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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Wednesday, December 31, 1924 at 12:15 o'clock. PMS=T: Governor Crissinger Er. Platt Er. Hamlin Yr. James Er. Cunningham Er. EcIntosh Yr. Eddy, Secretary. The reading of the minutes of the meetings of the Federal Reserve Board held on December 18th, 23rd and 30th was dispensed with. The Governor then.stated the special order of business would be consideration of reports approved by the Committee on Salaries, Expenditures and Efficiency, submitting budgets to cover the cost of aoeration of the various Divisions of the Board during the year 1925. Yemorandur dated December 31st from the Secretary of the Board as follows: "The amounts vihich it is estimated will be required for the maintenance of the offices of the Board Eembers during 1925 are as follows: Personal Services Salaries of Board /embers Salaries of Secretaries and Stenographers Total Personal Services 079,000 27,250 4106,250 Iron-Personal Services Supplies and raterials Support and subsistence of persons Communication service Travel Expenses Printing, engraVing and binding Repairs to Equipment Special and Eiscellaneous Equipment 500 1,000 500 3,000 500 50 1,000 L000 Total Non-7ersona1 Services 7,550 Total budget of expenditures for offices of Board rembers • • • • • . for year 1925 -2- 12/31/24 Upon motion by 1:r. James, it was voted to approve a budget of „0.13,800 for salaries and other expenditures in the offices of Board Lembers during the year 1925. remorandum dated December 30th from the Secretary of the Board, as follows: "There is resoectfull7 submitted for your consideration the following budget of the exrenditures which, in my opinion, it will be necessary to incur during the year 1925 for the proper conduct of the Office of the secretary of the Federal Reserve Board: Expenditures on account of personal services .... he above stated amount will be needed to cover salaries of employees during the year 1925, as follows: ADLIINISTRAT Name Walter L. Eddy J. C. Yoell E. r. reClelland Frances S. Fitzgerald Lucy S. Black Ruth L. rartin Katherine I.Latterman T. W. English Title 310,000 Secretary 5,400 Assistant Secretary 3,600 Asst. to Secretary 2,700 General Assistant 1,800 Clerk 1,800 Stenographer 1,800 Stenographer 1,600 Stenographer OFFICE OF CHIEF Geo. E. Good C. VT. Hanford Herve VT. Kitzmiller 77,7. .Jemison radison P. Coe Ruth A. Westergren rargaret A. Rice rary H. Watson rildred DeHart J. W. Farris Raymond C. Twomey J. F. Parbeshaw 'Mlle Swan Catherine r. Burke Present Salary Salary during 1925. 611,000 6,000 4,000 2,700 1,800 1,800 1,800 1,800 cuar Chief Clerk Asst. Chief Clerk Prtg. & Record Clerk Chief File Clerk Asst.Printing Clerk General Clerk Correspondence Clerk Asst. File Clerk Stenographer General Clerk General Clerk Stenographer Stenographer Telephone Operator 4,000 3,000 3,000 2,650 2,200' 1,905 1,800 1,800 1,600 1,600 1,600 1,600 1,500 1,400 4,500 3,000 3,000 2,650 2,200 1,905 1,900 1,900 1,700 1,700 1,700 1,600 1,500 1,400 tr, t.)0 , -3- 12/31t-.4- T. V. Ott Paul rbGee Thos. 1. Buckley 7. T. Fletcher L. Trueheart Henry YcDowell Seaton Dyson Beverly A. Carter F. L. Watkins Essex Banks E. L. Hargett Leroy Hicks Robert Piper Bliss Plaine 7. Simms Carl V. Skinner Geo. Y. Bradley John Hunley Liz-tie Freeman Frances 'Thomas Annie Ff. Smith Ruth S. Lamb rail Clerk Additional stenographer when required 660 ressenger boy 820 Yessenger boy 1,440 Vimeograph Operator 1,440 rimeograph Operator 1,440 Chief ressenger 1,300 Asst. Chief ressenger 1,440 Yessenger 1,250 ressenger 1,200 Yessenger 1,200 Yessenger 1,200 resSenger 1,200 Vessenger 1,200 Yessenger 1,200 ressenger 1,200 Yessenger 1,030 nssenger 1,000 ressenger 2 additional messengers when required 375.60 Charwoman 375.60 Charwoman 375.60 Charwoman 1,200.00 Clerk )1,000 1,500 660 820 1,440 