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ta gal- meeting of the ederal deserve Board held in the office o, the dove nor on Ionday, October 15, at 3 p.m., Harding re presiding,':r. 4i11ias, arbur3., Lir. r. Imlay, .,:ssistant .2,ecretary. Delano, The minutes of the meeting of the Board held on otober 12 were read and, on motion, approved. letter l'rom 2edera1 Aeserve 4gent l'e.rin sagng that the Bank of Stanwood, Stanwood, ,;ashin-L2;ton. be permitted to clear through the Aderal ioserve sank of Ean Yrancisco upon the deposit of an amount ei'r.1 to 57 of its demand deposits, was read and, on motion, referred to the dovernor for reply. letter from 2ederal eserve .,gent Perrin in- quiring as to whether or not it would be proper for a clearing member bank to advertise by window signs or otherwise the fact that it is a clearing member, together with an opinion thereon by k;o' 4sel, was read, and, on motion, referred to the ovcrnor for reply. r AL letter from L:r. J. J. Puelicher relative to printing and sending out the speeches of 2,ovcrnor Harding and others at the convention of the J-merican Bankers Association at Axtlantic City, was read and, on motion, referred to the Avernor for reply. Upon recommendation of the Committee on Investments, it was, on motion, voted to authorize the Liberty 1;ational Bank of New York City, to accept up to 100: of its capital and surplus. The minutes of the meeting of the Jommittee on J ayton J.,ct.and the Kern A_mendment thereto, held on Gotober were read and, on motion, approved, _r. d to be recorded ao not voting. report by the Caimittee on Staff, dated october 1_, 1917, recommending approval of certain recommendations by the Acting Comptroller of the Currency under date of october 11, relative to salaries of certain national bank examiners, was read, and on motion approved. The, Committee on staff presented a report and recommenlation, dated October 15, regarding a readjustment of the salaries of the staff of the Board, to take effect 16tn. on October -r. ,;arburg moved an amendment that the .4320 class be raised to .,4440 in place of ,,4400 as recommended by the Committee, which was carried, r. 111er moved to amend py reducing the amount proposed to be paid to private secretaries tôBoard me,bers from ,s,2700 to the amount they are now receiving. The amendment was lost. The report of the' Jon ittee as amended was thereupon, on motion, adopted. The :lovernor thereupon read a letter from I.7r. Ltoddard Jess, President of the first rational Bank of Los ,njcles, Jalif., and Vice President of the _gearing 'rouse jection of the .r.merian Bankers ssociation relative to the examination of banks by examiners employed by Clearin,-; House associations, and the same was referred to the Committee on -udit and Examination. 4, letter from Federal Aeserve gent ills rela- tive to certain institutions which would probably make application for membership was read and noted. letter from ‘4 oz3deral deserve yert ,ellborn rela- tive to stens taken to strcngthen their j.tnior officer force was read, and upon motion the appointment of :17.oan as -ssistant _aditor at yL:100 and Jas. 3.arrett as Lanaier of tr-nsit department at .L,000, were approved. letter from ,?ederal Aeserve 2.,:;ent fiellborn f stating that the Board of Directors of the Atlanta bank had voted to recommend the employment of an Assistant 11,anaser for the Branch at Eew Orleans, at a salary of not to eaceed 42500 per annum, was read and on motion the plan was approved. 4'1 letter from Federal Reserve Agent Wellborn regarding a request from the Manager of the New Orleans branch that Federal eserve notes uarned in to him for credit should be placed to his credit with the assistant Treasurer at•New Orleans instead of shipping to .tlanta, was read and on mo- tion referred to the Jommittee on Issue and Redemption. letter from Federal eserve 1,gent Wellborn regard- ing certain changes in the Board of Directors of the Atlanta Bank aria the election of a Secretary to the Board, was read and noted. letter from Federal lieserve ii.gent Wellborn stating that at a regular meeting of their Board of Directors it was voted to submit at their next regular meeting of the Board an amendment to the by-laws changing the title of ;:zovernor to President, and the Deputy aovernor to Vice President, was read and noted. ii. letter from Federal:Reserve Agent Wellborn stating that the Board of Directors of the iitlanta Bank, had voted to adopt the p14n of procedure suggested by r. Broderick on the subject of appointment of overhead expenses between the Federal Reserve Bank of Atlanta and the New Orleans Branch was read and noted. letter from r. Kent of the Federal Reserve Bank of New York, rel:,..tive to the application of the Guaranty Trust Jompany to earmark 42,000,000 for the Javasche Bank was read and referred to the Executive jommittee on Gold Exports. The Governor read a draft of a letter proposed to be sent to all Federal Reserve Lgents, enclosing a statement by the President of the United States relative to state institutions joining the ?ederL1 eserve System, and upon motion the Governor was authorized to send the same. :r. Mier invited the Board's attention to a statement appearing in the New York Times of lionday, October 15th, based upon statements issued by Governor strong. .Ifter discussion the Governor was requested to send a letter to all Federal Aserve Banks cautioning the not to give out any statement for the press affecting the gen- oral policies of the Aderal deserve syste'a, without first sbnUttthg it for the approval of the Adcral Auserve 3m.rd. Mr. Williams asked to be excised at 4.40 p.m. and retired. Warburg read a draft of a proposed letter to C;overnor, Rhoads rel4tive to the ,,,aestion of substantial conpetition within the meaning of the ,.;lyton not, and apon motion it was ordered that the letter be sent oAt officially. Upon " tion, at 4.53 p.m. the 7'ioard -djoarned. 41PPAUVED: Jhairtian.
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