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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Wednesday, January 23, 1929 at 10:45 a.m. PRESENT: The Chairman Governor Young Mr. Platt 2.1r. Hamlin Mr. Cunningham Mr. Eddy, Secretary Mr. McClelland, Asst. Secretary The Governor stated that Mr. James called him over the telephone yestercleY evening from St. Louis, and advised that Mr. Rolla Wells will accept apPointment by the Board as Class C Director of the Federal Reserve Bank of St. Louis and designation as Federal Reserve Agent and Chairman of the Board of D irectors of the bank. Upon motion, it was voted to appoint Mr. Rolla Wells as Class C Director of the Federal Reserve Bank of St. Louis for the term ending December 31, 1930, and to designate him as Chairman of the Board of Directors and Federal Reserve Agent for the balance of the year 1929, with salary at the rate of ,20,000 per annum. discussed with The Governor also stated that Mr. James advised him he had increase from ir;15,000 the directors of the Federal Reserve Bank of St. Louis the to 417,000 per annum, recommended in the salary of Mr. 0. M. Attebery, Denuty Governor, and the increase from ;,8,000 tc .40,000 per annum, recommended in the salary of Mr. C. M. Stewart, Assistant Federal Reserve Agent. Mr. James, the Governor stated, recommends that the proposed salaries be approved by the Board. Upon motion, it ,A0,000 and „;17,000 by the directors of for Messrs. Stewart was per the and voted to approve the salaries of annum, respectively, recommended Federal Reserve Bank of St. Louis Attebery, effective January 1, 1929. d by Mr. Miller Discussion then ensued with respect to the letter submitte use of at the meeting of the Board on January 21st, with regard to the proper j 1/23/29 -2_ 4) Pederal Reserve credit facilities, but no action was taken. Matters approved on initials on January 19th and 22nd, namely, applications of the First National Bank in Siloam Springs, Ark., and the Citizens National Bank, Front Royal, Va., for original stock (33 and 40 shares) in the l'ederal Reserve Banks of St. Louie and Richmond, respectively, effective if 444 when the Comptroller of the Currency issues certificates of authority to comMence business.. Formally approved. Telegram dated January 21st from the Deputy Governor of the Federal eserve Bank of New York and letter dated January 21st from the Secretary of the Federal Reserve Bank of Cleveland, advising of the establishment on that date of the following schedule of rates for purchases of acceptances: Bankers acceptances: 1 to 15 days 16 to 45 days 46 to 180 days Repurchase Trade Bills _ - 4 3/4% 4 7/8% 5% 5% 5% Noted. Telegram dated January 21st from the Federal Reserve Agent at Chicago, telegram dated January 21st from the Deputy Governor of the Federal Reserve lenk of St. Louis and letter dated January 21st from the Secretary of the Feddate 61%1 Reserve Bank of Kansas City, advising of the establishment on that Of the following rates for purchases of bankers acceptances: 1 to 15 days 16 to 45 days 46 to 180 days Noted. 4 3/4% 4 7/8% 5% 77 -3- 1/23/29 Telegrams dated January 21st from the Secretary of the Federal Reserve Bank of Minneapolis and January 22nd from the Chairman of the Federal Reserve Bank of San Francisco, advising of the establishment on January 21st of the following rates for purchases of bankers acceptances: 1 to 15 days 16 to 45 days 46 to 180 days Repurchase 4 3/4% 4 7/8% 5% 5% Noted. Telegram dated January 21st from the Chairman of the Federal Reserve Bank of Richmond, advising of the establishment of the following rates for Purchases' of bankers acceptances, effective January 22nd: 1 to 30 days 31 to 180 days 4 7/8; 56 Noted. Report of Executive Committee on letter dated January 21st from the 45,000 C°mPtroller of the Currency, recommending approval of an increase from to ) ?6,000 per annum in the salary of National Bank Examiner Hobert Neill; the B°ard's Committee also recommending approval. Approved. Report of Executive Committee on letter dated January 21st from the per Comptroller of the Currency, recommending approval of a salary of .0,000 410.1um for National Bank Examiner W. P. McCall, assigned to the First Federal aeserve District; the Board's Committee also recommending approval. Approved. Agent Letter dated January 17th from the Assistant Federal Reserve York, N. Y. has 4t New York, advising that the Bank of United States, New 1/23/29 -4- i, acquired control and expects to absorb the Colonial Bank of New York City, a non-member; the Assistant Federal Reserve Agent stating that the rumored acquisition of the Continental Bank, New York City, by the Bank of United States has not yet been announced. Noted. The