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A meeting of the Pecieral
-oz. rd.
FS held 5n the
office of the
.- )•ecember 20th, 1922, at 10:45 a.m.
Federal 7.),eserve Board on ',Vedilesciay, '
Vice qovernor Platt
Tr. fia:nlin •
::r. Mitchell
7r. Cris singer
r. Hoxton, Secretary.
nnutes of. the meetin
of the Federal Reserve Board held on December
. 1Dth, were read and adproved.
The Vice Governor reported the reserve positions of the several 7ederal Reserve banks as at close of business December 18th.
qalley proof of letter of transmittal dated December 19th, designed to
accompany Regulation "B", series of 1922 as amended.
Approved.
Letter from Mr. Henry B. Thompson, recently reappointed as a °lass
ttnit director of the Federal Reserve Rak of Philadelphia 3cceotinc, the aopointment and, requesting tt he be ?ranted a four months' furlou-h in oracr
to rnake a trip to the Philif)pine Islands.
Upon motion the Secretary was instructed to advise
Mr. Thompson that the Board interposes no objection to his
oroposed lerave of absence.
Letter dated December 16th, from the Chairman Of the Federal Reserve
:9,ari1c of ;,.tlanta, in reply to a telegram from the Vico Governor ct DeceT.ber
16th, advising that the Board does not approve the erection of a building
1:or the Jac tsonville branch at a cost in excess of ,2rX,000 including real
estate.
Noted.
Letter dated December 12th, favm the Manager of the El Paso Branch
Of the Federal Reserve Bank of Dallas, transmitting a copy of a resolution
12/20/22
2aso Branch, at its meeting
adopted by the Board of Directol's of the1
rovember 4th with respect to the death of Judge
iHim P.
of
amsey.
7oted, and. ordered filed in the records of the Federal
Reserve Board.
Federal Reserve te:_k
Letter d.Lted December 14-th, from the Chairran of the
tank had, on Decemof Tehmend, advising that the Board of Directors of that
berl4th, a)pointed l'r• John
rifler, Jr., President of the first :Tat ional
.reentative of the Fifth Federal Reserve
Bank of Richmond, Virginia, as the rer
District on the Federal Advisory Council for the year 1923.
:Toted.
Reserve
Letter dated December 12th, from the Chairman of the Federal
k of Atlanta requesting the approval of- the :ileieral Reserve 'T'oard of action
tRe
by the Board of Directors
that 1)ank on December 0th, Thereb7- it was
B
voted to grant a sixty-day vacation leave, rith pay, to 1-r. r.
ellborn,
a, beginning some time in •lebruGoverner of the Federal Reserve Bark of Atlant
pry, it being lovernor 'ellborn,s intention to mice a ,,uropc-an trip.
Apr oved.
"emorandum dated December 12th, from the Comptroller of the currency
transmitting the axdicat ion of the First 'Tat ion. Bak of
&lifornia
to re uce its capital stock from '50,000 to '25,000.
-lisap fir loved.
oller of the Purrene
Yemorandum dated December 16th, from the Comptr
of the American
transmitting with favorable reconmnuation, thc, application
from "'60,000
l
rational Bank of i'ogers, Ar'faansas, to re uce its capita stock
to : 50,000.
Appr(wed.
-3-
12/20/22
Letter dated December 18th, from the Chairman of the Federal Reserve
of 'Ir.
33L-nk of Atlanta, advising of the aopointment, effective January 1st,
J. C. Campbell, as auditor and examiner, and requesting the c_peroval of the
cilederal Reserve Poard, of a salary of ';',3,000 per annum for Mr. campbell.
Approved.
Draft o f propo sed letter dated DecemIer 20th, prepared in acco rdance
to all
with action of the Board at the meting of December 19th, and addressed
introFederal Reserve Agents, transmitting a copy of senate Resolution '351,
duced by senator liefflin and designed to obtain from Federal Reserve banks a
list of the names of those citizens to whom the Federal Reserve banks have sent
copies of Senator Glass' speech.
The Vice Governor was requested to confer with Senator
YcLean, Chairman of the Senate Committee on Banking and Currency, as to the advisability of indluding in the letter, the
last paragraph appearing in the draft and the letter 7.-as aooroved
by the Board, subject to Senator T.cLean's advice in the matter.
