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A Meeting of the Federal Reserve Board was held. in the office Of the Board on Friday, June 24, 1921, at 11:15 a.m. PRESENT: Governor Hard ing Mr. Platt Mr. Hamlin Mr. Miller Mr. Mitchell Mr. Eddy, Assistant Secretary. The minutes of the meeting of the Baird held. June 23rd were read and on notion approved. The Governor reported the reserve positions of the several Federal reserve banks as at close of business June 22nd and. the status Of rediscomits between the Federal reserve banks as of tlo same date. The Governor reported rediscount transactions, member bank promissory notes secured by Government obligations, rate 6, as follows: Date Bank redi scount ing %%lie 23rd. June 23rd Minneapolis Dallas With New York Boston Amount Maturities $2,000,000 500,000 11-15 days 11-15 clays Telegram dated June 23rd., from the Federal Reserve Agent at San Francisco, recommending approval of application of Bank of Italy, 421 Francisco, for 'permission to purcinse the following named banks and to establish a branch office at each, it being understood that the state Superintendent of barks has granted permis sion to establish such branches: First National Bank, Centerville First National Bark, Lompoc Citizens Bank of Pas0-Rob lea, Paso-Roble s Citizens Bank of --)aso -Robles, branch, San Migml First National Bank, Hayward First National Bank, Losbanos First National Bank, King City Approved. - 2 - Governor Hardin7, reported action tan by the •Ixecutive Committee yesterday ap.dmving the plan set forth in letter dated June 20th from the Chairman of the Federal Reserve Bank of Atlanta, for dismzultling the building on the site acq -uired for the building for the 2:ew Orleans Branch, with the understarrling that 37,500 would be received for salvage, iricluding removal, and approving of the preparation of plans and specifications for a new building to be submitted to the Board thrc,ugh its consulting architect. AD.oroved. Letter dated June 22nd, from the Chairnan of the Federal Teserve Bank of Atlanta, relative to aoplication for membership of the Greenville Banking Company, Greenville, Ga., with respect to which XlO recommendation was made to riE Board, the r eserve Bank Committee /lot being unanimous in the matter. Governor Harding was requested to advise the Federal Reserve 2,gent that upon receipt of a unanimous recommendation or of the majority and minority re _)orts, the Board will give consideration to the ao)lication. Letter dated June 23rd, from the First Federal Foreign Banki Association, (71:viir; certain information asked for by the Board with respect to the Association's requcst for ermission to execute its own note to the Tar Finance Corporation for an amount not exceeding n250,000 for the purpose of financing its )f.. , rticipation in a syndicate loan made in connection with an ex,00rt transaction. Ai.oroved. IT . 467 -3 - Letter dated June 23rd, from tha Deputy Governor of the Federal Reserve Bank of Mew York, advising that the Board of Directors of that bank approved of the absorption of expenses incurred by it after June 30, 1921, in performance of fiscal agency functions and statirt that it was understood the Federal Reserve Board approv ed of the action taken at the last Governor's Conference in this connection. Referred to Governor Harding, with the request that he advise that the Board has no objection in the present circumstaices to the banks' absorbing such expense, but that it is optional with the Board to rerfuire, wlEnever it may dean conditions warrant, discontinuance of the absorption of such expense by the banks and. reintursent.nt for fiscal agency expenses thereafter incurred. Letter dated June Zlst, from the Secretary of the Federa3. Reserve Bank of Chicago, advising of the action of the Executive Committee of that bank in recommending increases in salaries of certain employees of the Bra/ph Federal Reserve Bank at Detroit. Approved. Mr. Platt submitted. a letter dated (Tune 21st, from the Governer of the Federal Reserve Bark. of Dallas, relative to the relations Of that bank with the First rational Bark of Herne, Texas, which is in the hands of a receiver. Mot ed. TeLegram dated June 24th from the Secretary of the Federal Reserve Bank of Chicago, advising that the directors of that bark had established subject to review and determ ination of the Federal Reserve Board a discount rate of 6c, 7, on paper secured by United States Treasury totes. Approved. I -4 ONO Telegram dated June 24th, from Assistant Federal P,eserve Agent at Cleveland, advising that the directors of that bank had established subject to revier and determination of the Federal Reser-e Bom-d a discount rate of 6.: on papa" secured by United States Treasury not es• Approved. RZPORTS OT C0TS:ITTE7, ITO. 1: Recommenling ap oroval of applications for admission of state institutions, subject to the condit ions stated in the individual reports attached to the applications, as set forth in the auxiliary minute book as of this date: Approved. Recommending approval of the application of Mr. James D. 'Phelan to serve at the same time as director of the First National Bank of San Francisco, Calif., and as director of the First National Bank of San Jose, Calif. Approved. Recommending approval of the application of 1.:r. William A. Tucker to serve at the same time as director of the National American Bank and the Columbia Trust Co., both of 7,Tew York City. Approved. At 12:05 the meting adjourned. 11 Assistant ,:ec Approved: ar y
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