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CONFERErCE INFORMAL (Monday, June 4th, 1923.) Pursuant to the action taken by the Board May 17th, a Conference Was held at 11:00 o'clock this morning with Mr. John Franklin Johnson, Superittendent of Banks of the State of California. The following members of the Board were present: Governor CrissinT5r Mr. Platt Mr. Hamlin Present also:Mr. Hoxton, Secretary Mr. Johnson expressed his desire to cooperate with the Federal Res"e Board in all matters affecting State MeOber Banks in California, and discussed the subject of branches of State Member Banks, as well as the matof the Board's recent ruling with respect to reserves against special t " 8471-11F!s deposits. With especial reference to the application of the Bank of Italy to establish a branch at Yuba City, Yr. Johnson stated that his Department 41/Pr0ved the application of the Bank of Italy prior to the agreement regard1hg branches de novo in cities other than that of the head office which was °Iitsred into last March, and that should he make investigations this time, 41/s1ight come to the conclusion that Yuba City is in need of no further bank11/ facilities. He said that he had approved the Bank of Italy's Application rc* a branch at Sacramento prior to the agreement referred to, and that in "Of the agreement, he road, if petitioned 111 at this time disapprove the 413p1ication of the Bank of Italy to establish a branch at Sacramento. The meeting adjcairned at 12:30 P.M. Secretary.
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