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MINUTES OF MEETING of the FEDERAL ADVISORY COUNCIL February 18, 19, 1924 O lT T l h k S A N D M E M B E R S O F T H E F E D E R A L A D V IS O R Y COUNCIL For the Year 1924 O F F IC E R S : E X E C U T IV E CO M M ITTE E President, P. M. W arburg P. M. Warburg Vice President, A . L. Aiken A. L. Aiken L. L. Rue J. M. Miller, Jr. J. J. Mitchell E. F. Swinney M EM BERS: A. L. Aiken Federal Reserve District No. 1 P. M. W arburg Federal Reserve District No. 2 L. L. Rue Federal Reserve District No. 3 C. E. Sullivan Federal Reserve District No. 4 J. M. Miller, Jr. Federal Reserve District No. 5 0 . Wells Federal Reserve District No. 6 J. J. Mitchell Federal Reserve District No. 7 F. J. Wade Federal Reserve District No. 8 G. H. Prince Federal Reserve District No. 9 E. F. Swinney Federal Reserve District No. 10 W. M. M cGregor Federal Reserve District No. 11 D. W . Tw ohv Federal Reserve District No. 12 BY-LAW S OF THE F E D E R A L A D V IS O R Y COUNCIL ARTICLE J. OFFICERS Officers of this Council shall be a President, Vice President and Secretary. ARTICLE II. P R E S I D E N T A N D VICE P R E S I D E N T The duties of the President shall be such as usually pertain to the office; and in his absence the Vice President shall serve. ARTICLE III. S E C R E T A R Y The Secretary shall be a salaried officer o f the Council and his duties and com pensation shall be fixed by the Executive Committee. ARTICLE IV. E X E C U T I V E C O M M I T T E E There shall be an Executive Committee o f six ( 6 ) members o f the Council, of which the President and Vice President o f the Council shall be ex-officio members. ARTICLE V. DUTIES OF E X E C U T I V E C O M M I T T E E It shall be the duty o f the Executive Committee to keep in close touch with the Federal Reserve Board and with their regulations and promulgations, and communi cate the same to the members of the Council, and to suggest to the Council from time to time special matters for consideration. The Executive Committee shall have power to fix the time and place of holding their regular and special meetings and methods o f giving notice thereof. Minutes of all meetings of the Executive Committee shall be kept and such min utes or digest thereof shall be immediately forwarded to each member of the Council. A majority of the Executive Committee shall constitute a quorum and action of the Committee shall be by a majority o f those present at any meeting. ARTICLE VI. M E E T I N G S Regular meetings of the Federal Advisory Council shall be held in the City of Washington on the third Monday of the months o f February, May, September and November of each year, unless otherwise directed by the Executive Committee. Special meetings may be called at any time and place by the President or the Executive Committee, and shall be called by the President upon written request of any three members of the Council. ARTICLE VII. A M E N D M E N T S These By-laws may be changed or amended at any regular or special meeting h> a vote of a majority of the members o f the Federal Advisory Council. February 18, 1924. M IN U TE S OE M E E T IN G O F T H E F E D E R A L A D V IS O R Y COUNCIL February 18, 1924. The organization meeting o f the Federal Advisory Council for the year 1924 was held in the Federal Reserve Board room, Treasury Building, Washington, D. C., at 10.30 A. M., Monday, February 18, 1924. Present: Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. A. L. Aiken P. M. W arburg L. L. Rue C. E. Sullivan C. E. Rieman (Alternate for Mr. John M. Miller, Jr.) O. Wells E. A. Hamill (Alternate for Mr. J. J. Mitchell) G. H. Prince E. F. Swinney W . M. M cGregor D. W . T w ohy H. L. Hilyard District District District District District No. No. No. No. No. 1 2 3 4 5 District No. District No. 6 7 District No. 9 District No. 10 District No. 11 District No. 12 Secretary Absent : Mr. F. J. W ade District No. 8 Mr. Rue, acting as temporary Chairman, called the meeting to order and called for the Secretary’s report o f accredited members for the year 1924. The Secretary reported that he had received communications from eral Reserve Banks, certifying to the election o f their representatives listed above. Communications were also presented from the Federal of Richmond and Chicago, appointing Messrs. C. E. Rieman and respectively, as alternates in place o f Messrs. Miller and Mitchell. all o f the Fed for the year as Reserve Banks E. A. Hamill, On motion, duly seconded, the Council held its election o f officers for the year 1924. Mr. Rue, who had served as President for the past three years, declined to stand for re-election to this office and nominated Mr. P. M. Warburg for President. On motion, duly seconded, the nominations were closed and the Secretary was in structed to cast one ballot for Mr. W arburg, who was thereupon declared elected President o f the Council for the year 1924. At the suggestion o f Mr. W arburg, Council, upon motion, duly seconded, ex pressed its thanks to Mr. Rue for his administra tion o f the office o f President for the past three years, and adopted the following resolution: i W H EREAS, Levi L. Rue has been a member o f the Federal Advisory Council since its organization, serving the first seven years as its Vice President, and the last three years as its President, And, W H EREA S, Mr. Rue has stated to the Council that it is his determination not to accept a re-election as President o f the Council for the current year, Now, therefore, be it R E S O L V E D : that it is with profound regret that the Council sees itself obliged to defer to Mr. Rue's desire, and that in doing so it records its genuine and deep appreciation of the faithful and invaluable services rendered by him, and o f the tact and courtesy with which he has performed his duties, And, furthermore, be it R E S O L V E D : that while the Council will miss Mr. Rue as a presiding officer, whose fairness, courage and tact have won him the admiration o f every member, it rejoices in the thought that his association with the Council will continue, and expresses the hope and wish that, as in the past, so in the future, it may have the benefit of his wise counsel and genial companionship. The President, Mr. Warburg, took the Chair and called for nominations for Vice President. Mr. Sullivan nominated Mr. A. L. Aiken and on motion, duly seconded, the nominations were closed. The Secretary was instructed to cast one ballot for Mr. Aiken, who was thereupon declared elected Vice President o f the Council for the year 1924. The President, Mr. Warburg, called for nominations for the four appointive members of the Executive Committee and Messrs. L. L. Rue, J. M. Miller, Jr., J. J. Mitchell and E. F. Swinney were nominated. On motion, duly seconded, the Secretary was instructed to cast one ballot for Messrs. Rue, Miller, Mitchell and Swinney, who, together with the President and Vice President, ex officio, were there upon declared elected members o f the Executive Committee for the year 1924. On motion, duly seconded, the President, Mr. Warburg, was authorized to appoint the Secretary for the Council at a salary o f $1,500. per annum. On motion, duly seconded, Mr. H. L. Hilyard was requested to act as Secretary pro tem. until the permanent appointment has been made. On motion, duly seconded, the Council readopted for the year 1924 the existing By-laws, copy of which is attached hereto and made part o f these minutes. On motion, duly seconded, the minutes o f the Council meeting o f November 19, 1923, copies of which had previously been sent to the members, were approved. The Secretary presented his financial report for the year 1923, which had been audited by the Auditor of The Philadelphia National Bank, and which report was, on motion, duly seconded, approved. The report is attached hereto and made part of these minutes. On motion, duly seconded, the following resolution was unanimously adopted: “ Resolved, that the President be and he is hereby authorized to ask each Federal Reserve Bank to contribute $200. toward the sec retarial and incidental expenses of the Federal Advisory Council for the year 1924 and to draw on them for that purpose.” The Council discussed informally the provisions o f the McFadden Bill. H. 6855, amending the National Bank Act and the Federal Reserve Act. At 11.15 A. M., the Council adjourned to convene in joint session with the Fed eral Reserve Board. ' ■ H. L. H ILY A R D , Sccrctary pro tcm. M IN U TE S O F JO IN T C O N FEREN CE OF TFIE F E D E R A L A D V ISO R Y C O U N C IL A N D T H E F E D E R A L R E SE R V E BOARD February 18, 1924. At 11.15 A. M., a joint conference o f the F'ederal Advisory Council and the Fed eral Reserve Board was held as arranged. Present: Members o f the Federal Reserve Board: Vice Governor Edmund Platt, Messrs. A. C. Miller, C. S. Hamlin, G. R. James, also Mr. Winston, Undersecretary o f the Treasury. Present: Members o f the Federal Advisory Council: Mr. P. M. Warburg, President, Mr. A. L. Aiken, Vice President, Messrs. L. L. Rue, C. E Sullivan, C. E. Rieman, O. Wells, E. A. Flamill, G. H. Prince, E. F. Swin ney, W . M. McGregor, D. W . Twohy, and H. L. Hilyard, Secretary. The President o f the Council, Mr. Warburg, called the meeting to order and invited Vice Governor Platt to address the conference. Mr. Platt discussed particularly the banking situation in the Northwest, and there followed a general discussion among the members o f the Board and o f the Council regarding methods o f aiding the situation. The members o f the Board and o f the Council also discussed informally the topics which had been presented