The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
24't At a regular meeting of the 2ederal aeserve Board held in the office of the Board at 11:00 a. in., on Londay, October 19, 1914 PRESET: :::CAdoo 1r. Williams Er. Hamlin Warburg :r. Delano 1:r. Harding The Secretary of the l'reasury presided and H. P. Willis acted as secretary to tne meeting. The minutes of the last preceding meeting were read and approved. • On motion it was voted that directors of the Beneficial .avings 2und of Philadelphia be authorized to continue as such in accordance with an croinion submitted by the Jounsel to the 2edera1 lieserve Board and tnat the Jounsel be informed of the action. The question of a seal for iederal _teserve BanKS was referred to the Jommittee on ,uarters, irluipment and Personnel in the forthcoming convention of federal aeserve directors and officers. On motion it was voted that reserve banks in whose districts there are bans applying for transfer to 244 another district bo directed to appoint an attorney or representative to answer such appeal. On motion a transcript of the minutes of the Federal _eserve Bank of 1;ew York fixing the salary of the ,overnor of tile Federal aeserve Bank of itew York at , 30,000 per annum was approved. Governor Hamlin presented a letter from the Federal Reserve Bank of Boston indicating the salary of Alfred L. Aiken as Governor at 45,000 ,er annum. On motion the action of the Federal _ieserve Bank of Boston was approved. LI.. Mier reported that t le Board of Jirectors of the Federal _ieserve Bank of Ban Francisco had fixed the salary of Lr. Archibald Kains as Governor of the bank at ,,,i1.5,000 per annum. On motion this action was approved. On motion it was voted that a copy of the Comptroller of the Currency's circular regarding the way in which Gold Fund contributions should be carried on the books of national banks be sent to all banks making inquiry regarding the Latter. On motion various applications for the privilege of acting as executor, administrator, trustee, etc., were referred to Counsel with the request that he prepare an 245 opinion on the subject. On motion, the question of securing a code book for use by the Board and the several banks was referred to the Jornittee on Quarters, T]quipment, and Personnelin the forthcoming convention. The secretary of the Board reported that the cost of photographing the accounting forms would probably run near ç5OO.00 instead of the former estimate. On motion the incurring of the increased cost was approved. On motion the question of ,devising a method of figuring reserves in member banks after the date when the new reserve renuirements become effective was referred to the committee of the Board having cnarge of the reserve question. On motion, the Governor, the Vice Governor and the secretary of the Board were authorized to arrange for an informal entertainment of the delegates to the convention. On motion, it was voted to amend the By-laws by setting the stated meeting provided for in section 1, of Article VI at 3:00 p. 174 instead of 11:09 a. m. daily. 44(1 The ._;ecretary of the' 2reasury informed the Board of the presence of 3ir George Paish and 1:r. B. B. Blackett, representing the British Treasury and described a plan for a meeting between these gentlemen and representatives of the :,ew York Banks. Mr. Delano presented to the Board a program for thr. sessions of the forthcoming meeting of Directors. On motion the program was approved with amendments. On motion, it was voted that it is the sense of the Board that the date for opening the Federal Reserve Banks should be set snot later than Avember 16th, and that the Jecrstary oi the Treasury be formally advised that such is the case. On motion, it was voted that a stenographer be employed to report verbatim the sessions of the Directors at the forthcoming convention. On motion, a form of call for the first assessment upon the several Reserve Banks was adopted as ',resented by the Governor, subject to reconsideration if that should prove necessary. The Secretary of the Treasury briefly described to the Board developments in regard to the cotton situation 247 and outlined proposed plans for relieving it. On motion, the Board adjourned to meet at 3:00 p. 236 this day. IWO APPROVED: Chairman.
@FedFRASER