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A meeting of the Federal deserve Board was held in the office of the Pederal aeserve Board on Thursday, July 9, 1925 at 11:15 a.m. PlESENT: SE:T ALSO: Governor Crissinger Mr. Platt Hamlin .r. James r.licIntosh Noell, Assistant Secretary Mr. Smead, Chief, Division of Bank Operations. The minutes of the meeting of the Federal .leserve Board held on July 7th were read and aoproved. In connection with the allowance of a fee of „;1,000 for expert testimony 14 the case of the Pascagoula National Bank v. Federal deserve Bank of Atlanta, pr o:I:M.1er made the following motion, which he stated he had intended to make 11 at the meeting on July 7th: That all Federal 2eserve banks be advised that before making or authorizing any engaL;ements for the employment of expert services in the conduct of litigation, special studies, or otherwise, the matter shall be submitted to the Federal deserve Board for approval. The motion being 7)ut by the Chair was unanimously carried. Mr. Smead then entered the meeting. The Secretary read the following report of the Committees on csearch and. Statistics, and Salaries, Expenditures and L3fficiency, dated July 6, 1925, containing the salary recommendations and bildrzet for the Statistical and Analytical fanction at the Federal Aeserve Bank of New York for the last six Zonths of 1925, as follows: "Your Committees present herewith the salary recommendations and budget for the Statistical and Analytical function of the Federal :aeserve Bank of New York for the last six months of 1925, and recommend that the salary adjustments and the budget submitted by Mr. Jay be approved. is -2- "The salary recommendations include the following increases: To From y2,340 Mabel E. ose, Statistician 1,560 1,500 Gladys Huff, Junior Clerk 1,560 2,080 *K. Frankenstein, Translator Lucile H. Litch, Assistant 1,680 1,620 Librarian, 1,020 900 Irma Cannon, 2ile Clerk iet decrease „A60 *To be replaced. The budget calls for an expenditure of \;61,189, a decrease of corresponding .9,443, or 13 per cent from the expenditure during the tical Statis the period of 1924. The decrease occurs primarily in tical Statis the in e and Monthly Letter exnense units, the decreas unit being ,„;6,716, and in the Monthly Letter unit, ,r 1,258. bank have Mr. Jay states that the officers ana directors of the the Statistical of cost on strati given careful consideration to the admini but that Board the by called was and Analytical work to which attention the amount reduce to t presen at t they do not feel that they should attemp a nummade ly recent have they that of this expenditure. He also states money the of study current the in d engage ber of changes in the tersonnel ry necessa it find will they that e market and that it is entirely possibl e increas uent conseq a with purpose this to employ additional workers for in the budget. ned in Your Committees concur in Mr. Stewart's recommendation contai d that advise be bank York New the that 1925, his memorandum of June 25, longinto bank the of work ch resear t the Board does not regard the presen ions correct with etc., ngs, cleari , time trends of production, trade, prices and ch resear the of purpose and scope for normal, as coming within the ed in the statestatistical divisions of the Federal eserve banks as outlin which pro1924, 3, er Decemb of X-4200 letter ment attached to the Board's 'to collect work tical statis and ch resear the of vides that it is the purpose l Reserve Federa the which mswith proble the on g bearin and digest information or as the basis System is concerned either as a matter of current operation of Federal reserve policies.' Stewart Your Committees further concur in the recommendations of Mr. work in longthat the New York bank be advised that its present research discontinued or time trends of production, trade, etc., should either be ies to result greatly curtailed and that the Board exnects sufficient econom the cover from the curtailment or discontinuance of t_iis work to fully under has bank cost of the studies of the New York money market which the of on contemplation and which have been approved by the Board's Divisi Aesearch and Statistics." After discussion, Mr. Platt moved that the . salary recommendations aid budget for the Statistical and Analytical function of the Federal deserve Bank I9 11 7/9/25 -3- of New York be approved, and that action on the other recommendations of the Committees be deferred until Dr. Stewart's return from Europe. The motion being put by the Chair was lost, the members voting: as follows: Governor Crissinirer, "aye" Mr. Platt, "aye" ,:r. Hamlin, "aye" , "no" Hr. Hr. James, "no" Mr. McIntosh, "no" Thereupon ensued a discussion of the recommendation that the New York bank be advised that its present research work in long-time trends of production trade, etc., should either be discontinued or greatly curtailed. 