Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, January 14, 1918, Volume 5, Part 1

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rezalar meetin,7,7 of the Federal deserve Board neld
In the office of the Board on T:onduy, January 14,

jardin‘;.,
Delano,

The minute

Y.
jillis,

ecretar7.

of the rtt,etin,f, of the Loard held on Jan-

uary 11 (riornin::), J4naary 11 (afternoon, and January 12,
(rorning, were read and, on 7otion, approved.
The minutes of the meetings of the Execative 2ommittee
held on January 12 and January 14 (old exports) were rrecerted
and, on -Action, approved unu the action the:ein vet forth ratified.
Iovernor Harding rrecented business as fol1o4L:
Informal report rez2ard1nz," space for the Statistical
Division, which was referred back to him for action.
J!. letter from Tederal deserve :2;ent Jay proposing a plan
for the wider distribution of certificates of indebtedness,
,.aich was read and the lovernor reLiuested to write approving
the plan and recommending it to 7ederal deserve banks.
memorandum of )oallsel ak3 to the rresentation of a
suitable uniform bill in the several state legislatures providing for nembbrsaip in the Federal deserve system, was read







and Cninscl authorized to proceed along the lircs outlined.
Correspondence rerding the menbers,lip of California State bal;:s in the 1,1edera1 deserve syste-., was presented and referred to :r. tiller for further correspondence with ?ederal deserve 4 ,3ent Perrin, he to be informed
that the Board hesitates to take any step ivolving even
apparent interference v1ith the policy of a _tat .
jovernor Hardin

reported the results of t, confer-

ence with the secretary of the 7reasary regarding applications for priority in cit%1 issues.

de stateu that the

Secretary had e:Tressed the opinion that the ma ter !lad
better be hilndled by a Committee of the Board.
On motion, it was voted that the matter be entrusted
to a Co'lmittee to be kno‘m as the Priorities Jommittee, which
should have fall power to organize the system of passing on
' and to at definitely thereon.
application,
Hardin:; announced that he 4oald name as members
of the Priorities ;ommittee -iessrs. ..;arbarg, Chairman, da,nlin and Delano.
On motion, it .:;'as voted that in vim of

mew

duties thus assi:i;nei to members of the Priorities Committee there be created a new committee on

old

xports to

to

consist of ::_essrs. Harding, Hamlin and '1111cr, witn any other
members wno may care to attend, and that this committee supersede the i;xecative Committee siting as t. :told L.:Tort Am!-Attee.
4,1 telegram from ?ederal deserve .t.s'ent Perrin regarding
clearing house examinations at Seattle was read and, on motion,
referred to

for consultation with Ooansel, and re-

port.
The 6ecretary gave notice of receipt of acceptance of
appointent from 1,:r. C.

Hoge of -ouisville.

,,x,nt Hardy re the aplettr from 7ederal Reserve .0_,
pointment of

A. H. Broaddus was referred to Committee :0.1.

Upon recommendation of Committee

ro.

2, the following

named institutions were admitted upon conditions named in the
report of the Committee in each case:
The Dime Deposit Bank, ',;ilkes-Barre,
-Aod
Huston Bank, jarshall, :o.
,shington.
Yakima Valley Bank, Forth Yakima,.
,'Imerican .i.xchange Bank. Virginia,
Bank of ?armington, ?arm:ington, ;;ash.




On motion, at 11.45 a.m. the 3oard adjourned.

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