View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

•••••1

"I







r

lor

414




.1/

PROC2E.,INGS )1' THE riATIONAL :01T.r:TARY COIfl,9I0‘r.
Uote.

Plaza, Yew York 'ity,
Aut 171 190).

A subcolmittec of the "(ationa]
sistin

of

enators

onoiar - 'omnisslon, con-

(Chairrran), 1311'rowt1 and 7aniel l

Representatives Vreeland and Weeks, and
BOS3i0* a 4

-nrk

The Jotel

aftr,rnoon

Tionnge, wf-c in

ity, in

arnin7 and

anda:., Au itst 16, and in the 'orning of Tucsdk,

.
AlolAst 11
Profss)* A. P. Andrew subr- itted in proof rorr 1 -r1( follo inpapro Prid documents, which have ben urrTh
tion since t

meetini; of the Comrission.

T;(sc

w 're exanined and disc,ssed by the subconnittee, and

)ê..4" C5

herlcc-

r tury was directed to fl.,rish a set of these docunents in
,:roof to eac

member of the Com7Lnsion, to bc rcar(led as con-

fidentiEd until publislled in finv,'_ for' b
TIle list is as follows:

the rom.!isson.




Aff..1. a ft.1l disc lision of

11 )ms for t'rq) prosco7tion
.

of the Co-Itiinsion, the fol

of th

con3 i..nt iTir. of

A subccrinittue

owing wation was tak
,
'el and (Chid man)

r

St-nators Burows and Taniel, .e.., resentative

.
°eke and 1 .rr.

Bonynge, were appointed 1.0 visit Canada sone time dring the
month of

tf'llber to

features of t

:E.L1-.:c

a personal investi,-,a.' on of such

74 anadian ssterti as lq d no
,

1.)fen cover-

!
ed b: the inves- 17 1. one of the Conn.:salon.
It was de: ided thal a rieeting of the full
should be l'xid in ,,;•s' in.7ton about V -

orunissi.on

niddle of Octobc_ , the

,
exact CLE:te to be fixod b. - the Chairnan, and that at t• is meet;
in . the subcommittee ‘;ould rec.° mend that tht.
hold

()n shouli

:.c,
:tings and conduct he&rings in different sections of

thin country

thc,

fall and wintcr.

he following stater-lent Of the proceedings of the sessions of the Ewlico:imittec
-iven lc) t hf. pr(,(16:

pn.parcd1. tht

airman and

,;(!sday, Au
At 12 o 'Jock, noon, on T.
.
Ouboemait t t: adj ournecl




A

,09, the




:AT,

•

SST ON

CM •.TA •

Trott-3 ... 21wf,a2 7 7evf York

'itL-2

August 172 190.

subcomittec of ti•tc.:

at

s I n ting of 3enator3 Aldrie}i

nal 'ronetary (!orrli.r!.9 on, conBu -.rows and 7)ari

Chairrran

Bonynge, Tiffre in

Representatives Vreeland and Weeks, and
Bess!...1# at The ;:lotel. :-laza

York

. ity, in 1*.le

afternoon of 7:'sonday 2 Au :ust 16 2 and in ti)e

r.)rninrr, and

.o ruing of TutA3ra.,..

August 17.
Professor A. P. Andrew subriitted in proof forri thc
;
lo in, papers aid doctanents 2 which have be
tion since the last meeting of the
w -o exanined and dine) oiled by

1.n1.er prepara-

i es ion

These papers

subco-imitten, and the Sec-

rrte.ry was directed to furnish a set of thee doctanents in
ro of

n each.

ficient1 wit.

ember of the 0.0riir-7 .! ns ton, to ihr: 3.(7arc ed as c
1q11311.5'!led in final for-:

rorvp isr on.

'..fhe list in as follows:

.
L

1

v y\J
1a ,2111 jOZII3S1.01;
PII.t0!,.'.411t..r:',`" OF Int- 11.1.TIOITAL :10. 11
.
.
********41****

11.

40

ti
t

"VP' llijLAWDZ
,
oi
- 417-1;*

1
4
i
kCaterviows on trio 3ank1ng airift ,,turroltay xlstormof'enraand., ranee, /:ferranzy
•
,
71.tlor1and. (4X paces)
;.tr,t•
*
2I'
ub1ic Dcbta of ()mat ri tiri, kelorrrzty nal (7m3.3o, by -.'rano"
(Galley proof, 19 pocor)
,:•arbitra. (43 pagon)
r
Artioloo Viho )1soount .:ystorn in -aro,x.)• by
.-frknk'oco..,
tariots„ by Lavrrolice orton jazobs, (1( pr4,40s)
ii

•

•••

P

-\

(25O
Itoc taton, 1067-1909.
:tati3tIes, for the
-,b110.on. (G‘1111.07; proof,
T,17,otyt of tato ltizikirk; Lo.vls,br
by '..le:Ixador
Itintorg
5 prenral

K

he
tic

:73.0

"ortor.

•

"Lltory of

.:0y0s•
-

oilaptc.Yr on t -p Andon to
741.1171ti.n: .yotom, wIth
(15C: rx.I.D.13 ,1
'inrticrif -.Jan).lora*
-7.
for rot ?, tain, 13G7-1900. •ropar,•11 by
“Inaloy proof, 67
ana ":7110 con

,

of 7rraloo
3 27(1.,
, ,,..1(), rmn to 1%01 mu ?v.; or ti
O'rof.1.1.t
71,tizi.lm
parlos)
1)7.th. prolent
.1ranoo In Its relionn to :tIorra Ma Intrnational .,rol'At* by
lr.r:on)
(Clalloy
7.aarInf., .Patron
(:.;P:3.1.(.1•:,,s proof, 26 pc,?:oa)
,
fsArnishod by
or
proof, or) pa09)
toda of the "'art :1aurae• by .•\11.0.0.3.• (
I 9-tort
o

Tho

vim
ritIonni

.Jharlor,

of

,1 0nr.,nt.
•

IV T

Jrcat..;ornm
tl-toir orioorato. I. oonnootion vritil the ...ecsinomic
Riesnor. (Galley )- roof, 60
::.;•evolo-Tiont of .7 orran: -, by 72r.
:
.,
107C.)
-19(T. (Jabl.latrarinclirift
(37 Ix1
,7 (706
!16
-(.3taticition for i.lorl)ny•
(Gr1lo7 proof,
baym, odJto b
r. fl. ooh. rralloy proof, 72 p.n.nos
rial
U11e,1 on ,lt-tr
tho ....)raaniziation of credit,
7:71:704)3.1.r.n.00lis
nortfr...:o
t o citwInkep
dire.totorav food, the
co-oporntivo socletic.s, etc.) (Gz:1110 prc--)f• O PaiToo)
:7
art cbo
ovorin -i:thn ronovr..).?.
o;j
11r.r1or.
chnxter
thr ith oct hibrinktIrn, oonver.tion:.7.
the bill) (ktlloy proof, 83 pace8)
019eytioro• v1tho. 0.raft of
•.baat 9(0 par;o9)
1• 15;
0
trafiq1i7 of 1'.)03: ,‘stenor.Trz-L :110 .4
7 )03:0%!3•
-lroof, 37, pt
oy :
oloctog ..0orymtr3 on T;csarne
Lt 'e,
'2h

•

• 1):

Vi
7

r ,1113.1.1as
•

lrI1121.

233
(

;

*********411

DoNt-lortril.t




tho

irj 'Robert Franz. (C.n.2 oy

nrtei -741.11,73.nn;

v
A set of 24 gra hie- c.larts prepared under the direction of
,
Professor . P. Andriv.
•
A




'.1.:11s for r.-.0 i;rosee; tion

Aftar a full disc esion

of the oiolk of the Commission, the fo: 1 owing action was tak
A subooLunittue, conaisting of
.
StnatorL "':ux--4.0vis and .-4Artie1,

r. Vreeland (Chai man),

fpreer1ative

ceks and

i:cre apiminted i.o visitari.ada some time daring the
ia: on of such
month of Lle tczther to .:ako a personal investibcen cover-

features of t: u.7`anadiar siN:stem as 1q_d no
ed by the invest

.:)ns of the Co,.sraion.

It was decided that a -Heetinfr, of the fi..6.1
should be held in

oilmiss • on

,
s7.14.n..-,ton about th. middl.(: of Octobe..

exz.J.ct aate to bw fixed -b-/ the Chairman, avid tat

the

tie meet-

ing the subcommittee would rcca mend that th,. Corn/sit_ on shoull
hold Lict.:ti7-4g8 and conduct hearings in di.ffercnt sections of
this

C OLLI-Coj'Y

lat,c fall and ainter.

`41ie following statc.lent Of
alone of tht: subcommittee
-iven to tho pross:

as

•iroccedings of the seei

1.C. tiara.

the ,'Ilairman and




A si-corsimittee of tItc ration,1 'onctary Commisrion have
boc.n in :xu, .ion ;_kt
,

't

lot, 71ktsa for two das.
A

Tht meeting

was for Vle I,Jri.olle of arranging foJ: the work of the

or thG

'()%1 ducion L,rinv t;)e

Idriol: to the reneral

me(!tinc of tit: Cammicion

will t&ke placc in ';;as?lingr-

ton abo, tinc ri6d1c of lctober.
1-7 -svf.

-embers

4 f;11

A

flambe'. of

prp„f:,A1 uflocz Lhe oirt.ction

or ?roftsor A. 1 Andrew, were oub.titted to tici Co,
.
rniszlon
in prOOf.

It

cx0(;cted t -at tit. r,

with rwisence to

:-(1 nonctr: syz c-!sich arz.. under in(
;
.t

veotir. tion by thc fT:oArlizcion
d
, ublication a

e'c,s and sf,aLirtics

iiLL

coA)lrAod and rcact, for
,
,

It i)ctobcr -Acctinr.

A :lubcov..iitteo was ap•ointed to -lake a personal examination in Canada of such featurcir- of t7ne Canaeian AyLte
m
as fIL..ve not alr:mty 1- en covered b
P
the c;ottlAibsion.

