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f,' Reserve Board A meeting of the Executive Committee of the .Federal was held in Washington on Uednesday, January 25, 1933, at 11:35 a. PIESETT: 111. The Chairmen of the Board Er. Hamlin, Chairman of the :71xecutive Committee Mr. Er. Tames Hr. Morrill, Secretary Mr. McClelland, Assistant Secretary Er. Harrison, Assistant to the ,Jovernor. The Committee considered and acted upon the following natters: Letter dated January 19, 1933, from the Secretary of the Federal Reserve Bank of New York, and telegram dated January 19, 1033, from the Chairman of the Federal Reserve Bank of San Franc isco, both advising that, laeetings of the boards of directors on that date, no changes were made -‘\ in the banks' existing schedules of rates of discount and purchase. \it ilithout objection, noted with approval. I:emorandum dated January 24, 1933, from 1r. Paulger, Chief of the ulvision of 1..]xaminations recorarindinc, the appointment of Hr. Clifford E. Q4.g1e and. his designation as a Federal reserve examiner with salary at the rate of €5,000 per annum, effective upon his taking the oath of office. Er. Cagle was appointed an examiner for all purposes of the Federal Reserve Act, as amended, and of all other acts of Congress pertaining to examinations made by, for, or under the direction of the Federal Reserve Board, and was designated as a Federal Reserve Examiner, with salary at the rate of .:;6,000 per annum, all effective February 1, 1933, on which date he will take the oath of office. Letters to the Governor of the Federal Reserve Bank of New York 4r1cl the Chairman of the Federal Reserve Bank of Richmond, approved by four Members of the Board on January 21, referring to their letters of January 13) 1933, with regard to the salaries fixed by their boards of directors ror the officers of the respective banks during the current year, and ad- 75 -2- 1/25/33 visinc of action taken by the directors favoring the establishment at the banks of a pension plan covering the officers and anployees. The Board's letters referred to the request made by the Governors' Conference at its meeting La :ovember that the Federal Reserve Board advise which of several Plans for providing retirement benefits for officers and employees of the Federal Reserve jysten, set forth in a rremorandum of the pension committee dated February 11, 1932, the Board would approve and support, and stated that aS the suggested Plans are now being given careful consideration by the Board it is felt that definite arrangements for the adoption of any particular retirement plan by any Federal reserve bank should be held in abeyance until the Board has communicated its conclusions in the matter to the Chairman of the Governors' Conference, which it expects to do at an early date. Approved. Telegran to the Federal Reserve :Agent at Kansas City, approved by three nembers of the Board on January 21, 1933, advising that, in accordance With the request contained in the agent's telegram of January 21, the Board approves the designation of Er. T. L. lcCarthy, an employee of the auditing cIePartment of the bank, to assist in a credit investigation of a member bank Which was to be undertaken beginning January 23, 1933. Approved. Letter to the ahairnen of the Federal Reserve Bank of Dallas, el3Proved by four nembers of the Board on January 23, advising that in accordance with the reconrendation contained in his letter of January 10, K'N 1933, the Board has approved a salary at the rate of y250 per month for C. B. I:endel, formerly Cashier of the Houston branch, who has been 76 1/25/33 -3- appointed to the appraised position of special representative in the insolvent bankt department of the bank. Approved. Telegram to the Federal Reserve Agent at Dallas, approved by four Members of the Board on January 20, 1933, advising that the Federal Reserve Board has approved the bonds executed by Liessrs. G. Allen, D. S. Lawhon and C. P. Gayland, as acting assistant Federal reserve agents at the El Paso, Bouston and San Antonio branches, respectively, inclosed in the agent's letter of January 17, 1933, and that, accordingly, these appointees may now enter upon their duties as acting assistant Federal reserve agents at the branches, subject to the conditions stated in the Board's telegram of Xanuary 4 and letter of January 11, 1933. Approved. Letter to the Chairman of the Federal Reserve Bank of San Francisco, approved by five members of the Board on January 20, advising that in accordance with the request contained in his letter of January 5, 1933, the Board has approved the fees and allowances fixed by the board of directors Of the Federal Reserve Bank of San Francisco for the directors of the bank Euld its branches during the current year. Approved. Reply, approved by five members of the Board on January 20, to a letter dated January 5, 1933, from the Chairman of the Federal Reserve Bank ala Francisco, advising that the board of directors has selected Lir. , /letryLI. Rdbinson as a member of the Federal Advisory Council, representing the Twelfth Federal Reserve District, for the year 1933, and has fixed his 77 1/25/33 compensation and alloaance at •,Y.750 for each neeting of the Council attended bThim. The reply stated that the Board approves the compensation and allowance fixed for Mr. Robinson. Approved. Reply, approved by four members of the Board on Tanuary 21, 193), to a letter dated December 20, 1932, from the Governor of the Federal Reserve Bank of Richmond requestinL; authority for the paynent by the bank of a bill covering a fee in the amount of .1,.500 and expenses of c42, submitted by Wilson H. Lee, New 3ern, North Carolina, for services rendered by hild in conLection with the case of Lucas v. Federal Reserve Bank of Richmond. The reply stated that the Board will interpose no objection to the payment Of the fee and reirbursement of expenses to Er. Lee, with the understanding, however, that the fee will be approved by the board of directors of the 41Chnond bank before it is paid and will be considered as covering any extra Services which ta.. Lee may have rendered in other litigation because of the Pendency of the Lucas case, and that his fees in such other litigation will be no greater than they would have been if the Lucas case or other litigation Of unusual importance had not been pending at the tire such services were rendered. Approved. Letter to the Acting Comptroller of the Currency advising that, in accordance with the reconnendation contained in his letter of Tanuary 20, the Federal Reserve Board has approved a salary at the rate of ..3,000 Per ftinum for National Bank :xaminer Paul T. Betz, assinned to the Seventh 2edera1 Reserve District. ,78 1/25/33 -5Approved. Telegraphic reply, approved by five members of the Board on Xanuary 21, 1933, to a telegram of that date from the Governor of the Federal Reserve Bank of Boston, requesting authority for an advance, in accordance With the provisions of section 10(b) of the Federal Reserve Act, to the QUincy Trust Company, quincy, Massachusetts, in the amount of A0,000, with interest at the rate of per annum, payable on demand, and on the security Of stocks with an appraised value of :)58,800 and commercial paper with an appraised value of %,1110,000; Governor Young stating that the advance is desired to meet withdrawals usually experienced by the bank during the blonths of Tanuary and February. The reply stated