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48 A meeting of the Federal deserve Board was held in the office of the Pederal Reserve Board on Monday, January 14, 1929 at 10:45 a.m. PRESENT: Governor Young Mr. Hamlin Mr. James Mr. Cunningham Mr. Pole Mr. Eddy, Secretary Mr. McClelland, Asst. Secretary Memorandum dated January 11th from the Director of the Division of 2,esearch and Statistics, advising that Mr. Meredith Givens, whose appointment at an annual salary of 44,200 was recently approved by the Board, reported for duty on January 7th but before being entered on the payroll resigned to accept another position in New York at a higher salary. Noted. Letter dated January 11th from the Acting Comptroller of the Currency, requesting approval of a salary of 41,020 per annum, effective January 14, 1929, for Mrs. Irma Smoot, money counter in the Federal deserve Issue and iledamption Division. Approved. Telegram dated January 12th from the Secretary of the Federal Reserve Bank of Atlanta, advising that the board of directors at a meeting on that date made no change in the bank's existing schedule of rates of discount and purchase. Noted. Letter dated January 12th from the Secretary of the Federal Reserve Bank of Atlanta, advising of the election of Mr. J. P. Butler, Jr., President of the Federal °f the Canal Bank and Trust Company of New Orleans, as member Advisory Council from the Sixth District for the year 1929. 49 -2- Noted. Letter dated January 9th from the Chairman of the Federal Reserve Bank of Dallas, advising of the re-election of 2.r. B..A. L:cKinney as member of the Federal Advisory Council from the Eleventh District for the year 1929; the letter also advising of the re-election of 2:r. W. E. Connell as alternate member for the year. Noted. Letter dated January 11th from the Federal Reserve Agent at St. Louis, requesting approval of the appointment of 2,:r. 7iilliam L. L'regory, Jr. as Acting Assistant Federal Reserve Agent to succeed 2.r. J. Vion Papin, whose duties as lianager of the Division of Research and Statistics make it inconvenient for A him to fulfill the duties of Acting Assistant Federal Reserve Agent. Referred to the Committee on District 48. Report of Committee on Examinations on letter dated January 10th from the Assistant Feddral Reserve Agent at Cleveland, and telegram dated January 12th from the Federal Reserve Agent, transmitting and recommenaing approval Of an tvplication of the United Banking and Trust Company, Cleveland, Ohio for approval of its purchasing the assets and assuminl-: the liabilities of the Farmers Bank of Clev.Jland; the Board's Committee also recommending approval. Noted with approval. Letter dated January 10th from the Auditor of the Treasury Department, transmitting cony of a report submitted to the Comptroller of the Currency that I found the reserve stock of Federal Reserve Notes was verified on January 10th and to be intact. Noted. 50 1/14/29 -.3- ( The Board's Committee on Salaries and Expenditures then submitted recomMenJations of the directors of the Federal Reserve Banks of Kansas City, Dallas atd Atlanta, with respect to salaries to be paid to officers of the banks and their Branches during the year 1929, on which action was taken by the Board as follows: FME:iAL ESERVE BArK OF KANSAS CITY: A. L. McAdams, Asst. F. R. Agent & Sec'y W. J. Bailey, Governor j. A. aorthington, Deputy Governor J. d. Helm, Cashier John Phillips, Jr., Ass't. Cashier G. E. Barley, Ass't. Cashier E. P. Tyner, Ass't. Cashier M.W. E. Park, Ass't. Cashier G. H. Pipkin, Ass't. Cashier S. A. Wardell, Auditor H. G. Leedy, Counsel (retainer) From „;8,000 to „;10,000 25,000 25,000 16,000 14,,000 12,000 10,000 7,000 6,800 4 7,000 6,500 9 6,800 6,300 6,000 5,500 ft 6,000 5,500 8,000 7,500 6,000 6,000 DErVER BRANCH: Jos. E. Olson, Managing Director S. A. Brawn, Cashier Jno. A. Cronan, Asst. Cashier Pt ft If 8,500 4,300 3,600 ft 8,500 4,800 3,600 ft 9,000 4,800 4,100 3,600 ft it It 10,000 4,300 4,000 OKLAHOMA CITY BaANCH: vC. E. Daniel, Managing Director R. O. Wunderlich, Cashier R. L. Mathes, Ass't. Cashier It Pt ft It ft 10,000 5,400 4,000 OMAHA BliANOH: L. H. Earhart, llanaging Director G. A. Gregory, Cashier William Phillips, Ass't. Cashier