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• 4.60 a regalar meeting of the Federal Reserve Board held in the office of the Board on ?riday, April 27, at 11 a.m., PiiLT Mr. Harding, presid ng, Mr. Taller, Yr. Warburg, 1'.r. Williams, '2,Tr. Delano. Mr. Iillis, edretary. Mr. Hamlin, The minutes of the meetings - of the Board held on 4ril 25 and April 26 were read and, on motion approved. letter from the T-Tollywood Bank of Los ingeles, California, relative to the mobilizing of state bank gold reserves, was read and noted. ,71 letter from governor Van Zandt of Dal an relative to the conversion of 31 bonds into 3T was revi and note3.. A letter from the directors of the Federal, aeserve Bank of Itlanta approving the recent increase in the salary of Federal Reserve Agent .:;ellborni was read and .noted. The resignation of, Mr. P. H. .;a..anders from his connection with the Federal Reserve Bank of Atlanta, was , read, and, on motion, his resignetion as a Mass 0' Director of the Federal Reserve Bank Branch at New Orleans was accepted, effective ray 15, or as much sooner as a successor may be 'appointed. The i4estion of the nomination of a suc- cessor to 11r.. Saunders was referred to the jommittee on Operation of they Federal Reserve Bank of Atlanta. L telegram from Federal Reserve Agent Perrin giving the text of an announcement to be made on Sunday morning, - April 29, regrirding the establishment of branches in the Pacific northwest, was read and the Secretary was directed to acknowledge the same, a,nd to mke. public an identical noilncement. A revised form of application for additional stock in Federal_ reserve bans, recommended :by Chief of Division Broderick, was presented and, on motion, referred to lovernor Harding as a special dommittee; A letter from 7oggson Brothers of New York relative to the laestion of the policy of making expenditures for im- provements in bank quarters, was read and noted. The minutes of the meeting of the Committee on Clayton Act held at 10.33 a.m. on irril 27, were read and, on motion, approved, and the action therein set forth ratified. 46 Governor 7arding read a letter which he had addressed to 'Chairmen Glass and Owen with reference to the necessity of adopting the proposed amendments to the ?ederal deserve ./.0t. The letter was informally discussed and approved as expressing the sentiments of the Board. . Governor Hardingrezld a. letter from ?ederal serve Agent qamsey .with reference to the best plan of passing locally upon the applications of State banks for membership in the 7ederal reserve system. The :iuestion . • of the methods and the extent of examination of such banks was discussed, and, on motion, referred to the Committee on Member and State Banks to report back to the Board. .Mr. Delano called attention to the fact that. the Committee on Clearing would be ready to release Yr. 0.L. Attebery at the end of the current month. On motion it .las voted that the Governor telegraph Governor Rolla 7ells of St. Louis informing .him of the fact and thanking him for the services of 7!,14. Attebery. qovernor 7arding read a letter from senator Mnute Nelson enclosing a letter from the Bull Tractor Company with reference to methods of mobilizing the food supply. ig" It, was a.rsreed that the 1 tter be referred to 7ederal deserve Agent Rich, The Board temporarily suspended session, and sitting as an Executive Comlittee, the follming action vias taken: On motion, it was voted th:lt Counsel's ,office, -ith the approval of the Law Committee, be authorized to employ one la- clerk, the question of the salary of such clerk to be referred to the Committee On Staff. On motion it.:vi-as voted that Assistant Counsel TTar:ommittee. rition 'act as Secretary to the Clayton Act , The Board having resumed'its'session the action tsken by the 7xe utive Committee as above set forth, was, on motion, approved. Mr. jilliams, who hA entered the meeting at 11.40 a.m. inquired what had been done with reference to the proposed branch in the Pacific Northwest, and Governor Hardi stated the situation to him in outline. On motion at 12.10 p.m. the Board adjourned to meet at 11 a.m. on Monday, April 30.
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