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 Board on Thursday, July 21, 1921, at 3:40 p.m. PRESENT: Governor Harding Mr. Platt Mr. Hamlin Mr. Mittihell Mr. Cris singer Mr. Hoxton, Secretary. Minutes of the meeting of the Board held July 20th were read. aril on motion approved. The Governor reported the reserve positions of the several • Federal reserve banks as at close of business July 19th and the status of rediscounts between the Federal reserve banks as of the same date. The Governor reported rediscount transactions, member bank Promissory notes secured by Governmant obligations, rate 6%, as follows: Date Bank rediscounting With Amount July 20th Minneapolis New York1,000,000 allly 20th Dallas Boston 1,500,000 Maturities 11-15 days do Letter dated July 18th, from the Federal Reserve Agent at Boston, recommending approval for the application of the Harvard Trust Co., Cambridge, Mass., a member bank, to consolidate with the Charles River Trust Company, Cambridge, Mass., also a member bank. Approved. -2- Letter dated July 22d, from the Assistant Federal Reserve Agent at New York, advising that the Board of Directors of that Bank had selected Mr. H. 1,7. Knight as an Assistant to the Accountant in charge of the auditing of expenditures relating to the /I'm buildinth, and requesting approval of a salary of :';'15,000 for Mr. 'flight. Approved. Telegram dated July 21st, from the American Rice Growers Association of Lake Charles, La., setting forth the situation confronting farmers in the rice section, and. requesting authority to Say to the members of the Association who are farmers that the Federal Reserve banks will, throuda proper channels and under proper l'egulations; extend financial assistance along the lines approved and adopted for the handling of cotton. Governor Harding was requested to reply to the above that the Federal Reserve Board would expect Federal reserve banks to extend the same measure of accommodation to tanks discounting paper secured by rice as they will to banks discounting paper secured by cotton, and for definite information referring the Association to the Federal Reserve Banks of Atlanta and Dallas. Memorandum dated July 20th, from the Under Secretary of the Treasury, enclosing a copy of a letter of July 11, 1921, from the Assistant Secretary of State, together with copies of a report Under date of June 17th, from 'Mr. Boyden, the unofficial American ,of delegate of the Reparation Commission and the draft/decision of the Reparation Commission, dated June 16th. Ordered circulated. Letter dated July 15th, addressed to 7.r. Yitchell, from the Federal Reserve Bank of Chicago, requesting approval of the action Of' the Executive Committee of that Bank in increasing the amount of said Bank's weekly estimates of the annual amount to be written off en account of depreciation and other extraordinary items, to bring the total figure at the end of the year up to '‘3,000,000, instead Of h1,500,000, the sum originally fixed. Upon motion, the action of the Ex.ecutive Committee of the Federal Reserve Bank of Chicago was approved, subject to revision at the end of the present year. Letter dated July 7th, from the Chairman of the Federal Rethe serve Bank of Dallas, setting forth certain changes in/personnel of the officers at the head office and at the Houston Branch, and recemzending the approval of the Federal Reserve Board for the salaries fixed by the Federal Reserve Bank of Dallas in connection with the changes and promotions made. Upon motion, action upon the contents of Judge Ramsey's letter was withheld for the present, except that the Board approved a salary of 5,000 for Mr. Ikard, as Manager of the Houston Branch, and a salary of :3,000 for 1.r. Dignan, as Cashier of the Houston Branch. Letter dated July 16th, from the Governor of the Federal Reserve Bank of Dallas, transmitting the action of the Board of Di- rectors of that Bprik with regard to the adjustments in the salaries Of certain classified and unclassified employes, as set forth in the schedules accompanying the letter. Approved. At this point the Managing Director of the War Finance Corporation entered the meeting and discussed with the Board the advisability of securing the abolishment of the differential of 1% over the commrcial paper rate of paper discounted at Federal reserve banks secured by bonds of the War Finance Corporation, and the desirability of securing authority for the War Finance Corpor- ation to sell acceptances, with or without its indorseme nt. Two letters dated July 19th, from the Comptroller of the Currency, requesting the Board's approval of increase in the salaries of National Bank Examiner R. Clyde William from 0600 to ?t3900, and Of National Bank Examiner John H. Smith from 05000 to 05300 per aanum, effective July 16, 1921. Approved. Letter dated July 20th, from the Assistant Federal Reserve Agent at the Federal Reserve Bank of New York, recommend ing increases in salaries of employes of the Auditing Department, to take effect August 1, 1921, aggregating Approved. 4,020 per annum. f , -1 1 flNO. 1: Dated July 20th, Recommending approval of the application of Mr. Patrick Francis Murphy to serve at the same time as director of the National American Bank of New York City, and as director of the Lincoln Trust Company of New York City. Approved. At 4:50 p.m. the meting adjourned.. Secretary. 413PrDved:
@FedFRASER