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479
.",t a resalar meeting of the Ader-1 leserve ,oard
icld in the office of the Board on 7cdnesday,
2,
t
el yen a.m.,
presiding.
• 1,
yx. Ir.
r. :
.:arbarg,
Delano,
letter fror
cdcrl
t Jay transmit-
es rve
ting a bill pending in the Nem YorkF.:tate
egil.
re d -
1
,
signed to forbid the presentation of checks throa;
compnies, Ws read and noted.
love
•tion with
binir
me
rains st:itc
o
sbFtnce of a cc-
ntative Ha rison relative t
p
e so-called Yitchin and Hayes
Cor corn-
Bills, the resltirg
are. to b. approved by the Board.
J., letter from ?rove nor Aiken of Boston relative to
the establihrnent of a private telephone connection with the
Board was
17,resented.
..ft er discussion, the Boston Bank was,
•
on motion, authorize
nectic)n, while the la
to uicar the ex,eise of 1,u h a conion of prortir
ferred to the 3ommittee on flrnization
sh otlay was rend Ftaff.
!,:r. Hamlin suggested that the proposed a_ ndment
il 71
4
: bonds, be taken
relative to the conversion of 31 into 311
up with the legislative authorities.
Governor 'larding under-
took to dispose of the matter.
A
letter from Governor Fancher of Cleveland regarding
the conversion of 31 into
bonds, was referred to the 3om-
mittee on Investments, first, however, to be circulated.
A letter from Secretary J. 2. 3artis of the New York
Federal leserve Bank, relative to restricted endorsements on
bills of exchangt, was referred to Counsel for report.
Ii letter from -d'ederal Reserve Agent Jay of New York
as to an overpayment to I:essrs. J. P. 7organ
company, al-
ready criticized by .-Thief Examiner Broderick, in his report
of examination of the 7ederal deserve Bank of New York, was
read and noted.
Aeports from the Ammittee on Organization and Staff
were received and acted upon as follo s:
report in favor of extending the leave of Lies Lucy
daters from April 25 to ruy 15, with pay, was adopted.
A report in favor of raising the salary of .ssistant ?cd-
eral Reserve :3ent Thompson of Yansas City from !.:700 to
3000 per annum
was adopted.
4tVa
,report recommending that no immediate action bt taken
regarding the Executive nrder Of
the .Jivi
Service
pril 7, 1917, suspending
Ct in cert!An cases, was' approved.
A: report of the Committee on Ludit and 7",.y..amination
favoring the increase of the salary of rational Bank rxamincr. E. J. Donahue from .i!2400 to
700 per ,,,,nnam, effective
was adopted.
governor 7arding rerorted with reference to
special
plan of examinAtion, recommended by chief Ilxaminer Broderick
for use in examining applicant state banks in 7exas, the
bank whose case had called forth the recommendation at this
time being the :,tascosa County State Bank of Jourdanton,
Texas.
The matter was referred to the :)ommittce on Ludit
and :Fxamination.
Governor Marding presented a draft of a letter intended for all governors and
bking relations
eserve Lgents, iclt1vc to
ith alien enemies.
The draft was read,
3it-cssed, and 'tentatively adopted for submission to the
Department of State and the Secretary of the 7reasury.
L. bill providing Fedeml incorporation for foreign
trade banks, was favorably submitted by the ..!ommittee on
t
and, on rcrtion,
lovernor to brin:,‘ the Pro-
posed bill to the :.ttention of 7on2ress.
On I--ntion it ..tas voted th-J.t. the 7ederz).1
of New Yor.:-,
",-ovtrn.,( ut, L
`lisc:A. ,,,zerxt fo
zthori • €
the 'Tnittd ft.tt s
ar on the ins tr letions of the flovern-
-t,nt to open %o,r:o int s in fa vor Of forkgoy(
eserv( Ek
s
follows:
..t;
ection tvo of the !,,ct
to althorize u isoJe of bonds to frieet 67:..rt-,,-A .-I tar.:for
the nation,...:1 sec irity ,).11(1 defense n3 to
to fore i,7.1 7overny.,,( its, ,,nd for other pqrro,
rrovidcs inp..,.rtthat c
for the purpose of
I_
ty ,,nd de ff
ti
vidin:; for
iIit
.
prosecitin;
for for In zpv1 r•nrc
the rTnited r•
•
FecrEt:,r-- o '
;AU). the
tthorized, on
hereby
the Pr( id
.to p,trch;,s,c
the - '
(„1
'7„
then
fort'l
t'
: of
if of
1
the
rAt '
, be‘.rin the
.
in th( ir ossenti.1s ti..
'
cant
t
those of the unitc1
terns sin(' con ui o:.s
into
to ent,
,.fn'ity of this
ssaed -ander
be TIC CC 1.'ei,L.r.7 or (it :
zoh 0.t•( it:' re..1 or pare:1:,,•:ins•
for est:1ll -1,
for the
forci:71
5,.IC1 01)11or:
'orf
ct.'
t
tht
sabse,i.zent 17
4 he 1,ct L.pprovcd
Li, Ecotion fi ftt. c-1, of .
4s.,nd 7
nd thirt(
Decerbf r twent:.r-th5rd, ninetecn
the 7e:dc 1 rese ryet, rroy'
the -;lederal
A?.:;ret7..trz,, of the "resre mired
serve b%T:1,„-F,
fisi.i:Jents, rT" the Thited.
':z shall
41
Lfld711ILALII3, thf "e.'r(t&rv of the "'reasary has
duly appointed each and cv nr;"ederal reserve bank
a fiscal a7ft of the 7,1itf0 -t tec;
JD, that the "Tederal reserve banks, in oric: e'fccively to c-1%.,7
out the pn^vi_ions of the Lct :ir,t above referrei
to, arc :wreby severally dire,Itf,i to receive and
hold on deposit
Bach Fiscal .k3ents, for the cm. it
of „my foreign 'ovc,rnment. moneys nr credits placed
at the disposal. of Sqn 'n,^ei,srn .:ovf1.--ent
,
by the
Secretor: nf" Cie "reut,-;! "for the pir:o- of establishing -c, titl, in t'lc "nitPd 'tate
r l'oreign
government„,," as provide:, n "cctirm tn of the !et
of April twenty-foarti. nineteen hardrcd arid seventeen,
„iaoted herein.
On
motion at
12.40 p.m, the
on Thursday, May 3, at 3 p.m.
nard adjourned to meet
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