that the Board authorizes the advance subject to the terms and conditions recomgended, and that in the event the advance is not repaid nor danand for payment made within thirty daYs from Xanuary 24, 1933, the matter should again be brought to the Board's attention with a statement of the circumstances which, in the ()Pinion of the Federal Reserve Bank of Boston, justify the bank in further continuing the advance without demsrd for payment. Approved. Telegraphic reply, approved by five members of the Board on Tanuary 20, 1933, to a telegram of that date from Deputy Governor Rounds of the Pederal Reserve Bank of New York, requesting authority for an advance in accordance with the provisions of section 10(b) of the Federal Reserve Act to the Sunrise National Dank and Trust Company, Baldwin, New York, in the 4Mount of 12,000, for a period of 90 days, with interest at the rate of k; per annum, and on the security of miscellaneous collateral notes and us- 79 1/25/33 -6- secured inelic,ible notes with a margin of at least 2; Deputy Governor 'Rounds stating that the advance is desired by the bank to meet a continued Withdrawal of deposits. The reply stated that the Board authorizes the advance subject to the terms and cord iti one recommended. Approved. l'elegraphic replies, approved by five members of the Board on January 20, 1933, to telegrams of that date from Deputy Governor Rounds of the federal Reserve Bank of New York, requesting authority for a renewal in the reduced amount o 57,000 now outstanding, for a period of 90 days, from 0^ar1uary 23, 1953, with interest at the rate of 5','; per annum, of the advance made by the 'jew York bank, in. accordance with the Provisions of section 10(b) Of the federal Reserve Act, to the Pelham National Bank, Pelham, New York, under authority of the Board's telegram of October 22, 1932, and to make a further advance to the national bank in accordance with the provisions of section 10(b), in the amount of ,,,25,000, for a period of 90 days from a'anda.ry 20, 1933, with interest at the rate of 5: per annum, and on the ecurity of miscellaneous customers' collateral notes and domstic bonds with a. nargin of at least 25; Deputy Governor Rounds stating that the bank clesires the renewal and additional advance to met further withdrawals of clePosits resulting from the closing of the first National Bank in Mamaroneck. ?Ile replies stated that the Board authorizes the renewal and additional lance subject to the terms and conditions recontaended. .,"noroved. Telegraphic reply, approved by five mrabers of the Board on January 239 1933, to a teleran, of that date from Deputy Governor Rounds of the fed- -7eral Reserve Bank of New York, requestir; authority for a further advance, in accordance with the provisions of section 10(b) of the Federal. Reserve Act, to the Pelham National -kink, Pelham, New York, in. the amount of ,;35,000, for a period of ninety days, with interest at a rate of 5;') per annum, and on the security of miscellaneous collateral notes and domestic bonds with a main of at least 25,; Deputy Governor Rounds stating that the bank continues to suffer withdrawals as a result of the closing of the First 1-a.tional Ban:: in 1:amaroneck, New York. The reply stated that the Board. authorizes the advance subject to the terms and conditions recommended. Ap-)roved. Telegraphic reply, 'approved by five members of the Board on Tanuary 231 1933, to a telegram of that date from Denuty Governor Rounds of the Federal Lieserve Bank of New York, requesting authority for an additional advance, in accordance with the Provisions of section 10(b) or the .Tederal Reserve Act, to the Peoples Bank and Trust Company, Passaic, New Jersey, in the amount of 4,;l00,000, for a period of thirty days, with interest at the rate of 510 per annum, and on the security of miscellaneous stocks and bonds and unsecured notes with a marj.n of at least 25; Deputy Governor Rounds atatin, that the bank has been subject to further withdrawals of deposits alici desires the advance to meet such withdrawals. The reply stated that the Board authorizes the advance subject to the terns and conditions recon.raended. Approved. Telegraphic reply, approved by four members of the Board on Sanuary 211) to a telegram dated january 23, 1933, from Deputy Governor 'Rounds of the Federal Reserve Bard: of New York, requesting authority to purchase from 1/25/33 -a- the Hewlitt-joodmere National Bank, Woodnore, New York, a tax note of the Union ?roe 3chool District 1- . 14, Town of Hempstead, New York amount of •25,000. in the The re)ly stated that the Board authorizes the purchase With the understanding that the note neets all requirements of Regulation E, except that the amount offered exceeds 2u.,; of the total outstanding warrants or the municipality. Approved. Telegraphic reply, approved by three members of the Board on January 24, 1.933, to a telegram of that date from Deputy Governor Rounds of the :Tederal Reserve Bank of New York, requesting authority to purchase from the Dank of Depew, New York, a warrant of the Union 2ree School District No. 7, Tam' of Meektowaga, New York., in the amount of .- 5,000. The reply stated that the Board authorizes the purchase with the understanding that the Warrant meets all requirements of Regulation E, except that the population °f* the issuing municipality is less than 10,000 and the warrant offered represents the entire amount of such obligations outstanding. Approved. Reply to a letter dated January 20, 1933, from Deputy Governor aounds of the :;'ederal Reserve Bank of New York, with regard to the 420,000 Of warrants of the Borough of Cliffside Park, New Jersey, purchased by the 1e17 York bank from the Cliffside Park National Bank under authority cont4ined in the Board's telegram of June 29, 1932, and stating that it has been discovered recently that the net funded indebtedness of the municipality exceeds 1Q. of the total valuation of taxable property; that the failure °I* the national bank to supply complete information at the time the warrants 0 , 54 `4,.; 1/25/3',) Were purchased was apparently an oversight, and had the additional infornation been furnished the same recomnendation that the Board authorize the Purchase would undoubtedly have been maue by the New York bank. The reply stated that, in view of all the facts, the Board will interpose no objection to the 1ew York bank continuing to hold the warrants in question, with the Understanding that they meet all reouirements of Regulation except that the amount held exceeds 25c, of the total outstanding warrants of the Borough Of Oliffside Park and that the net Ainded indebtedness of the borough 02:ceeds 1070 of the total valuation of its taxable property. Approved. ileply to a letter dated Tanuary 1'0, 1933, from the Actin7, Comptroller Of the Currency recommonding approval of the application of the Black River llational Bank, Lowville, 7rew York, for permission to reduce its capital stock from .)100,000 to .50,000, and imediately thereafter to increase the capital stock to .)100,000 by the sale of new shares. The reply stated that the Board approves the proposed reduction under the plan submitted subject to certain conditions set forth in the reply. Approved. Letter to the federal Reserve Agent at Chicago, approved by four TheldDers of the Board on January 21, 1935, advising that the Board has considered the aoplication filed by the National I:anufacturers