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A meeting of the Federal Res3rve Board was held in the office ths Board on Thursday, August 18, 1921, at 11 a.m. PRESENT: Governor Harding Mr. Miller Mr. Mitchell Mr. Cris singer Mr. Hoxt on, Secretary. Minutes of the tw rrnetings of the Board held on August 17th wel's read and on motion approved. The Governor reported the reserve positions of the several Feteral reserve banks as at closa of business August 16t;1 arrl the status Of rediscount s between the Federal reserve banks as of the same aate. The Governor reported rediscount transactions, member bank 131'°2-1118sory notes secured by Governmait obligations. rate 6%, as follows: Date Do Do t 17th Bark rediscount inA Richmond Minneapoli s Dallas With New York New York Bost on Amo unt 1`;5,000,000 1,000,000 1,300,000 700,000 Maturities 11-15 days 1-15 days 1-90 days(Com) 11-15 " Letter dated August 17th, from the Chairman of the Federal Reeel. "Bank of Philadelphia, advising of the election of Mr. William G. tIoorg, that Bank, at an annual salary 'eclY as Acting CorlAroller of or and requesting approval by the Federal Reserve Board of the ale-1'Y stated. Ap pro ved. Telegrams dated August 18th, from the Governor of the Federal 'vrve Bank of Kansas City and from the President of the Exchange Nation- 0 al Bank of Tulsa, Oklahoma, advisin with refererre to corres;)ondence Presented to tiff Federal Reserve Board yesterday, that the question vhich it was desired to present to the Federal Reserve Board was one of eligibili f --"y of certain oil paper, and not a quest ion of thc, determination cluick anri fixed assets. the of Also advising that a delegation representing #‘3, VII interests NV 01;a: come to Washington for conference with the 13°ard next Wednesday, August 24th. Toted. Letter dated August 16th, from the Deputy Governor of the Federal /lap -erVe Bank of Nem York, advising the Board of instructions received fr0111 the Bank of England and the Bank of France, by which the Federal Reserve Bank of New York will trarsfer certain funds held for the accounts those banks to the account of ti-e National Bank of Belgium. Noted. Draft of letter dated August 17th, prepared for the signature 01 G°1/ernor Harding aid addressed to the Chairman of the Federal Reserve 13allic of Cleveland, with reference to the authority of the Federal reserve ...4‘"E to purchase state, county and municipal warrants specified in the — Reserve Act as eligible for such purchase. Approved. Letter. dated August 17th, from the Chairman of the Federal R ye Bank of Chicago, suggesting that the Federal Reserve Agents' De- Dartrnent of that Bank secure for purposes of consultation the services of a 31 eminent economist, it being proposed to employ such services for -3- (:)111Y a Part of the time, and to make reimbursement not in excess of 91,000 a year plus necessary traveling expenses. No act ion. It was the sense of the Board that the matter should be taken up with the Director of the Division of Analysis e.-; Research ani final answer given to Mr. Heath won the occasion of Mr. Mitchell's visit to Chicago on August 26th. Memorandum dated August 18th, from the General Counsel, with ref erence to securing the necessary legislation by which the provisions et Section 11 (m) of the Federal Reserve Act will be extended beyond he Present date of termination, namely, October 21, 1921. Upon motion, it was unanimously voted that the Federal Reserve Board should request the Congress to extend. the provisions of this section for twelve additional months, and Governor Harding was requested to Instruct the General Counsel to prepare a bill for Presentation to Congress. Letter dated August 18th, from the Railway Loan Advisory Committee °f tie Federal Reserve Board, recommending approval of the form of cbligat. n 10 submitted by the Central Vermont Railway Company for a loan °/‘ ft5,000 under the provisions of Section 210 of the Transportation Act '1920, as amended. Appro ved. °C3114ITT NO. 1: t 12th, Recommending approval of applicat ion for fiduciary pov.ers, as set forth in the auxiliary minute book as of this date. Appro ved. 1)4ted- At 12:35 p.m. the meeting adjourned. red: Secretary. Governor.
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