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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.