A meeting of the Executive Committee of the Federal Reserve Board

was held in the office of the Federal Reserve Board on Tuesday, April 22,

1924, at 3:15 p.m.

PRESENT: Goverror CrissingerMr. PlattMr. MillerMr. Eddy, Secretary

Merrorandum dated April 18th from General Counsel, requesting authority

to have rooms occupied by himself and staff repainted and refinished and to

Provide new carpets for two of the roams.

Approved.

Letter dated April 17th from the Comptroller of the Currency, recom-

Inanding a salary of 4'3,000 per annum for National Bank Examiner George F.

reCandless, to be assgned to the Tenth Federal Reserve District.

Approved.

Letter dated April 17th from the Comptroller of the Currency, recom-

Mending a salary of :4600 per annum for National Bank Examiner David Cowan,

to be assigned to the Eleventh Federal Reserve District.

Approved.

Letter dated April 17th from the Comptroller of the Currency, recom-

Mending a salary of ;,6,000 per annum for National Bank Examiner Francis A.

Chapman, to be assigned to the Eleventh Federal Reserve District.

Approved.

Letter dated April 21st from the Comptroller of the Currency, recom-

mending a salary of .2700 per annum for National Bank Examiner Frank L. King,

to be assi,;ned to the Seventh Federal Reserve District.

Approved.

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Letter dated April 9th from the Controller of the Currency, recom-

Mending increases aggregating 28,200 in the salaries of seventy-eight

National Bank Examiners listed therein.

Approved.

Report of Law Committee on matter referred to it at the meeting on

April 15th, namely, letter dated April 5th from the Federal Reserve Agent

at San Francisco, advising of a Shortage in the cash of the paying teller

Of the Los Angeles branch and stating that an investigation is being made

and that the Board will be kept advised in the matter; the Committee suggest-

2% that the Board await further advice from Mr. Perrin.

Upon motion the report of the Committee was

approved.

Letter dated April 16th from the Chairman of the Federal Reserve

Bank of St. Louis, reouestin- approval of the action of the directors of that

bank in voting to authorize an expenditure of not to exceed ?3,000 for

educational and welfare work during the year 1924.

Approved.

Letter dated April 16th from the President of the National City Bank

Of New York, referring to the Board's letter of April 15th, and advising

that the par value of stock owned in the International Banking Corporation

is c5,000,000 -0.,000,000 less than the amount of the bank's investment

therein.

Hoted.

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Letter dated April 19th from Moses and Singer of New York City, re-

(Nesting a copy of the application of the National City Bank of New York, for

Inxthority to open a branch in Petrograd, and a copy of the document issued by

the Board granting such authority and showing the terns and conditions upon

which said authority was granted.

Referred to the Law Committee.

Draft of reply to letter dated March 29th from the Federal Reserve

4gent at Kansas City enclosing a destruction schedule of records of the Fed-

eral Reserve Bank and of the Agent's Department; the proposed letter stating

that the records of the Federal Reserve Agent and of the Fiscal Agency opera-

tions of the Federal Reserve bank are not to be destroyed, but that the matter

Of destroying other Federal Reserve bank records is an administrative detail

Which may be passed upon by the officers and directors of the bank.

Upon motion, the proposed reply was approved.

Memorandum dated April 17th from the Secretary, requesting authority

to have th,3 type of the Board's Digest of Rulings plated at a cost of about

v400,

Approved.

Letter dated April 14th-from the Assistant Federal Reserve Agent at

Ilinneapolis, with regard to the Board's letter of April 9th on the subject of

DIfolicity work.

Noted.

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Letter dated fpril 10th from the Governor of the Federal Reserve

Ban.1: of Jan Francisco, referring to the Board's letter of :larch 27th

(X-4010) on the subject "Interpretation of :ord 'borro\:er' as used in

Section 13" and reluesting a definition of the term "accommodation maker".

Referred to the Law Committee.

Draft of reply to letter dated Lpril 9th from the Governor of

the Pederal Reserve Bank of ::inneapolis, inquiring as to v:hethir there

is anything in the law to prohibit member banks from acting in the capac-

ity of warehouseman; the proposed reply stating that National Banks,

even though they have been granted full fiduciary rowers, are not author-

ized to act as warehouseman.

Upon motion, the proposed reply was

approved.

Memorandum dated Lnril 16th from General Counsel, with reference

to letter dated March 29th from the Chairman of the Federal Reserve Bank

Of Atlanta, transmitting copy of an address delivered by Mr. Ilex 7. Smith,

General Counsel in the par clearance case against the Federal Reserve Bank

Of Ltlanta.

