The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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: Letter dated Governor Crissinger Mr. i:il1er Mr. McIntosh (Serving as a ::ember of the Committee in the absence of Mr. Umlin) Mr. Eddy, Secretary 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 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 recomrnellaing 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 for pril 23rd from Counsel submittinE; draft of a letter the signature of the Governor, addressed to the Chairman of the Federal lie serve 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 that -irectilIT the xLtlanta bank to recall the circular in view of the fact Lilo 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 °' Dr411 ril 24th from the Chairman of the Federal aeserve Bank advIsinr, that the resination of Lir. lAarion Sansom as Class "B" bil.0 e6 ' 0r 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 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 fix a by the Dallas Directors, the Board 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 Of the Vice Presidene Q hiLl 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 caminercial 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 center: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. after discussion, the Governor was requested 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 13a 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, tr-W ;- re questins- 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 request for the had not complied, with the Board's was rename of the borrowing member bank. and he furnish quested. to wire the Federal Reserve 'rent to the desired. information. aP;1)o Dated 1. ) +J L11.- •, Li th, 27th, , 25th, vedpria. Dated, April 24th, Dated, _4.12 1 24th, -.1.pr 13. 25th, -07,1I2'177!1-33: ,ecommending changes in stock at Federal ileserve Banks, ,.., of this date. as set forth in the J„uxiliary 1:inute Book Approved.. pors Recommending action on application for fiduciary date. this of Book Minute as set forth in the Auxiliary Approved. Recommending action on application for admission of state bank, subject to the conditions stated. in the i - in the report*attached to the application, as set fort]. date. this Auxiliary Liinute Book of Approved. ecornnaing approval of the application of Mr. 7,:nanue 1 director of the south lio-i7nan to serve at the same time as and as director o: the Company Side National Bank and. Trust N.J. Newark, of 7:est, Jid.e Trust Company, both Approved. .3.ecorimen'Un=2 approval of the applicatioa of Mr. Gibbons the -)allas. Poteot to servo at the some time as diree'or of of Cashier so to and. 20::ao, Dallas, National Bank, ,oxton, Bank, National the First Olf C%a• l'he rne tii ac1,5 ea at 11:30 ',..;eeretary.
@FedFRASER