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of the A meeting of the Federal Reserve Board was held in the office Federal Reserve Board on Thursday, June 14th, at 11:00 PRESET: A.M. Governor Orissinger Mr. Platt Mr. Hamlin Mr. Miller Mr. James Mr. Cunnin3ham Mr. Dawes Mr. Hoxton, Secretary held on June The minutes of the meeting of the Federal Reserve Board 13t h were upon motion approved. d new organYr. Miller submitted a memorandum setting forth a propose the incorporaization of the standing committees of the Board with a view to n of the By-laws shall tion of the said matter into the By-laws when a revisio come before the Board for consideration and action. ed by Upon motion, the reorganization program suggest ee on Yr. Miller was tentatively approved, and the Comndtt the revision of the By-laws was requested to include the d matter in a revised draft of the By-laws to be submitte to the Board for final action. The Governor was requested to make to the Board ,a tentative list of the Members to be assigned to the Commdttees enumerated in Mr. Miller's memorandum. -41xaminer and adDraft of letter dated June 12th,.prepared by the Chief g to Mr. 7111s aIlessed to the Federal Reserve Agent at Cleveland, replyin let- ter of concurrence in Mr. June 2nd, requesting an expression of the Board's ':71118, Board with respect understanding of the action of the Federal Reserve to the g the examination rules issued by the Federal Reserve Board governin (3e state member banks. Ordered laid on the table until the Committee Peorgan d. effecte ization above referred to shall be 1111.111M 11 .1 •4 -2- 6/14/23 the Chief Examiner and ad'Draft of letter dated June 12th,.prepared,by g to Yr. Austin's dressed to the Federal Reserve Aant at Philadelphia, replyin concurrence in letter of June 1st, requesting an eTression of the Board's with Austin's understanding of the action of the Federal Reserve Board, the exam, respect to the rules issued by the Federal ReServe Board gov rning ination of state menter tanks. Ordered laid on the table until the Committee Reorganization above referred to shall be effected. the Board, and adLetter dated June 13th, prerared by the Secretar7 of advising of the Board's dresseC to the Federal Deserve Agent at San Francisco, previous acaction on June 13th, Whereby the Board declined to reconsider its h tion in declining to approve for the Bank of Italy an application to establis a branch de novo at Yuba City. Ordered laid on the table until the Committee Reorgan d. effecte be shall ization above referred to Senator Caraway Draft of letter prepared by-the Secretary, addressed to th(?) construction c)t Arkansas advising of the Poard's action rith respect to Bank of St. cif a building for the Little Rock Branch of the Fedora; Reserve Lenis, Approved. addressed to Senator Smoot Draft of letter prerared by the Secretary and construction of a building 4clvisirv; of the Board's action with respect to the ;Or the Salt Lake City Branch of the Federal Reserve Bank of San Francisco. Approved. 4 t -3- 6/11/23 Letter dated June 4th, from the Federal Reserve Agent at San Francisco, With reference to the case of the Federal Reserve Bank of San Francisco versus Fred W. Redfield of Burley, Idaho. 7.eferred to the Law Committee. Letter dated June 11th, from Senator J. W. Harreld of Oklahoma, enclos- ing a letter from Mr. F. J. Vikoff, President of the Tradesmens rational Bank Oklahoma City Branch Of Oklahoma City, Oklahoma, and recommending that the Of the Federal Reserve Bank of Kansas City be given full powers. Ordered laid on the table pending receipt of a recomnenoation in the matter from the ?ederal Reserve Bank of Kansas City. Letter dated June 5th, from Mr. R. E. Little, Secretary of the Interreprezlational Association of Milk Dealers, requesting the appointment of a d sentative from the Federal Reserve Board to serve upon a Committee appointe for the purpose of formulating a uniform balance sheet. Referred to the :xecutive Committee with power. Telegram dated rune 12th, from the Chairman of the Federal Reserve Rank Of Dallas, advising that the Board of Directors of that bank had on June 5th, a resolution BIlbject to the approval of the Federal Reserve Board, adopted period ending uthorizing the payment of a dividend of 6% for the six months' JUne 30, 1923. Action deferred pending receipt of a new form of dividend resolution transmitted to the Federal Reserve Agents on June 12th, 1923, with circular St. 3557. , 6114/23 Ct Letter dated June 9th, from the Federal Reserve Agent at Cleveland, lisquesting approval of the appointment of Mr. J. B. Anderson as Assistant '113cleral Reserve Ar;ent at a salary of 14200 per annum, effective July 1, 1923, it being noted that this promotion is E,n increase in Mr. Anderson's salary the sum of :1300; requesting approval, also, of Mr. Wm. IT. Fletcher, as Assistant Federal Reserve Agent without any adjustment in salary, it being noted. that the Federal _Reserve Bank of Cleveland is providing for the vacancy created by the death of the Cashier, Mr. Davis without increasing the official f"ce and bringing about an annual saving for the time being approximately U0,000 per annum. Approved. Mr. Hamlin submitted a form of circular letter dated June 14th, ad(11'sesed to all Federal Reserve Agents, subject, "Opinions of Supreme Court Par Clearance Cases. Approved as amended. Reports of examination of the Federal Reserve Banks of Richmond, i'hilalelPhia and. Boston as of Apr. 21, May 5 and May 12,1923, respectively. Ordered circulated. COMITTEE NO. 1: June 14th, Recommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary Minute Book of this date. Approved. 4ted June 13th, Recommending approval of the application of Mr. E. Coleman '.Vortham, to serve at the same time as director of the First National Bank and of the Virginia Trust Company, both of Richmond, Va. , Approved. 4ted June 13th, Recommending approval of the application of Mr. J. L. Patterson, to serve at the same time as director of the First National Bank and of the Virginia Trust Company, both of Richmond, Va. Approved. 4 6714/23 4, „ -5- 11- 13ORTS OF COTTITTEE NO. 1 (Cont'd) Dated June 13th, Dated June 13th, Dated June 13th; Dated June 13th, Dated June 13th, Dated June 13th, Dated June 13th, Recommending approval of the application of Mr. J. L. Patterson to serve at the same time as director of the First rational Bank and of the Virginia Trust Company, both of Richmond, Va. Approved. .Reommending approval of the application of Mr. Jacqueline P. Taylor to serve at the same time as director of the Planters National Bank and of the Virginia Trust Company, both of Richmond, Va. Approved. Recommending approval of the application of Mr. Fritz Sitterding to serve at the same time as director of the First National Bank and of the Virginia Trust company, both of Richmond, Va. Approved. Recommending approval of the application of Mr. J. J. Montague to serv, at the same time as director of the Planters National Bank and of the Virginia Trust CoMpany, both of Richmond, Va. Approved. Recommending approval of the application of Mr. W. Meade Addison to serve at the same time as director of the Planters National Bank and of the Virginia Trust Company, both of Richmond, Va. Approved. Recommending approval of the application of Mr. John W. Boyd to serve at the same time as director of the Planters National Bank and of the Virginia Trust Company, both of Richmond, Va. Approved. Recommending approval of the application of Mr. Morton S. RC6 enbaura to serve at the same time as director of the Planters National and of the Virginia Trust Company, both of Richmond, Va. Approved. The meeting adjourned at one o'clock. Secret ary.