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meeting of the Federal Reserve Board was held in the Office of the Board on Friday, April 8, 1921, at 11:00 a.m. PRESENT: Gov ernor Har cling Mr. Platt Mr. Rana in T.7iller Mr. Crissinger Hoxt on., Secretary. Minutes of the rreetillP; of the Boa..rd held April 7th were read and, on motion approved. The Governor reported the reserve positions of the several Pederal Reserve banks as at close of bu.siness April 6th and the status of rediscount s between the Federal 'Reserve banks as of the saTrie date. Letter dated April 7th, from the International Acceptance Bank, Inc., recitu sting authority to accept •drafts dravm by banks or biJrs in Australia, Hew 'Zealand and other Australasian dependencies, for the purpose of furnishing dollar exchange. Approved. Referred to Governor Harding for reply. ;,:anorandum dated April 8th, fmm the Assistant to the Governor, advising that William Burns, rreesenger in the Division of l elports and Statistics, died last niglit, and recommenling, that his name be carried on the Board's payroll to April 7th. Also, recom- Inerlding that, on account of illness, Miss Lucy S. Black be granted additional leave with pay for the month of April. Approved. 236 Letter from the Chairman of the Federal Reserve Bank of Dallas, submitting for approval contracts for the construction of the new branch building at Houston, and advisin,-; that the total cost would be qpproximately :'345,000, which sum is a few thousand. dollars less than the limit suggested by the Federal Reserve Board last :Tovember. Governor Harding was requested to secure the approval of the contracts from the Consulting Architect, and should such approval be given, to advise the Federal Reserve Bank of Dallas that the Board. interposes no objection to the closing of the contracts. Letter dated. April 4th, from the Chairman of the Federal Reserve Bank of Dallas, advising of pressure being brought to establish a branch at San Antonio, and statinF, that he had sug7ested an agency as an alternative. Referred to Governor Harding, with the request that he advise Judge Ramsey that there is no reason to believe that the Board will approve the establishment of either a branch or an agency at San Antonio at this time. Letter dated April 7th, from Senator Capper, enclosing coPY of a letter from T.Tr. Axline, a farmer and stock raiser of ITobraska,, criticising the discount policy of the Federal Reserve Bank of "Xansas City. 'Toted. There ensued a full discussion of discount rates, with particular mference to the progressive rates now in force in the Tenth Federal Reserve District. 287 -3 Letter dated April 7th, from the Chairman of the Federal Reserve Bank of Richmond, submitting a list of salary adjustments recommended by the Board of Directors of that tank, in accordance With the policy of raking such adjustments on the anniversaries O' semi-anniversaries of employment of the employes, in accordanc e With the plan previously authorized by the Federal Reserve Board. These adjustments provided for an increase of 1,170. a year in the Payrolls of both the home office and the Baltimore Branch. Ai:proved. Letter dated April 7th, from the Chairman of the Washington Clearing Housc, calling attention to the fact that a number of banks in the City of Washington are organized and operating tither Charters of the different states of the union, and suggesting that a banking law be devised and reconznerxied to. Congress, covering the °barter and operations of banks in the District of Columbia. Referred to the Law Committee, with the understanding that the nutter will be taken up with the Counsel of the Federal Reserve Board and. the Counsel of the Washington Clearing House. Telegram dated. April 7th, from the Chairman of the Federal Beserve Bank of Boston, advising that subject to the review and determina.tion of the Federal Reserve Board, the Board of Directors of that bank had. voted to establish a rate of 6% upon commercial paper, with maturities of from one to six months. Upon motion, action was withheld, pending further information. 238 -4- Letter dated April 5th, from the Federal Resorve Ap7ent at Ransas City, referring to a recommendation made by him in his letter to the Board of January 24th, to the effect that the salary of lir. C. K. Boardman, Assistant 17tederal Reserve Agent, be increased from :"!6,000 to at least 7,200. per annum, effective Jantzi-ry 1, 1921. Upon motion, the Secretary vas instructed to advise Er. Ramsay that the Board approves for Tr. Bo ardman a salary of 6,600 per annum, effective April 1st. li.ORTS OF COTTITTE NO. 1: Dated April 8th, Recommendinr; 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. Dated April 6th, Recommerding approval of the application of 7*r. Edmund S. Violfe to serve at the same time as president and director of the First-Bridgeport National Bank of Bridgeport, Conn., as director of the District Natiorn1 Bank, and as director of the Washington rechanics Savings Bank, both Of Washington, D. C: Approved. Dated April 7th, Recommending approval o: the application of 1:r. Edgar S. Hills to serve at the same time as Assistant Cashier and director of the Deseret rational Bank of Salt Lake City, Utah. as director of the Deseret Savings Bank of Salt Lake City, and as director of the Nephi rational Bank, of Nephi, Utah. Approved. At 12:45 p.m. the meeting adjourned. Secretary.
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