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At a regular meeting of the Federal Reserve Board held in the office of the Governor on Wednesday, July 13, at eleven a.m., Mr. Harding, presiding, 1,1r. Eiller, r. Delano, 6ecretary. Lr. darbarg, The minutes of the meeting of the Board held on July 17 were read and, on motion, approved. Letters from Federal Reserve Agents stating the conditions under which the joint liability provisions of the recent amendment to the Federal Reserve Act are made operative at their banks, were reportpd. ation of Governor Harding it was Upon recommend- voted to send a general letter to Federal Reserve Banks suggesting that a uniform bond of .400,000 for eaph Federal .leserve ,Agent and of 450,000 for each assistant Federal Reserve Agent, be required. The letters stating the conditions under which the joint liability is today enforced were, on motion, referred to ahief Lxaminer Broderick for report, with reference to the technique of the plan actually in effect. Changes in stock at Federal deserve Banks, daly recommended by the Committee on :embership, were, on motion, approved as follows: 41pplications for Surrender of Stock. District No. 5. National Bank of Danville, Danville, Va. District No. 6. First National Bank Philadelphia, District No. 7. State National Bank Fiz-4t National Bank Springfield, Ill. Croswell, :ach. District No. C. First National Bank District No. 11. Merchants, National Bank First National Bank Caddo National Bank Shares 135 135 36 - 36 195 16 213 Leslie, 'Irk. 34 34 Lehigh, Okla. Bennington, Okla. Caddo, Okla. . 'Total 2 18 3 23 441 The question of the establishment of a branch of the Federal Reserve Bank of Kansas City at the City of Omaha, Nebr., was taken up for discussion and, on motion, the following directors were named to represent the Board: • P. L. Hall, of Lincoln,'Nebraska. Mr. A. O. lairnell, of Nebraska City, Nebraska. :aller stated that while, in, view of the very - high recommendations presented to -the Board on behalf. of Lessrs. Hall and Larnell, he would not vote ;:ainst their designation, he nevertheless felt that it would be more in harmony with the spirit of the Federal Reserve ;lot should some representation be accorded to the borrowing and bu.siness public. This was now largely lacking owing to the fact that both the directors designated by the Board, and those designated by the Federal Reserve Bank of Kansas City were all primarily bankers. ,alere a local board included as many as five directors, :iller thou:ht it w:is es- pecially desirable it should contain some representation of the business community. Er. Delano explained that Di- rector :,:oNish, one of the directors named by the Federal aeserve Bank of Kansas City, was a dealer in cattle paper. Li.. Delano on behalf of Governor J. of Kansas City presented the question whether I:Ir. Hughes, who had been named as a director on behalf of the Federal Reserve Bank of Kansas City, and as manager of the local branch at Omaha, might continue as salaried manager of the Omaha Clearing House. After discussion it was agreed to permit :Ir. Hughes to continue in this connection with the understanding, however, that if the Omaha Branch takes over the functions of the clearing house, Mr. Hughes salary shall be paid by the branch bank and then reimbursement obtained from the Clearing House if desired. On motion, it was voted that the Board approve the recoñmendation of the Federal deserve Bank of Kansas City that the State of iyoming be included in the territory assigned to the Omaha Branch, the Governor of the Board to wire Governor :flier accordingly. The question of a branch at Denver, Colorado, was next taken up for discussion. On motion, it was agreed to lay the matter on the table until the meeting of :iedne d y, July 25. Governor Harding presented the question of the appointment of an Assistant Deputy Governor at the Federal deserve Bank of San Francisco, and a telegram from Federal Reserve .Agent Perrin on that subject. On motion, the matter was referred back to the Governor with power to act, and a salary of 4Q00 for the proposed officer, was approved. report of the Committee on Staff fixing_ the salary of rIrs. Lulu Richardson, stenographer in the office of Mr. Delano, at 4320 per annum, effective this date, in place of Charles H. Ball, resigned to enter the 1.1arine Corps, was approved Oirt report of the Jommi tee on ,adit and E;.Laminatior fixing the salary of National Bank Examiner Sherwood 'VOJil— .',2t,c, er at 400 per annum, effective 4,12. ast 1, was, on motion, approved. On motion, at 12.20 p.m. the Board adjoir2led to meet on Thursday, July 19, at eleven APP.WITED: "jccret%ry. Ohairman.
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