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the office of the
rneetin,c! of the _Federal Reserve Board was -held in
23th, at 11:20 a.m.
Federal Veserve Board on Tuesday, Decorrber
Ii.PE3.:7TT:
Vice Governor Platt
Pr. Hamlin
Fr. I.7111er
Yr. Cris si nger
- 3ecretary.
Fr. IToxton, _
21st, were
1:11-lutes of the Aderal Reserve Pod held on December
read and apfroved..
the several FedThe Vice Governor reported the reserve positions of
21st and 22nd.
eral Reserve banks as at close of business December 20th,
The Vice Goverhor stated that l'esm's. Perrin and Calkins of the
on
2ederal Reserve Bank of San 2rancisco, desire to meet with the Board
Janu ry 24th or 25th, 1923, with a vim' to discussing the Board's recent
.
rulinF, to the effect that hereafter special savings accounts in r`alifornia
ng
banks shall be regarded as demand deposits for the purpbse of computi
reserves.
Fr. Hanlin stated that General Counsel was raking a study of
'Fedthis matter and desired to present a r.cmorandum of the subject to the
eral Reserve Board in the near future.
lcti on was therefore deferred.
Letter dated )ecernb,r 21st, from the Governor of the Federal Reserve
Bank of Richmond, urging the Board to reconsider its action recently taken
whereby. the Board disap)roved the payment of any additional compensation
to the employes of the Yederal Reserve Bank of Richmond.
Ipon mot ion, it was voted that the Board is unwilling
to reopen this matter.
Letter dated December 12th, from the Chain-inn of the Federal. Reserve
Rank of Atlanta, requestin7, the approval of a salary of '27() per annum,
for 1:
J. Prosser, newly elected assistant cashier of the Few Crleans
branch, effective January 1, 1923.
12
,
22
,
7eserve
Letter dated December 1Sth, from the rrovernor of the 'edcral
of
ianeaooiis, reiruesting the ap,)roval of the 2edcral
serve
of a salory of .1.,;250 )er month and expenses, for rr. r. r. Smith, em,,loyed
S
nepLrtrent of the '
-'ederal
a special representative in the °lased
-eserve Panic of r1nma7o1is.
wov ed.
Letter dated December 15th, from the Chairman of the •Feeeral -es('rve
Pak of San 21rancisco, on the subject of branches de
Discllssed
110V 0
o.]: the -alifornia
nd referred to the Vice qoveraor for reply.
Letter dated. r)ecel.-..ber 11th, from the Federal Deserve hit at San
raacisco, trai,smit t hi
pli c-zti on of the
tI tii ,avorable recar.nendr ti on, the L;
tacific outhrest -'rust end Savi
s ')anki of Los Ln"OLS, to take ovkr ;_nd
,s, the follorinF: -tanks:
o )erate as branc:1,,,
the Commercial .r,ank of San Luis
Obispo, aith its branches at 1tascadero and )z-so SCtles, the
rank of Pomona and the Thvins l'a2,k of Pomona to
ional
0 (rated as of E.-branch;
a a 1'
, enzindo 77,Lt ional Sank, and the Ccean .Park hank,
ralle:'nes
at Venice and 5anta 7"Onica, makir47 a total of eIht braciches.
_pprovel, Tr. Crib
vo t
"nod!.
Letter dated December 15th, from the Federal Deserve
11ancisco, transmit ti
the t-,)plicati on of the
bra.ich Cie liovo at 7-ti,
. 17 to establish
an Tr. of itz:
1'r. 2errin stated that the
Pa 1: or Italy alr_ac-17 has subst—lt ial re )rcsentation in .th
In vul a City, rnd
Le di sa,-.)pro
reCO"ni
San
lankin
ncled that to ‘: -211c: tion of the, i‘r.c...k of Ita17
-3-
12/25/2;:,
12on rot ion, th , 1ecret. ry was instruct cc' to
advise Fr. i'errin that the Board is of the Oeinion
th reference to adthat no action should b e taken
ditional branches for the California, bank nor havins,
the 1 a.F;est number of branches, until the matter of
the ade,lu: te examination of the banks with nizferous
branches is settled, but that in view of Fr. Perrin's
fiqdinc,s to the effect that no additional bank is
needed in Yuba rity, the l'oard dist!. ,eroves the application of the Bank of Italy to establish said branch.