Bank, Neenah, Vlisconsin, for permission to exercise additional fiduciary powers, and, in e.coordance with the agent's recomdendation Which is concurred in by the Alting Comptroller of the Currency, has deferred action on the application UUtjl another examination of the bank has been made. The letter requested id 9 -10that upon receipt of the report of the next examination the aent transmit to the Board an analysis thereof, together with his recommendation. Apnroved. Reply, approved by four rembers of the Board on January 23, 1935, to a letter dated January 5, 1933, from the Tederal Reserve Agent at ClevereDorting that the National Bank of Union City, Pennsylvania, has been continuously deficient in its required reserves for six months. The reply stated that, in view of all the circumstances, the Board will tai e no action in the matter at this time other than to forward a copy of the agent's letter and inclosure to the Acting Comptroller of the Currency for the info:mation of his office. Approved. Letter to the Federal Reserve Agent at Chicago, approved by four Members of the Board on January 24, replying to Assistant Federal Reserve Agent Young's letter of January 311, 1933, reporting that the National Bank or CVinton, Indiana, has been continuously deficient in its reouired reserves for six months. The reply stated that, in view of the facts sub- mitted, the Board will take no action in the matter at this time other than to forNard a cony of :Ir. Young's letter to the Acting Comptroller of the CLIrreney for the information of his office. Approved. Letter to the federal Reserve Agent at Chicago, replying to Assistant Federal Reserve Agent Young's letter of January 11"..,, 1935, adthat the Greensburg National Bank, Greensburg, Indiana, previously l'ePorted to the Board on Nay 22, 1931, because of deficiencies in reserves -11- 1 for six months or more, has been continuously deficient in its required reserves for another period of six months. The reply stated that, in view Of all the information submitted, the Board is again presenting the natter to the office of the Comptroller of the Currency, calling attention to mx. Young statement regarding the past record of the institution and the zethod pursued by the active officers in operating the bank, and that it is being suggested to the Acting Comptroller of the Currency that he consider , about a restoration of the Whether further steps can be taken to brinL bank's reserves to the required amount. Approved. Letter to the federal lieserve Agent at Philadelphia referring to his letter of December 14, 1932, advising that pursuant to action taken on November 7, 1932, by the board of directors of the Pennsylvania Company for Insurances on Lives and Granting Annuities Philadelphia, Pennsylvania, the allm of .)491,000 was withdrawn from the surplus of that company for the PlIrchase of all of the capital stock of the Lain Line Trust Company of 4rdmore, Pennsylvania, except directors qualifying shares, and that this Stock is held by certain trustees for the stockholders of the Pennsylvania CmIlany. The ioard's letter stated that, while the technical form of this transaction is different, it is substantially the srir- in practical effect 8 '3 the transaction for which the federal reserve Board specifically denied it permission in its letter of October 20, 1932, and that the Board there- fore regards it as contrary to the conditions of meitership forbidding the ?ennsylvania Company to accuire an interest in any other bank or trust .°L1Dany except after applying for and receiving the permission of the 'led- 85 1/25/00 eral -12- eserve Board; as contrary to the spirit and purpose if not the letter Of the second Paragraph of section 9 of the Federal Reserve Act; and as a violation of the understanding entered into with the Board during a con— ference with 1.r. C. 3. Lewhall, :xeautive Tice President of the rennsylvania Company, and confiled in his letter of Lay 19, 1031, as well as a disregard Of the views expressed in the Board's letter of October 20, 1932. The letter also reviewed the history of the Board's previous negotiations with the Pennsylvania Company regarding the ownership of bank stochn by that company, and stated that, in view of the circumstances outlined, it is obvious that the purchase of the stock of the rain Line Trust Company with funds of the Pennsylvania Company and the holding of such shares by trustees for the 8hareholders of the Pennsylvania Comany was merely a device whereby an attempt was nade to circumvent the provisions of section 9 of the Federal Reserve Act, the conditions of membership applicable to the :ennsylvania CoMpany, the understanding of 1.".r. Newhall with the Federal Reserve Board, and the DO 20, 19.52. ition taken by the Federal Reserve Board in its letter of October The letter further stated that the Board feels it is incumbent 11Pon the Pennsylvania Company to bring itself into compliance with its conditions of membership and its understanding with the Federal Reserve I30aJ...a, and that the agent is requested to deliver a copy of the Board's letter to the Pennsylvania Company and obtain a reply stating uhat action the company has taken, or proposes to take, for that purpose. Approved. Reply, approved by four members of the Board on January 23, 1933, to letters dated December 12 and 14, 1932, from the Federal Reserve Agent 86 ') 1/25/33 -13- at Dallas, with further regard to certain features of the condition of the lercantile Bank and Trust Company of Texas, Dallas, Texas, as shown by the analysis of report of examination of the institution as of August 26, 1932. The reply stated that the Board will expect the nelber bank to dispose as 800n an possible of the 7,093 shares of its stock held by the I:ercantile securities Corporation, a subsidiary of the bank, and also referred particularly to the acquisition of other bank stocks by the subsidiary corporation, and to the consideration which should be given to the question whether it is advisable for the bank to continue the paynent of dividends. Approved. Letter to the Chairman of the Federal eserve Bank of Chicago, re- to the report of examination of that bank made by the Board's eXaminers as of September 17, 1932, and calling attention to the reported Waiver of substantial Penalties for deficiencies in reserves, although it has been understood to be the policy of the bank to waive such penalties in the case of country banks when the Penalties are in amounts less than 1.00 1131- in the case of central reserve and reserve city banks when the deficiency clid not exceed 10,) of the required reserve and was not more than 5,000. The letter stated that, while the 3oard interposes no objection to the Illaiving of such minor penalties it feels that larger penalties should not be waived in the future except in very unusual circumstances, and that each 211ch case should be brought to the attention of the Board with a full stateOf the reasons for the proposed waiver. The letter also referred to the recently reported irregularities in the transit department of the t1Olt branch and to irregularities Previously disclosed in the collection 1/25/33 -14- dePartment, stated that the Board feels a very careful survey should be made of the whole situation at the brand., and requested advice as to what arranements have been made or are contamplated to avoid the opportunity for O recurrence of such irreLularities. The request was also made in the letter that