and the Committee on District No. 5. The meeting adjourned at 12:00 o'clock m. General Secretary.
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