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-4 CI gill A-0t March 30, 1923. MEMOPANDUM oaR VICE GOVERNOR PLATT: The undersigned request that you call a special meeting of the Federal Reserve Board for today, Friday, March 30, 1922, at 11:00 a.m. A special meeting of the Federal Rese-ve Board was held. in the office Of the Federal Reserve Board on Friday, March Z0th, at 11:00 a.m. .17: PRES7 Vice Governor Platt Mr. Hamlin Mr. Miller Mr. Cri ssing,er Roxton, Secretary The Vice Governor stated that h, had called a meeting upon the written request of three membLrs of the Bmrd as required b- the By-laws. The minutes of the meetine:s of the Federal Reserve Board held on March ' 2 St and 22nd were read and on motion approved. The minutes of the meeting of the Federal Reserve Board held on March 23rd Were read. and approved as amended. The minutes of the meeting of the 2:xecutive Cormnittee of the Federal Reserve Board held on March 27th were read and after amendment, the action taken therein was ratified. The vice Governor reported the reserve positions of the several Federal Reserve banks as at close of business March 26th, 27th and 28th. Letter dated March 26th from the Chairman of the Conference of Federal Reserve bank Governors, submitting to the Federal Reserve Board, the text Of resolution unanimously passed by the Conference upon receipt of the lie/A ' s of Mr. Milo D. rampbell's sudden death as follows: "The Governors of the Federal Reserve Banks assembled in conference at Washington desire to record their regret at the news of the sudden death of Mr. Milo D. Canpbell, the newly appointed member of the Federal Reserve Board. While they have not had. the privilege of meeting Mr. Campbell, they 3/30/23 -2- they feel that his personal character justified the belief that he would have proved a useful member of the Board, and desire to convey to the menbers of his family their profound sympathy for the loss which they have suffered, and to the Federal Reserve Board for the loss of a fellowmember." Upon nation, the Vice Governor was authorized to use his discretion in transmitting to Mrs. Campbell a copy of the above resolution and copies of other expressions of a like tenor which have been received by the Board. Letter dated March 26th, from the Chairman of the Federal Rewerve Bank °t St* Louis, transmitting a copy of a resolution passed by the Board of Directors °I' the Federal Reserve Bank of St. Louis on March 21st, with respect to the Board's acticti in disapproving the bid submitted for the construction of a building for he Lit tie Rock, Arlia.nsas, branch of the .LA3dera1 Reserve Bank of St. Louis. Noted. Letter dated March 21st, from the Federal Reserve Agent at San Francisco, tilell srettting the application of the Bank of Italy to establish a branch de novo Sacramento, California, and recommending that the action be not approved by he F ederal Reserve Board. Upon motion, the application of the Bank of Italy to establish a branch de novo in Sacramento was disapproved. Letter dated March 21st from the Federal Reserve Agent at San Francisco, °sing a letter from rr. J. F. Johnson, Superintendent of Banks in Califbrnia, to a suggested amendments to the Bank Act of California and 'with copies of 4 -et}/1 declaration of policy by the State Banking Department, regarding branch banks. Ordered circula ed. Vzo/23 -3- Letter dated March 21st from the Federal Reserve Agent at San Francisco trallsmitt ing with favorable recommendation, the application of the Valley Bank of Fresno, California, to proceed with arrangements to secure a bank in Monterey, California, with a view of establishing a branch in that cornflit y. Approved, Mr. Crissinger voting "no". Letter dated March 21st, from the Federal T?eserve Agent at San Francisco transmitting the application of the Pacific Southwest Trust and savings Bank, Los Angeles, to establish a branch de novo in Long Beach, Califbrnia, and tecommending that the Federal Reserve Board disapprove the application. Disapproved. Letter dated March 15th, from the Chairman of the Federal Reserve Bank "San Francisco, transmitting certain resolutions passed by the Board of ipirectors of that bank with respect to a new building for the Salt Lake City, bl'anch. The