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;it a special meeting of the federal Reserve Board held in the office of the Board on ?riday, January 11, at three p.m., 7).XL Delano, L:r. Harding, presiding, !•:r. .arburg, 1r. Y,r. Hamlin, i1lis, Oecretary. The special business of the meeting, the consileration of salaries at Federal Reserve banks, was taken up for consideration, and after discussion, reports of Jomrittee I were acted upon as follo.;s: Dated January 11, re salary of :a.. J. P LcLallen. J.dopted. Dated January 11, re officers' sal..ries at the federal Aeserve Bank of 1:ew York: In discassin; this report, .illiants moved to amend the report by substituting a salary of „;36,000 for )40,003 for Governor strong, but on being put to a vote the amendment aus defeated. :Aller was recordeo in the affirmative. this noint ,;illiams was e;:cused. On being pat to a vote, a motion to fix Governor Strong's salary at ,,i50,000, as proposed by the Federal lieserve Bank of Eew York, was defeated. On being . t to a vote, a motion to fix Governor Strong's salary at A0,000,as recorenc1ed by the Jourilittee, prevailed. On being pat to a vote, a. motion to fix the salary ',:artis at ,1C:,000, as proposed by the Aderal of Mr. J. :ieserve .Sank of New York, was lost. On bein3 pat to a vote, the salary of LII. J. Jur- tis was continued at .15,000, as recommended by the Jommittee. .4 motion to fix the salary of Ar. L. I. 8,000, a aile York na-ned by the board of directors of the .Lew ank4 was lost. !-Iotion to fix the salary of Sr.7 sailer as na,ned b, the AlL'ttee, was carried. There being no call for a vote on othGr the entire -Jommittee report was declared adopted. Dated January 11, re employees' salaries at the 2ederal 1.eserve Lark of .1:ew York. . ..1opted. Dated January 11, r(.- officers' salaries at tale kd- eral A;serve Bank of jlevcland: 4., motion to fix the salary of Governor 2ancher at ..„;::,5,000, as proposed by the board of directors, was lost. motion to fix Governor ;sLincher's salary at the present iare of „;20,000 was lost. s. motion to fix aovernor ',?ancher's salary at ,;;22,000, was the figure named by theJommittee was carried. recorded in the negative. L motion to fix the salary of Aderal deserve Lgent '16,000, was lost. .11s at motion to fix the salary of Federal iieserve 1.gent at 415,000, as named by the Committee, was carried. 7x. „sailer was recorded in the negative. On motion, the remainder of the jleveland report was . adopted. Dated January 11, 1916, re salaries at the Federal 'le- serve Bank of Philadelphia. Ldopted. Dated January 1, 1916, re salaries at the Federal iteserve Bank of aichmord. Dated January 1, 1916, re a proposed redaction in the service charge at jhicago from 1:::7 cents to 1 cent per item. .d opted. dovernor Harding raised the question of providing for new kl,aarters needed by the Statistical Division, and the qaestion of exrense involved in passing upon priorities regarding capital issues. this point assistant jecretary of the "reasury :owe infoinally conferred with the Board .As to the exchange agreement with ,/.,-ientina, as Well as v.i•th reard to the shipment of ;old to :.:exico. r. Delano reported that the application of the a st,inghouLe Jomouny for the 3oard's ()Anion re,;arding its financing snowed that the OonIrc.ny wished to issue .,15,000,000 in new notes to take up an e,lual sum of old notes now ottstanding. The company was en-7tf:ed to the e.li.tent of 60, of capacity on war xork. On motion, it'gas voted that on the assumption the facts regarding the financing are as state', the Loard will interpose no objection to the proposed financing. On motion, it was voted that the C,overnor and Vice lovernor draw a form oC reply for axe in thi:, -rid si .il-r cases. 5 p.m. the Board adjourned. 2iPP2072-1;: earetary.
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