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r moetini; of the Federal i''c,srve Toard vas :ield in the office of the Board. on 71ednesday, December 15th, at 11:10 a.m. The 1,7r. r. :Tr. 1;r. Governor Platt Ha:lin 77111er "ills Hoxton, :-inutes of the meetin-, o: the Foard held "r)eccmber th were read, and on motion, a.,)uro ved. -invites of the al:lee:ICI meetinr of the ' '- eard. held December 14th were mad. and on motion, aroved. The qovernor rauerted the itsc:rve )ositIons of the soveraIcdei1 7).e se rve Tleiiks as at close of bus ss D - ecem- ber l'6th, and. the status of rediscounts between the 2edeial Deserve Danks L,s of the same date. The qovernor reJ orted rediscount transactions, member bank promissory Lot es secured by lovernment obli -ptions, rate Date as follows: d)ec. 1,1 Bank redis countinr, T.:ans a s C it:7 AiilLIdel ohia Dec. 14 Dallas Cleveland 7ith Amount :i'4,032,910. 2,500,000. 7 -aturities 10-15 days 11-15 ft Letter dated Decent er 10th, from the Chairmen of the Deserve r,fmk of ::Achond.., rerluestinc authority to declare a dividend for the six months ending December 31st. 2,1)prov ed. 17 1C,18 -2- Letter dated December 9th, from the Chain= of the Federal Reserve Bank of Dallas, requesting authority to declare a dividend for the six months aiding.December 31st. Anpro ved. Letter dated Decezrber 14th, from the Chairman of the Federal Reserve Bank of Richmond, advising of the resiglation of i.:r. .3.ppa Hun ton as Counsel for the Bank, and. of the election as Counsel of T.:r. :Tanya]. C. allace. iTot ed. Letter dated Decenber 13th, from the Secretary of the ,1 Federal Reserve Bank of Cleveland, transmitting resolution adopted );zy the Board of Directors of that Bank, covering the payment of a bonus to employes. Approved. • Letter dated December 13th, from the Secretary of the Federal Reserve Bank of Cleveland, a-nnouncing the appointment of 77r. P. Cobun. Assistant Cashier of the Pittsburgh Branch, and. lir. Chapel Assistant Secretary at the home office. Approved. Letter dated December 14th, from the Chair= of the Federal ileserve Bank of Philadelphia, requesting authority to charge to current exnenses the expenditures of this year on account of the new vault, and also for remanent alterations, -3_ improvements, etc. to the building. Approved. Letter dated December 14th, from the Governor of the Federal Reserve Bank of Richmond, requesting advice as to the conclusions of the Federal Reserve Board regarding the pension system which has been proposed for officers and employes of all Federal Reserve Banks. It was the sense of the Board that the Federal Reserve Banks should not set aside out of profits this year any funds fOr the purpose of inaugurating the pension system, as recommended by the Pension Committee of the Federal Reserve Banks. It was also the sense of the Board that befols, authorizing the Federal Reserve Banks to set aside any funds for pension purposes, there Should be available legal opinion regarding the Board's legal right to grant such authority. Governor Harding stated that he had been advised by the Secretary of the Treasury of his intention to secure a legal opinion upon this subject from the Attorney General of the United States. The Governor was requested to write to Governor Seay and to Mr. Kenzel, Chairman of the Pension Committee, advising as to the Board's attitude toward the proposed. pension system. Letter dated December 14th, from the Federal Reserve Bank of New York, requesting authority to make certain charge offs as of December 31, 1920. Approved, with certain exceptions; action upon such exceptions to be deferred pending further consideration and consultation by Governor Harding with the Chairman of the Federal Reserve Bank of New York. -4 Letter dated December 14th, from the Secretary of the Treasury, announcing that in future the special 2 certificates of indebtedness offered to the Federal Reserve Banks by the Treasury Department, pending deposits of tax receipts and the collection of funds from depositaries will carry an interest rate of 47). :Tot ed. Draft of telegram dated December 15th. to all Federal Reserve Banks, announcing the future policy of the Treasury Department, as set forth above. Approved. I:elan-and= dated December 14th, from Mr. Emerson, transmitting a request from the Chairman of the Fedexal Reserve Bank Of San Francisco, for permission to a;)ply the progressive penalties for deficient reserves continuously from one calendar yeer into the next; and also for permission to revert to the basic Penalty rate at any time when the rember bank concerned has maintained required reserves during consecutive analysis periods Of five weeks. Approved. Letter dated December 14th, from the Acting Governor of the Federal Reserve Bank of :;ew York, reporting the details of the arrangement rmde to epvern the account of that Bank with the Javasche Bank, of Batavia, Java. Approved. 1021 Lotter dteJ jczf cr L ti, froa the of the i'ed.eral 7..l- eservE; Bank of .7;:ew fork, adviL-3ins of theIpresif ent status of ,TaL,,anese 1)alances in this country. :Tot r. ....1111s submitted, in accordance wiU-i the action of .the Board. at its :rcotinL: on Decsia.or 1,i'L-th, a draft of a letter for the sisnature ofthe Governor, addressed to the 170J.eral heservo Bank of Atlanta, in rtrd to the resolution of the 7cClera1 hosorve Bank of Cleveland limiting rediscounts for the f . ederal :77.eserve i7aniz of Ltlanta. Governor TTndf stated that ho e,:-_„ected to ,r-nor of the federal M.(3.--A!VG confer iith th:c Bank of :_tbnta this aftern.00n, ail that 1:0 the draft 31-1-litted 1 overnor show to . _.en(1.1.:1-, the trans-,nisclon later of the letter in its final form. Lt 1:20the me e t 117; a< ourne a. ,,ecrotar.:7. Governor.
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