19251218_Minutes.pdf
Transcript of 19251218_Minutes.pdf
![Page 1: 19251218_Minutes.pdf](https://reader033.fdocuments.in/reader033/viewer/2022050820/5695cfb41a28ab9b028f2dab/html5/thumbnails/1.jpg)
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
![Page 2: 19251218_Minutes.pdf](https://reader033.fdocuments.in/reader033/viewer/2022050820/5695cfb41a28ab9b028f2dab/html5/thumbnails/2.jpg)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
![Page 3: 19251218_Minutes.pdf](https://reader033.fdocuments.in/reader033/viewer/2022050820/5695cfb41a28ab9b028f2dab/html5/thumbnails/3.jpg)
40C.
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
![Page 4: 19251218_Minutes.pdf](https://reader033.fdocuments.in/reader033/viewer/2022050820/5695cfb41a28ab9b028f2dab/html5/thumbnails/4.jpg)
rs,
12/18/25 -4-
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.
Upon motion by Mr. James, the aboveincrease was unanimously approved.
W. H. Glasgow, Assistant Cashier, increase from 45,500 to 46,000per annum.
Upon motion by Mr. James, the aboveincrease was unanimously approved.
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.
Upon motion by Mr. James, the aboveincrease was unanimously approved.
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
![Page 5: 19251218_Minutes.pdf](https://reader033.fdocuments.in/reader033/viewer/2022050820/5695cfb41a28ab9b028f2dab/html5/thumbnails/5.jpg)
12/18/25
Upon motion by Mr. James, the aboveincrease was unanimously approved.
P
j.
W. P. Kincheloe, Managing Director, Louisville Branch, increasefrom 47500 to'48500 per annum.
Upon motion by Mr. James, the aboveincrease was unanimously approved.
John T. Moore, Cashier, Louisville Branch, increase from 45,000to 45500 per annum.
Upon motion by Mr. James, the aboveincrease was unanimously approved.
Earl R. Muir, Assistant Cashier, Louisville Branch, increase from4;5600 to Q4,000 per annum.
Upon motion by Mr. James, the aboveincrease was unanimously approved.
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.
Upon motion by Mr. James, the aboveincrease was unanimously approved.
S. K. Belcher, Cashier, Memphis Branch, increase from 4p1,000to 44,500 per annum.
Upon motion by Mr. James, the aboveincrease was unanimously approved.
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
![Page 6: 19251218_Minutes.pdf](https://reader033.fdocuments.in/reader033/viewer/2022050820/5695cfb41a28ab9b028f2dab/html5/thumbnails/6.jpg)
12/18/25 -6-
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
![Page 7: 19251218_Minutes.pdf](https://reader033.fdocuments.in/reader033/viewer/2022050820/5695cfb41a28ab9b028f2dab/html5/thumbnails/7.jpg)
12/18/25 _7_
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
![Page 8: 19251218_Minutes.pdf](https://reader033.fdocuments.in/reader033/viewer/2022050820/5695cfb41a28ab9b028f2dab/html5/thumbnails/8.jpg)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
![Page 9: 19251218_Minutes.pdf](https://reader033.fdocuments.in/reader033/viewer/2022050820/5695cfb41a28ab9b028f2dab/html5/thumbnails/9.jpg)
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
![Page 10: 19251218_Minutes.pdf](https://reader033.fdocuments.in/reader033/viewer/2022050820/5695cfb41a28ab9b028f2dab/html5/thumbnails/10.jpg)
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
![Page 11: 19251218_Minutes.pdf](https://reader033.fdocuments.in/reader033/viewer/2022050820/5695cfb41a28ab9b028f2dab/html5/thumbnails/11.jpg)
12/18/25 -11-
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
![Page 12: 19251218_Minutes.pdf](https://reader033.fdocuments.in/reader033/viewer/2022050820/5695cfb41a28ab9b028f2dab/html5/thumbnails/12.jpg)
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,
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis