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A meeting of the Federal Reserve Board was held in the office of the
Vice Governor on Thursday, April 19th, at 11:35 a.m.
PRESIIIT:
Vice Governor Platt
Mr. Hamlin
Mr. Miller
Mr. Crissinger
Hoxton, Secretary
The minutes of the meting of the Federal Reserve Board held. on April
leth were read and on motion approved as amnded.
Letter dated April 16th, from the Chairman of the Federal Reserve Bank
c)f ICansas City, advising that the Board of Directors of that Bank at a meeting
held. on April 12th, had voted that arrangements be made with the Insurance
C°Inilany now carrying insurance on the lives of officers and Employees to incl'ease the maximum insurance under the contract from
3,OOO to $5,000, said
Itclaitional insurance to cost approximately $500.
Also, act ion of the
4arci of Directors of the Federal Reserve Bank of Kansas City in voting to ac41)t the proposition of the Aetna Life Insurance Company to incorporate in
the insurance policy of the bank, the additional coverage for accidental death,
icrl°11111 as the double indemnity feature which pays double the amount of the
(*lethal contract in the event of accidental death, the additional coverage
to
cost annually seventy-five cents for 81,000 worth of insurance.
Upon motion, the action of the Board of Directors
as expressed in the first vote was approved, and approval
of the action expressed in the second vote was withheld
pending further inforrrat ion with respect to the expression "accidental death".
Mr. Hamlin moved that the Committee on - conomy and
:fficiency be reauested to investigate the \thole matter of
insurance at the Federal Reserve banks with a view to systematizing insurance contracts and to decreasing' the costs
of insurance in the Federal Reserve System.
Carried.
4/19/23
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Letter dated April I3th, from the Chairman of the Federal Reserve Bank
°f San Francisco, enclosing a letter dated April 12th, from the General Counsel
°f
that bank on the subject of a suggested anendment to that portion of Regu-
lation "D", Series of 1920, which refers to savings accounts.
Ordered circulated.
Memorandum dated April 18th, from General Counsel submitting certain
Matter relating to legal questions for publication in the May itsue of the
Federal Reserve Bulletin.
•
Approved, subject to revision by the Law Committee.
Letter dated April 17th, from the Chairman of the Federal Reserve Rank
"Atlanta, transmitting with favorable recommendation, the application of the
Citizens Trust Company of Savannah, Georgia, for permission to operate a branch
at 223 Broughton Street, west, Savannah, Georgia.
Approved, Mr. Crissinger voting 'incr.
Upon recommendation of the Chairman of the Law Committee, the proposed
travel regulations of the Federal Reserve Board were upon motion approved.
Letter dated Aoril 17th, from the Federal Reserve Agent at Cleveland,
'
eeiting certain obstacles which exist in the Fourth Pederal Reserve District,
to the successful administration of the rules governing examinations of member
state banks set forth in the Federal Reserve Board's circular, X-3688, dated
41'11 7,
1923.
Mr. Miller called attention to a resolution introduced by him at the meeting of March 13,1923, with
respect to this subject.
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4/19/23
After further discussion, the meeting adjourned at 1:10 p.m.
TIZIORTS OF rorIlImTEE NO. 1
Dated April 18th,
Recommending approval of the application of Yr. Charles W.
Jewett to serve at the slme time as director of the
Fletcher Savings and Trust Company ani as director of the
Fletcher Joint Stook Land Bank, both of Indianapolis, Indiana.
Approved.
•
Secret ary.
APproved:
Vice Governor*
@FedFRASER