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233 A meeting of the _Federal Reserve Board was held in the office of the Board on Wednesday, March 23, 1921, at 11:05 a.m. PRESENT: Governor Harding Mr. Platt Mr. Haml in Mr. Miller Mr. Crissinger Mr. Hoxton, Secretary. Minutes of the meeting of the Board held March 22d. were read and on motion approved.. The Governor reported the reserve positions of the several Federal Reserve banks as at close of business March 21st, and. the status of rediscounts between the Federal Reserve banks as of the same date. The Governor rep6rted rediscount transactions, member bank Promissory notes secured by Government obligations, rate 7%, as follows: Dat e Bank rediscount ing March 22 Dallas With Cleveland Amount 1,500,000 Maturities 11-15 days Letter dated March 17th, from the Chairman of the Federal Reserve Bank of San Francisco, advising of the appointment of Mr. Frederick Homer Simpson to a position in the Seattle Branch, at a salary of t3,000 per year. Approved. Letter dated March 22d, from the Acting Treasurer of the thlit ed States, submitting a list of applications from certain national banks to sell to the Federal Reserve banks Unit ed States 2% Consols of 1930, under Section 18 of the Federal Reserve Act. Upon motion it was ordered that an announcement be made to the effect that the Federal Reserve Board will not require the Federal Reserve banks to purchase any United States 2% Consols of 1930 from national banks during the quarter ending March 31, 1921, but that the question of requiring such purchases to be made during the quarter beginning April 1, 1921 will be brought up for discussion before the Governors' Conference of April 12, 1921. Mernoiandum dated March 18th, from Mr. ',Vadsworth, As Secretary of the Treasury, addressed to Governor Harding, and approved by the Secretary of the Treasury, suggesting a new organization for the handling of loans to the railroads under the Provisions of Section 210 of the Transportation Act, 1920, as ame App ioved, and tp on motion, Mr. Platt and Mr. Hamlin were designated as the members of the Railway Loan Advisory Committee of the Federal Reserve Board. Letter dated March 22d, addressed to Mr. Hamlin by Judge George 7/. Anderson, enclosing a memorandum upon the railroad situation. Upon motion, ordered mimeographed for the information of the members of the Board. Letter dated March 21st, addressed to Mr. Miller by the Director of the Division of Analysis R.: Research, enclosing copy of the monthly report of the Federal Reserve Bank of Chicago, and king comment thereon. Referred to Er. Platt with power. . 235 -3- Letter dated March 17th, addressed_ to Mr. Miller, from the Chairman of the Federal Reserve Bank of San Francisco, setting forth the views of the directors of the branch banks of the Federal Reserve Bank of San Francisco reep.rding the loan policy of their respective branch banks. Not ed. Letter dated 1,7arda 17th, addressed to Mr. Miller from the Chairman of the Federal Reserve Bank of San Francisco, enclosing copy of a letter setting forth the policies of the Federal Reserve Bank of San Francisco, vritten by Mr. Perrin to the SacrarrentoSan Joaquin Bank. Noted and. ordered circulated. REPORTS OF COMITTEE NO. 1: Dated March 22d, Dated March 22d, Dated March 22d, Date°, March 23d, Recommending changes in stock at Federal Reserve banks, as set forth in the auxiliary minute book as of this date. Approved. Recommending approval of application for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. Reco mend lug admission of state institutions, sabject to the individual reports attached to the applications, as set forth in the auxiliary minute book as of this date. App 10 vecl. Recomnending that authttrity be given to certain na tio nal banks to purchase stock in corporations organized under the Edge Act, as set forth in the auxiliary minute book as of this date. Approved. ;es 236 -4- Dated March 22d., Recommeni lag, approval of the appliction of Mr. C. R. Puckhaber to serve at the same time as director and vice president of the Union National Bank of Fresno, Cal., and as director of the Sacramento-San Joaquin Bank, Sacramento, Cal. Approved. Dated March 22d, Rec,omrnending refusal of the application of Mr. Albert C. Middleton to serve at the same time as director of the First rational Bank of Camden, N.J., and as director of the Camden Save Deposit & Trust Company of Camden, N.J. Approved. Dated March 22d, Recommending approval of the application of Mr. J. I. Staley to serve at the sane time as officer and director of the Security National Bank of Wichita Falls, Texas, and as director of the National Bank of Commerce, Ft.Worth, Texas, and as officer and di rector of the First National Bank of Burkburnett, Texas. Aporo ved. Dated 'March 22d, Recommending approval of the application of Mr. C. C. Cabiness to serve at the same time as officer and director of the Security National Bank of Wichita Fall.s,Texas, as director of the National Bank of Cormrce, Ft.Worth, TexaT3 ,21,3 as office:- and. director of the First rational Bank of Burkburnett, Texas. Apyro ved. At 12:30 p.m. the meeting adjourned. Secretary. 1
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