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A met in' of the Federal Reserve Board was held in the office of the Federal Reserve Board on Tuesda,v, February PO, l92, at 11:5 a.m. vice Governor Platt Mr. Hamlin Mr. Miller Mr. Mitchell Mr. rris singer Yr. Foxtan, Secretary The minutes of the special meeting of, the Federal Reserve Board held Oil February 19th were read and on motion approved. The Vice Governor reported the reserve posit ions of the several Federal Reserve banks as at close of business February 17th. Telegram dated 2ebrirry 15th, from the Chairman of the Federal '!eserve Pank of San Francisco, requesting the Board's tentative approval for the tank of Italy to negotiate for the purchase of the Commercial rat tonal Bank ( If Los Angeles, and its three branch offices with the view to converting sameinto branches of the Bank of Italy. from '7 '"r. Also telegram dated February 19th, G. rcAdoo, stating that ho shall appreciate a prompt decision serve 7oar'd rith refer,mce to the above npplication. b;Sr the Federal Pe. ft er a full tdiscussion, the Secretary was directed to prepare two telegrams to be transmitted to Mn. Perrin, subject to the final aq.)roval of Mr. 1-Inmlin. The two telegrams as finally a!)proved by Mr. }Tarnlin were as follows, a copy of the first telegram being transmitted to 7.:r. McAdoo: "Referring your wire February 15th ro Bank of Italy and Commercial 1Tational Bank Los Angeles. Board ,rants tentative ,arwroval to the plan of the Bank of Italy to purchase Comrxrcial national Balk of Los Angeles with its three branches, but the matter of establishing additional branch in Los Angeles by Bank of Italy must be determined Some at the proper time and after formal applicat ion. members of Board have grave doubts on the subject and wish 05 Vz0/23 further and full information before definitely authorizing the establishment of the branch or branches contemplated in present proposal and this tentative approval of the purchase is not to be taken. as a commitment by the Board to approve additional branches." "Further reference to Bank of Italy's Los Lngeles proposition. Board desires full report from you .as to the grounds upon which you think the Board should approve the additional branches; also please anvise if the California State Rank Commissioner knows of Bank of Italy's present plan and if he has arproved or is inclined to approve the Rank of Italy's plan to establish additional branches in Los Angeles based on purchase of Commercial rational." Letter dated February 14th, from the Federal Reserve Agent at San Fran"Ise°. transmitting with favorable reco mmen3 at ion, the application of the Bank of Italy to establish a branch at 5023 Third. Street, San Francisco, Approved, Pr. Cri s singer voting "no". Letter dated February 13th, from the Federal Reserve A n i ent at San Fran01800 1 transmitting a letter of February 10th, from the Executive Vice Presiciellt of the Pacific Southwest Trust and Savinr7s Bank of Los Angeles, giving • N'ther information with reference to Mr. Perrin's lctters of January 31st, t?ansmitting with favorable recommndation, the application of the pacific 2outliv est Trust and Savings Rank, for the tentative approval of the vederal lleserve Board looking toward the establishment of branches at Calexico and 4a3v1e7, California. In view of the further information secured, it was voted that the Board grant its tentative approval to the establishment of branches at Calexico and Brawley, :by the Pacific Southwest Trust and Savings Bank, Mr. Crissinger voting "no". . Letter dated February 16th, from the Railway Loan Advisory Committee elt the Federal Reserve Board recommending approval of the form of obliga- 2/Z0/23 tion submitted by the New York, New Haven and. Hartford Railroad Company for a loan of 17,400,000, (the carrier electing at this time to take over the first part of the loan in the amount of 12,000,000) under the provisions Of Section 210 of the Transportation Act, 1920, as amended. Approved, Mr. Hamlin not voting. Telegram dated February 19th, from the Chairman of the Federal Reserve Bank of ChicaEp , advising of the election of Mr. Robert Mueller as Class "B" director, by banks in Group 2, to fill the unexpired term of Mr. F]. Tilrskine. Yoted. Circular letter prepared by General Counsel and addressed to the Governors of all Federal Reserve banks, with reference to notary fees on items Protested. Approved. Letter dated February 14th, from the President of the Br,nk of Central alld South 21.merica,, in reply to a letter of the Secretary of the Board, dated uar.... 13th, adv; sing o i the understanding of t he Pebrw Bank of Central and South Itnierica, that the cost of examinations which the Board proposes to make of that institution will be assessed against the bank examined. Noted. Mr. Mitchell reiterated his objections to the Federal Reserve Board undertaking to examine banking corporations with foreign branches. Letter dated January 19th, from Governor Strong, with reference to etIrreney conditions in Porto Rico, said letter having been ordered circulated 11 the Federal Reserve Board, on January 23, 1:)23. 