Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, January 5, 1921, Volume 8, Part 1

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 Board on Wednesday, January 5th, at 11:25
a•rn•
PIESENT: The Governor
Mr. Hamlin
Mr. Miller
Mr. Wills
Mr. Hoxton, Secretary.
Minutes of the meeting of the Board held. January 4th
were read, and on motion approved, as amended.
The Governor reported the reserve positions of the sevOral Federal Reserve Banks as at close of business January 3d,
and the status of rediscounts between the Federal Reserve Banks
as of the same date.
Letter dated December 30th, from the Deputy Governor
Of the Federal Reserve Bank of New York, suggesting anendment
to the Board's regulat ions upon open marloet purchases of bankers' acceptances, to the mid that Federal Reserve Banks shall
be authorized to purchase such acceptances covering export and
import transactions having maturity of not more than six months.
Upon motion, made special business, ordered
to be considered by the Board at a meeting to be
held next Friday January 7th, at 11 a.m.
Upon motion, it was resolved that the Board, through its
Governor, request the Comptroller of the Currency to inform the
Board how long certain conditions in the Chase National Bank of
New York, specified by the Comptroller, have been in existence




-2-

prior to his communication to the Board.
Letter dated January 3d, from the Director of the Division of Analysis & Research, requesting an increase in the
expenditure allowed by the Board for the purpose of securing
data in Great Britain.
Referred to the Governor for reply.
Telegram dated January 4th, from the Chairman of the
Federal Reserve BanIr of Atlanta, requesting that National Banks
which have heretofore been authorized to subscribe to stock in
the Federal International Banking Company be now authorized to
pay a call of 25% of their subscriptions.
Approved.
Memorandum dated Janmry 4th, from Mr. Eterson, recommending that the Board request the Comptroller of the Currency
to direct the Assistant Treasurer at St.Louis to deliver unissued Federal Reserve notes of the Federal Reserve Banks of
Kansas City and Dallas to the Federal Reserve Bank of St.Lauis,
upon the assumption by that Bank of Sub-Treasury functions,
said notes to be held subject to the orders of the Comptroller
Of the Currency.
Approved.
Mr. Miller called up the matter of the nomination on
December 21, 1920 of Mr. William Sproule for appointment as




112

-3-

Class "On Director in the Twelfth Federal Reserve District.
Upon motion, Mr. Miller was authorized to
inquire of Mr. Sproule if he will be willing to
accept the appointment, the inquiry being rade
with the understanding that the Board will elect
Mr. Sproule if he indicates his willingness to
accept the office.

REPORTS OF COMMIT= NO. 1:
Dated January 5th, Recomending that authority be given to
certain Nat ional Benks to purchase stock
in corporations organized under the socalled Edge Act, as set forth in the auxiliary minute book as of this da,te.
Approved.

At 1 p.m. the meeting adjourned.




Secretary.