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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Wednesday, September 19, 1923, at 11:45 a. m. PRESET: Governor Urissinger Er. rlatt lr. Harlin Mr. Miler Er. James Er. Cunningham Mr. Eddy, Executive Secretary. i.ehe minutes of the meeting of , the Federal Reserve Board held on September 18, 1923 were read and on motion approved. Letter dated September 18th, from the Governor of the Federal Reserve Bank of Cleveland, advising that the Board's Committee on voluntary Services Of which he is chairman, will be prepared to hold a meeting with the Board during the week of September 23rd, and suggesting that if the Board approves of such meeting, it fix a definite date therefor. Upon motion it was voted that the Secretary advise, the Governor of the Federal Reserve Bank of Cleveland that the Board suggests Friday, September 28th, as a convenient date for holding the meeting. Letter dated September 17th, from the Governor of the Federal Reserve Bank of Boston enclosing copies of communications from the Deputy Governor in charge of the Havana Agency of the Boston Bank in which there are set forth some of the difficulties experienced by the Atlanta Agency of the Federal Reserve Bank of Atlanta in obtaining permidsion from the officials Of the Cuban Government to ship out of Cuba, 'cut and cancelled currency notes. The matter was referred to the Board's Committee on Cuban Agencies, with instructions to the Committee to take up with the State Department the matter of adjusting through the United States Embassy at Havana, of the difficulties of the havana Agency in the matter States. shipping cancelled currency notes to the United v I 9/19/23 Letter dated September 15th, from the secretary of the -ew York State Bankers Association requesting that the Board rule that member banks When figuring their reserve requirements be permitted to deduct from gross deposits the amount of cash carried in their vaults. The Governor was instructed to advise the Secretary of the Lew York state bankers Association that the Board is without authority to make the ruling requested. Letter dated september 18th, from the Louisiana Bankers Association, advising that the Association has called a Ration-wide Convention for the Purpose of devising mays and means to combat the ravages of the boll weevil, alid requesting that the Board send notice‘thereof to all Federal Reserve banks arid suggesting that the Reserve banks in turn send notice of the forthcoming Convention to their member banks and urge the attendance of large delegations. Referred to the Governor with power. Letter prepared by General Counsel and addressed to the Governor Of the Federal Reserve Bank of Atlanta, ruling on the length of time during Which notice of withdrawal of a state bank from membership may remain effectafter expiration of the required six months' period. Approved. request made of him The Executive Secretary advised the Board of a the Assistant Secretary be Personally by Assistant Secretary Winston that furnished with a copy of the recommendations of the Federal Advisory Council 1923, and that the AsInade following the sessions on September 17 and 18, each meeting of the Federal sistant secretary also be furnished, following Ileserve Board, with a copy of the minutes of the meeting. The matter was referred to the Governor with power. 9/19/23 -3- The Vice Governor presented a memorandum containing the recommendations Of the Federal Advisory Council made following its sessions on September 17 and 18, 1923. The memorandum is made a part of these minutes and the several recommendations contained therein were, upon motion, referred to Committees Of the Board for study and report as follows: Recommendation No. 1 - Referred to the Committee on Discount and Open iarket Policy. Recommendatidn No. 2 - Referred to the Law Committee Recommendations Nos. 3 and 4 - Referred to the Committee on Clearings. TS OF STAMM COXITTEES: Dated September 19th, Dated September 19th, Recommending action on application for fiduciary powers as set forth in the Auxiliary Ilinute Book of this date. Approved. Recommending approval of the application of rr. Mn. V. Kelley to serve at the same time as director of the Continental and Commercial National Bank and of the Lake Shore and Savings Bank, both of Chicago, Illinois. Approved. At 1:15 p.m. the meeting adjourned, after unanimous vote to meet at 10:00 a.m. on Thursday, September 20, 1923. Executive Secreta 44T Governor.
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