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A meetinP; of the Federal P,eserve Board was held in the office (:)f the Board on Tuesday, 7ovember 8, 1021, at 11:10 a.m. PRES217..IT: Governor Hardin Platt T.:r. ramli n Mr. Miller Mr. Cris singer :.:r. TIoxton, Secretar.7. Minutes of the meeting of the Board held. November 3d were read mot ion approved. The Governor reported the reserve positions of the several 7edI*41 reserve banks as at close of business LIovember 5th, and the status 1.*(iiscounts between. the _Federal reserve banks as of the same dr-) te. The Governor re)orted rediscount transactions, member bank pro_ Illicsorw notes secured by Government obligations, rate 5 Date Ikv. 7 Bank rediscounting Dallas !.mount ith Boston :1,000,000 follows: Maturities 11-15 ys Letter dated :-ovember 5th, from the Railway Loan 2".dvisory Committee Ilesrrve Board, recomnnndin7 approval of the form of °Ica, J-Riat ion submitted by the (liicv-go and Eastern. Illinois Pailroad Company ' - -Larri J. Jaclzon, Receiver) for a loan of 785,000, under the provis- 1°•ns of Sect ion 210 of t he Trans .-)ortation Act, 1920, as amended. Ao-nro ved. Letter dated 70vember 7th, from the 1Railway Loan Advisory CorrraitOf the Federal hesrvo Board, recomendin; approval of the form of eibli ati on submitted by the Central Vermont Railray Company for a loan 128,000, under the provisions of Section 210 of the Transportation Aet '1920, as amended. App razed. Mr. Hardin not voting. Telegram dated. rovember 4th, from the governor of the Federal Re"I've Bank of T'inneapol is, advising that the Board of -Directors of that Bank had, subject to the review and determination of the Federal Reserve 13°a1"(1- established a rate of &,`,11 on all paper of all mcturities, effective !VOA -foverni or 7th. xTrially aopro ved , hp..ving been previously a ppro ved by the initials of four members of the Board. Telegram dated 7.ovember 4th, from the Assistant Federal Reserve flt at Cleveland, advising that the Board of Directors of that Bank had, bject to the review and determination of the Federal Reserve Board, estaiplished a discount rate of 5di7on paper of all classes and all maturities, effective '.-onday, 77overriber 7th. Formally approved, having been previously a9proved by the initials of four members of the Board. Letter dated October 31st, from the Chairman of the Federal Reserve 13411k of Chicago, requeSti 11P; the Federal :ieserve Bccr(i's approval to a pro13°s1tion suggested by the auaarintendent of Banking of the btate of Iowa, eb a number of State Banks will be examined in behalf of the L>tate of by the Examiners of the Federal Reserve Bank of Chicago. Upon mot ion, it was voted that the Board sees no objection to acquiescing to the reauest of the Superintendent of Banking of the state of Iowa, orovided proper arranc;ements shall be made with the state authorities. and that all state laws covering bank examinations will be observed. Letter dated TTovernber 2d, from the Assistant Federal Reserve Agent 4t "v•11. Francisco, reauesting the appointrrnnt of two errployes of that Bank e(leral Reserve Examiners and the q)pointmcnt of 26 employes as Assistant *r,-1 Reserve Bank Examiners. App rov ed. 4. r". -3- letter dated -oveml er 3d, from the Governor of the Federal Reserve flk of 7ew York, submittin(: fillal fin;ures coverinp the cost of the Amex 1111ildin=-, of that T;')nk at T'z-iden Lane and Told Litreets. -ev,, York city. Roted. Letter dated 7-ovember 3d, from the chairman of the Federal Reserve 13ank of : ‘tL-nta, submitting chanr;es in L)erso,inel and the pay-roll at the Pederal Reserve Bank of _Itlanta ai the 7-ew Orleans "Branch. APpiov ed. Two letters dated Kovemsber 7th, from the Comptroller of ,t_dministra-11 of the Federal Reserve Bank of :Tow York, submi tt Inc: names and salaries of employes enrpzed and discontinued durin,c; the month of October. Approved. Letter dated 7ovenber 3d, from ,̀ ederal Reserve Agent at Kansas eit:Y, advising of changes male in the 2:xamininr; force of that Be, said cliarlFes involving no increases in salaries at the present time. To ted. Letter dated :Toverrber 3d, from •t) Federal :Reserve ent at Boston, slthrnittin,o: a fo in of questionnaire v.rhich Kr. Curtiss wishes to send out to Other Federal :deserve banks for t're purpose of estimatiny the cost of ninP; tl-e various deom-trnent s of the Banks. 