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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Wednesday, April 4th, at 11:05 a.m. PRES3NT: Vice Governor Platt Mr. Hamlin Mr. Miller Mr. Crissinger Mr. Hoxton, Secretary The minutes of the meeting of the Federal Reserve Board held on April 3ra were read and approved as amended. The Vice Governor reported the reserve positions of the several Federal ileserve banks as at close of business April 2nd. Telegram dated April 3rd from the Governor of the Federal Reserve Bank °t Chicago advising that that bank has received some rediscount offerings 14°111cling some paper with naturlties from six to nine months, with respect to which up to the present tins the Federal Reserve Rank of Chicago has been "sing member banks that discount of such paper should be held pending the isellallee of regulations by the Federal Reserve Board and requesting the approval f the Board of the acceptance of such paper pending the issuance of such regulations. Upon motion, the Secretary was instructed to advise Governor McDougal that the Board approves the acceptance of eligible paper with maturities from six to nine months pending the issuance of formal regulations by the Federal Reserve Board, and to send a copy of this telegram to the Governors of all Federal Reserve banks. The Vice Governor submitted a letter addressed by him under date of APril 4th, to Congressman McFadden giving certain information with respect to litate banks which are members of the Federal Reserve System. Approved. rtr2 A-k=LJ 4/4/23 -2- Under-The Vice Governor submitted. a letter dated April 2nd from the Secretary of the Treasury expressing the opinion of Mr. Gilbert that if it 811Q111d be determined that the cost of currency shipments shell continue to be 41)sorbed by t115 Federal Reserve banks that the cost of the shipments of silver (1011ar5 should also be so absorbed. ation Mr. Hamlin moved that pending the final determin continue shall Bank Reserve as to whether or not the Federal be into absorb the cost of currency shipments,that they dollars. silver of s shipment the structed to absorb also Mr. Hamlin's motion being put by the chair was lost. Mr. Mr. Hamlin. and Mr. Platt voting "aye"; Mr. Miller and Crissinger voting "no". Mr. Miller stated that he had voted in the negative matter., in order to hasten the final determination of the whole service. y of continuance of voluntar the Vice Governor Memorandum dated April 3rd, addressed by Mr. Hamlin to y of "Jar, Mr. Davis, nolm eirIP,' a memorandum received from the Assistant Secretar 13ertaininc7 to 'vile revised currency law of the Philippine Islands. Referred to the Vice Governor with power. sion to non-member Proposed form of questionnaire designed for transmis "ate banks by the Committee of Congress recently appointed to inquire as to the System. reasons why non-member state banks do not join the Federal Reserve Referred to the Vice Governor and Mr. Hamlin with power. er from Mr. 77. G. Telegram dated April 3rd, addressed to Mr. CrissinFr Ite.Aa °O, renuesting telegraphic advice as to the reasons which prompted the ral Reserve Board to disaAprove the application of the Bank of Italy for ' 'sit Ion of the .."'irst Natir_nal Bank of El Centro, California, and to disapprove 4/4/23 the eistablishrent of an additioml branch of the Bank of Italy at Sacramento, California. Action deferred pending satisfactory solution of the examination question in California. Memorandum dated March 14th, with reference to the letter of March 1st, trom the Chairran of the Federal Reserve Bank of San Francisco, requesting the aPProval of the Federal Reserve Board, of a certain amendment to the By-laws of the branches of the Federal Reserve Bank of San Francisco, said letter having been referred to the LEW Committee at the meeting of March 8th, 1923. Upon recommendation of General Counsel vvith.the aiproval . of the Chairran of the Law Coninittee, the change in the Bylaws proposed by the Federal Reserve Bank of San Francisco was approved. The Vice Governor stated that he had received a letter from the Federal Reserve Agent at Chicago, suggesting ' that it is probable that the Board of Directors of that bank will, in the near future, recommend a change in the discount rate of that bank and asking to be informed as to the attitude of the Fed41 Reserve Board, with respect to a change. " The Vice Governor was requested to advise Mr. Heath that in advising of any change in the discount rate voted by the Board of Directors of the Federal Reserve Bank of Chicago he should supply the Federal Reserve Board with the reasons for such proposed change. Upon motion of Mr. Hamlin, the Vice Governor was requested to inquire if the Treasury Department has any objection to the payment of t1,000, which the Federal Reserve Bank of Kansas City proposes to pay to the heirs of a guard 4A/23 elltacyed by the Federal Reserve Bank of Kansas City and who was killed in Denver while in discharge of his duty. At this point, upon invitation, Messrs. Wyatt, Herson and Sargent entered the room and Mr. Hamlin submitted to the Board the report prepared by them as a solution to the problem of examinations of state menter banks by Pfzieral Deserve banks. After full discussion, and the consideration of proposed amendrents, it was ordered that the report be redrafted and submitted to the Federal,Reserve Board as special order business at the meeting to be held tomorrow at 11:00 o'clock. 