19250427_minutes.pdf
TRANSCRIPT
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295
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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4/27/25
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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tvw, ID
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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tr-W;-
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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