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A meeting of the Executive Committee was held in the Office of the Board on Thursday, June 16th, 1921, at 12:00 a.m. PRESENT: Vice Governor Platt Mr. Miller Mr. CrissixEer Mr. Hoxton, Secretary. The reading of the minutes was omitted. The Vice Governor reported the reserve positions of the several_ Federal reserve banks as at close of businass June 14th an. the status of rediscounts between the Federa l reserve barks as Of the sane date. The Vice Governor reported rediscount transactions, member bark promissory not es secured by Governm ent obli gat ions, rate erl_e7 as follows: , Date Bank redisWith Amount Maturities counting June 15th June 15th Richmond Richmord New York New York 10,000,000 5,000,000 11-15 days 11-15 days Letter dated June 15th, from the Chairman of the Federal Reserve Bank of New York, transmitting the action of the Board of Directors ef tilat bank whereby a modified bonus was awarded to officers and employees Of the bank whose salaries do not exceed .;',5,000 . . Approved. Letter dated June 14th, from the Railway Loan Adviso ry Committee Of the Federal Reserve Board, requesting approval of a form of loan, in the amount of ;"p'800,000, to be made to the Receivers of the Georgia and Plorida Railway, under the irovisions of Section 210 of the Traisportaticn Act, 1920, as amen,ted• Approved. 4 Letter dated June 15th, from the Comptroller of the Currency, advising that Mr. Daniel C. Borden had been aopointed Chief rational Bank Examiner of the Seventh Federal eserve District, and recommending the approval by the Board of a salary for Mr. Borden of ,,10,000 per annum. Aji_roved. Telegram dated June 15th, from the Chairman of the Federal eserve Bank of 2hi1adelphia, stating thd; the Board of Directors of that bank had established, subject to the review and determination of the Federal "Reserve Board, a rate of 6c,: 'upon all paper secured by United States Government obligations, including the new United States Treasury notes, with the exception of paper secured by Liberty Bonds azd Victory :Totes which remains at 5?. . Approved. Letter dated June 14th from John DeHaven, messenger of the Federal Reserve Board, tendering his resignation as of July 1, 1921. Approved upon recommendation of the Assistant to the Governor. Letter dated June 16th, from the Department of State relative to a proposal to establish a government bank in Cuba, to be °I:crated under t1E swervision of the Federal Reserve Board. ro action. 7 RZPOM'S OF COLUaTT_IIE I:O. 1: Recommaic into; approval of appli cat ions for admission of state institutions, sthject to the conditions contained in the individual reports attached. to the applications, as set forth in the aiziliar y minute book as of this date. Approved. Recommenling certain action on a 431ications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. Recomiten di ng approval of t1 aoplicat ion of Beekman Winthrop, as a lielliber of the firm of private ban'Acers doing business under the none of Bobt. F. Winthrop & Co. in the City of New York, to serve at the sams time as director of the 7atiorea City Bank of New York City, upon condition timt he resin as director of the Farmers Loan & Trust Co. of :rm York City. Approved. Recommending approval of t he apolic at ion of r. Harry Chandler to serve at the sane time as director of the First National Bank of Los Angeles, Calif. and as director of the First "at ional Bank of Van Nuys, Calif. Approved. At 12:40 the meeting adjourned. Secretary. Approved: Vice Governor.
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