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351 At a regular meeting of the Federal Reserve ioard, held in the office of the Board, at 3:00 p. in., Tuesday, November 17th PRESENT: Er. Hamlin Er. Warburg Mr. Delano Er. Harding Er. Williams Mr. Miller The Governor of the Board presided and Mr. H. P. Willis acted as secretary to the meeting. The minutes of the preceding meeting were read and approved, with corrections. On motion it was voted to authorize the payment of the staff of the Board from November 2d onward, an opinion having been received from the Oomptroller of tne Treasury that the back dating of the pay-roll to November 1st would not be legal. In answer to an inquiry from Deputy Federal Aeserve Agent McOaleb, the Secretary of the Board was instructed to say that. the Board deemed it best to continue the rates of rediscount already fixed by the Federal Reserve Bank of On motion, it was voted that the appointment of Yr. H. Y. Brooke should date from November 9th. 'On motion it was voted that the salary of the Counsel of the Board should begin to run at the date when he ceased to receive payments from other official sources. A letter from t.e President of the Lechanics 11 National Bank of Trenton was referred to the Secretary for reply. Letters regarding the method of computing reserves by member banks were referred to the Comptroller of the Currency. On motion, it was voted that tne Governor be asked to accept the invitation of President Seth Low to address the New York Chamber of Commerce. The Board received with gratification an announcement made by the Governor that the cotton loan fund had been fully subscribed, and directed a minute to that effect. On motion it was voted that the Reimbursable roll established by the COmptroller of the Currency for the purpose of caring for Federal Reserve notes be henceforth paid by check in a lump sum. The report of the Committee on Committees, Lir. Harding, Chairman, was taken up and adopted. The report is as follows, it being understood that the committees thus named supersede all others previously established: COU:ITTEES (1) Committee on FEDERAL RESERVE BOARD ORGANIZATION & ENDI Mr. Delano, Chairman, Mr. Harding, Er. Miller. ub-Committee, Organization and Staff Er.. Delano, Er. Harding Secretary to Sub ornmittee ) Er. Allen. (b) Sub-Committee, Budget and Expenditures Er. Delano Er. Miller Secretary to sub-Committee (b) Er. Willis. (2) Committee on AUDIT AND EXALII: TIO1 Er. Tilliams Chairman Er. Delano, Mr. Warburg, Secretary to Committee 1.1r. Broderick. Committee on FEDERAL RESERVE BANKS & DISCOUNT OPERATIO 1..r. Mr. Mr. Er. Mr. Hamlin, Chairman, Warburg, Harding, Delano, Miller, (aSub-Committee on discount operations in 1, 2, 3, 4, 7, and 9. District Er. Warburg, Mr. Delano. 354 (b) Districts 5, 6, 8, 10, 11, and 12. Mr. Harding, Ur. Miller. Secretary to Committee: Mr. Willis. (4) Committee on REPORTJ J.:1D STATISTIJS. Mr. Miller, Chairman, :Jr. Delano, Ur. Williams. Secretary to Committee: Ur. Jacobson. (5) Committee on LEGAL MATTERS. Ur. Hardin, Chairman, Ur. Warburg, Mr. Harding. Secretary to Committee: (6) Counsel. Committee on AIEISSIO OF STATE BANKS. Ur. Harding, Chairman, Ur. Williams, Mr. Warburg. Secretary to Committee: Mr. Broderick. (7) Committee on IS311 AND REDELPTION. Ur. Williams, Chairman, Er. Hamlin, Mr. Miller Secretary to Committee: Ur. Allen. 85o COMMITTEE MEMBERSHIP Hamlin : Williams : Warburg : Delano : Harding : Miller 3 : 4 : 4 : 4 : 4 : 4 CHAIRMANSHIPS Hamlin: 7/111iams : Warburg : Delano : Harding : Miller 2 : 2 : : 0 1 1 : 1 * * presented The report of the Committee on Bonding was by Mr. Delano and discussed, being finally adopted in amended form. Mr. Harding read a communication from the Secretary' Of the Treasury to clearing house managers, announcing the completion of the cotton loan fund. The cormunication is as follows: TREASURY DEPARTMENT Washington T E-L-E G R A LI November 17, 1914. Waldo Newcomer, President, Clearing House Assn., Baltimore, Lael tf . " Committee, Chicago, 1!nd F. H. Rawson, Chairman, 11 11 Boston, n, Associatio T. P. Beal, President, ft ft 5,: Detroit, .1.0•7 Geo. H. Russel, Chairman, ft , If Cincinnati W. S. Rowe, Uhairman, It U Cleveland, °.ip: F. W. Wardwell, President, ft ft It Kansas Oitif1110 Geo. S. Hovey, President, 11 Committee, Louisville,,,j; E. L. Swearingen, Chairman, ft ft Association, MinneapOli."' E. W. Decker, President, ft Committee, Philade12119" L. L. Rue, Chairman, Chas. McKnight, President, Clearing House Assn., Pittsburgh,Pa. Richmond, Va. Jno. B. Purcell, President, " St. Louis, ED. Fetus J. Wade, President, Mercantile Tr. Co., Wm. J. Plather, President, Clearing House Assn., Washington, D. C. It It Pt San Francisco,Cal. James K. Lynch, President, It It 11 New York City. A. H. Wiggin, Chairman, I am happy to announce that the full one hundred million dollars of Class "A" certificates in the cotton loan fund have been subscribed by banks and bankers in non-cotton States, in conformity with the plan heretofore submitted to you. The details will now be promptly worked out. In behalf of my associates on the Federal Reserve Board, as well as for myself, I assure you of our nearty appreciation of your patriotic support and cooperation in making the plan successful. W. G. licADOO OFFIC TAJ, The Secretary of the Board read a communication from Mr. Wm. Ingle and the plan suggested by :a'. Ingle for governing access to the reserve agent's vault in Richmond was approved. On motion it was voted that the report signed by 14r. John Perrin relative to Federal Reserve Agents be sent to Class "C" directors with an accompanying letter stating that the document was sent without recommendation. On motion at 5:30 p. in. the Board adjourned to meet at 3:00 p. in. on Wednesday. • APPROVED: •••••.. Chairman.
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