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328 4 At a regular meeting of the Federal Reserve Board held in the office of the Board on Thursday, hovember 12th at 11:00 a. m. PRESENT: Mr. Hamlin Warburg Mr. Delano Mr. Harding 1.1r. The Llovernor of the Board presided and hr. H. D. 'Willis acted as secretary to the meeting. On motion it was voted that the Chairman of the - roposed plans for furConnittee on Purchase -roceed with f nishing the offices of the Board as already agreed. On motion the Governor appointed a com!,ittee on Budget and Expenditures consisting of hr. Delano, Ir. Miller and the 3ecretary of the Board. An expenditure of not to exceed .).350 for a new -carpet for the Board room was authorized. The purchase of 12 suitable chairs for the Board room was also authorized. On motion it was voted to ask the Jecretary of the Treasury to inform the Board what amount of cold will, in hie opinion, be needed to be held in the Treasury to redeem Federal reserve notes. The 3ecretary of the Board was instructed to pre• pare a draft of a letter to :7r. W. It. Dawes, in reply to a Q2. Ur. ,I communication from him. On motion it was voted to refer back to Counsel of the Board the question whether 3tate banks may continue to act as reserve depositories after the organization of the Federal reserve system. Mr. Harding presented to the Board a report regarding the Columbus, Ga. Javings Bank. After discussion the report was referred to Counsel for consideration. On motion the Board ordered a minute prepared with reference to Er. Joseph A. Broderick, Chief of the Division of :_llcamination and Audit, to the effect that his salary shall be computed as of 1,;3,600 as Chief of Division, the other of „;2,400 for service as special eziaminer in the field. On motion it was voted that the Vice-Governor be authorized to negotiate with the Interstate Commerce Commission for the transfer of Er. Eorris Jacobson to the service of the Federal Reserve Board for a period of not to exceed six months, as Chief of the Division of Reports and 3tatistics, at a salary of )303 per month. :a-. Delano made an informal report with reference to the situation at the Federal Reserve Bank of Chicago as he found it on a recent visit to that city. A letter from the Federal Reserve Agent at Dallas, lir. E. 0, Tenison, was referred to Secretary of the Board for reply. On motion the Board adjourned at 1:00 p. m. to meet at 3:00 p. m. Secretary. APPROV2D: Chairman.