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1. meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Tuesday, July 1, 1924, at 12:15 p.m. PRESENT: Governor Crissinger Mr. Hamlin Mr. Miller Mr. James Er. Dawes Mr. Eddy, Secretary The minutes of the meeting of the Federal Reserve Board held on Jane 30th were read and approved. Letter dated June 28th from the Comptroller of the Currency, recommending approval of increases totaling Q32,000 in the salaries of fifteen National Bank Examiners and Chief National Bank Examiners. Mr. Miller moved that the matter be referred to the Executive Committee for recommendation. Mr. Miller's motion being put by the chair vas lost, the members voting as follows; Mr. Miller, "aye" Mr. Hamlin, "aye" Mr. James, "no" Mr. Dawes, "no" Governor Crissinger, "not voting" Mr. James than moved that the increases recommended by the Comptroller of the Currency be approved. Mr. James' motion being put by the chair vats carried. Report of the Law Committee on the matter referred to it folloldng the recent Governors' Conference, namely, increased charges by the Comptroller of the Currency for furnishing eederal Reserve banks with copies of reports of examination of National Banks; the Committee submitting a memorandum from Counsel on the subject, dated July 1st, stating that in his opinion Federal -2- 7/1/24 of National Reserve banks may legally purchase reports of axaminations therefor any reasonBanks from the Comptroller of the Currency, and pay able charge fixed by the Comptroller. Mr. Hamlin then submitted the following resolution: "Counsel having advised the Board that there is no h law requiring the Comptroller of the Currency to furnis banks e Reserv Federal to s copies of examination report and that Federal Reserve banks may lawfully purchase such copies from the Comptroller; Be It Resolved, that the Federal Reserve Board has no objection to the purchase of such copies by Federal Reserve banks at prices to be agreed upon from time to time between the banks and the Comptroller". After discussion, Counsel's memorandum on the subject was vas ordered circulated, and action on Mr. Hamlin's resolution postponed. ary of the Board by Manorandum dated June 26th addressed to the Secret Law Committee at the Chief Clerk, with regard to the matter referred to the the Chief of the the meeting on June 17th, namely, letter dated June 9th from ing the bond of Division of Appointments of the 2reasury Department, regard ation the Board's Fiscal Agent; the memorandum submitting statistical inform showing weekly the largest balance in the Fiscal Agent's Account. The Deputy each Secretary then informed the Board that the Fiscal Agent and his were bonded to the extent of 25,000, while the account of the Fiscal Agent allowed balance, generally ran in excess of that figure,often to his maximum namely, c;40,000. After discussion, La'. Miller moved that the bonds of the Board's Fiscal Agent and Deputy Fiscal Agent be increased to 00,000 each. Carried. Report of Committee on Discount and Open Market Policy on the matter -3- 7/1/24 letter dated June 17th referred to it at the meeting on June 19th, namely, o, with regard ,to from the Chairman of the Federal Reserve Bank of Chicag the Committee submitthe recent reduction in the discount rate of that bank; ncing the credit ting draft of a letter stating briefly the factors influe l Reserve dissituation at the present time which have a bearing upon Federa count policy. Upon motion, the proposed letter was approved. IEPORTS OF 1ING .COLILII 0E2.3: Dated, Jane 00th, July 1st, Dated, July 1st, 1st, Dated, July 1st, 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 parers as set forth in the Auxiliary Minute Book of this date. Approved. Recommending approval of the application of Mr. R. A. Burch to servo at the same time as director of the First National Bank, Roxboro, N.C., and as director of the First National Bank, Durham, N. C. Approved. The meeting adjourned at 12:45 41'41Secreta Y. Approved:
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