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A meting of the Federal Reserve Board was held. in the office of the Board on Tuesday, January 30th, at 10:30 a.m. ...7.1.1: PRESE, Vice Govcrnor Platt Mr. Hamlin Mr. Mitchell Mr. Cris singer Foxton, Secretary Mintites of the meeting of the Federal Reserve Board held on January 25th were read and on motion approved. The Vice Governor reported the reserve positions of the several Fed"al Reserve banks as at close of business January 24th, 25th, 26th and 27th. Mr. Mitchell, Chairman of the Committee on Salaries and Charge Offs submitted a letter of January 25th, from the Chairman of the Federal Reserve 13ank of New York, stating that Governor Strong had reported that the Federal Itessrve Board had consented to review, certain cases of salary adustments v.hich had been acted upon by the Board at its meeting of January 2nd, a,nd resubmitfor the approval of the Board recommendations for saliry increases affectirg seven of the thirty-six officers at the Federal Reserve Bank of New York. Upon motion, it was voted to reconsider the action taken by the Board. on January 2nd, with respect to the salaries at the Federal Reserve Bank of New York. Thereupon, upon motion, the following irrreases in salaries, effective January 1, 1923, were approved: A. J. L. C. E. '7. J. V. Gilbart W. Jones R. Rounds Snyder C. French B. Matteson L. Dodge 'i12,500 10,000 12,500 10,000 6,000 10,000 6,500 to :1313,500 to 11,000 to 13,500 to 11,000 7,000 to to 11,000 7,200 to Offs, Mr. Mitchell, reporting for the Committee on Salaries and. Charge the BIttlitted, with favorable recomrnerrlation, a letter of January 25th, from r 1/30/23 -2- Chairman of the Federal Reserve Bank of New York advising that the Board of Directors of that Bank had voted to renew their recorrmendat ion made in 1921, that the salary of Mr. J. H. Case, senior Deputy Governor be increased from 1 -30,000 to .1,40,000 nor annum. In presenting th is letter, Mr. Mitchell stat ed that he had conferred with the Secretary of the Treasury in this matter, and that the Secretary believed that the recomnxmdation of the Board of Directors of the Federal Reserve Bank of New York should in this case, be approved by the Federal Reserve Board. The Vice Governor stated that while he vas in favor of the proposal to authorize an increase in the salary of Mr. Case as stated, he desired to call attention to the fact that this action will place the salary of a Deputy Governor of the Federal Reserve Bank of Ni York hii.er than the salary of the Federal Reserve Agent, and hier than the salaries of the Governors of some of the other Federal Reserve banks. Mr. Platt, stated, however, that the federal Reserve Bank of Mew York, on account of the magnitude• of its operations, should be considered as a special case, and that the proposed action with 'reference to the senior Deputy Governor's salary should not be considered as a precedent. Upon motion, it vas voted to appmve for Deputy Governor Case, a salary of .I 40,000 per annum, effective January 1, 1923. Mr. Mitchell, Chairran of the Committee on Salaries and. Charge 0-'fs, submitted a letter of January 10, 1923, from the Chairman of the Federal Reserve Bank of Cleveland, requesting the Federal Reserve Board to reconsider the action ta.ken at its meeting of January 2nd, with respect to the salaries °f Mr. Stephenson and Mr. C. Arnold.. Upon motion, it was voted. to reconsider the action of the Board. taken at its meeting of january 2nd, with respect to the salary adjustments at the Federal Reserve Rank of Cleveland. Thereupon, it was voted to alprove for Mr. Stephenson en increase in salfry of '''400 per annum and for Mr. Arnold an increase in salary of '".1,000 per annum, both effective January Mr. mitatell, Chairman of the committee On Salaries and Charge Offs, teved, in view of representations made to the Board by Mr. Hardy, Chairman 1/3o/23 of the Federal Reserve Rank of Richmond,. on January 26th, that the Board recOnsider its action of January 2nd, with reference to salary ad,ustments at the Federal 'Reserve Bank of Richmond. Carried. Upon motion the Board voted to reaffirm in the salits action in disapproving an increase of ary of rr. J. `1,.. Fry, Assistant Pet"oral Reserve