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r I. meeting of the Federal eserve Board was h,ld in the office of the Pederal 7eserve Ford on r-ednesday, December nth, 1J22, at 11:30 a.m. Th'- Vice governor ?latt Fr. 'Hamlin Fr. Filler CrissimTer Yr. 7oxton, Secretary. Finutes of the meeting of the _.'ederal "eserve Board hel,, or December 12th were read and. on motion a)proved. The Vice tlover-or repartee the reserve jositions of the sev rol 'ederal Reserve 'banks as at close of business December 11th. Telegram dated December 12th, from the Chairman of t,,e '?eeeral 7eserve Tank of San Francisco, requestini, information as to the conclusion reached hy the Peleral reserve Paard in conference with the Sub -committee of the Lerj.slative Corrnittee of the California tankers _Association, concerning charges ror examinations. 7eferred to the Vice Governor with the request that he draft a rely to be submitted to the Feeeral 7eserve Board Fr. CrissinFer stated that he was opposed to the tomorrow. FeLieral eserve banks render in any free service in connection with examinations of member banks. Upon motion, the special order business, namely, a draft of a letter (r. adressed to all ?ederal P,escrve Agents with ref rence to the ad- inistration Of the Clayton Act was ordered carried. forward. Draft of letter prepared by Assistant Counsel, lated December 13th, )14(1 addressed to the President of the 'Fa224 of Central and South America, with reference to the request of said bank that the federal Reserve Board authoriZe national banks to purchase its stock unier the terms of Section 25 of the ?ederal Reserve Act. Approved. -2- 12/1Z/22 The following resolution presented by Mr. Miller was unanimously ado,Aed, subject to possible revision as to v.-ordin; and cheekinr; by rleneral Counsel, .73- SOI,1122.), that notes of cooperatiye mrketing associations 7iven for funds to be advanced to growers who actually have delivered their products to such associations as a step in the orderly marketing of such products are hereby declared to be eli4;ible for rediscount as agricultural 0t.,Der with maturities not exceedino: six months, provided the proceeds have been or are to 'be used by such ,:rowers for ar;ricultural purposes. Draft of circular letter dated Decanter lt1a, addressed to all 7?erleral Ileserve 1\7ents, prepared in accordance with the action of the .7oard tak n on Decemi er 6th with reference to annual budgets from 2ederal ""eserve oro ved. Letter dated 7)ecemat or 12th, frorn the Secretar:r of the United S'ates , eaLte, transmitting Senate resolution -H351 and dated December 1, 1022, and that the PeOeral Deserve Tloard be re uested to obtain from Tederal bau oL:ieials, the names and. post office addresses of the citizens tO whom the speech of a certain senator was sent. Upon motion the Secretary 1..,as instructed to forward to each ?ederal '"?eserve '..gent a copy of the senate ''esolution referred to with the request that the 2edera1 -)eserve 7 oard be furnished with the information desired by the United :tates Senate. Upon the reconramdation of Cornittee o. 1 md the 7ederal "Peserve 41."Nrit at Tioston, it was voted to modify one of the conditions of memberComeany of providence, Tljode Island. . .11i.p of the Union "rizst 12/1:i/22 Federal 'c serve 1ent at ?an FranL tter dated December 7th, from the , the appliction of the transmitting with favorble recommendation French establish a branch at 1009 lrant rnerican sank Of San Francisco to venue, San Francisco, Approved. Reserve Agent at San FranLetter dated lecembr 6th, from:the Federal the formal avplication cisco, transmitting with favorble recommendation, Of the 7,ank of Italy to estlish a branch at San Diego, California. of Approved, it being understood that this is one tentBoard's the for June the original banks submitted last in riven been having l approva ative at)L)roval, this tentative Ouly dated Perrin, Pr. to a telegram from lovernor Harding Yr. Crissinrer voted "no". 11th, 1922. Chairman of the Federal 7r-serve LL,1,1,Qr dated December 8th, from the -'eserve l'oard for an Bain; of ')allas, requesting the ap,)roval of the Tlederal appropriation of 2,000 for educational and welfare )urposes for the first Previously avroved by six months of 1923, said appropriation having been Mug: of nallas. the 'ocrd of Directors of the Federal -eserve )proved. Secretary of the - oard, I:emolandum dated December 12th, from the chief of the Division of 7anh Cderations, tral..smittinf- a m,-morandun from the coilro1idati/1 make char es r,11 rLuests by the Federal Res-rve banks to allco:.tInces and soeci 1 reserves - inst current earnings for depreciation the books on Decerrar t 1, 1922. • 7eferred to the Committee on Salaries and charp:e Offs. 12/1Z/22 Letter dn.ted ' eceml,r 1, th, from the Railv-ay Loan dvisory Committee Of the federal Resurve Board, reco,-mending rpproval of the form of obli*_tion submitted by the 7heeling and Lake --;rie Railway Company for a loan of A .?500,000, in two parts, the carrier electing at this time to take over the :irst part in the amount of )400,000, under the )rovisions of section 210 of the Transoortation Act, 1920, as amended. Approved. 79.7.1)02,TS OF Or ITT:117, 7.'T-0.1: 9th, 12th, 13th, Dated Decanber 12th, 12th, •Dated Decanber Dated December 12th, Recommending action on al)plicntions for chrnres in stock as set forth in the Auxiliary "mute 'look of this date. .11.)proved. Recoirznending action on applications for fiduciary powers as set forth in the Auxiliary rinute Dook of t' is date. Approv ed. Recommending action on a ,)licat ions for admission of state bank, subject to the conditions stated in the individual reports attached to the application, as set fcbrth in the Afaxiliary FA/lute rook of this date. Ap pro ved. The meeting adjourned at one o'clock. Secretary. Vice governor.
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