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.1 meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board an 7ednesday, September 26th, at 11:00 zA.m. Governor Crissiner Mr. Platt Mr. Hamlin Er. James Mr. Cunningham Mr. Dawes Mr. Eddy, Executive Secretary PRESEN2.AL30 BY INVI2ATI01: ' Mr. John H. Guill, Jr., Mr. L. J. Pettijohn, Mr. amer S. Landis, Ur. M.L. Corey, (Members of the Federal Farm Loan Board.) PRES&T: Corey, acting as spokesman for the Federal Farm Loan Board, outlined the activities and loaning and operating policies of the Federal Intermediate Credit banks, and requested that the Board send out an advice to all Federal Res erg banks to the affect that debentures issued by the Federal Lnternediate Credit banks are a prol,er investment for Federal Reserve bank funds. Follov.ing a general discussion of the eligibility for purchase b, Federal Reserve banks of the debentures issued by Federal Intermediate Credit banks, the Governor appointed Messrs. J mes, Platt and Hamlin as a special committee to draft a resolution on the subject to be presented at the next meeting of the Board. At this point the members of the Farm loan Board withdrew from the meeting. Idle minutes of the netin of the Federal Reserve Board held on 2uesday, o elitember 25th were read and approved, as amended. Letter dated September 20th, from the Governor of the Federal Reserve Bank of Philadelphia, requesting alTroval of a proposed arrangement rith the Pirst Yational Bank of Scranton, Pa., which contemplates the establishment in 'cmnton of a „:2,000,000 revolving fund Zur the purpose of facilitating the ) . furnishing of currency to member Lanks located in Scranton and vicinity. 9/26/23 Referred to the Law Committee for discussion of the matter with Gwernor Norris. The Governor called attention to a number of matters pending before the Board concerning the housing and operations of certain branch Federal Reserve banks. Following a general discussion of these subjects, the Governor appointed a permanent committee 'an branch Federal Reserve banks composed of Messrs. Hamlin, James and Cunningham, and the committee was instructed by the .Board to remiest Counsel to render an opinion as to whether the Federal Reserve Board can discontinue Branch Federal Reserve banks, and if not, whether the Federal Reserve banks hiving branches can discontinue them. The Committee was also instructed to request the Attorney General of the United States to render an opinion on the same subject after opinion has been rendered by the BoJrd's Counsel. The Governor then called attention to sevJral items of unfinished business and the Board ordered stricken from the daily docket the following items, with the understanding that they may be re-introduced for consideration and determination at any meeting of the Board by the Committees to which previously referred: (1) Investigation of Insurance at Federal Reserve Banks. (Referred to Committee on Economy and Efficiency.) (2) Consideration of Economies in Federal Reserve Agents' Departments. (Referred to Committee on Economy and Efficiency.) (3) Report on Recommendation made by the Federal Advisory Council concerning the Legality and Continuance of Federal Reserve banks purchasing Ban/ers' Acceptances with Agreement to resell. (4) Proposal of Federal Reserve Bank of Atlanta to provide space in its new building to house the staff of the Chief National Bank Examiner of the Seventh Federal Reserve District. The Governor designated Mr. James to serve,during the absence of Mr. Miller) °11 the Committee on Discount and Open Market Policies. C ' ti -3_ 9/26/23 RZ'ORTS 07 S2ANDIN COMM 21!1..iM: Dated Sept. 25th, 26th, 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. Recommending action on application 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 ofthis date. Approved. Dated Sept. 26th, Dated Sept. 26th, The meeting adjourned at 12:30 p.m. eautivb Seer tar . APp roved: Governor. If
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