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82 A meeting of the Federal Reserve Board was held in the office of the Board on Wednesday, February 8, 1922, at 11:30 a.m. PR:43 7 717T: Governor Hard ing Mr. Platt Mr. Hamlin Mr. Miller Mr. Mitchell Mr. Crissinger Mr. Hoxton, Secretary. Minutes of the meeting of the Board held February 6th were read and. on motion approved. The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business February 4th and 6th. Draft of letter prepared by Counsel for the signature of the Governor, addressed to the Anglo-South American Bank, Ltd., 7`Tew York City, With reference to the opening of letters of credit by National Banks. Ordered circulated. Memorandum dated February 6th, from the Division of Examination, transmitting application of the Farmers and Commercial Savings Bank, Clayton, Missouri, for surrender of stock. The Governor was requested to refer this application to Counsel. Memorandum dated February 6th, from the Division of Examinat ion, transmitting application of the Southern Commercial Savings Bank, St.Louis, Mo., for reduction in its reserve requirements on demand deposits from 13% to 10%, said application having been approved by the Federal Reserve Agent at st.Louis. Approved. -2- After discussion as to the present status of the par collection system, the Governor was requested to invite Mr. McFadden, Chairman of the House Committee on Banking and Currency, to come before the Board and discuss a bill recently prepared by nr. McFadden, with a view to amending Section 13 and Section 16 of the Federal Reserve Act. The Governor called attention to the fact that on January 9th the Board had approved, subject t o the approval of the Secretary of the Treasury, a certain proposed arrangement for the supplying of currency to the Island of Cuba by the Federal Reserve Bank of Atlanta through the Havana Branch of the National City Bank of New York, and stated that the Secretary of the Treasury did not approve of the said arrangement, unless it should be made upon the request of the Government of Cuba. Upon motion, the action of the Board on January '9th in this matter was thereupon rescinded. I-Tamlin called to the attention of the Board that no action had been taken upon the recommendations made on February 3d by Messrs. Beale, Hollis and Allen, directors of the Federal Reserve Bank of Boston, with reference to salnry adjustments of certain officers of that Bank, and moved that the following increases as recommended by the Board of Directors of the Federal Reserve Bank of Boston be approved, effective February 1st: C. C. Bullen from 116,000 to !18,000; W. W. Paddock from :312,000 to 114,000; K. K. Carrick from A6,000 to 37,500; C. F. Gettemy from :16,500 to :'7,000. Carried. Messrs. Hamlin, Platt and Mitchell voted "aye". Messrs. Miller and Crissinger voted "no". 84 -3- Mr. Mitchell stated that in view of additional representations and information furnished by Mr. Pierre Jay, that he and Mr. Platt, of the Committee on Salaries and Charge Offs, had carefully gone over the recommendation of the Federal Resa-ve Bank of Hew York that the Board approve certain adjustments in the officers' salaries, and moved that appproval be given to the following irrreases, effective Febrmry 1st: '8,500; 1 Burgess from '44,500 to '1 ..!5,500; Dudley H. Barrows from "'7,500 to' ' , 10,000 to f1112,000; Charles H. Coe from '4;7200 to Gilbert 3. Chapin from ' n8,400; William H. Dillistin from '416,600 to ' 1 7,200; John H. Raasch from 6,000 to 16,600; Bethune Grant from '4'6,000 to '46,600; James M. Rice '7,500. 1 4'6,000; L. T.