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A meetin,e of the Federal Reserve Board was held in the office Of the Board on Wednesday, December 21, 1921, at 11:05 a.m. PRESENT: Governor Harding Mr. ?latt Mr. 1,7i tche 11 Mr. Miller Mr. Crissing.er Ilexton, Secretary. The minutes of the meetiiv: of the Board held Docert er 20th were reed aid on motion approved. The Governor reported the reserve positions of the several Federal reserve banks as at close of business December 19th, and. the status Of rediscounts between the Federal reserve banks as of the same date. Letter dated December 16th, from the Chairman of the Federal 'Reserve Bank of Mew York, statin, that it had been the policy of the Board of Directors of the Federal Reserve Bank of Mew York to periodically chsne the personnel of the di rectorete of the Buffalo Ftanch. and eug.gestine; that the Federal Reserve Board, with reference to the directors appointed by t eet body, take into consideration the policy of the Bank in this matter and make ceane;es from time to time in the directors aepointed by the Federal Reserve Board.. Mr. Jay stated that the Board of Directors of the Federal Reserve Bank of Mew York recommended that the Board reappoint Fr. Barcalo as a director in the Buffalo Branch, and appoint Kr. John A. Kloepfe'r and Fred J. Coe in lieu of Messrs. Pubbell and Bartlett, the present incienbents. Upon motion, the action of the Board taken Dec. 16th, 3...)pointinr31%essrs. 1-Tubbell aril Bartlett as directors in the Buffalo Branch, was reconsidered, and it w: s voted to designate Messrs. Kloeofer and roe in lieu of l'essrs. vubbell are. Bartlett. gm. Letter dated December 16th, from the Federal Reserve Agent at ,Atlanta. enclosin,e• copy of letter received from the Chairman of the T'ew Orleans Tranch, with reference to an adjustment of salary for Mr. 17. .3ohns, ,ssistant Federal Reserve Agent at TTew Orleans. Referred to the Committee on ,ealaries and Charge Offs. Letter dated December 19th,‘ from the Chairman of the Federal Reserve Bmic of Atlanta, submitting for the approval of the Po.rd certain minor changes in the pay-roll at the head office of that Bank. Appo ved. Mr. Mitchell, reporting for the Committee on. 5Lleries aixi ChargeOffs, with reference to the letter of liecember ith from the Chairman of the Federal Reserve !), ,nk of 5t.Louis, referred yesterda: to that Coe,ittee, recommended that the Board approve the payment of extra compensat ion to the employes of that Bank as follows: On salaries up to .1 3.500 ft 3000 II ft ft 5000 3r7, It being understood that no extra compensation will be paid to those employes whose salaries are over '5000 per annum. „A_ pprov ed. The :3ecretary was instructed to wire this approval to the Federal Reserve T3f,nk of t.Louis, and to advise that the Board suegests thet there be no upward revision in officers' salaries at present, but, without cornnlittine: itself, will consider any sche(ule thich may be submitted for einplo s. Letter dated Decaller 10th, from the Chairman of the Federal Reserve Bonk of _Atlanta, requesting authority to set aside a reserve of %0,000, in addition to the re serve of 200,000 thorized to be set aide last dune for possible losses, including possible losses in connection With the purchase of Liberty Bonds with repurchase agreemcnts. Aliproved. The Governor submitted to the hoard a memorandum from the Chief Of the Division of •:].xaminat ion, analysing the mport of exmiemt ion of the Federal Reserve Bank of Atlanta as of October 20, 1921. hot ed. . Letter dated Decerber 19th, from the Governor of the Federal Reserve Bank of Atlanta, with respect to 1-r. John U. Davis's request for a retainer of 1.0,000 in connection with the par clearance case instituted af-7-inst the Fede'al. Reserve ISZI : of Atlaita. Ref erred to the Governor, with request that he secure from hr. Davis, for the benefit of the Federal Reserve Board, an approximate idea of the ultimate cost to t ho Federal Reserve System Which will accrue on account of hr. Davis's connection with the several -)er clearance cases. Letter dated December 20th,. from hr. Kenzel, De duty Governor of the Federal Reserve Bank of iTew York, requesting authority to put into °Peration the collateral plan which that Bank proposes in connection with the purchase of bankers' acceptances from .dealers with repurchase a7reements. 1 Upon motion, the Governor was requested to advise the Federal Reserve Bank of her York that the Board has no objection to the putting of the proposed plan into effect. 1.41P6 - r": Lj • -4- Letter dated December 20th, from the Governor of the Federal Reserve Bank of Richmond., enclosing certain correspondence between Governor Sea,y and Fr. I:cLean, a director of the Wax Finalee Corporation. Toted. Referred to the Governor for reply. The Governor advised the Poord that T:r. :ur;ene Veyer, T-an&-lr,inp; Director of the Liar Finance Corporation, had req-x sted that the Federal Reserve Bank of Chicago be required to establish a fiscal agency at -Des 1:oine5, Iowa, for the nurnose of t1x more expeditious 'nanfilin7 of the -Tar Finance UorporatiOn business. ::o action. The clover -nor advised the Board that he had received notice from the Chairman of the Federal Advisory Council that the Council would hold. Its first statutory meeting of the year 1922 on January 12th. Letter dated December 19th, from the Chairman of the Federal Reserve Bank of Chicago, with referere e to certain interlocking directorates in the city of Indianapolis. hot ed. Letter dated December 19th, from the Federal Reserve Agent at Chicago, enclosing a copy of a report made by him to the Salary Committee Of the .viederal Reserve Bank of Chicago, covering certain adjustments in the salaries of the employes of the Federal Reserve Agents Departmant Which he proposes to present to the Federal Reserve Board for its approval. :Toted. ;,' -5- , Letter dated December 17th, from the Governor of the Federal Re, serve Bank of Chicago, submitting for tl'e approval of the Federal Reserve Board a certain plan coverin:7 the shipments and settlements of shipment s Of Federal Reserve :Totes, said plan having boon prepared by Governor 1.:7cDouga1 in accordance with the action of the last governors' Confere nce by which action Governor T.'".cDoue.,a1 was appointed as a committ ee of one to Prepare and submit a plan for the ai?proval of the federal Reserve Board. Upon motion, it was voted that the Board. agree to the plan as submitted by Governor r.c . Dougal, and the Secretary was instructed to take the necessary steps to put the plans • into operation. ?OR T5 OF COIr I 711,1 ITO. 1: Dated December 21st, Recommending changes in stock at Federal Reserve banks as set forth in the auxiliary minute book as of this date. A opro ved. At 12:40 p - 4m. the meeting adjourned. seeretar7.
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