61 Report of Committees on Research and Statistics, and Salaries, Ex-penditures and Efficiency, dated July 8th, containing salary recommendations and budget for the Statistical and. Analytical function at the Federal Reserve Bank of Philadelrhia for the last six months of 1925, as follows: "Your Committees present herewith the salary recommendations and budget for the Statistical and Analytical function at the Federal Reserve Bank of Philadelphia for the last six months of 1J25. - hiladelphia include The salary recommendations submitted by P the following increases: To From J. Prank Hehfuss, Manager, Department of Statistics and Research John D. Samuel, Business reporter Frank '2. Caldwell, Business re)orter Casimir Sienkiewicz, Business reporter Margaret Snowden, Chartographer Jeanette Craven, Assistant Librarian Lucy Mae Scully, Chief, Correspondence Division Elsie Beidler, Stenographer Mattie Griffith, Stenographer and Clerk Elmer Boos Beatrice A. Downing, l'yrist 4,000 2,500 2,500 2,500 1,560 1,560 4,500 2,750 2,620 2,620 1,800 1,704 1,540 1,144 1,020 1,020 960 1,668 1,248 1,140 1,140 1,060 61 20 7/9/25 -4-- "Total increase recommended y1,966. The above recommendations for salary increases are larger than those requested by any other bank. They are, however, minor in character except in the first two cases. Your Committees concur in the recommendations of Mr. Stewart, in his memorandum of June 25, 1925, that the increase of „:,500 for Mr. Aehfuss be disapproved. Your Committees also recommend that all other increases in salaries be approved with the exception of that for Mr. Samuel, whose salary it is recommended be increased by „420, the same as that prorosed for the other Business Rerorters. As minted out in Mr. Stewart's mencranlwm, the Philadelphia bank has given more attention than any other Federal aeserve bank to local industries, and has not yet reorganized its work or personnel to bring t-liem into line with the announced policy of the Board. It is largely because of this fact that the Philadelphia bank has an annual expense of around „;80,000 in contrast to the Boston end Cleveland banks, each of which conducts its statistical work at an annual exrense of about .40,000. In his letter of June 18 Mr. Austin states that no curtailment has been possible in the number of subjects covered or in the detail in which the different lines of business are analyzed and that he has under contemplation the initiation and development of certain other statistical series. This additional work has not been approved by the Board's Division of esearch and Statistics. From the statement in Mr. Austin's letter concerning the revismailing list for the monthly letter, it would seem that their ion of not carried through the revision of its mailing list along has the bank by the other reserve banks nor in accordance with the pursued the lines instructtions of the Board. If the mailing list had been revised on the basis of the returns from the questionnaire as has apparently been done at most of the other Federal reserve banks, the number of conies of their monthly letter printed and distributed would have been greatly reduced. In view of the above your Committees concur in the recommendation of Mr. Stewart that the Philadel -hia bank be advised that the Board will approve a budget for the Statistical and Analytical function for the second half of 1925 for an amount not in excess of actual expenses luring the first half of 1925; that it be instructed to submit to the 3oard as promptly as practicable a proxam for reorganizing the work in this function which will bring the budget for the calendar year 1926 within .45,000 and that it be requested to put into effect immediately a revision of the mailing list for the monthly letter." McIntosh moved that the Committees' report be approved. The motion, being put by the Chair, was unanimously carried. 