19251218_Minutes.pdf

Upon call of the Governor, a special meeting of the Federal eserve

Board was held in the office of the Board on Friday, December 18, 1925,

at 11:20 a.m.

PiESENT: Governor CrissingerMr. plattMr. HamlinMr. MillerMr. JamesMr. CunninghamMr. Eddy, Secretary

The reading of the minutes of the meetings of the Federal deserve

Board held on December 15, 16 and 17 was aispensed with.

The Governor stated that the special order of business for this

morning's meeting would be consideration of the report of the Chairman

of the Committee on District #12 dated December 15th, recommending that

Mr. John Perrin be redesignated as Federal deserve Agent and Chairman of

the Board of Directors of the Federal deserve Bank of San Francisco for

the year 1926.

After discussion, Mr. Platt moved

the redesignation of Mr. Perrin for the year

1926 with salary at the rate of „;24,000.

21r. Platt's motion being put by the

Chair was carried, Mr. James voting "no".

leport of Committee on Examinations on letters dated December 5th

and 12th from the Federal deserve Agent at San Francisco, transmitting and

recommending approval of an application of the Bank of Southern Utah, Cedar

City, Utah, for approval of its action in consolidating on November 23rd

with the Iron Commercial and Savings Bank of Cedar City, without the permis-

sion of the Board; the Committee also recommending awroval.

Approved.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12/105 -2

Report of Committee on Salaries, Expenditures and Efficiency dated

December 17th, with reference to the closing of books of the Federal Reserve

Bank of Philadelphia, as follows:

"Your, committee has examined the statement submitted by the FederalReserve Bank of Philadelphia with its request for authority to close itsbooks ana pay the semi-annual diviaend, and finds that on the basis ofthe bank's daily balance sheet form 54 the estimated gross earnings willbe sufficient to cover current operating expenses, accrued dividends and other charges which the bank proposes to make against current earningsand leave a balance, estimated Jy the Reserve bank at about ,;369,000,for transfer to surplus account. Estimated earnings and proposed de-ductions therefrom are as follows:

Gross earnings 3,105,000.00Current expenses 2,050,000.00

Current net earnings i•fa,055,000.00Current sundry adjustments 7,000.00

Proposed deductions:Furniture and equipment 17,130.70Net expenses - cafeteria 1,800.00Sundry adjustment items 1,069.30

Total deductions 20,000.00Balance available for dividends and surplus 1,042,000.00Dividends paid June 30 329,591.00Estimated dividends July 1 to December 31 343,409.00

Total dividends 673,000.00Balance to be transferred to surplus 369,000.00

According to the statements accompanying the dividend resolution,no amounts are due to the reserve bank from failed banks or banks con-sidered to be in an unsafe condition.

YOUR COMITTEE finds that the proposed deductions from currentnet earnings are in accordance with the Board's instructions and recom-mends that they be approved. It is also recommended that the bank beauthorized to pay the usual semi-annual dividends on December 31.1t

Mr. James moved approval of the recommendationsof the Committee.

Carried.


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12/18/25

aeport of the Chairman of the Committee on Salaries, Expenditures

and Efficiency dated December 17th, recommending approval of all salaries

recommended by the board of directors of the Federal Reserve Bank of St.

Louis for officers and employees of that institution and its branches for

the year 1926.

deport of Mr. Cunningham, member of the Committee on SalariesExpenditures and Efficiency, stating that he does not concur in theincrease from 420,000 to 425,000 recoNmended in the salary of GovernorBiggs.

The Board considered separately the recommendations for increasesin official salaries and took action thereon as follows:

D. C. Biggs, Governor, increase from c20,000 to ?25,000 per annum.

Mr. Cunningham moved that the Boardapprove a salary of 120,000 for Governor Biggs.

Mr. James moved as a substitute thata salary of 425,000 be approved for Governor Biggs.

J. G.

Mr. James' substitute motion beingput by the Chair was carried, Messrs. millerand Cunningham voting "no".

McConkey, secretary and Counsel, increase from 49,00 to 4,40,000per annum.

mr. Miller moved that a salary of 39,000be approved for Mr. McConkey.

Mr. Hamlin moved as a substitute that asalary of 410,000 be approved for Mr. McConkey.

