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194 At a ref,ular lneotin of the Federal Reserve Board held in the office of the Board at .10:30 a. m., Londay, October 5, 1914 PRETra: Er. NeAdoo :Ir. Williams Er. Hamlin Er. Warburg Er. Delano Er. Harding Miller. The Governor of the Board presided during the first half of the meeting, the Secretary of the Treasury during the latter half and Er. H. P. Mills acted as secretary. a After an informal conference with the Class "C" directors of the Federal aeserve Banks of Minneapolis and St. Louis, regarding the selection of officers and the • early organization of those institutions, the minutes of the last meeting were read and approved. The Secretary of the Treasury laid before the Board facts regarding devoloments in the cotton situation in the Southern States and discussed with the Board various proposals and proposed remedies in respect to it. Page .Mee tin 195 Er. Miller presented a draft of a telegram to the San Francisco Clearing House in reply to a dispatch received from the San Francisco bankers. On motion this draft was approved and ordered transmitted. In answer to a dispatch from Mr. C. E. Burnham of :orfolk, :Tebras;:a, respecting attendance on the meeting of the American Bankers Association, kr. Burnham was authorized to attend. An inquiry from the Secretary of the Investment Bankers Association regarding the rulings of the Attorneys Ge.leral on the IND:mrs of Jtate Banks to subscribe to Federal Reserve stockas ordered answered with a declination to :ake known the replies. A letter respecting the loaning of money to ter111nal elevators was ordered answered along the lines indicated in the letter of Jounsel Elliott. An inquiry from the Drovers State Bank of Jouth it. Paul Minnesota, regarding the removal of postal saving° funds was ordered referred to the Third Assistant Postliaster General. In answer to an inquir:7 from the Peo-21es :Tatiana) . Bank of Pittsburgh, Pa., regarding the proper title to be ... 19ti used by a member of the Federal Reserve system it was directed that either of the usages suggested by the "Counsel be permitted. A communication from Decker o' L. :"inneapolis, regarding the 2-,o1icy to be pursued in appointing presidents or governors for Federal ieserve Banks was ordered referred to the sub-committee on oranization. On notion the reeting adjourned to meet at 3:00 p. m. this day. Secretary. APPROVED: chairman. • Page Meetil .eo
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