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F E D E R A L R E S E R V E B O A R D WASHINGTON X-2093 Deoember 20,1920. Subject: Payment of Extra Compensation to Itaployees. Dear S i r : In connection with the payment t o i t s employees of extra compensation f o r the l a s t s i x months of the present year, one of the Federal Reserve Banks has advised the Board that i t proposed at the time of making such payment to inform each employee that i t i s possible that the reduction in the cost of l i v i n g i n the immediate future w i l l be such as not to j u s t i f y extra compensation hereafter and that employees of the bank should not expect a continuance thereof, I t seems t o the Board that there i s sound b a s i s f o r t h i s action on the part Of the Federal Reserve Bank in question, and i t i s c a l l i n g your attention to the matter with the request that i t be advised of what consideration, i f any, your directors have given t o the n e c e s s i t y of continuing your present practice of paying bonuses or e x t r a compensation to employees of your bank. Very truly yours, G o v e r n o r . Chairmen and Governors of a l l F.R.Banks - EXCEPT PHILADELPHIA.
@FedFRASER