Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, August 7, 1923, Volume 10, Part 2

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A meeting of the Federal Reserve Board was held in the office of the
Federal Reserve Board on Tuesday, August 7th, at 10:35 a.m.
PRESEITT:

Governor Urissinger
fr..riller.
fr. James
fr. Dawes
rr. Hoxton, Secretary.

The minutes of the meeting of August 2nd were read and approved as amended.
The minutes of the meetings of August 3rd and August 6th were read and
approved.
Letter dated August 6th from the Federal Reserve Agent at Philadelphia,
enclosing copy of a letter which that Bank has tranamitted to all state member
banks in the Third Federal Reserve District, with reference to "Cost of
Examining State rember Banks, when examinations, rather than Credit investigations, are necessary".
Referred to the Committee on Examinations.
Letter dated August 7th from
T reasury, addressed to Dr. Vt.

VT.

G. B. Winston, Assistant Secretary of the
Ste=rt, Director of the Board's Division of

Research and Statistics, requesting Dr. Stewart to prepare and submit, as
review of the
s"n as convenient, not later than September 30th, a brief
domestic credit situation during the past year.
Referred to the Governor for reply.
Governor was
Upon motion duly seconded and unanimously carried, the
Reserve banks:
teOPested to transmit the following telegram to all Federal
closing on
"Question having been raised with regard to the
in head office
both
banks,
Reserve
Federal
Friday, August 10th, of
late
the
of
the'memory
to
respect
and branch cities, out of
n
organizatio
skeleton
a
that
directs
President ftarding, the Board
of
care
take
to
sufficient
branch
be maintained at each bank and
-district business and that
any legally necessary district or inter
for this purpose will
necessary
all officers and employees not
of the United States
President
comply with the proclamation of the
prayer. The Board
and
mourning
that the day be observed as one of
itself will observe this plan."



8/7/23

-2-

REPORTS OF STANDING COI ITTEE:
Dated August 6th
7th




Recommending changes in stock at Federal Reserve Banks,
as set forth in the Auxiliary rinute Book of this date.
Approved.

The meeting adjourned at 1:00 p.m.

Secretary.