Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, July 13, 1915, Volume 2, Part 1

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574




At a regular meeting of the Federal Reserve
Board held in the office of the Board at 1.00 p. in. on
Tuesday, July 13,
•

PRESENT:

Mr. Hamlin, presiding,

Er. Williams

Mr. Delano

Er. Harding

Mr. Willis, Secretary.
The reading of the minutes of the preceding
meetings was dispensed with.
On motion a memorandum submitted by Chief of
Division Broderick with reference to the examination of
the Fidelity Trust Company of Kansas City, was approved,
and the Secretary directed to send a letter accordingly
to Federal Reserve Agent Miller.
An application from Federal Reserve Agent
Perrin for Federal reserve notes totaling 06,400,000,
said application being made by telegraph, was approved
without the formality of filing the usual standard application, the Secretary being instructed to see that
the notes were shipped insured.
Reports filed by Chief of Division Broderick
between
respecting the question of exchange relationships
and
the Yederal Reserve Banks of Dallas and Kansas City,

573

with reference to the transfer of accounts and balances
of the 121 Oklahoma banks shifted from the Federal Reserve Bank of Dallas to that of Kansas City, were received and referred to Mr. Harding to be by him placed
in the hands of the Executive Committee, for examination
and report.
A letter from Federal Reserve Agent Curtiss
informing the Board that the Federal Reserve Bank of
Boston was prepared to discount for other Federal reserve banks at the published rate up to 41,000,000,
was laid before the Board and noted.

The Secretary

was instructed to say that no applications for such
rediscounts are now in hand, but as soon as any are
filed, due attention will be given to the resclution
of the Federal Reserve Bank of Boston.
The application of the Federal Reserve Bank
of Cleveland for permission to purchase $175,000 of
six months municipal warrants of the City of Lexington,
Ky., was, on motion, approved, and the Secretary directed
to inform the Federal Reserve Bank of Cleveland to that
effect.
Recommendations of prospective appointees to
the directorate of the Branch Bank at New Orleans, were




576




laid before the Board, and, on motion, referred to Mr.
Harding.
The Secretary of the Board read a letter from
Federal Reserve Agent Ingle calling attention to the
action of the board of directors of the Federal Reserve
Bank of Richmond regarding proposed meetings of the
Governors at the several reserve bank cities, and particularly at San Francisco.
A brief submitted by 11r. H. R. Fowler, relative to the use of Federal reserve notes in the purchase
of munitions of war, was referred to the Executive Committee of the Board.

The Secretary of the Board was

directed to write a letter to Governor Strong of New
York transmitting a copy of the brief, and saying that
the Board would appreciate such comment as he might
desire to make.
On motion at 1.20 p. in. the Board adjourned
to meet at 11.00 a. in. on Wednesday, July 14.

/
1 14'
e-fLAtirlil:14/:
Secretary.
APPROVED:

Chairman.