Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, October 22, 1917, 3:00 PM, Volume 4, Part 2

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a re -alt..r mcetin,2 of the kderal ,:eserve '2,oard
held in the of 'ice of the ;ovcrnor on "ond:.,7, Otober
at o

Hardin':;, presidiL;,

r. Delano,

-iller,
,illiams,
71.e minutes of the mectin:cs of the :oard Aeld on
octobcr lc.) and

'ere read,

I, on motion, .,pprovcd.

7he !!Anates o: the meetiL;c of tde :xeative 2om:Aittee held on October ;.-:".) and

(sold

senteu and, on motiori, :;pproved and the

7icre frotion therein

sct forta rctified.
letter from kderal A!serve 1cnt .ills with reference to losse

of :ol(1 ,t ban;rs in the aeveland -)ictrict

.4c. the result of .;i6hdraw%ls for aFe as
v.as read %nd referr(d to the ;overnor

ith reuest that de

rely suj-;esting th-t while care saolld be taken not to ;i.ve
the inTression that b%nl:s are unwillinc; to pay out fold, effort s'd(„uld be mIde to encouraz,e the dse of substitutes for




letter from 7eJura1 Reserve .i,L;r1t 71ansey, under




date of October 15, stating a change in the auditorship
of the 'T'ederal Reserve Bank of Dallas resulting from the
appointment of

r.

J. .ieiss as Ytuditor at a salary of

J2700 per annum, was read and, on motion, the appointment
of Jr.:

Jeiss was ratified.
4t letter from ?ederal

eserve igent Perrin trans-

mitting a letter from the mar:11-er of the Seattle Branch of
the Federal Reserve Bank of Sun 7rancisco, with reference
to applicati ns from State banks in SeLttle which desire to
obtain membership, was read, and after discussion was referred to lovernor Harding for reply stating the policy of the
Board as to applying banks which zcre subjected to specified
conditions of membership.
report of the 3r1 ,ittee on Ctaff approving the
elGction
Federal

of 1:r. M. 4t. Thompson as .Assistant Cashier at the
eserve Bank of Kansas City at a salary of .W00

per annum, was read and, on motion, approved and the Jecretary directed to send notice accordingly.
, 'The Secretary of the Board presented revised forms
of application for the issue of .ederal Reserve notes which
were, on motion, approved and an aciet,uate sapply ordered
printed.

1

,cpplications for admission - to-the 7.?ederal
zi-steln, duly reorr.ended by the Cotmittee on

eserve

embership, were

presented, and the applicants ordered adntitted, upon the conditions named by the Commj,ttee, as folloWs:
. letropolian "rust Company, rew York
;
Newton Trust company, 'newton, :ass.
Jovern.or Harding stated that he desired to it before
the Board a plan of reorsanization of the jomnittee memberships,
which he stated.

The revised draft was laid on the table 'until

.iiednesday, October 24.
It was ordered that on .ednesday, October

all em-

ployees who can be - ared be e:Icased at 1.2 noon.
On motion, at 3.55 D.rA. the Board adjourned to meet on
.ednesday, October 24, at eleven a....
4i22i1OVLD:

Oecretar,:.

,40




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