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A meeting of the Federal "eserve To was held. in the office of the Federal 7,eserve Board, rovember 29th, at 11:15 a.m. T3T: TTinutes of the meeti Vice (lovernor Platt Famlin r. rdller Yr. Litchell rr. Cris sinr.!:er 1 7r. To):ton, Secretary. of the 'Federal T-',eserve T'oard held on rovezriber 20th, were read and on notion a )proved. The Vice Governer reported the reserve positions of the several Federal T. eserve banks as at close of business 7.Tovember 29, 1922. Letter dated 7overnber 23rd, from the Federal Reserve .A-ent at San Fran" e IS t rails:mitt ing with favor able recormendat ion, the ap plic ti on of the lercaetile Trust Company of San Francisco, to establish branch offices at r.'rket Street and 495 Haight Street, San Francisco, it being noted that these are two of the thirty branch offices, for 1.-'1 ich tentative approval has already been given. Approved, rr. rrissinger vetine; "no". rernorandin dated Yovember 28th, from the Comptroller of the rurrency, r9co 1T1e1lding approval of the application o: the city 1Tatioml T'ark of "orrznercq ,1,50,000 to lchlta Falls, Texas, to reduce its capital stock of '4' 1,0„"),000, 1111cler conditions sdecified by the Comptrollor. Approved. Letter dated Irovember 28th, prepared by General Counsel, and addressed t° the ;overnor of the Federal -0/serve Pank of San Francisco, with reference to to the legal ridat of a member bank to deduct excinge charges vhen remitting , ederal a ‘ 0serve bank in payment of its certificates of deposit sent to it -2- 11/29/22 for collection by the Federal Reserve bank. Approved. The Vice Governor submitted the Report of Examination of the Federal Reserve Bank of Atlanta, including its branches, as at close of business, November 7, 1922. Noted. The Secretary was instructed to acknowledge the receipt to the Chairman of the Federal Reserve Bank of Atlanta, and thereafter to circulate the report among the members of the Board. Letter dated November 28th, from the Undersecretary of the Treasury stating that he has not heard what policy the Federal Reserve banks are follming this year with reference to the payment of told coin for holiday purposes, mkin.; it clear that in so far as the Treasury is Concerned, there is no objection to such payments, aiI expressing the Opinion that such re.y m3 nt s should be made freely and without question. Upon motion, the Secretary was directed to transmit to the Governors of the Federal Reserve banks, the views of the Undersecretary of the Treasury in this matter. After discussion of the Board's admini Aration of the Kern Amendment to the Clayton Act, Mr. Miller moved the f011owing: MIEAS, the Federal Reserve ioard intends to make a complete review of all cases coming ion Within the jurisdiction of the Federal Reserve Board, in its administrat Of the provisions of the Clayton Act, TI-E-.11r..F0aE, BE IT RESOLVED, that the Vice Governor be requested to draft a letter to be addressed to the Chairmen of all Federal Reserve banks directing that all existing permits 11/29/:2 for interlockinn; directorships be carefully considered, v ith a view to 45certainin if the terms of the Kern. Amendment to the clayt n Act are being strictly complied with, and that recommendations be math- by the eserve :?oard for the discontinuance of permits to 'hairmen to the -,?ederal Serve as *nterlocking directors, i:, all cases wherein thc facts as disclose( bY the review lead the Chairmen to believe that existing pernits should be itharawn. Carried. Jon motion of Ir. illr, it was voted that the Chief 7:xamilier of the Pederal reserve roard, be directed to include in his reports upon the eoridition of the several federal r?eserve hank', a report revealin7 the nature elld, character of the examinations made of member banks by the several ' 71ederal hserve banks s well as a report as to the adequacy of these examinations, 411c1 as to the efficiency of the ]xLmillers employed by the :'eCeral 0.2' COT 7:.170..].: 1)4t eci 'November 27th 27th 27th eserve O. 1: 17:ecommenclinT • as s t forth 2;.doroved. 7,ecomrnendin, as set forth action on apolica.tions' for fiduciary powers in the Auxiliary T'inute book of t-.is date. action on application for fiduciary powers in the Auxiliary rinute 2rook of tLis date. Ordered held until after next examination and until Fur)lus is 20','; of capital stock. The meetin ,=; adjourned at 12::=0 p.m. Secretaary. Vice (over:Or.
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