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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Wednesday, September 5, 1923, at 2:45 p.m. PR1.}TT: Governor Crissinger, Mr. Platt, Mr. Hamlin, Mr. Cunningham, Mr. Hoxton, Secretary. The minutes of the meeting of the Board held on September 4, 1923 were read alad approved. Letter, dated August 29, 1923, from the Vice President of the Oklahoma City Clearing House Association, quoting a resolution adapted by the Association reeommending disapproval of the application before the Board for the establishment Of a Branch at Wichita, Kansas of the Federal Reserve Bank of Kansas City. Noted. Letter, dated August 30, 1923, from the Federal Reserve Agent at San Franenclosing copy of a letter addressed to him by the Superintendent of Banks of California, under date of August 22, 1923, advising of the abandonment by, the State Banking Department of the so-called "Simultaneous Entry Ekamination". Referred to the Committee on Ekaminations. Memorandum, dated September 4, 1923, from the Committee on Ekaminations, raQ ammending that the Board approve salary increases of g00 per month for a 4 months period beginning September 1, 1923 for the three Federal Reserve e amiters participating in the examination of the Bank of Central & South America. Upon motion, it was voted to approve the salary increases reammended, provided Counsel sees no legal objection thereto. Report of the Committee on Examinations on the matter referred to it on 414RUst 22nd, namely, letter, dated August 16, 1923, from the Chairnan of the ll'ederil Reserve Bank of San Francisco, quoting a resolution of the board of examinations directors of that bank, with reference to credit investiations and Of member banks and referring to the Roar's letter of July 31, 1923 on the subject; said report stating that no further action by the Board is necessary. Upon motion, the report of the Committee on lxaminations was accepted. Letter, dated eieptemter 4, 1923, from the Comptroller of the Currency, recommendinr: an annual salary of 3,OOO for rational Rank :',31-aminer Charles P. LTertens, assined to the Second 2ederal Reserve District. .Approved. Letter, clated 'eotember 4, 1923, from the Federal Reserve .ilent at ITevi York, advising that the Yew York bank is willing to aetail to the Roard for the Deputy Governor of the tank, /:r. George L. Harrison, and his secretary, be arranged service in connection with the par clearance matter; said detail to without expense to the Board. Upon notion, it was voted that Hr. Harrison be asked to come to Washington to consult with the Board's Counsel .on matters relating to par clearance, and to bring his secretary if needed. Letter, dated September 4, 1923, from the Governor of the Federal Reserve Bank of Poston, enclosing copy of a letter, with enclosures, addressed to him bY the Deputy Governor of the Rank in Havana, Cuba. Ordered circulated. subject "Protest Report of Law Committee, dated August 24, 192.:, on the Fees of notaries in the employ of Federal Reserve Banks". to the After discussion, it was voted to refer the matter back Law Committee. by Yr. Printed letter, dated September 1, 1923, addressed to the Governor L. R. Adams, General Secretary-Treasurer of the 7ationa1 and State Bankers, questions with regard to Protective .Association,- putting to the Board certain thu par clearance system of the Federal Reserve Banks. 9/5/23 -3- Referred to the Governor for reply, to the effect that the Federal Reserve Boar.d intends to continue the par clearance system under the provisions of the Federal Reserve Act, as construed by the Supreme Court of the United States. Letter, dated September 5, 1923, from the Railway Loan Advisory Committee Of the Federal Reserve Board, recommending approval of the form of obligation sUbmitted by the Seaboard Air .Lino Railway Company for a,loan of $6,759,000 (in seven parts, the carrier electing at this time to take over the fourth part of the loan in the amount of $1,000,000), under the provisions of Section 210 Of the Transportation Act, 1920, as amended. Approved. R2PORTS OF STANDING COL2.IITT.:, -7aS: Recommending change in stock at Federal Reserve Bank of Kansas City, as set forth in the Auxiliary Minute Book of this date. Approved. Dated Sept. 4, 1923 Recommending action on applications for fiduciary powers as set forth in the Auxiliary Minute Book el' this date. Approved. Dated Sept. 4, 1923 Recommending approval of the application of Mr. Dan A. Donahue to serve at the same time as director of the Vaumkeag Trust Company, Salem, Mass. and as director of the State National Bank, Lynn, Mass. Approved. Dated Sept. 4, 1923 The meeting adjourned at 3:15 p.m. General Secretary.
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