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Lt a regular meeting of the Pederal eserve Board held in the office of the qovernor on Wednesday, lpril 11, at eleven a.m., Hardin:];, presiding, Mr. Hamlin, Mr. illiams, Mr. h7illis, Secretary. 1.:r. Delano The minutes of the meeting of the Board neld on pril 9 were read and, on motion, approved. Governor Harding stated that the Avisory Jouncil would meet in Jashington on Tuesday, April l7-ti, he having been advised to that effect by Vice President iae, rand he requested that suggestions for topics for discussion by the n Council be placed in his hands not later than the afternoo of this day. llovernor Harding read a letter received from the Civil Service Examiner transmitting a confidential executive order suspending the Jivil Fervice law in so far as to authorize the immediate removal of any employees whose presence might be regarded as inimical to the interests of the United States as affected by the present war. was referred to the Committee on Staff. The letter 416 Governor Ttarding read a letter from Governor McDouTal stating what had been done by the -0ederal Zecerve Dank of jhic:,v7o in mAing knm,n to position of the President with respect to the status of aliens in this country, and certain replies to the cormunications the bank had sent out on that subject. Governor Harding read a letter from the Federal Reserve Bank of St. Louis announcing that its directors'had voted to pay a dividend as of April 1 - June 30, 1915, and another dividend as of July 1 - August 31, 1915, at 6T. -fter discussion it was voted to approve the dividend of C from April 1 - June 30, 1915, the other proposed divid,nd being disapproved, and the bank being informed that henceforward declarations of dividends snould be made at the end of December and of June respectively. letter from Federal aeserve figent Curtiss to 4arbarg with reference to a proposed pamphlet regarding Bankers' acceptances, and informing Mr. darburg of the substance of a letter from the ?edeml deserve Ban;- of .",tlanta with reference to practices as to warehouse receipts protecting acceptances, said to be different from those of- (J.1 ficiully approved by the Board, 'mls referred to Lr. Hamlin for report. Governor Harding announced a plan for the automatic , of orders for Federal deserve notes whereby, when replacins leases were asked for at subtre%sary points, a simultaneous c',11 would be made upon the 'iomptroller for transfers of actual notes from the stook in Washington to those points, .and :;hereby in each case notice of the action so taken would be sent to the Jommittee on Issue and Aedemption, which would thereupon accumul.ite such orders and report a general order for note printin3 on Monday of each week. The plan was con- sidered and, on motion, approved. Orders for the shipment, release and printing of Federal reserve notes previously authorized by the Executive Ammittce were approved as follows: Boston Eew York Philadelphia Cleveland Chicago St. Louis San Francisco 40.0.00 Ic:otes Notes •20.00 No-Vs 600..000 ,2,000,000 4 400,000 9,260,000 4,000,000 4,000,000 2,000,000 1,040,000 1,600,000 3,920,000 .A00,000 2,000,000 1,000,000 800,000 400,000 0 1,260,00 520,000 460,000 .:100 :otcs ,400,000 2,000,000 Orders placed with the Treasury Department, on April 10, for printing notes. Boston New York Philadelphia Cleveland Chicago Dallas 2600,000 42,000,000 4,000,000 3,200,000 800,000 2,000,000 7,200,000 $00,000 2,640,000 5,640,000 2,400,000 400,000 12,240,000 .2,000,000 2,400,000 1,200,000 letter from Tederal deserve !gent Rich offering his services in the event of war, probably at the Federal deserve Balk of Minneapolis, was read and ordered circulated. A letter from Tederal Reserve ligent Curtiss with reference to an error in repo ting the discount rate on 15 day paper was presenttd, :Arad the Secretary directed to reply to the same. A letter from the ?ederal Reserve Bank of Atlanta with reference to the status of acceptances made payable elsewhere than at the place of business of the acceptor, was referred to the Committee on liaw with power to reply. The Secretary of the Board read a letter from Federal deserve Igent Jay transmitting a statement of Cutro Brothers of New York. On motion the letter and statement were referred to the Comlittee on Investments with power to act. The secretary of the Board read a letter from secretary Farnsworth of the Jmerican 5ankers' in iuiring as to the accommodations reLiaired at Briarcliff Loc1c for the spring meetin:-.: Council of the Bankers' /,ssociation. f the 1xecative The letter was re- ferred to the governor of the Board with power to appoint a committee to attend, and to make reply accordingly. L. recUction in the capital stock of the 7irst Eational Bank of -11en, Oklahoma, from 435,000 to 425,000, was approved upon recommendation of the rlomptroller of the Alrrency. On motion a report of the Committee on :.udit and Lxaminat ion recommending a salary of :2400 per annum for Mr...lax C. .ilde aS n-tion.1 bank examiner in the Yansas City District, effective , pril 13, or as soon as the examiner reports for duty, was approved. On motion the report of the Committee on :taff recommending the appointment of -.ass 14. qanton in the Division of ?ederL1 .eserve Issue and aedemption, at a salary of 475 per month, effective iTril 15, was approved. tj. • Ur. Delano made a progress report :on 1)ehalf of the Committee on Clearing outlining a plan for the -establishment of a system for making the interdistrict drafts of ?ederal reserve banks available. He stated that -:the complete report would be available for sub i sion•within 'a very few days. . Vr.• Williams -called attention to the complaint of the Lincoln rational Bank of Lincoln, Nebraska, with, • regard to the status as to drafts, and it was agreed, that he Should write the bank informing it of the prospective action of the Board as to such drafts. .. On motion at 11.55 a.m. the Board adjourned to . me t on -Friday, April 13, at eleven a.m.
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