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-169 A meetinc_; of the Federal Reserve Board was held in the office Of the Board on Tuesday, June 28, 1921, at 11:15 a.m. PRESENT: Governor Harding Mr. Platt . Hamlin Mr. Miller Hr. Crissinger Hr. i'xidy, Lssis tart Secretary. The minutes of the meeting, of the 7oard. held June 24th were read and an motion approvec-,. The Governor re)orted tho reserve posit ions of the several Federal reserve banks as at close of business June 25rd, June 24th and June 25th mid the status of rediscounts between the Federal reserve banks as of the same dates. The Governor re:.)ortod rediscount transactions between Fed.eral reserve banks as follows: Date June June tTune June June June 24th 24th 24th 25th 27th 27th Balk red iscount inp, Richmond Minne aPo 1i s Dallas Dallas Ric hino lid Hinneapoli s 7rith Amount 7.7ew York :!!10,000,000 1,000,000 'Hew York :3,000,000 Bo st on 1,000,0)0 Boston 5,000,000 New York 3,000,000 New York Latur iti es 11-15 1-90 11-15 11-15 11-15 11-15 1-90 days dais da:ys days day s days days ( Crovt.Cbl i g.) (Comtl paper) ( Govt.(Th1 ig.) t, (Corn']. pauer) Telegram dated',Arne 28th from Governor of the Federal P.oserve Bank of Dal las, adv is ing tliat the r esi giat ion of t he Deputy Governor and Cashier had. left the bank with only one senior officer and asking for suggest ions. Governor authorized to advise that the Board would be wi11in7 to detail Hr. ;_inersan to the i''ederal 2,eserve Bank of Dallas f or service pendin, arraremcnts being made to permanently fill the vacancies. - 2- Letter dated rTui-ie 2aid, from the l'ederal Reserve Bank of Cleveland recommending approval of the application of the City 7at ional Bank of Columbus, Ohio to accent drafts and bills of exchange up to 100: Of it s capital and surplus. App rov ed.• Letter dated June 2:1rd, from the Railway Loan Advisory Committee of the Federal Reserve board, recommending approval of tiv form of obli7ation submitted by the 7_,1rie Railroad Company for the purpose of taking down the balaree, .1;1,590,700 of the loan of 1,34-0,700 granted it under the provisions of aection 210, Transportation Act, 1920, as amended. Approved. Letter dated june 24th, from the Railway Loan Advisory Committee of the Federal Reserve Beard, recommending arioroval of the form of obligation submitted by the Pennsylvania Railroad Company to tal, down the full. anDunt of the loan of .5,700,000 made to it under the irovi sions Of Section 210, Tramportation Act, 1920, as amended. Approved. Letter dated Tune 27th, from the Railway Loan Advisory Committee of the Federal Reserve Board, recommending approval of the form Of obligation submitted by the Wichita 1;orthwostern Railway Company to tai e down the full amount of the loan of ::361,750, made to it under the Provisions of -)ectien 210, Transportation Act, 1920, as amended. Approved. Letter dated June 24th, from Assistant oecretary of the Treasury 4 _1. transmitting for the information of tle Board copies of instructions to 2ed.eral reserve barks with respect to expenses incurred in connection with fiscal agency opErations. Noted. :1,etter dated June 25th, from the Governor of the Federal 7eserve Balk of Kansas City, asking the Dom-d's opinion with respect to the purchase of one or two sites upon which to erect a new building for its Oklahoma City Branch. Referred to Governor to advise that matter of which site is most desirable should be determined by proper officers of tIe federal Reserve Bank of Kansr.ts City. Governor submitted draft of lett,.)- r to the Secretary of the Treasury, eressinp; Board's willingness to have the Under Secretary of the Treasury attend such meetings of the _board_ as the Secretary of the Treasury finds it inconvenient to attend. Governor submitted draft of letter to the Chairman of the Senate Committee on Banking and Currerey, expressin': toard,s views with resnect to :jenate Bill 1335, authorizing the establishment of domestic branches by national banks. Approved. Letter doted June 24th, from the .7ederal Reserve _Agent at 1(ansas Cit7, transmitting petition of the - cecutive Committee of the Federal Reserve Bank of iansas City, asking that the Arst State Bank of 1Torth Bend, Nebr. be requested