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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Tuesday, July 17th, at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Ir. Platt hiller James Cunningham Dawes Hoxton, Secretary. The minutes of the two meetings held on July 12th were read and approved. Memorandum dated July 10th from the Division of Examination, recommending approval of the application of the Water Tower Bank of St. Louis, Mo., an outlying bank, for authority to reduce its reserve requirements under the Provisions of Section 19 of the Federal Reserve Act, from 1070 of demand deposits and 3,, of time deposits to 7,6 of demand deposits and 3,1 of time deposits. Approved, upon. the affirmative vote of five members. Mr. Dawes advised the Board with reference to the matter referred to in the minutes of July 12th that the situation in Columbia, South earolina, With respect to certain difficulties encountered by three banks in that oity, had, with the co-operation of the Federal Reserve bank of Richmond, been relieved and a satisfactory plan arrived at whereby the danger of insolvency had been apparently removed. At this point Mr. Dawes withdrew from the meeting. Memorandum from the Uommittee on Salaries submitting to the Board in the form of a letter to the Federal Reserve Agent at Lew Iork and a letter to the Federal Reserve Agent at hichroond, wherein the Board disapproved -2- 7/17/23 certain recommendations for increases in salaries, proposed to be effective at this time. Upon motion, the report of the committee recommending disapproval of the increases was adopted, and the letters aforesaid were referred back to the committee for revision. Letter dated July 12th from ix. curtiss transmitting resolutions by the board of Directors of the Federal heserve Bank of Boston with reference to the uuban Agency. xeferred to the committee on uuba - Lessrs. James and Aamlin. Letter dated July 16th from the Governor of the Federal neserve Bank of Boston, transmitting copy of a circular letter which that Bank Will send out to all member banks in the First Federal steserve District and to all Federal neserve banks, as soon as the uuban Agency of the Federal neserve Bank of isoston is ready for business. .referred to the Committee on Cuba. Letter dated July 13th from rr. n.A. cooper, itarm Loan Commissioner, replying to the Board's letter of July 12th, on the subject of the purchase Of intermediate credit Bank debentures by Federal neserve banks. Ordered laid on table. Letter dated July 12th from the chairman of the rederal neserve Bank of Lew fork, advising that upon the urgent request of the underBeeretary of the fveasury, that Dank has agreed to lend to the Treasury -uepartment the Acting General Auditor, r. La, E. Aounds, to assist the Commissioner of Internal nevenue in some accounting and organization -3_ 7/17/23 changes -which are being made in that Bureau. The period for which the Bank has agreed to detail Lr. hounds to this work is one month. Noted with approval. Letter dated July 11th from the citizens Trust Company, buffalo, ew York, transmitting a copy of a letter concerning the clearance of checks sent out by the Vlanters iational Bank of hichmond, virginia. Referred to the committee on Clearings. Letter dated July 12th from the chairman of the Federal Reserve Bank Of Dallas, advising that subject to the approval of the Federal Reserve Board, the Board of Directors of that Bank had approved the payment of a fee of 450.00 to the Federal Advisory Councilman for attendance at each meeting of the Council, together with actual traveling expenses incurred on such trips, also reimbursement to the councilman of traveling expenses inCurred in attending meetings of the board of Directors of that Bank. Approved. Letter dated July 14th from the Federal Reserve Agent at Kansas City in reply to the board's letter of June 13th, and transmitting a transcript Of the account of tr. A. G. Siihr, Trustee, together with a letter from the Governor of the Bank, in explanation of the matter. Referred to the Oorrittee on District No. 10 - Yessrs. Cunningham and liller. Letter dated July 12th from the Comptroller of the currency, requesting approval of a salary of ..?3,600 per annum for Yr. A. . Stanfield, National Bank Examiner, assigned to the Fourth Federal Reserve District. Approved. -4- 7/17/23 Letter dated July 12th from the Comptroller of the uurrency, requesting approval of a salary of 03,600 per annum, for :Er. 3. B. Luiken, .eederal steserve District. National Bank