the Beard be advised as to what, if any, further effort has been made to trace certain irre,-ularities which occurred at the head office; as to the reason for holding in the safekeepinc division of the head office securities in the amount of 320465,150 for corporations and individuals and in the anount of ..;l5,000 for the Detroit and Cleveland I:avigation Company at the Detroi-G branch; and as to the action taken as a result of the discussions between the exaniners and officers of the bank of other matters referred to in the report. The chairman was also requested to brin,; the report of eXamination and his reply to the Board's letter to the attention of the board of directors of the bank. Approved. .Letter to Assistant Federal Reserve Agent Fletcher at Cleveland ellvisinc that careful consideration has been given to the information subraitted in. connection with the Clayton Act application of Lir. John CA-make ror permission to serve as a director of the Second liational Bank of Cincinnati, Ohio, and of the Iforwood-Hyde Park Dank and Trust Company of licrwood, Ohio, but as it is felt that the information is not sufficiently co.mPlete to enable the Board to reach a decision, the Assistant Federal Reserve Agent is requested to furnish certain additional information referred to in the letter. Approved. 1/25/33 -15Letter to the 17ederal Reserve Agent at Dallas, approved by four members of the Board on J'anuary statin; that in view of the lapse Of til:e and the changes which have taken Dlace in the situation since the transmission to the Board of the Clayton Act applications filed by :Tr. 3. Eoner (Tordan for permission to serve as an officer of the ContinentalAMerican BarIc and Trust Company, as a director of the 7irst 17ational Bank, and as a director of the City javings Bank and Trust Company, all of Shrevenort, Louisiana, and of :Zr. W. H. Forth for permission to serve as a director of the first two banhs nand, and in view of the apparent danger that the information submitted to the Board no longer may be accurately descriptive of the situation, the agent is requested to review the situation as it now exists and report it to the Board, together with his oomrents and recontiendation.s. Approved. Telegraphic reply, approved by four members of the Board on Xanuary 23, 1035, to a telegran of that date from Deputy Governor Clerk of the :ledel-al Reserve Bank of San Trancisco, stating that due to an emergency arising out of bank failures a temporary currency deliot has been established at Sacramento, California; the currency beinc, carried at the Capital National ank under the joint custody of two Federal reserve bank employees and the grricers of the national banl:, which arranc;e:mnt is covered by the insurance Policies now held by the bank. The reply stated that on the assumtion that the custody arrangement is similar to that adopted at Boise and Twin 'ealls, Idaho, in 1962, the Board interl)oses no objection to the establish111Q:lt of the depot, and requested advice by letter of the amount of currency ( 1/25A;,-5 -10- 89 maintained at the depot and the circumstances surreundin,_, its establishment. Approved. Letter to the Federal Reserve Agent at Atlanta, approved by four riembers of the Board on January 20, 1933, tranaaitting a copy of a letter dated January IA, 1933, from. Er. Charles 1:ohlneyer, Vice President of the Interstate Trust and Banking Company, New Orleans, Louisiana, with regard to the renewal of a note discounted by the Federal Reserve Dank of Atlanta for the Continental Turpentine and Rosin Corporation of Laurel, I:ississinpi, Under the previsions of the third Paragraph of section 15 of the Federal Reserve Act, as amended; :Ir. Nohlmeyer advising that the managing director Of the :ew Orleans branch has taken the position that the Federal reserve bkni:will not be able to renew the note without further authority from the federal eserve Board. The Board's letter stated that while the period of atK months specified by the Board in Granting authority to Federal reserve banks to discount paper for individuals, partnerships and corporations under the Act of July 21 , 1932, will e2:pire on January 31, 1933, and the Board has tot yet taken action with respect to the extension thereof, this aspect of the matter does not prevent the Federal Reserve Bank of Atlanta from taking Ilch action with respect to the renewal or extension of the tire of payment Of the unpaid balance of an outstanding advance as may be found necessary ' 411d appropriate to its liquidation in a proper manner in view of all the eircuroztances, even though the maturity of the renewal or extension may be 8oLle date beyond January 31, 1933, and that it is the view of the Board, therefore, that the matter is one primarily for the exercise of a sound illdCment on the part of the Atlanta bank. 1/25/33 -17Approved. Letter to the Chairmen and Governors of all 2ederal reserve banks, approved by five members of the Board on January 23, 1933, stating that the authority granted by the Board to the feueral reserve banks in its circular Of July 26, 1932 (X-7215a), to discount elt:ible notes, drafts and bills of exchange, for individuals, partnerships and corporations, subject to the Provisions of the lay, the Board's rec,ulations, and that circular, will expire at the close of business on January 31, 1933; that the Board has decided to e::tend such authorization for an additional six months; and that section II of the Board's circular of July 26, 1932, on the subject of "Discounts for Individuals, Partnerships and Cornorations" has been amended to read as follows: "II. AUTHOATIOI: BY THE FEDERAL RESIIWE BOARD. "The federal Reserve 'Board, pursuant to the power conferred unon it by the amendment hereinbefore quoted, hereby authorizes all 'federal reserve banks, for a period ending at the close of business on ally 31, 1933, to discount eligible notes, drafts and bills of exchange for individuals, partnerships and corporations, subject to th,provisions of the law, the Board's regulations, and this circular." Approved, together with a statement for pUblication in the next issue of the federal Reserve Bulletin, also approved by five members of the Board on January 23, with regard to the extension of the authority above referred to. Telegraphic reply, approved by four members of the Board on January to a telegram dated January 20, 1933, from the federal Reserve Agent at Cleveland inquiring whether the Board desires him to continue weekly reports c)11 applications for discounts for individuals, partnerships and corporations. The reply referred to the Board's telegram of January 9, advising that 1/25/ -IE3- reborts of applications of individuals, inrtnershins and corporations should cover each calendar month instead of each week, beginning with the current year, and stated that it will be satisfactory for the a7ent to discontinue his separate weekly re,)orts with the understanding that he will advise the Board from time to time of any interesting developments with respect to credit conditions in his district. Approved. Letter to Assistant Secretary of the Treasury Douglas, approved by five members of the Board on January 19, l95, transmittinr), in accordance with the request contained in Assistant Jecretaxy Douglas' letter of Decem- 4 ber ' ,50, 1932, a proposed letter to the Chairman of the Committee on Banking Euld Currency of the Senate with regard to S. 5291, "a pill to create a Federal