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a regular meeting of the Federal Reserve Board held in the office of the Board on Monday, January 4, 1915, at 11.00 a. m. PRESENT: Mr. Hamlin, presiding Mr. Harding Mr. Delano Mr. Miller Williams Mr. Willis Secretary. The minutes of the two preceding meetings were read and approved. The Comptroller of the Currency by unanimous consent made a general statement to the Board of conditions as found by him to exist at the Richmond Bank during a recent visit. The Comptroller filed with the Board a statement of Federal reserve notes delivered to Federal Reserve Agents up to and including December 31, 1914. The Governor of the Board announced the receipt of a communication from the British Ambassador relative to negotiations as to the international indebtedness of the United States. Committee resorts scheduled for the meeting were passed over by unanimous consent. On motion the annual report to Congress was made a special order for 11.00 a. m., Tuesday, January 5. On motion the Civil Service Commission's method of rating papers and reporting candidates for appointment under the Board's examination as eligible or Ineligible, was approved. By unanimous consent the question of a form of letter to be used in isponding to applications for power to exercise the functions of trustee was tabled until new regulations are ready. On motion it was voted to approve a form of letter returning papers and application filed by the Lubbock State Bank of Lubbock, Texas, which wishes to cancel Its application for membership. The Secretary of the Board called attention to facts reported to him by the Division of Statistics with reference to methods employed in issuing reserve notes to the Federal Reserve Bank of New York. After discussion the Secretary was instructed to write a letter inquiring why so many substitutions of collateral are occurring for the apparent purpose of IssuingFederal reserve. notes in exchange for lawful money. The Secretary of the Board presented a memo andum regarding the status of safe combinations of Federal reserve banks. After discussion the question whether to return these cOmbinations or to require other banks to furnish the same, was referred to the Governor, the Comptroller and Mr. Harding as a special committee. The Secretary of the Board presented a communication from Governor J. B. McDougal of the Federal Reserve Bank of Chicago furnishing a statement of the .salaries of employees in the Federal Reserve Bank of Chicago. On motion, this com- munication was referred to Mr. Delano as Chairman of the subcommittee on staff and he later reported favorably to approving the salaries as stated. On motion this report was adopted. A communication from Governor Aiken relative to the admission of State banks was tabled pending further action. A letter from Federal Reserve Agent Perrin regarding the size of packages of Federal reserve notes was referred to Committee #7, for the special attention of the Comptroller of the Currency. A letter from Walter W. Smith of St. Louis relative to his sudcessor as Deputy Federal Reserve Agent at St. Louis, was laid on the table. A communication from Er. 3. 0. Tenison, asking to be allowed to file his brief in reply to the petition of the Oklahoma banks for a change in the lines of the 11th and 10th districts, was considered and it was voted that Lr. Tenison be 4 granted the permission desired. A draft of a letter relating to loans on agricultural paper which had been prepared by the Secretary of the Board in answer to an inquiry from Federal Reserve was referred to Counsel for an opinion. 7 Agent ..lartin A letter from F. R. Bigelow of St. Paul regarding uniform directors' fees was read to the Board and the Secretary was directed to send a suitable reply. On motion, it was voted that the limit of six months loans based on agricultural paper be established for the Atlanta Bank, at 90;; of paid in capital of that Bank. On motion, at 1.00 p. m. the Board adjourned to meet at 11.00 a. in. on Tuesday, January 5. Secretary. APPROVED: Chairman.
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