Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, December 29, 1923, Volume 10, Part 2

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1 a

the Federal
Upon call of the Governor, a special meeting of

eserve

Board on Saturday,
Board was held in the office of the Federal ileserve
December 2Dth, at 11:10 a.m.
1- R2,337.2:

Governor Crissin;er
Hamlin
Miller
CuiininghEu2l
5ecretary

bring to the
The Governor stated that he had called the mcetinj to
.L -ent at Yew
attention of the Board a telegram from the Federal Reserve
that bank of Mr.
York regarding the election as class "B" director of
Ban:: of Yew York
Theodore T. Thit.zarsh, a trustee of the Greenwich Savin:s
permitted
City, and referring to an early ruling of the Beard which
of PhilaAlba Johnson, a class "B" director of the Federal Reserve Bank
-hiladelphia.
delphia to continue as a trustee of a Mutual javincs".Bank in
Lfter discusiien, Er. Hamlin moved that 1.1r.
Jay be advised that the construction of the law involved is extremely doubtful and that the Board has
reached the conclusion that it will permit Er. 7:hitmarsh to serve Lnd be reelected as trustee of the
Greenwich Savings Bank, subject to any final order
of the Board revoking such permission, if it is determined that his service as trustee of the savings bank
is not permitted under the Clayton 2,ct.
Carried.

telephone call
Governor Crissin';er stated that he-had received a
Baltimore,
from Mr. Ucwcomer, Iresident of the Yational 111x0hange Bank of
that bank
r'2„2:rdins the proposed consolidation under State charter of
consideration of
With the :,-tlntic Trust Company and requestinf; special
the application for admission to membership of the consolidated institution.




12/29/23

-2-

The Secretary reported that the application
would be received from the Federal Reserve Bank of
Richmond on Yonday morning, and upon motion by Er.
Hanain, the Executive Committee was given power to
act in the matter.
Telegram dated December 28th from the Federal Reserve Agent at
San Francisco inquiring whether the Board's permission to the Bank of
Italy to take over the American Savings Bank of Long Beach included the
taking over of two branches of that institution at North Long Beach and
Compton, California, and the establishment of branches of the Bank of
Italy in their premises.




Referred to the Committee on Examinations.

The meeting adjourned at 11:35 a.m

Secretary.