to sarrend_er its stock in the Federal Reserve Bank and. to forfeit all rights and )rivile(es of rneribership, for 472 -4 - reasons set fbrth in the letter and petition. Referred to 'ounsel for preparation of form citing the First State Bank of North Bend., Nebr. to appear before the board of directors of the Federal Reserve Bank of Kanss City, or the Federal Reserve "Board in '7ashingtcn, as it may elect, on dates to be specified, to present reasons why it should not be required to surrender its stock in the 1,1ederal Reserve Bank and forfeit all rijits and privileges of membership. Letter dated June 22id, from the Chairman of the Federal Reserve Bank of Kansas City, advising that 1-r. John Howard Logan had been employed as 6uperintend.ent of the Bank's new building, at a salary of 2500.00 per annum, effective June 16th, 1921. Approved. Memoranium dated June 24th, from Chief 7zrarniner Herson, recommending increases in salaries of certain anoloyees on the Board's examining force, to take effect as of July 1, 1921. Approved. Letter dated June 23rd, from the Governer of the Federal 'Reserve Bank of 7,:inneapolis asking approval of resolution adopted by the Directors Of that bank to sot up a reserve of %;,300,000 as of June 30, 1921, to partially cover depreciation and probable losses resulting from operations of the bank from January 1 to June 30, 1921. Approved. Letter dated June 23rd, from the Chairman of the Federal Reserve Bank of Boston, cruoting resolution adbpted by the bcerd of directors of that bank providing for the pajrnent of a dividend fbr the six months period Gflding Oune 30, 1921, at the rate of 65, 7 per annum on the paid-in capital stock, 1B:fable on the 30th day of June, 1921, to all stockholders of the -5 - bark as sho;wn by the books of the bark ow that date. Approved. Letter dated June 10th, from the Assistant Federal Reserve Agent of the Federal Reserve Bank of Richmond, enclosing copy of resolution of the bod of directors of that bark,. providing for the rayment Of a dividend. for the six months period ending June 30, 1921, at the rate of 61:7 per annum on the paid-in capital stock, payable on the 30th day of June, 1921, to all stockholders of the bank as shown by the books of the bank on that date. Approved. Letter dated June 22id, from the Chairman of the Federal Reserve .ank of St. Louis, enclosing copy of resolution of the board of directors of that bank providing for the payment of a dividend for thesix months period ending Juno 30, 1921, at the rate of 6',=7; per annum on the paid-in capital stock, payable on the 1st day of July, 1921, to all stockholders of the bark as shown by the books of the bank on that date, aid. asking approval of action by directors in authorizing 40,000 to be charged off on account of furniture and fixtures and that a "Special Reserve" of'•„;166,144 be set up to cover depreciation and charge-off allowances in connection with real estate =led and bad loans. Approved. Letter dated June 23rd, from the Governor of the Federal Reserve Bank of Minneapolis, enclosing Cody of resolution of the board of airectors of that bank providing for the payment of a dividend Dor the -6 - six months IE ri o d ending June 30, 1921, at the rate of 6f:7 per annum on the paid-in capital stock, payable on the 30th day of June, 1921, to all stockholders of the bank as shorn by the books of the bank on that date. Ap pro ved. Letter dated June 2aid, from the Assistant Federal Reserve Agent of the Federal .aesetrve T32111C of an 2rancisco, enclosing Co e:7 of resolution of the board of directors of that balk providing for the payment of a dividend for the six months period ending June 30, 1921, at the rate of 6': per annum on the paid-in capital stock, payable on the 1st day of July, 1921, to all steel:holders of the bark as shown by the books of the bank on that date. Approved. Tiemorandum dated June 0th, from the Assistant Counsel, submitting the applications of res2.