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A riveting of the Federal Reserve Board was held in the office Of the Board on Wednesday, August 17, 1921, at 11:15 a.m. PRESENT: Governor Harding Mr. Mitchell Mr. Miller Mr. Criss inger Mr. Hoxton, Secretary. Minutes of the meeting of the Board held August 16th were read and on motion approved. The Governor reported the reserve positions of the several Psderal reserve banks as at close of business August 15th pncl the status Of rediscounts between the Federal reserve banks as of the same (tate. The Governor reported redisccunt transactions, member bank 13r°11118 so ry not es secured by Governnont obligations, rate 6%, as follows: Date Bank redis-With counting 411glast 16th Dallas Boston Amount $5,000,000 Maturities 11-15 days 1-90 days (Corn Letter dated August 8th, from the Assistant Federal Reserve 'Aellt at San Francisco, request ing approval of the appointrrent of Mr. 411.1 "Wm. White for service in the 1..Ixan1ning Division, at a salary of 2.4(3° Pr annum. Approved. Memorandum dated August 11th, from the General Counsel, submitt i draft of letter addressed to the Federal Reserve Bank of Phila- clelPhia, reaffirming a previous ruling of the Board in regard to a 568 -2- qttestion raised. by the Counsel of a certain warehouse company in Approved. Governor Harding submitted to the Board a copy of a letter -4-8ssed by him to the Chairran of the Federal Advisory Council, suggesting certain topics which should cons before the Council at its 11"ing on the 16th of next September. Approved. Mem3ranium from the General Counsel, submitting draft of a letter prepared for the signature of Governor Harding, addressed to the Cbairman of the Federal Reserve Bank of San Francisco, embodying a rUlitg of the Board as to the course which should gpvern a Federal ileserve bank in the mat ter of limiting the payments of dividends on stock ii the Federal Reserve Berk which may be held by failed member ballice, or by the receivers therefor. Approved, as amended. Letter dated August 16th, from theComptroller of the Currency, 41/2e Sting approval for a salary of $3900 per annum to be raid to Mr. 4m. -wee B. Greenfield, National Balk Examiner in the Seventh Federal 48611% District. Approved. 3 569 -3- ii2d,'ORTS OF COIMITTRP, NO. 1: pat ed Augas t 17th, Recommend'ng changes in stock at Federal reserve banks, as set forth in the auxiliary minute book as of this date. Approved. Dated August 15th, Recommending certain action on applicat ions for admission of state institutions, subject to the individual reports attached to the applications, as set forth in the auxiliary minute book as of this date. Appro ved. At one o'clock p.m. the meeting adjourned. Secretary.
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