Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, June 7, 1915, Volume 2, Part 1

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

484




At a regular meeting of the Federal Reserve
Board held in the office of the Board on Monday, June 7
at 11.10 a. m.
PRE=T:
Mr. Hamlin, presiding,

Mr. larburg

Mr. :/illiams

Mr. Miller

:a%

Willis, Secretary.

The minutes of the meeting of June 4 were read
and approved.
The question how much information should be
exacted of State banks becoming members of the system, as
compared with the amount of information required of national
banks, was assigned as a special subject for discussion at
the next meeting of the Board.
The recommendation of rt. Harding and Mr. Williams
of
regarding the application of the Merchants Ilational Sank

of
Cape ray, M. J., for the right to exercise the functions
trustee, executor, etc., was approved.
A resolution of the Federal Reserve Bank of San
rate
Francisco withdrawing the recommendation of a special
for 15-day paper, was read and approved.
A letter from Federal Reserve Agent Perrin of
San Francisco informing the Board of the appointment of

485

1,7r.. C. L. Shepard, assistant to Yr. Perrin; as assistant
cashier of the San Francisco Bank at :250 per month, was
referred to Lr. Miller with request that he inquire into
the matter somewhat further, and inform the Board of the
result.
Mr. Williams reported the appointment of J. D.
Chidzey, chief examiner of the Federal Reserve Bank of
Dallas, at6,000 per annum.
The question of deposits tendered by the Federal Reserve Bank of Dallas to the Federal Reserve Bank
of Kansas City having been raised, and the Secretary
having presented various dispatches relating thereto, it
was given general discussion and referred to Counsel as
to the rights of the Board in regard to the matter.
A notice received from Chief Clerk Wilmeth
relative to the closing of the Treasury at 1.00 p. m.
on Saturdays after June 15, was referred to the Committee on Staff for report as to the proper action to
be taken by the Board.
A letter from Federal Reserve Agent' Perrin
relative to the line of policy to be adopted by the
Federal Reserve Bank of San Francisco in passing upon
applications for executor and trusteeships, was discussed,




486




and the opinion of Counsel obtained, the Secretary
being instructed to send a dispatch to Mr. Perrin
accordingly.
The Governor of the Board presented the
report of Federal Reserve Agent Jay relative to conditions in the Federal Reserve Bank of New York, for
reference to an informal committee consisting of Yr.
Delano and Er. Hardin

for examination and investiga-

tion.
The Governor of lte Board presented another
report from Federal Reserve Agent Jay as to the obtaining of data concerning the condition of member banks in
and the report was ordered referred to the
New York ;
same informal committee as before.
The Secretary of the Board was directed to
prepare a communication for transmission to Er. Delano
and Mr. Harding relative to investigation of conditions
in the Federal Reserve Bank of New York, with special instructions to inquire regarding the salary proposed to be
paid to Er. Sailor, the prospective cashier of the bank.
On motion. at 12.20 the Board adjourned to meet •
subject to the call of the Governor.
tffaki,
Secretary.

APPR OVED:

Chairman.