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200 A meeting of the iecutive Committee of the Federal Reserve Board. was held in the office of the Board on Friday, April 21, 1922, at 11:00 a.m. PRESENT: Governor Harding Mr. Platt Mr. Hamlin Hoxton, Secretary. The Governor reported the reserve positions of the several Federal reserve banks as at close of business April 18th and. 19th. Telegram dated April 20th, from the Federal Peserve Agent at San:Francisco, stating that Messrs. Mitchell ard Miller had expressed approval Of the proposal of the Security Trust & Savings Bark of Los Angeles, Cal. to acquire two banks in Glendale, California, for the purpose of convertinP-; them into one branch. Also, that Messrs. Mitchell and Miller had ex- pressed approval of the application of the Los Angeles Trust & Savings Bank to acquire and to convert into three additional branches four banks at Long Beach, Hanford and Lindsay, California. Also, that Messrs. Miller and Mitchell had. approved the proposal of the Bank of Italy to acquire and convert into Branches the banks in the so-called Bakersfield Group. Approv ed. Letter dated April 20th, from the Railway Loan Advisory Committee of the Federal Reserve Board, recoirmenling approval of the form of oblittion Submitted by the Missouri and North Arkansas Railway Company for a loan of $3,500,000, under the provisions of Section 210 of the Transportation Act, 1920, as amended. Approved. -2- Letter dated April 18th, from the Chairman of the Federal Reserve Bank of Atlanta, advising that the Board of Directors of that Bank had, subject to the approval of the Federal Reserve Board, appointed 1:r. "7. H. Hartford as a committee of one to serve as a building connittee during the construction of the Nashville Branch building, at compensation of :''10.00 Per day for each day devoted to service in the interests of the branch building. Referred to the Governor for reply. Letter d-ted April 18th, from the Chairman of the Federal Reserve Bank: of Atlanta, setting forth, subject to the approval of the 7.' 4 ederal Reserve Board, certain changes in salaries and readjustments of nersonnel at the head office and the branches. Appro ved. Letter dated April 15th, from the Chairmen of the Federal Reserve Bank of San Francisco, submitting, without recommendation, two letters addressed to him from the Los Angeles Trust Savings Bank, dated April 11th, and making application for authority to estLblish a branch at No. 912 South San Pedro Street, Los Angeles, California, and a branch at No. 222 North Spring Street, Los Angeles. The Secretary was directed to advise 7r. Perrin that in the absence of any recomendation from him, the matter of the applications of the Los Angeles Bank ci?. Trust Co. will be held without action until the return to Washington of ressrs. riller and ritchell. 202 -3- Memorandum dated April 21st, from the Assistant Secretary of the Board, attaching a letter from Mr. Walter 8. Cox, shorthand reporter, who has for some time been doing all the reporting work for the Federal Reserve Board, and stating the terms upon which Mr. Cox proposes a renewal of the arz.angement entered into by him with Mr. Chapman, formerly Assistant Secretary of the Board; it being noted that the rates to be paid to Mr. Cox under the new arrangement are the same as those vhich have been paid to him in the past. Approved. Memorandum dated April 21st, from the Assistant Secretary of the Board, recommending approval of the request of Mr. C. K. Bizzell, Clerk in the Division of Reports and Statistics, that he be permitted to take leave Without pay, from April 25th to May 13th, both days inclusive. Approved. Memorandum dated April 21st, from the Assistant Secretary of the Board, recommending that the Board authorize a payment to the owners of the National Metropolitan Bank Building of $943. to cover the cost of reinstating certain partitions in that building, in accordance with the agreement of the Federal Reserve Board to make such restoration upon vacating the quarters heretofore occupied in said building. Appr ov ed. Letter dated April 19th, from the Chelsea Fireproof Storage Warehouses, agreeing to transport by motor van certain equipment in the office Of the Division of Analysis &- Research, at 50 Broad Street,. New York City, 0$1.1 e:vd*.L.3` -4- and at Columbia University, from Yew York to Thshinrton, n. for the sum of 1250. for each van load, it beinc noted that these roods are insured against loss by fire while in transit from 7ew York to '7ashingten, to the extent of ;:2,000 on each van load. Upon motion, the proposal of the Chelsea Fireproof 3torace l';arehouses was accepted. Dtter dated April lrcth, from the Chairman of the Federal reserve T- ani- of Atlanta, advising that the Board of Directors on April 14th voted, sub'ect to the approval of the Federal eserve Board, that Mr. 7ollins U. ndolph, Cleneral Counsel for the Federal eserve Bank of Atlanta, be Paid as payment on account of his fee for srocial services rendered in connection vith the handlini of the par clearance lititation. The Secretary was directed to ascertain the terms of the employment of Mr. 7andolph by the Federal Reserve Bank of Atlanta, and to refer this information, together v:ith Mr.. McCord's letter, to Mr. Hamlin, Chairman of the Law Committee, for report to the Bciard. 721-0771 OF ".077r1"77 NO. 1: Dated April 19th, Dated April 18th, 7ecommending changes in stock at Federal reserve banks as set forth in the auxiliary minute book of this date. Approved. Submittit4 for recommendation application of Mx. Jay Cooks, to 7,, rip. at the same time as director of the Franklin National Bank and as Manager of the Girard Trust Company, both of Philadelphia, In view of the fact that Mr. Cook is at present serving both institutions, it was voted that the Board interpose no objection to a continuation of such double service, in view of the proposed amendment to the Clayton Act which is pending in Congress. j4 Dated April 17th, Recommanding refusal of the applicat ion of Mr. Thomas Nutile to serve at the same time as director of the Boston Nat ional Bank and the First State Bank, both of Boston, Mass., and recommending approval of his application to serve at the same time as director of the Boston National Bank and as Treasurer of the Union Cooperative Bank, both of Boston, and as President and director of the First State Bank and as Treasurer of the Union Cooperat ive Bank, all of Boston. Appno ved. At 11:40 a.m. the meeting adjourned. Secretary.
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