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Z34 A meeting of the Federal Reserve Board was held in the office of the Board on Friday. April 29, 1921, at 11:30 a.m. PRMITT: Governor Harding Mr. Platt Hamlin Miller Mr. Hoxton, Secretary. Reading of the minutes was omitted. The Governor reported the reserve positions of the several Federal Reserve banks as at close of business April 27th and the status of rediscounts between the Federal Reserve banks as of the same date. The Governor reported rediscount transactions, menter bank Promissory notes secured by Government obligations, rate follows: Dat e Bank rediscounti nr, April 28 Dallas With Bost on Ann unt l,500,000 Maturities 11-15 days Governor Harding called attention to a draft of a proposed statement for distribution to the newspapers, embodying the report recently submitted by the Director of the Division of Analysis F:Re se ar ch dealing with wage and employrne nt conditions throughout the United States. After discussion, it was the sense of the meting that the said statement should not be distributed to the general press, but should be published in the forthcoming short edition of the i'ederal Reserve Bulletin. (-) Draft of letter prepared by the General Counsel in reply to a letter of April 27th from Senator Sterling, transmitting Senate Pill 7o. 581 and requesting the opinion of the Federal Reserve Board thereon. Approved. Draft of letter dated April 29th, preared by the "lencral Counsel, addressed to the Federal Reserve Agent at Boston, with reference to national banks acting as transfer agents under the terms of Section 11 (k) of the Federal Reserve Act, said Section having reference to fiduciary powers which may be exercised by national banks. Approved. Draft of letter dated April 29th, prepared by the General Counsel for the signature of Governor Harding, and designed as a letter of transmittal to all Federal Reserve banks accompanying the Board's recent ruling in regard to the eligibility for purchase by Federal Reserve banks of bankers' acceotances arising from import and export transactions which have maturities of not more than zix months. Referred to Lr. Hamlin and Mr. Miller. Memorandum dated April 29th from the General Counsel, subMittinc a proposed draft of letter addressed to the Gotham ITational Bank of Hew York, with reference to the use of bank acceptances ' in financing the storage of automobile parts. Letter approved and ordered transmitted, 6 Oo Memorandum dated April 28th, from the Chief of the Division of Reports and Statistics, recomnending the appointment as "Card Puncher" in that Division, at an annual salary of '12.00, Of Miss Inez I. Maley vice Miss Esther L. Schmeh l, resigned. Approved. REPORTS OF COLIIITTE:3 NO. 1: Dated April 29th, Recommending that authority be c;iven 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. Dated April 27th, Recommending approval of the application of Mr. E. E. Yasterman to serve at the same time as officer and director of the First Ditional Bank of Charming, Texas. and as director and officer of the First ITational Bank of Wichita, Kansas. Approved. Dated April 28th, Recommending approval of the application of Kr. Sidney S. Liggett to serve at the same time as director of the Farmers Deposit :Tational Tank, as officer of the Union Trust Co. and as director of the Farmers Deposit Savings Bank, all of Pittsburgh, Anproved... At 1 p.m. the meeting adjourned. Secretary.
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