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; a regular meeting of the Federal Reserve Board held in the office of the Governor on Tuesday, July 24, at 11 a. m., PRLSEITT: Mr. aarding, presiding, Mr. Delano, Er. 'a'rburg, Mir. Williams, Mr. Miller, Mr. Secretary. Mr. Hamlin, The minutes of the meeting of the Board held on July 19 were read and on motion approved. The minutes of the meetings of the Executive Committee held on July 19th and 20th were read and on motion approved and the action set forth therein ratified. • The attention of the Board was called to the fact that as yet it had taken no action for the appointment of deputy chairmen at the several Federal reserve banks under the provisions of the amended Federal Reserve 4',ct. on motion it was voted that the Chairman of each Committee on Operation of Reserve Banks should on Wednesday, July 25, present nominations for designation as deputy chairmen. In this connection, a letter from Federal Re- serve ;:gent Reath, of Chicago, with reference to the designation of ,. F. ::cLallen as deputy chairman was referred to the -Committee on the Operationof the Federal Reserve Bank of Jhicwp. A letter from Federal Reserve•ent Perrin with reference to the by-laws proposed for the Spokane Branch Bank was read and noted. A letter from Federal Reserve Agent Perrin with reference to the designation of Cliarles A. McLean as examiner to act in connection with applications of state banks for stockin the Federal Reserve Bank of San Francisco was read and the designation approved. letter from Federal Reserve Agent Perrin with reference to the question of making the reports of the Comptroller of the Currency regarding the condition of member banks available for the use of the Spokane Board of Directors was read and on motion it was voted that the Governor consider the matter with the Comptroller of the Currency and notify Mr. Perrin of the plan arrived at for making such information 'available. A letter from Federal Reserve Agent Perrin with reference to the plans for the establishment of a branch at • Portland, Oregon, was read and on motion- it was voted that the matter be referred to Mr. Miller with the suggestion that he indicate to Mr. Perrin the Board's general approval of the plans as outlined. The question of establishtng a branch of the Federal Reserve Bank of Kansas Oity at Denver was informally discussed but no action was taken. letter front Federal Reserve Agent reference to the establishment the propose with branch at Cincinnati was presented and upon rotion ordered ci lated. A letter from ?ede 1 Reserve ent Martin wi reference to the choice of a director for the Federal Reserve Bank of St. Louis, and the designation of directors -7osed branch at Louisville, was read and on motion referred to the Executive ;orrunittee, the matter to be brought before the Board at its meeting on Thursday, Jilly 26. _ Federal iL reference to the Liberty Loan organ gen with ion in the Minn- eapolis District, was presented and on motion referred to Governor HardilyGovernor Harding stated br certain features of t:r!,_ tions between the T fly to the Board situation regarding relatry Department and the deral ae- ---leserve 4stem and outlined a letter recently transmitted bY himself to the Secretary of the Treasury on behalf of the Board with reference to the method Of floating the next issue of Liberty Bonds. Governor Harding read to the Board correspondence _ recently passing between himself and certain governors of Federal Reserve Banks with regard to check collection, calling the attention of the Board particularly to letters from Governors Rhoads and ',Zold. He further read 4 draft of a , proposed letter to be transmitted to Governors and Federal Reserve Agents with reference to the ne:A steps to be taken in the development of the .collection system. iifter discus- sion, the matter was laid on, the table, but was made a special order for the .meeting of Ilednesday, July 25, the , proposed letter in the meantime to be circulated. A communication from Federal Reserve 4nt Rich with reference to the crop situation in the Minneapolis District was presented, and on motion ordered circulated. L letter from Federal Reserve Lent .Perrin inclosing a copy of a communication sent by him to the Ogden Laearing House Association was read and on motion ordered circulated. 4 letter from Federal Reserve Lent Heath inclosing a letter from Mr. C;olumbus., W s onsin, was read, and on motion ordered circulated. letter from Federal ieserve ,,.;e.nt Perrin with • reference to carrying the loss or depredation on United '6tates securities on the books of the Federal Reserve Bank of San Francisco, was read, and on motion the Secretary was directed to inform 7.1r. Perrin that the proposed plan has the approval of the Board. letter from Federal Ile erve reference to places of paymen t gills with cceptances, and opin- ion of counsel with reference to the sare, were presented and on motion ordered circulated. The general situation with reference to the use of the trade acceptance was disand on motion the question of preparing a st- - ment r lating to the subjcot was referred to the 1ecutive Jommittee to report back to the Board. memora .dum prepared by the Board's 2iscal Lgent with reference to the cost of the Board private tele- phone lines was read, and on motion referred to Mr. da burs. Governor Harding read to the Board a draft of a letter addressed to .1.1 Federal deserve Banks with refer- S ence to the zlsti crs ):er the ,-cferred to . terr...s "7.1. i. iv1' lid, as speci2.,1 1 rerorted 1t5dr of .ay be re()ni...cd in old -ether oral leserve _ oii motio:. oz,-..rd, it s si. ' rand tr:..n.sions, was read and on motion reCerred to Jo je l for 01)1111021. ithdrew from the this point lovernor :neetin_ %lid the V1 s -ev rnor tool: the of ,ted by lovernor J. ICansas Jity reft; t. to the comiltion of bAsinel that banU .vas procntei The ..,ecrotary of tao 2o„,rd at d to file. cntc tne weekly dis- coant sheet of the ?ederz_il deserve .T3ank of ..th,nta for the week endia, Jdy 6, no new rates beinwf; recomended. The sheet was noted and order( d filed. The ,aecretary of the hoard presented the senerz.il monthly rerort of basineLs conditions from the PhiladelLhia District. It was informlly are t1.2.f-t he re,iaest a some- what fuller report. Vice Governor 4L-1, burg presented a letter from Federal Aeserve Agent Heath with reference to the date when the new bonds fo:. feet, and i. 1 reserve agents took ef ingwther tu old bonds might be re- leased from and after that date. On motion it was agreed that the Governor inform 17,r• Heath that he may endeavor to secure a refund of premium for the unexpired period which the bonds have yet to ran. Changes in capital stock of Federal Heserve Banks, duly recommended by the Committee on Ilembership, were )re sented and on motion approved as follovis: ilpplication for Surrender of Stock. District No. 2. The 2irst Natinal Bank ellsville.r.Y. Application for Original Stock. District No. 6. Edwardsville,Ill. i4wardsv11le attonal Bunk Share 201 66 ppl1catiOns of the Southwest State Bank of itchi- Kansas, and of the Narwood Trust Company, of Norwood, for membership in the Federal fleserve System, duly approved by the Jommittee on rxmbership, were presented, and on motion approved, and the -Secretary directed to notify the banks and the app ate Federal reserve agents L..ccordir ;1-„r, tit the institations in ,iuestion had been admitted. _:inutes of the Jo,nnittee on the '1:„yton Jot, held at 3 p. m. on Jaly ZO, were read and on motion approved and the acts of the :!om,ftittee therein net forth ratified. !lemortndT, prepared by Jhief of Division Trodcrick with reforeno(- to the conditions Inderwhich Jefferson JommercicA L;avin:s Fan3c, of "rretn,i., a., shoald be ._d'Aitted to the ';"ederal 'eserve : irstem (ohn(.:, in 1,1.v. h. vin - occurred since the datc ,:hen the :„.(1:-nission or this bank was first voted) was read, and on notion referred to the ::ecative Jommittee :,ith power to act. On motion :it 1.55 P. m. the :Thard ridjoarned to meet on ednesday, July Z.:5, :It 11 a. m. • ....;ecretary. jhairman.
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