The sacommitttie will cont of

chairman, Sen(.LLore
an6

71
90

:ilabcorrnittt will vi 'it Canada

sore time durinc

ont

of

t Colrimifit,i on• who i8 to t;ail for

CHaira.riof

:v:xt w-ek,

complutu arranrc-lents

with refermcc to the :or' :;r
,10.; f:r c2ditiona1
in c,-(n

i.VrGtdand,

1.1rroYo und Titiil,.0.(o1ebenti4tive Wc:eks

'
.0r1.)/nVe4

he
,

tit investitions of

s,:Jtc;:l of Italy, and wi 1 arrelatinr

to ru,o:can :.tcris

mt.
lteTrents .;.1rcady ciflilltd to thc Com,-

%lotion fail to cover all LI-q) infol-lation re luir
d.
It le tile

Lectiono of

? urpove of the Coin J.Jon to vi:At different

tin country clrinr tf
,e lute full am

- ontinuC it:

iivt

tI

Liono,

wioter




It

‘• •41'

ff

At 12 o
13

ock, no on

.
.
boo ! littee ct.djolrried.

or

n 2(1 ay, A.11•71ust 1, I.. i09, the




Washington, D. C.,
Saturday, December 2,191.

014 40 40 40 4040 4040 40 40

pursuant
The Commission met at 11 o'clock, a. me,
to the call of the ChN.irman.
Present:

,
Messrs. AL7RICH (CHAIRMAN), Bunnaus, BUR4

TON, VMS, HONYNGM, PINGETT, and 31111GBS8.
In the absenco of the Vico-Chairman, and an a
squorum did not appear, no formal business was tran
acted,
The Chairnau was authorised, however, to appoint
a sub-committee to consider the details of the Codification of the National Aanking Laws, with Suggested
Mange., prepared by the Comptroller of the Currency,
and to report the rtssult of their oxumination to the
Commission.
Tho Chairman appointed on thin sub-committee Mr.
BURTON (CHAPMAN), fr. CYKS, and Vie.
At 12 o'clock mnridian, the Commission adjourned
until 10 o'clock a. m., Monday, December 4, 1911.
404040404040400,WW




Vaahinp:ton$ D. C.,
Docamber 4$ 1911.
41111010WWM•MiegoWW

The Commission met at 10 o'clock, a. in.
Present: Messrs. Aronran WArmvAg), WIRMAND (VIM"CHATPMAN), Tiumuvrl, mmTrY, BUSTON, w7rx3, BOTTYNGE, PADGETT, and 17117nS.
Burtob moved that seven members of the Commission should constitIxte a quorum for the trunsaction of
buoinesn.

The motion was soconfld by Mr. lurgess and

un4nimcmaly adopted.
Mrectors of the National Reserve Auaoclation.
Mt. 'Nooks suggested that th3 provisions of
the plan in regard to directors of the Ni-wtional Reserve
Associ;iition be

Chi/NW 46

follows:

Theist the Bourd of Directors shall consist of
thirty-seven to be componed of

COMO.41001101111

(1) Seven ox officio members, one ex officio member being added to those already
provided for in the plan. This additional
ex officio member might be an additional
deputy governor or some membnr of the
Cabinet.
(2) 7ifteon directors to be elected as provided by paragraph 15.
(3) Tiftoen directors, one from each district, to be elected as provided in pars.
graph 17.
Under this suggestion, paragraph 16 would be dropped.
This suggemtion was discussed at length and laid aside for




further consideration.
The Commission thereupon, at 11:30 o'clock,

14111

In• $

took a recess until 2:60 o'clock, p. m.
W404011,0111014010410

APTI(_R

Rynsn.

The .10.ln/so:ton reaesemblad 4t
nrefient:

p. m.

T.Ifesurr;, wiRTILT (C7A.r.;:lAr),

virT,IAnn (vTcn-

(7.A.11 1 1A11), BU7ROWS, V0IT7Y, PANTI0Y17, 3UTIION, W777fr, WYTYITGE,
.,
PADGITT, BURGagS,nd

Pnrmr::.

At tho suggeation of Ur. newingo it wau unanimously
ti.greed that the Bovised Alition of the nugcosted ?Jun for
Monetry Lciifaation be mti‘de the basis of discussion.
Thc ChzArman atut•id that it wao, his idea --

if it

ouldraQ-!t with tYle approval of the qembcrs of the Commission e-

that vith respect to provisions in the plan

Where there was no speciLil objection, immediate steps be
t,ti.ken to plc tl Olose provisions in thr hands of
perts, one or two from t

tat) ex-

'1ce of the Comptrollor of the

Triry Depurtmont and one from the nepArtmelt cfr• Tutice,
in order thlit the 1:44114to of Thu proposed monct , ry law
migh: bo properly framed.
The Ch4irvlilm further stated thio.t at the morning session it had also been decided that in thc .:11conce of u
vor4m, all decisions ruached aould bo tentative, and tht
any partioultsx provision might bn r000nsidertid on the requost of any laember of the Commission.
Won motion of Mr. Weeks it watt agreod that the




minutes of t -?4, mtotinfs of
,

Commission btl tz“le full

and complete ." samethIni: similar to thta ,iuy the '!cord
,
,
.
im kept in the Jourman or tho Sfmt.te and the House of
RepresontLItivee.
The Comaission thw -eupon procuJded td flArthor axickaline
and discuso the propostd plan iuld t

followin:, subjects

weti considered:
With rGspect to the 'mount of AuCorizrA c.tpitil of
the Yational Reserve Acoociion

writad bo paid in

under the tuonty per cent provinion
Dividends to bl paid only on paid-in c!ApittAl.
Hr. Alrich stu.tud the nocoasity for
th

provision

11 101nds shall only be !laid by the NAtionua Reserve
0. ,
.

Annoci:kt!on upnn ettpltul lthicb )r,qm bi!cn paiJ in.
Length of elhrtor.
A )1mopoolt1on by qr. B.)ninge th,1'. the time of
thc length of thc c'hartur bo &14t1
44n not anctq)ted.

t;u4n fifty ye‘xs

Thoro oas eon2idble dticumulon as

to whether any provi3ion should be mude whereby the ohttrtor
micht be altered, amtaided, or rcimuled by Congrous, but
no conclusion wal rched upon this point.
Winimum
Tbn tubject of minimun capital 10.4

ext ocn—

idered, mn(1 while no iefinito conclusion w...13 racbed, tbe
oninion 'Pin general thut somo amount

probably t100,




.5.
should bc proviOed as the minimum with which

000,000

the Txtionul Reserve Anuociation might commence its
operations.
r7ontingent Puna fnr Impklired !'lur:aq3.
gubject fu.11
sion roched.

Vo definita conclu-

(!locunned.

1 icnum.LJo th,:x

no ivrit, should

,ralue to stockholdGrs,
flint! he 1Jsod for 114uation or ot)-01
but ehould go to the United

:.overnmont; that fund

.tock; that
ihould not be a part of the book vialue of the L.
thd fund rillould not be moro tIlan 5 per cent nor 1e2a than
I per crsmt;

. !0
.2ercont4.,. uhould bc leq: tl-an in

the c:Lne of ordlmtry bun:: looses.
Upon motion of ?Jr. Padgett it was agr, cd thiA,t a provision ahold be pltaced in the draft of the bill covtring
th

subject of a contincenl fund in Vhf. following 1,4nglaage:
the ellrplus rektches ;V) pr cent, a
fund not q;crling ,I2,1000,000, or the equivalent
of 1 per cent of tho capital may be roained by
mtlftt unexpected
th, bunk ac undivided profits
,
losses; and, upon the final dissolution of the
bank, dhall go to thc loverment, and dhall not
bc tn(!luded in the bok vluue of the ntock, or
Nlitnncy.11
xv ,
go to etoc):Tioldure
Holding Majnrit , stock of Banks which aro memborn of
".suerve Associfttion:

the 11:

7ubjec41. naly discuniod on the INAmis of a promvin 117 "rofessor Y./110mm or tYie 707tIlYf.storn
Univertsity.

nccision rouched to pass matter until Com-




.6.
rn1sa3ion should ht.-21.vo u.n opportunity to examine Profeatior
irlitlin...xn°

iiropoziti•:/n o

londs:
Pudgntt (ftr rtAding necticn 75 of the Reviucd
Plan) inquArtAci whethvr it was cnntemrlated to put an ex
r1

tax on the bonds providnd for :;.r1tt. 90etion ---

thekr are tc:

)crtual.

Mr. Al'4 rich informed him thut

it applies to the bonds sherever t!y aro and the Reserve
AszociiLtion is to puy that all

t 4me independontly of

the offnorship of tlte bonds.
.
Atvroximate (1 pital:
Wneke sug(Teoted whettir the capital should not
be stal--qd at 400,000,000 inst, ad of
,
,

$300,000,010,

and

loc.n inl"Ormed by tho ah411-Aun thal, the I: lirlsed Plan
via r
only Lx framework or memormndlm and tt;

ahen the luw tc.J3

dr:Iftt! a ch4nite in the amount, in %lie opinion, should
be m:Ade; that t! ere is a 71irlinum limitution but no latati.
mum.
C,Tital of Subuf'rtbing B1;.nks:
The Chulrman stated tt1.4t on uceoltnt of criticism he
had hedrd 1 (33ibly th ,/ 1:ravirOnn for ix minimIlm capital of
.
)
425 000 might be too hich,

Ur. Vruoit4nd si.t.Acd that he

hLd heaY
.d no objiction to it,
TruLlt CormiAnItis:
The ChtAirman waa of the opinion th;).t in vivii of sug-




.7.
goutions from the Truzt Suction of ts'ne AnricJi 13“nkru
.
Associittion s the minimum of !,000 should bn 4p1,211,;d tAlso
to trust companies .

Ur. 73urton ntated th4A. h

:
(1::.1r-, !d to

considdr the quontion of the limitation of thu cupital
fJlly, but l!e Milout)t thut tlicre

of trust compLoi_ r
ahould bo a minimum.
Hr.
lat7s nf

Pa

,dfredtt

1

t4,'

aus no limitation in the
oorlrunf-s

rnileae as to tl-f, capital

have,
Payment of 3alance of 20 por cent subscription:
lnd inquired us to tlif
Ur. Vro ,

time of the payment

of the bLlance of the 20 pr cent subscription providcd for
In ciection 1.

.
The eltirmn stated that 1- 1ts undorot,,nding

wtol 9:It no r'i.11(1 .

1111 In made for the 1.a.14nco of the
vftre large luanto taginst

ollbription,

cre.dit or impairment of the cApital of the Reserve k'
flOC1L1ttOfl
wor

tr. VreelAind thought thu.t th%ubfwribing
the4n

rdil.de liable for

of (.1eir stok by this provision.