1,440 1,440 1,400 1,440 '=50 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,080 1,100 2,200 375.60 375.60 375.60 1,200.00 DIV Is ig,T OF CXTRI/MTCY: A. A. Yoore 'Millar J. Rowan L. C. Richardson Robt. .. Benner Chief Vault clerk and custodian General Clerk and stenographer General clerk 3,200 2,150 3,500 2,150 1,800 1,000 1,900 1,800 D NIS 107 OF GOLF ST.72.12L12,1 : John DeLaYater VI. N. Baldwin Phyllis E. Stewart Harry B. Stone Robt. E. Sherfy L. L. Noughton Chief General General 6.eneral General General Clerk Clerk & Stenog. Clerk Clerk Clerk 4,500 2,400 2,000 1,800 1,600 1,600 4,500 2,500 2,000 2,000 1,700 1,700 Additional help to assist in night clearing: John I. Boone A. W. Dunn F. H. Jenkins Charles 7. Lanham Tanner J. 691.50 460.50 459.00 231.00 231.00 12/31/24 Vogts J. Norval P. Vagginton (Substitutes. These men work only in Robert A. Lyon ( the absence of the regular men named John S. Ridgely above) Vacation allowances 690.75 229.50 58.50 NOTT-PERsOITALIi\T ICES 1,600 200 2,400 300 50 625 225 250 200 Supplies and raterials Subsistence and Support of Persons Communication Service Travel &menses Transportation of Things Printing, Engraving and Binding Repairs (Equipment) Equipment Special and Yiscellaneous Total of Personal Services Yotal of Zon-Personal Services )115,853.55 5,850.00 Grand Total - A21,703.55 Upon motion by rr. James, it was voted to approve salaries for employees in the Office of the Secretary, effective January 1, 1925, as stated above. Upon motion by Yr. James, it was voted to approve a budget of 421,703.55 for expenditures in the office of the Secretary during the year 1925. remorandum dated December 30th from the Chief of the Division of Bank Operations, as follows: "There is respectfully submitted for your consideration the following budget of the expenditures -Which, in my opinion, it will be necessary to incur during the year 1925 for the proper conduct of the Division of Bank Operations: Expenditures on account of personal services . . %1,145 The above stated amount will be needed to cover salaries of employees during the year 1925, as follows: Salary durPresent Title in 1925. Name salarY E. J. J. W. L. R. E. H. Smead VanFossen Horbett Yitchell Chief of Division Asst.Ohief of Division Section supervisor Section supervisor 47,000 4,500 3,500 2,700 48,000 4,700 3,700 2,700 r-"N -5- 12/31/24 T. D. 0. C. J. L. V. 7. P. Caskey Scudder B. Forrissetto K. Bizzell J. Hurley S. Yyrick A. 'Talker B. Dorsey Kathleen T. Lally EVV2 L. Chapin Farjorie F. Jones Dorony Stoddard Helen Bowie Clary Esther Y. 17ells Flora S. Devereux Mary C. 7i1liams Frank J. Callahan Gladys Moe F. Grace 1(eegin Rita S. Fugitt Loretta F. Goheen 2,700 Section supervisor 2,400 Technical clerk 2,200 Technical clerk 2,200 Technical clerk 2,100 Technical clerk 2,100 Technical clerk 2,000 Technical clerk 1,905 Technical clerk Additional technical clerk, if neces. Cooke, transferred snry vice h to Division of Exarinations 1,700 JuJior technical clerk 1,700 Junior technical clerk 1,600 Junior technical clerk 1,600 Junior technical clerk 1,600 clerk technical Junior 1,500 Junior technical clerk 1,500 Junior technical clerk 1,600 Typist 1,500 Typist 1,400 Steno3rapher 1,600 Corptometer Operator 1,500 Oorptometer Operator 1,380 Comptometer Operator Additional corrptometer operator, if necessary, vice Tarietta 7. allnce, resined Lecomber 31,1924. :-)2,700 2,600 2,200 2,200 2,200 2,200 2,000 1,905 Total Personal Services 61,145 2,000 1,700 1,700 1,700 1,600 1,600 1,500 1,500 1,600 1,500 1,500 1,700 1,600 1,440 1.300 Yon-Personal Services Supplies and raterials Subsistence and support of persons Communication service Travelin7 expenses enr;ravin';, )inding, etc. Repairs (equipment) Special and miscellaneous Auipment 1,100 50 5,900 100 600 100 100 450 Total Hon-Personal Services q8,400 itt Total budget of expenditures for Division of 3ank Operations . . . • for year 1925 . . • • • • • Upon motion by Yr. James, it was voted to aprove salaries for employees in the Division of Bank Operations effective January 1, 1925, as stated above. 