A meeting of the 7ederal Reserve Board was held in the office

of the Board on Tuesday, June 13, 1922, at 10:50 a.m.

PRESET: Gov ernor Har dingPlatt

Mr. HamlinMr. Miller

CrissingerIioxton, Secretary.

Minutes of the meeting of the Board held June 12th were read

and on motion approved.

The Governor reported the reserve positions of the several Fed-

eral reserve banks as at close of business June 10th.

Letter dated June 9th, frcrn the Chairman of the Federal Reserve

Bank of Dallas, advising that the Board of Directors of that Bank

had, subject to the review and determination of the Federal Reserve

Board, fixed a minimum rate of 3!,-7 and a minimum rate of 4" for open

market purchases of bankers and trade acceptarres, respectively.

Aprroved. The Governor was requested to advise theFederal Reserve Bank of Atlanta that the Board is nowready to approve for that Bank the same minimum ratesfor the open market purchase of bankers and trade accept-ances as those approved for the Federal Reserve Bank ofDallas.

Letter dated June 9th, frcm the Chairman of the Federal Re-

serve Bank of Dallas, errlosing a copy of the minutes of the meeting

Of the Board of Directors of that Bank, held June 7th, and making

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especial reference to the recommendation that the Bcard approve a

salary of ::$18,000 a year for the Governor of that Bank.

Ordered circulated.

Draft of letter dated June 12th, prepared for the signature

of the Governor, and addressed to Senator George P. McLean, ClEir-

man of the Senate Committee on Banking and Currency, and giving the

views of the Board with refererre to H. R. 8996, providing that the

Comptroller of the Currency shall be required to make a minimum of

three calls a year for stat enents of condition of national banks, in

lieu of the minimum of five calls a year now required.

Upon motion, approved, with some amendment.Mr. Miller voted "no", expressing his view thatfrequent calls for statements of condition, ifnot too frequent, serve a good purpose, and stat-ing that in his opinion a minimum of four callsshould be required.

Letter dated June 12th, from the Railway Loan Advisory Com-

mittee of the iederal Reserve Board, recommending approval of the

form of obligation submitted by the Hocking Valley Railway Company

for a loan of -'31,665,000, the carrier electing at this time to take

down the third and fourth installments, each in the amount of 306,-

000, under the provisions of Section 210 of the 7ransportation Act,

1920, as amended.

Approved..

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Letter dated June 9th, from the Chai nnan of the 2ederal Reserve

Bank of Dallas, requesting approval of the Federal Reserve Board of a

resolution of the Board of Directors of that Bank authorizing the declar-

ation of a dividend to the stockholders of the Bank at the rate of 6% per

annum, from Januazy 1st to June 30, 1922, payable on the latter date.

Approved.

Mr. Platt submitted a report compiled by him on the various topics

recorded in the Secretary's minutes of the last Governors' Conference.

Upon motion, the Governor was requested to advise allFederal reserve banks that the Board has examined the min-utes as submitted by Secretary Harrison of the Governors'Conference, has already sent out letters on those mattersrequiring Board action, and approves all other conclusionsreached by the Conference, reserving the right to issueregulations not in accord with such conclusions, shouldoccasion require.

Proposed circular letter dated June 13th, addressed to the Chair-

/pan of all Federal reserve banks, transmitting a supply of pamphlets con-

taining replies to a questionnaire sent out under date of October 12,1921

to all National banks which had been granted permission to aet in fidu-

ciary capacities under the terms of Section (11) of the Federal Reserve

Act.

Approved.

REPORTS 0 F COMMITTEE NO. 1:

Dated June 12th, Recommending chances in stock at Federal reserve banks,as set forth in the auxiliary minute book of this date.

Approved.Dated June 12th, Recommending admission of state bank, subject to the

conditions stated in the individual report attached tothe application, as set forth in the auxiliary minutebook of this date.

Appro ved.

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Dated June 12th, 'Recommending approval of the application of Yr. S. T.Kiddoo to serve at the sane time as officer and direct-or of the Live Stock Exchange National Bank, and asdirector of the Stock Yards Savings Bank, and as direct-or of the Central Manufacturing District Bank, all ofChicagp, Ill.

Approved.

At 11:45 a.m. the meeting adjourned.

A

Secretary.

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