by the Board for Council’s consideration. (Topics Nos. 1, 2, 3, attached.) Mr. Hamlin spoke o f the Board's recent resolution to publish in the future, in connection with weekly statements o f the Federal Reserve Banks, a separate percentage o f gold held against Federal Reserve notes and o f gold held against deposits, in addition to a combined reserve ratio, and the Council was invited to give its attention to this topic. (T op ic No. 4 attached.) The members o f the Board and o f the Council also discussed the provisions of the McFadden Bill, H. R. 6855, in connection with which members o f the Board requested Council to make a recommendation concerning branch banking particularly. (Topic No. 6 attached.) At 12.45 P. M., the joint conference adjourned. H. L. H IL Y A R D . Sccrctary pro tcm. 3 MINUTES OF M EETING OF T H E F E D E R A L A D V IS O R Y COUNCIL February 18, 1924. At 3.15 P. M., the Council reconvened in the Federal Reserve Board room. Present: Mr. P. M. Warburg, President, Mr. A. L. Aiken, Vice President, Messrs. C. E. Sullivan, C. E. Rieman, O. Wells, E. A. Hamill, G. H. Prince, E. F. Swinney, W. M. McGregor, D. W . Twohy, and H. L. Hilyard, Secretary. The President, Mr. Warburg, called the meeting to order and invited Hon. H. M. Dawes, Comptroller of the Currency, to discuss with the members of the Council the provisions of the McFadden Bill, H. R. 6855. Mr. Dawes explained the provisions o f the Bill particularly as they relate to the question of branch banking. At 4.30 P. M., Mr. Dawes retired from the meeting. The Council thereupon took up consideration of Topics submitted by the Board and those referred to in the morning session. The Executive Committee was requested to draft formal recommendations to be approved by the entire Council on the follow ing day before presentation to the Federal Reserve Board on the following topics: Topic Topic Topic Topic Topic No. No. No. No. No. 1. 2. 3. 4. 5. The banking situation in the Northwest. Bankers’ acceptances drawn by banks. Open market operations. Subdivision o f gold reserves. Fulmer Bill, H. R. 3206. A special committee consisting o f Mr. Twohy, Chairman, Prince and McGregor, was appointed by the President at the draft formal recommendation relative to the McFadden Bill, presented to the Council on the following day for adoption and eral Reserve Board. and Messrs. Sullivan, request of Council to No. H. R. 6855, to be presentation to the Fed The Council considered two topics which had been presented at the November meeting by Mr. Sullivan (see minutes of meeting o f Council, November 19, 1923) as follows: (a) (b) Elimination of all limits to the use o f Federal Reserve exchange. Allow country banks (those banks required to maintain only a 7% reserve i to deduct the float as between themselves and the Federal Reserve Bank, and in addition, cash in vault before computing their deposits for reserve purposes. The Council, however, decided to make no recommendation on these topics at this time, but it was resolved that at the next meeting o f the Council, the topic should be discussed of whether or not a change in reserve requirements should be recommended by the Council, particularly whether any changes should be made for the benefit ot member banks not located in Federal Reserve bank cities or Federal Reserve branch bank cities. At 6 P. M., the Council adjourned. H. L. HILYARD. Sccrctary pro ton. 4 M IN UTES OF M E E T IN G O F T H E E X E C U T IV E CO M M ITTEE OF TH E F E D E R A L A D V IS O R Y COUNCIL February 18, 1924. A S P. M., the Executive Committee o f the Federal Advisory Council met in the New Willard Hotel as arranged. Present: Mr. P. M. Warburg, Chairman, Messrs. Aiken and Swinney, also Messrs. Wells and Hamill, and H. L. Hilyard, Secretary. The Executive Committee drafted recommendations on the topics submitted to it to be presented to the Council for its approval on the following day. (Topics Nos. 1, 2, 3, 4 and 5.) At I I P . M., the Executive Committee adjourned. H. L. H IL Y A R D , Sccrctary pro tern. M IN U T E S O F M E E T IN G O F T H E F E D E R A L A D V IS O R Y COUNCIL February 19, 1924. At 9.30 A. M., the Federal Advisory Council met in the Federal Reserve Board room, Treasury Building, Washington, D. C. Present: Mr. P. M. W arburg, President, Mr. A. L. Aiken, Vice President, Messrs. C. E. Sullivan, C. E. Rieman, O. Wells, E. A. Hamill, G. H. Prince, E. F. Swinney, W . M. M cGregor, D. W . Twohy, and H. L. Hilyard, Secretary. The President, Mr. W arburg, called the meeting to order and as Chairman of the Executive Committee, submitted the Committee’s report for the Council's approval. On motion, duly seconded, the report was adopted and the recommendations approved for presentation to the Federal Reserve Board. (Recommendations Nos. 1, 2, 3, 4 and 5.) Mr. D. W . Tw