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A meting of the Federal Reserve Board was held in the office of the Board on Friday, March 25, 1921, at 11:20 a.m. PRESMT: Governor Harding Mr. Platt Mr. Hamlin Mr. Miller Mr. Cri ssinger Hoxton, Secretary. PRESENT ALSO: The Governor and the Chairman of the Federal Reserve Bank of New York, Mr. Trowbridge, the Consulting Architect and the architects for the Federal Reserve Bank of New York. Governor Strong presented to the Board certain tentative ti al-11'es and estirates prepared in connection with the preliminary Plans for the new building of the Federal Reserve Bank of New York, and. recommended that work _goon the foundation of the proposed. structure be authorized_ at the earliest possible moment. Upon motion, Governor Strong was reqmsted to prepare a written proposition requesting authorizat ion . for that part of the work which should be immediately undertaken, for presentation to the Board. at a meeting to be held at 11 o'clock tomorrow. At this point the gentlemen from New York withdrew from the 'fleeting. Minutes of the meeting of the Board held_ March 24th were read and on motion approved. The Governor reported_ the reserve positions of the several Pecleral Reserve banks as at close of business March 23d, and the status of rediscounts between the Federal Reserve banks as of the 3arne date. r 9 Letter dated Larch 10th, from Mr. A. W. McLean, tendering his resignation as a member of the Railway Loan Advisory Conraitt ee Of the Federal Reserve Board. Mot ed. Telegram dated March 23d, from the Chainnan of the Federal Reserve Bata of St.Louis, stating that the Committee of that bank in Charge of applications of state banks for admission to the System was inclined to refuse approval at this time of applications from state institutions located in the cotton producing belt, on account of the large proportion of past due paper carried by the applicants and caused by conditions in that section. (,overnor 1 Harding, was reuEsted to advise Mr. Martin to send the applications forward to the Federal :Reserve Board for such action as the Board may deem desirable. Mr. Hamlin reported that the Committee -upon Administration Of the Clayton Act desired to reconmend that the review of all Permits to interlocking directors which has been set for April 1, 1921, be postponed to some date in May or June, without changing the date already set, July 1, 1921, when the findings resulti ng fl'oin the said review shall be effective, it being the view of the C ommittee that the scope of the review might be greatly modified Oil account of a suggested anendment to the Kern Amendment of the elaYton Act. After discussion, it was voted that the Clayton Act Committee prepare a sury,ested amendment to the Clayton Act and. submit its recommendation in writing for action of the Board. Draft of letters prepared for the signature of Gover nor Harding, dated March 25th, addressed to the Chair man of the Federal Reserve Bank of Dallas and to the Third Assistant Postmaster General, with reference to the publicity given to the transportation Of registered mil from the Houston Branc h of the Federal Reserve Bank of Dallas to the Post Office in Houston. Approved. Governor Harding submitted to the Board a modif ied form of confined statement of the Federal Reserve System prepared by Mr. Jacobson. Approved. Memorandum dated March 24th, from Mr. Emers on, transmitting correspondence from the Chair man of the Federal Reserve Bank of Atlanta with reference to trust receipts issued by the Federal Reserve Bank of Atlanta to the Federal Reserve Agent covering discounts pledged as security for Federal Reserve notes and sent out 13Y the operating department of the bank for collection Referred to Governor Harding with power . PORTS OF COMMIT TEE NO. 1: Dated March 25th, Recommending that authority be given to certain national banks to purchase stock in corpo rations organized under the Edge Act, as set forth in the aizciliary minute book as of this date. Anproved. 244 -4- Dated. March 22d, Reconmending approval of the application of Mr. Joseph E. Herron to serve at the same time as director of the Farmers Deposit National Bank of Pittsburg4, Pa. and as officer of the Farmers & Miners National Bank of Bentleyville, Pa. Approved. At 1:00 p.m. the meeting adjourned. Secretary.
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