21 -5- 7/9/25 Report of Committees on aesearch and StatistIcs, and Salaries, Expenditures and Efficiency, dated July 6th, containing salary recommendations and budget for the Statistical and Analytical function at the Federal deserve Bank of Cleveland for the last six months of 1925, as follows: "Your committees Present herewith the salary recommendations and budget for the Statistical and Analytical function at the Federal deserve Bank of Cleveland for the last six months of 1925, and recommend that the salary adjustments and the budget submitted by Mr. ::ills be approved. 2he salary recommendations include the following increases: From Edith H. Lesch, Stenorapher H. B. Flinkers, Head of aesearch 2,220 Division 2,400 her Cartograp Francis, A. J. M. Gray, in charge of records and files 1,560 ; i 1,896 *2,400 2,504 1,656 Total increase ,A28 The budget calls for an expenditure )f „19,312, a decrease of 2,511, or 11 per cent from the expenditure during the corresponding his decrease occurs primarily in the monthly letter period of 1924. expense unit, the decrease in this unit being .2,371. As a result of the new policy adopted by the Board last December, Cleveland has reduced the printed edition of its monthly letter from .36 approximately 31,000 to about 16,000 and now makes a charge of The bulk. in per year for all copies of the monthly letter delivered 1925 of months six estimated receipts from this source during the last are given *From August 1. **Only one-fourth time charged to the Statistical and Analytical function." Mr. Hamlin moved arproval of the mcomendations of the Committees. The motion, being put by the Chair, was unanimously carried. on 3 7/9/25 -6- Report of the Committees on Research _nd Statistics ,and Salaries, 7.xPenditures and Efficiency, dated July 6th, containing salary recommendations and budget for the Statistical and Analytical function at the Federal Reserve Bank of dchmond, for the last six months of 1925, as follows: "Your Committees present herewith the salary recommendations and budget for the Statistical and Analytical function at the Federal Reserve Bank of Richmond for the last six months of 1925, and recommend that the salary adjustments and the budget submitted by Mr. Hoxton be approved. ro increases in salaries of the resent force are recommended, but it is proposed to employ Evelyn 2.1cGhee as a clerk in the Statistical derartment at ,1,320 per annum in the place of Priscilla -jilliams, a clerk in the Statistical department at v1,140. The budget calls for an expenditure of .1/446, a decrease of .,;427, or 5.6 per cent, from the expenditure durinL7 the corresponding period of 1924. The budget for the Library and Statistical units show a slight increase, while the budget for the Monthly Letter unit calls for an expenditure of ,1,100 as compared with „,;1,640 for the last half of 1924. As a result of the new policy adopted by the Board last December, Richmond has reduced the printed edition of its monthly letter from 9,200 to 7,200. Mr. Hoxton reports that no progress has been made with reference to making a charge for copies of the monthly letter delivered in bulk. He has, however, estim_ted that they will receive .)837 during the last half of the year for copies of the monthly letter delivered in bulk provided a charm of ,.36 per copy per annum is made. He is of the opinion, however, that the banks now distributing the monthly letter will not pay „.03 per copy for it and that even (which he estimates is the cost of production) a charge of would result in a fewer number of copies being taken for distribution to customers. He therefore asks permission to distribute in bulk at a cost of y.01- per copy or a little more. It Is the opinion of your Committees that the charge should be substantially uniform at all Federal reserve banks and it is therefore recommended that Horton be advised to proceed to carry out the suggestions contained in the Board's letter X-4309 of March 31, 1925. Richmond is now distributinr: 4,650 copies in bulk to 5 banks." 