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2049 A meeting of the Executive Committee of the Board of Governors of the Federal Reserve System was held in Washington on Monday, October 7) 1935, at 3:00 p. m. PRESENT: Mr. Thomas, Vice Chairman Mr. James Mr. Szymczak Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary The Committee acted upon the following matters: Telegram to Mr. Walsh, Chairlaan of the Federal Reserve Bank of reading as follows: "Your telegram. Board approves for your bank rate of per annum on advances to member banks under section 10(b) or Federal Reserve Act as amended by Banking Act of 1935, effective October 8, and notes with approval the establishment without change of the other rates of discount and Purchase in effect at your bank." Approved unanimously. Telegram from Mr. Powell, Secretary of the Federal Reserve Bank Of Minneapolis, advising of the establishment without change by his bank t(3claY of the rates of discount and purchase in effect at the bank. Noted with unanimous approval. Memorandum dated October 3, 1935, from Mr. Smead, Chief of the bivisi -4-(311 of Bank Operations, recommending approval of the following eheliges in the inter-district time schedule for cash items which had been l'ecillested by the Federal Reserve Bank of Kansas City and agreed to by the other Federal reserve banks affected: Kansas Kansas Denver Denver City to New York City to Seattle to Charlotte to Minneapolis From 3 days 4 " 4 ti 3 " To 2 days 3 u 3 u 2 u 205C 10/7/35 —2-- Omaha to Helena From 5 days To 2 days The recommendation was approved by two members of the Board on October 5, 1935. Approved unanimously. Telegram to Mr. Clark, Secretary of the Federal Reserve Bank of Atlanta, reading as follows: . "Referring your October 3 letter, Board interposes no objection to exoenditure of not exceeding $250 authorized by Your Executive Committee for entertainment of the National Association of Supervisors of State Banks at its annual con— vention in Atlanta on November 7, 8 and 9, such entertainment to be in the form of a luncheon or dinner." Approved unanimously. Letter to Mr. Wfl. H. Livingston, an associate of Paul P. Cret, Arch., 1"-fect for the Board's new building, Philadelphia, Pennsylvania, reading "f°110ws: "Receipt is acknowledged of your letter of September 241 1935, and inclosures, in regard to the location of the tele1111°I1e operating and terminal rooms in the Board's new building. "It appears from the correspondence between the telephone e°mPany and Moody & Hutchison that the telephone company is ;TerY definitely of the opinion that such rooms should not be :Located on the ground floor, although the consulting engineers 1,Eive advised you that they appreciate the service troubles which can occur by reason of dampness affecting telephone equipment nd have given these due consideration in urging the acceptance Of the ground floor space. "It appears also that you have given the problem serious , nnsideration and that you feel the telephone company may have 10Pted a policy against the approval of ground floor locations 1°1s their equipment and will, therefore, not approve such a t° ation, despite the fact that adequate measures have been e4en to meet its objections in this instance. 0 "As you know, the space assignments in the northeast wing h4 the ground floor of the building were made with the idea of "tag certain service functions grouped together and near the 7 2051 10/7/35 -3- "night entrance and the guard room at that entrance, and the location of the telephone room on some other floor of the building would disrupt this plan. Moreover, it is believed that the telephone rooms, from the standpoint of logical building arrangement, should be located on the ground floor and that desirable office space on another floor should not be taken for that service. "Horever, if, after the consulting engineers have reviewed the entire situation with representatives of the telephone Company, the company still insists that it will be necessary, in order to insure satisfactory telephone service, to place the telephone rooms on another floor, the Board will give consideration to locating the rooms in the space immediately east of the 77°Iaens' toilet in the northeast wing of the first floor. If this change were made, it does not appear that it would be necessary to provide separate toilet facilities for the telePhone rooms as an entrance to the adjoining toilet room could be provided. "If the telephone company should agree that a satisfactory installation could be made in the space provided on your sketch 8X-691 it is believed that you should consider whether the additional expense which would be involved in providing for air 8Pa0e under the entire floor of the telephone rooms and in other necessary steps to avoid dampness in the rooms would be justified as against the location of the telephone rooms in the space on the first floor above referred to which would also provide for unforeseen expansion, and the Board would like to have an exPression of your views on this point. "It is felt that further consideration of the matter should be aPproached from the standpoint of reviewing carefully with fePresentatives of the telephone company the Juestion whether eile provision which will be made for air conditioning and numidity control in the space originally provided for the telePhone rooms will not satisfactorily overcome the difficulties which have been experienced by the telephone company in other ground floor locations in Washington, bearing in mind, of purse, that it is essential that entirely satisfactory telephone service be provided in the new building. In this connection, nasmuch as it 'All be possible to keep the windows on the ground 11°0r closed during all seasons of the year, it would seem that 8treet noises should not be a factor in determining the location Of the telephone rooms. "In the circumstances, it will be appreciated if you will ?anvassth situation in the light of this letter with the view ['° reaching a decision as to a location for the telephone 0Perating and terminal rooms, which will be acceptable to all concerned, advising this office of the conclusions reached. I 2052 10/7/35 —4— “Mr. Morrill has been consulted regarding the problem and he is in general agreement with the views expressed herein.” Approved unanimously. There rere then presented the following applications for changes in stock of Federal reserve banks: ORIGINAL Stock: he-°11ngaville , National Bank, loungsville, Pennsylvania. Shares 44 44 lications for ADDITIONAL Stock: 4e First National Bank of Garrettsville, Garrettsville, Ohio. "e Old Phoenix National Bank of Medina, T Medina, Ohio. he Marine National Bank of Erie, F. Erie, Pennsylvania. lrat National Bank in Indiana, Indiana, Pennsylvania. 4 9 240 11) Ii8t 6h. p';' 51arnett s Na;ional Bank of Cocoa, Cocoa, Florida. 3 t A tlantic National Bank of Daytona Beach, Th DaYtona 1 Beach, Florida. e,Barnett National Bank of Deland, The d Florida. 12 e Atlantic National Bank of Jacksonville, Jartksonville, Florida. 9 "e Sanford National Atlantic Bank, r Senford, 1 Florida. 'es ! Palm Beach Atlantic National Bank, Pa namiltonlm 1 Beach, Florida. . ' National l3cnk of Knoxville, 411°xville, Tennessee. 60 I)iat • Y2.1. 7. 7irst National Bank of Springfield, The-rInCfield, Illinois. 60 Th 'Iarbcq, 2 State Bank, Argenta, Illinois. ecNational Security Bank of Chicago, Pir lil. icago, Illinois. ,National Bank of Woodstock, Toodstock, js 15 256 87 80 2053 -5lications for ADDITIONAL Stock: (Contld) gp.ttl.g.I No. 8. Ine Southern Illinois National Bank of East T1, St, Louis, East St. Louis, Illinois. '"e Farmers National Bank of :ladisonville, Iladisonville, Kentucky. 'le First National Bank of Cape Girardeau, Cape Girardeau, Missouri. tri-11)7.111.4_21.4 Ine, Bank of Carmel, Carmel, California. °1 "ereY County Trust & Savings Bank, pp„ SV-ines, California. -°P-Les Bank and Trust Company, Seattle, l aehineo t1 n. T, ' "e United States National Bank of Portland, Portland, Oregon. Shares 7 6 5 18 3 12 58 50 Total 83 524 Approved unanimously. Thereupon the meeting adjourned. Assistant Secretary. ii Vice Chairman.
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