The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
C . ft A meeting of the Federal Reserve Board was held in the office of the Board on Tuesday, June 20, 1922, at 10:20 a.m. PRESENT: Vice Governor Platt Mr. Hamlin Mr. Miller Mr. Mitchell Mr. Crissinger Mr. Hoxton, Secretary. Minutes of the meeting of the Board held June 15th were read and on motion approved. The Vice Governor reported the reserve positions of the several Federal reserve banks as at close of business June 14, 15. 16 and 17th. Letter dated June 13th, from the Assistant Federal Reserve Agent at St.Louls, enclosing with favorable recommendation the application of the Jefferson Bank, St.Louis, for a reduction in its reserve requirerrBnts to 7"' of demand deposits and 31' of time deposits, under the provisions of Section 19 of the Federal Reserve Act, mid application being made on account of the reclassification of St.Louis as a reserve city. Approved. Telegram dated June 16th, from the "ederal 9eserve Bank of St. Louis, with reference to the matter of making real estate loans by the local national banks, under the provisions of Section 24 of the Federal Reserve Act, it being noted that the Governor, under date of June 15th, had, replied to this telegram as follows: "Board has never made list of cities other than central reserve cities whose banks are not permitted to make real estate loans. Board's action in making St.Louis reserve city automatically gives banks located in St.Louis right to rra Ice real estate loans under Section 24, unless Board should designate St-Louis as a city where banks cannot make such loans." 4-1 -2- Upon motion, it was voted that the Board will not at the present ti/113 make up a list of cities other than central reserve cities wherein national banks may not make real estate loans under the provisions of Section 24 of the Federal Reserve Act. Letter dated June 15th, from the Acting Secretary o f the Federal Reserve Bank of Atlanta, advising of certain changes, subject to the approval of the Federal Reserve Board, in. the payroll of that Bank and its branches. Referred to the Committee on Salaries and Charge Offs. Letter dated June 17th, from the Chairman of the Federal Reserve Bank of Richmond, advising of the election of Mr. Carter G. Osburn, President of the Farmers Merchants Nat ional Bank of Baltimore, as director in the Baltimore Branch, to succeed Mr. C. C. Homer, deceased. Noted. Letter dated June 17th, from the Chairman of the Federal Reserve Bank of Kansas City, replying to an inquiry for information made in accordance with the action of the Board at its meeting of June 5, 1922, with respect to the progress of construction on the building of the Oklahoma City Branch, together with detailed information as to the dates on which such construction was begun. Noted. Letter dated June 17th, from the Director of the Division of Analysis & Research, recommending that 125 copies of the June Bulletin be furnished without cost to Mr. Treat, President of the American Credit Indemnity Company. Approved. 17- -3- Iemoranda from the Deputy Comptroller of the Currency, recommending, under certain conditions, that the Board approve applications for reduction of capital stock made by the First National Bank of Burkburnett, Texas, the First at ional Bank of Chesaning. Michigan, and the Peoples :Tat lanai Bank o f Rot Springs, South Dakota. Referred tack, without action, to the Comptroller of the Currency. Memorandum from the Comptroller of the "urrency, recommending approval of the application of the Tirst National Bank of Bishop, California, for authority to reduce its capital stock from "1_00,000 to '',50,000. Approved. Letter dated June 15th, from the Chairman of the Federal Reserve Bank of Boston, requesting approval of the Federal Reserve Board of the action of the Board of Directors of that Bank at a meeting held June 15th, whereby it was voted to declare a dividend on the paid-in capital stock, at the rate of 61; per annum, for the six months period ending June 30, 1922, payable on the same date. Appr ov ed. Letter doted June 12th, from the Chairman of the Federal Reserve Bank of Kansas City, requestim-; apiroval of the Federal Reserve Board of the action of the Board of Directors of that Bank taken at a meeting held June 8th, whereby it was voted that a dividend for the six months period ending June 30, 1922, at the rate of 65 per annum on the paid-in capital stock. Payable on the 30th day of June, be declared to all stockholders of the -4- Federal Reserve Bank of Kansas City, as shown by the books of the Bank on that date. Approved. 