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-; 1.1 A meeting of the Federa', Reserve Board was held in the office of the Board on Thursday, March 15th, at 11:30 a.m. P52S :74T: Vice Governor Platt Mr. Hamlin Mr. Miller Mr. Mitchell Mr. Campbell Mr. Criss inger Mr. Hoxton, Secretary The Secretary was instructed to record upon the minutes the fact that 1.111, Milo D. Campbell on yesterday, March 14th at 3:30 p.m., received his cornas a rrember of the Federal Reserve Board, from the Honorable Secretary clf the Treasury and subscribed to the oath of office. Minutes of the meting of the Federal Reserve Board held on March 14th were read and. on motion approved. The Vice Governor reported the reserve positions of the several Federal Reserve banks as at close of business March 13th. Letter dated March 10th, from the Federal Reserve Agent at Dallas, recilleeting the approval of the Federal Reserve Board of the plan proposed by that Bank to install a cooling tower on the bank building at a total cost riot in excess of :t14,000. Approved. Telegram dated March 15th, from the Governor of the Federal Reserve Bank Of Dallas, advising that Mr. Lynn P. Talley has today taken oath of office .11c1 qualified as Chairman and Federal Reserve Agent of the Federal Reserve Bank of Dallas and. has entered upon the discharge of his duties. Noted. Draft of letter dated March 12th, addressed to Mr. Charles C. Hall, 3/15/23 -2- Assistant Federal Reserve Agent at Dallas, prepared by General Counsel, for the signature of the Secretary of the Board regarding balances non-me mb er bank under Section 19. Approved, having been referred to Mr. Mitchell at the meeting yesterday and resubmitted by Mr. Mitchell with his approval. Matter laid over for a full meeting, by action of the meetings of March 13th and 14th, namely, the telegram dat ed March 9th fran the Chairnan of the Federal Reserve Bank of San Francisco, presenting reasons given by Mr. W. G. IleAci00 9 General Counsel for the Bank of Italy, why, in his opinion, the Board 811°111d reconsider its action in disapproving the purchase by the Bank of Italy through its Stockholder's Auxiliary Corporation of the First National Bank of 41 Centro, California. After discussion, Mr. Crissinger moved that the Board decline to reconsider its action taken on March 6th, under which Mr. Perrin was advised that inasmuch as the Board, as at present advised, would not authorize a branch of the Bank of Italy at El Centro, the Board does not approve the application of the Bank of Italy for permission of the Stockholder's Auxiliary Corpo rat ion to purchase the First National Bank of El Centro, California. Carried. Mr. Mitchell reported for the Special Committee designated at the meeting °t Yesterday to make recommendation to the Board as to whether or not the Little Rock Branch should be continued. Mr. Mitchell stated that the Committee aforesaid desired to report the opinion that it would be inadvisable to initiate at this time any movement having in view the elimination of any of the branches of the Federal Reserve banks, and that the Little Rock Branch should be continued at least until a survey has been made of the branch situation, upon Which the Board can form an the branch banks should be discontinued, opinion as to which of if any, and that, therefore, the Little Rock Branch should be continued. at least until such a survey is made and a policy adopted. -3-- The report presented for the Committee by Mr. Mitchell, upon motion of Mr. Hamlin, was accepted. Mr. Crissinger stated his opinion that the whole matter of branch banks should be given reconsideration, but that in anticipation of such reconsideration he could see no reason why tle Board should abolish the Little Rock Branch without hearing. Mr. Miller stated his opinion that the Board should review the Branch banks which have hitherto been established with a view to determining, in the light of past experience, whether all of these branches are necessary. After full discussion of this matter and of the letter of February 21st, from the Chairman of the Board of the Federal Reserve Bank of St. Louis, reqUesting the approval of the Board of certain bids covering the construction Of the Little Rock Branch, Mr. Hamlin moved that the whole matter go over until tomorrow to be considered at a special meeting to be held at 11:00 a.m. with the understanding that in the meantime Counsel's opinion will be informal1Sr asked as to the legal power Of the Federal Reserve Board to disestablish branches of Federal Reserve banks. Mr. Hamlin's motion being put by the chair was carried. The Vice Governor submitted a draft of letter addressed to the Chairman Of the Federal Reserve Bank of r an Francisco, in reply to Mr. Perrin's letter l'arch 1st, subject, "Simultaneous Examinations of head offices and branches", 8aid letter stating that inasmuch as the Board is chiefly concerned about the e3Ctension Of of branches insofar as such extension tends to nullify the principle simultaneous examinations, the Board in speaking of those California banks hving numerous branches has reftJrence specifically to the Bank of Italy, Sat' Francisco and the Pacific Southwest Trust and Savings Bank of Los Angeles. Approved, Mr. Criss inger voting "no". 3/15/23 Draft of letter dated March 12th, prepared by General Counsel, and addressed to the Assistant Federal Reserve Agent at Dallas, with reference to non-member bank balances under Section 19, said letter having been referred to i. Mitchell at the meeting yesterday. Upon mot ion of Mr. Mitchell, the letter was app raved and ordered transmitted. Mr. Campbell stated that he had yesterday, March 14th, appointed Mr. Clar- ence Loomis as his Secretary at a salary of !'2500 a year and Miss May Simpson Ills stenoapher at :',1700 a year. The Vice Governor stated that the next thing in order would be the special r business docketed for today by action of the Board at its meeting of 8th, namely, a memorandum covering open market purchases by Fecteral 7eserVe banks, to be prepared by Mr. Miller. Mr. Miller stated his views and conclusions with respect to open market purchases and the matter was discussed at length by the Board. The Vice Governor stated that the next thing in order would be the matter (3liclered docketed as special order business today by action of the meeting yesterclaY, namely a motion presented by Mr. Mitchell that the Board reconsider its a.ct1011 in declining to authorize an increase in the salary of the Goverwr of the , L'ederai Reserve Bank of Minneapolis. This matter was discussed but no action taken. 114 -11Ts OF COTTITTM NO. 1 1)a.tecl March 14th, 15th, 1)at NI Marc_ March 10th, Recommending action on applications for changes in stock as set forth in the Auxiliary Minute Book of this date. Approved. Recommending action on application for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Approved, on condition. (See Auxiliary Minutes.) he meeting adj urned at 1:25 p.m.
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