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At a regular meeting of the ?ederal Reserve Board held in the office of the Board on dednesday, January 2, at eleven a•ra•, PRL.--;ENT: Harding, presiding, r. aarburg, LI-. Delano, Yr. Miller, Mr. Hamlin, Mr. ailliu, Secretary. The minutes of the meeting of the Board,:Old on December 31 were read and, on motion, approved. The minutes of the meeting of the Executive Committee (gold exports) held on January 2, were presented and, on motion, approved and the action therein set forth ratified. • The report on the pledging and endorsing of paper, !nLde the special order of the day, was passed over by unanimous consent; ..nd was made a special order for ?riday, January 4. The Secretary of the Board gave notice that acceptance of appointments had been received from Messrs. . . B. rewsome, Jas. E. Zunts and Chas. . Harrison .(Philadelphia). 'Letters from Federal Reserve Agent Ramsey re the proposed branch at El Paso were read and, on motion, referred to the Dallas Committee for formal report; the Committee meanwhile to inquire into the possible future status of El Paso as a re-. serve city. :leports of ort1tte T:n. I were read and approved as follows: Salaries atr.illicago; San ?rancl,_ n: " Dallas; Salary of V. . Donald. Dated Dec. 31 31 " Jan. 2 ?? 9 2 Governor Harding presented a letter from Mr. itchell of St. Paul regarding the establishment of priorities in capital issues, and the general question - of an organization to deal with Lie whole subject. Discussion en- to which . sued, and it was agreed that the Mzecutive .:omnittee the matter had already been referred, proceed actively with the study of the whole subject. The L"cretarl7 of the Board reported the receipt of notice fro,: !.TcLallen of the 7ederal :te,serve BanR :',cv.rd of the reelection of Mr. Jae. of B4.2organ :As a rember or 4 1e -ederal J1dvisory Jouncil for a916. Governor 'ILrding sabmitted basiness as follows: By-laws for tile 'Detroit Tic L, L ;_c.,ter from the ':iederL1 )(-) of ',1iu:.() stating the election of Mr. It. B. per annum. Lt t These were referred to the Chicago eommittee. Letters regarding proposed changes in the ' tion of savings accounts. letter from senator '.;adsworth re deposits of public funds in federal lieserve banks; referred to the Executive .2ommittee. Telegrams from L;hicago and ktlanta re balance of earnings held for the :Tovernment; these and any others that might be received on the same subject referred to the 21;xecative Jommittee with power to make paynent to the loverrment and announce the same. Mr. Hamlin having reported that it was held legal for kleral Reserve banks to take a power of attorney from a member bank in lieu of endorsements, the matter was tentatively discussed and, on motion, it as agreed to defer action until ..?rida7, January 4. The annual report, draft of which had been sIbmitted to all nember, was presented and made a special order :or a meeting to be held on L:aturday, January 5, at eleven a.m. recornmendation of Amlittee DD. 2 the :,:er3h_mts National Bank of _iichmond was authori2ed to pur;hase 366 shares 'oreign Banking Jorporation. , in the Lmerican ' letter from H. 3. Harris asking permission to create a br;inch of the dImerican Foreign Banking ,:orporation at Port uu :2rince, was referred to '..:ommitte :o. 2. ' letter from :Ir. :,:ar.3us ,;alker of the ':ew Orleans Brunch of the ?ederal Reserve Bank of Atlanta, rearding the probable lending policy of theederal i.ieserve banks, was read and discussed. On recommendation of Committee ro. 3 the applica- tion of 1r. L. E. C:arlton ander the j1 yton Act, was approvcd. -t 1.10 p - .m. the Board adjourned. ':!eoretarlr."- •
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