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126 tI A fleeting of the Federal Reserve Board was held in the office of the Governor on Wednesday, March 8, 1922, at 11:00 a.m. PRESENT: Governor 'Harding Platt Mr. Hamlin Mr. Miller Mr. Mitchell Cri s singer Mr. Roxton, Secretary. Minutes of the meeting of the Board held March 6th were read ani on motion approved. The Governor reported the reserve posit ions of the several Federal Reserve Banks as at close of business March 4th and 6th. Draft of letter prepared by General Counsel for the sigia.ture of the Governor, addressed to Mr. J. R. Carley, Vice President of the First National Bank, Grand Forks, North Dakota, with reference to the matter of that Bank acting as attorney in fact for one of its custome rs. Approved. Letter dated March 4th, from the Under Secretary of the Treasury, calling attention to a certain paragraph appearing in the Board's statement for the press of March 2d, upon the condition of Federal Reserve Banks, expressing an opinion as to the advisability of the Federal Reserve Banks investing at this time in Governme nt securities, fbr the purpose of increasing earning assets, and requesting a statement showing in detail the holdings of Government securities by Federal Reserve Banks. ITo action. 127 Letter dated March 2d, from the As Federal Reserve Agent at San -0•ancisco, enclosing, with favorable recommendation, application of the University State Bank, Seattle, Washington, to have its reserve requirements designated as that of a country bank, on a basis of 7:4 of demand deposits and 3`,'% of time deposits. Approved. Menoran.dum dated March 7th, from the Division of Faamination, recommending approval of the consolidation of the Peoples Bank and the Conmercial Bank, Athens, Georgia. Appro ved. The Governor sitmitted draft of letter prepa.red for his signa- ture, to the Chairman of the Federal Reserve Bank of Dallas, with reference to the purchase of law books fbr the library of that Bank. Approved. Memorandum from General Counsel, giving an opinion with reference to the application of the Farmers lc Commercial -n vinp,s Bank of Clayton, 1.'o., to surrender stock in the Federal Reserve Bank of St.Louis to an extent proportionate to a recent reducti on in capital made by the applicant. Also, a letter prepared by General Counsel for the signature of the Governor, and addressed to the Chairman of the 7ederal Reserve Bank of St.Louis, setting forth the Board's views with regard t o 't he application of the Farmers e.- commrcial :avine;s Bank, of Clayton, Mo. Upon motion, tlE letter to Mr. Martin was approved. -3- 128 The Governor submitted a letter from Governor Strong, of the Federal Reserve Bank of New York, asking to be excused fran serving as a mamber of the Board's supplementary committee on Internal Economy and Comparative Efficiency of the Federal Reserve Banks. and giving his reasons for not being willing to serve on said Committee. Accepted. Upon motion, Mr. S. B. Cramer, Deputy Governor of the Federal Rescrve Bank of Chicago, was designated as a member of the supplementary committee to the Board's Committee on Internal Economy and Comparative Efficie ncy. After discussion regarding the furnishings for the new assembly room of the Federal Reserve Board, now being prepared, the matters of the disposition of the table'in the present assembly room in the National Metropolitan Bank Building, of securing of proper curtains , lighting fixtures and carpet, were referred to the Governor with power. The Governor submitted a letter from Dr. H. Parker Willis, Director of the Division of Analysis (ec Research, tendering his resimationas director of that Division as of July 1, 1922, and setting fbrth his plans for the rearrangement of the organizat ion of that Division at the time of and. subsequent to its removal to '7ashing,ton. Referred to the Bulletin Committee, it being voted as the sense of the meeting that the services of Dr. Willis should be retained, if possible in an advisory editorial capacity until the end of the current year. REPORM OF COMMITTEE NO. 1: Dated March 6th, Rec =rending changes in stock at Federal Reserve Banks as set forth in the auxiliary minute book as of this date. Appro ved. 1 - 29 Dated March 8th, Recommending action on applications for admission of state banks, subject to the conditions stated in the individual reports attached to the applications, as set forth in the auxiliary minute book as of this date. Approved. Dated March 6th, "Recorrrnending refu.sal of the application of Mr. James O. Moore to serve at the same time as officer of the Los Angeles Trust er Savin Bank, Los An lee, and as director of the First National Bank, San Pedro, California. Approved. Letter dated March 7th, from the Deputy Comptroller of the Currency, advising of changes made in the National Bank Examining force during the month of February, 1922. Not ed. At 12:50 p.m. the meeting adjourned. Secretary.
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