Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, April 1, 1921, Volume 8, Part 1

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A meting of the Federal Reserve Board was held in the
Office of the Board on Friday, April 1, 1921, at 11:30 a.m.
PRESENT: Governor Harding
Mr. Platt
Mr. Haml in
Mr. Miller
Mr. Hoxton, Secretary.
Minutes of the meeting of the Board held March 31st were read
and. on motion approved.
The Governor reported the reserve positions of the several
Pederal Reserve banks as at close of business March 30th, and the
status of rediscounts betwem the Federal Reserve banks as of the
same date.
Letter dated April 1st, from the Railway Loan Advisory. Comraittee of the Federal Reserve Board, requesting approval of a form
Of loan, in the amount of $1,382,000, to be made to the Minneapolis
St.Louis Railroad Company, under the trovisions of Section 210
Of the Transportation Act, 1920, as amended.
Approred.
Copy of letter dated March 30th, addressed by Assistant
Secretary of the Treasury Gilbert to Deputy Governor Case, of the
Peaerai* Reserve Bank of Nay York, with reference to the earmarking of
61)1c1 in the Bank of England and. the raying out of legal tender notes
and silver certificates.




Noted..

Draft of letter dated April 1st, for signature of the Governor, addressed to the Chairman of the Federal Reserve Bank of Dallas,
setting forth the views of the Board with regard to the proposed
establishm3nt of a branch bank at San Antonio, Texas.
Approved.
Draft of letter dated April 1st, for the signature of the
Governor, addressed to the Chairman of the Federal Reserve Bank of
Atlanta, with reference to the proposed establishment .bythat bank
Of a Member Bank Relations Department and. suggesting that the
matter be referred to the Board of Directors of the Federal Reserve
Bank of Atlanta for recommendation to the Federal Reserve Board.
Letter approved and matter referred to Governor
Harding with power.
Draft of letter dated March 31st and draft of telegram of
tbe same date, addressed to the Federal Reserve Agent at San FrancisCo, with reference to the proposed absorption by the Valley Bank of
Ilhoenix, Arizona, a member bank; of the Gila Valley Bank and Trust
Company of Globe, Arizona, a non-menber bank with seven branches.
Approved.

.4..gagaS
1
OF COMMITTEE NO. 1:
Dated :April 1st,




Recommending that authority be given to certain
national banks to purchase stock in corporations
organized under the Edge Act, as set forth in
the auxiliary minute book as of this date.
Approved.

Ii

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Dated March 31st, Recommending approval of the application of Mr.
J. R. Burrow to serve at the same time as director of the Fidelity National Bank & Trust Co. of
Kansas City, Mo. and as director and officer of
the Central National Bank of Topeka, Kans. and
as director and officer of the First National
Bank of Smith Center, Kans.
Approved.

At 1:15 p.m. the meeting adjourned.




Secretary.