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42(J At a regular meeting of the Federal Reserve Board held in the office of the Board on Friday, December 4, 1914 at 3:00 p. m. PR3SENT: Mr. Hamlin •Mr. Warburg Mr. Delano :Ir. Harding Mr. Williams Mr. Miller. The Governor of the Board presided and Mr. H. P. Mills acted as searetary to the meeting. The minutes of the preceding meeting were read and approved. On motion it was voted that Federal Reserve Agent Curtiss be advised that action with reference to the fees of directors already taken by the Federal Reserve Board cannot be changed, it being the desire of the Board that such fees shall be uniform throughout all districts. The question whether Federal reserve notes can be accepted by the Treasury Department as deposits to the Credit of the 5,-; redemption fund against nationni bank notes was discussed and on motion was referred to Counsel. After discussion the question of calling a meeting of the Advisory Council was laid on the table until action was 421 taken by the Federal Reserve Bank of St. Louis for the election of its representative. The salaries recommended by the Fedel'al Reserve Banic of St. Louis were taken up and the letter of Federal Reserve Agent 'Martin relative thereto was read to the Board. On motion it was voted that the Governor of the Board write Mr. Martin a letter stating the action of the Board in approving a salary of ,i320,000 per annum for Governor Rolla 'Salle of the Federal Reserve Bank of St. Louis. On motion it was voted that all salaries other than those of the Governor and Counsel of the Federal Reserve Bank of St. Louis be approved by the Board. On motion it was voted that the salary of Counsel McConkey of the Federal Reserve Bank of St. Louis, reported by the bank at ,,6,000 per annum, with the understanding that the said payment is both for legal and such other services as nay be exacted of the Counsel, shall be approved. Mr. Harding wa9 recorded as voting in the negative. On motion it was voted that the salary of Governor Wold of Minneapolis be fixed at .0.5,000. The question of Federal reserve notes and tneir issue was taken up and the Governor of the Board reported that he had asked the Secretary of the Treasury to designate the place in 422 Which the notes are being currently stored as apart of the Treasury of the United States. On motion it was voted to ask the Secretary of the Treasury to place a suitable room or rooms for such storage at the disposal of the Comptroller of the Currency. On notion it was voted that no additional notes be shipped for the present to Federal reserve agents. In answer to an inquiry from Federal Reserve Agent Martin the Board directed that he be informed that the Board had not ruled on the subject but expects that the fiscal year of tne banks to be coterminous with the calendar year, and suggests that the first fiscal year of the banks shall end on December 31, 1915. The Secretary of the Board was ordered to notify all Federal reserve agents of this acticn. Regulations for Federal reserve agents were then taken up and two redrafts by Messrs. Delano and Miller were announced. On motion it was veted to refer this matter to the Governor, Er. Delano, Er. Miller, and the Secretary of the Board for consolidation of the various suggestions. In answer to a letter from W. F. McCaleb, Deputy Federal Reserve Agent at Dallas, it was voted to telegraph requiring that Mr. McCaleb immediately dispose of his bank stock and that both he and other Class "C" directors at Dallas take the oath of 423 pffice without further delay. A letter from Federal Reserve Agent D. C. Wills regarding the endorsement of paper by Federal reserve banks prior to its transfer to Federal reserve agents was referred to Mr. Harding and Counsel of the Board for report. The application of Federal reserve agent Perrin for the issue of notes to him in amounts as needed up to a total not exceeding the amount already shipped to him was approved. Two letters from Federal Reserve Agent Bosworth regarding the technique of issuing Federal reserve notes were referred to the Committee on Federal Reserve notes, Comptroller Williams Chairman, with the recommendation that the Committee establish proper records regarding the issue and retirement of the notes. A letter from Federal Reserve Agent Ingle to Lir. Ra1014 of the Merchants and Mechanics Bank of Baltimore was read to tile Board by the Secretary and ordered filed. Ur. Harding presented to the Board the request of the President of the Cotton Congress for information as to the lavfl*° ing of the Federal Reserve system. On motion it was voted that Harding write a suitable letter in reply. tO A dispatch from Federal Reserve Agent Ingle relative the rate of rediscount was presented to the Board. lir. Warburg Laid before the Board various proposed replies with reference to inquiries in regard to commercial • paper. On motion at 5:45 p. m. the Board adjourned to meet at 3:00 p. in. on flonday, Decenber 7th. , APPROVID: Chairman.
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