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16(.5 At a regular meeting of the Federal aeserve Board, held in the office of the Board at 3 p. 2., on Tuesday, Serteber 29 1914 PRESEITT: Er. McAdoo Er. Williams Er. Hamlin Er. 7arburg 1,:r. Delano Er. Liner Mr. Harding. The Secretary of the Treasury presided and Jr. H. F. Willis acted as Secretary to the meeting. After the reading and approval of the minutes of the last meeting as amended, dispatches relative to the various phases of the process of subscribing to the gold fund were submitted to the Board. The Governor presented to the Board certain questions regarding its fiscal and accounting status. An inquiry from the Clearing House of Seattle concerning the use as reserv3s of subscriptions to the gold fund was referred to tile Counsel of the Board for an opinion. In answer to a oetition of Hon. Miter I. McCoy on behalf of certain member banks in 'Tow Jersey, asking Page- Meet—f„._ stp '`.) 1914 169 for early hearing regarding changes in the boundaries of the Federal reserve districts it was directed that Mr. McCoy be informed that the regular mode of procedure must be followed. A report relative to the selection of Class "C" directors in the Federal aeserve Bank of Philadelphia was laid before the Board. On motion :Ir. George Foster Peabody, of Saratoga Jprings, New York, was elected third director of the Federal Reserve Bank of New York. The Board conferred with Er. William Woodard, of New York City, who appeared by previous arrangement on behalf of the Gold Fund Committee of New York. Mr. Woodard expressed the desire of the New York Committee that governmental representations be made by the United States to Great Britain, in order that the gold fund be given its maximum effectiveness in settling foreign exchange difficulties. The Board conferred with la-. Lafayette Hanchette, of Salt Lake City, who appeared before it by invitation, relative to the selection of Class "0" directors for the Federal 2.eser" Bank of San Francisco. Er. Warburg reported to the Board the progress made in the selection of Class "3" directors for the Federal aeser" Page Meeting SU. 2„..9 1914 Bank of Jleveland. On motion applications of the Savings Bank of Richmond, Virginia, and the Bank of Woodruff,, Woodruff, South Carolina, for membership in the Federal Reserve System, were approved. On motion it was voted to make public immediately the names of those selected by the Board as Cla liCtt directors in the Federal Reserve Banks of Boston, New York, Richmond, St. Louis and flinneapolis. On motion, at 5:15 p. m., the meeting adjourned. Jecretary. APPROVED: Chairman. Page- Mee g SEP 2.-9 19i4 44.175.45,-.2Sec'y.
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