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A meeting of the Federal Reserve Board was held in the office er the Board on Thursday, August 25, 1921, at 11:00 a.m. PRES MIT: Gov ern or Hard!ng Mr. Platt Mr. Hamlin Mr. Miller Mr. Mitchell Mr. Hoxton, Secretary. Minutes of the meeting of the Board held_ August Mth were read and on motion approved. The Governor reported the reserve positions of the several ?aderal reserve banks as at close of business August 23d and the Stattle of rediscount s between the Federal reserve banks as of the 8artle date. The Governor reported rediscount transactions, member bank 13r°111issory notes secured by Government obligations, rate 6%, as follows: Date *AA t 24 24 -i;CP1-1st 24 t Bank rediscount Richmond Atlanta Minneapolis With Ni York Bos ton New York Amount $5,000,Q00 1,500,000 2,000,000 Mat urit lea 11-15 days 1-90 dys.(Com.) do do Draft of letter prepared for the signature of Governor Harding, acid14essed to the Chairman of the Federal Reserve Bank of San Francisco, haling reference to the question as to whether the paper of Cooperative 1Tal‘128 ting Associations should, for puiposes of discount at the Federal l'e"rve banks, be regarded as comnerci a3. or agricultural paper. Upon motion, the letter was ordered transmitted. -2- thi s point Mr. Mitchell withdrew from the meeting. Draft of letter dated August 23d, for the signature of rlovernor Harding, in reply to letter of August 18th from the Auditor of the biternational Acceptance Bank, Inc., :Tew York City, making reply to certain questions with rerp.rd to the reserves required to be maintained bY the Internat io nal Acceptance Bank, Inc. Approved. Letter dated August 24th, from the Assistant Secretary of the 'ed.r-L Reserve Bank of New York, advising of the appointment of Mr. W. w • • Schneckenburger as Marnger of the Buffalo Branch and of Mr. H. V. Snow 'Jr., as Cashier of the Buffalo Branch. Mo ted. Letter dated August 24th, from the Federal Reserve Agent at Chicago, recommending that the Federal :Reserve Board approve the applieati oll of the Reliance State Bank of Chicago to have said bank designated it reserves may be 10 ( 1 on demand ciebo - sits and 3% on time deposits, in lieu of the reserves required to -1„ , ' eJ•cl. by banks in central reserve cities. It was represented by the ?ede l'a1 Reserve Agent that the Bonk in quest ion is located two ani a half h00 outlying bank, so that miles from the downtown banking district and is merely a neighborbank. The four members of the Board voted to approve the aPPlicat on of the Reliance State Bank of Chicago, but inasmuch as tla law requires the affirmative vote of five members of the Board, the Secretary was instructed to bring this matter LI) again at a future meeting when there shall be present a fifth member of the Board. -3- After full discussion of the proposed regulation providing for a special seasonal rate on farm prodtrts paper at the Federal "aerve banks, Mr. Hamlin stated that he desired to move,in behalf of Mr. Mitchell ,that the matter be postponed for presentation to the next meeting of the Federal Advisory Council. Mot ion lost. Mr. Hamlin then moved that the Board approve the proposed 11/61-11st ion as finally amended. Carried, Mr. elatt not voting. Mr. Miller stated that inasmuch as he had voted for the apProvo. . 1113 f or of the Regulation, he reserved the right to bring the matter reconsiderration at a meeting of the Board to be held next T1.13 sdaY, August 30th. . It was then unanimously agreed that no announce/rent of the Regulation will be made until after the fleeting of next Tuesday, August 30th. COMMITTEE NO. 1: Dated- August 23d, Recommending action on qoplications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. Dated Alagust 23d, Recanmending admission of state banks, subject to the individual reports attached to the applications, as set forth in the auxiliary minute book of this date. Approved. At 12:35 p.m. the meeting adjogIned. Secretary.
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