The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
969 At L. meeting of the Federal Reserve Board, held in the office of the Governor at 11:15 A. M., Friday, :.eptember, 15, 1910, PE=T: Governor Harding, presiding, Mr. Mr. Miller, Mr. zburg, i11in, Mr. Allen, Secretary, The minutes of the Board on September 1st, ,.uptember 11th, morning and afternoon, and September 14th, were approved, this approval in the case of the meetings of the 12ecutive Committee carryi.:g ratification of the action taken. 2orma1 airoval was giveL to the application of the Federal Reserve Bank of Poston for 7 for 15-day paper of member banks. ) a rate of 3. The Board also approved a rate of 4'7) for 15-day paper of member banks, effective September 18th, for the Federal Reserve Bank of 1ansa3 City, and the canellation by the Federal Reserve Bank of St. Louis of its 10-day rate and the estab- lishment of a 15-day rate of 3".; for both connorcial and member bank paper. The Board agreed not to publish in the Bulletin information as to oil Darer as collateral for loans. A proposed letter to the Federal r.eservo Agent at Cleveland in reply to his inquiry as to whether tr-le aC3Citance iint e issued in ray- mtnt of advertisinc _,aeo in norapers was presenteC... and a motion to z..,Prrove the same “a., lost by a vote of to to t,,o; Haruinu and. Mr. Warburg votinc "Yes" and. Lr. ,Jlliayns and Mr. Miller "No". The question was raised by the Federal Reserve B k of Atlanta as to the classification of millet seed paper, and referred to the Governor and Vice Governor. ittenticn was called to a list of directors of Federal Reserve Be...11.:s terms entire on DeGer.lper 31, 1913, nnd. it was, te.ta- L 971 tively agreed that the committees in charge of various' Federal Resurve Banks should. consider the ratter. A letter to Representative Flynn in reply to his inquiry as to the names and salaries of attorneys employed by the Board was approved. An inquiry from the Federal Reserve Agent at New York as to the dofinition of a private banker was x%ferred to the Governor and Vice Governor for reply. Mr. Williams read a lettar written by him to the Secretary of the Treasury stating the number of insolvent banks in the last three years. Mr. Warburg stated that counsel for. the Bankers Trust Company and the First National Bank of New York had called upon him to ask that the Federal Reserve Board delay notification of its action as to the applications of directors of this company and bank until a hearing could 972 be given by the Board. It was further stated that after a consultation with Governor Harding and Mr. Miller, Mr. Warburg had informed counsel for these institutions that the matter could not be delayed, and that the rulings would be sent out and if an appeal was taken the Board would in due course give a hearing in the matter. In view of the knowledge that appeals are likely to be taken, Mr. i.iillor, to whom the press statement on applications under the Clayton Act was referred, recommended' that it be not issued at this time. On motion this recommen- dation was a-Jrroved by the Board by a vote of three to one, Mr. uarburg voting against the delay, stating that he thought the Board would be bettor protected if it issued the statement now.
@FedFRASER