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at a meetin; of the 1.7.- oztive ,Jommi tee of the
?eder-1 l- escrve Board held in the office of the lover or
10 a.m.,

, Jane 16,

of the Eo-rd on .-tar

;:)elano,

lovernor

Secretar7.

rbarg,

from Ad-

Governor Hrd.ing rresented a tele

e al IZeserve .L;ent :rtth of St, leoais r lative to the
.jaestion of tral smitti

to

twerp the dividend

stockholders in a nelian water company.
to refer the

It

due

W45agreed

etion of such rcmittanccs to the. State DC-

tent through the Governor.
teleLlxam from Governor McI)o
jirin

7ihether the 'Federal

of

2.1ic-go en-

of :Yaicage wothi

cserve

be aathorized to sabscribe a pro r:Au share to a led J.oss
fand was read and aiter discAssion the
,o
th

.01

ith authority to the
tle

ill

Ater ';:a1-. referred

evernor to tLlerarh

rendered, to

- Bo

a telegram from Federal leserve

gent

Perrin relative to the %.1-ing of dire to , at the proposed
Spokane 3ranci, it :as a:;reed to telegraph stating that
the amendments to the




al deserve

t were.

till in afl




uncertain position and suggestins postponement of action
until a decision had been arrived LA in jonz,rress.
The application of the :first

atioia1 Dank of Or-

anL;e, 7,7co., for certain trustee powers, favorably acted
upon

t the Board meetin2; of June l:73, was nr motion recon-

sidered, and it was arced to grant fall powers in pl-ce
of the restricted powers already accorded.
Mr. Delano stated that he had received from the
federal 'Aserve Bank of

a brief, setting
an 2rancisco

forth the rosition of the ?ederal "21.eserve 7.:3, nk of S4n Irandisco regardin

certain checks on failed banks in (eattle.

Tie also n B..

,L draft of a letter addressed to the Ad-

er-1 ,,ieserve Bank of 'Ilicago raestin:: that it likewise
submit a brief on the same subject with a view to est_blishin:3a baris for the ascertainment of liability in the
The transmission of the letter was areeei to.
3overnor

ardin

read - letter received from qov-

ernor L.:tronL; of 1:e..a York with reference to the check collection situation under the Hardicl: Amendment to the
pendin,; bill amendin

the 'federal 'ieserve :ct.

discussion it was ,4.ree.1 that

_fter

1ardins; should, if he

deemed best, transmit this letter to the Senate for pres-

entetion there in case of necessity.
Telegrams from-1:x. J. E. ?organ and others with
reference to the Liberty Loan were presented and contnt
noted but no action teken.
On motion at 10.30 a.m. the committee adjourned.

'iaPAUVLDt