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Federal
UT-)on call of the Vice J-overner a special meeting of the
on Monday,
lieservo Board. was held. in the office of the Vice Governor
11('Y 12, 1924, at 3:30 p.m.
PRILILITT:
Vice Governor Platt
Mr. Hamlin
Mr. Miller
Mr. Cunningham
1.1.r. Eddy, Secretary
on
. 1he minutes of the meetinc, of the Federal Reserve Board held
1
tiaY 9th were read and approved.
Report of Committee on
res on letter dated.
1
alaries and .&cpenditu
Philadelphia,
LicY 7th from the Chairman of the Federal Reserve Bank of
per annum in the
recortrnending approval of an increase from ;2900 to ;:;.:3600
Lcaminer, effective May 1, 1924; the
salary of Mr. Charles P. Burke, Bank ..,
COMmittee recommending approval.
Approved.
Reserve Bank
Letter dated. May 10th from the Secretary of the Federal
directors of that
Cleveland, advising that at the meeting of the board of
hank held on May 9th, a minimu2.-a open market rate of 3
was established.
•Not ed with approval.
9th from
Report of Cor.nittee on azaminat ions on memorandum dated. May
application
the Comptroller of the Currency, recornmending approval of the
for permission to reduce
Of the Bankers National Bank of Minnearolis, Minn.,
it s capital from :800,000 to ;;::250,000, on condition that no money be returned.
reduction be withto the shareholders :110. that all assets set free by the
shareholders of the
from the bank and trusteed for the benefit of
(late of reduction; the Committee also recommending approval.
i.-!)proved.
5/12/24
-2-
Letter dated May 7th from the Federal Reserve Lgent at St. Louis,
Ilcommending approval of certain changes in the staff of examiners and
special examiners of the bank,
Approved.
Report of Committee on 2xaminations on letter dated May 1st from the
Federal Reserve lqent at jan Francisco, transmitting and recommendin,; ap13r(Wel of the application of the jecurity 2rast and Javins Bank of Los
4tgeles for permission to acquire the ...rlini;ton Hei;hts State Bank of Los
higeles and to establish a branch in its premises; the Committee also recomSloladinc3 app-oval of the application.
Lpproved.
Report of Committee on Zxaminations on letter dLted May 1st from the
.
?sclera' Reserve Lent at Jan Francisco, tranamittin and recommending ap13rClval Of the application of the Jecurity 2rust and Savin,;s Bank of Los
41ge1es for permission to establish a branch de novo at or near the interOf Jlendele Boulevard and 3eneca ,venue, Los .;_nr;eles; the Committee
alao recommending approval.
tpproved.
-2he Vice Governor then presented draft of a reply to letter dated
44 1 9th from thp ChairmaK of the Federal Reserve Bank of New York, advising
that
stte banks in Rochester, New York, are prepared to support a mw plan
f°1* the rehabilitation and consolidation of the two national banks in that
whi-th are in a weakened condition and that in case the plan is carried
°1Zt the state 1Y,Tiks viii desire to be rerresented on the directorate of the
.
5/12/24
7
consolidated national bank; the proposed reply statin-; that in the absence
of detailed information the Board can not prooerly make a definitive rulin,j
an the ,:uestion but that it will be disposed to approve temporarily the
i1terlockin2 directorates between the state bank in question and the re.
(/1"allized national bank, reserving to itself the rijlt to review the situafter the new bank shall have become firmly established.
'Following a discussion of the matter, durin„; uhich
Mr. Dawes entered the mootin, the proposed rcoly was
approved as amended.,
COLIT,T2=3:
Dat°d, May 10th
Dated, May 12th,
12th,
12th,
:ecommendins- chan;es in stock at 2ederal eserve Banks,
as set forth in the -!.11xiliary Minute Book of this date.
Ipproved.
Recommendin6. action on applications orf aciary powers
f this date.
as set forth in the uxiliary
;pproved.
IThe meet in
adjourned at i':10 p.m.
Jecrotary.
Vice-Governor.
@FedFRASER