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A mooting of the Federal Reserve Board vas held in the office of
the Federal Reserve Board on Wednesday, December 19th at 10:20 a.m.
.
' vp-7,c--,1717•11
J. •
Governor Crissinger
lAr. Platt
Lir. Hamlin
1.1r. Mier
Ur. James
Cunninliam
Mr. Eddy, Secretary
Governor Strong, 11r. Jay and Jr. Stewart appeared before the Board
and submitted a revised draft of the sta.,ament on the subject of open
iltrket o:erations for insertion in the Jbarti;,ry issue of the Federal Reserve Bulletin, and after discussion and the suggestion of various amend—
!netts, these gentlemen withdrew from the mooting to rewrite the statement
for submission to the Board at a meeting to be held at 2:.50 this
a
fternoon.
The minutes of the meetings of the Federal ::oserve Board held, on
December 13th wore read and approved as amended.
Letter dated December 17th, from the Comptroller of the Currency,
reoomnanding approval of the application of the Planters rational Bank of
11°olcy Mount, rorth Carolina, for permission to reduce its capital stock
from ::300,000 to :1;200,000.
,Inproved.
Repart of Committee on Salaries and .!Ixpenditures, on latter dated
December 1st from Deputy Governor of the Federal Reserve Bank of Chicago,
recorTaending approval of the application of that bank to charge current
Ilet earnings at the and of the year with ()126,905.99, the cost of making
,
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alterations on floors of their bank building to suit t °milts to vLom the
space has been rented,
Upon =tier, the report of the Committee on
Salaries and .,111",":1-,, enditures ras approved.
Report of Committee on Salaries and Ibcpenditures, on letter dated.
December 15th from to Chairman of the Federal Tleserve Bank of ..tlanta,
PecommendinL: approval of the application of that bank for authority to
close its books at the end of the y:a.r, to pay a -_ividend and to make
certain charges against current net etLrnings.
Upon mot ion, the report of the Cormittee on
ias approved.
Salaries and .&cpenditures
1
fleport of Comittee on Salaries and 1:12Tenditures, on letter dated
December 12th from the 7tovernor of the Federal Reserve Bank of :1inneanolis,
reco:ramendinL; approval of that bank's request for authority to close its
books at the end of the year, to pay a dividend and to make certain charges
a.S'ainst current net earnings.
Upon motion, the report of the Committee on
Salaries and itcpenclitures 170,S approved,
ReDort of Comittee on Salaries and '.:11xpenditures, on lettersdated
Decemter 12th and December 15th, 'rom the Chairran of the 2odera1 Reserve
Bank of St. Louis, and reconnend.inc; approval of that llank's request for
,ar and to pay a dividend,
atithority to clone its books at the end of the yc,
A
also recommendins
, that the Board ardrove certain charges against current
net earnin;',•s•
Upon mot ion, the report of the Committee on
Salaries and :-..-z.penditures was approved,
12/1,/2
)1
.Report of Committee on Salaries and LI:-.penditures on salary recortmenda. tion,s, for the year 1024, submitted by the board of directors dl' the Federal
ilaserve Bank of St. Louis for both head office and branches.
Upon motion, in each case, the recomendations of
the Committee on Salaries andenditures with res-pect
to officers wore approved; with the exception of that
relatin.
,to :r. Jas. G. :cConkey, Secretary and Counsel,
which was referred to the Law Committee, Messrs.
Cunni/Olam and Miller voting "no".
Dissenting votes were cast by Governor Cris singer
on the recommendations affecting Messrs. tt ebery,
Rinizleff, Glasgow, Gilmore, "Jlaris (?: Hall, and by Mr.
Miller on those affect ins- Messrs. Iiinkle2f, Glasgow,
("z Hall.
Mr. Miller voted against the various recommendations of the Cor:Liittee that the salaries of officers
be pegged.
Upon motion, the recommendation of the Salary
Committee with respect to employees receiving over
..2,500 per annum were aproved., Mr. Miller voting
"no" on the recommendation that the salary of the
Manager of the Examination Department be pegged at
Y-,000•
Upon motion, the recommendation of the Committee
with respect to employees receiving 02,500 or less
was approved.
Upon motion, the recommendation of the Committee
with respect to the salary of the Manager of the Little
Rock Branchs approved, , Mr. Miller voting "no" on the
recommendation to peg at :.57,500.
Upon motion, the recommendations of the Committee
with respect to employees of the branch receiving, 'both
02,500 per annum and. c2,500 or less per annum were
approv ed.
Upon motion, the recommendations of the Committee
with respect to the Assistant Cashier and employees of
the Louisville Branch were ap:!:;,roved.
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12/19/23
Upon motion, the recommendations of the Committee
with respect to the cashier and assistant cashier and
employees of the I.:enrohis Branch were approved.
Upon motion, the salaries of all officers and
employees not covered in the report of the Committee
on Salaries and -Lxpenditures were approved at present
figures.
Report of Comittee on Salaries and 1-1,:yend.itures on salary recormendatio21s, for the year 1924, submitted by the board of directors of the Federal
11"erve Bank of row York for both head a ftice and branch.
Upon motion, the reeortnendations of the Committee on
Salaries and 11-,:--)enditures were ap-oroved, with the •zce--tion
of salaries for counsel and assistant counsel which were
referred to the Law Committee.
Upon motion, the salaries of all officers and employees
not covered in the report of the Committee on Saries and
Expenditures were approved at loresent fi„ures.
Report of Committee on Salaries and _Ixpenditures on salary recommendations submitted by the board of directors of the '3ederz.1 Reserve Bank- of
Cleveland for both head office and branches, for the year 1924.
Upon motion, the recommendations of the Committee on
Salaries and. 3endi';ures rey.rdin- officers of the bank
were approved, Governor CrissinL;er and. :11*. Laller votinc;
"no" on that relatin,s to :Ir. revin, Cashier and Secretary.
Upon motion, the recommendations of the Committee
relatinz; to anployees receivin:: both over :2,500 per annum
and :,;2,500 or less per annum were approved.
The recommendations of the Committee with resi-Ject to
Officers and emoloyees of the Cincinnati Branch were approved, Governor Crissini:;er votin; "no" on that relat
to 1:r. Lazar, Cashier.
Upon motion, the recommendations of the Committee with
- ittsburr;h Branch
respect to officers and employees of the 2
were approved.
12/19/23
At this point it was brought out that the pegging of
a salary was to constitute the determination of a
maximum and not a fixed salary for the position involved.
Upon motion, the salaries of all officers and employees
not covered in the report of the Committee on Salaries
and Expenditures were approved at present figures'
The meeting; adjourned at 1:05 p.m. to
ee
again at
3 o'clock.
Secretary.
APpr cved:
Pa‘•lid14halb0
VO011.1.—
Gove or.
@FedFRASER