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A meeting of the Federal Reserve Board was held in the office Of e Board on Tuesday, November 15, 1921, at 11:25 a•TO• PRESENT: Mr. Mr. Mr. Mr. Mr. Platt Hamlin tliller Mitchell Hoxton, Secretary. Minutes of the meeting of the Board held November 10th were read 6241 011 mot ion approved. the several Fed.The Vice Governor reported the reserve positions of kaa reserve banks as at close of business November 9th, 10th and 12th, 1141 the statm of rediscounts between the Federal reserve banks as of the same dates. znember bank proThe Vice Governor reported rediscount transactions, ttliasery notes secured by Government obligations, rate 1Zoir. 14 Bank reaiscounting Richmond WithAmount New YO 2IC 5,000,000 as follows: Mat ur iti es 11-15 days Letter dated November 4th, from the Chairman of the Federal Reserve 11413k of Dallas, advising that the Board of Directors of that bank had, subitIct to the approval of the Federal Reserve Board, fixed the salary of Mr. 411 „ 119 Acting Deputy Governor, at !fl.,'11,100 per annum, effective November let. ' kt• i4itchel I moved to approve for Mr. anerson 4,11,000 per arm.um. a salary of ' 111L'r moved as an amendrent that the Board approve for Mr. Emerson a 844 l'Sr of 6,10,000 per annum. 1141ch Was lost. The Vice Governor put Mr. Miller's amendment The Vice Governor then put the original motion which was 41111ed and a salary of 41.1,000 per annum was approved for the Acting Deplltr Governor of the Federal Reserve Bank of Dallas. ti; -2- Telegram dated November 10th, from the Federal Reserve Agent t San Francisco, advising of the closing by the state bank authorities c't the Union State Bank of Nezoerce, Idaho, ani reporting the amount C:cled at the time of closing by the said institution to the Federal Reserve tank of San Francisco. Two telegrams of November 14th, from the Governor of the Federal Ileserve Bank of Dallas, advising of the closing of the Inis 1144 thnal Bank of nnnis, Texas, and it s affiliated institutions, the St 4te Bank of Windom, Texas, and the E - dwards rational Bark of Booker, Ttza. also reporting the amounts owed, at the time of closing, by the Nat ional Bank ard t he ..!Awards Nat :tonal Bank, to the Federal lIese Bank of Dallas. Noted. Letter dated November 11th, from the Chairman of the Fed.Reserve Bank of Richmond, submitting a schedule of certain ad-uente of salaries for employees of that bank as of December 1st, 194, said adjustments having been made in accordance with the plan of 8z1411, elleary and. semi-anniversary of employment, previously authorized by t he Federal Reserve Board. Approved. Telegran dated November 14th, from the Governor of the FederBank of Dallas, requesting authority to issue a non -par list ew of a law recently enacted in Louisiana, rhereby it is declared rni '/144ClernikarlOr to give any notice of non-payment when a barf,c refuses to r7: 4 -3- 1)4.1 an item drawn upon itself without exchange deduction. The Secretary was directed to take this matter up with the General Counsel and report to the Board at a later meeting. Letter dated November 8th, from the Chairman of the Federal 'ye Bank of Dallas, advising of the resignat ion of Tr. Carl B. Te4garden as General Auditor of that bank, and the appointment to rill the vacancy of .1.1r. D. S. Lawhon, T.7r. Lawhon being designated as jetin g general Auditor, there being no change made in his present sal- Noted with approval. Letter dat ed Nov enber 1st, from the Governor of the Fed er al e Bank of Boston, submitting to the Federal Reserve Board for 4ill5trremt a dispute between that bark ani the Federal Reserve Bank of a, regarding the rate governing the rebating of interest by a Federal Reserve Bank to a borrowing Feueral Reserve Bank, for reply, Referred to Vice Governor the rate that Board the of opinion it being the at which stch rebates are to be made is a matter for the determination of the lending Federal Reserve Bank, and that in this case if the Federal Reserve Bank of Boston wishes to follow, in its dealings with the Federal Reserve Bank of Atlanta, the same course which it follows in its dealings with its m enb er banks, that the Federal Reserve Bank of Boston is entirely within its rights in so doing. Letter dated Novenbcr 7th, from the Governor of the Federal Res42:11c of Dallas, submit ting a carbon copy of a letter addressed by hit to Mr. Harrisaa, Secretary of the Governors' Conference, setting fbrth the objection held by t1 Federal Reserve Bank of Dallas to acting in ac- with the vote of the governors upon topic 1170-3, said vote prothat each Reserve bark than.. file claims for its encbrsers on acOf checks drawn on failed banks, hether or not requested to do so, 1/33-less expressly instructed to the contrary. Referred to General Counsel. Letter dated November 8th, addressed. to Hon. L. T. McFadden, 4413-Man of the Banking ani Currency Committee Of the House of Representa"s, and signed by Governor Harding, written in compliance with Mr. ti licPad.den's request, aid. expressing the views of the Federal Reserve Board 119°11 House of Representative Bills No. 8015 mid 8784, providing for an kleluiment to Section 5219 of the Revised Statutes. Approved. Letter dated November 8th, from the Federal Reserv-- Bank of Dallas, Cc jes,ting authority to establish a supply depot for currency at San Antonio. Upon motion it vas voted that the Board is of the opinion that there is no necessity at this time for the establishmnt of a cur rency supply depot at San Antonio, Texas. Letter dated November 9th, from the Federal Reserve Agent at Minne41)°Iis advising of his action in rescinding the appointmeat of Mr. Louis W. aS Assistant Federal Reserve Agent, and the appointment of Mr. H..L. 414nerman. as Assistant Feleral Reserve Agent at the Helena Branch t ot ive November 25th. Approved. both -5- Upon motion the Board approved the following bonds of Federal Reserve Agent and Assistant Federal Reserve Agents: Pierre Jay, New York Richard L. Austin, Philadelphia Arthur E. Post, Philadelphia - $ 100,000 100,000 50,000 RtIllonn 01LajliguM;TTEE NO. 1. 1)ated November 14th, recommending changes in stock at Federal Reserve banks as setforth in the Auxiliary Minute book as of this date. Approved. bated November 12th, recommending action on applications for admission 14th of state banks, subject to the conditions stated " in the individual reports attached to the applies, tions, as setforth in the Auxiliary rinute book as of this date. Approved. At 12:50 p.m. the meeting adjourned. Secretary • Vice Gover 0
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