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Upon call of the Governor a meeting of the Executive Committee Of the Federal Reserve Board was held in the office of the Governor on Wednesday, September 10, 1924, at 10:30 a.m. PRESENT: Governor Crissinger Mr. Platt Mr. Cunningham Mr. Eddy, Secretary Letter dated September 4th from the Federal Reserve Agent at Atlanta, inquiring Whether the New Orleans Bank and Trust Company, which was previously authorized to accept up to 100 percent of its capital and eurPlus and which has increased its capital and surplus from $500,000 to 01,000,000, will have to file a new application for permission to accept up to 100% of that amount. Upon motion, it was voted to be the sense of the Committee that no new arplicatIon is necessary but that the matter be referred to Counsel for his opinion. Memorandum dated September 9th from the Division of Examination, calling attention to letter dated September 5th from the Federal Reserve Agent at Chicago, with regard to a reduction of 0.5,000 in the capital litook of the Polo State Bank, Polo, Illinois, together with a correspondtog increase in surplus. Noted. Letter dated September 5th from the Chairman of the Federal Reserve sank of Chicago, inquiring whether the Board would have any objection to the bank's displaying an exhibit at the Illinois Products Exposition, to be held in Chicago October 9th - 18th; use to be made principally of material 1/1‘0.Pbred for an exhibit during the American Bankers Association Convention 14 Chicago the latter part of September. 9/10/24 -2- Upon motion, it objection. Was voted to interpose no Letter dated September 6th from the Governor of the Federal Reserve Bank of Kansas City, advising that before plans for the buildings to house the branches at Omaha and Denver are submitted to the Board, bids coming within the c250,000 limit will be secured, and Inquiring whether the Board has any objection to this procedure. Upon motion, it was voted to interpose no objection and that the Committee on Branches should consider the advisability of having Mr. A. B. Trowbridge or some other Consulting Architect review the plans rhen submitted. The Governor then presented a letter addressed to the President under date of September 6th by Albert N. fitumlin, President of the Bank Of Cave Spring, Ga., with regard to a hearing before the Federal Reserve Bank of Ltlanta on the subject of a ruling of the Federal Reserve Board to which he is opposed. Upon motion, it was voted to refer this letter to the Federal Reserve Bank of Atlanta for informtion as to the question involved. _Letter dated September 9th from the Governor of the Federal Reserve Bank of New York, outlining certain changes in the personnel of the bank, resulting in a net salary reduction of c19,900 per annum. Noted, and referred to the Committee on Salaries, Expenditures and Efficiency for its information. Letter dated September 8th from Mr. C. A. Hinsch, President of the Pifth-Third National Bank of Cincinnati, re,luesting that the Federal Reserve Board endorse the so-called McFadden bill with the Hull amendment. Ordered circulated. 97 . 9/10/24 -3- REPORTS Oy 3TATTING COMMITTMS: Dated, September 8th, 10th, Dated, September 10th, 10th, 10th, Recommending changes in stock at Federal Reserve banks, as set forth in the Auxiliary Minute Book of this date. Approved, Recommending action on applications for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Approved. The meting adjourned at 11:10 'clock. Secretary.
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