Tho

‘Aricc th4F: amount
std that

no he undtDratood IL bunks coAdd not call for thtt additional.
10 per cflnt subucr49tion .or tht i.surp000 of Incrflasing

The discumnion of thl invmntment by bunks of their
elpital in 'eon." eatato was Da-ticipatd in by Ues!'4's. AlIrich, i3on, We, and 7adqett,
re4nhed tbAt

cynclon being

Invf:Iktnnnts of thin kind on the part of

banks should not bG 3ude.




.8.
T•%Arn of ,, ct rutinnal Roservo ADnocition

Trannftr
stock.

Mr. 76.1rton in commenting on section J, rel:Ativc to the
,e rIllare of the capital stock of the
tranelferrtnr of tl
/uttvnal Reserve Annoeition, statA tiv4t no law would
be conntitiAtional wIll47 provided that they could not be
4.r;mcferred under pttrtieular eonOitionn.

Mr. Plvigett

culled attention to the fact that the provisions of the
Rk::vir!vc! PLan me - Ay prosnrilNIs the mode of trunsfor.

Mr.

Pcn:nge %greed withMt. Burton as to the uncon8tltution4Ulty
Of attetaptine to irovide t17.t ;110 trz‘nr could bo
c
'toCK.

Paid up

Ur. Pildgett iswia the following suggestion for the
%m4Inement of section rb, rOdch

That the

a agreed to:

word3 "pckid un" noi1d be inserted befcre the word "capital"
wIl9rever it a;Thcars wItY, ,..,1frence to the oayment of divivor

it in stftted that tlAty nhull

rer—ive 4 per cent dividends thu text shculd road '4 per
cent dividends on paid-up capital stock;" 4nd at the point
whe-: the words "attar stnck)olders r9co1vft 5 per cunt,*
should be inserted . 1f, iords "paids.up ct4pita3. stook.'

The

purpoue of thiu mmundment is that there maa be no question
of conW,ruction 4.41 tr :01r 1 hcr divieenos are
on tIlu cuburribed W.of!

4Pr%

be received

or t're petid-up ntook.

Divi,:ends of Itockholdre, s1-411

u (ITT,I1ntivc.('It!ctIon 4)




Mr.

BurLen inquirod as to tha noanir
Burton

of 'hi t3ro

48
und Lr. Plmigott w1. ur the opinion that tho 71tApttor
11$
7

dhouId be (sxprensed more deflnitaly.
t1L

purpotie of Vic; *ro-

hi; undurstiAnding was tlmt

pr ,(; on

viaion is t.:(1 gluxantos to oubsnribtng b;inku

-% of th.4 o4rnings cf ‘t,ny ,;ivun year;
Y
e *
44f:14-C•

I

By Ur, Burton:

Th:A, in his opinion, it is not best

ci t.i iritrple of thu IV.tionAl Reserve Aesocition

to
*ITIond

f.tr

By 'Ir. Alexich:
rort
.

Thftt some rrovinion phould be made

z-7:atorution of the trtrplus whorl iAxtd.
it wctuld bp well in the final

3.! Mt. 3urgeon:

I
drt%ft of the bill to prcvlee a der- n;

limitation to the

Narninge of tLe ITticnta r!eserw, Arno-tAtion.
By Mr. Bonynge:
bfi mud() OOP

in'

Th3.1.

WYMO

rroviaion ought pouibly to

- Ilarkn t..c

of the

ownars of thoir n%ook, in orlor thw; oeubore of the Resort,
.rotted.
An3oni j,ion nay bo .
Mr. Alrich:

That ft orovioion ebould be made pro-

hib ting loaning on MAtional Reserve A:moot:AA:ion otock.
By Mr. Aldrich:

A provision dhould he incorpor4tod

in alft final dref.Xt of tbiY bill th':et no

elan be cud-

ve Ak.;n0c14..tion
mi%eld to tvymberehip in the Ilk:tonal. ..1(.10(2,
tit owns stock in any other bunk, nor shAll it hold
coomen u member of the
mtock in any other bank after it b,
Resoryo Asnociatialle




-10
By Vt. Al.' 'ich:

Prov/0.0n sYoulri

stt4te bttnks shun htor

me‘de whereby

nit 1:!ri; thun .;A:4,000

puld-in.
7.3L;

Allrioh:

Provison for '..tmporary orgunization

of the 7Vi1oil3,1 Resorvo Aulr,cifttlon ehould be mude by
the nocr“:,...ry of the

Cammitaion, oonsiO:ing,

1:4nd the

TI%-as.ury, the Seorett.ry of Cow4wrc.
(omp.„rollr of tho CurroncY.
Thiv. 7ommienion Lc decie

r(c;-manont organi-

-t
Rat;_cn iR eff”ctod, Q. o question of the ilinitations of the
,
tt!IrrIt&ry of thti district ad •i1 anuccii,ttons.
Tho CommifiAtion thecupon ;cijourned .44. 5 o'clock p. in.,
Dbeembtx

until 10:0 o'clock, u.m.,

19ii.

WashingLon, D. C.,
Tueod;4, Docellb, r :5,1911.

The Caumineion
Pro. es nt:

k4t 10r60 OlebOCk 44 s.

7o3 r a AT
.

Bir.IR

rlf (ON id itIkA10

VTIAND

VIell:-

f('):i.1, EEiTOf, wKr, 307,TYNG7,, PAGETT,

,
3'MGEns, and 'PfliTrIB.
1
It oas di)cidvd tliat there should be no ekiAnge made
In tho provisions of the Revisod Plan th.t the col5bined
o4pitu1 and surplIls of the 1:lemburis uf eu.oh loeta
tion

ftgrrogato nnt

0009 nrvl•
.•
•

,

Al :)ortionment
.

nr. iJ.rchsuiN444ted that k.‘
of the Jasociatians provided fur

tsection

shollid be




-11-.3ctors of LIIJ Rttitrve Associii:`,;ion 4.rter a
zde bj 1.1,
permanont oraniztion 444n offcntnd.
Ur. Burton wnhe of

opinion, in w'fkiell c,1l pre,sent

ooncurrd,Lhat thc yxoyi3ion8 of licLion 7, excapttng
.rou stto and iccu1
thu TUAtional RJat!rve Aottootti.tion f
taxtion shoulil

not

c,
A-nged.

pt

provon bc

Vr. Aldrich tatggcet,ai1

rcul exte shoule'Jt; 'veld by the

'uLt the “mount of
should be liraittd.

r(A.41

kfw,C;Ciation,

A.a.c.trioh titai :do at.test iat ad

p.trp001:13,

C:X•

litia412
-Vc

de thk4t no

eiltit1.0

hold by the aisuLcion

U. iIgttattext3W..ed that the

lt:mpolago 11,! puLlifictd

y truprting the worda "for b;tnking

purporwc.“
Ir. W4.30k3 .Jtatod th:A the Nuticnal Banking Law w4do
amplo )17*()Trimion us to mai eut,tuto huldina by 1i.A1:41a1
banks, and tragr,193tod that et. pray

-1(A) -tion7 1.3.i.rnilitr lines

drIcan to J.' ly tc) Ll'!u Nictioncti PostirvJ Aai.ociation.
Thin iL1i unwilnottolf ugreed too
24.

subTait to the Prflaidont u. fair

that tho
ntwfber of ranee fro:.
44
0a3oe
krtr'

1.0 +43

to at. ilect thv ,,r,ovtir.nor of the
.

tion.

.
Q::':`c.nu!..N4ion
,

1, 0

"no •

It ishoulo.

,fr. Ps.dgett SueiTested

the
(1.11

1".+

cif tlita proFosit:Lon, it wit4s

WolG

tilifit" Li

n'ith.r.

Wtu3ticro4Id to.

lint five the words

Athuw, Likvqvied, the




a.
In oonnuction 31.th

c

10 CL it$11

MOP*firth.
,

rtf

,In)ctore of .
Theica1kaiasoc.t.vitions,
of t!lc: '73o•ard of -

nator Burton rulavd tht; 4uuution
t.

Ti

be cumulative or "en bl:)o•"

on this point, b..xt tu2.am -tut--t

thc vote should
46.3

lame C.Actiasion

in thrt p:t.r;;Pruipli wan nut

elLtneed.
The Co::ritaniun the t..trion took a. rt:cara iAntil 2:O p. a.
MOWelossoWool0

44.g.3A

1111,"

Thu Co-nisrsion rowsoembled mt 2:60 p. m.
Pr•Itionl.r:

BtrlitOVS. momex o 3T).Trrit viv

eV'

IAn (viol:-

lie:ours. Air ITR (01fAIYIATT),

BoNINGEI and

9, 10, Lind 11.

k
.
.
It wail wiroed to providit t) ixt the numbcr of 44.1.r,r3
of bnoiches ithould IA, fixed by tha bi-lavin of

but th:;',. 1;1,ere phould not bt;

tech

n twnlve.

Onu

of Vh13 boRrd 2114.411 L;J olocted by Vie boards of the locia
senc,claction12,

tibar ri,rt by tki

r;tock and

part by reprosentwAve vote.

24:1 and 22.

Agrettcd to w
2,
1
).
TiAz amendei sits follow, And as anended, was mkgreA.id to.




hrvAc olf,al
'.Nard

4
"

be an auditin7 ce:-. r..:iitteki to
.

ni rlet arty, -••-x4 ‘.410”:
,

the nflmbflrn nf t

illected by

its worabc.r (6xcludinF

xcutivo rIalx:.,tttoe) of . 111.0h the

S(,nretary of t -it Trop.i,roir,7 shoal 1Thiti nomlitittes

ublie report at

fatrall lnixt

:)nct

yettr.

It

..hority, not, only to ttudit, V-Iv: books of the

•
Ni., tion;;.1 iltfok!.rve Awloclittion o but of the bra,nclik:s.

n'Argurs ww,7ceted

th4t.

thc! 14.,crery of Agriculture

be added to the ex officio nomburs of 1.17r, hoard. No action
wan

1.r) on Thim sup:IN tvt.i on.

24.

llonyrw,:o nt.“7..ceited IA-at It blot •
tcrra of the Governor Lthu.11 be t:en yiir

that the
nd that he be

for ( -..91 iitrit,mt for another tom.
.74
1
.:2r#

thrs.t it should be providod that. the

11 ,-!:,, zty (My- rrtern fOlciLld be roolirlblu fcvr apr.ointrient for
) ,
uucrcItions wore agreed to.
26,
Bonynge stlestiod that 1 he .zin;sigfir of tv. br-Aoh
.
,
.ft
ihould btt
looated.

