The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
1 A meeting of the Federal Reserve Board was held in the office of the Board on Friday, February 10, 1922, at 11:00 a.m. PRESaTT: Governor Harding Mr. Platt Mr. Hamlin Mr. Miller Mr. Mitchell Mr. Cri ssinger Mr. Hoxton, Secretary. Minutes of the meeting of the Board held February 8th were read and on motion approved. The Governor reported the reserve positions of the several Federal reserve banks as at clot of business February 8th, Letter dated February 9th, from the Railway Loan Advisory Committee of t re Federal Reserve Board, recommending approval of the form of oblif.tion submitted by the Evansville, Indianapolis and Terre Haute Railway Company for a loan of :N100,000, in eif#It parts; the carrier electing at this time to take over the fifth part, in the amount of50,000, under the provisions of Section 210 of the Transportat ion Act, 1920, as amended. Approved.. Letter dated February 9th, from the Secretary of the Treasury, requesting that proof sheets covering the Board's Review of the month be each month transmitted to him for his information, prior to publicat ion in the Federal Reserve Bulletin. Referred to the Bulletin Committee. -2- Draft of letter dated February 10th, prepared by General Counsel for the si mature of the Governor, and addressed to the Secretary of the Federal Reserve Bank of Chicago, advising of the Board's views regarding the powers, duties and limitations of Federal Reserve Bank Examiners In their examinations of member banks. Approved, it being the sense of the Board that a copy of this letter should be sent to all Federal reserve banks. ritchell submitted to the Board a letter received from rr. D. C. Borden, Chief National Bank 7,xaminer in the Second Federal Reserve District, giving details regarding the deposits carried by the 3ast River National Bank of New York with banks in Italy and other -European countrie s. Ordered carried over until next meeting. Letter dated February 9th, from the Comptroller of the Currency, transmitting the application of the Conway National Bank, Conway, rass., for authority to reduce its capital stock from 150,000 to :25,000. Approved. Upon recommendation of the Assistant Secretary, reporting in behalf of the Leased Mre Committee, the Board authorized the establishment of a direct wire between New York and Chicago, upon a contract for 60 days, as a temporary installation proposed in the interest of studies being conducted relative to the entire leased wire system. Also, upon re- commendation of the Assistant Secretary and the Leased Wire Committee. the Governor was authorized to appoint a sub-committee consisting of representatives of the Federal Reserve Board and the Federal Reserve Banks -3- of New York, Cleveland and Chicago, to prosecute the studies with reference to the leased wire system. aril to formulate a report to the Federal Reserve Board and to the next conference of Governors. The Governor referred to an informal conference held yesterday afternoon in his office between the members of the Federal Reserve Board and Deputy Governor R. G. IihTerson and Class "B" Director Yarion Sansom, representing the Federal Reserve Bank of Dallas. After discussion of ratters which were considered at that conference, it was moved and unanimously voted that the Governor be requested to make an investigation of the conduct of the office of the Federal Reserve Agent at Dallas and to repert his findings to the Board as soon as practicable. REPORTS OF COMVIITT3F, NO.1: Dated February 9th, Recommending changes in stock at Federal Reserve Banks as set forth in the auxiliary minute book as of this dat e. Approved. Dated February 10th ,Recommending action on application for fiduciary powers, as set forth in the auxiliary minute book as of this date. A.pnr oved At 12:30 r..m. the no et ing adjourned. Secretary. Approved:
@FedFRASER