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FEDERAL RESERVE BOARD WASHINGTON December16, 1 921. Governor liar dirip,: Federal Reserve Board. Please call s!. meeting of the Federal Reserve Board for 1:00 a.m. today, December 16, 1921. 0 RETURN TO ISEC.UtLiAlt meetine: of the Federal Reserve Board was held in the office of the Board on Friday, Decerrber 16, 1921, at 11:15 a.m. PRMEEIT: Governor Harding 1:r. Platt Mr. Hamlin Miller Mr. Mitchell Mr. Hoxton, Secretary. Minutes of the meeting of the Board held December 15th were read and on motion 2l)proV0(i. o vern or reoorted the reserve no The reserve banks as of the several Federal at close of business December 14th, and. the status of re- discounts between the Federal reserve banks as of the same date. Letter dated December 9th. from the Chain:an of the Federal Reserve i3ank of Dallas, rev-lest ing authority of the Federal Reserve Board to tr':e a vacation in the early part of 1922. Upon motion, it was voted that Judge Ramsey be authorized to absent himself from the Federal Reserve Bank of Dallas from Jan. 15th to March 1, 1922, providing that conditions in the Bank at that time shall warrant stth absence. The Governor submitted to the Board a letter received from Deputy Governor Case of the Federal Reserve Bank of ray York, enclosing correspondO setting forth certain proposed arrangements between the Federal Reserve 1/411:',•- of -0,7 York aid the Tleichsbank of Germany. :To ted. Letter dated December 13th, from the Governor of the Federal Reserve 4-111z of Chicago, submitting for the approval of the Board a plan nflopted by that Bank having in view the standardization as to salaries of the various 'Positions in the Bank. Referred to the Committee on Salaries and Charge Offs. -2- Letter dated December 13th, from the Chairman of the Federal Reserve Bank of Atlanta, requestinn approval of the Federal Reserve Board for certain salary acljUstments applying to the officers aril. enployes of the Federal Re se rve Bank of At la n t a. Referred to the Conmittee on Salaries anl Charge Offs. Letter dated December 14th, from the Federal Reserve Agent at Atlanta, requesting authority for certain salary adjustments anon,- the employes of his department. Referred to the Committee on Salaries and Charge Off. Letter dated Jecerber 15th, from Mr. George Foster ?eabod:,., a Director of the Federal Reserve Bank of Mcw York, =Icing certain recontnendations with reference to the salaries of 7r. Jay, Federal ReserVe Agent, and Mr. Case, Deputy Governor. Tot ed. T'emorandurn dated December 15th, from the Chief of the Division Of ..;xaminat ion, recommending the acceptance of the resignation of hr. IC• 2rickett, effective December 15, 1.321. Accepted. Mr. Mitchell stated that the Committee on 7ominat ions of f3r-alch /lank Directors desired to recommend that the Federal Reserve PczThrd reappoint for the year 1922 all those directors in all branch banks who now hold such positions and whose appointments are made by the Federal Reserve 330ard under the by-laws of the respective branches. Approved, it being understood that no notices are to be given of this matter, until Mr.Crissinger has had an Opportunity to review the action taken. 7 . 1 4.) .1 list of the brunch bank directors appointed is on file as a Part of the record appertainim_: to these minutes. Mr. :'itche:11 moved that the Board allow a payment of35.00 to S. Anna B. Sloane, whose services were dispensed with by the Federal Reserve Board on October 20, 1921, the said '1185.00 being compensation to Mrs. oloame for seventeen days leave of absence to which she was entitled before lea.ving the employment of the Board and. of which she did not avail harself. Approved, Ivan condition that the General Counsel shall alvi se that the payment is legal. Upon recomffe ndati on of Mr. Mitcioll, r eportin7 for the Corrnit t ee On L)alaries arrl Charge Offs, the I3od voted to authorize the Federal Reserve Bank of Minneapolis to charge off at the close or the current /ear can mount equivalent to 2,":•,7 of the cost of the foundation of the bank building and set aside a reserve of :,200,000 as a provision against PessiLle loss, said charge off for aiticipateu losses being; in addition to a charge off of '300,000 althorized by the Board earlier in the present year• Mr. Mitchell, rEportino; for the Committee on Sdlories and Charge Offs, recolmended that the Board authorize the Federal Reserve Bark of Philadelphia to pay to its emoloyes extra compensation for the six months period ending December 31, 1921, in accordalce with the basis specified bY the Chairman of the Board of Directors o f that Bank in his letter of C.4 iI DecenTher 13, 1921. upon motion, it was so ordered. Mr. Mitchell, reporting for the Committee on Salaries and Charc;e Offs, roc anmenled that the Federal Reserve Bank of Atlanta be authorized to pay additional compensat ion to the employes of the Bank on December 20th for the half year period enclitic:, December 31st, upon the same basis as that used. in making a similar payment for the same period by the Federa.1 Reserve Bank of Cleveland; the basis used by the Federal Reserve 33ank of Cleveland providing a srrl1er bonus pa,yment than that s-opr;est ed by the Chainnan of tle 2ederal Reserve Bark of Atlanta in his letter of December 13, 1921. Upon mot ion, it was so ordered. Mitchell stated tint he had examined. tho papers in connection with certain a. )lic t ions for joint directorates in the First Thtional Bank and the Liberty Trost Company, both of Cumberland, Maryland, and tirt.t he concurred in the recommendation of Assistant Counsel. in manorancliarn of December 6th, 1921, that the Board '7-ant these applications only fol" the remainder of the present term of the applicants as directors. 0/1 the condition that they eliminate all of t1 said directors at the next annual meeting of the directors in January, 1922. Mr. Mitchell, therefore, moved that the Board reconsider the action taken at the meeting ye et erda y, and approve the recommendation made by Mr. Wyatt. Carried, Mr. Platt voting "no". -5- Upon notion, the Board approved two fidelity bonds of Mr. Caldwell Hardy, Federal Reserve Agent at Richmond, in the total sum of '',100,000. Letter dated December 15th, from the Conptroller of the Currency,. requesting approval of a salary of 1;4200 per annum for Mr. Edward. B. Vinson, 'Tat ional Bank Examiner in the Seventh Federal Reserve District. Appio ved. R3PORM OF COLMI1TL73 NO. 1: Dated December 6th, Recommending action on applications for fiduciary powers, 8th, as set forth in the auxiliary minute book as of this 9th, date. A Troved. Draft of letter dated December 15th, prepared by Mr. Platt, and addressed to the Chairmai of the Federal Reserve Bank of Chicago, stating the position of the Federal Reserve Board with reference to the applications under the Clayton Act of Mr. William J. Mooney arrl Mr. Henry 77. Bennett and Mr. Evans Woollen, all of Indianapolis, Ind. Approved. At 12:45 p.m. the meeting adjourned. Secretary.
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