ohy, Chairman o f the special committee, appointed the previous day, submitted its report on the McFadden Bill, FI. R. 6855. On motion, duly sec onded, Council approved the report for presentation to the Federal Reserve Board. (Recommendation No. 6 .) At 12 o ’clock noon, Council adjourned to convene in joint session with the Fed eral Reserve Board. FI. L. H IL Y A R D , Sccrctary pro tern. 5 MINUTES OF JOINT CONFERENCE OF T H E F E D E R A L ADVISORY COUNCIL AND T H E F E D E R A L R E SE R V E BOARD February 19, 1924. At 12 o’clock noon, the joint conference was held as arranged. Present: Members of the Federal Reserve Board: Hon. D. R. Crissinger, Governor, Mr. Edmund Platt, Vice Governor, Hon. H. M. Dawes, Comptroller of the Currency, Messrs. C. S. Hamlin, A. C. Miller, G. R. James, and Mr. Winston, Undersecretary o f the Treasury. Present: Members of the Federal Advisory Council: Mr. P. M. Warburg, President, Mr. A. L. Aiken, Vice President. Messrs. C. E. Sullivan, C. E. Rieman, O. Wells, E. A. Hamill, G. H. Prince, E. F. Swinney, W. M. McGregor, D. W. Twohy, and H. L. Hilyard, Secretary. The President of the Council, Mr. Warburg, called the meeting to order and pre sented to the Board Council’s recommendations on the six topics mentioned above. Copy of the recommendations is attached hereto and made part o f these minutes. A general informal discussion took place among the members o f the Board and of the Council. The members of the Board, and particularly Vice Governor Platt, raised the question of whether the approval by the Council in broad terms of Bill H. R. 6855 was to be considered as an endorsement by the Council o f all features of that Bill, par ticularly of Section 7, relating to state-wide branch banking; and also whether the Council was opposed to a grant of power to National Banks to operate branches in counties. Mr. Warburg stated in reply in behalf o f the Council that the opinion of the Council was divided on these two questions, and that no vote had been taken on them; that he believed probably a majority o f the Council would have voted for them; that the Council was mainly interested in that Section of the Bill which was designed to give equal powers to National Banks with regard to the opera tion of branches within States, where State Banks were not prohibited from operating such branches; that the Bill had been submitted to the Council only at the morning ses sion and that it had been impossible in this brief time to give all its features an ex haustive study; that after a discussion with Comptroller Dawes, a majority of the members had reached the conclusion that in order to secure the main advantages to be derived from the passage of the Bill, concessions would have to be made with regard to some of its minor features; that the Bill, probably from a political point of view, presented the best that could be attempted at this time, but that the Council in endors ing the Bill would not wish to have it construed that by so doing, it committed itself as opposing branch banking outside of cities as bad banking: that branch banking, if kept within proper limits and if developed gradually and carefully, could not be held in itself as an objectionable method of banking; that with the strong prejudice exist ing against it, however, in a majority of the sections o f the country, the Bill, in the Council’s opinion, had to be considered not purely from the point o f view of what was good banking, but what in given social and political circumstances wras practicable and desirable. Members of the Board suggested that it might be desirable for the Coun cil to add an expression of these thoughts to the Recommendation. At 1 P. M., the Board withdrew. 6 The Council remained in session to discuss the question whether or not its Recom mendation No. 6 should be amended along the lines suggested by some members of the Board. On motion, duly seconded, it was decided, however, to leave Recommendation No. 6 unamended. At 1.05 P. M., the meeting adjourned, concluding the session of the Council. H. L. H ILY A R D , Sccrctary pro tcm. 7 REPORT OF SECRE TAR Y OF T H E F E D E R A L A D V IS O R Y COUNCIL For the year ending December 31, 1923. Balance on hand January 1, 1923 $1,042.04 v Annual assessment for 1923 on T w e l v e Federal Reserve Banks ................................... 3,000.00 Salary ........................................ $1,50000 „ . . . c, Printing and Stationery.......... 150.61 ^ r t? ^ Traveling E xp en ses................. 359.19 Corporation Trust ................... 25.00 Telegrams .................................. 59.68 Postage ...................................... 30.00 Binders; Economic R eview ... 14.39 Balance on hand 12/31/23 . . . 