The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Ait an adjourned m eting of the Feder1 Reserve Board held in the office of the Governor on Thursday, ,LIgust 9, 1917, at 11 a.m., PRILSEF4T: Mr. Harding, presiding, Mr. Hamlin, Mr. iiarburg, Mr. Delano, . Mr. Miller, Mr. Lillen, i,ssistant Secretary. The minutes of the meeting of the Board held on July 31, with additions to be made by Governor Harding, and the minutes of the meeting of August C, were approved. The question raised by Federal Reserve Lgent whether an Lasistant Federal Reserve tgexit should act as a member of the Executive Committee in the absence of the 4gent, was ordered to be answered in thenegative, with the saLzestion that the aid of the Assistant should be at. the disposal of the Lxecutive Committee when desired. Recommendations as to rates of discount for nine banks were presented. o changes were recommended. Consideration was given to Mr. Broderick's memorandum on the open market rate at .iAlanta, and the memorandum was approved. „L,t), telcgram from 2ederal deserve Lent stating the election of artin 2. 1:incheloe, national Lank examiner, as the third director of the branch bank at Louisville and his selection as manager, was received, ,../d referred to r. Delano for consideration of the ciaestion of salary, not stated. The Board authorized the announcement to the press of the four directors already selected for the Louisville brunch. Reports of the Committee on Staff covering the following increases, were approved by the Board: J. Assistant ?ederal Reserve .gent at San "2rancisoo, an increase from c)100 to J125 per month. The salary of ,g400 per annum for 'Jharles R. Kuchins, appointed national bank examiner, district ro. 4, effective on the date he takes up his duties. Opinions of subject to ounsel holding that postal savings are reserve and that the word "bank” as used in Section 13 of the ;let does not include private bankers, -nd that 3ederal reserve banks are without authority to extend the clearing privileges to such bankers, were approved and ordered to be sent out. Delano vas authorized by the Board to make a trip to investigate the branch bank situation in various sections of the United States at the expense of the Board. It was informally agreed that 1:r. I.:111er and :Ir. Delano could not at this time act upon the suggestion wired by Federal Reserve Lgent Perrin and visit the racific Northwest. Er. ,illiams entered the ,leeting at this point, and there was an informal report of the Committee on •.,uarters, as the result of which the Executive Committee was given power to authorize the Governor of the Board to sign a lease for all or part of the fifth floor of the Aftropolitan National Bank Building, at such price as seemed to them reasonable. It was agreed that Coun- sel's office should remain in the Treasury Building, and assignment to the new space was not made. The Board approved a circular to Federal Aeserve Agents and banks covering joint custody of notes and securities, and it was ordered to be sent out. assistant Secretary :lien was authorized to turn over to Secretary illis the work of the Gold Settlement id to te leave. of 72:ond,L,.w, Lt i2.) the eeti Aagast 14, .at 11 a.m. 4dTAOVED: djoarned, to neet on Tues. ,
@FedFRASER