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Upon call of the Governor a meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Monday, October 5, 1925 at 11:00 a.m. PRESENT: Governor Crissinger Mr. Platt Mr. James Mr. Cunningham Mr. Eddy, Secretary The minutes of the meetings of the Federal Reserve Board held on September 23rd, 25th and 29th were read and approved. At this point, Mr. McIntosh entered the meeting. The Secretary than presented copy of the program for the Conference Of Federal Reserve Agents to be held in Washington on October 29th - 31st, furnished to him by Federal Reserve Agent Martin, Secretary of the Conference. Noted with approval, and copy ordered furnished to each member of the Board. Matter approved on initials on October 2nd, namely, memorandum dated October 1st from the Division of Examination, recommending approval Of the application of the First National Bank, O'Donnell, Texas for original stock (18 shares) in the Federal Reserve Bank of Dallas, effective if and when the comptroller of the Currency issues a certificate of authority to commence business. Formally approved, Matter approved on initials on October 3rd, namely, memorandum from the Division of Examination dated October 3rd, recommending approval Of the application of the First National Bank in Hailey, Idaho for original stock (45 shares) in the Federal Reserve Bank of San Francisco, effective if and when the Comptroller of the Currency issues a certificate of authority 0 10/5/25 -2- to commence business. Formally approved. Memorandum dated September 29th from the Deputy Comptroller of the Currency, advising that on Monday, October 5th, the Comptroller will issue a call to all national banks and to savings banks and trust companies in the District of Columbia for reports of condition as of the close of business on Monday, September 28, 1925. The Secretary reported that a call was today being issued to state member banks for reports as of the same date. Letter dated October 1st from the Treasurer of the United States, advising that no applications have been received from national banks during the quarter ending Septamber 30, 1925 for the sale of bonds under Section 18 Of the Federal Reserve Act. Noted, Report of Committee on Salaries, Expenditures and Efficiency on letter dated October 3rd from the Acting Comptroller of the Currency, recommending approval of the salary of 43,000 per annum for National Bank Examiner Edward A. Vonarb, to be assigned to the Second Federal Reserve District; the Committee also recommending approval. Approved. Report of Committee on Salaries, Expenditures and Efficiency on letter dated October 2nd from the Comptroller of the Currency, recommending aPProval of a salary of 44500 per annum for National Bank Examiner E. B. Wilson, to be assigned to the 7th Federal Reserve District; the Committee -3_ 10/5/25 also recommending approval. Approved. calling attention to Memorandum dated October 1st from Mr. James respectively, vacancies which have existed since July 1st and August 1st, nd Branches 14 the offices of nanaging Director of the Spokane and Portla Of the Federal calling ateserve Bank of San Francisco; Mr. James also without a Managing tention to the fact that the Salt Lake City Branch was Director from June Ilt to July 1st, 1925. Upon motion by Mr. James, the Governor was Bank requested to inquire of the Federal Reserve vacanthese for reason the to as of San Francisco at made been have which ements cies and the arrang ng Managi of on electi the g °endin the branches Directors. Counsel with reference Memorandum dated September 28th from Assistant permission to to application of the National City Bank of New York for establish a sub-branch, agency or office of its Cuban Branch in Havana, there g Cuba, to be known as the Belascoain sub-branch; Counsel ptatin that is be granted. nc legal reason why the application should not d spread Upon motion, the following was ordere upon the minutes. , on or "The National City Bank of New York having with ation an applic filed about September 24, 1925, to ity author ing obtain this Board for the purpose of of Cuban its office or establish a sub-branch, agency c of Cuba, Branch in the City of Havana in the epubli the said and anch, Sub-Br oain to be known as the Belasc ing it and appear ered; consid application having been the made under ly proper that the said application is laws of the United States of America and should be 4 granted, Now, therefore, it is on • 10/5/25 -4- "ORDERED, that the said application be, and it hereby is, approved, and that the said bank be, and it hereby is, authorized to establish a sub-branch, agency or office of its Cuban Bramh in the City of Havana in the Republic of Cuba, to be known as the Belascoain Sub-Branch." Matter approved on initials on September 30th, namely, memorandum thIted September 30th from the Committee on Salaries, Expenditures and 4fieiency, recommending approval of the recommendations of the special committee which met in Washington on September 28th and 29th, at the reVest of the Beard, to consider changes in the functional expense reports °II the Federal Reserve banks, namely, that the reports be continued in a eftewhat simplified form with the elimination of a number of detailed iterne ef expense where the amounts involved are small, and that the reports be rendered semi-annually instead of quarterly as in the past, under which rangemeilt the report for the quarter ending Septenber 30th would be elim84 ' illated; the Committee also submitted for approval a form of letter