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A meeting of the Federal Reserve Board was held in the office or the Board on Tuesday, September 26th, 1922, at 10:30 a.m. PRESENT: Vice Governor Platt Yr. Hamlin Mr. Miller Mr. Mitchell Mr. Crissinger Yr. Foxten, Secretary. Minutes of the meeting of the Federal Reserve Board held on September 13th were read and on motion approved. Minutes of the Executive Committee held on September 14th were rEad and on motion the action recorded therein was ratified. Minutes of the 4!Ixecutive Committee held on September 16th were read and on motion the action recorded therein was ratified. Minutes of the..c;xecutive Committee held on September 19th were read and on motion the action recorded therein was ratified. Mr. Crissinger stated that if he had been present he should have voted against the• approval of the application of the Valley Bank of Fresno, California, to purchase the First National Bank of Biola, California and to operate it as a branch. Also, that he would have voted against the approval of the application of the Security Trust and Savinr7s Bank of Los Angeles, California, to purchase the Santa Monica Savings Bank, Santa Monica, California, and to establish a branch on the premises. Minutes of the Executive Committee held on September 20th and SePtember 21st, were rea4 and on motion the action recorded therein was ratified. The Vice Governor reported the reserve positions of the several ?ederal Reserve banks as at close of business September 19th, 20th, 21st, 22rid and 23rd, 1922. ; 9/26/22 -2- Telegram dated September 25th, from the Governor oe the Federal Reserve Bank of Richmond, advising that the Board of Directors of that Bank had, subject to the review and determination of the Federal Reserve BOard, established a minimum rate of 3% on open market purchases of bankers' acceptances, effective at once. Formally approved, having previously been approved by the initials of four members of the Board. Letter dated September 20th from the Treasurer of the United States, enclosing aoplication from the La Rose National Bank of La Rose, Illinois, to sell 2 United States Consuls of 1930, in the amount of $6500 to the Federal Reserve Bank of the applicant's district, under the terms of Section 18 of the Federal Reserve Act. Ordered laid on the table. Memorandum dated September 22nd, from the Chief of the Division Of liank Operations, recommending a modified classification of member banks by electoral groups. Referred to the Executive Committee with power. Memorandum dated September 15th, from the Secretary of the Board, Prepared in accordance with the action taken by the Executive Committee at its meeting of September 14th, with reference to the general adoption a condition of membership thich the federal Reserve Bank of San Francisco has recently been imposing upon state bank applicants for admission to the system. Ordered circulated, and afterwards submitted to General Counsel and placed upon the program of the forthcoming conference of Federal Reserve Agents, October 10th. 9/26/22 -3- nmorandum dated September 14th, from the Secretary of the Board, With reference to a letter of August 28th from the Chairman of the Federal Reserve Bank of Kansas City, transmitting the action of the Board of Directors of that bank, fixing the salary of Counsel, James E. Goodrich, at 5,000 per annum in lieu of Present salaries and fees, effective September 1st, 1922. Upon motion this matter was referred hack to the Committee on Salaries and Charge Offs with a view to taking it up with the Governor and Chairman of the Federal Reserve Bank of Kansas City at the forthcoming Joint Conference of Governors and Federal Reserve Agents to be held in 77ashington, October 10th. Memorandum dated September 25th, from the Assistant Secretary of the Board, requesting authority to print and distribute a revised Leased 9ire Manual which has been submitted to the Federal Reserve Leased Wire Committee (Governors McDougal and Fandher) and has been approved by them. Approved. Letter dated September 21st, from the Deputy Governor of the Federal Reserve Bank of New York, advising that that Bank, with the approval of the Federal Reserve Board, contemplates making a revision CI some of the agreements between the Federal Reserve Bank of New York and certain foreign banks. Approved. Letter dated September 20th, from the Federal Reserve Agent at San Francisco, transmitting with favorable recommendation, the application of the Valley Bank, Fresno, California, to purchase the First National Bank of Coalinga and to operate it as a branch of the Valley 9/26/22 Bank. Approved Mr. Crissinger voting "no". Letter dated September 15th, from the Federal Reserve Agent at San Phncisco, transmitting with favorable recommendation, the application of the Valley Bank of Fresno, California, to purchase the First National Bank (qi Xerman, and to operate a branch on the premises. Approved, Mr. Crissinger voting "no". Letter dated September 15th, from the Federal Reserve Agent at San ?remise°, transmitting with favorable recommendation, the application of the Mercantile Trust Company of San Francisco, to purchase the Garden City 13411k and Trust Company, San Jose, and its four branches and to establish b ranches on the premises. Approved, Mr. Crissinger voting "no". Letter dated September 15th, from the Federal Reserve Agent at San Nneisco, transmitting with favorable recommendation, the application of the , Joank of Italy, San Francisco, to establish a branch at #4641 Mission tl'eet, San Francisco. Aoproved, Mr. Crissinger voting "no". Letter dated September 20th, from the Federal Reserve Agent at San Misco, transmitting with favorable recommendation the application of the Los Angeles Trust and Savings Bank, to take over the Community Bank "Mlittier, and to establish a branch on its premises. Approved, Mr. Crissinger voting "no". Letter dated September 22nd, from the Bank of New York and Trust orall -vanY, requesting permission to accept drafts drawn for the purpose of N 9/26/22, -5- tarnishing dollar exch ange under the terms of Section 13 of the Fede ral Reserve Act. Approved. Memorandum dated Septerber 22nd, from the Comptrol ler of the Currency, Ilith reference to the application of the rati onal Bank of Vernon, New York, t° reduce its capital stock in the sum of 50,000. It ras the sense of .the meeting that this matter should be referred to the Federal Reserve Bank of New York for advice and recommendation in the matter afte r the papers in the case have been examined by Mr. Mitchell . Memorandum dated September 21st, from the Secr etary of the Board " 8ing of the resignation of Mrs. L. L. Holcombe , stenographer on the 8141ff of the Federal Reserve Board, assigned to the Railway Loan Advisory Coilltrattee, effe ctive as at close of business September 15th . Upon motion Mrs. Holcombe's resignation was accepted. Letter dated Septedber 22nd, from the Comptrol ler of the Currency, 11°0rJamending an incr ease in the salary of National Bank Examiner Ira I. 0110,_ ' -Pening from 360° to 85,000 per annum. Approved. ?()IITS OF C0121ITTa NO. 1. 114ted,Septetber 23rd, Recommending action on applicat ions for fiduciary powers as set forth in the auxiliary minute book of this date. Approved. batect september 25th.- Recommending approval of the appl ication of Mr. R. W. Lindeke to serve as Cashier of the Merc hants National Bank, St. Paul, Minn. and as Presiden t and Director of the Farmers and Merchants Stat e Bank, St. Paulalann. Approved. At 11:500 a.m. the meeting adjourned. APProved
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