The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
577 At a regular meeting of the Federal Reserve Board held in the office of the Board at 11.30 a. m. on Wednesday, July 14, PRESENT: Mr. Hamlin, presiding, Er. Williams Ur. Delano Mr. Harding Ur. Willis, Secretary. The minutes of the morning and afternoon meetings of July 9 and of the meeting of July 13 were read and approved. The Governor of the Board having submitted a letter received from the Bank of New York, N. B.A., regarding the cost of examination, it was, on motion, voted that the same be referred to the Comptroller of the Currency for suggestion of a reply. Mr. Delano and Mr. Harding, as a special committee, submitted a memorandum relating to the question of having Federal reserve banks act as fiscal agencies of the Government. The report was read, discussed and ordered mimeographed for distribution to every member of the Board. A letter from Governor McCord of Atlanta, relative to the discounting of demand paper at the Federal Reserve Bank of Atlanta, the same being in answer to a letter 578 of inquiry recently transmitted by the Board, was ordered referred to Mr. Harding to be answered in accordance with the sense of the Board on the subject as understood by him. The proof of the proposed circular on Trade Acceptances was taken up for consideration and Counsel of the Board was called into conference. After discussion, the draft was placed in the hands of Counsel for report at the afternoon meeting.„. Papers relative to the application of the Broadway Trust Company of New York for admission to the Federal reserve system, including the recommendation of the Federal Reserve Bank of New York and of Mr. Broderick, Chief of the Division of Audit and Examination, were referred to Counsel for examination from the legal standpoint, it being informally understood that in the event of a favorable report by Counsel, the Board might act upon the application during the next day or two, even in the absence of a quorum. The question of a conference with bankers in New York relative to the cotton situation was discussed, and, °21 motion, it was voted that a special committee, consisting of Mr, Delano, Mr. Hamlin and Mr. Harding, visit New York for conference on Friday, July 16, to consider the general V"- 579 tion of financing the cotton crop of the coming autumn. A letter from Federal Reserve Agent Wellborn, informing the Board of the selection of directors of the Branch Bank of New Orleans which had been made by the Federal Reserve Bank of Atlanta, having been read, the Board took up for consideration the question of appointing Government directors for that Branch. After discussion it was, on motion, voted that the following be named as Government or Class "C" directors: Mr. P. H. Saunders, New Orleans, La. Mr. Albert P. Bush, Mobile, Ala. Mr. J. E. Zunts, New Orleans, La. The Secretary of the Board read a letter from Deputy Governor McKay of the Federal Reserve Bank of Chicago, suggesting the twenty-sixth instant as a date for a meeting of a conference of accountants to be held in Washington. On motion the Secretary was authorized to inform Mr. McKay that the date mentioned was approved. On motion at 1.15 p. Ins the Board adjourned to meet at 3.30 p. m. this day. • Jecretary. —APPROVED: Chairman.