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a regular meeting of the 2ederal Reserve Board held in the office of the Board on :,:onday, December 31, 1917, at 11.15 a.m., PAE611,NT: Harding, presiding, Mr.aarburg, . Delano, 'Ir. Hamlin, :r. :Ir. :Allis, ;:ecretary. The minutes of the meeting of December 28 were read, and, on motion, approved. The minutes of the meeting of the Executive Jomlittee held on December 29, were presented and, on motion, approved. 41. report of Committee Mo. 3, regarding the pledging and endorsement of paper, made a special order for this day, was read and discussed and, on motion, ordered circulated, being made a special order for ednesday, January 2. The Secretary of the Board presented acceptances of appointments from Messrs. 'Ramsey, lich, Hall, 'Simpson, 71eming, Heath, .14ightner, Jurtiss, Bush, Martin and Llarnell. The appointment of 1ssie,tant 2edera1 Reserve ,Agents was approved as follows: C. R. L:osher, Linneapolis, J. _4'. McIa11en, Jhicago, i!ark A. LAes, chicago. Dividends were, on motion, approved as follows: bt. Louis, 6,; to December 31, 1916. to December 31, 1917. The Lgent ecretary read a letter from Aderal Aeserve ellborn, dated December 26, stating the amount paid to employees as a jhristmas bonus. The Secretary having raised certain questions regarding the annual reports of :;'ederal 2eserve .1-,LI;ents, it was, on motion, voted; 1. That the Secretary send to press the annual re- ports of the Agents as soon as in his opinion they are satisfactory. 2. That the Secretar7 omit from these annual reports all reference by name to volunteers won ;:v(- their services; eliminating it ;thether in the text or in the form of roster. The 2ecretary was directed to answer a letter from the Jlien 2roperty custodian, expressin,7; the Board's infor-nal approval of the Union Trust Co. of pository an ?rancisco as 4 de- the 'Alen Property Justodian. Letters from ;overnor J. L. Liller, notifying the Board of the practice at the Yederal Aeserve Bank of Kansas regarding rebate charges for paper taken up before mAtarity, and the treatment of so-called -float", were read noted. J. letter from lovernor E. a. 2ancher, regarding agreements for the sale and repurchase of certificates of indebtedness as collateral for ?ederal deserve notes, vats read and, on motion, it Was voted that the 2rovernor reply, stating that the Board dissents from the use of such collateral. report of iolniqittee Lo. 1, regarding salaries and promotions at San 'J'rancisco, dated December 26, was read and, on motion, approved. 2, report of jommittee 1To. 1 regarding the salary of E. Buell was read and accordingly the salary fixed at 2750 per annum, effective January 1, 1918. report of Committee ro. 1 regarding the salary of J. J. Nevin as assistant ?ederal deserve ;gent at Cleveland, was read and accordingly Lir. revin's appointment confirmed at :,.:3500 per annum,effective January 2, 1916, or whenever L:r. I:evin assumes his duties. 11r. Harding read a letter from Secretary Curtis of the Aderal Reserve Bank of Few York regarding the desiTitition of the Bank of Japan as foreign agent, and a memorandum from Llr. Hamlin on the same subject. The subject was discussed and C04,4/7_ referred to the Executive :,:ommittee. A letter from James E. Keelyn, of Pasadena, addressed to the President and referred to the Board, regarding currency conditions on the Pacific Coast, was presented and Oh motion, referred to 7r. Liner. :Jr. Harding presented a letter from ?ederal deserve Agent Perrin notifying the Board of the appointment of lim Ambrose as Director of the :ortland Branch, to succeed • L. • Day, and on motion, the change aas approved. Harding reported that he had, as directed, cent out the tentative regulations regarding'i-avings deposits to ?ederal ,Zeserve banks in general. It W4S directed that he compile a full set of replies for presentation to the Board. The Secretary of the Board having asked permission to continue his weekly lectures at the three months of olumbia 7hiversity for the spring term, it was on motion voted that the permission be granted. Mr. Delano stated that the Jommittee of A.ve of the A. B. A. desires to meet the board on the 16th of January, and it was agreed that the qovernor and a.s many members of the 3oard as c.21 find it convenient, meet the :..ommittee at a P. M., on that day. At 12:30 P. 11., the Board Adjourned. APPROVED: Secretary Ghairinan •