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A meeting of the Federal Reserve Board was held in the office Of the Board. on Monday, August, 1, 1921, at 12 o'clock noon. PRESENT: Governor Harding Mr. Platt Mr. Mitchell Mr. Cris singer Mr. Hoxton, Secretary. Minutes of the two meetings of the Board held July 28th, and the minutes of the meeting of the Board held. July 29th were read and. °II nicrtion approved. The Governor reported the reserve positions of the several ?ederal reserve bank6 as at close of business July 27th and the status Of *gcliscounts between the Federal reserve banks as of the same date. The Governor reported rediscount transactions, member bank 121'°Inissory notes secured. by Government obligations, rate 6%, as follows: Date July 28th Bank rediscounting._ Dallas Cleveland 4,000,000 ' 3111-Y 2 atillr 29th 8th, `I % 29th Richmond Minneapolis Dallas New York New York Boston 10,000,000 1,000,000 1,500,000 With Amount Maturities 11-15 days 1-90 dys. (Com'l.) 11-15 days do do Letter dated July 29th, from the Railway Loan Advisory Committee °f the Federal Reserve Board, re.commending approval of the form Of obligation submitted by the Chesapeake and Ohio Railway Company to take over a loan amounting to $5,338,000, in four equal parts, the cattier electing at this time to take down the first two instalments °t the loan in the amount of $2,669,000, under the provisions of Section 21° Of the Transportation Act, 1920, as amended. Approved.. -2- Letter dated July 28th, from the Railway Loan Advisory Committee of the Federal Reserve Board, recommending approval of the form Of allgation submitted by the Cambria & Indiana Railroad Company to take over a loan amounting to 13250,000, under the provisions of Section 210 of the Transportation Act, 1920, as amended. Approved. Letter dated July 28th, from the Comptroller of the Currency, advising the Board of the appointment of E's. Irene B. Polk as Stenog14Pber in his office at salary of -t;1500 per annum, the said appointrsetit to be effective as of July 18, 1921. Noted. Draft of letter dated August 1, 1921, for the signature of the Secretary, in ieply to a letter of Mr. Williams dated August 1st. Approved. Letter dated July 28th, from the Chairman of the Federal Reserve 8ank of Dallas, giving certain details with reference, to the present situation of the Commercial National Bank of Shreveport, Louisiana. Noted. Letter dated July 29th, fivm the Chairman of the Federal Reserve 44k of Atlanta, reporting the theft of certain currency during shipbetween the Federal Reserve Bank of Atlanta and. the First National 8ent of West Palm Beach, Fla., with information that the theft has been tsPcrted to the proper authorities and that any loss which may ensue is "Wired. by insurance. Noted. i51 t -3- Danorandum dated ;July 27th, from the Assistant Secretary of the Board with reference to a letter of July 26th, from the Comptroller °f the Currency, calling attention to a certain discrepancy in the 1-nount of certificates of indebtedness issued_ under the ?ittrrnn Act, to secure the issue of 4',1.00 and 2.00 Federal reserve bank notes which Obtained on May 28th at the Federal Reserve Bank of Dallas. It was, upon notion, determined, upon the recommendation of Mr. Crissinger, to let the discrepancy work itself out in due course of bank note redemptions, unless the Federal Reserve Bank of Dallas should desire more and. .,2.00 notes, and in such an event, the Federal Reserve Bank of Dallas can be instructed to purchase additional Pittman Act certificates from sore of the other Federal reserve banks. ,I1 PORTS OF COLT:ITTE 7,-0. 1: Dated July 29th, Reconmending clEnges in stock at Federal Reserve Banks, as set forth in the Auxiliary minute book as of this date. Apo ro ved. Dated July 28th, Recommending. certain action on applications for fiduciary powers. as set fbrth in the Auxiliary minute book as of this date. Ap pro ved. Dated July 28th, Recornmending 'certain action on applications " " 29th, for admission of state institutions, subject t o the cond it ions st at ed in the individual reports attached to the Tplications, as set forth in the Auxiliary minute book as of this dat e. Approved. -4- Dated July 29th, Recomending approval of the application of Mr. Sherman Armstrong to serve at the same time as officer of the 1:ational Copper Bank of Salt Lake City, Utah, and as director of the First National Bank of Park City, Utah. Approved. Dated July 28th, Recommending refusal of the application of Mr. Wm. Pearre to serve at the same time as director of the First National Bank and as director of the Liberty ?rust Company, both of Curerland, Approved. Dated July nth, RecognEna;ting refusal of the application of Yr. Thomas B. Pinan to serve at the same time as director of the First Mat ional Bank of Cumberland, T7d. and as director of the Atlantic Trust Co., Baltimore, and as director and secretary of the Liberty Trust Co. of Cumberland. 7.d. Approved. Dated July 28th, Recommending refusal of the application of Mr. Henry Shriver to serve at the same time as director and president of the First National Bank of Cumberland, T 7d., and as director of the Liberty Trust Co. of Cumberland, and as director of the First National Bank, rt.Savage, Md. Approved. Dated, July 28th, Recommending refusal of the application of Mr. Hugh A. McMullen to serve at the same time as director of the First National Bank of Cumberland, Md. and as director and president of the Liberty Trust Co. of Cumberland, and as director of the Fidelity Savings Bank of Frostburg, Md. Approved. Dated July 28th, Recommending refusal of the appli-ation of Mr. Benk. A. Richmond to serve at the same time as director of the First National Bank of Cumberland, 1:d., and as director of the Liberty Trust Co., CuMberland. Approved. Dated July 28th, Recommending refusal of the application of Mr. L.L. Hilmer to serve at the same time as director of the First National Bank, and as director of the Liberty Trust Co., and as director of the Cumberland Savings Bank, all of Cumberland, Md. Approved. • At one o'clock p.m. tbe meeting adjourned.. Secretary.
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