12/31/24 Upon motion by rr. James, it was voted to approve a budget of ;;69,545 for expenditures in the Division of Bank Operations during the year 1925, reroranda dated December 30th from the Director of Research and Statistics as follows: Personal Services (list of salaries attached) •;;;94,920 Non-personal services: Supplies and raterials Sub. and Sup. of Persons Communication Service Travel Expenses Ptg., Bind., Eng., Etc. Repairs Special and riscellaneous Equipment .2,200 300 3,500 600 1,200 100 100 2,000 9..000 Total, non-personal services Total budget DIVISIOY OF RDS']ARCH rare W. W. Stewart E. A. Goldenweiser Carl Parry John Cummings Robert B. Warren Woodlief Thomas W. J. Carson Dorothy B. Riefler W. R. Stark Winfield Riefler Elsie Rackstraw rnry S. Evans Helen D. Drake Viola A. Hodson rbra V. Elder Olga Wiersrith Dorothy E. Deeds Demra Shumate Blanche L. Sutton Dale E. Hoffman STATISTICS. Title Director Statistician Research Research Research Research Research Research Research Research Librarian Statistical research Statistical supervision Statistical supervision Draftsman Secretary Secretary Statistical research Statistical research Statistical clerk Present Salary Salary during 1925 410,000 6,000 5,000 4,000 3,000 2,900 2,500 2,700 2,500 2,500 2,400 2,000 1,800 1,800 2,000 1,800 1,800 1,680 1,680 1,700 411,000 6,500 5,000 4,000 3,200 3,200 2-,700 2,700 2,700 2,700 2,400 2,000 2,000 2,000 2,000 1,900 1,800 1,800 1,800 1,700 e-::. 9-1 -7- 12/31/24 *ray Y. Reed Louise F. Young Franc H. Schreiner Edith Cheney Helena V. 9aur Helen Vincent Helen h. Dyer -Ruth H. Porter !ffie rehan Everett Entriken Yaria D. riles Raymond Collier 1,700 Statistical clerk 1,600 1,700 Stenographer 1,600 1,700 stenographer 1,600 1,700 Lnrary Assistant 1,600 Statistical clerk1,500 1,500 statistical clerk1,500 1,680 1,680 stenozraher-librarian 0 1,500 Statistical clerk1,60 1,440 1,440 Statistical clerk 1,300 1,300 clerk cler 1,200 1,200 clerk Library 900 900 Lessenger 13,800 **To fill present vacancies a2 lotal rersonal services 920 *To the over work of Liss Hoffman, who will resign during 1925. **This itan represents certain commitments already made, such as ?,2,400 authorized for a study of the London c•rket during 1925; 43,000 to fill vacancy created by resignation of Ir. 7idenrann at that salary; :2,400 to fill vacancy created by resignation of Fr. Iann at a salary of •'3,600; and "%,000 to provide for the addition to the staff of a competent editorial assistant. 'Upon motion by 1:r. Janes, it was voted to approve salaries for erroloyees in the Division of Research and Statistics, effective January 1, 1925, as stated a')ove. Trpon motion by Lr. James, it was voted to approve a budget of 1.03,920 for expenditures in the Division of Research and Statistics during the year 1925. remorandum dated Dece7ber 31st from the Chief Examiner, as follows: "There is respectfully suoritted for your consideration the following budget of the expenditures which, in my oinion, it will be necessary to incur during the year 1925 for the prorer conduct of tie Division of xemjnation: :Expenditures an account of personal services .. 