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I Ors J' A meeting of the Federal Reserve Board was held in the o ffice of the Federal Reserve Board on Wednesday, February 28th, at 11:50 a.m. PR2STIT: Vice Governor Platt Mr. Hamlin Mr. Miller Cri ssinger Mr. Hoxton, Secretary. on February Minutes of the meeting of the Federal Reserve Board held 27th were read anti on motion approved. The Vice Governor reported the reserve positions of the several Federal 13eeerve banks as at close of business February 26th. Reserve Letter dated February 21st, from the Chairman of the Federal Bank of St. Louis, submitting details of a bid for the erection of the buildfor the Little Rock Branch, and requesting advice as to whether or not the Board approves the acceptance of this bid. Action postponed until next Tuesday, March 6th, when a full meeting of the Board ms.y be held. Letter dated February 19th, from the Assistant Federal Reserve Agent at San Francisco, transmitting with favorable recomendation, the applies- ti0 11 of the Mercantile Trust Company of San Francisco to take over the Sayill Bank of Santa Rosa and operate a branch on the premises now occupied bY that bank. Approved, Mr. Crissinger voting "no". Thereupon there ensued a discussion upon the question of approving this application in view of the telegram transmitted to Mr. Perrin on February 24th, wherein it was stated that the Board will not approve further branches for California banks now hrving numerous branches until the examination problem is settled. Mr. Hamlin moved to reconsider the action just taken approving the application of the Mercantile Trust Company. By agreement, Mr. Hamlin's motion to reconsider was ordered laid over until tomorrow. -2-- 2/28/23 San FranLetter dated February 20th, from the Federal Reserve Agent at cisco, advising of arranF7ements which have been made with the Superintendent of Banks for an examination of the Mercantile Trust Company of San Francisco, and an examination of the security Trust and Savings Bank of Los Angeles. Ordered referred to the General Counsel to draft a reply. Reserve Telegram dated February 26th, from the Chairman of the Federal ,Referring to your telegram 24th stating Bank of San Francisco as follows: ' that hayBoard will not approve further brarehes for the California banks now Board numerous branches until the examination problem is settled, does the intend that the term Itbrarchestt shall be interpreted as including also a branch cle novo or a so-called receiving and paying station in the city of a California bank's head office or in a city in which it has already established a branch or branches." Ordered laid over. Reserve Letter dated February 21st, from the Chairrran of the Federal 1/411,k of San Francisco, replying to the Board's telegram of ebruary 20th, re- he thotrht the clilesting Yr. Perrin to report as to the grounds upon which additional branches should approve the establishment in Los Angeles of Of the Bank of Italy ard to report as to vitiether the California Superintendent Of Banks knows of the present plan of the Bank of Italy with respect to the eellaThercial Natiunal Bank of Los Angeles and its three branches. Noted. Counsel for Letter dated February Wth, from Mr. 7/illiam G. McAdoo, the Vice Governor's tIle Bank of Italy, San Francisco, advising of the receipt of 2/28/23 -3- t elegram of February 15th, regarding the Bank of Italy and the Commercial National Bank of Los Angeles, and advising that in conformity therewith the Bank of Italy, through its Stockholder's Auxiliary. Corporation, has purchased the Commercial National Bank of Los Angeles and that forral application will be made for the incorporation of the Commercial National Bank and its branches as branches of the Bank of Italy. Noted. Memorandum dated February 26th, from the Assistant Counsel, Mr. Freeman, submitting draft of a letter dated February 27th, addressed to Messrs. Monroe Lemann, New Orleans, La., with reference to Interlocking Directorates in thci Federal International Banking Company of New Orleans. Approved. Letter dated February 19th, from the Governor of the Federal Reserve Blilak of New York, regarding suggestions for topics for consideration at the C°4ference of the Governors of Federal Reserve banks. Noted,and referred to the Vice Governor. Upon motion, the Board approved the bond of Yr. Ward Albertson, Assistant ' B clerEla Reserve Agent at Atlanta, Georgia, in the sum of 100,000. Mr. Crissinger stated that a serious situation had arisen with respect to the condition of the Merchants National Bank of Raleigh, North Carolina, and hat the Federal Reserve Bank of Richmond was collecting over the counter items (141k11 upon that Lecnk. Upon motion, the Vice Governor was requested to telephone to the Governor of the Federal Reserve Bank of Richmond with a view to ascertaining if something helpful cannot be done by the Richmond Bank through Vhich the situation in Raleigh may be pre- I 4.-N k_t-ftw 2/28/23 vented from reacIdig a point which might result in the failure of the Merchants National Bank and certain state banks connected with it. 11') ORTS OF COMMITTEE NO. 1 Recomrending action as set fbrth in the Approved. Dated February 28th, Recommending action as set forth in the Approved. Dated February 27th, on applications for changes in stock Auxiliary Minute Book of this date. on applications for fithriary powers Auxiliary Minute Book of this date. The meeting adjourned at one o'c lock. Secretary. % APProved: Vice Governor.
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