O. P. jordill, Ass't. Cashier Pt tt Pt Pt ft it ft After discussion, it was upon motion voted to approve the salaries recommended by the directors of the Federal aeserve Bank of Kansas City. 10,000 5,400 4,500 4,000 51 1/14/29 -4- ) 14 FEDERAL RESERVE BANK OF DALLAS: Chas. C. Hall, Asst. i. R. Agent W. J. Evans, Asst. F. R. Agent Lynn P. Talley, Governor A. A. Gilbert, Deputy Governor a. 3. Coleman, Deputy Governor Fred Harris, Cashier W. D. Gentry, Asst. Deputy Governor J. L. Hermann, Asst. Cashier E. B. Austin, Asst. Cashier A. 0. Webb, Asst. Cashier W. P. Clarke, General Auditor C. C. True, Asst. Auditor Chas. C. Huff, Counsel (retainer) Locke, Locke, Stroud & Randolph (retainer) From 9 It It tt ,8,500 8,000 25,000 13,000 9,000 8,100 6,000 5,000 5,000 4,500 5,000 3,600 1,200 9,000 to „;8,500 If 8,000 " 25,000 " 15,000 " 10,500 U 9,600 ft 7,000 5,500 5,500 5,000 6,000 4,000 ft 1,200 9,000 EL PASO BRANCH: W. O. Ford, Managing Director Allen Jayles, Cashier It ft 5,500 4,000 It It 6,000 4,200 HOUSTON BRANCH: Dwight P. Reordan, Managing Director L. G. Pondrom, Cashier H. A. DeMoss, Asst. Cashier ft ft If 7,000 4,500 3,600 If It tf 9,000 5,000 4,000 SAN ANTONIO BRANCH: M. Crump, Managing Director C. B. Mendel, Cashier ft It 6,000 4,000 It It 7,500 4,200 The Secretary reported that he has just received from the Federal Reserve Bank of Dallas minutes of the last meeting of the board of directors, which indicate that provision is being made in the bank's contracts with its Counsel for 1929 for payments for unusual services, in addition to the retainers set out above. After discussion, it was upon motion voted to approve the salaries recommended by the directors of the Federal Aeserve for Bank of Dallas, with the exception of the retainers proposed d requeste be Counsel Board's the Counsel, and it was voted that its how exactly n ascertai and bank to communicate with the Dallas were which those with differ will contracts with Counsel for 1929 in effect in 1928. r"- c) -5_ 1/14/29 FEDERAL AESEAVE BANK OF ATLANTA: ,7,500 Ward Albertson, Asst. F. R. Agt. & Secretary From ti 25,000 E. R. Black, Governor 9 12,500 Hugh Foster, Deputy Governor It 12,000 or Govern , Deputy Creed Taylor ft 7,000 r M. Ti. Bell, Cashie It 5,300 r Cashie Asst. f, H. F. Connif 9 4,200 r Cashie Asst. , V. K. Bowman 9 4,200 R. A. Sims, Asst. Cashier . It 4,200 C. R,Camp, Asst. Cashier P. L. T. Beavers, Asst. Cashier S. P. Schuessler, Asst. Cashier ft 7,500 W. 3. Johns, General Auditor ft 4,200 J. Welsby Honour, Asst. Auditor 9 3,500 Randolph & Parker, Counsel (retainer) 9 1,500 (clerk) to 48,400 " 25,000 " 12,500 " 15,000 ft 8,400 9 6,000 9 5,000 9 4,500 , 4,500 4,500 4,000 11 8,400 9 4,500 ft 3,500) ft 1,500) NEW ORLEANS BRANCH: Marcus Walker, Managing Director James A. Walker, Asst. Manager Wm. H. Black, Cashier F. C. Vasterling, Asst. Cashier Wm. E. Miller, Asst. Auditor 9 9 9 9 15,000 " 15,000 6,500 9 6,500 6,200 9 6,200 3,600 9 3,600 92,700 9 2,700 BIRMINGHAM BRANCH: A. E. Walker, Managing Director H. J. Urquhart, Cashier T. N. Knowlton, Asst. Cashier Pt It 7,500 3,900 2,880 ft 7,500 3,900 2,880 JACKSONVILLE BRANCH: W. S. McLarin, Jr., Managing Director Geo. S. Vardeman, Jr., Cashier Mary E. Mahon, Asst. Cashier It ft ft 6,000 4,500 2,100 /I 11 It 6,500 4,500 2,100 NASHVILLE BRANCH: Joel B. Fort, Jr., Lamming Director E. R. Harrison, Cashier Leo W. Starr, Asst. Cashier ft 6,200 4,500 2,500 ft ft ft 6,500 4,500 2,500 SAVANNAH g.GELCY: J. H. Bowdon, Manager James A. Goethe, Asst. Manager ft It 4,000 " 4,000 2,400 " 2,400 1/14/29 -6- Mr. James called attention to the fact that Messrs. Beavers and 3chuessler are new appointees as Assistant Cashiers and that the salaries proposed for them are He also stated that the effective January 12, 1929. salaries for officers at the Havana Agency will be submitted by the Atlanta directors following the inspection trip which a committee of the directors is making to the Agency. After discussion, it was upon motion voted to approve the salaries recommended by the directors of the Federal Reserve Bank of Atlanta. Mr. Hamlin then submitted a memorandum dated January 12th on the matter referred back to the Law Committee at the meeting on January 