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,t a regular meeting of the Federal Reserve Board held in the of2ice of the Vice 'Avernor on Viednesday, September 26, at 11.15 a.m., PAESLNT: .illiams, Mr. jarburg, presiding, Lir. Hamlin, ir. il1is, secretary. Mr.7iller, The minutes of the meeting of the Board held on September 25 were read and on motion, approved. Letters from 7ederal deserve Lgent Perrin with reference to the designation of an examiner at Spokane, and the taking over of clearing house examinations at Portland, were read and temporarily laid on the table pendinL; the outaining of farther information. It was areed that the committee on Staff prepare a telegram to be sent by the Board to 1,1r. Broderick saying that it was the wish of the Board that he take a suitable holiday. On recommendation of the'Ammittee on Membership, the followin:f banks were ordered admitted to the 1ederal reserve system upon the conditions named by the L;ommittee in each case: 4r,# The Opokane 8: Eastern Trust Company, Spokane. The First Savings Se Trust Company of V:hitman County, .iashington. Genessee Exchange Bank, Genesee, Idaho. ,,arburg presented a letter received from President ::IcGarrah of the Mechanics & Metals1Tational Bank of New York, favoring the Calder Bill. The matter was discussed bat no action taken. letter from the Mercantile Bank of the Lmericas relative to its anderstandin3 of the Board's letter of regulations transmitted to it some time ago, was read and it was agreed that the Executive Committee reply generally reaffirming the Board's former letter and clarifying the meaning where necessary. 2.1r. :flier stated the substance of a conversation he had had with the Lxecative Committee of the Bank of Italy, regarding the conditions to be complied with by that institution in entering the 2ederal reserve system. It was agreed that Mr. Miller and :!.r. uarburg frame and send to the bank a saltaule letter along the lines of this morning's dis,;assion, stating the Board's views particularly with respect to the Ion. branch On motion, at 1.1O p. APPROVED: an. the ojrned.
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