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-16 Federal Reserve Board A meeting of the ,ecutive Committee of the on Friday, January 19th, Was held in the office of the Federal Reserve Board at 11:10 a.M. iTta.3EIT: Vice Governor Platt Mr. Hamlin Mr. Miller Mr. Hoxt on, Secretary. the several Federal The Secretary reported the reserve positions of 17th. Reserve banks as at close of business January 16th and Agent at San FranLetter dated January 13th, from the Federal Reserve the application of the Secisco, transmitting with favorable reconrendation, open a branch at the corner curity Trust and Savings Bank, for permission to Of Cent ral and Sla,uson Avenues in the city of Los An Approved. Agent at .SLizi FranLetter dated JanuLry 13th, from the Fs-eral Reserve application of the Setransmitting with favorable recommendation, the the Bank of Lankerclarity Trust and Savings Bank of Los Angeles, to purchase Shim and to establish a branch in its premises. Approved. the Secretary, in Letter preparec:' by Mr. Miller for the signature of addressed .to the accordance with action of the Board taken at its last meeting, in reply to his letter Chairman of the Federal Reserve Bank of San Franc' wo, on and Assessment of s3f January 10th on t;ie subject of "Method of :r.caminati of the San Charges therefor", and containing the suggestion that Mr. Sargent matter with the 1'scncisco bank be invited to come to "rashiruton and discuss the Federal Reserve Board. Approved, 1/19/23 2 - Draft of circular letter addressed to the Chairmen of all Federal Reserve banks prepared by General Counsel, and. designed to elicit certain inforrat ion with respect to the services rendered by, and the salaries paid to the Counsels of Federal Reserve banks. Approved. Manorandum dated January 17th, from Assi stant Counsel, recommending that the Board aTrove certain amendments to Forms 94, 94a and 94b. Approved. Letter dated January 19th, from the Railway Loan Advisory Committee the form of obligaOf the Federal Reserve Board, recomending approval of of 4355,000 tion submitted by the Norfolk Southern Railroad Company for a loan (in five parts, the tarrier electing at this time to take over the first two Section Partsrof the loan in the amount of S14 2,000) under the provisions of 210 of the Transportation Act, 1920, as amended. Approved. Letter dated January 19th, from the Railway Loan Advisory Committee Of the Federal Reserve Board, recotrmending approval of the form of obligaCompany for tion submitted by the New York, New Haven and Hartford Railroad a loan of $9,630,000 (in two parts, the carrier electing at this time to take of °Iler the last installment of the second part of the loan in the amount 1920, 400,000) under the provisions of Section 210 of the Transportation Act, as amended. Approved, Mr. Hamlin not voting. -3- 1/3.9/Z3 Letter dated .-Tfrauary 15th, from Mr. Case, Deputy Governor of the Federal Reserve Bank of Yevy' York, suggesting changes in the method of handling the participation of the -'ederal Reserve banks in for0ipp bank accounts. 'Referred to Mr. Hamlin. The Vice Governor reported that he had received from the Undersecretary of the Treasury, a copy of a report made by the United States Secret Service Upon the adequacy of the vault s used by the Detroit Branch of the Federal Reserve Bank of Chicago. Memorandum dated January 16th, from the Director of the Division of Analysis and. Research, requesting authority for a research assistant to inspect files available in the Division of Lamination, sharing the condition of the Latin American Branches of American Banks supervised by the Federal Reserve Board. Approved. Letter dated January 15th, from the Chairran of the Federal T?eserve Bank of New York, advising that in line v.'ith the practice of previous years, the Board of Directors of that bank has made an appropriation to the !4'edera1 Reserve Club for approved educational purposes for the year 1923. Mr. Jay stated that the Federal Reserve Club has been authorized to use for approved etlizational work of the Club, during the year 1923, the unencumbered balance flicta last year's appropriation amounting to approximately :1' 2400, and a further aPPropriation has been made to the Club for like purposes for the year 1923 clr such further sum as will 'when added to the unencumbered balance amount to 1109200, the amount of the budget submitted by the Mb. Apizov ed. -4- 1/19/23 After discussion of the rztter of furnishing another Member's office, made necessary by the addition of a new Member to the Federal Reserve Board, it was upon motion authorized to expend. a sum not in excess of 11200 for furniture and equipment. Letter dated Janirary 18th, from the -Chairman of the Federal Reserve Bank of New York, in reply to the letter dispatched to him over the simature Of the Vice Governor which was approved at the meeting of January 16th, and which requested certain inforration concerning the adjusted compensation which - ay to its employees, it being the Federal Reserve Bank of New York desires to ) noted that the Board on January 12th voted to reconsider its previous action in disapproving of the payment of extra compensation to the employees of the Federal Reserve 17ank of New York at the close of the year 1922. Upon motion, it was voted to approve the payront by the Fe(jeral Reserve Bank of New York of extra and adjusted compensation to the employees of that bank, in accordance with the recommendation of the I3gard of Directors transmitted in the Federal Reserve Agent's letter of December 15, 1922. Letter dated Jar= ry 18th, from the Comptroller of the Currency recomMending an increase in the salary of National Bank !, .aminer R. Foster frOm 700 La7111 to 1:3300 per annum, effective January 16, 1923. Approved. Letter dated Jantrary 18th,,from the Comptroller of the Currency re- quest ing approval of the appointment of 1.:r. Herbert A. Graham, National Prank tarniner, to the Fifth Federal Reserve District, at a salary of '27.)0 per annum. A ppr ov ed. -5- 1/19/23 Letter dated JanuLry 18th, from 7-r. "'alter F. O'Neil, tenderinp his resifmntion as clerk, lold :lettlarocnt DiVision, eftctive February 2nd. Accepted, authority beim; [7anted to employ another . Clerk at `',1440 per anntn. T1.1:207.?TS C (O TO. 1: ITT Dated January 17th, 18th, Dated January 17th, Dated Janut•ry 19th, liecommenainr, action on applications for chances in stock as set forth in the Auyiliery rinut e Book of this date. Approved. Recommendinc., approval of the application of rr. 7:m. C. Rastettar, to serve at tha sxric time as director of the Arst Tatiana]. Bank, Fort Waync , Indiana, and of the Tri-State Loan and Trust Company, Fort "a.yne, Indiana. Approved. Recoraneninaprova1of the application of Mr. Henry Tatnell, to serve t the same trme as director of the International Acceptance Bank of row York City and of the Franklin National Bank of Philedelnhia, Pa. Approved. The meeting adjairneC at 12:1:5 Secret ery. Approved: Vice qovernor.