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At a regular meeting of the Pedcral Reserve Board held in the office of the :loverhor on 7uesday, July 3, f-4 11 a.m., PALST: las. Harding, presiding, . Mler Lr. arbur2', Lr. Allis Secretary. Delano, The minutes of the meeting of the Board held on July 2 were read and, on motion, approved. betters from Governor Strong -nd Pederal deserve Agent Jay inquirins2 with reference to fature audits of the Gold Settlernent ?and, were read and discussed, and the question of method of dealing with such audits in the future was referred to Governor Harding and L:r. iller, act- ing as a special committee, in lieu of the Gold Settlement Committee, for this occasion. A letter from Y Gidney with reference to the joint custody of funds held by the Federal deserve L-ent at New York, was read and, on motion, referred to the Governor and counsel of the lo,7„rd. 1., letter from ?ederal Reserve ;gent Perrin with reference to the "earmarking' of paper in the hands of ?ederal reserve agents was read, :md, on motion, referred to the Governor and Counsel. .1 memorandum on the hours of work in the Statistical Division of the Board was read and referred to the Committee on Expenditures with power to act. letter from Federal Reserve 'gent Sawyer with reference to the use of the term "Federal deserve" in the titles of State banks was read and, on motion, referred to Counsel for an opinione ,the method letter from Mr. 1. M. Gidney statina employed by the Federal eserve Bank of New York in main- taining practically eluivalent percentages of reserve against notes and deposits, was read -nd the contents noted. A copy of a letter sent by ,ssistant Secretary of the Treasury Crosby to the Treasurer of the United States relative to the purchase of one year 3-/, Treasury notes by Federal reserve banks, was read and noted. Governor Harding notified the Board that he had surrendered the combination of the safe it which the Gold Settlement CeitiflOates were formerly kept, to the Secretary of the Board, the safe itself being now empty, due to the transfer of all certificates to the "reasary. Chanes in capital stock of Federal deserve Banks, duly recommended by the Committee on L:embership, were approved as follows: lipplications for surrender of Stock. Shares District No. 4. First National Sank Bowling Crreen, Ohio, 41 41 Omaha, Ill. 16 IL Caddo, Okla. Total 16 16 77 District No. 6. First National Bank. District No. 11. Security National Bank Jqoplio(-tions for Original Stook. District No. 9. National Lxchange Bank First National Bank First National Bank St. Paul, :ann. Big. Sandy, L:ont. carter, ront. 225 18 17 ,260 ,;ichita, Kansas, l0 1J District No. 10. Union National Bank District :(). 12. First National Bank First National Bank (-4 Florence, _riz. 17 JhowchillL, Calif. Total .............. 405 The minutes of the meetings of the Committee on Jlayton Let held on June 29 and July 3, were read and, on motion, approved and the action therein set forth r_tified. Governor Hardins gave notice that the !Jommittee on Trustee Powers had a report with reference to the granting of trustee powers to certain banks, in process of preparation and which it would like to be authorized to file officially with the Board. On motion, the mat- ter was placed in the hands of the Executive Committee with power to act. after discussion of existing methods of filing and reporting on pending business, the Secretary of the Board was authorized to confer with the secretaries of the various members for the purpose of obtaining more e.,_peditious methods of filing and the transaction of basiness, and also to secure the prompt closing ul.) of business now pending, if any. Governor Harding presented a letter from Federal Reserve :gent Hardy inquiring what action had been taken with reference to salaries at Federal Jeserve a.,./Iks. The matter was informally called to the attention of the Com- mittee on Staff. letter from Yederal Reserve ;gent Perrin with reference to the joint custody of fands by ?ederal reserve 1):-ks and Federal reserve agents, ms red to the Board; also a letter from Er. Perrin rel%tive to a chLnge in the form of endorseent on paper in the hands of the reserve agent. .i, draft of reply to the latter letter was rresented and, on motion, ordered transmitted. It was agreed that in the absence of Er. Delano during the next few days, ki should take his place as a member of the Executive ,ommittee. On motion at 12.10 p.m. the Board adjourned to meet on Tae6day0.July 10, at eleven a.m., unless sooner called by the Chair. APPROVLD: Secretary. chairman.
@FedFRASER