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A meting of the Federal Reserve Board was held in the office of the Board on Thursday, August 17, 1922, at 10:35 a.m. PRESENT: Vice Governor Platt Mr. Hamlin Mr. Mitchell Mr. Crissinger Mr. Hcacton, Secretary. Minutes of the meting of the Federal Reserve Board held on August 16, 1922 were read and approved. The Vice Governor reported the reserve positions of' the several Federal Reserve banks as at close of business Alio.2,st 15, 1922. Letter dated August 7th from the Federal Reserve Agent at San Francisco, ordered circulated at the meeting yesterday, making inquiry as to whether the Board intends to require an increase in the capital stock from v'50,000 to 0150,000 of the San Fernando Valley Savings Bank in view of the establishment of its branch at Newhall, California. Upon motion the Secretary was instructed to advise Mr. Perrin that the Board will not require an increase in the capital stock of the San Fernando Valley Savings Bank, being satisfied that the present capital, which was recently increased from 25,000 to c50,000, is sufficient for communities so small as those concerned in this case. The Vice Governor stated that he had been advised by the President of the United States that on September 4th the daylight saving plan practiced at present by the Government departments in Washington will be abandoned. Letter dated. August 10th from the Chairman of the Federal Reserve Bank of Dallas enclosing a copy of the minutes of the last meeting of the Board of Directs of the Federal Reserve Bank of Dallas held on August 7th, and calling attention to the following three items which require the approval of the Federal Reserve Board: 1. 8/17/22 •••,•••• First - the establishment by the board of Directors of the federal paper. Aeserve Bank of Dallas of a preferential rate of 3110 on commodity Reserve Second - the action of the Board of Directors of the Federal to Bank of Dallas in amending the regulation of that bank with reference that an no penalties on deficient reserves by the adoption of a provision occasion should such penalty amount to more than 10. Third - the action of the Baard of Directors of the Federal Reserve al Bank of Dallas in authorizing an appropriation of „;2,000 for education and welfare purposes for the latter half of 1922, all expenditures, as , it being heretofore, to be approved by the Governor or Deputy Governor, Dallas Bank by noted that this action is the same as that approved for the the Federal Reserve Board for the six months ending June 30, 1922. Upon motion, action upon Item No. 1, namely the 31-% commodity rate, was deferred. Upon motion, Item No. 2 was approved for the present and pending the possible adoption by the Federal Reserve Board of a uniform method of computing the rate of penalty assessments for deficient reserves on the part of the member banks. Upon motion, Item No. 3, namely the appropriation of '2,000 for educational and welfare purposes for ;the latter half of 1922, was approved. Uitchell stated that he had examined the proposed letter, Reserve submi;ted to the meeting yesterday, addressed to those Federal ve discount rate Banks which formerly, for a period, adopted the progressi transand that he had come to the conclusion that the letter should be mitted. when it He, therefore, moved that the action taken yesterday, Banks was voted to hold in abeyance all requests upon the Federal Reserve for information in this matter until the Board shall be instructed by the Senate to furnish information called for in the resolution referred to, -3- 8/17/22 be reconsidered. Mr. Mitchell's motion to reconsider was carried. r. Mitchell then moved that the Vice Governor be requested to transmit the letters referred to. Curried. Upon invitation of the Board Mr. Pierre Jay, Chairman of the Federal Reserve Ban]: of Mow York joined the meetin Mr. Jay nresent- ed to the Beard the outline of a )1.3.n. pronosed by the Federal Reserve Bank of Mew York and concurred in by the Committee on Public Relations of the Federal Reserve Agents Conference whereby an exhibit illustrative, of the entire Federal Reserve System will be arran52ed for -presentation at the next meetinz of the 4,merican 3an1ers' .itssociation to ')e held in Mew York City October 2nd to 6th, next. The chief feature of this exhibit will consist of an educational movin- picture film, the scenario of which Mr. Jr2.,r road to the Board and explained that the eLrpease of the exhibit would, subject to the approval of the Federal Reserve Board, be borne by the twelve Federal Reserve Banks. . Mitchell roved that it is the sense of the nleetin: that the Board interposes no objection to the exhibit being made alonc the cenerA. lines ...Talested by Mr. Jay, th the understanding that the Federpl Reserve banks are authorized to pay their prorata share of the e xpe rts e. Carried. -4- 8/17/22 ( REPORTS OF COTU.IITTEE 70. 1: Dated August 16th, Recommending changes in stock at Federal Reserve banks as set forth in the Auxiliary Minute Book of this date. Arpr oved. Dated Itugu:st 15th, Recovrending aoproval of the applica.tion. of Mr. J. 71. Lyder to serve at the sarre time as director of the Northern Nati onal Bank, Duluth, Minnesota and the Duluth Nati. onal Bank, Duluth, Minnesota. Ayer eyed. Dated Augtmt 15th, Re come ndin6: appr ov al of the applicati on of J. J. Eklund to serve at the sane time as director of the Duluth National Bank, Duluth, Minnesota and the Northern National Bank, Duluth, Minnesota. Anr roved. Recomending amroval of the ap-olication of Yr. Francis 71. Sullivan to serve at the sane time as director of the Duluth National Bank, Duluth, Minnesota and the Northern Nati onal Bank, Duluth, Dated August 15th, Dated Alle* 111 t 16th, Minnie sot a. 21-, -or cv ed. Recormending approval of the applications of a state bank for admission to the system, subject to the conditions stated in the individaal reports attached to the applications as set forth in the ary Minute Book of: this date. Lppr oved. At 12:00 o'clock the roeting adjouriec. 3e cre tary, Appr ov ed: Vice Governor..
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