112?ORTS OF COTTITT.. 7.0. 1 , ]F. Dated April 3rd, 4th, Recominending action on applications for changes in stock as set forth in the Auxiliary Minute Book of this date. Approved. bat ea April 2nd, Recommending ap,iroval of the applicat ion of Mr. Henry C. Atkins to serve at the same time as director of the Fletcher Savings and Trust Company and of the Fletcher Joint Stock Land Bank, both of Indianapolis, Indiana. Approved. bated, April 2nd, Recommending approval of the application of Mr. Frederic M. Ayres to serve at the sane tin as director of the Fletcher Savings and Trust Company and of the Fletcher Joint stock Land Bank, both of Indianapolis, Indiana. Approved. ')ated April 2nd, Recommending approval of the, application of Mr. Albert Baker to serve at the sae time as director of the Fletcher Savings and Trust (ompany and of the ' , letcher joint Stock Land flank, both of Indianapolis, Indiana. Approved. 1)e.t ed APr11 2nd, Recommending approval of thpnapg4c .ation of Mr. J. Kearney to serve as Vice President/of the First National flank, Wauwatosa Wis., and as President and. director of the American l']xchange Bank and of the Bay View Conaercial and Savings Bank, both of Milwaukee, Wis. Approved. 13ateci April 2nd., Recommending approval of the application of Mr. Robert V. Baird to serve as officer and director of the First —isconsin National Bank, Milwaukee, "is. and as director of the 4'irst National Bank, Wauwatosa, Wis. Approved. 1.0 4A/23 24- 11ORTS OF cOMYITT:42 NO. I Dated April 2nd, Dated April 2nd, 14ted April 2nd, Dated April 2nd, Datd. April 2nd, Ap- Dated April 2nd, Dated April 3rd, bitted pat ed. April 2nd, April 2nd, Recommending approval of the application of Mr. William M. Taylor to serve as director of the Fletcher savings and Trust Company and of the Fletcher Joint Stock Land Bank, both of Indianapolis, Indiana. Approved. Recommending approval of the application of Mr. Nicholas H. Noyes to serve as director of the Fletcher Savings and Trust Company and of the Fletcher Joint Stock Land Bank, both of Indianapolis, Indiana. Approved. Recommending approval of the application of Mr. Samuel D. Miller to serve as director of the Fletcher Savings and Trust Company and of the Fletcher Joint stock Land Bank, both of Indianapolis, Indiana. Approved. Recommending approval of the application of Yr. Albert W. Conduitt to serve as director of the Fletcher Savings and Trust COompany and of the Fl etcher Joint Stock Land Bank, both of Indianapolis, Indiana. Approved. Recommending approval of the application of Mr. Hugh Dougherty to serve as director of the Fletcher Savings and Trust Company and of the Fletcher Joint Stock Land Bank, both of Indianapolis, Indiana. Approved, Recommending approval of the application Of Vire Cassius C. Shirley to serve as director of the Fletcher Savings and Trust Co-ipany and of the Fletcher Joint stock Land Bank, both of Indianapolis, Indiana. Approved. Recommending approwl of the application of Mr. WM. J. Eklund to serve at the same time as president of the Duluth National Bank, Duluth, Minn., and as director of the Nor them National Bank, Duluth, Minn. Approved. Recommending approval of the application of Yr. Charles N. Thompson to serve as director of the Fletcher Savings and Trust Company and of the Fletcher Joint Stock Land Bank, both of Indianapolis, Indiana. Approved. RecOmmending approval of the application of Mr. Hugh McK. Landon to serve as director and office of the Fletcher Savings and Trust Company and of the Fletcher Joint Stock Land Bank, both of Indianapolis, Indiana, and as director of the Sixteenth Street State Bank, Indianapolis, Ind. Approved. C,(_,‘") 4/4/23 214)ORTS OF COMITTF3 NO. 1 Dated April 2nd, Recommending approval of the applicat ion of Mr. Albert Metzger to serve as director and officer of the Fletcher Savings and Trust Company and of the Fletcher Joint Stock Land Bank, and as director of the 7ast Washington State Bank, all of Indianapolis, Ind. Approved. Da.ted April 3rd, Recommending approval of the application of Mr. Vinson Carter to serve as director of the Fletcher Savings and Trust Company, the Fletcher Joint Stock Land Bank, and of the Sixteenth Street State Bank, all of Indianapolis, Ind. Approved. April 3rd, Recommending approval of the application of Mr. Evans Woolen to serve as director and officer of the A.etcher Savings and Trust Company, the Fletcher Joint Stock Land Bank, and of the Sixteenth street State Bank, all of Indianapolis, Ind. Approved. Dat April 2nd, Recommending approval of the application of Mr. Joseph H. Spellmire to serve as director of the Fletcher Savings and. Trust Comcany and of the Fletcher Joint stock Land Bank, both of Indianapolis, Indiana. Approved. Dated April 2nd., Recommending approval of the at?plicat ion of Mr. Charles S. Wesley to serve as director of the Quaker City National Bank and of the Aldine Trust Company, both of Philadelphia, Pa. Approved. The meeting adjourned at 1:15 p.m. Secretary. Vice Governor.
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