The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
146
A meeting of the Federal Reserve Board was held in the office
Of the Governor on Friday, March 17, 1922, at 11:00 a.m.
PRESENT: Governor Harding
Mr. Platt
Mr. Hamlin
Kr. Miller
Mr. Mitchell
Crissinger
Mr. Hoxton, Secretary.
Minutes of the meeting of the Board held March 15th were read and
on motion approved.
The Governor reported the reserve positions of the several Federal
Reserve banks as at close of business March 14th and 15th.
Memorardurn dated March 14th, from the Secretary of the Board,
calling attention to recent instruct Ions of the Board whereby member banks
are required to make special application to accept drafts drawn for the
Purpose of furnishing dollar exchange when such drafts originate in
Australasia, and making reference to a previous ruling of the Board, dated
November 1918, wherein it was stated that permission granted to a memberbank with respect to any country entitles it to exercise similar acceptance powers with respect to all countries that have been or tray hereafter
be designated by the Board as countries whose usages of trade require
the
ftxrnithing of dollar exchange.
Upon motion, it was voted that the practice tO be
observed with respect to 1-his matter shall be in conformittr with the informal ruling of November 1918,
and that all instructions hot in accord with that ruling be rescinded.
Letter dated February 14th, from the Secretary of the Federal Reserve Bank of Chicago, requesting approval of an appropriation for
3500
to be made by that Bank for the use of the Federal Reserve Club, in order
to carry through the educational program of the Federal Reserve Bank of
Chicago.
Appr("red.
Letter dated March 14th, from the Federal Reserve Bank of Chicago,
replying to the Board's circular letters X-3353 and X-3354, with respect
to the policy of paying out gold certificates.
Noted.
Mancrandum dated March 17th, from the Assistant Secretary of the
Board, requesting instructions as to the disposition of old and apparently
Obsolete copies of the Federal Reserve Bulletin, vihich, in the opinion of
the Assistant Secretary, are occupying space which is needed for other
purposes.
Upon motion, it was voted that the Board make an
effort to secure from Federal Reserve banks and member
banks such back numbers of the Federal Reserve Bulletin
as may be needed to make complete the files of Bulletin
issues now in possession of the Federal Reserve Board.
The Governor stated that he had heard from the President of the
Federal Advisory Council to the effect that the Council will hold its
next regular statutory meeting on April 24, 1922.
No ted.
148
-0-
Letter dated
March
9th, from the Chairman of the Federal Reserve
Bank of San Francisco, advising of the appointment of certain new employes
at the head office and the branches, and requesting the approval of the
Board for the salaries fixed for these employes by the Federal Reserve
Bank of San Francisco.
Approved.
Mr. Miller
stated that the Committee on Internal Economy and
Comparative Efficiency of the Board desired to call a meeting of operating representatives of the twelve Federal Reserve banks, to be held in
Onicago on April 24, 1922.
Upon motion, it was so ordered.
The Governor stated that the special order business on the docket
di
called for the consideration of the proposed revision of the Board's Regulations, 1920, with especial reference to bankers acceptances.
Upon motion, it was voted that the matter of the
revision of the Regulations with reference to bankers'
acceptances covering domestic transactions be held in
abeyance and brought up for consideration at the next
conference of the Governors of the Federal reserve banks.
After discussion of the matter of bankers acceptances covering
import and export transactions, it was determined to order this matter
docketed aF special order business for the meeting of next Monday, March
20th, at which time it was agreed that the Board would take final
action
as to whether the proposed revision is to be voted upon at once, or is to
be postponed for consideration at the next meeting of the Federal Advisory
Council.
-4
REPORIS OF COMMITTEE NO. 1:
DAted March 16th, Recommanding changes in stock at Federal Reserve Banks
as set forth in the auxiliary minute book as of this
da,te.
Approved.
Dated March 16th,Recommending action on applicat ions fbr fiduciary powers
" 11th, as set fbrth in the auxiliary minute book as of this
dat e.
Approved.
Dated March 13th, Recommending admission of state institution, subject to
the conditions stated in the individual report attached
to the applicat ion, as set forth in the auxiliary minute book as of this date.
Appro ved.
At 1:55 p.m. the meeting adjourned.
Sec rotary.
Appro ved:
@FedFRASER