- rs. James T. Bew, James I. ra.son, Jr., Joseeh Thompsen, Isaac Tacharach, Lewis --vans, John Estell 2 ,,vans and E. V. Corson to serve at the same t irne as directors of the Second 7ationa1 Bank and the Atlantic Safe Deposit (c: Trust Company, both of Atlantic City, iTew Jersey, and recommending that final action be not taken on the applications at this time, but that they be held pending action by Congress on the proposed amendment to the Clayton Act. Aeproved. Letter ded June 23rd from the Comptroller of the Currency, recomerending increases in salaries of certain employees in the Federal Reserve Issue and Redemption TAvision, effective July 1, 19214 Appro ved. Letter dated. June 27th from thecluitable astern Banking Corpo rat ion, :Tew Yo 1k, asking p ermis sion to accept a twelv e -month s draft dravai in connection vi th an ex:}ort transaction. Referred to Counsel for preparation of a letter authorizing the excel)tam e under certain Conditions. RE,POP.T3 OF C0127IT112 ITO. 1: Recomrrnaing changes in stock at federal eserve Banks as set forth in the auxiliary minute book as of this d.3.te. Approved. Recorm-rending certain action on applications for fiduciary powers, as set forth in the almiliary minute book as of this date. Approved. P.ecornmencting approval of applications for admission of state institutions, subject to the cond it ions stated in the individuol rcnorts attached. to the aDplications, as set forth in the auxiliary,minute book as of this date. Approved. At 12:35 the meeting adjourned. 2.ssistant ,eeret INCREASES IN THE SALARIES OF LET,IBERS OP TIE EXAMINING FORCE. F cazinars 17.v.Donald J. L. Buchanan Augherton II' Grund • Chapma.n 488t.Ezazniner s B. Atkins ,`„'s H. Ball tt B. Chamberlin BreJ Drinnen „41 Kooman kjlaude Morton C. Noell Os" . J. Harrington P. Prahl 7, 1 Z. Pricloatt 410'• Schopp 13. Wiltse Alfred Boysen •A• Gordon Present Sal amy $6,500 6,000 4,500 4,500 4,200 2,700 2,500 3,000 3,000 3,600 3,300 3,300 3,800 3,600 3,000 3,000 2,100 3,000 3,000 4,200 Increase Reconrcended 500 300 200 300 300 300 500 300 200 ••••• IMP 400 300 MN.,in Proposed Salary $6,500 6,500 4,500 4,500 4,200 3,000 2,700 3,300 3,300 3,900 3,800 3,600 4,000 3,600 3,000 3,000 2,500 3,300 3,000 4,200 77 INCREASES IN SALARIES OF EMPLOYM OF THE FERAL lESERVE ISSUE AND REDMPTION DIVISION. (SUPERVISORY AND CLERICAL FCRCE) Name _-r• Tucker IC. Durnbaug,h elen. P. Wedderbyrn T. Dashiell T. Murray M. Hester Lillian H. Hicks 1 144ie M. Staton :4a-rtha i. Lartin 4.rtha Garrison viGertrude E. Croe n1111119 H.Forsythe A. Galles Posit ion As st.Chi ef Teller Stenographer Asst. Tell er • 11 11 11 Ch.Bookkeeper Bookkeeper 11 11 Typist Record. Clerk Clerk Increase July 1/20 8250 240 240 240 180 240 180 180 240 260 260 260 240 Present Salary Pro posed. Salary Increase $2,500 2,040 1,880 1,740 1,620 1,260 1,500 1,500 1,500 1,400 1,400 1,400 1,320 $2,640 2,160 1,920 1,800 1,740 1,380 1,680 1,620 1,620 1,560 1,500 1,500 1,440 t140 120 40 60 120 120 180 120 120 160 103 100 120 1,400 1,400 1,320 1,320 1,400 1,380 1,400 1,320 1,320 1,400 1,400 1,200 1,380 1,400 1,400 1,400 1,500 1,500 1,500 1,500 1,500 1,440 1,440 1,440 1,440 1,440 1,440 1,440 1,440 1,440 1,440 1,440 100 100 180 180 100 60 40 120 120 40 40 240 60 40 40 40 CLERK COUNTKRS 41Ya E. , Gott ,411zabeth C.Jenkins uorothy M.Reeder IlarY Sheffer L. Tharp F.Augusterfer ,ThereS8. Barrow 4,11.ybee C. Cobb kirde M. Drewett Maci.eline C. Emerson tertha E. Haidy iD°rothea A. Herd. :l'Alidrey Herron 4,.114rY C. 011.1.1a D.Mulvihill Murphy /111thette M. Penn Counters Average 30,200 33,900 32,560 37,100 31,120 26,640 25,200 29,700 27,060 27,340 25,580 30,940 28,440 26,840 28,250 27,900 200 200 180 180 200 240 260 180 180 200 260 180 240 120 200 200 9 Name Caroline B.Quesenberry Ada F. Crafford 4a M. Devine Pauline C. Fred 8,'MYrt Heale zelle H. Bohn Addle K. Burohard „ 711tania M. Fellows „vi rginia B. Hereford , aa"Y L Soule 40dth F. Fowler 414a s. Mead Viola C. Ricker lorothy j. Pickells 4thryn P. winchell Count ers Average $29,940 24,900 25,000 25,220 24,220 24,080 24,000 24,820 24,220 24,540 28,700 27,550 29,800 27,250 24,00 Increase jui7 1/20 $240 180 180 240 240 180 180 180 180 180 Present Salary Proposed Salary $1,320 1,320 1,320 1,260 1,320 1,200 1,200 1,200 1,200 1,200 1,140 1,020 1,020 1,020 1,020 $1440 1,380 1,380 1,380 1,380 1,320 1,320 1,320 1,320 1,320 1,260 1,200 1,200 1,140 1,140 nreaase 8120 60 60 120 60 120 120 120 120 120 1 a) 180 180 120 120
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