Examiner assigned to the rirst Approved. Memorandum dated july 16th from the uonmittee on Examinations, as follows: "In order that the examination of the dank of oentral and South America with offices in kiolombia, uosta Rica, Licaragua, Peru and venezuela may be efficiently undertaken, it appears advisable for the doard to approve the recommendation of the chief zxaminer to appoint as an examiner, for a period necessary to complete this murk, Ir. J. A. uriffin, an accountant well versed in the export and import business and thoroughly conversant with both the bpanish and r'rench languages. "The services of the gentleman in question will be available from August 1st next and it is recommended that he be employed as of that date at a salary at the rate of 6,000 per annum, with the understanding that adequate adjustment be made to cover necessary traveling, hotel and living expenses while employed in foreign fields." Approved. Memorandum dated July 16th from the Director of the Research and Statistical Division, recommending the appointment of Miss L. Ernest as a temporary statistical clerk; the appointment to run from July 18th to September 1st, 1923, at a salary of 05.00 per working day, said appointment being recommended to fill the vacancy created by the resignation of hiss Harriet r'owler. Approved. Memorandum dated July 17th from the Assistant Secretary of the J. W. Gladding, Board recommending acceptance of the resignation of hiss of :31550 per stenographer in the Office of the uhief Olerk, at a salary -5- 7/17/23 annum, and requesting authority to employ another stenographer at a salary not in excess of 0.500 per annum. Approved. itEPORTS OF COMITTEE YO. 1 Dated July 12th, 13th, 14th, Aecommending changes in stock at rederal reserve banks, as set forth in the Auxiliary Linute Book of this date. Approved. Dated July 7th. Aecommending action on applications for fiduciary powers as set forth in the Auxiliary Linute Jock of this date. Ordered held. Dated July 7th 10th bated July 13th xeconmending action on applications for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Approved. ecommending approval of the application of Mr. Urawford loore to serve at the same time as director of the rirst Lational Bank, Boise, Idaho and as director of the Nampa Eational Bank, Nampa, Idaho. Approved. Dated July 12th heconmending approval of the application of Yr. Uhas. D. Snedeker to serve at the same time as Vice rresident of the i4irst Liank, rerth Amboy, i. J. and as director of the isirst Lational Bank, uartaret, L. J. Approved. Dated July 16th Aecommending approval of the application of kr. A. X. Horr to serve at the same time as director of the Seaboard National Bank, Lew iork City, and as director of the Jleveland Trust Uompany, 1eve1and, Ohio. Approved. Dated July 16th xecommending approval of the application of Ir. henry Turnbull to serve at the same time as vice ?resident and director of the Lontclair Lational Bank, Lontclair, v. j., and as vice i'resident of the lianover National sank, New York Uity. Approved. Dated oily 16th xecommending approval of the application of tr. hobert arson to serve at the same time as President of the First Lational Bank, Uateret, i. J., as vice .t-resident of the First iJutional SAI:k, Perth Amboy, iv. J., and as director of the Peoples National Bank, New Brunswick, 1. J. Approved. 7/17/23 -6- Dated July 16th' Recommending approval of the application of Mr. Edward H. Dillon to serve at the same time as director of the First National Bank, Hartford, Conn. and as director of the First National Bank, Bridgeport, Conn. Approved. approval of the application of Mr. Frank J. Recommending 16th Dated July Lanahan, MoKees Rocks, Pa. to serve at the same time as director of the Bank of Pittsburgh N.A., Pittsburgh, Pa. and as director of the Highland National Bank, Pittsburgh, Pa. Approved. approval of the application of Mr. J. D. Ayres Recommending Dated July 16th to serve at the same time as Vice President and director of the Bank of Pittsburgh, N.A., Pittsburgh, Pa., and as Vice President and director of the Highland National Bank, Pittsburgh, Pa. Approved. approvalof the application of Mr. Harrison Recommending July 16th, Dated Nesbit to serve at the same time as President and director of the Bank of Pittsburgh N.A., Pittsburgh, Pa. and as President and director of the Highland National Bank, Pittsburgh, Pa. Approved. Zhe meeting adjourned at 1:00 o'clock. secretary. Approved: Vice Governor.
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