A meeting of the Pecieral -oz. rd. FS held 5n the office of the

Federal 7.),eserve Board on ',Vedilesciay, '-.)•ecember 20th, 1922, at 10:45 a.m.

Vice qovernor Platt

Tr . fia:nlin •

::r. Mitchell

7r. Cris singer

r. Hoxton, Secretary.

nnutes of. the meetin of the Federal Reserve Board held on December

. 1Dth, were read and adproved.

The Vice Governor reported the reserve positions of the several 7ed-

eral Reserve banks as at close of business December 18th.

qalley proof of letter of transmittal dated December 19th, designed to

accompany Regulation "B", series of 1922 as amended.

Approved.

Letter from Mr. Henry B. Thompson, recently reappointed as a °lass

ttnit director of the Federal Reserve Rak of Philadelphia 3cceotinc, the ao-

pointment and, requesting tt he be ?ranted a four months' furlou-h in oracr

to rnake a trip to the Philif)pine Islands.

Upon motion the Secretary was instructed to advise

Mr. Thompson that the Board interposes no objection to his

oroposed lerave of absence.

Letter dated December 16th, from the Chairman Of the Federal Reserve

:9,ari1c of ;,.tlanta, in reply to a telegram from the Vico Governor ct DeceT.ber

16th, advising that the Board does not approve the erection of a building

1:or the Jac tsonville branch at a cost in excess of ,2rX,000 including real

estate.

Noted.

Letter dated December 12th, favm the Manager of the El Paso Branch

Of the Federal Reserve Bank of Dallas, transmitting a copy of a resolution

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adopted by the Board of Directol's of the1 2aso Branch, at its meeting of

rovember 4th with respect to the death of Judge iHim P. amsey.

7oted, and. ordered filed in the records of the Federal

Reserve Board.

Letter d.Lted December 14-th, from the Chairran of the Federal Reserve te:_k

of Tehmend, advising that the Board of Directors of that tank had, on Decem-

berl4th, a)pointed l'r• John rifler, Jr., President of the first :Tat ional

Bank of Richmond, Virginia, as the rer.reentative of the Fifth Federal Reserve

District on the Federal Advisory Council for the year 1923.

:Toted.

Letter dated December 12th, from the Chairman of the Federal Reserve

k of Atlanta requesting the approval of- the :ileieral Reserve 'T'oard of action

tRe by the Board of Directors that 1)ank on December 0th, Thereb7- it was

voted to grant a sixty-day vacation leave, rith pay, to 1-r. r. B ellborn,

Governer of the Federal Reserve Bark of Atlanta, beginning some time in •lebru-

pry, it being lovernor 'ellborn,s intention to mice a ,,uropc-an trip.

Apr oved.

"emorandum dated December 12th, from the Comptroller of the currency

transmitting the axdicat ion of the First 'Tat ion. Bak of &lifornia

to re uce its capital stock from '50,000 to '25,000.

-lisap fir loved.

Yemorandum dated December 16th, from the Comptroller of the Purr ene

transmitting with favorable reconmnuation, thc, application of the American

rational Bank of i'ogers, Ar'faansas, to re uce its capital stock from "'60,000

to : 50,000.

Appr (wed.

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Letter dated December 18th, from the Chairman of the Federal Reserve

33L-nk of Atlanta, advising of the aopointment, effective January 1st, of 'Ir.

J. C. Campbell, as auditor and examiner, and requesting the c_peroval of the

cilederal Reserve Poard, of a salary of ';',3,000 per annum for Mr. campbell.

Approved.

Draft o f propo sed letter dated DecemIer 20th, prepared in acco rdance

with action of the Board at the meting of December 19th, and addressed to all

Federal Reserve Agents, transmitting a copy of senate Resolution '351, intro-

duced by senator liefflin and designed to obtain from Federal Reserve banks a

list of the names of those citizens to whom the Federal Reserve banks have sent

copies of Senator Glass' speech.

The Vice Governor was requested to confer with Senator

YcLean, Chairman of the Senate Committee on Banking and Cur-

rency, as to the advisability of indluding in the letter, the

last paragraph appearing in the draft and the letter 7.-as aooroved

by the Board, subject to Senator T.cLean's advice in the matter.

