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t" A meeting of the Federal Reserve Board was held in the office of the Board on Monday, January 9, 1922, at 11:10 a.m. PRESENT: Governor Harding Mr. Platt Mr. Hamlin Mr. Miller Mr. Mitchell Mr. Crissinger Mr. Hoxton, Secretary. Minutes of the meeting of the Board held January 6th were read and on motion approved . The Governor reported the reserve positions of the several T-'4'ederal reserve banks as at close of business January 5th and 6th. The Governor submitted an analysis prepared by the Division of Examination of the Federal Reserve Bank of Minneapolis. ;Toted and returned to the Secretary for the usual letter of advice. Telegram dated January 9th, from the Chairman of the Federal Reserve Bank of Dallas, stating that the Board of Directors of that Bank had, subject to the review and determination of the Federal Reserve Board, established a rate of 5(7, on all classes of paper of all maturities, effective immediately. Approved. Draft of telegram, prepared for the signature of the Governor, and addressed to the Governor of the Federal Reserve Bank of Atlanta, with reference to certain proposed arrangements for the supplying of currency to the Island of Cuba by the Federal Reserve Bank of Atlanta through the -2- Havana Branch of the National City Bank of New York. The Governor was requested to show this wire and. the correspondence leading up to it to the Secretary of the Treasury, and to transmit the wire in the event that the Secretary of the Treasury approves the proposed arrangement. Memorandum dated January 7th, from the Statistician of the Board, recommending an increase in the salary of the Associate Statistician. Referred to the Committee on Salaries and Charge Offs. Letter dated January 6th, from the Secretary of the Federal Reserve Bank of Chicago, advising of the action of the Board of Directors of that Bank in authorizing the charge off for 1922 for depreciation and anticipated losses. Approved, with the understanding that the amount held as reserve last year for depreciation and anticited losses was recredited. Draft of letter prepared by General Counsel for the signature of the Governor, addressed to the Deputy Governor of the Federal Reserve Bank of Richmond, in reply to an inquiry from Mr. Peple as to the eligibility for discount of the paper of a borrower where the financial statement of the borrower indicates that stocks and bonds must be reckoned as quick assets, in order that the quick assets of the borrower may be in excess of current liabilities. Approved, and ordered transmitted substantially as drawn. Letter dated January 6th, from the Deputy Governor of the Federal Reserve Bank of New York, Mr. Harrison, advising that the Board of Directors of that Bank had voted to increase the salary of 7'r. Burgess from -3- $4500 to $5000. Referred to the Committee on Salaries and Charge Offs. Letter dated January 7th, from the Governor of the Federal Reserve Bank of Boston, advising that that Bank had recently purchased as an investment $2,000,000 worth of United States short time certificates of indebtedness, and advising of the establishment of a department of clearing house examination by the Clearing House Association of Boston. Noted. Draft of letter prepared for the signature of the Governor, in reply to a letter of January 5th from the Federal Reserve Agent at Boston, with regard to the matter of publishing in the weekly bank statement the "Reserve for Government Franchise Tax". Approved. Letter dated January 6th, from the Federal Reserve Bank of New York, advising of the names of certain employes whose services were discontinued during the month of December, and stating the salaries of said employes. Noted. Letter dated January 6th, from the Chairman of the Federal Reserve Bank of Philadelphia, requesting the approval of the appointment of Messrs. E. C. Hill and W. T. Locker as Federal Reserve Bank Examiners of the Federal Reserve Bank of Philadelphia. Approved. -4- Letter dated January 3d, from the Chairman of the Federal Reserve Bank of Boston, advising of the purchase as an investment by that Bank, at 102-1/16, of Treasury7otes to the amount of $ 1,000,000. Referred to the Governor for repay, with the request that he advise the Federal Reserve Rank of Boston that the Board will not look with favor upon any further purchase of three year notes. Memorandum dated December 30th, from the General Counsel, submitting a ruling upon questions relative to domestic acceptances, and recommending that the ruling be published in the Bulletin. Ordered circulated. Memorandum dated January 7th, from the Assistant Secretary, requesting approval of an expenditure of N30.00 to cover cost of a rearrangement in the quarters occupied by the telegraph offices of the Federal Reserve Board andthe Treasury Department. Approved. The Governor submitted for approval the bond in the amount of 50,000, of Albert H. Dudley, Assistant Federal Reserve Agent at Richmond, the said bond having been duly exarlined and approved as to form and execution by the office of the Board's Counsel. Approved. REPORTS OF COMMITTEE NO. 1: Dated January 9th, Recommending charges in stock at Federal reserve banks, as set forth in the auxiliary minute book of this date. Approved. Dated January 6th, Recommending action on applications for fiduciary powers as set forth in the auxiliary minute book of this date. Approved. -5- Dated January 6th, Recommending action on applications for 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 of this date. Approved. Dated January 7th. Recommending approval of the application of Fr. M. F. Yount to serve at the same time as director of the First Nat ional Bank, Beaumont, Texas, and as director of the Citizens National Bank, Sour Lake, Texas. Approved. Dated Janilary 7th, Recommending approval of the application of Mr. John G. Shedd to serve at the same time as director of the National Bank of Commerce, New York, as di rector of the Merchant s Loan & Trust Co., Chicago, and as director of the Illinois Trust & Savings Bank, Chicago. Approved. Dated December 20th,Recommerxiing approval of the application of Mr. William G. Baker,Jr. to serve at the same time as director of the Merchants National Bank, as director of the Commerce Trust Co. and as a member of the firm of Baker, Watts & Co., all of Baltimore, Md. Approved. Dated December 20th ,Recormending refusal of the application of Mr. B. Howell Griswold, Jr. to serve at the same time as director of the Merchants National Bank, as director of the Maryland Trust Co. and as a member of the firm of Alexander Brown & Sons, all of Baltimore. Approved. Recomminding refusal of the applic at ion of Mr. Van Dated July 13th, Lear Black to serve at the same time as director of the Merchants Nat ional Bank of Bait imore, as director of the first National Bank, Mt.Savage, and, as director of the Fidelity Trust Co., Baltimore, Maryland. Approved. At 1:10 p.m. a recess was taken, with the understanding that the Board would reassemble at 2:30 p.m. •
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