111,280 The above stated amount will be needed to cover salaries of employees duri.nc: the year 1925, as follows: Salary durPresent Title rare ing 1925 alary J. F. Unison James 3uehanan 7. J. Donald Ral-oh F. Chapman Prank J. Drinnen P. A. Gordon John F. Prahl Uhief Examiner Examiner Examiner Examiner Examiner Examiner Assistant Examiner A2,000 8,000 7,000 5,000 5,000 5,030 4,200 413,000 8,500 7,000 5,000 5,000 5,000 4,500 - c_1(3C) -8- 12/31/24 Title Name Present Salary aminer Assistant Assistant Examiner Assistant Examiner Lesistant Examiner Issistant Examiner cminer Assistant Assistant Examiner Assistant Examiner Assistant Examiner Assistant Examiner Assistant Examiner Issistant T..xaminer Assistant Examiner Assistant Examiner Office Assistant Office Assistant Clerk ClErk Additional Assistant Examiner authorized if needed Additional Assistant Examiner to be authorized if needed R. B. Wiltse J. A. Bab Rolfe H. Brett R. B. Chamberlin E. L. Farrell R. 2. Leonard C. H. Ball George M. Bingen M. R. Wilkes L. A. A. Siems F. H. Winkler R. ;. Bryans Lorne C. Comley Robert W. Cooke A. M. Stone Ellery W. Baker Nannette L. Milliken Charles H. Bartz 200 4,000 3,900 3,900 3,300 3,300 3,200 3,200 3,200 3,000 3,000 2,400 2,400 2,400 2,200 2,100 1,920 1,500 Salary During 1925. 4,500 4,200 4,200 3,900 3,300 3,600 3,500 3,500 3,500 3,300 3,300 2,700 2,700 2,700 2,5)0 2,100 2,100 1,680 3,000 3,000 0111,280 Total personal services Expenditures on account of non-personal services . 62,751 The above stated amount will be needed to cover non-personal services during the year 1925, as follows: Supplies and materials Subsistence and support of persons Communication service Traveling expenses Printing, engraving, binding, Transportation of things Repairs (equipment) Special and miscellaneous Equipment Total non-pErsonal services 39,000. 136. 21,000. 750. 475. 40. 100. 250. 062,751. Total budget of expenditures for Division of Examination for year 1925 . 4174,031. Upon motion by Mr. James, it was voted to approve salaries for employees in the Division of Examinations, effective Janaary 1, 1925, as stated above. -9- 12/31/24 Upon motion by Ir. James, it was voted to approve a budget of 3174,031 for expenditures in the Division of xamination during the year 1923. rremorandur dated December 31st from the 2isca1 Agent as follows: "There is respectfully submitted for your consideration the following budget of the exrenditures which, in my opinion, it would be necessary to incur during the ,rear 1925 for the proper conduct of the Office of the Fiscal Agent: Expenditures on account of personal services . . ,12,260 The above stated amount will be needed to cover salaries of er7p1oyees during the year 1925, as follows: b'alary Present 1925 During Salary Title :Tame 771:Mar r. Inlay Oliver . Foulk aurnetta Black Josephine C. Lally Y.ot,1 personal services . • ITOIT-P1730.17/‘ • • y1,550 3,950 2,000 1,760 4,300 3,900 2,000 1,660 2isca1 Agent Agent . Deputy iiscal General Clerk General Clerk • • • • • • • •A2,260 S17.1VIC-OS. Supplies and materials Communication service Printing, Engraving, 3inding, etc. Repairs (equipment) Special miscellaneous .1quinment Total non-personal services . • 250 95 120 25 25 25 • • • 540 Total budget of exnenditures for Office of 2iscal Agent )12,800" • • • • for year 192-:i . • • • • • Upon motion by Yr. James, it was voted to approve salaries for employees in the Office of iiscal Agent, effective January 1, 1925, as stated above. Upon motion by Ir. James, it was voted to approve a budget of $12,800 for expenditures in the Office of 2isca1 Agent d'7ring the year 1925. remorandur dated Decembr 31st from the Secretary of the 3oard as folio 's: -10- 12/31/24 "There is respectfully submitted for your consideration the following budget of the expenditures which, in my opinion, it will be necessary to incur during the year 1925 for the proper conduct of the Division of Issue. Expenditures on account of personal services . 