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A meeting of the Executive Committee of the Federal Reserve Board was held in the office of the Vice Governor on Wednesday, March 7th at 11:15 a.m. PRES7ET: Vice Governor Platt Mr. Hamlin Mr. Hoxton, Secretary The Vice Governor reported the reserve positions of the several Federal lieserve banks as at close of business March 5th. The Vice Governor presented a telegram prepared by the Secretary and addressed to the Chairman of the Federal Reserve Bank of San Francisco, advising of the Board's unwillingness to approve the purchase by the Bank of Italy, through the Stockholder's Auxiliary Corporation, of the First National Bank of El Centro, California, said telegram having been prepared in accordslice with the action of the Board taken at its meeting yesterday. Approved. The Vice Governor presented a telegram prepared by the Secretary and Mdressed to the Chairman of the Federal Reserve Bank of San Francisco, with l'eforence to the intention of the Board to submit to the next conference of 4"ernors for discussion, the question of reserve requirements against special B ings deposits, said telegram having been prepared in accordance with action the Board taken at its meeting yesterday. Approved. The Vice Governor referred to his letter of March 3rd, addressed to the ' -Ictent of the Senate, in reply to Senate Resolution 351 requesting the FedReserve Board to obtain and send to the Senate certain lists of names. The letter referred to was ordered mimeographed and sent with letter of transmittal to the Governors of all Federal Reserve banks. 3/7/23 -2- Letter dated February 26th, from the Federal Reserve Agent at San Francisco, transmitting with favorable recommendation, the application of the 13eaik of Woodburn, Woodburn, Oregon, for the Federal Reserve Board's permission to establish and operate a Trust Department. Approved. Letter dated March 3rd from the Undersecretary of the Treasury stating that he hoped that the Board will be willing to indicate to the Federal Reserve ball) S a policy of permitting their holdings of Treasury Certificates maturing Ilarch 15th, to run off without reinvestment. Referred to the Vice Governor with power. Letter dated March 7th, from the Comptroller of the Currency recommend1AP n increase in the salary of National Bank Exmniner George H. Smith, from 3,000 to :!3,300 per annum. Approved. Letter dated March 6th, from the Comptroller of the Currency recommend14g e salary of $2700 per annum to be paid to Mr. Wiley B. Sellers, National 441k Zxaminer in the Eleventh Federal Reserve District. Approved. Letter dated March 6th, from the Comptroller of the Currency recommendthe appointment of Miss Ethel M. Harvey as a Money Counter in the Federal -sou_ "e Ise and Redemption Division, !11200 per annum; also, recommending that k °Ie appointment of Edwin Rupert as nT,ssenger at /1600 per annum be cancelled. Approved. 3/7/ 3 .91;;PS OF COMMITTEE NO. 1 Dated. March 6th, Dated. March 6th, Recorilnending action on applications for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Approved. Recommending action on application for admission of state bank, subject to the conditions stated in the individtal reports attached to the application, as set forth in the Auxiliary Minute Book of this date. Approved. The meting adjourned at 11:45 a.m. Secretary. 1PProved
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