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574 ,ut a special meeting of the Federal deserve Board held in the office of the Governor on Thursday, Lay 31, at 3.30 p.m., Er. Harding, presiding, Lr. 1.r, Delano, Mr. dilliams, r..tarbarg, :1"1.. .1111s, L,;ecretary. Hamlin, The mthutes of the meeting of the Board held on :ay 29 were read and, on motion, approved. Discount rate reports for the week were presented by the secretary, the only suggested change being a proposed rate of 3,made by the Federal deserve Bank of rhiladelrhia on notes, drafts and bills of 90 days' M4tarity, secured by Government obligations, the same being in accordance with the plan proposed in the F-oard's recent circular. On motion, the proposed 3L1 rate was approved, and the secretary directed to notify the Phil delphta Bank accordingly. The Secretary of the Board presented a letter from Federal Reserve Lgent aellborn stating that the Federal leserve Bank of _Atlanta desired authority to grant bonuses to 575 the lower salaried erAployees a occasion milt reLjuire. It was .rareed tint Trovrnor 7ardinL; write the '.'cderal serve Bank of tlanta and st the views 0. the l'iord as set forth in the recent report of the ,, ,)o=ittce on f7taff, on the sJbject. this point the 73oard took a receLs, and ''oloncl :Wward frown, director of the federal .deserve ianh of H.;?en Lyck .5rown, the architect lanta, accom -nanied by enga((i bj th...t bank, -re admittEd to the room for t!le parpos( flf st.tin, the facts as to the proposed new baildin's;st -tlanta. It was areed that the mattcr be plact_d in the h,nds of the ,;omittee on f'Ter-tion of the federal Bank of eserve lant- wlich sioald consIlt with the represntatives of the ...tlant', Lank. ,etters from lovernor -ith reference to the transfer of mo.:.&y from the ::inncapolis District to ,;erriaLy, were referred to the lovernor for tr. rsrliscion to the .,:t-te Department. The ..;ccretar of the -o-rd read letters from lrovernor of Jhica:o and. 'Ioads of rhil-delp'lia, with reference to the pl_o of issAIY:„; erty :4oa11 .sonds. J.3 participation certificst/s in -ib- The letters were noted and orderca filed. 576 a memorandum with reference to the furniture of the Board 'loom recently vacated, raising the luestion of disposing of the same to the Treasury Department, was referred to the Governor with power to act. The Secretary of the Board having presented a request for the attendance of 1:1". Delano at certain Liberty i4oan meetings in the near fatare, it was agreed that. 17,r. Delano shoald attend these meetings at the expense of the Board. Mr. Hamlin announced that he had been asked to accompany the Secretary of the Treasury on a prospective journey to be taken in behalf of the proposed Liberty Loan. It was agreed that he should accept the invitation ,at the expense of the Board. L:r. Harding stated that he had been requested to speak at ITew Haven and leading, Pa., on the 2d and 4th of June respectively. On motion it was voted that he accept the invitation, and make the journey at the expense of the Board. a letter from Federal aeserve :gent Heath with reference to the possible admission of the Iowa Loan (fc Trust Jo., of Des Dpines, 10W4, was referred to the :Jammittee on ....cr.ber and tLAe Banks. 2ertain correspondence p..ssins; between :r. and 2eder-1 deserve Agent rerrin Was presented and discussed. It was azreed that the number of directors at the proposed branch in the Pacific 1:orth:;est should prob.bly be five, that more specific arrangements could be mde after the adoption of the pending amendments to the 7cderal eserve It was further areed that a proposed ciralar safzestin3 to small banks in the I.Zth District that they deal with laxe banks rather than - ith the Ader-1 deberve 3ank for the present woald not be .ise. It was farther ajrteL that the ,aalifi- cations and duties of the manazer of the new br.nch could best be worked out locally as conditions require. The (Jecretary of the Bo-rd read an opinion of 2ounsel ith reference to the use of notes and drafts seourcL by :1overnment bonds c collateral to protect 'ederal Aeserve notes. It was ordered that the opinion be ,dopted and published in the forthcoming number of the ?ederal eserve Euilct1n. me:p.om/ dam from the Tnief IlaMiner with reference to the status of the aolication of the Ot. Ooseph's Bank for :.idmission to the 7ederal :It:serve l'yster. was read -nd noted. 578 report by :r. Lliller as Jaairman of the 3ommittee on Bulletin with_ reference to alleged :conflict between Government crop reports and those of Federal reserve agents was read and. noted. Delano .reported with .reference to subscripr tions to Liberty Loan bonds by employees of the Board, suggesting_ that employees subscribe through .banks, ,It was agreed that a draft of a letter to employees be transmitted by the Governor of the Board. Lir:Delano- reported with -refemnce_to _subsoriptions to Liberty Loan bonds by employees ,o-f the Board, suggestin:7; thAt employees sabpribe through banks. It was agreed that a draft of a letter to employees be trans' mitted-by the _Governor of the Board-: Delano reported .;ith reference to a re4aest to increase the pay of employees of the Board made by the, Rederal Employees 7nion. The report was noted and no, ac- tion .was taken. zit this point. the Board suspendedits session, and the members met as the )4msraittee on Liember and State Banks. Thereupon the application of the Standard 7rast Jompany of jhicago for admission to the system was presented, and after discussion approved, upon the conditions set forth in the memor.,ndum of the Division of -udit and rti, it being agreed to report the same favorably to the Board. The session of the Board %Loring been resumed, the report of the 7:omnittee on :,:ember and State Banks in favor of the admission of- the Standard "rust ,:ompany-of on specified conditions, was presented to the Board, and on motion approved. Upon the suest1on of .7.r. Hamlin there was referred to the E.-4.ecutive jommittee the preparation of a letter addressed to the Federal Reserve Bank of Jleveland with reference to the shortage recently occarring there, the JommittLe to have power to transmit a suit. Lble letter. On motion, at 4.40 p.n. the -Mara adjourned, to -.eet on :'riday, June 1, at 11 a.m.
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