time-deposit insurance and, to provide for the payment of time deposits in certain banks, and for other purposes." The proposed letter stated that the bill would provide a modified form of insurance or guaranty Of time deposits and would appear to be subject to the sam objections as a"re aPplicable to other proposals of this general character, and that after cssetul consideration of the matter the Treasury Departmnt does not feel Justified in recommending the passage of the bill. Approved. lieference was then made to the fact that as a result of the ezPiration yesterday of the term of Lir. nagee as a runber of the Federal Iteserve Board, and the vacancy already existing in the appointive membership e'rld in the office of the Comptroller of the ,Currency, there are now only nerbers of the Board including the Secretary of the Treasury, and that 92 1/25/33 -19- illness of any one medoer would leave the Board with only four members, whereas the affirmative action of five members is required in connection With the performance of certain important functions of the Board including those provided in sections 10(a), 10(b) and 11(b) of the Federal Reserve Act. After a discussion, the Secretary was requested to address a letter to Senator Glass advising that the situation referred to is of such importance that the Board feels the matter should be called specifically to his attention at once. At this point I. Smead, Chief of the Division of Bank Operations, Joined the meeting. Eemoranda dated January 18 and 24, 1933, from. the Committee on Salaries and Expenditures, submitting the letters received from the various Pederal reserve banks advising of the salaries fixed by the boards of directors, subject to the approval of the Federal Reserve Board, for the officers of the banks and branches for the current year, and memoranda dated J'anUary 16 and 24, 1933, fromnr. Smead, Chief of the Division of Bank °Aerations, with regard thereto; the Committee recommending, in view of conditions existing at this time and of the fact that no uniform salary policy has been adopted by the system for meeting the present conditions, that the Wficers' salaries fixed by the directors of the banks be approved by the Board with the understanding thpt they will be reviewed again before the end of the year if conditions appear to warrant such action. The memorandum January 18 also stated that in the jukpsent of the Board's Committee, it 13 unwise, as a matter of policy, for the Federal Reserve System to meths 841ary adjus ents that unnecessarily reduce the buying power in the cotamunities served by the respective reserve banks. t 1/25/33 -20A discussion ensued, durin which the opinion was expressed that in the absence of any uniforn System policy with regard to adjustments of salaries at Federal reserve banks and branches under existing conditions, the Federal Reserve Board should be oaided by the reconnendations of the boards of directors of the various banks, which represent their judgment as to the proper action in the respective banks under prevailing conditions, and that the Board should fix the salaries of the Federal reserve agents and the members of their official staffs for the year 1933 in harmony with the action taken by the directors for the officers of the respective Federal reserve banks. The opinion was also expressed by same of the merbers present that 11/ it would be desirable at a later date to consider, in the lidht of Changed conditions and from the standpoint of the system as a whole, the question Of salaries of officers of the Federal reserve banks. During the discussionlai. Hairlin referred to a memorandum prepared bY him and attached to the report of the Comittee on Salaries and ExPenditures dated Tanuary 10, in which he commented on the salary situation in the Federal reserve banks, and stated that he had indicated his approval °f the comittee memorandum on the understanding that it applies solely to 28aarie5 of officers of Federal reserve banks and does not apply to l'edUctions in the salaries of employees. Thereupon, the following actions were taken: The salaries fixed by the board of directors for the officers of the Federal Reserve Bank of Boston for the year 1933, submitted with the ahairman's letter of January 12, 1933, which represent a reduction of 5; 1/25/33 -21- from the salaries received by the various officers during 1932, were approved as follows: Title Name R. A. Young William U. Paddock William Willett Krickel K. Carrick Ellis G. Hult Leavitt Ernest .1 Sweetser L. W. Carl B. Pitman H. F. Currier Governor Deputy Governor Cashier Secretary Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Auditor The annual retainer fee at the rate of Salary $26,500 19,000 13,300 3,550 7,125 6,636 6,650 5,700 6,175 2,400 per annum for the year 1933, fixed by the board of directors for flr. Phillips Ketchum, Counsel for the Boston bank, was also approved. In view of the action taken by the board of directors with respect to salaries of officers of the bank, the salaries of L7.2!. F. H. Curtiss, Chairman of the board of directors of the Federal Reserve Bank of Boston and Federal Reserve Agent, and Mr. C. F. Gettemy, Assistant Federal Reserve Agent, were fixed at the rates of .19,000 and .7,125 per ormun, respective1Y, for the year 1933, representin in each case a reduction of 5% from the salary received during 1932. The basic salaries ft-zed by the board of directors for the officers of the Federal Reserve Bank of New York and the Buffalo branch for the year 1933, submitted in Governor Harrison's letter of January 13, 1933, subject to the reduction at the rate of 4;) per annum in accordance with and during the Period of the share-the-work plan heretofore adopted by the bank, were aPproved as follows: 1/25/3ro -22Name G. W. .T. A. E. W. L. R. E. W. R. S. Harrison Burgess Crane Glib art Kenzel Logan. L. L. C. R. I'. L. 1. T. A. R. .aounds F. Jailer H. Coe I;:. Gidney W. Iones W. Knoke B. Matteson M. Riee Sproul D. W. E. E. H. X. A. A. W. I. 7'., J... G. H. H. Barrows W. Burt 0. Douglas C. French F. McMurray A. Llitchell M. Morgan Phelan A. Scott''' W. Waters L. Dodge W. Ferguson H. Kimball* Title Governor Deputy Governor Deputy Governor Deputy Governor Deputy Governor Deputy Governor and General Counsel Deputy Governor Deputy Governor Asst. Deputy. Governor Asst. Deputy Governor Asst. Deputy Governor Asst. Deputy Governor Asst. Deputy Governor Asst. Deputy Governor Asst. Deputy Governor and Secretary Manager Manager Manager Manager Manager I:I:mazer Manager Manager Manager Manager General Auditor Asst. General Auditor Assistant Counsel Salary 350,000 30,000 23,000 25,000 30,000 22,000 30,000 40,000 13,000 16,000 14,000 14,000 14,000 11,000 15,000 9,000 6,000 6,000 10,000 7,000 12,000 7,000 5,500 6,500 9,000 12,000 6,750 6,000 * Basic salaries of Messrs. Scott and Kimball increased from the rates of .)7,000 and 4,000 per annum to .)6,500 and .)6,000 . Per annum, respectively. Buffalo Branch R. E. ()Mara R. B. Wiltse H. W. Snou, Ir. C. L. Blakeslee Managing Director Assistant Manager Cashier. Assistant Cashier 12,000 6,400 7,000 5,500 In view of the action taken by the board of directors with respect to salaries of officers of the bank, the basic salaries of 1,:r. 3. H. Case, Chelran of the board of directors of the Federal Reserve Bank of New York 1/25/33 -23- and Federal Reserve Agent, and members of his official staff for the year 1933, were fixed at the rates set