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a regular meeting of the 2edera1 Reserve Board held in the office of the Board at 11.20 a.m., on _;'riday, December 21, p:tizT; 7,:r. Harding, presiding, Mr. Mr.,,arbur4, Mr. Alliz,Ims, Mr. Delano, Mr. i1lis, 2ecretary. :r. Hamlin, lovernor Harding made a brief statement of the general banking situation with special reference to conditions in Ec.ltimore and Boston. The minutes of a meeting of the Board held on December 19 were read and, on motion, approved. The minutes of a meeting of the Executive Jolmittee held in the office of the Board on December le, were read and, on motion, approved and the action therein bet forth ratified. The minutes of the meetings of the Executive Jommittee sitting as a gold export committee, held in the office of the Board from December 17 - 21, inclasive, were presented and approved and the action therein set forth ratified. The question of relations between the Atlanta Bank and the New Orleans Branch, made a special order for the day, was passed over by unanimous consent. Mr. Delano made a progress report regarding the question of-establishing a uniform rule valid at all Federal Reserve banks regarding Christmas bonllses. Upon be- ing put to a vote, it was the sense of the Board that such a uniform rule, fixing a maximum bonus allowance, should be established, valid at all banks. Ur. Warburg was recorded as voting no. The whole matter of bonuses was thereupon referred back to the Committee and Trade a special order for the meeting of December 24. The question of directors at the various banks for the coming year being considered, the following action was taken: BOSTON: Mr. 2. H. Curtiss, reelected director for three years, redesignated Chairman and Federal Reserve Lent for one year. Mr. Allen Hollis, designated Deputy chairman for one year. NEW YORK: Mr. Pierre Jay, redesignated Chairman and vederal Reserve Agent for one year. Mr. 2. Peabody, redesignated. Deputy Chairman for one year. Mr. L. Saunders, reelected for three years. PHILADELPHIA: Mr. a. L. Austin, reelected director for three years, redesignated Chairman and Federal Reserve Agent for one year. 14r. H. B. Thompson, redesignated Deputy Chairman for one year. CLEVELArD: Mr. D. C. Wills, reelected director for three years, redesignated Chairman and Federal deserve Agent for one year. Mr. Lyman H. Treadway, redesignated Deputy Chairman for one year. RI JIM-VD: Mr. Caldwell Hardy, reelected director for three years, redesignated Chairman and Federal Reserve Ilvnt for one year. Mr. James A. Moncure, redesinated Deputy ahairman for one year. 11. B. Wellborn, reelected director for three years, redesignated Chairman and Federal Reserve •Agent for one year. Mr. E. T. Brawn, redesignated Deputy Chairman for one year. CHICAGO: Mr. W. A. Heath, redesignated Chairman and Federal Reserve .Agent for one year. Mr. James A. Simpson, elected for three years, designated Deputy Chairman for one year. ST. LOUIS: Mr. Wm. McC. Martin, redesignated Chairman and Federal Reserve Agent for one year. - 1.11/MAP01.11): Liz'. John 1. Rich, reelected director for three years, redesignated Chairman and 1?ederal Reserve J.gent for one year. Mr. Wm. H. Lightner, redesignated Deputy Jhuirmall for one year, KANSAS CITY:, Mr. Asa E. Ramsay, elected director for three years, designated Chairran.and Federal Reserve Agent for one year. Mr. J. 2. Fleming, redesignated Deputy Ohairmum.for one year. ,DgiLLAS: Ur. ;7. P. Ramsey, reelected director for three years, redesignated ahairman and Federal Reserve Agent for one year. rewsome, redesignated Deputy Chairman for one year. S'N 7AAVCISOO: !dlr. John Perrin, reelected director for three years, and redesignated Jnairman and Aderal Reserve Agent for one year. Mr. i;alton year. redesignated Deputy :Maim n for one Branch directors appointed by the Board were reelected for one year at New Orleans, the Pacific Coast Branches, and Louisville. Er. 4arburg gave notice to the Board of the resignation of Governor Rhoads of Philadelphia, and reported the results of a conference with Federal Reserve Agent Liustin in which the latter had proposed a leave of absence for qovernor :Ahoads ;cting .lovernor. and the appointment of 1,:r. F. Li. Hardt Mr. arburg had disapproved the sug- gestion, and went on to suggest methods of making a suitable choice of 4 successor to "lovernor Rhoads. On motion, the matter of selecting a suitable successor was referred to the Philadelphia Jommittee. Discount rates at the Federal Reserve Bank of ::ew York, informally acted upon by the Board on December LI, were presented to the Board and, on motion, formally ratified as follows: Discounts: .iithin 15 days, including member banks' collateral notes 16 to 60 days 61 to 90 days Agricultural and live stock paper over SO days Secured byU.