Upon motion, Counsel's memorandum was

ordered circult.ted.

Report of Law Committee on matter referred to it at the meeting on

Lpril 17th, namely, letter dated Lpril lath from the Deputy Governor of the

Federal Reserve Bank of New York, requesting approval of a form of agreement

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with the Bank of the Republic, Bogota, Colombia; the Committee submitting

a memorandum from Counsel on the subject, stating that the agreement is

substantially similar to those axecuted between the New York bank and other

foreign banks of issue and that there appears to be no reason why the Board

Should not give its approval.

Upon motion, the form of agreement was approved.

Letter dated April 15th from Mr. Frank P. Flint of Los Angeles, with

regard to the action of the Board in disapproving the application of the

Pacific Southwest Trust and Savings Bank of Los Angeles, for permission to

take over the First National Bank of Torrance, California.

Referred to Counsel for report through the Law

Committee.

REFOR2S OF 32L.NDING COMUITTEES:

Dated, April 17th, Recommending changes in stock at Federal Reserve Banks,

19th, as set forth in the Auxiliary Minute Book of this date.

Approved.Dated, April 22nd, Recommending action on application for fiduciary powers

as set forth in the Auxiliary Minute Book of this date.

Approved.

Dated, April 19th, Recommending approval of the application of Mr. Charles

Rebstock to serve at the same time as director of the

National Bank of Commerce of St. Louis, Mo., and as

director of the Industrial Savings Trust Company of St.Louis, Mo.

Approved.Dated, April 19th, Recommending approval of the application of Mr. F. J.

Pauly to serve at the same time as director of the Twelfth

Street National Bank of St. Louis, Mo„ and as director

of the Lafayette-South Side Bank of St. Louis, MD.

Approved.

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Zg...cau_pi? STANDING CONUITZES: (Cont'd)

Dated, April 18th, Recommending approval of the application of Mr. Joseph E.

Fitch to serve at the same time as director and officer

of the Jefferson Park National Bank of Chicago, Illinois,

and as director and officer of the Norwood Park Trust &

Savings Bank of Chicago, Ills.Approved.

Dated, April 19th, Recommending approval of the application of Mr. F. B.

Eisman to serve at the same time as Vice President and

director of the Industrial Savings 2rust Company of St.

Louis, No., and as director of the First National Bank of

St. Louis, Mo,Approved.

Dated, April 18th, Recommending approval of the application of Mr. Rodney D.

Andrews to serve at the same tine as director and officer

of the Jefferson Park National Bank of Chicago, Illinois,

and as director and officer of the Norwood Park Trust &

Savings Bank of Chicago, Ills.

Approved.Dated April 17th, Recommending approval of the application of Mr. George H.

Kelly to serve at the same time as director of the North-

western National Bank of Portland, Oregon, and as director

of the Portland Trust Company of Oregon of Portland, Ore.,

Approved,Dated, April 17th, Recommending approval of the application of Mr. A. D.

Charlton to serve at the same time as director of the

Northwestern National Bank of Portland, Oregon, and as

director of the Portland Trust Company of Oregon of Portland,

Ore.Approved,

Dat d. April 17th, Recommending approval of the application of Mr. Enery Olmmtea

to serve at the same timn as'President and director of the

Northwestern National Bank of Portland, Oro., and as presi-

dent and director of the Portland Trust Company of Oregon

of Portland, Ore., and as director of the Longview National

Bank of Longview,. Washington.Approved.

Dated, April 19th, Recommending approval of the application of Mr. A. L.

Shapleigh to serve at the same time as director of the

Industrial Savings Trust Comiany of St. Louis, Mo., and as

Vice President of the Merchants Laclede National Bank of

St. Louis, No.Approved.

Dated, April 19th, Recommending approval of the application of Mr. Robert LicK.

Jones to serve at the same time as director of the Industrial

Savings Trust Company of St. Louis, Mo., and as director of

the First National Bank of St. Louis, Mo.

Approved.

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TS OF S2AnDING COMDET2EES (Conttd)

Dated, April 19th, Recommending approval of the application of Mr. A. C. F.Meyer to serve at the sale time as director and officer ofthe 2we1fth Street National Bank of St. Louis, Mo., asdirector and officer of the Lafayette-South Side Bank ofJt, Louis, Mb., and as officer and director of the SouthSide Trust Company of St* Louis, Mo.

Approved*sDated, April 19th, Recommending approval of the applicLtion of Mr. Henry W.