L rceident of the district in

iir1.1r- Lnclel is
-

, t, -4;41 44.3roed to, and this para r%rh was amended

by inanrting in th
thk. tworde °from
1

ucond line aftcr. ,
the word
ict."

inttd"




-14-

Mr. Pupdget.t eugrested that aftitr the word *duties"
in the first line the following wore be inoortod *the
length of ocrvice to be nubject to rfnoval."
ani,nenent wun A.grcod to.
2J.
11..:fi3rring to the third

,ci.ritsriAph of oection 261

Stm'f.or AL!rich suggestfad

th.1 Secr(!ti4ry (.4% the

tht- SI:crfltary of rlomme:ce and L4bor t
(!amprolter of tl-,e Purrency b, w.Whorizod t
o)

tho

,rovide tho

preliaimxy orguniziation of the NaLional Reserve Astiociw.
tion, und to dividfl the country into flfttion
Ur. TIJIget sugcf!stod

u.t it should bc If:rovied that

thf2 conl,ry 01L11 be di tided 4ccordirv!, to geo;.“ .hical
,
.
Lod coinmercial conditions wid
banl(inc. ft.vilition.

04,

ütii

i1th ruco.rd to cxlating

These nuggitionu were ulgr(Jed to.

0,a, add 64.

Agreed to viihout c,hiAnao.

The Commisision thereupon adjourned until 10:0 O'clock,

a. m., $17Inceday, Docenber 6$ 1911.
01 ea ge

ge
.....

WanhinLon, n. ( 0
1#
Wedneseay, Deo. 6,
.....
041.10.00000W

The no totio:ion me c 4t, 1O:.0 a. eit.




'1W7MT, '11"r??".

PUrf,KtICe

BurRows, moN1Y,
71/VITOTT, BMW, and Pm(.

10
1(Acf.rs. ALMTrli (CHAIMIA77)1

Preclent:

of rain or Bullion:

Section
th

Oki

-mu% tu,ken up and agreed to down to

firat pornd.
With -rec1; to tho

of TIT*. Bonynge and

nr.

)art, it VMS the opinion

Turgess

be : -7ruok out, in order th%t

it the 'ord "gold" Whould

ithur mid or silver might

bing tha%

1)41

mcntion og fold

includod silver by ikiplici).tion.
The, r7.;.rmun said
vivion an

hin undnding ift4u the pro-

al.unds would no

pril.ont tht. bmying of silver

bullion, but mercly provided themmanncr in Wlich it may be
purchwutd, thfo, is, in Vic opdnirktt.tr
.

BLtd

that it ap-lind only to doneW,in
kcbt that if tlly
Vr. Poirton tho,
it ethould be by uome such expresaion

um were omendcd
n the following:

"or silvcr when ruquired in the euttloralmt of exeh,nges in
foroirn countries.*
Ur. Prince wiial in ft'/or of letting the pararraph rutand
unwaqnded.
Mr. "1"dgelt, l'rufcr-ed to tl!,ve

et“nd us it oas un-

. leas tl. o .lords "of gold und silver coin"
Ur.

inS0rted.

of ',Am ovinion thL t;. c,

1ft aa it a7,
,,rs in th
Should bo 1,
tht r!;.ht to 132: milvr wo:v
,

Plun, unless




*10.
Bonynge favored the rsuggentixl anzmdment of W.
Burton.
It was finally agreed to allow section ;55 romain unumondod.

Rate of Ex6htingo betwoen the RituT. and

Weot:

A genoral dicuemion wan hiA4 on thin a%bject and
the Milirmun Was of Mit) opinion that After tho finza roport of the Commiaeion had boen rui.dc it might 1),!dctable
to coneif!er the tubiunt Aore fully

nilrin

the 'amnion of te t'ommission Son. T.,1L4;4;noe

'rollmr of 01(1 f!urrrnoY, aprfiared to complote
0. Murrilky, Com,
Pnnto for invitinr It“,te B4nk Supervieors is.nJ
arran ,
Nationll )4211t 274umtnors boforr! tho (.7omilienion for the
,ion on 1.1.
purnotio of f..onnult4-

evleEition of IvAnk oxLminme-

tionn.
Thc

nh..amon lwith

t.Lrrov141 of the (70,T;l1tinion,

rtquested lLr. Vurriv to col.!unicKtc with Mt. J. L. Vohundro, tnttirman of

A3000iv.tion of lupervisorn of

Statu &J)ke t invitinp *4, !ri to ,t-:.,c,4r cn Thlirsday, 73camber, /4, 1411, and to ailkti thu nooeery zsrrangments for the
Kttendmnee of the Notional 734nk Exam/nut".
It was 44160 deo'40ded to :..nvite two or throe of the
loading bc.nlvirs of tlie ocuntry to

,rtiatint at tt'c :(ame

time tho St,4uu Supervisors and llaional Bank Ex4sminers
avoared, thu selection to bd :abide by the nNirman.




-17ETho Commilision theroul.on took a reces4 until

WM ell 041
.....

o'clock,

011 OM

.(72.r.

P.
'E

S

.....004111
S.

The ro:noilsnion t-0,ftmlemb1od Ltt 2:30 p. t.
Mommrs. :vr.nr!TaTJ ((laA:— Ar),

Prelsent:
,ON •
)

7(
1frM17

Bin

113:1) (VIM.
PATKarT,

BUTiTON,

1111:C3,
36.

It wt..,s kcsruett to insert 41011er the word "nocesAtry" in
i•?1.(1 fift"sth line the words "in the dincretion of tho

, Yr. Vreuland sand flem..tior '3t
^crotary of the Trtiaeury.
!
1,11d tolontion ars to the modninps of the words

.on
" zii3/1 bal

•

Doti

t inolude truet, funds'?

It wAtal eicretod thict it

dt!ollir4bic to look into this

une also find out. from t

ocrtAtibry of the

,
Tr9d.c. .zry ho-cs raany t;r1tait. funds the.-t are in the Trtei.sapiry and
whettmr tey ttre '!.rtipt

.;i!..rate from Ow conort-41 funds cf

tht) Tr,:4nury.
37$ 36, 39, awl 40.
Mr"....od to without 0.,,itstge.
41.
Thm-e yea eorm..df!rlblis
1n

J
,.ft to viettllor the

go inis p4i.r.t.q. rit.ph ourricid out the intention of
;




-18Senutor tddr oh, nwat.tly, to idalcv.: 4 .no
41

tei of d ocount, of

t:he lik4tion:A1 Reserve Aceocion auprior
of tht; ntwIriAl Estates.
oravr:.ph

to Lhtlsry

:Laos

Mr. Vlcine augeated djult the

F.;:abndud az foiowEl:

"The nui-lom.J.

socltion shall hi.ore autIlw-ity to fix t.

As-

rates of dis-

count from tirx to tine, which, when no fixed, eitil be
?ubliqhod, 4 n1 3:bA1l be unif;)rm '0)notot hout the United
.
,
t
St; .teu."
.
The pr4:raph, aa ';hup,

waa agretid to.

42.
Thiz parugrfLph was aniinded by ff%riking out In line
threl the wordssto t4 limited =ount;" by

intserting ft

'oonma* after the word *bank" in line four; and by
libr,titlzting the worr! "%cectra" fcr thv word "hou
ses*
in tlp; :1,:143 line, uqd uks tevindod 04e ocreed

.
0.4r4.447t6ph waa ivat:nd d by Inc Qrt,ing
,

A

"ochatauft

tl:'c; word "bond n" In line 1,wo, ti.nd bu unb-;tituting
the rcrd "illso"for tile,vord "40 in
amcnd1:6,

3,Ame line.

Aa thus

troo:ruph %quo agrw:d to.

44.
W43 ..:rofte to.
4p.
Th.3

wfx Liendud byb.41) ,ItuUng for the

word "auborribers" in line two thJ words "euburri
bing




1311k3, tLri
.

by

,t,ri'Aint,o

n 11n

:ur

rdo 'in

P.-ance, or Gunny," u.nd by sl,riking out the
word "ot:.." In tl!,-2 f3ame line.

ATI

tIVA

l a.r‘4,40

r.phg:1 :v7rf!ud to.
46, 47, 46, ;aid 40.
Agr:;c,J, to without elianiic.
Whereupon the Corulisalun wi,uurncid to 10:J0 o'c-Luck,
u. m., TburIld4y, DF,cembor 7, 1911.

Washington, T.
Thuradiv, 'nuec$mbar 7, Jill.
.0.0.0.0.00•

The

COr.aai ulsi on

7.11'‘Jetlni::

:JO a..

Mooned. AL

71e

ctr...esw

(CILAIINAIT)

mkt

VrLY:1(1,1, ;101,Ti11GE, PAY1ETT,

,
BUR07.71, ‘And
,^
,ve
t

p‘,„nwrzLrYI,

i,riwav

arrned to juot ktn the

se!Itnion Ajoarned
nuostion r

wau roconeiderod.

Vr. Burr:fuss •,-;,
4

At te

Icrw dl-equston, it

agrd to raw. %Itt)t.e 1,1, word "riltbricribori fcr t.he
.
word "ns.ldionall ln lino
to

of thoftr

:tny;raph t (aid

strike out 01. word "rlionuis 11 the. tIlird lino of

the uocond
Mr. .t?t,ku

4 4.

‘vt frovided th4t instt)glai

of 20 pur cent, 1.1m :AiAximam amount of Ntook htlid by any




No Agreoment

ono bank ti1-icu1d be fixed at 10 per cent.
Gn thifi buggention.
A. Ivn

Ur.

..(; qemntion
akf3d if t)

of110

bunks to aGt

si1trred of

or_netl

abro4d.
:Lt, if :p,c1

Mr. Al ric))

to du

b12notiss outside of Vic: Unitcd gti ten throurY 1r7,nnYos
and di!rv.roy

it .i.citv
..,„..nyctive the bL.atk lit

,1. ,-mcy by re.;.,on of _.; forcrign ot.:rions.
.
mum an st.us::ed the

it6

Th4

pii.rivr;ru,ph 49 in re1t ion to the orc.:4:11-

alatIon of foreign bank° would hior,: to be t1abor4tvd in
grt dci,J.ii; that the provision
M€iaulot.,nt

of coita1,

cf ImA w(1(1 ha".