out below, each subject to the reduction at the rate of LK; per annum in accordance with and during the period of the share-the-work plan adopted at the bank: Name J. H. Case W. H. Dillistin H. S. Downs Carl Snyder Salary Title Chairnan and Federal Reserve Asent Asst. Federal Reserve Asent Asst. Federal Reserve Agent General Statistician •50,000 15,000 9,000 11,000 Action was deferred on the recomendation that the basic salary of 1,7 • H. V. Roelse, Manager of the Reports Departnent of the 'Few York bank, be increased from the rate of .;0,000 to 40,000 for the year 1933. The basic salaries fixed by the board of directors for the officers Of the Federal Reserve Bank of Philadelphia, for the year 1933, submitted With the Chairman's letter of J'anuary 13, 1933, subject to reduction (at the rate of 1.5;; per annum on the first .2,000, 2.25 qa,000, 2.6,; per annum on the next .5,000, and 3.25 per annum on the next per annum on anounts °7er 40,000) in accordance with and during the period of the share-the-work Plan heretofore adopted by the bank, were approved as follows: Name t Geo, 1. Norris Wm. H. Hutt C. A. McIlhenny W. X. Davis Xas. L. Toy R. Tr. S. R. Earl Wm. G. McCreedy Title Governor Deputy Governor Cash.ier and Secretary Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Comptroller Salary „ .30,000 18,000 12,000 9,000 0,000 7,500 7,500 7,000 The annual retainer fee at the rate of „2,500 per annum, for the /retll '1933, fixed by the board of directors for Messrs. Williams, Brittain 97 1/25/33 -24- rd Sinclair, Counsel for the Philadelphia bank, was also approved. In view of the action taken by the board of directors with respect to salaries of officers of the bank, the basic salaries of Mr. R. L. Austin, Chairman of the board of directors of the Federal Reserve Bank of Philadelphia and Federal Reserve Agent, and Messrs. A. E. Post and E. C. Hill, Assistant Federal Reserve Agents, were fixed at the rates of )20,000, 08,000 and S,000, per annum, respectively, for the year 1933, each subject to reduction, at the rates stated above, in accordance with and during the Period of the share-the-work plan adopted by the bank. The basic salaries fixed by the board of directors for the officers of the 2ederal Reserve Bank of Cleveland and its branches, for the year 1933, sUbmitted in the Chairman's letter of January 7, 1933, subject to reduction (at the rate of 2(,; per annum on the first $1,000, 2 1/2,"0 per annum on the next )2,000, ai; per annum on the next 03,000, 3 1/2,, per annum on the next 95,000, 4,; per annum on the next A0,000, and 4 1/2c; per annum on all amounts eve'. , 21,000) in accordance with and during the period of the share-the-work Plan heretofore adopted by the bank, were approved as follows: Name E. R. Fancher Li. T. Plening F. X. ZUrlinden H. T. Strater C. W. Arnold C. L. Bickford D. B. Clouser W. F. Taylor George H. Wagner F. V. Grayson Title Governor Deputy Governor Deputy Governor Cashier-Secretary Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Auditor Salary 030,000 18,000 18,000 13,000 7,800 7,500 7,500 7,800 7,800 7,800 Cincinnati Branch C. I?. McCombs Managing Director 9,000 38 1/25/33 -25Cincinnati Branch (Conttd) Name B. T. Lazar Bruce Kennelly Henry Ott Title Cashier Assistant Cashier Assistant Cashier Salary.. :)7,800 5,000 5,400 Pittsburgh. Branch J. T. P. F. C. C. A. E. Vevin Griggs Brown Cob= Ebnaging Director Cashier Assistant Cashier Assistant Cashier 13,500 8,700 6,500 5,500 The annual retainer fee at the rate of 34,000 per annum for the year 1933, fixed by the board of directors for Squire, Sanders & Dempsey, Counsel tor the Cleveland bank, was also approved. In view of the action taken by the board of directors with respect to the salaries of the officers of the bank, the basic salaries of 10r. George DeCamp, Chairman of the board of directors of the Federal Reserve Bank or Cleveland mid Federal Reserve Agent, rind Messrs. W. H. Fletcher and 3. B. Anderson, Assistant Federal Reserve Agents, were fixed at the rates of 20,000, .1.1,000 and 36,500 per annum, respectively, for the year 1933, each eubject to reduction, at the rates stated above, in accordance with and 44rinc the period of the share-the-work plan adopted at the bank. The salaries fixed by the board of directors for the officers of the 2ederal i.eserve Bank of Richmond and its branches, for the year 1933, subtkitted with the Chairman's letter of January 13, 1933, which represent ductions of from 9.:J to 11-i; (9,; per annum on salaries up to and including 10,; per annum on salaries of from 39,001 to 44,000, inclusive, and ;14,000) from salaries received by the 11 Per annum on salaries over . ' 4Arious officers during 1932, were approved as follous: 1/25/33 99 -26Title Nane George X. Seay Charles A. Peple R. H. Broaddus J. S. Walden, Jr. George H. Keesee John T. Garrett Edward Waller, Jr. W. VT.Dillard Albert S. Johnntone Travis F. Epos M. G. Wallace Governor Deputy Governor Deputy Governor Controller Cashier Nanager Assistant Cashier Assistant Cashier Manager Auditor Counsel Salary :)22,250 15,575 12,600 10,800 8,190 7,280 6,825 5,460 5,460 4,100 6,370 Baltimore Branch Hugh Leach John R. Cupit John A. Johnston Frank W%. Wrightson Llana0.ng Director Cashier Assistant Cashier Assistant Cashier 10,800 4,550 3,830 3,830 Charlotte Branch W. T. Claments R. L. Cherry Managing Director Cashier 6,825 3,650 In view of the action taken by the board of directors with respect to salaries of of of the bank, the sal/tries of Er. Ebxton, Chairman of the board of directors of the 2ederal Reserve Bank of Richmond 44a Federal Reserve Agent, and Mr. T. G. Fry, Assistant Federal. Reserve Agent, Wel'e fixed at the rates of :)17,800, and :,)8,190 per annum, for the year 1933, laPresenting a reduction of 11';; and 9, respectively, from the salsries ' l'acetved during 1932. The salaries fixed by the board of directors for the officers of the ?ecleral Reserve Bank of Atlanta and its branches for the year 1933, submitted With the Chairman's letter of January 9, 1933, which represent a reduction of 1070 from the .salftries received by the various officers during 1032, with a ll'ticLer adjustment in the case of the manager of the Jacksonville branch, 1/25/33 -27- were approved as follows: Name E. R. Black W. S. Tohns H. 7. Conniff W. S. I.:cLarin, Zr. I.:. W. Bell R. A. Sims V. K. Bowman C. R. Camp P. L. T. Beavers S. P. Schuessler L. M. Clark E. P. Paris I. Welsby Honour Robert S. Parker Title Governor Deputy Governor Deputy Governor Assistant Deputy Governor Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier General Auditor Assistant Auditor General Counsel (retainer) (Allowance fcr stenographer) Salarir :.)22,500 10,800 9,000 6,750 8,100 4,050 4,860 4,050 4,320 4,050 3,870 5,850 4,050 3,150 1,350 New Orleans Branch Marcus Walker James A. Walker W. H. Black F. C. Vasterling Wm. E. Miller Managing Director Assistant Manager Cashier Assistant Cashier Assistant Auditor 13,500 5,850 5,580 3,348 2,646 Birmingham Branch J. H. Frye H. T. Urquhart T. Y. Knowlton Eanaging Director Cashier Assistant Cashier 5,850 3,780 2,592 Jacksonville Branch Managing Director HU24 Foster Geo. S. Vardeman, Ir.Cashier Assistant Cashier Mary E. Mahon 5,850 4,050 2,160 Nashville Branch Joel B. Fort, Zr. E. R. Harrison Leo W. Starr Managing Director Cashier Assistant Cashier 5,350 4,050 2,520 Havana Ac;enez H. C. Frazer A. H. Alston Manager Assistant Manager 7,560 5,670 101 1/25/33 -28Savannah Ato;ency Title Name T. H. Bowden Tames A. Goethe Salary Manager Assistant lianager 2,160 In view of the action taken by the board of directors with respect to salaries of officers of the bank, the salaries of Lir. Oscar Newton, Chairman of the board of directors of the Federal Reserve Bank of Atlanta and Federal Reserve Agent, and IJr. Ward Albertson, Assistant Federal Reserve ACent, were fixed at the rate of •,a8 000 and ..:;8,100 per annum, respective- 1Y, for the year 1933, representing in each case a reduction of 10,-, from the salary received during 1932. The salaries fixed by the board of directors for the officers of the Federal Reserve Bank of Chicago and its Detroit branch for the year 1933, sUbmitted with the Chairman's letter of January 6, 1933, which represent, with an exception in the case of I:r. 1. VI. Turner, whose salary was first increased from 4,5OO to ,)5,000 per annum, a reduction of 5-,; per annum from the salaries received by the various officers during 1932, were approved as follows: Name X. C. T. W. -2.