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• A meting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Uednesday, December 30, 1931, at 11:30 a. in. PRESENT: Governor Meyer Mr. Hamlin Mr. Miller Yr. Tames Mr. Pole Mr. Morrill, Secretary Mr. McClelland, Assistant Secretary Mr. Harrison, Assistant to the Governor. The following matters of business were considered and acted upon by the Bard: Letter, approved by five members of the Board on December 29, to the Federal Reserve Agent at Atlanta, advising, that in accordance with the recommendation contained in his letter of December 18 renortin7 that the l'irst National Bank of Russellville, Alabama, has been deficient in its rereserves for more than six consecutive nonths, the Board will defer action on the matter pending receipt of the further renort which the Agent stated would be submitted to the Board in January of next year, and that a eQPY of the letter is beinr- sent to the Colliptroller of the currency for the ilqformation of his office. Letter approved. Letter, approved by five menbers of the Board on December 29, to the C°1111)tro11er of the Currency enclosing a copy of a letter received under date December 16 from the Federal Reserve Bank of Dallas reporting thLt the lIrde National Bank, Clyde, Texas, was deficient in its required reserves l'clx" the Period Tune 1 to November 30, 1951, mid recommendin-; that the matter be called to the attention of the Comptroller of the Currency; the Board's letter stating that it will be necessary for the bank to take vir,orous steps 14 °rder to accomplish a satisfactory reduction in its loans and discounts €t114 a re2toration of its reserves, and requesting that the Comptroller ad 474 12/30/31 -2- vise the Board of any further developments in the matter. Letter approved. Consideration was then given to the individual budgets of the several divisions of the Board's organization for the year 1032, including salaries of emoloyees, which were approved, as was also the combined budget, agegating .824,510.00, and consisting of the following items: .;658,060.00 Personal Services Non-Personal Services: Supplies & Materials Subsistence Expenses Transportation Expenses Communication Service Ptg., Engr., Bdg., etc. Heat and Light Rents - Building Rents - Equipment Repairs - Equipment Equipment Miscellaneous Special 5,850.00 50,900.00 21,250.00 17,450.00 43,150.00 900.00 16,125.00 54.00 735.00 7,450.00 2 395.00 ) Non-Personal Services Total 259.00 ) 1!)166 Complete Total C'824,310.00 Memorandum dated December 28 from the Board's Fiscal Agent recom1°°endin2; that the Board levy an assessment on the Federal Reserve banks of e14g11t hundred twenty-two ten thousandths of one Per cent (.000322) of their total Paid-in capital and surplus as at the close of business December 31, to cover the expenses of the Aderal Reserve -3oard for the first six lionths of 1932. Upon motion, the following resolution was adopted: "WHEREAS, under Section 10 of the act approved December 23, 1913, and known as the Federal Reserve Act, the Federal Reserve Board is empowered to levy semi-annually upon the Federal reserve banks, in proportion to their capital stock and surplus, an including assessment sufficient to pay its estimated expenses, and experts attorneys, assistants, the salaries of its members, 475 12/30/31 -3- employees, for the half year succeeding the levying of such assessment, together with any deficit carried forward from the Precedinr7 half year; and "WHEREAS, it appears from estimates submitted to and considered by the Federal Reserve Board that it is necessary that a fund enual to eight hundred twenty-two ten thousandths of one per cent (.000822) of the total Paid-in capital stock and surplus of the Federal reserve banks be created for the purpose hereinbefore described, exclusive of the cost of engraving and Printing of Federal reserve notes; NOW, THEREFORE, BE IT RESOLVED BY THE FEDERAL RESERVE BOARD; That: (1) There is hereby levied upon the several Federal reserve banks an assessment in an amount equal to eight hundred twenty-two ten thousandths of one per cent (.000822) of the total paid-in capital and surolus of each such bank at the close of business on December 31, 1931; (2) Such assessment shall be paid by each Federal reserve bank in two equal installments on January 2, 1932, and March 1, 1932, respectively; by crediting the amount thereof on the books ef the Federal reserve bank in the General Account of the Treasurer of the United States, for credit to the Federal Reserve Board in an account designated and known as 'Salaries and Expenses, Federal Reserve Board, Special Fund;' (3) For each such installment of such assessment, each Federal reserve bank shall issue and send to the Treasurer of the United States a certificate of deposit evidencing said deposit and the fact that it is in payment of the assessment levied by the Federal Reserve Board for its general expenses and is to be credited to the Federal Reserve Board in an account designated and known as 'Salaries and Expenses, Federal Reserve Board, Special Fund;' and (4) A duplicate copy of each such certificate of deposit, and together with a statement showing the amount of the capital on business of close the at bank surplus of the Federal reserve on the Board Reserve Federal the December 31, 1931, shall be sent to installment." date of the payment of each Board's Consideration was then given to the organization of the Cormaittees for the coming year and the following appointments were made, the governor beinn, an ex-officio member of each Committee: ?41 1.1IEELL (First (uarter) Meyer, Chairman Hamlin M. Miller LAW: Mr. Hamlin, Chairman Mr. Miler ) 12/30/31 -4RESEARCH AND STATISTICS: Mr. Miller, Chairman Er. Hamlin AI@ITY-MUMS: Mr. Magee, Chairman Mx. Tames SALARIES AND EX:MUMMIES OF RESERVE BANKS: FED 3' Er. Tames, Chairman Mr. Magee DISTRICT 00111I=S: 112.42ton: Ur. Hamlin, Chairman Ur. Miller Chicago: Mr. Magee, Chairman Mr. Miller Mr. Hwnlin, Chairman Mr. Tames St. Louis: Mr. Tames, Chairman Mr. Hamlin 1g:1111114.1 Mr. Miller, Chairman Hmlin Mr. Magee, Chairman Mr. Miller d. Mx. Miller, Chairman Er. Hamlin Kansas City: Mr. Magee, Chairman Mr. Tames rtichmand• . Mr. Hamlin, Chairman Mr. Magee Dallas: Mr. James, Chairman Mr. Magee -1 94.22.11-L James, Chairman Er, Magee San Francisco: Er. Miller, Chairman Mr. James 21.11 The meeting adjourned at 12:00 noon. Secretary %roved:
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