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A meeting of the Federal Reserve I3oard was held in the office of the Governor on Wednesday, November 30, 1921, at 3:20 p.m. PRMENT: Governor Harding Mr. Platt Mr. Hatolin Mr. Miller Mr. Mitchell Mr. Crissinger Mr. Noxton, Secretary Minutes of the meeting of the Board held November 29th were read ella on motien approved. The Governor retorted the reserve positions of the several Federal 4serve banks as at close of business November 28th and the status of Naseounts between the Federal Reserve banks as of the same dates. Letter dated November 25th, from the Chairman of the Federal Reserve Ba/16. Of St. Louis, inquiring if that bank would be justified in refunding to the Department of Justice the fees and expensesnecessary to procure the of a special assistant to the Department of Justice to assist the States Attorney in the prosecution of the cases against certain former qficers of the First National Bank of Rosedale, Miss., it being charged that officers were guilty of actions which wore responsible for the failure " 11 (11) the First National Bank of Rosedale. Upon motion, it was voted that the Federal Reserve Board interposes no objection to the Federal Reserve Bank of St. Louis making the refund referred to and the matter was referred to the Comptroller of the Currency with the request that he ascertain the attitude of the Department of Justice in the matter and make necessary arrangements to the end that the special assistant will be made avail— able, as requested by the Federal Reserve Bank of St. Louis. Letter dated November 22nd, from the Federal Reserve Agent at 1414 Il aPolis, transmitting with his approval, the request of the Security State 134.41, '''' Of' -anemineo, Minn. to withhold without prejudice, its agreement to the termS -2- 431)°Bed by the Federal Reserve Board for membership in the Federal ileserve system until after the annual meeting of the shareholders of the/ bank which is to be held early in January, 1922. Approved. Letter dated November 30th, from the Railway Loan Advisory Committee "tba Federal Reserve Board, recommending approval of the form of oblige., 4°4 submitted by The Chesapeake & Ohio Railway Company for a loan, in four 154Itts. of $5,336,000, the carrier electing at this time to take over the thircl Part of the loan amounting to :,',i1,334,500, under the provisions of heti -on 210 of the Transportation Act, 1920, as amended. Approved. Two memoranda dated November 29th and 30th, from the Assistant 3ecretary °t th •-e Federal Reserve oard, recommending approval of the request that the 41 Reserve Bank of Richmond be taken off of the Richmond, Atlanta and " .4114 4-ngton circuit of the Leased Wire System, that Washington be taken off of the Private line between Richmond and the Baltimore branch, and that the NIA—ral Reserve Bank of Richmond be connected with Tashington by a direct 14 at a cost of approximately $260 per month. Also, that a new line be 4ished on the Tashington, Philadelphia and New York circuit, in order t 11'°vide needed additional facilities at a cost of approximately $615 per Approved, it being understood that the new Tashington Philadelphia and New York circuit would be acquired subject to a trial period of thirty days. -3- Pursuant to the action of the Board taken at its meeting of yester481, Covernor Harding submitted a proposed draft of circular letter to 411 Federal Reserve Banks covering the matter of making charge offs tor depreciation upon plant and equipment. Approved. TTIo OT2iTTTal NO.1 tooted November 30th, . recommending changes in stock at Federal Reserve Banks as set forth in the auxiliary minute book as of this date. Approved. At 4:20 p.m. the meeting adjourned. 3ecretary. 41114eoved;
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