FEDERAL RESERVE BOARD
WASHINGTON
"±(:)
GovernorHardingzederal Reserve Board.
Please call eotina. of the Federal Reserve Board for
3:30 p.m. today, Friday, December 30, 1921.
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A meeting of the l;'ederal Reserve Board was held in the office of
the Board or riday, December Oth, 1921, at :3:Z0
17. : Governor 'Harding21att
"Er. 7i11er
T7r. Crissinger17r. IToxton, Secretary.
The Clova-ncr stated that the meeting had been called in accordance wt th
' the By-Laws u)on the written request of three members of the Board.
i..inutes of the meet ings of the loard held December 23rd and December 24th
Were read and approved.
LTinutes of a meeting of the Iexecut lye Committee held December 29th were
read and on motion ratified.
The Governor reorted the reserve posit ions of the several 7e,deral
7?,eserve banks as at close of business December 20th, ani the status of re-
discounts between the Federal Reserve banks as of the same date.
Letter dated December 29th, from the Railway Loan Advisory Committee
Of the Federal Reserve Board, recommending approval Of the form of olqie;a-
tion eubrnitted by the Cowlitz, Chehalis P.: Cascade Railway, for a loan of
"45,000, under the provisions of Section 210 of the Transportation' t,
1920, as amended.
Approv ed.
Letter dated December 20th, from the 7 y ay Loan _Advisory Cormittee
Of the 7ederLt1. 7-serve -om.d, recomrniding ap-roval of tl.e form of o'b117a-
t1e11 s'ob' .1e- tee_ by the 0.:2: olina, c.linchfield and Ohio Railway, fce- a loan
two ): rts, under the provisions of Section 210 of the
Transeor 'Get ion Act, 19a), asamended.
,eoved.
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PrP F.*
-)raft of Litter d'it ed December Soth, oreoar od for the s e of
the governor and addressed to the Under 5001etary Ci* the Treasury, advisin7;
Of the a..)oroval of the T.leder:.1 Teserve ocu-d, of the :‘ederal Reserve Tank.
Of -,ichmond assein coin mid currency functions on January 15, 1922.
A2prov ed.
The Governor rcL ort of the Lased -fire Corrnittee of
the Federal 71e-serve System, recommending, certain proceittre in the use of
t1,10 with s )ecial reference to the handlin,g, of te1oçna hic troas-
fers, and roqu3stins the aporoval of the Federal Reserve ':ac the
matters contained in the revort are submitted for a2prolial to the several
?oral Reserve banks.
It 'was uoon motion, voted tint the Toard ::rees
to the recommm at ions ride by the Leased 'Ire com-
mit toe, Lao vi d .Jd the roc ommndat ions are a g,re ed to
by the several (.1eral 7eserve banks.
Letter dated Decinber 2,1-d, from hr. TIoath, Chairman of the.
:?Ceral 7eserve, Bank of Chicago, requesting authority to tak.!: a vacation
and s.pecifyinF; the leng,th of his expected absence from the Bank.
Approved. T3eferred to the Governor for
reply.
Letter dated_ December 23th, from hr. Sailer, 7)e)uty Goverror
Of the Federal Reserve Pa.,-K of hew Y.,,rk, detailing the advantages received
by that ank from the use of the tcmderary additional circuit,':ire con-
nect 7ton, .?hiladelohia and hew York, v'',ich was installed on Dec-
ember rd, and. tuT2'stilic t7..r_t the service be continued.
Approved. The ow:rnor was authorized to con-
tinue the additional circuit by the mnking, or a
contract which v;ill erovide for the t rm inf t ion of .
f the service u.,.)on thirty days' notice, if suchtermination should be found desirable.
t
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Letter dated Decemt :9th, from the Assistant Liecr_try rortic; for
the personnel Committee of the ()arc) ree ommendins that on account of a '11
pen.ins; before Conress, providing for the reclassification of al civil
;;ervine employees, the Poard pa-mit to be held temporarily in abeyance, the
plai_ authorized under the re )ort of the ")ersDnnel Committee of October 3rd,
whereby it was recommended. that the exist in7, plan under which ern:pie:lees are
Classified, and salaries adjusted mmrt(rly in accordance ith the efficiency
rating obtai-eC by employees be revised and that a new plan be submitted
before the close of the year.
U on inoti_.n, the report was received andaccept ed.
Draft of letter dated December 29th prepared by rlen:ral Counsel for
the signature of the gove..nor and addressed to the chairmml of the Federal
'Reserve ank of an Francisco, with reference to the procedure which should
be followed in the election of Class "A" and Class "B" Directors.
Approved.
Draft of letter dated December 29th, preoared by creneral Counsel
for the signature of the 'rovernor and addressed to the Deiuty governor of
the 2e oral '2eserve -rank, of :-L.Louis regarding the adequacy of certificates
on certain b:.-mkersi acceptances purporting to state the underlying trans-
action represented by the acc .)ptances.
Approved with amendment and referred to theCI.Tovernor.
Letter dated December 27th, from the Chairman of the 7ederal eserve
rank of Dallas, requesting authority to urcl-..u.se certain law books and
rctports for the use of the Counsel of that 7:ank.
T?eferred to the Governor.
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Letter dated December 29th from the Federal Reserve Bank of New
York ani letters of December 24th from the Federal Reserve Bank of Chicago
and. San Francisco, making recommendations as to certain salary adjustments
to be effective January 1, 1922.
Referred to the Committee on Salaries and Charge Offs.
REPORTS OF COM' MEE NO. 1:
Dated December 30th, Recommending changes in stock at Federal reservebanks, as set forth in the auxiliary minute bookas of this date.
Appro ved,.
At 4:45 p.m. the meeting adjourned.
Approved:
Secretary.
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