4 56,200 The above stated amount will be needed to cover salaries of employees during the year 1925, as follows: Name L. G. Copeland W. J. Tucker W. K. Durnbaugh Helen P. Wedderburn Dashiell Searing Thomas J. rurray rartha J. rartin Viola C. Ricker Helen r. Beattie Geo. A. Gailes Alys E. Gott Otis N. Hester Fannie P. reade Julia D. Turphy Vary S. Landes Susan TT. Snead Lillie Y. Stanowsky Theresa Barrow radeline C. Emerson Edna S. read Vary C. rulvehill Ruthette V. Penn Caroline B. C,uesenberry Yargaret V, Bicknell Vary 3. Everett Ethel r. Harvey Kathryn P. Windhell Addle K. Burchard Vary L. Soule Belle H. 3ohn Natalie 7. Furniss Vary O. Poston Dora I. Fox Elsie L. Crammer Title Chief Assistant Chief Technical Asst. Asst. Teller Asst. Teller Bookkeeper Clerk Counter Clerk Counter Clerk Counter Clerk Counter Asst. Teller Clerk Counter Clerk Counter Clerk Counter Clerk Counter Clerk Counter Clerk Counter Clerk Counter Clerk Counter Clerk Counter Clerk Counter Clerk Counter Clerk Counter Clerk Counter Clerk Counter Clerk Counter Clerk Counter Clerk Counter Clerk Counter Clerk Counter Bookkeeper Clerk Counter Clerk Counter For additional clerk counter as needed Present Salary 4100.00 2760.00 2280.00 1920.00 1860.00 1800.00 1620.00 1620.00 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 1440.00 1440,00 1440.00 1440.00 1440.00 1440.00 1380,00 1380.00 1380.00 1380.00 1320.00 1320.00 1200.00 1200.00 1080.00 1020.00 1020.00 Salary during 1925. :7274300.00 2760.00 2280.00 2040.00 1860.00 1800.00 1620.00 1620.00 1500.00 1560.00 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 1440.00 1440.00 1440.00 1500.00 1440.00 1500.00 1380.00 1380.00 1380.00 1440.00 1320.00 1320.00 1200.00 1200.00 1200.00 1140.00 1140.00 1500.00 56200.00 Old -11- in/31/24 Ron-Personal Uervices: Supplies and raterials Communication Service Travelino; Expenses Printing, Engraving 6.: Binding Repairs to equipment Special and miscellaneous Equipment ,)110.00 100.00 5.00 000.00 23.00 10.00 1,50.00 •700.00 700.00 Upon motion by Pr. Hamlin, it was voted to approve salaries for employees in the Division of Issue, effective January 1, 1926, as stated above. Upon motion by Yr. James, it was voted to approve a budget of 56,900 for expenditures in the Division of Issue d.uring the year 1925. Iemorandum dated December 31st from the 3oardfs General Counsel, as "There is respectfully submitted for your consideration the following budget of expenditures which, in ny ooinion, it will be necessary to incur during the year 1925 for the proper conduct of the Office of General Counsel: Expenditures on account of personal services . . 8,400 The above stated amount will be needed to cover salaries of follows: employees during the year 1925, Salary DurPresent Title Salary /Tame ing 1925 Walter Iyatt G. B. Vest B. P. Wingfield 0. I. Jroghan S. A. Dyer S.. Seitz Harriet Vewler ,r; 9,000 General Counsel 4,000 Assistant Jonnsel 1,800 Law Clerk 9 200 ", Stenographic-Jlerk 2,000 Stenographer 1,600 Vile Clerk 1,300 Stenographer Additional allowance to cover contingencies due to resignation of "_'. 71. Freeman, ilssistant lounsel Total personal services 1 - 0,000 5,000 2,400 2,500 2,200 1,800 1,300 3,000 ,28,400 -12- 12/31/24 S7TVICT!.IS 3250 Supplies and raterials Subsistence and support of persons 100* 200 Communication service 250 Travel expenses 100 Printing,Engraving,3inding, etc. 50 (Equipment) Repairs 50 Special and miscellaneous 600 Equipment Total non-personal services . • . 41,600 Total budget of expenditures for Office of General Counsel . 430,000 for the year . . . . • • • . • Upon motion by rr. Harlin, it was voted to approve salaries for employees in the Office of General Counsel, effective January 1, 1925, as stated above. James, it was voted to Upon motion by approve a budget of k)30,000 for expenditures in the Office of General Counsel during the year 1925. remorandum dated December 31st from the Secretary of the Board, as follows: "It is estimated that the Board will be required during the year 1925 to make the following expenditures to cover items which cannot be properly chargeable to operating divisions: Printing and binding Heat and light Building rental General and miscellaneous Total • • . • . 