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205 A meeting of the :r.tecutive Committee of the Federal Reserve Board was held in the office of the Board on Tuesday, April 25, 1922, at 11:00 a.m. PRESENT: Governor Harding Mr. Platt Mr. Hamlin Mr. TToxton, Secretary The Govermr reported the reserve positions of the several Federal reserve banks as at close of business April 20th, 21st and 22nd. Telegram dated April 21st from the Secretary of the Federal Reserve Bank of Cleveland advising that the Board of Directors of that bank had, subject to the review and determination of the Federal Reserve Board, established a rate of 3% for open market purchases of bankers,acoeptances. Formally approved, having previously been approved by the initials of members of the committee. Telegram dated April 21st from the Chairman of the Federal Reserve Bank of Atlanta, advising that the , ecutive Committee of the Board of Directors 9f that bank had, subject to the review and determinat ion of the Federal Reserve BOard, established a minimum rate of 53-% for open market purchases of bankers' -,ceptances. Formally approved, having previcusly been approved by the initials of members of the commit tee. Telegram dated April 22nd from the Chairman of the Federal Reserve Bank of San Francisco, recommending the approval by the Federal Reserve Board Of the establishment b-r the Security Trust and. Savings Bank of Los Angeles of a branch at the corner of Western Avenue and Sierra Vista Street, Los Angeles. Formally approved, having previdusly been apfroved by the initials of members of the committee. 206 -2- Telegram dated April 21st, from the Chairman of the Federal Reserve Bank (31 San Francisco recommending approval of the Federal Reserve Board of an apPlicati on from the Security Trust and Savings Bank of Los Angeles, Cal., to establish three branches in Los Angeles, the first at Sixth and Oxford Streets, the second at Pico ard Alvarado Streets, and the third at Santa Barbara and Vermont Streets. Formally approved, having previously been approved by the initials of the nr rab ers of the Executive Committee. Letter dated April 25th, from the Railway Loan Advisory Committee of the Federal Reserve Board, recommencling approval of the form of obligation 81Mmitted by the Cisco and Northeastern Railway Company for a loan of 1.11,450, in four parts, the carri er electing at this time to take over the first part in the amount of '27,863, under the provisions of Section 210 of the Trans po rtat ion Act, 1920, as amended. 'Approved. Letter dated April 25th, from the Railway Loan Advisory Committee of the Federal Reserve Board, recommending approval of the form of obligation 811bmitted by the Seaboard Air Line Railway Company for a loan of 14,400,000, 111 f°14' parts, the carrier electing at this time to take over the first part ill the amount of :1,100,000, under the provisions of Section 210 of the TransI:t rtation Act, 1920, as amended. Approved. 007 -3Governor Hardint7 stated that Yr. '7. L. VanZandt, former Governor of the Federal Reserve Bank of Dallas, was waiting in the Secretary's office for the the Purpose of appearing before the Board in accordance with the action of Board taken at its meeting of April 14th. Yr. 7amlin advised the committee that he had yesterday afternoon read to Mr. VanZandt those portions of the stenographic re'nort of the meeting of April 13th, 1922, which had specific reference to Mr. Van7andt, but to nothing else, said stenographic report being the record of the Board covring the conference on that date with the Federal Reserve Agent of Dallas. At 11:30 Mr. VanZandt entered the room and re- plied to questions propounded by members of the Committee vith refercnce to the matters pertaining to the administration of the Federal Reserve Bank of Dallas, and matters pertaining to the failure of the National Bank of Cleburne, Texas. PEPORTS OF C07MITTEE NO. 1: Dated April 20th, Recommending chances in stock at Federal reserve banks 21st, as setforth in the auxiliary minute book of this date. Anproved. 24th, Dated April 13th, Recommending 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 of this date. Approved. Dated April 21st, Pecommending action on applications for fiduciary powers as set forth in the auxiliary minute book of this date. Approved. Dated April 24th, Pecommendinf- approval of the application of Yr. Gurdon W. Wattles to serve at the same time as director of the United States National Bank, Omaha, Nebr., and as director of the Farmers and Merchants National Bank, Los Angeles, Cal. Approved. approval of the application of Mr. A. E. Recommending Dated April 20th, at the same time as director of the Federal serve to 3rry q 7National Bank, Washington, 7).-1. and as director of the National Union Bank of Maryland, :3altimore,Md. Approved. At 1750 p.n. the meetig a 4 Secretary. urned.
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