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EX.~:FICIO~EMI!SIERS" CHARLES S. HAMLIN . GOVERNOR FREDERIC A. DELANO. VICE GOVERNOR PAUL M.WARBURG W . P. G. HARDING ADOLPH C. MILLER <WILLIAM G . McADOO SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTO N WI LLIAMS COMPTR OllER OF "iHE CURRENCY FEDERAL RESERVE BOARD H . PARKER W ILLIS . SECRETARY ADDRE SS REPLY TO WASHINGTON FEDERAL RESERVE BOARD October 5, 1914. Sir: I have the honor to inform y ou that the Federal Reserve Board, acting under the provisions of Section 4 of the Federal Reserve Act of De cember 23, 1913, has tod ay appointed y ou Federal Reserve Agent and Ohairman of t he Board of Directors of the Federa.l Reserve Bank of Dallas. The Board has a lgo made the following appointments: ~Ir . W. F. McOaleb, Federal Reserve Agent and of Board of Directors; Deput~r Vice-Ohail~an Mr. Felix Martinez, Director. The salary of the Federal Reserve Agent, under Section 4 of t he Federal Reserve Act, is to be fixed by t he Federal Reserve Boardj the Board has accol,.~ding ly fixed the salary of t he Federal Reserve Agent of Dallas at $6,000 per annum. The Federal Reserve Board will be pleased to learn of your acceptance. Section 4 of the Federal Reserve Act contains the following provision: "At the first meeting of the full b oard of directors of each Federal re s erve bank, it shall be the duty of the directors of classes A, B, and C, respectively to designa te one of the members of each class wh ose ter.m of offi ce shall expire in one year from the fir s t of Janua ry nearest to date of such meetine;, one whose term of office shall expire at t he end of two years fram said date, and one v/hose term. of of fice shall expire at the end of three years fram said date. Thereafter every director of a Federal reserve bank chosen as hereinbefore provided shall hold office for a term of three years.****" This document was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) -2- The Federal Reserve Board requests you to call at an early date the first regular meeting of t he Board of your Federal Reserve Bank, for the purpose of giving immediate consideration to the selection of a chief executive officer with the title of Governor, who shall be the active manager of the bank; and als o for the purpose of giving consideration to the selection of a member of the Federal Advisory Council, provided for in Section 12 of the Federal Reserve Act . In order to bring about desirable uniformity in the methods to be pursued by the Federal reserve banks i t is suggested t hat consideration of further officers be deferred . It is also suggested that questions of organization, by-laws, etc., be left open for discussi on at a conference of de legates of the twelve Federal reserve banks to be called by this Board at the earliest possible date. The Federal Reserve Board expects to invite the Class "Cit directors of your district to meet with it at Washington before the first meeting of your Board, in order to familiarize them with the general policies of the Federal Reserve Board. I have the honor to be, Very respectfully yours , Governor . Mr. E. O. Tennison, Vice President, City National B ~nk, Da lias, Texas. Oc ObOl' 10, ..914. Sir~ ' , ! h::.vo ~TOU1' 1 ttor 0::" Ol0tooar 5th~ not f'<,Jinc me of: rrcr G!'P01n . ~m:" ['.3 'edo~~l lloncryo l.ccnt. o.:ml CboirJOll of 't:ho Do 1"'~ 1l:oc'OO:"c o f ''.1 Fc:crol Rooor\1'a Bnnk 'Of j) 11as. on,-. ~ n. 0[\ .. 0 bohe.lf, 1 £l.1ll t tl.on i ro I> 0 rondm." ~ .t::lotic GC" '::1c" in -c"lis plO".ood to oi;::;nif""J O'J ~coDt:..:nce of t 0 al?pointoont . Io&. of tho d import:.l11oo . t ,),G . 1l!l1' tho 00010 \,1 iSh 'Cilllt of 01 ZO ~ • T . tlantoo ~md not seVell l3ank.s . i tIl BsourOllCGO 'Of tJlJ oemont dooil's t'O CO-opcl'C,to in ev ry "Ie. Y with your Joa~" in prolootir . t· e snCCOOD of lws Bmik, I aB, thu Hon .. c. S.. If&llin. t 'v"rnor, !;'ederol :!corve 13or11, Washington, -D . C. This document was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) . ~ ,I . ; ( EX-OFFIC~ EMBE.R~ WILLIAM G . MC~OO " SECRETARY CHARLES S. HAMLIN . GOVERNOR FREDERIC A. DELANO. VICE GiOV£RNOR PAUL M. WARBURG W. P . G. HARDING ADOLPH C. MILLER I F' THE l.R £ASURY AIRMA f.~ -- JOHN S KELTOO WILL ~'MS COMPTROf L'ER OF n i E CURRENCY \ FEDERAL RESERVE BOARD H. PARKER W I LLIS, SECRETARY j' ADDRESS REPl..Y TO WASHINGTON FEDERAL RESERVE B O ARD October 13, 1914. Mr. E. O. Tenison J Chainllan. Federal Reserve Bank J Dallas) Texas. Sir . Your letter of October loth was duly received and has been considered by the Board. In fixing the salaries of the Federal Reserve Agents for the various banks the Board endeavored to take into consideration all important factors and t he general conditions existi ng in eac h district. The compensation of the Federal Reserve Agent of the Federal Reserve Bank of Dallas was fixed on the same basis as the Federal Reserve Agent of Atlanta J a neighboring district. While J as at present advised) the Board does not f eel justified in making any change) the subject can be taken up for discussion on the occasion of your visit to Washington . .Respectfully" Governor. This document was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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