7.:emorandurn dated June 17th, from the Fiscal Ar,ent of the Board, transmitting an estimate for the general expenses of the Board for the ensuing six months beginning July 1, 1922. Upon motion, the following resolution was adopted: WHERAS, under Section 10 of the act approved December 23, 1913, and Icnown as the Federal Reserve Act, the Federal Reserve Board is empowered to levy semiannually upon the Federal Reserve Banks in proportion to their capital stock and surplus an assessment sufficient to pay its estimated expenses, including the salaries of its members, assistants, attorneys, experts, and employes for the half year succeeding the levying of such assessment, together with any deficit carried forward from the preceding half years; and WHEREAS, it appears from estimates submitted and considered that it is necessary that a fund equal to one hundred twenty-two thousandths of one per cent (.00122) of the total paid-in capital stock and surplus of the Federal Reserve Balks be created for the purpose hereinbefore described, exclusive of the cost of engraving and print ing of Federal Reserve notes; now, therefore. BE IT RESOLVED, That pursuant to the authority vested in it by law, the Federal Reserve Board hereby levies an assessment upon the several Federal Reserve banks of an amount equal to one hundred twenty-two thousandths of one per cent (.00122) of the total paid-in capital and surplus of such banks as of June 30, 1922, and the Fiscal Agent of the Board is hereby authorized to collect from said banks such assessment and execute, in the name of the Board, receipts for PaYrrents made. Such assessment will be collected in two installments of one-half each; the first installment to be paid on July 1, 1922, and the second half on September 1, 1922. -5- Memorandum dated June 16th, from the Assistant Secretary of the Board, advising that the Treasury Departrivnt has agreed to assign to the Board space for the storage of old records in the sub-baserrent of the auditor's building (the old Bureau of Engraving and Printing), and recommending that the Board. approve the storage of obsolete records in the space thus allotted by the Treasury Depart/rent. Approved. Letter dated June 16th, from the Director of the Division of Analysis & Research, requesting aithority to employ Messrs. W. F. Crick and W. J. Carson as Junior Research Assistants in the Division of Analysis and Research, fbr a period of six months from the date of appointra3nt, at salary of 4'150. per month each. Approved. Memorandum dated June 16th, from the Statistician of the Board, recommending approval of the employment of Mrs. Blanche L. Sutton as translator and. technical clerk in the office of the Statistician, at an initial salary of fl680 per annum, the salary being raid her at present by the Departrent of Agriculture. Upon motion, it was voted that authority be granted to employ Mrs. Sutton with the designation of Translator for the Statistical and Research Divisions of the Board, it being understood that nrs.Sutton will report to Mr. Jacobson for duty and. will be employed at a salary of f§1680 per annum. Memorandum dated June 16th, from the Statistician of the Board, recommending that authority be granted for the appointniant as Librarian of the Federal Reserve Board of Miss Elsie Rackstraw, at salary of 240.0 per annum, to fill a vacancy created. by the resignation of Nelson W. McCombs. Approved. -6-- Memorandum dated June .15th, from the Assistant Secretary of the Board, requ3sting authority to employ an additional colored messenger to serve the Board's offices located in the Otis Building, at salary of !!:1080 per annum. Referred to the Governor with power. Letter dated June 15th, from the Comptroller of the Thrrerry, recomrnending an increase in the salary of National Bank aminer Lens T". Sawyer, Jr., from .7;4200 to :35000 per annum, effective July 1, 1922. Approved. BM-30RM OF COTSTITT: NO. 1: Dated June 17th, Tlecormending changes in stock at Federal reserve banks, as set forth in the aimiliary minute book of this date. Approved. Dat ed June 16th, Recomending admission of state institution, subject to the conditions stated in the individual report attached to the application, as set forth in the =Mary minute book of this date. Approved. Dated. June 19th, Recommending action on applications for fiduciary powers, as set forth in the auxiliary minute book of this date. Approved. At 11:30 a.m. the meeting adjourned. Secretary Vice Governor. ii
@FedFRASER