The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
A meting of the Federal Reserve Board was held in the office of the Governor on Wednesday, August 24, 1921 at 12:30 p.m. PRESENT: Governor Harding Mr. Platt Mr. Hamlin Mr. Miller Mr. Mitchell Mr. Hoxton, Secretary. Minutes of the meeting of the Board held August 23d were read anct on motion approved. as amended. The Governor reported the reserve positions of the several Federal reserve tanks as at close of business August 22d and the status "r ed_iscounts between the Federal reserve banks as of tIB same date. The Governor reported red isco unt t ran motions, member bank Promis sory notes secured by Government obligations, rate 6'7. as follows: Date Bank redi scounti ng_ Allgpst 23 t 23 With AITID tint Atlanta Boston A1,500,000 Dallas Boston 2,000,000 Letter dated August 18th, from the Federal Maturities 1-90 dys (Corn.) 1-90 " ( " ) eserve Agent at as, calling attention to a request made by him for authoritY to increase the salary of Assistant Federal Reserve Agent D7.7i,jit Reordan from' /144200 to 4;5000 a year, effective July 1st. Upon motion, the Board voted to approve for Mr. Reordan an increase of 8300. a year from :.4200 to 84500, the said increase to be effective on the same date as were effective the recent increases authorized for Assistant Cashiers Colman, Ford and Lumpkin. -2- Governor lianling stated that the Assistant to the Governor, Emerson, would remain with the Federal eserve Bank of Dallas, at least until October 1st, and that the work was being satisfactorily Performed by Mr. Walter L. Eddy, Assistant Secretary of tIn Board. hi view of the extra service pErforrred by Mr. Eddy, and in view of the fact that the Board is being compensated by the Fedora.' Reserve 13ank of Dallas fa- the salary of Mr. Emerson, Governor Harding sug"sted that Mr. Eddy receive for the period from August 1st to October ist '1921 extra compensation to the amount of 125. a month. Upon motion, the payment of extra compensation to Mr. Eddy as stated was approved. After a discussion of the tentative regulation concerning sPecial and seasonal rates of discount for farm products paper presenteri to the Board on August 22d, Mr. Mitchell stated that he expected to be abserrt from his office from August 25th to September 12th, atid` that should it become necessary for t1 Board to take some action 144)11 the proposed regulation, he desired to be regarded as being unelterabl y opposed to preferential rates and would prefer in lieu of silch Preferential rates a general reduction of all existing rates. Governor Harding submitted a letter from Senator Edge, transrnitting Senate Bill No. 2436, amending Section 25 (a) of the Federal `47e Act and permitting membership in the Federal Reserve System Of e QrPorat ions formd under the so-called Edge Act, and requesting the Board's opinion thereon. 582 -3- Upon motion, Governor Harding was authorized to announce at the proper time that the Federal Reserve Board approves the proposed amendment. 11ra:telt OF COMITTEE NO. 1: 1)81E4 August 23, Recommending changes in stock at Federal Reserve Banks, as set Vieth in the auxiliary minute book as of this date. Approved. At one o'clock the meeting adjourned. Secretary.
@FedFRASER