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2S(% At a regular meeting of the Federal Reserve Board held in the office of the Board at 3:00 p. m., Thursday, October 29, 1914 PREST=T: Lir. Hamlin 1::r. Warburg Mr. Jelano :Ir. Harding Ia.. iii'. Miller. Williams The Governor of the Board presided and H. P. Willis acted as secretary to the meeting. The minutes of the preceding meeting were read and approved. The Board approved a proposed reduction in the capital stock of the First Zational Bank of Payette, Idaho, in accordance with a memorandum filed by the Comptroller of the Currency. On motion it was voted taut the report of Mr. John Perrin re,Tarding the 'cluties of Federal Reserve Agents should not be printed for tae present. On motion it was voted that Mr. Harding, the Governor of the Board, Ix. Delano and the 3ecretary be named a committee to prepare a draft of the Board's annual report for submission to the Board. Harding reported to the Board with reference to the selection of Mr. H. Y. Brooke as a special examiner. On 289 motion Brooke was elected a special examiner in the Division of Audit and Examination. Mr. Harding was re- quested to ascertain the salary to be paidir. Brooke. Letters and correspondence of various banks regarding the application of tie Federal Reserve Act were laid before the Board by the Governor. On motion a recommendation of the Counsel of the Board that he be authorized to refer data on state bank legislation to the various Federal Reserve Agents for completion was approved. Mr. Delano reported informally the progress of the :fork of 1)re2aring seals, a...(1 of printing Federal Reserve notes. On motion Fir. Miller was appointed a committee of one to ascertain in what denominations Federal Reserve notes are being printed and report the same with such recommendations as he may deem best to the Board. A dispatch from St. Louis announcing the election of of Rolla ells aeGovernor of the Federal deserve Bank t. Louis was laid before the Board. telegraphic inquiry from hr. J. B. Forgan re- garding the territory to oe covered by the Chicago banks in .soliciting cotton fund subscriptions was ordered acknowledged 290 with the statement that subscriptions might be solicited throughout District No. 7. A memorandum from lir. William Thompson regarding his appointment as Chief Clerk of the Board was referred to the Committee on Internal Organization. The Jecretary of the Board was instructed to advise banks in District No. 4 that they may deposit gold in tie Cincinnati sub-Treasury and use the receipts therefor to pay their subscriptions to capital stock of the Federal eservo Bank of Cleveland. On motion a salary of „;200.00 a month for an Assist- ant Counsel employed on a temporary appointment was voted. Er. Warburg read to the Board a draft of a report relating to commercial paper. • A memorandum from the Counsel of the Board regarding the steps still necessary to be taken in preparing for the opening of Federal Reserve Banks was made privileged business for the next meeting. On motion at 5:00 p. m. the Board adjourned. Jecretary. APPROV]): Chairman.
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