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,ct a meeting of the Federal Reserve Board held in the office of the Governor on Tuesday, October 2, at eleven a.m., PRES7LLT: Las. Harding, presiding, :Ir. laller, L:r. Delano, .Lr. 4illiams, Lr. Hamlin, Lr. 'illis, Secretary. The minutes of the meeting of the Board held on September 28 were read and, on motion, approved. On motion the report regarding the redesignation of reserve cities which had been made a special order for this meeting, was laid on the table until the meeting of .4ednesday; October 3. Governor Harding reported an informal conversation with Senator Page regarding the effect of Government bond issues on mutual savings banks, and that he had discussed with 1:r. rage the desirability of having a subcommittee of the Senate Banking and currency Committee appointed to consider the subject during the recess of Congress. letter from Governor dhoads regarding the Board's policy with reference to rates on collateral notes secured by Government 41, bonds and certificates, was read and, on motion, referred to the Committee on Law. letter from 3overnor Strong with reference to the pending Calder Bill providing for loans under certain conditions on stock exchange collateral by Federal Reserve Banks, was read and noted. A request from Lir. 1. Liusher for a hearing before the 3oard was presented and Governor Harding read to the Board a form of letter now used by hi:- in answering inquiries with reference to the establishment of a foreign exchange bureau. :o action was taken. A letter from Federal Reserve gcnt Perrin inform- ing the Board of the appointment of 7.r. J. . orrison at a salary of .200 per month in his department at the Federal deserve Bank of San Francisco, was read and, on motion, referred to the Committee on Stuff, which reported it back with approval, and the proposed salry was accordingly approved, such approval to be entered in the minates. Governor Harding read a letter from :S. S. C. Leale of ,‘ashington asking for a hearing before the Board on behalf of certain New York owners of mines and smelters in Llexico. Further communication was had with some of the applicants by telephone, and it was informally agreed to hold such a hearing at ten o'clock on 'Adnesday, October 3. A letter from Federal Reserve Agent Perrin with reference to the establishment of a local advisory council in the twelfth district was, on motion, referred to the law Committee with power to act. A letter from Federal Reserve Agent Perrin and a memorandum from Mr. :Mier accompanying it, with reference to the filing of copies of examinations at branch banks, was read, and it was agreed that 1:r. idiller reply calling attention to the Board's action on that subject. Changes in capital stock at Federal Reserve Banks, duly recommended by the Committee on membership, were approved as follows: ,.pplications for Orij.nal stock. District No. 9. Stillwater Valley Natl. Bank Absarokee, Mont. Lhares 16 iTplications for Surrender of Stock. District 110. 5. Citizens :rational Bank District No. 9. Farmers Eational Bank On motion, the bank of 3atesburg,S.C. Sidney, Lont. Total 16 l6 40 D., was ordered admitted to the 2edera1 deserve Cystem upon the conditions named by the Comnittee on Llembership. On motion the minutes of the Committee on Clayton .1;.ot relating to the meeting on September 20 were read and approved and the action therein set forth ratified. A report from the Committee on Staff authorizing the appointment of two additional counters in the Division of Tederal aeserve Note Issae and aedemption, bach coanters to be selected by the Comptroller of the Currency, at a salary of not over .900 each, was read and, on motion, approved, and the appointments aathorized. 2Lr. Harding presented a letter from the ?edema Aeserve Bank of Kansas City with reference to the redemption of li_;ht weight gold coin, stating that that bank would join in the same movement. The sabject was dis- cussed but no final action taken. A letter from Assistant -,ecretary of the Treasury (Crosby with reference to the proposal to make some special interest-bearing certificates of indebtedness available for the use of large tax payers who are obliged, under existing conditions, to keep considerable sums of money idle pending the falling do of their taxes, was read and, on v-:w)tion, referred to a special comittee named by the 3overnor, and corai—tin of :lessrs. 7:iller and Delano, with in- structions to report. The „olestion of changing the hours and days for the meetings of the Board was discussed and, on motion, made a special order for the meeting. of Tuesday, October 9. The Secretary of the Board read a statement prepared by the Division of Statistics re-commending that whore there is more than one branch of a Federal deserve Bank in a district, it should report on Saturday direct by wire to the Federal serve Board, and, on motion, the change in the present method was approved. Telegrams from the National ,ssocit.tion of Credit ;:en asking- for a statement of the Board's past expressions on trade acceptances; and from :a% ,. B. Pierson calling attention to the harmful effects of the proposed stamp tax on the trade acce tance, were read. The application of the :;aaranty "rast Company for admission to the Aderal deserve System was presented by the governor, and discussed in some detail, together with a report from the Division of alit and Examination regarding the condition of the company. It was agreed to lay the matter :170 on the table until the meeting of aednesday, October 3 for 'ther study and analysis. On motion, ut 12.23 p.m. the Board adjourned to meet at eleven a.m. on Wednesday, October 3. 'iPPAOVED: Chairman.
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