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Pursuant to the action of the Board taken at its morning session,

the Board reconvened at 2:30 p.m., January 9, 1922, in the office of the

Board.

PRESENT: Governor HardingMr. PlattMr. HamlinMr. MillerMr. MitchellMr. CrissingerMr. Eddy, Assistant Secretary.

The Committee on Salaries and Charge Offs, recommended that ap-

proval be given to increases in salaries of officers and employes of the

Federal Reserve Bank of Chicago, including the Federal Reserve Agent's

Department, as set forth in the schedules accompanying letter from the

Secretary of the Bank, dated Dec. 24, 1921, with the exception of salary

increases recommended for Mr. C. L. Powell, Counsel, and Yr. F. Y. Huston,

Manager of the Statistical and Analytical Department.

Approved.

The CoTmittee on Salaries and Charge Offs, recommended that ap-

proval be given to increases in salaries of employes of the Federal Re-

serve Bank of New York, including the Federal Reserve Agents Department,

and its Buffalo Branch, as set forth in schedule accompanying letter dated

December 29, 1921, from the Chairman of the Board of Directors of that

Bank.

Approved.

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The Committee on Salaries and Charge Offs, recommended that ap-

proval be given to increases in salaries of officers and employes of the

Federal Reserve Bank of San Francisco, as set forth in the schedule ac-

companying the letter from the Governor of that Bank dated December 24,

1921.

Appro ved.

The Committee on Salaries and Charge Offs, recommended approval

of the increases in salaries of employes of the Federal Reserve Agent's

Department of the Federal Reserve Bank of San Francisco, as submitted in

letter dated December 20, 1921, from the Federal Reserve Agent of that

Bank.

Approved.

The Committee on Salaries and. Charge Offs, recommended approval

of the increases in salaries of Employes of the Board's Division of Analy-

sis P, ` Research, as set forth in letter from the Director of that Division

dated December 30. 1921.

Approved.

The Committee on Salaries and Charge Offs, recommended acceptance

of the resignation, as of January 15, 1922, of Miss Estelle Simonson,

Clerk in the Division of Analysis & Research, at salary of :1'11500 per an-

num, and. the approval of the appointment of Miss Dorothy Falk to fill the

vacancy caused by the resia.tion of Miss Simonson, at salary of $1500

per annum, as set forth in letters of January 5th and 6th, from the Di-

rector of the Division of Analysis & Research.

Appro ved.

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The Committee on Salaries and Charge Offs recommended approval of

the salary increases to employes of the Board, as set forth in memorandum

dated January 5th, from the Board's Sub-Committee on Staff.

Apprared.

The Committee on Salaries and Charge Offs, recommended approval

of the suggestions made by the Chairman of the Board of Directors of the

Federal Reserve Bank of Cleveland, in letter dated December 31, 1921,

that the Bank continue with its plan for adjusting salaries of employesless than

Who receive/3,000 per annum, approved by Board under date of June 14,

1921, the Board, however, to waive the requirement that the Bank advise it each

month of adjustments made, and in lieu thereof, the Bank be required to

give such advice hereafter only at the ehd of each six months period.

Upon motion, the Board voted to waive the requirementof monthly reports and permit reports of adjustments insalaries of eaployes receiving less than 3,000 to be sub-mitted at the end of each six months period, with the under-standing that the Bank's pay-roll for this class of employeswill not be permitted to exceed t2.10,000.

The Committee on Salaries and Charge Offs, recommended that the

Board increase the salary of Yr. J. R. Van Fossen, an employe in the

Board's Division of Reports and Statistics, from :',3600 to ',4000 per an-

num, and confer upon him the title of Assistant Ohief of that Division.

Approved.

The Governor submitted a memorandum from Counsel with respect to

compensation of notaries employed by the Federal Reserve Bank of Dallas.

Approved.

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The Committee on Salaries and. Charge Offs recommended. that the

salary of Mr. Goldenweiser, Associate Statistician, be increased from

-4;4800 to A5400 per annum.

Upon motion, the increase in salary for Mr.Goldenweiserwas referred back to the Committee for reconsideration, inconnection with salaries raid to other employes of the Boardperforming services of similar grade.

At 4:35 p.m. the meeting adjourned.

,Assistant Sec 1ary

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