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C) I A meeting of the Federal deserve Board was held in the office of the Federal deserve Board on Thursday, October 15, 1925 at 11:10 a.m. PRESEN2: Vice Governor Platt Mr. Hamlin Mr. James Mr. McIntosh Ur. Eddy, Secretary Mr. W. H. Kettig, Chairman of the Board of Directors of the Birmingham Braach of the Federal deserve Bank of Atlanta, was also present and submitted and discussed with the Board plans and specifications for the proposed bllilding to house the Birmingham Branch, which have been approved by the 8°ard'5 Consulting Architect, and by the Building Committees and Boards of Directors of the Birmingham Brmchani the Federal deserve Bank of Atlanta. Re stated that the cost of the building proper would come well within the limitation of Section 10 of the Federal Aeserve Act. He estimated that the total cost of the completed building would be about 000,000, the lot costirle <A25,000, the building proper ,190,000, the vault 00,000, with the balallce for permanent equipment, furniture and fixtures. After discussion, Mr. Hamlin moved that the Board approve the plans and. specifications for the proposed branch bank building at Birmingham submitted by Mr. Kettig, which have been approved by the Board's Consulting Architect, and interpose no oujection to the Federal deserve Bank of Atlanta proceeding with the erection of a building at Birmingham in accordance therewith. Unanimously carried. Mr. Kettig then withdrew from the meeting. Letter dated October 9th from the Federal deserve Agent at Boston, 3%itting a proposal by himself and the Governor of the bank that the e°millg conferences of Governors and Federal Aeserve Agents be requested 10/1b/25 g ...,110 to consider the advisability of an anendment to the Federal deserve Act to provide an alternative for the present requirement of a 3;s; reserve by Member banks against time deposits, including savings deposits, by which 411 member banks which segregate the deposits of their savings departments 411a invest such deposits in certain kindsof investments under the specifications and regulations of the Federal Heserve 3oard would be required to carry a reserve of Z1, only or possibly an even lower percentage. After discussion, it was voted to place the above suggestion on the pro:77rams Of the forthcoming Conferences of Governors and Federal deserve Agents. The minutes of the meetingsof the Federal deserve 9oard held on October 5th and 10th were read and approved. The minutes of the meeting of the Executive Committee of the Federal Reserve Board held on October 8th were read and approved. The Vice Governor stated that had he been present at the meeting on October 10th he would have voted in favor of approving the recommendation of the Board of Directors of the Federal deserve Bank of Cleveland for an increase in the rediscount rate of that bank. Memorandum dated October 15th from the Chief Examiner, requesting authority to transfer Mr. Charles H. Bartz, clerk in the Division of Examinations, salary 416nn -- per annum, to the field force with a title of Assistant Examiner at a aalarY of ,2,000 per annum, effective October 16th, and advising that the ' l acarleY in the Division is to be filled by the transfer of Mr. J. F. Furbershaa flift the Chief Clerk's office. Noted, with approval. 10/15/25 _3- Bond of LIr. Glenn Kirk, who has been authorized to act for the Assistant Federal deserve Agent at Chicago in the performance of certain duties, in the amount of ;50,000. Approved. Memorandum dated October 15th from the Secretary, requesting authority to en:loy temporarily two laborers or painters at the per diem rate paid by the Government for this class of help. Upon motion, the aathority requested was granted. deport of Committee on Salaries, Expenditures and Efficiency on letter dated October 14th from the Comptroller of the Currency, recommendapproval of a salary of „:,3800 per annum for National Bank Examiner j4 F. Wanberg,to be assigned to the 7th Federal .eserve District; the 00mmittee also recommending approval. Approved. Aeport of Committee on Salaries, Expenditures and Efficiency on letter dated October 8th from the Comptroller of the Currency, recommending approval of a salary of „;4200 per annum for National Bank Examiner Thurston P. Faxlmer to be assigned to the 11th Federal deserve District; the Committee also re commending apiorova1. Approved. Letter dated October 10th from the Secretary of the Federal deserve Bank of Atlanta, advising of the action of the 3oard of Directors of that bank ill voting to approve an amendment to the By-laws of the Nashville Branch provid- -4- 10/15/25 ing for a change in the hour of the regular meeting of the Board of Directors Of the Branch from 11:00 o'clock to 10:00 o'clock of the Tuesday next preceding the first Friday of each month. Approved. Letter dated October 12th from the Secretary of the Federal Reserve Saak Of Atlanta, advising of the death of Mr. T. O. Smith, Director of the Birmingham Branch. Noted. Memorandum dated October 14th from the Chief of the Division of Baak Operations, submitting statements of expenditures by the Federal Reserve bahks for educational and welfare work, etc., during the month of September 1925 and during the nine month period ending September 30th. Ordered circulated. Letter dated October 13th from the Chairman of the Board of Directors of the Federal Reserve Bank of Richmond, requesting that the directors be granted a hearing on the subject of the establishment of a branch of that bank in the Carolinas, on either December 9th or 11th, the daY preceding or following the regular December meeting of the Board; The Secretary reported that Governor Crissinger would be absent on December 9th, 10th and 11th. After discussion, it was voted to refer arrangements for the meeting to the Executive Committee with power. Matter approved on initials on October 9th, namely, memorandum Reserve Agent at from Counsel on letter dated October 7th from the Federal 10/15/25 -5- Boston, transmitting application of the Atlantic National Bank of Boston f°11 permission to purchase gi;550,000 additional stock in the Atlantic Corporation of Boston. Formally approved. Memorandum dated October 15th from the Chief of the Division of Bank °Perations, transmitting and recommending acceptance of the resignation of 411's C. K. Bizzell, Statistical Clerk, effective at the close of business October 15th, and requesting authority for the employment of a successor at an annual salary of not exceeding ,1800 per annum. Upon motion, the resigiation was accented and authority for the employment of a successor was granted. RP,p0i7, .....„..„,„,a_217 bated, STANDING COMITTEES: October 9th, 12th, aecommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary Minute Book of this date. Approved. bated, October 15th, Aecommending action on applications for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Ordered held. bated, October 12th, Aecommending approval of the application of Mr. C. W. Korell for permission to serve at the same time as officer and director of the First National B Aoosevelt, N.Y. and as Tice President of th amilton National Bank, New York City. Approved. The meeting adjourned at 12:10 p.m. Secretary. (% APproved: Vice Governor.
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