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A meeting of the Federal Reserve Board was held in the office of the Governor on Friday, March 24, 1922, at 10;00 a.m. PRESENT; Governor Harding Mr. Platt . Harnlin Mr. Miller Mr. Mitchell Mr. Crissinger Mr. Hoxton, Secretary. Minutes of the meeting of the Board held March 22d were read and on motion approved as amended. The Governor reported the reserve positions of the severe Feder- al Reserve banks as at close of business March 21st and 22d. The Governor stated that the special order business on the docket referred to tliia matter of branch bank buildings at Oklahoma City, Oklahoma and Little Rock, Arkansas, and stated that he had not received as yet any reply to his letter to the Chairman of the House of Representatives Committee on Banking and Currency, but that he had heard indirectly from the said Chairman that there is no likelihood of the Harris Amendment being reported favorably by the House Committee. Mr. Hamlin moved that the Federal Reserve Banks 3f Kansas City and St.Louis be advised that the Board interposes no objection to those banks proceeding to the extent of securing bids for the branch bank buildings, with a view to notifying the Board as to the nature of the bids; this advice to be given after receipt of the expected letter from Mr. McFadden with reference to the status of the Harris Amendment. -2- Mr. Miller moved that the matter of the branch bank buildings at Oklahoma City and Little Rock be laid on the table. Mr. Miller's motion, being put by the chair, was lost. Mr. Hamlin's motion, being put by the chair. was carried. Letter dated March 21st, from Yr. Charles DeB. Claiborne, Chairman of the Committee of Five, of the American Bankers' Association, replying to a recent letter of Governor Harding regarding H.R. 10071, having reference to the collection of checks at par. Noted. Letter dated March 22d, from the 2ederal Reserve Agent at Boston regarding the matter of the reserves of member banks, requesting certain Information from the Federal Reserve Board, in order that the reserve committee of the Federal Reserve banks may make recommendations regarding the reserve requirements of the Federal Reserve Act. Noted. Referred to the Governor. Memorandum dated March 23d, from the Bulletin Committee of the Federal Reserve Board, setting forth the recommendations of that Committee with reference to the letter of March 6th, from the Director of the Division of ;Inalysis Research, said letter having been referred to the Bulletin Committee by the Federal Reserve Board on March 8, 1922. The memorandum consisted of a report of the findings of the Bulletin Committee with reference to personnel and scope of the work of the Division of Analysis and Research, and making recommendations in accordance with said findings. Upon motion, the report of the Committee was adopted. 6-,_ The Governor submitted a proposed draft of letter addressed by him to the Under Secretary of the Treasury, in reply to a letter from that official, dated March 23d, and having reference to the supply of gold certificates proposed to be furnished by the Treasury Department to the Federal Reserve banks. After discussion of the gold policies of the Federal Reserve System and the Treasury Department, a reply to Mr. Gilbert's letter submitted by the Governor was approved. Draft of letter dated March 23d, to the Assistant ziederal Reserve Agent at San iransicso, setting forth the position taken by the Federal Reserve Board with respect to the appointment of Federal Reserve Bank Examiners and the fixing of their salaries. Approved. The Governor submitted draft of circular letter, prepared by lir. Logan and addressed to all Federal Reserve banks, with reference to the procedure to be followed by the Federal Reserve Board in taking action Upon recommendations made by the conference of Federal Reserve bank governors. Approved. Mr. Mitchell, Chairman of the Board's Committee on Salaries and Charge Offs, submitted. with the favorable recommendation of that Committee, letter dated March 2.2d, addressed to Governor Harding by the Governor Of the Federal lieserve Bank of Philadelphia, requesting approval of sal- t\‘ ary increases to the amount of :kt;300. each for two employes of that Bank. Approved. Letter dated February 17th, (ordered circulated by the Board at its meeting on February 24th) from the Chairman of the Federal Reserve Bank of San Francisco, recommending that the Board withhold approval of the application of the Citizens State Bank of Sawtelle, California, to establish branches at Santa Monica and Beverly Hills. Referred to Messrs. Miller ani Mitchell, with the suggestion that the matter be taken up with the Federal Reserve Bank of San Francisco upon the occasion of the forthcoming visit of Mr. Miller and Mr. Mitchell to that Bank; said action taken in accordance with a memorandum submitted by Mr. Hamlin. Telegram dated March 24th, from the Federal Reserve Bank of Chicago, advising that the Board of Directors of that Bank had, subject to the review and determinat ion of the Federal Reserve Board, established a rate of 4-11 for all paper of all maturities, effective tomorrow, March 25th. Approved. Mr. Mitchell, Chairman of the Board's Committee on Salaries and Charge offs, submitted a letter dated March 22d, from the Chairman of the Federal Reserve Bulk of Dallas, with reference to the matter of increasing the salaries of enployes of that Bank. Mr. Mitchell stated that in his opinion the Federal Aeserve Bank of Dallas should submit a definite schedule showing all salaries for the year 1921, and the increases which it is proposed to make for 1922, ani that, in view of the fact that he and Mr. Miller will be out of the city for sane time, he desired to refer the matter of the Dallas salaries back to the Board. so that prompt action may be taken, if necessary, during his absence. - Telegram dated ?arch 23d, from the Federal Reserve Bank of Boston, advising that that Bank had, subject to the review and determination of the 2ederal Reserve Board, established a minimum rate of 31 for open market purchases of bankers acceptances. Approved. remormdum dated March 24th, from the Assistant ecretary of the Board, suggesting the appointment of a forms committee to deal with the matter of certain reports which the Federal Reserve banks are sending to the Board at regular intervals and Nthich are no longer required, and to consider the revision of certain other report forms which the banks are required to fill out and transmit to the Board, the said Committee to 111 formally report its findings and recommendations to the Federal Reserve Board. Approved. The Forms Committee was appointed to consist of Messrs. Eddy, Jacobson, Smead and Herson. Memorandum from the Assistant Secretary of the Board, setting forth the urgent need for modern and proper facilities in the quarters used for filing purposes by the Board, and suggesting that approximately $1500 be spent for the purpose of acquiring adequate equipment. Referred to the Governor with power. Letter dated March 23d, from the Comptroller of the Currency, requesting approval of a salary of '-',3000 per annum to be paid to Yr. William B. Carolan, National Bank Examiner in the First Federal Reserve District. Approved. 164_ -6 - Letter dated March 23d, from the Co.iptroller of the Currency, requesting approval of a salary of f4;3000 per annum to be pa.id to T".r. Frank j. Ryan, National Bank Exaniner in the First Federal Reserve District. Approved. REPORTS OF COMMITTEE NO. I: Dated March 24th, Recommending changes in stock at federal Reserve banks as set forth in the auxiliary minute book of this date. Appr ov ed. Dated March 23d, Recommending approval of the application of Mr. Francis P. Benjamin to serve at the sane time as director of the Peckville National Bank of Peckville, Pa., and as director of the County Savings Bank, bcranton, Pa. Approved. At 11:45 a.m. the meeting adjourned. Secretary.
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