Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, February 13, 1920, Volume 7, Part 1

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At a meet in

of the Federal Reserve Board held in

the office of the Board on Friday, February 13, 1920, at
il
PRLSENT: The
Ur.
Lir.
Mr.
Mr.

Governor
Strauss
Miller
Hamlin
Chapman, Secretary.

Linutes of the meeting of the Board held February
12th were read, and on motion approved.
Business was presented and disposed of as follows:
The Governor reported the reserve positions of the
several Federal Reserve banks as at close of business February
11th, and the status of rediscounts between Federal Leserve
banks as of the same date.
iwplication of the liler,:hants rational Bank, Los
Angeles, California, for authority ty accept drafts and bills
of exchanoe up to 1,00: of its capital and surplus, under t!le
provisions of Suction 13 of the Federal Reserve Act.
Voted to ,defer action, pendin receipt
of further examination report by the Comptroller
of the Currency.
REPORTS OF CaMiTTIL NO. 1:
Dated Feb. 13th, recommendinb: admission of State institutions
as set forth in the auf:iliary minute book
as of this date, subject to the conditions
stated in the individual reports attached
to each application.
.kpproved.




O
Other business was presented and disposed of as
follows:
Letter dated iebruary 9th from Mr. J. C. Chidsey,
submitting his resignation as a director on behalf of the
federal lieserve Board of the Houston 3ranch of the federal
heserve Bank of Dallas.
Acceoted.
Telegram dated iebruary lath from the Chairman, fed3ank of _Aston, recommending changes in discount
.
eral .ieserve
rates.
The recommendation was considered but
no action taken.
(At this point Mr. L. T. Meredith, the 6ecretary of
Agriculture, joined the meeting and submitted his resignation
.eserve Bank of Chicago,
as a Class ''C" director of the federal 1,
nd made certain suggestions concerning persons eligible for
!-.0pointment as his successor).
On motion dul seconded, hr. :,:eredith's
resignation was accepted.
(hr. Meredith thereupon withdrew from the meeting)
The Law Committee re9orted that it deemed it inadvisable for the Board to make any further public announcement in regard to the Board's circular No. 21, series of
1A.5, touching the eligibility of candidates for directorships;




r

that the principle heretofore adopted by the Board, when
called upon to rule' in particular cases, has been the necessity of preservinc; the non-political character of the Federal

userve System, and that the Law Committee recommended,

therefore, that as cases from time to time should be presented to tna Board, tne above principle be applied

in each

individual case.
At 12-30

the meetin, adjourned.

Secretary.
Approved: