Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, February 10, 1921, Volume 8, Part 1

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133
A metino; of the Executive Cormittee was held_ in the office
Of the Board on Thursday, February 10, 1921, at 11720 a.m.
PRESMT: Governor Harding
7.r. Hand in
I.r. Miller
Hoxton, Secretary.
The Governor reported_ the reserve positions of the several Federal Reserve banks as at close of business FeVruary 8th,
ancl the st at us of redis co unt s between the Federal Reserve b auks
as of the same date.
Letter dated February 8th, from the Old. Colony '_lrust Com1)any, of Boston, I-ass., mking application for permission to accept drafts drawn for the purpose of furnishing dollar exchange,
dravm upon it by banks or bankers located in certain Central and
South !km er i can countries.
Approlt
Letter dated February 1st, from the Director of the Division of

Research, requesting that an appropriation of

)
6,000 per annum be authorized by the Federal Reserve Board for
the puroose of securing data and. statistics from

urope, and in

connection therewith to authorize the expenditure of '11,000 nor
anlattn for data proposed to be obtained throuji the American Consul
'Te neral

s office of London, and an appropriation to cover the pay-

lit of a srall honorarium to Professor H. Michell, for the preparation of a Canadian Index number of prices.




:134
Upon motion, -the 'l,000 ap pre priat ion for use
in England, atid the payment of an honorarium to
professor 17ichell were a.)proved. Action noon other
matters in Dr. ',Tiflis' letter was postponed.
Memoraidum dated February 10th, from Ur. :43ddy, transmitting request of Tr. Jacobson relative to wiring to all Federal
Reserve banks on Ench Saturday figures of the consolidated report of condition of all Federal Reserve banks as of Friday

Referred to Governor ITE.,,rdinc7 with power.

C011,a2T247.] MO. 1:

RiTCRTS

Dated February 9th, ,7ecommending changes in stock at Federal
Reserve banks, as set forth in the auxiliary minute book as of this date.
kopro ved.

Upon motion. a recess was taken at 1:00 p.m., to reconvene at 3:30 p.m'
At 3:45 p.m. the meeting reconvened, with Mr. ?latt and
Mr. Wills present, in addition to those who were present at the
morning session.
Governor Harding stated that it was in order to consider
the matter of the publication in

a New York service bulletin of

a reference to the letter written to him on December 28, 1920 by
1:1r. Williams, which matter was referred - o the lcecutive Committee
by the Board at its meeting of February 8,1921.




Upon motion, the Secretary was instructed to request the Comptroller of the Curren.cy to supply the
Secretary with a list of the names of those parsons
to vi.dom 7r. 7/illiams hasven copies of his letter
of December 28, 1920, so that the Committee may be in
a position to formulate its report to the 7ed.ezal Reserve Board., as contemplated in the action of that
body at its meeting of February 8, 1921.
Letter dated January 21st, from the Chairman of the Federal Reserve Bank of Atlanta, transmittin7 a resolution of the
Boarti. of Directors of that Bank and. a letter from the Chairman
Of the Boaitl of Directors of the Hew Orleans Branch, requesting
the Federal Reserve Board to reconsider its foiner action, and
aPprove a salary of

12,000 for the First Deputy lovernor of the

Federal Reserve Bank of Atlonta, and'
'
1,7,500 for the Second De3uty
Governor, and

12,000 for the I.:anager of the -Tm Orleans Branch.

Upon recommendation of 1,7r. Platt and 1.7r. Wills,
the Committee voted to allow the salaries requested
for the First and Second Deputy Governors and to disallow the salary requested for the llanager of the
3Tew Orleans Branch.
Revised draft of letter dated Febrilpry 10th, to the Thiladelohia 1Tational Bank. regarding sterling exchange as security
for bankers acceptances drawn in import and exoort transactions.
Approved.
Letter dated February 7th, from the Secretary of State.
containing a proposal for creating a national currency for the
Republic of -Panama.




Referred to Governor Hording for rely.

136

At 4:45 p.m. the meeting adjourned.

APProved:




Governor.