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In accordance with action taken at the meeting yesterday a special meeting of the Federal Reserve Board was held in the office of the Federal lie:serve Board on Friday, December 7th at 11:20 a.m. PRESET: Governor Crissinger Mr. Platt Mr. Hamlin Mr. Miller Mr. James Er. CunninEjham Mr. Dawes Mr. Eddy, Secretary The minutes of the meetings of the Federal Reserve Board held on December 6th were read, and. approved as amended. The Governor announced that the si:ecial order of business would be e°4sideration of the report of the Committee an Nominations on the appointOf Class "C" directors of Federal Reserve banks and the designation "Chairmen and Federal Reserve Agents. La.. Hamlin submitted the report of the Committee on Nominations. Thereby motion in each case, the following were appointed Class "C" directors Qttho Federal Reserve banks for terms of three years, expiring December 31, 1926: • Boston New York Philadelphia • Cleveland • Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Frederic H. Curtiss William L. Saunders Ridhard L. Austin D. C. Wills William W. Hoxton Joseph A. McCord James Simpson John W. Boehne John H. Rich M. L. McClure Clarence Li Linz Jam Perrin 12/7/23 it Thereafter, mon motion in each case, the following were designated as pederal Reserve Agents and Chairmen of the boards of directors of the ?sclera' Reserve banks for t erms of one year, expiring December 31, Bost on Nett York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Vag NM. I:ansas City Dallas San Francisco Frederic H. Curtiss Pierre Jay Richard L. Lustin D. C. Valls Willi= 7. Hoxton Josh A. Mc Co rd Villiam A. Heath Vi11 ia m Lie C. Mart in John E. Rich M. L. McClure Lynn P. Talley John Perrin lir. Hamlin then called attention to the fact that the Board is reby law to designate Deputy Chairmen of the Federal Reserve banks, and 111°1-1. motion by Mr« Hamlin,the followin:,- were designated as such, for terms of orie Year, ezniring December 31, 1924: Boston New York Philadelphia Clcv eland Richmond Atlanta Chicago St Louis .'',i.nnez3,polis Kansas City Dallas Can Prancisco .61•• INN Allen Hollis William L. Saunders H. B. Thompson L. B. 7111iams Frederic A. Delano W. H. Rettig Jam es Simpson John W. Boehm Homer P. Clark Heber Hord VI. B. Newsom Talton IT. Moore In connection with the appointment of directors of Th..anch Federal ban2i:s, the various District Committees were reouested to submit their eec)11.211e2adations to the Conmittee on Yoram,t ono not later than Lion day, Deccmbell 17th, !I 12/7/23 The Law Committee reported on, the matter referred. back to it at the Veet int ;on September 5th, namely, the disposition of notary fees received 14 notaries in the employ of Federal Reserve banks; the Committee submitting a temorandum by Counsel on the subject and recommending that the notarial work Of Federal Reserve banks be distributed aznong a number of the employees so tl/at to one of them would. receive more in fees than was commensurate with his Salary ratinsr* Ur* Hamlin moved that the Board ask Counsel to draft an amendment to the Federal Reserve Act, if possible, to provide that employees of Federal. Reserve banks be designated as notaries without compensation to porform the duties of notaries public in the protest of paper as now performed by notaries public in the various states* Carried. Thereupon ensued a discussion of the pension plan recommended by the Pension. Committee of the Governors' Conference* After discussion, Mr. Hamlin moved that the Federal Reserve Board record itself as believing in the general principle of a pension plan, carefully guarded, for limited classes of employees of Federal Reserve banks* Mr. Hamlin's motion being put by the chair was lost, the members If4121C as follows: Mr. Platt, "aye" Mr. Hamlin, "aye" Mr. Miller, "aye" Governor Crissinger, "no" Mr. James, "no" Mr. Cunningham, "no" Mr. Dawes, "no" After further discussion, Mr. Dawes moved reconsidera.tion of the 041)0.9, action. Carried, Messrs. James and thanningha voting "no". , -4- 12/7/23 ?hereupon, Mr. Dawes moved as follows: "Without endorsing the general principle of a pcmsion system as applied to the iedoral 1.eserve 3ystem, the Board interposes no ob'ection to the silbmission to Con:ress of any bill providing ior an insurance plan within the Jystem". Mr, Dawes' Icot ion being put by the chair, the members voted as follows: Mr. Dawes, "aye" Mr. Platt, "aye" Mr. Hamlin, "aye" Mr. Cunningham, "no" Mr. James, "no" 2r. Miller, "no" Governor Crissinger not voting The chair then stated tht the vote 7:lad roaulted in a tie, and that f:Jil.e motion of Mr. Dawes - ras lost. The chair further stated that the matter of a pension plan for the eederal Reserve 3yst;em would be nade special order of business for Thursday, December 13th. The Committee on Discount and ' on Market I.:alley submitted its report on lett, -r dated October 20th, from the Chairman of the eederal Reserve Bank of Deal as, r'--aluestinL; reconsideration by the Board of its action in re2Asing 11:11111ssion to certain member banks in the 2 - 41eventh Federal Reserve District to tliscount with the Federal Reserve Bank of Dallas, sight bill of lading dLra..4. orlinatini and bearing the enderseont of non member banks; the n 'dommittee retorting that O he facilities needed in the Eleventh Federal District "can best be given by authorizing the reserve bank to engage Purchase and sale of siL;ht bill of lading drafts as an open market —a'tion" and reco:snendint: in the event the Board approves, that such drafts —ww-d t-.7o :a-aents, on.c.1 of ,:hich nmst bo t]!...at of entior, mc.,17iber batic• the report of the u on1-.-lot ion of Mr. Cola littee on Discount and &non 11:::.rket Policy as Cri8sin-._ser voting qn0",, n.rri T December 3th, 7th, Reconricndilx,: . chan:;es in stock at 1edera1 Resc,rve :linut a 3..,o1: bLif1.7,:s, :_s zet forth in the of ti date, 4proved.
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