41-

"4

metbodfs, of doinc busingsev, ctc.,

I1...r.,11:t in referred tc the nom)troll or or

etc.

t) "
-e .tr, qc7 %;) '.:crk out 1;11,;., letedis in reportinc to
..ry.
gre38 on tht Uth of 3'..tnur.

It !:Aght ho etated tA‘tit

the clftilvd ort:(LAtion of thoole forei-n banks would
be uubzuittod in ,% supplementary 1-.1port.

0.
O
Vt. Bonyngo augrtirted thut sections D9 and ,
dhould not he mhde po.rt of tho olun, but should bo coported 5f-taro,te1y.
.:(1
4nd nt4t,

Tho, rniatrman opoosod thin suggestion

0 -reat17 pmfercuo lnoorpori.ting thrise

tato purailr.The in tho plan and !'Pport.
euanion, the menti=rt. smed to bE
.!
Should ho Ind,ided An 1-

)

Ul•

th..

Aftt:r samo di
theme subjocts




,r
rvirkrri,ph 50 was Traspod ovcr fc tho 2r63ent and the
hr'ina.skad the. Ivrtabere of the Coltmlviion to =Itudy
1Nr.,kd by t.,11

thisi‘caphlet rocer4.1

aonetflry CommiazIon

contining etat,rt eecurd by the ComptrollTx if thc
..he
.r d te t.v1ngs Dep o el.to of Naas and ,
ncy In re
i

3ir

.?r,
171.1. tt,cd to loan on re::4.1

411r1 to b
11,

"3•

At 12 of etl ock, merIC an, Vie Conuti ant on took a
3r1

ti

so se......

Mr; ConmiscAon n-Pr
.130"*.TONs,

:

.1 .

rlf

.1. '41
•

'

e
.
Elrrri• it ,

rrTrII ,

AT'

,

C

pc

m;T T.

• 'ii),;Ts

, and

:ov;r,

(117,

51
W. Burge so culd Sentor 11!Irton re4itind t)io queacion
us to the wiudom of making the nota of th6 National Reri,Avtiluble for tha rotwrvos of bumks.

isrvo

Aftr 4omo Otelassion this volition, bbt the riut,st of
1.Asned over.

Mr. Tiurgeon,

54:
to,

111„0

ovo,r

r5,11u03t cf

Vrf:land in

order to exAin', furthor titc t;.0 LIAth of time time
'0
C,(1o*1tts muat not be a1loa,

hu

bofore the




-22t!me sposeiried without ZJO .luyst notice,
54.
WAR p4s8ed over for f11 ,-chcr dizcuosion

congsidt-

t1on.
55.
,
Tt wan agreftd tl -- (!nd the pm. ,
0
.
parar'rnph to r. ad 33 follows:

Itm!es of this

gia tmn shall

1 :viod at

he

rsitl cf 1-1/2 no- "Pit vIr Annum.*
It /a-1 Nrther tv,.
,r3od th.

thc provisions of pr44,raph

68 shoJ1,, bn transponed and annoclIdatod vrj.th thosol of

5i.
NgroaA to.
:)6, and 59 on 4,1v, oubj4ct of reports tour, p,!ssed Gver
:
untl

cortfortmclei with tho Con”trollfw of t:!;o CurrL:ncy

wid the Stuto BiAnk SuptIrvisors,
50.
Agruffd to,
61.
In th

next to thw 1,tel

line of this para. r1;ph it was

ptnod out that tho word *proortionn.!.ely" ,
.stolad htvi: to
bu

r:t'cf.!d out to a 7,0fini%* figure) in Lilo act.

sui;g”dLion, Lhe p...1-46r4ph 1Mz
821 6,

Intll this

i,"rtd to,

nct 64 ugred to.

66, 57, 58, 69, 70, 71, hnd 72 agrut.d to
68.
An b, for
:

tm40d, this pu.rugraph i..1,:no1 oe'ud und




-23..
incorpor,tted in in,;.ra'r-t-ph 55.
33.
Referring to this purkTaph, it wam agreed at the
su-ction of Mr. Padgett to add the following lanrmage
at the end:

"or for failure or refusal for 30 days to

comply with any of the provisions of this act.

A sus-

pension fro* a local association should op,: ate as a
suspension fro4 the privileges of the National Resrlre
Association."
Whereupon the Commission adjourned unitl 10;30 a.
m.
Friday, Ducembor 8, loll.




Vo4hin7.ton, n, Cop
Vri(14Y, December 8, 1911.
410,
00MAIPOOM

The Cohrmiss ion net it 10:30 a. m.
Pr9!sont:

Vectors. AT,T7.trrI! (C1iAD-NAN'), VRNBLAND (VICE*
I3TP1'014, TEMS, BONYNGE,

ITT!),1").nvrl,

ar-T

. . •"
P""r7f1:44 .

and

T"

T

rkn.

'

7.i.„ and 73.
ir;euorsion Lock latt.f.e rogLtrding the

A

;
inL• to United 11; a4 os bcacts, but no

41
r,

oi.ril. -r;,phs
t.ngtse were m k4cle

in them.
5,
14, 1:), 1, I?, and Id.
The ChLbdrman aed Vr. Woics for hia i.ropoaition
rgardini;; tho diectors of the Nationba Reserve Asnuclution.

Mr. Weeks 3tu.!,(10 hie ';)ropouition verbally and luter

in writinj

AO

follows:

,r
E': Offloio Dir.,cters:

Thh, Sean:, .y

of the Treaaury, the! Ficcr(!try of Commerce tiknd Labor, thu
.
nocrctriry of 4'i0- Icit1ture, the Comptrollt!r of the Cur::!noY,
Governor, and ntrputy Govornor.
7Pifteon difectors as elnetted in p4rN/Taph 15.
Pifteen di -caters as cleated in paratTitph 1
buviness interstn of the country.

front

The 1, t fifteen

nhu11 not be at the sum: time directors in other banking

ConeideriLtion of these p ropoaed e'unges w,z 7ostponed
until the sension of the Co.rniasion on tfonday.




During the session of the Commission Hon. Lawrenr)e
O. v;urray, Comp%roller of

ho Currency, Judge Oldham and

r'uinn of tl.o Trury Department, appeared to perfect
arratv!emnts for the drAfting of the bill to bft irlarlitt?d
to Congress.

These Wntlemen agred to coonerate YrtIn. the

Commisnion in dr.J.fting tIle bill.
Murray it qwas

rtid

At , hr: suggestion of Ir.

jnvite Hon. Holbert Knox smith,

eiommissioner of f7orpom4tions to act with them.
Vesers. lionynge and P4dgett we.

aH)ointed

fts

a cam-

mitteo tc :endr;;.. Evich ri.szistante tAs raa., be neceasary,
The Secretary was authorized to procure rooms and all
noedad clerical and other assiw,unce to work under the
direction of the reflntlomen in charr:e of the pre.p4rrItion
of the bill.
At twelve o'clock meridiAtn, the Commission adjourned
ntil Monday, December 11 1 rill, at 10:30 a. me




The' ccrualalsi. on met L..1,
P-ornt:
a.f.A1!

lie ourii.

) IMP'.3?0

":.r.C1:1 (MAIIII/01)

• 40.51.;1;
.

0
'31 !.

Ia.

Vr."

, RoTpt:17.,

GETT,wid EURO.;
i c-rrAiln

bi.ated hi

rcg.rd to the

1 t;iti;ures which 'mould bt! Included ln UL fin3
6
.1 report of
th Coaon.'AT.; stztted
nhould btLi4i.,-;1icE:J..b1t to
t;orlit. ...).onn in the Uri'. tcdfu'Lats wad
bt
bing in
the ;
13':riettri poople grouil :34.) inLor..:13;cd, In
,
port

cLui:wlit)!*e. ws an 4,4•4.icnel1x, thu 'e might be
a.

tr,
,Atmamt JP foi.eitm uxpL.,- iunoes,
:
.44

g en or

ci.on of the trea to be

included in the rtq,ori. undi.h
hundt%

of

Mr.

f; in the

the Chtairms.:n.
4tt euegt_3ted th“t,

rusolution bo in-

trod,
mod in Congress providini thAvt. the
Commission shotad
ftj its f:.nua r,
J4.ort, by .41,notAry 44::116. No wAion
taken
on
F3Liggf;.baticn.
Burges8 rulisedA •
the ITolidtve.

, ,;:itical or,..djoiarnaunt. for
;11(

!lent.itaent ut:enLed to bt) 014t thisi

rninted

to be: balmy ehculd have t:nt: • :reivilege
.
t while those who were
rerl,:iinin.6 1, ti!. city
.r.
,
oujriaet.sint, in the pn!)(iration of
tb report..
At,

thil3 pint, nr.

Anr‘rew tfiln hae come fora t':e con-

ference of tne cc rnitite in clurge of the
drartinF: of
..111, bill, wtatud

the ColA.t.t.oc dealrfld to know Nit?'

*on thq ocl- tificute of crenization thoull be fil
ed.

It




was mgrood by the Commission that such cortificsle
be flitd with

*

Soilrotary of State.

• •

;-,..Lr,rd the que,ation as to whether it !S
noceary Lki .1A,0in tIlin bLet that the Governatk.n. Ii4ds
dopoairied in Uae Rov4i-vw ANEweic.tIon uhall bi held to b0
steney in ',11f, Trt:114.$1.1ry of thc Unit‘d Stubtee.
votion

TEic aug-

tto rofarri;ti tn t1t6 Conptroller of tve Currency

ktnd hir'om)ittoc, who t;.!-t drafting thi) lurfrusize of the
tr,

•
f,

It

1r Lino

,
A4d iwred tc W.rike OJT, tho words "r%;.411
4

;iunot1lnacrt in lieu thereof the. 4ordm etp.41t.:(ft3.

ranon o w and clan to et.-1
4

ru%

following words gle;cropt

°!cn nc.c6 -Av.ri thu (!nvInent
"eKairs for

Purpoc in cA,1ca w're Vlore is no branch

nr tht 7/wtonhi Rosirw
2.

