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Upon call of the Governor, a meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Wednesday, December 16, 1925 at 11:10 a.m. PRESENT: Governor Crissinger Mr. Platt Mr. Hamlin Mr. Miller Mr. James Mr. Cunningham Mr. Eddy, Secretary The reading of the minutes of the meetings of the Federal Reserve Board held on December 14th and 15th was dispensed with, and the Governor stated that the Board would continue with the consideration of the arpointment of directors at Federal Reserve banks and branches and consideration of salary schedules submitted by the Federal Reserve banks. Report of Committee on District 46 dated December 4th, with reference to the appointment of a Class C director of the Federal Reserve Bank of Atlanta, the designation of a Federal Reserve Agent for the year 1926 and the appointment of directors for the several branches of the bank. Mr. James moved that Yr. Oscar Newton be redesignated Federal Reserve Agent and Chairman of the Board of Directors of the Federal Reserve Bank of Atlanta for the year 1926, with salary at the rate of 420,000 per annum. Mr. James' motion oeing put by the Chair was carried, the members voting as follows: Governor Crissinger, "aye" Mr. Platt, "aye" Mr. Hamlin, "aye" Mr. James, "aye" Mr. Miller, "no" 1.1r. Cunningham, "no" Mr. James then moved that Mr. W. H. Kettig be reappointed as Class "C" director of the Bank for a term of three years, beginning January 1, 1926. •••- I 12/16/25 -2 Mr. James' motion being put by the Chair was unanimously carried. Mr. James then moved that Mr. Yettig also be reappointed as Director of the Birmingham Branch of the Federal deserve January Bank of Atlanta for a term of three years, beginning 1,1926. Mr. James' motion being put by the Chair was unanimously carried. Mr. James then moved that Mr. J. C. Cooper be reappointed as a director of the Jacksonville Branch of the Federal Reserve 1, Bank of Atlanta for a term of three years beginning January 1926. Mr. James' motion being put by the Chair was unanimously carried. nted Mr. James then moved that Mr. W. H. Hartford be reappoi Bank deserve Federal the of as a director of the Nashville Branch 1926. 1, January ng of Atlanta for a term of three years beginni Mr. James' motion being unanimously carried. it by the Chair was Mr. James then moved that Mr. P. H. Saunders be raappointed as a director of the New Orleans Branch of the Federal deserve January 1, Bank of Atlanta for a term of three years, beginning 1926. Mr. James' motion being put by the Chair was unanimously carried. with reference to Report of Committee on District #7, dated December 4th, the appointment of a Class C director for the Federal Reserve Bank of Chicago, the appointthe designation of a Federal Reserve Agent for the year 1926 and Inent of a director for the Detroit Branch. be redesigMr. Cunningham then moved that Mr. W. A. Heath nated as Federal Reserve Agent and Chairman of the Board of Chicago for the year Directors of the Federal Reserve Bank of annum. per 1926 with salary at the rate of „;24,000 11 12/1 /2b Mr. Cunningham's motion being put by the Chair was unanimously carried. Mr. Cunningham then moved that Mr. F. C. Ball be reappointed as Class 0 Director of the Bank for a term of three years beginning January 1, 1926. Mr. Cunninaham's motion being put by the Chair was unanimously carried. 2.:r. Cunningham then moved that Mr. James Inglis be appointed director of the Detroit Branch of the Federal Reserve Bank of Chicago for a term of three years beginning January 1, 1926. Cunningham's motion being put Dy the Chair was unanimously carried. Report of Committee on District 7 8, dated Decemuer 4th, with reference to the appointment of a Class C director for the Federal Reserve Bank of St. Louis, the designation of a Federal Reserve Agent for the year 1926 and the appointment Of directors for the several Dranches of the bank. Mr. James moved that Mr. Wm. mcC. Martin be redesignated as Federal Reserve Agent and Chairman of the Board of Directors of the Federal Reserve Bank of St. Louis for the year 1926 with salary at the rate of „;20,000 per annum. Mr. James' motion being put by the Chair was unanimously carried. 