Thereupon there ensued a discussion of a draft of a proposed circular
letter dated December 19th, addressed to Senator George
McLean, Chairman of
the Senate Committee on Banking and Currerry in response to Senator rcLean's
two bills, 3-4063
request that the Federal Reserve Board express its views upon
and s-4103, introduced by Senator Capper and senator Lenroot, respectively.
The Vice Governor was requested to prepare a new
draft of the letter referred to.
12/20/22
-4-
At 1:20. p.m. a recess was taken until three o'clock.
At 3:15 p.m. the Board reassembled in the Board room, those members
being present who were present at the mornincr, session.
Mr. l!itchell, Chairmn of the Colawittee on Salaries and rharr;e Offs
submitted the follow ino,.,wi th the recommendet ion that the Board disapprove:
Letter dated December 15th, from the Chairman of the Federal
Reserve Bank of rew York, advising that the :Board of Directors of that
bank, at its meting on December 13th, had voted subject to the approval
of the ?ederal Reserve Board, to pay additional compensation to each employe
of the Lank and Buffalo branch, whose annual salary deer: not exceed 'IA!5,000.
Letter dated December 15th, from the Governor of the Federal
Reserve 'Dank of Richnond_, advising that the Board of Directors of that
bank had authorized the Executive Committee thereof, to take up v.ith the
Federal Reserve Board, the question of payinv: additional compensation,
and. had expressed their Purpose to a Trove the payment of any additional
compensation of tais character vt. ich the Federal ;'?eserve Board would sanction,
Seay advisins. that in the opinion of the officers of that Bank that additional com)ensation equal to five percent of the salaries be paid to employes
under :-.437:300.
Letter dated December 7th, from the Chairman of the Federal
Reserve Bank of 'Jan Francisco, advising that the Executive Committee of that
Bank, at its last meeting, had adopted a resolution reco,rmeirling that subject to the approval of the Federal Reserve Board, a Christmas bonus be paid
to em)loyes upon the basis setforth in the letter.
Letter dated December 15th, from the Chairman of the Federal
Reserve Bank of Atlanta, advising that the Board of Directors of that bank
at a meeting held on Deceffeer 8th, had voted that the Federal Reserve Bank
Of Atlanta, present a Christmas _;ift to each employeupon the basis set forth
in the letter.
Upon motion, the above applicrt ions for authority
to make payments for additional compensation were disapproved.
Letter dated December 14.h, from the Chairman of the Federal Reserve
Bank of Atlanta, advi sing that with the approval of the .'ederal Reserve 7oard,
the ;
,. xecutive Committee had voted to rebate penalties for deficient reserves
clown to 107,7,, the maximum penalty provided for in the Board's recent circular,
1
12/20/22
advising
upon the subject of "Penalties for Deficient Peserves", Hr. L:cCord
4 4,000 and 9;5,000.
that this will amount in the agrep;att: between '
Approved.
"C" directors,
Upon recoranendation Of the Committee on 2"omination of class
of the several Federal
the Board appointed the following as Deduty rhairmen
Reserve banks to serve during the calendar year 1923:
Federal 'Reserve Banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Hinneapolis
KE'llSaS City
San Francisco
Deputy Chaimen
Allan Hollis
T. Saunders
E. P. "hompson
Lewis Blair Vlilljams
F. A. Delano
W. H. Kettig
James Simpson
7oehne
John
Homer P. ('lark
Fr3ber Hord
1.*.ra1ton F. r.ore
7'11.1.
of "lass "(" directors,
Upon reconnentIon of the r innittee on 7ominftion
the branches of the sew- a"! F&the -oard a)pointed the Cong.-Inr directors at
err
-)es-yr-r,2
BIt'falo
to 1:-.arv.e ,:_l,r;n7 the calen4.1r year 1923:
2edera1 "loserve 'rank of 7:Er York
2. neh of the
T)-
John A. Kloe-i):er
t'red j. roe
•Barcalo
Cincimaziti n-ranch of the Federal ";30serve
1). 21k.
