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4"6 At a regal.lr meeting of the Federal leserve Board held in the office of the Board on Friday, April 20, at 11.30 a. 1::r. Harding, presiding, Mr..'arbarg, . Delano, ramlin, Mr. Milloi, !„!r. .:1111s, Fecret ry. The minutes of the meeting of the Board held on April 19 were read and, on motion, approved. telegram from the Spokane Cleating House Association urcring tht the proposed branch of the Pacific rorthwest be located at that place, wai referred to the Committee on Operation of the Federal Reserve Bank of San Francisco. . H mlin reported informAlly on the que tion of sealing packages of certificates in the Gold Settlement Fund, favoring the proposal, ;Ind, on motion, it was voted that the plan be adopted, provided it is satisfactory to the Federal reserve Agents. The matter was referred to the Executive Committee with power to act. Governor Harding reported infona1iy that the 47 retury of the 7reasury had authorized a statement to the press covering the facts us to the pending V200,000,000 certificate loan, due July 1. The Secretary had agreed that the certificates bear 3;1 interest, and had informed Governor 7arding thl.A important matters involving loan questions g,Lnd their relations to the banks, would be brought to the attention of the Board in advance of action. Governor Harding then read the press statement about to be given out by the secretary of the "reasury with reference to the pending issue of short tic certificates. Mr. Delano presented a letter from T'ederal 'ieserve Agent Martin with reference to the proposedentry- of State banks in St. Louis into the ?ederal reserve system. On motion the Assistant Secretary of the Board .as granted leave of absence for such time aswas needed daring the ee17 bg -7inning pril 22, the management of the c.mbina- tion of the 'safe containing gold certificates to be turned over to the Secretary of the Board. Governor Harding read a telegram from Yr. J. Puelicher quoting a resolution adopted by the board of directors of the Marshall and Ilsley Bank, in which they made • application for membership to be effective Alen pending .amendments to the Federal Reserve i,ct relating to membership of State banks are adopted by -.Congress, provided also that no guarantee of deposits plan is adopted. the same telegram it In S also stated that the German ,erican Bank of :.!ilwaukee, Wisconsin, had signified a willingness to join the system on the same terms, .1-1(i there was further 4.uoted an expression of opinion from the Bank Commissioner of Wisconsin favorable to the meMbership of State banks in the system. On motion- it was voted that the Governor should at his discretion write a suitable letter to the Congressionl committee with reference to the sitution thus indicated. On motion it was voted that the 7,omittee of two appointed to attend the meeting of the Executive jounCil of the !merican Bankers' Association at Briarcliff ;.odge, should travel at the expense of the Board.. It was informAlly agreed that a meetirr: of the %aw ',,ommittee be held at three p. m. this day, and.tht at that meeting the Owen Sill relating to the -;.uarantee of bank deposits, be considered. The Secretary rected to notify Counsel to this effect. Was di- f 1,7 4 'r i reported Inform.illy !,s to a plan of holding notes in trutA t branches of 7ederal reserve bz.mis. Do action was taken. r. 7ama1n reported in:7orm-._117 th,A he h_d recrived a letter from ?ederal eser nt lch as to the homestead sitatIon In the !7innesoU District at affectin,7 the .'istribation of'l-bor. It that he transnit saitble lc'tr, on the subject to the proper On motion a pril 2J), at . on ED: thorities. . r. the Tio-„,rd adjourned to rec.
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