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38 A meeti -pg of the iederal Reserve Board was held. in the office of the Governor on aednesday, July 21, 1926, at 10;30 a.m. PR:F.13E112 Governor riss in.ger Dlatt Er. Hen1in Mr. Janes Er. McIntosh Mr. Eddy, Secretary r. Noell, Assistant Secretary (2he minutes of the meeting of the Executive Committee of the "federal Reserve Board held on July 20, 1926, were read. and upon motion the actions recc.)rd.ed therein were ratified.. The minutes of the meeting of the iederal Reserve loard held on July 7, 1926, and the minutes of the meetings of thexecutive Committee of the Federal :teserve Board held. on July 14th and 16th, which were circulated and approved. on initials of five members of the Board, were formally approved. he Governor then presented draft of a telegram prepared. by uounsel in reply to a telegram dated July 20th from Deputy Uovemor Campbell of the Federal 1-ieserve Bank of Atlanta, the proposed telegram stating that under Section 16 of the iladeral eserve act, Federal Reserve banks must receive on deposit at rar checks on member banks when sent by member banks and can not legally remove a member bank from the par list until it is officially closed, and having received. such checks the reserve bank must necessarily present them promptly for payment, using all reasonable precautions to avoid liability fClr negligence; the telegram also stating that presentation throuji another bank or some other agent was a necessary precaution under the circumstances. Approved. Letter dated July 20th from Derlaty uovernor Harrison of the 'ederal Reserve Bank of .few York, with referenco to conditions in Paris and the 39 7/21/26 -2- French situation generally. Ated. Report dated June 28, of Special Committee appointed by the Board on April 8, 1926, to investigate the desirability of setting up in the Federal leserve board a Division of Credit Information. After discussion, upon motion by la'. Platt, it was voted that Professor 0. M. J. Sprague be notified that the Board will be glad to hear him on the subject before final action is taken on the report, and that Friday, July 23rd, be fixed as the date on which he will be heard. Lemorandum from Counsel dated JUMB 4th with reference to the authority Of Federal Reserve banks to receive deposits of securities from Farm Loan liegistrars, Federal Land Banks and Intermediate Credit Banks for safekeeping, Which was ordered circulated at the meeting of the Board held on June 29th. Upon motion by fir. James, it vas voted to refer the matter to the next Joint Conference of Uovernors and Federal dose rye Agents for reconmendation. The Secretary presented draft of letter to the Chief Oletk of the Treasury Department in reply to memorandum from him of July 20th, with regard to reimbursement of the Federal Aeserve Board by the (2reasury Department for the handling of .2reasary telegrams over the Federal Reserve Leased 'Are System. Upon motion by 1:r. Platt, the proposed was approved. letter Draft of circular letter prepared by Counsel to all Federal Reserve Agents requesting that when a k;layton Act application which involves banks located in more than one Federal Aeserve District is presented to the Federal 40 -3_ 7/21/26 Reserve Agent of one district without the approval of the Agent of the other district involved, it be sent to the Federal Reserve Agent of such district ta order that he may attach his recommendation before the application is forwarded to the Board. Approved. Letter dated July 7th from the Chairman of the Board of Directors of the Federal Reserve Bank of Dallas, recommending increases in the salaries Of certain employees of the bank as listed below; Mr. James, Chairman of the Board's Committee on salaries and Expenditures recommading that the Proposed increases be not approved in view of the Board's policy that except in unusual cases salary increases should be made at the end of the calendar year, and Mr. Platt, the other member of the Board's Committee recaramending approval of the increases recommended. Present Salary G. H. Doerner, Assistant manager, Accounting Department, L,./14, Rowland, Assistant Manager, Loan Departnent. E. A. Birdsong, Examiner L. C. Briggs, Manager, :Oransit Department, Houston Branch, J. M. Ashley, Chief Clerk, Federal Reserve Agent's Department Proposal Salary 2,500 .A,800 3,300 3,000 3,600 3,300 2,400 2,700 2,700 3,000 Following discussion, Mr. Platt moved that the Board approve the increases recommended. Mr. Platt's notion, being put by the Chair, was lost, the members voting as follows: Governor Crissinger, "ma" Mr. Platt, "aye" Mr. Hamlin, "aye" Mr. James, "no" Mr. McIntosh, "no" 7/21/26 -4- REPORTS OF STANDING COMMITTEES: Dated, July 20th, Recommending changes in stock at Federal Reserve Banks as set forth in the auxiliary minute book of this date. Approved. Dated, July 16th, Recommending approval of the application of It's G. M. Leslie to serve at the same time as Director of the Old National Bank, Fort Wayne, Ind., and as Director of the,Tri-State Loan & Trust Co., Fort Wayne, Ind. Approved. Dated, July 16th, Recaamending approval of the application of Mr. August E. C. Becker to serve at the sane time as Director of the Old National Bank, Fort Wayne Ind., and as Director of the Tri-State Loan and Trust Company, Fort Wayne, Ind. Approved. Dated, July 16th, Recommending approval of the application of Mr. H. J. Bowerfind to serve at the seine time as director of the Old National Bank of Fort Wayne, Ind., and as Director of the Tri-State Loan and Trust Company of Fort Wayne, Ind. 'Approved. Dated, July 16th, Recommending approval of the application of Mr. Willis Hattersley to serve at the same time as director of the Old National Bank of Fort Wayne, Ind., and as Director of the Tri-State Loan and Trust Company or Fort Wayne, Ind. Approved. Dated, July 16th, Recommending refusal of the application of 1.1r. J. C. Ellsworth to serve at the sane time as director of the First National Bank,. South Bend, Ind., and as director of the American Trust Company South Bend, Ind. Refused. Dated, July 16th, Recommending refusal of the application of Mr. Francis A. Lewis to serve at the same tine as Director of the Corn Exchange National Bank, Philadelphia, Pa., as President and Director of the Real Estate Title Insurance & Trust Company, Philadelphia, are. as Director of the Pennsylvania Company for Insurance on Lives and Granting Annuities, Philadelphia. Refused. Dated, July 16th, Recommending refusal of the application of Lir. Bruce F. Failey to serve at the sane time as Director of the Terre Haute National Bank, Terre Haute, Ind., and as Director of the United States Trust Company, Terre Haute, Ind. Refused. 7/21/26 Dated, July 16th, .5... Recomriending refusal of the application of Hr. B. Volk, Jr., for pe rmis sion t o s erve at the same t ime as Director of the Union National Bank of McKeesport" Pa., rs,nd as Director of the Peoples City Bank of licKeesport, Pa. Refused. The meeting adjourned at 12:00 ot Secretary. Approved:
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