2/20/23 -4- Referred to the Vice Governor for transmission to the Treasury .Department. Draft of letter prepared by General Counsel, for the signature of the /rice Governor ,and addressed to the Chairman of the Senate Committee on 'Bankand Currency, with reference to Senate Rill 4486 amending Section 5200 °f the revised statutes, and designed to permit national balks to make loans III Unlimited arno-i ,nts to any one person, firm or corporation on demand notes Or bills secured by warehouse receipts or other documents covering non-:per- ishable staples, provided such warehouse receipts or other documents" shall liot have been outstanding for more than slx months". Fonmilly apgroved, having been previously approved by the initials of Board members. copy of letter dated February 17th, from the Acting Covcrnor in reply to a l'equest from Senator .111son D. smith of South Carolina, for a copy of the reprint of the Transcript of Stenographic rinutes of the Conference of the Pederal -?eserve Board with held NT Federal Advisory Council and class "1" Directors, 18, 1920. Upon motion, the Secretary was instructed to transmit a copy of the reprint aforesaid to Senator Smith. Letter dated February 16th, from rir. L. P. Sailer, Deputy Governor of the Pecleral Reserve Bank of New York, advising that the Federal eserve Bank " 17 ; York has received for the account of the Republic of Colombia, the sum Or 41°00,000, the Federal Reserve Bank of New York having been advised that this 8t1n1 is a part of the :1,15,000,000 recently received by Colombia from the I t1t15,1 Stater by virtue of the treaty recently signed by the two countries 2/20/23 . and that this money has been assigned by the Colombian Government to the founding of a balk of issue, but that while this project materializes, the Colombian Government desires to invest the snme money in Treasury certificates ot Treasury notes which ruture durini.7 the present year. /Toted. Let t er dat ed ioebruary 16th, from the Chairm n o f the Federal. 'Reserve &Ink of Richmond., transmitting with favorable recoramandat ion, resolutions adopted by the mamba* banks of the Federal Reserve System in Charleston, South Carolina, petitioning that the City of Charleston, be removed from the status of a reserve city and from the list of said cities. The Board considered the resolution dated February 13th, 1923, signed by the Presidents or Vice Presidents of the following member banks in the City of Charleston: Atlantic rat i orn 1 Bank Bank of Charleston, I.B.A. Carolina Savin,cm Bank First Nat lanai Bank Peoples I•Tatioml Bank said resolution req:msting the Federal Reserve Board to reclassify. Charleston, South Carolina, and discontinue that city as a reserve city. -Upon motion, it was *R:!ISOLVA.) that under the authority vested in it 'by the Provisions of Section 11 (E) of the Federal Reserve A c t, the Federal Reserve Board hereby terminates the designation of the City of Charleston, South Carolina, as a reserve city, effect lye March 1, 1923. ilnon the above resolution Messrs. ?int t, Hamlin and Mitchell and Crissinger voted "no". voted "aye" and Messrs. Letter dated February 13th, from the Chairman of the Federal Reserve Of Dallas, reoommendinr, that the Board approve a salary of 3300 per .'"1.111111112 for Mr. 1,7. D. Jenkins, the newly appointed Cashier of the Houston ch, and a salary of :if>2900 nor a.nnum for Mr. L. G. I,)ondrom, the newly " 131' 2/20/23 -6- _, elected Assistant Casliier of the Houston Branch, both salaries effective March 1, 1923. Approved. LettEir dated February 16th, from the Undersecretary of the Treasury With reference to the designation of banks which are members of the Federal Reserve System, as depositaries of public monies. Ordered circulated. Upon motion, the Board a)proved the bond of Mr. S. IT. Leaven., Assistant Federal Reserve Agent at the Houston 'Branch of the Federal Reserve Pank of Dallas, in the sum of ;'-'150,000. Mr. Miller submitted a draft of a proposed letter dated February 19th, to the Senate Commit tee on Banking and Currency, expressing the views of the ecieral Reserve :Board, vilth ref€?rence to Senate Bill 4475, introduced by senator Brookhart and having reference to the organization of cohorative national banks. Approved, subject to an amendment suggested by Mr. Hamlin, the letter to be transmitted after the incorporation by Fr. Hardin of his suggested amendmEnt. Telegram dated February 13th, from the Federal Reserve Agent at Dallas, re questing the -apiroval of the Federal Reserve Board, of a salary of 2510 per " Irl th to be paid to Mr. C. IT. 770115, a temporary employee secured by the bank f°1 'wOrk in connection v:/ith the failure of the Midland Motional Rank. Forrnlly approved., having been previously approved by the initials of Board members. llemorandum dated February 17th, from the Assistant Secretary of the -7 `-'"),• requesting authority to transfer Mr. 74. F. McClelland from the..a.rninti°11 Division to the Secretary's office for service in t'fe capacity of leneral " LIO 2/20/23 -7- "flee Assistant, said transfer involvint; no chance in compensation. Lpprov remorandum dated February lbth, from the Assistant SecrctL,ry of the E°ard, submitting the '..Lut):) resignation of riss D. K. l!arcier, Typist, salary per annitn, Division of Bank 00:rations, and requesting authority to elnI)10Y c. Stenographer and Typist to fill the vacancy at a sad fzy not to exceed :'!,166.5 per annum. n-orov ed. Letter dated February 16th, from the Comptroller of the Currency, recormending, the approval of a sal !2700 per annum to be paid to 17r, Thorns E. Dooley, Tra.tiorn1 ,Bank 3Dcaminer in the First Federal Reserve D istrict. Approved. The Board entered into a discussion of the recommendations of the Federal Advisory rounc il as co ntainetl in the report of that Council at of YE)St erdays 17)...f, CYTrOr' n 74' COrrirv77.4.: 7-70. 1 ))ated February 15th, 17th, Oat ed February 14th, 17th, r)atedFebruvry 17th, Renorneniinc7 action on applications for chanc:os in stock as set forth in the Auxilioxyrinute Book of this date. Approved. lent ions for fiduciary ' °come ndin-, act ion on Env, porers as set forth in the Auxiliary rinute nook of this date. Approved. P,ecommending action on applicat ions for admission of state bank; subject to the conditions stated in the individma report attached to the application, as set forth in the Pm:Mary Minute Book of this date. Approv ed. 20 e`4' rOv2.i"''',1-' ITO • • Dated February 20th, 1 (Cant'd) Ilecornmenc,in g approval of the applicat ion of 11:r. Gerhard r. Dahl, to serve at sEme time as director of the Fayden- stone (P;,- Cornany end of the Chase rational Bark, both of New York City. /..pproved. The meeting adjourned at one o'clock. c3 cc ot ery. .LJrOved: nor 4, Vice 'lover.
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