• D. 0. F. J. B. EcDougal R. licKay H. Dillard C. Bachman A. Delaney A. Tones T. Netterstrom Bateman C. Callahan R. E. Coul-ter Tit le Governor Deputy Governor Deputy Governor Asst. Deputy Governor Asst. Deputy Governor Asst. Deputy Governor Asst. Deputy Governor Manager Securities Department Manager Member Bank Accounts Department Manager Cash Cus tody Department Salary 33,250 20,900 13,775 8,550 7,125 7,125 8,550 5,700 6,175 6,175 1/25/33 -29Name I. 2. F. L. A. Dazey Fischer J. Hargreaves A. Linda ten G. Meyer L. Olson L. G. Pavey F. L. Purrington X. G. Roberts Turner F. R. Burgess W. A. Hopkins Carl Meyer Salary Title Manager Investment Departaent I:Tanager Check Department Manager Personnel Department Eanagor Disbursing Department 1..Tanager Service Department *Manager Loans and Assistant Secretary ranager Collection Department Manager Discount Department Lianager Cash Department ranager Loans. Generni Auditor Assistant Auditor Counsel 36,650 6,175 6,650 5,700 6,175 5,510 5,037.50 5,037.50 6,412.50 4,750 8,550 6,650 9,500 Detroit Branch W. FL J. G. F. I. a. Cation X. Chalfont G. Baskin T. Jarvis L. Bowen Levin ranaging Director Cashier Assistant Cashier Assistant Cashier Assistant Auditor Assistant Counsel 13,300 8,075 6,412.50 5,462.50 4,275 2,850 The action of the Board in approving the salary fixed for Mr. George T. jarvis, Assistant Cashier at the Detroit branch, was taken with the understanding that Mr. Jarvis' resignation will be forthcoming on or before April 1, 1933. It was noted from the Chairman's letter that because of the horiZontal reduction of 5,; in all salnries, the board of directors had rescinded their action of December 23, 1032, adoptin a share-the-work plan at the Ohica_:o bank. In view of the action taken by the board of directors with respect to the salaries of the officers of the bank, the salaries of Er. E. L. Stevens, Chairman of the board of directors of the Federal Reserve Bank of Chicago and Federal Reserve Agent, and the members of his official staff 10:3 1/25/33 -30- were fi:zed for the year 1933, at the rates set out below, representing in each case a reduction of 5 Name E. K. Stevens C. S. Young G. A. Pruch H. G. Pett from the salary received during 1932: Title Salary Chairnan and Federal Reserve Agent33,250 6,550 Asst. Federal Reserve Agent 5,700 Asst. Federal: Reserve Agent Research and Division Manager, 6,650 Statistics The salaries fixed by the board of directors for the officers of the Federal Reserve Barl'7 of St. Louis and its branches for the year 1033, submitted with the Chairman's letter of January 7, 1933, were approved as follows: Name :ii. ::cc. Lartin 0. L. Attebery J. G. .1:Te.Conkey A. H. Haill S. F. Gilmore N. Hall G. 0. Hollocher 0. C. Phillips 1], J. /levy A. E. Debrecht Title Governor Deputy Governor Deputy Governor and Counsel Controller Controller Controller Controller Controller Auditor Assistant Auditor Salary .23,000 17,000 10,000 7,500 7,000 6,000 4,500 4,500 8,000 3,900 Louisville Branch John T. Moore C. A. Schacht S. B. Jenks Lee A. Moore libnaginz Director Cashier Assistant Cashier Assistant Auditor 6,000 7,000 4,000 2,700 Memphis Branch W. H. Glasgow S. K. Belcher C. E. Liartin Eanaging Director Cashier Assistant Cashier 10,000 5,300 4,800 1/25/33 10-1 -31Little Rock Branch Name A. 2. Bailey H. Long C. Wood Title r:anad.ng Director Cashier Assistant Cashier Salary 4,800 3,900 In view of the action taken by the board of directs with respect to salaries of officers of the bank, the salaries of Ir. Tohn C. Wood, Clia.irnan of the board of directors of the 2ederal Reserve Bank of St. Louis 7ederal Reserve Agent, and Ir. C. H. Stewart, Assistant 'federal Reserve Agent, were fixed at the rates of ;20,000 and -10,000 per annum, respectivefor the year 1933. The salaries fixed by the board of directors for the officers of the 2ederal _Zeserve Bank of :inneapolis and its Helena branch for the year 19 ") submitted with the Secretary's letters of January 17 and 20, 1933, were approved as follows: home Wm. B. Geery Harry Yaeger Harry I. iemer Frank C. Dunlop Leonard C. Rast Harold C. Core Arthur R. Larson Otis R. Preston Ilia. -2]. Peterson Andreas Ueland Title Governor Deputy Governor Deputy Governor and Cashier Controller Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Counsel (retainer) Office Expense Salary 25,000 13,000 0,500 8,000 5,000 5,500 5,300 4,000 4,000 5,000 4,000 Helena Branch Robert I]. Towle Albert A. Hoerr Clinton J. Larson Taylor B. Weir lianaging Director Cashier Assistant Cashier Counsel (retainer) 7,000 4,000 3,000 1,200 105 1/25/33 -32In view of the action taken by the board of directors with respect to salaries of officers of the bank, the salaries of Ir. John H. Uhairman of the board of directors of the Federal Reserve Bank of i:inneapolis and Federal Reserve Agent, and Tessrs, F. k. ailey and C. L. Kosher, ABeistant Federal Reserve Agents, were fixed at the rates of :20,000, and 7,500 7,000 per annum, respectively, for the year 1933. The salaries fixed by the board of directors for the officers of the 2edern1 Reserve Bank of Kansas City and its branches for the year 1933, sUbmitted with the Chairman's letter of January 11, 1933, which represent reductions of 4 additional on the first .1,000 and an additional 11/12 of le; for each 1,000 or fraction thereof, from the salaries received by the -various ofl'icers during 193:], were approved as follows: Name Geo. H. Hamilton C. A. Worthington J. 'J. Helm John Phillips, Jr. G. E. Barley E. P. Tyner Geo. H. Pipkin M. W. E. Park N. R. Oberwortmann S. A. Wardell H. G. Leedy Title Governor Deputy Governor Deputy Governor and Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier and Exinor Auditor Counsel Salary 21,252 14,262 10,914 6,528 6,528 6,348 5,622 5,622 4,710 7,422 8,838 Denver Branch J. -. Olson j. A. Brawn John A. Cronan LJanai;ing Director Cashier Assistant Cashier 9,186 4,524 4,062 Omaha Branch L. H. Earhart G. A. Gregory Wm. Phillips O. P. Cordill idanaging Director Cashier Assistant Cashier Assistant Cashier 9,186 5,622 4,524 4,062 1/25/33 -33Oklahoma City Branch Naine C. E. Daniel A. O. 