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A meeting of the v'ederal Reserve Board was held in the o ffice of the Federal Reserve Board on Tuesday, April 3rd, at 11:00 a.m. PRES=: Vice Governor Platt Mr. Hamlin .Mr. Miller Mr. Crissinger Mr. Ho xton, Secretary. The minutes of the meeting of the Federal Reserve Board held on March 30th were read and on motion approved. The Vice Governor reported the reserve posit ions of the several Federal Reserve banks as at close of business March 29, 30 and 31. The Vice Governor stateu that in accordance with the meeting of March 23rd he desired to submit the following resolution which was upon motion adopted 411C1 ordered, spread upon the minutes of the Board: "RMOLTET) - That in the death of Honorable Milo D. Campbell the Federal Reserve Board has lost a colleague of rare ability and of singular open-rnindness and. conscientious devotion to duty, and wishes to make public record not only of the loss sustained by the Board as an official body, but also of the deep sense of personal loss of its individual members." Letter dated March 22nd, from the Advertising Manager of the Mississippi Val leY Trust Company of St. Louis, referring to the Board's recent ruling with re kpeot to the advertisements of state member banks inquiring if any definite cLate has been set when the ruling referred to is to take effect or if it will IDe satisfactory for the Trust Company to remove the phrase "United Statles GovSupervision" when their exterior signs shall be next painted. Referred to the Vice Governor for reply, it being determined that the ruling referrei to should be construed as effective imtnediately. Telegram dated March 24th, from the Chairme.n of the Feqeral Reserve 13414 t of Kansas City, reoornmending that the Board appoint Mr. J. Miller of p.; 4/3/23 -2- Lincoln, Nebraska, as a merther of the 'Board of Directors of the Omaha Branch Of the Federal Reserve Bank of Kansas City, to fill the unexpired term ending December 31, 192: , of the late Dr. ]). L. Hall. Upon motion, Mr. Miller was duly elected a member of the Board of Directors of the Omaha Branch of the Federal Reserve Bank of Kansas City, for a term expiring December 31, 1923. Memorandum (lilted March 27th, from the General Counsel, submitting a proPosed circular letter addressed to all Federal Reserve Agents on the subject Of "Reporting Violations of Criminal Statutes by F/nployees of Federal Reserve banks.” After consideration, the circular was approved and ordered transmitted subject to arnendm3nt recommended by Mr. Hamlin. Matter referred to the Law Committee at the meeting of March 21st, namely, letter dated March 17th from the Chairman of the Federal Reserve Bank of New York setting forth the proposal of that bank to increase the maximum payment wider the Grouo Insurance Policy carried on behalf of employees, from 13,000 to 5,000. Upon motion of Mr. Hamlin, the proposal aforesaid of the Federal Reserve Bank of New York was approved, Mr. Cri ssinger voting "no". Telegram dated March 27th, having been referred to the Federal Reserve (118'1.'c1 by the last Conference c,f Federal Reserve Bank Governors, being addressed to Governor nalkins by Mr. Clerk of the Federal Reserve Bank of San Francisco, 4c1718ing of certain complaints against the Federal Reserve System which had been "nt out by Mr. Mount joy, Deputy Manager, American Rankers Association, National 4/3/23 -3- 88.111c Division; to this telegram being attached a copy of the circular containthe complaints to Mr. Mountjoy furnished to the Board upon request of the Secretary. Referred to the Law Committee for study and report. Letter dated March 29th, from the Federal Reserve Agent at New York enclosing a seheiule of proposed special compensation to be paid. to members Of the Auditing Department of that Bank for overtime work while assisting the examining force of the Federal Reserve Board during the examination of the Federal 7eserve Bank of New York. Approved. Letter dated March 27th, from Mr. A. A.'Calkins, Assistant Vice President °r the Security Trust and Savings Bank, Los Angeles, California, enclosing a 811PP1emental memoranium on the special savings controversy which was prepared 1:7 Mr. Calkins. No ted. Letter dated April 2nd, from the Chairman of the Federal Reserve Bank of 13}111 a1elphia, transmitting with favorable recomendation the application of the oford Bank ani Trust Company, Philadelphia, Pa., to open and maintain a new brall°h Office, said. application being irAtie in vi EW of a condition of mertbership (ITO° 1) imposed upon the .Oxford Bank and Trust Company and which prohibits the estab lishment of new branches except with the approval of the Federal Reserve 4ard. Approved. Letter dated April 2nd, from Mr. J. H. Oase, Deputy Governor of the Pecl"al Reserve Bank of New York, detailing certain business which the Federal 4/3/23 -4- Reserve Bank of New York, has consummated with the Sveriges Riksbank of Stockholm, Sweden, in accordance with the action of the Board taken at its meeting of February 8th. Not ed. Letter dated March 27th, from the Chairman of the Federal Reserve Bank of San Francisco, advising that in accordance with the affirmativ e vote Of the -cecutive Committee of that Bank at its meeting on March 20, 1923 a 81IPply of Federal Reserve notes has been placed in vault space secured from certain member banks in Boise, Idaho, to meet the demands of the, member banks In that locality and that appropriate insurance has been arranged. Referred to the Law Committee for report. Matter referred to the Vice Governor for report and recommendation at the meeting of March zeth, namely, the letter of March 27th from Mr. J. H. Case, DePlitY Governor of the Federal Reserve Bank of New York suggesting that the Pederal Reserve Board enter into negotiations with the Postmaster General with resPect to the large volume of checks lost in transit after deposit in Federal Reserve banks or by direct sendings. The Vice Governor submitted a letter addressed by him to Pr. Case dated April 3rd, making further inquiries with respect to this matter and this letter was upon motion approved., Mr. Hamlin moved that the Board reconsider the phraseology of the Res- °11Ition with respect to open market operations by Federal Reserve banks, adopted. 