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3▪ L1VC 1 .9 - tary. ▪ rbarz. f the Boare, held, on 01' The rlinut r tiru, were re " ved., o -ver1ior iC11 was cted as. follo'::s! e iv - „ new quarters, le O. • r • lett 1.ii;...4.13.t 1as5 -.lc letter 6, 711e. '1 1, _ 1dertal.::i11L; to the .;'eclerz'a ,:er of -the . s on to ;.*rih to tne 2radcisco tIL:t T-1:..1.1k ntion of ilLtiollai t the re lx.) rts of ex 10.; t(d in tie territory Oh co:Idit ion hL.. the co')i.e l inei frn she,_z manaer in confidence for the ase of himself and his credit staff only. The question of the forthcoming meeting of the Advisory Council, saggesting that there :maid be difficulty in making ap a preliminary programme in view of the rapid change in conditions now in progress. It was agreed that the Governor write the President of the ,dvisory Council to this effect, sasse tins a meeting for general diccussion,> governed by circamstances as they may develop. The vestion of the annual renewal of uernits under the Clayton Ixt, raised by an imluiry received from the First National Bank of Gainesville, Florida; referred to Counsel for report. Changes in capital stock at 'cdoral reserve banks were, on recommendation of the Committee on Membership, approved as follows: applications for original stock. District No. 12. rational Bank of iAlensbarg, ash. Upon recommendation of the Committee on Shares 3 ember- ship, the 2x, hange Savings bank of Mt. Pleasant, Iowa, . was, on motion, admitted to membership in the 1?eLieral re- ervesysterl, .11;01: cohditions nanleC, by the ,:cynittee in its report, and the Secret.ry dire3ted to send the asaal -Avice .arburL; read a memorandum ith reference to the trade :,,ce,12tances, ;,nd after discussion IHarchL:.e. of it was agreed that a copy of the memorandum be sent to 3overnor rancher, wio had broaat L!EJ matter to the attention of the Board, for such comment as he might have to offer, the lovernor to trans:dt he menornndan, as the personal re3()Tenction of :r. r.,,aruarL: read a 7e;',or-,,ndam aith reference to the r( ,7al_tinn of z'Aerican L eiL:n countries. 11.Z8 or‘,- ,112.ed to do basiness in for- The '!.eror ad on 'lotion, adopted, a.s discussed and modified z'oject to sh fart:.,cr ch,11T:o in ihraseoloy as the .;over„2r -1,J1 t:iinh best. acr a:;rLed that the re2resent. ;ives of t;:o It .;Lo fartrade .10 e.:pect to visit “ushir_;ton in the near 'atare, be advised of the contents of the men,,orandam at a confcrenJe to be acid v,ith The Secretary of the Board read a memorandum of Jhief :,-aAner Broderick :iith reference to the examination of state member ban";-s. nn motion, the plan of the 'ftemorandam Was %(1.- .4" .3 ;;.1(3 opted in general, with the understanding that the Boz-ird's policy would be to re4uire a minimum of one e...amination per annum in the case of each bank, power being reserved to call for more if necessary. 1,overnor Harding presented a letter addressed to the Depr,rt.nent of State with reference to the recomnendation recently made by the Swedish chamber of •Commerce re,. exchange in Sweden. gardinr, It as agreed that the letter be revised and re-submitted at the ne.::t neetine; of the Board. The -ssistant ,Jounsel of the Board presented a letter from 7ederal Reserve 4 s3ent rerrin with reference to the liability for checks drawn on failed Seattle banks, in which it was stated that the ?ederal aeL,erve Bank of Chicago had been asked to submit the controversy to the Board for arbitration, but had declined, legal proceedings being further suggested as the only remaining course. It was agreed that the ,,lovernor write the Chicago Bank asking their reasons for their declination to arbitrate the controversy with the San ?rancisco Bank reg%rdinj these cl:lec]-:s. letter from ::essrs. Bernhard, Scholle Convany relative to the proposed fo of stamp across the face of domestic bankers' acceltances, was read and discussed, but no final action taken. On motion, at 1:.40 p.m. the Board adjourned to 7 et on Th—cz-0 y,uust 30, at eleven a.m. 44/ 11.,'Silte 7 Secretarw. airman. Zee.
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