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566 sit a &peci3l meeting of the Federal deserve Board held in the office of the Board on "aesday, May 29, at eleven asm PAL2=: Mr. iarditi6ri pres1diii, Mr. Mr. 4arbui%3, Mr. Mr. Delano, ,iillis, Secretary. The minutes of the meeting of the •Board , held on Ly 28 .were read and, on motion, approved,. • letter received from Mr. T. P. Martin of Oklawith reference to excihnge charges on 3overn. homa :3ity, ment checks, was read and referred back to lovernor Hardinj for suitable reply. • letter from the 'ecretary.of 'state transmittinz a communication from the iloumanian qovernment, was ordered circulated in the .,7zzecutive 'older. 4i. communication from the Rejistr-tion Board of the District of...;olumbia with reference to the registration o . the Board's staff, was ordered circulated among the'members of the staff. On motion the whole iuestion*of the relation of the 56'7 members of the Board's staff to the military draft system, was referred to the committee on staff. 4'.n opinion of .ounsel with reference to the p'Irchase of acceptnnces by a bank which intends to rediscount them at a later date, was adopted, LAid the letter accordingly sent to the 2ederal deserve Bank of ,tlant, which had made the inuiry. The opinion was aathoriLed for pJblication in the Federal Reserve Bulletin, the papers to be sent to Governor Harding. letter from secretary of tate Lansing, addressed to Secretary of the 7reasury 7.cildoo, making inluiry with reference to the recent sold movements to Japan, was referred to Governor 'Harding for discussion with Lssictant Secretary of the "reasury Jrosby. letter from the 'zkderal rmployees Trnion ence to an increase in pay for the Board's -taf':, 1.-th referas referred to the Ammittee on Staff. The question of facilitating subscriptions to bonds on the part of employees of the Board was referred to the Jommittee on 1:;t:,ff, the same to be made a special order for the next meeting of the Board. The question .of sealing packages of gold certificates In order to facilitate the audit of the Gold Settlement 7und, 5,(iS was ordered referred to the ommitt e on lold Settlement Yand ¶fjth power. V. Grayson is of Jane The resinztion of was accepted. letter from z1tyvith nce to D. Simmons to Cecretary Tci1ares on checks, was presented to the PAL,. d and noted On motion, the p:.,yment of dividend by the eral 'ieserve Bank of ,.,,aeVeland fi.t the rate of 61, per annum from:July 1, 1915, to December 31, 1915, recommendtd by the Committee on Operation of the Federal Reserve. Bank ofi Cleve,land, :ias approved, and the Zecretary directed to send notice accordingly. On motion, it was voted that in the ftre applic tions for power to pay dividends shall first be referred to the Committee on dlt and Examination, and if approved by that Committee, shall then, be referred to the committee in charge of the particular bankby which the payment is pro- . posed, and shall be reported by it to the 76oard either favorably or adversely. discussion it wns informally arced tha letter of instructions be sent at an early dtte to all 2 d- 569 eral reserve b..,nks indicting to them the Board's vieas :is to how they should deal %,ith the depreciation on lovernment bonds now in their possession. JIL4nats in stock of 2ederal reserve banks, duly recommended by the .oirmittee on L:ember nd state Banks, were approved as follows: plications for the surrender of.2)7-0 k. :hares. District Yo. 3. 1;elbyvi1le ITational Bank ?irst rational Bani4 albyville, Del. ?clton, Del. 48 20 GC District To. 4. ?irst l: tional Bank ,:thens, Ohio District ro. 7. _first :TationL.1 11nk lladwin, District :To. 10. Junninsham rational bank german rational Bank ;Tplic;,tions fo Joplin, :*o. Johnson, :Tebr. "otal 160 21 201 orijnal stock. District ITO. 6. Henry rational Bank a. Distri3t r.o. 12. Tirst ITational Bank 1,:chts 1;at1 Bank Tamers ?airfield, ,:.al. Zimberly, Idaho. 9 17 L6 510 4.pp1ications for .:dditional stock. District ro. ?hiladelphia Ninth rational Bank 1. 