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metin,7 of the Federal Reserve Board was held in the Office of the Board on 77ednesday, February 9, 1921, at 11:05 a.m. qovernor Harding 1,7r. Hamlin 1,71ller T7r. 17oxton, Secretary. PRESTJT ALSO: .11r. Logan, Gene,ral Counsel. :linutes of the rreeting of the Board held February 8th Were mad., and on motion, aoppoved, as amended. The Clovernor reported the reserve positions of the several Federal Reserve banks as at close of business February 7th, and the status of redi scount s between the Federal Reserve banks as of the same date. Letter dated February 7th, from the Railway Loan Advisory Committee, requesting a)proval of a form of loan in the amount of `29,000 to be nnde to the Shearwood Railway Company, wrier the provisions of Section 210 of the Transportation Act, 192), as amended. Approved. Letter dated Febru=y 7th, from the Loan ory committee, requesting approval of a form of loan to be lade in two parts in amounts of :.400,000 and :''250,000, to the Ann Arbor Railroad Company, under the provisions of Sect ion 210 of the Transportation "et, 1920, as amended. f.pproved. A 6-• _ft -11-6 Draft of letter prepared by General Counsel. dated February 9th, and addressed to the Philadelphia 71.ational Bank, exDressinp; the opinion of the Board relative to an import or export acceptance credit secured by sterlinf; exchan7e. .Approved, subject to certainmodifications. Draft of letter prepared by General Counsel, to the Texas Farm Bureau Federation of Dallas, e)Tressing the opinion of the Board with regard to the eligibility for d_iscount at Federal 7eserve banks of drafts drawn by producers on marketing corporations Of which the said producers are. stockholders. Referred to the Law Committee. At this point Mr. Williams entered the meeting, and. rePorted that he had conmunimted with the Assistant Secretary of "far with reference to the present condition of the l'hMipine --tional Bank, who advised him that the Secretary of War was much interested in the matter. Mr. Williams also stated that he had had an interview with General I:cIntire who informed him that this Government had recently disposed of two or three million dollars worth of Dhillipine bonds, but that there exists in law no authority to is sue farther bonds. Also, that the 1-ovornment of the 'hillipine Islands will not, in the opinion of General McIntire, Permit the l'hillipine national Bank to fail. Memo rrindum dated Febrir.ry 9th, from the General Counsel, ad..visin:7 that the Atlanta national Bank, of _Atlanta, Ga.. and the -.3- 132 American Exchange National Bank of Dallas, Texas, had, without securing permission from the Federal Reserve Board, subscribed f'75,000 each to the stock Of the Federal International Banking Company. Upon recommendation of General Counsel, the subscriptions referred to were authorized. REPORTS OF COMMITTEE NO. 1: Dated February 9th, Recommending that authority be given to certain National banks to purchase stock in corporations organized under the socalled Edge Act, as set forth in the auxiliary minute book as of this date. Approved. Dated February 7th, Recommending approval of an increase in the salary of National Bank Examiner Jesse L. Penix from %000 to ?4200 per annum, effective February 1, 1921. Approved. At 1:05 p.m. the 'reefing adjourned. Secretary.
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