19290114_Minutes.pdf

48

A meeting of the Federal deserve Board was held in the office of the

Pederal Reserve Board on Monday, January 14, 1929 at 10:45 a.m.

PRESENT: Governor YoungMr. HamlinMr. JamesMr. Cunningham

Mr. PoleMr. Eddy, SecretaryMr. McClelland, Asst. Secretary

Memorandum dated January 11th from the Director of the Division of 2,e-

search and Statistics, advising that Mr. Meredith Givens, whose appointment

at an annual salary of 44,200 was recently approved by the Board, reported

for duty on January 7th but before being entered on the payroll resigned to

accept another position in New York at a higher salary.

Noted.

Letter dated January 11th from the Acting Comptroller of the Currency,

requesting approval of a salary of 41,020 per annum, effective January 14,

1929, for Mrs. Irma Smoot, money counter in the Federal deserve Issue and

iledamption Division.

Approved.

Telegram dated January 12th from the Secretary of the Federal Reserve

Bank of Atlanta, advising that the board of directors at a meeting on that

date made no change in the bank's existing schedule of rates of discount and

purchase.

Noted.

Letter dated January 12th from the Secretary of the Federal Reserve

Bank of Atlanta, advising of the election of Mr. J. P. Butler, Jr., President

°f the Canal Bank and Trust Company of New Orleans, as member of the Federal

Advisory Council from the Sixth District for the year 1929.

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

49-2-

Noted.

Letter dated January 9th from the Chairman of the Federal Reserve Bank

of Dallas, advising of the re-election of 2.r. B.. A. L:cKinney as member of the

Federal Advisory Council from the Eleventh District for the year 1929; the

letter also advising of the re-election of 2:r. W. E. Connell as alternate

member for the year.

Noted.

Letter dated January 11th from the Federal Reserve Agent at St. Louis,

requesting approval of the appointment of 2,:r. 7iilliam L. L'regory, Jr. as Acting

Assistant Federal Reserve Agent to succeed 2.r. J. Vion Papin, whose duties as

A

lianager of the Division of Research and Statistics make it inconvenient for

him to fulfill the duties of Acting Assistant Federal Reserve Agent.

Referred to the Committee on District 48.

Report of Committee on Examinations on letter dated January 10th from

the Assistant Feddral Reserve Agent at Cleveland, and telegram dated January

12th from the Federal Reserve Agent, transmitting and recommenaing approval

Of an tvplication of the United Banking and Trust Company, Cleveland, Ohio

for approval of its purchasing the assets and assuminl-: the liabilities of the

Farmers Bank of Clev.Jland; the Board's Committee also recommending approval.

Noted with approval.

Letter dated January 10th from the Auditor of the Treasury Department,

transmitting cony of a report submitted to the Comptroller of the Currency that

Ithe reserve stock of Federal Reserve Notes was verified on Janua

ry 10th and found

to be intact.

Noted.


50

1/14/29(

-.3-

The Board's Committee on Salaries and Expenditures then submitted recom-

MenJations of the directors of the Federal Reserve Banks of Kansas City, Dallas

atd Atlanta, with respect to salaries to be paid to officers of the banks and

their Branches during the year 1929, on which action was taken by the Board as

follows:

FME:iAL ESERVE BArK OF KANSAS CITY:

From „;8,00025,00014,,00010,0006,8006,5006,3005,500

ft 5,5007,5006,000

Pt 8,500ft 4,300If 3,600

It 8,500Pt 4,800ft 3,600

Pt 9,000tt 4,800Pt 4,100Pt 3,600

to „;10,00025,00016,00012,000

4 7,0009 7,000

6,8006,0006,0008,0006,000

ft 10,000it 4,300It 4,000

ft 10,000It 5,400ft 4,000

ft 10,000ft 5,400it 4,500ft 4,000

A. L. McAdams, Asst. F. R. Agent & Sec'y

W. J. Bailey, Governor

j. A. aorthington, Deputy Governor

J. d. Helm, Cashier

John Phillips, Jr., Ass't. Cashier

G. E. Barley, Ass't. Cashier

E. P. Tyner, Ass't. Cashier

M.W. E. Park, Ass't. Cashier

G. H. Pipkin, Ass't. Cashier

S. A. Wardell, Auditor

H. G. Leedy, Counsel (retainer)

DErVER BRANCH:

Jos. E. Olson, Managing Director

S. A. Brawn, CashierJno. A. Cronan, Asst. Cashier

OKLAHOMA CITY BaANCH:

vC. E. Daniel, Managing Director

R. O. Wunderlich, Cashier

R. L. Mathes, Ass't. Cashier

OMAHA BliANOH:

L. H. Earhart, llanaging Director

G. A. Gregory, Cashier

William Phillips, Ass't. Cashier

O. P. jordill, Ass't. Cashier

After discussion, it was upon motion voted to approve

the salaries recommended by the directors of the Federal

aeserve Bank of Kansas City.


