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7gz A meeting of the Federal :Reserve Board was held in the office Of the Board on Tuesday, June 21, 1921, at 11:00 a.m. PRESMIT: Governor Harding Mr. Platt Mr. Hamlin Mr. Miller Mr. Mitchell Crissinger Mr. Roxton, Secretary. The minutes of the meeting of the Board held June 20th were read airl on motion approved. The Governor reported tie reserve posit ions of the several Federal reserve banks as at close o f bus mess June lath and the status Of rediscounts between the Federal reserve banks as of the sanE date. The Governor reported rediscount transactions, member bank Promissory notes secured by Government obligations, rate 6F, as follavs: Date June ayth June 20th Bank rediscount inc, Minneapolis Dallas With 1-ew York Boston .Arno -unt Maturities :)3,000,000 1,500,000 11-15 days 11-15 days Two letters dated June 16th from the Chairran of the Federal l'eserve Bank of Pallas, reconraending that the bait be authorized to nrke Certain charge-offs at the closing of the books on June 30th, thereby reducing the carrying value of the bank building at Dallas, and the branch building at El Paso, said chLrge-offs being made not in accordance with the terms of the Board's circular letter upon this subject, X-3136, dated June a, 1921. The Secretary was instructed, to advise the Federal Reserve Bank of Dallas that the Board approves of no chargeoffs not in ent ire conformity with the requirements of previous c irculars issred on this subj ect. Or, Letter dated June 15th, from the Chair rra n of the Federal Reserve Bank of Dallas, enclosing a resolution of the Board of Directors Of that bank iro riding for the payment o f a dividend for the six months period ending June 'A, 1921, at the rate of 6% per anntm on the paid-in capital stock, payable on the 30th day of June, 1921, to all stockholders Of the bank as shovn by the books o f the bank on that date. 4.4 Apixo ved. Letter dated June 4th, from the Clearing House Section of the American Bankers Association, extending an invitation to the Chief .ixaminer of the Federal eserve Board and the head examiner of each district to be present at a conference to be held at Los 41n,a;e1es, California, October 2-6, 1921. Referred to CTovernor Harding. Letter dated June 19th, from the Assistant 2reasizer ar the United States, advising of the receipt of an axlicat ion from the First rat ional Bait of Addington, Okla., for the sale of ,,,;25,000 in 2% Consols Of 1930. Referred to Governor Harding, with the request that he advise the _Assistant Treasurer of the United States that the Federal Reserve -Doarci is not at this time reauirl rk,-; the Federal reserve banks to purchase Clovernment bonds, and suggest that inasmuch as the ma•lot price of these bonds is above par that the aixlying bank dispose of these holdings upon the open mrket. Memorandum dated June 6th, from Mr. Herson, recommending that the Mercait ile -bank of the Americas be required to furnish the Federal Bezorve Board with copies of certified fublic accountant's reports of t he e°11.diti on of its subsidiary trading companies. tae 1 -L55 -3 - Referred to Governor Harding, with the request that he take the matter up with General Counsel, it being the sense of the meeting that the Board should get all ifforrintion possible concerninP ; the said subsidiary tradiT companies. Letter dated June 17th, from the Chairnan of the 'Fede ral Reserve Bank of Chicago, transmitting recommendations for adjustments in the salaries of the employees, effective July 1, 1921. 'Referred to Mr. T'itchell for report. Letter dated June 16th, from the Chai r= of the Federal Reserve Bank of Dallas, advising that the Board of Directors of that bamk had, sub ject to the review ani. deterinimt is n of the Federal Reserve T3oard, reduced the discount rate upon comme rcial paper from 61 to 6`:. Approved, Mr. 'la tt voting 'To". Letter dated June 20th, addressed by 1"r. Mitchell to Mr. Washburn, Vice 2res ident of the Continental a al Comme rcial Mat ional Bank of Chicago, outlininfz, a plan where by paper arising from loans made to cattle interests by the propo sed cattle loan 1)ou1 shall be issued in a farm which will make stria the ,iederal Reserve Banks. Approved. aper eligible for rediscount at 456 4 11111.11 Ilenorarilum dated Jure 21st, from the Fiscal Agent of the Federal Reserve Board, s itmitting an estimate for the general ex-panses Of tip Board ibr the ensuirr six months. upon motion, the following resolution was unanimously passed: "Whereas, under Section 10 of the act approved December 23, 1913, and mown as the Federal Reserve Let, the Federal Reserve Board is empowered to levy semi-annually upon the Federal Reserve Banks in proportion to their capital stock and surplus an assessmnt sufficient to Day its estimated ex-penses, including the salaries of its members, assistants, attorneys, experts, and employees for the half year siz ceeding the levying of such assessfflent together with any deficit carried forward from the preceding half year; and "Whereas, it appears from estimates submitted aid apnsidered_ that it is necessar:yr tl-at a fund equal to twelve hundreths of or per cent (.0012) of the total paid-in capital stock and. strrolus of the Federal Reserve Banks be created for the ! Du/pose hereinbefore described, exclusive of the cost of engraving and printing of Federal Reserve notes; row, therefore, "Be it resolved, That pursiz.nt to the authority vested in it by law, the Federal Reserve Board hereby levies an assessment upon the several Federal Reserve Banks of an amount equal to twel ve hundredt hs o f one per cent (.0012) of the total paid-in capital and surplus of such banks as of June 30, 1921, and. the Fiscal :gent of the Board is hereby authorized to collect from said banks such assessment and execute, in the narre of the Board, receiots for payments made. Such assessment will be collected. in two installment s of one -half each; the first installment to be paid on Ju. y 1, 1921, and the second half on September 1, 1921." At 1:40 p.m. the meeting adjourned. APProved: r."10
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