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At a meeting of the Executive Committee of the Federal ileserve Board held in the office of the Governor on Saturday, February 23, ot 11:15 a. m., ' PRESENT: Mr. Hrrding, presiding, Mr. Miller, Mr. Warburg, Mr. Valais, Secretary. Mr. Delano, Mr. Harding presented n letter from Governor Strong of New York re a building site for the Feder-11 11 ,erve L-Ink of Ne- York, stating the price that would have to be paid for the proposed site under certain conditions. Mr. Varburg, for the New York Committee, sub- mitted g report favoring the purchase. A telegram Approving the purchase on the terms set forth in the letter was presented and, On moticn, approved for transmission. The question of restrictive endorsements on paper held by FederAl Reserve agents was considered and Counsel rendered his opinion with respvct to a plan relative to restrictive endorsements which hrld been suggested At the Federgl Reserve Bgnk of Chicggo. The Counsel's opinion being adverse to the restrictive endorsement plan as proposed, it wns o on motion, agreed t'rr,t the Counsel be re- quested to draw an amendment to the Federal Reserve Act providing for the collection of notes held to proteet Federal Rtsei-ve.issues through Federal Reserve banks in behalf of Federal Reserve agents. Reports of Committee NO. I were p esented and, on motion, favorably acted upon us follos: Dated February 23, approving the salary of E;'(.-r.,}iner Themes A. Cooper it $2,400. approving the salary of Examiner George S. Swimers it t3,000. approving the salary of Lxaminer L. K. Roberts at f3.,,600, approving the salary of Federal Reserve Bunk Examiner W. W. Paddock at 04,000 at Philadelphia. approving the salary of Mrs. D. W. Jones (Division of Foreign Exchange). approving salaries in the Division of Foreign Exchange. A report of Committee No. 2 approving the applies- t on of the Union Commerce National bank oi Cleveland for power to accept to 1.0V of capital , ad surplus, ,was, on motion, adopted. A letter from Governer Strong re the rate on certific-tes of indebtedness was read a_nd discussed. No action was taken but the letter was referred to Committee NO, 2. Mr. 'oarburg reperted informally the substance of the finditiFs of Committee No. 2 re the proposed renewal of French railway acceptances. IL WEIS on motion, voted that Governor Harding be authorized to transmit a letter embodying the substance of these findirq.s. A letter froll the Federal Reserve Bank of Min eapolis re postal deposi ts in member banks was referred to the Governor with power to act. On motion at 12:30 p. in., the meetint rldj ourned. APPROVED:
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