'Clunderlich R. L. flathes Title Liamaging Director Cashier Assistant Cashier Salary 09,186 5,346 4,062 In approving the compensation fixed by the board of directors for Leedy, Counsel, it was understood that :Ir. Leedy will continue to maintain his office in the Kansas City bank building and Day the regular rental rates for the space occupied. In view of the action taken by the board of directors with respect to salaries of officers of the bank, the salaries of 1. L. L:cClure, chairman of the board of directors of the Tederal Reserve 73anh of Kansas City and Federal Reserve Agent, and 'Er. A. K. EcAdans, Assistant Federal lieserve Agent, were fixed at the rates of :)17,460 and 4,186 per annum, reopectively, for the year 1933, representing a reduction in each case at the rates set forth above from the salary received during 1032. The basic salaries fixed by the board of directors for the officers ) c f the 2ederal deserve Bank of Dallas and its branches for the year 1935, subnitted with the Chairman's letter of January 18, 1933, subject to tIle reduction at the rate of 52; per annum in accordance with and during the Period of the share-the-work plan heretofore adopted by the bank, were 4Pgroved as follows: Name B. A. EbKinney R. R. Gilbert R. B. Coleman 2red Harris If. O. Tord Title Governor Deputy Governor Deputy Governor Cashier Asst. Deputy Governor Salary .30,000 15,000 10,500 9,600 7,000 1 107 1/25/33 Name E. B. Austin L. G. Pondrom R. 0. Webb "J. P. Clarke O. C. True atlas. C. Huff Locke, Locke, Stroud and Randolph Title Salary Assistant Cashier Assistant Cashier Assistant Cashier General Auditor Assistant Auditor Counsel (retainer) c)6,000 6,000 5,500 7,000 4,300 1,200 Counsel (retainer) 9,000 El Paso Branch J. L. Hermann Allen Sayles Managing Director Cashier 6,000 4,200 Houston. Branch W. D. Gentry H. R. DeLloss Managing Director Cashier 8,000 4,300 San Antonio Branch M. Crump W. E. Eagle Managing Director Cashier 7,500 4,500 In view of the action of the board of directors with respect to salaries of officers of the bank, the basic salaries of Mr. C. C. Walsh, Chairman of the board of directors of the Federal Reserve Bank of Dallas arld Federal Reserve Agent, and Messrs. C. C. Hall and W. J. Evans, Assistant resderal Reserve Agents, were fizzed at the rates of :20,000, 09,000 and C=18,500 per annum, respectively, for the year 1933, each subject to the reduction at the rate of 5 per annum in accordance with nrd during the Period of the share-the-work pier adopted at the bank. The basic salaries fixed by the board of directors for the officers (4' the Federal Reserve Bank of San Francisco and its branches for the year submitted with the Chnirman's letter of January 14, 1933, subject to reductions (at the rate of 4% per annum on salaries from :;3,000 to '",;4,999, 108 1/25/33 -35- inclusive, at the rate of 5-;.; per annum on salaries from ,:15,000 to 9,999, inclusive, and 6 1- per annum on salnries of %)10,000 per annum and aver) in accordance with and durinc the period of the share-the-work plan heretofore adopted by the bank, were approved as follow . Nano X. U. Calkins Thu A. Day Ira Clerk Vt. E. Hale C. E. Earhart C. D. Phillips B. E. Mangels E. C. Lailliard X. M. Osmer Y. E. Holman R. T. Hardy Title Governor Deputy Governor Deputy Governor Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier General Auditor Auditor Salary $30,000 18,000 16,000 11,000 7,200 6,300 6,300 5,200 5,000 7,200 5,000 Los Angeles Branch W. E. Ambrose MeRitchie Trod C. Bold L. C. Meyer M. Managing Director Assistant Manager Assistant Cashier Assistant Cashier 10,000 5,300 5,000 4,500 Portland Branch R. B. West S. A. MacEachron X. P. Blanchard Managing Director Assistant Manager Assistant Cashier 7,200 5,000 4,200 Salt Lake City Branch W. L. Partner H. m. Craft W. L. Smoot Lanaging Director Assistant Manager Assistant Cashier 7,500 5,300 4,200 Seattle Branch C. R. Shaw B. A. Russell ' G. W. Reif Managing Director Assistant Lianager Assistant Cashier 7,200 4,800 3,900 109 1125 Spokane Branch Title Name D. L. Davis X. ::. Leisner A. J. Duran Managing Director Assistant Manager Assistant Cashier Salary c)7,000 5,000 4,500 The annual retainer fee at the rate of .)10,000 per annum fixed by the board of directors for Mr. A. C. Agnew, Counsel for the San Francisco bank, was also apnroved. In view of the action of the board of directors with respect to salaries of officers of the bank, the basic salaries for the year 1933, of 1 .r. Isaac B. 'Newton, Chairman of the board of directors of the Federal Reserve Bank of San Francisco and Federal Reserve Agent, and Messrs. S. G. Sargent and 0. P. Wheeler, Assistant Federal Reserve Agents, were fixed at the rates of -24,000, 44,000 and .6,600 per annum, subject to reductions at the rate of 6, 6:; and 5,; per annum, respectively, in accordance with elnd durin: the period of the share-the-work plan adopted at the bank. Reference was then made to the action of the board of directors of the Federal Reserve Bank of Philadelphia, commullicated in the Chairman's letter of Tanuary 4, 1933, in authorizing the payment to Mr. Howard A. Loeb, Who has been selected as a menber of the Federal Advisory Council representthe Third Federal Reserve District for the year 1933, of 400 for each IneetinC; of the Council attended by hin in lieu of actual expenses; also to the action of the board of directors of the Federal Reserve Bank of St. communicated in the Chairman's letter of january 7 1933, in author- an allowance of ..1,000 per annum in lieu of fees and actual expenses Smith who has been selected as a member of the Federal 1 1/25/33 -37- Advisory Council representing the Eighth Federal Reserve District for the current year. The Assistant Secretary stated that these allowances are the same as were approved by the boards of directors of the Philadelphia and St. Louis banks for 1932. Alliances approved. Reports of Standing Committee dated January 19, 21 and 24, 1933, l'ecommending approval of the following changes in stock at. 2ederal reserve banks: lication for ORIGIUAL Stock: al, EIElpt No. 7. --Terminus National Bank, Chicago, Illinois. 4k1211cations for SURRENDER of Stock: Illptrict No 2 „------• * • Citizens National Bank (74 Trust Co., Hornell, N.Y. (Insolvent) 4.3.I.ELILLat 7!.. ,v1rst National Bank, razon, Illinois. (Insolvent) Pirst National Bank, Russiaville, Ind. (Insolvent) 111AIict No. 8. DnioE717;MTany, East (Decrease in capital) Shares 60 60 165 165 45 30 75 180 180 54 51 37 37 16 Total 16 527 St. Louis, Illinois. District ---.. r....___ ro• i 10. Citizens National Bank, Glenwood Springs (Insolvent) Colo. Distri t Y --_ 11 xirst National Bank, Whitney, Texas. (V.L.Suc. by First National Bank in Whitney, Texas.) District No. 12. 81xena State Bank.., Buena, Washington. (Insolvent) Approved. aeports of Standing Committee dated January 19, 20 and 23, 1933, l ''cornmending E approval of the following Clayton Act applications: l/25/33 -38- Mr. Robert 7iinthrolp Kean, for permission to serve at the same time as director and officer of the Livingston National Bank of Livingston, New jersey, and as director of the National State Bank of Llizabeth, New Jersey. Er. Parry C. Wiggin, for permission to serve at the same time as director of the :first National Bank in Reading, Reading, Massachusetts, and as director of the Merchants Trust Company, or Lawrence, Massachusetts. George R. Beach, for permission to serve at the same time as director of the 2irst National Bank and Trust Company of Montclair, New jersey, and as director of the New Jersey Title Guarantee and Trust Company of Jersey City, New jersey. Approved. Thereupon the meeting adjourned. APProved: Chairman, *E:4.-ecutive Committee.
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