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401 At a regular meeting of the 7edera1 Reserve Board held in the office of the Governor at 10.30 a.m. on ;;ednesday, April 16, PRESENT: .,- Ur. Harding, presiding, . aarbarg, Mr. Delano, Th!r. Mr. Mr. dillis, Secretary. The reading of the minutes of the preceding meetin:' was on motion dispensed with. The, minutes of the joint sessior between the Board and the Idvisory Council held on ?ebruary 17, were presented and, on motion, referred to Mr. Delano as a special committee. The resignation . of Mr. 1. M. Gidney as examiner was accepted, effective April 16, and the action of the 7edera1 deserve 16, nt of New York in appointing 1".r. Gidney his assistant at a, salary of !4000. per annum, was approved. A letter from Senator ?age stating his position with reference to the section of the Board's proposed amendments to the ?ederal Reserve i',ct relating to the carrying of balances by State banks with Federal reserve banks, was read, and noted. 4: ltuttr from Governor liken with reference to the status of bonds under the proposed new qovernment loan, was presented and, on motion, ordered circulated. letter from lovErnor Seay of Richmond suc.c.esting a rate of 3; to /1,1 on agricultural paper, in order to stimulate the production of larger crops, was read and there was general expression th....t it would not be iise to assent to Governor Ceay's proposal. It was agreed that the Govern- or write Mr. Seay informally accordingly. A letter from Mr. F. Barton, president of the 1.erchants National Bank of New York, with reference to the methods of issuing 3overnment bonds, was read and noted. ' brief filed by the Portland Cle.ring House pssoelation on behalf of Portland as the location of ,,, branch reserve ban', was presented and ordered passed to file. I. circular letter addressed to the Federal Reserve Banks with reference to the immediate policy of the Board as to the purchase and conversion of 2": bonds, was read and it was agreed th.t if open to no legal objection the letter should be transmitted. It was ordered that a copy of the letter be referred 4 7. to the Committee on Bulletin for use in the next issue. .i, letter from Honorable Carter Glass enclosing a letter from Federal Reserve /gent Perrin with reference to a proposed amendment to the Federal Reserve Act, whereby the carrying of a stock of notes nt branches would be 'Uthorized, not to exceed 15,000,000 at each branch, was read, considered and ordered laid on the table until the next, meeting. A teletram from Federal Reserve ',gent 'oerrin,announcing the action of his board of directors in naming Seattle as the location of the reserve bank branch in the Pacific Northwest, was read and discussed and it was agreed to lay the matter on the table until the next meeting, !;tr. Miller meantime to secure such additional information as possible. The Board then temporarily suspended its session and met as the Committee on Member and state Banks. The application of the American National Bank of rcllister, Oklahoma, for trustee powers having been presented, it was recommended that no action be taken pending the result of the next examination of the bank. the 7,oard r '7)17: to ir iof jr : Ir ' %o t'Ac Sawyer -- 1-(1\rtd. or to meet (2,'n !mtlori %t 11.17 on 7eder,1 -11 L. 11
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