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A meeting of the Federal Reserve Board was held in the Office of the Board on Monday, May 23, 1921, at 11:30 a.m. PRESENT: Vice Governor Platt Mr. Hamlin Mr. Miller Mr. Mitchell Mr. Cri ssinger Mr- Hoxton, Secretary. Minutes of the meting of the Board held May 20th were read and on motion approved. The Vice Governor reported the reserve positions of the several Federal. reserve banks as at close of business May 19th and the status of rediscounts between the Federal resent banks as of the same date. The Vice Governor reported rediscount transactions, member bank promissory notes secured by Government obligations, rate 6-N, as follms: Date May 20 May 20 Bank rediacounting Minneapolis Dallas With Amount Maturities 11 New York Boston .,4 ;'3,000,000 1,000,000 11-15 days do The Vice Governor stated that the special order business was consideration of the draft of the bill prepared by Mr. J. F. Curtis for presentation to Congress, granting authority for the establishment of a Pension Corporation by the Federal Reserve System. After discussion, the Vice Governor was requested to Mr. Curtis and secure a brief written stat write to ment covering the scope of the plan, the amount of initial paprents to be made by the Federal reserve banks 47,)0-10 -2- and the estimated annual payments to be made by the Federal reserve banks and the beneficiaries respectively, said statement to be drawn in a manner which will render it available to be used in presenting the bill to a committee of Congpess. Memorandum dated May 20th, from the Division of Examination, submitting the application of the Farmers & Merchants State Bank, Hutchinson, Minnesota, to make a change in one of its conditions of membership. Approved. Letter dated May 20th, from the Comptroller of the Currency, announcing the promotion of Mr. Thomas C. Thomas to the position of Chief National Bank Examiner in the Fourth Federal Reserve District, and requesting approval of a salary for Mr. Thomas of $8,000 per annum. Approved. Letter dated May 18th, from the Chairman of the Federal Reserve Bank of Boston, transmitting for the approval of the Board, a 3; recommendation of the Board of Directors of that Bank to the effect that a bonus be paid to employes upon a reduced scale as of June 30, 1921. Approved. Referred. to the Vice Governor for reply. Draft of letter dated May 20th, prepared for the signature of the Vice Governor, addressed. to the Chairman of the Senate Committee on Banking & Currency, and setting forth the Board's views upon Senate Bill No. 1094, said bill prOviding for the extending 4„ -3- of cattle - edits through the use for that puipose of the moneys r paid into the Treasury Department as a franchise tax by the several Federal reserve banks. Upon motion, the Vice Governor was requested to consult with the Secretary af" tI'D Treasury in regard to the above bill and to report to the Board. Letter dated May 20th, from Mr. Kenzel, Deputy Governor of the Federal Rose rye Bank of New York, enclosing a memorandum with E. Allen, Presreference to a recent conversation held with Mr. J. ident of the ArrErican Foreign Banking Corporation. Noted. Ordered circulated. Letter dated May 18th, from the President of t'ne First Nat ional Bank of Haxtun, Colorado, request ing information regarding a movement to organize a wheat growers association for the purpose of securing credit upon warehouse receipts. Referred to General Counsel, with instructions to draft reply. Letter dated May 20th, from the Chairman of the Federal Reserve Bank of New York, with reference to a speech recently Trade rates beby Senator La Follette with regard to inter -locking directo tween banks and railroads. Referred to the Clayton Act Cornmit tee. Letter dated May 16th, from the Chair/Inn of the Federal Rent to d serve Bank of San Francisco, regarding the propose amendme s of Section 19 of the Federal Reserve Act relative to the reserve departmental member banks. Referred to Mr. Hamlin. zr“—jo -4-- REPORTS OF 00131ITEM NO. 1: Dated May 20th, Recozmrending changes in stock at Federal reserve banks as set forth in the auxiliary minute book as of this date. Approved. Dated May 23d, Reconrerding that authority be given to certain national banks to purchase stock in corporations organized urder the Edge Act, as set forth in the auxiliary minute book as of this date. Approved. The meeting adjourned at one o'clock. Secretary. Vice Governor.
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