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At a regular meeting of the Federal Reserve Board held in the office of the Board on Monday, July 2, at eleven A.M. PRPAEUT: Harding, presiding, Mr. ,larbur, Mr. Miller, Mr. WilliE, Jecretarw. Mr. Delano, The minutes of the meetings of the Board held on Juno 28 were read and, DA motion, approved. The minutes of the meetings of the Executive Colamittee held on June 23, June 29 at 3 P.M., June 29, at 4:45 1.1,1. and June 30, were read and, on motion, approved and the action therein set forth ratified.. The 3ecretary of the Board presented business as follows: A letter from Mr. A.amidin D. Locke addressed to Ur. Hamlin with reference to the polic;1 of making dogesits of the Government preferred claims. The contents were no'c.ed and the letter referred back to Mr. Hamlin with the requo6t that he continue the correspondence with Lockc. A letter from _;:r. d. J. 4ray of Detroit, relative to membership of State banks in the Federal reserve system. The contents were noted and the letter referred back to the Governor. letter from the Cleveland-Akron Bag Company relative to Indian exchange conditions. The letter was refer- red to the Executive Comnittee for such disposition as it might think proper. A letter from Federal deserve Agent Perrin with reference to the joint liability of Federal reserve agents and Federal reserve banks; read and, on motion, referred to the Executive Almmittee. An inviry received from the lip.o.s National Bank on behalf of the Lercantile National Bank of San Francisco, with reference to the method of figuring reserves under the :mendments to the Federal ieserve Act; read and, on motion, referred to the Governor. A telegram from the Federal ,leserve Bank of Atlanta announcing the payment of its dividend as authorized; read and noted. The Governor of the Board presented business as fol- A letter from Federal Reserve Agent Wills informing the Board of the admission of the Guardian -rast and Savings Bank of Cleveland. :ent Aamsey with 2. letter from Fedeml deserve Y(, reference to the status of the JAtascos- Jounty 2tate Bank. The letter was referred to the .3ommittee on lam- ber and 'tate Banks. letter from Federal ileserve 1:gent damsey with reference to the appointment of an assistant Federal reserve agent, recommending the appointment of I.!r. J. J. Jail at'4/142500 per annum, subject to certain conditions as to the giving of bond, set forth in the letter. On motion, Li-. Hall's appointment was approved, and the question of bond was referred to Counsel through the Governor. .letter from Governor .old with reference to the clearing situption in the lanneapolis District. This letter was referred to the Committee on Clearing. 41 letter from the secretary of the Kentacky Banker' 1%ssoc1ation asking Governor Harding to address that _ssociation at the convention to be held on October 3 and 4. On motion, it was voted that 1:1r. Harding make the journey, if he thinks best, at the expense of the Board. A letter from Federal Reserve -;ent Jellborn with reference to a desired power to issae Federal reserve notes without regard to serial numbers, and a reply informing him that such authority had already been granted by the Board. 11 letter from ?Aovernor -ikon enclosing a letter from H. P. Sprague calling attention to his work on be- ll:12.f of the Liberty Loan, and the fact that postal savings had recently been withdrawn from him in recognition thereof. The letter was referred to the 41overnor to bring to the attention of the ;ecretary of the Treasury. The Secretary of the Board read the minutes of a meeting of the Jommittee on Jlayton _et held on June 26. On motion, the minutes were approved and the action therein set forth was ratified. . ,,arburg, on behalf of the ,Jommittee on Investments, reported in favor of granting to the _meric)an rational Bank of aichmond, Virginia, power to accept up to 10C of its capital and surplus. On motion, the recommendation was approved. ,iarburg, on behalf of the Jommittee on Investments, reported with reference to a letter of the Irving National Bank recommending that the following countries be added to the list of those in which idrafts may be drawn' on national banks, for the purpose of furnishing dollar exchange: U. S. of L'olambia Uruguay F.cuador 7rinidad On motion, it as voted that these countries be added to the list. The Oecretary of the Board brought to the attention of the Board the question of a change in quarters of the staff. Governor Harding stated that some devel- opment in the matter was expected during the current week. On motion, at 11.50 a.m. the Board adjourned to meet on Tuesday, July 3, at 11 a.m. APP2OVLD: scAP-7%. Oecretary. 0hairman.
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