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IA 4 regular meting of the ?ederal eserve Board held in the office of the Board on "Wnesday, January at 11 a. m., PLIESEET: Mr. ,,arburo;, presiding, Mr.riller, Mr. Delano, 7r. 7illis, Secretary. Mr. Hamlin, The minutes of the meeting of the Board on ::onday, January 29, were read and, on motion, approved. A letter from vederal '/eserve Igent Curtiss transmitting correspondence relative to the taxation of trust company stock in Liassachasetts as affecting membership in the Federal reserve system, was read, and, on motion, referred to the Committee on Law with the aid of Counsel. The application of the Citizens National Bank of Monticello, Yentucl:y, for power to reduce its capital stock from 050,000 to .25,000, duly recommended by the of the Currency, was, on motion, (Imptroller pproved. The application of the National Bank of Commerce of Seattle, for power to decrease its capit..1 stock from .1,q,200,000 to ;1,003,030, da1.7 recommended by the Comptroller or the Currency, was approved. letter from Governor ;iold of ninneapolis addressed to 7am1in, :ith refkrence to the parQhase of bonds by mtional i;L,n1:s under 4 ruling of the ;amp- trollcr of the Currency, was, on motion, referred to the committee on Law. letter from Governor ?..,n,fller of Cleveland 4ith reference to the direct transmissio:1 or unfit ?ederal reserve notes to the Treasury at 7ashington, was read and, on motion, referred to the Committee on Issue and Aede4tion. A letter from the 2omptroller of the Jurreney r,akint; recomn-ndation for itIcrenses In sal_Lvies of 1;ational Bank :xa'viners, vms presentc-1, 'Ana, oq tot iou. refPrrel to the Coitt(e or Staff. A letter from the Secretary o the Treasury trans- mitting ,A letter from the'jecretary of state vdith reference to a pfoilo,,(d. urrak;encLt ;,hereby the 3r.nk of aussia would hold sold in trust for ?ederal reserve banks, was referred to the Executive Committee. 'nehdecretary of the Board presented the ,ue:tion of the malagement of the weekly gold settlement with speci.,,1 reference to the settlement of Thursday, February 1, suEzesting that the transfer of the deputy settling agent to the Board's examination staff made it advisable to introduce certain changes of detail into existing methods. On motion the matter was referred back to the - nd with the underCommittee on the Clold. Settlement 7 a standing that the settlement of Thursday, ?ebruary 1, would be managed as nearly as possible on the same plan as in the past. report of the Committee on Staff recommending certain changes in salaries was presented to the Board, And, on motion, aprroved, the following salary changes being thereby ordered! j. J.1. Broderick from •6,000 to ,7,200 per annum; Mr. Morris Jacobson from cr.5,600 to A,200 per annum. Calaries at the new rate were made effective as of -Pebruary 1, 1917. report of the Committee on Staff approving the salary roll of the Federal aeserve Bank of Philadelphia as transmitted in letters under cUte of January 3 and January 25, was, on motion, approved, and the Secretary directed to give notice accordingly. On motion it was voted to submit to the Secre• tary of the Treasury a memorandum relating to the issue of Government bonds, which had been prepared at the request of the Board, such memorandum to .pass through the hands of the Executive Committee and be transmitted as approved by them. . Warburg reported informally as to the hearing given by the Board's Committee on the Clayton to President Fulton of the Commercial National Bank of New Orleans. No action was taken. Mr. Warburg reported the status of the work of the Committee on Investments with reference to the purchase of acceptances at the Federal Reserve Bunk of Chicago. The matter was referred to the Executive Committee with power to send a suitable letter to Governor :I.cDougal of the Chicago Bank.. On motion at 12.05 the Board adjourned. sAPPA0V174): Chairman. Oecretary.
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