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a regalar meeting of the Federal deserve Board held in the office of the Board on ?riday, Demlber 2' at 12.25 pAE31,-:T: r. Delano, Y.r. Harding, presiding, jarbar -,;, ;Jr. Hamlin, illiars, .illis, 3ecretax7. :fr. Iiller, The minutes of the meeting of the Board held. on De ember 26 were read and, on motion, passed over. The minutes of the meetings of the Lxe ,tive committee held on December 27 and 28, were presented and, on motion, passed over. 4fter informal discussion of the (luestion of appointing the Bank of Japan US an agent of the Federal le- serve system, the whole matter was, on motion, referred to the :czcecative Jommittee aith power to act, Ar. to continae his negotiations on the sAbjeot. proposed telegram to all Federal deserve banks regardin3 member bank reports was read and it was agreed that the substance thereof be sent to all Federal deserve banks in the form of a letter. .c., report of Committee ro. 1 re salaries of the 7edera1 .-ieserve Board's staff was read and, on motion, the following balaries were approved, effective January 1, 1916: Present Proposed Lnnlal Lnnual Salary "Salary ;,nnual Increase 04200 .A500 k;300 elson Stuart 2250 2500 250 . . ..,. Jemison 1500 1650 150 J. P. :.:oore 1320 1440 120 '.*1. J. Imlay 2800200 3000 Czeo. L. i.igherton 1600200 1600 James Buchanan, Jr. 1500 1600 300 ;dfred H. i,aning 1500 1500 200 Aolfe E. Brett 1320 1500 150 420 630 180 Edw. )..... 'Snead 2250 2500 250 J. 2. Bizzell 1650 1800 150 Pauline Ecidnden 1500 1800 300 John 1. Van ?ossen 1400 1650 250 :. Jacobson Charles H. Bartz, Jr. On motion the salary of Chief 1:xaminer Broderick was fixed, effective Janaary 1, 1916, as follows: iiroderick, Jhief Division of ,ludit and Examination, J. present salary „;,7200, proposed salary ;C400, annual increase .:;;1200. Governor Harding presented a letter from H. D. .,;estcott of Philadelphia asking an opinion regarding the advisability of certain corporate financing to develop transportation on the Delaware aiver. He further called attention to various other pending re4uests of the se sort. On motion, all of these applications were referred to the ,Laecative '„;ommittee to consult with the secretary of the Treasary and report back to the 3oard a plan of procedure. Governor Harding presented a letter from 2ederal serve Igent ,:ellborn recommending the appointnent of Ur. a. Patterson as issistant 7ederal deserve 4%zent at Orleans; which was noted and referred to the evi tlanta Jon- mittee. On motion, at 1.20 p.n. a recess was taken until 2.30 p.m. .iifter recess at 2.4j p.m. the same members being present, Er. Delano moved that no change be made in the pres- The motion being pat to a vote there ent salary of Jounsel. were recorded: ityes, :r. Delano, Lr. Noes, arburg, r. ii1ler. . Hamlin, :Ir. Harding, :r. lobt, So the motion to change his vote. r. Harding reservin,; the right ard1n3 thereupon proposed that the salary of 0ounse1 be raised in the amount of income and excess profit tax on ,,000. 110 action was taken. moved that the salary of the LsE-ista t Joanse be ,5,000 per annum. iJr..;arburg moved as a substitute that the salary of 4ssistant Counsel be ,6,000,effective January 1, 1916. The substitute being put to a vote,there were recorded: p_yes, :r. Harding, ir. Delano, ,;ar- burg. 1:oes, ;Ir. Hamlin, 7r. So the substitute was adopted. Er. A.111alls moved that the salary of 2ounsel be at the rate of :A0,000 per annum from January 1, 1916, with the understanding - that if the Jomptroller's office should no longer call upon him for service on matters in which the Jomptroller and the Board are jointly interested, the salary of Counsel shall be readjusted. The motion being put to a vote, there were recorded: Lyes, Mr. Hamlin, Williams, :r. :arburg. roes, "he. Mier, Mr. Harding. Not voting, Hr. Delano. So the motion prevailed. Hr. Hamlin asked that his vote on the salary of -,ssistant Counsel be now recorded in the affirmative, and such a minute was ordered entered. "he minutes of the Board meeting, russed over at the opening of the morning meeting, were read and, on motion, approved. The minutes of the Lxecative Glommittee meetings, passed over at the opening of the mornin meeting, were pre- sented and, on motion, approved, and the action therein set forth ratified. A letter from Hr. J. M. .itherow was ordered circulated. 't memorandum of Counsel re the eligibility of 11r. . Walter :iyatt for draft, was read and it was, on motion, voted thnt the proposed letter in behalf of ;yatt be not transmitted. C\ letter from Secretary .S:urtis of the ?ederal deserve Dank of New York regarding a proposed dividend being presented, was 'discussed and'referred to Governor 7arding for investigation. A letter from ?ederal deserve A:,;ent 'Perrin of the Tedera]. deserve Bank of ,:;an ?rancisco proposing a-dividend of 7L (6;; from October 1, 1915, to December 31, 1916), was read and the proposed dividend approved. The Secretary presented acceptance of appointments by Loncare, linscn, Austin, Jay, Harmon, 7o11is, Treadway, Thompson L.nd Saunders. Informal approval was given to the following firms as depositaries for the Llien Property justodian: Kissel, Kinnicutt & Jo., Co., Bonbrir;ht 7ia11garten .c7: 0o., n. Salomon (7,, Co. Aesiz;nations from the Board's staff were ccepted as follows: I,. J. 