11 Hamlin moved approval of the recommendations of the Committees. The motion, 1)eing put by the Chair, was unanimously carried. (111 7/9/25 -7- _enort of the Committees on -tesearch and :3-tatistios, and .ialaries, ixpenditures and Efficiency, dated July 6th, containin- salary recommendations and baus'ot for the 3tatistical and Analytical function at the Federal Aeserve Ban.:( of Atlanta, for the last six months of l9b, as follows: "Your Committees present herewith the salary recormendations and budet for the r-.;atistical and Analytical function at the Federal ieserve Bank of Atlanta for the last six months of 1925, and recommend that the salary schedule and the buac:et submitted by .7.r. 11,3wton be aoproved. -o ince2ases in salaries are recommended. The budr-et calls for an exoenditure of .5,411, a decrease of .3965, or lb per cent, from the ex-oenditure during the corresponding period of 19?4. The budet for the 2tatistieal ex: the corpense unit is .;967 lass than the expenditure durih, resnondi,:,r7 Period of last year, and that for the Thnthly letter )10 lower. As a result of the new policy adopted by the 3oLt.rd last December, Atlanta has reduced the number of copies of its monthly letter delivered in bulk by 650 and its total printed edition fro -.1 7,400 to 6,750." Ar.::amlin moved .pproval of the recommendations of the Commitees. l'he motion, bein was unanimously carried. put by the Chair, 'eport of the Committees on Aesearch and -3,atistics, and ',3alaries, p 1]fficiency, dated July 6th, containini7 salary recommenda-...:endituresand _ tions '3zd budet for the 3tatistical and Analytical function of the Federal _Losecve 3ancc of Chicar,o, for the last six months of 1925, as follows: "Your Committees present herewith the salary recommendations and imdget for the';tatistical and Analytical function at the Federal Aeserve .3ank of Chiica:--o for the lest six months of 1925. The salary recommendations include the followin increases: From Frank I. Huston, 1:_an.ager, Division .)6,500. of Research and Statistics 640 Clarence Kolz, Messen.,c7er andCoicTuter Total increase ;„;560 To ,;7,000 900 -8_ 7/9/25 "Your Committees recommending that all proposed salaries be =proved with the exception of that of Mr. Huston, which it is recommended be continued at the annual rate of 36,500 for the balance of the present calendar year. It is also recomnended that tho budiret submitted This will make by Chicago be approved for 330,338.00. by :A203.00 smeller Chicago for budget authorized the the corduring expenditure the than cent, per 12 or The budget provides for responding period of 1924. decreases in expenditures in the Library, Statistical, and Montnly Letter expense units as follows: Library Statistical Monthly Letter 1,696 .1,972 773 As a result of the new policy adopted by the Board last December, Chicago has reduced the printed edition of its monthly letter from 22,000 in December 1924 to The bank does not make any bulk 12,600 in June 1925. distribution of the monthly letter, but whenever requested they quote a price of 35 cents per year per °oily." Mr. Hamlin moved approval of the recommendations of the Committees. The motion being put by the Chair, was unanimously carried. Report'of the Committees on Research and Statistics, and Salaries, Expenditures and Efficiency, dated July 6, 1925, containing salary recommendations and budget for the Statistical and Analytical function at the Federal Reserve Bank of St. Louis, for the last six months of 1925, as follows: "Your Committees present herewith the salary recommendations and budget for the Statistical and Analytical function of the Federal Reserve Bank of St. Louis for the last six months of 1925, and recommend that the salary No increases in salaries are proschedule be approved. posed by Mr. Martin. 25 7/9/25 -9- "The budget calls for an expenditure of „40,480 or about %,;400 in excess of the expenditure for the corresponding period a year ago. This is due largely to including an item in the budget to take care of unforeseen contingencies, such as additional help needed on account of illness or for making special studies or investigations. Your Committees do not feel that the budget should provide for unforeseen contingencies, and do not feel warranted in aoproving a budget in excess of expenditures for the last half of 1924 unless specific reasons are given as to the necessity therefor. It is recommended, therefore, that the budget for the Statistical and Analytical function of the St. Louis bank for the last half of 1925 be fixed as y10,089.58, the same as the amount expended during the last half of 1924, with the understanding that if additional funds are required for unforeseen contingencies a supplementary request for an increase in the budget may be submitted by Mr. Martin. list for the monthly The bank revised its letter about a year ago, and as a result they now have 7,432 on the mailing list as compared with 9,200 at the end of 1923. It is recommended that the Board suggest to Mr. Martin that his mailing list be revised again about the end of this year. The bank makes no bulk deliveries of the monthly letter." Mr. Miller