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A rreeting of the Federal Reserve Board was held in the office of the Board on Thursday, December 8, 1921, at 11:00 a.m. PRESENT: Governor Harding Mr. Platt Mr. Hamlin Mr. Miller Mr. Cris singer Mr. Hoxton, Secretary. Minutes of the meeting of the Board held December 7th were read knd. on motion approved. The Governor reported the reserve positions of the several Federal Ileserve banks as at close of bus mess December 6th, and the status of l'ecliscounts between the Federal reserve banks as of the same date. Letter dated December 6th, from the Secretary of the Federal Re"rye Bank of Cleveland, requesting approval of the Fedeial Reserve Board 01% the action of the Board of Directors of that Bank in authorizing the 141-Prent of extra compensat ion on December 15, 1921, to the employes of the 8allit within certain salary limitations, for the months of October, November 41:14 December, it being stated that the Federal Reserve Bank of Cleveland cl°es not e:Tect to ask for any further approval of additional compensation tor employes. Approved. Letter dated December 6th, from the Vice President of the Inter.ti Oral Banking Corporation of New York, submitting a list, for the ap1)tc 1ra1 of the Board, under the terms of Section 25 of the Federal Reserve "ket, of persons connected as officers and directors with a member bank Wh°r11 the International Banking Corporation proposes to elect as Directors • • • • Of that institution at a meeting to be held December 10, 1921. Approved. Letter dated December 7th, from the Federal Reserve Bank of New York, advising that the Bank had, on November 5th, discontinued, the services of Miss Kate M. Schutt, enployed at a salary of .1 1 2,900 per annum. Not ed. Letter dated December 8th, from the Railway Loan Advisory Committee of the Federal Reserve Board, recommending approval of the form of Obligation submitted by the Chicago Great Western Railroad Company, for a 1411 of :!:'3240,000, under the provisions of Section 210 of the Trans portition Act, 1920, as amended. Appro ved. Memorandum dated December 8th, from the Assistant Secretary of the recormnending that the Board authorize the employment of Mr. L. S. ‘ 11Y1'ick as Junior Clerk in the Division of Repor ts and StatistIcs, effective 1/eoember 10, 1921, on which date the resign ation of Mr. H. R. Grossman, libo now holds the position, will take effect. Approved. The Governor submitted to the Board a draft of a proposed amendto the Federal Reserve Act, pmpared by General Couns el in accordance or the action of the Board taken won Mr. Miller's motion at the meting December 3, 1921. No action. V.11) -3- Letter dated December 6th, from the Chairman of the Federal Reit serve Bang of Philadelphia, with reference to disposition of the reserve stock of Federal reserve notes kept in Philadelphia for the account of the Comptroller of the Currency, pending requisition by the Federal Reserve Bank of Philadelphia. The Governor was authorized to confer in this matter with the Comptroller of the Currency and the General Counsel, and to take such action as may appear necessary after such conference. TITjO.l: Dated December 7th, Recommending charges in stock at Federal reserve banks, as set forth in the auxiliary minute book as of this date. Approved. Dated. December 7th, Recommending approval of application for admission of state bank, subject to the conditions stated in the individual report attached to the application, as set forth in the auxiliary minute book as of this date. Approved. At 12:45 p.m. the meeting adjourned. Secretary 41DPrO V d: 1,
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