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Please call a meeting of the Federal Reserve the A meeting of the Federal Reserve Board was held in the office of Board Oh Friday, December 2, 1921, at 11:30 a.m. FR7SENT: Governor Harding Mr. Platt Mr. Hamlin Mr. Miller Mr. Mitchell Crissinger Mr. Hoxton, Secretary 1st, were read Minutes of the meeting of the Board held December 841 en motion approved. several Federal The Governor reported the reserve positionsof the 1)„ status of re-crve banks as at close of t14siness 7e7,7:mber 7)0th and the tii scounts between the Federal Peserve banks as of the same date, member bank promisThe Covernor reported rediscount tnmsactions, 8°1'Y 'notes secured by Governmcmt obligations, rate 5Y, as follows: Date becember 1 Bank rediscounting Dallas 71th Amount Maturities Boston 500,000 11 to 15 days attention Letter dated December 1st, from Mr. Tohn W. Davis, calling from to the Board's recent suggestion that all legal cases arising ons should be treated in all districts rar col- as being under the supervision in the Atlanta ease, of the counsel of the Federal Reserve system retained Catlettsburg, vy. r2ainst 4114 referring especially to the case originating at the Federal Reserve Bank: of Cleveland. The Governor was authorized to write to the Federal Eeserve Agent at Clveland, and through him to suggest that that bank request Mr. John W. Davis to tal,ce part in an advisory capacity in the Catlettsburg case referred to. -2- Letter November 29th, from the Director of the Division of Analysis 411d Research, requesting approval of the. employment of Miss Louise Sherry at a salary of 1500 per annum, to take the place made vacant by the resig- 44tion of Miss Happersberger, who has been employed at a salary of $1560 Iler annum, said appointment to be effective at once. Approved. Upon motion, the bonds of the following Federal Peserve Aents and * 484 4atant Federal eserve Agents, were approved by the Board in the amounts Stated: Wm. McC. Martin, St. Louis Clarence M. Stewart, St. Louis John Perrin, San Francisco Herbert L. Zimmermann, Minneapolis - c71100,000 50,000 100000 100,000 Mr.. Hamlin called attention to the fact that pending the enactment of the *4 Proposed amendment to the Clayton Act, the Board had been permitting' Edward M. Mills to serve as a director of both the Morristown National 441k and the Morristown 'rust Company of Morristown, New Jersey, and that the Illeation had been raised as to whether or not the Board would interpose any 1)iecti0n to the re-election of Yr. Mills to the two directorships at the tc*thooming election at the two banks involved. It was the sense of the meeting that the 14oard will interpose no objection to Mr. Mills continuing as a director in the two institutions involved, nor to his re-election to said directorships, pending the Passage of legislation now before Congress, but tiv-A it should be distinctly understood that the 'Board reserves the right to require !Ir. Mills to discontinue his interlocking relationship at any time when it should appear to the Board necessary, proper or desirable for such relationship to be discontinued. -3- Draft of letter addressed to the First Federal Foreign Banking Associat4/11 of New York, with refcrence to the opening of certain acceptance credits, laid draft having been prepared in accordance vith a memorandum dated Novem- let 17th from General Uounsel and referred to the Federal Reserve Board at its Illeeting of November 29th, 1921. Approved. Draft of letter dated November 30th, addressed to the Governor of the hderal Reserve Bank of New York, drawn in accordance with the action of the board taken at its meeting of November 25th, 1921, and having reference to the lprocedure which Federal Reserve banks are authorized to use in connection with their practice of buying bankers' acceptances from'dealers with repurchase 4"reements. Approved, Mr. Miller and Mr. Crissinger voting "No". Telegram dated December 2nd, from the Chairman of the Federal Restirve Ell4k of Dallas, advising of the restIlts of elections which have been held in that district for Class "A" and Class "B" Directors. Noted. Memorandum from the Assistant Secretary of the Baard requesting ap131Thfa1 of the appointment of James E. Tanner and F. W. 1Theelheuse, telegraph ciperators at :;165 per month. Approved* Letter dated November 30th, from the Chairman of the Federal Reserve titm. Of Boston reporting an apparent violation of Section 5209 of the Revised -4— etatutes, as amended by Section 7 of the Act of Sentember 26, 1918, as a result of t) theft committed by an employee of the Hadley Falls ?rust Company Of HolyoLce, :lass., said theft having been divulLod as the result of a joint e xamination of the TI'dley Falls Trust Company, made by the State Bank 'pcaminer and the examiner of the Federal reserve Bank of Boston, and requesting advice as to whether or not, under the circumstailees the Federal Reserve Board desires 'Tr. Curtiss to take this matter up with the United States District Attorney. It was the sense of the meeting that it is the duty of the Federal Reserve Agent to report to the United States District Attorney the facts as stated in his letter. Letter dated November 6th, from the Governor of the Federal Reserve sank of Dallas setting forth his reasons for being unwilling to subscribe to that action taken by the last conference of Governors whereby Federal 'r eserve banks are required, whether requested to do so or not, to file claims for items which are unpaid on account of the failure of banks upon which the items were drawn and to which the items have been sent by the Federal Thserve banks for collection. Referred to General Counsel. Letter dated December 1st, from the Comptroller of the Currency Isequesting approval of a salary of 4,000 per annum to be paid to 7r. Wil- ltaM C. Griswold a National Bank ExAminer in the Seventh Federal Reserve District. Approved. 11 -5- Letter dated December 2nd, from the Railway Loan Advisory Committee °li the Federal Reserve Board, recommending approval of the form of obligation a/II/tatted by the Kansas City, llexico & Orient Railroad Company, for a loan q $2,500,000, under the provisions of Section 210 of the Transportation Act, 1920 as amended. Approved. Itzp "---222S OF CO=ITTEE NO. 1: Dated December 2nd, Recommendinc changes in stdck at Federal Reserve banks, as set forth in the Auxiliary minute book as of this date. Approved. Dated December 2nd, Rcommending certain action on applications for fiduciary powers, as set forth in the Auxiliary minute book as of this date. Approved. Dated December :11(1, Recommending approval of the application of Yr. 7alter T. Bradley to serve at the same time as director of the National Security Bank and as director of the Northern Trust Company, both of Philadelphia, Pa. Approved. At 12:45 p.m. the meeting adjourned. Secretary. APproved: Governor.
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