A meetin of the Federal Reserve Board V.V..S held in the. o:l'ice of the Board. on 1.'onda,y, 'February 14th, at 11:15 a.m.

Transcription

1 137 A meetin of the Federal Reserve Board V.V..S held in the o:l'ice of the Board. on 1.'onda,y, 'February 14th, at 11:15 a.m. PRESOTT: Governor liarding t ITarrain 12r. 17i11er Mr. Wills '71.11 lams Hox ton, Secretary. mutes of the meeting of the Board held February 9th were read.,.3. on motion, ao-oroved. flutes of the netin of the ecut ive Committee held.?ebruary 10th were read, and the action of the Commit tee set forth there 21. ratified. The Governor r e L)o rted the reserve pos iti ons of the several Pedfzal Reserve banks as at close of business February 11th, and the status of rediscounts between the Federal Reserve banks as of tile same date. Draft of letter 1I redly to a letter of Jmiu,ary 10th from the Chairman of the Federal Reserve Bank of Dallas, with reference to the elir;ibility for rediscount of renewal notes drawn by stock men and farmers who have met losses =account of last year's or)erat ion.. Letter dated February 1st, from the Chairman of the Federal Reserve Bank of Dallas, requesting app ro val o f t he appointment of -' 7. Titgen as Marr.L,fer of the 7:ember Bank Relations Denartment,

2 at a salary of i,3,300 per annum. Letter dated February 10th, from the Chairman of the Federal Reserve Bank of Dallas, trananittin!), the reconmendati on of the Board of Directors of that bank that the salary of 1.`:r.Talley, Deputy Governor, be increased from.13,200 to ].5,000 per annum. Approved, effective February 1, 1921, upon recomneniation of Mr. r'latt mid. Mr. Wills, who recertly visited the Federal Reserve Bank of Dallas. Letter dated February 10th, from the Chairman of the Federal Reserve Bank of Kansas City, recole,iendinc- the termination Of the membership in the Federal Reserve System of the Farmers State Bank of Allen, 7:ebraska, and,71.vin7, reasons therefor. Referred to Governor Harding. Letter dated January 29th, from the Chairman of the Federal Reserve Bank of San Francisco, transmittinc., the recommendation of t re Board of Directors of that 'bank that the salary of Governor Calkins 'be increased to '30,000 per annum. Uoon motion, the recomnendat ion of the Board of Directors of the Federal Reserve Bank of San Francisco was not approved. Governor Ha -dine samitted to the :Board a letter of February 10th from Senator Fletcher of Florida, and a letter of February 11th from Senator I`el':ellar of Tennessee, nrkin7 inquiry regarding the published convent upon the letter of December 28, 1920, addressed by Mr. Williams to Governor Harding, concerning

3 ej 139 Which publication the Board took action at its meeting of February 8, Upon motion, ilevernor Harding was requested to address to Senator Fletcher a letter giving the information desired, and asking Senator leteher for specific inforrnat ion as to the charges indicated in his letter, and the source of such charges. At this point Mr. Williams entered the meeting, and Crevernor Harding handed to him for his perusal the letters Of Senators Pletcher and McKellar above referred to, at the ware time informing 7.:r. Williams of the act ion of the Board ;just taken in repp..rd thereto. Letter dated February 6th, from the Chair= of the Federal Reserve Bank of 3'civi York, requesting authority to take a leave of absence extending approximately from June 30th to September 30, Mr. Williams stated that National Bank lbc2miner Morris had returned from Cuba and would be glad to appear before the Federal Reserve Board and narrate his experiences in that Republic. Upon motion. it was resolved_ to receive the report from Mr. Morris tomorrow, February 15th, at 12 o'clock. Letter dated February 11th, from the Chairman of the Feder al Reserve Bank of Richmond, mating recommendations for

4 140 certain Pfljustments in salaries of employes, exclusive of officers, as of l'arch 1, 1921, in accordance with the anniversary plan of salary adjustments previously authorized by the Federal Reserve Board. Letter dated February 10th, from the Chairman of the Federal Tleserve Bank of '.;e1,7 York, making recommendatiens for certain adjustments in salaries of employes, exclusive of officers, as of February 1st, 1921, in accordance wi th the anni ver sary plan of sah ry adjustment s Previously authorized by the Federal Reserve Board. Letter: dated February 10th, from the Chairran of the Federal Reserve Bank of ITew York, reportinf; details of the so-called "12,000,000 Culaan Su,car Commercial Acceptance Credit". :;ot ed. At this point Lir. Williams withdrew from the meetin;.

