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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Thursday, February 8th, at 11:00 o'clock. P1-1.25:17: Vice Governcr Platt Mr. Hamlin Mr. Miller Yr. Mitchell Mr. Cris singer Mr. Foxton, Secretary Minutes of the meeting, of the Federal Reserve Board held on February 7th were read and on motion approved. The Vice Governor reported the reserve positions of the several Federal Reserve banks as at close of business February 6th. Copy of telegram dated February 7th, addressed to the Federal Reserve Agent at San Francisco, by the Vice Governor advising that the Board feels eb4 ') that certain references to a secondary reserve appearing in the text of Perrin's 1922 Annual report are inadvisable. Approved. Referred to the Vice Governor for further reply, it being the sense of the Board that Yr. Perrin should be directed to strike from the Annual Report all reference to a Federal Reserve bank secondary reserve. Copy of telegram dated February 7th, addressed by the Vice Governor to the Federal Reserve Agent at Chicago, containing suc-estions as to the amendOf certain portions of Yr. Heath's Annual Report of 1922. Aoroved. Telegram dated February 7th, from the Chairman of the Federal Reserve : Lc of St. Louis, asking if it will be convenient for a representative of that bank mid the architect of the bank to present building plans to the FedReserve Board on Mon a:7, February 12th. 2/3/23 , r) Upon motion, the Secretary was instructed to advise T,7r. 1.7artin that the Board will meet the representative of the Federal Reserve Bank of St. Louis and the architect at 11:00 a.m., February 12th. Letter dated Februnr,- End, from the Federal Reserve Agent at ;;an Francisco, athrisins• of the withdrawal of the a )plication of the Pacific Southwest "'rust and- Savin,7s Bank of Los Angeles, to establish a branch office in the vicinity Of Tenth Street and Trorton Avenue, Los Ane;eles, it being noted that the es- t ablishment of this branch office was approved by the Board under date of October 17th, it bein7 one of the tvs'aity-five agencies to the establishment Of whi ch the v)ea rd has previ 0tt 1 y given i t s blanket alp royal. 17oted. Letter dated Febrir.ry 6th, from the Federal Reserve Agent at Boston, trans- ?flitting, with favorable recommendation, the applicat ion of the International St Company at Boston tor p errnission to accept drafts dfawn for the purpose Of -cs_ Shirig dollar exchinge in accordance with the Board's negulat ion "Crt, Series of 1920. Approved. Letter dated February 1st, from 17r. J. F. Case, Deputy Governor of the -era, Reserve Bank of New York, advising of that Bank's desire to open an aunt for the Sveriges Riksbank, Stockholm, Sweden, and to make investmaats them in the same rnnner as the Federal Reserve Bank of row York does for °ther foreign central banks, it icing noted that the Federal Reserve Bank of 3Tevi York hr.d n.ot, up to this time opened an account with the Sveriges Riksbank, 41th°11gh the 2ederal Reserve Board on September 5, 1918, approved the application for authority to do so. Api.)rov od• C110.64 01" 2/9/23 -Z- Letter dated I,Iebr-„urgy 7th, from ronorable rleorge 1. McLean, Chairman of the Senate Committee on Rankin-- and CurreLcz,r, enc1osinf7 a copy ()f Senate rill 4486, introduced by Senator -Zolinson, requesting the views Of the ?ederal' ,eserve t),( :;.rd with reo;ard to the same. , 1;efcrred to the Law Committee. Mr. Mitchell read to the Board a pessonal letter which he had addressed to the Chairinan of the House Committee on Bankin:- and Currency, res.)ect to that provision in the Lenroot-Anderson bill which authorizes -2ederal r?eserve banks under certain conditions to pay to their stockholders, a / nov.' p ,rmit ted by the i,'ederal P,eserve Act. dividend in excess of the 6(:,,, Thereupon, the Board proceeded undo, the action taken tter of Decarber 21, yesterday, to reconsider the Board's 1922, v,iiich vas sent to the nhairmln of the Senate Committee Banking vnd Currency, approving in princinle the so-called Lenroot-!,nderson and the ''a Ter bills, in so far as the said appro.‘n,1 in principle related to the fcature which under certain conditions, v ould permit 7er'ern.1 /k,serve anks to Iny dividenls to stockholders in excess of the .6." now provided for in the ?edoral ""e serve :et. :.fter Cull discussion, Mr. Miller moved that the 'Board rev-Irse its approval in principle of the provision in the two bill s rofrrei to as set forth in the Board's Iett or of Doc embEr 21, 1922. Mr. Miller's motion was lost; Mr. Mitchell and votin7 "aye", Mr. 1)1z: tt, Mr. 1amlir and Mr. crissinrer T:r• votin c7 "no". vernor be requested ;:r. Hamlin then moved that the Vice to (haft a letter to the Chairman of the House Committee on Banking and Currency, advising that the Board desires to withdraw, :or further consideration, its approval in principle of the extra dividend_ provision aopenrinr in the letter of December 21, 1922, transmitted to the Chairman of the Senate Committee - and Currency, with the Curther advice that up(n this on 7ankin,!: subject the opinion of the members of the Federal 'reserve Board is divided. Carried. Mr. Mitchell reporting for the Committee on Salaries and Charge Ovrs * submitted a letter of 7ebrur.ry 1st, from the Chairman of the Federal 110 erve Bank of jan Francisco, transmitting the request of the Board of 4 111Q C't Li 2/3/23 -4-- Directors, of that Bank, that the Federal Reserve Board reconsider action aken by it on Janopry 2nd, whereby the Poard disapproved recormendat ions for increases in the salaries of Governor Calkins, Deputy Governor Day, t•C Assi stant Feder, 1 Rserve At ilreck nnd the auditor of the salt Lake City 74. Upon motion, the Board voted to reconsider its action taken Ja rtary 2nd, -rith respect to the sak,;ries referred to. Upon motion, the Board authorized that the salary of over ,lohn U. ralkins be increased fr.,m "24,000 to '25,000, of:ect lye January 1, 192 1, 17r. Mitchell voting "no". Upon inof ion, the Board voted to reaffirm its ft rmer action in disapproving an Increase in the salary of Deputy Governor Day, it being the sense of the Board that the salary of ?1;15,000 now being paid to Fr. Day is in line v-ith salaries paid for corresponding positionE in. other .0'ederal Reserve banks of similar size. Upon motion, the Board voted to reaffirm its former action disapprov in 7, an increase in the salury of Assistant Federal in Reserv: Agent Henry C. Brock, it being the sense of the Board /14,6,000 for Mr. Brock is as much as this posit ion that the salary of : of the fact that the othcr Assistant Federal view should cormand in salary of :4;12,000 a Reserve Agent is paid voted to approve the recommendation of • Board Upon motion, the of the Federal Reserve Bank of San Franci sco Directors the Board of Assistant Auditor of the Salt of Er. 2]. VT. Morton, that the salary Lake City Branch be increased to :3600, although expressing to Mr. Cerrin the opinion of the Board that the salary of an auditor in a Branch should not exceed 433500. The meeting ad,,ourned at one o'clock. ; 9 1 Lppr ov ed Vice Governor. Secret cry.
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