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At a special meeting of the Federal Reserve Board held in the office of the Governor on Thursday, January 25, at 3:30 r. m., PRESENT: Mr. Harding, presiding, Mr. Hamlin, Mr. Warburg, Mr. Miller, Mr. Delano, Mr. illis, Secretary. The reading of the minutes of the preceding meeting was dispensed with. The Secretary of the Board presented a memorandum relating to the question of reports of member banks. After brief discussion the matter was referred to the Executive Committee with power to act. The pending amendment relating to the status of deputy Federal reserve agents now before the House Banking and Currency Committee in connection with their liability hnd that of Federal reserve agents, was discussed, but no action taken. A memorandum prepared by Chief of Division Broderick relative to the control of the Gold Settlement Fund, was pre- sented by the Secretary of the Board and, on motion, approved. A report of the Committee on Staff relating to the proposed increase in salaries at Chicago was read and, after discussion, laid on the table. A memorandum of the Committee on Staff recommending the transfer of Mr. R. M. Gidney, the present secretary of Mr. A. C. Miller to the staff of the Division of Audit and Examination at a salary of $3600 per annum, was read and, on motion, approved. Mr. Miller gave notice of the appointment of Mr. Henry C. Break as his secretary, the appointment to take effect on February 1. A report of the Committee on Staff relative to salaries at the Federal Reserve Bank of Atlanta having been read, it was moved to amend the report by fixing the salary' of Governor McCord for the year 1917 at $9,000, the present figure, instead of 010,000, the proposed figure. being pat to a vote, the amendment was defeated. On The question of the original report recurring, it was, on motion, adopted. A report of the Committee on Staff relating to salaries at the Federal Reserve Bank of Kansas City was read and, on motion, laid on the table. Discussion with reference to the question whether the title vice governor or deputy governor should be assigned to the executive officer of the secorsi rank at Federal reserve banks ensued, but no action was taken. The Secretary of the Board read the minutes of a meeting of the Committee on the Clayton Act held on January 25 at 10:30 a. m., and., on motion, the sa2ne were approved and the acticm therein set forth ratified. The application of t'fe First Yational Bank of l'•ar Haroor, Maine, for fiduciary powers, which had preyiou.,ly been approved with resrect to all except the 1-ov.er to act as administrator, was aEain 1.resented to tai3ua..d with rt,commEmdation that the power to act as administrator be aided in view of a recent decision of tau probate courts of Maine favorable to the exercise of arch power. On motion, thi authority was granted. A report of the Co mitt ee on Operation of the Federal Resrve 3ank of New York relative to certain statements contained in a letter from former Examiner Charles Starek addressed to the Comptroller of the Curnmcy, was read. After discussion, it was, on motion, voted to recommit the report. Mr. Harding reported the =last ree of a ccxiversation.he had had with Acting Governor Treman of the Federal Reserve Bank of New York regardirc the proposed plan for creditir checks on Federal reserve banks, Mr. Tr:eman desirirc to know what action, if any, the Board had taken. After discussion it was, on motion, voted upon recom- mendatiom of the Conimittee on Clearing that the plan al- ready di scussed and outlined go into effect not later than April 1 provided, however, that the aggregate amount of drafts acceptable at par be limited to ii;10,000 in any one day for any one bank for tho time being. It as informally agreed th-t the Committee of Governor: vhich had been considering this matter, be asked to prepare a draft of a uniform circular and announcement to member 'batiks, the same to be sent to the Board for its information and approval. On motion at 5.45 p. m. the Board adjourned to meet at 10:30 a. m. on Friday, January 26. APPROVED:
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