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A meeting of the Federal Reserve Board was held. in the office of
the Board. on Monday, April 17. 1922, at 11:00 a.m.
PRESENT: Go vernor Ear di ng
Mr. Platt
Mr. Hamlin
Mr. Cris sirger
Mr. Hoxton, Secretary.
Minutes of the meeting of the Board held April 14th were read and
on motion approved.
The Governor reported. the reserve positions of the several Federal
reserve banks as at close of business April 13th.
Letter dated April 13th, from the Secretary of the iederal Reserve
Bank of Cleveland, requesting approval of the appointment
as Federal Reserve
2bcaminer of Mr. Howard Evans, at an annual salary of (''.4000, Mr.
Evans having
been selected by the Bank to fill the place left vacant by the
resignation
Of Mr. F. 77. L. Hageman, Mr. Hageman having
received a salary of '
34200 per
annum.
Approved.
Telegram dated April 15th, from the Federal Reserve Bank of
Atlanta,
advising that the Board of Directors of that Bank had, subject to
the review and determinat ion of the Federal Reserve Board, established
a minimum
rate of 3V for open market purchases of bankers accepta
nces.
Formally approved, having previously been approved by
the initials of Board members.
Memorandum dated April 15th, from the Secretary of the Board, with
l'eference to a letter of April 10th, addressed to Governor Harding, by Mr.
f
W. B. Geery, Deputy Governor of the Federal Reserve Bank of Minneapolis,
transmitting for the approval of the Federal Reserve Board certain salary
adjustments affecting one Assistant Cashier at the Federal Reserve Bank
Of Minneapolis, one Assistant Cashier at the Helena Branch, and certain
assistants and employes of tip Federal Reserve Agents Department.
Upon motion, the Board approved a salary of :t3000 per
annum for Mr. R. E. Schumacher, Assistant Cashier at the
Helena Brarch. The Board approved a salary 01 g3800 for
Mr. L. F. Rast, Senior Assistant Cashier at the head office.
The recommendations with respect to those mentioned litho are
attached to the Federal Reserve Agents Department were ordered held, pending the return to Washington of Mr. Mitchell,
Chairman of the Committee on Salaries and Charge Offs.
The Governor submitted a letter from Senator Harris of Georgia,
requssting views of the Federal Reserve Board upon a pro cosed amendment
to Section 9 of the Federal Reserve Act, designed to authorize under certain conditions state banks of less than $25,000 capital to become members
Of
the Federal Reserve System.
No action.
Referred to the Governor for reply.
Letter dated April 15th, from the Federal Reserve Agent at Atlanta,
requesting approval of an increase in the salary of Miss Mabel Willoughby
from ,85.00 per month to 11.00.00 per month, Miss Willoughby being an employe
Of the Federal Reserve Agents' Department.
Approved.
Letter dated April 14th, from the Federal 'Reserve Agent at New
York, requesting approval of spacial compensation aggregating
2328.04 to
be paid. to certain members of the Auditing Department of the Federal Reserve
195
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Bank of New York for overtire work in connectibn with the examination of
that Bank by the Federal Reserve Board made as of February 11, 1922.
Approved.
Letter dated April 14th, from the Federal Reserve Agent at Richmond, advising that Mr. Richard Bradley, Assistant Federal Reserve Agent
at the Baltimore Branch,will be made Manager of the Discount Department,
and recommending therefore that his appointment as Assistant Federal Reserve
Agent be revoked.
Mr. Hardy also stated that he had appointed Yr. C. S.
Donohue as Acting Assistant Federal Reserve Agent, and requested the approval of said appointment by the Federal Reserve Board; it being noted
that these changes do not involve any change in salaries.
Approved.
Telegram dated April 17th, from Mr. Miller, and a joint telegram
from the Chairman and Governor of the Federal Reserve Bank of San Francisco, setting forth the progress made by Messrs. Miller and Mitchell
in their investigation of the branch bank question in California, and
having specific reference to the reserve which should be required in California against special savings deposits.
Referred to General Counsel for report to the Board
at its meeting of next Wednesday, April 19th.
Letter dated April 15th, from the Comptroller of the Currency,
requesting approval of a salary of !,2700 per annum to be paid to Mr. Arthur
M.
Mueller. National Bank Examiner in the Tenth Federal Reserve District.
Approved.
96
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RZPOR TS 0 F C OMIT
NO. 1:
Dated April 15th, Recommending changes in stock at Federal Reserve banks
as set forth in the auxiliary minute book of this date.
Approved.
Dated April 15th, Recommending admission of state institutions, subject
to the conditions stated in the individual reports
attached to the applications, as set forth in the auxiliary minute book of this date.
Appro ved.
Dated April 14th, ecommending action on applications for fiduciary
powers, as set forth in the auxiliary minute book of
this date.
Approved.
Dated April 14th, Recommending approval of the application of rr. C. 1:7.
Sheldon to serve at the semi) time as director and
officer of the Continental National Bank of Kansas
City, Mo. and as director of the Metropolitan Bank of
Kansas City, 117o.
Approved. Mr. EMIlin voted "no". 1:essrs. Harding,
Plat t and Cris singer voted "aye".
At 12:15 p.m. the meeting adjourned.
Secretary.
@FedFRASER