special meeting of the 1.?ederal Reserve Poard was held in the office
Of the 2ederal Reserve Board on F.aturday, i?ebruary 24th, at 10:30 a.m.
PR:73:27: Vice Governor PlattMr. Hamlin
InnerMr. 1:i tchel 1Mr. Criss brer
Roxton, 3ecretary
Minutes of the meting of the Federal eserve l'oard held on Februn'2ry
231'd were read and on motion approved as amended.
The Vice Governor stated that the meeting had been called in conformity
with the action of the Board taken yesterday.
Draft of letter prepared for the sign:tare of the Acting Governor pre-
Pared by the 1,,vy Committee, in accordance with the action of the -loard taken
illebruarZ,r 1:-th, lJ23, nddressed to the Chairman o the Thanking and Currencyrs
ntlittee of the United tItates'')enate elpress'ng the views of the Federal P,es-
el'Irc' t'on,ri ith ret-, 'cot to enate Bill 4b10, designed to amend Section 24 of
the ,beqeral lieserve .'ct with reference to the authority of TMtional tanks to
nt.akloans upon farm lands.
.,:pproved.
romorcndum dated Febrtrry 21st, from the Director of the *Division of
lYsis and Research, recriesting authority to undertake the ,:,Tric of compiling
"-ce index nurber for Armntina as one of the Board's group of international
Drie_indexes, and requesting that the Board authorize the employment of Dr.
41eiandro Bunge, professor of ':ilconomics tn the University of Buenos Aires, to
4ssL"tlfl t;iis matter with the 'agreement that Dr. Bunge will receive a payment
Of()Do lleon his satisfactorily completing the collection of annual data for
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1913 and monthly data from 1919 to date.
Approved.
remorandum dated February 23rd from the Secretary of the Board submitting
a corPilation for the whole System by Districts of the amount of secured paper
held and the amount of unsecured paper held by the several Federal Reserve
banks in accordance ith action of the Board taken February 14, 1923.
Ordered circulated.
rerorandum dated February 23rd, from the Secretary of the Board submitting
4 schedule showing the duties of Assistant Federal Aeserve Agents and Deputy Gov-
at the several Federal Aeserve banks prepared in accordance with action
taken February 13, 1923.
Ordered circulated.
remorandum dated February 23rd, from the Secretary of the Board submitting
"ditional figures with reference to the applications of two outlying banks in
Lou. s
1 namely, the Bremen Bank and the Natural Bridge Bank, for authority to
reduce their reserve requirements from 105 of demand deposits and 370 of time de-
k)eite to 7/, of demand deposits and 3/0 of time deposits, under the provisions of
ct*1011 19 of the kederal Reserve Act.
urissinger stated that he was opposed in principleto reserve reductions, but voted in the affirmative an theseapplications because one negative vote would cause their dis-approval and he did not wish to penalize the applicants inthis case inasmuch as a refusal to approve would be out of har-mony with action taken by the Federal Aeserve Board in similarcases.
rr. ritchell, reporting as ohnirman of the Committee on Nomination of
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Class "U" Directors, stated that the Gommittee had gone thoroughly into the
mntter of finding a suitable person for appointment as ulass "C" Director 7:ith
designation as Federal Reserve Agent and uhairman of the Board of Directors of
the Federal neserve Bank of Dallas, and that the selection had narrowed down to
two names -hich the uommittee desired to submit to the Board for a vote.
tw° Persons referred to being Yr. Lynn P. Talley of Dallas, Texas and Yr. 17. 71.
Collier of 6an Antonio, Texas.
A pole of the members being taken, Messrs. Platt, Hamlin,
Miller, and Mitchell voted for Mr. Talley, and Yr. Orissinger
voted for Mr. Uollier.Thereupon the Vice uovernor was requested to advise tr.
Talley of his election as a ulass "C" Director of the V(Aleral
Reserve Bank of Dallas for a term ending Decemper 31, 1925,
and his designation as Federal Reserve Agent and Uhairman of
the Board of Direc'ors for a term ending December 31, 1923;
the salary of Yr. Talley as Federal Reserve Agent and chairman
of the Board of Directors being fixed at ,;',18,000 per annum,
effective as of the date when Mx. Talley shall take the oath
Of office as a class "C" Director.
Letter dated February 23rd, from the Comptroller of the currency, recommend-
an increase in the salary of National Bank Examinr Willey Stearns from
°,500 to 0,500.
Approved.
Letter dated February 23rd, from the Comptroller of the currency, recom1nend-
i''t14 that a salary of Ii3,000 per annum be paid to Mr. Jay Y. Riley, National Bank
.alriir.er in the Tenth Federal Reserve District.
Approved.
ttl',PoRT,,„..11.2F con:frivol
1)4ted February 23rd,
NO. 1
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 of this date.
Approved.
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R":7)01171.'S nC-'17I71-1c:: 170. 1. (Cont,d)
Dated February 23rd, Tlecomending al)proval of the application of 7r.
:3ensenbrenner to serve at t he same t line as
director of the Arst Wisconsin TTationnl, rilraukee,
Wisconsin, of the First rational Pank, Appleton, 77is-
consin, and of the ,,'Irst at innal 7Teenoh, wis-
consin.Approved.
Dated February 23rd, Recommend in!',3a9proval of the applic rt ion of rr.
Charles W. 'Nash to serve at the sarne time as director
of the First 7i9consin Tat lanai Pank, Yilwaukee, '7'is-
consin and of the First 7Tat lanai Pank, KenosIna., 7is-
consin.Approved.
pat ed Febrir,ry 23rd, ecommendi ns! approval of the appl ic at ion of 7.7r. "f.'.7oodson to serve at the same time as officer of the
First TTatiorn1 Pank, ",eace, Texas, and of the Firstrational Pa:alc, I7art, Texas.
pprovDated Februcry 23rd, 7ecorrendinc aii-,y)reval of the a)plictlt! on. of 17r. A7, L.
rarter to serve at the same time as director of the
Union ..7ati 7Touston, Texas and of the Firstrational Batik, Linvincstone, Toxas.
Approved.
Al)Prev ed
The meting!, adjourned at 11:70
Vice orov( r,,cr
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