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A meeting of the Federal geserve board was held in the office of the .&ederal reserve Joard on 'Thursday, July 26th at 11:00 a.m. PillT: Governor crissinger Jr. tiamlin Lr. James Yr. Uunningham hoxton, Secretary. The minutes of the meeting of the Federal eserve hoard held on July 25th were read and on motion approved. lelegram dated July 25th from Lr. _Laney with further reference to his letter of July 21st regarding conditions in the i!,leventh rederal Ileserve .uistrict, which might, in kr. alley's judgment, make desirable a raise in discount rates or rediscounting with other Federal heserve banks. geferred to the rovvernor for reply. Letter dated July 24th from the Under secretary of the Treasury suggesting that the Federal geserve banks pursue the policy of making payments in gold. referred to the (7overnor. Letter dated duly 24th from the Under Secretary of the Treasury stating that if the Inquiry instituted by Senator rIttman of Fevada into the arranements for releasing standard silver dollars for the purpose of regulating presented, it would exchanges with silver standard countries, shall be further be well to ask jr. tmiss, former rember of the Federal,Reserve Board, to cone to Washington and appear before the Congressional Commission. in The Secretary was directed to advise Yr. Gilbert that come to the Board's opinion, Er. Strauss should be invited the down, if such action should be thought desirable by Treasury Department. 30th, from Matter referred to the Law Committee July 10th; viz, letter dune to the tankers Trust Co., Little hock, Ark. with reference to proposed amendments See. 5200 E.S. and Sec. 13 of the Federal geserve Act. Referred to Governor for reply. L.- 0 -2- 7/26/23 Telegram dated July 26th from the Governor of the Federal Eeserve Bank Of Philadelphia, stating his belief that it would be helpful if the rembers Of the Advisory Committee of the Governors should be advised of the Boardts reasons for postponing the effective date of Regulation "J", in order that they may have an opportunity for consideration in advance of the Committee reeting. The Secretary was instructed to transmit to each Yember of the Advisory Comillittee of Federal Reserve Bank Governors, a copy of Governor i''ancher's letter dated July 23rd with reference to Regulation "J", and a copy of the revision of Regulation "J", suggested to the :Joard by Lessrs. Claiborne and Adams at the Conference yesterday afternoon. Letter dated July 25th from the Federal Reserve Agent at Philadelphia advising of his intention to take a vacation from August 15th to September 15th. uoted with approval. Letter dated July 25th from the Corptroller of the currency requesting Henry approval by soard of an increase in salary of Ilational Bank Examiner B. Davenport, from ,,p4,500 to v5,500. Approved. of the Letter dated duly 26th from the Railmny Loan Advisory Uomrittee obligation subFederal Reserve Board, recommending approval of the form of of .6,759,000 mitted by the Seaboard Air Line Railway company for a loan take over the third (in seven parts, the carrier electing at this time to Section Part of the loan in the amount of .300,000), under the provisions of 210 of the Transportation Act, 1920, as amended. Approved. 7/26/23 -3- Letter dated July 26th, from the Railway Loan Advisory Committee of the Federal Reserve Board, recommending approval of the form of obligation submitted by the Norfolk Southern liailroad Company for a loan of 0355,000 (in five parts, the carrier electing at this time to take over the fifth and final part of the loan in the amount of 071,000) under the provisions Of Section 210 of the i.eransportation Act, 19200 as amended. Approved. REPORT OF OWEITTlig YO. I Dated July 26, 1923. Recommending changes in stock at Federal Reserve banks as set forth in the Amriliary Minute Book of this date. Approved. The meeting adjourned at 12:30 p.m. Secretary.
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