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At a regular meeting of the Federal Reserve Board held in the office of the Governor on Thursday, July 26, at 11 a.m., PRESENT: Governor Harding, presiding, Mr. Hamlin, Mr. Warburg, 21r. :diner, Mr. Delano, Mr, Willis, Secretary. The minutes of the meeting of the Board held on July 25 were read and, on motion, approved. The Committee in charge of the nomination of the directors of the Federal reserve 'branch bank to be established at Louisville reported asking for further opportunity for consideration, and, on motion, the question of the Louisville directors was laid on the table. Governor Harding read a communication from Assistant Secretary of the Treasury Crosby transmitting a telegram from Deputy Governor Calkins of gan Francisco with reference to the details of the method of making payments for Liberty Loan subscriptions. The matter was referred to the Executive Committee. A letter from Mr. J. P. Burke of Pittsburgh, informing the Board that the application of the Pittsburgh banks for the establishment of a branch at Pittsburgh had been placed in the hands of the 2ederal deserve bank of Cleveland, was read and noted, the papers being; referred back to Governor gardin. L telegram from the Clearint: House Association of Tulsa, Oklahoma, stating that they had filed application for a branch with the ?ederal Reserve Bank of Kansas City was read, also letters from Aderal zleserve _gent Sawyer with reference to the same subject. On motion it was voted that Governor Harding advise the Kansas (City ?ederal eserve Bank that it would be best not to conclude any definite action on the branch question for the present, but that if at a later date the matter seemed to require it, the Board would be disposed to send a Committee to Kansas City to investigate the branch question in that district. The Secretary of the Board read a letter from the Peoples' State Bank of Detroit, calling attention to certain difficulties relating to the question of interlocking directors and in,Luiring how the Board would rule on these juestions should the Peoples' Bank become a member of the system. The matter was referred to the Committee on the Clayton act, with instructions to draft a reply for the sig- nature of the Governor, he to have power to send the same. A letter from the First National Bank of Goodland, Kansas, protesting against the establishment of a branch bank at Denver, was read and the secretary directed to send a suitable reply. A letter from Federal Reserve Agent Austin with reference to the authority of the Assistant Federal leserve .Agent to sign all documents, reports, etc., in lieu of the Federal Reserve /gent in the absence of the latter, was read, and, on motion, referred to the Executive Committee, rith the advice of Counsel. The Secretary of the Board presented discount rate sheets for the week ending July 26, no changes being requested; also letter from the Federal Reserve Bank of Atlanta explaining certain transactions made subject to an open market rate which had not been published. The matter was referred to Governor Harding with power to act. A telegram from the Union National Bank of Houston, Texas, with reference to the interpretation of Section 22 of the Federal Reserve Act as amended, was, on motion, referred to the Law Jommittee. On motion, the application of the Girard National Bank, of Philadelphia, for the privilege of accepting drafts against existing values in the foreign trade to the amount of their capital and surplus was, upon the report of the Jommittee on Investments, approved. Governor ilarding reported to the Board the result of correspondence with the 1.:t. Joseph's Valley (National Bank, of Elkhart, Indiana, with reference to changes in their mode of advertising. The correspondence was noted and ordered filed. Governor Harding read a telegram from "governor YeDougal, of Jhicago, stating the importance of obtaining competent assistance in counting money, and asking for a corps of expert money counters from the Treasury Department. The matter Was referred to the Executive Jommittee with power to act. On motion of Yr. Yiller, it was voted that the Law Committee obtain an opinion of Counsel as to whether the Board can at its discretion close a branch reserve bank once established. Governor Harding read a letter from Federal LZeserve .1.gent Jay, giving a report on ruble exchange. noted and ordered passed to file. The same was em r letter from Mr. Marcus Walker, of New Orleans, with reference to 'pold shiients to Spain via Havana, was read and noted. On motion, at 12.05 the Board adjourned, to meet on Tuesday, July 31, at 11 a.m. APPROVLD: Secretary. Chairman.
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