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373 ( 14 meeting of the :xecutive Cornmittee of the Federal deserve Board vas held in the Board on Friday, Aril 239 1926 office of the Pederal .eserve at 12:15 p.m. PIM:7172: Vice Governor Platt 1.1r. Hamlin 1:r. James . IToell, Asst. Secretary L:r. McClelland., Asst. Secretary • Letter dated Aril 22nd from the Secretary of the Federal _leserve 44'4 Of reu York, coi.afiruing the action of the board of directors of that 15441c Yesterday in voting to establish a rediscount rate of *; on all classeS of /paper of all maturities, and st t Lig that the directors also c°4sidered the eudsting schedule of rates of rurdhase in effect at that AN b4W, and made no change. Noted. Telegram dated Aril 21st from the Chairman of the Federal Reserve akit Oft oston, advising that the board of directors on that day male no q11411,— . 14 the bank's existing schedule of rates of discount and purchase. :Toted. l'elegrani dated A-oril 21st from the Chairman of the Federal ..leserve Bazilk °fflilad.elhia, advising that the board of directors of that bank on that claY made no change in their existing schedule of rates of discount cth Noted. Telegram dated .A.pril 22nd from the Chairman of the Federal aeserve 1 1sas City, advising that the boari of directors on that day voted to 1,, -c4te no change in their oydsting schedule of rates of discount and purchase. 374 I V23/26 9 1Tot ed. r .C'elegrams dated. April 20th and. 21st from the Secretary of the Federal aeserve Bank of Minneapolis, advising that the boa.id. of directors at their nieeting on. April 19th approved that bank's 0:::isting schedule of rates of discecillit aud purchase. iroted. Letter dated April 19th from the Governor of the Federal ,lesern Bank of 8ti 110111-59 replyin-: to the Board's letter of April 6th, with refereme to the 1118tallation of a budget system for the control of expenses; the Governor stating that in view of the fact that nine of the other Federal lleserve banks a.re oPerathr under a budget system they will arrange for the installation of 34°11 a system at their bank beginning July 1, 1926. Noted, with approval. Letters dated A,pri1 *19t1i and 21st from the Chairman of the Federal 'sre Band: of Cleveland, requesting a-pproval of the amointment of lir. 8 0Z1-cl as Federal Reserve 2,xarainer to succeed Mr. James H. McClure, resigned; the oh alrnlan advising that :Ir. Boyd. is being transferred from the Member Bes 44t.ohl 1)epartment without change in his present sal ard" of„ 3/1.-00 per annum. Upon motion, La”. Boyd's desigliation as an :zazainer was alp-proved. lieMorandtun dated April 21st from the Chief of the Division of Bark rat lOrls transmi tting statements of expenditures by Federal Reserve banks or ed'Alcation."1 aid welfare work., etc. (Jurinr:; the month of March and for the three nth period ending March 31st. Ordered circulated. 375 .deport of Committee on Examinations on memorandum dated April 22nd froln the Acting Comptroller of the Currency, recommending approval of an 4P1ol.cation of The "hird ITational Bank of Greensburg, Ind. for permission to reduce its capital from ,,150,000 to 135,000; the Committee also recom- ellai1,3 approval. Approved. 1:emorandum from Counsel dated. Aril 21st submitting draft of reply to letter dated April 14th from the Federal "leserve Agent at :anneapolis, with l'ef6rezIce to cancellation of stock of the First -_Tational Bank of Hallock, 1:1J1%,• , tile receiver for which has failed to apply for cancellation of the A at°e17- within months from the date of his appointment - October 16, 1925; the r0Dosed reply ordering that the Federal ileserve bank stock issued to the • 'lrst National Bank of Halloch be cancelled, that the proceeds thereof be a 1/plied to any indebtedness of the bank to the Federal eserve 'Bank of 1:i1111„, --'413olis, and that the balance, if any, be Paid over to the duly aathorized 4cellier in accordance with the provisions of the Board's :legulations. After discussion, upon motion by 1:r. James, it was voted that the above letter be referred back to Counsel for inquiry through the Office of the Comptroller of the Currency as to why the receiver Of the bank in question has not made application for the cancellation of stock. lieport of committee on District t1 r 6 on the matter referred to it at "ting on April 19th, namely, letter dated April 14th from the Federal Agent at Atlanta, requesting the Board's permission to appoint a /1sible em-ploye.o to act as custodian of unissued Federal eserve Notes 376 V23/26 which the bank desires to place at its Jacksonville Branch - the custodian tO be au employee of the Federal Lieserve Agent's Department ond notes to be clelivored only on order of the Federal aeserve Agent; the Committee reportLag' that after discussion with ::r. ITewton, it recomraend.s that the Board 41tilorize the a-ryoointment of an Assistant Federal lieserve Agent at Jacksonville, aud when in the juAgnent of the Federal .aeserve Agent it is necessary or desirable to ma:ke such an appointment. James, Chairman of the Omni ttee advi sed that the plan 72erked out with L:r. Newton contemplates the designation as Assistant Federal Reserve Agent of Fulton Saussy, one of the Board's appointees to the Jacksonville directorate. He stated t:lat Saussy would be placed on the salary rolls of the Atlanta baric at a nominal salary in order that he might be bonded, arxl that he would act only v.hen needed and would be paid a fee each time called upon to serve. Upon motion, the recommendation of the Committee was then approved. Letter dated April 19th from 1"..r. Charles deB. Claiborne, Vice President °I* thn - Central 'rational Bank of ITew Orleans, submitting a complaint Wita - QIerence to a circular issued by the Federal Reserve Bank of Atlanta tovie, date of Aril 10th, wherein he states they request member banks and °liter par remitting banks to plwo on their checks the words "Collectible at „ 1 through the Federal deserve Bank of Atlanta". The Secretary reported that the circular in question was simply the renewal of a regular collection circular issued under date of April 25, 1923 and that the wording complained of, which had not been changed from the original circular, read "Member banks and. non-member -oar remitting banks are entitled to place the words 'Collectible at par throu,13. the Federal lieserve Bank of Atlanta' on their own checks and the checks used. by their depositors. 377 4/23/26 "Your attention is called to the desirability of availing yourself of this privilege." Upon motion by :Mr. James, it was voted that Mr. Claiborne be advised accordingly. 0012IITTEES: Dated, Dated., April 22nd, April 20th, 21st, Dated, A:Pril 21st, Datea, April 20th, 4.ted, April 21st, 130.teci, APrii 21st, Recommending changes in stock at Federal Reserve banks as set forth in the Auxiliary Minute Book of this date. Approved. Recommending action on applications for fiduciary powers as set forth in the Auxiliary 'Minute Book of this date. Approved. Recommending action on applications for fiduciary rowers as set forth in the Auxiliary Minute Book of this date. Ordered held. Recommending action on application for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Refused. Recommending action on application for admission of state bank, subject to the conditions stated in the individual reports attached to the aolications, as set forth in the Al]lciliary Minute Book of this date. Approved. Recommending approval of the application of Mr. John J. Appel for permission to serve at th,e same time as director of the Indiana National Bank and as director of the Union Trust Company, both of Indianapolis, Ind. Approved. The meeting adjourned at 1:10 p.m. Asst. Secretary. 1) 1 ' 110Ve Vice Governor. 1
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