2, meeting of the Federal Reserve Pcard was h- ld in the office of the

.:oderal eserve Toard on Thursday, December 25th, at 11:20 a.m.

271.:?,5777'17: vernor PlLtt

Hamlin

Mr. hiller

77r. Criss inor

17r. Foxton, Secretary

rinutes of the rveti.-1.r of the Federal Reserve -card held on December

26th were read and on motion approved.

The Vice qovernor reported the reserve )ositions of the severa2

2teder(.,1 Deserve ban's as at close of bl3siness ecember 27,rd and 26th.

Yen() randum dated December 27th, from the .tsscciate Statistician

reo;arding the banking office of the Minister of Finance og the Czechoslovakia

republic, said -emoraidum having been prepared in vie; of a letter dated

December 22nd from the Governor of the Federal "Reserve Dank of rcw York,

inquiring if the Federal Deserve Doard will approve the establishment, by

the Federal Deserve Bank of Mew York, of limited rell.t ions with the P,ankovni

JJ 1.1illiL;terstva Yirlanci, Prague, Czechoslovakia.,

Upon motion, the Secretary was directed to

furnish Governor Strong with the meiroratidurn of Mr.

Goldenveiser and enclosures.

Letter dated December 22nd, frern the Federal Peserve agent at San

zrancisco, transmit tinf7 with favorable recorment ion, the application of the

Security Trust and. Savin- of Los An,7e1 s, to establish a branch at 401

:;a st Colo rado Street, Pasadena, (la lif ornia.

The Secretr7,7 was instructed to request Mr. -:,errin

in via- of his latter of December th, with respect to the

applicat ion of the ra:k of Italy to establish a branch (le

nova at Yul)a City, nail_ *ornia, to furnish the Doard with an

e:•pression of his opinion as to vaiether or not the locality

to be served by the proposed branch neecis the additional

bank in r7 facilities.

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moo IMMO

Letter dated December 2aid, from the Assistant Federal Tie °rye

r"ent at ,a Fran ci sco transmitting with favor able rcconndat ion, the

a1ietiOn of the .'reneh AVneriCan Bank to establish a branch at the north-

,rest corner of Third ,;treet and Palau Avenue in the city of Saxi Francisco.

Approved, Tr. Cri s sin vr voting "no".

Letter dated Decen:ber 20th, from the Federal -!eserve A ent at San

'rancisco, t rans mit tin r; vith favorable reconmEnent ion , t he - 1 ic i on of

tae 1)a) of Italy to establish a branch in the c ity of San ranci sco, at t he

northeast corner of 2111.more and Post streets.

Apiroved, /.1r. Crissinc:er voting "no".

Letter dated December a2n, from the Federal "serve l'eent at

Chicacma , suLmitting, subject to the approval of the 'Federal reserve 7,oard,

certain official appointments in the dt)artments under the control of the

Fe' oral Tleserve

ADpro ved.

Letter dated December 25th, from the ;3ecretary : the Federal 'eserve

Bank of Cbicaf'p, advising that the Board of Directors of that bank had re-

el,cted rr. John J. Fitchell as a muter of the Federal Advisory Council for

the year 192:5.

Fe ted.

Letter dated December 21st, from the Chairman of the Federal. eserve

13a::k of 3an 2ran el se° , acivisinr that that bak had closed a lease for the nco:'

quarters of the Portland Branch at a rental of approximately 000 per 7-ar.

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Approved. The 3ecrt2tary was directed to secure

from Fr. Perrin furthcr details as to options, length

of lease, etcetera.

Drat of tel egram dated December 28th, addressed to the Chairtan of the

Bor,Td of the Federal 7eserve Bank of Atlanta, by the S cretar7.of the Board

advising that it is the purpose of the Board to rake no chance in the matter

of its appointees to the directorate of the New Orlerns Pranch id .that,

therefore, 17r. IT. Saunders wi .1 serve as Chairman of thn 1-',o -m-d of the

rev: Orltans Branch arid Mr. A. P. Bush will serve as Deputy Chairran for the

Ymr 1925.

Appr ov ed .

Memorandum dated Decemberth, from the Comptroller .of the Currency,

transmitting with favorable recorrmendktt ion, the eplication of the Moore

"rational Bank of Moore, Texas, to reoace its caiital stock from :'.%0 ,000 to

Approv ed.

Memorandum dated. December 26th, from the Comptroller of the Currency,

submitting for cons iderat icri of the Board, the appliCat ion of the Mat ional

Bank of Commerce of 2redorick, Oklahorra, to reCuce its capital stock from

:1375,000 to ."1W,000.,

Referred to the Vice Governor and. the Comptroller

of the '- urrency wi th power.

Mr. Miller submitted to tile Board a tele:prari dated December 21st, from

r. o1rn r7. Orr, President of the r;.'exa,s -•'arm Bureau Federation and the Texas

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Farm Bureau Cotton Association, renewing his recorrmniation contained in a

telegram of Thvanber 4th to /1r. 2latt, that the ?ederal Reserve Board ap-

point r_r. 1,7,nin P. Talley as Federal Reserve i`s., ent and c/lairman of the Board

of the 2ederal Reserve P ank of Dallas.

Referred to the Committee on Thminntion of Class "C"Directors.

Memorandum dated December 27th, from the Fiscal Agent of the Board

submitting an estimate of the Board's expenses for the ensuing six months,

and providing for the usual assessment ution tile Federal Reserve banks to

cover the expenses of the Federal Reserve Board for the )eriod stated.

.Approv ed.

Letter dated December 27th, from the Railway Loan advisory Committee

of the Federal Reserve Board, recommending approval of the form of obli-

gation sul-mitted by the Chicago, rilwaukee 8: St. Paul Railway Company for a

loan of ',10,000,000, under the provisicrn of Section 210 of the Transportation

Act, 1920, as amended.

Approved.

After discussion of the letter of December 1th, from the chairman of

the Federal Reserve Bank of San Francisco, requesting that the -Federal Res-

erve Board permit Governor Calkins and rr. Perrin to cone on to rIashington

for a conference with the Board, before the Board's ruling with respect to

reserves against special savings deposits in California state Tanks shall be

made effective.

Ordered laid on the table until the Board is in receiptof -a report from General Counsel who is making a study of

this natter.

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Memorandum dated December 26th, f.rom the Chief Federal Reserve

.!:xaminer advising of the resignat ion of V.r. Claude 7-orton az Assistant

Federal Reserve -,xamirzr, annual salary ,A36O0, recommendizr; that it be

accepted effective December 31, 1922.•

Accept ed.

Letter dated December 26th, from the Comptroller of the Currency

recommending an increase in the sal /7 of ITational B :]xamimr Heniy B.

.:)avenport from 24000 to 14500 per ainum, effective January 1, 1923,

• •Approved.

The meeting adjourned at one o

Approved:

Vice Covornor.

:iecret%ry.

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