4t40 nattfanal

no queoLlon

Asqocip—ion e s
r‘lGod lhothor banks in tho

colonial poomessions of thc United 14 tnu cud bocce
:
aubscribing bunko cf tha :teservt Amfoclttion.
not to touch upon al:: 4uuction

It ifeas Agreed

n the stfttLtte in toms,

but the first ventencie of mertton 2 was amendod
follows:

rd.td as

*All mition41 banks, and all. oanAs and

panien (24rtercd by a 5!tat',

com-

f7...r-wo1y vi 71, the re-

quirtifInt3 fnr 1-, 1))nrnh1p herim.lfter set forth (Secs. 50-64)
muy subsc -ib- to
Atocl Alone

if.d vtock of the 1Ltional Reserve




.2g.
In 'am ninth 1in(1 of this action, it ciu.s t1,1so
to insert the word •itglict-in" :41str., th
*
to inrt tho fo11o4in7

rced

v..cr.•d

after

aords "5: 44)1000,6
4)

nd fo, truat corapany having ti laininun 004)11,01 of
"1.00•000•".
(1)

wro7

r...ovido

J •

e

firm, atse,t.Lon

thaft bk:fort: carol/am the orjAnizStA(In of thc TV.- i.111A1
.
Reserv4 rksflociicn at 1o4st $100,010,000 of
oivpltal must
id in.

Tho citu.2! ii

41., r.L5.out1 tie to thc :xpenson of Ow
-

flomam.!.zsion which &cal rrovidc
tion oft

p7e1llini.xy orrtimizavi.

fluscrvk; Aa4oci.Ation,

th

f.sf
r!

shailb

dale. bs;

-alri b-,

tIllm connction, 11;
2aizsion in
no bLn.
.

ply
f.:11:61

*

4I

4 #

tl 0

by

alao :A.grecd tLat this NW*

cczaptlinion 4tr
ro7izi un

4groe4

1.,1--14strvu
'

%,61. 1'4:tInt-. zlibecribing
4

r

11,A;i

munt see thitt
-4 :1-i
4

of

t

t

p

to

ho do rte., cow
,
tid-in

.
Whe:reupon the Cummiusien tk troce . !Antil 2:30 po mo
,64
411MareamessooDft

T1:.f77
"

Thu (1cLazaia
Present.:
.k.E.TIAN)

on zato.

Ifen%ra.

4

"
••

S
O

p

(

'7• .;rr.;_ ,Y• 13U11'014
. .

Rig Ag)
ift .1

(V Lrn!"

TioNrIGN, r AntlETT• AI




and T3

G'"""•

49,
E., 14;ncth,y c.1160t.A315:1.011If:

!LI t

rt

Tv-vision*

lhoqld be .nc,:d in the statute as to the inlo
rloonAion
of foreign b.t.nks, .4,3 fur inatanoe, wbethor the layimm
cmpital, 3ay ft,000,0:)0, dhould 'oet fixed, whothc;r those
banks shoAld
r,noy

ryncLo tu ti)e lamptroll - (4f '.Ahe f7ur4.
3;vezmd genorally by vildh tircvls.Lonu (fi the
.
•

%n‘irw Act i,,z; 4.4x4.find i&1c'bIs, etc., cAc.„
It 4t,43 agroad 40 rafar tii..4.t.t4Ar to
44

41cnG

•.,

"
r .11

•

<

•r

,

-31.ift;,.liga l

•

drtet of innororAt,ion und recort. t1

LC) Irr(pl..Lrfi

emmo to tkie Co:
4-

.1i 3;41:Ain.

?hl* uaction awl t,ten LAp and 4,1,',

4*

44

i 41-4

.;1k ,04, 44111021
4

urrrr.t.ti to 'Av.! t,l,out

)
1C

'.1. %
1 0
%

hI

r
.

coedoe, tc. 1:;c:.kt

:
4
to :

C/

XIA - •

lit) Obium 4911
.GYI pro'

tteile rrov_

had

bct.Inuoqu...,%1Jiisd 44na puused cArk!r.
01

It

thft 1cti.:*,th of .
01.7.0
Congr-

•c..-ficie in

isocksion that

tzthoui.i

sf.cp.,4.1c cos,ve ;411.4 rignt

th4t
ulLer„ . .1-.4.3*, and
4.- /

ank:nt.1 tlic; enartur at '%,14e and uf th 'Lon poir period.
gr. IrrbolLnd

Attiention tr, tht A

this suction, %/ILI oh r.:0.(ts as follows: wilif;:y

6, 117i-flee of
c,tnt of

•




3too4ui tma Nutional

4
J1f,, cvAbscriptions to the

;1411 bf", ,,e411.1d in rmish; th%)\1.;...nco

Rttfv--1
,

ilbrPrirtion will r.:eib.in }A liability of tl-le sub.
zmie Iih,vt he tktought it

ecriberc o subject to otal."

ntattt the oiroumetancte under

.
dcs1r1.4.1)1.0 the 9/;t44 ute:

it

/To furnal 1 -iinzqxge was4.72,-ded 1.111on s tr..z

be e:J.:Irt d.
wars at-ref:

ubnoription could

°tint

ell the rticlitionill

to In Al.. rUct "fr

collt.a‘jUes to so

71ur ray Lnel

ic1Uon1 tub3nription could,

dr?..ft tie etas,qte tht thiz

uw0, tItt obli';a4 1.one of
.

,ct
,
.
only 11. rt.111‘ *11- ‘7,n noccari
ttte vr-ttiertil

•
44
,.;

LAI.Xit,,!:•

..• •

cp•tvAni,x;..C. -Ion for the

,)rovir'e t:,e
Natiowl Rire Ansoc1.'etle .1.
traggcotion, i

wi

th*

;Taut1 that it xlit 'bu

.
Associ:t.ion shot410! `Ge 1rutec i
•• • ..s•
21e.
k
di.'•1

di!lc..1:;Qion of this

-

thivt; tIltt rift.of_tin br- nc.lf.1o

iit,wft
:•:•1

to IV, SOM.

I

on to

nem.).

OA:7,1 t -:,
.

tho

Pm/serve

follows: 1 in Chet

t.ta; thr4o in the Fite.arn EtAtos, three in

4
the le;t1th.c:rn,Itat-ots; four in '1-2_tidUt WeeLtrn r14 ;tac.L; *and
four in thie Ifeetorn taad Pacific Coact Itx.tee.
Thereupon

lo 1.115:Lion

Tuescitv, nvearabr.r I."-, l 124.

lout-T.14;d until 10:,40 4. rt.

tzkvtri 4ILO

.
P10".•.„

g etairtAt

r.

Two

oi.zolru

e

•

•cyr-rfi. !two,
otç'1ot.,

v Iva op.

3,anuradf us 01 ‘olti,31,

ptott.:7o-.

rrtv,

f.tollYar:

.

ottf.1 tyi • 1 MIT o
•

itocti

A

PIOt. ri to

44.ztopyliti616 i
(

owns? ElAvi( C ALL

•

•

4

4•
e
V

,
urn. roi.) • C
t• :
0

7OUTIT144;

lig 111 1,.
;.

tnj mrot: oct PT!'It

Immo

14ttit • &AT
.

41/70t)fluy

kt7

;O

)
114

UyT 7,1t1).

‘'*.r.; try.0
JUT 13V,.
",

Vint?•

03,:c0.4

1j
.
tRO 1

ima.v..14,7.

Ur II0 1'034: ri I Si
,
"
,
ci Y) tte -17 ci

1)7

3
7.rV

40 1L .o1 Vtit)til

rvizpiq11.11)V-, - 1..rvrifei
.

t

a.:4•Licoc
t

)
oc

po 0100'2

A7c1 p

•0

,r'A. o141. i.•10

- T13 "`41r4T 1'41. to

,

„t;

tiO "1-'e YO

.0o.

4
1
4,.;.t'4)4 :.

7C:

I . I r:
1,t

11

uo
f
:;

.

:Tulip a ti:

.
•ii.M11"7

tat4

is*T.-ry

30 utitfliotlb
ti Mt;

Tutu)t,

au*

1:1 T,

%
ialt "

4 We

•

XIS trlUI

.
^i'-totrre oiz c:

0
- :rJ110
i 4 ; ,
u 0, r

v

Tel

,

1101;)!'"erkz, "Tr'rlfrf. °V
..4.

)

r

° C.

ritiC,

..t,Z1.91
'
r1
14 1 39 C'
.
•

v
t )Ilf

L t!.
'

00

et '
TtL r CT

111

lyttio *1,'
(4 7

irtiltSrre
-r-,1.1T

Gt

vro

r,- 4,2;
.
'Itx.
*r•itiTtOef , ;

4

1
.'no (1/#4r.rtrt
*r.

4

1
. 1 IZO

ilviLerlu; : :- 011 3
71111
0

17.44
4,X 6n:tea ••„,,, •

001,7f?
u:

():1 30
0%in,
a
**Li l so.

,:to,1:
1
;..1olt t)attiv,
o•t.i-^,;

r."0 titr3
.-

*

9

it;)31.4,

.
ft' • ,T

;,I
‘ls,O.I'r1

'In

47
14,
-Z.100 .3: f40,• z(ij: : 0j
4

(
prxv. f",v'te3-i 1.0016 11111wt

,
t.1...

ç)s

1
ta i j1'; a 't"...trr

.
IATt41.1

JO tt

.

tA • 41X




u

•

•

ortol:fo 'At vfho

Sacra tury

1.Lons.

1n

',elite to tihe

queatibn of cur:rested
the 'banking,

r1lit3,4:.;

.,•,,

onk.

'rho Nat t,()niid

of

fotttur.

tr1iv

asked to

WitLi

)ce 4 ,
Yhlrc the hearing on this 13 ubjcet : .;t4.))noo. for Ulf:, rewson
;
et htton con ittiast,„

icnt had
ectxl. iondat,•Lona of the T'oport-

A
0 Mai :
r

and the

,
...i.on iec.ded to tatkiQ the
°‘37.T-lip,

.
r ;,

s teterat on on deC.netieN- r011'Lnr I "

of t c 1zlt

that.

s

••••

0

o.;
:r

Tti•

Rofinno.,

4'0

1
f.

7,a. ;

•

Thoy

6(.11 t.

t1.1.LJ)




.,f

•

"at

llicago, to be

'4.1.n1,

;

Willa&
'

:.1;),tzta, U.
ionid.

qi,nk

"CV

zoo

).1 eui ant of the Arie rtcan

• 1 .e., nold

'*()

'• an,

.nttt.

;Ube rni

(sized thc

Association, -r e

k

ion

'J.

cintcsah, `11.ce-PresiCorit

of

rat,ioniu

cfctiige

f•
.!or•

tcbmt

,
(
1.t !nt
(urrtk)

'•

JiflVi, tc the

ro 3J.COnt riocond
(q.

