The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
office of A meeting of the Federal Reserve Board was held in the the Board on Thursday, July 13, 1922, at 10:20 a.m. PRESENT: Governor Harding Mr. Hamlin Mr. Miller Mr. Mitchell Mr. Crissinger Mr. Hoxton, Secretary. Minutes of the two meetings of the Board held July 12th were read and on motion approved. The Governor reported the reserve positions of the several Federal reserve banks as at close of business July 11th. Mr. Hamlin submitted report of the Law Committee upon the letter from the Governor of the Federal Reserve Bank of Richmond, with reference to undried or green tobacco as a readily marketable paper. Upon motion, the report of the Law Committee was accepted and ordered filed. Letter dated July 12th, from the Chairman of the Senate ComMittee Board on Banking and Currency, requesting the views of the Federal Reserve of conwith respect to Senate Joint Resolution 222, authorizing the letting tracts for the buildings of the Federal Reserve Bank of St.Louis, for the head office and the Little Rock Branch, and for the Salt Lake City Branch of the Federal Reserve Bank of San Francisco. Referred to the Governor for reply, expressing the approval of the Federal Reserve Board of the terms of the Joint Resolution. -2- Letter dated July 7th, from the Federal Reserve Agent at San Francisco, submitting the application of the San Fernando Valley Savings Bank to establish a branch at Newhall, Los Angeles County, California, it being noted that Mr. Perrin, in the concluding paragraph of his letter, uses the following language: "Owing to the unsatisfactory condition of the affiliated institution under the same management, we doubt very much the advisability of even granting the application, subject to the necessary increase in the capital." Upon motion, the Secretary was instructed to advise Mr. Perrin that the Board construes the above language quoted from his letter as a recommendation that the Federal Reserve Board disapprove the application, and that, therefore, the said application stands disapproved. Memorandum dated July 13th, from the Assistant Secretary of the Board, advising that the services of Carl M. Skinner, messenger, have been satisfactory durinf7 the probationary period of his appointment, and recommending that his name be placed on the permanent roll, with an increase in salary from $1080 per annum, at which rate probationers are paid, to $1160 per annum, the minimum salary rate of messengers on the permanent roll. Approved. Mr. Miller moved that the salary of Mr. Steiner, Acting Director of the Division of Analysis & Research, be fixed at $4800 per annum, effective July 1, 1922. Approved. Letter dated July'llth, from the Federal Reserve Agent at Atlanta, countersigned by the Governor of the Bank, giving specific reasons why that Bank recommended that the Federal Reserve Board approve the application of the Planters Bank of Carlton, Ga. for admission to the Federal Reserve System. Upon motion, the application of the Planters Bank of Carlton, Ga. was reconsidered and approved, Mr. Mitchell voting "no". Mr. Hamlin stated that he had increased the salary of his Secretary, Mr. J. P. Moore by $160. per year, effective July 1, 1922. Yr. Hamlin stated further that he had neglected to make the authorized increase of 3100. per annum in the salary of Mr. Moore last year, and therefore desired to make an increase of $160. at this time, making Mr. Moore's salary 32900 per annum. Five letters from the Comptroller of the Currency, dated July 12th, requesting approval of the following salaries for the following National Bank Examiners: Name Marvin J. Knight Edward L. Chapman J. Garver Bly Ralph H. Derr Frank H. Clement Approved. REPORTS OF COMMITTEE NO. 1: lalary *'' 2700 3000 2700 2400 3600 District 11 10 7 3 2 Dated July 12th, Recommending changes in stock at Federal reserve banks, as set forth in the auxiliary minute book of this date. Approved. -4- Dated July 11th, Recommending action on applications for fiduciary powers as set forth in the auxiliary minute book of this date. Approved. Dated July 12th, Recommending admission of state banks, subject to the conditions stated in the individual reports attached to the applications, as set forth in the auxiliary minute book of this date. Approved. Dated July 12th, Recommending approval of the application of Mr. James A. Eldredge to serve at the same time as director of the Deseret National Bank, and as director of the Deseret Savings Bank, both of Salt LAke City, Utah. Approved. At 11:15 a.m. the meeting adjourned. Secretary.
@FedFRASER