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meetinc of the Federal Reserve Board_ was held in the office of the Board on Thursday, January 5, 1922, at 11:20 a.m. PRESF1TT: Governor 7-Tardins Mr. Platt Ir. 1i11er Mr. Mitchell Fr. Cris singer lioxton, 6ecretary. Minutes of the meet ins of the Board held January 4th were read and on mot ion approved. The Governor reported the reserve positions of the sever:i Teder31 reserve banks as at close of business December 31st ai Januair 3d. Letter dated January 3d, fie m the Chairman of the ,7ederal Reserve Bank of Itlant a, submitting 3 re oort c over n!; the employment, transfer and dismissal of several emoloyes at the head office and the Jacksonville Branch. Approved. Letter dated Decenber 30th, from the Director of the Division of Analysis & Research, submitting certain correspondence had between that ,:ivision and. the Department of 13tato relative to the que,st ion of expenditure for the performance of the Board's work throu7't the Consulate in London, and recorznendin,7 that the Board allow for expenditure in Tendon durin7 the yalr 1922 the sum of2,000, in lieu of '1,000 1 allowed in 1921. Approved, it being understood that the appropriation of `'2,000 for the year 1922 will also cover a deficit of incurred &urine', the year 1921. The. Governor submitted to the Board a copy of his reply to the letter from Sonetor King referred to in the minutes of the meeting of yesterday, with reference to iatt ions of the Federal Reserve Bank of San Francisco with res2ect to a building for the Salt Lake City Branch. -ot ed with approval. . 1:emorandum, dat ed January 5th, from the Sub -Committee of the Board on Staff and Salaries, rmicinP; recommendat ion coverinc- certain adjustments in conpensation paid to the emoloyos of the Beard. Referred to the Conznit tee on Salaries arrl Charge Offs. After a discussion of the proposed airendmont to the Federal. 'Reserve Act offered by senator Harris, whereby no contracts fer Federal reserve•bank buildings nay be let without the express consent of Con -ress, the Governor was requested to prepare a letter, addressed to all Federal reserve banks, stating the situation produced by the introduction of the Harris amendment, and advising that the Board is of tl-r opinion that no new contracts for building construction should be entered into until the views of Conexess upon this subject can be definitely ascertained through either the passage or the rejection of t Trtirris amendment. The Governor was also raluest ed to acquaint the Chairmen of the Banking ani Currenc y Committees of the Senate ani House of Representatives with the contents of the above letter, and to furnish the Chairmen with collate ral infbrnr.t ion coverin7 those Federal reserve hank buildings which are completed, those buildings for which the contracts have been let, ani ttiose buildings for which no contracts have boi let, but for which sit es have been purchased. (Later in the day the Governor submitted to Messrs. Platt, Filler, ;:itchell and Crissinger the letters to the Federal reserve banks and to the Chairmen of the Con:ressional Committees referred to above, and the said letters were approved by unanimous vote.) Letter dated January 4th, froxnthe Chairman of the Fodezl Reserve Thmk of Philadelphia, advising of the election of officers of that Balk for the current year, and advising that the law firm of Williams and Sinkler had been appointed Counsel for the year, at compensation of .4 2500, and that . 7ilhiam C. I:cCreedy had been elected Comptroller, at a salary,subject to the approval of to Federal Reserve Board, of 5,000 per annum. Approved. Letter dated January 4th, from the Chairman of the Federal Reserve Bank of Philadelphia, advising that that Bank had elected L. L. Rue, President of the 2hilaielphia iTational Bank, as its representative on the Federal Advisory Council for the current year. Noted. R3PORTS OF CO/MITT:2E O. Dated Jantr.ry 3d, Recommending clam es in st ock at Federal Reserve Banks, as set forth in the auxiliary minute book as of this date. Approved. -4- rmission to serve at the same The following applications for time as directors of the First National Bank, Pittsburgh, Pa. and as directors of the Peoples Savings .Trust Company, Pittsburgh, ?a. were approved by the Federal Reserve Board: Messrs. J. M. Wilson Robert Wardrop J. A. McCrea Win. A. Renshaw A. M. Moreland D. T. Layman B.F. Jones, 3rd Wt. H. Hearne W. D. George J. A. Donaldson W. L. Curry G. W. Crawford W. L. Clause Henry Chalf4nt John A. Beck F. H. Lloyd P. W. Morgan A. C. Robinson Benjamdn Thaw I. Y. Scott F. F. Brooks L. E. Sends The following is a list of those gentlemen who, in addition to making application to serve as directors of the two banks mentioned above, were also granted authority to serve as directors of the following mentioned institutions: Messrs. F. 7.?. Brooks First Natl. Bank, Sewickley, ?a. L. E. Sands Peoples Natl. Bank, Mt.Pleasant, Ohio. Benjamin Thaw East End Savings Trust Co.,2ittsburgh F. H. Lloyd First Natl. Bank, Altoona, Pa. I. Y. Scott Natl. Bank of W. Va., Wheeling,W.Va. P. IL Morgan E. Pittsburgh Natl.Bank, Wilmerding,Pa. D. T. Layman ,Jr. Bessemer Trust Co., Hoboken, M. J. A. C.Robinson East End Savings Trust Co.,Pittsburgh At 12:15 p.m. the meeting adjourned. Approved:
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