moved approval of the report of the Committees. The motion, being put by the Chair, was unanimously carried. Aeport of the Committees on Aesearch and "Statistics, and Salaries, 2xPenditures and ..]fficiency, dated July 6, 1925, containing salary recommendations and budget for the Statistical and Analytical function at the Federal aeserve Bank of Minneapolis, for the last six months of 1925, as follows: "Your Committees present herewith the salary recommendations and budget for the Statistical and Analytical funotion at the Federal Aeserve Bank of Minneapolis for the last six months of 1925. No increases in salaries are proposed and your 3ommittees recommend that the salary schedule be approved by the 3oard as submitted. -10- "The budget submitted calls for an expendir,ure of ?8,410, or .644 more than the expenditure during ::itchell states the corresponding period of 1924. in his letter, however, that the budget for the last half of 1925 is precisely one-half of that proposed for the year as a whole, and he feels sure th,t his expenditures will be less than the budget submitted. The letter accomoanyino; the budret does not give an adequate reason for the Proposed increase in clerical expenses, and your Committees therefore recommend that be asked to furnish the - oa,'d with details as to the necessity for such increases before formal action is taken by the Board on the budget submitted. I tad by the a result of the new policy ado:: Board last December, Minneapolis has reduced its buik shigaents of the monthly letter from 242 to 68 collies and has collected ,/26.25 for one year's subscrIntion to the 66 copies. The printed edition of the monthly letter has been reduced from approximately 4,500 in 2..u,7ust 1924 to 3,200 in June 1925." ::r. Platt moved approval of the report of the Committees. The motion, being put by the Chair, was unanimously carried. deport of the Committees on esearch and Statistics, and Salaries, Ix- Denditures and -fficiency, dated July 6, 1925, containing salary recommendations arid budget for the 3tatistical and emalytical function at the Federal ieserve .3allk of Kansas City, for the last six months of 1925, as follows: "Your Committees present herewith the salary recommendations and budget for the Statistical and ,Inalytical function at the Federal eserve Bank of Kansas City for the last six months of 1925, and recommend that the proposed salaries and the budget submitted by Mr. :IcClure be anc,roved. 14) increases in salaries are proposed. The budget calls for an expenditure of „9,917, or approximately the same as the amount expended during the 1.st half of 1924. -11- 7/9/25 "As a result of the new policy adopted by the Board last December, Kansas City has reduced the nrinted edition of its monthly letter from 10,000 to 8,000 copies. The bank elimim_ted about 1,200 firms and indivicluals from its mailing list and discontinued the shirment of about WO copies in bulk. As a result if the discontinuance of the bulk deliveries, however, about 450 additional copies of the monthly review are being forwarded to individual firms and members of associations. The bank does not expect to receive any income dur ing the last half of the year for bulk deliveries of its monthly letter." La'. Platt moved apnroval of the report Committees. the of The motion, being put by the Chair, was unanimously carried. Aeport of the Committees on aesearch and Statistics, and Salaries, dations 'enditures and ']fficiency, dated July 6th, containing salary recommen and budget for the Statistical al.d Analytical function at the Federal Heserve .3ank of Dallas,for the last six months of 1925, as follows: "Your Committees present herewith the salary recommendations and budget for the Statistical and Analytical function at the Zederal deserve Bank of Dallas for the last six months of 1925, and recommend that the proposed salaries and the budget submitted by :Ir. Talley be approved. Fe increases in salaries are proposed, and the budget calls for an expenditure of „;8,808, or „373 less than the amount expended during the corresponding period of 1924. Since January 1, 1925, the number of nrinted copies of the Dallas monthly letter have increased approxim_tely 100. They are, however, preparing to make the annual revision of their mailing list and anticipate that this will result in a decrease of 300 or 400 copies mailed. The bank makes no bulk deliveries of the monthly letter." Hamlin moved approval of the report of the Committees. The motion, being rut by the Chair, was unanimously carried. 