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A meeting of the Federal Reserve Board was held in the Office of the Board on Friday, June 10, 1921, at 3:30 p.m. PRESENT: Vice Governor Platt Mr. Miller Mr. Mitchell Mr. Criss Inger Mr. Hoxton, Secretary. Minutes of the meeting of the Board held June 9th were read and on motion approved. The Vice Governor reported the reserve positions of the several Federal reserve banks as at close of business June 8th .and the status of rediscounts between the Federa l reserve banks as of the seam date. The Vice Governor reported rediscount transactions, member bank promissory notes secured by Government obligations, raft e ere, as follows: Date Bank rediscounting June 9th Dallas With Boston Annunt $1,000,000 Maturities 11-15 days Letter dated June 9th, from the Chairman of the Federal Reserve Bank of Richmond, transmitting salary adjustments authorized, by the Board of Directors of that Bank, made in accord ance With the plan of consideration of such adjustments fbr employes Other than officers won the anniversaries or semi-anniversaries of the entrance of such employes into the service of the Bank, saici Plans previously authorized by the Federal Reserve Board. Approved. - Memorandum dated June 9th, from the Assistant Secretary Of the Treasur.q. Gilbert, as follows: "In connection with the offerino; of Treasury notes of Series A 1924, dated June 15, 1921, it will be necessary, I stpoose, for the Federal Reserve Banks to take action to permit paper secured by the new Treasury notes to be discounted at the Federal Reserve Banks. ro question is involved as to any preferential rate of discount and I assume ti-et there will be no difficulty in having advarres or discounts secured by the notes made eligible for rediscount at the Federal T.-',eserve Banks at a flat rate of 6 per cent, in the same moaner as Treasury certificates. "There also arises the mestion of rettine; reports from the Federal Reserve Barks and reL)orting member banlm as to holdings of and loans on the new Treasury notes. It seem to me that it will be necessary to introduce a new itan in the reports, designated "Treasury notes". The Treasury notes constitute a new class of security md it would be a mistake to combine then either with Victory notes or with Treasury certificates." After discussion, the Vice Governor was requested_ to wire all Federal Reserve banrs, ten in number, havini: a unifoffn rate u,,on certificates of ialobtedness, that the Board is of the opinion that the discount rate for new Treasury notes should be the same as the rate Oh certificates of irdebtedness, and. sh:uld be sham noon the rate The schedule in the sane column as certificates of indebtedness, the two same toleram to trammit the to sted was r eaue Governor Vice Federal reserve banks meintainine; rates uniforn with the interest borne 13Y the certificates and to add the further ooinion of the Board. that a Ilniform rate should son be established on all el-overnment secured paper. Draft of letter dated tiune 10th, prepared by General Counsel for the si,nature of the Vice Governor, in re)ly to the letter Of June 3rd from the 7:at ional Foreign Trade Council, of :Tow Yoxic City, with l'eference to i'znerican .cold coin used. by rsons in E.; $4: 432 Argentine in settlerent for goods exported from the United States. Approved. Letter dated June 9th, from the Chairman of the Federal Reserve Bank of New York, with reference to the allocation among Federal reserve banks of funds accruing from the German reparation received by the Federal Reserve Bank of New York for the credit of foreim banks. Upon motion of Mr. Mitchell, it was voted to concur in the proposals of Mr. Jay. Draft of letter dated June 10th, prepared by General Counsel for the siglattuie of the Vice Governor, addressed to the Cashier of the Federal Reserve Bank of Minneapolis, on the subject of the publication of a non-par list by Federal reserve banks. Approved. R.MDORTs OF COMMITTEE NO. 1: Dated June 9th, Reconmenling certain action on applications for fiduciary powers, as set forth in the amdliary minute book as of this date. Approved. Dated June 9th, Recommending approval of the application of blr. Nathan S. Jones to serve at the sane time as director of the Ridgewood National Bank of Ridgewood, N.Y. and as director of the Manufacturers Trust Co. of Brooklyn, N.Y. Approved. [1 • --1-33 -4- Dated June 10th, Recommending approval of the application of Mr. George Eustis Paine to serve at the sane time as di. rector of the Farmers Loan 8: Trust Co. of New York City, as second vice president and director of the Johnsonburg National Bank of Johnsonburg, Pa., and as first vice president and director of the Essex County National Bank of Willsboro, N.Y. Approved. Dated June 9th, Recommending approval of the application of Mr. Roberdeau Annan to serve at the same time as director of the Second National Bank of Clurberland, Md., as president and director of the First National Bank of Fro stburg, Md. and as president and director of the First National Bank of Midland, Md. Approved. Dated June 9th, Recommending approval of t In application of Mr. Eugene Giles to serve at the sane time as officer of the National Copper Bank of Salt Lake City, as officer of the First National Bark of Park City, Utah, and as officer of the First National Bank of Ely, Nevada. Approved. The meting adjourned. at 4:35 p.m. Seer etary. Vice Governor.
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