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At a regular meetin of tne ieederL1 E0S0270 board at neld in tne office of the board on eriday, Decemwer 7, eleven A. M., PRESENT: Mr. Harding, presiding, xr. Liller, Mr. Narburg, Mr. Viili, Secretary. Mr. Delano, : or tne board held on Tne minutes of the meatinp Decemner 5 were read and, on motion, a)9roved. ComThe minutes of the meeting of 'L,e executive motion, apmittee neld un Decernoer 6 were read and, on ed. proved and tne action tnerein set fortn ratifi The minutes of tne meetings of the UomIlittee on inclusive, were preGold Exports, neld on Decemoer 4-6, therein sented and, on motion, Eciproved nnd the action set fortn ratified. The ,Iuestion or considering and approving regue was referred lations for tne colltrol of foreign exchang to tne Zxecutive Committee sitting as tne Committee on Gold Exports, wit power to act. Governor ftarding stated to the board tne facts tne Yederal. eserve as to changes in the directorate of ions in the manbank of Atlanta, and tne general condit agement of tnat Bank. Informal discussion ensued. Ciovernor Hardi/v read a draft or a letter addressed to all rederal heserve Danko witn refere,ce to tie policy of mnking depreciation onarges preliminar:; to tile paylLeni, or dividends. The letter was ap?roved and its transmission authorized. In the same connection uovernor Harding also read certain correslondence ?rscing uetween nimself and tne rederal eserve bank of Dallrs with reference to tne divi- dend at that Bank. The seecial order for tne dF.4, Ina report or Committee No. 2 with reference to member tank reports, was taken up, discussed and tdopted rand, on motion, referred back to the uovernor to consult with the comptroller of the Currency. Uorresponde;Ice between Governor Harding and the reaerai hesei-ve zany of St. Louis witn reference to a stawp tax on dark per, wns read and noted. Correspondence between Deputy uovernor Treman and uovernor Harding 17itn reference to tne demand for large uilis, WES read and noted, tne papers in tne case being returned to trio uovernor. A letter from rederaL reserve Lent Heath wita reference to tile , Luestio!.1 of retaining 2eoria on tae list of reserve citieE, was read and noted. A letter from Federal Reserve Agent Perrin witn reference to tne estaulisnment of deposit (yanks in military camps, was read and it was creed that -me Governor be asked to transmit the sane to the Secretary of tie Treasury, and to say that it national banks were allowed to establish branches under suitable conditions, the point raised Iv ?errin, would be met. Dividend aoplications or various Federal heserve banks were thereupon presented and acted upon as follows: Philadelohia - Letter of Federal Reserve .Agent Austin transmitLing a recommendation of tae directors in favor on declaring a dividend at the rote of u,5 from December 31, 1915, to June 30, 1917, read and the dividend approved, the letter being referred to the Governor for reply. In tne same connection it was voted tnat tne Philadelpnia Bank ue authorize,., to pz- z/ to all officers and clerks receiving a salary of ;;3600 or less, 10; of tne total amount of salary received Dv tnem for the year. Cleveland - A letter from the Federa_ Reserve bank of Cleveland transmitting a reso.ution of the board of directors for the payment of a dividend oy that Bani. from January 1, 1911, to June 30, 1917, read and the dividend approved and the :ecretry directed to send notice accordin4ly. San .1.'rancisoc - A report of the Committee On Operation of the rederal Reserve bank of San FranciEco, read and a dividend at b;',7 from October 1, 1915, to January 1, 1J17; t,piroved, and the Secretary directed to send notice accordingly. Dallas - A letter proposing a Uro dividend for the eederal Reserve bank of Dallas covering the period from :ove:oer 1 1916, to December 31, 1917, was read and, on motion, referred to the Executive Qommittee with power to act. A letter from Lir. S.U. Sargent, Commissioner of bans in the State of Oregon, with reference to memoer1;nip in the Federa.1 Reserve ewstem, ws read and noted. A memorandum from Lr. 0. E. Faulk on o half of 14r. Hamlin with reference to the question of letters of recommendation for employees of tile hoard with respect to naval and military matters, was read and noted. transmit On motion, it was voted that the Board nce to Yr. J. L. to the military authorities with refere letter already lieed, Secretary to Mr. Miller, tne same sent vith reference to V.r. J. E. Bizzell. acted Reports of Committees wore presented and upon a4s follows: Decemper 4tn, A report of Committee No. 1 dated Thomas r: Williams at fixing tne sal:Jry of Examiner 3,60U per annum, read and approved. December 3, A report of Committee No. 1, dated salary for Mr. J. B. with reference to an increase in federal Reserve Tutwiler, general bookkeeper at the VA:6.W per month, Bank of Atlanta, from i150.00 to read and approved. December 6, A report of Committee No. 1. dated Charles 2. with reference to the a -)2ointment of Mr. Horn as examiner in District No. 112,700 per annum, was at a salary of read and approved. the A report of Committee No. 2 recommending 10011 granting of acceptance powers up to of capital and rork, and surplus of the Columbia Trust Company of New and approved. the rational Union Bank of Boston, read A report of Committee No. 9 aporoving a certain form or trade acceptance submitted by Mr. L. E. Pierson, read and noted, the Secretary to make appropriate reply. A report of Committee No. 2 favoring the admission of certain named State institutio:.s to the Feueral Reserve system, upon conditions set forth in ea,;11 case, read and aporoved, and the banks ordered admitted as follows: Chemung Canal Trust Company, Elmira, New xork, for 600 shares in the Federal Reserve Bank of New xork Rahway Trust Company, Rahway, New Jersey, for 75 shares in the Federal Reserve Bank of New xor4 Union State Savings Bank & Trust Co., Rewanee, ili.for 75 snares in the Federal Reserve Bank of Chicago. Dexter Horton Trast & Savings sank, Seattle, Wash., for 300 shares in the .eederal Reserve Bank of San 'Francisco. State Bank of Wilbur, Wilbur, Washington, for 33 shares in the rederal Reserve Bank of San erancisco. ?ittsburk;*h Trast Company, Pittsburgh, Pa., for 1800 shares in the Federal Reserve Bank of Cleveland. Citizens Savings bank, Gilman, Iowa, for 22 shares in the federal Reserve Bank of Chicago. Harris Trust & Savings Bank, Chicago, 111., for 2400 shares - in the rederal Reserve tank of Chicago A letter written by Governor Harding to Honorable Claude Kitcnin with reference to the exemption of 2romissory notes of member banks from stamp taxes, was read and, on motion, approved as expresslig the sense of the Board. A letter addressed to La'. Warburg and stating that the Feueral eserve sank of Philadelphia had author- ized the purchase or the Horner building at not over 00,000, was read and noted. On motion, it was voted that on Saturday, December 8, at 10 A. Y., there DO held a special Board meeting for oy the purpose of considering a memorandum to be submitted Mr. Warburg with reference to certain current problems of the system, and that Mr. Warburg be asked to furnish the members with advance copies of the said memorandum. Upon reco:Imendation of Comnittee Vo. 2 the rate for bt .kers acceptances at the Federal lieserve sank EL!. York, established by that Banl: at 3-4Li), was approved. On motion, at 1:15 P. M., the Board adjourned. APPROTn: Chairman
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