Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, February 5, 1920, Volume 7, Part 1

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

At a meeting of the Federal Reserve Board held in
the office of the Board on Thursday, February 5, 1920, at
11
PRESET: Mr.
Mr.
Mr.
Mr.
Mr.

Hamlin, Presiding
Miller
Moehlenpah
Williams
Emerson, Assistant Secretary.

Business was presented and disposed of as follows:
Memorandum dated February 3d from the Comptroller
of the Currency, recommending approval of application of
the I.:Alford National Bank, Milford, Mass., for a reduction
of its capital stock from ;;250,0O0 to:J.25,0JU.
Approved.
Letter dated February Zd from the Director,Division
of Analysis and Research, inquiring as to procedure to be
followed in the preparation of an abstract of the Annual
Reports of Federal Reserve banks.
Tabled for meeting of the Board to be
held on Tuesday, February 10th.
BIZOLTS OF COLMITTLE NO. 1:
Dated Feb. 4th, recommending changes in stock at Federal
Reserve banks, as set forth in the auxiliary
minute book as of this date.
Approved.
Dated Fob.4th,




recommending approval of application for
fiduciary powers as set forth in the auxiliary
minute book as of this date.
Approved.

r

Dated Jan. 16th, submitGing resignation of Irs. ;airy O.
Gaylord as Clerk Counter at ',„;1,040 per
annum, on duty in the r,ational Bank Redemption Agency, effective at close of
business December 31, 1919.
Accepted.
Other business was presented and disposed of as
follows:

Mr. Hamlin reported the reserve positions of the
several Federal Reserve banks as at close of business February
3, 1920, and the status of rediscounts between Federal Reserve banks as of the same date.
Telegram dated February 5th from the Governor, Federal Reserve Bank of Dallas, advising of a meeting to be
held Februar.:/ 6th in 1-,ew Orleans for the purpose of discussing the Federal Reserve Board pax collection plan.

There

were submitted for approval, draft of reply, and draft of
telegram to the Zamager, New Orleans Branch. Federal Reserve
Bank of Atlanta.
Telegram of Governor Van Zandt noted,
and proposed communications thereon approved.
(At this point Lr. Williams joined the meeting)
The Assistant secretary reported, in connection with
inquiry of Ir. Williams as to whether or not a reply had been
received from the Federal Reserve Bank of New York concerning
statement of condition of the Guaranty Trust Company of




A.ew York City as of December 31, 1919, that so far as he
knew, no reply had yet been received.
At 12-05 P.M., the meeting adjourned.

iissistant Secretary.
Approved:




Chairman of Meeting.