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A rreeting of the Federal Reserve Poard was yeld in the o ffice of the Federal Reserve Poard on Tuesday, February 6th, at 11:15 a•m• PRI;:.1711: Vice Governor Platt .T.7r. Pamlin 1.1iller 17r. Crissinger Iroxton, Secretary. rinutes of the meetings of the Federal Reserve Poard held on February lst at 11:00 a.m. and at 3:30 p.m. were read and on motion apiroved. The Vice Governor reported the reserve positions of the several Federal ileserve banks as at close of business January 31, t.aebruary 1, 2, and 3. remorandum dated February 3rd, f/vm the Comptroller of the Currency, tl'arismit tinr; vrith favorable reeoramendat ion the aL plicat ion (1 the First 'Tational r3.ank of :'idland., Alabama, to reduce its capital stock from '65,000 to :3!,000. Approved. Telegram dated February 1st, from the Chairman of the Federal Reserve } -tlk at San Francisco, advising of the theft of 4',1700, by a clerk at the ,Seattle 4'azIc1I that the Department of Justice, both at ',"ashinrton, D. (1• and c'eattle, ' brurl7ton, has been ini'orrrpd of the ector s of 1 POsed case and statin- that the Board of Dir- the Pederal T?eserve Bank of Fan Francisco, for reasons riven, was not to prosecute. Upon motiL n, the Secretary was instructed to advise 17r. 'Perrin, that the Board notes that the case has been reported to the Department of Justice and that this action is in accord with the views of the Board. Letter d ted February 1st, from the (1hairran of the Federal Reserve Bank er 17ew York, canine. attention to his advice that the rational Butchers and 1°I"ers •' - ank of New York City has made applicat ion for parmission to establish U 1 tional office at tiO southrest corner of Thirty-seventh Street and -2- 2/6/23 Seventh Avenue, iTer York City, and calling attention to te fact that the Comptroller of the ° rrency has recently granted permission to the Capitol rational Bank to establish a branch in Yew York city and. stating his opinion that it would be appropriate if the 2ederal '?esorve Agents were given an cWortunity to be heard on such applications before their final disposition bY the Comptroller of the c'urrancy. :Toted, : (lover or for reply. /-).eferred to the Acting, Letter dated January 26th, from rr. C. Culbertson, Chairman of the 20 0nomic Liaison committee, enclosing a photostat copy of a letter from the -resident approvin-7 the work of the above Committee. 7oted. Latter dated 7ebrun.ry 2nd from Congressman W. 'J. (,:ears, with re Corence to a building for the Jacksonville 7ranch or the Federal 7.eserve Fank of Atlanta, Also telegram dated FehrULTy r)th, upon the Fame subject from the (lhairrT.n of the Federal eserve Tank of Atlanta. After disclission ith a vicw to determining what utorIty or responsibility the Federal eserve T'onrd has in this mat ter, In vier of recent action by Congress, the correspondence rerrred to was ordered refrreC to qeneral Counsel. - ainow r:Nro letters dated January 19th and January 29 th, from rr. S. C. 1.i and addressed to Yr. riller, advising of the proposed organization of the ers :lxchanTEI, under the direction of TT. Aaron Sapiro, and 17aine Potato among other thhigs, the distribution as specified of extra copies °f a memorandum prepared by rr. rillrr in connection with his address in '"ashi ton, before the rational Council of Farmers rooperative Mirketing Associa- tions. 7..ferred to :r. rAller it being the sense of the Poard 4,11.44.4 . 2/6/23 that there is no objection to the supplyinr! for distribution of extra copies of the memorandum referred to. San FranLetter dated January 31st, from the Federal Reserve Icent at tion of the cisco, transmitting with favorable recommendation, the applica nia, to take Pacific Southwest Trust and Saving's Bank of Los Angels, Califor of :4,1 1 Over and operate as a branch, the Security Co-mercial and Savizv-,s Bank , the Cent ro , "al i fornie_. Also, transmi tt ing with favorable recommendation for the tentative applip!)tion of the pacific Southwest Trust and. SavinP,s Bank ishmnt of approval ol* the Federal Reserve Board, lookinp toward the esta.bl branches at Calexico and