The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
At a regular meeting of the federal Reserve Board held in the office or be Governor on ,ednes- day, Ilarch 13 at 11 A. Mr. Harding, presiding, Ur. Delano, Mr. 'Varburg, Er. "illiams, Jr. Willis, secretary. Hamlin,' Mr. Miller, The minutes Of the meeting of the Board held on March 11 wore read and, on motion, approved. The minutes of the meetings of the Gold Export Committee held on ',larch l'„.; and l were presented and, on motion, approved, and the action therein set fortn ratified. The minutes of the meeting of the Capital Is.:ues Committee held on March 8 were presented and, on motion, a)proved, and the action therein set forth ratified. Governor Hardin,: hav,ng submitted n behalf of tne Gold Export Committee a report regarling the application of /Lusher & Company to export ,A,Z1)0,000 gold to Spain, it was, on motion, voted to approve the report and order its transmittal to the Secretary of the Treasury for countersignature, Mr. Musher to be advised by formal notice of the Board's action when determined. A letter from Vederal Reserve Agent Jay, proposing an amendment to the a.x. Finance bill and accompanied by a memorandum of Counsel approving the amendment, was read and the amendment approved witn instructions that the Governor be requested to call it to the attention of the Secretary of the Treasury to be shown to Mr. L. B. iranklin. A memorandum of Counsel re the custody and endorsement of eligible paper held by eederal Reserve Agents, was read and referred to the Governor to be taken up with Federal Reserve Agent Heath at his approaching visit. A memorarthrn of Counsel re the question of obtaining more data as to the status of eligible banks in the several districts, was read and, on motion, referred to Committee No. 4. On motion, it was voted to refer to Committee No. 4 with power the question of issuing a short abstract of the condition of all member banks, and to discuss the question or publishing in the next Bulletin a full tabulation of the figures; report to be made to the Board after consulting with the Comptroller. A letter from Mr. Warburg to Governor Harding re the iuestion of establishing a branch bank in Oklahoma, was read and referred to the Committee on operation of the Kansas City Bank. Mr. Williams called attention to a telegram reported to have been sent out, by the Kansas City Bank, February 21, suggesting that. loans on nonessential industries and on security etc., be "called". Governor Harding replied that the matter was already under advisement. It was agreed that Mr. Harding write to the Governor of the Federal Reserve Bank at Kansas City stating that the Board regards the announcement made by him as unwise. A letter from the First National Bank of Eagle Pass, re the alleged smuggling of gold across the border, referred by the Gold Export Committee, was presented and, on motion, it was voted that the Governors of the Atlanta and Dallas banks be asked to request all port and border banks to take a receipt for all gold to be paid in sums of 50 or upward. The whole matter of smuggling along the border was ordered called to the attention of the Secret service. A letter from Assistant Secretarj Leffirgwell, re the question of immediate credit for payments on account of Literty Loan purchases, was read and referred to Governor to be discussed by him at the next conference of Governors to be held on the twenty-second of March. On motion, reports of Committee No. 1 were approved as follows: ' Dated March 12, recommending the appointment of Misses H. Russland (March 13), A. R. Edrige: (March 16), and H. A. Tompkins (March 13), at 706U each (Division of Foreign txchange). ye 12, recommending the appointment of Liss K. Lalley at 1,000 per annum, effective March 13th. Reports of Committee No. 2 were presented and approved as follows: Dated March 11 ard 12, recommending acceptance powers for the Bank of Korth America (Philadelphia) and the Canal Bank & Trust Company (New Orleans). CI Cl 13, recommending the admission of state institutions on terms named by the committee in each case, as follows: South Texas State Bank, Galveston, Texas. GO shares in the Federal Reserve Bank of Dallas. Lott State Bank, Lott, Texas. 24 shares in the Federal Reserve Bank of Dallas. American Trust & Savings Bank, Albuquerque, N.M. 84 shares in the Federal Reserve Bank of Dallas. Polk County Bank, Balsam Lake, Wisconsin. 18 shares in the Federal Reserve Bank of Minneapolis. Bank of Ellsworth, Ellsworth, Wisconsin. 39 shares in the Federal Reserve Bank of Minneapolis. Bank of Fergus County, Lewiston, Montana. 300 shares in the Federal Reserve Bank of Minneapolis. Ballinger State Bank, of Ballinger,Texas. 44 shares in the Federal Reserve Bank of Dallas. Fidelity Trust Co., Portland,. Me., (New conditions), 480 shares in the Federal Reserve Bank of Boston. Merchants & Planters Bank, Texarkana, Ark. 126 shares in the Federal Reserve Bank of St. Louis. Reports of Committee No. 3 favoring tne applications of James Farrell, Andrew Fletcher, and J. P. O'Grady, under the Clayton Act, were approved. A report of Committee No. 3, approving fiduciary powers for the Peoples National Bank of Pittsburgh, Pennsylvania, was presented and, on motion approved. A report from the Atlanta Committee re the question of establishing a branch of the Atlanta Bank at Birmingham, was read and, on motion, referred back to the Atlanta Cannittee for further inquiry. Mr. Harding read a telegram from Federal Reserve Agent Ramsay of Dallas, re the organization of the El Paso brandh,.and, on motion, it was voted to approve th branch by-laws as already submitted. Data regarding the proposed personnel of the directorate of the Federal Reserve Branch at El Paso were presented. Discussion ensued and it was informally agreed that local men are needed, the matter beinc referred back to the Dallas Committee for action. On motion, at 12:45 p. m., the Board adjourned. APPROVED: Secretary
@FedFRASER