Mr. Hamlin's substitute motion being putby the Chair was carried, Messrs. Miller andCunningham voting "no".

J. W. White, Cashier, increase from )8,000 to 0,500 per annum.

Upon motion by Mr. James, the above increasewas unanimously approved.


rs,

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E. J. Novy, Auditor, increase from 47,500 to (;8,000 per annum.

Upon motion by mr. James, the aboveincrease was unanimously approved.

C. M. Stewart, Assistant Federal Aeserve Agent, increase from47,000 to 7,500 per annum.

Upon motion by Mr. James, the aboveincrease was unanimously approved.

A. H. Haul, Assistant Cashier, increase from 46,000 to 46,500per annum.


W. H. Glasgow, Assistant Cashier, increase from 45,500 to 46,000per annum.


H. L. Traf ton, Assistant Auditor, increase from 43,240 to 43,500per annum.

Upon motion uy :Ir. James, the aboveincrease was unanimously approved.

A. F. Bailey, Managing Director, Little Rock Branch, increasefrom .,7,000 to ,;6,000 per annum.

Upon motion by mr.. James, the aboveincrease was unanimously approved.

M. H. Long, Cashier, Little dock Branch, increase from 44200to 44500 per annum.


C. Wood, Assistant Cashier, Little Hock Branch, increase from42600 to :)3,000 per annum.

Upon motion by mr. James, the aboveincrease was vilnimously approved.

F. P. Maguire, Assistant Auditor, Little aock Branch, increasefrom 42500 to „2700 per annum.


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P

j.

W. P. Kincheloe, Managing Director, Louisville Branch, increasefrom 47500 to'48500 per annum.


John T. Moore, Cashier, Louisville Branch, increase from 45,000to 45500 per annum.


Earl R. Muir, Assistant Cashier, Louisville Branch, increase from4;5600 to Q4,000 per annum.


Lee A. Moore, Assistant Auditor, Louisville Branch, increase from2580 to 42700 per annum.

Upon motion by Mr. Janes, the aboveincrease was unanimously approved.

V. S. Fuqua, Managing Director, Memphis Branch, increase from0,000 to 5500 per annum.


S. K. Belcher, Cashier, Memphis Branch, increase from 4p1,000to 44,500 per annum.


C. E. Martin, Assistant Cashier, Memphis Branch, increase from43300 to ;-;',4,000 per annum.

Upon motion by Mr. Janes, the above

increase was unanimously arproved.


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A. E. Debrecht, Assistant Auditor, Memphis 3ranch, increasefrom .2700 to :,3,000 per annum.

Upon motion by Mr. James, the above

increase was unanimously approved.

Mr. Hamlin then moved that the salaries of

all officers for whom no increases were recom-

mended be approved at the same figures as were

received during 1925.

Carried.

Mr. James then moved approval of all salaries

recommended for employees both at the head office

and branches.

Carried.

deport of Committee on Salaries, Expenditures and Efficiency, dated

December 16th, concurred in by both members of the Committee, and recom-

mending approval of all salaries recommended by the Board of directors

Of the Federal Reserve Bank of San Francisco for officers and employees

Of that institution and its branches for the year 1926, including increases

in the salaries of the following named officers:

Head Office Present salary proposed salary

Allan Sproul, Asst. F. H. Agent, 45,000 45,600

H. N. Mangels, Assistant Cashier, 4,800 5,100

.S. A. MacEachron, Assistant Cashier, 4,200 (4) 4,500

John M. Osmer, Auditor 4,080 4,200

Los Angeles Branch

G. H. Schmidt, Assistant Manager, 4,500 4,800

Portland Branch

R. 3. 'Vest, Assistant manager, 4,200 (1) 5,000


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Salt Lake City Branch Present salary Proposed salary

W. L. Partner, Managing Director 46,300 41,000H. M. Craft, Assistant Manager 4,500 4,800J. N. Leisner, Assistant Cashier 3,600 (2) 4,200W. M. Smoot, Assistant Cashier 3,300 3,600

Seattle Branch

B. A. aussell, Assistant Cashier, 3,600 3,900

Branch_lokane

D. L. Davis, Assistant Manager 5,100 (5) 5,500

(1) As managing Director. (2) As Assistant manager at(0) As Assistant Manger. Spokane Branch.(5) As 21unaging Director. (4) As Assistant manager at

Portland Branch.