28 7/9/25 deport of the Committees on aesearch and Statistics,and Salaries, penditures and 22fficiency, dated July 6th, containing salary recommendations and budget for the Statistical and Analytical function at the Federal Reserve Bank of San Francisco,for the last six months of 1925, as follows: "Your Committees present herewith the salary recommendations and. budget for the Statistical and Analytical function at the Federal eserve Bank of San Francisco for the last six months of 1925, and recommend that the salary adjustments and the budget submitted by Mr. Perrin be approved. The salary recommendations include the following increases: From Oliver P. Viheeler, Head of Division T 3,000 ,; of Analysis and Research, Aesearch Donald S. Thompson, 2,220 Assistant 1,200 Elmer 2. Dixon, Draftsmai-clerk ,,i;480 recommended Total increase To 3,240 2,340 1,320 Certain parts of the Statistical work at San Francisco are performed by an operatin department of the barfe- and the Library is a department of the bank under the supervision of operating officers. The bulget submitted by San irancisco, therefore, does not cover the cost of the Library or of that portion of the statistical work handled by the bank. Available fiures indicate that the Library at San Francisco costs about ,A,000 a y,7Jar and that the expense of the statistical work handled by the bank about 42,800 a year. The budget as submitted by San Francisco calls for an expenditure of j16,420.00 or .)1,411.00 less than for the corresponding period of last year. Of the total decrease, 41,141 is in the I.Ionthly Letter expense unit. The Federal aeserve Agent states that daring 1925 they expect to print an average of 8,500 copies of the monthly letter per month, which is about 5,00 conies less than the average number printed last year. No bulk deliveries of monthly letters are made at present." :Ir. Hamlin moved approval of the rerort of the Committees. The motion, being put by the Chair, was unanimously carried. • Z-y" 7/a Report of the Committees on Research and Statistics, and salaries, xpenditures and eificiency, dated July 6th, containin- salary recommendations and budget for the Statistical and analytical function at ;he Federal Reserve Bank of 3oston,for the last six months of 1925, as follews: 'Your Committees present herewith the salary rece:mendations and budr-set for the Statistical and _nalytical function at the Federal deserve hank of 3osten for the last six months of 1925, and Ilecommend that the salary adjustments and the budc-et submitted by r. Curtiss be approved. 'fne aalL,r:i recommendations include the fel-1=1w- increases: From H. Laihten, Statistician G. T. _'Banks, Statistical Clerk L2. L. Baker, 'draftsman '2o 2,750 1,860 900 2,100 960 ?otal increases recommended., 2550. (1he budget calls for an expenditure of .21,099, a :ecrease of y2,422, or 10 per :ent, from the expenditure deirimp: the cerresoonding -eeriod of 1924. ?he decrease occurs primarily in the .e.dministration and in the :,:enthly Letter expense units, the decrease in the Aministration unit being y570 and in the Monthly Letter expense unit, al,776. L:s. a result of the new policy ado ted by the k)ard last "Oece-neer, Doston has reauced the printed edition of its monthly letter from 1i,000 copies in January to 7,900 conies in June. The ban,c now makes delivery in bulk of .'65 conies to the 3oacon 2rust Company of )oston for wich it collects 47.50 per annum, and makes deliveries of from 2 to 15 copies to other or.cranisations, a list of welch is aiven in its letter, for which no eharr-e is mqne.0 •Eamlin moved apnroval of the reoort of the CommittJes. The motion, being nut by the Chair, was unanimously carried. At this point, la'. Smead left the meeting. 30 -14-- 7/9/25 Aeport of the Law Committee on the application of The Farmers National Bank of Clay, Clay, Kentucky, for fiduciary powers, the Conimittee recammendth3 approval of the aTIplication, subject to the condition that trust funds must be invested and must not be treated merely as a dEmosit. After discussion, .71r. James moved that be authorized to draft a letter Governor the to The Farmers National Bank of Clay for the purpose of securing information as to the manner in which the bank proposes to exercise such fiduciary powers, particularly with reference to the investment of trust funds and the segregation of all assets held in any fiduciary capacity. Carried. ijemorandum from the Acting Director