19210203_Minutes.pdf

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A meting of the Federal Reserve Board was held in the

office of the Board on Thursday, February 3d, 1921, at 11:15 a.rn.

PMSEITT: Vice-Governor "PlattMr.•7/illsMr. Miller1:1r . rzuni in. lidy, Assistant Secretary.

Reading of the minutes vs omitted.

The Vice-Governor n-3,-)orted the reserve positions of the

several Federal Reserve Banks as at close of business Febrilnry

1st, and the status of rediscounts between the Federal Reserve

Banks as of the same date.

The Vic e-nro ver no r reoorted rediscount t ran sact ions, mem-

ber bank promissory- not es secured by Gov ernment obligations,

rate T.'. as follows:

Date

Feb. 2

Bank redis- 7Tithcounting

Dallas Cleveland

Amount

-',500,000

Maturities

11 - 15 dys.

On motion of Mr. Miller, carried unanimously, the Secre-

tary was instracted to have submitted to the Board each day here-

after until further notice, statement showin-; the reserve 9osi-

tions of each Federal Reserve bank, the reserve 'positions of the

twelve Federal Reserve banks combined, ani the combined position

of all Federal Reserve banks, excepting the ?ed.eral Reserve Bank

of 11ew York.

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

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Letter from the Comptroller of the Currency, dated February 2d,

relative to assignment of certain enployes in the Board's Division of

issue and. Redemption to work in the offices of the Comptroller.

On motion of T.r. Hamlin, matter was referred toGeneral Counsel.

Committee composed of T'essrs. Platt, T.:iller and 7/ills reported.

that they approved of the ir °posed conference of business statisticians

bein7 held. in 1,7ashincton on February 21st and 22d, and the Vice Governor

Was authorized to advise the Federal Reserve Agents of the conference

and to instruct the Director of the Division of Analysis R• Research to

e'xt end invitations to business statisticians, other than those connect -

ed- With the Federal Reserve banks, vho had been invited to attend the

Conference which was to have been held on January 27th and 28th.

On motion of l'r. -rills, the Doarcl voteci that on the occasion of

thd visit of /:essrs. )1att and 1.7ills to the Federal 'Reserve Bank of Del-

'as on February 7th, they should make Imown to the directors of the Dal-

las bank the Board's o-oinion that serious consideration should be 7iven

to the estrl.blishmmt in the 11th District of a flat rate of 6`; on all

Paper secured by Government obligations and the establishment of a 7-

basic rate for all other borrowings.

11-4,'PORTS OF C,1,1ITT74-7. --O. 1:

Dated. Jan. 26th, Recommending admission of State institutions as set

31st, forth in the auxiliary minute book as of this date,

Feb. 1st, subject to the conditions stated in the individual

reports attached to each application.

Appro ved.


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Dated February 3d, Re c ornmend. ing that authority be given tocertain National Banks to our c ha se stockin corporations organized under the so-called alge Act, as set forth in the aux-iliary minute book as of this date.

Approved.Dated January 31st, Recorrnending approval of the application

of :'r. Charles D. Lockwood to serve at thesame time as director of the First StanfordNational Bank of Stamford, Conn., and. theGreenwich Trust Co. of Greenwich, Conn.

Apnro ved.Dated February 1st, Recommending approval of the application

of Mr. A. :11. Bowers to serve at the sametime as director of the First National Bankof Wichita, Kans, the First National Bank,Wellington, Mans., and the Union State Bank,Hunnewell, Mans.

ADIzoved.Dated February 1st, Recommending approval of the application of

::r. Murray MacLeod to serve at the same timeas director of the Albany Dark National Bankand the Irving Park National Bank, both ofChicago.

Lppro ved.Dated February 1st, Recormendinz approval of the appl ic at ion of

Mr. Clyde L. Leesley to serve at the sametime as director of the Albany Park rationalBank and. the Irving Park Nat ionai Bank, bothof Chicago.

Approved.Dated January 31st, Recommending refusal of the application of

Mr. Geo. W. MciTear to serve at the same timeas director of the American rational Bank,and the French-American Bank of Savings ,bothof San Francisco.

Approved.Dated January 31st, Recommending approval of the application of

:'r. J. D. Peckham to serve at the same timeas director of the 7irst National Bank ofScranton, 'a., and the Grange National Bank,New Milford, ).

Approved.Dated February 1st, Recommending apizoval of a salary of ':3,300

per annum to be paid to Mr. E. Robert Robinson,National Bank Examiner in the Seventh FederalReserve District.

Approved.


Dat ed. February 2nd, Roc amending aRpro val of the appo int mentof Miss Ruth E. K. Peterson to the staff ofthe Division of Analysis & Research, as

• Junior Research Assistant at a salary of$'2100 per annum, effective February 8, 1921.

Approved.

At 12:25 p.m. the meeting adjourned.

Assistant Secre ta

(Vic e-Gover. nor .

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19210203_Minutes.pdf