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10415 A meting of the Federal Reserve Board was held in the office of the Board on Thursday, December 23rd at 11 a.m. PRESENT: The Mr. Yr. Mr. Mr. Mr. Governor Platt Hamlin Miller Wills Hoxton, Secretary. Minutes of the meeting of the Board held December 22d were read, and on notion, approved as amended. The Governor reported the reserve positions of the several Federal Reserve Banks as at close of biminess December 21st, and the status of rediscounts between the Federal Reserve Banks as of the same date. The Governor reported rediscount transactions, member bank promissory notes secured by Goverment obligations, rate 7'7; and 7";,. on Commercial paper, as follows:- Dec. 22 With Bank rediscounting Philadelphia Atlanta Dec. 22 Minneapolis Date Cleveland Amount Maturities 114,000,000 3,000,000 11-15 days Letter dated December 20th from the Chairman of the Federal Reserve Bank of St.Louis, with reference to the purchase of site for a new building for the Little Rock Branch Of the Federal Reserve Bank of St.Louis. ( .74Arr. 22, held December Board the of At the meeting Platt and Mils, Messrs. to referred this matter was and the following report of the Committee was approved: -2- 1047 "In view of Chairman Martin's letter of December 20, which states that the Little Rock Branch is operating satisfactorily and is inadequately housed and also in view of his further statement that the entire cost of the Branch lot, building and vault will not exceed 8335,000, the Special Committee of the Board appointed to investigate the Little Rock purchase approves the recommendation of the Board of Directors of the St.Louis Federal Reserve Bank, namely, the purchase of the lot described at :".85,000." Memorandum dated December 20th, from tke Comptroller of the Currency, recommending that the Board approve the application of the First National Bank of Champlain, New York to reduce its capital stock in the sum of 50,000. Approved. Megoramimm dated December 23d, from Mr. Emerson, recommending that the Board's employes, so tar as possible, be relieved from work at one o'clock on December 24th and December 31st, in view of the fact that by Executive order all Treasury offices will close at the time specified on the said dates. Approved. Application dated December 22d, from the Railway Loan Advisory Committee requesting approval of a form of loan, in the amount of $26,775,000., to be made to the New York Central Railroad Company, under Section 210 of the Transportation Act, 1920,,as amended. Approved. Letter dated December 17th, from the Chairman of the Federal Reserve Bank of San Francisco, submitting the resigma- tion of Mr. C. E. Peabody as Director of the Seattle Branch. Referred to Mr. Miller. Mr. Miller reported, with reference to the proposed sites for branch bank buildings at Los Angeles and Salt Lake City, referred to him yesterday, that he had. sent the following telegram to the Chairman of the Federal Reserve Bank of San Francisco: "Replying to your letters of December 10th, subject Branch Sites, Los Angeles and. Salt Lake, Board is disposed to view suggested, sites favorably but before approving purchasing wishes to be informed what is in contemplation with respect to three northwest btanches, believing that question of maintaining three branches in that section, or of consolidating them into one can be disposed of better before than after you have entered on policy of acquiring any permanent building sites for any branches.“ Letter dated. December 20th, from the Director of the Division of Analysis & Research, recommending certain salary adjustments among the employes of that Department. Approved, upon favorable recommendation of Mr. Miller. Memorandum dated December 22d, from the General Counsel, recommending certain adjustments in Ealary in the staff of the office of Counsel. Approved. Memorandum dated. December 20th, from Mr. Herson, recommending adjustments in salaries of the examining force for the year 1921; also recommending that Mr. Grund be designated Fed- 10419 oral Reserve Examiner. Approved. :.i.emoraidizn dated December 20th, from the Sub-Cornittee on Staff, recomending adjustments of salaries of employes of the Board, effective January 1, 1921. Anpro ved, except that the classifi cat ion ,-)f Foulk was changed to command a maximum salary of ,',')3900. per annum, and Mr, Foulk's salary for 1921 was increased to conform thereto. Memorandum dated December 23rd, frail the Sub -Committee on Staff, recommending changes in classification and salary affecting three cfrmloyes heretofore designated as Messenger. Approved. Miller stated to the Board that he had increased the salary of his Private Secretary, beginning January 1, 1921, from .132,250. to 1;2,500. Governor Harding stated that he had designated Mr. McLellan as Private Secretary at a salary of ",1 ,2500. a year, effective January 1st. Memorandum dated December 22d, from Mr. &lerson, making. recommendations regarding charge offs by the Federal Reserve Bank of Atlanta, at the close of business December 31,1920. Approved. Memorandum dated December 22d, from Mr. Dnerson, making recommendptions as to charge offs by the 7ederal Reserve Bank -5- 10'0 of St.Louis, at closing of business December 31, 1923. Approved. Letter dated December 22d, from the Chairman of the Federal Reserve Bank of New York, requesting authority to declare a dividend at the rate of 6% per annum, payable on December 31, 1920, on all stock of the Federal Reserve Bank of New York for the period from June 30th, 1920 to December 31, 1920. Approved. Draft of letter dated December 21st, prepared by Governor Harding, for transmission to the Chairman of the Committee on Banking and Currecny of the United States Senate, with reference to the so-called McLean-Platt Amendment, of September 17, 1919, to Section 25 of the Federal Reserve Act. Approved. Draft of letter dated December 22nd, prepared by Governor Harding for transmission to the Chairman of the Committee on Banking & Currency of the United States Senate, with regard to Senate Bill #4665, designed to amend Section 7 of the Federal Reserve Act. Approved. 1051 -6- REPORTS OF COEMITTM: NO. 1: Dated Dec. 21st, Recommending admission of State institutions as set forth in the auxiliary minute book:as of this date, subject to the conditions stated in the individual reports attached to each acplication. Approved. Dated Dec. 22d, Recommending approval of application for fidnoiary powers as set forth in the auxiliary minute book as of this date. Approved. Upon motion, the following salaries were fixed for the year 1921, effective January 1st: 07,500. Mr. R. G. Emerson 8,000. Mr. m. Jacobson Mr. E. L. Smead 5,400. 4,800. Mr. E. A. Goldenweiser Mr. W. M. Imlay 4,500. Mr. John DeLeMater 4,200. Mr. J. F. Herson 10,000. Mr. W. L. Eddy 4,500. At 1 p.m. the meeting adjourned. Seer atary. Approved: Governor.
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