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A meeting of the. Federal Reserve Board was held in the office of the Federal Reserve Board on Wednesday, August 22, 1923, at 10:45 a.m. PRESENT: Governor Crissinger, rx. Hamlin, rr. Miller, Mr. Dawes, Mr. Hoxton, Secretary. August 21, The minutes of the meeting of the Federal Reserve Board held on 1923 were read and aeproved. Mr. Hilin submittel to the Board the memorandum, dated August 18, 1923, and from General Counsel, on the subject "Purchase of Government Securities Bankers Acceptance's by Federal Reserve Banks under so-called Repurchase Agree- memorandum ments", referred to the Law Committee for revision on August 21st; said having been revised in accordance with the wishes of the Board. proceed in accordance with Noted, and Secretary instructed to action taken at meeting on yesterday. Memorandum, dated August 21, 1923, from Dr. Stewart, recommending the appoint- rnent to the Division of Research and Statistics, effective September 1st, of LIrs. .I- luth H. 2orter, at a salary of :',1,440 per annum; and recommending also that the temporary appointment to the Division of Miss Helene Bauer be extended from 2e1)tember 1 to October 1, 1923, on the basis of '5.00 per day. Approved. Upon motion of Mr. Miller, the title page of the recently authorized agrieialtural credits pamphlet was changed to read as follows: "Agricultural Credit 14eilit1e5 Under the Federal Reserve Act. Issued by Authority of the Federal Reserve Board. (Reprinted from Federal Reserve Bulletin, August, 1923)". Letter, dated August 16, 1923, from the Chairman of the Federal Reserve Bank (31' San Francisco, quoting a resolution of the board of directors of that bank, With reference to credit investigations and examinations of member banks and l eferrin$; to the Board's letter of July 31, 1923 on the subject. ' Referred to Committee on -4!:xaminations. - 2- 8/22/23 Letter, dated August 16, 1923, from the Chairman of the Federal Reserve Bank of San Francisco, subject "Ekamination charge assessed against the Pacific Southwest 2rust and Savings Bank", transmitting the recommendation Of the board of directors of the Federal Reserve Bank that the charges assessed against the member bank in question be refunded. Referred to Committee on Ekaminations. Letter, dated August 16, 1923, from the Chairman of the Federal Reserve Bank of San Francisco, subject "Ekamination charge against the Bank Of Italy", transmitting the recommendation of the board of directors of .the Federal Reserve Bank that he charges assessed against the member bank in question be refunded. Referred to Committee on Ekaminations. Mr. Miller submitted a letter, dated August 16, 1923, addressed to him by the Chairman of the Federal Reserve Bank of San Francisco, supplementing the telegram addressed by him to Mr. Miller on August 16th, submitted to the Board at the meeting yesterday, with reference to the Board's action in declining permission for the establishment of certain branches by the Bank Of Italy, San Francisco, and the Pacific Southwest Trust and Savings Bank, Los Angeles. Ordered circulated and returned to Mr. Miller. Report of the Committee on Cuba, with reference to the matter referred to it on August 21st, namely, letter of August 141, 1923, from the Governor °f the Federal Reserve Bank of Boston, enclosing a communication from the Deputy -1 1 -3 - Governor of that bank, at Havana, with regard to the progress being made toward the Opening of the Cuban Agencies of the Federal Reserve Banks of Atlanta and Boston; the Committee reporting that no action by the Board is necessary at this time. Noted. Upon motion, it was voted that in all published statements of the Federal Reserve Board and the Federal Reserve Banks of Atlanta and Boston, items of assets and liabilities of the Havana Agencies of the two banks mentioned be not shown separately but be consolidated with the assets and liabilities of their l'esPective head offiees. The Governor submitted a State Department dispatch, prepared by the American Consul, Florence, Italy, dated July 23, 1923, with reference to connection between the Bank of Italy, San Francisco, Cal. and certain Italian banking institutions. Noted. At this point Mr. Gilbert, Under Secretary of the Treasury, entered the room 414 discussed with the Board Mr. Miller's proposed plan for stating the reserve -L4sitions of the Federal Reserve Banks. Mr. Gilbert stated that he would be in favor of setting up separate reserves against deposits and against notes, provided that for the time being at least, for comparative purposes, the combined figure -° be published. Mr. Gilbert also made certain suggestions as to the details "Publication and stated that he would like to see the Board adopt also his ItoPosed resolution on the subject of gold payments, which will be considered by the Board at a meeting on September 12th. OF STAMM!: COT2TITTEES: Dated AuL;ust 22, 1923 Recommending approval of changes in stock at Federal Reserve Banks, as set forth in the Auxiliary Minute Book of this date. Approved. eq. Ailgust 21, 1923 August 22, 1923 Rocornmending action on a)plications for fiduciary powere, as set forth in the ,',.uxiliary rinute Book of this date. Approved. The meeting adjourned at 12:10 13.m. General So • etary.
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