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At a regular meeting of the Federal aeserve Board held in the office of the Board on Monday, February 26, at 11.30 a.m., PliL1311;T: Er. Harding, presiding, darbarg, Mr. Delano, r. Hamlin, Yr. Liner, In*. Mils, E'ecretary. The minutes of the meeting of the Board held on February 23 were read and approved. The minutes of the meeting of the Executive Committee held on February 26 were read and, on motion, approved, and the action therein set forth ratified. Governor Harding presented the application of the Federal leserve Eank of Dallas for power to take 50,000, in warrants, City of Zan Antonio, from the state National Bank, in order to accommodate the latter. On motion, the transmission by the Governor of a telegram granting the application was authorized. Governor 7arding reported that "rarsit Expert _ttebery would receive a salary of •>116.66 per month to cover services and epenses, the same to be paid by the 7ederal eserve Lank of St. Louis and reimbursed to that Bank by the Board, this pLn having been approved by the Execative Committee. On motion, the Toardrati- fied the proposed compensation and authorized the transmission of a,telegram to that effect. Governor•liarding presented a letter written by the Comptroller of the Currency to the Viiggs National Bank of iashington, D. calling attention to the fact that certain concerns had been authorized by the aiggs Bank to draw on it, for payment at the National City Bank of New York, and directing it to discontinue this practice on the (roand th,t it the guaranteeing of checks. :i4S e iaivalent to lovernor 7ardinss suggested that the Comptroller's instructions, if made erCective, '',11;ht pat the Board in an inconsistent position as to its clearing plan. After discussion the matter was e— fermd to the Executive ;ommittEe. The secretary of the Board read a letter from Chief clerk „ilmeth of the "reasury Department stating that it .a possible to alloy the Board any extension of its present quarters. kfter discussion the vhoie mutter of quarters was referred to a Specialommittee on Permanent :,;uarters, to consist of the lovernor with two other members, to be named by him. Mr. Harding thereupon named l'essrs. Delano and Hamlin as his associates on the Committee. The Secretary of the Board read a letter from Federal deserve Lgent Perrin with reference to the question of the establishment of branches on the Pacific Coast. The matter was referred to the Committee on Operation of the San Francisco Bunk. The Secretary of the Board read a letter from Secretary O. J. Curtis of the Federal eserve Bank of New York, under date of ilebruary 24, requesting approval on the part of the Board of the opening of agency relations v:ith the Bank of 7rance under Section 14, paragraph (e) of the Aderal deserve Act. On motion the Board voted to approve the establishment of such agency relationships, and it was directed that the lovernor communicate the action taken to the Secretary of the 7'reasury, and th:t the Secretary of the Board write Federal deserve Agent Jay and :toting Governor Treman of the Federal eserve Bank of New York in 214 substantially •identical language, stating that the authority had been granted, and announcing that—the Board would make public the facts in regard to the rm.itter, in the morning pipers of Thursday, Yurch 1. ; On motion it was voted to accept ,the reports of examination of the state of Massachusetts with reference to the Commonwealth -'rust Company of 7oston, and th6 reports of the State of New Jersey with reference to the F-,an of 7:ontclair, these being recently admitted member banks. On motion it was voted to approve 4 list of officers of the Federal Reserve Dank of Cleveland, transmitted by that institution, for designation as special examiners. Letters written by Federal Reserve Agent Martin with reference to the recently proposed purchase of warrants of the State of Tennessee, and announcing that the Federal Reserve Bank of St. Louis has decided not to mLtke the purchase, were read, noted, nd ordered passed to file. The'z3ecretary of the Board read a letter from 'ederril eserve igent Perrin v;ith reference to the question of a special telegraphic code for use by ?ederal Reserve banks. .After discussion the matter was referred to the Governor, he to name a special Code Committee with power to call In such aid from members of the ?ederal reserve banks as mi,2;ht be av..11..ule. Governor Warding thereupon named Vr. Iamlin as the ',,ode Committee. It was understood that the code should be for use between ?ederal reserve banks, and between ?cjeral reserve banks and the 7oard. but not for communications with member bnlcs. The secretary of the Board presented a letter from ?ederal aeserve nt'lich with reference to the proposed transfer of the Medford nitional sank of 7.'edford, 7:isconsin, to the Chicago District. On motion, it was voted th.A rr. 7amlin inform the bank that the Board was indisposea to act on this mItter until the clearing system had been further developed. on motion the application of the ?irst National Bank of ::ashin,-7ton, Kansas, for power to reduce its capital stock from50,000 to ,25,000, duly recommended by the Comptroller of the Currency, was approved. A report .of the Committee on Staff with reference to the salaries of Tederal reserve agents, was read, nd it was voted that the report be circulated, each, member of the Board to make such recomendation as he might see fit, the natter to lie on the table in the meanahile. A report of the Committee on Discounts vith reference to the purchase of 3.,000,000 of the City of Cin- cinnati warrants by the.?ederal eserve Bank of Cleve- land, was presented and, on motion, the purchase approved, Governor 7arding to notify the bank accordingly. The Secretary read a letter from the Secretary of the 7reasury to the Chief of the Division of Public Moneys, calling for regular reports on the stock- of ?ederal ;reserve notes in Subtreasaries. The letter was noted and ordered passed to file. governor larding reported the facts as to a visit he had paid to the Capitol on Caturday, 7ebruary 4, Thr the purpose of discussing the proposed amendments to the ?ederal Reserve Act. After further discussion it was the sense of the Bord that air. HardinFl. should !vi.ke visit nother to the ',.lapitol at his early convenience for the purpose of pressin3. the amendments. On motion at 1.05 p.m. the Board adjourned to meet at 11 a. m. on 7ednesday, !ebruary._;Z.O., APPAUVED: Cecretary. Chair n.
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