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.za"t <*..fFnle ! At a regular meeting of the rederal tteserve board neid in the office of the Governor on Tuesday, September eleven a.m., PRESENT: Mr. Harding, presiding, :.1r. Hamlin, Delano, mr. ;dills, Secretary. iller, During the latter part of the meeting present %lso 7arburg and !Ir. Williams. The minutes of the meeting of the Board held on September 20 were read and on motion, approved.. The minutes of the meetings of the Executive Jonnittee held on September 21 kmorning and afternoon), and 24, were read and, on motion, approved. The minutes of the joint session of the Ldvisory Council on September 18 were reported by 2.1r. Delano and ordered filed. A telegram sent by the Secretary of the Treasury to ?ederal reserve banks relative to the date of beginning the Liberty Loan campaign, was read and noted. .A telegram from the Federal Reserve Bank of Cleveland proposing new rates on 15 and 90 day paper secured by Government obligations, and a letter from the Federal 2eserve Bank of Kansas Jity proposing a new rate on member bank 15 day collateral notes, were referred to the 3xecative "Jommittee with instructions to report on all 15 day rates now in effect „..t reserve banks. letter from '2'. D. ainter with reference to methods of relieving mutual savings banks in of stress, was read and, on motion, referred to the Executive Committee. A telegram from Mr. J. E. Peabody accepting, and a telegram from 17.r. E. G. 11.mes declining appointment to the directorate of the Seattle Branch, were read and, on motion, Mr..aller asked to present a new nomination in place of zmes. Mr. 1i1ler reported with reference to the directorate of the Portland Branch, nominating Mr. i. B. 1,yer and Mr. Thos. C. Burke. On motion the two nomineev were elected, the 3ov- ernor to notify them and the Federal 'Reserve Bank of San Francisco. .A telegram from Federal Reserve gent Perrin relative to making applications for designation as reserve agent under the Oregon State law, was referred to the Executive Committee with power to act. The action of the board of directors of the Federal Reserve Bank of New York naming Lai. special examiner, and accepting the examinations of the 2:tate of ,Annecticut, were presented and, on motion, approved. On motion, it was voted to authorize a new edition of the Index Digest, the following minute being ordered entered: 41. report was read by Lr. Hamlin on the matter of printing the second edition of the index-Digest of the Federal Reserve Act, containing approximate estimates of cost from the pablic printer. It was thereupon voted that the Board have printed by the Paulic Printer the Index-Digest, the number of copies to be determined upon by the Executive :1)-amittee, after hearing from the banks in response to a notice to be inserted in the 5iulotIu. The price to be fixed at1.25 per bound volume, and . 1.00 per anboand volume. On motion, a notice regarding the Index Digest was authorized inserted in the forthcoming issae of the Bulletin. The report of ;Aief Lxaminer Broderick relative to the examination of the Federal eserve Bank of 'annea- to the Commitpolls was presented and, on motion, re:erred tee on Operation of the Federal ;Ieserve Bank of ::inneapolis. 4, letter addressed by Governor Hardino; to Federal aeserve lq,jent ,ellborn relative to the status of 7:r. Toole, was read and noted. ,letter addressed by 4ssictant Secretary of the Treasury Newton to members of the staff of the Treasury Department relative to contributions for soldiers, was referred to the Committee on Staff. letter from Federal Reserve :ent Perrin with reference to the acceptance of State bank examinations at San Francisco, was ordered sent to 7"fr. Broderick for expression of his opinion. The minutes of the meetin,; of the Clayton ,ct Committee held on September 20 were read and, on motion, approved. Upon recommendation of the Committee on Investment, the application of the First National Bunk of Utica and the City National Bank of Dallas for power to accept up to 100,; of capital and surplus, were approved. report of the Committee on Staff relative to t:_rat changes in the messenger force of the Board was read and, on motion, approved and the changes ordered made. 2. report of the Committee on Federal Reserve rote Issue relative to the giving of early notice of future shipments, was read and, on motion, approved, the Governor to transmit the same to the Comptroller of the Currency. Lir.LAller presented bAsiness as follows: opinion of Counsel as to the meaning of the recent opinion of the Attorney General as to interlocking directorates of State Banks; ordered printed in the Bulletin. .ieplies from the banks which had received the recent letter regarding the reduction of maturities of short term paper from 6 to 4 months; referred to the Committee on Bulletin for riblication in the forthcoming issue. A draft of a letter to tr. J. F. Burke, representing the zlearing house banks of Pittsburgh, regarding the branch at that point; agreed that a committee of the 3oard visit Pittsburgh early in October, a preliminary letter to be sent meanwhile. letter from Hon. Owen asking the opinion the opinion of the Board as to Senate Bill 2906, introdaced by :Ir. Calder; referred to the Committee on Leaislation for report. A letter from the Lecretary of the Treasury as to the readjustnent of the currency and coinage of the 7nited tates; voted that 7-essrs. -flier and .larbarg, with the Secretary of the Board as Secretary, constitute a special committee to investigate the question, and that they consult with the Jomptroller of the Currency. re,luet from the Secretary of the Treasury that the issistant .;ecretary of the Board be detailed to accompany him on the forthcoming Liberty L0411 trip; voted that the Issistant Secretary be directed to join the Secretary of the Treasury accordingly. (41 motion, the Committee on Staff was authorized to -lake such appointments and readjastnients as may be necessary to take care of the work during the absence of the ;ssistant Secretary. iLn opinion of Counsel with reference to a ruling of State authorities in Illinois concerning the exercise of trustee powers by national banks; referred to the Jommittee on Law with the aid of Counsel. letter from Federal Reserve Agent L:artin relative to the application of the 2irst State Bank of Brownsville, 'ennessec, for membership; voted that the Governor reply stating that more information about the bunk is desirable, and that the Board prefers the bunk should operate for a time before acting on its application. An opinion of Counsel relative to the right of a Federal reserve bank to renew 15 day notes of member banks, and holding that this is viithin the porer of ederal Re- serve 3aaks; approved. r. Hamlin announced that on Thursday and 2riday of the current week he expected to join the Japanese Commission on a visit to ew York. On recommendation of the Committee on ::embership, the following banks were admitted to the 'Federal reserve system: Canal Bank & Trust Company of Lew Orleans; on conditions named by the Jommittee, subject to modifications with respect to the amount of acceptances to be made by them, such provisions to correspond with previous action of the Board in similar cases. dr)Pr: The Letropolitan Bank of rew Orleans; under the sate oonditions as the preceding. The 'Jnion Bank of Pike, Summitt, :ississippi; a)on the terms named by the Committee. The application of the Bank of East St. Louis, which was presented with a letter from Chief Examiner Broderick suggesting that the matter be held ap pending further information, was referred to 7:r. Delano and laid on the table rendin3 report. Discussion of the question of detailing Chief Examiner Broderick to certain Red Cross work ensued, the opinion of the Board being that he could not be spared at this time. On motion, at l.0 p.m. the Board aajoarned to meet on dednecday, September L6,.at eleven a.n. .01-T.101.114D: Chairman.
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