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At a regular meeting of the Federal Reserve Board held in the office of the Governor, on Friday, Larch 15, at 11:20 A. M., PRESENT: Mr. Harding, presiding, Mr. Miller, Mr. 7:arburg, Er. :illis, Secretary. Mr. Delano,. The minutes of the meeting of the Board held on March 13 were read and, on motion, approved. The minutes of the meeting of the Executive Committee held on March 12 were read and, on motion, approved, and the action therein set forth ratified. The minutes of the meetincs of the Gold Lxport Committee held on March 14 and 1.5 were presented and, on motion, approved, and the action therein set forth ratified. A memorandum of agreement between the Norges Bank of Christiania, Norway and the Federal Reserve Bank of New York offered by 11r. F. I. Kent, ana favorably reported bc,„' the Geld Export Committee, re the establishment of an exchange and deposit agreement similar to that arranged with Argentina, was presented and, on motion, approved as a basis of ne- gotiation. Discount rate sheets submitted by Federal Reserve Banks (no changes requested) were presented and noted. A letter from Federal Reserve Agent Jay re the extension of the par list at Federal Reserve banks, was read and referred to Committee No. 1. A telegram from Governor Strong re arrangements for the forthcoming conference of Governors, was read and noted. Mr. Harding reported a telephone communication from Federal Reserve Agent Jay re the policy planned by Kew York banks as to the payment of interest on deposits, and stated that he had suggested the sending of a clearing house committee to washington for conference. Mr. Harding read telegrams from The Callaway County Bankers Association (Fulton, 21issouri) opposing the disposition of reserve city barks to bid unreasonably for bank balances. Discussion of the interest situation ensued. letter from Counsel, transmitting a letter from Commissioner of Internal Revenue Roper, re the t:1Si absorption of stamp tax on 15-dey notes Federal heserve Banks, was read and discussed, but no action was taken. A memorandum from Counsel, further discussing the question of legislation to increase membership in the Federal Reserve system wita special reference to savings departments in national banks, was read and ordered docketed for March 18 a - while to be distributed to Board members. A draft of a letter addressed to Mr. William Carpenter, President of the Citizens Bunk of Portland, Oregon, re amendment of the Federal Reserve Act to admit small state b:Inks, was read. VI Telegrams from Fede:.al Reserve .A.gent Rams y, re the p.Jrsonuel of the Ll ?as° directorate, were referred to the Dallas Committee with power to act. A memorandum of Chief of Division Jacobson, re methods o:* roperting national bank notes 43 float and accompanying correspondence, s.t3 read and referred to Committee ro. 4 for in4uiry. A letter from H. M. Bachelder, President Merchants National Bank, Salem, Mass., re rates of interest on deposits, was read and referred to Guyer- nor Harding with power to reply as deemed best. A proposed letter and questionnaire for transmission re the establishment of an Oklahoma branch of the Federal Reserve Bank of Kansas City, was read, discussed, and modified, and referred to the Kansas City Committee with poor to transmit and to make a later recommendation to the Board. Reports of Committee No. 1 were presented and approved as follows: Dated March 14, recommending a salary of 3,000 per annum for H. W. Beebe, effective March 18th. It It 14, recommending a salar:i for Lewis Livingstone at 41)220 per month from March 15th to April 1, and at 1,500 per annum thereafter. A report of Committee No. 1., dated March 15, defining the status of Federal Reserve Agents and transmitting an organization chart for Federal Reserve banks, was presented and ordered distributed to members and to be docketed on March 18. A report of Committee No. 2, recommending the admission upon terms fixed by the committee of the following institution: Illinois State Bank, East St. Louis, Ill. 240 shares in the Federal Reserve Bark of Dallas. Reports of Committee Yo. 3 were presented and approved as follows: Dated March 13, recommending the approval of the applications of Messrs., David Armstrong under Keith and the Clayton Act. 4, re bond of acting fiscal agent. The Board confirmed the appointment of Mr. Collins Mason as Assistant Secretary to Mr. Warburg at N,440 per annum effective March 15th. Mt. Delano gave notice that he woilld at the proper time move to amend the by-laws of the Board in the way suggested in the report Of Committee No. 3 as to bond of fiscal agent. A letter from Senator R. L. Owen, re matter_ appearing in the March number of the Federal Reserve Bulletin and a draft of a letter written by the Seeretry of the Board to the Governor, wore read, and • the Secretary's letter modified. A letter from Senator R. L. Owen, re the classification of oil as security for commidity paper, was read and referred to the Governor and Counsel for reply. A letter from L. C. Adelson of the Division of Foreign accordii Ex hange (New York office) was read and tio division authorized to name daily office hours from 8:30 to 5:30 with half holiday on Saturday. A memorandum of Colonel Van Demon, re withdrawals of gold by Germans in ?hiladelphia, was read and referred to the Governor for transmission to the Federal Reserve Bank of ilhi1adel7hia. On motion, at 1:30 P. Li., the Board adjurned. ..,LOPROVED: Secretary ha moan
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