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At a regular meeting of the Federal Reserve Board held in the office of the Board at 11 A. M. on Tuesday, December 19, 1916, PRESENT: Mr. McAdoo, presiding, Mr. Delano, Mr. Harding, Mr. Miller, Mr. Hamlin, Mr. Williams, Mr. Warburg, Mr. Willis, Secretary. The minutes of the meeting of the Board on December 18th were read and approved. On motion, applications for the conversion of 25 bonds into 3; securities were approved as follows:Federal Reserve Bank of New York, . . . $1,042,000. Federal Reserve Bank of Atlanta, . . . 1,335,500. Federal Reserve Bank of San Francisco,. 2,000,000. On motion, the report of the Committee on Staff approving an increase in the salary of Mr. F. M. Hardt, Cashier of the Federal Reserve Bank of Philadelphia from 35,000 to $7,200 was approved. The minutes of a meeting of the Committee on Clayton Act, held on December 19th, were read and on motion laid on the table. The special business for the day being taken up, the Board proceeded to the election of Class C directors whose terms expire on December 31, 1916, and the following action was taken, the following named being elected:Mt. Pierre Jay, Federal Reserve Agent, New York, Mr. John W. Black, . . . . Minneapolis. Mr. James A. Monourel Dep. Fed. Res. Agt., Richmond. Mr. Henry B. Thompson, Dep. Fed. Fes. Agt., Philadelphia. Mr. H. O. Wooten, Dallas. Mr. W. H. Kettig, Atlanta. Mr. 'Lyman H. Treadway, Dep. Fed. Res. Agt., Cleveland. Mr. Walter S. Hackney, Dep. Fed. Res. Agt., Boston. The following nominations were laid on the table:Yr. Tm. A. Heath, nominated as Fed. Res. Agt. at Chicago. Mr. T. C. Tupper, nominated as Dep. Fed. Res. Agt. at St. Louis. Mr. E. C. Bradley, nominated as Dep. Fed. Res. Aut., at San Francisco. Discussion of the general situation of the directorate of the Federal Reserve Bank of Kansas City ensued, and it was agreed that action with reference thereto be deferred. On motion the whole question of the election of directors for places not yet filled, was made a special order for Wednesday, December 27th. A report of the Executive Committee with reference to the ratification of a proposed contract between the Federal Reserve Bank of rew York and the Bank of England, was read and discussed. On motion the following resolution, shaped and reported by the Committee on Law, and intended to state • the Board's action in this matter was adoped:"VOTED, - That the federal heserve Bank of New York be authorized to appoint as its correspondent and agent the Bank of England of London, En61and, and that it be further authorized to open and maintain banking accounts with and for said correspondent and agent for the ournose of purchasing, selling and collecting bills of exchange, in accordance with the provisions of Section 14 and other provisions of the federal Reserve Let, as amended; and for such other purposes as may be oermitted under said Federal Reserve Act, as amended." The question of amendments to the federal Reserve Act was then taken up, and the Secretary of the Treasury made a 6'eneral statement with reference to his position on the whole subject. Discussion ensued regarding details of the various proposed amendments. It was agreed that further discussion of the amendments be continued at eleven o'clock on Wednesday, December 20th. On motion at 1:07 P. 11. the Boardadjourned APPROVED: Chairman. Secretary.