415,000 1,200 20,000 1,100.45 :67,300.45" Upon motion by Lt. Cunningham, it was voted to approvo. a budget of 467,300.45 for expenditures during the year 1925 to cover items which can not be properly chargeable to operating divisions. remorandum dated December 31st from the Secretary of the Board, as follows: CI o)1 -13- 12/31/24 "I hand you herewith for your consideration and approval a budget covering needed expenditures during 1925 for the maintenance of each unit of the organization of the Federal Reserve Board. The total amount required for the maintenance of each unit during 1925 is summarized below and includes salaries as well as all other overhead expenses: All 0thor Items . Total Salaries 7,550 .A13,800.00 121,703.55 5,850 69,545.00 8,400 174,031.00 62,751 103,920.00 9,000 540 12,800.00 56,900.00 700 000.00 30 1.600 682,699.55 1396,391 406,250.00 Board Yembers &- Staff 115,853.55 Office of Secretary 61,145.00 ons Division of Bank Operati .00 111,280 tion Division of Examina 00 94,920. ics & Statist h Researc Division of 00 12,260. Agent Fiscal Office of 00 56,200. Issue of Division 00 28.400. Counsel General of n Divisio .:0'586,308.55 GEFT,RAL UrCONTROLLABLE EXPENSES. )45,000 1,200 20,000 1,100045 Printing, Binding, etc. Heat and Light Building rental General and miscellaneous GRArD TOTAL • • • • J67,300.45 . . . 1750,o00.o0 Upon motion by Yr. James, it was voted to approve the total budget of pr7150,000 to cover all expenditures by the Board during the year 1925. The Governor then stated that the term of Fr. Cunningham as a Tember to of the Executive Committee expires today and he appointed Fr. Hamlin g Larch 31, 1925. serve on the Committee for a term of three months, expirin Report of Committee on Salaries, Axpenditures and Efficiency on Currency, recommendletters dated December 31st from the Comptroller of the l rriner ing approval of a salary of $3300 per annum for Nationa Banki'lca t and Charles L. railer, to be assigned to the 10th Federal Reserve Distric a salary of A3300 per annum for rational Bank Examiner Charles F. Drexel 39S -14- 12/31/24 to be assigned to the 11th .o'ederal heserve District; the Comnittee also recommending approval. Approved. Letter dated December 30t11 from the Comptroller of the Currency, recommending approval of the application of the Forest Hill lational Bank of rewark, T. J., a newly organized institution, or permission to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, and in any other fidnclary capacity in which state banks, trust companies, or other corporations which come into corrnetition with national banks are permitted to act under tie laws of the State of ITew Jersey. Approved. Telegram dated December 29th from the Chairman of the Federal 6'2,325.00 to cover eduReserve Bank of Dallas, submitting a budget of during the first six months cational work for the employees of the bank of educational . 1925 and inquiring as to what specific items ' of the :creel biudL7et; together with draft and welfare work shLuld be covered by the covering educational and of a telegraphic reply stating that the budget tures made for the welfare won: should in general cover all expendi appropriation for the first benefit of employees and that the bank's 1925 earni- 1. . six months of 1925 should be charged against t- Upon motion, the prouosed telegram was approved. 399 -15- 12/31/24 Committee on District iT8, remorandum dated December 24th from the s of the; Federal Reserve Bank submitting copy of letter to the director with action taken by the Board at of St. Louis, prepared in accordance rding salary recommendations of the the meeting on December 23rd, rega cers and employees. directors of that bank for its offi rbted. Chairman of the Federal Reserve Letter dated December 20th from the sections ng approval of amendments to those Bank of San Francisco, requesti of ting to the appointment and duties of the by-lams of the bank rela officers. Approved. 