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A- meeting of the Federal Reserve Board was held in the office Of the Board on Wednesday, October 26, 1921, at 11:45 a.m. PRI:Z-217T: Governor Harding Mr. Platt Mr. Hamlin Mr. Miller Mr. Mitchell Mr. Crissinger Mr. Hozton, Secretary. Minutes of the meeting of the Board held. October 21st were read Vu MD t ion approved. The Governor reported the reserve positions of the several Federal reserve banks as at close of business October 21st, 22d, and. 24th, ellci the status of rediscounts between the Federal Reserve Banks as of the same dates. The Governor reported rediscount transactions, member bank proI 8°1%7 notes secured by Government obligations, rate 6``,/, as follows: tat kt, 24 °et, 24 °et. 25 Bank Rediscounting Atlanta Minneapolis Atlanta With Bost on New York Boston Amount !11.,500,000 1,000,000 1,000,000 Maturities 11-15 days 11-15 " 1-90 (Com'l) /Jenora.nium dated October 21st, from the Secretary of the Board, trezi Staitting the application of the Palmetto National Bank, Columbia, c)izth - Carolina, to accept drafts and bills of.exchange up to 100, of Its caPital and surplus, unier the provisions of Section 13 of the Fedeserve Act, ani recommending that the Federal Reserve Board de1ill e to approve the application, in view of the unsatisfactory condi- -2- ti°11 of the applicant, and in view of recommendation of disapproval of the Federal Reserve Agent at Richmond. Upon motion, the applicat ion of the Palmetto National Bank, Colunbia, S.C. was declined. Letter dated October 24th, from the Railway Loan Advisory Cornittee of the Federal Reserve Board, recommnding approval of the fbrm ot obligation submitted by the Norfolk southern Railroad Company for a 1°44 of '1311,000, in trio parts, under the provisions of Section 210 of he Transportation Act, 1920, as amended, the carrier electing at this kinle to take over the third instalment of the second part of the loan, the anount of :450,000. Approved. Telegram dated October 22d, from the Assistant Fedezal Reserve 4ttlit at Cleveland, advising that the Board of Directors of that Bank had, subject to the review and determination of the Federal Reserve ; 5 for open market purchases of edtablished a minimum rate of 4 114111ters t acceptances. Aproved.• Letter dated October 24th, from the Deputy Governor of the FedReserve Bank of Cleveland, transmitting a list of certain employes °t that Bank whose salaries have been adjusted by the Executive Committee Of the Bank, in accordarne with the monthly adjustments upon annieZ'taary dates of employment greviously authorized by the Board. •Apgroved. -3- T7emorandurn dated October 20th, from the Assistant Secretary, i ng authority tc accept the bid of the lIatior41 Window s t--Cleaning COM, l'''4117 to clean all the windows in the Board's quarters located in the. laipleY Building, once every three months for the next year, for the sum 155.60. Approved. I.Temorandizn dated October 25th, addressed to the Secretary of the Treasury. by Governor Harding, advising that the approval of the ar . fj.ven to the request of the Governor of the Federal Reserve of Kansas City that the Treasury Department permit the Branch Banks 4 °Inaha, Denver and. Oklahoma City, to assume, in addition to currency °13erations, operations with respect to the exchange and redemption of , 'Ou. States coin. Appro ved. 1,:emorandurn dated October 22d, from the Secretary, transmitting a„ ntnunice tion from the Comotroller of the Currency, recommendin- that th Board approve increase in the salary of Frs.Jul ia. D. L'urphy, of the I)Illislon of Issue and T/edenpt ion, from :1440 to '1*,1500 per annum, effect0ctober 1, 1321. Approved. Letter dated October 24th, from the Assistant Federal Reserve 4P;e4t Atlanta, advising of certain changes affecting the pay-roll and ele al staff of the Atlanta 0:fice. -oted. - Upon motion of Mr. Miller, the Secretary was instructed to place the name of Sir Drumond Fraser upon the mailing list, to receive, free eir Char, the copies of the Federal Reserve Bulletin, as and when issued, Letter dated Oct. 21st, from the Federal Reserve Agent at New .Thrit, referring to the approval by the Federal Reserve Board,on April 6, 1921, of the payment of extra conpensation to the members of the Alt1flg Depa-tment for overtime work, in a total amount of ,;'4,000 for the first six months ending June 30, 1921, and. advising that ,the work or the -balance sheet examination of June 24, 1921, extended into July, alicl r ecommending a further appropriat ion s of approximately 1.056.62. 4130,rectuestin; -- authority for an appropriation of ; f 4,600 to be used in ylnents for overtime work to the Auditing, Department, for the six rrioh3., -uns endins December 31, 1921. Approved. Letter dated October 20th, from the Comptroller of the Currency, reg l-lesting approval of a salary of :'.3,000 per annum to be paid to Mr. D.01, ) 'rc '7. ',7:711e, National Bank L]xaniner in the Third Federal Reserve 1)lztri t. Approved. Letter dated. October 20th, from the Comptroller of the Currency, re cillesting approval of an increase in the salary of Mr. qeorge C. Congdon, t. lona]. Bank -Examiner, from ''3000 to .`'1 ,3300 per annum, effective November Appro ved. !ri 7'4_11) -5- Letter dated October 21st, from the Comptroller of the Currency, ' lequesting approval of a salary of 'D'3,000 per annum to be paid to Mr. lierbert J. McKee, National Bank Exaniner in the Fourth Federal Reserve Distri ct. Approved. Letter dated October 24th, from the Conptroller of the Currency, ran -Meeting approval of an increase in the salary of National Bank Examiner 4rlest Lamb from ,b, 3000 to ''_)'3600 per annum; effective November 1, 1921. Appmved. Letter dated October 24th, from the Comptroller of the Currency, l'ecillesting approval of a salary of 2700 per annum to be paid to Mr. Lew_ lu D. Thorn, National Bank Examiner in the Eleventh Federal Reserve District. Approved. ItZP0 ---...j......IT.§...LDLfS2121LITI'E NO. 1: 1)4ted Uctober 24th, Recommending changes in stock at Federal Reserve Banks as set forth in the auxiliary minute book of this date. DateAppro ved. d. October 21st, Recommending action on applications, for fiduciary powers, as set forth in the auxiliary minute book of this date. Approved. At 12:45 p.m. the meeting adjourned.. Secretary. 41141)ved:
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