Thereupon there ensued a discussion of a draft of a proposed circular

letter dated December 19th, addressed to Senator George McLean, Chairman of

the Senate Committee on Banking and Currerry in response to Senator rcLean's

request that the Federal Reserve Board express its views upon two bills, 3-4063

and s-4103, introduced by Senator Capper and senator Lenroot, respectively.

The Vice Governor was requested to prepare a new

draft of the letter referred to.

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At 1:20.p.m. a recess was taken until three o'clock.

At 3:15 p.m. the Board reassembled in the Board room, those members

being present who were present at the mornincr, session.

Mr. l!itchell, Chairmn of the Colawittee on Salaries and rharr;e Offs

submitted the follow ino,.,wi th the recommendet ion that the Board disapprove:

Letter dated December 15th, from the Chairman of the Federal

Reserve Bank of rew York, advising that the :Board of Directors of that

bank, at its meting on December 13th, had voted subject to the approval

of the ?ederal Reserve Board, to pay additional compensation to each employe

of the Lank and Buffalo branch, whose annual salary deer: not exceed 'IA!5,000.

Letter dated December 15th, from the Governor of the Federal

Reserve 'Dank of Richnond_, advising that the Board of Directors of that

bank had authorized the Executive Committee thereof, to take up v.ith the

Federal Reserve Board, the question of payinv: additional compensation,

and. had expressed their Purpose to a Trove the payment of any additional

compensation of tais character vt. ich the Federal ;'?eserve Board would sanction,

Seay advisins. that in the opinion of the officers of that Bank that ad-

ditional com)ensation equal to five percent of the salaries be paid to employes

under :-.437:300.Letter dated December 7th, from the Chairman of the Federal

Reserve Bank of 'Jan Francisco, advising that the Executive Committee of that

Bank, at its last meeting, had adopted a resolution reco,rmeirling that sub-

ject to the approval of the Federal Reserve Board, a Christmas bonus be paid

to em)loyes upon the basis setforth in the letter.

Letter dated December 15th, from the Chairman of the Federal

Reserve Bank of Atlanta, advising that the Board of Directors of that bank

at a meeting held on Deceffeer 8th, had voted that the Federal Reserve Bank

Of Atlanta, present a Christmas _;ift to each employeupon the basis set forth

in the letter.

Upon motion, the above applicrt ions for authority

to make payments for additional compensation were disap-

proved.

Letter dated December 14.h, from the Chairman of the Federal Reserve

Bank of Atlanta, advi sing that with the approval of the .'ederal Reserve 7oard,

the ..,;xecutive Committee had voted to rebate penalties for deficient reserves

clown to 107,7,, the maximum penalty provided for in the Board's recent circular,

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0

upon the subject of "Penalties for Deficient Peserves", Hr. L:cCord advising

that this will amount in the agrep;att: between 4'4,000 and 9;5,000.

Approved.

Upon recoranendation Of the Committee on 2"omination of class "C" directors,

the Board appointed the following as Deduty rhairmen of the several Federal

Reserve banks to serve during the calendar

Federal 'Reserve Banks

BostonNew York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Hinneapolis

KE'llSaS City

San Francisco

year 1923:

Deputy Chaimen

Allan Hollis

7'11.1. T. SaundersE. P. "hompson

Lewis Blair Vlilljams

F. A. Delano

W. H. Kettig

James Simpson

John 7oehne

Homer P. ('lark

Fr3ber Hord

1.*.ra1ton F. r.ore

Upon reconnentIon of the r innittee on 7ominftion of "lass "(" directors,

the -oard a)pointed the Cong.-Inr directors at the branches of the sew- a"! F&-

err -)es-yr-r,2 to 1:-.arv.e ,:_l,r;n7 the calen4.1r year 1923:

BIt'falo T)-2. neh of the 2edera1 "loserve 'rank of 7:Er York

John A. Kloe-i):er

t'red j. roe•Barcalo

Cincimaziti n-ranch of the Federal ";30serve 1). 21k. of (11evP"R-,nd

Judson 7.7arrnons.la A. T. Tinsch

-1)1ttsbur,7h.T'ranch of the Federal Res,,,,,rve 7'L.T:T:.. of Cleveland

James D. Callery

John :IR. rcCune

Tltimore "ranch of the :,,oecieral Peserve Fa 1.: of 7.1ch.mory.1

7:111tam Inlo

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New Onloiais RrE!..ic,1-71 of the Federal he serve Tanic. of ,t1L.nt a