Mr. James moved adoption of the report of theCommittee.

Yr. James, motion being put by the Chair wasunanimously carried.

Joint report of the Committees on Research and Statistics and on

Salaries, Expenditures and Efficiency, dated December 17th, submitting

budgets requested by the various Federal Reserve Agents covering statisti-

cal and analytical work during the year 1926 as follows:

1925 Expenses(December estimated)

1926 ProposedBudget

Boston A2,938 443,484

New York 115,646 115,180

Philade],phia 65,232 50,461

Cleveland 38,945 38,395

Aichmond 13,337 14,475

Atlanta 9,235 9,300

Chicago 58,880 59,111

St. Louis 19,883 18,415

Minneapolis 15,980 16,735

Kansas City 19,400 19,250

Dallas 16,568 18,200

San Francisco 40,326 43,373

Total 456,370 446,379Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12/18/25 _8-

the Committees recommending that the budgets be approved, as submitted,

with the proviso that the Federal deserve Agent at Philadelphia be ad-

vised that he will be expected during the year to make a further re-

duction in the cost of his statistical and analytical work so as to

bring the cost of operating the department within the ,;45,000 limit

recently suggested by the Board, not later than January 1, 1927.

Upon motion by Mr. James, the recom-mendations of the Committees were approved.

Letter dated December 11th from the Federal deserve Agent at

Boston, requesting the redesignation of Mr. Chas. P. Gettemy as

Assistant Federal deserve Agent for the year 1926.

Upon motion by Mr. Hamlin, Mr. Gettemywas redesignated.

Letter dated December 10th from the Federal Reserve Agent at

dichmond, requesting the redesignation of Mr. J. G. Fry as Assistant

Federal deserve Agent for the year 1926.

Upon motion by Mr. James, Mr. Fry wasredesignated.

Letter dated December 15th and telegram dated December 18th from

the Federal Reserve Agent at Atlanta, requesting the redesignation of

Mr. Ward Albertson and yr. W. E. Miller as Assistant Federal deserve

Agents at the head office and New Orleans Branch, respectively, for

the year 1926 and the redesignation of Mr. J. R. Stevens as alternate

Assistant Federal deserve Agent at the New Orleans Branch at an annual

salary of 0.2.00, and further compensation of 45,00 each time he is

called upon to serve.


12/18/2b

Upon motion by Mr. James, Messrs. Albertson,

Miller and Stevens were redesignated.

Letter dated December 11th from the Federal Reserve Agent at Chicago,

requesting the reaesignation of Mr. William H. White and Mr. John G.

Baskin as Assistant Federal Reserve Agents at the head office and Detroit

Branch, respectively, for the year 1926, the redesignation of Mr. Wm. C.

Schrader as Acting Assistant Federal Reserve Agent at the Detroit Branch

and the authorization of M. Glenn Kirk to receipt or and deliver Federal

Reserve notes and to operate the combinations on the Agents' safes at the

head office, without official title.

Upon motion by Mr. Cunningham, Messrs. White,

Baskin and Schrader were redesignated, and the

authority requested was granted Mr. Kirk for the

year 1926.

Letters dated December 10th and 11th from the Federal Reserve Agent

at Minneapolis, requesting the redesignation of Messrs. Curtis L. Mosher

and J. F. Ebersole as Assistant Federal Reserve Agents at the head office

and. Mr. H. L. Zimmerman as Assistant Federal Reserve Agent at the Helena

Branch, all for the year 1926.

Upon motion by Mr. Cunningham, Messrs. Mosher,

Ebersole and Zimmerman were redesignated.

Letters dated December 9th and 11th from the Federal Reserve Agent

at Kansas City, requesting the designation of Mr. A. M. McAdams as Assistant

Federal Reserve Agent at the head office for the year 1926 to succeed

Mr. C. K. Boardman, resigned, and the redesignation of Messrs. T.

Gordon Sanders, Dwight O. Meigs and Oliver A. Leamon, as Assistant

JO


12/18/25 -10-

Federal deserve Agents at the Omaha, Denver and Oklahoma City Branches,

respectively, the last three to be compensated at the rate of i1.00 per

annum.

