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

the Governor on Wednesday, March 29, 1922, at 11:00 a.m.

PRESENT: Governor HardingMr. PlattMr. HamlinMr. Cri ssingerMr. Horton, Secretary.

Minutes of the meeting of the Board held March 27th were read and

on motion approved.

The Governor reported the reserve positions of the several Feder-

al reserve banks as at close of business March 25th and 27th.

Letter dated March 21st, from the Chairman of the Federal Reserve

Bank of San Francisco, requesting approval for an increase in the salary

of Mr. George H. Schmidt, Assistant Cashier at the Head Office, from

t1'3600 to l',4000 per annum.

Approved.

Memorandum dated March 27th, from the Chief of the Division of

Reports tc Statistics, recommending the permanent employment of Mr. L. S.

Myrick as Technical Clerk in that Department. at an initial salary of

t3.560 per annum.

Approved.

Letter dated March 29th, from the Railvay Loan Advisory Committee

Of the Zederal Reserve Board, recommending approval of the form of obli-

gation submitted by the Norfolk Southern Railroad Company for a loan of

M.,000,000 , tinier the provisions of Section 210 of the Transportation

Act, 1920, as ammded.

Approved.

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The Governor submitted a revised form of the weekly statement

for the press, showing the condition of Federal reserve banks, providing

for certain comment upon details of the statement, in addition to the

schedule showing increases and decreases in the respective items.

Appro ved.

Letter dated March 22d, from the Federal Reserve Agent at San

Francisco, making additional observations and. recommendations in the mat

ter of the permission granted by the Federal Reserve Board to the Los

Angeles Trust ec Savings Bank, to acquire certain banks with a view to

Operating them as branches.

Upon motion, it was determined that the Board willmake no change in its previous action upon this application.

Letter dated March 22d, from Mr. Paul M. Warburg, suggesting that

the Federal reserve banks adopt a lower discount rate for trade accept-

ances than the current rate for commercial paper.

Upon motion, referred to the forthcoming conferencesof the Federal Advisory Council and the Governors of theFederal reserve banks.

Memorandum dated March 29th, from Mr. Curtiss, Federal Reserve

Agent at Boston, requesting that the Board authorize Mr. Logan, General

Counsel, to attend a meeting of certain Federal reserve agents vtich will

meet in New York tomorrow for the purpose of considering the question of

reserve requirements.

Upon motion, it was voted that Mr. Logan be authorizedto attend the said meeting.

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Mr. Platt submitted to the Board a letter from Mr. W. W. Cumberland

With reference to the new banking system established by the Republic of

Peru, said system being modeled after the federal Reserve System.

Noted.

Three letters dated 1.:amh 25th and 27th, from the Comptroller of

the Currency, requesting approval for salaries of National Bank Examiners

as follows:

Mr.Mr.

Edward A.Headley B.

Allanson,Gilbert,

Third District,Sixth "

35O0.6

2700.

Mr. Carl E. H. Johnson, Seventh " 4000.

Approved

0:RTS OF COI7MITT;74E NO. 1:

Dated March 28th, Recommending changes in stock at Federal eserve banks,

as set forth in th3 auxiliary minute book of this date.Approved.

Dated March 28th, Recommending action on application for fiduciary powers,

as set forth in the auxiliary minute book of this date.Approved.

Dated March 28th, Recommending admission of state bank, subject to the con-

ditions stated in the individual report attached to the

application, as set forth in the auxiliary minute book

of this date.Appn ved.

At 12:40 p.m. the meeting adjourned.

Approved:

\740

'Governor.

......."--------e---e--, , ii

Secretary.

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