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an adjourned meeting of the 2edera1 Reserve board held in the office of the Governor on Tuesday, July 31, at 3.15 p.m., PRESENT: Mr. Harding, presidin, . .urbarg. Mr. Delano, Las. —"Ills, Secretary. . —iller, Letters from ?ederal Reserve ?gent Martin ,ith reference to improper advertising by the bank of Edwardsvile, Ill., and the Governor's reply to the same were read aud ordered passed to Letters from ?ederal Reserve Agent Ramsey and Governor Van Landt with reference to the exemption of certain employes from military service were presented and referred to the ,)ommittee on Staff. .,,. letter from 1.:r. E. D. Halbert, president of the Ller lants Loan Se. Trust Co., asking that action be taken with respect to 1:essrs. Keep and Shedd as directors of the Merchants Loan !: Trust jOmpany and the Illinois Trust Savings Bank, both of ,%hicazo, was read. The C,orrmittee on the Clayton J.ct reported favorably to the granting of these applications, and on motion the report was approved by the Board. Sundry letters from Class C directors in various Federal Reserve Banks, acce7ting their recent designations as Deputy Chairman of their respective banks, and sundry letters from Aderal deserve itgents on the same subject, were read and ordered passed to file. .-, letter from Federal Reserve 'gent Perrin with .reference to the exportation of gold to the 'Last, in answer to a recent inciuiry by the Board, was read and ordered passed to file. called attention to the present unsatisfactory situation ,.ith reference to action on foreign exchange questions, and recommended that the Executive Committee be authorized to make a comprehensive investigation of the subject and to employ such aid us it might need. The matter was discussed, and lovernor Harding read certain correspondence with the Secretary of the Treasury approving of the plan. On motion it was voted thnt the Executive Committee be authorized to make such an investigation and that it have power to incur the necessary expense. 11 letter from federal deserve ',gent Perrin with reference to the question the local Liberty Loan ho should act as_chairman of cylimittee, was read, and after dis- cassion it was informally agreed that Ur. Lliller reply that the ciuestion at this time is somewlmt premature, but that in the San Francisco district the organisation already perfected is probably the one to be preferred. letter froml:r. C. J. Byrne making certain. recommendations with reference to the floating of further issues of Liberty Bonds, was presented and ordered. filed. letter from Federal Reserve ;gent Perrin as to reduction in the bonds of Federal Reserve ;gents and raising certain ,juestions with reference thereto, was referred to the 7.-ovcrnor for answer. On motion, the Secretary of the Boar0 was authorized to retArn to the First rational Bank of Boston the copy of its telegraphic code which it had formerly loaned to the Board for the use of the Code Jommittee. 4, letter from Secretary Jartis of the Federal Reserve Bank of Uew York, with reference to the ,uestion of naking Buffalo, :Tew York, a reserve city, was referred to 1.:r. Delano as chairman of the special Sommittee on Reserve Jities. Chanaes in capital stock at Federal reserve banks, dal7 recommended by the ''Corzlittee on Membership, were, on motion, approved as follows: 4Plica.tions for Ori,qinal Stock. District No. 2. 2ab1ic National Bank Few York, N.Y. Shares 690 690 District No. 9. Corn Belt National Bank Scotland, S.D. 12 12 16 16 718 District n). 12. ?irst National Bank Sherman, 'Cal. Total .t,pplications for Surrender of Stock. District No. 3. Peoples National Bank Scranton, Pa. District No. 6. Gainesville rational Bank Oolvitt National Bank Heard rational Bank Gainesville, Fla. 60 Colquitt, Ga. 30 Jacksonville,?la 750 640 • District No. 7. Citizens National 3Lnk Des Moines, Ia. District No. 1;.,. ?irot Notional Bank Challis, Ida. Total 450 450 240 240 24 24 1,554 2eports of the Committee on Staff recommending the approval of a salary of 3,000 per annum for ',/m. J. Duane, National Bank Lxaminer, was, on motioa, approved. The report of the Committee on Staff, dated July . 31, approving certain changes in salaries in the federal Reserve , gent's Departnent at the L'ederal Reserve Bank of San Francisco, was, on motion, approved. The report of the Committee on staff, dated July 21, uuthoriin the employment of Isadore Radash sP alai employee, at ..00 per day, seven days, on motion, approved. The minu.tes of a reeting layton 4ct, held at 3p.m., July Board, and on motion approved f the committeeon the were read to the and the action therein set forth ratified. The report of the Committee on InveLtmonts reco mending that the Tenison National Bank of Dallas, Texas be authorized to accept bills ap to an amont equal to 10.0 of its capit.al and surplus, was, on motion, aproved. On recommendation of the Committee on Staff, ov- ernor Rardthg was authorized to employ a temporary messenger to fill the place of messengers on vacation d the present summer. The foflowin report of the Committee on Stuff relativeto the terms of office of certain desicnated officers of the Board, was, on motion, approved: ALI;OLVED, that the terms of office of the chief designated officers on the staff of the Federal deserve Board shall be held to expire 48 of December 51, 1917, and hereafter all such designated officers on the Federal deserve Board's staff shall be elected anThese offinually from January 1, 1917. cers are as follows: secretary ,.ssistant Secretary Counsel ,*.ssistant Counsel Chief of Division of licports and Statistics Jhief of Division of ;,udit and Examination decommended by (2. (1. Delano Committee on Staff The Governor of the Board presented certain drafts of proposed resolutions relative to meetings of Governors of reserve banks, which were read and, on motion, referred to Lr. darburg, :r. Delano and Ir. Liller, as a special co=ittee, to consider the same and report back to the Board. Governor Harding presented a letter drafted by )ounsel, asking the President of the United States to submit to the ittorney General questions relating to the status of state banks under the Clayton act. The letter was referred back to the Governor for farther consideration. Governor ,Harding read a telegram from Federal Reserve i.gent Sawyer stating that further action with reference to the proposed branch at Denver would be suspended until the Committee of the Board authorized to make inquiries in the Kansas City District should arrive. Letters from Federal Reserve agent Hardy with reference to bonds of the Federal Reserve ,!_gent and the Assistant Federal Reserve igent at Richmond, were read and noted. Ai letter from Federal Reserve L;ent Jay with reference to the - development of the collection system at New York was referred to the Committee on Clearing. letter from the Union Securities Company of . Spokane, inquiring whether banks which operate under the depositors' guarantee law in the State of Washington may become members of the Federal Reserve System, was referred to Counsel for an opinion. r. Delano reported unfavorably to a request recently received from a bank at Adbuquerque, Vew that it be permitted to rediscount the paper of other banks as agent for them. fter discussion, it was agreed that the qovernor of the Board reply, indicating that the Board was disinclined. to ratify. s ch an arrangerunt. On motion, at 4.15 'the BOard adjourned.
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