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514 eeting of the Federal le erve Board held in the office of the lovernor at 1L.30 p.m., on Eond May 14, PREL3iZT: Mr. arburg, presiding, Mr. Delano, Mr. .;illiams, Mr. Miller, Ia.. Hamlin, • Secretary. The reading of the minates of the pr ceding meetings was dispensed with. Mr. Hamlin presented to the Board an informal report of a meeting of the Jlayton ot Commi tce held on L;at rday, May 12, at which there had been present Ur. E. D. Hulb rt of 2hicago, president of the Merchants -oan Trust company of that city. It was stated that Ilalbert desired to present cert%in f7-cts about the statas of the directors of the Merchants IMan & Trast Jompa y to the Loard, with a view to their probable status s'aoald this company become a member bank, and to learn from the Board the Principles which would be likely to govern in dealing with these directors . nder the Clayton 4ct. The Secretary of the Board read a letter from Judge Advocate General -11.aader relative to the application of the selective draft plan to employees of Federal reserve banks. On motion, it was voted that the Secretary of the Board send a form letter to each Federal reserve bank find Federal reserve agent, enclosing copies of the communic tion of the Judge Advocate General. The Secretary of the Board presented letters from the Federal Reserve Bank of Boston transmitting resolutions of the bord of directors fixing the salary of the Governor of the Bank at ,„;25,000 per annum, effective June 1, and recommending to the Federal deserve Board that the salary of the Federal Reserve .gent be fixed at .312,500 as of the same date. , lommittee on 'Ltaff. The letters were referred to the , The Secretary of the Board read a report of the Com- mittee on Staff recommending the appointment of Lr. 4alter fiyatt as law clerk in the office of Counsel at a salary of 4a500 per annum. On motion, the report was approved. The Secretary of the Board read a report of the ..-fommittee on St' ff approving the employment of Lr. Elmer H. Tucker in the ederal Aeserve Agent's dep.rtment in the Federal ,ieserve Bank of San Francisco, at a salary not to v-N1 _,.... exceed 1;900 per annum. On motion the report was ap- proved. The Secretary of the Board presented a letter from Bank of V. Bell, Cashier of the Federal Reserve tlant, with reference to the attitude of national bank examiners toward the interpretation of Section 5200. The matter was referred to the Committee on Law. A lettcr from Governor Stron of rew York rela- tive to the rate of interest for the future sale of 7. S. certificates of indebtedness and urging a change in the law so as to give wider power to the Secretary in this respect, was read and on motion, referred to the Vice Governor to be taken up by him with the Secretary of the "reasury. The Vice Governor of the Board reported the subst% ce of a conversation he had just had with Honorable Carter Glass regardino; the Hardwick amendment to the bill amending the Federal Reserve tct, now pending, and a substitute therefor proposed by Yr. Glass. after discussion, he was, on motion, authorized to confer with Senator Owen and Aepresentative Platt with regard to securing accept- ance of the substitute. 4 letter from Lr. . S. _Owe of 2incinnati relative to the use of gold in payrolls in that city, was read. On motion, the Vice 3overnor and Mr. Delano were named a special committee to prepare a letter on this subject to Pederal reserve banks, ;nd to communicate as they might deem best, with the Departments of .ar and Navy, or any others that might seem expedient. Letters from Messrs. itherow and Lowrie with respect to agricultural loans at the Tederal deserve Bank of Linneapolls, previously referred to 7:r. rlamlin, were reported by him with suggested outline of letter of response. The matter was referred back to Mr. Hamlin with po4;er to act. On motion, at 1.10 p. m. the Board adjourned to meet on .ednesday, L:ay 16, -t 11 a.m., unless sooner called by the .hair. Lecretary. APPAOVLD: chairman.
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