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At a regular meeting of the 17ederal Reserve Board held in the office of the Board at 11 A. M. on Thursday, January 4, PAESEIT: Yr. Harding, presiding, Yr. Hamlin, Mr. Narburg, Mr. Miller, Mr. Delano, Mr. Willis, Secretary. The minutes of the meeting of the Board on “ednesday, January 3, were read and approved as corrected. Governor Harding read a letter from the ?ederal Reserve Bank of rew York relative to the question of salaries at that bank for the coming year. The matter was re- ferred to the Committee on Staff. Governor Harding presented for the information of the Board a letter from Governor Aiken of the Federal !leserve Bank of Boston, with reference to the recent foreign agency statement of the Board. The letter was noted and ordered passed to file. The Secretary of the Board read a letter from T. J. Hammer addressed to the President of the United States, with reference to the designation of the Bunk of England as a foreign agent of the reserve system. The letter was re- ferred to the Governor with power to /lot. r- Governor Harding presented to the Board - letter vritten to Federal Reserve Agent Jay with reference to the designation of other foreign agencies. The letter was or- dered placed in the Executive Folder for circulation. The Committee on Member and State Banks having reported fcvorably on the application of the Peoples Savings and Trust Company of Jlinton, Iowa, for admission to the system, the application of this bank was, on motion, upproved. A letter written to the Merchants-Laclede National Bank of St. Louis with reference to the attendance of nondirectors at meetings of the boards of member banks, was read and noted. On motion the recommendation of the Federal Reserve Bank of St. Louis for an increase in the existing rate on trade acceptances not over 90 days in maturity, to 3, was approved. The minutes df a meeting of the ,:ommittee on the Clayton Act held at 10:30 A. M. on Thursday, January 4, were read and the action therein taken ratified. A report of the Ammittee on Staff relative to the designation of Mr. Jas. S. Lean as stenographer in the Sac- retary's office, was, on motion, approved. The Governor of the Board read a letter from iugust Belmont 1: Company relative to the 4lestion of a foreign agency of the reserve system in Cologne, Germany. The matter was referred to the Governor for reply. The luestion of the proposed amendment to Section 19 of the Act (the reserve section) being brought up, Mr. burg recommended that the reluirement of 7:,; balance in the Federal reserve ban*. and 57 In vault, as pplied to country banks, should be so altered as to permit an optional balance of 1;71 to be carried either in vault or 'ith the reerve - bank. The matter was 'discussed, but no definite action tken. Ur. Harding submitted the draft of a letter to Federal reserve agents transmitting copies of the Board's amendments to the Federal eserve Act. The letter was discussed and referred back to the Executive Committee with power to :transmit in such form as mi7ht be agreed upon. On motion at 1. P. M. the Board adjourned to meet on ?riday, January 5, at 11 A. M. Lecretry.