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a regular meeting of the Federal Reserve Board, held in the office of the Governor on Wednesday, Jlugast 1, 1917, at 11 PRESENT: Governor !larding presiding, Er. Williams, ar. Warburg, Llr. Delano, Mr. Vi11is, Secretary. The minutes of the meeting of July 31 (morning) were read and on motion laid on the table pending certain changes therein-. The minutes of the meeting of July 31, (afternoon) were read and on motion approved. Llovernor Harding read a letter from Secretary Curtis of the Federal Reserve Bank of New York with reference to the proposed conference of governors of reserve banks. The letter was noted and ordered passed to file. Resolutions relating to the proposed conference, offered at the meeting of July 31 and made a special order for this meeting, were on motion laid on the table in order that the Committee entrusted with them might have further opportunity for consideration. J:it 11.30 a.m. the Board took a recess in order • to hold an informal conference with the authorities of the Treasury Departpkent with reference to public finances. .tit 3.30 p.)-11. the Board reassembled. Present: Mr. :larding, presiding, Lr. .arburg, Mr. iilliams, Mr. Miller, Mr. •.illis, Secretary. Delano entered the meeting later and was present during a part of the session. Governor Harding read a telegram from Aderal ileserve .A.„7,-ent Martin, stating that the Federal Reserve Bank of St. Louis had elected George :4orton and 4. J. Mont- gomery, of E1iLbethtown, Yy., as directors of the proposed Louisville Branch on behalf of the Federal Reserve Bank of St. Louis. Martin stated that the third director, who should also be manager, would be chosen later. Discussion of the Board's choice of directors ensued, and on motion the following were unanimously elected: Jharles 1. Hoge, President, State National Bank, Frankfort, Ry., and F. :1. Sackett, President, Board of Trade, Louisville, Ky. 4 telegram from chief of Division Broderick with reference to the date of transmission of 2orm X-l43 by Federal Reserve Banks, recommending that a telegram relative to the same be sent by the Jovernor to each Federal Reserve Bank, was, on motion, referred to the Governor with power to act. The ,iaestion of the Board's quarters for the coming year, made a special order for this meeting, was taken up for discussion and the special committee in charge of the subject larding and r. illiams)re- ported in favor of leasing sufficient space on the fifth floor of the Metropolitan Bank Building to provide the quarters for the Board's Counsel in addition to the space already intended for the Legal Department of the Comptroller of the Currency's office. Discussion ensued and the report being put to vote there were recorded in favor of the plan proposed, Mr. Harding and .;illiams. Mr. Mc- 4doo had already requested to be recorded in favor of the plan when the question should come to a vote. Mere were recorded against the plan, Mr. .;arbure.;, Mr. Delano and :r. Co the plan proposed in the report was declared lost. The 4ecial Committee being continued by unanimous consent thereupon reported in favor of authorizing ) it the leasing of the leasing of the space in the :letropolitan Bank Building which had been recommended in its former report as suitable for the Legal Department, such space to be employed at the discretion of the Board, as circumstances might dictate. On motion the report was unanimously adopted. Harding stated that he had received another .1.overnor letter with reference to the case of Peoples State Bank of Detroit, I,:ichigan, in airing as to the effect of the Clayton ct upon them. Hence the desirability of ascertaining the application of the Clayton Jict. qe read a draft of a letter addressed to the President asking for the opinion of the _ttorney Teneral with reference to the application of the Ulayton 4:et to state banks. i.fter discussion the transmis- sion of the letter, with various changes of contents, was agreed to. 4t letter from Federal Reserve ;gent Perrin with reference to the cheek collection system was referred to the committee on Clearings. J. letter from Federal Reserve agent Rich, with reference to the relative rank of the assistant to the Federal Reserve agent, and the reply of the Governor to the =ae, was read and noted. 4 letter from ?ederal Reserve .gent Jay, of Eew York, under date of July 30, with reference to the organization to be employed in Mew York for handling the next Liberty Loan was read and noted. copy of a letter to Federal Reserve Banks, transmitted by the —ssistant :3ecretary of the Treasury Crosby, explaining certain.details of practice with reference to interim certificates of indebtedness, was read and noted. letter from Federal Reserve J'ent Perrin stating the probability of large withdrawals of gold for shipment to Calcutta was referred to the aovernor to be broaL;ht to the attuntien of the secretary of the Treasury. . .iarbarg presented a letter from Mr. 4rJhibald Mains of 2:ew York, imiairing about the probable power of the ,Imerican 2oreign Banking Corporation to accept. The letter was referred to Counsel. Certain changes in the proof of the forthcoming Federal Reserve Bulletin were discussed and agreed to. On motion, at 4.45 p.m., the Board adjoarned. 4'IPP.;.10VUD: Obaiman.
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