A meeting of the Federal Reserve Board was held in the office

of the Federal Reserve Board on Thursday, July 12th, at 11:00 a.m.

IRESEET: Governor CrissinzerMr. Hmlin:Jr. Miller

JamsCunningham

Mr. Eddy, Assistant Secretary.

:Aie minutes of. the meeting of the Federal Reserve Board hold

on July 11th were read and approved.

'Proposed letter dated July 12th addressed to the Governor of

the Federal Reserve Bank of Kansas city, in answer to a colwunica-

- tion requestiiv, an expression from the Board as to the necessity

for the Federal Reserve hank of Kansas City continuing filing claims

against insolvent banks on behalf of endorsers of cheeks forarded.

to such banks for collection.

Approved.

Letter dated July 5th, from the Federal Reserve Agent at

San Francisco, transmiL:Hn7, Copies of letters exchanged with the

1 -cific Southyrest Trust and Savings Bank, ”e]-1!;ive to the Protest

made by that bank against the payment of costs assessed by the

Federal Reserve Bank for an examination ride on September 3, 1922.

Referred to the Committee on ExaJainaticns.

n motion, the bond of :.7r. William C. Schrader, Acting As-

sistant; Federal Reserve Agent at Detroit -ranch, ,as approved in

the amount of e50,000.

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Letter dated July 9th, from the Secr ,t.117 of the Federal Reserve

Dark of t3oston, recriestin c certified cony of the resolution adopted by

the Board on June 27th, 1023, approvinr, the establishment; of, c7,encies at

Havana, Cuba, by the Federal Reserve Banks of Boston and Atlanta.

Approved.

The Committee on Salaries and Expenditures reported unfavorably on

the recommendation conbaned in a letter dated July 11th, from the Chair-

man of the Board of Directors of the Federal Reserve 1?ank of,New York that

the salary of 7r. Raymond F. Cutler be increased at this time from !)25C0

to k700.per annum.

Renort aproved.

Opinion of Counsel on the subject of "Rediscount with Federal reserve

banks by member banks of paper made or endorsed by un-member banks."

Referred to the Lau Committee for consideration and report

thereon at the meetinc; of the Board to be held on Tuesday,

July 17th.

\ The Governor called attention to the fact that at the meetinz of

the Board on June 28th, the Board postponed .discussion of Dr. Taller tz

:plan for statiw; the reserve -c)ositiens of the Federal reserve banks

until the meetin of the hoard to be hold on July 12th.

Discussion of the plan was further postponed until the

meetinr; of the Board to be held on Thursday, July 19th.

Dr. Yiller submitted draft of a letter to all Federal reserve banks

on the subject of insurance of currency shipments ,:lade by express ..;hich

had been prepared by the Committee on Economy and Efficiency, and re-

quested Board's approval of the letter oinp forward to the banks..

Approved.

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7/12/2.3

RE1ORTS OF COI:EITTEE NO. 1.

Dated July 11th,

Dated July 12th,12th,

•

Dated July 12th,

Approved:

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Recommending changes in stock at Federal reserve banks,as set forth in the Auxiliary rinuto Book of this date.

Approved.Recommending action on applications for admission ofstate banks, subject to the conditions stated in theindividual reports attached to the applications, as setforth in the Auxiliary mute Book of this date.

Approved.Recommending approval of the aprlication of 11r. David H.Knott, to serve at the some time as director of theLiberty National Dank, and as President and director ofthe Central I:ercanti]e Bank, both of York City.

Approved.

4ovorn--)

The meeting adjoi 12:'50 F.H.

Assistant 0 .1.etary.

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