A meeting of the Federal Reserve Board was held in the office of the

iloerd on Thursday, December 1, 1921, at 11:30 a.m.

PRESENT: Vice Governor Platt

Mr. Hamlin71r. MillerMr. MitchellMr. CrissingerMr. Hoxton, Secretary

Minutes of two meetings of the Board held on November 30th were read

ilk on motion approved.

The vice Governor reported the reserve positions of the several Federal

'4-Ire Banks as at close of business November 29th and the status of rediscounts

between the Federal Reserve banks as of the same date.

The Vice Governor reported rediscount transactions, amber bank promis-

ec)rY notes secured by Government obligations, rate 5r, as follows:

PAtla

umpor 30th30th

Boarci

Bank redis-counting

With Amount Maturities

Atlanta Boston ;4?1,000,000 1 to 90 (Com'l paper)

Dallas Boston 1,500,000 11 to 15 days

Memorandum dated November 30th from the Assistant Secretary of the

submitting the resignation of Mr. Herbert R. Grossman, an employee of the

111611eion of Reports and Statistics, effective December 13th, 1921.

Accepted.

Letter dated November 30th, from the Railway Loan Advisory Committee

or th-e Federal Reserve Board, recommending approval of the form of obliga-

tto„

4 submitted by the Western Maryland Railway Company, for a loan in six parts,

" i°a'000,000, the carrier electing at this time to take over the third part

or4..L'418 loan amounting to .1,)300,000, under the provisions of Section 210 of the

Tr 448Portation Act, 1920, as amended.

Approved.

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4 L.

-2-

Letter dated November 30th from the Federal Reserve Agent at Phila-

cielPhia requesting approval of the salary of :.42,500 per annum each, for two

11" employees in his department, and a salary of n1,800 per annum for one

tlew employe, and advising that the salaries of all employes in his de-

had. been approved by the Executive Conmittee of the Board of Directors

of the Federal Reserve Bank of Philadelphia having been submitted to the Execu-

tive Committee in compliance with the wishes of the Federal Reserve Board.

Approved.

Memorandum dated December 1st from the Assistant Secretary of the

44rd, requesting authority to expend n95 for the installation of ventilators

the Offices leased by the Board in the Rapley

Appro ved.

Mr. Miller stated that he recommended that the authority of the Boardbe _• tended to the Director of the Division of Analysis and Research to. tempor-

44,11,of expand the work of the Division, with. a view to securing and tabulating

tke„`irmat ion with respect to Forel m. Exchang• e and Foreign Currency, so that the

may have the requisite data vhen it shall be called upon to enter into a

(14• B Sion upon these subjects. Mr. Miller stated that the expansion referred

to ."°uld necessitate the temporary employment of one or two well qualified ex-

1/erte.

Upon :notion of Mr. Mitchell, it was voted to extendto the Division of Analysis aril Research, the authoritySuggested by Mr. Miller.

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QTS OF COMLITT2. -:TO. 1:

riatehl December 1st, Recommending changes in stock at 2edeml reserve banks,as set forth in the auxiliary minute book as of thisdat e.

A L)pro ved.

At 12:00 o'clock noon the meetinr, adjourned.

Secretary

Vice Governor.

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