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8 4,t a meeting of the Executive committee of the 2ederal Reserve Board held in the office of the Governor on Monday, September 24 at 12.40 p.m., rIESENT: 1,:r. Harding, rr. Delano, Mr..arburg, Mr. illis, Secretary. Mr. Harding submitted to the Committee a letter from Chief Examiner Doaghton sent him by the ,;omptroller of the Currency, and describing sundry loans obtained by J. Toole of ,:inder, Ja., a director of the Aderal Reserve Bank of .,,tlanta,from various banks in the itlanta District, also concealed loans in his a;in bank carried under another name. Li.. Harding further submitted a draft of a letter su,3gestin_; to Yx. 4rel1born that in view of the information conveyed in the letter from 'Jr. Doughton, Toole should resign unless he would prefer to have the Board act as deemed necessary. 16fter hearing a setting forth of the facts in the case, the Jonittee agreed to the proposed letter to 7:r. 1,:r. Delano submitted the name of Jay nated as Secretary to Mr. . ,ieed, nomi- C. Miller, who was accordingly so designated, at a salary of 41500 per annum, effective immediately, with increase to $1800 at the end of six months. On motion, at 12.50 p.m. the Committee adjourned.
@FedFRASER