Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, February 15, 1923, Volume 10, Part 1

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tO0

A meting of the Federal

oservo Boa.d

'as held in the office of the

Vice (lovcrnor on Thursday, February 15th, at 11:10 a.m.
:

Vice qovernor Platt
1 7r. Hamlin
!7r. Miller
Fr. llitchell
Fr. Crissiny-;er
1o7ten, Secretary

T'inutes of the imeting of the Federal Tieservo Board held on Febru—
arY 14th were road and on motion al)proved.

Fr. rrissincer stated that had

he Leen present at the net ing yesterday, he would have voted aJ•ainst the
approval of the applicat ion of the Pacific Southwest Trust and Savings Rank
°f Los An . eles, to take over the California Nat ional Ponk of Santa Ana, Cal—
trcrnia, and to c)erate a branch at that point.
The Vice :
, lovernor reported the reserve positions of the several Federal
Ileserve banks as at close of business February 13th.
Vemora.ndum dated February 9th, from the Secretary of the Pon_rd, civin
certain information regtusted by the Board, with respect to outlying banks
central reserve and reserve cities which have been granted authority to
ezIrrY reduced reserves under the rcrovisions of Section 19 of the Federal '),eserve
Act.

This infornation being compiled in connection with the applicat ten of

the Bremen Bak and the Natural Bridge 7ank, both of .St. Louis, Missouri, for
Perrnission to reduce their reserve requirements from 1077 of demand deposits and
Zr-r7

Of

t ime dopes its, to 7

of demand deposits &.nd 3;7. of time deposits.

Ordered laid over, pending the compilation of figures
shoring the capital and surplus, and deposits of each of the
outlying St. Louis banks which have heretofore bem granted
Ilermission to carry reduced reserves, and report as to the
reserve required to be carried by State Banks by the State
of Missouri.
Telegram dated February 14th, from the Assi stant Federal Reserve Agent
4t lanneapolis, addressed to Mr. illatt, and
extending an invitation to
him



2/1 V23

ONO

to be present aid address, on ''ebruary 27th or 23th, a c nference of
of Minnesota,
farers, business men and bankers, called by the Governor
to be held in St. 2
1 aul on the dates rentioned.
Upon motion, lir. Mitchell NCTIS requested to accept the
invitation in b ehalf of the Board.
Letter dated February 15th, from the Comptroller of the Currency requestFr the approval of the 'Federal Reserve Board to ap point :litrin Rupert as
riesseng,sr, at 250 per month, in the Federal Reserve Issue and Redemption
llivision, vice Fampton 77.9.11.ms, resigned

appointment effective February 16,

1923.
Approved.

1
1A

The m et inc.; adjourned at one o'clock.

ry.
APprcved:




v.; co Governor.