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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.