View original document

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 I3oard was held in the office of the
Governor on Wednesday, November 30, 1921, at 3:20 p.m.
PRMENT:

Governor Harding
Mr. Platt
Mr. Hatolin
Mr. Miller
Mr. Mitchell
Mr. Crissinger
Mr. Noxton, Secretary

Minutes of the meeting of the Board held November 29th were read
ella on motien approved.
The Governor retorted the reserve positions of the several Federal
4serve banks as at close of business November 28th and the status of
Naseounts between the Federal Reserve banks as of the same dates.
Letter dated November 25th, from the Chairman of the Federal Reserve
Ba/16.

Of St. Louis, inquiring if that bank would be justified in refunding to

the Department of Justice the fees and expensesnecessary to procure the
of a special assistant to the Department of Justice to assist the
States Attorney in the prosecution of the cases against certain former
qficers of the First National Bank of Rosedale, Miss., it being charged that
officers were guilty of actions which wore responsible for the failure
"
11
(11) the First National Bank of Rosedale.
Upon motion, it was voted that the Federal Reserve
Board interposes no objection to the Federal Reserve Bank
of St. Louis making the refund referred to and the matter
was referred to the Comptroller of the Currency with the
request that he ascertain the attitude of the Department
of Justice in the matter and make necessary arrangements
to the end that the special assistant will be made avail—
able, as requested by the Federal Reserve Bank of St. Louis.
Letter dated November 22nd, from the Federal Reserve Agent at

1414
Il aPolis, transmitting with his approval, the request of the Security State
134.41,

'''' Of'
-anemineo,




Minn. to withhold without prejudice, its agreement to the termS

-2-

431)°Bed

by the Federal Reserve Board for membership in the Federal

ileserve system until after the annual meeting of the shareholders of
the/ bank which is to be held early in January, 1922.
Approved.
Letter dated November 30th, from the Railway Loan Advisory Committee
"tba Federal Reserve Board, recommending approval of the form of oblige.,
4°4 submitted by The Chesapeake & Ohio Railway Company for a loan, in four
154Itts. of $5,336,000, the carrier electing at this time to take over the
thircl Part of the loan amounting to :,',i1,334,500, under the provisions of
heti
-on 210 of the Transportation Act, 1920, as amended.
Approved.
Two memoranda dated November 29th and 30th, from the Assistant 3ecretary
°t th

•-e

Federal Reserve

oard, recommending approval of the request that the

41 Reserve Bank of Richmond be taken off of the Richmond, Atlanta and
"
.4114
4-ngton circuit of the Leased Wire System, that Washington be taken off of
the
Private line between Richmond and the Baltimore branch, and that the

NIA—ral

Reserve Bank of Richmond be connected with Tashington by a direct

14 at a cost of approximately $260 per month.

Also, that a new line be

4ished on the Tashington, Philadelphia and New York circuit, in order
t
11'°vide needed additional facilities at a cost of approximately $615 per

Approved, it being understood that the new Tashington
Philadelphia and New York circuit would be acquired subject to a trial period of thirty days.




-3-

Pursuant to the action of the Board taken at its meeting of yester481, Covernor Harding submitted a proposed draft of circular letter to
411 Federal Reserve Banks covering the matter of making charge
offs
tor depreciation upon plant and equipment.
Approved.
TTIo

OT2iTTTal NO.1

tooted November 30th,

.

recommending changes in stock at Federal
Reserve Banks as set forth in the auxiliary
minute book as of this date.
Approved.

At 4:20 p.m. the meeting adjourned.

3ecretary.
41114eoved;