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A rneetin,0; of the Federal P,eserve Board was held in the office of the

B°3-rd on Thursday, October 26th, 1922, at 11:55 a.in.

PRESENT: Vice (lovernor Platt

Yr. HamlinFr. Mitchell

Mr. Crissinto;er

Yr. Eddy, Assistant 1.'ieerc,-,tary

rinutes of the meeting of the Federal Reserve Board held :n October

28tht were read and on motion approved.

The Vice governor re Jorted the reserve oositions of the several 7eeral

1)'e5erve banks as at close of business October 24th.

Letter dated October 20th, from the Assistant Federal Reserve Agent at

Sall Francisco, transmitting with favorable reconnendat ion, the applicrtion of

tb,e l'ercantile Trust Company to establish two branches in San Francisco, one

at 701-70: Third 'Street, ','an Francisco, and to be called, the Third-Tovnsend

0fficet and the other at 1563 Hyde Street, an Francisco and to be calleC the

11X0...)acific o:fice, it Leint! understood that these branch offices re,)resent

tOOf the thirty branch offices mentioned Ir the applicant's letter of

SePt"ter 20th.

Approved, Fr. Crissinr,er voting "no".

Letter dated October 20th, from the Assistant Federal Reserve ,',.crent at

'‘rarici sco , transmitting with favorable reco men& t ion, the applic.t ion of

the ercant ne'rust Company to establish a branch at 1453 Fillmore Street,

Seal'Francisco, and to be called the ';'illmore-' ':arrell office, it being under-

ztooct that

letter of

this is one of the thirty branch offices mentioned in the applicant's

:3ept ember 20th.

Approved, 17r. Crissin;:i7er voting "no".

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Letter dated October 25th, from the Federal lieserve Lgent at New

York, advising of the amounts due the Federal Reserve Banks at Boston,

--)hiladelphia, Cleveland and Richmond, on account of clerical assistance

rendered by these banks in connection with the balance sheet examination

of the Feaeral Reserve Bank of rew York, recently made by the New York

ballk, and requesting authority from the Board to make payment of the

mounts due to the other Federal Reserve banks named.

Approved.

The Vice Governor read a letter from the Depi,ty Chairman of the

Board of Directors of the Federal Reserve Bank of Dallas, enclosing a com-

11111nication from the First National Bank of ridland, Texas, with respect to

the situation at Fidland and adjacent territory due to the inability of

shippers of livestock to obtain sufficient cars in which to transport live-

to feeder points.

The Assistant Secretary was directed: to acknowledge

receipt of the communi cation and to lay the in format ion

contained therein, before the Aderal Traffic Board and

the Int er s)tat e Commerce Commi as ion.

Ir. Y.itchell reported having discussed with the Undersecretary of the

l'easury the matter of Federal Reserve banks making immediate payment to the

Treauury of amounts due from them on account of adjustments of franchise tax

D4Y':flOntS made at the close of previous years, and stated that in view of the

tact that the banks had been advised by the Board on August 1st that they

. 811°111d arrange to make such pawents at the time of closing their books at

the end of the present year, which arrangement is satisfactory to the

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10/26

Treasury 7-)epartment, . he would recommend that the Board not disturb the

Present understanding of the banks in the matter, v!hich is to make adMst-

ments at the close of this year.

FitchoiPs. recommendat ion v:as approved.

The Vice Governor submitted a memorandum dated Octob,,r 26th, prepared

bY Gene ra1 Counsel, %:ith respect to the application of the Fort Dearborn

:Tational Bank to surrender its stock in the :''ederal eserve Ban r of ("li

Tie Vice Governor was rcouested to write to the FederalP,eserve Agent at nhicaco for further information to be ores-ented to the 'oard 1,:efore final action is taken on the appli-cation in quest ion.

Trj,:101),-1,•-•;C`z:—°0:7 I7-,1 h 70. 3..

October 25th, ecommeniC chanp;es in stock at i,'er.'eral eserve banksau set forth in the Auxiliary- minute book of I his date.

..pproved.

4P-PrOVed:

At 12:20 p.m. the meetilr- adjourned.

rVice Governor.

L.ssistant ecr tary.•••••••, • •

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