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I-It a regul'ar meeting of the Tederal Aeserve Board held in the office of the Board, on Thursday, March 6, at eleven a.m., PRESENT: Mr. Harding, presiding, Mr. Hamlin, Mr. Warburg, Mr. Miller, 1.1r. Delano, Mr. illis, Secretary. The minutes of the meeting of the Board held on March 7 were read and, on motion, approved. The minutes of the meeting of the Executive Oommittee held on March 7, were read and, on motion, approved and the action therein set forth ratified. Discussion of the report of the Committee on rtaff relative to the establishment of a scale of compensation for , 'ederal reserve agents, made a special order for the day, was taken up. At this point the somptroller of the currency entered the meeting. By informal agreement each member of the Board in succession expressed his views with respect to the proper organization of reserve banks, the st-,tus of the reserve agents, the latter's relation to the Governors of the banks and to the boards of directors, and the relations of the directors and officers of the banks to the Federal Reserve Board. Ma.. Hamlin offered a motion to the effect that the Board establish four groups of reserve bunks, the first to include the New York Bank, the second the Chicago and San Francisco Banks, while the third and fourth groups were to be the same as already outlined in the report of the Committee on Staff except for the transfer of the San Francisco Bank to group 2. He proposed that the minimum salaries of the reserve agents be henceforward ;',A0,000 per annum, the mriximum to be 420,000. Mr. Williams offered an onendment to this motion to the effect that notwithstanding such grouping as provided for in Mr. Hamlin's proposal, the Board should feel free at all times to rearrange the salaries in as many groups as might be desired. Narbarg said that he thought that the real purpose of the motion was to set forth the rate of salaries which should be paid to reserve agents in each group, provided that the ideal man was found under ideal conditions in each place, and that the motion did not intend to prevent the Board from deviating from the lists as thus fixed when conditions required it. Mr.- Williams offered as a substitute for the pending motion the following: That it is the sense of the Board that the salaries of Federal reserve agents should run from 10,000 to ';',20,000 per annum, and should be established in each case between these limits according to varying conditions, and the character of the service rendered by the reserve agent in each individual case, provided that wherever the Board deems proper, an excention from the scale thus established may be made on account of special circumstances. :Jr. Hamlin accepted 2.:r. substitute in lieu of his original motion, and a vote being taken, the substitute was declared carried. The report of the committee on the compensation of Federal reserve agents was ordered passed to file, and the Committee was instructed to report at its convenience upon the actual salaries to be p,Aid Federal reserve agents henceforward under the terms of the resolution just adopted. The question o the selection of a ;lass C director at the Federal leserve Bank of St. Louis to fill the Nr.J.ctIncy there existing, was brought up for discussion and, on motion, it was voted that it is the sense of the meeting that the place should be filled as soon as possible, the appointee to be, if practicable, a representative of the City of Louisville, and that the Committee on Operation of the 0t. Louis Bank should report as soon as pr.cticable. A telegram from 1:elleher relative to the establishment of a branch at Seattle, was referred to the Committee on Operation of the San ?rancisco Bank. letter from ?ederal deserve Agent ellborn recom- mending the appointment of Mr. nard ,lbertson, auditor of the Atlanta Bank, in lieu, of Messrs. Pike and Hemphill as special examiner, was read, and, on motion, approved. The application of the First rational Bank of Council Bluffs, Iowa, for fiduciary poilers, was referred to the Committee on Eember and State Banks. Governor Harding informed the Board that it was the desire of the Secretary of the Treasury that the statement defining the Board's position as to foreign borrowing which had been under consideration for some time past, be issued shortly, and stated that it might be necessary to call a meeting at 4 p.m. this day in order to consider this statement. 6 On motion at 1.10 p.m. the Board adjourned, to meet on Friday, Maroh 9, at 11 a.m. by the Chair. nless sooner called
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