Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, April 19, 1921, Volume 8, Part 1

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A meeting of the Federal Reserve Board, was held in the
office of the Board on Tuesday, April 19, 1921, at 11:15 a...
PRES-ITT: Governor Harding
1.7r. Platt
Mr. Hamlin
Mr.
Mr. Hoxton, Secretary.
Minutes of tl-e meeting of the Board held April 15th were
read and on motion approved.
Minutes of the _Iixecutive Committee meeting held April 18th
were read and the action of the Corramittee set forth therein ratified.
The governor reported the reserve positions of the several
Federal Reserve banks as at close of business Aril 16 and the status
Of rediscounts between the Federal Reserve banks as of the same date.
Draft of proposed. wire, dated. April 19th, to all Federal Reserve agents, advising that after this week the published consolidated statement of the Pederal Reserve banks will be issued as of
close of business on Wednesday, instead. of Friday, and that the said
statements will be released for the Friday morning papers.

Also,

that the statement of the reporting 'member banks will be compiled
as of the same date and released to 2riday afternoon papers.
Approved.
Letter dated. April 13th, from the Federal Reserve Agent at
1C3nsas City, requesting the Board's approval of the appointment at
that bank of Mr. Waaer Robinson as an examiner, at a salary of
.,3,000 per annum.




Approved.

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Letter dated Aril 11th, from the Chairman of the Federal
Reserve Bank of San Francisco, requesting approval of the appointment of i'r. Albert C. ...gnew as office attorney in that bank, at a
sa1 -, r7 of '8,000 par annum.
Approved.
Letter dated April 18th, from the Chairman of the Federal
1 fork,7eouesting approval of the appointment of
Reserve Bank of 1Tew .
11r. Howell L. Stillman as a Federal Reserve examiner, at a salary
Of

not to exceed 4,500 per annum.
1.pfroved.
Letter dated April 15th, from the Chairman of the Federal

Reserve Bank of St.Louis, transmitting, with favorable recommendation,
aPplication of the First :Tational B6,nk of Itta Bena, Tffississippi,
for p armis si on to acco.t drafts ',IL) to 10C ;‘• of its capital and surplus.
Upon motion, the application was approved, contingent upon the securing by Governor Harding of further information vhich shall be satisfactory to him.
Liemorardum dated .April 18th, from 7.r. }Tani in, enclosing a
11-1(31norandum intended to show the disposition of

,old iorted into

this country , and also the source of exports.
Peon motion, ordered mimeographed for the information of the members of the Board, and referred
to the Bulletin Committee for publication in tie
Federal Reserve Bulletin, if deemed proper by the
said Bulletin Committee.




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remorandum dated April 19th, recornendinp., the appointment
Of riss rora ...ader to a position in the office of the Statistici
an
at an annual salary of :',1,68O.
Approved.
R74`)07,TS OF C012.1IT=2, TTO. 1:
Dated. April 14th, Tleconnending approval of the applications of
state institutions, subject to the conditions
contained in the reports attached to the applications, as set forth in the auxiliary
minute book as of this date.
Approved.
Dated April 19th, Reconnenclino.: that authority be given to certain nrAional banks to purchase stock in corporations organized under the Edge Act, as
set forth in the auxiliary minute book as of
this date.
Approved.
Dated April 18th, flecormiending approval of the application of
T.Tr. Irene° DuPont to serve at the same time
as director of the Fourth Street T'Tational Bank
of Philadelphia, as director of the Guaranty
Trust Co., 1Tev.• Yo& City, and as director of
the Wilmington Trust Co., Wilmington, Del.
Approv ed.
Dated April 18th, :Recommending approval of the application of
I.Tr. F. B. Smith to serve at the same time as
director and President of the liners :Tational
Bank of Blossburg, Pa., aill as director of the
Chemung Canal Trust Co. of innira, :T.Y.
Approval.
Dated April 18th, Recon-rnerrling approval of the application of
1.7r. A. J. Pic1Q-ell to serve at the same time
as director of the First -2Tational Bank of
Van ruys, California, and as director of the
California Bank of Los Angeles, Calif.
Approved..
Dated. Apri 1 18th, Recommen1 ing approval of the application of
.T,7r. Geo.
Elkins,Jr., to serve at the same
time as director of the Jenkintown iTational
Bank of Jenkintown, Pa., and as director of
the Land. Title F.: Trust Co. of '?hiladelphia.
Approved.




Dated, April 14th, Tiecomrnending approval of the application of
Fr. John C. Cutler to serve at the sans time
as president arrl director of the Deseret
Mat ionf..)1 Bank, and as vice-president and director of the Deseret Savings Bank, both of
Salt Lake City, Utah, and as director of the
First :Tational Bank of Murray, Utah.
Appro ved.
Dated April 14th Rec °Imre nding that the application of Mr. Chas.
C. Drueding to senr:e at the sane time as director of the Market Street National Bank of
'Philadelphia, as director of the Continental
2,quitable Title v, Trust Co. of Philadelphia,
and as treasurer of the Drueding Brothers Co.
of PhiladelDhia, be held.
Approved.
Dated_ April 11th, Recommending approval of the application of
7:r. Chester Thorne to se/TO at the sam time
as director and officer of the :Tational Bank
of Tacoma, Washington, and as director of the
Army National Bank of Camp Lewis, Washington.
Approved.
Dated April 14th, Recommending approval of the application of
Mr. J. H. queal to serve at the same time as
director of the McCloud National Bank of
McCloud, California, and as director of the
First rat ioinl Bank of Minneapolis, Finn.
Ap or07 ed.•

At 1:00 p.m. the meeting adjourned.




Secretary.