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A meeting of the Federal Reserve Beard was held in the office of the Board on Wednesday, July 26. 1922, at 10:05 a.m. PRESENT: Governor Harding Mr. Platt Mr. Miller Mr.Mitchell Er. Crissinger Mr. Hoxton, Secretary. Minutes of the meeting of the Board held July 25th were read and on motion approved. The Governor reported the reserve positions of the several Federal reserve banks as at close of business July 24th. The Governor submitted a letter from the Chairman of the Federal Reserve Bank of Kansas City, in reply to the letter addressed by Governor Harding to Mr. Ramsay, dated July 18th, advising that the Federal Reserve Board cannot approve the action of the Board of Directors of that Bank in paying an amount equivalent to three months salary for former Governor I. Z. Miller, Jr., said payment covering a period subsequent to the effective cifte of Mr. Miller's resignation, the letter of July 18th referred to having been approved by the Federal Reserve Board at its meeting of July 19, 1922. In view of the fact that Mr. Ramsay advised the Board that he would refer the letter of July 18th to his Board of Directors at the next meeting, it was the sense of the members that the Board should wait before taking further action until the directors of the Federal Reserve Bank of Kansas City have had an opportunity to make reply to the letter from the Governor of the Federal Reserve Board aforesaid. After full discussion of the matter recorded above, Mr. Miller gave notice of his intention to submit for consideration and action by the Board a proposed regulation expressing the Board's views with regard to the exercise of its general power to supervise Federal reserve banks and in particular to regulate the compensation allowed officers and employes of such banks by the respective boards of directors. Mr. Miller explained that the specific object of the proposed regulation would be to fix definitely the maximum length of time during which a governor or other officer of a Federal reserve bank might continue to draw his salary while absent from his post of duty except when such absence should be on official business authorized by the board of directors of his bank or appm ed by the Federal Reserve Board. Letter dated July 25th, from the Railway Loan Advisory Committee of the Federal Reserve Board, recommending approval of the form of obligation submitted by the Cisco and Northeastern Railway Company for a loan of 3111,450, in four parts, the carrier electing at this time to take over the third part in the amount of 327,863, under the provisions of Section 210 of the Transportation Act, 1920, as amended. Approved. Letter dated July 24th, from the American Foreign Banking Corporation, advising that that Corporation has completed arrangements to close its branch at Buenos Aires, Argentine Republic, and that the liquidation will be handled through the First National Bank of Boston, Mass. Noted. -3- Memorandum dated July 25th, from the Assistant Secretary of the M.Schick, Board, recommending acceptance of the resignation of Miss Dorothy $1600 per stenographer in the Division of Analysis and Research (salary reannum), and requesting authority to fill the vacancy created by said salary signation by the employment of a stenographer at the usual entrance of %440 per annum. Approved. Memorandum dated July 26th, from the Statistician of the Board, additionrequesting authority to employ in the Library of the Board an al junior clerk with knowledge of typewriting, at salary not in excess Of ::,:;1000 per annum. Approved. REPORTS OF COMMITTEE NO. 1: powers Dated July 24th, Recommending action on applications for fiduciary as set forth in the auxiliary minute book of this date. Approved. ing approval of the application of Mr. Henry Lay Recommend Dated July 22d, Duer to serve at the same time as director of the National Bank of Elkton, Yd. and the Equitable Trust Co., of Baltimore and W. W. Lanahan & Co., Baltimore. Approved. Dated July 22d, Recommendinr, approval of the application of Mr. Bernard C. Beekman to serve at the same time as director of the National Produce Bank, Chicago, and of the First National Bank, Naperville, Ill. Approved. At 12:00 noon the meeting adjourned. Secretary.
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