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FEDERAL RESERVE BOARD WASHINGTON October 14, 1921. M-..1.11 13 FOR Goyftwop HAMM: Please call a raeetinG5. of the 15 • rd for 10:45 AZ., gzaik A duly called meeting of the Federal Reserve Board was held in the Board Room on Friday, October 14, 1921, at 11:45 a.m. PRESENT: Governor Harding Mr. Platt Mr. Harlin Mr. Miller Mr. Eddy, Assistant Secretary. Minutes of the meeting of the Board held October 12th were read 04 motion approved. The Governor reported the reserve positions of the several Fed.41 reserve banks as at close of business October 11th and 12th, and the QUatUS of rediscounts between the Federal reserve banks as of the aux% dates. The Governor reported rediscount transactions, member bank pronotes secured by Government ob 1 igat io ns, rate 6, as follows: Dat e Bank redi scounting Dallas With Amount Boston$2,000,000 1,500,000 3.3 2,000,000 New York Minneapolis C)q. 5,000,000 New York Richmond Letter dated October 13th, from the Chairmen of the Mat urit les 11-15 days 1-90 (Comtl 1-15 days 11-15 " Federal Re- 411'e Bank of Richmond, submitting proposed increases in salaries for kill()Yes whose anniversaries or semi-anniversaries occur during the month or October. Approved. Letter dated October 7th, from the Chairman of the Federal Resank of San Francisco, recommending that the Board approve of the -2- establishrent by the Bank of Italy of a branch at the southwest corner "'Market, Seventeenth and Castro Streets, San Francisco, California. Approved, Mr. Hamlin not voting. Letter dated October 7th, from the Acting Deputy Governor of the eral Reserve Bank of Dallas relative to the proposed establishment of 421 agency at San Antonio, Texas fcr the purpose of facilitating currency tliensactions with member banks located in San Antonio. Upon motion, the Governor was requested to discuss the matter with the General Counsel. Memorandum from the General Counsel, dated October 8th, relative to the institution of legal proceedings against Mr. Wade H. Cooper, Pres14 "and Director of both the Continental Trust Company and the Union 861:714eS Bank, both of Washington, D. C., fbr failure to comply with the cl/I ' cl'13 order, given in accordance with Section 8 of the Clayton Act, t8at he resign the of lead by him in one of the institutions, the 1441011 of the Board being that the Continental Trust Company and the 1141°4 Savings Bank are in substantial competition. Approved. Letter dated October 11th, from the Chairman of the Federal Re13ellre Bank of Chicago, requesting the Board's approval of the appointrrent or *. Harry Olmstead as an Examiner, at a salary of 84500 per annum. Formally approved; having been approved by the Initials of four rembers of the Board on October 13th. Telegram dated October 11th, from the Chairman of the Federal Bank of San Francisco, advising that the Board of Directors of t-.1 that Bank had, subject to the review and determinat ion of the Federal Reeetle Board, established a minimum rate of 4,,-; for open market purchases O t 'bankers' acceptances. Formally approved; having been approved by the initials of four members of the Board on October 13th. Letter dated October 12th, from the Railway Loan Advisory Committee c't the Federal Reserve Board, recommending approval of the form of (3)311Ration submitted by the New York, New Haven and Hartford Railroad -licwiSr for a loan, in two parts, of 1;8,000,000, the carrier electing at tills time to take over the second part of the loan in the amount of 46 ' 0°01000, under the provisions of Section 210 of the Transportation Act, 1920 'as amended. Forrally approved; having been approved by the initials of four Timbers of the Board on October 13th. 4L°P COMMITTEE NO. 1: ktad. ut 13th, Recommending changes in stock at Federal reserve banks, as set forth in the auxiliary minute book as of this date. Approved. Oct. 13th, Recomrrending action on applications for fiduciary powars, as set forth in the auxiliary minute book as of this date. Approved. kited II %Jct. 10th, Recommending approval of applications for admission of It 13th, 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 t s date. Approved. At 11:50 a.m. the Ire oting adjourned. ' 411"ti-v.ed: Assistant Sec a F. •
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