Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, October 28, 1914, Volume 1

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At a regular meeting of the Federal Deserve Board
held in the office of the Board at 3:00 p. m., Wednesday,
October 23, 1914
FRESTITT:
LcAdoo

r. Williams

Eamlin

Hr. Warburg

Jr. Delano

:Ir. Harding

The Secretary of the Treasury presided and Hr. 1.
P. Willis actea as secretary to the meeting.
The minutes of the preceding meetings were read
and approved.
A letter from Governor Benjamin Strong, jr., of
New York re'araing the form in which reserve payments are
to be made was laid before the Board by the Secretary of
the Treasury and discussed.

A form of announcement reard-

in,r2 payment of reserves, to be sent out to member banks, waS
read to the Board and was approved by it.
Communications rearding subscriptions to tne cotton
Loan fund were read to and considered by the Soard.
On motion it was voted to advise the banks in variou9
parts of the Country, who have filed protests against the pre

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districting, that payments of capital stock and reserve
made now till not prejudice any rights of appeal and
protest they may now have and that in view of this decision they will not be,heard until after the date set for
the opening of the banks.
Inquiries regarding the question of depositing
reserves for the Cleveland Reserve Bank in the United
States Sub-Treasury at Cincinnati were referred to the
Chairman for reply.
On motion it was voted that a division of the
Secretary's office to be known as the "Division of Audit
and Examination" be created.
On motion it was voted to fix the salary of the
Chief of division at .6,000 and an amendment proposed by
Mr. :Liner substituting %'5,000 for ,,;;6,000 was defeated.
Mr. Maier was recorded as opposing the ;6,000 figure.
On motion Er. Joseph A. Broderick

of :Jew York

City, was elected head of the Division of Audit and Examination, on the favorable report of the Committee entrusted with the selection of a man for the appointment.
On motion it was voted that Er. Harding, with the
Secretary of the Board, prepare and make public a suggested
uniform draft for use by member banks in drawing upon Fed-




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era? Reserve Banks.
4

motion that no .class "a" Director of a Fed.
-

era? Reserve Bank shall be pormittod to become the counsel

of a 2ederal Reserve Bank was discussed and laid on the
table until a future meeting.
On motion, at 5:00 p. m. the Board adjourned.

APPROVED:

'Jhairman.