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A meting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Thursday, January 24, 1924, at 2:35 p.m. PRSENT: Governor Crissinger Mr. Platt Ur. Hamlin Mr, Miller Mr. James Mr. Cunningham Mr. Eddy, Secretary The minutes of the meetings of the Federal Reserve Board held on J4214arY 18th and on January 19th wore read and approved. The reading of the minutes of the meeting of the Executive Connittee held on January 23rd was dispensed with. Telegram dated January 24th, from the Federal Reserve Agent at MinPolis advising of the re-election of Mr. George H. Prince as member ! c) the Federal Advisory Council from the Ninth Federal Reserve District tor 1924. Noted, Letter dated January 19th„ from the Federal Reserve Agent at San 1°I'llaloisco- referring to the Board's telegram of January 16th and advising that a simultaneous examination of the American Bank of Oakland and its bIltriches will be started on Saturday, January 26th. Noted. Telegram dated Janaary 23rd, from the Federal Reserve Agent at San ?ralleisco requesting approval of the appointment as special assistant elkMiners of twenty-five employees attached to the head office of the balk, Approved, 3124/24 -2- Memorandum dated January 23rd, from the Director of the Division of IteSearch and Statistics, transmitting the resignation, effective January 31. 1924, of Miss Dorothy Davis. Accepted, Mamoranamm dated January 23rd, from the Director of the Division of search and Statistics, requesting approval of a plan of re-arrangement the work of the Division, including the transfer to Mr. Morris Jacobson the work now being done by Miss Dorothy Davis who will resign, effective Pebraary 1, 1924. Referred to the Committee on Salaries and lbcpenditures. Memorandum dated January 23rd, from the Secretary of the Board reeftmending the discontinuance of the weekly statement of "Maximum, Minimum 441 Average Amount of Float Carried by the Federal Reserve Banks" and issuance of a monthly statement instead. . Upon motion, the Secretary was instructed to prepare the statement monthly. Letter dated January 23rd, from the Chairman of the Federal Reserve 4:4k Of Now York, transmitting a memorandum with regard to the participation "Messrs. Mason and Philbin, Counsel for the bank, in the employment of Carmalt, to represent the Federal Reserve bank in an effort 'JaMes 141' to a eeure from the Interstate Commerce Commission a revision of express rates 8141:Pments of currency and securities. Ordered ciraulatedo 1/24/24 -3- Telegram dated January 21st, from the Federal Reserve Agent at San Francisco transmitting and recommending approval of the application et' the Pacific Southwest Trust and Savings Bank of Los Angeles for permisaiela to acquire, through exchange of stock, the First National Bank and Itrast Company of Santa Paula with its affiliated institutions, the Santa Paula Savings Bank and the Farmers and Merchants Bank of Santa Paula, together with branches of the latter institution at Saticoy and eillmore; as well as to establish one branch at Saticoy and Fillmore and tIlmo at Sante Paula, reserving the rig4 later to consolidate the two Santa Paula °faces into one branch. Received and referred to Committee on Examinations. Letter dated January 21st, from the Assistant Federal Reserve 4.eent at Cleveland advising that the recent examination the Union Trust °°mPany of Cleveland disclosed that it is operating three branches in the eitY of Cleveland which have not been approved by the Federal Reserve Board all( recommending approval of those branches. Referred to Committee on Examinations. Letter dated January 18th, from the Federal Reserve Agent at Boston tl*ensnlitting and recommending approval of the application of the Rhode Island Itt: Pital Trust Company, of Providence, Rhode Island, for permission to open bl'anches in Westerly, Newport, Woonsocket, 77arwick, West Warwick, Warren 4114 Bristol, Received and referred to Committee on Examinations. l/24/24 -4- Letter dated January 22nd, from the Assistant Federal Reserve Agent at Chicago enclosing a letter from the Manager of the Detroit branch advising that it is the intention of the Highland Park State Bank, Highland Park, Michigan, to open a branch in that city; Mr. Hamlin moved that the Assistant Federal Reserve Agent be advised that the application of the Highland Park State Bank has been received and that the matter be referred to the Committee on Examinations. Carried. Letter dated Janury 22nd, from the Federal Reserve Agent at Boston advising that Mr. E. S. aelch has been re-elected a director of the National Union Bank and the Old Colony Trust Company, both of Boston, in contraVention of the Board's ruling that these two institutions are in substantial competition. Referred to Counsel with instructions to institute proceedings under the statute. Letter dated January 24th, from Mr. M. C. Elliott transmitting a letter, with enclosures, addressed to him under date of January 8th by 14 . J. A. Bacigalupi, Vice President of the Bank of Italy, with regard . tO the application of that bank for permission to establish a branch de 40vo at Santa Marial Cal. Ordered circulated. Memorandum dated January 19th, from Counsel, with regard to the 4P.Pl1cr,tion of Mr. D. B. Olure for permission to serve at the 5MMO time °11 the directorates of the Pennsylvania National Bank and the Delaware Cottzty Trust Company, both of Chester, Pa; Counsel in his memorandum 1/24/24 -5- stating that these two tastitutions are in substantial competition and recommending that Mr. McClure's application be finally refused. Upon motion, Counsel's memorandum was approved and the application of Ur. McClure to serve the two banks above named was finally refused. ORTS OF STANDING COMUITTEAS: Dated, January 13th, 23rd, Dattd, January 24th, 24th, 24th, Dated, January 24th, 24th, Dated, January 23rd, Recommendilk; changes in stock at Federal Reserve banks, as set forth in the Auxiliary Minute Book of this date. Approved. Recomnending action on applications for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Approved. Reconnending action on applications for admission of state banks, subject to the conditions stated in the individual reports attached to the applications, as set forth in the Auxiliary Minute Book of this date. Approved, Recommending approval of the application of Ur. F. W. Woodruff to serve at the olme time as director of the National Bank of Republic of Chicago, Illinois, and as officer and director of the First National Bank, Joliet, Illinois. Approved. The meeting adjourned a .m. Secretar
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