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Lt a special meeting of the Federal Reserve Board held in the office of the Governor on Tuesday, june 12, at four 1), m.4 - aarburg, presiding, Mr. Miller, Secretary. 1:r. Delano, Lir. Hamlin, The minutes of the meeting of the Board held on June 11 were read, corrected, and, on motion, approved as corrected. On notion, it was voted to obtain an opinion with reference to the question whether the Board has power in making its definition of commercial paper, under the Federal Reserve .ct, to ey.clude from such definition paper made for the purpose of carrying or trading in 7nited states bonds, when such action is deemed desirable in the interests of the .y-tem. The matter was placed in the hands of the Committee on Law in consultation aith Coun e The Secretary of the Board presented a telegram from Federal Reserve gent Curtiss of Boston stating that the Federal Reserve Bank of Boston had named a rate of 3.1,-;.; on customers' 90 day paper, secured by Government obliga- tions. On 'lotion, the proposed rnte was approved and the Secretary directed to notify 1.a.. ,;urtiss The becretary of the Board read - letter from iedoral deserve gent errin stating th-t for the present no . chans in rates were desired by the Federal Aeserve 3ank of an 2r ncisco. The letter was noted and ordered filed. 4,21 opinion of Jounsel v‘ith reference to the status of educators as candidates for appointment to the directorates of Federal reserve banhs, was presented and, on motion, ordered referred to the :ommittee on Law. this point the formal session of the Board was suspended and, sitting as the Committee on :ember and tate Banks, the members present took under -dvisement the applications for admission to the 7ederal reserve system of the -t. Joseph's Bank of :,1khart, Indinma, ,rd of ::essrs. off— rn, Dobson 5: Oompany of Ohehalis, .iashington, favorably reported by the Division of nadit and Examination, and, on motion, it was voted to recommend to the 3o,..rd the admission of both institutions _Ton certain specified conMtions. "hereupon the Board resumed its formal session, and, on motion, the recommendation of the 2ommittee on amber and tate P.Anks favorable to the applications of the 2t. Joseph's 612. Valley .Bank of Llkhart, I diana,,and the c;offman,,..,.Dob-, son Campany, or. J4eh41is, 'b;ashington, were. Lipproved and-the.Secrettiry directed. to notify both institutions and the ?ederal reserve banks interested, accordingly. He was further authorized to 'reply to a telegram from Federal Reserve Lzent Perrin:granting.authority to announce the admissionof.Coffman, Dobson. Uompany as soon as the latter concern should accept the conditions upon which their admission had been -voted.i., 4'. letter written by Mr. d..rburg to Federal Aeserve .gent Heath statins,that in the opinion of the Board no reserve need be held .against--its . outstanding debentures by the Iowa Loan n Trubt Company, should. this concern seek and obtain admission to. the Federal reserve system, was read and, on motion, its transmission was .authoried. letter fromovernor ahoads stating that the . Philwielphia - ae:iring House bankshad voted to settle ..debtor balances by checks,on the Federal Aeserve Bank of Philadelphia, was read and noted. On motion, it was voted that on 31.L. Day, June 14,. the Board! offices be formally closed after one, t4e preence !2„o or-employees n'eteled for tc cor,dat :of r...- 11,L-j:,, ht relircd. ,r "-P: the ,.:,1-Ltc(-; e",, 1.1,, ' • to k on certLin of t7le letter order a ',,oml)tl.ollcr a': the let tc,r to reccy Yith of t i1JironiDibtrlt, %rj (y. : thei16triet, • :i,eserve (- t ioi, order( c. Lit. (`,1,1 !.n.ot LO: •,; . Ions; in the
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