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At a regular meeting of the Pederal Reserve Board held in the office of the Governor on Tuesday, July 17, at eleven a.m., P111.1.41;_rr;•• 1 .4 , 1.Ir. Harding, presiding, 11r. Miller, Willians, Mr. Willis, Secretary. Mr. Delano, The minutes of the meetings of the Board held on July 12 and July 1.5 were read and, on motion, approved. The minutes of the meetings of the Board held on July 12 and July lj were read and, on motion, approved. The minutes of the meetings of the Executive Wmmittee held on July 1.5 and July 16 were read and, on motion, approved and the action therein set forth ratified. Governor Harding as Chairman of the Jammittee on Member and lAate Banks, presented applications for membership of the Northwestern New York Trust Oompany of Watertown, N.Y., and the Marshall & Ilsley Bank of Milwaukee, Wis., with favorable recommendation. On motion the appli- cations were approved and the Secretary directed to notify the two banks and the 7ederal Reserve Bunks accordingly. opinion of J. 2. L:otton taking the view that State member banks of the Federal reserve system are subject to the provisions of the Jlayton Act, Was presented, noted and ordered filed. A letter from Governor Seay further urging special exemptions from military service, was read, noted and ordered passed to file. :Letters relating to joint liability of Federal Reserve Banks and Federal Reserve Agents were presented with recommendation of the Governor that the bond of Federal Reserve Agents be 'fi-ed:in the future at .A00,000 Assistant Aderal Reserve Agents at 500000. and of On motion, the matter was laid on the table until the meeting of - ;ednesday, July 16. : 1.1iller read a telegram from ?ederal Reserve Agent Perrin stating the appointment of Mr. Wm. A. Day as Assistant Deputy Governor of the Federal Reserve Bank of San Francisco, also a draft of reply which he had prepared for the Governor's signature, stating that the Board desires further information . and Mr. Perrin's own personal recomnendation with respect to Mr. Day. The transmission of the proposed telegram was approved. A letter from Federal Reserve Agent Ramsey with reference to the appointment of Lr. Jester as J,ssist-nt .?ederal deserve Jjent at Dallas, and the reply of Harding, were laid before the Board. voted to ratify the appointment of overnor On motion, it was r. Jester, leaving open for the present the question of his bond, pending the taking of general action apon the bond question, Jovernor to inform arUiiig Perrin accordingly. .a letter from L:r. J. H. Tregoe, secretary of the ::ational Credit 1,:en's Association, transmitting certain resolatious adopted by his x,ssociation at its recent Kansas City meeting relative to trade acceptance and the 2ederal eserve System in general, was presented to the Board, noted and passed to file. telegram from Federal Reserve 4q;ent :Jawyer with reference to the organization of the Branch of the Federal deserve Bank of Kansas City at Omaha, was read and, on motion, laid on the table until the meetin,, of Adnesday, July lb. oimilar action was taken with respect to telegrams and letters from ,,yoming banks desirous of being aLssigned to the proposed Omaha Branch. The question of a Branch of the Federal Ileserve Bank of Kansas City at Denver was presented in connection with a letter from Federal Reserve4..igent Sawyer indicatine; the existence of opposition among the Denver banks. suggested the holding of a hearing at Denver with reference to the establishment of a branch at that city. ilfter dis- cussion the matter was laid on the table until the meeting of ';iednesday, July 16.,. governor Harding reported that he had suggested to a representative of the Pittsburgh Clearing House that that organization transmit to the Federal Reserve Bank of Cleveland the same application for a branch that it had previously filed with the Federal Reserve Board. He also reported the result of a conversation with Federal Reserve agent nills on the same subject. The matter was laid on the table until the meeting of .,ednesday, July 16. The 6ecretary of the Board read a letter from :T. I.:areas ,:alker, •Lanager of the New Orleans Branch of the Federal Reserve Bank of ,!ctlanta, calling attention to the fact that exports of gold to Spain were continuing via Havana. The matter was referred to the Governor to be brought to the attention of the Secretary of the Treasury. 