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

the Board on Wednesday, April 19th, at 11;30 a.m.

PRESENT: Governor Harding

Mr. PlattMr. HamlinMr. Cri ssingerMr. Hoxton, Secretary.

1.71/111S :4;11T ALSO: Yr. Lomn

Minutes of the meeting of the Board held April 17th were read and.

on motion approved.

The Governor reported the reserve positions of the several Federal

reserve banks as at close of business April 14, 15, 17 and 18.

Memorandum dated April 17th from the Assistant Secretary with refer-

ence to the decline in the work of the Tabulating Section of the Division of

Reports and Statistics, and. requesting authority to advise two employees of

the Division that their services will not be required after April 30th; also,

recormending that these employees be granted such leave with pay as may be

due them and that they be permitted to take said leave after April 30th.

Approved.

Memorandum dated April 19th from the Assistant Secretary reconnend-

ing that the Chief of the Board's Division of Reports and Statistics be author-

ized to attend the conference of the Federal Reserve Committee on Economy ani

itfficiency to be held in Chicago on April 24th.

Approved.

Memorandum from Gen.aral Counsel submitting a proposed ruling as to

reserves against the liabilities resulting from the receipt and use of trust

funds.

Approved. Ordered mimeographed anl transmittedto all Governors and Federal Reserve Agents.

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In accordance with the action of the Board taken April 17th, the

General Counsel submitted for the approval of tre Board, draft of a telegram

datel April 19th and. addressed to the Chairman and Governor of the Federal

Reserve Bank of San Francisco, setting forth the opinion of the Board with

reference to reserve requirements against special savings deposits.

Approved, as revised, and ordered transmitted.

Letter dated April 13th from the Governor of the Federal Reserve Bank

Of New York making reply to criticisms and exceptions noted by the camainer

Of the Federal Reserve Board as a result of the examination of the Federal

Reserve Bank of New York as at the close of business February 11th, 1922.

Noted.

Letter dated April 15th from the Director of the Division of Analysis

and Research recommending the appointment to the staff of that Division of

Air. Robert B. Warren at a salary of %2750 per annum, effective May 1st;

recommending also the appointment of Miss Dorothy C. Bacon as Statistical

Clerk at a salary of :.1*,1b00 per annum, effective July 1st.

Approved.

Letter dated April 15th from the Director of the Division of Analysis

aId. Research recommending the appointment of Mrs. Helen J. P. Starr as stenog-

l'alaber in that Division, effective May 1st, 1922, at a salary of 1650 per

annum, it being noted that the appointment of Mrs. Starr is made with a view

to filling the place of one of the retiring menters of the staff.

Approved.

Letter dated April 13th from the Comptroller of the Currency recom-

Mending that the following employees in the Federal Reserve Issue and Redemption

Division of the Comptroller's office be given an indefinite furlough, without

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effective at the close of business April 30, 1922, this reduction in force

being occasioned by reason of the falling off in the number of Federal Reserve

Notes redeemed:Mrs. Mary C. MulvihillMrs. Ada F. Crafford

Mrs. Madeline C. CmersonMrs. Lillian F. AugusterferMrs. Bertha HandyMrs. Eva M. Devjrie

REPORTS OF COMITTEE NO. 1.

Dated April 17, Recommending changes in stock at Federal Reserve banks asApril 18, set forth in the alnaliary minute book of thi s date.

Approved.Dated April 18, Recommending admissicm of state institution, subject to

the conditions stated in the individual report attachedto the application, as set forth in the auxiliary-minutebook as of this date.

Approved.Dated March 30, Recommending approval of the application of Mr. L. E.

Thomas to serve at the same time as director of theKeystone National Bank, Reading, Pa. and as directorof the Pennsylvania Trust Company, Reading, Pa.

Approved.Dated April 17, Recommending approval of the application of Mr. 'rade H.

Cooper to serve at the same time as officer and directorof the Union Savings 9ank, Washington, D.C. and as officerand director of the Continental Trust Company, Washington,D. C.

Approved,Dated April Recommending approval of the application of Mr. M. E.

Sollenberger to serve at the same time as directorof the Peoples National Park, Lemasters, Pa. and asdirector o f the First Nat iona I Balk, Waynesboro, Pa.

Approv ed.

At. 12X° the meeting adjourned.

aegr7. -ApProved: Secretary.

Go vernor.

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