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FEDERAL RESERVE BOARD WASHINGTON Governor Haxrding Federal Rea)rve Board .lease call a meeting of the Federal Reserve Board for 12 o'clock .:7 ?/1 A meeting of the Federal Reserve Board was held in the office of the Board on Friday, Decenter 23. 1921, at 12:15 p.m. PRESENT: Governor Harding , Mr. Pla tt Mr. Miller 17r. ritchell Crissinger Mr. Hoxton, ;.:3ecretary. Minutes of the meeting of the Board held December 21st and the two meetings of December 22d wore read and on notion approved. The Governor rep.orted the reserve positions of the several Redoral banks as at close of business December 21st. The Governor stated that he had called a meet in- in accordance with the L-Tovisions of the by-laws, upon the request in writing of three members of the Board. Memorandum dated December 20th, from the Conptroller of the Thrrency, recommend in for the approval of the Federal Reserve Board the aor: - - 9ermissi on to cation of the Cit izens 'rational Bank of -Iriporia, Kansas, for , reduce its capital stock from '300,000 to '200,000. Approved. Mr. Mitchell, reporting for the Committee on Salaries and Charge Offs, submitted letter of December 21st, from the Chairmn of the Federal Reserve Bank of St.Louis, requesting authority to charge off at the end of the present year '13,625. on account of furniture and fixtures6,112. for deoreciation -Ton the buildinr; of the Louisville Branch, and to set up a reserve of ,'150,000 to cover undetermined liabilities and losses, and re- ;j -2- 3 for the six months questing authority to declare the usual dividend of 6,7 period from duly 1st to Decenter 31, 1921. Approved. 1-r. I.:itchell, reportinr_; for the Committee on Salaries 31d Charge Offs, submitted letter of December 21st, from Tr. Case, Deduty Governor Of the Federal Reserve Bark of T.Tew York, advising of the action of the Board of Directors of that Bank making certain charge offs on account of the estimated cost of the new tank building, amounting to '371,609.90, and. on account of the annex building a sum equal to 2,7 of the cost of the said building. Upon motion, the Boani voted to althorize the Federal Reserve Bank of TTe,w York to charge off at the end_ of the present year out of current net earnings a sum equal. to 24̀7, of the amount already e_N -pended upon the new bank building, z-md 2 of the cost of the annex building'any further charge offs desired by the Federal Reserve Bank of 1Tew York to be made against super-surplus and not against current net earnings. Letter dated Decanter 21st, from 1'r. Case, Deputy Governor of the Federal Reserve ;lank of :'.e1,7 York, requesting authority to set up at the end of the present year out of current net earnings 250,000 for the ac- count of the self-insurance fund. Approved. T.!r. l'itchell, reporting for the Coninittee on Salaries and Charge Offs, submitted a letter dated December 22d, from the Governor of the Federal Reserve Bank of Richmond. req -aestin7 authority to charge off out of currant net earnings at the end of the present year t:272,808.50, to cover deprecition upon the estimaLed cost of the new annex building now under construction. -3- Upon motion, the 'Federal Reserve Bank of Richmond was out ho ri zed to charge off out of the current net earnins at the end of the present year a sum equal to of ,the amount already expended by the Federal Reserve Bank Of Richmond upon its annex building. Mr. Mitchell, rtTortin7 for the Committee on f3alaries and Charge Offs, submitted to the 7PeT.I.rd certain recommendations made by the Federal , Reserve Bank of Boston, vcith reference to salary adjustments for certain Of the officers ei' that Bank. After souk: discussion, this matter was ordered laid over for further consideration next Tuesday, December 27th. RF.POR TSCF COLZIITTE2 NO. 1: Dated December 23d, recommending chmges in stock at Federal reserve banks, as set forth in the r:,u)dliary minute book as of this thte. I)roved. ,At 1:20 p.m. the meeting adjourned. ,217piovea:
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