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A meeting of the Federal Reserve Board was held in the office of the Board on Friday, May 12, 1922, at 11:00 a.m. In accordance with the provisions of the By-Laws, and in the absence of the Governor and the Vice Governor, the meeting was presided over by Mr. Mitchell, the remaining member of the PRESENT: Mr. cecutive Committee. Mitchell TThrnlin Mr. Miller Cri ssinger Mr. Hoxton, Secretary. Minutes of the meeting o f the Board held May 10th were read and • on motion approved. Mr. Mitchell rep o•rt ed the reserve positions of the several. Federal reserve banks as at close of business May 9th. Memorandum dated May 11th, from the Assistant Secretary of the Board, requesting authority to appoint Mr. Walter F. O'Neil, at salary of .5;1440 per annum, in view of the resignation of Miss Gertrude C. Shaw, 5teno7raphic clerk in the Gold .iettlerrent Division, at salary of c:1.800 per annum. Approved. Mr. Miller subMitted, with favorable recommendation, the proposal that the name of the Board's Division of Reports and Statistics be changed to Division of Bank Operations. Approved. -2- Letter dated May 10th, from the Federal Reserve Agent at Atlanta, submitting, with it vorable recomrnendat ion the application of the Merchants Bank of Mobile, Alabama, for permission to accept for export ani import transactions up to 100% of the capital and surplus of the applying bank. Approved. Letter dated May 9th, from the Director of the Division of Analysis and Research, requesting authority to change the employment of Miss Katherine Snodgrass from full time to half time, with corresponding decrease in compensation. Upon motion, referred to Mr. Miller. Upon motion, the Board approved the official bonds of Mr. George 11. Martin, Assistant Federal Reserve Agent of the Jacksonville Branch of the Federal Reserve Bank of Atlanta, and. of \11. F. Tyler, Assistant Federal ileserve Agent at the Nashville Branch of the Federal Reserve Bank of Atlanta, and of Mr. C. C. Potter, Assistant Federal Reserve Agent at the trashville Branch of the Federal Reserve Bank of Atlanta, each in the amount off!')100,000. Approved. Letter dated May 9th, from the Comptroller of the Currency, requesting approval of a salary of '3,000 per annum to be paid to Mr. Samuel V. Dye, National Bank Examiner in the Eipjlth Federal Reserve District. Approved. -3- Letter dated May 9th, from the Comptroller of the Currency, reque sting approval of a salary of 2750 per annum to be paid to Mr. William C. Crawley, National Bank Erzaminer in the Twelfth Federal Reserve District. Approved. Ra3ORTS OF COMITTEE NO. 1: Dated May 11th, Recommending changes in stock at Federal Reserve banks as set forth in the auxiliary minute book of this date. Approved. approval of the application of Mr. Silas R. Recornnending Dated May 10th, Morse to serve at the same time as director of the First National Bank of Mays Lan:ling, N.J. ard as director of the Guarantee Trust Company of Atlantic City, N.J. Approved. Dated May 10th, Recomnending approval of the application of Mr. William M. Pollard to serve at the same time as director of the First National Bank of Mays Landing, N.J. and as director of the Guarantee Trust Company, Atlantic City, N.J. Appmved. At 11:15 a.m. the meeting ad.journed. Secretary.
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