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350 meting of t /`B Federal Reserve Board was held in the Office of the Board on Friday, May 6, 1921, at 11:35 a.m. PPS2TT: Governor Fara ing . Platt Mr. Eamlin Mr. Miller ::r Cri ssins:;er Hoxton, Secretary. :.; Minutes of the meeting of the Beard held May 5th were read and on motion approved. The Governor reeorted the reserve eositions of the several Federal reserve bemks as at close of business 7,,:ayil±t1i and the status Of recliscounts between the Federal reserve banks as of the same date. Letter dated. May 3d.. from the Federal Reserve Agent at Mans City, tranarrit tinp: a brief from the Board of Directors of that Bank, giving the reasons why the Federal Reserve Board should take immediate steps to require the First State Rank of 7:orth Tend. Meb. to surrender its stock in the 'Federal Reserve Bank of Kansas City and- sever its connection wit h the System. Referred to the Secretary for analysis and report. Letter dated May 2d, from the Chirman of the Federal Reserve Bank of Kansas City, advising of t ae action of the Board of Directors of that Bank in discontinuing the present group insurance Plan and taking over to itself the function of insuring the lives Of employes. . 351 1...,11•10 Referred. to Governor Harding, it being the sense of the me`eting that the plan of the Federal Reserve Bank of Kansas City in regard to insurance should be disapproved, and that the present group insurance should be continued until further information is available. Letter dated Tay 4th, from the Governor of the Federal Reserve Bank of Richmond, submitting copy of a tentative circular rdl ting to the proposed plan of that Bank to publish a non.-par 11 st Referred to. the Secretary for revision of the circular. Telegram dated May 6th. from the Federal Reserve Bank of Chicago, advising that the Board of Directors of that Bank had. subject to the review aid determination of the Federal Reserve Board, established a flat discount rate of exclusive of Government secured loans, effective upon aDproval by the Federal Reserve Board. )pro ved. Letter dated April 29th, from the Governor of the Federal Reserve Bank of Boston, requesting information as to the policy to pursued during the current ye,?.r in the matter of charging off dePreciation on buildings. Referred to (lovenior Harding, it being the sense of the Board that the Federal Reserve Bank. of Boston should be advised that the Board will approve a charge off for 1921 on the basis of the estimates submitted by Governor Norss. Letter dated May 4th, from the Chairman of the Federal ReBank of I'Teiw York, advising of certain salary adjustments made 0 1-.1q...11<41 -3- upon the anniversary dates of employment, in accordance with the plan previously authorized, by the _Fedora Reserve Bo3rd. Approved. Governor Harding was request ed to make inquiry as to how long it is felt by the. Fed.oral Reserve Bank of rew York that requests for • the approval of such increases will be continued.. Letter dated May 4th, from the Chairmen of the Federal Reserve Bank of Chicago, advising of his wish to appoint 1:r. C. S. Youne; an examiner of the 'Federal Reserve Bank of Chicago, Mr. Young now holding the position of Ass!stout Examinar. Approved. RE)ORTS OF catonsiraz, 1TO. 1: Dated LT87 5th, Recornrrendins: changes 1 stock at Federal Reserve banks as set forth in the auxiliary minute book as of this date. Appr oted. At 1:10 p.m. the rreeting, adjourned.. secretary. ; ir,Yt
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