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in the office of the A meeting of the Federal Reserve Board was held 10:10 Federal Reserve board on 2hursday, June 28th, at PRE2ENT: A.M. Governor Crissinger Mr. Platt Mr. Hamlin Mr. Miller Mr. James Mr. Cunningham Mr. Hoxton, Secretary. e Corporation Mr. Eugene Meyer, Managing Director of the War financ was present, upon invitation, and explained to the Board conditions affect ed that some public ing the marketing of the current wheat crop and suggest adequate financial assurance be given that there will be this summer and fall facilities for the orderly marketing of the wheat crop. Mr. Meyer was requested to submit his information action and suggestions in writing and the matter of Board ltural Agricu on tee Commit the to d on the subject was referre Credits Conditions. Board held on June iThe minutes of the meeting of the Federal Resurve 27th were read and approved as amended. g committees of the 2he Governor appointed the personnel of all standin Boa rd, as provided for in the By-Laws. A list of the personnel of these com- of the Board. mittees is attached to these minutes as a part of the record Federal Reserve Upon motion a resolution of the Board of Directors of the ' Bank of Dallas, decl,lring the usual semi-annual dividend for the six months Period ending June 30, 1923, was approved. Federal Reserve Bank 2elegram dated June 28th from the Governor of the Of Boston, advising that the New England Mutual savings Banks which have no 1 -2- 6/28/23 gible for membership in the Feueral capital stock and are therefore ineli seriously affected by the Eoard's Reserve 3ystem, claim that they will be non-member banks. ruling withdrawing rediscount privileges from Harding Governor was requested to advise Governor bank may r membe any to red that under the regulation refer to disssion p,rmi for Board apply to the Federal Reserve Mutual any of paler the Bank count at its Federal Reserve its in have may bank a member SJvings Bank which portfolio. Miller as a member of the Execffhe Governor stated that the term of Mr. June .30th, and that in regular utive Committee would expire automatically r of the Board, will succeed Mr. 'course Mr. James, the next rotating mete Miller for a term expiring 3eptember 30, 1923. al Committee on Cuba and the Upon motion, it was voted to name a :Jpeci James and Mr. H,mlin. Governor appointed to this Comndttee, Mr. submitted to the Board a Mr. Hamlin, chairman of the Law Committee, for the signature of the Govdraft of two letters dated June 28th, prepared Reserve Bank of Atlanta, ernor and addressed to the Governor of the Federal mitting the and the Governor of the Federal Reserve Bank of Boston, trans recent resolution of the lishment ederal Reserve Board authorizing the estab Of agencies at Havana by the Atlanta and Boston banks. ved. After some amenLment, these letters were appro of the Federal Reserve Bank Letter dated June 27th, from the Chairman tions for increases in the salOf New York, transmitting certain recommenda aries of employees of the auditing Department of that bank. ditures Referred to the Committee on salaries and Expen of Federal Reserve banks. of the Division of Analysis Memorandum dated June 27th, from the Director _3- 6/28/23 necesand Research making certain recommendations for salary adjustments made nt of sary in connection with the consolidation of the divisions and reassignme work incident thereto. Approved. the Currency, recommendim Letter dated June 27th, from the Comptroller of Mr. Otto a)-Proval of a salary of 0,030 per annum to be paid to Wilde, Nation- al Bank Ikaminer in the Nelfth Federal Reserve District. Approved. consideration of The Governor stated that the next thing in order would be the matters listed under head of Unfinished Business on the docket. Reserve Bank of Letter dated ,April 24th, from the Chairman of the ?ederal Bennett as ManAtlanta, advising that the said bank desired to employ Mr. T. R. ager of the Member Bank Relations Department at a salary of 0500, and requesttrig approval of said salary. Disapproved. appearing in Request for action by the Board upon certain recommendations been referthe minutes of the last Governors' Conference, these matters having General red on April 25th to the Executive Committee, to the Law Committee and to Counsel. Mr. Platt stated that the matter referred to the ztecutive was still Committee in the Secretary's memorandum of May 1st under investigation. him the Hamlin requested the Secretary to transmit to as him copies of his memoranda dated May 1st, addressed to Chairman of the Law Committee and to Mr. Wyatt. Letter dated June 11th, from Senator Harrold, recommending that full powers be granted to the Oklahoma City Branch of the Federal Reserve Bank of Kansas City. Ordered filed. -4- 6/28/23 on reserves of Report of the Committee of Federal Reserve Agents on May member banks which was referred to the Comptroller of the Currency 2nd. t Upon motion, Mr. Platt was requested to consul with the Comptroller on this matter. e positions at FedMr. Miller's proposed new plan for stating reserv on the table eral Reserve Banks involving gold policy which was ordered laid May 2nd, 1923. Open Ordered referred to the Committee on Discount and Market Policy for report on Zhursday, July 12th. jilapORTS OP COMMINEE NO. 1: Dated June 27th, Dated June 27th, Dated June 27th, powers Recommending action on applications for fiduciary date. this of Book as set forth in the Auxiliary ,dinute Approved. powers Recommending action on applications for fiduciary this date. of as set forth in the Auxiliary Minute Book Held. ion of state Recommending action on application for admiss individual the in banks, subject to the conditions stated in the forth set reports attached to the application, as Auxiliary Minute Book of this date. Approved. Die meeting adjourned at 11:30 A.M. Xpproved:
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