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468

At a special meeting of the Federal Reserve
Board held in the office of the Board at 3.10 p. m. on
Wednesday, June 2,
PRESENT:
Er. McAdoo, presiding,

Er. Warburg

Mr. Hamlin

Er. Harding

Mr. Delano

Mr.

Er. Williams

Er. Willis, Secretary.

Miller

Mr. McAdoo having noted the fact that the meeting
had been called specially for the purpose of.considering
the pending circular relating to the membership of State
Banks, Mr. Delano offered a general account of the Situation
with reference to the circular in question, and of his own
views regarding the proper plan to be followed in issuing it. .
General discussion ensued, and various legal opifliono .
relating to the status of State Banks as members of

Jr




the Federal

Reserve System were produced and Submitted to the members Of
the Board for consideration.

It was informally agreed to sus-

pend action with regard to the Circular, until a meeting to b°
held at 3.00 p. m. on Thursday, Jane 3.
The question of electing a Deputy Federal Reserve
Agent at St. Louis having been presented,.and it appearing
that Er. T. C. Tupper, now a member of the staff of the Federal

469

Reserve Bank of St. Louis was strongly endorsed by
the officers of the bank, Er. Tupper was unanimously
elected Deputy Federal Reserve Agent.
rr. Delano presented the question (which
had been placed in the hands of a Special Committee
for consultation with the Secretary of the Treasury)
whether it was intended to have Federal Reserve Banks
act as Fiscal Agents in the near future.

He asked the

views of the Secretary of the Treasury with reference
to the matter.

In answer, Mr. McAdoo said that the

subject had been given preliminary study by officers
of the Treasury Department and stated that he would
be glad to have the special committee of the Board
consider the matter carefully and advise him whether,
and if so, under what conditions, the work could be
taken over.
General discussion of this question ensued,
but no further action was taken.
On motion at 4.20 p. m. the Board adjourned
to meet at 3.00 p. m., Thursday, June 3.

Secretary.
APPROVED:




•
Chairman.