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A meeting of the Federal Reserve Board was held in the office of the ( Federal Reserve Board on Monday, June 16, 1924, at 11:00 o'clock. PRESENT: Governor Crissinger Mr. Platt Mr. Miller Mr. James Mr. Cunningham Mr.Edd,y, Secretary The minutes of the meeting of the Federal Reserve Board held on June 13th were read and approved. Letter dated June 10th from the Federal Reserve Agent at San Francisco, advising that he, on that date, presented to the American Bank of San Francisco and the First National Bank of Oakland bills covering costs of their recent examinat ions. Noted. Report of Committee on Examinations on letter dated June 6th from the Federal Reserve Agent at San Francisco, transmitting and recommending approval Of the application of the Bank of Italy for permission to establish a branch de novo on Mission Street at Geneva Avenue, San Francisco; the Board's Committee also recommending approval. Approved. Report of Committee on Salaries and Expenditures on letter dated June llth from the Chairman of the Federal Reserve Bank of Boston, advising Of the resignation, effective July 1st,of Mr. C. C. Bullon, Deputy Governor Of the bank, and requesting approval by the Board of the action of the directors Of that bank in voting to increase the salary of Deputy Governor W. W. Paddock from 0.4,000 to ;;;16,000 per annum, effective the same date; the majority of the -2- 6/16/24 Committee, Messrs. James and Dawes, recommending approval of the increase for kr. Paddock and Mr. Miller recommending disapproval. Mr. James moved adoption of the majority report recommending approval of the increase. Mr. James' motion being put by the chair was carried, Mr. Miller voting "no". Letter dated June 9th from the President of the Bank of Italy, requesting consideration by the Board of the bank's application to establish branches at 1 Centro and Santa Ana and favorable reconsideration of applications for branches St Venice, San Fernando, Newhall, Hollywood and Arcadia, previously disapproved. Referred to the Committee on Examinations. Telegram dated June 13th from the Governor of the Federal Reserve Bank of 41Isas City, advising that their Board of Directors has authorized the erection Of buildings for the Omaha and Denver branches at an expenditure of ..2.50,000 each, exclusive of lots, vaults, permanent equipment, furnishings and fixtures, and inquiring whether the Board's consent is necessary before proceeding. Mr. James moved that the Board interpose no objection to the Federal Reserve Ban1 of Kansas City proceeding with the erection of buildings at Omaha and Denver. After discussion Mr. Platt moved, as a substitute for Mr. James' motion, that the following communication be addressed to the Federal Reserve Bank of Kansas City: "In view of fact that your bank undertook to secure favorable legislation for your Denver and Omaha branch bank building projects at last session of Congress, based upon representations that it would be impossible for you to erect suitable structures for use of these branches within limitations of amendment of February, 1923, Board feels that your bank is putting. it in an embarrassing position and yourselves in singularly 6/16/24 -3"and unfortunately inconsistent position in now stating that you can build suitable structures for use of branches within limitation of „250,000. Board does not doubt its authority and responsibility in this matter but desires complete information as to reasons for change in your views, including plans and estimates under which it is now proposed to build, before reaching definite conclusion. It will be necessary for Board to know definitely what you expect to spend, and also what you expect to exclude from limit of v250,000, as coming under vaults, permanent equipment, furnishings and fixtures, for sabmission to its Consulting Architect." Mr. Platt's motion being put by the chairwas carried. Report of Committee on Salaries and Expenditures on letter dated 13th from the Chairman of the Federal Reserve Bank of Richmond, requestlag approval of the action of the directors of that bank in declaring a dividend for the six months' period ending June 30, 1924, at the rate of 6% per annum on the paid-in capital stock of the bank; the Committee recommending approval. Approved. Letter dated June 4th from the Chairman of the Federal Reserve Bank of San Francisco, referring to the Board's letter of January 25th, X-3956 On the subject "Directors of Branch Federal Reserve Banks", and inquiring as to the provision of Paragraph 4 that one of the directors appointed by the bank shall be the active manager of the branch and shall have the title lianaging Director. Referred to the Committee on Branches. Telegram dated June 13th from the Federal Reserve Agent at San "‘rancisco, reporting the result of his investigation with regard to the negotiations of the First National Bank of Oakland for the acquisition of the Bank of San Leandro and the First National Bank of San Leandro. Referred to the Law Committee. 6/16/24 aaloRT3 OF STANDIEG Dated, Jane 14th, Dated, Jane 16th, 16th, -4- COMI2'2EL;S: Recommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary Minute Book of this date. Approved, Recommending action on applications for admission of state bank, subject to the conditions stated in the individual reports attached to the application as set forth in the Auxiliary Minute Book of this date. Approved, The meeting adjourned. at 12:35 p.1. Secretary. lippreved: Governor.
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