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4.79 A meeting of the Federal Reserve Board was held in the office of the Board on Wednesday, June 29, 1921, at 11:00 a.m. P.7.1.2.S7ATIT: Governor Harding Mr. Platt Mr. Miller Mr. Mitchell .Mr. Cris s inger Mr. Eddy, Assist= becretary. The minutes of the meeting of the Board held June 28th were read and on motion approved. The Governor reported the reserve posit ions of the several Federal reserve banks as at close of business June 27th,'and the status of rediscounts between the 2ederal reserve barks as of the sane date. Letter dated June 28th, from the Railway Loan Advisorr Commit tee of the 2'edere1 eserve Board, recomnending Tproval of the form of obligation, submitted by the Chicago, Milwaukee and Lit. Saul Railway Company to take down the full amount of the loan of 110,000,000 male to it under the )rovisions of Section 210, Transoortation Act, 1920, as airenJed• Appro ved. Letter dated June 28th, from the Railway Loan Ldvisor.7 Committee of the federal Reserve Board, recommending approval of the form Of obligations, submitted by the -!:vansville, Indianapolis and Terre Haute Railway Company to take down !1.00,000 of the lea]. of ''''400,000 made to it under section 210 of the Transportation Act, 1920, as amended. Approved. Letter dated June 24th, from the Chairman of the Federal 7eserve Bank of Atlanta, relative to recommendation of the directors of that balk that the salaries of the 7:aiiii•er ani Assistant Manager at the - 2 *- Savannah Agency be each ircreased ,400. per annum. Increases approved. Letter dated June 24th, from the Chairman of the Federal Reserve Bank of Atlanta, relative to the recommendation made by the board Of directors of that bark that the salaries of Mr. M. W. Bell, Cashier, and Mr. J. M. Slattery, Secretary, be irereased each to :4;6,900 per annum. Increases approved. Letter dated June 24th, from the Deouty Governor of the Federal Reserve Bank of Cleveland, submitting for approval increases in salaries Of certain employees of the bank and its branches at Pittsburgh and Cincinnati, the increases haviru been approved by the •cecutive Committee of the bank. Increases approved. Letter dated June 23rd, from the Governor of the Federal Reserve Bank of Minneapolis, relative to the payment of a bonus to emploYeesi Of the bark and its branches on June 30, 1921. Referred to Mr. Mitchell for report at the next meeting of the Board. Letter dated June 27th, from the Deputy Governor of the Federal Reserve Bank of Atlanta, requosting authority to set up a reserve of ..?835,102.83 to cover fully the difference between prices paid for governmerit war tends acquired under repurchase agreements and the prevailing market price thereof. Referred to Governor to advise that in view of repurchase agreements and protection afforded by excess collateral pledged by banks from which government war bonds have been purchased the Board. approves setting up a reserve in this connection during the current year of :)200,000, one-half to be set up June 30th and the balance Dec. 31,. 1921. t.. -3- Letter dated. June 27th, from the Secretary of the Federal ileserve Bank of Cleveland, enclosing copy of resolution of the board. of directors of that bank providing for the payment of a dividend for the six months period enling June 30, 1921, at the rate of 6.•., 7 per annum on the paid-in capital stock, payable on the 30th day of June, 1921, to all stockholders of the bank as shown by the books of the bark on that date. Approved. Letter dated June 23rd, from the Secretary of the Federal Reserve Bank of New Yoric., enclosing copy of resolution of the board of directors of ttat bark providing far the payment of a dividend for the six months period ending June 30, 1921, at the rate of 6'7, per annum on the paid -in capital stock, payz.ble on the 30th day of June, 1921, to all stockholders of the bank as shown by the books of the bank on that date. Approved. ] 70. 1: OF COTT:ITT:7.-7. Recommending certain action on aiplicat ions fca. . fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. -,482 4 Recomrrending,approval of applications for admission of stat e trn titutions, sub jeat to the cond it iorm stated in t1x) indivi.ctuea reports attached to the• applications, as set forth in the auxilikrey minute book as of this date. Approved. At 12:40 the meeting. adjourned. Assistant '-roved: cr tc.ry.
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