• l'netr,l,

t

Grfletrts of

t

.
"". Porter, '':'1e8.ict41/.,.1,

• Yer:ov. ?hot). ").
ton;

repro:Jen

tx,

co n-

oc Lion:: of the

in order th,..14

un

th

ng !rontitrlott:

:J;i10

o urrli t, ea of that AL;Oa ci • ion

oovQ

.be

.

nal

torabi*.re.

of five

i
countr:

...‘etionce "h.ore at

Asisociat ion rtne surresto f*: 1,11c:

can • la.;.11:ors

:..tin
-

re tside.A of the

1
'`,tra.1. 0:3.1..on have co.c;:-:kun Lc iLt c.:(1 vilth

1.'he
Ant

for further con-

iettor

•111 LeitV:11)
Ilk

:,nicore

,
n reLf,ie on t. of the ‘'ont /nen U.‘1,

resni. .t that tins.

MO

anal 'lono

tat

d

rit.tostin.1)

cnd 3:11

.
t; to the act - 1 rksiLitri..,,tive :oaturt

on t.) i

It) -vc the 'in.(

med. for 1,11() 7.4owsort tct

tt1bJcct ..7u

t#113) 7.'opartmcnti hack

for.- ,a41

vilt..11 the

The c!cril:a101::,1on loom oorrlunit:it.
can litricers

OC

on p.n(

iZ1i

0111; ..L$.

Qf tiye

oottntr.;

Lahr',

rn est ;%.
0,14 • •
•

1

-.
(rd

r0

tYcefr.),cern of

k

;.ibQ zni.:

'Iaan
,)

'

*1
.7at;Jona!
7.'Istalcioct0

4izt.a,Ui

trlAnsa
3f.titk

COB

piked the

Assoclittiontit

co

-c:

k1..4 ::5f (*.hie:we, to be

• .
nei

)re;,;).. Ont of the Icttk reLk.can
Iio1 fi

e-

-Ltre 'iniUkt:

1 %;
4

;ALL on;.‘1.

t

They h,ve




e pre 4O

I.-xtt tt, Tttiht

.0

:leInto
"•

gall Fr A.y.i

,Or
t
!

'
).
1-01$ ident
r,

CO n"

Porter, "2.•ealt1eut 1- 7}1.tr•. tool ‘`ational
-

den t

CUi.t

;.ori

'teal• T 7:43t1;,(1.on1;
)

;

;

mar?. 11(.1r(

,t
(xi(loci to 1nvi Lc the /2. tere /ince of

i
71n•

7.,J. Garman,
.

o

:
.
t•ho v4Ahr.%Ltani L CC t.,4()11:.: of the

covfl i'eci b.,

the fol.3.0

•

Ct"1,110

In t.):#,..cler

u1d

nit1...14- )n 'a banks
.

t,0.1.1;

1

,
1., / if thy
1
4

';:1):.1(1
4,

1.7)(y.
r1;.t cc of that

that ti ine of the

Itt te,t.

cct.17:)c

ornr,

Lc'ittionon On

11c;

for fur 1,11c r

tor t

t‹) take tlic

anc

et bciln

L.

f

aiked to

1,1 rt;ttiav t Oftl1OU, who '4:kw • ,voluent

laws

the 1)ankirv

olL up this !Morning the

't.e.T. 71a

re gic ent of -ale

t that tine.

.mkors'
inental

,

(I fit
VNELSON W. ALDRICH, R. I.,

EDWARD B. VREELAND, N. Y.,

CHAIRMAN
',1
0Fet.14/1PirireV.4IPPWIPBPWirt
*of- ULIUS C. BURROWS, MICH.
J
beLGENE HALE. Me.
pre'PHILANDER C. KNOX, PA.
//SOHN W. DANIEL. VA.

$eggNny

VICE CHAIRMAN
le JESSE OVERSTREET, IND
/
0 54E0DORE E. BURTON, Ow°.
04

e a.°;"
NATIONAL MONETARY COMMISSION.

wol,OHN W. WEEKS, MASS

1 ' •
"

'ROBERT W. OONYNGE, CoLo.
iir'SYLVESTER C. SMITH, CAL.

M.TELLER, CoLo.

LEMUEL P. PADGETT, TERN.

KERNANDO D. MONEY, Mis.s.

jetEORGE F. BURGESS, Tex

JOSEPH W. BAILEY, Tex




AP4RSENE P. PUJO, LA.
ARTHUR B. SHELTON,
SECRETARY

I

f
I

A

,
ed)

,t

Ce•

-

"

V.




or,

ALP 2.11-1A,

)
,

P
n
(,

1 Ca-1

1

eiNTS. 1:`

7(0
1
ts-r
"r

)

\

er—\__ril • —1

) (1

4./

,




•••..

001".114,

•

1

—

W-S6
#C1

•

'

L

or .

g4-




le 4
1*

/MOD MIME&

•re




o,o or
,•too
,,

,

,i0o0.oro,

,A.I.,,11","orIP'5

V

1l;'(AY, !Jr)"

)

I

A.; tY COM

r

0/T

411111111100011110011141000400010,

thibie"

v.nrt s P.

edr4.2 . I 1
0,
`)

1908.

1r

is nen:look t‘.

Th.t) Conni vs ton rt.)

4
"
•

Int. At 71--i re, me

t 17c

of th, Taman;•1 Comrli!.t.) i s U. 7. 1.111:..t.), wftelinrv:on,
)
Pri.)$,)/It

1):t

nAnt ..7,1

(vioi*irrn), (v

I

• • 4"

(C11.741.1,-,371)

sr 17,7 1 and
\

eri

- ;11

1'

rr "

a t.

• va

I

I

tos %lye8 Vp4 ; ;Lk 3),

r4s

•

040 4- vuomy
,

RO"Y"I'V
4

. 'rea' e
11

•

r.

'JP•

•

PATYVVT, 13MicktFM a.:id
"Pre font

Kis°, Tion.

tr;

1(71'11 Zirrt, 1.)or•ita.r

of

thl Tr./4811r/; 1071. L. A. (114)3TTY11.1 , keel IrAnt r.ho tt•)",; ry
1
.
II

tahos Trletel)ry; Uo.
el rr1rick!'
;

Clirr.w.tv;

".•
4

411

AV114::;(1; O. NUILRAY, rotxiir of

THOM

•
P

KICTEas ThIri4ty Conl troll ar or

4r. V. .7. IiitTeli .;;it Asni

Tut.: Cory troL
:

t

ur: A; ,

1?.

)
(if

orric ).

r

Prowint., #.1.so s 14,T,

followtrzl, offiaars Anti rot,r4e,int,;.';,.ivle or 1 %1

Amt)ricr‘n

Iitaftotret Assoc)
PJ.x.,, 3..01114 IL :it,i;TDT).7113, 7)ro mi.
.wall( fl re* As
(:1)

e:

..t

s T'r Ill clan t r

of

taa

.

T)
.

o 1.40:1151.41,i

in, or •'ir. ART1fl7J
:

Cow: t tal

dim T., of 1„1?

D44

Anse,oi 4:
-

1.4).in1'll, TowA;

• CiAr? es et-

of 0.4 7))*
,

si d
00 r
•

0

p.r;:11'

•

orlaci Dank, F:44.111104111 C; V, VA eno- ri

Mr. X. A. 1.:or.,*()D, V i.Q4-Prosi d;int
Atimitfts ,JoorcAtt;
f

f.•

I ...;Y1T()T ,PS, Ch;tirirAn

4tinnal Balik s
Pre

r

ioniti

1rilc s

:tr. .T0/1.11 L. "k !T(' , reciopieg t)ini

11.11.1-




nois;

An6 4.44.

. C:OX

•

"r ra donz, ()

tv•

ernd'44"1'.04:14.3.

vittahli)::7,,orl I 3). C.

4.1•

A.A. au

r4 eirl totr a of r/b...3 A7141r1 emn

''.71.)r111 1

A.enot.11.,
Yl

111

13 4nk •

.*.r

r,

'‘'fork

7-1)HT
"

riy

)iit.irn4hBart , Bei 8 o))•

•
) IT, C

rina
0
.

gri „AI,
J

•

pre

4-th

.4,r3:u4,0).0ae

P T.61 9.1 (1.111 t

tjcjJ.

;44

Or14.

d

"sr)o wid

..COrl

t m;

4 :A..14

k• C'•

v

,n4.1

1:a6T,

•

A

XI "f

$

reedinei e;

t

MAINDIOMIM

' 7:11 0? ItON.I'MP!';':: T3

STA'

3sonstary of

(1 0Tt i ..4•Yr
.
ri
.,IT

Trlasla7.

00411041100001110Miatilli

o r.)

i 3.1 b

14Y0 1
.

. r.

Nu)ry b•ritif.

t*,

malting of *.rtr,Ir

onion

0 4111 ,i-1:At'9

t. Pier s whorit

• .0 •I

;71411.1 ITV r

v sry InfOrInallY 113W.3 11127,r01ln

;

n

4"..t11(1

COM

.„

1
4

i (01.41

t;1

•s• to

.omir tr.air! r LIM nom,
-

4rt.

in Foiso

rkin

raor •

r

n

1.6okin ,-.,

Aot..

Wit! ! t1:44:7
,r1

•

1311411 ekv

,v

110.1' t);es

) 11 ,} 1 OprfOrtlInA t./
" .0
1
,

,

.L.

tr tyl

dinolinn,or of

'•.tyl

Of

: its') ul %Iv)

•

that. 1.1147

nugg*stinne 44 tAll




NAT TONAL 1410,Ii4TA(Y COW/SSTON

41110110•411041111160410110411410

Washington, D. C., Wedntoidok
y

Thseribistr 2, 1901.

10 o'clook a. re.

CoTrirti en ion miv. 1,ixrec1.4z1t.t
of

full ournraent at the rooms

flortrnit,t,4, U. !I.
1,
Pros

ra.'.on

:

.71trelinIton. 7). C.

AT,TII.ZTC'

Ff710X

DANT:Zi p T17.3, ;fl and r01"IY;

(V1r

1 1:t1rrian)
1

4.1r An), Bilithow13,
;c..)1.,ro sem ta t vss V31:1 Z,A7.77),

1111111:0'"

OV

Vf1"111 ts
it,r e
•
J
% •

,
p

•
'7, (1 4

.
1:-1 1 T71,

/

1377:tv..ril and mro.

