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24,2 A meeting of the Federal Reserve Board was held in the office of the Board on Friday, May 19, 1922, at 11:15 a.m. PRFSENT: Vice Governor Platt Mr. Hamlin Mr. Miller Mr. Mitchell Mr. Hoxton, Secretary. Minutes of the meeting of the Board held May 17th were read and on motion approved. The Vice Governor reported the reserve positions of the several Federal reserve banks as at close of business May 16th and 17th. Mr. Miller called to the attention of the Board the desirability of publishing the names of the members of the Federal Advisory Council Upon the inside of the front cover of the Federal Reserve Bulletin, in addition to the names of the members of the Federal Reserve Board and the members of the staff now appearing thereon. Upon motion, it was so ordered. Mr. Mitchell submitted a letter dated May 16th, addressed to him by Mr. D. A. Mullen, Secretary of the Clearing House Section Of the American Bankers Association, with reference to the "No Protest Symbol Plan" which was recommended by the Clearing House Section of the American Bankers Association in the early part of 1916, calling for the use of the $20.00 minimum on all remittance letters, and calling attention to the fact that the Federal Reserve banks at that time made a survey and decided to use the $10.00 minimum. Mr. Mullen requested that the Federal Reserve Board cause the Federal reserve banks to make a new survey regarding this matter* Referred to the Executive Committee with power. Mr. Mitchell submitted a letter dated May 16th, addressed to him by Mr. D. A. Mullen, Secretary of the Clearing House Section of the American Bankers Association, advising that the Clearing House Section at a recent meeting determined to recommend to the Committee on the Numerical System that they in turn recommend to the Federal Reserve Board that a plan be worked out v.hereby on all checks the twelve Federal reserve banks shall be indicated alphabetically and the branch designations carry an abbreviation of the city in which the branch is located. Referred to the Executive Committee with power. Letter dated April 17th, from the Governor of the Federal Reserve Bank of Richmond, enclosing a report of examination of the Commdrcial National Bank of Wilmington, N.C., and making comment thereon* 244 -3- Upon nntion, the Vice Governor was requested to address a letter to the Comptroller of the Currency, transmitting, for the information of the Comptroller, the letter from Governor Seay and the report of examination of the Commercial National Bank of Wilmington, N.C.,. prepared by the Bank examiners of the Federal Reserve Bank of Richmond. Telegram dated May 18th, from th3 Chairman of the Federal Reserve Bank of San Francisco, and a reply thereto by the Secretary of the Board., having reference to the application of the Citizens State Bank of Saytelle, California,. for the approval of the Federal Reserve Board to establish branches in Beverly Hills and Santa Monica, California. Upon mot ion, the Secretary was directed to advise Mr. Perrin th -A the Board appro ves the applic at ion of the Citizens State Bank of Sawtelle to establish the two branches applied for, if and when the applying bank shall increase its capital to $150,000. Letter dated May 13th, from the Assistant Federal Reserve Agent at San Francisco, enclosing application of t 1B Los Angel es Trust and Savings Bank to establish a branch in the vicinity of Melrose Avenue and Heliotrope Drive, Los Angeles, Cal., it being noted that this is one of the twentyfive proposed Los Angeles branch locations referred. to in letter of April 28th, addressed by Governor Harding to Mr. Perrin. Approved. The Secretary was directed in tele7raphing approval to the Federal Reserve Bank of San Francisco to call attention to Governor Harding's letter of April 28th, and to quote an excerpt from a letter approved by the action of the Board on May 17th and. mailed by the Federal Reserve Board. yesterday, said letter being in reply to a letter of May 3d. from Mr. Perrin, in which certain inquiries were nude regarding the Board's letter of April 28th, defining the position of the Federal Reserve Board with regard to the establishment of branches by the Los Angeles Trust and Savings Bank. -4- Telegram th...ted I:ay 19th, from the Chairman of the Federal Reserve Bank of Boston, transmitting with favorable recommendation the application of the Industrial Trust Company of Providence, R.I. to take over and liquidate the Slater Trust Company of Pawtucket, with a view to consolidating the institution with the Pawtucket branch of the Industrial Trust Company of Providence. Ap pro ved. rve :.-ent at San FranLetter dated May 11th, from tl-e Federal Rest, cisco, transmitting with .vorab10 recommendat on the re quest of the Valley Bank of phoenix, Arizona to acquire the Gila Valley Bank and Trust Company of Glcb-e, Ariz. aid to operate the present offices of the latter institution as branches of the Valley Bank of Phoenix, Arizona. Approved. Mr. Miller moved that it is the sense of the Board that the discount rate at the Federal Ream-ye Bank of Mew York could with advant acre be rethr ed to 4, and that this mA, ter be placed upon the docket as special order business for the next regular meeting of the 13o,nrd to be held on Tuesday, May 23d. Carried. Upon motion of Dr. Miller, it was voted that the Division of Analysis & P,ese arch be authorized to mice a program and to arrange for a meeting Of the reporting services of tie several Federal rese-ve banks to be held in Washington sorre time next month. 0 -5- REPORTS OF COMMITTEE NO. 1: DatedMay 18th, Recommending changes in stock at Federal reserve banks, as set forth in the auxiliary minute book of this date. Approved. Dated May 18th, Recommending action on applications for fiduciary powers, as set forth in the auxiliary minute book of this date. Appro ved. Dated May 17th, Recanmerrling admission of state institution, subject to the conditions stated in the individual report attached to the application, as set forth in the auxiliary minute book of this date. Approved. Dated May 17th, Recommending approval of t 13 application of Mr. Walter J. Staats to serve at the same time as director of the First Nat lo nal Bank of Mer chant v le, N.J., ard as di rector of the First National Bank of Camden, N.J. Approved. At 12:30 p.m. the meeting adjourned. Secretary. Vice Governor 6
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