The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
A meeting of the Federal Reserve Board was held in the office
of the Governor on Wednesday, March 22, 1922, at 11:00 a.m.
P:RESENT: Governor Harding
Mr. Platt
Mr. Hamlin
Mr. Miller
Mr. Mitchell
Mr. Cris singer
Mr. Hoxton, Secretary.
Minutes of the meeting of the Board held on March 20th were read
and. on motion approved.
The Governor reported the reserve positions of the several Federal reserve banks as at close of business March 18th ani 20th.
Letter dated March 20th, from the Secretary of the Federal Reserve
Bank of New York, enclosing with favorable recomm3ndation application of
the New York Trust Company, New York City, for permission to accept
drafts or bills of exchange drawn upon it up to 100% of the paid in capital and surplus.
Appro ved.
Letter dated March 21st, from Dr. H. Parker Willis, Director of
the Division of Analysis & Research, requesting authority to announce in
the next issue of the Federal Reserve Bulletin his resignation as director and the transfer of the Division to Washington from New York, effective July 1, 1922.
Approved.
'
71
-2-
Memorandum dated March 21st, from the Assistant Secretary, transmating a request from the Chief of the Federal Reserve Issue and Redemption Division, that a modified lighting system be installed in the quarters of that Division, with advice from the AssistErt secretary that the
cost of specified fixtures will be
270.00.
Upon motion, it was voted to authorize an expenditure of 1270.00 for the purposes stated.
The Governor submitted a letter from the Under Secretary of the
Treasury, suggesting that the Board issue a ruling thereby those Federal
Reserve banks rhich wish to buy or sell Government securities in other
districts than their own, shall be required to conduct such transactions
throu0i. the Federal Reserve Bank of the district wherein the securities
are to be purchased or sold.
Approved and referred to the Governor for preparation
of appropriate circular.
Memorandum -dated March 21st, from the Comptroller of the Currency,
recommending approval of the application of the Security National Bank of
Wichita Falls, Texas, for authority to reduce its capital stock from
:400,000 to .00,000.
Appr oved.
The Governor stated that he had received from Senator Shortridge
a request that the Board express an opinion as to the merits of Senate
Bill 620 which has been introduced. into Congress, with a view to !raking
drafts drawn against the security of farm loan bonds eligible for acceptance by member banks and, when accepted, eligible for discount and pur-
158
Chase by Federal Reserve banks.
Upon motion, the Governor was requested to address
Senator Shortridge and advise aminst the passage of
Senate Bill 620.
Memorandum dated March 21st, from the Chief Clerk, requesting
that he be authorized to order 5000 copies of the Index Digest of the
Bulletin for 1921, with a view to making distribution as stated.
Appro ved.
Upon mot ion, the matter of branch bank buildings at Oklahoma City
and. Little Rock, was ordered placed on the docket as special order business for next Friday, March 24th, at 10:00 o'clock a.m.
RE?ORTS OF COMMITT,
{4
MO. 1:
Dated March 21st, Recommending changes in stock at Federal Reserve Banks
as set forth in the auxiliary minute book of this date.
Approved.
Dated March 21st, Recommending action on applications for fiduciary powers, as set forth in the auxiliary minute book of this
date.
Approved.
Dated March 21st, Recommending admission of state institutions, subject
to the conditions stated in the individual reports
attached to the applications, as set fbrth in the auxiliary minute book of this date.
Approved.
At 1 :30 p.m. the meeting adjourned.
Secretary.
@FedFRASER