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A meeting of the Federal Reserve Board was held in the office of the iloerd on Thursday, December 1, 1921, at 11:30 a.m. PRESENT: Vice Governor Platt Mr. Hamlin 71r. Miller Mr. Mitchell Mr. Crissinger Mr. Hoxton, Secretary Minutes of two meetings of the Board held on November 30th were read ilk on motion approved. The vice Governor reported the reserve positions of the several Federal ' 4-Ire Banks as at close of business November 29th and the status of rediscounts between the Federal Reserve banks as of the same date. The Vice Governor reported rediscount transactions, amber bank promis- ec)rY notes secured by Government obligations, rate 5r, as follows: PAtla umpor 30th 30th Bank rediscounting Atlanta Dallas With Boston Boston Amount ; 4?1,000,000 1,500,000 Maturities 1 to 90 (Com'l paper) 11 to 15 days Memorandum dated November 30th from the Assistant Secretary of the Boarci submitting the resignation of Mr. Herbert R. Grossman, an employee of the 111611eion of Reports and Statistics, effective December 13th, 1921. Accepted. Letter dated November 30th, from the Railway Loan Advisory Committee or th -e Federal Reserve Board, recommending approval of the form of obligatto„ 4 submitted by the Western Maryland Railway Company, for a loan in six parts, "°ia ' 000,000, the carrier electing at this time to take over the third part or 4..L ' 418 )300,000, under the provisions of Section 210 of the loan amounting to .1, Tr448 Portation Act, 1920, as amended. Approved. 4 L. -2- Letter dated November 30th from the Federal Reserve Agent at PhilacielPhia requesting approval of the salary of :.4 2,500 per annum each, for two " 11 employees in his department, and a salary of n1,800 per annum for one tlew employe, and advising that the salaries of all employes in his dehad. been approved by the Executive Conmittee of the Board of Directors of the Federal Reserve Bank of Philadelphia having been submitted to the Executive Committee in compliance with the wishes of the Federal Reserve Board. Approved. Memorandum dated December 1st from the Assistant Secretary of the 44rd, requesting authority to expend n95 for the installation of ventilators the Offices leased by the Board in the Rapley Appro ved. Mr. Miller stated that he recommended that the authority of the Board be _ • tended to the Director of the Division of Analysis and Research to. tempor44,11, of expand the work of the Division, with. a view to securing and tabulating tke„ `irmat ion with respect to Forel m. Exchang• e and Foreign Currency, so that the may have the requisite data vhen it shall be called upon to enter into a (14 • BSion to upon these subjects. Mr. Miller stated that the expansion referred . "°uld necessitate the temporary employment of one or two well qualified ex- 1/erte. Upon :notion of Mr. Mitchell, it was voted to extend to the Division of Analysis aril Research, the authority Suggested by Mr. Miller. QTS OF COMLITT2. :- TO. 1: riatehl December 1st, Recommending changes in stock at 2edeml reserve banks, as set forth in the auxiliary minute book as of this dat e. A L)pro ved. At 12:00 o'clock noon the meetinr, adjourned. Secretary Vice Governor.
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