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A meeting of the Federal Reserve Board was held in the
Office of the Board on Wednesday, January 26, 1921, at 11:30
a.m.
?RESENT: Governor Harding
Mr. Platt
Mr. Harnlin
Mr. Miller
Mr. Wills
Mr. Hoxton, Secretary.
Reading of the minutes. of the meetin7 of the Board held
January 25th was omitted.
The Governor reported the reserve positions of the several 7ederal Reserve Banks as at close of business January 24th,
and the status of rediscounts between the Federal Reserve banks
as of the same date.
Letter dated January 18th, from the Chairman of the Federal Reserve Bank of Sanraicisco, reauest ing approval of
apoointment of Mr. Idward A. HaiP;ht in the Discount Deoprtment
of the Los Angeles Branch, at a salary of `u;3,000 per ann.
Approved.
Letter dated January 25th, from the Department of State,
advising that the Cuban ConfTess will shortly pass a law creating
a commission of three to supervise and control those Cuban banks
vinich are deemed to be insolvent, and requestino; inasmuch as this
commission will have among it s personnel one member appointed from
the united States of America, that the v'ederal Reserve Board nomin-
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05
ate such menber.
Referred to the Executive Committee with power.
Mr. Miller stated that he had received from the Director
Of the Division of Analysis & Research a portion of the annual
report of the Federal Reserve Bank of Richmond which, in the judgment of Dr. Willis, contains some material which might be open to
criticism, and moved that the said report be referred with power
to Mr. Platt and. Mr. Wills.
Carried.
In connection with the whole matter of the monthly reports,
Governor Harding was requested to instruct the Director of the
Division of Analysis & Research to call a conference in Washingearly in the week beginning February 7th, said conference to
be attended by thate in the Federal Reserve banks who have in
Charge directly the preparation of the monthly reports, and such
experts from without the Federal Reserve System as may be deemed
helpful for the purposes of the conference, and who may be willing
to attend at the expense of the Federal Reserve Board.
Draft of letter dated January 26th, to the Deputy Governor of the Federal Reserve Bank of New York, embodying the Board's
reply to a request from certain New York banks that the Federal
Reserve Board modify its regulations with reference to the presentation of original documents with drafts presented for acceptflee to menber banks in connection with import and export transactions.
Approved.
6
Governor hardily--; advised the Board that he had held
telephonic communication with the Governor of the Federal Reserve
Bank of Thy/ York with refereme to certain earmarked ("old held
in the Bank of France, and that Governor Strong agreed that such
gold should not be counted as reserve in the Federal Reserve System, but was disinclined at the present time to approve an order
to the Rank of France to ship the rrold to the Federal Reserve
Bank of New York.
Governor Harding stated that this matter could
be discussed further next Friday when Governor Strong, together
with two of the directors of the Federal Reserve Bank of New York,
pr000se to visit Washington for the purpose of laying before the
Federal Reserve Board urgent reasons for certain salary adjustments.
REPORTS OF CO—MT= NO. 1:
Dated January 25th, Recomending approval of the application of
r.r. B. A. McKinney to serve at the same time
as director and. officer of the American Exchange National Bank of Dallas, Texas, as
director and officer of the First National
Bank of Garland, Texas, and as director and
officer of the Farmers S.: Merchants National
Bank of Achille, Okla.
Approved.
aplroval of the application of
RecommEnding
Dated January 24th,
N. IT. Buckner to serve at the same time
as director of the Liberty National Bank,
and as trustee of the New York Trust Company,
both of New York City.
Approved.
Dated January 22nd. Recommanding the Board's approval of a salary of 2,400 per annum to be paid to /,:r.
Ira I. Chorpening, National Bank Examiner
in the Ninth Federal Reserve District.
Approved.
Dated January 25th, Recommending the Board's approval of a salary of :3,000 per annum to be paid to Mr.
Earle Van Kuren Willson, National Bank
Examiner in the Eleventh Federal Reserve
District.
Aprroved.
At 1:05 p.m. the meeting adjourned.
Secretary.
@FedFRASER