The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Tuesday, February 27th, at 11:30 a.m. PRESENT: Vice Governor Platt Mr. Hamlin Mr. Miller Mr. Cris singer Mr. Hoxton, Secretary Minutes of the special meeting of the Federal Reserve Board held on February 24th were read and on motion approved as amended. The Vice Governor reported the reserve positions of the several Federal Reserve banks as at close of business February 21st, 23rd and 24th. Memoramium dated January 31st, from the General Counsel submitting a (1114-ft of a letter addressed to the Chairmen of the Federal Reserve Bank of 8t. Louis and a draft of a letter to be sent to all Federal Reserve banks °4 the subject of "Advertisements by State Member Banks". Approved, with authority to publish the circular letter above mentioned in the Federal Reserve Bulletin. Memorandum dated. February 26th,from General Counsel submitting for publication in the Federal Reserve Bulletin certain legal rulings which have been made by the Federal Reserve Board. Approved. Telegram dated February 26th, from Mr. Lynn P. Talley accepting appoint- tent as a Class "C" Director of the Federal Reserve Bank of Dallas for a term 64(1111g December 31, 1925, and designation as Federal Reserve Agent and ChairOf the Board of Directors for a term ending December 31, 1923. Noted. At this point the Consulting Architect, Mr. Trowbridge, entered the room 44 ' 1 discussed with the Board, the proper construction of the words "permanent _2.. 2/27/23 equiPment", which appear in the amendment to the Federal Reserve Act approved February 6, 1923, said amendment reading as follows: "No Federal Reserve bank Shall have authority hereafter to enter into any contract or contracts for the erection of any branch bank building of any kind or character, or to authorize the erection of any such building, if the cost of the building proper exclusive et the cost of the vaults, permanent equipment, furnishings, and fixtures, is 114 excess of ;t250,000: PROVIDED, that nothing herein shall apply to any building ltider construction prior to June 13, 1922". The Board advised Mr. Trowbridge that certain items should properly be included as "permanent equipment" and certain other items should be excluded. Yr. Trowbridge was requested to address a letter to the Board setting forth his understanding of the Board's conclusions in this matter. The discussion with Mr. Trowbridge had to do particularly with the proposed new building for the Little Rock Branch of the Federal Reserve Bank of St. Louis. 414.Z.9.4TS OF COLINITTETR: NO. 1 Dated February 24th, Recommending action on applications for changes in stock as set forth in the Auxiliary Minute Book of this date. Approved. At one o'clock the meeting adjourned. Secretary. 4PProved: Vice Governor.
@FedFRASER