Secretary was instructed to call Mr. Perrin's attention to the Board's telegram of March 19th, suspending building operations for the present, said telegram having crossed Mr. Perrin's letter of March 15th. Letter dated March 16th,from the Chairman of the Federal Reserve Bank of zrancisco, upon the subject of "SimultaneousExaminations" of state member ard their branches. Noted. Telegram dated March 28th, from Mr. Calvin Codd, addressed to Mr. D. R. ctisaizger, urging the establishment of a Branch Federal Reserve Bank at A. 3/30/23 Boise, Idaho. Noted. Ordered. laid. on the table. Memorandum left with Mr. Crissinger by Senator Charles Curtis of Kansas exPressing the hope that a branch of the Federal Reserve Bank will be established at Wichita, Kansas, and giving his reasons therefor. Noted. Ordered laid on the table. Draft of letter prepared by General Counsel, for the signature of the Secretary and addressed to the Deputy Governor of the Federal Reserve T)ank of Atlanta, in reply to his letter of March 22nd, inquiring whether deposits of Po stmasters' should be considered rJovernment deposits, said letter having pre' 101.1aly been apgroved by the Chairman of the Law Committee. Approved. Letter dated. March 20th, from the Federal Reserve Agent at Atlanta, transtratti --ng with favorable recommendation, the application of the Farmers Bank of 1:t°1-1-1'oe, Georgia, for permission to establish a branch at Social Circle, Georgia. Approved, Mr. Crissingtx voting "no". Letter dated March 27th, from Mr. J. H. Case, Deputy Governor of the Federal 4. Reserve Bank of New York, requesting that the Federal Reserve Board take 413 with the Postmaster General the matter of the large volume of checks lost 14 t ransit after deposit in Federal Reserve bank or direct sending. Upon motion, referred to the Vice Gow_rnor for report and. recommendation. Memorandum dated March 26th, from the Comptroller of the Currency, transWith favorable recommendation, the application of the Commercial Nation1 Bank of Homer, La. for permission to reduce its capital stock from !tis,100,000 t0 50,000, Approved. 3/30/23 Letter dated March 27th, from the Federal Reserve Agent at Philadelphia, requesting approval of a salary of (4'2800 for Mr. Charles r). Burke as Assistant to Examiners for that bank, it being noted that Mr. Burke is at present an eraployee in the Discount Department of the Bank and that it is desired to attach him to the Department of Bank Examinations. Referred to the Vice Governor with power. Letter dated March 28th, from the Secretary of War requesting that arrangenents be made, if possible, to have an examination of the New York Agency °f the Philippine National Bank, examined by a qualified -,xaminer of the Federal Reserve System. Referred to the Vice Governor Ndth power. Upon motion, it lat• Campbell and Miss as ordered that Mr. Clarence Loomis, Secretary to May Simpson, stenograoher of Mr. Campbell be transferred to the force of the Board at the Sane salaries as they are now receiving, said ttatisfer to be on a temporary basis for a period not exceeding thirty days. Letter dated March 28th, from the Comptroller of the Currency, recomIneliding an irerease in the salary of National Bank aminer Ernest H. -'atson tt°111 U,500 to :'-t6,000 per annum. Approved. At twelve o'clock Mr. (T. U. Calkins, Governor of the Federal Reserve 13411k Of San Francisco, joined the meting, upon invitation, and a discussion elltnled with reference to the branch bank situation in California; to the questio,, special ' of/savings deposits carried by membt:r state banks in California; and to the ratter of the continuance of the three northwest branches of the Federal 3/30/2 Reserve Bank of San Francisco. OF CC/MITTLE No.]. Dated March 28th, Recommending action on applications for changes in stock 29th, asset forth in the Auxiliary Minute Book of this date. Approved. Dated March 27th, Recommending action on applications for admission of 28th, state banks, subject to the conditions stated in the individual reports attached bo the applications, as set forth in the Auxiliary Minute Book of this date. Approved.. The meeting adjourned at one o'clock. Secret try. %roved: Vice Governor.
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