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At a meeting of the Federal Reserve Board held in the office of the Board on Friday, February 27, 1920, at 11 PREar;NT: The Vice-Governor Miller Mr. Hamlin Mr. Moehlenpah Mr. Chapman, :;ecretary. Minutes of the nieeting of the Board held February 26th were read, and on motion approved as amended. Business was presented and disposed of as follows: The Vice-Governor reported the reserve positions of the several Federal Reserve banks as at close of business February 25th, and the status of rediscounts between Federal Reserve banks as of the same date. RE2CRTS 02 COMMITTLL NO. 1: Dated Feb. 27th, recommending admission of State institutions as set forth in the auxiliary minute book as of this date, subject to the conditions stated in the individual reports attached to each application. Approved. Dated Feb. 24th, recommending changes in stock at Federal Reserve banks as set forth in the auxiliary minute book as of this date. Approved. Dated Feb. 26th, recommending approval of applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. Dated Feb. 26th, recommending the transfer of Miss Violet Clarridge, Telephone Operator, to the Bureau of War Risk Insurance, effective at close of business February 24th, and the transfer of Miss Catherine E. Gross from the Treasury roll to the Federal Reserve Board roll as Telephone Operator at :1,020 per annum plus $240 bonus, effective February 25, 1920. Approved. _9_ Other business was presented and disposed of as follows: Telegram dated February 26th from the Liberty National Bank, New York City, requesting that the Board grant it Permission to accept drafts drawn upon that Bank by banks or bankers in Brazil for the purpose of creating dollar exchange. Voted that application be denied and applicants advised that the sane is denied by reason of insufficient information as to the nature of the transaction; that the applicant be further informed that the list of countries, the usages of trade of which require the furnishing of dollar exchange, is now undergoing revision by the Board, and that therefore there was no assurance that Brazil would be retained on the list of such countries. The applicant apprently had no information, and was acting solely at the request of its correspondent in Brazil. Letter dated February 25th from Acting Governor Case of the Federal 7,eserve Bank of Neu York, requesting permission to modify the method of making public the figures showing the percentages held by that Bank against its note and deposit liabilities. Referred to the Vice-Governor for reply. Application of the Merchants National Bank of New York City for authority to accept up to 100"/ of its paid in capital and surplus, drafts and bills of exchange drawn upon it under the provisions of Section 13, if and when converted into the Merchants Bank of the City of Neu York. Approved. -3On motion duly seconded it was voted that, in view of the fact that the statement of condition of the Federal Reserve Bank of New York discloses that it has an insufficient amount of cold and legal tender to supply the minima reserve requirements specified by the Federal Reserve Act against both note and reserve deposits, General Counsel be asked to render a formal opinion as to the proper construction of the Federal Reserve Act with respect to the apportionment of the reserve held between the two classes of liabilities. At 12-15 P.L., the meeting adjourned. Secretary. Approved: -7-- Vice-Governor.
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