to the Chairmen of all Federal Reserve banks transmitting a copy of the report of the Spj committee. Formally approved. Draft of letter to the President of the United States Civil Service C°113111ission, replying to letters received from the Commission, with reference to i nformation desired in the administration of the Civil Service Retirement Itct; the proposed reply advising of the opinion of the Board's Counsel that the terns of the Civil Service Retirement Law are not applicable to its emwhich opinion has also been reached by the Con-rmission, enclosing a -5- 10/5/25 list in duplicate of the employees of the Board as of October 1, 1925, and advising that the Board will continue as heretofore to furnish the Commission monthly with reports of changes in its personnel. Approved. Memorandum from Counsel dated September 29th submitting draft of rePly to letter dated August 22nd from the Deputy Governor of the Federal aeserve Bank of Minneapolis, inquiring as to the eligibility for rediscount Of sight drafts secured by bills of lading covering the shipment of eggs 44d dressed poultry in refrigerator cars, and inquiring whether such products 3/10uld be considered non-perishable readily marketable staple agricultural Products; the proposed reply stating that in the Board's opinion eggs and Qlreseed poultry are not to be classified as non-porishable within the meaning °f that term as used in Section 13 of the Federal Reserve Act. Ordered circulated. Memorandum dated October 1st from Counsel with further reference to the matter discussed at the meeting on September 29th with the Federal i eserve Agent at Minneapolis, namely, the eligibility for rediscount or Purchase by the Federal Reserve Bank of bankers' acceptances drawn by an elevator company and secured by terminal warehouse receipts of the elevator company that draws the draft. Ordered circulated. Telegram dated October 5th from the Federal Reserve Agent at Chicagp, recommending that Mr. Glenn Kirk, an anployee of his department, be authorized to receive and receipt for Federal deserve notes, to deliver same to the Or*, 10/5/25 -6- Federal Reserve Bank and to operate the Agent's combinations to safes and grills and that he be authorized to sign for the Federal Reserve Agent, until such time as a properly qualified man can be found to fill the office of Assistant Federal Reserve Agent or Acting Assistant Federal aeserve Agent, made vacant by the resignation of Mr. E. L. Harris. Upon motion by Mr. James, it was voted to approve the temporary appointment of Mr. Kirk, without change in salary. At this point, Mr. McIntosh left the meeting. Telegram dated September 24th from the Deputy Governor of the Federal Reserve Bank of San Francisco, inquiring whether the cost of certain items of painting, ventilating and electric lighting in connection With the proposed Branch Federal Reserve bank building at Salt Lake City may be excluded from the cost of the "building propel"; together with a letter dated October 2nd from Mr. A. B. Trowbridge, Consulting Architect, to whom the inquiry was referred. Referred to the Executive Committee with power. Matter ordered circulated at the meeting on September 22nd, namely, letter dated September 18th from the Governor of the Federal Reserve Bark Of Cleveland, with reference to the purchase by the Federal Reserve Bank 14 1920 from the Union Central Life Insurance Company of Cincinnati, of Property at 4th and Race Streets, Cincinnati; the information contained therein being furnished because of the inquiry made of the Board by Messrs. Cramer and Gordon, attorneys in Cincinnati, in connection with the suit , t -7_ 10/5/25 being brought against the Life Insurance Company by the real estate agent. After discussion, it was voted that 1.1essrs. Cramer and Gordon be advised that the purchase of the property in question was made by and under the supervision of the Board of directors of the Federal Reserve Bank of Cleveland. Memorandum dated October 2nd from Connsel, with reference to the apPlication of Mr. John P. Wilson for permission to serve at the same time as director of the Harris Trust and Savings Bank and as director of the First National Bank, both of Chicago, Ills.; Counsel submitting the question Of whether or not the institutions mentioned are in substantial competition t° the Board without recommendation. Ordered circulated. 13222,ITS OF STANDING COMMITEES: Recommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary Minute 300k of this date. Approved. Dated, September 30th, Recomending action on applications for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Approved. Dated, September 25th, Recommending action on application for admission of state Dank, subject to the conditions stated in the individual reports attached to the application, as set forth in the Auxiliary Minute 300k of this date. Approved. Dated, September 22nd, Recommending approval of the application of Mr. P. A. Myers for permission to serve at the same time as director of the First National Bank, Ashland, Ohio and as director of the Union Trust Company, Cleveland, Ohio. Approved. Dated, September 30th, Recommending approval of the application of '!r. A. Clifford Shinkle for permission to serve at the same time as director of the First National Bank, Dated, September 30th, 0 10/5/25 -8- STANDING COMIIITEES: (Cont'd) Covington, Kentucky, and as president of the Fourth and Central Trust Company, Cincinnati, Ohio. Approved. The meeting adjourned at 12:50 o'clock. Secretary
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