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207.
A meeting of the Federal Reserve Board was held in the office
Of the Board on Monday, Maith 14, 1921, at 11:10
a.m.
PREP: Governor Harding
Mr. Platt
Mr. Hamlin
Mr. Miller
Mr. Hoxton, Secretary.
Minutes of the meeting of the Board held March 11th vcere
read and on motion approved.
The Governor reported the reserve positions of the several Federal Reserve banks as at close of business March 10th and.
and the status of redi scounts between the Federal Reserve
banks as of the same dates.
The Governor reported rediscount transactions, member bank
Promissory notes secured by Government obligations, rate 7%, as
follows:
Dat e
Bank rediscount ing
March 10
Dallas
With
Cleveland
Amount
$3,000,000
Governor Harding reported that the of
Maturities
11-15 days
stenographer
had completed
. one transcript of the stenographic notes of the
meeting held. February 28th and March 2, 1921, and that no copies
vAptild be nude.
Upon motion, it was ordered that the said
transcript, as well as the minutes of the meeting
of February 26th, vhall remain in the custody of
Governor Harding, until otherwise ordered.
-2-
Letter dated Yorch 13th, from the President of the Merchants
National Bank of Wilmin?;ton, N.C., requesting permission to rediscount certain paper originating in non-member banks with the Federal
Reserve Bank of Richmond.
Referred to Governor Harding, with the understanding that the matter mould be taken up with the
officers of the Federal Reserve Bank of Richmond.
Letter dated /.:Lrch 11th, from the Governor of the Federal
Restzrve Bank of Atlanta, enclosing his report to the Board of Directors of that bank, making recommendation that the discount rate
In that district upon notes secured. by Liberty Bonds and
Victory
Notes be increased from &Z to 6%, and that war bonds held by certain banks in excess of capital and surplus shall under
certain
conditions be purchased. by the Federal Reserve Bank of Atlanta,
with an agreement to repurchase on the pa.rt of the
member banks
concerned.
Governor Harding stated that after getting
exact figures as to the amounts involved from the
Federal Reserve Bank of Atlanta, he mould discuss
the lerial aspects of the case with General Counsel,
and at a future meeting bring the matter up to the
Board for consideration on its merits.
Letter dated March 10th, from the Chairman of the Federal
Reserve Bank of Dallas, advising that the First National
Bank of
Ranger, Texas had failed, and. that the
failure involved cash items
sent to the said. bank for collection by
the Federal Reserve Bank of
Dallas in an a-oproximate amount of :`!,;100,000.
Noted.
209
Letter dated March 9th, from the Chairman of the Federal
Reserve Bank of New York,
rak ing
recommendations regarding certain
salary adjustments in accordance with the plan of such adjustments
O n the anniversary of employment, as previously authorized
by the
Board..
Approved.
Letter dated March 10th, from the Chairman of the Federal
Reserve Bank of Richmond, recommending certain adjustments in the
salaries of employes in accordance with the plan of anniversary
and semi-anniversary adjustments previously authorized by the
Board.
Approved.
Letter dated I.:arc n 8th, from the Chairman of the
Federal
Reserve Bank of Chicago, su.~,•gesting that the Federa
l Reserve Board.
authorize a conference of representatives from the
Bank Relations
•Department of the several Federal Reserve banks.
Referred to Governor Harding, with the understanding that the matter will be considered at a
later date.
Draft of letter dated March 14th, prepared. by the
General
C ounsel, and addressed
to the Chief National Bank Examiner of the
Second Federal Reserve
District. remarding the status of
certain
a.e cepta.nces covering imports of
coffee from Central Arrerica.
Referred. to Mr. Hamlin for examination and.
report to the Board.
("0
Letter dated March 7th, from the Chairman of the Federal Re• serve Bank of San Francisco, reqmsting approval of the appointment of
r.r. B. N. L. Davis by the Seattle Branch of the Federal Reserve Bank
Of
San Francisco, at a salary of
2,700 per annum.
App roved.
Letter dated 'March 9th, from the Acting Comptroller of the Currency, ieporting changes made in the assignments of National Bank Ex'iflers during the month of Febrta/7, 1921.
Noted.
•
Letter dated March 10th, from the Governor of the Federal R serve Bank of Cleveland, enclosing Treasurer's receipts for United
il
1
States Special Certificates of Indebtedness, aggregating :1123,799,000,
Owned. by that bank, and requasting that the receipts be held in trust
bY a designated officer of the Federal Reserve Board, as outlined in
the confidential letter of the Board, X-3058, issued under date of
tIarch 2, 1921.
"Upon mot ion, it was ordered that the Governor or Vice
Governor, or the Acting Executive Officer of the Board, be
designated to request the Comptroller of the Currency to withdraw any or all United States Certificates of Indebtedness deposited. with the Treasurer of the United States by the Federal
Reserve banks to secure Federal Reserve bank note circulation,
and that this designation includes the authority to sell, assign and transfer such Special Certificates of Indebtedness upon the request of an officer of any Federal Reserve bank."
Letter dated March 11th, from the Railway Loan Advisory ComMittee, requ3sting approval of a form of loan, in the mount of
11.1500,000, to be nude to the Western Maryland Railway Co., under the
Provisions of Section 210 of the Transportation Act, 1920, as amended.
Approved by four members of the Board on
March 12th, and ratified at the meeting today.
REPORM OF COMITTEE NO. 1:
Dated March 12th, Recommending certain action to be taken upon
applications for admission of State institutions, as set forth in the auxiliary minute
book as of this date, subject to the individual reports attached to each application.
APpro ved.
Dated March 14th, ,Recontaending that authority be given to certain
national banks to purchase stock in corporations
ortganized under the Edge Act, as set forth in
the auxiliary minute book as of this date.
Approved.
Dated March 11th; Recomeniing q)prov-c-il of the application of Mr.
T. Schenck Rernsen to serve at the same time as
director of the Midwood Trust Co. and as vice
president of the Nassau National Bank, both of
Brooklyn, N.Y.
Approved.
Dated March 12th, Recorrarending refusal of the application of Mr.
Marvin A. Neeland to serve at the same time as
Erector of the Bank of North America, Philadelphia, Pa. and as director of the First
National Bank, C and en, N.J.
Approved.
At 1:20 p.m. the mooting adjourned..
Secretary.
0
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