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meeting of the Federal Reserve IF- oard was held in the office of the
Federal Reserve :Roard, 77overnber 20th, at 11:15 a.m.
Vice qovernor Platt
P.."`r. Hamlin
Fr. Filler
ritchell
17.r. Cri;.7singer
1,7r. Troxton*, Secretary
rinutes of the meetinr, of the 'ederal Reserve
o r d held on T-overther
2311c11 vere read and on motion approved.
Federal
The Vice lovernor reported the reserve )ositions of the several
ileserve banks as at close of business -ovember 22, 2:7, 24 and 25, 1922.
Pederal Reserve
Letter drted 7Tovernber 4th, from the Chairman of the
recorranendat ion, the al)plical'arlk of St. Louis, transmitting with favorable
tion of the ,aston-Taylor "rust Company to reduce its reserve renuirements
deposits
of derrend de)osits and 3"; of time deposits, to 7,4 of demand
flMT1 lO
"111:1 3% of time deposits.
Approved.
Reserve
Letter dated rovernter 17th, from the Chairman of the '.ederal
of the CaliIlanic of '3anrLnciseo, stating that the Legislative committee
bef°11.1ja Pankinc, Association, desires to send representatives to appear
the
?ederal
Reserve Board for the purpose of discussing charges made
P4,:cleral Reserve banks a'ainst member banks to cover cost of examining
ntrnber banks.
Tii)on motion, the Secretary was instructed to advise
the
Fr. Perrin that the '.'eCeral Reserve T-Iotrd will meet
.\ssociation
Legislative committee of the California Banking
either on the morning of 1)-,cemter 9th or on the afternoon
the
of December 10th, whichever date is more convenient to
Legislative Committee.
pro
11/23/22
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Letter dated roveMber 21st, from the Federal Reserve Agent of the ,
Federal Reserve Bank of San:...rancisco, with reference to assessing the cost
Of examination against member banks examined, with special reference to the recent
examtnations Of the Bank of Italy, San Franciscoq and the Pacific Southwest
Jrust and Savings Bank of Los Angeles.
Upon motion, action upon this letter was deferred
,oard
until after the meeting of the ,leaeral Reserve'
ith the Legislative Committee of the California ranking
ssociation sot for Dece-ber 9th or December 18th.
Letter dated rovember 21st, from the Federal Reserve Aolant of the
?e'zera1 Reserve .1 arik of San Francisco, transmitting with favorable recommendati°119 the application of the Mercantile Trust Company of San Francisco to
take over the
City Bank of Stockton, Stockton, California and to convert
it into a branch.
Approved,
Mr.
Crissinger voting “no"..
Letter dated roveMber 24th, from the Secretary of the Board of
1)irectors of the Federal Reserve Bank of Minneapolis, advising that the
.1c)arici of that Bank had re-elected Messrs. Rowley, Kaufman and Kelly to
881've as directors of the Helena branch for the year 1923, and had voted
to recommend that the Federal Reserve Board reappoint Messrs. T. A. Marlow
°t Relena and Lee
M.
Ford of Great Falls, for another term, said action
taken in accordance with the Board's circular letter, X-3556, dated
Vembor 7th, 1922.
rated.
Letter dated roveMber 20th, from the Chairman of the Federal
"rye Bank of San Francisco, referring to the action of the Board, divid41,
16 the Fe,keral Reserve banks into three groups for group conferences to
1
11/26/22
-3-
be held during the year 1922, and suggesting that the same grouping be
continued by the Federal Reserve Board, effective during the year 1923.
Referred to the Vice Governor for reply.
Menorandum dated November 25th, from the Comptroller of the Currency,
transmitting with favorable recommendation, under certain specified conditions, the a2p1ication of the First National Bank of shellman, Georgia, to
reduce its capital stock from '50,000 to 325,000.
Approved.
Menorandum dated November 27th, from the Secretary of the Board,
re
'
ferrinf, to a letter of Septemler 26th, from the Chairman of the Federal
Reserve Bank of , rn Francisco, transmitting with favorable recommendation,
the application of the Pacific Southwest Trust and Savings Bank of Los
Angeles to establish certain branches, advising that the Board on rovember
23rd, a)proved the establishment of branches at San Luis Obispo, Pomona,
San Fernando, Ocean Park, Venice and Santa Yonica; and that there remains
Unapproved by the Board, proposed branches at Santa Ana, Anaheim, Fullert°119 Burbank, Van Nuys, Riverside and San Bernardino.
Upon motion, it was voted to approve the establishment of the proposed branches- by the Pacific Southwest Trust
and Savings Bank of Los Angeles, at Santa Ana, Anaheim, Fullerton, Purbank,,Van Nuys, 7iverside and San Bernardino, Yr.
Crissinger voting "no".
Letter dated November 25th, from the Chairman of the Federal 'Reserve
13alik of Chicago, submitting for the approval of the Federal "Reserve Poard
a4 amendment to Section 1 of Article II of the By-laws of the Detroit
branch of the Federal Teserve Bank of Chicago, said amendment being designea to eliminate the manager of the branch as a director, and to fill the
liacanoy thus created by the appointment of a new director.
Approved.
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11/28/22
17.r. Miller made a verbal report to the Board with refernce
to his recent trips to the vest and middle west, anl he stated that
the
ederE,1 Deserve Dank of San Francisco had held a meeting between
the directors of the home office and the directors of the various
branches, with a view to securing better coordination.
As a result
Of this joint meetin, Mr. Miller stated that the Bo -rd of Directors
Of the -'ederal Deserve flank of San Francisco will once or twice each
Year hold a meeting, at which, special attention will be (7iven to a
Particular branch, and that at this meeting there will be present,
0:10 or more o
the directors of the branch under consideration. Also,
that the Federal Reserve Bank of San Francisco has agreed to have present, a member of the Board of Directors of each of the branches whenever a meetin;7 of the roard of Directors of the home office shall be
called, for the pur)ose of givin- serious consideration to any matter
Of discount polic7 or to any matter of general purport to the district
in large.
r.:*i11ar also ref_rred to conversations he had had
with
4roule, ('lass "C" lirector of the Federal Deserve Palk of San
Prancisco and with Mr. Simpson,
neserve Panic of Chicago.
lass "C" Director of the Federal
a
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.R.IIIPORTS OF "C01.17ITTEE
Dated November 24th,
27th,
Dated November 23rd,
Dated Novel% er 27th,
Recommending changes in stock at ederal eserve
banks as set forth in the auxiliary minute book
of this date.
Approved.
Recommending action on application for fiduciary
powers as vat forth in the auxiliary minute book
of this date.
Approved.
Recommendinp, apprcr.ml of the application of rr.
G. Harold Earle, to serve at the same time as
director of the First Fond-du-Lac National flank,
Pond-du-Lac, 7iscalsin, and as director and officer
of the First National flank, Formansville, richigan.
Approved.
At one o'clock the meeting adjourned.
Secrctary.
Approved:
Vice lovernor.
@FedFRASER