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A meeting of the Federal :Reserve Board was held in the office Of the Federal eserve Board on Wednesday, ::overiber 1/1:th, at 2: 5 p.m. PIESENT: Governor Crissirer r, Platt r.r. Hamlin . Ur. Jones Mr. Cunnirrilam Lb.'. Eddy, Secretary. The minutes of the meeting of the :2-iederal Reserve Board held 011 17ovanber 8th were read. and approved as amended. The minutes of the 2neetir - of the Federal eserve Board held On November 13th were read and approved. Letter dated Trovanber let, from the Comptroller of the Currency ' I ecolirneridinr'j an increase from ;7500 to .8500 per annum in the salary of F. norebeck, designated Chief National Bank Examiner for the Pifth. Federal Reserve District. Approved. Telegram dated November 13th, from 1:r. C. q. Chandler of1.chitc..:., ra:juesting postponement until a later date of the hearing with l'esDeet to a Branch Federal Reserve Bank at ',Vichita, scheduled for .2harsclaY,November 15th. Noted* with apprwal. Letter dated rove-mbar 12th, fa..om the Deputy Governor of the "fed(11 ' 41 Reser7e Bank of Atlanta, replyinL; to the Board's letter of rovember 9tIlt with reference to the alleged action of the Manager of the Havana A,„ ''""cY Of the 1_?ederal ileserve Bank of Atlanta, in cuoting a rate of " 1) thousand to the National City Bank for the sale of a cable transfer 11/14/23 to be paid for in gold coin. Referred to Committee on Cuba. Memorandum ilated November 13th, from the Comptroller of the aarrency, recommending approval of the application of the Citizens Zational Bank of Union, 'South Carolina, for permission to reduce its capital stock from150,000 to 3100,000. Approved. Memorandum dated November 12th, from the Director of the Div.ision of Research and Statistics, recommending acceptance of the resigtation, effective November 10, 1923, of Er. G. B. Sherwell, Research Assistant. Accepted. Ubmormndmm dated November 13th, from Counsel, with respect to the propriety of a certain commercial letter of credit transaction, Undertaken by the National Bank of Shamokin, Fa., threu8h its New York correspondent, the National City Bank, brought to the attention of the Board by the Deputy Comptroller of the Currency in his memorandum of October 10th. Approved, and copy ordered transmitted to the Deputy Comptroller. Report of Comndttee on Examinations on matter referred to it at the meeti23g on November 13th, namely, letter dated November 7th, from the Assistant Federal Reserve Agent at San Francisco, transmitting and ' l eoommending Approval of the application of the Security Trust Company of Bakersfield, California, to take over the assets of the Bank of Earicopat. 11/14/23 -3- California, assizne its liabilities and operate it as a branch; the Committee recommending approval of the application for the reasons stated in the letter of the Vice President of the Security Trust Company to the Federal Reserve Agent at San Francisco under date of October 19th, and on the recormendations of the Assistant Federal Reserve Agent. Upon motion, the report of the Committee was adopted and the application above referred to was ,-er not voting. approved, Governor Crissin,, Mr. James brought up the matter laid on the table at the meeting O n November 7th, namely, re.port of Committee on 1!- ;xaminations on the telegram dated October 31st, from the Federal Reserve Agent at San Francisco, recommending approval of the arrangements for the merger Under state charter of the Wells-Fargo Nevada National Bank and the Union Trust Company, a member bank, both in San Francisco, and the c ontinued operation of both offices, one as head office and the other as a branch; the Comnittee recommending approval of thp arrangements, following a discussion of the matter with the Governor and Federal Reserve Agent of the Federal Reserve Bank of San Francisco, which aeveloped the fact that the business of the Union Trust Convany was c)f such a nature that to surrender its charter would annihilate a very large part of its business. Upon motion, the report of the Committee was adopted and the arrangements for the merger above mentioned. were approved, Governor Crissinger not voting. Lir. James called attention to a statement compiled. by Governor SeaY of the Federal Reserve Bank of Richmond, showing the effect of the 11/14/23 -4- 0Peration of the Federal Reserve .Let upon bank reserves, containing a comparison of deposits of all banks reportinc to the Comptroller of th0 Currency (mutual savings banksand private banks eliminated) and eilitAg reserves maintained. 141r. James moved that the Secretary be instructed to send copies of this statement to the Chairman of the Congressional Committee of Inquiry on Membership in the Federal Reserve System for the information of its members, Carried. Letter dated November 9th, from the Assistant Federal Reserve .Cent at San Francisco, transmitting and rcummmending ar)roval of the aPPlication of the Italian-American Bank of San Francisco to take over the Columbus Savings and Loan Society of San Francisco and to establish a branch in its premises. Referred to Committee on 2xaminations. Letter dated rovember 12th, from the Deputy Governor of t:Irl Federal 43erve Bank of Atlanta, replying to the Board's letter of November 8th, With reference to unofficial advice received by the Board that the Cuban l'I' Tary Department had inr.luired of that Bank's Cuban Agency whether or llot it would redeem =ztilated United States Currency. Referred to Committee on Cut. Datod Vevemb r 13th, 14th, deral Reserve Recommending changes in stock t ary Minute Book in the A • cs, as set for his date. Approved 20 p.m. The mee
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