Brawley, nalifornia. Upon mot ion, the a,)plicat ion to ta..e over and operate as a branch, the Security Commercial and Savings Bank of .!:1 Conti() was approved, rr. Crissinger voting "no". With refereoce to the Calexico and. Brawley branches, the Secretary was instructed to ascertain from Yr. Perrin, if these oroposed branches are branches de novo, and if, in the judgment of 11r. .L'errin their establishment is :justified by the banking noes of Calcxico and Brawley. Letter dated February 2nd, from Lir. John. S-celton lams addressed to the Secretary of the Board, request ins- twelve copies of the transcriot of the stenogranhic minutes of the ccuference of the Federal Reserve Board, the 14'edera1 Advisory Council and. the Class "A" Directors of the Federal Reserve banks held. in Washington in nay, 19X. The Secretary reported that the Boca-d had ordered only one hundred copies of these pamphlets and that after the distribution directed by the Board, there were only about fifty copies left and the Board, therefore, ordered the request of rr. Williams laid. over until the Secretary could ascertain whether or not the typt3 of this pamphlet at the Government Printing Office is still standing. 2/6/23 -4- 2nd, from 7.r. Hamlin recomrrendin I,:emoroxidum d.ated•?ebruary that the Federal Reserve Board should undertake and order exa -iinations of the Bank Of Central r.nd. South Arncrical., ...,))roved, with the understanding that the Acting Governor will notify the Bank of Central and South America that such eyamination:= are to be made at the expense of the said bank, it being further understood that the Vice loverncr will send a co iy of his letter to the bank in question, to the Iovereor of the Federal eserve Bank of rew York. - etter prepared by Counsel for the si7lature of the Acting Proposed l Gov(-.rnor and addressed to senator T). U. Fletcher, in response to an inouiry made by sem,tor Pletcher as to whether the Federal Reserve 12oard in construing Section 13 of the Federal Reserve .Act has ever held or would 11°14, or whether under Sections 9, 10, and 11 of S. 4287 (Lenroot bill) it would hold, naval stores, that is, spirits of turpentine and rosin, to 'be staple agricultural. Products. Approved. Memorandum dated Jantriry 71st, from General Counsel, with reference tO advertisements 'by State rember banks, together with a proposed letter to the Chairmn of the Federal Reserve Bank of St. I,ouis and a proposed circular letter to all Chairmen, said memorandum and letters being submitted with the l'ecentrcndation of the Chairman of the Law Committee, Mr. Harlin, that the same be approved. Ordered circulated. remorandum dated February bth, from ckrieral Counsel, with reference to the expenses of the e;:aminz-,tions of state member banks together with various correspondence on thi s subject. Upon mot ton, ordered circulated. -5- 2/6/23 Letter dated February 1st, from the Comptroller of the Currency, advising of the various changes which were made in the riational Bank l]xamining Force durin - the month of Jlinustry, 1923. Approved. Letter dated Febrtrtry 3rd, from the Comptroller of the Currency, recommending the probationary appointment of L'Ass Fessie Kelly, money counter in the Federal Reserve Issue and Redemption Division at a salLry of :"'1020 Per annum. Approved. R72.,?0P,TS OF (1 TI'!TO. 1: Dated February 1st, Recormending changes in stock at Federal Reserve Banks, 2nd, 3rd, 5th, Dated February 2nd, Dated February 2nd, Dated i?ebruary 2nd, as set forth in the Auxili=y Yinute Rook of this date. Approved. Recorrsnending action on applications for fiduciary po,...ers as set forth in the Auxiliary rinute Rook of this date. Approved. Recomme nu lug action on application for fiduciary powers as set forth in the Auxiliary Yinuto Book of this date. Held. .dmiss ion of P.econsnending action on applications for -_, in the stated state banks, subject to the conditions Individual reports attached to the application, as set forth in the Auxiliary :.7inute Book of this date. Approved. The meeting adjoirned at 1:00 o'clock. Secretary. APPrOved: Vice Governor.
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