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FEDERAL RESERVE BOARD WASHINGTON ... X-3900 November 28, 1923. Subject: Ext:ra Comp.:msation Payrr.tents. Dea.:r Sir.:- :i3y direction of tha Fddar.al Rasa:rva Lloa:rj, I ha.va to advise you of thcJ following :resolution a.doptad by tha Iloa.rd, and to :rar;uast tha.t you b:ring this lattar to the a.ttantion of tha di:r..;;cto:rs and officars of your bank: "BE IT I~ SOLVED, That a.ll Fad e:ral :rc; serve banks ba notifiad tha.t nci bonus or ext.:ra. compansa.tion pa.yments of any ch.s.ractar will ba app:rovad by tha Fada:ral RaseJ"va I3oa.rd, and tha.t the FadeJ"al Jiese:rva Iloa.rd is of tha opinion tha.t the propa:r m.:>thoJ of. conpansa.ting its own employees and the employees of the Fede.l'al reserve banks is by paymant to tham a.t :regular intervals - weekly, semi-monthly, or monthly - of the full amounts ea.:rnad by them on thd ba.sis of the it.' fixed a.nnual companaation. 11 Vary truly your.s, Wal te:r L. Eddy, Sac:retary. TO .ALL CH.AIIlHEN
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