150 150 4. District ?irst rational Bank -leoples rational Bank . rational Bank ize rational Bank -ational Bank Bunk - leLter OM East Bernstadt, My. 1 11 Lodi, Ohio. Ohio 1 7opedale, 'Aipakoneta, Ohio Black Lick, Pa. Etna, Pa. Mtal the 1....chane National Bank of Leon, Iowa, addressed to Mr. 7amlin, was presented to the Board and noted. Lt this session the formal sessior of the Board vas suspended, and the members meetinc as the Jommittee on Member and state Banks, considered applications for admission to the stem as follows: The International Bank of St. Louis, Mo. The International Trt ompa y of ;Joston, Both applications having been approved by the Division of -udit and E;;.amin-tion, subject to certain conditions, it was, on motion, voted to recomrend the banks to the Loard for ad1scion, subject to the same conditions as set forth in the report rel._tinf; to the two banks. Thereupon the Board resumed its forilal session 571 and received from the ;ommittee on :.7cmber (And State Banks the recommendation for admission of the International Bank of St. 1.ouis, .nd the Internation-1 Trast Company of Boston. On motion, it vas voted that the alplications of both banks for admission to the system be approved, sabject to the conditions set forth in the documents relating thereto. The form of revision of general information re,aired from intending r,t:.te bunk members presented to the Board at its meeting on ::ay 25, ordered circulated and made a special order for this meeting, was presented to the Board and on motion, approved and ordered effective at once. Governor Harding str-ted to the Board that he had been :Avised by the 3hief :lerk of the Treasury Der-rtment that it woald be necess-ry to v..cate the Bord /oom after this date, -nd after discussion of the iaestion of qur.rters it was, on motion, voted to refer the matter to a committee of two, sach Jommittee to consist of the Governor 0.nd the Comptroller of the ;arrency, and that pending decision by this comaittee as to the Board's fat/re arrange-,ents, Bo-rd meetings should be held in the Governor's office. The vestion of slaries at the Federal deserve Bard: of Boston, informally presented to the Board by the 'omittee on Staff at the meeting on Lay 26, and rude a special order for this (1.:.4y, was taken ap and general di cassion given to it. The :.)ommittee on Staff, presented a major- ity report against granting any increase in salary at the Federal deserve Bank of Boston at the present time, while a minority report favoring the fixing of the, salary of 3overnor Aken , 5,000 rind the salary of Federal deserve ';',gent Jartiss at ::j2,000 per annum by Mr. Hamlin.. was presented After discussion, it appearing that the minority report had the support of the Board, it was, on ‘,motion, voted to approve a salary of ,,,,,;o,000 for aovernor ,Aken, provided, however, that such salary be effective as of J.na.ry 1, 1916. Mr. 7.iller and Mr. Delano were recorded in the negative. On motion it was further voted to.approve a salary of 2,000 for Federal eserve ;.L2ent Cartiss, provided, ho:,- ever, that such s.11ary be effective on July 1, 1917. 1,:r. Delano and Mr. illtr were recorded in the nega- tive. Mr. i!am1In stated that the Secretary of the "'reas',try, who was not ,,ble to be present, desired to state that / 57:3 - had he been present, he would IILNe voted in favor of both increases. larbur!7r stf- ted that in accordance with the instructions of the Board he had prepareci a letter desineC to provide for raking effective the machiaery of interban1: rediscounting between ?cderal reserve banks, it bein3 thoue,ht that from•the - end of June onward there might be necessitzT for employing it. !1:e. stated that the rate of discount proposed between - ?ederal .reserve banks was 32 general discussion 4 inensued and it was, on notion, voted to make the rate 3,, stead of 3L;, and to refer the proposed draft of the letter, together withaccompanying documents, to the lixecative Jommittee aith power to act, such documents, however, in the meantime to be cIrcalated among the members of the Board. Six: members of the Board were present at this vote which was unanimously adopted. On motion at l.35 p.m. the Board adjourned to meet on Thursday, !ay 31, at 3.30 p.m. 2t2PAW;LD: Secretary.'s
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