(.3. ctfs. of indebtedness or L/L bonds —days, including member banks collat(1) lithin 15 eral notes (2) ,ithin 16 to 90 days Special day to day rate in connection with ,7overnment 3financing SL"; 4;1 4:1,; 5 3. 4 :: 1 4, Trade Acceptances: 1 to 15 days, inclusive 16 to 90 days It was further ordered formally recorded in the min; utes that the acceTtance rate is now 3 to 4:, at those banks where 90 day commercial paper carries a rate of () those places where such paper carries 4 and at rate of 5:2, the ac- a eptanc ra e is 3 to 5,1. The secretary was directed to notify all Federal deserve banks Of the action thus taker.. The1JeCretarj of the Board reported the releipt of 4n int,uiry from r E. .lovensky of the National Bank of ommerce z.f, follows: (a) Whether 'Juba may be considered a country in which dollar, exchange drafts may be drawn on I erican banks; (b) 'ihether the National Bank of JoMne ce in Tew York may be authorized to accept such drafts. .On motion the matter was referred to Jorl-Attee Yo. Papers relating to clearing house exa.iiat1ors in Seattle were laid on the table until the next meeting o the Board. *411estions relating to the annual reports of ?ledoral eserve banks were discussed and the following ten- tative areement reached: (4) That reports shall be appraximctely 5,00 words; (b) That a short paragraph of general thanks for aid in i,iberty Loan work may be inserted in the text of the report, but that any names of participants shall be shifted to an appendix or roster at the close; (c) That where necessary, unsatisfactory reports shall be returned to their authors for re-writing. memorandum presented by 7r. Delano relative to par re-tittances in the .orthaest and deposits from priv-te banks, . , were laid on the table until the ne:zt meetino of the Board. gpon recommendation of „iommittee -o. 1, -the folloAing appointment was authorized: steno!7apher, at a salary of ,;1400 per annum. Upon recommendation of Jommittee ro. 1, permission was granted to trs. . . Jroghan to transfer to the Bureal Of Aisk Insurance. Upon recommendation of the Executive .;ommittee, it on motion, voted to apilrove senate Bill 7„5j89, introduced by 4 1 Lr. / :namberlain, relative to . embership of state banks, with sliht modifications, the 1;ebretary to show the same to tne Jomptroller of the Jurrency, ,./1(1 upon his assenting thereto, the Jovernor to inform the Banking and currency Jommittee of the .Jenate of the Board's position. Telegraphic correspondence between and ?ed- eral ieserve ient ?errin reF;arding the membership of Jalifor- nia State banks in the Federal deserve syBtem was read and noted. 7.1pon recommendation of committee ro. 2 the folloviing State institutions were ordered admitted to the 7ederal deserve system upon 'conditions named by the Jo-Amittee in each case: Discount & DepositTrast Co. rmers 6tate Bank, Vail, Ia. :he ,merican Trust Company, (;ladstone State Savings Bank, k.;ity Bank, Volusia County Bank Newark Trust Company, Rentland, Ind. Vail, Ia. Jaksonville, 21a. Gladstone, Inch. 'Syracuse, rew York. Deland, 21a. Rewark, Ohio. Upon recommendation of Committee ro. 3 the application of Mr. L. L. Orosby for permission to serve at the same time as director of the Arst National Bank of Monroe, Jashington, and as director and officer of the First rational Bank of Everett, ::ashington, was approved. On motion, it was voted that Mr. Hamlin be revested to attend a meeting of the Massachusetts State Bankers Association to be held in Boston On January 9, the cost of the trip to be borne by the Board. On motion at 1.10 the Board adjourned. .6.P2A0V.ED: Secretary.