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At a special meeting of the Federal Reserve Board •
held in the office of the Board at 11:00 a. m. on Friday,
October 30, 1914
Mr. Hamlin


Mr. Delano

Mr. Harding

Mr. Williams

Mr. Miller.

. The Governor of the Board presided and Mr. H. P.
Willis acted as secretary to the meeting.
The minutes of the preceding meeting were read

and approved.

A draft of a telegram to be sent to all Federal
Reserve Agents regarding kinds of money in which reserve
payment shall be made was read and approved.
On motion it was voted that Federal Reserve Agents
be the usual channel of communication of official actions
between the Board and Federal Reserve Banks.
Communications on the question of bonding Federal
Reserve Bank employees were referred to Assistant Secretary
On motion the Governor of the Board and Mr. Harding
were authorized to communicate with Federal Reserve Agent Tenif°


expressing the opinion of the Board that it would not be
wise to have the Deputy Governor act as auditor of a Federal Reserve Bank.
On motion the Governor was authorized to retain
in his employ a personal stenographer at a salary of ,,A400
instead of •)1.L00 as directed by the general plan for the
organization of staff, such change being necessitated by
reason of a prior contract.
Er. Warburg presented to the Board the (laestion
of defining transactions involving the exportation of goods
as a basis for the issue of bank acceptances.
On motion the question was referred to 1:r. Thrburg
to be worked out in detail and recormendations reported back
to the Board.
It was voted that a table be prepared by the Secretary showing the salaries paid in all districts insofar
as al_xoved up to date.
:arburg and 11r. Harding were appointed
On motion Er. a committee to draw up for presentation to the Board a memorandum indicating the basis upon which Federal Reserve Banks
should act in fixing rediscount rates.
On motion it was voted to refer tIle question of form
for computing bank reserves under the Federal Reserve Act to


raing and :Ir. Elliott for report.
On motion it was voted that Counsel be instructed to furnish an opinion with regard to the definition of 'oavings accounts" with a view to sending this
opinion to 2edera1 Reserve Banks and others for their
On motion at 1:00 p. m. the Board adjourned to
meet at 3:00 1. i.



Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102