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• A meeting of the Federal Reserve Board was held. in the office of the Board on T.:onday, ray 2, 1921, at 11:05 a.m. ',PRE SE1^TT: Go ver nor Hard'ng 1:r. 't?latt Hamlin Cri ssinger Hoxton, Secretary. • PRESErT ALSO: Mr. John R. Mitchell, desir:nated rrember of the Federal Reserve Board. Minutes of the meetins of the Board held. April 26th, 20th d 29th were read and on motion approved. The Governor reported the reserve oositions of the several Federal reserve banks as at close of bus i110 SS April 20th arrl 29th and the status of rediscounts between the Federal reserve banks as Of the same dates. The Governor reported rediscount transactions, member 7)ank Promissory notes secured by Government obligations, rate 7, as follOWS: Pte Bank rediscounting With A9ri1 29 Dallas Boston April 29 Richmond Mew York Amount .ri 1,500,000 5,000,000 Maturities 11-15 days 11-15 " Letter dated Aril 27th, from the Controller of Administration of the Federal Reserve Bank of Chicago, advisino', of the erilla0ymen t of three additional assistants in the Bank Relations -2 Department of that Bank. Approved. Letter dated April 30th, from Senator Cummings of Iowa , transmitting a letter from the Railroad Coirrnissioner of Iowa, comPlaining of the activities in that State of National Bark Examiners and Federal Reserve Bank Examiner s. Referred to Governor Harding. Letter dated April 27th, from the Chairman of the Federal Reserve Bank of Minneapolis, reporting the banking, industrial and. commercial conditions in the Ninth Federal Reserve District, an:1 Governor Harding's reply thereto. Noted. Ordered circulated. Letter dated April 27th, from the Chairman of the Federal Reserve Bank of Minneapolis, encl osing a folder and letter seat to all meniDer banks in the Ninth Federal Reserve District, urginC them to conduct local educat ional campaigns on banking and to do so through the public schools. /To ted. Ordered air culat ed. Proposed. circular, dated. April 30th, prep ared in accordance with a request made by the recent Governors' Conference with relation to semi-monthly xeports of loan s granted member banks in excess of basic line. Appro ved. 338 oo9 -3- Letter dated April 30th, addressed to the Governor of the Federal Reserve Bonk of Tlichmond by Governor Harding, replyirlfr, to a letter of April 29th, in which Governor Seay urged the imoortanoe of publishing a "non-par list" in the Fifth Federal Reserve District. Approved. The Secretary was dir ected to take the =Ater Up with tIE Federal Reserve Bank of Richmond. Letter dated Aoril 30th, from the Comptroller of the Currency, requestin7 approval of a salary of !'4,200 per annum for Mr. Thomas I. Harris, :Tat ional Bank xaminer. assioned to the Seventh Federal Reserve District. App roved. Letter dated Aril 29th, from Mr. Howard Bruce of Baltimore, Class "C" Director of -VIE Federal Tlest,rve Balk of Richmond, Presenting his resignation to take effect after the regular June meeting of the Board of Directors of the Richmond Bank. Upon motion, Mr..Bruce's resignation was accepted, and the election of a successor to Mr. Bruce was ordered docketed for special order business at the meeting of tin Board on May 5th. Letter dated April 30th, from the :resident of the First Federal Banking Corporation, suggesting that an amendment to the I. -4 Federal Reserve Act be introduced authorizing corporations formed under the terms of the .,,lcle;e Act to become members of the Federal Reserve System. 1:o ted. Letter dated Apr 11 26tii, from the Choi man of the Federsl Reserve Bank of 7-ew York, transmitting report of examination of the Guaranty Trust Company as of the close of business November 11,1920. 1Tot ed. RZPORTS OF CWMITTIO NO. 1: Dated April 30th. Recommending chanr.es in steel: at Federal Reserve banks, as set forth in the auxiliary minute book as of this date. Approved. Dated April 30th. Tiecomnendino... action upon applications for fiduciary Powers. as set forth in the auxiliary minute book as of this date. Approved. Dated 27th. Recommending approval of applications for admission of state institutions, subject to the conditions contained in the individual mports attached to the applications, as set forth in the auxiliary minute 'book as of this date. Approved. Dated May 2nd, Recommending that authority be given to certain national banks to purchase stock in corporations organized under the Edge Act, as set forth in the auxi liar y minute Ix ok as of this dat e. Approved. Dated April 26th, Recommending approval of the application of 7"r. joseoh J. McCaffrey to serve at the same time as director of the National Bank of Commerce in Philadelphia and as director of the Commonwealth Title. Insurance ec Trust Co. of Philadelphia, Pa. Approved. -3^ Dated April 30th, Recommending approval of the apnlication of 1.1r. F. G. Shook to serve at the same time as director and officer of the First National Bank of Fairfield, Alabama and as director of the First -at ional Bank of Birmingham. Alabama. Approved. Dated April 30th, Recomirendino,. approval of the application of Mr. H. L. Ferguson to serve at the same time as director of the Notional State R. City Bank of Richmond, Va., as director of the First -1:ational Bank of Newport News, Va., and as director of the First National Bank of Yorktown, Va. Ap;zo ved. Dated April 30th, Recommending approval of the application of Mr. George 1'1. Paine to serve at the sernetie as Vice President and director of the Johnsonburg Vat ional Bank of Johnsonburg, ?ae and as director of the Farm's Loan 8: Trust Company of New York City. Ap Proved. Dated April 30th, Recommending approval of the application of Mr. 'Robert Jemison, Jr. to serve at the same time as President and director of the First National Bank .of Fairfield, Ala. and as director of the First Nat tonal Bank of Birmingham, Alabare. Appro ved. Dated April 26th, Submitting application of Mr. George H. Frazier to serve at the same time as dh:ector of the Franklin National Bank of Philadelphia, as director of the 12enna. Co. for Insurance on Lives and Granting•Annuities, Philadelphia, and as director of the 2rovident Life & Trust Co. of Philadelphia, with the recommendftion that the application be approved as to the first and third, but held in abeyance as to the second. Approved. At 12:40 p.m. the meeting adjourned. APPro ved: :7)
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