24th from the Federal Reserve Letters dated December 18th and of changes in location of three branches Agent at San Francisco, advising it such ing that the bank in future will subm of the Bank of Italy and stat trade. d's approval before they have been changes in location for the Boar Noted with approval. owing telegram dated December The Secretary then read the foll Federal Reserve 29th from the Governor of the alrik of Chicago: tion today and your "Referring our telephone conversa offs requested in our letter letter 26th authorizing charge ms against failed banks which December 5, the amount of clai December 5, amount to 682,000, was approximately $610,000 on and will be increased today at close of business December 27 e Bank of Newhampton, Iowa, about $160,000 by closing of Stat C157,000 availaole for Our previous estimate showed about iding in full for all prov r surplus and franchise tax afte earning assets this month d ease Due to incr suspended paper. to be $70,000 more than shown our earnings are now estimated la view of increase of 3233,000 in our previous estimate. increase reserve for probable suspended paper we propose to 000 to 0.81,000, leaving nothing losses from approximately 552, 403 —16— 12/31/24 "to be Paid as franchise tax, making our total reserve about ,t738,000, which is about 1104,000 less than the total of suspended paper at present. In View Of the large amount of -paper of the sixty odd banks which were reported to you, we trust Board will approve our pro— posed action in setting aside additional amount for reserve against suspended paper which We now hold and which may be rateriallyincreased by further suspensions." The 3ecretar7 stated that the Governor of the Chicago 3alak had today advised over the telephone of the failure of the First rational Bank of i)enison, Iowa, whose ilidebtedness to the Federal reserve bank was 219,000 and submitted the following prouosed telegraphic reply: "Referring your December 29 telegram. Board authorizes you to transfer balance of your net earnings for 1924 after payment of dividends and making charges authorized in 3oard's letter December 26 to your reserve for probable This will result in losses on paper of failed banks. your bank making no transfer to surplus and paying no franchise tax." Upon motion, the proposed telegran was an-nroved. 1:emorandum dated December 30th from the Secretar: of the 3oard, suggesting the issuance of a staterent to the press with reard to charges against surplus account by several of the Ioderal reserve bans to cover dividends for the year 1924. After discussion, r. Harlin roved that the Governor be authorized to give to the press a complete statement showing the arcunt each Federal reserve bank has c-,arged to its surplus, the amounts of reserves for losses set ii by the various banks and stating that other usual charge offs have been made \Lich will be shown in detail in the Board's annual report. Letter dated December 29th from the uhairman of the Federal Reserve Bank of Philadelphia, referring to the action of the 3oard in referring 40 -17- 12/31/24 bac17 for reconsideration and adjustment the official salary list of that ba-1:7 and innirin?; if the directors of the bank fail to reach any concl...ision as to adjustments by January 13th nether or not the offiders are to receive their present salaries; together with draft of reply stating that a Federal reserve bank can not legally ake a salary pay- vent to any officer thereof unless the annual salary rate of the officer has first been approved by the Federal Reserve ban-.7,.. Approved, rr. Platt votin "no". 11"27ORTS OF STA7DE7G 001,TELMS: Dated Decerber 31, 1924 Recommending chan7es in stoeT: at Federal reserve banks, as set forth in the Auxiliary Linute Book of this date. Approved. The meeting adjou at 12:40 p.r. Secretary
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