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At a meeting of the Lxecative ..;orlittee of the ?ederal Reserve Board held in the office of the Board on .-::atarday, December 22, at 11 .,..m., PiiESEET: r. Harding, presiding, r.r. Hamlin, Er. 4arbarg, .. Secretary. Er. Delano, The Secretary of the Board presented official notice of the action of the Philadelphia directors in declaring a dividend to Jane 30, 1917. memorand'am of rJounsel re the application of draft regulations to :essrs. Harrison and .,yatt was read and it was agreed that the lovernor write a letter asking the exemption of the former bat not the latter. 11 telegram from Governor 7ancher suggesting certain additional changes in the proposed draft of by-laws for the c;incinnati Branch, was read and referred to the Governor with 1 power to act. The Secretary was directed to convey informal assent to the National Bank of Commerce's reqaest for permission to accept drafts drawn in Alba. Governor Harding presented bAsiness which was acted ' upon as follows: A letter from Yederal eserve .1,ept Ramsey re the El Paso agency; read and noted. A letter from the AtltJnta Jlearin House Associa- tion, read and referred to the Atlanta .Committee with power. A letter from Secretary ',.:urtie of the 17ederal Reserve Bank of Eew York, re the depreciation and reserve policy of the bank; read, and the Governor authorized to express the urderstandir of the Board as determired at the recent con- fererce with directors. rectification of the recent trade acceptance classification at the :4'edcral deserve Ban1 of New York ( 1 - 15 days and 16 - 90 day) was ordered, mhkini; the pAblished classification 1 - 60 days and 61 - 90 days. report of Ammittee Yo. 1, dated December 22, and oatlining a plan for the payment of bonuses to ?ederal Reserve bank employees; also a minority comnittee report on the same; read and the majority report approved with modifications to the effect that banks may, at their option, pay bonuses not to exceed 15; to employees receiving •J.500 a year each, or less. A memorandum filed by-.!r. Airburg raising the ques- tion of printing ?ederal deserve notes outside the Bureau of Engraving z2nd Printing, and recommending that the printd 'Dig of such notes should be the last thing to be transferre to private hands; read and approved by the Board, the substaLce thereof to , be_transmitted to the secretary of the Treasury. !larding reported informally regarding the general in 'status of banking and bond sale problems, outlining certa remedies he had in mind. 12.15 p.m. the iommittee adjourned. Jnairlan.
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