Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, February 3, 1921, Volume 8, Part 1

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3

A meting of the Federal Reserve Board was held in the
office of the Board on Thursday, February 3d, 1921, at 11:15 a.rn.
PMSEITT: Vice-Governor "Platt
Mr.•7/ills
Mr. Miller
1:1r. rzuni in
. lidy, Assistant Secretary.
Reading of the minutes vs omitted.
The Vice-Governor n-3,-)orted the reserve positions of the
several Federal Reserve Banks as at close of business Febrilnry
1st, and the status of rediscounts between the Federal Reserve
Banks as of the same date.
The Vic e-nro ver no r reoorted rediscount t ran sact ions, member bank promissory- not es secured by Gov ernment obligations,
rate T.'. as follows:
Date

Feb. 2

Bank rediscounting
Dallas

7Tith

Cleveland

Amount

-',500,000

Maturities

11 - 15 dys.

On motion of Mr. Miller, carried unanimously, the Secretary was instracted to have submitted to the Board each day hereafter until further notice, statement showin-; the reserve 9ositions of each Federal Reserve bank, the reserve 'positions of the
twelve Federal Reserve banks combined, ani the combined position
of all Federal Reserve banks, excepting the ?ed.eral Reserve Bank
of 11ew York.




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Letter from the Comptroller of the Currency, dated February 2d,
relative to assignment of certain enployes in the Board's Division of
issue and. Redemption to work in the offices of the Comptroller.
On motion of T.r. Hamlin, matter was referred to
General Counsel.
Committee composed of T'essrs. Platt, T.:iller and 7/ills reported.
that they approved of the ir °posed conference of business statisticians
bein7 held. in 1,7ashincton on February 21st and 22d, and the Vice Governor
Was authorized to advise the Federal Reserve Agents of the conference
and to instruct the Director of the Division of Analysis R• Research to
e'xt end invitations to business statisticians, other than those connected- With the Federal Reserve banks, vho had been invited to attend the
Conference which was to have been held on January 27th and 28th.

On motion of l'r. -rills, the Doarcl voteci that on the occasion of
thd visit of /:essrs. )1att and 1.7ills to the Federal 'Reserve Bank of Del'as on February 7th, they should make Imown to the directors of the Dallas bank the Board's o-oinion that serious consideration should be 7iven
to the estrl.blishmmt in the 11th District of a flat rate of 6`; on all
Paper secured by Government obligations and the establishment of a 7basic rate for all other borrowings.
. --O. 1:
11-4,'PORTS OF C,1,1ITT74-7
Dated. Jan. 26th, Recommending admission of State institutions as set
31st, forth in the auxiliary minute book as of this date,
Feb. 1st, subject to the conditions stated in the individual
reports attached to each application.
Appro ved.




-3-

Dated February 3d,

iti

Rec ornmend.ing that authority be given to
certain National Banks to our c ha se stock
in corporations organized under the socalled alge Act, as set forth in the auxiliary minute book as of this date.
Approved.
Dated January 31st, Recorrnending approval of the application
of :'r. Charles D. Lockwood to serve at the
same time as director of the First Stanford
National Bank of Stamford, Conn., and. the
Greenwich Trust Co. of Greenwich, Conn.
Apnro ved.
Dated February 1st, Recommending approval of the application
of Mr. A. :11. Bowers to serve at the same
time as director of the First National Bank
of Wichita, Kans, the First National Bank,
Wellington, Mans., and the Union State Bank,
Hunnewell, Mans.
ADIzoved.
Dated February 1st, Recommending approval of the application of
::r. Murray MacLeod to serve at the same time
as director of the Albany Dark National Bank
and the Irving Park National Bank, both of
Chicago.
Lppro ved.
Dated February 1st, Recormendinz approval of the appl ic at ion of
Mr. Clyde L. Leesley to serve at the same
time as director of the Albany Park rational
Bank and. the Irving Park Nat ionai Bank, both
of Chicago.
Approved.
Dated January 31st, Recommending refusal of the application of
Mr. Geo. W. MciTear to serve at the same time
as director of the American rational Bank,
and the French-American Bank of Savings,both
of San Francisco.
Approved.
Dated January 31st, Recommending approval of the application of
:'r. J. D. Peckham to serve at the same time
as director of the 7irst National Bank of
Scranton, 'a., and the Grange National Bank,
New Milford, ).
Approved.
Dated February 1st, Recommending apizoval of a salary of ':3,300
per annum to be paid to Mr. E. Robert Robinson,
National Bank Examiner in the Seventh Federal
Reserve District.
Approved.




'

Dat ed. February 2nd, Roc amending aRpro val of the appo int ment
of Miss Ruth E. K. Peterson to the staff of
the Division of Analysis & Research, as
• Junior Research Assistant at a salary of
$'2100 per annum, effective February 8, 1921.
Approved.

At 12:25 p.m. the meeting adjourned.

Assistant Secre ta

(

Vic e-Gover.
nor.