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i I A meeting of tho Executive Committee of the Federal Reserve Board Was held III the office of 1:r. Miller on Monday November 3, 1930 at 1:00 p. m. PRESENT: Mr. Cunningham James Mr. Miller Mr. Noell, Assistant Secretary Er. 1411% Miller presented the following telegram dated November 1st, addressed tohi-, s''4" D Y Er* William Lacy, President of the Community Chest of Los Angeles, California: Ott "Los Angeles Community Chest campaign entering second week 8eventeen hundred business concerns cooperating reference securing €4410yee subscriptions with average per capital subscription of r°ur dollars stop Federal Reserve Bank in Los Angeles two hundred tour employees quota twelve hundred dollars result fifty one sub!oribed one hundred forty three dollars stop Employees two -Leading Los Angeles banks subscribed one hundred per cent and 47eraged five dollars and seven dollars respectively stop Chest need in this campaign so desperate that this apparent lack of e00Perat10n causes considerable comment stop May we ask an ? )xpression of opinion as to whether this result meets approval Jederal Reserve Board." After discussion, upon motion by 1,1r. Miller, the Assistant Secretary was instructed to transmit the following telegram to the Chairman and Governor of the Federal Reserve Bank of San Francisco: "The following telegram received by Mr. Miller referred to you as a matter of local concern: 'Los Angeles Community Chest csmpaign entering second week seventeen hundred business concerns cooperating reference securing employee subscriptions with average per capital subscription of four dollars stop Federal Reserve Bank in Los Angeles two hundred four employees quota twelve hundred dollars result fifty one subscribed one hundred forty three dollars stop Employees two leading Los Angeles banks subscribed one hundred per cent and averaged five dollars and seven dollars respectively stop Chest need in this campaign so desperate that this apparent lack of cooperation causes considerable comment stop iti 3/ _2_ May we ask an expression of opinion as to whether this result meets approval Federal Reserve Board.' "Mr. Miller would like to be advised of your disposition of the matter." The meeting adjourned at 1:30 p. m4 Assistant Seer oved: leriber Executive 0 ttee
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