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-130 Lt a re3alar meeting of the Pederal deserve Board held in the office of the. Board on Iethiesday,JanLiary JO, at eleven a.m., Mr. itarding, presiding, Mr. Miller, !Tr. Alliams, Delano, inns, eretary. The minutes of the meetings of the Board held on January a and 29 were read and, on motion, approved. The minutes of the meetings of the lold xport 2om- mittee held on January 29 and 30 wcrepresented and, on motion, approved. The minutes of the meetings of the 7rold Export 'Jonmittee hold on January 29 and Z° . were Presented and, on lotion, .approved and the action therein set forth ratified. On motion, the title of the P ioAties J.Jommittee wz.5 ordered changed to -capital Issues Jommittee, The minutes of the meeting of the (.;apital Issues Committee of Janaary 25 were presented and, on motion, approved and the action -t'orein set forth ratified. draft of a ing and Oarrency Commit letter addressed to the Bakjongress regarding the Jomp- troller o: the currency's recomlen,:atioll o: ,lar_lty of certain bank deposits, %..-as read, discacsed, and, it as ordered that the letter be reraft(d CO as On MOtiOr. to onit all zr:u-ent and. to state that a majority is offosed to the prole,islation present, ,_fd if any atior is to b( t_1;en nn the .—bject, the Do-rd asks to be civen a hearing. th„'„ 'f. It as flier and -r. :anlin -lake the redraft of the tliis point the•„;(y-ltroll .1 tairev frori the meet- . I( ttor from lovernor ':orss as to the b.:4s of co2.14...il; II terest on rediscounts between federal deserve banks it _al., na otin , voted that in all transactions _ uetv'eci,, :clend _Le-ervu b .L)is of true interest, ,:, A.1 computations be m-c,e or the to the year; the 3overnor to advi:;,.: all deserve banks. _ letter from 4'ederal _leserve "Alt in airinz 10:laition of svill;s deposits in _Lhiladelldia, X40 read Ind referred to the ;overnor poer to act. ./, . , ;overnor :1%rdin' reported the substance of a conversation v:Ith the officers of the Adoril deserve Bank of 1:ew lork re the satas of reserves of Brooklyn national 1),,rIcs as reserves of ba.rs sited In a central reserve city. 1..7:-.10 moved tlat pend ing the investitior by Joansel of the *le tion of the right of Brooklyn b,n1c.s beand not o.s Jentr 1 deserve ing classed a banks, the :_lovernor bedirected to instrt penalties the iew ".(c, rk ?ederzJ a the baak ainst cnd thzring pendanoy of t-de ttt1 question. ,ieerve the selectioa- of and .'„)crver —otors re%Ct rank of KLI -Hs -.:•**()!"'„ noted. on nor H.:111t2r no r,te.F of drafts: and transfeia.- on :::( . 0.e• serve ▪ tian, v;LS read 1• ; - that Jommit- d, on motion, referred. to JO' itte i tee to say that reI:reentatives Jity J1 House :ssociation could be riven a hearing to ?ebruary 11. 1 rnenor%ndlrl from. ,;out.... el me forn of negotiabi t md letter the on iQtion, referred to Jo ceptance rer to the rom re a new I 1-3F'10 tee :T.o.2. t..:ry of of le1 tender notes, was pre- d :nLI noted. igs Bank of Jenter asking ti:ioation of an error ':.ade in remitting for Liberty bonds, was presented axid referred to governor ILIrdin,:; with poder. memon.ndam of .;oancel as to a letter of lovernor ,Arow: re the application of the 10! limitation on r_per secured by Liberty 3ondswas read, and, on motion, referred to the Jovernor :or action. letter from edern1 Reserve :=]:ent -lamsey re the re- cent defalcation at t'te federal Reserve Bank of )A.las, was presented and governor Jardin; reported briefly as to the or- ganization of the ,iberty Loan departnent of the Dallas 2:_nk. The letter was referred back to governor qardinc;. On motion, it was voted that each federal Aeserve agent be re l,uested to pay special attention to the aaditiug of the bank and report to the Board as to iros-ress Itade from to tie, with special reference to the nei.t -iberty .Loan; and that each 2ederal eserve ,-..cy.nt be reminded of illS dual function as a representative of the 3oard and at, cw„.irrtan of the board of directors. on notion, there was referred to the :::xecutive om- rftittee the administration of the '?ederal Aeserve Dank of Philadelphia, as revealed by recent examination, with power to deter-tine ho,; the organization of the bank can be placed on a sound footing. Papers relating to the matter of making loans secured by :iberty Bonds-, transmitted by Lssistant Secretary of the Trea.szry Jeffiiell, ,referred to ':.lovernor Harding at the last meeting of the Board, were referred back to love nor Hardin, for P ther action. memorandum of Counsel re a restrictive endorsement on paper placed by ?ederal deserve ac;cJits with Federal deserve banks for collection, was read and it as agreed to ask Special joansel 2otton for an opinion, the matter to be disposed of by the lovernor. letter from ?edema Reserve 1:rent Perrin asking approval for the establishment of a branch of the ?ederal deserve Bank at Salt Lake ty, was read and referred to Ir. Yiller for invest13ation. :,1r. :larding reported informally as to the proposed organization of a branch of the ?ederal deserve Bank of Dallas at El 7aso, calling attention to estimates of cost of installation and operation. It was voted to send a copy of the Baltimore Branch by-laws and imiuire whether 4 similar type of organizLtion at El .1.?aso would fill the re.zrements of the case. . rev i sed dr% ft o s -oreLerted the 3.1t inre r.oti(). , un ',lotion of hr. illcr, it as voted to obtain data rej rji!,;the cost of ar'iy re littancez- to the nortAJestern b:tncnet. 5or.rd ordered t!le nablic_tion of inLtru,c.c2crred tiohs to den ten, IL :orein e;.charc, the :':'tter to the rode of Fzblic-t-InL. to the liovt-rrnr :or declaim: On motim it aas ordered that ,. T. ':ent be dt&i7- oreign nated as Lirector of Division of , i letter i'ro-1 "ederal deserve Agent JV relative to ,vac referred to iomr.ittee 70.1. stilz.i.r:7 of .1r. tile orts of Amtittee Lo. I were rend and, on ,lotioh, annroved folio n; 2. Parker at Dated Jan. 3.J, approvinc; the .ppointl.:ent of ' rancisco. j6J per !aonth at 'Jan , brancli. sz.1:.rio2 .p 30 tt ft for national salry of ;_lbert J. Johnson LA per month, effective Janx.r:,, 5 aeitzer at .:1443 sal%ry of the per annxn, effective on nlace. Dated Jan— 30, approving the salary of ,;!-A. Chrimbe lain at :4400 per annum. ft If resignation of TIrs. Starr. comlensation of.g500 to :Ir. Kent for services to the rew Yor;c Bank. 30 days' sick leave Browne. report of ,ontittee of Mr. Alexande :lebsenger ro. 3 approvingt.pp f. icie under the ica ion Let, was read and, on ntotion, approved. .1t 1.15 p.m. the Board adjourned to meet on Friday, 7ebruary 1. 4'..P.1110VED:
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