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Pursuant to the action of the Board taken at its meeting yesterday, a sPecial meeting of the Federal Reserve Board was held in the office of the Board on Friday, March 16th, at 11:00 a.m. Vice Governor Platt Mr. Hamlin Mr. Miller Mr. Campbell Mr. Crissinger Mr. Hoxton, Secretary PRES= ALSO:Mr. Wyatt FR332.7T: Minutes of the meeting of the Federal Reserve Board held on March 15th were read and on motion approved as amended. The Vice Governor reported the reserve positions of the several Pede r--L Reserve banks as at close of business March 14th. The Vice Governor stated that the first thing in order would be the matter to be taken up as special order business under action of the Board taken at its meeting yesterday, namely the informal opinion of General Counsel 48 to the legal power of the Federal Reserve Board to disestablish branches of ?eder al Reserve banks, and called upon Mr. Wyatt for an expression of his opinI On . . Mr. "yatt stated that he had not had tim to go deeply into the matter, but that from the study he had been able to give to the question, he was of the opinion that the Federal Reserve Board has no power to compel the disestablishment of any branch of the Federal Reserve banks. Yr. Crissinger stated that in his opinion Mr. Wyatt's opinion should be reduced to writing. Mr. Hamlin then moved that the Board interpose no objection to the acceptance by the Federal Reserve Bank of St. Louis of the bids for the construction of the Little Rock branch building as set forth in the letter of February 21st from the Chairman of the Federal Reserve Bank of St. Louis. Mr. Hamlin's motion being put by the chair was lost. Mr. Hamlin and Platt voting "aye"; Yr. Crissinger, Mr. Campbell and Yr. Miller voting "no". After discussion, it was voted, upon motion of Mr. Crissinger, that Mr. Miller and Mr. Campbell be appointed a Special 3/16/23 -2- 1k Committee to prepare for consideration of the Board at a special meeting to be held at 11:00 a.m. Monday, March 19th, a general resolution setting forth the reasons which prompt the Board to disapprove at this time the initiation of building operations for branches by the 2edera1 Reserve banks, and further that the Feieral Reserve Bank of St. Louis be not advised of the action taken above, with respect to the Little Rock Branch until the resolution to be drawn by Mr. Miller and Mr. Campbell shall be considered by the Board on next Monday . r. Miller stated that he had received a letter from the Federal Reserve Aftht at New York, enclosing a circular designed for transmission to all Fed'l Reserve banks for publication in their monthly business reviews, with l'-eference to the significance of the gold reserve of the Federal Reserve System when the fact is taken into consideration that a large portion of the said Mi reserve is the result of gold importations which may be required to meet clemands for shipments to foreign countries. Mr. Miller stated in his opinion that the Federal Reserve banks should not be called upon to publish the matter referred to, but that the matter should be held in abeyance until the Lederal Reserve Board shall make a pronouncement on the subject setting forth the geld policy forth° Federal Reserve System. Upon motion of Mr. Crissinger, it was moved that Mr. Miller be advised not to permit the publication of views on the subject referred to until the Federal Reserve Board is ready to announce a gold policy applicable to the Alderal Reserve System. Letter dated March 13th, from the Chairman of the Fe4eral Reserve Bank 01' ICansas City, transmitting the action of the Board of Directors of that Bea in voting to accept the prodosal of the American Security Company of ebraska, to exchange for the Federal Reserve Bank's building and lot at the Southeast corner of 13th and Farnam Streets, being Lot *4, Block 4136 , City of Omaha, a lot of the same dimensions , namely, Lot *1, Block *108, 3/16/23 -3- in the City of Omaha. Ordered laid over. Mem3randum dated March 15th, from the Assistant Secretary of the lioard, recommending approval of an expenditure of $77.90 to be paid to Mr. E. H. Daumgardner„ an employee of the Federal Reserve Bank of Clevelarrl, to cover the expenses of an illness suffered by Mr. Baumgardner while assisting the Chief Examiner of the Federal Reserve Board in the last examination of the Pederal Reserve Bank of New York. Approved. --....2RTS OF COMITTEE NO, 1 Dated March 15th, Recommending action on applications for changes in stock as 16th, set forth in the Auxiliary Minute Book of this date. Approved. Dated March 14th, Recomrrending action on applications for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Approved. The meeting adjourned at 1:25 p.m. Secret ary. tine° Governor.
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