'In opinion of counsel with reference to the continuance of directors of State member banks for a certain period of time after Membership had been accepted was referred to the Executive Committee with power to act. An opinion of Counsel with reference to the application of Section 5200, R. 6., with reference to notes collateraled by bonds and endorsed by trust companies, was presented and ordered circulated. A telegram from Terre Haute banks and trust companies urging that interim receipts for Liberty Bonds be made interchangeable, was read and the Secretary directed to reply stating that the main purpose of the revest had already been accomplished. Reports from the jommittee on Staff were ratified as follows: LpprovinL7 the appointment of Mr. J. M. Slattery as Assistant to the Federal Reserve 4igent at Atlanta, at a salary of 3000 per annum, effective July lb. Lpproving the appointment of Mr. W. L. Crenshaw as Lccountant at the ederal Reserve Bank of Richmond, at a sal- ary of •2000 per annum, effective at the date when Mr. Crenshaw begins duty. Lpproving certain salary increases for the Federal Re- serve Bank of New York, recommended in a letter of July 11 (see minutes of Executive Committee of July 16). , lipproving'certain.salary increases at the Fed- eral Reserve Bank of Atlanta, recommended, in 'a letter dated July l' (see minutes of Executive Committee of July 16). Aeports of the Committee on Investments were, on motion, ratified as follows: Approving the application of the Essex County National Bank of Newark, 7T.J., to invest the sum of .100,000 in the stock of the American Toreign Banking Corporation. Approving the applications of the following banks to accept up to 100:37 of their unimpaired capital and surplus: Union National Bank Cleveland, Ohio. Northwestern National Bank Portland, Oregon. First National Bank, Danville, Va. First National Bank Portland, Ore. Upon recommendation of the Comraittee on Trustee Powers, the application of the Lee County Bank of l!arianna, Arkansas, for power to exercise the functions of trustee, executor, administrator and registrar, was, on motion, ap- !!7:- 9 proved. A report of operation of the Federal Reserve Bank of Atlanta reported to the Board by the Jommittee on Operation of the Federal Reserve Bank of /Alanta, and showing a deficit in service charges, was, on motion, referred to the Jommittee on Jlearing. L report submitted on behalf of 1r. ,:arbarg as a special committee, relative to whiskey withdrawals and loss on whiskey, was referred to Governor Harding with power to act. L letter from r. ::. F. H. aoaverneur presenting his resiation as a director of the Federal Reserve Bank of Richmond, was read and, on motion, his resignation was accepted, the /147rovernor of the Board so to inform him. A letter from Assistant Secretary of the Treasury Orosby enclosing a communication from Director Ralph with reference to the printing of Federal reserve notes, and a sagested reply for the signature of the Governor, was, on notion, referred to 1:r. Delano. On motion, applications for stock in Federal reserve banks, duly recommended by the 2ommittee on ilembership, were , approved as follows: applications for Original Stock. Shares. District No. L. Rockville Centre,N.Y. 36 19 Old Forge, N.Y. Nassau County National Bank First National Bank 55 District No. 5. First National Bank Schmelz National Bank New Castle, Va. Newport News, Va. District No. 6. First National Bank Guntersville, District No. 7. First National Bank Flint, Mich. District No. 9. First National Bank First National Bank First National Bank First National Bank 15 240 255 18 16 120 120 Savage, Mont. Buffalo, Minn. Twin Brid,Ns, Mont. dinifred, Mont. 18 8 17 15 56 District No. 10. First National Bank First National Bank Healdton, Okla. Potwin, Kans. 16 14 32 District No. 11. Farmers National Bank Nogales National Bank First National Bank State National Bank First National Bank Lubbock, Tex. Nogales, t*,riz. Hot Springs, N.Idex. Corsicana, Te.x. Tom Bean, Tex.. 15 32 9 60 22 136 Ukiah, Cal. Victorville, Cal. Scappoose, Oregon. Total 36 17 69 69 745 District No. 12. First National Bank First National Bank First National Bank • . iller described certain changes in the proposed by-laws for the Spokane Branch of the Federal Reserve Bank of San Franois o,-which had been brought to his attention by Mr. Perrin, reporting that the proposed changes were satisfactory with the exception of those suggested in article 1 C. paragraph 2, of the by-laws, and in Article 2, Paragraph On motion it was agreed that the governor of the Board telegraph 11r. Perrin informing him of the Board's position regarding the by-laws. , On motion at 12.45 p.m. the Board adjourned to meet on Wednesday, July 1 at eleven a.m. APPAOYLD: Secretary. Jhairman.
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