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At a regular meeting of the 2ederal -Reserve Board held in the office of the Board on ednesday, January 16, at eleven a.m., PAESI;T: :Ir. Harding, presiding, Delano, Liz'. 4dlen, itssic,tunt Secretary. :aller, 1.,117. Hamlin, The minutes of the meeting of the Board held on - January 14 were read and, on motion, approved. The f011owin dvices from Federal Aeserve Agent ,:ellborn were read and noted: idection of directors of the Branch at Yew Orleans; Llection of 1,1r. :urcas ilalker as :.ianager of the New Orleans Branch; Election of captain Chas. A. Lyerly as member of the Advisory Council for the Atlanta District; .ieelection of officers for the Federal Aeserve Bank of Ltlanta. :':dvice was received from Federal eserve Agent Gur- ties, Boston, of the election of 1:1r. „Iliac. S. Spencer, L:r., as Deputy 3overnor of that Bank at a salary of ,,112,000 per annum, effective February 1, and this was referred to the ommittee on Operation of the Boston Bank for report. ar. :Mier presented a telegram from Federal eserve 4- gent 2errin releAlve to conference with bankers relative 1 to tae. establisnment of a b-r.nch bk.. lt for reply. 7ais ;:as referred back 7iao followia ;it . ports of Aittees 2 sabitted z:nd approved by the Thard: 1. -Ittee ;„alary of .j.3,06j per annual for -I-. -.?ederL1 ileserve ent t roaddas aS c'Tl(;rld rk nf :_lection of officers at the Aderal -.',eserve Phil delrhia; Increase of salar7 for ;:r. i. Ti'. .fox, ,Joansel's office, to ,A650 per annam, effective January 16, .19U. -Jommittee To. . Lpplica ions under the ().14yton /,ct of lessrs. :athaniel 3.tevens; .'red .olferman, HoalehLu,."..,aaa.ialin;'and Herbert ... Hall. salar7 of403 per ainaul from inted iJ:ker, to fill a vacancy in the 'force of national t,an'?„ Iners; ie,port of Amnittee o. I approving s%lary increases for the 2ederl deserve .,7.11 of Dallas Lrejort dated ,JaYluary 14, was read and approved. Upon recomlendatic of f,ontrittee the 'followin institutions were zAmitted to the ?ederal deserve system, sabjc t to the conditions laid do.;:n by the Committee in each case: Trust Company, 2-Licago, Ill., :107fte Bail. '.3afe Deposit Jo., 411min3.ton, Dela., L;ecarity Lamar State bunk S: Trust Jo., ?aris, Texas, The Utute Dank, Winfield, Kansas. Governor Harding read a letter from Federal ztt.serve 2igent 1ioi e/ortin:, tae bituLtion in District 1.0. 9 as the supply of seed corn, and another letter suczestin2; tliat copies of telegra-as sent by the "re-: zr:7 DepartAent to tAe banks should be farnis'ied to ?cderal deserve 4.svnts. The latter letter mis referred to the :o!ftmittce on ui)er-tion of the :linncapoli 3ank. Governor Harding also read a letter from ?ederal serve Lgent Jay statin3. that Governor Strong had sa:;ested a meeting of Governors of banks or Federal Aeserve is-ents, to discuss plans for the conservation of credits. "acre was discussion of the matter, „itil expression of disapproval of the s2;3cstion, and the letter .;as referred to the :rioritieo. 2onr-Attce. Governor Hz,rdins. reported a conference .1th Governor jeay, DepAty Governor Peple and Jcaditor J‘ANall:,.der of Aicamond, relative to the establish,Aent of the Branch, and. stated it :ias hoped to open tae Lrnc.i ai2oAt ?ebruar7 1. Governor Loan jommission r ardinf also presented a lettcr fror, orris forwarlit ; a copy of a resolation adopted by the Farr*‘ioan 7. oard on December 2J, a thoriing the J'ederal I,and Banit.s and the Joint toch :,and Banks to r. ke loan bonds Lnd interest thereon payable at Feden.....1 serve 3%nks. This letter referred to Joaasel for an opinion. :Tiller presented a teletzram from edcral .Zeserve, Lgent Perrin as to the no.;er of Federal _,ieserve lx...nks to eairie banks ;ith clearing accounts, and .,as auth- oried to wire in reply that the Board has doabt as to the le:ality of the an. r.Hamlin called attention to the Opinion of ioiznsel as to the eli sibility for rediscount of pa er of the „xcArities _:orpor%tions, dealing in automobile paper, and the opir.ion was referred to ,',overnor iarding to prepare a letter stating that the board holds the paper descried as inel -iule. this point Jr. ::r. Jller called illiams entered the _board room. ttention to a letter, of which he held, written by Federal .leserve L*ent l'errin to ,iepresenta- tive Hayes of Jalifornia, -a1:3estins certain amendment the 2ederal aeserve Act, to 4,fter discussion this was order- ed to lie upon the table. application .70.s preE-ented from the Janadian Bank of Jommerce re iue tin; authority to increase the shipment of silver bullion to Calcitta, license for ahich had already been is ounces. d, from 1,500,000 ounces to 1,502,000 This req,uest was grunted and the te egram ordered to be sent. On motion of Mr. Delano, the govern°r wu.s authorized to call a special meeting of the hoard to coflsider the annual report as soon as that document was received back from the ,Secretar:7 of the ?roll p.m. the hoard adjourned. notion, ,-. t ' . (--1. ..i. 1:1., '.--C---t------ ecretar7.
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