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10i $
At a regular meeting of the Tederal Reserve Board
held in the office of the Board on .;ednesday, January 2.5,
at eleven a.m.,
RaLaIT:
Mr. Harding, presiding,
Lr. Delano,
.iarburg,
71r.
Haellin,
:Ir. Allis, Secretary.
The minutes of the meeting of the Board held on
January 21 mare read and, on motion, approved.
The minutes of the meetings of the Gold .xport :3ommittee held on January 22 and 23 were presented and, on motion, approved and the action therein set forth ratified.
The report of c,om,nittee No. 3 re sale of silver,
made a special order for this meeting, was presented and
informally discussed and, on motion, it 4aB voted,
1.
That all sales of silver shall be covered by
contracts made by the Secretary of the Treasury for purchase at a price not higher than that at which sold; no
reference to any fixed price to be made in the bill; the
Secretary of the Treasury, moreover, not to continue sales
of silver beyond
10,000,000
any one time, unless and
until he is able to cover Jic; sales of silver by contracts
for an
arl.ount.
LA
e'
ThLt sectioia 1 and 2 be rofcrred to :lornittee
2.
3 for reUr.4fting in aocord:nce viiUi the principle that no
have been sezred for op-
Li:des be made ex e.:..)t aittr
taining the silver.
That section 4 of the proposedplan be stricken
3.
out entire.
ot ion, the whole ..a.rdter d'as referred back to ;()
('n
ittee
o. 3 :ith the -id of Jounsel.
this Point -:17.
illiams entered 4
with the Board proofs of Tarts of hi
room, and filed
.
)
_rng%1 report eontir.1i2
recom=endations to iongress.
r.entorandam of ,Joun6E1 to the effect that Joint ,_UoJk
and b,nks may deposit wit.' 2ederal ..ieserve banks was precnted
and referred to ,rr,l,littee
Ey-la.
o. 3.
for the Baltimore Branch B-nk, subitted by
v_
crnor '‘; ay, ,'Lre 1)resented -nd, on motion,
mertorandu
1,
of Dec
of ;ousel reardin,; fiduoi%r:; po.vers for
, aoopos of the anplis%tion of the 1.:,-ticLal
r, war n„„„
- pproved.
motion, :I
I, report of Jonmittc
. 1, dated January 23, re sal-
des at:Anne: -0 1;3, was reaf:i and, on motion, aoproved.
!.1.0 ion of
tfIC
I or' of ;1 0.17,ittec ':o. 1
rclative to salaries of officers at the 7
oral deserve
Bank of 1:ew York, was taken from the table for reconsideration, and
Delano moved to amend the report by fixing
the salary of tr. '3ailer at ,,A6,000, absent members to be
given opportl.nity to be recorded.,
On being pat to it vote,
the motion prevailed.
On motion, the report of ijortmitteo
o. 1 relative
to salaries of officers at the Federal deserve Bank of Jlev1.
land was made ri specitl. order for the meeting of 'Friday,
J411-
•
aary 25.
On reonAmendz.tion of ,!ommi tee 1o. 2 the'...ipringfield
ioil
granted poor to accept ap to 100,1
, of capi,
tal and sa'plas.
(in recommendation of Co.
tee Fo. 2
rmission
granted to the Llerohants 1:ational Bunk of Los .,,ngeles
as
iid
the First Uational Bank of Utica to invest in the stock of
the ...;.merican Foreign Banking Jorporation.
On recoIrtendation of Jommittee iTo. 2, it was voted
that the following institation be advdtted to the Federal
aeserve syste,- anon conditions named by the ,:ommittee in its
report:
esque Isle county (..avings Bank, dol.ers Aty, -aca.
The application of the Guaranty, state Bank of Hansford,
Texas, for membership, was
.spended.
Upon recommendation of Committee No. 3, fiduciary povers
were granted as follows:
Trustee, Executor,
.
- irst rational Bank
:Ierchants National Bank
"
Jommer ial
.ator and Registrar.
Oanton,
Billings, 7ont.
High Point, K.J.
Tipon recommendation of Jommittee ro. 3 a report to the
effect that no action affecting the director,, qf the Old rational
Bank of "jpokane, ,:ashington, is needed, was approved.
Upon recommendation of Jorlmittee :To. 3 the applications
of :essrs. H.
Kelly and J. i. .;natley under the .Jlayton
were approved.
• draft of a letter to Governor Chas. i. T.lorss, presented
by the Priorities 'Committee, rearding a proposed bond issue in
laissachusetts, was read and referred back to the Priorities jommittee.
Governor Harding presented basiness as follows:
• letter frwa Apresentative Hayes re clerical places
in foreign exchange branches, read and noted.
• letter from Counsel re sale of bonds at
innearolis
under agreement to •repurchLve, referred to Jommittee Lo. 2.
L letter from ?ederal Reserve Agent
ills re collection
1)1
of maturing items, &nd a proposed reply, read and referred
back to Governor Hardin„.
.1i memorandum of Chief ,z,zaminer Broderick re member
bank examinations, was presented and referred to Committee
1.
At 1.05 the Board adjourned.
@FedFRASER