17
?Kiri 17 .'

Pr* a it

so

rIAOTIG ; B. 1011T Mir0"1,

ITon

c

01) Tvlasvtry; Hon. L. A. COOLTDT1, Assistant
thq Trqaei r-J; Hon. LAW1147. a.; 0. ITURRAY, Coup troi.:. )1'
.
Ourr,
ino:r;
Cu rrilno:r

TIT0143

KA*7.11 Dqpil 1,y

r. W. J. POWLAII, Assi3t.
Kr. V. V. 01,1)

t Pllitrt..

/.1-1

(,074
1

Corn ctro.1.
.

roller I

Prit win , also, at tht) invitation
followtn. officiirs
,

or

r

Of

of

Comm'e3.‘on

!.,11.i

r ii.‘resenta,tives of t,11•;

re' Assoc i.:tt.,1 on:
ItV"-OLDS,

of thor..1.can
n f' th,) rion,,:initr 1,44.1

I

4nIcere I Ammo

k of

.
Tho

vr: Commit,

;is's° ci

1(1
(

n: of 'fr. ARTIIITR JITPTOT_,PS, Ch;tinrtan
..
-4tional Bank, Poe
T)roe id4st) 1, of

T.:I.
' 1?1r

Pre sid3nt, of Lb..) Dos

o I no s, Iowa;
i.onal flank,

'Ir. X. A. voCORD, Vie )-Prasid:Int

i on, oonsi st-

r.

V.:101114111 C

r.
P. Ivrrr,;IY,
L,4

T'i

rrird "wk,tonal !lank,

Atlanta, (kJ()rt:i ; !Ir. .T0171 L. "A. rr,TO

Hoop.,stown

;




nois;
Bank,

and

r. V. COX, Ilresident of the

n9cond

-ational

Washington, D. C.

Also the followin: mxTibers of %h•: American Bankars'
Association:
Vr. 'WILLIKi. H. PORTAR,
Bank, 'Tew York City;

President Chemical 7ational

Y.tr. THOMAS P. RIM, President lecond

':ationitl Bank, Boston, "asaachusetts;
President Corn Axchange .7a.
tionaa

7"r. ARN,f,ST A. ITA

ank, Ci'icao, Illinois;

ern'
,

•

STAT )11 1 '.1 t7T
. ,

01 1107T.
"

GTJORCI ';
T

Secretary of th

MN

Secretary

coRT_ZYOU.

will be very brief.

B. CORTALYOTT,

Treasury.

.....
as

:!r. ahairman:

shit11 say

At the mu,Aing of your Commission at

Narragansett Pier, whera your Ch;tirrnan ask Id

uo appear,

!
I pr, sn:md v!ry informally soma suiyv.istions lookin..-, to

am :ndri•Ints of tAll

'Tational nankin?: Act.

re have sine: ex-

tended thos: somiwhat; and today I take the opportunit.../ of

tra.nanittin

tli<ri to you mor.: formAlly,

nd ha.v; asked 1.h..)

Comptroller and some of his staff to be her, so that..

3.:•,*

y

take part in such discussion of thosr) surr,lestions as the

,

e

7:71

\‘/
(

4.

0
"•-•

,
ileift.002- -

,14

...--!--.__\_1

\
.g>vc-----N••••-•.1 '''--....--1•"'""".........,
e

---,

,

...---

IL\ ,

vi%

a

•

CI
4

c--

cL7
7




_

( 4
)

-

-

(*(( ci 2.41/,

'

>

(7 •
-

c
‘.

L )

Y

4r;
cY?
L
•

\

It

•

r•/
-

%Nowarrovr''
44
1'_1;k

•

c •

-




1

)

.

„

,
mjty.0000414,

,.
61
4

,

(

/

(c
)

•

Nil

/ p

‘-\

C ""
--

t

v

de-

eN

f

s




z

VAI

\?,

•

•

,

c,

-%

c).,/

.44x
O

C
-N
•

/,S/0

C-,

c-T

\
,;
c
7

(1)

•
N..

"Zo

•

•

Li

C-

re•

•--dr"""
gp

-.'•—.•

.1•••••••••••••..............14,•

1.

\,

elft••=4)

(



5

)

)

L.
7

•

4

\

,

•

,

/
(------./ )cr—

k - - -----.

,
1
- -,_ ,

,
,
k.,--4----air

6

)

\

1.4<

°

C:




4••••/

•

(

•••••••••...,

71'
/
)
ske

L

goo'

01

•

•
•
-

,

4
1
/
0111•11

'7
\

k
•

fair- 16

"

e
•
-7
T 0

c

N
V

N

,




r
"

"

ce"--

ft.)

)

Ag
o

tZ)

(-----

A

•

`• (1,,( -

.76- /i av, LD,
1'
,
`,7
_D

.)„ t

c
---- —

.112--41siT.

ci-7
1

)V 1

\
(

NI) \

/ L'— \ /' Q ,
r'
'

7 %,

—r

P-N
&
--7-

c

r&
A)

7

7(

V

4"/`•

•4t

/-*




p
.

6 %--1,-,, D .
2

1

___..".----1)
`1—,//

N

.

V

P
j

f
l

LI

,

-- ft..--....c- --- N

s

Is

6

e----11

v

(
----t
C*

1

4.
Li

6 CM

• . -6'

l
i

r,.._

7

•

A




„sort^

0
40110 1

'

•
•

L.
AsC.—

(21)
•

frf-V

(

•

t

A

•

L

c-s)o

\
•

C'\

\it
A
6
(




L
L.

(_0
•

L

(

]
j

,(

IP\\,

(.A

(

•

40

42-"
Z

(2
7
Lft.
•

•

k
L,
//d

k.

ir-

et,r
)

,k

„
•

wwwile

• 1
0-

\•••• "
0

,

)
•

(.D

` 9 _v
-1

tAr

L.
•




•

/F v




A
"‘\'




(11N-

ar„),
e

rth

/7 i6

A

a.2Z

'" 2 et
7
0

t

k

4Le. 9-rez
AA/

(e
fa
kt.

47Z)4, 1
4
erga›,

421
1
ffa4




.
o........._.....ire..................."
011f
„........................... ,O1

I""

t.

deiip
...

_e'--

.
(e-------ca-e-<_c__--,

, ••••••••••••
••••••••••••••—•mmto,ors.,•••••, ,

.

414.--.....1

)

i 7 t,, i% ii j
1/ /

(e..)

t---e--

14

,Ci

44........0

2-, )1

446.

-- 1..4

'ai)'
c...v ---A„,
u 1

I

(

\k„,

St
I

LO

--4> L......., 4 r
c

v

L
(

s

O
•

-

•

K.

••••11•11....

U
•

*— 5

4f-lk
•

cs7

(bd

4101.•

4.

L.

a."--t‘N

-

0.•

Wist

L17,




fr

•




OM/

/
0".•

•••••

(

I

L

c

411-

L

‘e
)
V e

1

)2
p,(
/ 5 c
)

1
_
-

,,

r)
d

F.

il

,.

6

r)')

e
•

•

0

-eVki

it.

C

Lab,

..,9
rti

4—&.d
L:

\

‘'

e\TI

• .-v

\)
1,
i

t

L.
.%
....... ./
e '

--s

"




l,..

/

c-

.4....., ''.
P L....

•

,

LI,\ ;

Norloft.

se\

/

)

'L. I

L

g•••••••••••••••••

%
.11111MIN.
,

›.•

(
-

I'

eyd wt ern.

•

"1

(

L.

%tt" t

6

11"-44
41Pal'
ialb.

>

1\
44

01'

'IN

`1.

L

cL.• \ e




r

(00
00111.1111%....

'

iCw

Cm—el

7.

>

.
rds.
Pr"

L

f

-V
e

Li)

'

e• """"

7

cd

C.L1 t

A
ce.

a\--)
o
**k

47'

,
op)
'

•

A._

P, \E)
(1
)




I

om""teN

el—Mb

IA

&_1_`‘
1c

e

Loo,

•




• .-;,,4,4404,44A.N4o•4040

d

\

•
•

1.......
s., 0:4C::•....
a.
*

4

v
•

1

-r

6

4
(

-C
e

9P(




0
(L.,

C---




,

„--

)/

/ji
\-4
Lc, 6/ /0
0

.

L--770j 2c-4

I

,

-

-

/?o7 2.2./

I

\Ai

e')

L. 6
1/4:r

Privorroff4effwrIfit* *t.'0,-:i. ,..*Aif:*.v.serte,,-..,,, .,,,,,,,,„„,
,

f
•
•

#

,

0
1- VID----- 0 a




e

,
, ,, ,, ,,,proism lokr,ovilgli, ,,te TY'itrFe4i3„,,,,, ItioloNe6.

604.0
,

-

t

oq,
cTh •
'iosit —•
t•

_

i;

°

tL

10:11_ _MP gx-S"-r
•

-

Y*.

"1.1.11.11111111."10

i.101110.111.....A.




.

(( r

fr

•

N

.ig

•

`1
4
r--11

I)

%111110prmsa...

43
-Q

3 7

o c \-.4
7
Chx>

L.09

1-741'




•

Lt0

t

et, 4e

A
C

i/N
_

/
f.

- /
d

A

•

(

)

6

fiet.AA 1
,

()//
.\

•

)
/6




.

P

(

)

(

‘?/ \i‘
4

y

<

I

`f
)
L

v r:\

t
a.

•

/

\

.
V

.1•IPMANISI

•

c-4 1
\

cs

.

•

—L—

(r
Zs
).

I ‘^-

2 (0A
—

1\e%r \in

ficri

•

\
c




de'

A
•

, LI

L_,

...1•14,rvr,

voevve•mir.v.V.

v mow..

•

Lo.

•

40P"-

zoi

"

frr 111_2

(31




L----

•

7/el (ft

)

" •••••••7
.•••

6t
&

›,

;

(\:

-1 1 pec---c1;).,
v, 7,

i(
eitib

,

L.•

-LeNijti/t4i

c1-7-

5

•

\

0-C

Ay)
s'N '

• cN
f

L)

\

kik

L

(5L-t
,
/0'

(14

-

t
.;)

(
t.ft

c.)

fki\

\Ai
c''"N

--t

.(‘

fa/

et\




4L1
,

c_P

•


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102