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Miki:1() f 4,t 4 relar meeting of the 2ederal _eserve Board held in the office of the aovernor at 3.15 P.n. on .ieCnesday, Octobe Hardin, presidirij, r. Hamlin, Lr..arbarg, r. Delano, secretary. The minutes of the meetings of the Board held on October 29 were read and, on motion, approved. The minutes of the conference with the Pittsburgh' bankers held on October 29, were presented and, on motion, approved. The minutes of conferences with Janadian bankers held October 29 were referred to :,Tr. Delano. • The minutes of the meetings of the I.xecative mittee (gold exports) 'aeld October m- and 01 were pre- sented and, on motion, approved and. the action therein set forth ratified. The report of the S.:cecial Co7-vnittee on deserve Jities, made a special order for this date, Was presented and, on motion, approved, &nd the followint: additional reserve cities desinated as such, effective janury 1, e ]ov- 1913, the ,ecretary to notify tne deserve BanlKs ern to notify the Corftptroller of the a r Buffalo, Toledo, Ohio. Peoria, Ill. :JOT-Aphis, Tenn. - Grand .1apids, LACA. Oakland, Calif. -)ropos d letter addressed to the Canadian Bankers the ion ns to nembers rbar, was presented by :.. ed C ra1 2,es e system, o object on to its transmis- sion vas offerecL letter from DePaty Governor Trelan of :7 ".e'; York as to the of c1d in rakln Committee o. 1 jelano, holidayreferred to .an). .letter from :::essrs. Thos. J. Uen omfany, and an opinion of Co isel relative thereto, were referred to the ar Trade Board It W4s voted that the Board has 110 objection to tile p.w1ictloi by the .ttornej an opinion of Lovember • crcral of the Tnitedttes of rc1tivc to the board's authority to alter the boundaries of Aderal rve clist- nets, the 4or ta - of the Board to notify the ::ttorney cnera1 accordingly. On motion, the appointrient of Zr. . . Boa n ent at the Yederal Aeserve federal : serve nsas Jity at a salary of B(Ank of letter from Hon. R. was approved. 000 Owen relative to the ap- pointnlent of a 7ederal Aeserve dlgent at ansas ity, :4nd 1 6 reply, were read ard noted. qovernor Hardi e e- jpon reeorendation of the Co nlittee on the following ,Overrment dire..tor. of l. nd Distr new declared elected: n Hol • au-m H4 Cincinnati, . Chas.. Ainsch Jovernor ardinz. announced that the Jieveland Ban: would desinate as Its directors at Cincinnati, the follow . ctor. It was a:reed that no notification be sent to the the new directors until communication had been had Cleveland bank. On recotnr.eniation Th. itwab motion, voted that the Battery Park National Bank New York City, be granted power to acceLt drafts drawn in on costa ici to create dollar exchne. (Ai motion, the ninte ton -ct Jo,rnittec, ield of the r-,eeti/r,i's of the Clay- CLOber were read and the ac- tion therein set forth. ratified. On reconnendation of Ay.lilittee 1a. 2, the follow.in institt1on were admitted as members of the Federal eserve 3.yste:.1 Apcv, conditions named by the: ,Xrlittee: ti:zens Jommercial ?rust ....:ompany, 3roo).ayn. Trust CorApany, L.L.VinL;t3 Ear' jitisens Trust ',2rast nh. 1)a-1 -2-7 qoverhor 2orn - read a letter from President T. as the date for the neat of the federal .,_dvisory Council. eti It was az,reed that the L for the proposed -1.ve ecative .,;oarAittee map oat a en recomnendation of .;o.lmiLtee !:o. 1, it was voted. to .thorize the arpoLltment of an ;...J,litio!„.1 steT1c),77.„.'ler in the ,Division of 4"4.dit and Lxminz.tion. Upon call of Jom.-,ittees, reports were made as follows: No. 1 - ro report. ITo. 2 - Ir. ,,arbar_,. stated he 17,-:; today advised of very heavy rediscour.tini at Tow rorl, ,leveland arid Thilaie1phia To had telephoned to i1i2 if those b-nks would be willing to take some c.oeptances from the New ',rk Bank, both banks underLkin ro. ,3 for L'.r. Jartis to do so. Hamlin recommended a salary, of 'i;;;,.300 Masher as .,..ssi'tant ?edoml deserve 4,ent at Minneapolis, effective November 1, the apPointment Cm motion al:proved. :Th. 4 - Mr. Miller reported that the Jommittee had net this morning and had approved the proof of the forthcomng 2ederal iieserve Bulletin. 1.1r. .iamlin reported favoring , • deia:rj power- to nati nal banks 1 .r.fter di osion, it was voted t „, of full fi- Mew York. refer the question to the wtorney J.eneral of the United Utates throigh the proper channels. ir 'n —.Ally agreed that Mr. D. it di ector of the 1.L1ssirri Valley 2rancis, riist Jompany, which has now beconte a .CrJ). - bank, may remain undisturbed as such. reluested that Jounsel be aslceciv;hether any appeal has been taken from the ohio decision re,7.rdin; the taxability of investments in deserve bank stock. :111uf re.,,ortcd progress as to nembership of the value of securitie- owned by applying LAate instita- tions in the tyclfth district. ;hoic -1Litcr of the v-1..te -,nve3 th,!,t of seciritiec n.med by blrayins; ttc irstitItions be rtftr "e:o iction red. to L. speciLl rbr r. t tfxc tctst coTcoL,niers rel)ortcd itldr. :el., be .perrlittud to ;overnor : tLktis O zrdin ml ce tC frn-, the ditinns Lstnte inLtitAtio.nL in On tho at ,.n1-..- ( - nerLl. to t_e certninect o. to cce:t.Lces 0 1,tLe 0. ir (..r. n,..‘fe:Ed L. lilt of toricn o7(.11.or oration Lit .the prorosci meetin: nith the 'overnors ru ed thn er:1(d. 'n1 it .%11 v..Ls spe -yi;1 order for cdnerd-7, .1-ov(!-ber G. ciccinl-(ttir': be ov. L, for ,:liss2aL,s,ioL of 2.vo,,e,!te„:nerd- rents to the ,eder-1 Zeberve Gn notion, it pr(:.cL..ct ”eLerv, The -1)ro..7n.m.1( for the cl; nctinc, it :..as dire,7,teJ tht,t held on n tne Lmnffcfnce be conLidercd !- Letinf; of the ,-oL.rd. re - or Disissinr. of rcl.tiw:s Jith the -lovecnor::. on Tov. 3, - ell-rent ortninn n' an:ler ni:Arict of o:it nn voted t..1L.t he ovrnor of nfl .nnznirclort :or tae -,f7.6 letter front Ikoderal Aeuerve 4ent .2errin relative: to the e;xhanse of AJderal Aeserve notes for .7ro1d, o.3 to the Leetivc dered transferred trot.Jonnittee nittee. 7reneral d1scior. and the poli3ius of the syst On motion, t.,.t 5.10 p.m Jhairnan. e en- ()any d. the 7o4rd L.djoarned.
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