-/. Mason from 5,6,500 to' from ยง,5,500 to ' The salary of A. Hopf was approved at the rate of :1k9,000 a year until July 1, 1922. Carried. Messrs. Famlin, Platt and Mitchell voted "aye". Messrs. Miller pre] Crissinger voted "no". After discussion regarding the present status o f the new building of the Federal Reserve Bank of Minneanolis, Mr. Ramlin moved that the Governor and Mr. Mitchell go to Mew York at their convenience and take up the matter with the Consulting Architect of the It'ederal Reserve Board, and Mr. Miller moved that the Committee take up at the same time with the Consulting Architect the matter of space in the several Federal Reserve Bank buildings Nthich would, be available should the transit departments be abolished or abridged throu01 possible modification of the par collection system. Both motions carried. Two letters dated February 4th and 6th, respectively, from the Comptroller of the Currency, request ing Board's approval of a salary of 13,000 per annum for L!r. Grattan H. Tucker, llational Bank Examiner in the Fifth Federal Reserve District, and a salary of :!1) .3,600 per annum for Mr. Samuel T. /Allard, rational Bank Examiner in the Eith Federal Reserve District. Approved. Memorandum dated Febru_try 4th, from the Statistician, recommeniinn; the appointment of Mr. A. G. Barrett as technical (statistical) clerk at an annual compEnsation of :31500 per annum. Approved. R2?0T-ITS OF COYMITTT4.1 NO. 1: Dated February 6th, Recommending changes in stock at Federal Reserve Banks, as set forth in the auxiliary minute book as of this date. Approved. Dated February 2d, Recommending action on applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. Dated February 2d, 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 as of this date. Approved. k -5- Dated January 31st, Recommending approval of the application of Mr. John F. Hagey to serve at the same time as officer of the First National Bank, as director of the Boulevard Bridge Bank, and as director of the University State Bank, all of Chicago, Illinois. Approved. Dated January 27th, Recommending approval of the application of Mr. Isaac T. Mann to serve at the sane time as officer and director of the McDowell County National Bank, Welch, Test Va., as officer and director of the First National Bank, Bluefield, West Va., and as officer and director of the Bank of Bramwell, West Vi rginia. Appieved. Dated January 27th, Recommending approval of the applicat ion of Mr. James E. Jones to serve at the same time as director of the McDowell County National Bank, Welch, 7est Va., and as director of the Bank of Fray/well, Bramwell, West Va. Approved. Dated February 1st, Recommending approval of the application of Mr. Lorenzo Benedict to serve at the same time as director of the Savings Investment & Trust Company of East Orange, N.J., and as director of the Atlantic Nat i onal Bank, Mew Yo 31c C ity. Apiro ved. Dated February 1st, Recommending approval of the applicat ion of Yr. Ernest H. Vaughn to serve at the s!Tne time as director of the Merchants Ma.tional Bank, Torcester,Mass. and as director of the Park Trust Co., Worcester, Mass. Approved. Dated February 1st, Recormnending approval of the application of Mr. Niles Bjork to serve at the same time as director of the Merchants National Bank, Worcester, Mass., and as director of the Park Trust Co., Worcester. Appra ved. Dated February 1st, Recommending approval of the application of Mr. Thomas J. Barrett to serve at the same time as director of the I:erchants National Bank, and as director of the Park Trust Co., both of Worcester,Mass. Appro ved. Dated January 27th, Recommending approval of the applicati on of Mr.ITarry Bowen to serve at the same time as director of the McDowell County National Bank, Welch, West Va., and as director of the Bank of Bramwell, West Va. Approved. Dated January 27th, Recornmendinp7 appxoval of the application of Fldwin 1:ann to serve at the same tine as officer of the ,qrst National Bank, Bluefield, West Va., and as director of the Bank of Bramwell, 'est Va. Ap pro ved. Dated January 31st, Recommending approval of the applic at ion of Tr. Nord Hitchcock to serve at the same time as direct or of the zoirst rational Bank, as director of the First Trust Savings Bank, and as director of the Boulevard Bridge Bank, all of Chicao, Ill. Approv ed. Dat ed Janna ry 31st, P,ecominendinrr apgroval of the application of 7:r. ',7m. Wrigley, Jr. to serve at the same time as director of the at io nal Bank, as director of the - irst Trust & Savings Bank, and as director of the -,ouleyard Bridr, e Bank, all of Chicar,o, ppro ved. At 1:00 p.m. the meeting al:purned. Secretary.
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