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A meeting of the Federal Reserve Board was held in the office of the Board. on Tuesday, June 6, 1922, at 10:45 a.m. PRESENT: Vice Governor Platt Mr. Hamlin Er. Miller 1:r. Cris singer lioxton, Secretary. Minutes o: the meeting of the Board held June 5th were read and on motion approved. The Vice Governor reported the reserve positions of the several Federal reserve banks as at close of business June 3d. Memorandum dated June 6th. from the Assistant Counsel, Mr. Freeman, '*ith reference to the application of the Budget <r- Accountine Act of 1921 II to the Federal Reserve I3card. Referred to Mr. Hamlin, Chairman of the Law Committee. 1:r. Hamlin submitted ti.1,43 draft of letter prepared for the signature Of the Vice Governor, and addressed to the Governor of the Federal Reserve Bank of 1,ew York, with reference to transfer from super—surplus account to s'uriplus account, in order to maintain the surplus account at 1001 of a Pedera1 reserve bank's subscribed capital; the letter stating that the Board will consider this matter again and issue the necessary instructions before the close of the books of the i'ederal reserve banks at the end of the current :year. Approved. REPORTS OF COn!ITTEE DD. 1: Dated June 6th, iiecommending changes in stock at :'ederal reserve banks, as set forth in the atrKiliary minute hook of this date. Approved. -2- Dated. June 5th, Pee ommendinp; action on applictions for fi due i y powers, as set forth in the auxiliary minute book of this date. A, oro ved. Dated. June 5th, Reconnendins admission of state institutions, subject to the conditions stated in the individual reports attsched to the applications, as set forth in the a-uxiliary minute book of this late. Appnved. At 11:00 a.m. the mi.;eting adurned. . Secretar7 Vice Governor.
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