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271 regal-r meeting of the ,- ederal deserve Bo,rd held in the office of the Board at 11.45 a.m. on Lionday, March 12, PIESENT: _r. Harding, presiding, t•arburg, Mr. Delano, Mr. laller, Lr. 1.1r. illis, Secretary. Mr. Hamlin, The minutes of the meeting of the Board held on March 9 were read and approved. The minutes of the meeting of the Executive Committee held on March 12, were read and approved, and the action therein set forth ratified. Issue of Notes, already authorized under existing regaLAtions, were formally approved as follo,:s: Peden.' Reserve Bank of Chicago - order of March 6,1917: 20's 060,000 ?ederal deserve Bank of Yansas City - order of March 6, 1917: 5's 10's 20's 4600,000 60,000 320,000 Federal Reserve Bank of Dallas, order of :,:arch 9, 1917: 10's 400,000 Federal deserve Bank of New York - order of :arch 9, 1917: 10's 46,660,000 hange in the discount rate ;abllshed by the Federal Reserve Bank of Itla t: , and sabmitted for the Eo'Ird's approval, was authorized as follows: on commercial, aGricfltural, livestock and commodity paper, 'ty 15 days and less, established by the Board of directors, arch 6. Ln appropriation of :A20.50 law books for the office of Jo El or the purchase of as, on motion, ap- oved. etter from Governor Seay with reference to the establishment of a branch bank at Baltimore was read and noted. letter from 7ederal leserve mitting a mcmorandam om to the'wo king of the Gold gent :Perrin trans- ashler E rdwell with reference ett1erent und, was read and referred to the Gold Settlementzrd Committee. report of the Committee on Staff, dated March 9, • with reference to the employment of a charwoman,was read and approved. Changes in stook, duly recommended by the Oammittee on Member and rtate Banks, were authorized as follows: Applications for additional stock. District No. 4.* First National Bank Peoples National Bank Farmers National Bank First National Bank Farmers &: Merchants N.B. Potters National Bank Jackson, Yy. Monessen, Pa. Jlaysvillc, Pa. Beaver Palls, Pa. Mr. Morris, Pa. E. Liverpool, Ohio. District No. 5. Peoples National Bank Second National Bank National Bank of Aichlands National Bank Planters National Bank First National Bank • Ealisbury, :d. Morgantown,. Va. Newbury, S.O. Richlands, Va. Rocky Mount, N.C. Gastonia, N.C. District No. 9. First National Bank of Alger, Co. First National Bank National Bank First National Bank First National Bank Citizens National Bank First National Bank Anaconda National Bank First National Bank First National Bank First National Bank First National Bank First National Bank Security National Bank American National Bank First National Bank Lunising, Mich. Cottonwood, Minn. heaton, Minn. Jackson, "inn. Atwater, :inn. Albert,Lea, Ai,tkin, Anaconda, Mont. PlentywoOd, Soundup, Mont. Buffalo, N.Dak. Lal:oure, 7. Dak. seeder, N.Dak. Alexandria, S.Dak.. Spearfish, S.Dak. Sisseton, S.Dak. Total Shares 1 6 3 15 3 3 31 12 6 15 30 91 6 2 3 3 6 3 1 1 3 3 2 1 6 6 5u 172 letter from 7ederal Reserve .,,ent Perrin as to readjustment of diJount rates under Regulation J was read, (-rid the Secretary directed to inform him that his understanding of the matter is correct. The question of the establishment of a branch in the Pacific 17orthwest was discussed, and letters from Federal Reserve .Agent Perrin on the subject was read. On mo- tion, this subject and th:.t of the establishment of u branch at Louisville, were made a special order for the meeting of :;ednesday, narch 14. A report on the revision of existing discount schedules, offered by Lir. aurburg, was read and, on motion, the recommendations therein set forth, were approved. report of the Committee on staff with reference to the salaries of ?ederal reserve agents, was read. On motion, it was voted to table the report until the meeting of .eJnesday, :larch 14. On being put to a vote, the motion was declared lost. On motion it was voted to consider the proposed increases in a:laries item by item. On motion it w s voted that such increases as may be,authorize(L should be effective April 1, 1917, 'Governor Trarding and 1:.r. Warburg being recorded in the negative. The question of specific increases recurring, the following action was, on motion; authorized:. Federal aeserve Agent at New York, increased from ,,,16,000 to 416,000. Federal Reserve Agent at San Francisco, increased from - 12,000 to ;>14,000. 1; Federal Reserve Agent at Cleveland, increased from 410,000 to 012,000. Federal Reserve Agent at Atlanta, increased from :,i,9,000 to .10,000, Mr. Miller being recorded as voting in the negative. Federal Reserve Agent at Minneapolis, increased from 49,000 to ?10,000, Mr. Llillcr being recorded in the negative. Federal Reserve Agent at Dallas, increased from :9,000 to 010,000. A motion of Yr. rarburg to increase the salary of Federal Reserve Agent (Curtiss from :'10,000 to $12,030 was referred to the Committee on staff. On motion at 1.10 p.m. the Board adjourned to meet on iednesday, Larch 14, at 11 a.r. APPROVII): Secretary. hairman.
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