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A meeting of the cecut ive Committee was held in the Office of the Board on Tuesday, June 14, 1921, at 11:20 a.m. PRESENT: Vice Governor Platt Mr. Miller Mr. Hoxton, Secretary. The Vice Governor reported the reserve positions of the several Federal reserve banks as at close of business June 10th and June 11th and the status of rediscounts between the Federal reserve banks as of the same date. The Vice Governor reported rediscount transactions, member bank promissory notes secured by Government obligations, rate , as follows: Date June June June June June 10th 11th 13th 13th 13th Bank rediscounting Dallas Dallas Richmond. Minneapolis Dallas With Boston Boston 'New York New York Boston Amount $5,000,000 $1,000,000 $5,000,000 05,000,000 $2,500,000 Maturities 11-15 11-15 11-15 11-15 11-15 days days days days days Letter dated June 13th, from the Railway Loan Advispry Committee of the Federal Reserve Board, reqmsting approval of a form of loan, in the amount of $375,000, to be made to the Cumberlard. and. Manchester Railroad Company, under the provisions of Section 210 Of the Transportation Act, 1920, as amended. Approved. Letter dated June 13th, from the Railway Loan Advisory Committee of the Federal Reserve Board, requesting approval of a form of loan, in the am o unt of :3 1 1,451,500, to be made to the Seaboard Air Line Railway Company, the carrier electing at this - 2 - time to take) isown the second instalment of the loan, mnounting to '3143,500., under the provisions of Section 210 of the Transportation Act, 1920, as mended. Approved. Letter dated June 11th, from the becretary of the Board Of Directors of the Federal "reserve Bonk of Kansas City, transmitting the action of the Board of Directors of that bank in voting the y- Melt of a bonus to officers aid employees as of June 30, 1921, based On the percentage of salaries received during the first six months Of the year 1921, according to the following schedules 20y: on salaries up to and including; `'';1,500 per annum. 15',;; on salaries of more than f1,500 per annum, and up to arci including3,000, per annum. 10% on salaries of more than 1,,'3,000 up to arrl including 5,000 per annum, with the usual adjustment for those receiving salari as between .'5,000 and ,„;5,500 per mnum. Upon motion, the above percentages were disapp/oved and it was ordered that the balk be advised that the Federal Reserve Board would approve percentages upon salaries as above of l6., 12', and 8%. Letter of June 11th, from the becretary of the Board of Directors of the Federal i'.eserve Bank of Cleveland, requesting approval Of a bonus to be paid on June 30, 1921 for the months of April, May all" June, as follows: 12% on salaries up to 1.,500 .per annum. 9% on salaries over .t1,500 and up to 3,000 per annum. 6% on salaries over :. 3,000 ard up to `,5,500 per annum. Approved. - 3 - Letter dated June 11th, from the .)eicretary of the Board Of Directors of the Federal Reserve Bank of Cleveland, recpesting approval of a modification in the standardization and percentage Of salary adjustrent in force at that "balk covering the classification and percentage of salary adjustment of the cmployees. Apiroved. Letter dated June 11th, from tke Deputy Comptroller of the Currency reporting clames in the :;at ienal Bank 7,xamining force Which woe made during the month of Lay, 1921. Yet ed. Letters dated June 10th and 11th, from the Federal Reserve Banks of Atlanta, Minneapolis and Chicago, replying to the Board's letter X-3123, dated May 14, 1921, regarding f- a s t due papa' held by the respective Federal Reserve Banks as of a date prior to June 15, 1921. Noted. Memorandum dated June 13th, from the Assistant to the Governor, reporting upon the matter of private telephone wires. roted. Memorandum dated June 13th, from the Division of -;xaminat ion, aPproving the application of the Los Angeles Trust and Savings Bank to take over the Union Trust and Savings Bank, Pasadena, Calif., and to establish a branch at that place. Approved. -4- Memoranium dated June 10th, from the Chief of the Division Of Reports ant Statistics, approved by the Assistant to the Governor, requesting authority for the temporary appointment during the three summer months of Mr. M. H. Imlay, at a monthly salary of $75.00, effective June 16, 1921. Approved. Iiemorandum dated June 13th, from the Chief of the Division Of Reports ant Statistics, with the approval o f the Assistant to the Governor, recommending the permanent appointment of Edwin L. Hargett as messenger in the Division of Reports ani Statistics at an annual salary of .