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A. meeting of the Federal Reserve 7oard as held in the office of the Board on Thursday, Janirry 25, 1923, at 11:20 a.m. 1-M&IIIT: Vice Governor ,i.- )latt Mr. Hamlin Mr. Mit eh oil /1r. Crissinger Mr. Hexton, ‘,3ecretary. Minutes of the meeting of the Federal Reserve Board hold on January 17th were read and on mot ion approved. Minutes of the meetings of the Executive Committee held on January 19th, 23rd and. 24th, were read and upon motion, the action recorded therein was ratified. Mr. Crissin7er stated that had he been present he rould have voted. against the approval of the branches for California state banks mentioned in the minutes of the meetings of the Executive Committee. The Vice Governor reported the reserve positions of the several. Federal Reserve banks as at close of busineSs January 23rd. Letter dated January 19th, from the Chairman of the Federal Reserve Bank of `.')'an Francisco, written in response to the Board's telegram of December 28th, and enclosing a copy of the lease of quarters for the Portland Branch which has been executed by the Federal Reserve Pf-Ink of San Francisco. Referred to the Law Coiimittee. Memorandum dated januL ry 3rd, from the Comptroller of the Currency, transmittinf, , , the application of the First National Bank of Seale, Alabama, to reduce its capital stock from t;60,000 to 25,000. Upon motion, the application was referred back to Mr. Crissinger. 1/25/23 Letter dated January 22nd, from the i'.ssistant Federal 1eserve Agent at Cleveland, requesting the Board to consider the appointments of Yr. :ardrop and Yr. Davis, at the Pittsburgh and Cincinnati branches, as "Assistant Federal Reserve 2,gents in an -)merency" as cancelled. Yoted with approval. Letter dated January 19th, from Lhe ChairTran of the Federal eserve Bank at San 2rancisco, enclosing nine copies of an opinion prepared by the Counsel of that Bank, concerning the legal aspects of the reserve reTuirements against special savings deposits in California state banks. The secretary vas instructed to furnish a copy of the opinion to ach merLer of the Board. The Vice Governor referred to action of the Beard taken at its meetine. Of December 6th, 1922, whereby it was vote( that the opini-n of general Counsel be sought as to the legality of purchases by Federal Reserve banks with agreements to repurchase, and upon that feature or the practice whereby the purchase price is based on the discount rate of the Fedora] Reserve bank making the purchase. The Vice governor also referred to the minutes of the meeting of January 0th, 192, wherein it is recorded that Mr. Miller suggested that the Board should cr,o thoroughly into the matter of open market purchases by the several Federal Reserve banks, and further suggested that the Federal Tleserve banks Should be requested to furnish the Board with information as to the basis u„)on which they determined their present investments in open market purchases, alld information as to their policy for open m-rket operations for the year 1/25/23 -3-- After discussion, it was upon motion of Mr. Crissing,er voted that these matters be laid upon the table until after the next meeting of the Federal Advisory Council, it being the sense of the members that these matters should be presented for consideration to the Federal Advisory Council. Upon motion of Mr. Hamlin, it was voted that the Vice Governor be requested. to request the President of the Federal Advisory Council, Mr. Rue, to advise the members of the Council of the wish of the Federal Reserve Board that they come to the next meeting of the Council prepared to discuss certain points contained in an address recently delivered by Mr. Paul M. a buzg. OF COMMITTEE ro. 1: Dated January 24th, Dated January 23rd, 23rd, Dated Jantrry 24th, Recommending action on applications for changes in stock as set forth in the Auxiliary Minute Book of this date. Approved. Recormending action on applications for fiducif-ry powers as set forth in the Auxiliary Minute Book of this date. Approved. Recommending approval of the application of Mr. F.G.Rabb to serve at the same time as director and Vice President of the Security National Bank, Oklahoma City, Oklahoma, and of the First National Bank, Moore, Oklahoma. Approved. The meeting adjourned at 12:15 p.m. Secretary* APProved: ,‘„0 611110110Xe--e Vice qovernor.
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