The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
At a regular meeting of the Federal Reserve Board held in the office of the Board at 11 a.m., Wednesday, March 7, PRESENT: Governor Harding, presiding, Mr. Miller, darburg, Mr. Hamlin, Delano, Mr. Willis, Secretary. The minutes of the meeting of the Board held on March 6th were read and, on motion, approved. The question of selecting a class C director at the Federal Reserve Bank of St. Louis, previously made a special order for the day, was discussed and on motion referred back to the Committee on Operation of the Federal Reserve Bank of St. Louis. 4t this point the Comptroller of the Currency entered the meeting. The report of the Committee on Staff with reference to the general policy to be adopted in fixing the salaries of Federal Reserve Agents, made the second special order of the day, was taken up and the original report of the Committee and a discussion of the same subject by Mr. Warburg were laid before the Board. After consideration it was agreed that the Governor should furnish copies of the documents before the Board to the Secretary of the Treasury and should arrange a date at which a full meeting of the Bo.rd could be held for the discussion and settlement of the ,uestion. At this point the .omptroller of the currency was excused from farther attendance and left the meeting. 11r. Hamlin reported that the Solicitor General had informed him that C;ounsel for the ':tate of Lichigun aould appear before the Supreme court in the pending suit as to fiduciary powers of national banks and that the Solicitor desired to be informed who would represent the Board. It was ordered that the Executive ;ommittee take the matter in Irnd and reach a conclusion. ,Governor Harding read a letter from Governor Aiken of Boston with reference to the luestion of a meeting of the Governors of reserve banks, and sur;gesting that a date be named for such meeting about the middle of April. On motion it was voted that the Board has no objection to the holding of a meeting of Governors of Federal deserve Banks in the middle of April. r.Lliller was recorded in the ne7ative. f- A,cg.0. On motion it was voted that Governor Harding should, if possible, visit New York at the time of a meeting to be held by a Jommittee of Governors engaged in studying the Liuestion of drafts on reserve banks, to occur in :'4ew York on Laren 19th, and endeavor to secure final settlement of the 4uestion relating to these drafts. On motion it was voted that :r. Delano should, starting about March 16th, visit Jhicago, St. Louis, Kansas 2ity, Denver, Dallas and Atlanta, returning to 4'ashington about two weeks later; and th.it he be authorized to take lith him Transit Expert 1,ttebery. On motion it was voted that Governor Harding should fix a date for the holding of a spring conference for Federal reserve agents, such conference to occur some time during the first half of June. A letter from the Jomptroller of the ,.;arrency reference to the appointment of L. V. Hoffman as a bank examiner was referred to the Ammittee on Staff. The attention of the Board was called to the fact that the House of Representatives had dismissed the socalled impeachment proceedings against the Board, and it was su;geste6 to the Committee on :':111etin that it consider the propriety of making proper notice relating thereto in the next issue of the Balletin. A letter from Federal Reserve Agent ,ills relative to the status of the trade acceptance was referred to the 2ommittee on Law. letter from the , 2'irst National Bank of Rib Lake,,7isconsin, relative to the question of redistricting was referred to 111.. 7arding as Chairman of the Special orn. ittee on the asconsin appeals. letter from Hon. L. J. Sinnott relative to the establishment of branch at Portland, Oregon, was refer- red to the Committee on the Operation of the San Francisco Bank. Correspondence submitted by the Code Committee was ordered circulated. On motion it was voted th:At the application of Mr. Newcomb Carlton to serve as Director of the Chase National Bank and of the Columbia Trust Company, both of New York, be granted. f. report from Mr. .;arburg as Chairman of the Com- mittee on Discounts relative to the discounting of the paper of the Farmers Equity Exchange was referred to :r. Hamlin as Th.airman of the Committee on Operation of the Federal deserve Burfe, of Minneapolis, Jith power. L report of the committee on Staff approving the appointment of Examiner .'addo,-;.k as Jhief F.x- aminer of the Philadelphia District at y3,000 per annum, effective March 7th, was approved. Governor Marding presented a letter from Governor ,;ells of St. Louis fi;.inc; the salary of L:r. O. LI. httebery at $5,000 during the period of his service with the Board. On motion the action of the Federal eserve Bank of St. Louis Was approved. Governor Harding read a letter from Mr. j. D. Puelicher with reference to certain 4uestions :hich had been addressed to state banks on behalf of the American Bankers Lssociation. The letter was noted and ordered passed to file. memorandum by Mr. Delano as to membership in the Federal aeserve System was read and discussed. Governor Trarding read a letter from Federal Reserve Agent Ramsey asking permission to send oat to member banks a statement of the *result of the recent examination of the Federal Reserve Bank of Dallas. After discus- sion, the request was disapproved, Governor Harding to write Er. Ramsey and explain the reasons for the action taken. Governor Harding read a letter from Federal Reserve Lgent Ramsey as to the „ilaestion of rediscounting notes of member banks in cases where the data available did not show whether the total line of the maker was excessive or not. The letter was referred back to the Governor, to be answered with advice of 0ounsel. Governor Harding read a letter from Federal Reserve Agent Ramsey, enclosing a letter from Cashier Talley as to the obtaining of an adequate supply of silver and small bills. The matter was referred to the Commit- tee on Treasary Relations. Governor Harding read a letter from the Comptroller of the Currency with reference to the First National Bank of Menominee, Wisconsin, the ,iaestion at issue being whether the bank shoald show its contingent liability on drafts or bills rediscounted for it. The matter was re- ferred to Counsel. On motion, at 12.55 p.m. the Board adjourned to meet on Friday, March 9, at 11 a.m., if not sooner
@FedFRASER