Secretary then submitted recommendations for increases in the salaries of telegraph operators in the Washington office, effective January 16, 1929, and presented a letter from the Controller of Administration of the Federal Reserve Bank of Chicago, advising that the salaries proposed do not appear to be out of line with those paid in other offices. Upon motion, the following increases were approved: H. W. B. G. M. J. M. M. Ott, Walsh, Unger, March, - From 42,160 To 42,260 2,100 2,040 " " u 2,040 1,980 ft “ 2,040 1,980 “ Letter dated January 16th from the Assistant Federal Reserve Agent at Chicago, advising of the proposed merger of the Industrial Savings Bank and the Union Trust and Savings Bank, both member banks of Flint, Michigan, under 4 new charter and under the name of the Union Industrial Bank of Flint; the Assistant Federal Reserve Agent advising that it is desired to continue membership in the System without intermission and that arrangements will be Illada to have an application for membership on behalf of the new bank filed ft3r approval by the Board before the merger is completed. Noted. Memorandum from Counsel dated January 19th with reference to the action the Board on January 14th, in deferring approval of retainers of 41200 and n nn 49 +-vv per annum, respectively, recommended for Mr. C. C. Huff and Locke, Locke, 79 1/23/29 -5- Stroud and Randolph, Counsel at the' Federal Aeserve Bank of Dallas, and inst ructing him to communicate with the bank and ascertain how its contracts with Counsel for the year 1929 will differ from those which were in effect luring 1928; Counsel settin:; out a proposed new clause in the contracts for 1929 permitting additional compensation, under certain circumstances, for Unusual services performed by Counsel of the bank and recommending that the Board approve thu proposed contracts and retainers. After discussion, upon motion, it was voted to approve the compensation fixed by the directors of the Federal Reserve Bank of Dallas for Counsel during the year 1929. 4 1 4a . 3_pF STANDING C0i..14ITTZL'S: Dated, January 22nd, 1)ated, January 18th, 20th, 22nd, Dated January 17th, Dated, January 22nd, Dated, January 22nd, bated, January 22nd, Recommending changes in stock at Federal Reserve banks as set forth in the Auxiliary Minute Book of this date. Aecommendations approved. Recommending action on applications for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Recommendations approved. Recommending approval of the application of Mr. William P. Snyder, Jr., for permission to serve at the same time as director of the Pittsburgh Trust Company, Pittsburgh, Pa., as director of the Terminal Trust Company, Pittsburgh, Pa. and as director of the Mellon National Bank, Pittsburgh, Pa. Approved. Recommending approval of the application of Yr. Albert A. Tilney, for permission to serve at the same time as director of the First National Bank, Plainfield, N. J., and as director of the Bankers Trust Company, New York, N. Y. Approved. Recommending approval of the application of Mr. ::dgar Bassick, for permission to serve at the same time as director of the Manufacturers Trust Company, New York, N.Y. and as director of the First National Bank, Bridgeport, Conn. Approved. Recommending approval of the application of Mr. Ralph E. Bailey, for permission to serve at the same time as director of the Needham National Bank, Needham, Mass. and as officer of the National Shawmut Bank, Boston, Mass. Approved. 1/23/29 -6- i-iRgliTS OF STAIMING CO:2,:r2TE:41S: (Cont,d) Dated., January 22nd, Recommending approval of the application of 1.1r. Robert :::. Tappan, for permission to serve at the same time as director of the Needham National Bank, Needham,Mass., and as officer of the National Shawmut Bank, Boston, Mass. Approved. Dated, January 22nd, Recommending approval of the application of Mr. Thomas W. pangborn, for permission to serve at the same time as director of the Maryland-Virginia Joint Stock Land Bank, Baltimore, Lid., and as director of the Maryland Surety & Trust Company, Hagerstown, Approved. Dated, January 22nd, Recommending approval of the application of Mr. Paul C. Cabot, for permission to serve at the same time as director of the Needham National Bank, Needham, Mass., and as director of the National Shawmut Bank, Boston, Mass. Approved. Dated, January 22nd, Recommending approval of the application of Mr. Warren T. Acker, for permission to serve at the same time L‘s director and officer of the Abington National Bank, Clarks Summit, Pa., and as director of the Anthracite Trust Company, Scranton, Pa. Approved. The meeting adjourned at 12:00 clock. Secretary. 1143Proved: Chairman.
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