;3aunu en s

T). Bush

• . Foote

ilirrnirLpptirn Brm-ich of the 2ed.eral T.l?.eserve 7Laelk of ::._tlanta

r% F. "ettio;

Oscar

Jacksonville 7")rt.Inch o.0 the 2eaeral 77eserve 7,.pnk of :tlexit,

John C. Cooper

Fulton ;aussy

17ashville l'..'anch of .711.e 'Federal eserve 7:".171:: of .A.tlanta

F. Hartford_

B. Thvis

7)etre it Brai;ch of the Federal Tesorve of Chica,5-7o

.7o 9al1ant:/rne

F.

ouisvi1lR:rach t'iie :r %re .

ackettL. :P).V.Tearin..-:..en

Meni-Lisch o:Z th derz Rank of t. •LOUIS

. K. icLiick

Bit tie Bock rrafh of the 7:"(3,1' 01-'1'1

7o0rhearl t

l .

TTel 01.iw erale servo aa1 of 7:7 -inn,...t.:ijolis

rk1'1')tr: s TlO

tho 7ezik of

AlvL. ALIL).11. s

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c„z cll._ of the .-!`a;.eral eserve k c•-•

1.71-,L11mel

if,7 Branch a the Mode ral

'iili&m 1.7eeThurmalicl.

,h of the ederal T?oserve of

• . 'Thz.nay

• (ThiOS

( f the eera1 esi ye i 3 of '')al

cho± t J.-oed.eral usurve L.r.Te.: of %a 7racisCO

truss-".

of tliu era1 urve of "lz.il _

oh of t:. serve Bank sc.0

(1.-. I. f2aevs

1,:aIeitY I chof tl-,o '

cr. Cr. "iri!...:ht

Laf a'fot t e ITzineliatt

0: *1-1-7e1c, Branch of the :

• . TOtiioOfl

I ton

-

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rel•fx) dated e r 13th, from ..the st ant .3ecr

ddrLs s ed to •Lheeral ? ..•:•_.rve cord, mi tt t r7si t On of 7. 7r.

r:1(rAotte, time m lao of the 1.01d ',..letticm nt riyiion, t a

ry ,) or '::eek, LaTv si1L th.::,t it 'rill ot L& aceoarL to .,.'••1111 the

va..cancy -,ant i Tie:A June.

,Acneit ed.

Letter dated. 7.)eo .7._‘r-11, or 14t1 ,frel:i. the Actin Co tro1i.r of the Currency,

recoTieaJ.iulf an Lacreaso in the salary of 17at ..-1-xt.,!,.m.-Iner 7111 inm C.

from .!2750 to000 icr annum, effective jar.i.ry 1, 192:7.

,•) roved.

Letter dated 7,)ocer.Th or 10th, from the (..7,olm..,t er of the 7urr,iL,I,cy,

rcoorr2:iendiaa,(7 hicroaso ii the sa1ar7.7. of 77a t na a. ri'r r 1'1 • 7. Ihively

from ''3000 to 3600 icr annum, effective January 1, 192r.

•• .)r wed..

:Dated or 15th,10th,

T.)at oc3 3ceufl :.r L't11,

73ated 7)eoer•

Approv e :

7.ocornai'f in anti o r. ailica t ions for c.•:han-7es to ck

as ct forth in the 7- 1J-cult -7.7ooh of this dote.

irovod.77,,•:...col•:,;.!ion.i.J.in:•.7 action on)11o.;:t ons for

soft forth in the e o3 of t is fate.

hocomota in action on a))1 ions for acii.!•!:11 s on of

state 1•31-.:1••;Ls , s.11.1.:.ject to the c i stat 0..0. In the in-

dividual reo•rts., L_ to the a , 1211ca.t ion, as set

forth in. the T7inut e Took o t i a date.

The meet inf:.! djo tulle d at 4:10

Vice ,lover

SUCTE:t ar:T•

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