Upon motion by Mr. Cunningham, M. McAdams

was designated and Messrs. Sanders, Meigs and

Leamon redesignated for the year 1926.

Letter dated December 14th from the Federal Reserve Agent at Dallas,

requesting the redesignation of ,Messrs. Chas. C. Hall and Wm. J. Evans

as Assistant Federal aeserve Agents at the head office for the year 1926.

Upon motion by Mr. James, Messrs. Hall and

Evans were redesignated.

Letter dated December 5th from the Federal deserve Agent at San

Francisco, requesting the redesignation of Messrs. S. G. Sargent and Allan

Sproul as Assistant Federal deserve Agents at the head office for the year

1926.

Upon motion by mr. James, Messrs. Sargent

and Sproul were redesignated.

Letter dated December 16th from the Federal Reserve Agent at Atlanta,

requesting the redesignation of Messrs. J. E. McGuire, Earl P. Paris and

J. J. Byrne as Examiners and the following officers of the Bank and Branches

as Special Examiners during the year 1926:

Ward Albertson,

J. L. Campbell,Creed Taylor,W. S. Johns,

J. W. Honour,

H. F. Conniff,

J. B. Tutwiler,

V. K. Bowman,

J. A. Walker,A. N. Groover,

Assistant Federal Reserve Agent

Deputy Governor

Deputy Governor

General Auditor

Assistant Auditor

Assistant Cashier

Assistant Cashier

Chief Clerk, Discount Dept.

Cashier - New Orleans Branch

manager - Savannah Agency


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Upon motion by Mr. James, the abovenamed Examiners and Special Examiners weredesignated, for the year 1926.

Letter dated December 5th from the Federal Reserve Agent at San

Francisco, requesting the designation of the following Examiners for

the year 1926:

S. G. Sargent,Louis H. Moore,H. A. Sonne,C. Hupp,C. S. Loveland,E. B. McBride,J. P. Read,

Chief Examiner, San FranciscoAssistant Chief Examiner, San FranciscoExaminer, PortlandExaminer, Salt Lake City

Examiner, Los AngelesExaminer, SpokaneAssistant Examiner, San Francisco

Upon motion, the above listed Examinerswere designated.

Report of Committee on District #10 with reference to the appointment

of a Class C Director of the Federal Aeserve Bank of Kansas City and the

appointment of directors for the Oklahoma City, Omaha and Denver Branches

of that Bank.

Er. Hamlin moved that Mr. W. S. Bulkley

be appointed a Class C Director of the Federal

Reserve Bank of Kansas City for a term of three

years beginning January 1, 1926.

Mr. Hamlin's motion being put by the

Chair was carried, Governor Crissinger

voting "no".

Mr. James than moved that Mr. Water F.Nichols be appointed a director of the Oklahoma

City Branch of the Federal deserve Bank of Kansas

City for a term of three years, beginning January

1, 1926.

Mr. James' motion being put by the

Chair was unanimously carried.


12/18/25 -12-

Mr. Cunningham then moved that Mr. WilliamDiesing be appointed a director of the Omaha Branchof the Federal Reserve Bank of Kansas City for aterm of three years, beginning January 1, 1926.

Mr. Cunningham's motion being put by theChair was unanimously carried.

Mr. Hamlin then moved that Mr. MUrdo MacKenziebe reappointed a director of the Denver Branch of theFederal Reserve Bank of Kansas City for a term ofthree years, beginning January 1, 1926.

Mr. Hamlin's motion being put by theChair was unanimously carried.

The Board then proceeded to consider the designation of Deputy Chairman

of the various Federal Reserve banks, and upon motion the following were

redesignated for the year 1926:

Boston - Allen HollisNew York - Wm. L. SaundersPhiladelphia _ Chas. C. HarrisonCleveland - L. 3. WilliamsAichmond - F. A. DelanoAtlanta _ W. H. KettigChicago _ James SimpsonSt. Louis - John W.BoehneMinneapolis - Homer P. ClarkKansas City - Heber HordDallas _ Clarence E. LinzSan Francisco - Walton N. ore

The meting adjourned at 1:10 p

Secretary,


19251218_Minutes.pdf

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