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, ON r-•••• A, meeting of the Lxecutive Committee of the Federal Reserve Board Was held in the office of the Federal Reserve Board on Thursday, „ila,:ust 7, 1924 at 10:20 a.m. PIE.i3LIT2: 1)1121.1]-1:2 .1.14;30: Governor Crissinger 1.1.r• Platt Mr. 1Toell, „Assistant Secretary. :Ir. Li/ller Letter dated August 5th from the Actin,; Comptroller of the Currency, recommending approval of a salary of'.3,000 per annum for National 3ank 4xaminer Roger W. Mill, to be assigned to the Second Federal Reserve District. „Approved. Letter dated August 5th from the Acting Comptroller of the Currency, recommendin approval of a salary of :4.3,000 per annum for National Bank Illxaminer 71M. F. Hoflmayer, to be assigned to the Second Federal Reserve District., proved. Letter dated August 5th from the Acting Comptroller of the Currency, recommending approval of an increase from Ilational Bank 0,600 to ;3,900 per annum for aminer Charles R. Mertens. AI:proved. Report of Committee on 'Axaminations on letter dated Ju_y 20th from the Federal Reserve ',gent at San 2rancisco, recommending approval of the applications of the Pacific Southwest ?rust and Savings Bank for perMission to transfer the location of the branch approved for establishment Qt hollywood Boulevard and Verl.lont Avenue, Los An,;eles, to 5906 Hollywood Boulevard; that approved for establishment at Moneta and Vernon Avenues, Los .Angeles, to 4701-03 Moneta :,venue; and that a!proved for establishment at Vernon and Vemont Avenues, Los Angelo, to a temporary location at 985 'West Vernon Avenue, pending erection of a permanent building at Vernon 1 :36 -2- 8/7/24 and Vermont Avenues; the boards Committee recommending approval. pp raved. 29th Report of committee on ,,xaminations on letter dated duly from the Lssistant _,ederal .leserve agent at and recommendin an rrancisco, transmitting approval of the applications of the iercantile irust k-;ompany of ban rrancisco, for permission to enter into negotiations for the purchase of the liank of Mill valley, kill Valley, California, and the ing them into Fairfax 3ank, r'airfax, california, with a view of convert l. branches; the 30ard's coranittee recommending approva Approved. Letter dated Auo;ust 1st from the iederal vrancisco with regard to the application of the eserve Agent at an tome )ank of Porterville for permission to take over the rirst National Jank of Yerra Bella and esstating that tablish a branch in its premises; the r'ederal Aeserve Agent it seems advisable to make another examination of the nome Jank before Presenting the application to the an rrancisco directors for consideration and recommendation. hated. Letter dated liugust 1st from the chairman of the r'ederal Reserve Bank of l'hiladelphia, requesting approval of an extension of thirty days from Auflist 17th, in the leave of absence with pay granted Governor Norris. Approved. 1,etter dated nuust 4th from the 1)eputy Governor of the r'ederal i urad iteserve )ank of ,:ew York enclosing correspondence with the Jatkovn 57# -3- 8/7/24 linisterstva rinanci of .Frague, with regard to an advance by the 1,ederal reserve bank on the security of gold deposited with the Banque ilationale de , - elgique of )russels; the suggestion being made that the )oard might desire to acquaint the iepartment of tate with the facts in connection with the transaction. Upon motion, it was voted to approve the suggestion that the Department of-3.tate Lie advised of the transaction. Letter dated August 4th from the tihairman of the iederal eserve 3ank of Atlanta, enclosing copy of letter addressed to the 6itizens National Bank of Lontezuma, (Aorgia, with regard to the collection relations of that bank with 6-eorgia state 3ank of Lonteruma. Noted. At this point, Ir. Wyatt, the 1)oard's General 6oun3e1 entered the meeting and reported verbally to the Uorrmittee on his recent visit With ir. Y. B. Angell to Atlanta, in connection with the action of the Pascagoula iational Bank of Eosspoint, iississippi, in deducting exchange from a remittance draft sent the ii'ederal eserve ,ank of Atlanta. Er. Watt stated that the 1:ederal Eeserve Bank of _tlanta had followed the )0ard's instructions in the matter, that the .,.ascagoula fank had refunded the exchange deducted from its remittance, that it 7,,ould continue to remit at par, claiming to do so under duress, and that in his opinion the iederal Iteserve system was in a satisfactory position for a friendly law suit to test the par clearance system, which he understood would be 8/7/24 -4- filed 'in the Federal District Court at Ltlanta the latter part of this week or early next week. MPOTITS 02 CO21,II1TIES: Dated August 2-7 Recommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary Minute Book of this date. Approved. Dated August 7th Recommending action on applications for fiduciary powers has set forth in the Auxiliary Minute Book of this date. Approved. Dated Au6ust 7th Recommending action on application for fiduciary powers as sot forth in the Auxiliary Minute Book of this date. Held. Dated August 7th Recommending action on application for admission of state bank, subject to the conditions stated in the individual reports attached to the application, as set forth in the Auxiliary Minute Book of this date. Approved. Dated July 2Gth Recommending approval of the application of Ur. C. Wasson to serve at the same time as director of the First Hatitinal Bank of Harrisburg, Ill., and as director of the American rational Bank of Vincennes, Ind. Approved. Dated July 29th Recommending approval of the application of Mr. S. L. Gabel to serve at the same time as director of the Bridgeport Nntional Bank of Bridgeport, Pa. and as director of the Norristown Penn Trust Co. of Morristown, Pa. Approved. 4th August Recommending Dated approval of the application of Mr. J. G. Wilkinson to serve at the same time as officer and director of the First rational Bank of Hamlin, Texas, the City National Bank of Sweetwater, Texas, and the Continental National Bank of Fort Worth, Texas. Approved. The meeting adjourned Appro 11:30 a.m. : Assistant Secretary
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