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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Thursday, April 12th, at 11:00 a.m. Vice Governor Platt Mr. Hamlin Mr. Miller Mr. Crissinger Mr. Hoxton, Secretary PRESENT ALSO, BY INVITATION: Mr. Paul Y. Warburg, member of the Federal Advisory Counsel from the Second Federal Reserve District. 13 ESENT: After a discussion of the policies laid dawn, through recent resolutions 17 the Federal Reserve Board with respect to the open market purchases by Fed- Reserve banks, Mr. Warburg withdrew from the room. , The minutes of the meeting of the Federal Reserve Board held on April lIth were read and on motion approved as amended. Letter dated April 6th, from the Chairman of the Federal Reserve Bank of 844 Francisco, recommending approval of the application of the Valley Bank of Fresno, California, to puchase and operate as a branch, the Industrial Bank c$1 ' Fresno. Approved, Mr. Crissinger voting "no". Letter dated April 9th, from the Chairman of the Federal Reserve Bank of Chin, requesting instructions as to the interpretation of certain points e°4tained in the Board's letter of April 7th, X-3688, subject, "Rules Governing 4allaization of MeMber Banks". Upon motion, ordered referred to the Chief of the Division of Txamination for report. Mmorandum dated April 12th, from the Assistant Secretary of the Board ecglesting authority to have a reprint made of certain pages of the Federal e4 Ya Telegraphic Cod9,the cost to be assessed against all Federal Reserve bezik 6 in the save manner as in which they were assessed for the cost of print- e*-1cl „if 4/12/23 -2- ing the original Code. Approved. Letter dated April 10th, from the Chair/711n of the Federal Reserve Tank of Cleveland, requesting that the Board approve a salary of ct3,000 per annum, beginning May 1, 1923, for Mr. D. C. Elliott who has been employed for service in the Fiscal Agency Department of that bank. Approved. Letter dated April 9th, from the Governor of the Federal Reserve Bank of Illinneapolis, advising of a readjustment of the official staff of that bank, and requesting approval of an increase from $2600 to ' 1 2300 per annum in the salary of Mr. Harry I. Ziener. Approved. Referring to the memorandum of April 5th, submitted by the Assistant Secretary of the Board which was considered at the meeting of April 10th, the /3card voted to authorize the employ-ent of Miss Harriet Fowler at a salary of 1.440 per annum, effective April 16th, to fill the vacancy caused by the resign of Miss sue Boot. Memorandum dated April 11th, from the Director of the Division of Analhis and Research, recommending that a temporary employee, Mr. :31. I. Fulton, be r etained at his present salary of :1800 per year, for a period ending July Referred to Mr. Miller. Letter dated April 11th, from the Chairman of the Federal Reserve Bank ti Ofew York, requesting the approval of the Federal Reserve Board, for certain acIjuatinents in the. salries of a few employees, effective as of April 1st, with C fli r*, r-er (.../ 4/12/23 -3- the advice that these adjustments apply only to cases which, in the opinion Of the 3'edera1 Reserve Bank of New York, special consideration exists which constitutes them exceptions to the general rule of adjusting salaries only 841ual1y, as of January 1st. Approved.. Telegram dated April 12th, from the Chairman of the Federal Reserve Bank °f St. Louis, advising tha't the Board of Directors of that bank had voted to ' e ecePt, subject to the approval of the Federal Reserve Board, a bid of a3.017,500 for the construction of the proposed new bank building in St. L°1318, said bid covering vaults complete, incluiing doors, lining and electrical Protection, also all elevators in building, book vaults, bank screens, fact, building complete, except for furnishings, heating and electric wir- Ordered laid on the table, pending further information, the Vice Governor being requested to secure information from the Federal Reserve Agent at St. Louis, as to why the items of heating and electric wiring were not included in the bid, and. to secure from Mr. Martin an estimate of what the cost of these items will be; further to secure inforrration as to whether or not the present lease of the Federal Reserve Bank of St. Louis contains any option as to renewal. Letter dated April 11th, from the Comptroller of the Currency, recommend' 1118 an increase in the salary of National Bank Zxarniner Walter J. Waldron from °31°00 .to :4 3,500 per annum. Approved. QSOFCOMITTEF, NO. 1 thitted April llth t Recommending action on applications for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Approved. 4/12/23 111:i; NO. 1 (Cont,d) Dated April 11th, Recommending action on application for admission of state bank, subject to the conditions stated in the individual reports attached to the applicat ion, as set forth in the Auxiliary Minute Bcok of this date. Ordered held. Dated April 11th, 7ecommending appoval of the applicat ion of Mr. C. W. Weston to serve at the same time as director of the Metropolitan Trust Company and of the Franklin National Bank, both of New York City. Approved,(provided the Metropolitan Trust Company has no branch in the neighborhood of the Franklin National Bank.) The meeting adjourned at 1:05 p.m. Secretary. 41313roved: Vice Governor.
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