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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Thursday, July 12th, at 11:00 a.m. IRESEET: Governor Crissinzer Mr. Hmlin :Jr. Miller Jams Cunningham Mr. Eddy, Assistant Secretary. :Aie minutes of. the meeting of the Federal Reserve Board hold on July 11th were read and approved. 'Proposed letter dated July 12th addressed to the Governor of the Federal Reserve Bank of Kansas city, in answer to a colwunica- - tion requestiiv, an expression from the Board as to the necessity for the Federal Reserve hank of Kansas City continuing filing claims against insolvent banks on behalf of endorsers of cheeks forarded. to such banks for collection. Approved. Letter dated July 5th, from the Federal Reserve Agent at San Francisco, transmiL:Hn7, Copies of letters exchanged with the 1 -cific Southyrest Trust and Savings Bank, ”e]-1!;ive to the Protest made by that bank against the payment of costs assessed by the Federal Reserve Bank for an examination ride on September 3, 1922. Referred to the Committee on ExaJainaticns. n motion, the bond of :.7r. William C. Schrader, Acting Assistant; Federal Reserve Agent at Detroit -ranch, ,as approved in the amount of e50,000. - 2 - 7/12/23 Letter dated July 9th, from the Secr ,t.117 of the Federal Reserve Dark of t3oston, recriestin c certified cony of the resolution adopted by the Board on June 27th, 1023, approvinr, the establishment; of, c7,encies at Havana, Cuba, by the Federal Reserve Banks of Boston and Atlanta. Approved. The Committee on Salaries and Expenditures reported unfavorably on the recommendation conbaned in a letter dated July 11th, from the Chairman of the Board of Directors of the Federal Reserve 1?ank of,New York that the salary of 7r. Raymond F. Cutler be increased at this time from !)25C0 to k700.per annum. Renort aproved. Opinion of Counsel on the subject of "Rediscount with Federal reserve banks by member banks of paper made or endorsed by un-member banks." Referred to the Lau Committee for consideration and report thereon at the meetinc; of the Board to be held on Tuesday, July 17th. \ The Governor called attention to the fact that at the meetinz of the Board on June 28th, the Board postponed .discussion of Dr. Taller tz :plan for statiw; the reserve -c)ositiens of the Federal reserve banks until the meetin of the hoard to be hold on July 12th. Discussion of the plan was further postponed until the meetinr; of the Board to be held on Thursday, July 19th. Dr. Yiller submitted draft of a letter to all Federal reserve banks by express ..;hich , on the subject of insurance of currency shipments :lade had been prepared by the Committee on Economy and Efficiency, and requested Board's approval of the letter Approved. oinp forward to the banks.. 4) 7/12/2.3 - 3 - RE1ORTS OF COI:EITTEE NO. 1. Dated July 11th, Dated July 12th, 12th, • Dated July 12th, Recommending changes in stock at Federal reserve banks, as set forth in the Auxiliary rinuto Book of this date. Approved. Recommending action on applications for admission of state banks, subject to the conditions stated in the individual reports attached to the applications, as set forth in the Auxiliary mute Book of this date. Approved. Recommending approval of the aprlication of 11r. David H. Knott, to serve at the some time as director of the Liberty National Dank, and as President and director of the Central I:ercanti]e Bank, both of York City. Approved. The meeting adjoi 12:'50 F.H. Assistant 0 .1.etary. Approved: 4ovorn--)
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