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A meeting of the b'ederal heserve Joard was held in the office of the Vederal heserve 3oard on Tuesday, september 18, 1923 at 3:00 p.m. PRESET: Vice Governer ±-latt ir. Hamlin Er. James Yr. Liller Lr. OUnningham Ir. dd;7, Executive Secretary The minutes of the meeting of the 3oard held on September 14th were read and approved. Letter dated September 14th, from the Governor of the .eederal heserve 3ank of 'Aston, requesting that the 3oard approve an expenditure of apPr°ximately ,875 for the construction and installation of iron gates at the entrance to the driveway of the ieederal Building in which the local Post office is located, the matter being reported upon favorably by the 3"Td r s Committee on salaries and-_xpenditures. The expenditure was approved. Letter dated sertember 17th, from the Governer of the k'ederal heserve xiank Of 3oston, enclosing copy of a letter from the Janager of the ouban llgelleY of the vederal reserve 3ar,-;: of Boston reporting on business and financial conditions in 6uba. Ordered circulated. Letter dated septerber 17th, from the Deputy Governor of the .oederal - °serve Bank. of L.ew fork, advising of the desire of the thank of the hepub- lic ul ,,iolombia to open a current account with the .iederal heserve 3ank of !ew , 4ori.7, and reouesting the 3oard's approval of the heserve thank taking such otion. 9/y3/23 The Board approved of the Federal Reserve Bank of hew 'fork proceeding in the matter, with the understanding that the account shall not be opened on the books of the Federal Reserve Bank until there has been submitted to the Board for its approval, the form of agreement to be entered into by the Federal Reserve Bank and the Bank of the Republic of Colombia, under which the account will be operated. Upon notion of rr. Hamlin, the salary of the Board's General Counsel vas increased from 07,500 to 08,000 per annum, effective as of September 169 1923. Upon motion of rr., Hamlin, the Board voted to consider, prior to the close of the present year, the matter of rescinding action taken at a previous fleeting, thereby the maximum salary to be paid its General Counsel was fixed at i8,000 per annum. REIIPORTS OF STANDIYG COTTITTIES: Dated September 14, Recommending changes in stock at Federal Reserve Banks, 15, as set forth in the Auxiliary rinute Book of this date. Approved. 17, 18, Dated September 18, Recommending action on application for fiduciary powers as set forth in the Auxiliary linute Book of this date. Approved. uciary powers Dated September 14, Recommending action on application for c of this date. as set forth in the Auxiliary rinute Ordered held. The meeting adjourned at 4:40 p. Approved: ; Executive Seereta 1'`E.:757 (2 Vice Governor.
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