4t it5 meeting of March 22nd. Mr. Hamlin's motion being put by the chair was lost. /*/ 413/23 -5- Memorandum dated April 3rd, from the Assistant Secretary of the Board. trar8 m1tting the resignation of Mr. R. 0. Sharitz, clerk in the Federal Reserve Board Library, effective (April 1, 1923)and proposing to fill the Vacancy by transfer of a clerk from the Board's file room, and to fill the vacancy thus created in the file room by the employment of a clerk to act as Assistant File Clerk and. Mail Clerk with a salary at the rate of $1440 per annum. Approved. Letter dated April 2nd, from the Deputy Comptroller of:the Currency, advising of the changes in the National Bank Examining Force which were made the month of March 1923. Not ed. Letter dated March 31st, from the Comptroller of the Currency, recom41E311(1111g an increase in the salary of Chief National Bank -;'ztaminer William J. Schechter from 88500 to $9500 per annum. Approved. Letter dated March 30th, from the Comptroller of the Currency, recomillellding an increase in the salary of National Bank Examiner Peter J. Lorang m t4500 to $5400 per annum. Approved. Letter dated March 30th, from the Comptroller of the Currency, recomIriettcling a salary of $3600 per annum to be paid to Mr. Harry A. McCreight, liaticlial Bank ..,'xaminer in the Seventh Federal. Reserve District. Approved. 4/3/23 -6- Mr. Miller submitted the final proof of the April eiition of the Federal Reserve Bulletin which was discussed and approved. Mr. Miller read to the Board a letter received by him from the Chairman °f the Federal Reserve Bank of New York, with reference to the proposed new Plan for stating the 1?edera1 Reserve Position of Federal Reserve banks. This matter was discussed at length. At 12:45 Mr. crissinger withdrew from the room and Messrs. Person and ViYatt, and Sargent of the Federal Reserve Bank of San Francisco, joined the meetinp; upon invitation. After an informal discussion with reference to the examination problem in the 'Twelfth Federal Reserve District Messrs. Sargent, Herson and Wyatt were p,sked to prepare a definite plan for the solution of the problem for presentation to the Federal Reserve Board at its meeting tomorrow. fl ()TITS OF COMMITTa. NO. 1 : Dated March 30th, April 2nd, Dated March 30th, March 30th, March Dated march 30th, 30th, March 30th, bated, March 30th, bat Or March 30th, Recorrnending action on applications for changes in stock as set forth in the Auxiliary /7i:rate Book of this date. Approved. Recommending action on applications for fiduciary powers as set forth in the Zuxiliary Minute Book of this date. Approved. Recommending action on applications for admission of state banks, subject to the conditions stated in the individual reports attached to the applications, as set forth in the Auxiliary Minute Book of this date. Approved.. Recommending refusal of the application of Mr. Harvey H. Farr to serve at the same time as director of the Allentown National Bank, Allentown, Pa., and as director of the Lehigh Valley Trust Company, Allentown, Pa. Approved. Recomwending approval of the application. of Mr. Robert 7.H. Campbell to serve at the same time as Vice President and Director of the Community National Bank, Buffalo, N.Y. and as President and Director of the Genesee National Bank of Buffalo, N.Y. Approved. 4/3/23 -7- R.2PORTS OF COLTITTEE NO. 1 (Cont'a) Dated March 30th, Dated March 30th, Dated March 30th, Dated March 3rd, 1)ated March 30th, Dated March 30th, Dated.Dated. L!arch 31th, Date March 30th, Reconmending approval of the application of Mr. J. Walter Myers, to serve at the same time as director of the Fryn Mawr Nationa.1 Bank, Bryn Mawr, Pa., and of the Merlon Title and Trust Company, Ardmore, Pa. Approved. Recommending approval of the application of Mr. A. W. Calloway to serve at the same time as director of the Arst National Bank, Philadelphia, Pa. and of the Union Trust Company of Maryland, Baltimore, Md. Approved. Recohink3nding approval of the application of Mr. P. 71. Goebel to serve at the same time as director and officer of the Commonwealth National Bank, Kansas City, Kansas and of the Commercial Nat ional Bank, Kansas City, Kansas, and, as director of the Miami Company National Bank, Paolp, Kansas. Approved. Recommending approval of the application of Mr. P. A. Janeway to serve at the same time as director and president of thr_ Mangum National Bank, Mangum, Okla., and as director and officer of the Liberty National Bank, Oklahonm. City, Okla. Approved. Recommending approval of the application of Mr. 71. K. ram:lady to serve at the same time as.director and officer of the First National Bank, 7ast St. Louis, Mo., and of the First National Bank, Wood Rover, Ill. Approved. Recanmending approval of the application of Mr. Neil S.Yc Carthy to serve at the same time as director of the commercial National Bank, Los Angeles, cal and of the ,-,iederal Trust and SavingsrnBank, Hollywood, Cal. Approved. Recommending approval of the application of Mr. rleorge H. -3rice to serve at the same time as director of the Merchants National Bank, St. Paul, Minn. and as Vice President and Director of the Merchants Midway Nat' onal Bank, St. Paul, Minn. and as President and director of the First National Bank, Cloquet, Minn. Approved. Recommending approval of the application of Mr. Cecil B. De I,iille to serve at the same time as director of the Commercial National Bank, Los 'ngeles, California and of the Federal Trust and Savings Bank, Hollywood, Cal. Approved. At 1:10 the meeting adjourned. 41311:r °Ved: Vice Governor. Secretary.
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