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A meeting of the Federal Reserve Board was held in the office of I the Board on Friday, February 17, 1922, at 11:30 a.m. PR2S=T: Governor Harding Mr. Platt 7r. Hamlin Mr. Miller Yr. Mitchell Yr. Foxton, Secretary. Minutes of the meeting of the Board held February 15th were read and on motion approved as amended. The Governor reported the reserve positions of the several Federal reserve banks as at close of business February 14th and 15th. Letter dated February 14th, from the Chairman of the Federal Reserve Bank of Atlanta, advising that Lir. Taylor, Manager of the Savannah Agency, has been transferred temporarily, on December 1, 1921, to the War Finance Corporation in Washington; that 1::r. Taylor's name Till be removed from the payroll of the Federal Reserve Bank of Atlanta during the time of such service, and that Hr. R. :I. Groover had been appointe d Acting Manager of the Savannah Agency at the same salary as that received by Hr. Taylor, namely, f4,000 per annum, such assignment and salary to be continued until .7r. Taylor's return. The temporary salary of '4,000 per annum for Yr. Groover was fixed, subject to the approval of the Federal Reserve 1:oard for the period of his service as Acting Hanger of the Savannah Agency. Approved. Draft of letter prepared by General Counsel for the signature of Governor Yarding, and addressed, to the An7lo-South American Bank, Ltd., of -2- 7:my York, which was ordered circulated at the meeting of February 8th. Upon motion, the letter was q)proved and ordered transmitted. Letter dated February 16th, from the French American Bankino; Corporation, requestin ; - permission to accept drafts drawn for the purpose of creating dollar exchange by banks or bankers located in the Dutch East Indies. App ro ved. Telegram dated February 14th, from the Governor of the Federal Reserve Bank of T:inneapolis, advis ing of certain shifting of personnel between the parent bank and. the Helena Branch, and requesting aporoval of salaries fixed by the Board of Directors of that Bank in connection with such chanes. Approved. Letter dated February 15th, from the Secretary of the Federal Reserve Bank of Cleveland, announcing that the Board of Directors of that Bank at the january meeting had fixed the salary of Governor -7ancher for the year 1922 at 30,000 4 sth:ect to the approval of the Federal Reserve Board, such action involving no change in Governor Fancher's present sal ary. Approved. The Committee on Salaries and Charge Offs submitted a letter of February 11th from the Chairman of the Federal Reserve Bank of RichntInd, advising of adjustments Trade by the Board. of Directors of that Bank, subject to the approval of the Federal Reserve Board, in the salaries of cer- 100 -3- tain officers of the Operating Department and the Federal Reserve Agents' Department, and recommending that the adjustments be approved, except that approval of the salary of Mr. Dixlley, recently assigned Manager of the Baltimore Branch, be held. up, pending further investigation. Upon motion, the recommeidation of the Committee was adapted. The Governor called to the attention of the Board that part of the statement for the press issued by the Federal Reserve Board on February 16, 1922, setting fcrth the loss and gain in the gold holdings of the several Federal reserve banks, and pointed. out certain objections which he felt existed to the publication of this data. The Governor submitted a draft of circular letter prepared by the Chief of the Division of Reports and Statistics for the signature of the Governor, and addressed to all Federal Reserve Banks, with reference to the manner of reporting clenrings to the Federal Reserve Board. Approved and ordered trananitted. Mr. Hamlin stated that he had prepared a complete index digest of the Federal Reserve Bulletin for 1921, and upon vote he was authorized. to have printed 2500 copies of the said index digest and to distribute them in the manner which he explained to the Board. REPORTS OF COMM ME NO. 1: Dated February 15th, Recommending changes in stock at Federal Reserve ranks as set forth in the auxiliary minute book as of this date. App zo ved. -4- Dated February 13th, Recommending action on applications for fiduciary powers, as set 11) rth in the aux iliary minute book as of this cbt e. Ap pro ved. Dated 2ebruary 9th, Recommending refusal of the application of 7r. Vialter T. Love to serve at the same time as director of the Palmetto 1:at ional Bank and the Liberty rational Bank, both of Columbia, S. C. Approved. Dated February 7th, Recommending approval of the application of Tr. Thomas E. Wilson to serve at the same time as director of the First rational Bank of Chicago. as director of the (7,tranty Trust Company of rew York, and as director of the Live Stock Exchange TTational Bank of Chicago. Ap pro ved. Dated February 7th, Recommending approval of the application of Yr. R. D. Robbins,Or. to serve at the same time as director of the Anglo P- London ')aris rational Bank of San Francisco, as director of the Bank of Suisun, TT.A., Suisun, Cal., and as director of the T-Tumboldt Savings Bank of San r7rarcisco. Approved. Dated February 16th,Recommendiir approval of the applicat ion of rr. Osterhout to serve at the same time as director and officer of the First rational Bank, radera, California, and as director of the Valley Bank of Fresno, Cal. Approved. At 12:15 p.m. the meeting adjourned. Secretary. Approved:
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