Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, February 14, 1923, Volume 10, Part 1

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/1 meeting of the :i'ederal. Reserve Board was held, in the office of the
Vice !`lov,-,rnor on 7ednesdw.r, February 14th., at 11:10 a.m.
.P.ICS:177I':

Vice Clovernor Platt
Fr. Hamlin
Fr. 171.11er
tch el 1
Secretary
T'oxtai,
Fr.

rlinutes of the meting of the Federal Reserve Board held on T.,
ruary 13th were read and on motion approved.
The Vice Governor reported the reserve positions of the several
Federal Reserve banks as at close of business February 10th.
The Vice Governor stated that the first thing in order would be
the consideration of th- proposal for the new build:lig of the Federal Reserve
B'ank of St..Louis, as provided for in the plans and specifications presented
1);ST the lovemor and the arch it ect of the Bank, to the Federal Reserve Board
at a conference held Fond ay, February 12th.
After a discussion of the St. Louis proposnl and comparative fir,ures of other Federal Reserve banks, it was upon
motion of Fr. llitchell, voted that the Board interoores no
objection to the Federal Reserve Bank of St. Louis proceeding
to secure bids upon the basis of the plans and specifications
submitted, with the understanding tha t no bids are to be accepted prior to final aoproval of the Federal Reserve Board.
Letter dated February 7th, from the Federal Reserire Agent at San
ancisco, transmit tinp; Nv,ith favorable recommendat ion, the applicnt ion of

the Pacific Southwest Trust and savin..s Bank to take over the California
lIat ierial Batik of Santa Ana, -alifornia, and to op rate a branch at that point.
Approved.
Letter dated 2ebrtriry 8th, from ?'r. P. ". Breck, Assistant Federal
ileserve Arent at San Francisco, advising of the closing on February 7th, of




2/14./23

€7)

the First National Bar,k of American Falls,
Idaho, specifying the amornt
"
ring to the Federal Reserve Bank of San Francisco, by the
ftAled bank and
the amount held by the Federal Reserve F.-ank of San
Frcncisco, to secure the
debt,
Noted, The Secretary was instructed to secure from the
?cderal Reserve rank of San .,1rancisco, inL'ormetion with reference to an item of .13292,774.38 a.)pearin57 in the schedule
as unsecured bills.
Than motion,of r.r. llnlin, it was voted that the Board
secure a compilation for the whole System by Districts, of
the amount of secured paL)er held ard the amount of unsecured
paper held.
Co')y of tele7rarn dated February 13th, transmitted by the ictin5
.

4

rror

to the Federal Reserve
•Fent, at Kansas City, advivilc- that the State Pank
°f

aYne, rrebraslm, nry post,ione the surren , er of its

stock without prejudieinP;

doral "eserire bank

its ri,c-ht to surrender its stock under the six

IThlths' not lee heretofore p•iven.
11.:)')rov ed.
Letter dated February 12th, from the Chai man of the Federal
Reserve
'41-1k of .Atl-,nta, advis,
era].

of the wish of the Board of Directors of the Fer'-

eserve Bank of Ltlanta, to hold its regulrr meeting
durinp; the month of
rashville, v 'th the Board of Directors of the Pra: ch bank at that
point.
Approved.

nemorandurn dated Febralry 14th,
from the Assistant Secretary of the 'Board
ellbrat
ttin F; for the Board's a Troval, a form of
letter to be addressed to the
e.
111
'Ls Tan of all Fedora') 'Reserve 1nks
transmitt in
for the confident
inOf the officers and directors, a ccpy of the report
made by Secret




2/14/23

Service operfitives followin :p; recent investigations of the protective
measures employed at the several. 'banks and branches.
Approved.
Memorandum dated February 14th, from the Assistant Secretary of the
Board, submitting for the approval of the Board, a letter preir red for the
signature of the Acting; Governor addressed to the Broadex Realty Corporation,
rev' York City, advising that the Federal Reserve Board does not desire to
continue or renew, the lcaSe upon certain office space at 50 Broad Street,
said lease expiting by its ov:ii t enTo on tiv: 30th of April, 1923.
Approved.
Upon motion, it was voted that the revised proof of the rinth
Annual Report of the Federal Reserve Board be ordered docketed
as special order business for tomorrow, .'ebrua,ry 15th.
0TT5 O' 00:2=2.1.21
Dated February 13th,

Dat9d ,,'ebruary 13th,

O. 1:
P.oeortmending changes in stock at Federal Reserve tanks,
as set forth in the Auxiliary rinute Book of this date.
Approved.
Recomending approval of the application of Mr. B. E.
Gear to serve at the sme time as director of the State
and City Bank and Trust Company, Richmond, Virginia,
of the TTorwood National hank, Greenville, South Carolina,
and of the American Trust Company of Charlotte, rorth
Carolina.
Approved. (Board decides latter institution not
within it.s jurisdiction, therefore,
consent of Bee rd =necessary.)

The meetin:7 adjourned at one o'clock.

Secretary.
411)Proved:




Vice Governor.