of the Division of Aesearch and Statistics, dated July 8th, recommending that beginning with July 3rd Dorothy B. Aiefler, who has exhausted all of her sick and annual leave, be carried on the rolls of the Division of esearch and Statistics on leave Without pay until her return to work. Approved. Letter dated July jrd, fram the Secretary of the Federal leserve Bank of San Francisco, advising that the Board of Directors of that Bank had voted to grant a leave of absence to Director ::acdonnell for approximately sixty days, beginning July 1, 1925. Noted. Letter dated July 7th from Assistant Secretary of the 2reasury Dewey, in reply to the )oard's letter of July 3rd, with regard to eight pieces of 3t 7/9/25 -15- 'Federal Aeserve currency, denomination of „;14, recently stolen from the Bureau of 7.'ingraving and Printing, six of which have been presented to the Treasury for redemption, the Assistant Secretary of the Treasury stating that it is the Treasury's intention to seek relief from GenTress for incomplete notes which have been redeemed, and also that it is the intention Of the Treasury to endeavor to secure legislation which will permit the redemption of Federal Ae erve notes and Federal aeserve bank notes, which have been lost or stolen and put into circulation without the seal, etc., and that the matter would be taken up arsain with the Board in November. Noted. Letter dated July 6th from the Federal Aeserve Arent at Chicago, recomMendin approval of the application of the Grand Aapids Savings Bank, Grand aapids, Michigan, for permission to establish a branch at the corner of Hall, Kalamazoo, and Butler Streets, Grand Hapids, Michigan, to be opened about uF„ust 15th, steps for the establishment of the branch having been previously undertaken without the approval of the Board. Upon motion by Mr. Hamlin, it was voted to approve the establishment of the branch of the Grand Aapids Savino,s Bank to be located at the corner of Hall, Kalamazoo, and Butler Streets, Grand Aapids, Michigan. Letter dated July 6th from the Chairman of the Board of Directors of the Pede'al deserve Bank of Minneapolis, advising that Mr. F. a. Bigelow, Class "B" Director of the batk4 whose term of office expires December 31 a 1925, As President of the St. Paul Fire and Marine Insurance Company, and inquiring LS to his eligibility to serve as a Class "Bnirector because of his cDnnection With the insurance comnany. 7/9/25 -16- Toon motion b; 2:r. cnlin, it was voted to interpose no objection to hr. Bigelow continuin!; to serve until the exrdration of his present term, but that he would be for reelection as a Class "B" director under the terms of the rulin,-; recentl:,, adorted by the Federal aeserve T3oa'd. Hamlin then moved that the Board. reconsider its action in disai _ 2oviiic the rei)ort of the Committees on Salaries, 7::‘:ren1itures and. 73fficiency, and 1;esearch and 3tatis tics, dated July 6th, conta.inin7 recoi.Ilendations and bud'7et for the statistical and Analytical function at the Federal ileserve Bank: of hew York, and stated that if this motion were carried, he would move that the salary part of the budget for the Hew York Ban-c_ be a9t)roved, and that the Bark be called upon to Show why the Committees' recor_endations as to the coildonsation or discontinuance of its present research work in longtime trends of production, trade, etc., should not be put into effect. The motion being put by the Chair was lost, the members voting as follows: Governor Cri ss Inger, itaye" •':."1 at t "a:e" "a:e" hr• hiller, "no" • james, "no" La'. McIntosh, "no" Tilereu-oon ensued further discussion of the Co.a.aitteest re-oort on the Statistical and Analytical function at tile -Jew Yor7:. Bank. ti 12h)L Dated July 7th 8th 9th COF - :7T '1T7.-;:l:r..;: ilecoi:L.ending. chale3 in stock at Federal deserve Banks, as set forth in the Auxiliary Tinute Book of- this date. Approved.. • .33 I t -17719/25 Op STAMING COMIIITMS: (jont'd) Dated, July 9th, :,ecommending action on application for fiduciary powers as set forth in the Luxiliary Minute iook of this date. ppro d. Date, July 3rd, liecommendine; approval of the application of lir. ;7E1 ter Christie for permission to serve at the same time as President of the Bergenfield National Bank of Bergenfield, N.J. and as director of the Palisades Trust ani Guaranty Company of Englewood, N.J. Approved. The meeting adjourned at 1:15 o'clock. Assis aat Secretary. ,'A•pproved: Govern
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