1.1r. James then moved that Mr. C. P. J. Mooney be reappointed as Class "C" Director of the bank for a term of three years beginning January 1, 1926. 21r. James' motion being put by the Chair was unanimously carried. Mr. James then moved that Mr. Moorhead Wright be reappointed as director of the Little Rock Branch of the Federal Reserve Bank of St. Louis for a term of three years beginning January 1, 1926. t i ) Mr. James' motion being gut by the Chair was unanimously carried. -4- 12/16/25 Mr. James then moved that Mr. Gordon H. Campbell be appointed director ot the Little aock Branch of the Federal aeserve Bank of St. Louis for the unexpired term of Mr. C. S. McCain, ending December .J1, 1926. Mr. Janes' motion being'put by the Chair was unanimously carried. Mr. James then moved that Mr. T. L. Swearingen be reappointed as director of the Louisville Branch of the Federal Heserve Bank of St. Louis for a term of three years beginning January 1, 1926. Mr. James' motion being unanimously carried. it by the Chair was Mr. James then moved that Mr. T. K. aiddick be rearpointed as director of the Memphis Branch of the Federal Aeserve Bank of St. Louis for a term of three years beginning January 1, 1926. Mr. James' motion being put by the Chair was unanimously carried. Mr. Miller, Chairman of the Committee on District 49, then reported that the Committee, wile not yet ready to recommend the appointment of a director at the Helena Branch, was prepared to recommend the reappointment Of Mr. G. —. McCormick as Class "C" director of the Minneapolis Bank and the redesignation of Mr. John R. Mitchell as Federal aeserve Agent and Chairman of the Board of Directors. He stated, however, that the Committee was not prepared to recommend a salary for Mr. Mitchell for the reason that while the members of the Committee considered him a very capable Pederal aeserve Agent they were not in sympathy with the action of the 13°,ird in increasing generally the salaries of the Federal .eserve Agents at the various Federal aeserve banks. -j- 12/16/25 Mr. Miller then moved the redesignation of Mr. Mitchell as Federal Aeserve Agent and Chairman of the Board of Directors of the Federal Reserve Bank of Minneapolis for the year 1926. Mr. Miller's motion being put by the Chair was unanimously carried. 1:r. Platt then moved that Mr. Mitchell's salary as Federal Reserve Agent be fixed at the rate of :20,000 per annum. Mr. Tlatt's motion being put by the Chair was carried, the members voting as follows: Governor Crissinger, "aye" Mr. Platt, "aye" Mr. Hamlin, "aye" Mr. James, "aye" Mr. Miller, "no" Mr. Cunningham, "no" Mr. Miller then moved that Yr. G. W. McCormick be reappointed as Class "0" director of the Federal Reserve Bank of Minneapolis for a term of three years beginning January 1, 1926. Mr. Miller's motion being put by the Chair was unanimously carried. Mr• Cunningham, Chairman of the Committee on District 410 then reported that while the Committee was not yet prepared to recommend the appointment °r a Class "C" director of the Federal Reserve Bank of Kansas City or the aPPointment of directors for the three branches of the bank, it was ready t° recommend the redesignation of Mr. M. L. McClure as Chairman and Federal Ileserve Agent, although not prepared,to recommend his salary for the coming Year. Mr. Cunningham then moved that Mr. Y. L. McClure be redesignated as Federal Reserve Agent and Chairman of the Board of Directors of the Federal Aeserve Bank of Kansas City for the year 1926. C't 12/16/25 -6- Mr. Cunningham's motion being put by the Ohair was unanimously carried. Mr. Janes then moved that Mr. McClure's compensation be fixed at the rate of 420,000 per annum. Mr. James' motion being put by the Chair was carried, the members voting as follows: Governor Crissinger, "aye" Mr. Platt, Mr. Hamlin, "aye" Mr. James, "aye" Mr. Miller, "no" Mr. Cunningham, "non — 14.r. Miller, Chairman of the Committee on District #12 stated that the 00mm1ttee was not yet prepared to submit its recommendations. Mr. James, with the consent of the Committee on District #3, then moved that the Board reconsider action taken yesterday in fixing the salary of 11r. Ti. L. Austin as Federal Aeserve Agent and Chairman of the Board of Directors °f the Federal deserve Bank of Philadelphia for 1926 at the rate of 0.5,000 Per annum. 