Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, October 31, 1919, Volume 6, Part 3

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At a special meeting of the Federal Reserve Board
bald in the office of the Board on Friday, October 31,
1919, at 3:25 P. M.
PRESENT:

The
Mr.
Mr.
Mr.
Mr.
Mr.

Governor
Strauss
Miller
Hamlin
Williams
De La Mater, Secretary of the
meeting.

PRESENT ALSO:
Mr. Trowbridge, Consulting Architect
Mr. Strong, Governor, Federal Reserve
Bank of New York.
Business was presented and disposed of as follows:
Mt. Trowbridge presented a plan for the erection of
a building for the testing of vault construction and protection, with a view to ascertaining the best type of
materials to be used, the estimated cost to be in the neighborhood of $75,000, and to be apportioned among the Federal
Reserve Banks.
• Referred to the Governor, with authority to
communicate with the Department of Commerce in an
endeavor to obtain the cooperation of the Bureau of
Standards should each a test be made, and to arrange
for a conference during the week of November 3, at
which Mr. Trowbridge shall be present.
(At this point Mr. Williams joined the meeting.)
Resolution of Mr. Strauss presented at the meeting of
-October 29th with reference to the petitions of Oklahoma City
and Tulsa, Oklabomas and Wichita, Kansas, for the establish.
ment of a branch of the Federal Reserve Bank of Kansas City.)




- 2-.

in the southern territory of the Tenth District.
Voted, that upon consideration of the petitions
of the cities of Oklahoma City and Tulsa, Oklahoma,
and of Wichita, Kansas, the Federal Reserve Bank of
Kansas City be directed to establish a brunch with
limited rediscount powers and proper collection
facilities in one of these three cities.
Mr. Miller requestei that he be recorded as
voting in the negative.
The following resolution was then presented:
"The Federal Reserve Board bas considered the
briefs and oral arguments presented by the respective
petitioners in the matter of the establishment of a
branch Federal Reserve Bank in the southern portion
of the Tenth Federal Reserve District by the Federal
Reserve Bank of Kansas City, and has reached the
following conclusions:
"While the portion of the District tributary to
these cities is being well served in the matter of
rediscount facilities by the Federal Reserve Bank of
Kansas City, it is the opinion of the Board, however,
that a branch with limited powers in the matter of
rediscounts, the activities of which should be devoted
mainly to the forwarding and receipt of currency and
to transit operations, would be a convenience to the
member banks and to the public in the territory served
by the branch, and would increase the efficiency of
the transit system. In view of the proximity of
Wichita to Kansas City, it is manifest that a branch
located at that point would not give any appreciable
additional facilities in this respect to the more
remote portions of the District; and the Board will
therefore direct the Federal Reserve Bank of Kansas
City to establish such a branch at either Oklahoma City
or Tulsa. In view of the technical nature of transit
operations, the Board desires a report from the Federal
Reserve Bank of Kansas City, giving an analysis of the
source, volume, and direction of outgoing business, and
the volume and direction of incoming business, together
with a complete analysis of all mail schedules with
reference to the territory to be served by a branch
located in ore or the other of these two cities.




777

-3"The Federal Reserve Bank of Eansa.L: City
is therefore directed to transmit to the Board,
rt 7atei. than November 25, 1919, the information
called for, in order that a decision may be
reached a to the proper locution of a branch."
The _7Tvernor was authorized to advise the
v'ederal l'.eorve Bank .of Yansas City of the Board's
aztion in th.; matter of the establishment by it of,
an add:tional branch, and to prepare a statement
re.3a, for release to the morninc2 -paperfor the:
of :*ovember 3d.
-ri
,WO

'"
770
UT
,

1.

atJ Cot. 29th, recom7lending the appointment of 'Liss Rose
Holler in the Division of :Iralysis and
Research for a thirty day probation period,
at the rate of :3'1,080 per annum, effective
P:cvembor 1, 1919.
-pproved.
ted that the Beard approve-inper L.rnurn in the sala_

croa - from

of

..;Ivisien of
Chef of the ?ederal 17eserve .
and :H',emptir,

ohincrease t..) be effective November 1,71..

„„p y r_VVd.

fr.

E-3E

Lpprroved;




the :7,eetInc adjonrned.