'AYted. Uoon 'rot ion. the Co,,-,-Attee woon Internal --=,conomy and Comparative .11‘- fic ency of the Federal Reserve banks, designated by the Board on b'eptemLer 20th, aaid consisting of Fessrs. :'itchell an Killer, was sul).'gement ed by the appo int lien t of the following a 1;a 11 liar y comittee: Fr. Wills of Cleveland, Governor --orris of thiladelphia and Governor Calkins of oan Francisco. Letter dated Lovember 4th, from the Chairman of the ?ederal Teactive sank of r,otton, settin- forth the individual oyinions of the members c)f the Poard of T)irectors of that "Bank upon the matter of the late reduct441 of the discount rate. 7oted. I'emoranduml dated TTovemler ZU, from the general Counsel, .i. comriend- trig that the Board approve the ourchase of ten sections of book-cases for th e law library ef the 2ederal Reserve r\oard, at a cost a;)proximatinp: Al)proved. Draft of letter dated Tovemher 3d, prep ared by the AssistantCounsel for the siture of :7,-over nor Harding, and addressed to Mr. J. Ashley 711, Treasurer of the 2eoplPs Bank ;2,1 Trust Corapcny, 'rest field.7. Ilith foronce t o the reserve recmirements of the foreie t •, branches of gtai'e member banks. Aoproved. Draft of circular letter, addressed to all Federal Reserve 1)l'ePare0 Banks, by 'jenoral Counsel, embodyinr; the Poard's rnlim2' as to interest chau 'Fes by member banks a7-7ainst customers on checks which are cleared ' 11P>11 the ?ederal reserve banks. k)prov ed. i".fter discussion of that portion of )ection 16 of the Federal Rewhich provides for the purchase by Federal reserve banks of 11.s. bonds secu-ing the circulation of TTational Banks, Governor ITarding Was, upon motion, requested to authorize tl-o Federal reserve banks to purchase during 1921 an amount of Such bonds not exceeling 1,25,000,000 in the aggregate, said amount of ñ25,000,000 to be alotted to each Federal reserve bank in proportion of such Ic25,000°00 as the capital and surplus of each Federal reserve bank shall b ear to the aggregate capital and surplus of all the Federal reserve ba4ks. Letter dated Fovember 4th, from the Under Secretary of the Treasury, advising of the designation of certain persons in the Treasury Department to serve upon a currency committee and requesting that the Federal Reserve Board designate two persons for such s ervice. Upon motion, 7essrs. W. E. Buell and W. L. Eddy were designated as representatives of the Federal Reserve Board upon the said currency committee, and it was provided that after the committee is forred and begins effective operation, that Tr. Buell shall receive an extra compensation of $50. per month for such time as he shall serve upon the Committee. Letter dated 7ovenber 5th, from the Deputy Comptroller of the ClArrency, submitting changes in the :'etional Bark Examining force Which were made during the month of October, 1921. 'Toted. " t; Llemorandum dated Noveriber 5th, from the Conptrolletr of the Curtransmitting an analysis of condition of the Yunsey Trust Company Of Washington, D. C., and recommending that the said Trust Company be achitted as a member tank of the Federal Reserve System, the application for membership having been transmitted by the Chairman of the Federal ileserve Bank of Richmond in his letter of October 17, 1921. Upon motion, the Secretary was directed to return the applic at ion of the riunsey Trust Company for membership to the Chairman of the Federal Reserve Bank of Richmond, with the advice that the Board is of the opinion that this Company should be acinitted to membership, and requesting that the Board be furnished by the Federal Reserve Bark of Richmond with a suggested list of conditions of membership, the Said conditions to include the special condition that the Bank shall discontinue the p met ice of paying preferential dividends. 11;brylo COMITTEE NO. 1: Dated Nov. 0th, Recommending changes in stock at Federal reserve banks, as set forth in the auxiliary minute book of this date. Approved. Bated Nov. 3d, Recommending action on applications for fiduciary powers, as set forth in the auxiliary minute book of this date. Approved. bated Nov. 3d, Recommending admission of state banks, subject to .the conditions stated in the individual reports attached to the applications, as set forth in the auxiliary minute book of this date. Appro ved. At 1:25 p.m. the meeting adjourned. Secret ary. 413113 ved
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