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A meeting of the Federal Reserve Board was held in the office Of the Board. on Thursday, July 28, 1921, at 11:10 a. m. PRESENT: Governor Harding Mr. Platt Mr. Hamlin Mr. Mitchell Mr. Cri s singer Mr. Hox ton, Secretary. Mites of the meeting of the Board held Jay 27th were read ani Inc3ti0n approved. The Governor reported the reserve positions of the several Fedel'al Reserve banks as at close of business July 26th, and the status of l'ecli scounts between the Federal Reserve banks as of the sane date. The Governor reported rediscount transactions, member bank pro11118801'Y notes secured by Government obligations, rate 6%, as follows: Date Bank real s countin.p, JillY 27th °la Y 27th Richmond Atlanta ' 1,aly 27th, Minneapolis Jilly 2 7th, Dallas With Amount New York Bo ston $5,000,000 1,000,000 New York 1,000,000 Boston 500,000 Maturities 11-15 days 1-90 days (Commercial) 1-90 days (Commercial) 11-15 days Letter dated July 22d, from the Controller of Administration of the .ederal Reserve Bank of Chicago, informing the Board of the employ111.1t by that Bank of Mr. Allen R. LeRoy, on July 1st, at a salary of on, t per annum, and assigned him to the Credit Department. Approved. For the informtion of Mr. Platt, who was absent at the meeting Yesterday, Governor Harding referred to the action taken by the Board reviewine; the Chicago discount rates ami fixing a rate at that Bank 6;= for all paper of all maturities, with the understanding that no Publication of rate action affecting the Seventh Federal Reserve District would be Trade until after the meeting of the Board of Directors Of the Chicago Bank on Friday next. Governor Harding also advised L:r. latt that Mr. Oriesinger had said that he intended on next Tuesday to bring up for discussion the Iretter of reducing the rate on corn- rnercial paper at the Cleveland Bank from 6c,Z t Mr. Platt stated that he deisred to go on record as opposine the fixing of rates by the Fed.eral Reserve Board, because he did not believe that Congress ever intended to give the Board such power, but did intend to leave that Power entirely with the Boards of Directors of the several Federal reserve banks. T.Temorandurn dated July 22d, from the Division of Examination, tl'arlsinittinto,., with the favorable recommendation of the Federal Reserve 13a111 Of Atlanta, application of the Algiers Trust (c.- Savings Bank of lIew Orleans, La., for authority to observe the reserve requirements of a bank located outside of a central reserve or a reserve city. Approved. Letter dated July 26th, from the Governor of the Federal Re• ser7e Bank of Chicago, transmitting, subject to the anproval of the ecicitl'al Reserve Boa-d, the action of the 'Executive Committee of that 13e-lik whereby the maximum penalty for deficiencies in reserves should -3- not be in excess of 10%, effective August 1, 1921. Approved. RTS OF COMMITTEE Dated July 27th, Recommending changes in stock at Federal reserve banks, as set forth in the auxiliary minute book as of this date. Approved. The meeting adjourned at twelve o'clock. Secretary.
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