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At a regular meeting of the Federal aeserve Board held in the office of the Board at eleven a.m., on Friday, February 9, PRESENT: Mr. Warburg, presiding, Mr. Miller, Mr. Delano, Mr. Willis, Secretary. Mr. Hamlin, The minutes of the meeting of the Board held on February 7 were read and approved. The minutes of the meeting of the Executive Committee held on February 8 were read and on motion approved, and the action therein set forth ratified. A memorandum report submitted by Governor Harding with reference to a conference he had recently had with the Comptroller of the Currency regarding the storage of Federal reserve notes at Subtreasuries and mints nearest the reserve banks, was discussed and, on motion, referred to the Committee on Issue and Redemption for farther detailed report as to the amount of such reserve notes which should be stored in each Subtreasuiy and mint, with the understanding that the said Committee report its findings to the ExecutiveCommittee, and that the latter have full 1%9 power to aot, notifying the Comptroller of the 'Currency of its views. Issues of ?ederal reserve notes, duly approved by the Committee on Issue and Redemption, were approved as follows: Federal Reserve Bank of Chicago: 50's $400,000 100's 400,000 Federal Reserve Bank of Philadelphia: 10's 4,1,000,000 20's 2,000,000 Federal Reserve Bank of Boston: 5's 10's 3,000,000 2,000,000 The forwarding of notes to the Subtreasury at Chicago, upon the request of the Federal Reserve Bank of Chicago, was authorized as follows: 5'v 10's 20's 50's 100's 4,000,000 3,560,000 3,600,000 600,000 800,000 412,560,000 On motion a rate of 5;; for paper of 6 months' maturity, established by the Federal Reserve Bank of St. Louis, was approved,' and the St. Louis Bank ordered notified accordingly. Ji telegram from Yr. J. W. Maxwell of Seattle to Honorable Miles Poindexter, transmitted by the Secretary of the Treasury, and asking the establishment of a reserve bank in Seattle, was read, discussed, and the correspondence referred to the Executive Committee with power to act. A report from the Comptroller of the Currency with reference to changes in the staff of national bank examiners occurring during the year 1917 was read and noted; and, on motion, referred to the Committee on Staff. Letters from the Pompeian Company were presented to the Board and, on motion, ordered referred to the Governor for appropriate action. On motion the application of the Citizens National Bank of Petty, Texas, for authority to reduce its capital stock in the sum of .$13,000, and its surplus from 4;16,000 to 0,400, duly recommended by the Comptroller of the Cur- 141 rency and the Committee on Member and State Banks, was approved. A letter from Deputy Comptroller Kane making inquiry with reference to minor discrepancies between the stock in Federal reserve banks held by member banks and the legal 37 stock requirement, was ordered answered with the statement that such minor discrelancies are likely to exist temporarily. A letter from Federal aeserve Agent Hardy with reference to the use of the title of Vice Governor at reserve banks was read and, on motion, it was voted that the title of Deputy Governor be uniform, and the Federal reserve banks employing the term Vice Governor be notified to make the change. A letter from Mr. J. F. Thralls with reference to collection charges by member banks, was read and noted. An opinion of Counsel with reference to the status of creditors of foreign branches of national banks, with a memorandum of Mr. Hamlin thereon was read and, on motion, referred to the Law Committee. A letter addressed by Counsel to the Governor of • the Board with reference to the transmission of replies to inquiries direct from Counsel's office to outsiders was read and, on motion, it was voted that all replies to inquiries should be transmitted over the signature ng of the Governor or the Secretary of the Board, followi the practice heretofore in vogue. A letter addressed by Federal Reserve Agent Wills ors to Mr. Hamlin with reference to withdrawals by deposit in various towns in the Cleveland district, was read and noted. A memorandum from the Division of Audit and Examination stating that the Commonwealth Trust Company had complied with the conditions imposed by the Board as preliminary to its admission to the Federal reserve system, was read and, on motion, it was voted that the applicastock tion of the Trust Company for 900 shares of capital in the Federal Reserve Bank of Boston be approved. On motion the shipment of Federal reserve notes to the Subtreasury at St. Louis for the Federal Reserve Bank of Kansas City, was approved as follows: 5's 10's 50's 100's 0,400,000 1,200,000 1,200,000 200,000 report from the Jommittee on .,cadit and Examination that the charge for the examination of the ::ercantile Trust Jompany of .2t. Louis be based on the actual expenses incurred by the 1.ederal ieserve Bank of St. laoais, without charge for salaries, was read and, on motion, the re3ommenth,tion of the Jommittee was approved. On motion the recommendation of the A)mmittee on staff that r. Roger -. Baldwin be appointed to the staff of the 6ecretary's office at a salary of ,A800 per annum, his duties to be primarily in connection with the bookkeeping of the Jold Settler.ent :kind and such other functions as may be assigned to hirl, was approved, the appointment to become effective upon the arrival of 7,r. Baldwin. On motion at 12.20 p.m. the Board adjourned to meet on :onday, 2ebruary 12, at eleven a. AP.1) 13.0ViZ: Secretary. Ohairman.
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