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A meeting of the Federal Reserve Board was held in the office of the Board on Wednesday, June 21, 1922, at 10:00 a.m. PRESENT: Vice Governor Platt Mr. Hamlin Mr. Miller Mr. Mitchell Mr. Crissinger Mr. Hoxton, Secretary. Minutes of the meeting of the Board held June 20th were read and on motion approved. • The Vice Governor reported the reserve positions of the several Federal reserve banks as at close of business June 19th. Draft of letter dated June 21st prepared for the signature of the Secretary aril addressed to the Federal Reserve Agent at Chicago, approving the consolidation of the First State Savings Bank, Evart, Michigan, and. the Evart Savings Bank, and approving the application of the consolidated bank, the Evart state Bank, for 24 additional shares Of stock in the Federal Reserve bank of Chicago. Approved. Letter dated June 16th, from the Comptroller of the Currency, advisins, that he had appointed H. U. Williams, Jr. as messenger boy in the Federal Reserve Issue and Redemption Division, at a salary of $600 per annum, said appointment being designed to fill the vacancy caused by the resignation of Bernard Connell. Approved. -2- Letter dated June 20th, from the Comptroller of the Currency, advising that he proposed to send Messrs. Kenneth H. Rockey and Charles F. Wilson, National Bank -&xaminers, to Europe in the near nature to examine the branches of the National City Bank of New York located, there, and. recommending that the Board approve a salary at the rate of $1,333.33 a month for Examiner Rockey and. a salary at the rate of'31,000 a month for Examiner Wilson, at which rates they will be paid salary from the day of their departure from the United States until the day they return, both dates inclusive. Approved. The Vice Governor submitted a letter prepared for his si mature by Mr. Wyatt, Assistant Counsel, and, addressed to the Federal Reserve Agent at Atlanta, with referenze to the use of the term "Federal Reserve" by the Federal Reserve Loan Company of Gainesville, elorida. Referred to Mr. Hardin. Letter dated June 21st, fitm the Railway Loan Advisory Committee of the Federal Reserve Board, recommending approval of the form of obligation sibmitted by the New York, New Haven and Hartford Railroad Company for a loan of A2,758,000, the carrier electing to take over at this time an installment of ‘300,000, under the provisions of Section 210 of the Transportation Act, 1920, as amended. Approved, Mr. Hamlin not voting. -3- Letter dated June 15th, from the Acting Secretary of the Federal Reserve Bank of Atlanta, advising of certain changes, sub,'ect to the approval of the Federal Reserve Board, in the payroll of that bank and. its branches, said. letter having been referred by action of the Board yesterday to the Committee on Salaries and Charge Offs. Mr. Mitchell, reporting for the Committee, recommended the approval of all changes in the payroll of the Atlanta Bank as set forth in the above letter, with the exception that the Board disapprove the proposed increase from :t6000 to ::6500 per annum for Mr. Ward Albertson, Assistant federal Reserve Agent. Upon motion, it was so ordered. The Vice Governor submitted-recommendation to the effect that Mr. M. Jacobson, the Statistician of the Board, be designated to attend a• forthcoming conference to be held in Washington by the various librarians of the Government who collect economic material, especially foreign Government reports, in order to obtain closer cooperation and. correlation. Referred to the Vice Governor with power. The Vice Governor stated that he had received a telephone communication from the Governor of the Federal Reserve Bank of New York, stating that probably the Board of Directors at that Bank would at its meeting today, vote, subject to the review and determination of the Federal Re- serve Board, to reduce the discount rate from 4i.`,7, to 4%, effective at the Opening of business tomorrow. t313 -4- Upon motion, the Vice Governor was authorized to advise the Federal Reserve Bank of New York of the Board's approval of a 4% rate, if ard when a telegram shall be received by the Board advising that the Federal Reserve Bank of New York had taken action. REPORIS OF COMIT7FE NO. 1: Dated June 21st, Recoranending changes in stock at Federal reserve banks, as set forth in the auxiliary minute book of this date. Approved. At 12:00 noon the meeting adjourned. Secretary. Vice Governor.
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