11th, namely, Mftorandum from Counsel dated December 4th with reference to capital requirenaents of national banks in Michigan desiring to exercise trust powers and with Particular reference to an inquiry made by the Old State Bank of Fremont, Mich. 48 to whether it could receive full trust powers after conversion into a national bank with a capital of 4150,000; the memorandum setting forth the opinion that the Board should adhere to its previous policy and advise the state bank that upon conversion into a national bank with a capital of at least 4150,000 It will be eligible, upon proper application, to receive unlimited trust powers. After discussion, upon motion it was voted to advise the Old State Bank of Fremont that the Board will consider an application by it, for permission to exercise full trust powers, upon a basis of a capital of 4150,000, if and when converted into a national bank, such application to be filed in the regular manner through the Federal Reserve Agent at Chicago. The minutes of the meetings of the Federal Reserve Board held on December 31st, January 3rd, 4th and 7th were read and approved. The minutes of the meeting. of the Federal Reserve Board held on January 8th were read and approved as amended. -7- 1/14/29 54 Upon motion, the Secretary was instructed to request the Governor of the Federal. Reserve Bank of Chicago to furnish the Board with copies of the memoranda relative to borrowings of six member banks in the Seventh District which he read at the meeting on January 8th. on January 11th The minutes of the meeting of the Federal Reserve Board held were then read and approved. GovThe Governor then presented a letter dated January 11th from the Deputy from ernor of the Federal Reserve Bank of New York, transmitting copy of letter N. Y., the Vice President of the National Commercial Bank and Trust Company, Albany, in that city for terminaWitil further reference to the application by member banks referring to a 40r1 of the designation of Albany as a reserve city; the letter banks in Albany and 131'evious statement that there is no difference between the 11114dreds of other cities throughout the United States that are not classified of comparable cities 48 reserve cities and stating that while they have no list Utica, Syracuse 111 the State of New York they had in mind cities of the type of 411d Rochester. Noted. Division of State Bank The Governor then referred to the abolition of the have been *4amination effective February 1, 1929 and stated that arrangements Division Ude for discontinuance of services or transfer of all employees of the a position as National 4Xeept Mr. H. W. Black, Examiner, who although offered far accepted the 8kak Examiner by the Comptroller of the Currency has not thus °ffer. After discussion, upon motion the Secretary was instructed to advise Mr. Black that his employment by the Board will cease as of close of business, January 31, 1929. 4g.12.04T3 OF v.Ar)Iai COLl:ITTE:113: application for admission of a "ted, January 12th, Aecommending action on an in the instate bank, subject to the conditions stated aD 1/14/29 -8- REPORTS OF STANDING COMMITTEES: (Cont/d.) dividual reports attached to the application, as set forth in the Auxiliary Minute Book of this date. Recommendation approved. Dated, January 11th, Recommending approval of the application of r. Walter Jeffreys Carlin for permission to serve at the same time as director of the LaFayette National Bank of Brooklyn in New York, N. Y., and as director of the International Union Bank, New York, N. Y. Approved. Dated, January 11th, ecommending approval of the application of Mr. Samuel B. L:eisenhelder for permission to serve at the same time as director of the York Trust Company, York, Pa., and as director of the Wellsville National Rank, Wellsville, Pa. Approved. Dated, January 11th, Recommending approval of the application of Yr. Solomon Fillin for permission to serve at the same time as director and officer of the International Union Bank, New York, N. Y., and as direc er of the Prospect National lyn in New York, N. Y. Bank and Trust Company of Er Approved. The meeting adjourned at 1 .m. Secretar, Approved:
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