Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, May 29, 1925, Volume 12, Part 1

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irt

Upon call of the Governor a special meeting of the Federal Reserve
Board was held in the office of
the Board on Friday, May 29, 1925 at
11:00 a.m.
PRESENT:

PRESENT ALSO:

Governor Crissinger
Mr. Platt
Hamlin
Mr. Miller
Mr. James
Mr. Cunningham
Mr. Hoell, Assistant Secretary
Dr. Stewart, Director of the Board's
Division of Research and Statistics.

The reading of the minutes of the meetings of the Federal Reserve
Board held on
May 19th, 21st and 27th was dispensed with.
Report of examination of the Federal Reserve Bank of Atlanta and
its b

ranches, as at the close of business March 28, 1925.
Referred to the Committee on Examinations
and Committee on District 6.
Report of examination of the Federal Reserve Bank of Richmond and

it3

Baltimore Branch, as at the close of business April 18, 1925.
Referred to the Committee on Examinationsr
and Committee on District #5.
Report of Committee on Examinations on letter dated May 27th from

the Federal Reserve Agent at Philadelrthia, recommending approval of an
413111ication of the Colonial
Trust Company of Philadelphia for permission
to open an additional office at the northeast corner of 17th
and
I; Streets, Philadelphia; the Committee also recommending approval.
Approved.
Dr. Stewart then submitted the matter referred to him at the meetOf

the 3oard on May 27th, namely, letter dated May 25th from the




f

D0

5 /29/25

-2-

483ietant Federal Reserve Agent at Philadelphia, reauesting aiiroval
bY the Board of the preparation of a Federal Reserve System
Exhibit
to be displayed at the convention of the American 3ankers Association
to be
hel0 in Atlantic City next September.
Dr. Stewart recommended that the Vederal
Reserve Bank of ,Philadelphia be permitted to
proceed with the arrangement for the exhibit
but directed, as more detailed plans are developed,
to submit same to the Board, particularly manuscript
of the pamphlets, which it is proposed to prepare
for distribution.
Upon motion by Yr. Hamlin, the above
recommendation was approved.
The Governor then Presented telegram dated Eay 27th from the Federal
14,ese„
Agent at Jlalias, requestinri: action by the Board before Jtne 1st
611 chanes in salaries of junior off'icers of the Bank made necespar7 by
tile resignation of Lr. Vol J. U-rund, Deputy Governor, the proposer:i snlries
as follows:
R. R. Gilbert,eputy Governor
R. B. Coleman, Deputy Governor,
Vred Harris, Cashier,
E. -Crump, Vanager, El Paso 3ranch,
Allen •Sayles, Cashier, El Paso Branch

4510,000
.
7,600
6,600
5,000
3,600

fl' .Hamlin moved approval of the recommendation of the Board's Executive Committee,
made .at its meeting on April 29th, that salary
at the rate of 10,000 per annum be approved for
rr. R. R. Gilbert, Deputy Governor, effective june
1st.




Er. Hamlin's motion being put by
the Chair was carried, Er. Cunningham
voting "no".

359
5/29/25

Yr. Mier then moved the Board approve the
sa2Jiries recommended for T'essrs. Coleman, Harris,
Crump and Sayles, all effective June 1st.
Oarried.
Upon motion, it was also voted to approve
the salary of 20,000 per annum recommended for
Yr. Lynn P. Tclleh, Governor-elect of the Bank,
effective nhen he assumes the duties of that
office.
o Governor ther

*31,000,000 of Government secur-

it1 r),73 '21d in the Uystar:'s special account
mould mature on June 15th
that the10)en Yarket Investment Oornittee desired the Board's apP1'°v*1 to -r-,rc:lase in replacement at the rresent tine15,000,C00 of
se
ellrities, the reraininT :16,000,000 to be rurchnsed after,,une 15th.
Upon motion, it was voted to approve the
request of the Open Farket Investment Oorrittee.
?Hereupon ensued a discussion as to the appointment of a °lass
tte„
Lirector of: the Federal Reserve Bank of Pallas, to be desi3-nated
2ode

,

ro4 Reserve -Agent and chairran of the Board of Directors, to

M'oceed Tr. Lynn P. Talley uho has bee,- elected to the office of
(oliernor of the Bank.

The discussion centered around the possibility

°f 3oci7ring for this position hr. Tucker Eoyall, President of the
17ational

an; of Pale-stine, Te::as, who, in the opinion of the

tnembers of
the Board present, would be the most satisfactory appointee.




After full discussion, Yr. Hamlin moved
that the Governor be authorised, after consultation with the Comptroller of the Currency, to
tender the arpointment to Tr. Royall and to .
invite him to come to Washington for a conference
with the Board.
hr. Hamlin's motion being put by
the chair was carried.

atiti

lday 28th,

•'^(1."`"e-

sorv
chan7os in stock at 2edera1
set forth in the u i1i.cLinate 3oolz

of t7,3.
ov ed. a
r 29th, .:Zecormendin.7 action on applicatio
pa.v..ers as a7t fortll in ,the
of this
1.
od9
$ iaj 2th,




f'or

lication for
th conditThrs stat
tt
.7,.a to the

ecgramodilair
of state
in the'iaüiviT
tions, as set
ts drto.

1.
,..)1)ro7a1 of the
of
at
H. 24a '- f' to
and. as
of the .0arnegi Natifel
director of the Pennsylvania Tr.:.at Company of
.kittslysco,---h, Pa.
Ja.pproved.
lie'
27th,....ecommend::,L
,
of* t1.17,
time
111 i:ahun'ci,.J.J ,,;()
:ec
,
tor of thia"Lt.cc'ha2:ors
-to'n r_ala s airect or
„ 77
',.'ashiaL;ton.
7th,

co.

.0v) meotinca1fT -t 11:40