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A meeting of the Federal Reserve Board was held in the office of the Board on Thursday, March 8th, at 11:20 a.m. PRES7NT: Vice Governor Platt Yr. Hamlin Yr. Miller Mr. Crissinger Mr. Hoxton, Secretary Minutes of the meeting of the Federal Reserve Board held on March 6th were read and on motion approved. Minutes of the meeting of the ..cecutive C,ogrnittee of the Federal Reserve Board held on March 7th were read and upon motion, the action recorded therein was ratified. The Vice Governor reported the reserve positions of the several Federal Reserve Banks as at close of business March 6th. Letter dated March 1st from the Chairman of the Federal Reserve Bank of Prancisco, submitting for the approval of the Federal Reserve Board, a PtoPosed change in the BY-Laws of the branches of the Federal Reserve Bank of Sall Francisco, said unendment eliminating Section -41 from Article V, said Secti04 having reference to the legal counsel of the branches. Referred to the Law Connittee. The Vice Governor submitted to the Board a telegram dated March "th, fl ' °In the Chairman of the Federal Reserve Bank of San Francisco, stating reasons 1'41Y, in his opinion, the Federal Reserve Board should not take up at the next 004f erenoe of Governors, the auestion of reserve requirements against special savi ,kgs deposits. Noted. Proposed ci cular letter dated March 9th, addressed to all Federal Agents, advising that the Federal Reserve Board. has adoptea the t 3/8/23 -2- Principle that hereafter all examinations of member state banks and. trust Qonapanies shall be conducted simultaneously, both as to the parent bank and each branch. Approved. Ordered mimeographed and transmitted. Draft of circular letter dated !arch 9th, addressed to the Governors of all Federal Reserve banks transmitting letter of March 3rd sent to the Senate clf the United States in reply to Senate •resolution 4f351. Approved. Ordered mimeographed and transmitted. Letter dated February 28th, from Messrs. Shearman and Sterling, Attorneys, transmitting for the approval of the Federal Reserve Board, the application of the National City Bank of New York for an order permitting the bank to open a Blab-branch agency or office of its Cuban branch in the Lonja District of Havana, Cuba. Approved and referred to the Vice Governor with power to execute the following order: "The National City Bank of New York having, on or about February 28, 1923, filed an application with this Board for the purpose of obtaining authority to establish a sub-branch, agency or office of its Cuban Branch in the Lonja District of the City of Havana, in the Republic of Cuba, and the said application having been considered; and it appearing that the said application is properly made under the laws of the United States of America and should be granted, Now, therefore, it is ORD=D,that the said application be and it hereby is approved, and that the said Bank be and it hereby is authorized to establish a sub-branch, agency or office of its Cuban Branch in the Lonja District of the City of Havana, in the Republic of MEtIl°randum dated March 2nd, from the Comptroller of the Currency, transtti lig with favorable recommendation, the applicat ion of the First National et Chesaning, Michigan to reduce its capital stock from :t50,000 to '4'30,000. Approved. 0 13 3/6/23 -3- Letter dated March 7th, addressed to the Governor of the Federal Reserve Bazlk of New York by the Acting Governor of the Board, suggesting an addition of three topics to the tentative program of topics to be discussed at the Conference of the Governors of the Federal Reserve Banks, to be held March 26th, 1923. Approved and ordered transmitted. Letter dated March 2nd, from the Chairman of the Federal Reserve Bank Of San Francisco, subject, "Simultaneous examinations of Head Offices and Brallehes", in reply to the Board's telegram of February 24th. Ordered circulated. Mr. Miller suggested that Mr. Perrin should be advised that the Board will expect that Governor Calkins, at the time of the next Conference of Federal Reserve Bank Governors oh March 26th, will take up with the Board all Of those questions which have been the subject of prolonged correspondence between the Federal Reserve Board and the Federal Reserve Bank of San Francisco. The Vice Governor submitted the Report of the last examination of the ?ederal Reserve Bank of New York, as of close of business January 3, 1923. Ordered circulated. Letter dated March 2nd, from the Chairman of the Federal Reserve Bank of S411 Pranci sco, recommending that the Board do not make the requirement that acti°r1 shall be taken looking to the cancellation of membership of the San Fern411(4) Savin03 Bank, in view of the fact that that Bank had unintentionally violated c'e the Board's conditions of menbership by establishing a branch at Newhall. Upon motion, Mr. Perrin's recommendation in this matter was approved. Memorandum dated March 8th, addressed to Mr. Hamlin by General Counsel, With reference to the salaries of Counsel at the several Federal Reserve banks Et4(i w ith especial reference to the compensation of Counsel at the Federal Reserve 3/8/23 Bank of Atlanta. Referred to the Connittee on Salaries and Charge Offs. The Vice Governor submitted draft of a proposed letter addressed to the Chairman of all Federal Reserve banks, expressing the opinion of the Board that the Federal Reserve banks should not reinvest in Government securities, those funds which will be realized through the maturity of Treasury Certificates Of Indebtedness, due March 15, 1923. Approved, after certain amenchents proposed by Mr. Hamlin and Mr. Miller were agreed upon. Mr. Miller stated his opinion that the Board should definitely formulate a P°11.cY with respect to the open market purchases of Government securities by 4deral Reserve banks and stated his belief that such investments should be 14acte Primarily with regard to the general credit situation. Mr. Hamlin moved that Mr. Miller be requested to prepare memorandum covering the open market purchase of United States securities by the Federal Reserve banks, for submission to the Federal Reserve Board on Thursday, March 15th, arxi that on that dat e the matt or be docketed as special order business. Carr led. COr'ITTELE NO. 1 bated March 8th, Recommending disapproval of the application of Mr. John J. Raskob, to serve at same time as director of the Seaboard National Bank, New York City and of the Chatham and Phenix National Bank, New York City. Approved. Lated March 8th, Recommending approval of the application of Mr. George M. Clark, to serve at sa,ne time as director of the Second National Bank, New Albany, Indiana and of the National Bank of Kentucky, Louisville, Kentucky. Approved. bated approval of the applicat ion of Mr. Jackson Recommending Larch 8th, Johnson, to serve at the same time as director of the First National Bank, St. Louis, Missouri and. of the St. Louis Union Trust Company, St. Louis, Missouri. Approved. 3/8/23 -5- RZPORTS OF COMMITTEE TTO. 1 (Cont 'd Recommending approval of the application of Mr. W. C. Arthurs, to serve at the same time as director of the First National Bank, St. Louis, Missouri, and of the Third National Bank of Mt. Vernon, Indiana. Approved. Dated March 8th, Recormendi.ng approval of the applicat ion of Mr. 3thnund D. Rheen, to serve at the same time as director of the Federal American National Bank, Washington, D. C. and of the National Savings & ?rust Company, Washington, D. C. Approved. Dated March 8th, The meeting adjourned at one o'clock. Secretary. A A ‘IPPMVed Vice Governor.
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