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20 -1-1 A rneetina; of the Tcecutive Committee was held in the office Of the Pmard on I.Tonday, February 7, 1921, at 12:05 p.m. PRT,S7,7111: Governor Harding Tr. TIamlin :Tr. Tiller Hoxton, Secretary. The Governor re,J orteet the reserve positions of the several Fedenil lies-ve Banks as at close of business February 4th, and, the status of rediscounts between the Federal Reserve banks as of the same date. The Governor reported rediscount transact ions, member bank promissory notes secured by Government oblir;ations, rate 7':4 as follows: Dat e Bank rediscountin_a_ With 1‘.mount L'atirr iti es 11-15 days Feb, 3 Dallas Cleveland :4,500,000 Feb. 3 Minnemolis Cleveland 2,000,300 Lett' dated February 3d 11-15 from the Railway Loan Advisory Committee, reluesting approval of a form of loan, in the amount of 90,000, to be made to the Alabama, Tennessee Northern Railroad Corporation, under the provisions of Section 210 of the Transportation Act, 1920, as amended. Approved. Letter dated February 1st, from the Federal Reserve Agent at Dallas, advising Ut Board of the resignation of Mr. C. H. Wells as Tanager of the Member Bank Relations Department, and the pro- -2- 121 motion to fill the vacancy of 7.":r. F. J. Titgen, at a salary of ,300 per annum. Action postponed until return of 7".essrs. Platt and. ',Vills,from Dallas. T:Emorantum dated February 1st, from the Division of 17,xarnination, reconnending that the application for fiduciary powers made to the 1Tebraska rational Bank, of Omaha, Nebraska, be deferred uatil the next examination of said applicant, in spite of request of January 17th that the application be granted inunediat ely. Approved. Letter dated January 24th, from the Chairman of the FederJ. Bank of Kansas City, su_cgestinc3 that the Board in the future make as one of the requisites of a State Bank becoming a member bank of the System that it will agree not to transfer its assets to a non-member bank, unless an agreement is entered into Whereby the non-member bank will liquidate all the indebtednes Of the member bank to the Federal Reserve Bank before the cons )1idation becorms effective. Referred to General Counsel. Letter dated _:?ebruary 4th, frcm the Comptroller of the currency,making recommendations as to increases in salaries for the various :Tat lanai Bank examiners in the several Federal Reserve Districts. Action deferred until the next meetin7 of the Board, being the sense of the Executive Committee that Fr. it shouldlie. present when this matter is considered. 122 -3- Letter dated February 2d, from the Chairman of the Federal Reserve Bank of Atlanta, requesting approval of a uniflorm rate of 6% on all paper secured by United 'States Treasury Certificates of Indebtedness. Approved. REPORTS OF COT.VITT72, TO. 1: Dated February 4th, Recommenling changes in stock at Federal 5th, Reserve banks, as set forth in the auxiliary minute book as of this date. Approved. Dated February 7th, Recommending that authority be given to certain National Banks to purchase stock in corporations organized under the spooned Edge Act, as set forth in the auriliary minute book as of this date. Approved. .At 1 p.m. the meeting adjourned. Secretary. Approved:
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