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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Monday, October 1, 1923, at 3:15 p.m. PR.MT: Governor Urissinger Mr. Platt Mr. James Mr. Cunningham Mr. 'Dawes Mr. Eddy, Ikecutive Secretary. The minutes of the meeting of the Federal Reserve Board held on September 27th were read and approved. Upon motion, the bonds of Messrs. William H. Dillistin and W. Randolph Burgess as Assistant Federal Reserve Agents at the Federal Reserve Bank of New York, in the sum of $50,000 each, were approved. Letter dated September 24th, 1923, from the Federal Reserve Agent at San Francisco, recommending the appointment of Mr. 1,ouis H. Moore, as Assistant Chief Examiner at a salary of $6,000 per annum,to succeed Mr. H. B. Raney, resigned. Approved. Letter dated September 29th, 1923, from the Treasurer of the United States, advising that no applications have been received during the quarter ending September 30, 1923, for the sale of bonds under Section 18 of the Federal Reserve Act. Noted. Letter dated September 26th, 1923, from the Governor of the Federal Reserve Bank of Minneapolis, recomenuing approval of the application of the Security Savings Bank, Rapid City, South Dakota, for permission to rediscount rith the Federal Reserve Bank, paper originating in five non-member banks listed. Referred to the Ekamination Conmittee. 10/1/23 -2- Memorandum dated October 1st, 1923, from the Executive Secretary of the Board advising that the Federal Reserve banks have suggested in the no changes group classifications of member banks for the election of Class "d." and "B" airectors and suggesting November 16th as the date for opening the polls for such elections. Upon motion, the following telegram was ordered sent to all Federal Reserve banks: "The Board has fixed November 16th as date for opening polls election Class "A" and "B" Directors. No change in group classifications as made in 1918. See our letter October 3, 1918, X-1240." Draft of letter dated October 1st, 1923, addressed to the Secretary °f State, with respect to recovery bj the National Park Bank of New York of at amount it alleges is due it from the liquidators of the National Bank of Cuba, Approved. Draft of letter dated October 1st, 1923, addressed to Hon. G. B. Winston, Assistant Secretary, of the 2reasury, with respect to the status of several matters before the Board in which the Treasury Department is interested. Approved, as amended. Telegram dated September 28th, 1923, addressed to Gbvernor Crissinger from San Francisco Mr. Miller with respect to certain new developments in the California branch banking situation. Referred to the Committee On Examinations. Letter dated September 25th, 1923, from the Federal Reserve Agent at San Francisco, advising that the California State Banking Department will start an examination of the Bank of Italy on Saturday afternoon, September 29, 1923, ,7 * 1'1'4• , lo/1/23 -3- ard that said examination will not be made by simultaneous entrance of head "flee and all branches; simultaneous entrance to be made of the head ofand, the San Francisco and Los Angeles city branches only, with later indePendent examinations of outside branches. Referred to the Committee on EXaminations. Messrs. Platt and Cunningham, members of the Executive Cormittee, submitted a memorandum with referance to the letter dated September 6, 1923, tMrs the Chairman of the Joint Committee of Inquiry on the question of increasing "ate bank membership in the Federal Reserve System. Approved, as amended, and Committee instructed to have memorandum rewritten in form ready for submission to the Congressional Committee. ---„,..9,j3 It TS OF 32AYDING COMUITTEES: Dated September 28, 1923, tated September 26, 1923, Recommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary Minute Book of this date. Approved. Recommending that action on applichtion for admission of state bank, subject to the conditions stated in the individual reports attached to the application, as set forth in the Auxiliary Minute Book of this date. Approved. The meetil adjourned :30 p.m. Ikecutiv Secretary.
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