19210616_Minutes.pdf

A meeting of the Executive Committee was held in the

Office of the Board on Thursday, June 16th, 1921, at 12:00 a.m.

PRESENT: Vice Governor PlattMr. MillerMr. CrissixEerMr. Hoxton, Secretary.

The reading of the minutes was omitted.

The Vice Governor reported the reserve positions of the

several_ Federal reserve banks as at close of businass June 14th

an. the status of rediscounts between the Federal reserve barks as

Of the sane date.

The Vice Governor reported rediscount transactions, mem-

ber bark promissory not es secured by Government obli gat ions, rate

erl_e7as follows:

,Date Bank redis- With Amount Maturities

counting

June 15th Richmond New York 10,000,000 11-15 daysJune 15th Richmord New York 5,000,000 11-15 days

Letter dated June 15th, from the Chairman of the Federal Re-

serve Bank of New York, transmitting the action of the Board of Directors

ef tilat bank whereby a modified bonus was awarded to officers and employees

Of the bank whose salaries do not exceed .;',5,000.

. Approved.

Letter dated June 14th, from the Railway Loan Advisory Committee

Of the Federal Reserve Board, requesting approval of a form of loan, in

the amount of ;"p' 800,000, to be made to the Receivers of the Georgia and

Plorida Railway, under the irovisions of Section 210 of the Traisportaticn

Act, 1920, as amen,ted•

Approved. 4

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Letter dated June 15th, from the Comptroller of the Currency,

advising that Mr. Daniel C. Borden had been aopointed Chief rational

Bank Examiner of the Seventh Federal eserve District, and recommending

the approval by the Board of a salary for Mr. Borden of ,,10,000 per

annum.

Aji_roved.

Telegram dated June 15th, from the Chairman of the Federal

eserve Bank of 2hi1adelphia, stating thd; the Board of Directors of

that bank had established, subject to the review and determination of

the Federal "Reserve Board, a rate of 6c,: 'upon all paper secured by

United States Government obligations, including the new United States

Treasury notes, with the exception of paper secured by Liberty Bonds

azd Victory :Totes which remains at 5.?.

Approved.

Letter dated June 14th from John DeHaven, messenger of the

Federal Reserve Board, tendering his resignation as of July 1, 1921.

Approved upon recommendation of the Assistant to the

Governor.

Letter dated June 16th, from the Department of State rela-

tive to a proposal to establish a government bank in Cuba, to be

°I:crated under t1E swervision of the Federal Reserve Board.

ro action.

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RZPOM'S OF COLUaTT_IIE I:O. 1:

Approved:

7

Recommaic into; approval of appli cat ions for admissionof state institutions, sthject to the conditionscontained in the individual reports attached. to theapplications, as set forth in the aiziliar y minutebook as of this date.

Approved.

Recommenling certain action on a 431ications forfiduciary powers, as set forth in the auxiliaryminute book as of this date.

Approved.

Recomiten di ng approval of t1 aoplicat ion ofBeekman Winthrop, as a lielliber of the firm of privateban'Acers doing business under the none of Bobt. F.Winthrop & Co. in the City of New York, to serveat the sams time as director of the 7atiorea CityBank of New York City, upon condition timt he resinas director of the Farmers Loan & Trust Co. of:rm York City.

Approved.

Recommending approval of t he apolic at ion of r.Harry Chandler to serve at the sane time as directorof the First National Bank of Los Angeles, Calif.and as director of the First "at ional Bank ofVan Nuys, Calif.

Approved.

At 12:40 the meeting adjourned.

Vice Governor.

Secretary.

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