1,903.17 $4,042.04 $4,042.04 Philadelphia, January 9, 1924. To the Federal Advisory Council: We have audited the books, vouchers and accounts o f the Secretary of the Fed eral Advisory Council for the year ending December 31, 1923, and certify that the above statement agrees therewith. Respectfully, (Signed) J. A. D U FFY, Assistant Cashier, The Philadelphia National Bank. RECOMMENDATIONS OF TH E FED ERAL ADVISO RY COUNCIL TO THE FED ER A L R ESERVE BO ARD February 19, 1924. TOPIC NO. 1. The banking situation in the northwest and middle west and in New Mexico, with special reference to the large number o f small bank failures. The Board would like to have your opinion as to whether the lack o f confidence in these small banks is likely to spread far enough to do any serious injury to banks in the larger cities or to any banks outside o f the territory principally affected by agricultural depression. The Board would also like to know whether the Council has any sugges tions to make with regard to possible amendments to the National Banking Act which would not be merely palliatives but would prevent any future similar epidemic o f lack of confidence. R E C O M M E N D A T IO N : It is the opinion o f the Council that it is unlikely that the lack o f confidence referred to by the Board will spread enough to do serious injury to the banks in larger cities or to other territories affected by agricultural depression at the present time. It is also the opinion o f the Council that the present unfortunate banking situation arises largely from the fact that the number o f banks in the sections involved has been much greater than local needs for banking accommodations required. The organization o f many o f these banks has been stimulated and encouraged by un sound systems o f guarantee o f deposits by various states which gave a false sense o f security to those organizing the banks and encouraged in the public mind a lack o f dis crimination between well-managed and badly-managed banks. This, coupled with un sound and inexperienced management, resulted in inevitable disaster. The Council heartily approves o f the attempt that is being made to meet the present emergency but is confident that no amendment to the National Bank A ct or Federal Reserve Act will safeguard the business community from the consequences o f unsound banking methods. It has, therefore, no amendment to recommend. W hile there are no means that can prevent banks from suffering the consequences o f mismanagement or dishonesty in the administration o f their affairs, measures may possibly be devised that would serve to alleviate the hardships o f the depositors o f banks in receivers’ hands, particularly o f depositors o f small means. It may be opportune for the Board to take up anew its earlier recommendation, made several years ago when combatting form er propositions for a guarantee o f de posits. The Board’s recommendation envisaged the creation o f a liquidation fund. Such fund was designed under very careful safeguards and restrictions to pay to depositors o f banks in receivers’ hands such proportion o f their deposits as could be safely advanced against the depositors’ claims against the defaulting bank. The Council does not wish to make this suggestion with regard to the present emergency, but solely with a view to stimulating a careful examination o f the problem which is bound to recur in the future in some form or other. TO PIC N O. 2. The general policy involved in bankers’ acceptances drawn by banks to finance export transactions, assuming that banks may lawfully give such acceptances. The Board has had a number o f propositions involving such acceptances submitted to it for rulings as to their compliance with the law, but would like the advice of the Council as to the policy involved. I RECOM M EN D ATIO N : This question was fully covered in the Council's con ference with the Board in which Mr. Warburg stated that he thought to express the Council's views when holding that the transaction involved was clearly within the legal powers of the accepting member banks. It was, however, a question of good or bad banking practice. In the Council’s view acceptances o f this character should only be considered as eligible by Federal Reserve banks when drawn by banks directly con nected with or located in the foreign country from which, or to which, the goods were moving (so-called foreign or colonial banks or their branches) and furthermore, such bills should be drawn within a time reasonably near to shipment o f the goods and in no circumstances after the transportation had been completed. The Council thought that the decision concerning the eligibility o f such acceptances might well be left to the discretion of the Federal Reserve banks instead o f trying to deal with it by a rigid regulation which could hardly cover so complex and so individual a case. TOPIC NO. 3. Open market operations