11r. James' motion unanimously carried. being put by the Chair was Yr. James then moved that Lir. Austin's salary for the year 1926 be fixed at the rate of „20,000. Mr. James' motion being put by the chair was carried, the members voting as follows: Mr. Platt, "aye" Mr. Hamlin, "aye" Mr. Jam-3s, "aye" Mr. Miller, "non Mr. Cunningham, "no" Governor Crissinger, "not voting" 12/16,/25 subThe Committee on Salaries, Expenditures and Efficiency then mitted the following report, dated December 14, 1925: "At a meeting of the Federal Reserve Board on November 4th, this Committee was instructed to consider, at the end itof the year when the question of bank salaries presents self, a suggestion made by the Board's Counsel that the Board make its approval of the annual salary schedules of the banks subject to the condition that compensation paid to officers and employees while on leave of absence in excess of a certain number of days be submitted to the Federal Reserve Board for approval in each case. Your Committee suggests that in advising the Federal reserve banks of its action with respect to the salary schedules for officers and employees of the reserve banks for the year 1926, a uniform paragraph, as follows, be inserted at the close of each such letter: 'The Federal Reserve Board's approval of the salaries of the officers and employees of your bank as above is expressly made subject to the condition that any compensation paid to any officer or employee while on leave of absence for a period extending beyond the regular annual vacation period must be approved by the Federal Reserve Board, except that in cases Of illness the directors of the reserve banks in their discretion may authorize payment of the regular salary, or any part thereof, for a period not exceeding thirty days, in addition to the regular annual vacation period, without the approval of the Federal Reserve Board.," Upon motion by Mr. James, the recommendation of the Committee was unanimously approved. r and vote The Governor then stated that the Board would conside tures and Upon all salary reports which the Committee on Salaries, Expendi Efficiency was prepared to submit with the understanding that any member vote any salary Of the Board might, if he wished, call up for a special recornendation involved. and Efficiency dated Report of Committee on Salaries, Expenditures Committee, and recommendDecember 11th, concurred in by both members of the -8- 12/16/25 big approval of all salaries recommended by the directors of the Federal * Reserve Bank of Boston for officers and employees of that institution and its Havana Agency, for the year 1926, including increases in the salaries Of the following officers, and retainer Of 42400 for Arthur H. Weed, Counsel: Head Office William W. Paddock, Deputy Governor Ellis G. Hult, Asst. Cashier Ernest M. Leavitt, Asst. Cashier L. 7:al1ace Sweetser, Asst. Cashier present Salary 417,000 6,500 . 6,500 6,000 Proposed Salary 418,000 7,000 7,000 6,500 Mr. James moved adoption of the report of the Committee. Mr. James' motion being put by the Chair was unanimously carried. ncy dated Report of Committee on Salaries, Expenditures and Efficie 4 ee, recommending December 15th, concurred in by both members of the Committ of the Federal Reapproval of all salaries recommended by the directors of that institution serve Bank of Philadelphia for officers and employees annum for Mina= for the year 1926 including retainer fee of 42,500 per s of the and sinkler, Counsel, - no increases being recommended for officer Dank. Mr. James moved adoption of the report of the Committee'. Mr. James' motion being put by the Chair was unanimously carried. s, Expenditures and Report of the Chairman of the Committee on Salarie l of all salaries Efficiency, dated December 14th, recommending approva Bank of Richmond for recommended by the directors of the Federal Reserve -9- 12/16/25 officers and employees of that institution and itS ,3altimore Branch,' including increases in the salaries of the following officers: Head Office Geo. J. Seay, Governor Chas. A. Peple, Deputy Governor G. H. Keesee, Cashier J. G. Fry, Asst. F. 1. Agent Y. G. Wallace, Counsel Hugh Leach, Auditor J. T. Garrett, Mgr. Baplc Relations Geo. S. Sloan, Asst. Cashier Edw. Waller, Jr., Asst. Cashier W. 7. Dillard, Asst. Cashier Present Salary „;20,000 15,000 8,000 7,500 6,000 6,000 5,400 5,000 5,000 4,800 Proposed salary .25,000 17,500 8,500 8,500 6,500 6,500 6,000 6,000 6,000 5,200 Baltimore Branch A. H. M. F. Thos. J. a. Dudley, Managing Director aeese, Asst. Cashier I. Hays, Asst. Cashier Cupit, Asst. Cashier 10,000 4,200 4,200 (a) 12,000 5,000* 4,500 3,600 *Proposed salary as Cashier, to which position Mr. Reese has been appointed, effective January 1, 1926. (a)Appointed Assistant Cashier, effective January 1, 1926. At present holds the position of Manager of Transit Department at 0,000 per annum. aeport of Mr. Cunningham, member of the Committee on Salaries, Expenditures and Efficiency, advising that he does not concur in the salary increase from $20,000 to ,;;25,000 recommended for Governor Seay, nor the increase from V.5,000 to ,,47,o00, recommended for Deputy Governor Peple. Mr. James moved adoption of the report of the Chairman of the Committee. Cunningham moved to amend by approving salaries for Governor Seay and Deputy Governor Peple at ..)20,000 and ,0.5,000 resrectively. Mr. Cunningham's motion to amend being put by the Chair was lost, Messrs. Miller and Cunningham voting "aye". 12/16/25 -10- Yr. James, original motion being put by the Chair was then unanimously carried. itures and deport of the Chairman of the Committee on Salaries, Expend al of all salaries recomEfficiency, dated December 11th, recommending approv a for officers mended by the directors of the Federal Reserve Bank of Atlant for the year and employees of that institution, its branches and agencies, also 1926, including increases in the salaries of the following officers, and , exclusive of salary retainer fee for Randolph and Parker, Counsel, of ,-6,500 Of 4;1,500 allowed for a stenographer: Head Office Present Salary M. B. Wellborn, Governor 12,000 J. L. Campbell, Deputy Governor 9,000 Creed Taylor, Deputy Governor 6,500 ary Secret Ward Albertson, Asst. F.R.Agent Sc 6,000 W. S. Johns, General Auditor 6,000 M. W. Bell, Cashier 4,200 J. B. Tutwiler, Asst. Cashier 4,200 R. F. Conniff, Asst. Cashier 3,600 J. Welsby Honour, Asst. Auditor Proposed Salary 25,000 14,000 11,000 7,200 7,200 6,500 5,400 5,000 3,600 New Orleans Branch 12,000 . Marcus Walker, Managing Director 5,700 W. H. Black, Asst. Manager 5,500 J. A. Walker, Cashier 3,120 r Cashie P. C. Vasterling, Asst. 2,400 t. F.a.Ag Asst. ec Wm. E. Miller, Asst.Auditor 14,000 6,200 6,000 3,500 2,700 Birmingham Branch A. E Walker, Managing Director R. J. Urquhart, Cashier T. N. Knowlton, Asst. Cashier 6,000 3,000 2,200 6,600 3,300 2,400 4,200 5,000 Jacksonville Branch W. S. McLarin, Cashier Nashville Branch Joel B. Fort, Jr., Managing Director E. O. Huggins, Jr., Cashier 4,500 3,000 5,500 4,000 CM, -11-- Leo W. Starr, Asst. Cashier 41,500 41,800 deport by Mr. Cunningham, member of the Committee on Salaries, Expenditures and Efficiency, advising that he does not concur in the salary increase from 420,000 to 425,000 recommended for Governor Wellborn. Mr. James moved adoption of the report of the Chairman of the Committee. Yr. Cunningham moved to amend by approving salary for Governor Wellborn at the same rate received during 1925, namely, 20,000. Mr. Cunningham's motion to amend being put by the Chair was lost, Messrs. miller and Cunningham voting "aye". Mr. James' original motion beinF put by the Chair was then unanimously carried. aeport of Committee on Salaries, Expenditures and Efficiency, dated December 12t49 concurred in by both members of the Committee, and recommending approval or all salaries recommended by the directors of the Federal Reserve Bank of C1icag0 f01 , or officers and employees of triat institution and its Detroit Branch, the year 1V26, including increases in the salaries of the following officers: Head Office C. Childs, Controller II H. Dillard, It C. Bachman, J. Netterstrom u M. Huston, Manager II R. LeRoy R. J. Hargreaves u I# A. W. Dazey It Fischer Irving K. J. W. 0. F. A. present Salary Proposed salary 412,000 10,000 7,500 7,500 6,500 6,000 5,750 5,500 5,000 412,600 10,500 8,000 8,000 7,000 6,500 6,000 5,750 5,250 9,000 7,500 5,000 10,000 8,000 5,500 Detroit Branch Vim. R. Cation, Manager J. 3. Dew, Cashier H. J. Chalfont, Asst. Cashier • -12- 12/16/25 Mr. James moved adoption of the report of the Committee. Mr. James' motion