Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, June 22, 1922, Volume 9, Part 1

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A meting of the Federal Reserve Board was held in the office of
the Board on Thursday, June 22, 1922, at 10:15 a.m.
PRIMNT: Vice Governor Platt
Mr. Hanlin
Mr. Miller
Mr. Mitchell
Mr. Cris singer
Mr. Hoxton, Secretary.
Minutes of the meeting of the Board held June 21st 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 20th.
Letter dated June 21st, from the Federal Reserve Agent at Philadelphia, advising of certain readjustments involving three employes of
the Federal Reserve Agent's Department and accomplishing a reduction of
$600 per annum in the aggregate salaries of the said three employes.
Approved.
Letter dated June 19th, from the Federal Reserve Agent at Dallas,
enclosing application of the First State Bank of Alamo ordo,New Mexico,
to change the name and location of the First State Bank of Cloudcroft,
New Mexico to the First State Bank of Alamogordo,and for permission to
absorb the Peoples State Bank and the Alamo State Bank of Alamogordo.
Approved.
Telegram dated June 22d., from the Chairman of the Federal Reserve
Bank of Boston, advising that the Lxecutive Committee of that Bank today




had voted, subject to the review and determination of the Federal Reserve
Board, to fix a discount rate of 4% on all rediscounts and advances of
all maturities, and a minimum rate of 4-1,
1̀ for the open market purchase
of bankers ac:.:eptances.
Appro ved.
Letter dated June 21st, from Ni. Case, Deputy Governor of the
Federal Reserve Bank of New York, advising that the Board of Directors
of that Bank, at a meeting held yesterday, had voted, subject to the review and. determination of the Federal Reserve Board, to establish a
minimum rate of 35"; for the open market purchase of trade acceptances,
and a minimum rate of

for the open mancet purchase of ban'kers accept-

ances.
Approved.
Letter dated June 21st, from this Chairman of the Federal Reserve
Bank of Philadelphia, advising th: t the Board of Directors of that Bank
had, subject to the review and determination of the Federal Reserve Board,
fixed a minimum rate of 3

for the open market purchase of trade accept-

ances.
Approved.
Letter dated june 21st, prepared by General Counsel for the signature of the Vice Governor, and. addressed to the Chairman of the Federal
Reserve Bank of Boston, in regard to the acceptance of sterling drafts
by American national banks.




No

action.

Telegram dated June 22d, from the Federal Reserve Agent at Kansas
City, advising that the Farmers National Bark of Hollis, Okla. has rrade
required payment on account of subscription to the capital stock of the
Federal Reserve Bank of Kansas City, said payment covering 16 shares of
said capital stock.
10)proved, if and. %then the Comptroller of the Currerry
shall issue a certificate to begin business to the Farmers
National Bark of Hollis, Okla.
Letter dated June 21st, from the Comptroller of the Currency, request ing approval of a salary of

5 3000

per annum to be paid to Er. John

W. Snapp, National Bank Exaniner in the Fifth Federal Reserve District.
App roved.
REPORTS OF C0.11ITTEE NO. 1:
Dated June 21st, Recommending changes in stock at Federal reserve banks,
as set forth in the auxiliary minute book of this date.
Approved.
Dated June 21st, Recommending approval of the application of r. J. G.
Hoffman, Jr. to serve at the same time as director of
the first National Bank, Gorrrania, W. Va., aid as director of the National Exchange Bank, Wheeling, W. Va.
Appre ved.
At 12:00 noon the n-eeting adjourned.

Secretary.
Approved:




Vice Governor.