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4'14 4--) A meeting of the Federal Resi_rve Board was held in the office of the Bo-, rd on Friday, Januri.ry 27th, 1922, at 11:20 a.m. PRESENT: Vice Governor Platt Mr. Hamlin Mr. Mitchell Mr. Crissinger Mr. Hoxton, Secretary. Minutes of the meeting, of the Board held January 26th were read and on motion approved. The Vice Governor reported the reserve positions of the several Federal reserve banks as at close of business January 25th. Telegram dated January 27th, from the Governor of the Federal Reserve Bank of Dallas, inquiring if the Board looks with favor upon ,by the subscribing for/that Bank of approximately ,>1,000,000 of the pending issue of Treasury Notes. It was, upon motion, voted that the Board does not look with favor upon such a subscription at the present time, aid the Secretary was instructed to so advise the Governor of the Federal Reserve Bank of Dallas. Telegram dated January 26th, from the Chairman of the Federal Reserve Bank of Boston, advising that the Board of Directors of that Bank had, subject to the review and determination of the Federal Reserve Board, fixed the minimum rate for open market purchases of bankers acceptances at 3-,-?; Approved. Letter dated January 24th, from the Chairman of the Federal Reserve Bank of Richmond, transmitting with favorable recommendation the application of the 77achovia Bank and Trust Company of Winston-Salem, North Carolina, -2- a member bank, for peTIlliS Sion to establish a branch at Raleigh, 77orth Carolina. Approved. Mr. Mitchell advised the Board that he would,..for urgent personal reasons, have to be away from Washington next Wednesday, and requested that the Board approve the postponement of the report on the petition from the St.Louis Clearing House Association which had been ordered docketed for the meeting next Wednesday. Apir oved. Letter dated January 21st, from the Acting Comptroller of the Currency, requesting approval of a salary of 3,000 per annum to be paid to Mr. Albert A. Basham, National Bank Examiner in the Sixth Federal Reserve District. Approved. RaPORTS OF COVNITME NO. 1: Dated January 26th, Recommanding changes in stock at 'Federal Reserve Banks, as set forth in the auxiliary minute book as of this thte. Approved. Dated Januziry 25th, Recommending act ion on applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. Dated January 25tq., Recommending action on applications fbr admission of state banks, subject to the conditions stated in the individual reports attached to the applications, as set forth in the auxiliary minute book as of this dat e. Approved. At 12:10 p.m. the meeting adjourned. Appro 6 ) --- Vice Governor. Secretary.
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