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

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IrcetinJ7 of the Federal Reserve Board

s held in the

office of the Board on Tuesday, T...Tarch 1, 1921, at 11 a.m.
PRESETTT: Governor liar(ling
7r. Platt
Mr. Hon'in
hr. 1.:iller
Mr. Vlil is
1.7r. Hoxton, Secretary.
PRM2,711 ALSO: Governor Strong and Deputy Governor
TTarrison of the Federal Resarve Bank of 7.7a7 York.
rlovernor
born of the Federal Reserve Bank of Atlanta, and :-r. Brown., Architect for the latter Bank.
Upon mouest of rrov rnor Harding, Governor '7ellborn submitted, to the Board a drawing of the buildin7 of the Federal Re•

serve 'Dank of Atlanta as it v.'111 appear after certain oro nosed.
alterations and addit ions are corr leted.

Governor Wellborn esti-

Il ted that the pr000sed addition to the building will cost anProxint.tely '350,000.

governor Harding stated that assiznino

Governor 'Thliborn's est inate to be correct. the entire bank proPerty when complete will have cost the Federal Reserve Bank of
Itlanta approximately ,912,000, a surdler tot al expenditure than
;
t hat authorized, so far for

all:j

of the Federal Reserve banks.

Upon motion, general approval was given to the
6'edera1 Reserve Bank of Atlanta to proceed with the
preparation of plans along the lines of the sketches
submitted, it beinr- understood that the Board will
subsequently submit these plans to the Consulting
Architect for advice, and that later the Federal Reserve rank of Atlanta will request the Board for specific authority to take bids.




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At this point Covernor 7Te11born and Mr. Brown withdrew
from the meetin,r1,..
The Secretary read the minutes of the two meetinr-o of
the Board head on ?rid2y, February 25th, and the meetinn: of the
•Roard held on the morninr? of Saturday. February 26

1921.

Mr. Miller moved that the minutes be an ,-)roved as read_
and that the minutes of the

etin- held on th,_ morning of Feb-

rilary 26th be recorded in handv.-riting by the Secretary, and totier wi th the stenographic re .)ort of the meet int); of Monday,
?ebrix.ry 20th, placed in charge of Governor Harding and that, urtil further orders are issued, all applications to inspect the
said records must be .
m ade to the governor of the Board.
Carried unanimously.
The Secretary rep or tea that no minutes had. b€,-en pre )ared
coverin-; the infernal conference held at tne request of Hr.
'filliams on the afternoon of Saturday, 2ebruary 26th, z,
..nd that
the record of the metin7 of Monday, Febratry 28th was contained
ill the verbatim report of that meeting which was mdo by the
Stenographer, Mr. Cox, and which remains, at present, in the
custody of Go ver nor TT.I.rdin),..
Draft QC letter dr: ted T:t,rch 1st, addressed to 7r."Tilliams
Clovernor TTar3 in7, request in- that the office of the Comptroller
Of the Currency furnish the -'ederL.1 'eserve Board with the soc'`
)
.-11ed yellow sheet submitted to the Comotroller by the 1"--tional




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Bank 11xaminer in connection with the report of the examination
Of the Chase National Bank of Trey/ York, as of October 3, 1919.
Approved una.niMOUsly.
Letter dated February 25th, from the Comptrollar of the
Currency, stating that to fill the vacancy caused by the resignation of rrs. Grace Sparks, he had transferred, promoted and
appointed rrs. I'dith F. Fowler from the Federal Reserve Board
rolls of the Redemption Division of his office to the position
Of Clerk-Counter in the Federal Reserve Issue & Redemption Division at a salary of :11.440 per annum, effective March 1, 1921.
Appmved.
At this point at 12:30 p.m., the Deputy Governor of the
?ederal Reserve Bank of rew York, Mr. Harrison, entered the meet-

The Govenior reported the reserve positions of the several Federal Reserve Banks as
at close of business February 24th
aM 26th,
and. the status of rediscounts between the Federal Reserve
banks as of the mme dates.
Letter dat ed February 26th, to Governor Ec,rdin,o; from the
Chicago Daily Journal regarding the publicatio
n in the afternoon
ileviePepers of the weekly statements of individual Federal Reserve
banks.




Referred to Governor Harding with power.

A

lia1PORTSCF C

1ITT

TTO. 1:

Dated February 26th, Recorrmendin chan7es in stock at 'Federal Reserve banks, as set forth in the auxiliary
minute book as of this date.
Approved..
Dated February 26th, Recornendins• approval of applications for
fiduciary powers, as set forth in the auxiliary minute book as of this date.
Approved.
Dated Februrzy 20th, Reconmendinc admission of State institutions as sot forth in the auxiliary minute
book as of this date, subject to the conditions stated in the individual reeorts attached•to each application.
Approved.
Dated T 7arch 1st,
1Recoranendin: that authority be ,-siven to certain National banks to purchase stock in corporations organized urrler the Edge Act, as
set forth in the auxiliary minute book as of
this date.
Ai)proved.
Dated February 25th, Recoinne1ljnr qproval of the appl iCa ti on of
Hoffstot to serve at the same
T7r. Henry
t ime as di rector of the 7-at ional Bonk of
.t1mcr iCa of 2ittsburch, Pa., and as president
and. director of the First 7Tational Bank of
Koppel, 17.loopel,
App re ved..
Dated Februa.y 25th, Recommendin.7 ap-provo 1 of the apolication of
Kr. J. H. Rider to servo at the mme time
as director of the 'Zational Bank of .A.mr_rica,
tt sburjr, Pa., a. Id as direct or of the First
77Lti °nal Bank of Koppel, Koppel, Pa.
Approved.
Dated •Februory 25th, .7Zecormending approval of the 2,2)lict ion of
.1-eor:c:;e C. Schmidt to serve at the some
time as d ireetor of the 7Tat onal Bank o7
-tmerica, Pittstrrch, Pa., and as director of
ional Bank of Koppel, Koppel. Pa.
the First
Approved.
Dat ed February 25th, Recormending approval of the application of
Kr. Prank A. Drury to serve at the some time
as director of the 17erchants 7.;.:tional Bank of
o roost er , Kass., and. as director of t1e ?ark
Trust Company, of Torcester, Kass.
A opr o ved•




Dated February 28th, Reconmending approval of the application of
Sayings Bank for
the Los Angeles Trust
permission to establish a branch at 6611
Hollywood Boulevard, Hollywood, California.
Approved.
Dat ed. February 26th, Reco nine nding appro val o f the an pl ic at ion of
the Citizens rational Bank of Yontezurna,CTa.
for stock in the Federal Reserve Bank of
Atlanta, in the amount of 30 shares.
Approved.
Dated February 26th, Recommending approval of the appointnent as
7essenger in the Division of Repcn-ts (P.! Statistics, at an annual m.lary of 1,080, of
Edward L. Hargett.
Appaoyed.

Letter dated February 26th, from the Railway Loan Advisory
Committee, request-irk-7 approval of a fonn .of loan, in the ano-unt of
1-9665,000, to be /rade in four instalments' to the Hockin7 Valley
Tlailway Company, under the 1)rovisions of Section 210 of the Transi)ortat ion. Act,. 1920, as amend_ed, the carrier electing to take down
at this time )1,053,000 representin

the first two instalments of

said loan.
Approved.
At 1:00 p.m. the rneetin.-7 adjourned.

Secretary.
APP ro ved: