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tj At a regular meetinF of the Feder-1 Reserve Board held in the office of the Covernor or 1.ednesday, February 6, at eleven A. !%, PRESITT: Mr. Harding, presidinr, Pr. War-burr, Mr. Miller, Ur. Lillis, Secretary. Jr Hamlin, The minutes of the meeting of the Board held on February 4 were read and, on motion, ap! roved. The minutes of the meetings of the Gold Exports Committee held on February 5 and 6, were presented and, on motion, approved and the action therein set forth ratified. The minut,:s of the meetior 01 the Capital Issues Committoe held on February 1, were prevented and, on motion, npproved -Ind the action therein vet forth, rntified. It wes informally agreed th t "out-of-pocket expenses" of the Cnpit,-1 Issues Committee and those affiliated -ith or appointed by it, may be paid by the board. Mr. Harding stated the facts as to checks placed for collection with the Altnntn Reserve Lank for the Internal Revenue Purenu, giving the substance of conferences with the Treasury authorities nnd of correspondence with Covernor writter cCord, nnd rending n let4er of instruction to the lntter. The bill "to conserve the gold supply of the United Staten, to permit the ce'tlement in silver of trnde balsnces", etc., submitted to the Board on Janunry 28 by Mr. Albert Straus, made the special order of the day, was presented and Lir. Hamlin read a draft of a letter to Mr. Strauss intended to Five the Board's view on the subject. The matter was laid on the tnbJo until Friday, February 0. A letter from Federni Reserve Agent Ramsey of K-rsns City, re the designation of special examiners, wah presented and, on motion, Messrs. Thompson and Phillips of thnt Lnnk were approved in that cpacity when nnmea by the directors, Covernor Harding to write accordingly. A letter from Federal Reser,te Agent Ramse) of Dallas re the designation of the First flatic.ral Bank of Annrilio, Texas, as agent for non member banks in discounting, was read nnd it was, on motion, voted to nsk for a list of the Stnte banks thus to be represented, before tr.king any action. A letter from Federn1 Reserve Aunt Pe in re- porting on a deficiency of 42,400 in the Fiscal Lgent's Department, vas presented and referred to Mr. Harding. Covernor HardirT presented a letter from Senator R. L. Owen rernrding the establishment of branches of national bmke under cert,lin conditions. It was voted that he reply, ,Tprovinr on behrlf of the Board the Calder Bill, S. 32111, on thnt subject. Reports of Committee No. 1 were presented and approved ns follows: Dated Fe. 1, fixing salaries for the staff ol the Capital Issues Committee. 6, fi of salary of .,440 for P. C. Ramsdell. " R. L. Chnmbers (Dallas) recommending approval of Ass't Federal Reserve Agent Hall Assis''t. in bank examinations at Dallas. 11P 6, accepting resignation of C. A. Russell. Reports of Committee No. 2 were approved ns follows: Dated Feb. 5, recommending acceptance powers of 100 for Merchants Loan t. Trust Co., Chicago. " acceptance potters of -1W4, for litional Bank of New Jersey. 5, the admission of applying State institutions upon terms named by the report in each case, as follows: 12mdesmens State Bank, CklE,hom,, City, Ckla., 1'i„6 shares in the Federal Reserve Bank of Kansas City. Fp,rmers t Merchants Stvto Dank, Shamrock, Texas. ?0 shares in the Federnl Reserve Bank of Dallas. Mr. Hamlin presented n report from the Attorney Cenernl's office regarding an inquiry made by it into the source of certin rumors as to the Federal. Reserve Bank of Philadelphia. A draft of a letter to Governor -Strong regarding the Eoard's policy as to renewal of acceptance creditr in New York, wae road, diccussod and, on motion, approved for transmission. • uovcrnor Harding presented business which was aCt- ed upon as follows: A letter from Federal Reserve Agent Perrin re rediscount of votes of member banks secured by Government bonds, - discussed and reply informally agreed onA letter from Governor Strong re the status of the trust gold funda held by the Treasury for gold settlement account, nnd opinion of Counsel thereon as to a proposed amendment te the Act, - rend, discussed and referred to Committee No. E. A letter from. Federal Reserve Agent Perrin recommending an amendment to. the Federal Reserve Act per- mitting Stntes, cities, counties, etc., to be depositors at Federal Reserve hrnks, - read and referred to th Lxecutive Committee. Correspondence with the Citizens Link 1 Traat Company of Athens, Georgia, regarding the proposed membership of that b,Irk in the Federal Reserve syste-1,rend and a lctter of reply to be signed by the Covernor approved for.trarsmission. A memorandum of Mr. V. r. Imlay re the applion- ti-n of the Cuararty State bank of Hnnsford, Texas, noting in impairment of Cnpit1, - read and referred back to Comittee No. 2, which thereupon reported favorably to admirsion of the b.Irk in question. On motion the bank was accordingly ordered admitted. Mr. '0;arburg rOport(d the substance or a cerver- s-Aion vith rep esel.tatives of the sugar producer.: regirding the financing of their current crop on an acceptance basis, stating his view that the mitter was r problem of Covernment finance. At 12:30 P. M. the Board adjourned to meet or Friday, February 8, at 11:00 A. N. APPROVED: 1111.1.1.1.411/. 1 1111.0* Secretary Chairman
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