Agent. The Board, upon motion, voted, to approve the recommendation of the Federal Reserve Bank of Richmond, that Mr. qeorge S. Sloan, Assistant Cashier, be granted. an increase effective January 1, l93. of ..500 from •'4,000 to 4,50). Upon motion, the Board voted to reaffirm its action of January :nd, in approving an increase of '500 (from 4,000 to ,34,500) in the salary of T-Tugh Leach, Auditor, effective January 1, 1923, in lieu of the increase of A000 recommended by the Federal Reserve BaA.7. of !i_chtm,nd, it being understood that the Board will be willing to consider another increase for 1-r. Leach at the end of the current year. Letter dated January 19th, from the Chairram of the Federal ''eserve Bank Of 3an rrailci sco, with further reference to his letter of January ,=th, in- quirin ,7 if the loard has any objection to an Assistant Federal •'-serve AP.ent acting as Secretary tc the Board of Directors of the Bank. Upon motion, it was voted that the Board interposes no objection to an Assistant Federal Reserve Agent acting as Secretary to the Board of Directors of a 't!'ederal Reserve bank. tter dated January 25th, from Mr. L. Sailer, Deputy Crovornor of the Federal Reserve Bank of Mew York, requesting the approval of the Board, of a salary of 6,000, for Mr. A. L. Vinceit, recently employed by the Bank as Chi of engineer on the new Mew York Bank bui id in g. Appro v ed. Letter dated January 22nd, from Mr. Edward 2.;11iott, Vice President Of the L3ecurity "rust and. Savings Bank of Los Ano,e1 es, California, with rei'erence to the Borrd's 1etter of Janupry 9th, enclosinf; a copy of an opinion 1/30/23 Of the Board's General Counsel on the subject of reserves against special savins deposits in California Stat e remb ex Banks. 1Tot ed. Mr. Hamlin referred to the recent request of Mr. Perrin and Mr. Calkins that the Board authorize them to come to Washington for the purpose Of discussing with the Board the action recently taken with respect to the reserve required to be carried against special savings deposits in the California State Member Banks and moyed_ that all Federal Reserve Agents be advised that the Federal Reserve Board will conduct a hearing on tiv above subject at eleven o'clock a.m. on We inesday, March 7th. Carried. Circular letter prepared for the sigmatizre of the Secretary and addressed, to the Governors and Chairmen of all Federal Reserve banks on the subject of the employment of Honorable John w. Davis in all Par Clearance Litigation, and also a letter prepared for the signature of the Acting aovernor, addressed to Honorable John V.'. Davis, advising of the Board's arrangement in the matter. Approved. Telegram dated January 27th, addressed by the Secretary of the Board to the Chairman of the Federal Reserve Bank of .3a.,n Francisco, transmitting the Board's approval of the application of the Bttnk of Italy to take over the Bank of Vacaville, Vacaville, California, and the Petaluma Swiss Amaricc.in netaluma, California, and. to establish branches on their premises, 1/30/23 -5Fornally approved, it having been previously approved by the initials of 1,essrs. Platt, T'itchell and Hamlin, Mr. Crissinger vot ing "no". Letter dated January 24th, from the Federal Reserve Agent at San Franci ace, transmitting with favorable recor-meulation, the application of the Bank of Italy to establish a branch at the northwest corner of Seventh and Clive Streets in the city of Los Angeles, California. Approved, Mr. Crissinger voting "no". Telegram dated January 19th, from the Thairman of the Federal Reserve Bank al San Francisco, giving forther in cormat ion with respect to his letter of tlarinnry 12th, transmitting with favorable recommeniation, the application of the oramtnto !