1/14/29

14)FEDERAL RESERVE BANK OF DALLAS:

-4-

Chas. C. Hall, Asst. i. R. Agent

W. J. Evans, Asst. F. R. Agent

Lynn P. Talley, Governor

A. A. Gilbert, Deputy Governor

a. 3. Coleman, Deputy GovernorFred Harris, Cashier

W. D. Gentry, Asst. Deputy Governor

J. L. Hermann, Asst. Cashier

E. B. Austin, Asst. Cashier

A. 0. Webb, Asst. Cashier

W. P. Clarke, General Auditor

C. C. True, Asst. Auditor

Chas. C. Huff, Counsel (retainer)

Locke, Locke, Stroud & Randolph (retainer)

EL PASO BRANCH:

W. O. Ford, Managing Director

Allen Jayles, Cashier

HOUSTON BRANCH:

Dwight P. Reordan, Managing Director

L. G. Pondrom, Cashier

H. A. DeMoss, Asst. Cashier

SAN ANTONIO BRANCH:

M. Crump, Managing Director

C. B. Mendel, Cashier

51

From

9

It

It

tt

It

ft

ft

ft

If

ft

It

,8,500 to8,000 If

25,000 "13,000 "9,000 "8,100 U

6,000 ft

5,0005,0004,5005,0003,6001,200 ft

9,000

It5,500It4,000

If7,000It4,500tf3,600

It6,000It4,000

„;8,5008,00025,00015,00010,5009,6007,0005,5005,5005,0006,0004,0001,2009,000

6,0004,200

9,0005,0004,000

7,5004,200

The Secretary reported that he has just received from the

Federal Reserve Bank of Dallas minutes of the last meeting of

the board of directors, which indicate that provision is being

made in the bank's contracts with its Counsel for 1929 for pay-

ments for unusual services, in addition to the retainers set out

above.

After discussion, it was upon motion voted to approve the

salaries recommended by the directors of the Federal Aeserve

Bank of Dallas, with the exception of the retainers proposed for

Counsel, and it was voted that the Board's Counsel be requested

to communicate with the Dallas bank and ascertain exactly how its

contracts with Counsel for 1929 will differ with those which were

in effect in 1928.


r"-c)

1/14/29 -5_

FEDERAL AESEAVE BANK OF ATLANTA:

Fromti9It

ft

It

99It .

ft

ft

99

9999

92,700

Pt

It

It

ft

ft

ft

ft

It

,7,50025,00012,500

12,0007,0005,3004,2004,2004,200

7,5004,2003,5001,500

15,0006,5006,2003,600

7,5003,9002,880

6,0004,5002,100

6,2004,5002,500

4,0002,400

to"""ft

999,

11

9ft

ft

"9999

ft

/I

11

It

ft

ft

ft

""

48,40025,00012,500

15,0008,4006,0005,0004,5004,5004,5004,0008,4004,5003,500)1,500)

15,0006,5006,2003,6002,700

7,5003,9002,880

6,5004,5002,100

6,5004,5002,500

4,0002,400

Ward Albertson, Asst. F. R. Agt. & Secretary

E. R. Black, Governor

Hugh Foster, Deputy Governor

Creed Taylor, Deputy Governor

M. Ti. Bell, Cashier

H. F. Conniff, Asst. Cashier

V. K. Bowman, Asst. Cashier

R. A. Sims, Asst. Cashier

C. R,Camp, Asst. Cashier

P. L. T. Beavers, Asst. Cashier

S. P. Schuessler, Asst. Cashier

W. 3. Johns, General Auditor

J. Welsby Honour, Asst. Auditor

Randolph & Parker, Counsel (retainer)

(clerk)

NEW ORLEANS BRANCH:

Marcus Walker, Managing Director

James A. Walker, Asst. Manager

Wm. H. Black, Cashier

F. C. Vasterling, Asst. Cashier

Wm. E. Miller, Asst. Auditor

BIRMINGHAM BRANCH:

A. E. Walker, Managing Director

H. J. Urquhart, Cashier

T. N. Knowlton, Asst. Cashier

JACKSONVILLE BRANCH:

W. S. McLarin, Jr., Managing Director

Geo. S. Vardeman, Jr., Cashier

Mary E. Mahon, Asst. Cashier

NASHVILLE BRANCH:

Joel B. Fort, Jr., Lamming Director

E. R. Harrison, Cashier

Leo W. Starr, Asst. Cashier

SAVANNAH g.GELCY:

J. H. Bowdon, Manager

James A. Goethe, Asst. Manager


1/14/29 -6-

Mr. James called attention to the fact that Messrs.Beavers and 3chuessler are new appointees as AssistantCashiers and that the salaries proposed for them areeffective January 12, 1929. He also stated that thesalaries for officers at the Havana Agency will be sub-

mitted by the Atlanta directors following the inspectiontrip which a committee of the directors is making to theAgency.