and the basis upon which they should be handled during the year 1924. RECOMMENDATION : The Council is reluctant to give very positive advice con cerning the desirability of increasing or decreasing the volume o f open market invest ments of the Federal Reserve banks at this time. Experience has shown that the volume of bills rediscounted and held by the Federal Reserve System and the total invested in open market purchases are closely interrelated. Only by actual tests and careful experiments is it possible to ascertain from time to time whether a substantial increase or decrease in the aggregate o f investments may safely be brought about and if so, what effects it will have on the position o f the combined member banks and the money market. The Council is very glad to notice the growing attention devoted by the Board to the importance of open market operations; for with gold standards suspended all the world over and gold moving to our country almost automatically, the gold reserve percentages of the Federal Reserve System have become barometers of much smaller significance than the fluctuations in the volume o f the Federal Reserve System's total investments. The Council is inclined to believe that in view o f present domestic and foreign conditions, it might be opportune for the Federal Reserve Banks to engage in some careful experiments in the direction o f increasing open market investments. These might result in a slight easing of money rates and in a more liberal use of our credit facilities at home and abroad. It is the unanimous opinion of the Council that discount rates should not be changed at this time. The Council urges the Federal Reserve Banks in their open market operations to show a greater preference for acceptances than for Government issues. TOPIC NO. 4. Subdivision o f gold reserves. RECOM MENDATION: After considering the form contemplated by the Board for its weekly condensed statement o f combined gold reserves, viz. statement of per centage of gold holdings against outstanding Federal Reserve notes, of percentage of gold holdings against member bank deposits, and o f percentage of total gold holdings against Federal Reserve notes and deposits combined, the Council is o f the opinion that the legal requirement is complied with by publishing the amounts of the several gold reserves without giving the three individual percentages. The Council feels that fluctu ations in the gold strength, as indicated in the discussions o f the previous question, are of minor significance in present circumstances and that by giving three percentages, too much emphasis would be laid upon fluctuations, which as a consequence of the pro posed grouping, are likely to appear more pronounced. Moreover it is to be feared that during a period o f economic strain, always recurring from time to time, the Board may be charged with artificially manipulating the reserve percentages. It is to be expected that the press and the public will continue to watch the combined reserve percentage (against notes and deposits combined), as it is the only percentage which will clearly indicate any increase or decrease in reserve strength from week to week. It would seem to the Council, therefore, that the greater simplicity of the present method o f reporting would lead to a better understanding of the problem on the part of the lay community and for the time being, at least, would seem to be the better course. As it is, there is grave danger that critics o f the Federal Reserve System will charge the Board as being possessed o f larger powers in the determination or stabiliza tion o f price levels than it actually has. The proposed scheme would be construed by them as an additional means o f control in the hands o f the Federal Reserve Board and as such might easily be used as an invitation for further attacks upon the Board. R E C O M M E N D A T IO N NO. 5 : The Council expressed itself as unanimously opposed to the provisions o f the bill pending in Congress, H. R. 3206, requiring the pay ment by Federal Reserve banks o f two per cent, interest on member bank balances. R E C O M M E N D A T IO N NO. 6 : McFadden Bill. The Council has read the Bill H. R. 6855, introduced in the House o f Repre sentatives by Congressman McFadden, and agrees in principle with the general trend o f thought embodied in the said bill. The present uncertainty with reference to branch banking makes it difficult for those engaged in the banking business to determine their course o f action, and we consider that the proposed bill, if enacted, would offer very essential and helpful relief in this regard. Without venturing an opinion concerning questions o f detail involved in the bill, we endorse its objects and aims and respectfully urge its passage. 3
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