ueing put by the Chair was unanimously carried. and qeport of the Chairman of the Committee on Salaries, Expenditures all salaries Efficiency, dated December 11th, recommending approval of lis recommended by the directors of the Federal aeserve Bank of Minneapo for officers and employees of that institution and its Helena Branch, for the year 1926, including increases in salaries of the following officers and retainer fee of 45,000 and „;3,600 respectively, for Messrs. Andreas exUeland and T. B. Weir, Counsel at the head office and Helena branch, 41 elusive of allowances of 44,000 and c?2400 for office expense: Head Office aoy A. Young, Governor Wm. B. Geery, Deputy Governor Bernard V. Moore, Deputy Governor Harry Yaeger, Asst. Deputy Governor Fred M. Bailey, Manager, Examination Dept. Present, Salary proposal Salary Q20,000 16,000 8,000 7,000 5,000 25,000 17,500 9,000 8,000 5,500 2,700 3,000 Helena Branch Williston A. Cutler, Asst. Cashier Ilepert of Mr. Cunningham, member of the Committee, stating that he does not concur in the salary increase from 416,000 to 17,500 recommended in the salary of Deputy Governor Geary or the increase from 48,000 to ,9,000 in the salary of Deputy Governor Moore. Mr. James then moved adoption of the report of the Chairman of the Committee. Mr. Miller moved to amend by approving a salary of 422,500 for Governor Young. Mr. Miller's motion to amend being put by the chair was lost, Mr. miller voting ',aye. 12/16/25 -lo- Mr. Cunningham moved approval of salaries for Deputy Governors Geary and Moore at the same figures received during 1925, namely, :„;16,000 and :0,000 respectively. Mr. Cunningham's motion being it by the Chair was lost, Messrs. Miller and Cunningham voting "aye". Mr. James' original motion being put by the Chair was then unanimously carried. Report of Committee on Salaries, Expenditures and Efficiency, dated December 12th, concurred in by both/members of the Committee, recommending approval of all salaries recommended by the directors of the Federal aeserve Bank of Dallas for officers and employees of that institution and its branches k for the year 1926, including increases in the salaries of the following officers: Head Office Lynn P. Talley, Governor R. A. Gilbert, Deputy Governor i. B. Coleman, Deputy Governor Chas. 0. Hall, ;i.sst. F. R. Agent Fred Harris, Cashier W. J. Evans, Asst. F. A. Agent it. L. Foulks, General Auditor W. 0. Ford, Asst. Cashier te W. D. Gantry, " tt J. L. Hermann " tt E. 3. Austin " W. P. Clarks, Asst. Auditor Present Salary Proposed Salary - 20,000 10,000 7,500 7,000 6,600 6,000 4,500 4,500 4,500 4,000 4,000 3,900 ;24,000 12,000 8,400 8,000 7,500 7,000 5,000 5,000 5,000 4,500 4,500 4,000 6,000 3,750 3,200 6,600 Houston Branch Dwight p. aeordan, Managing Director L. G. Pondrom, Cashier H. R. DeMoss, Asst. Cashier Mr. James moved adoption of the report of the Committee. 4,000 3,360 rte -14- 12/16/25 Mr. Miller moved to amend oy approving salaries for Governor Talley and Deputy Governor Gilbert at the same figures received during 1925, namely, 420,000 and 410,000, respectively. Mr. Miller's motion to amend being put by the Chair was lost, Messrs. miller and Cunningham voting "aye". Mr. Janes' original motion being put by the Chair was then carried, Mr. Cunningham voting "no". deport of Committee on Salaries, Expenditures and Efficiency, dated December 15th, concurred in by both members of the Committee, and recommending approval of all salaries recommended by the directors of the Federal Reserve Bank of Kansas City for officers and employees of that institution and its branches for the year 1926, including increases in the salaries of the following officers and retainer fee of $6,000 for H. G. Leedy, Counsel at the head office: . Head Office A. M. McAdams, Asst. F. R. Agent M. "7. 7. Park, ,I Cashier tt ,I G. H. Pipkin Present Salary proposed Salary :)5,400 4,500 4,500 $6,600 4,800 4,800 6,000 4,200 6,500 4,500 6,600 7,000 Denver Branch Jos..E. Olson, Managing Director A. J. Conway, Cashier Oklahoma City Branch C. 2. Daniel, Managing Director Mr. Janes then moved adoption Of the report of the Committee. Mr. James' motion being put by the Chair was unanimously carried. The mooting adjourned at 12:30 p.m.
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