A meeting of the Federal Reserve Board was held. in the office

of the Board on Wednesday, .J'ebruary 15, 1922, at 11:00 a.m.

PRESENT: Governor HardingMr. PlattMr. HamlinMr. MillerMr. Mitchell

Hoxton, Secretary.

Minutes of the meeting of the Board held February 13th were read

and on motion approved.

The Governor reported the reserve posit ions of the several Fed-

eral reserve banks as at close of business February 11th and 13th.

Letter dated February 8th, from the Under Secretary of the Treas-

ury, enclosing correspondence with the Federal Reserve Bank of Mew York

in the matter of paying out gold coin in the denomination of :1'2.50.

Referred to the Governor.

Letter dated February 13th, from the Federal Reserve Agent at

Boston, enclosing application of the Metropolitan Trust Company of Boston

to take over the Oceanic National Bank of Boston.

It was, upon motion, voted that the Board interposesno objection to the consolidation contemplated.

Telegram dated February 14th, from the Federal Reserve Agent at

Minneapolis, advising of the election of officers at the head office and

the Helena Branch.

7oted.

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Memorandum dated February 13th, from the Chief of the Division of

Reports and Statistics, recorrnertling that all rediscounts be renorted in

the body of condition reports submitted by Federal Reserve Banks and State

Member Banks, and submitting a revised form of statement to be used in

accordance with the recommendation.

Approved.

Memorandum dated February 13th, from the Chief of the Division

of Reports and Statistics, submitting a revision of Form 105 used by state

bank and trust companies, which are members of the System, in their condi-

tion reports, and requesting instructions as to the number of tir.-.es per

year the Federal Reserve Board will call for reports of condition from

state member banks, in view of the fact that it is expected that the Comp-

troller of the Currerey will issue calls for national banks five tims a

year.

Upon motion, the revised form 105 submitted by l'r.Smead, was approved, and the .3ecretary was instructed toadvise Mr. Smeari to is sue a call for condition reportsto state and trust company member banks as of the samedate upon which the Comptroller of the CUrrency shallissue his first call for 1922.

Letter dated February 14th, from Mr. Trarrison 7Tesbit, appointed

by the Federal Reserve noard as a director of the Pittsbur01 ?ranch of the

Federal Reserve Pank of Cleveland, announcing his resignation from that

Office, and 7iving his reasons therefor.

Upon motion, Mr. Nesbit's resignation was acceptedas of the close of business February 28. 1922.

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1.7emorandum dated February 13th, from the office of the Counsel,

with reference to the application of the Farmers & Cormercial Savings

Bank of Clayton, I"o., for authority to reduce the amount of its capital

stock.

Referred to the Law Committee.

Letter dated :'ebruary 14th, from the Under Secretary of the Treas-

ury, referring to the Federal Reserve Board an application from parties

at interest, that the Federal Reserve Bank of New York take over for the

account of the National Bank of Nicaragua certain collateral nor held by

the 1:ercantile Bank of the Americas, to secure the Nicaraguan Gold axehange

Referred to the Governor, with authority to advise

the Federal Reserve Bank of New York that the Board has

no objection to the taking over into custody by that

Bank for the account of the National Bank of Nicaragua

the securities referred to.

Letter dated ':;'ebruary 8th, from the Chairman of the Federal Re-

serve Bank of San Francisco, submitting, with favorable recommen&t ion,

the applica.tion of the !'ercantile Trust Company, liar' Francisco, to acquire

the .Tirst National Bark of Berkeley, and the Berkeley Bank of Savings and

Trust Company, and to establish three branches in Berkeley, California,

upon certain specified conditions.

Approved.

Letter dated :'ebrum-y 8th, from the Chairman of the Federal Re-

serve Bank of San Francisco, recoTrnendinp; that the Board give its tenta-

tive approval to the contemplated acquisition of thirteen banks by the

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Los Angeles Trust & Savings Bank, with a view to consolidating the said

thirteen banks into nine branches.

Upon motion, tentative approval was voted of theapplication of the Los Angeles Trust & Savings Bank,of Los Angeles, California.

REPORTS OF CO/MITT& NO. 1:

Dated February 13th, Recommending refusal of the application of Mr.Dutee W. Flint to serve at the same time asdirector of the Phenix National Bank, Providence,R. I., and as director of the Industrial TrustCompany, Providence (with 9 branches in othercities in Rhode Island).

Approved.

At 12:45 p.m. the meeting adjourned.

Secretary.

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