Gildehaus to serve at the same time as director of theTwelfth Street National Bank of St. Louis, Mo., and asdirector of the Lafayette-South Side Bank of St. Louis,Mo.

Dat4d,

Dated,

Dated,

Dated,

Dated,

Dated,

Approved*April 19th, Recommending approval of the application of Mr, Hugo Fe

Urbauer to serve at the same time as director of theTwelfth Street National Bank of St. Louis, Mo., and asdirector of the Lafayette-South Side Bank of St. Louis, Mo.

Approved*April 19th, Recommending approval of the application of M r* C.

Johnson to serve L,t the same time as director of the TwelfthStreet NaLional Bank of St. Louis, Lb., and as director ofthe Lafayette-South Side Bank of St. Louis, MO.

Approved*April 19th, Recommending approval of the application of Mr* V;alter R.

Medart to .serve at the same time as director of the TwelfthStreet Natbnal Bank of St. Louis, Me*, and as director ofthe Lafayette-South 'Side BAnk of St. Louis, Missouri.

Approved*April 19th, Recommending approval of the application of Mr* W. F. Carter

to serve at the same tine as director of the National Bankof Commerce of St. Louis, Mo., as director of the Scruggs„,Vandervoort & Barney Bank of St. Louis, Mo., and as directorof the Industrial Savings Trust Company of St* Louis, Nio*

Approved*April 17th, Recommending approval of the application of Mr. O. L. Price

to serve at the same time as director of the NorthwesternNational Bank of Portland, Oregon, and as director of thePortland Trust Company of Oregon of Portland, Oregon.

Approved*April 17th, Recommending approval of the application of Mr, E. S. Collins

to serve at the same time as director of the NorthwesternNational pank of Portland, are., and as director of the FirstNational Bonk of Kelso, ';;ashington.

Approved*

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IlagPX -S OF sarDir COLEIITT.2-'S (Contld)

Dated, April 17th, Recommending approval of the application of Mr. Charles H.Stewart to serve at the same time as director and vicepresident of the Northwestern National Bank of Portland,Ore., and as director und vice president of the LongviewNational Bank of Longview, 7.ashingt on.

Approved.Dated, April 18th, Recommending approval of the application of Mr. 7i1liam B.

Anderson to serve at the same time as director of theJefferson Park National Bank of Chicago, Ills., and asdirector of the Norwood Park Trust & Savings Bank ofChicago, Ills.

Approved.Ditted, April 18th, Recommending approval of the application of Mr. Anton Jensen

to serve at the same time as director of the Jefferson ParkNational Bank of Chicago, Ills., and as director of theNorwood. Park Trust and Savings Bank of Chicago, Ills.

Approved.Dated, April 18th, Recommending approval of the application of Mr. Thomas Knapik

to serve at the same time as director of the Jefferson ParkNational Bank of Chicago, Ills., and as director of the Nor-wood Park Trust and Savings Bank of Chicago, Ills.

Approved.Dated, April 18th, Recommending approval of the application of Mr. Henry Gerken

to serve at the same time as director of the Jefferson ParkNational Bank of' Chicago, Ills., and as director of theNomood Park Trust and Savings Bank of Chicago, Ills.

Approved.Dated, April 18th, Recommending approval of the application of Mr. Frank A. Bos-

well to serve at the same time as director of the JeffersonPark National Bank of Chicago, Ills., and as director of theNorwood Park Trust and Savings Bank of Chicago, Ills.

Approved.Dated, April 18th, Recommending approval of the application of Mr. Lester B.

Cook to serve at the sane time as officer of the JeffersonPark National Bank of Chicago, Ills., and as officer of theNorwood Park Trust & Savings Bank of Chicago, Ills.

Approved..bated, April 18th, Recommending approval of the application of Mr. Fred H.

Esdohr to serve at the same time as director and officerof the Jefferson Park National Bank of Chicago, Illinois,and as director and officer of the Norwood Park Trust &Savings Bank of Chicago, Ills.

Approved.

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OF 32,11TDIrG COMITMES:(Cont'd)

Dated, April 17th, Recommending approval of the application of Mr. Robert L.

Chamberlain to serve at the same time as director of the

Peoples National Bank of Stamford, Conn., and as president

and director of the Putnam Trust Company of Greenwich,Conn.

Approved.

Dated, April 17th, Recommending approval of the application of Mr, Charles H.

Rioch to serve at the same time as director of the Portage

Park National Bank of Chicago, Ills, and as president and

director of the Irving Park National Bank of Chicago, Ills,

Approved.

The meeting adjourned at 4:00 o lock.

Secretary.

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