5 'Letter dated Febrm.ry 11th, from the Railway Loan Advisory Committee, requesting approval of the fifth instalment, amounting to 1700,000, of a form of loan previously authorized Of 19,630,000, to the New York, Mew Haven (c1; Hartford Railroad Company, under the provisions of Section 210 of the Transportation Act, 1920, as amended. Approved, n7. Hamlin not voting. Letter dated Febrmry 11th, from Senator rclean, Chairman of the Senate Committee on Banking & Currency, transmitting for the opinion of the Federal Reserve Bourd Senate Bill :To. 4994, providing that iz'ederal Reserve banks may buy Federal Farm Loan bonds, and that mombor banks may accept drafts drarm aminst such bonds as security. Referred to Governor Harding and Hr. Hamlin for adverse reply. Draft of letter dated. February 14th, to the Governor of the Federal*Reserve Bank of Dallas, expressing the disapproval of' the Federal Reserve Board of the practice of returning without Presentation cash items drawn upon banks which are on the par list and which are open and doing bus mess..apploved. Letter dated Febrmry 9th, from the Governor of the Fed- eral Reserve Bank of Hew York, transmitting the details of an arrz?-1gem3nt by which that tank will maintain an additional account

6 of 20,000,000 with the Bank of Japan. Letter dated. February 7th, from the Orc,anizat ion Committee of the International Acceptance Bank, Inc.. enclosin7 copy Of the organization certificate under which said bank eypects to ora'anize, and reouesting that the Federal Reserve Board grant applications of national banks applyii1 for power to purchase and. hold_ stock in the International Acceptance Bank, Inc., when organize, within the limitations of the law. Referred to Gov(_,rnor Harding with authority to accept the :pro]?osed. certificate, sho -ald he deem roper after consultation with Counsel. R2PORTS OF COTTIITTa7, : Dated February 5th, Recomnendine; approval of applications for 9th, fiduciary powers, as set forth in the auxiliary minute book as of this date. Dated February 3rd, Recommending admission of :3tate institu- 4th, tions as set forth in the auxiliary minute 5th, book as of this date, subject to the con- 8th, ditions stated. in the individual reports 9th, attached to each application. Dated February 14th,Recornmendino; that authority be given to certain l'ational banks to purchase stock in corporations organized under the?age Act, as set forth in the auxiliary minute book as of t his dat e. Dated. February 5th, Recommending approval of the qpplicat ion of Er. J. A. Pondrom to serve at the same tine as director of the City TTational Bank of Dallas, and the Texarkana TTational Bank of Texarimna, Texas.

7 -7-- Dated_Feb ry 3rd, Reconndin holding the anpilcation of Mr. Barton Millard to serve at the sarre time as director of the Stock Yards -.7at ional Bank of S. Omaha, and the Omaha 7-ational 73ank of Ormha, iteb. Dated February 8th, Recornending appro val of the application of Mr. Douglas Crocker to serve at the same time as director of the Fitchburg Bank Trust Co., Fitchburg, Miss. and the rerchant s Mat io21::',1 Bank, Rost on. Dated L:'ebriz.ry 0th, ecommending approval of the application of Mr. A.D.r.Osborhe to serve at the same time as director of the First National Bank, Balm rsviel d, Cal. and the First :rational Bank, naftett, Calif. Ap pro ved. Dot ed February 9th, flecorrnirniding at)pr 1 of the aprilcation of Mr. 71 S. McC o rnick to so rve at the same time as director of the First national Bank of 17ephi, Utah, and rccornick Com2any, Salt Lake City, Utah.!_pExroved. Dated?obruary 9th, Recormendin,-; ap pr oval of the application of Mr. Sherman Stevens to serve at the sane t ime as director of the First :Tati onal Bank of Santa Lila, Calif., and the First National Bank of Tustin, Calif. Appro yea. Dated February 2nd, Recommending approval of the application of Mr. Al den Anderson to serve at the sane tire as director of the Capital Mat ional Bank of Sacramento, the Redding National Bank of Bedding. and the Red. Bluff -at ional Bank of Bed Bluff, all of California. A p o ro ved. Dated February 4th, Recoil-mending approval of the application of Mr. John C. Eisele to serve at the same time as director of the Public 2-ational Bank, Mew YOr": City, Fidelity Union Trust Co., 37ewar1C, U. J., and the West Side Trust Co., Newark, N. J. ApprovQd. Dated February 4th, Recommending a.pgroval of the application of Mr. Russell B. Lowe to serve at the same time as director of the Fitchburg Bank ec Trust Co. of Fitchbtrrg, Mass. and the Merchants Mat ional Bank of Boston, Mass.

8 -8-1.4ta Dated. Febrmry 5th, Recommendin.7 approval, subject to revocation in the near future, of the application of Kr. Charles II. Sabin to serve at the sarrn time as director of the quaranty Trust Co. of -ew York City, the Union 7,xchangeio m"_..)1 Bank of Kew "'Zeit City, and the First.Tht io nal ;lank of Sout ham-oton, :Tow York. Apm oved. Dated -?ebruary 12th,Recommendin7 approval of the appointment of Mrs. Flora S. Devereu.x as Key Punch Operator in the Division of 'leports Statistics, at a salary of '1200 per annum, effective as of February 16th. Letter dated February 10th, from the Ḏeputy Comptroller Of the Curremy, adv-isin,-; the Federal Rescrve Board. of certain changes irade in the T -at ional Bank _,;45cafinine; fbrce during the month of January, 'Toted. Application dated Febrtnry 8th, of the Wheeling Bank e: Trust Company, Wheeling, "lest Virginia, for aithority to accept drafts and. bills of exchange up to 100t; f its capital and. surplus, under the provisions of Section 13 of the Federal Reserve Act.. Application dated Febri.v.ry 3rd, of the American Bank Trust company, Savannah, qeorgia, a member bank, for permission to operate a branch. At 1:30 p.m. the me et ing adjourned. kyoroved: Secretary.