19210818_Minutes.pdf
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A meeting of the Federal Res3rve Board was held in the office ths Board on Thursday, August 18, 1921, at 11 a.m. PRESENT: Governor Harding Mr. Miller Mr. Mitchell Mr. Cris singer Mr. Hoxt on, Secretary. Minutes of the tw rrnetings of the Board held on August 17th wel's read and on motion approved. The Governor reported the reserve positions of the several Fete ral reserve banks as at closa of business August 16t;1 arrl the status Of rediscount s between the Federal reserve banks as of the same aate. The Governor reported rediscount transactions, member bank 131'°2-1118sory notes secured by Governmait obligations. rate 6%, as follows: Maturities Date t 17th Do Do Bark redis- count inA With Amo unt New York New York Bost on 1 `;5,000,000 1,000,000 1,300,000 700,000 Richmond Minneapoli s Dallas 11-15 days 1-15 days 1-90 days ( Com) 11-15 " Letter dated August 17th, from the Chairman of the Federal Re- eel. " Bank of Philadelphia, advising of the election of Mr. William G. tIoorg , 'eclY as Acting CorlAroller of that Bank, at an annual salary or and requesting approval by the Federal Reserve Board of the ale -1'Y stated. Ap pro ved. Telegrams dated August 18th, from the Governor of the Federal 'vrve Bank of Kansas City and from the President of the Exchange Nation- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Transcript of 19210818_Minutes.pdf
A meeting of the Federal Res3rve Board was held in the office
ths Board on Thursday, August 18, 1921, at 11 a.m.
PRESENT: Governor HardingMr. MillerMr. MitchellMr. Cris singerMr. Hoxt on, Secretary.
Minutes of the tw rrnetings of the Board held on August 17th
wel's read and on motion approved.
The Governor reported the reserve positions of the several
Feteral reserve banks as at closa of business August 16t;1 arrl the
statusOf rediscount s between the Federal reserve banks as of the same
aate.
The Governor reported rediscount transactions, member bank
131'°2-1118sory notes secured by Governmait obligations. rate 6%, as follows:
MaturitiesDate
t 17thDoDo
Bark redis-count inA
With Amo unt
New YorkNew YorkBost on
1̀ ;5,000,0001,000,0001,300,000
700,000
RichmondMinneapoli sDallas
11-15 days1-15 days1-90 days ( Com)11-15 "
Letter dated August 17th, from the Chairman of the Federal Re-
eel." Bank of Philadelphia, advising of the election of Mr. William G.
tIoorg,'eclY as Acting CorlAroller of that Bank, at an annual salary
orand requesting approval by the Federal Reserve Board of the
ale-1'Y stated.
Ap pro ved.
Telegrams dated August 18th, from the Governor of the Federal
'vrve Bank of Kansas City and from the President of the Exchange Nation-
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al Bank of Tulsa, Oklahoma, advisin with refererre to corres;)ondence
Presented to tiff Federal Reserve Board yesterday, that the question vhich
it was desired to present to the Federal Reserve Board was one of
f
eligi-
bili--"y of certain oil paper, and not a quest ion of thc, determination of
cluick anri fixed assets. Also advising that a delegation representing
the #‘3,
VII interests NV 01;a: come to Washington for conference with the
13°ard next Wednesday, August 24th.
Toted.
Letter dated August 16th, from the Deputy Governor of the Federal
/lap-erVe Bank of Nem York, advising the Board of instructions received
fr0111 the Bank of England and the Bank of France, by which the Federal
Reserve Bank of New York will trarsfer certain funds held for the accounts
those banks to the account of ti-e National Bank of Belgium.
Noted.
Draft of letter dated August 17th, prepared for the signature
01 G°1/ernor Harding aid addressed to the Chairman of the Federal Reserve
13allic of Cleveland, with reference to the authority of the Federal reserve
...4‘"E to purchase state, county and municipal warrants specified in the
— Reserve Act as eligible for such purchase.
Approved.
Letter. dated August 17th, from the Chairman of the Federal R
ye Bank of Chicago, suggesting that the Federal Reserve Agents' De-
Dartrnent of that Bank secure for purposes of consultation the services
of a31 eminent economist, it being proposed to employ such services for
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(:)111Y a Part of the time, and to make reimbursement not in excess of
91,000 a year plus necessary traveling expenses.
No act ion. It was the sense of the Board that thematter should be taken up with the Director of the Div-ision of Analysis e.-; Research ani final answer given toMr. Heath won the occasion of Mr. Mitchell's visit toChicago on August 26th.
Memorandum dated August 18th, from the General Counsel, with
reference to securing the necessary legislation by which the provisions
et Section 11 (m) of the Federal Reserve Act will be extended beyond
he Present date of termination, namely, October 21, 1921.
Upon motion, it was unanimously voted that theFederal Reserve Board should request the Congress toextend. the provisions of this section for twelve addi-tional months, and Governor Harding was requested toInstruct the General Counsel to prepare a bill forPresentation to Congress.
Letter dated August 18th, from the Railway Loan Advisory Commit-
tee °f tie Federal Reserve Board, recommending approval of the form of
cbligat. n10 submitted by the Central Vermont Railway Company for a loan
°/‘ ft5,000 under the provisions of Section 210 of the Transportation
Act' 1920, as amended.
Appro ved.
°C3114ITT NO. 1:
1)4ted- t 12th, Recommending approval of applicat ion for fiduciarypov.ers, as set forth in the auxiliary minute bookas of this date.
Appro ved.
At 12:35 p.m. the meeting adjourned.
red:
Governor.
Secretary.
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