A meeting of the Federal Reserve Board was held in the office of

the Board on Monday, May 8, 1922, at 11:30 a.m.

PRESENT: Governor HardingMr. PlattMr. MillerMr. MitchellMr. Cri s singerMr. Hoxton, Secretary

Reading of the minutes was omitted.

The Governor reported the reserve positions of the Eeveral Feder-

al reserve banks as at close of business May 3d, 4th and 5th.

Letter dated May 3d, from the Chairman of tha Federal Reserve

Bank of Atlanta, with reference to the compensation of Mr. W. H. Hartford

for services as a building committee of one, rendered and to be rendered

in connection with the construction of the branch bank building in Nash-

ville, Tennessee.

Upon mot ion, mferred to the Governor with power.

Letter dated May 2d, from Mr. E. 0. Tenison, Chairman of the Board

Of the City National Bank of Dallas, Texas, suggesting that Mr. R. L. Van

Zandt be aPpointed Federal Reserve Agent at Dallas, in the event that a

vacancy should occur in that position.

Noted.

Letter dated May 4th, from the Assistant Federal Reserve Agent at

Cleveland, with reference to the limitation imposed by the Federal Reserve

Act upon Federal Reserve Examiners, with respect to cooperation with state

bank examiners and clearing house bank examiners.

Upon motion, referred to General Counsel.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

-2-

Letter dated. May 1st, from the Chairman of the Federal Reserve Bank

Of San Francisco, enclosing applications of the Los Angeles Trust 87 Savings

Bank for the approval of the Federal Reserve Board to the establishment of

branches at the following locations:

Corner of Los Robles and East Colorado Sts., Pasadena.

802 East Cblorado St., Pasadena..

North Broadway, between Ord and Alpine Sts., Los Angeles.

1607 West Seventh St., Los Angeles.

Approved.

Draft of letter dated May 2d, prepared fbr the signature of Govern-

or Harding, and addressed to all Federal reserve banks, with reference to

funds deposited by national banks with Federal reserve banks aid branches

for credit in the 5% redemption funds.

Approved.

Letter dated May 3d, from the Chairman of the Federal Reserve Bank

Of San Francisco, requesting further specific information with respect to

branches of state bank members in the light o f the letter of April 28th,

1922, addressed by Governor Harding to Mr. Perrin.

Upon motion, referred to Mr. Miller for reply.

Memorandum dated May 4th, frail t he Division of Examinat ion, r e-

questing a waiver of one of the conditions of membership imposed upon the

Berks County Trust Company, Reading, Pa. at the time of its admission to

the Federal Reserve System.

Upon notion, referred to the Law Committee.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

-3

Letter dated May 3d, from the Comptroller of tho Currency, re-

questing approval o f a salary of '112700 per annum to be paid to Mr. Bernard

Boldin, Nat ional bank 44xaminer in the Ninth - 1ederal eserve District.

Appr med.

REPORTS OF COL! ITT NO. 1:

Dated May 4th, Reconmending changes in stock at Federal reserve banks,as set forth in the auxiliary minute book of this date.

Approved.Dated May 4th, Recommending action on applications for fiduciary powers,

as set forth in the auxiliary minute book of this date.Approved.

Dated May 4th, Recommending approval of the application of Mr.Frank C.Thurwood to serve at the same time as director of theIlion NatIonal Bank of Ilion, N.Y., and as director andSecretary of the Citizens Trust Company, Utica, N.Y.

Approved.Dated May 4th, Recommending approval of the application of Mr. Charles

N. Boehm to serve at the same time as director of theNational Bank of Commerce, Detroit, and as director ofthe Detroit Trust Company of Detroit, Michigan.

Approved.

At 1:10 p.m. the meeting adjourned.

Secretary.

Appxo ved :

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis