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461
a meeting of the 'ederal ,leserve Board held
In the office of the Board at 11.30
on 7'7onday,
il 30, 1917,
Jr. Hard
0
presiding,
Mr. De
Haml.
r.
1:r4
• ;',"1
U110,
Mr. 1ii1is, secretary
,Arbars,
lle
The ntinutes of 'e meeting „f...)f the ?man:
April 27 were read,
nd,Qn- motio
on
approved.
letter fromlovernor,J:
to the conversion of 3,-; bonds into 3
to the Board, and on motion referred
/ice
hiller with
bonds
Was
presented
o the ::ommittee on
Investments.
The application of the ;me loan Mational Bank, of
cr
Oklahoma
for trustee pow
viously tabled
by the Board, was present d, with a letter from(',overnor
Miller, again recomrending it.
There was also pre
ity report on the part of the
ented an inform...1
itt e on Member and State Bans, 'ftvoring, the
fall trtee powers
nEl
rnnting of
requested, „And a minority report
reconv.cndina that they be ;:ra:to.l. only for use in a speci1
17 Vie
which had been ment!.)
vovir:zinie j-
nkt
!--.1otion the
On
.,‘
trastee powers
- letter fro!r, 7onoralJA--
•
notLfic.....tion to 1.)-(aYs throtjiout the country r(
joliy of the zovcr . t.t
on
•
thc
After
read.
to
cilr on ti.
:lovernor rY.r3i
would hold a rnee in
_Lnn0..1.-n.I.,(ci that the
1,
nr"..icsday,
t 11 a.m.
The rel.ActiOn of capital of the Payette 7:7atIo.nal
d ilyr(cmncr.d(
, Idaho, from :7,0)0 to
J;_rrcncy, wz:Iti on notion arrrovcd.
7.: alien,
_1 .',Ietierve
1
3hicz...L7o„
'--
pence:, 1.2,1/4rarr(d in ionrietion
!crt fIcate
"'Qv«
ith
"
r1,
tic,
r to
110: of t;ite rc
at
rrJ to the
nt
t.
)overr.or 'Tardinz• T,rert nted the
a zthorizin2; the s-rtntin.: of
ri.,(T:e or the
letn1I o:
chartert, tode:irois
466
of engaging in the foreign trade, a matter which 11,A.d been
taken up at the Instance of the Chase rational Bank of
New York Jity.
4-usistant Coansel 7arrison presented a
draft of a bill designed to grant the necessary ..tat,tori
The matter ;;as referred to the Law Jommittee for report.
'
7 ederal
read a telegram receivcd from'
:leserve Jgent Perrin in (airing :hether paper secured by
real estate mortgage is eligible for rediccoant if otherwise eligible.
'Te had considereci this matter to some ex-
tent ,:ith counsel's office.
r. Mier was authorized to
reply stating the eligibility of the paper.
The matter w-,
referred to Jounsel for a formal opinion.
qamlin called attention to the fact that he was
not now regularly in receipt of opinions of 3oansel,
suggested that they be furnished to all members
prepared,
in order that each member !night establish a complete file.
The matt(r of disposing of such opinions was on motion referred to the Committee on Law.
:Avery r Harding stated to the 2oard that some time
ago the :merican Bankers issociation h.,(1 invited the Board
to attend a meeting of its Fxecutive
Briarcliff
and that he had bccn ,_tuthorized to name the Committee to
attend.
He had dcsi:mated "r. Delano and
r."%71in to-
ether -ith '11-,self to be present on 7-onday, -ay 7.
"e
v.ould be clad, hmever, to add other member: of the Doard
who were ;Able to Jo.
liver.' letters from lovernors of 7cder%1 reserve
banks
ivin
details as to the recent rabscription to "reas-
ary certificate:, were presented to the Thard aui noted.
- letter from the Yation._1 park of "ommercc of Detroit, L:ich., and _lso a letter fro. -r. -lden .nderson, of
San 7rancisco, 7:ith reference to amendments to the 7cderal
Acserve it relati-ns to the membership of State bars in the
7ederal Reserve Syste, ;erc read. and. on notion referred to
the Committee on
with power to lomzunis:atf
Ath ressrs.
7,1ass and Owen on the s'ab,;eot if deed desirable.
Letter: from lovcrnor 7ancher and 7TeDo:13111 relative
to the plan for 7ederal reserve drafts adopted by the Eoard
vernor reply to
were presented. .ind it was areed th t the lo:
';cDot ;al in'ormin: him th t the plan had been definitely
ordered into oTer,tion.
letter from ?cdfrs4 Thserve " ent Zamsey
ith ref-
erence to prospective -errbirs4ir of the Dallas "rust and F-vin,17 .3ompany in the Cyster was referred to 'governor 7ardinc;
468
for repl,r.
tele2T-:.m Iron Ad( ral 'eservc 1,3ent '11mse,y with
reference to profrectiVe
berJiIp of the Dallas "'rust
and Cavin,fs 'Jomrany in the fltem W4E referre0 to Governor
Hardirs for reply.
A tel.cr:n from qcJeral 'ieserve ..zent 3amsey with
reference to the eff(Jt n: Enlistments cv,on the f-t: ff of
the 'iseder31 recerve b%nl- of D,11zii,,
n
refermd to ,o
error '-'-r1ir2 for reply.
letto- from -r. leore Ircel vith rtfer(lieE to
the p_ )lic Lion of .11 offici.1 1,111(tin %nu
taLAoe
ersoL be desisnated by the l'ors" to
nir.1 of1 ially relativ( to f1,2h !T—tter ,s tae
Bo,4rd ml ht hzN( :or ihtblicitior,
mild .!„1 aft(v lis-
,Icissioti the ,:ccretary ot' the Board was dirttECi to zndtrL%17e the transmission of such mterL1, Libjoct to the -_11prov.11 of the 4overror of the Ford.
recom.,
,Ens"._tinn of the ,lommittte on Fttiff, the
salary of !:r.
ef:ectiv(
Je,lison was :Ixed at '1400 per ann.-,
this bf
the rc.L.711..,r salry of th( Iii in
lerlr., whose fluties :r. Jemicon if, lerformin7.
The ki:lestioi, of extendir:; the leave of a:dIELe- of
469
laters, stenographer to Mr. 4-a bars, with pay, was referred to the Committee on staff, with power to act.
The minutes of the meeting of the CoLimittee on the flayton ,I.ot held on Lpril 2C were read and alproved, .,tnd the trotion
therein set forth ratified.
Mr. 1)e1an6 presented the proposal adopted at the recent
conference o
lovernors to pay to employees of ?ederal reserve
banks, who enlist, a
am euaal- to the diference between their
army pay and their old salaries in the banks. 'he matter is
referred to the Committee on
taf
for report.
:;Tr. 7amlin said he had been invited by the naine Bankers
,ssociation to speak in Portland bcfore that organiLation.
On
motion, it was voted that he accept the invitation, his journcy
to be at the e.:ljense of the N)ard.
On motion.at 12.22 p.m. the meeting -,djoarned, to meet
on Wedncsd:Ay, !:ay 2, at 11 a.m.
!'t
@FedFRASER