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"ro...4 A meting of tip gederal Reserve Board was held in the office °f the Board on Tuesday, September 13, 1921, at 11:30 a.m. PRESENT: Governor 'Harding 1)1att Mr. Miller Mr. Mitchell Mr. Hoxton, Secretary. Minutes of the meeting of the Board held September 9th were read. alld On mot ion approved. The Governor reported the reserve posit ions of the several Federal l'e8erve banks as at close of business September 9th are. 10th, 2.nd the Stat 11° of rediscounts between the Federal reserve banks as of the same dates The Governor reported rediscount transactions, me rrb er bank promSo Y notes secured by Governmert obligations, rate 6, as follows: Date SePt. 9 Sept, 9 Sept, 9 Sept .10 !ePt.12' 412t.12 With Bank rediscounting Atlanta Boston Minneqpolis Dallas Atlanta Richmond Dal las Minneapolis New Yo rk Boston Boston New York Boston New Yo rk kly unt T.:aturitie s i,000,000 Commecial paper 1-90 days. 1-15 days 11-15 " 1-90 11-15 11-15 1-15 It 1,000,000 1,000,000 1,500,000 10,000,000 2,000,000 4,000,000 Letter dated September 9th, from the Chairman of the Federal Reserbve tank of Dallas, requesting approval of increases recormnded by that Banz in the salaries of Mr. Gilbert, Cashier and Mr. Fred Farris, 48.12 tart Cashier. Action deferred., pending Mr. Mitchell's contemplated trip to Dallas. _ -2- Letter dated September 12th, from the Railway Loan Advisory CornInittee of the Federal Reserve Board, requesting epproval of the form of °131 igat ion submitted by the International and Great Northern Railway eclni/allY, (Janes A. Baker, Receiver) for a loan of $194,300, under the 131‘crIrlsi.ons of Section 210 of th3 Transportation Act, 192), as amended. Approv ed. Letter dated September 8th, from the Governor of the Federal Re8"e Bank of Richmond, requesting approval of salary adjustments reeomrnelided uy that Bank for certain employes whose anniversaries or semis3,lea oe cur dur ing the month of Sep tent or, in aceo rdan.c e th the 13411 Previously authorized by the Federal Rea3rve Board. APproved. Letter dated Septenber 6th, from the Chairman of the Federal Reser. ye Dank to of Dallas, recommending approval of an increase in salary from 3600 for Mr. John C. Alvey, one of the Examiners of that Bank, 8414 increase to be effective September 1, 1921. Approved. Letter dated September 8th, from the Chairman of the Federal Reserlie Bank of Dallas, recornmending approval of an increase in the salary °t Mr. George R. Hallman, of the Houston Branch, from !,2400 per year to --Ju° Per year. Aprro ved. Letter dated September 12th, from the Governor of the Fedetal ReBank of New York, with reference to the setting up of reserves in A -3- with the construction of the new building of the Federal Reserve Bank of New York. Referred to Messrs. Platt and Mitchell, with request that the matter be studied and brought up before the Board at a later date. Letter dated September 9th, from the Chairman of the Federal Re- ael ' Nre Bark of St.Louis, transmitting a resolution of the Board of DirectOf that Bank providing for the expenditure of f:4350,000 for the pry- X 1)°5ed building of the Little Rock Branch, subject to the approval of the ?ecieral 4eserve Board. Upon motion, it was voted that Mr. Martin be advised that the Federal Reserve Board is not ready to take action upon this matter at this time. Letter dated September 10th, from the Secretary of the Federal ileserve Bank of Cleveland, transmitting the action of the Board of Directors of that Bank in authorizing the pay:rant on 5eptember 30th of acid4t1onal compensation to the errployes for the monthsof July, August a"' September, 1921. in accordance wit h the following schedule, said scheclineb eing a reduction in the percentage on each class: 10% on salaries up to 3.500. 7% on salaries over :51500 PTO up to A3000. 4% on salaries over $3000 and up to 35500. Appr 07ed. After receiving report from Mr. Platt and Mr. Mitchell regarding the Proposition of the Federal Reserve Bank of Atlanta to acquire property fbli the erection of a building for its branch at Birmingham, the Board. vat ea that approval 13°8 tlooned. f the plans to acquire such property be indefinitely Memorandum dated Septenber 9th, from the Acting Assistant to the 4"eznor, retongrending that the resignat ion of Miss Julia R. Mickle, COmpt cusi — ter Operator in the Board's Division of Reports and statistics, be accepted, effective Septenber 30, 1921, ani that the vacancy be filled by the aPpointnEnt of Miss Edna LI. Briscoe, at a salary of.7'1200 per elltalint effective October 1st. Approved. Pea.21.ITTratE NO. 1: 11) Dated September 12th, Recommending changes in stock at Federal reserve banks, as set forth in the auxiliary minute book as of this cb.te. Approved. Late(1 Septenber 9th, Reconurending approval of adndssion of State Bank, subject to the conditions stated in the individual report attached to the application, as set forth In t la auxiliary minute book as of this date. Appro ved. At 1:00 p.m. the meeting adjourned. Secretary. 4P:roved: Governor.
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