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Upon call of the Governor, a special meeting was held in the Board Room at 3:25 this afternoon, July 17, 1923. PRESENT: Governor urissinger Er.ilatt Er. Miler Er. James Er. Cunningham Lr. lioxton, Secretary. Letter dated July 11th from Governor McDougal, Acting uhairman of the Governors Confererce, submitting the report of the Committee on Collections, Which uommittee was called to meet in Chicago ru1y 9, 1923, pursuant to the Board's telegram to Governor EcDougal, dated July 6, 1923. This report covered the procedure and mechanics necessary for the administration of the recent amendment to Regulation "J", now paragraphs (c) and (d) of the Regulations, series of 1923. The uonmittee submitted a report, and a uniform circular designed for transmission to member banks, the report and circular being based on paragraphs (c) and (d) of Regulation J, Series of 1923. The Committee also submitted for consideration of the Joard a sUpplementary report and uniform circular based upon certain changes in paragraphs (c) and (d) of Regulation "J", suggested by the committee. After discussion, the isoard voted to accept the uniform circular designed to administer the Regulation, as it stands and the Secretary was instructed to prepare a circular of instructions addressed to all .eederal hOserve Banks and transmitting a copy of the uniform member bank circular, said circular to the .vederal Eteserve banks to be based upon the first report of the committee on Collections. Eatter referred to the Law Connittee July 12th, viz; the memorandum of July 11th from General counsel, subject "Application of the Joard's recent Ruling regarding Rediscounts for Non-member Janks". -2- 747/23 The recommendation of Counsel, after amendment, was, upon motion, approved and the ruling, as amended, was ordered transmitted to all Federal Reserve banks in circular form as a regulation of the Board. The above motion was carried after a call of the roll, upon request of Lr. Cunningham, the lembers voting as follows: Governor urissinger "aye" Mr. Ilatt "aye" Mr. Miller "aye" Pr. James "aye" Er. Cunningham "no" Telegram dated July 16th from the Federal Roserve Agent at San Francisco requesting that the Board issue Regulations to cover the discount by Federal steserve banks of the paper of intermediate redit Banks. Referred to the Law uommittee. Letter dated July 13th from the chairman of the Federal Reserve Bank of 1Tew iork, with reference to the action of the Board taken at the meeting of July 10th, whereby the Board voted to permit the Liberty rational Bank of Lew lork to exercise the limited fiduciary power of Registrar of Stocks and bonds, and requesting reconsideration of the Board's action aforesaid. Referred to the Governor for reply. The meeting adjourned at 5:10. Anprov ___dfrzerz# Secretary.
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