Letter dated December 22nd, from "onorable :;`rank 71Lite, Treasurer of
received for
the United. z3tates, a(ivisinr; that there have been no applications
-eserve
the sale of bonds under the provisions of Section 18 of the 'edere.1
uarter ending December
- the
durin ;
1)22.
:To ted.
Letter dated December 2Gth, from the Undersecretary of the Treasury
enclosinP, for the inforrt tion of the Board, a copy of a telegram dated -)ecamber
26th, sent by the Treasury Department to the 'Iovernors of the several !edoral
i:
- eserve banks re luestin , credits to be made in the Treasurer 's account at the
Close of business DecemberTO, 1922, for the amount of franchise tax payments
duo to the ('ovcrnment for the calendar year 1922.
Letter
ated -)ecernber 2rd, from the Director Cre'eral of the Pan-American
requstinr thirty copies of the December number el' the .'ed'cral "Theserve
T1 ltjn.
J",..i)pro v ed.
Res:_rve
Letter dated December 22nd, from the Secretary of the 2'edera1
Rank of Chicaf,o, advisir-7 that the Board of Directors of that Bank had, subject
-4-
12/26/22
tothe approval of the Federal
eserve Peard, approved an amendment to
.r)etroit Branch, said amendSection 1 of ARTICIi: II of, the By-laws of the
of the directors of the Detroit
ment being designed to increase the number
Branch from five to seven.
be
l'r. ITamlin moved that the amendrent to the By-laws
ry
Secreto
approved. Tr. Eamlin's motion was lost. The
of Chicago
was instructed to advise the "Federal 'Reserve Bank
the By-laws
to
nt
amendme
that the Board does not apnrove said
of the ,';etroit branch.
Letter dated Decerribr 19th, from the cum:troller of the Currency, recommending an increase in the salary of rational rank :xarbiner John 7. Vann
from
.: 2400 to ',.2700 per onnum, effective January 1, 1923.
Approved.
Letter dated December 21st, from the Comptroller of the Currency, recommending an increase in the salary of rational Bank 1;xaminer Bernard E. Foldin
from 4'2700 to
3000 per annum, effective January 1, 1923.
,Ipprov ed.
y, recomLetter dated December 20th, from t 13 Comptroller of the Currenc
mending increases in the salaries of the fc 11ow1ry7
at ional Bank 1"coniners
assigned to the First Federal Reserve District, effective January 1, 1923:
Present Salary
rarre
Herold 7. Black
7i1112m B. Carolan
Frank J. Ryan
A pprov ed..
'`,4500
3000
3000
Trey salary Recormended
''',5000
3600
3600
•
-5-
d, from the hiat rd 1 le /- of
Let t er df,t ee7 '`)ecom1),,,,T
mond'
recorr.s
incre.:ises in the sz-,14.r les of t e fo
assi - T-1.,-JCi to the Fifth .Fed(TL,.:: 7.02,c,rve )istrict, offecti v
resent E,a.1 ary
7.7ew 'Salary 7.("c.crrienyle0
'4a)0
7fi11il-J-n :-.. ,.`c.1[ - or
`4--.•'',500
l'cliullan
John T.
re:,',00
ireor,:ce 7. l'('0
3000
'rattan TT. Thicker
:3900
john 77. 'Dalton
-,-). -R. -JO od
• `J,900
'
(- 0.!`"/Irnyl
Dated 1)ecor:11,er 22nd,
too )'c
amr
ted')ec ernb er
'nd,
•-.1r7,7. 1,
---43 u0
rt'. '600
3600
3:7)00
. 1.
tions for (Th c. n.,--E-,s in sto ek
''),eccIrricad in 7 actio. on
"rinuto -ook
s f to.
as se t forth in the
.
o
.,t ions fo r i i i,rers
act. on on
°comic
Took of this (late.
t forth in the fluyiliLr-.zs
C,rder e-Al held.
.-br dr, 'ion of
'?.ecernmeridin sotion on f, 01)1 iC;t1
stzA e hank, sul ,iect to the conditions stat ed in t
re-forts attached to the aa1icat ion, !
,
.s set
forth in the Auxiliir v 71-lute ooh of t F. date.
' r 'Ted.
-zr-no 6. at 1:10
Vice (lo vr.Lra-lor.
@FedFRASER