(>1160. per annum, effective May 7, 1921, it being explained that the said employee had been gIven a probationary appointment on Larch 7, 1921, at a salary of ;:)1080. per annum, with the understanding that he would be promoted to the position of regular messenger with the salary attaching under tInt position should his services prove satisfactory during the probationary period of two months. Approved. Memorandum dated June 13th, from the Chief of the Division Of Reports and Statistics, with the favorable recommendation of the Assistant to the Governor, recommending the appointment of Miss Dale HoffIran, as clerk-typist in the Division of Reports and Statistics, at an annual salary of l320. per annum. Approved. Draft of telegram dated June 14th, addressed to all Federal Ileserve Banks, instructing them with reference to the treatment of the 38 -5 - ' new United States Treasury notes upon reports of condition, etc. Approved. Draft of letter dated June 14th, prepared for the signature Of the Vice Governor, addressed to the Assistant 6ecretery of the Treasury, advising of certain action token at the last Governors' Conference and. approved by the 2ederal eserve Board, said action having reference to the relations between the Federal :Leserve Banks and. the United States Treasury Department. Approved. Telegram dated June 14th, from the Chairman of the Federal Reserve Bank of •Ltichmond, advising that the -74xecutive Committee of that bank today had, subject to the review and. determination of the Federal .Reserve Board, fixed a discount rate of 6.(,: on papa' secured by the nevv United States Treasury notes, effective June 15. Approved.. Telegram dated June 14th, from the Chairman of the Federal Tie serve Bank of 3inneapolis, advising that sub j ect to the review and determination of the Federal Reserve Board, the .-..:.:xecutive Committee at that bank today had fixed a rate of 6`":' on manber bans 15-day collatera Iiotes secured by new United States Treasury notes, the same rate to apply on 90-day customs notes rediscounted. secured by the new U. ited States Treasury notes. Approved. I,Iemora.ndum dated June 14th, from the Assistant to the Governor , recommending the appointment of T:iss 'Helen B. Griffin, as stenographer A . -139 - 6 - in the office of the Chief Clerk, vice Miss Ella Short, resigned, at a salary of 1/11.0. per annum, to become effective as soon as Miss Griffin can report for duty. Approved. Mr. Platt announced that his secretary, Mr. Durland, had been in the Board's employ for a year and v:as therefore entitled to an increase in salary of :3100. per annum, which he asked be made as of June 1. FRaPORTS OF COMMITTEE NO. 1: Dated June 11th, Recommending charges in stock at Federal reserve bans as set forth in the auxiliary minute book as of this date. Approved. Dated June 11th and 13th, Recommending approval of applications for admission of state institutions, subject to the conditions contained in the individual reports attached to the applications, as set forth in the auxiliary minute book as of this date. Approved.. Dated June 11th, Recommending approval of the application of Mr. Edwin A. Kirch to serve at the same time as director of the Merchants & Manufacturers "",at ional Bark of Newark, N. J. and as director of the Clinton Tiust Company of Newark, N. J. Apply ved. Dates June 13th, Recommending approval of the ag)lication of Mr. E. E. Ames to serve at the same time as director and vice ir es.ident of the Fidelity National Bank & Trust Company of Kansas City, Mo., as director and vice yresident of the Central National Bank of Top elm, Kansas, and as director and president of the First National Bank of Norton, Kansas. Approved. - 7 - Dated. ,Tune lath, Recournending approval of the application of 77r. harry R. Jones to serve at the same tima as director of the Eidland hank of Clevelaid, Ohio and as vice presIdent and. director of the First :Tational Bank of Canton, Ohio. Appro ved. At 12:5Q tho meeting adjourned* • Secretary. Vice Governor. of.
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