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355 A meeting of the :.;:y:ecutive Connit tee was held in the office of the Boz.rd on Tuesday. May 10, 1921. at 11:1L, a.m. PRESEUT: Governor Harding Mr. Hamlin Yr. Miller Mr. Hoxton, Secretary. Minutes of the meeting of the Board held May 6th were read an ci on motio n approved. M:nutes of t113 meeting of the Board held. May 9th were read and on motion approved. The Governor reported the reserve positions of the several Federal reserve banks as at close of business May 6th and 7th anl the status of reLiscounts between the Federal reserve banks as of the same dates. The Governor reported rediscount transactions, member bank !)romissory notes secured by Government obligations, rate 7(7, as follows: Bank redscounting Date May 9 Dallas With Bost on Amount Maturities 500,000 11-15 days Letter dated May 9th, from the Railway Loan Advisory Com ittee of the Plederal Reserve Board, requesting approval of a form of loan, in the amount of '100,000. to be made to the Tampa -orthern Railroad Company, under the p/evisions of Section 210 of the Tram so ort at ion Act, 1920, as mend ed. Appro ved. -2- Letter dated 9th, from the Raiivay Loan Advisory Committee of the Federal Reserve Board, rerfuestin; aoproval of a form of loan, in the amount of :1.051,500, to be made to the Seaboard Air Line Railway Comoany, under th provisions of Section 210 of the Trc-np)ortat ion Act, 1920, as amended, the carrier electinc!; to take down at this time the first instalment of the loan in the amount of 5500,000. Approved. Letter dated :lay 2d, from the Chaim-an of the Federal Reserve Bank of San Francisco, requesting the Board's approval of the employment of :'r. 7arion Taylor in the Salt Lake City Branch. at a salary of 52,400 per annum. Ayoraved. Tv:o letters dated Fay 6th and Thy 9th, from the Chairman of the Federal 7,escrve Bank of vnilvdel,)hia., informino tSe Board Of the resignation of 7r. R. 7). Stockton, Comptroller of that Bank, to take effect in thirty days, or eal•lier. if possible; and. reigisting the Boa-d's approval of the emplowent of 7:r. T"..-r.1 Johnson, to take charge of the Department of Statistics, at a 33.) .u.y. of 2,800 per annum. 1:oted and approved. Letter dat ed ::ay 6th, from the Controller of Administration of the Federal Reserve Bank o f Row York, submittin- navies ,r7z, zDt.o. -3- and salaries of emoloyes of that Bank engaged during the month of Aoril. :oted. 1 Letter dated April 29th, from the Governor of the 2edeml Reserve Bank of Dallas, enclosing copy of his reply to a letter from Assistant Secretary of the Treasury Gilbert on the sub :ect of the future of the savings or•:anization. 7eferred to Governor Harding. Letter dr.ted My 4th, from the Federal Deserve ;_gent at ":inneapolis, enclosing the formal application from the rilwin Cities -at ional Bank of St.2a1, maintain rouDsting the Board's permission to r,serves ainst clerro.“1 de)osits of in lieu of 10'1, as provided in Section 19 of the Federal Reserve Act. LH)3.-e ved. Letter dated ::ay 6th, from the Secretary of the Federal Reserve Bank of Cleveland, enclosing the Auditor's Report of that Bank for the montfl of April 1921. ITot ed. Letter dated Tay 6th, from the Federal Reserve Agent at reastirig the Board's approval of the appointmeat of hr. -,) L reston J. 3 1 cott to serve on the examinin,3 force until July 1st, at a salary of ''2,500 per annum. Approvod. Pt; ! Memorandum dated May 9th, from the Division of laxsanination, recoicazinding that the Bom.d approve the application of the Bank of Italy, San Francisco, California, to establish 'branches at No. 1537 Polk Street and Nos. 3246-3250 Mission Street, San Francisco. Approved. Draft of letter dated May 9th, for the signature of Governor Harding, addressed. to the Federal Reserve Agent at Kansas City, with regard to the proposed requirement that the First State Bank of North Bend, Nebraska shall sever connection with the Federal Reserve System. Approved. Telegran dated May 6th, from Governor Harding to the Chairman of the Federal Reserve Bank of Atlanta, expressing the Opinion of the Board with ieference to capital stock payments in connection with the question of eligibility for membership of a certain State Bank. Approved. •Two letters dated May 6th, from the Acting Comptroller of • the Currency, requesting the Board's approval of the fallowing salaries to be paid to two National Bank .&caminers: 7 '"3,000 per annum to be paid to Mr. Charles F. Fiman, appointed to the Ninth Federal Reserve District, and .1.)3,000 to be paid. to Mr. Dennis L.' ,Toone, appointed to the Tenth Federal Reserve District. Approved. 350 -5- REPORTS OF CO1'.3.1ITTIE 5). 1: Dated May 9th, Recommending changes in stock at Federal Reserve banks as set forth in the auxiliary minute book of this date. Approved. Dated Ray 9th, Recommending approval of applications for fiduciary powers, as set forth in the auxiliary minute book of this date. Approved. Dated Ray 6th, Recommending approval of applications for Plirn s If 9th, sion of State institutions, subject to the conditions contained in the individual reports attached to the applications, as set forth in the auxiliary minute book as of this date. Approved. Dated Ma.y 6th, Recommending approval of the application of Mr. C. II. Brooks to serve at the same time as director of the First :Tational Bank, Wichita, Kans, and as director of the Union Stock Yards Rational Bank of Wichita, Kansas. Approved. Dated :ay 6th, Recommending approval of the application of Mr. William II. Bilyeu to serve at the same time as director of the Morthern Mat ional Bank ani as director of the :Torthwestern Trust Company,. both of Philadelphia, Approved. Dated May 5th, Recommending approval of the application of Maurice Falk to serve at the same time as director of the Farmers Deposit -Tational Bank and as director of the Farmers Deposit Savings Pank, both of Pittsburgh, ,)a. Approved. At twelve o'clock noon the meeting adjourned. Secretary.
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