'Ta:;errian, effective If J. _1. -immerman, December 31, 1917, tt 31, 1917. A memorandum of -:;olnsel re the resignation of Mrs. 0. :)roglvt-n was referred to the qscal The Secretary of the Board was directed to place the usual order for forms to be used for the ne:It report of condition of national ban's. L:r. Delano gave notice that the ":Jommittee of ?ive" of the imerian Bankers ssociation 3a11 upon the Board on January 15 or 16. letter from the state 7treet "rust ompany of Bos- ton reTirdinig the discounting of collateral notes, was read and noted. rrpon rc:crplrendation of ';ommittee re). 1 appoint-elite to the Ftatistical Division were authorized as follows: L. ;ottlieb at a salary of December 29. 1630 per annum, effective ,. L. 6rAith, at a salary of 2,1.600 per annurft, effective at once. 'Ton recolmendation of :cylnlittEe o. 1 a report of that ,;(r.tmittee, dated Decernber 26, 1917, ;Ipproving proposed changes of salary at the 7edera1 yas approved. eserve In this connection Lr. of 3hica,o, i1ler presented a ninority report opposing the proposed increases of salary for :essrs. Treath and rol,f11 of ;hico, but on being pat to a vote, this ninority report was lost. .pon recommentation of Jo-nmittee 1 a report naming directors for the ')etroit Branch of the ?edema Zeserve Bank of Yr-dour:0 was approved, and the following directors accordingly na'neci: l';)A !or the Board Li.. John Ballentine " Chas. I. Hodges Detroit. lf :or the Bank.7..r. Emory a. Olark " Julius TT. Ilaass Detroit •Uponrecommendation of the Executive Jomnittee it was voted to inform the Pompeian Oil company, in reply to a recent letter, that .no hearing.could be alloaed it, but that it might file a brief stating its argument regarding the exportation of old. Upon recommendation of Jommittee iTO. 2 a memorandum relating to loans to drainage contractors, was referred to the Executive Committee. Upon recommendation of Jommittee o. 3, in a report dated December 19, it was, on motion, voted that certain named directors may be reelected for another year under specified conditions. Upon recommenuation of committee No. 2, the following institutions acre ordered admitted to the 7ederal 2,eserve tem upon conditions named by the _ommittee in each case: e\ 2irst state Bank & Trust Jompany, ;;aero, Texas. Princeton Bank ec Trust Company, Princeton, :.- .J. The Brighton Ctate Bank, Brighton, Ia. 2irst Commercial State Bank, Aoyal Oak, Lich. rs- Miscellaneous business as acted upon as fo110.;b: Mr. Charles A. Harrison of Philadelphia was informally elected director of the Federal Reserve Bank of Philadel- phia, 1.1r. iarburg to ascertain his attitude in the matter. • memoranda regarding ohilian and .irgentine exchange were submitted by 'as. .Albert Strauss, to the loting aovernor and referred to the Executive ;omntittee. Mr Delano having presented papers relating to a proposed bonus at the ?ederal .ieserve Bank of rew York, it was, on motion, voted to reaffirm the Board's decision of Dece-Iber 24 regarding such bonuses, and to suv;est salary readjustments where necessur7, in lieu thereof. idetters from Federal eserve A:ent naming an ,sistant Federal deserve zi.,::ent at Atlanta at a salary of .,;4600, and an .i4ssistant at Lew Orleans at a salary of „ZOO, were read and, on motion, referred to the tlanta Committee, papers being placed in Mr. Harding', h%nth-• di letter from .0ederal deserve agent i4td rarding dimerican Tobacco Jompany acceptances was read and noted. di letter from Governor McDougal regard in tae or- ;anization of the proposed Detroit Branch, ,;as referred to the Chicatio Jo-mittee for report, papers being placed 11 in L:r. Harding's hands. L letter from r. eorge H. Paine of Philadelphia was ordered circulated. The question of methods of pleding, endorsing and holding paper at Federal leserve Banks was presented and made a special order for December Zl. letter written by :Jr. J. S. Love, State Bank Jommissinner of Nississippi, regarding banking conditions in that State, was read and noted. 41 statement for issue to the press regarding the relation of the banks of the country to the financing of the war, was read and modified and, on motion, referred to the Lxecative .)o-Amittee with power to take such action as was deemcd best. On motion, the Division of Statistics was authorized to curry an item entitled "Surplus" to follow it;apital paid in. On motion, the Secretary o, the Board was authorized to act as fiscal agent in the absence of the fiscal agent, the following resolution being ordered entered: AESOLVED, that the Secretary of the Board (H. 2arker be named ;.cting 2iscal Lent, and be authorized to sign checks for and in the place of Sherman 411en, AscalLsent. IA IL 1k-j! On motion, at 5.20 p.m. the Board adjourned. ,AFPI UV.LD: Secretary. Jaairman.
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