of (11evP"R-, nd
Judson 7.7arrnon
s.la
A. T. Tinsch
,,rve 7'L.T:T:.. of Cleveland
,
,
1- )1ttsbur,7h.T'ranch of the Federal Res,
James D. Callery
John :IR. rcCune
0
Tltimore "ranch of the :,, oecieral Peserve Fa 1.: of 7.1ch.mory.1
7:111tam Inlo
:Tewcomer
-6-
12/LO/L2
Tanic. of ,t1L.nt a
New Onloiais RrE!..ic,1-71 of the Federal he serve
•
;3aunu en s
. Bush
T)
. Foote
ilirrnirLpptirn Brm-ich of the 2ed.eral T.l?.eserve 7Laelk of ::._tlanta
r% F. "ettio;
Oscar
.pnk of :tlexit,
Jacksonville 7")rt.Inch o.0 the 2eaeral 77eserve 7,
John C. Cooper
Fulton ;aussy
17ashville l'..'anch of
.711.e 'Federal
eserve 7:".171:: of .A.tlanta
F. Hartford_
B. Thvis
of Chica,5-7o
7)etre it Brai;ch of the Federal Tesorve
.7o
9al1ant:/rne
F.
:r %re
t'iie
ouisvi1lR:rach
.
ackett
L. :P).V.Tearin..-:. en
Meni-Lisch o:Z th
. K.
Rank of
derz
t.•LOUIS
icLiick
Bit tie Bock rrafh of the
'1
'
1
7:"(3,1' 01-
t
7o0rhearl
l .
01.iw
TTel
erale
servo
- nn,...t.:ijolis
77 i
aa1 of :
rk1'1')tr: s TlO
tho
AlvL.
ALIL).11.s
7ezik of
2
cll._ of the .-!`a;.eral
c„z
eserve
k c•
-•
1.71-,L11
mel
-
the Moderal
if,7 Branch a
'iili&m 1.7ee
Thurmalicl.
,h of the
of
ederal T?oserve
• . 'Thz.nay
(ThiOS
•
f the
(
cho± t
eera1
J.-oed.eral
esi ye i
usurve
3
of '')al
L.r.Te.: of %a
7racisCO
truss
-".
of tliu
era1
oh of t:.
urve
_
of "lz.il
sc.0
serve Bank
(1.-. I. f2aevs
1,:aIeitY I
chof tl-,o
'
cr. Cr. "iri!...:ht
Lafa'fot t e ITzineliatt
0: *1-1-7e1c,
Branch of the
•.
I
TOtiioOfl
ton
:
-3-
time
r:1(rAotte,
cord,
..•:•_.rve
ddrLs sed to •Lheeral ?
r7si
t
mi tt
t On of 7. 7r.
riyiion,
m lao of the 1.01d ',..letticm nt
,) or '::eek, LaTv si1L
ry
. ecr
st ant 3
e r 13th, from..the
rel•fx) dated
th.::,t it 'rill
t a
ot L& aceoarL to .,.'••1111 the
Tie:A June.
va..cancy -,ant i
,Acneit ed.
Actin
Letter dated. 7.)eo .7._‘r-11,or 14t1 ,frel:i. the
Co
tro1i.r of the Currency,
- ner 7111 inm C.
. -1-xt.,!,.m.I
recoTieaJ.iulf an Lacreaso in the salary of 17at
jar.i.ry 1, 192:7.
from . !2750 to000 icr annum, effective
,•) roved.
er of the 7urr,iL,I,cy,
(..7,olm..,t
Letter dated 7,)ocer.Th or 10th, from the
hicroaso ii the sa1ar7.7. of
rcoorr2:iendiaa,(7
from ''3000 to
77a t
na a.
ri'r
r
1'1•
7.
Ihively
192r.
3600 icr annum, effective January 1,
••.)r wed..
:Dated
or 15th,
10th,
to ck
o r. ailica t ions for c.•:han-7es
7.ocornai'f in anti
dote.
this
of
7
.7ooh
7- 1J-cult as ct forth in the
irovod.
T.)at oc3 3ceufl :.r
73ated 7)eoer•
L't11,
77,,•:...col•:,;.!ion.i.J.in:•.7 action on)11o.;:t ons for
o3 of t is fate.
e
soft forth in the
ions for acii.!•!:11 s on of
in action on a))1
stat 0..0. In the ini
state 1•31-.:1••;Ls, s.11.1.:.ject to the c
ion, as set
211ca.t
,
to the a 1
dividual reo•rts., L_
a date.
i
t
o
T7inut e Took
forth in. the
hocomota
The meet inf:.!
djo tulle d at 4:10
SUCTE:t ar:T•
Approv e :
Vice ,lover
@FedFRASER