After discussion, it was upon motion voted to approvethe salaries recommended by the directors of the FederalReserve Bank of Atlanta.

Mr. Hamlin then submitted a memorandum dated January 12th on the matter

referred back to the Law Committee at the meeting on January 11th, namely,

Mftorandum from Counsel dated December 4th with reference to capital require-

naents of national banks in Michigan desiring to exercise trust powers and with

Particular reference to an inquiry made by the Old State Bank of Fremont, Mich.

48 to whether it could receive full trust powers after conversion into a nation-

al bank with a capital of 4150,000; the memorandum setting forth the opinion

that the Board should adhere to its previous policy and advise the state bank

that upon conversion into a national bank with a capital of at least 4150,000

It will be eligible, upon proper application, to receive unlimited trust powers.

After discussion, upon motion it was voted to advise

the Old State Bank of Fremont that the Board will consider

an application by it, for permission to exercise full trust

powers, upon a basis of a capital of 4150,000, if and when

converted into a national bank, such application to be filed

in the regular manner through the Federal Reserve Agent at

Chicago.

The minutes of the meetings of the Federal Reserve Board held on December

31st, January 3rd, 4th and 7th were read and approved.

The minutes of the meeting. of the Federal Reserve Board held on January

8th were read and approved as amended.


1/14/29 -7-

Upon motion, the Secretary was instructed to request

the Governor of the Federal. Reserve Bank of Chicago to

furnish the Board with copies of the memoranda relative

to borrowings of six member banks in the Seventh District

which he read at the meeting on January 8th.

54

The minutes of the meeting of the Federal Reserve Board held on January 11th

were then read and approved.

The Governor then presented a letter dated January 11th from the Deputy Gov-

ernor of the Federal Reserve Bank of New York, transmitting copy of letter from

the Vice President of the National Commercial Bank and Trust Company, Albany, N. Y.,

Witil further reference to the application by member banks in that city for termina-

40r1 of the designation of Albany as a reserve city; the letter referring to a

131'evious statement that there is no difference between the banks in Albany and

11114dreds of other cities throughout the United States that are not classified

48 reserve cities and stating that while they have no list of comparable cities

111 the State of New York they had in mind cities of the type of Utica, Syracuse

411d Rochester.

Noted.

The Governor then referred to the abolition of the Division of State Bank

*4amination effective February 1, 1929 and stated that arrangements have been

Ude for discontinuance of services or transfer of all employees of the Division

4Xeept Mr. H. W. Black, Examiner, who although offered a position as National

8kak Examiner by the Comptroller of the Currency has not thus far accepted the

°ffer.

After discussion, upon motion the Secretary was

instructed to advise Mr. Black that his employment by

the Board will cease as of close of business, January

31, 1929.

4g.12.04T3 OF v.Ar)Iai COLl:ITTE:113:"ted, January 12th, Aecommending action on an application for admission of

a

state bank, subject to the conditions stated in the in-


aD

1/14/29 -8-

REPORTS OF STANDING COMMITTEES: (Cont/d.)

Dated,

dividual reports attached to the application, as

set forth in the Auxiliary Minute Book of this date.

Recommendation approved.

January 11th, Recommending approval of the application of r. Walter

Jeffreys Carlin for permission to serve at the same

time as director of the LaFayette National Bank of

Brooklyn in New York, N. Y., and as director of the

International Union Bank, New York, N. Y.

Approved.

Dated, January 11th, ecommending approval of the application of Mr. Samuel

B. L:eisenhelder for permission to serve at the same time

as director of the York Trust Company, York, Pa., and

as director of the Wellsville National Rank, Wellsville,

Pa.Approved.

Dated, January 11th, Recommending approval of the application of Yr. Solomon

Fillin for permission to serve at the same time as di-

rector and officer of the International Union Bank,

New York, N. Y., and as direc er of the Prospect National

Bank and Trust Company of Er lyn in New York, N. Y.

Approved.

The meeting adjourned at 1 .m.

Approved:

Secretar,


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