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a reg1&r meeting> Board f.the -Fed v'e eld in the office of the-lovernor,on June 15, at ,ten aemi, RaLSEI;T: r. iarding, presid' I law), Lecretary. r.,,arburg, r. Hamlin, 71e minutes of the meetings of the Board held. on June MornilL,2; and June 13, afternoon, were read and, OE T710 tion, approved. The Governor of the Board presented correspondence with various ?ederal reserve agents with reference to the recent statuents ised by the 3omptro1ler of the 411 Icy as to the policy of member banks in making . criptions to .,iberty Bonds. 3ogthee b- as a telegram from Aderal :leeerve :.gent Perrin stating that he had communicat d with the various member .banks of the district. On motion, it was voted that the overnor telegraph Perrin to take no further steps along the lines mentioned in .the telegram already .sent out by him. The clue tion of a tax on reserve deficiencies was t: 1-en tp for corlsider'ttion, and ,:,(mor'mi . and reports .2e1;,t1n to the same, were precented. It aas that the ta:: should be levied in the l'ature only on the act -1 increlent of deficiency of reserve, ,ind not the entire deficiency. on On motion, it 'as voted that Broderick prepare a draft of new r(T;a1_.tion on the clb- ject, with the _id of k_;oansel, the m-ttt.r to be considered ,hen the general revision of the Bo..,rd's rejal-tiors is t:kenap after the p,,.ssa;e nf the amendments to the 2c eral Aeserve -ct. .etters on the juestion of rediscounting between promisin,.; cooperation, were presented reserve and the contnts noted. The Jovernor of the 3ord was, on 'lotion, relaested to teleraph the cderal reserve banl:s idn then to trans- mit each dv a report on the chief it(,Is oL*their coldition. letter from, the ::orris rel_tive to exchanze on India. was read and referred to the ;lovernor for consultation with the ..;ecret%ry of the "Ircastry. Gen- or.1 discussion of the Indian enchanbe sitaation ellbaed. The Jovernor of the Lord read a letter from the _-criean rerre:crtative of the Ba:k of ,1r-nce aitli reference 696 to methods of m4.king payments in ?ranee on behalf of the 4meriCan expeditionary force. The Secretary of the Board read a telegram from _Federal deserve Lgent Uich with reference to the progress of the Liberty Loan in 7,:ontana. The telegram was noted and ordered filed. The Secretary of the Board presented the liscount rte sheets continling the old rate:: in operatiol • 4, reduction In capital stock Of the Commercial National Bank of lufaula, ,ilabama, from :;150,000 to .:)100,000, duly recommended by the Comptroller of the Currency, was, on motion, approved. letter from the ?alconer Company of Baltimore, with reference to the methods of assessing and collecting the proposed ,stamp tax on bank checks, was read and discussed and, on motion, the Secretary of the Board was directed to write 'a letter explaining the Board's reasons-for believing the proposed plan unsatisfactory. The Secretary of the Board presented a letter from ?cderal deserve ',gent dellborn notifying the Board of the election of :a.. Edgar B. Stern of New Orleans as director of the Federal deserve Bank of -t/anta. noted and ordered filed. The letter was The secretary of the Board presented a letter from enator :oindexter of kishington,.with -reference to the re- demption of light weight gold coinat par. H"It waS agreed that the 2cc1'etaTAy reply to 7r. 2oindexter sazg•estin,that he initiate sqch legislation t right eem expedient.. .:.. report of the :s'ommittee'' on 7,1cMi?er and :.:.tate Ba.ns recoending favorable action on. applications for capitl on motion, approved as follows: stock, was presented* and .,pplications for 'H I Etock. Chares. Tenn. 1:ational Bank Hoists 15 15 15 25 40 : . • 17 17 14 14 66 _ _ Yat ional National'Bank Bainville, ont. Three orks, ont ~11•NIMI.O.• trict 7.:o. 10. 2armers Drovers 1:atl Bk arlon, Xans. Di3triCt-1. 12. ?irst 1:ational Bunk rtwdale, Idaho. Total :pplications for trustee powers, recommended by Committee on Member and atate Banks., were presented rtot acted upon .as followc: :.dministr%t r and Truct::, ,iebster ani tlas ,L.tional Bank 2irst 7,...hl.n. -.1 7z.In1: First 7._ ' fli.c. Qommercil .,:, ional B.ink 7istr,,r, 7r cte 2ir cton, ass. a - , -veri, 1 Lreveport,a. ...ad E..r.ecqtor: Texas. anI National T., ..,storiz., Ole. astoriaion .l Bank Locks ald Bonds: Pat -on. _ational Bank Paterson, .J. tponed: .T.'asadena,.;a1. .Z 7 ocky L:ount,Va. 111,c,o Basadcn National "'copies I:tiom.1 Bank 7irst 174t1onal Bank, first 1:ational Bank Upon recommend_ Moscow, Idaho. on of the Torm1ttee on audit and 1:- ,;:aminatioa, it ,was, on motion, voted to approve the appointment of Mr. Hubert 7. Thomas aS national e:laminer In the Mew York district at:,130.0 per annum, effective as soon 7homs reports. • of the Be the .4`ede:.- ' 7 the which . .0tio 2--. : to oard and after reecivLi it cn r pi 1. : confidenti-1 safe The C4rovernor of the Board presented ta • :ran :eservt ;cent Tlich with. a collection of '*, 1 ..nd. r lativt., to the st,'.:Aus of exchange avernor to be d1so.3 of was referred t deeTr, best in 3oi - subjeJt. r.Y.Ihi 11` 1, :le draft o3 to re fe The , ' - 3 the and :* to .4 .he. Jormittee. The 'Iovernor of the F.. .d presented an opinion of :Jount..-,e1 with reference to the .(1.1 .;ibility of educators as Clcs B directors; '.."1 oii,.ion of .Jouns 1 as to tion 5200 of the 1:ational referred to the C,!orrii-,ittee 0,, cc- Both, opinions were Governor 7ardin ziddressed to ance eator ubm1tted a draft of a letter innons, "...311:ctirman of the(Jenate ?in- tating the Loard's position with re OMfl1itt ence to the stamp tax on bank checks. however, fter disc' sion, ws agreed not to transmit this or any other letter on the subject, unless the /2.oard opinion shold formally asked. On motion t 11.30 a.m. the Board adjoarned, to meet r -r. .cdnesday, June 20, at eleven a.m. •,•
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