19250427_Minutes.pdf

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A meeting of the 7,x(3,cutive committeeof the Federal :Reserve ),oard

was held. on Monday, April 27, 1925 at 10:30 a.m.

MESENT: Governor Crissinger

Mr. i:il1erMr. McIntosh (Serving as a ::ember of theCommittee in the absence of Mr. Umlin)

Mr. Eddy, Secretary

Letter dated pri1 17th from the Chairman of the Federal eserve

Bank of San Francisco, transmitting copies of letters exchanged. with the

Chairman of the Board of Directors of the Branch Federal teserve Bank at

Salt Lake City, with regard to plans aid bids for the proposed baildin, to

house the Salt Take City Branch.

Noted..

7-emorandum dated April 25th from General Counsel submitting letter

ad-Jressed to him under date of April 23rd by Honorable Newton D. Baker,

"tins: forth his views relative to settlement made by the Federal :i.eserve

Ban:c of Clevelaud in connection with the suit brour3it against it by the

Parmers and Merchants '3c.1)::. of Catlettsburg, Ky.

Noted and ordered circulated.

tej?ort of Committee on Salaries, Expenditures and ifficiency on letter

6.ated April 21st from the Chairman of the Federal -leserve Bank of Kansas

City, ,stinc7 approval of an increase in the salary of Mr. Albert Stannard,

aief Telegrapher, from ,;2.'2O to .u):-;0,10 pee annum, effective Jamary 1, 1925,

the increase throu-:h error not havin been submitted or the Board's approva.1

at the beginning of the year; the Committee recommending approval.

Approved.

.i.eport of Committee on alaries, Expenditures and Efficiency on letter

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at0d.itpril'24th from the Comptroller of the Currency, requesting auproval

°f a salary of2500 per annum for National Bank Examiner Harry a. Fuller,

to be assigned to the 7th Federal 'aeserve District; the Cotmittee also recom-

rnellaing alyproval.

4proved.

4oport of Committee on Salaries, Expenditures and Efficiencj on letter

ated 24th from the Comptroller of the Currency, requestin:.7 approval of

a 2alary of v2400 1D3r annul for Kational Ba_ak Examiner Herbert E. Oclesby, to

be assicael to the 6th r:ederal deserve District; the Committee also recommending

al:Troval.

lipproved.

Memorandum dated pril 23rd from Counsel submittinE; draft of a letter

for the signature of the Governor, addressed to the Chairman of the Federal

lieserve Bank of Iltlanta, with respect to the circular issued by the 2..tlanta

to the effect that it will not handle as cash items checim drawn on banks

2.r1 ;4_"2 district which do not remit in a satisfactory manner; tho proposed

lott-1-irectilIT the xLtlanta bank to recall the circular in view of the fact

thatLilo procedure thereunder is contrary to the provisioAs of the Federal

0,. .

2.o.t and aegulation "J" of the Federal aeserve 3oard.

Upon motion, the proposed letter was approved.

Lettor dated ril 24th from the Chairman of the Federal aeserve Bank

°' Dr411advIsinr, that the resination of Lir. lAarion Sansom as Class "B"

bil.0e '60r of the 1 -0.7.,z has been lodged with him and will be formally presented

at *10 no:::t meeting of theBoard of Directors of the Dallas bank) the Chairman

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4/27/25 -3--

re_questing the Board to indioate a date for the opening of the polls for

the election of Mr. jansom's successor.

Upon '..otion, it was voted to advise the

Chaimail that upon receipt of advice from him

of the acceptance of 17,r. Ja,, som's resi:nation

by the Dallas Directors, the Board fix a

date for the opening of the polls for the election

of a successor.

Letters dated pri1 22nd from the Governor of the Federal eserve

3a11:: of Dallas, advising of his decision to accept the t3usi_er made to hiLl

Of the Vice PresideneQ of a national bank located in Dallas and of an offer

made to Deputy uov.clr-nor Gilbert of the Dallas bank of a position in a cam-

inercial bank at a salary 4 ...,-cess of that paid him by the Federal Jeserve

2.21.k. of Dallas; the Governor reco!..:1,Jndins-- that in view of recent and cen-

ter:If:tato," chanses l.a t'(,te or,janization of the .,),-11as bank ir. Uilbert's

salary be increased from 49,000 to 410,000 er annum in order that the

Dallas bank may retain him in its service.

13a

after discussion, the Governor was re-

quested to wire the Federal _Leserve 11,0:ent at Dallas

for his recommendation with respect to the increase

suggested for Deput-,v Governor Gilbert.

Letter dated 23rd from the Governor of the Federal testerve

.of Kansas City, advising that Mr. Heber Hord, Class "C" Director,

has announced that ho will remain on the Board of Directors of the Bank

to servo out the tem for which appointed.

_Not eci.

Letter dated 21st from the Chairman of the Federal .1,-,serve

Bank ef .;an Francisco, roplyin to the Board's telec—am of 21st,

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requestins- information with respect to the alle:ed p. tie of a mLil)O-' bank

in the 3.,.th District in borrcwing from the 2,,esev.v-e Bank to obtain funas for

1.11703tment in government securities.

The Governor pointed out that the Chairman

had not complied, with the Board's request for the

name of the borrowing member bank. and he was re-

quested. to wire the Federal Reserve 'rent to furnish

the desired. information.

1. ) +J L11.- LiaP;1)o -07,1I2'177!1-33:

Dated •,

vedpria.,

Dated, April

Dated, _4.12 1 24th,

-.1.pr 13.

th, ,..,,ecommending changes in stock at Federal ileserve Banks,

27th, as set forth in the J„uxiliary 1:inute Book of this date.

Approved..

25th, Recommending action on application for fiduciary pors

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

Approved.

24th, Recommending action on application for admission of state

bank, subject to the conditions stated. in the i

report*attached to the application, as set fort]-. in the

Auxiliary Liinute Book of this date.

Approved.ecornnaing approval of the application of Mr . 7,:nanue 1

lio-i7nan to serve at the same time as director of the south

Side National Bank and. Trust Company and as director o: the

7:est, Jid.e Trust Company, both of Newark, N.J.

Approved.

25th, .3.ecorimen'Un=2 approval of the applicatioa of Mr. Gibbons

Poteot to servo at the some time as diree'or of the -)allas.

National Bank, Dallas, 20::ao, and. to so Cashier of

the First National Bank, ,oxton,

Olf C% a •

l'he rne tii ac1,5 ea at 11:30

',..;eeretary.

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