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395 A meeting of the Federal Reserve Board was held in the office of the Board on Wednesday, May 25, 1921, at 12 o'clock. PRESENT: Vice Governor Platt Mr. Hamlin Mr. Miller Mr. Mitchell Mr. Crissinger Mr. Iloxton, Secretary Minutes of the meeting of the Board held May 24th were read and on motion approved. The Vice Governor reported the reserve positions of the several Federal reserve banks as at close of business May 23d and the status of rediscounts between the Federal reserve banks as of the same date. Letter dated May 25th from the Railway Loan Advisory Committee of the Federal Reserve Board, requesting approval of a form of loan in the amount of t633,500 to be made to the Inter -Urban Railway Company under the provisions of Section 210 of the Transportation Act, 1920, as amended. Approred. Memorandum dated May 24th, from the General Counsel with regard to remittance by nonmember banks in "unavailable" exchange. Approved. The Vice Governor was requested to send a copy of the memorandum to the Federal Reserve Agent at Dallas. The Vice Governor stated that,as requested by the Board at its meetings of May 23d. and May 25th, he had. consulted. the Secretary -2- of the Treasury and the Assistant Secretary of the Treasury with regard to Sernte Bill No. 1094, providinp; for the extension of credits upon cattle paper through the use for that purpose of the moneys paid into the Treasury Department as a franchise tax by the several Federal reserve banks. After full discussion, the Vice Governor submitted a iremoraxxlum outlining a proposed plan for the relief of the cattle situation which, it was the sense of the Board, provided a satisfactory solution. For the piu-nose of obtaining further information as to conditions in the cattle industry, the Vice Governor ms requested, in consultation with 1:r. 1.7111er, to prepare and transmit telegrams of inquiry to the Federal reserve banks of Chicago, 17inneapolis, Kansas City, Dallas and San Francisco. RE.)ORTS OF C01.I:ITTI,TP, NO. 1: Dated May 23d, Recommalding certain action on applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Appro ved.. Dated May 24th, Recommending approval of applications for admission of state institutions, subject to the conditions stated in the individual reports attached to the applications, as set forth in the auxiliary minute book as of this date. Approved. ng that authority be given to certain Recommendi Dated May 25th, national banks to purchase stock in corporations organized under the Edge Act as set forth in the auxiliary minute book as of this &to. Appio ved. ng approval of the application of Mr. Recommendi 24th, Dated May Edgar J. Marston to serve at the same time as director of the Farmers & Mechanics National Bank of Ft .Worth , Texas and as di rector of the City National Bank of Dallas, Texas. Appro ved. 397 -3- Dated May 24th, Recommending appmval of the application of Mr. Cavour S. Langdon to serve at the same time as director of the Northwestern National Bank of Minneapolis and as director of the Minneapolis Trust Co., both of Minneanolis, Minn. Approved. Dated May 24th, Recommending approval of the application of ::r. John H. Weber to serve at the same time as director and Vice President of the Arrerican 'National Bank and as director of the Liberty Trust Co., both of Nevark. N.J. Approved. Dated May 24th, Recommending approval of the application of Mr. Charles A. Fuller to serve at the same time as di rectcr of the 2irst National Bank of Oersey City, N.J. and r s director of the First National Bank of' Montclair, N.J. Appr oved. Dated May 24th, Recomending approval of the application of Mr. John E. Fite to serve at the same time as director of the Northern National Bank of Philadelphia and as director of the Northern Central Trust Co. of Philadelphia, Pa. Approved. The meeting adjourned at 1:20 p.m. Secretary. Vice Governor.
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