_:an Joaquin Bank, the Union 'rational Bank, .0'resno, and the Merchants . --Alonal Bank of San Francisco, to consolidate, said t el i,•0;ram having been referred by the _Ivecutive Connittee at its meeting of January ;24th, to Mr. ITarnlin for his inspection. Upon motion, the cc ns_ lidation reL'ered to was approved. Letter dated January 19th, from the Chairman of the Federal Reserve Bank of ' 6-111 Francisco, vith further reference to his letter of January 12th, and to his telegram of January 19th, transmitting with favorable recommendation, the application of the Sacramento 'jan Joaquin Bank of Sacramento to establish branches at -;321. ,,,Tancisco and Fresno, upon the premises formerly occupied by the Merchants tational Bank, San Francisco, and by the Union 7ationa1 Rank of Fresno. Approved., l'r. Criss' rrer vo ting "no". Memorandum dated January 29th, from the Secretary of the Federal Reserve Beard, advising that the Board has received one hundred printed copies of the transcript of stenographic minutes of the Conference with the Federal Reserve 1/30123 Federal "3esBoard of the Federal Advisory Council and the Class 2. Directors of to erve banks hold in 77ashington, May 18, 19O, and reouesting instructions as their disposition. Referred to the Vice Governor with power. Memorandum dated January 27th, from the Assista.nt Secretary of the Bod suggesting that a Cormittee be appointed to draft and submit regulations to the Board in compliance with a communication dated January 22nd, from the Comptroller General of the 'United States, .suggesting that sirh regulations be while Prepared for the guidance of the employees of the Federal Reserve Board travellinto: on official business. efrred to the Secretary of the Board. Memora.ndum dated January 29th, from the Comptroller of the Currency transmitting with favorable recommendation, the application of the First .;ational Bank of Bosv,rell, Oklahoma, to reC.uce its capital stock from '75,000 Approved, Letter dated January 18th, from Mr. Criannini, President of the Bank c'f Italy, San Francisco, addressed to Mr. Miller with reference to the natter Of examinations of the Bank of Italy and its branches. Upon motion, ordered laid ion the table until a reply has been received to the Board's letter of JanuNry 19th, addressed to Mr. Perrin, regarding examinations of state member banks in nalifornia. . to Memorandum dated January 27th, from the Assi stant Counsel, addressed existing' 17r, iTarnlin on the subject of "Bills of :Exchange drawn against actually values." Noted. 0 " 14 . 4.47 -7- Letter dated January 26th, from the rloraptroller of the (urrency recomrnondin-, n irrrease in the salL ry of Natiorcl •Bank 2]xmlner •Dalph P. Derr from • 2,400 to '3,000 per annum, effective ,,`ebruary 1, 19, 3. A)proved. Letter dated ja,nu' ry LL,V, , from the Comptroller of the Currency recommend lac, the reinstptenent of Frs. Lary 0.Fulvihill as a money counter at a salary of 1;1440 per annum, in the Federal :eserve Issue and ReCemption effective January 30, 1922. ILporov ed. 7wo letters dated January 26th, and. three letters dated January 27th, from the Comptroller of the Currency, recommending: the axrove,1 of the tqlov,•inr", salaries to be paid to Tiational TIank Ixaminers in the various Federal Peserve 1)istricts: NaMe 1:urphy Leon TT. Polley Joseph u. oonner Frank S. T.!cGarvey Inother Charles Salary 2,700 2,750 2,400 2,700 3,000 District First Fourth Taighth Ninth "enth Apprcv ed. T:emor=dn- dated January 27th, from the 'ssistant :ecretary of the Poard, advisin of the resimation of Frs. ith P. Kane in the ')ivision of Analysis `Ind Research, effective january lbth, ai Louise request in authority to appoint :•iss Young to fill the vacancy for a probationary period of sixty days at sal ary of '1340 per annum. Approved. 1/30 -8- R2PORns OF C0/17ITT.E.,.' .70. 1: Dated jantv ry 24th, 25th, 26th, 27th, Dated tTarlipry 27th, Dated January 29th, Dated January 20th, Recommending action on applications for chances in stock as set forth in the Auxiliary ',‘'inute Book of this date. Approved. Recommending ac ion on applications for fiduc r-iry pov.ers as set forth in the Auxiliary Yinute Book of this date. Approved. ReccJinnending action on applications for admission of state banks, subject to the conditions stated in the individual reports attached to the application, as set forth in the Auxiliary Minute Book of this date. Approv ed. Tiecommending approval of the application of 7r. Charles A. Valentine to serve at the same time as director of the Fl rst liat i onal Bank, Yonkers, New York, and of the Fl rst rrvtional Bank of DIstings-on-Hudson, Yew York. '-.9proved. The meeting adjourned at 12:40 p.m. ecr Vice Governor. nry.
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