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A meeting of the Federal Reserve Board was hela in the office of the Federal Reserve Board on Wednesday, January 10th, 19, at 11:25 a.m. PRES72TT: Vice Governor Platt Mr. Hamlin Mr. Miller Mr. Cri ssinger Mr. Ho xton, Secretary Minutes of the zwieting of the Federal Reserve Board held on Janu3ry 8th 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 January 6th and 8th. Letter dated January 8th, from the Secretary of the Federal Reserve Bark of Cleveland advising that Mr. C. E. Sullivan has been elected a member Of the Federal Advisory Council, by the Federal Reserve Bank of Cleveland to serve for the ensuing year. Not ed. Letter dated January 4th, from the Federal Reserve Agent at San Francisco, with reference to the applicat ion of the Bank/ of Italy, to establish a branch at -fuba City and advising that contrary to a statement recently made in a Board telegram the California bank with the largest number of branches Is not the Bank of Italy but is the Pacific ScutIvest Trust and. Savings Bank Of Los Angeles. Referred to the Vice Governor for reply. Letter dated January 6th, from the Chairman of the Federal Reserve Bark Of Atlanta, with reference to bankers acceptances drawn by the Cotton Growers Assoc iat ion of Georgia. Referred to the Vice Governor for reply. -2- 1/10/23 ry addressed Memorandum dated January 6th, from the Assistant Secreta to the Vice Governor transmitting a propos tion made by the Treasury Departlease to the Federal ment through which certain unoccupied space now under rily loaned to Reserve Board at 50 Broad Street, New York, elan be tempora the Treasury Department. Upon motion, it was voted, that inasmuch as the space referred to is vacant, the Board will permit the United y States Treasury Department to use it until the Treasur checkto subject ments, arrange other make can Department ing by Counsel as to the legal right of the Board to allot any space free of charge for which it pays rent. reference to the Memorandum dated January 9th, from General Counsel with 2,1na Frisbie Turner. Proposed intervention in t1e. case of the estate of Noted with approval. upon the desirability Memorandum dated January 10th, from General Counsd the Supreme Court of the of permitting Richmond Par Clearance Case to go to United States. Referred to Mr. Hamlin with the request that Mr. Harain communicate in the matter with the Honorable John 17. Davis. Governor to Senator Letter dated January 9th, addressed by the Vice 6, 1922, Tien.in, with reference to the Senate Resolution adopted December Federal Reserve banks requesting the Federal Reserve Board to obtain from the Of nts shaving all cases Atlanta, St. Louis, Dallas and Kansas City, stateme 11 per annum was exacted from member Where interest ranging between 102 and 87•2 banks, etcetera. Approved. -3- 1/10/23 exarilnation of the Federal The Vice Governor submitted the report of Reserve Bank of Chicago, as of November 10, 1922. t The Secretary was directed to acknowledge receip in the usual manner. Reserve Bank of New York At 12:20 p.m. Governor Strong of the Federal entered the room upon invitation of the Board. sion of his reasons, Governor Strong recommended, after full discus whereby the Federal Reserve that the Board reconsider its action recently taken to employees by the FedBoard disapproved the payment of extra compensation increases in eral Reserve Bank of New York and disapproved certain specific the ealarieis of officers. Upon motion, the matter of extra compensation was ordered docketed as special order business for Friday, January 12th• It was also agreed that the members of the Board conat 10:30 tomorrow morning will hold an informal t discoun to respect with ference with Governor Strong Federal the which reply the to rates and with respect Reserve Bank of New York contemplates making to Senate Resolution 351. Counsel for the signaDraft of letter January 9th, prepared by General Federal Reserve Agent ture of the secretary of the Board, and. addressed to the orates in the at New York with respect to certain cases of interlocking direct York Life Insurance anl Bank of New York and. Trust Company, formerly the New al banks. Trust Company, and certain other neighboring nation Approved, subject to examination by the Chainnan of the Law Committee. -1- 1/10/23 1 ITTZE :10. 1: 011TS OF C011.! ) 41 11.1. applications for changes in Dated January 8th, Recommending action on Auxiliary Minute iflook of the stock as set fbrth in this date. App roved. aoproval of the application of Mr. ending Recomm 8th, Dated January director H. L. Zakernot, to serve at the sane time as and of Texas o, Antoni San Bank, of the First National Texas. , Alpine Bank, the First National Approv ed. The mooting adjourn& at one o'clock. Secretary. Approved: Vice Governor.
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