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A meeting of the Federal Reserve Board was held in the office of the Nmd on Tuesday, November 29, 1921, at 11:10 a.m. PRESENT: Governor Harding Mr. Platt Mr. Hamlin Mr. Miller Mr. Mitchell Mr. Crissinger Mr. Foxton, Secretary Minutes of the meeting of the Board held November 25th and 28th We read and on motion approved. The Governor reported the reserve positions of the several Federal 11141"v8 banks as at close of business November 25th and 26th and the status of 11-8counts between the Federal Reserve banks as of the same dates. The Governor reported rediscount transactions, member bank promislaq notes secured by Government obligations, rate &e, as follows: Bank red.iscounting DAte Mber 25 25 28 28 Richmond Dallas Atlanta Dallas With New York Boston Boston Boston Amount $5,000,000 1,500,000 1,000,000 1,500,000 Maturities 10 to 15 days 11 to 15 days 1 to 90 (com'l pape3 11 to 15 days . Letter dated November 23, from the Federal Reserve Agent at 804 rancisco, transmitting with favorable recommendation, the application of ,the 148 Angeles Trust and Savings Bank to establisha brandhat333 South Central tret Ile, Los Angeles, 0alifornia. Approved. The Governor submitted to the Board certain correspondence from the Chairman of the Federal Reserve Bank of San Francisco, having reference to 4. 'he Bank of Italy, San Francisco, and transmitting a memorandum from the 111113; 48tailt Federal Reserve Agent and a copy of a letter written to the President tsj_ -2- 't 'the Bank of Italy by the Superintendent of Banks of the State of California. After consideration of the said correspondence it was the sense of the Board that the Bank of Italy, in the matter of acquiring branches, is not complying with the conditions of membership imposed by the Federal Reserve Board and accepted by the Bank of Italy at the time that institution became a member of the Federal Reserve system. The Governor was requested to prepare for submission to the Board tomorrow, a draft of letter giving the views of the Board in this matter, addressed to Mr. Perrin for transmission to the President of the Bank of Italy. Letter dated November 20th, from Senator Robinson of Arkansas, enclos- with favorable recommendation, a letter from Mr. Lloyd England of Little hou 'Lt Arkansas, urging that the Federal Reserve Bank of St. Louis be required to °eeed with the construction of a branch bank building in Little Rock. Referred to the Governor for reply. Mr. Mitchell called to the attention of the Board, a letter written ItIPter„.1, —Lier 12th, by the Governor of the Federal Reserve Bank of New York setfOrth a proposed plan to govern charge offs contemplated by that bank to„ "r depreciation in building. The Governor stated that he would prepare a general letter on the subject of making charge offs for depreciation in building and equipment by the Federal Reserve banks, and expressed the opinion that no bank should be allowed, during any one year, to of the charge against current earnings, more than cost of building, and that should any bank desire to make any further charge off for depreciation, that it should be at liberty to do so only out of the bank's super-surplus. to 4 Mr. Mitchell stated that the Board had on Novenber 22nd, referred 1'1 Platt and himself, a memorandum prepared by the Chief of the Division IIP°rts and Statistics recommending certain changes in the form of statement -3- 4(111J-red of state member banks by the Federal Reserve Board, and that he le8ired to submit said memorandum to the Board, having marked those changes in the opinion of the CommIttee, should be authorized by the Board. Referred to the Governor with the revest that he take the necessary steps to bring the staterrent form of the Federal Reserve Board into closer harmony with the form which is used by the Comptroller of the Currency. Memorandum dated Nov errb er 17th, from General Counsel, with reference to the application of the First Federal Foreign Banking Association of New for the authority of the Federal Reserve Board, to open certain accePtance credits. Approved. Referred to the Governor with the request that a letter be drawn addressed to the applicant along the lines of the memorandum of the General Counsel. OF COMMITME NO. 1: ted Nov. 29th, Recommending changes in stock at Federa l reserve banks, as set forth in the auxiliary minute book as of this date. Approved. 1)4ted Nov.25th, Reconurending admission of state bank, subject to the conditions stated in the individual report attached to the application, as set forth in the auxiliary minute book as of this date. Appro ved. At 1:10 p.m. the meeting adjourned. Secretary.
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