Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, May 5, 1921, Volume 8, Part 1

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347

A meeting of tl‘e Federal Reserve Board was held in the
office of the Board on Thursday, T.Tay 5, 1921, at 11:30 a.m.
PRESENT: Governor Mardi ng
Mr. Platt
Hamlin
Er. Miller
Crissinger
Er. lio:±on, Secretary.
Minutes of the meeting of the Board held May 4th were read
and on motion approved.
The Governor reported the reserve positions of the several
Federal Reserve banks as at close of business May 3d anzl the status
Of rediscounts between the Federal Reserve banks as of the same
date.
Governor Harding stated that the first order of business
v:as the election of a Class C Director of the Federal Reserve Bank
Of Richmond to fill the vacancy caused by the resignation of Mr.
Howard Bruce.
Upon motion, Mr. F. A. Delano, of '.7ashington,D.C.,
was elected_ Class C Director of the Federal Reserve
Bank. of Richmond, effective immediately after the next
meeting of the Board of Directors of that Bank.
Letter dated April 29th, from the Chairman of the iederal
Reserve Bank of Atlanta, advising that the Board of Directors of
that Bank had, subject to the review and determination of the Federal Reserve Board, fixed a rate of 6`;,,
/ upon all paper discounted
•

for member banks.
Upon motion, the action of the Board of
Directors of the Federal Reserve Bank of Atlanta
was approved, Mr. Platt voting "no".




. 348
-2-

Thereupon a discussion ensued relative to the umtter of
discount rates at the several Federal reserve banks.

Yo further

action was thken.
Governor Harding presented to the Board the details of his
recent visit to the Federal Reserve Bank of Chicago.
Upon motion of Mr. Miller, it was voted that
Directors Reynolds, Erskine ard Simpson, of that
Bank, be invited to come to Washington for the
purpose of discussing the conditions in the Federal Reserve Bank of Chicago. Carried.
Memorandum dated April 28th, recommending that Rutledge R.
'
3heeler be appointed as Junior Messenger in
the Division of Reports
and Statistics, at an initial salary of

720. per annum, effective

May 1, 1921.
Approved.
Letter dated May 4th, from the Chairman of the Federal Reserve Bank of Neu York, advising that the Board of
Directors of that
Bank had decided to consider adjustments in the
Salaries of officers
on the dates of the anniVersaries of their coming to
the Bank, rather
than as heretofore at the close of each year; and
transmitting the
recommendation of the Board of Directors of that Bank that the
salary
(
If Mr. Edward H. Hart, General Counsel, be
increased to :15,000 per

annum.




Approved.

^

pititt

reported. with reference to Yoe cable from Warsaw

submitted -recently to the Federal Reserve Board by the Department
Of State, that he had, in accordance with the action of the Board
taken at its meet in,o; on ray 3d, secured further infonnation on the
subject from the Governor of the Federal Reserve Bank of :Tew York,
and that he was advised that the Guaranty Trust Company of -er: York:
had been designated by the Polish Government to handle all remittances to 'eland; that this action had been approved by the State
Depart

and. that there are in Poland no branches of other Amen-

banks.
In view of 1-.7r. Platt's report, it was determined
that no fusther action was necessary on the part of
the Federal Reserve Board.

At 1:20 p.m. the meet in




adjourned.

Secretary.