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A meeting of the Federal Reserve Board was held in the office or the Board on Wednesday, October 12, 1921, at 11:55 a.m. PRESENT: Governor Harding Mr. Platt Mr. HEanlin Mr. Miller Mr. Mitchell Mr. Hoxton, Secretary. Minutes of the meeting of the Board held October 11, 1921, were 1184 and on motion approved. The Governor reported the reserve positions of the several Fedreserve tanks as at close of business October 10th, and. the status cif II/discounts between the Federal reserve banks as of the same date. The Governor reported rediscount transactions, member bank pro14188°11Y notes secured by Government obligations, rate 6%, as follows: ' i l tt-1.1 °Qt. 11 Bank rediscounting Richmord. LyithIc.Ta Amount turi ties New York $10,000,000 11-15 days Letter dated October 11th, from the Federal Reserve Bank of New enclosing with favorable recommendation the application, as of 1ct0 r1/4 .ber 10, 1921, of the Bark of America, New York City, fbr authority to Et ceePt drafts drawn won it by banks or bankers in the various coun- tries designated by the Board for the purpose of creating dollar exchange. Approved. Letter dated October 10th, from the Chairman of the Federal Re6611411 Bank of Atlanta, advising that the Board of Directors of that -2- Ballk app had again taken action requesting the Federal Reserve Board to l'cive for that Bank a rate of 51;7:, on all paper of all maturities of- fered- fbr discount. i\To action. Letter dated October' 10th, from the Chaim= of the Federal ReBer, "bank of Atlanta, extending an invitation to Governor Harding to attend a forthcoming meeting of the Board of Directors of the Federal 4.70 Bank of Atlanta, to be held in Savannah, Ga. No action. Letter dated October 10th, from the Chairman of the Federal Resank of Atlanta, advising that the Board of Directors of that Bank Proved the action of the Board of Directors of the Jacksonville Braze , Li in terriering an offer of !s ',.45,000 for certain real estate, with a IlieW to Using it as a site for a Branch Bank building; said approval by the p "-era]. Reserve Bank of Atlanta being given subject to the interP08ition Of no objection by the Federal Reserve Board. Upon motion, it was voted that the Board interPose no object ion to the purchase of the lot selected. Letter dated October 10th, from the Governor of tfae Federal Reserve Partre Bank of Kansas City, enclosing a letter from the ?resident of the I's State Bank of Genoa, Nebraska, having reference to a telegram %IleEtrninr; the operations of the Federal -deserve Bank of Kansas City Which Was sent by the Farmers z)tate Bank of Genoa to the Governor of the 44t e Of Tlebraska. wg, Upon motion, Governor Harding was requested to have correspondence between the Federal Reserve Bank Of Kansas City and the Falmers State Bank of Genoa, Nebraska, mimeographed and added to the correspondence with the Governor of Nebraska which has previously been mimeographed. Governor Harding was also authorized to give out such portions of this correspondence as may appear to him advisable and proper. Mr. Hamlin submitted to the Board a letter from the President "t he Second National Bank of Boston, dated October 11th, urging that the 13°ard reappoint as a Class "C" Director Mr. :Allen Hollis, Mr. Hollis's terra Of office expiring on December 31, 1921. Noted. Application dated September 30th, from the First National Bank Of Po rtland, Oregon, for permission to purchase stock in the International keePtance Bank, Inc. of New York City to the extent of :"500., represent50 special shares at '',10.00 per share. Appro ved. OF COLEITTEE ITO. 1: 1)ated Oct.t11th, Recommendinf7 action on applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. Dated Oct. 11th, Recommsnding 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 as of this date. App/ID ved. At 1:00 p.m. the meeting adjourned. Secretary.
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