19211115_Minutes.pdf

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A meeting of the Federal Reserve Board was held in the office

e Board on Tuesday, November 15, 1921, at 11:25 a • TO •

PRESENT: Mr. PlattMr. Hamlin

Mr. tlillerMr. Mitchell

Mr. Hoxton, Secretary.

Minutes of the meeting of the Board held November 10th were read

6241 011 mot ion approved.

The Vice Governor reported the reserve positions of the several Fed.-

kaareserve banks as at close of business November 9th, 10th and 12th,

1141 the statm of rediscounts between the Federal reserve banks as of

thesame dates.

The Vice Governor reported rediscount transactions, znember bank pro-

ttliasery notes secured by Government obligations, rate as follows:

Bank reais- WithAmount Mat ur it i es

1Zoir. counting 14 Richmond New YO 2IC 5,000,000 11-15 days

Letter dated November 4th, from the Chairman of the Federal Reserve

11413k of Dallas, advising that the Board of Directors of that bank had, sub-

itIct to the approval of the Federal Reserve Board, fixed the salary of Mr.

411 „'119 Acting Deputy Governor, at !fl.',11,100 per annum, effective November let.

kt•i4itchel I moved to approve for Mr. anerson a salary of '4,11,000 per arm.um.

111L'r moved as an amendrent that the Board approve for Mr. Emerson a

l'Sr of 6,10,000 per annum. The Vice Governor put Mr. Miller's amendment

1141ch Was lost. The Vice Governor then put the original motion which was

41111ed and a salary of 41.1,000 per annum was approved for the Acting Dep-

lltr Governor of the Federal Reserve Bank of Dallas.

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ti;

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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Telegram dated November 10th, from the Federal Reserve Agent

t San Francisco, advising of the closing by the state bank authorities

c't the Union State Bank of Nezoerce, Idaho, ani reporting the amount

C:cled at the time of closing by the said institution to the Federal Res-erve

tank of San Francisco.

Two telegrams of November 14th, from the Governor of the Fed-

eral Ileserve Bank of Dallas,

1144 thnal Bank of nnnis, Texas, andSt4te Bank of Windom, Texas, and the -Edwards rational Bark of Booker,

Ttza.also reporting the amounts owed, at the time of closing, by

theNat ional Bank ard t he ..!Awards Nat :tonal Bank, to the Federal

lIeseBank of Dallas.

Noted.

Letter dated November 11th, from the Chairman of the Fed.-

Reserve Bank of Richmond, submitting a schedule of certain ad-

advising of the closing of the Inis

it s affiliated institutions, the

-uente of salaries for employees of that bank as of December 1st,194,

said adjustments having been made in accordance with the plan of8z1411,

elleary and. semi-anniversary of employment, previously authorizedby t he

Federal Reserve Board.

Approved.

Telegran dated November 14th, from the Governor of the Feder-

Bank of Dallas,

ew of a law recentlyrni

'1/44ClernikarlOr to give any

requesting authority to issue a non-par list

enacted in Louisiana, rhereby it is declared

notice of non-payment when a barf,c refuses to


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1)4.1 an item drawn upon itself without exchange deduction.

The Secretary was directed to take

this matter up with the General Counsel and

report to the Board at a later meeting.

Letter dated November 8th, from the Chairman of the Federal

'ye Bank of Dallas, advising of the resignat ion of Tr. Carl B.

Te4garden as General Auditor of that bank, and the appointment to

rill the vacancy of .1.1r. D. S. Lawhon, T.7r. Lawhon being designated as

jeting general Auditor, there being no change made in his present sal-

Noted with approval.

Letter dat ed Nov enber 1st, from the Governor of the Fed er al

e Bank of Boston, submitting to the Federal Reserve Board for

4ill5trremt a dispute between that bark ani the Federal Reserve Bank of

a, regarding the rate governing the rebating of interest by a

Federal Reserve Bank to a borrowing Feueral Reserve Bank,

Referred to Vice Governor for reply,

it being the opinion of the Board that the rate

at which stch rebates are to be made is a matter

for the determination of the lending Federal Res-

erve Bank, and that in this case if the Federal

Reserve Bank of Boston wishes to follow, in its

dealings with the Federal Reserve Bank of Atlanta,

the same course which it follows in its dealings

with its m enb er banks, that the Federal Reserve

Bank of Boston is entirely within its rights in

so doing.

Letter dated Novenbcr 7th, from the Governor of the Federal Res-

42:11c of Dallas, submit ting a carbon copy of a letter addressed by


hit to Mr. Harrisaa, Secretary of the Governors' Conference, setting fbrth

the objection held by t1 Federal Reserve Bank of Dallas to acting in ac-

with the vote of the governors upon topic 1170-3, said vote pro-

that each Reserve bark than.. file claims for its encbrsers on ac-

Of checks drawn on failed banks, hether or not requested to do so,

1/33-less expressly instructed to the contrary.

Referred to General Counsel.

Letter dated November 8th, addressed. to Hon. L. T. McFadden,

4413-Man of the Banking ani Currency Committee Of the House of Representa-

ti"s, and signed by Governor Harding, written in compliance with Mr.

licPad.den's request, aid. expressing the views of the Federal Reserve Board

119°11 House of Representative Bills No. 8015 mid 8784, providing for an

kleluiment to Section 5219 of the Revised Statutes.

Approved.

Letter dated November 8th, from the Federal Reserv-- Bank of Dallas,

Ccjes,ting authority to establish a supply depot for currency at San Antonio.

Upon motion it vas voted that the Board is of the

opinion that there is no necessity at this time for the

establishmnt of a cur rency supply depot at San Antonio,

Texas.

Letter dated November 9th, from the Federal Reserve Agent at Minne-

41)°Iis advising of his action in rescinding the appointmeat of Mr. Louis W.

aS Assistant Federal Reserve Agent, and the appointment of Mr. H..L.

414nerman. as Assistant Feleral Reserve Agent at the Helena Branch both

t ot ive November 25th.

Approved.


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Upon motion the Board approved the following bonds of Federal Res-

erve Agent and Assistant Federal Reserve Agents:

Pierre Jay, New York $ 100,000Richard L. Austin, Philadelphia - 100,000Arthur E. Post, Philadelphia 50,000

RtIllonn01LajliguM;TTEE NO. 1.

1)ated November 14th, recommending changes in stock at Federal Reservebanks as setforth in the Auxiliary Minute bookas of this date.

Approved.

bated November 12th, recommending action on applications for admission

" 14th of state banks, subject to the conditions statedin the individual reports attached to the applies,

tions, as setforth in the Auxiliary rinute book asof this date.

Approved.

At 12:50 p.m. the meeting adjourned.

Secretary

•

Vice Gover 0


Documents

19211115_Minutes.pdf