meeting minutes, february 14, 1921, volume 8, part 1 · 2018-11-06 · atiens for certain...

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 liardingt

• ITarrain12r. 17i11erMr. 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 eL)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)er-

at ion.

Approved..

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,

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

-2- 135

at a salary of i,3,300 per annum.

Approved.

Letter dated February 10th, from the Chairman of the Fed-

eral 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 re-

certly visited the Federal Reserve Bank of Dallas.

Letter dated February 10th, from the Chairman of the Fed-

eral 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 Fed-

eral Reserve Bank of San Francisco, transmittinc., the recommend-

ation 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 Feb-

ruary 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


139eJ

Which publication the Board took action at its meeting of Feb-

ruary 8, 1921.

Upon motion, ilevernor Harding was request-

ed to address to Senator Fletcher a letter giv-

ing 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, 1921.

Approved.

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 Re-

public.

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


certain Pfljustments in salaries of employes, exclusive of

officers, as of l'arch 1, 1921, in accordance with the an-

niversary plan of salary adjustments previously author-

ized by the Federal Reserve Board.

Approved.

Letter dated February 10th, from the Chairman of

the Federal Tleserve Bank of '.;e1,7 York, making recommend-

atiens for certain adjustments in salaries of employes,

exclusive of officers, as of February 1st, 1921, in ac-

cordance wi th the anni ver sary plan of sah ry adjustment s

Previously authorized by the Federal Reserve Board.

Approved.

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 meet-

in;.

140


141-5-

'Letter dated Febrm.ry 11th, from the Railway Loan Ad-

visory 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 Transport-

ation Act, 1920, as amended.

Approved, n7. Hamlin not voting.

Letter dated Febrmry 11th, from Senator rcLean, Chair-

man 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. Hamlinfor 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-

Reserve Bank of Hew York, transmitting the details of aneral

arrz?-1gem3nt by which that tank will maintain an additional account


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of 20,000,000 with the Bank of Japan.

Approved.

Letter dated. February 7th, from the Orc,,anizat ion Commit-

tee 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 ap-

plications of national banks applyii1 for power to purchase and.

hold_ stock in the International Acceptance Bank, Inc., when or-

ganize, within the limitations of the law.

Referred to Gov(_,rnor Harding with authority toaccept the :pro]?osed. certificate, sho-ald he deemroper after consultation with Counsel.

R2PORTS OF COTTIITTa7, 770. 1:

Dated February 5th, Recomnendine; approval of applications for9th, fiduciary powers, as set forth in the aux-

iliary minute book as of this date.Approved.

Dated February 3rd, Recommending admission of :3tate institu-4th, tions as set forth in the auxiliary minute5th, book as of this date, subject to the con-8th, ditions stated. in the individual reports9th, attached to each application.

Approved.Dated February 14th,Recornmendino; that authority be given to

certain l'ational banks to purchase stockin corporations organized under the ?AgeAct, as set forth in the auxiliary minute

book as of t his dat e.Approved.

Dated. February 5th, Recommending approval of the qpplicat ionof Er. J. A. Pondrom to serve at the sametine as director of the City TTational Bankof Dallas, and the Texarkana TTational Bankof Texarimna, Texas.

Approved.

142

•


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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.

Approved.

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.

Approved.

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 nation-

al 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 on-

al 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 Mer-

chants Mat ional Bank of Boston, Mass.

Approved.


1.4ta-8-

Dated. Febrmry 5th, Recommendin.7 approval, subject to revoca-

tion in the near future, of the applica-

tion 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.Approved.

Letter dated February 10th, from the -Deputy 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, 1921.

'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.

Approved..

Application dated Febri.v.ry 3rd , of the American Bank

Trust company, Savannah, qeorgia, a member bank, for permission

to operate a branch.

Approved.

At 1:30 p.m. the me et ing adjourned.

kYoroved: Secretary.


meeting minutes, february 14, 1921, volume 8, part 1 · 2018-11-06 · atiens for certain...

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