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I2,1 At a reeular meeting of the Federal Reserve Board hold in the office of the Board at 11.00 a. in. on Wednesday, September 8, PRESENT: /.7.r. McAdoo, presiding, Mr. Williams Mr. Hamlin Mr. Harding Mr. Willis, Secretary. The minutes of the morning mooting of the Board held on September 2, and of the meetings of the Executive Committee on September 4, and September 7, were road and approved. The minutes of the afternoon meeting of September 2 and the morning meeting of September. 3, were read, and, on motion, ordered copied and placed in the hands of each member for examination. The Secretary of the Treasury stated to the Board the general situation as to the proposed public deposits in reserve banks, and expressed a wish that the deposits should be effected through the use of the Gold Settlement Fund. In order to do this it was necipsary, he had been informed to authorize the receipt in some cases on behalf of Federal reserve agents as such of gold in order to permit such agents to arrange matters with their banks on the most economical 729 basis. Mr. Hamlin moved to create a special gold credit for Federal reserve agents, the same to be handled through the existing machinery of the Gold Settlement Fund, and transfers to be made to and from Federal reserve banks on behalf of Federal reserve agents. The motion was adopted ' and an .appropriate resolution ordered entered in the minutes. On motion the Secretary of the Board was authorized to act as Deputy Settling Agent in place of Mi. R. M. Gidney during the absence of the latter. The Secretary of the Treasury after inquiring what banks had named commodity rates and being informed that but two had done so, suggested that such rates be called for. On motion it was voted that the Secretary of the Board telegraph each Federal reserve bank inquiring what action, if any, had been taken by it in naming commodity rates. The Secretary of the Treasury presenteu to the Board a telegram received from a southern bank making inquiry whether the commodity rate was applicable only to producers' paper. After consideration it was agreed that a reply be sent by wire that the rate applies to the paper of any legitimate cotton buyers, the Secretary of the Board to notify all reserve banks of the action thus taken, present- I ing the letter to the Board at its meeting tomorrow4 On motion the Secretary of the Board was directed to prepare a suitable letter in reply to inquiries brought to the attention of the Board with reference to the use of Federal reserve notes as reserves for State banks becoming members of the reserve system. La'. Hamlin stated that some difficulty with regard to tie intra-district clearance system having arisen, it seemed to be advisable to have the Coldittee of Reserve Agents on the clearing question, including Messrs. Curtiss, liartin and Jay, meet and discuss the question of clearance. He moved that such a request be sent to them, with the further surzestion that they communicate with the Governors' Clearing Committee, the latter Committe'e also to be notified of the action taken. On motion applications for trustee and executor powers, duly recommended by Lir. Harding, were approved as follows: Mechanics National Bank of Concord, N. H., as trustee and registrar. Cape Ann National Bank of Gloucester, Mass, as to all four &worm 724 Banks in Eastern Pennsylvania. (Memorandum of Counsel, Aug. 20, all four powers) Pennsylvania National Bank Miners rational Bank Merchants National Bank Belleville National Bank Llountville National Bank Farmers National Bank Farmers National Bank Grange National Bank First National Bank Industrial National Bank Reading Blossburg Harrisburg Belleville Mountville Ephrata Lititz Tioga Stroudsburg• West York The following banks wore placed on the suspended list: First National Bank First National Bank National Bank of Kennett Square First National Bank Bangor, Pa. Nanticoke, Pa. Kennett Square, Pa. Gratz, Pa. The Secretary of the Board presented a letter from Federal Reserve Agent Miller with reference to a proposed change in the Board's regulations as to trustee and executor powers. On motion it was voted that Mr. Hard- ing and Yr. Williams be named a special committee to prepare a letter to Mr. Miller and all agents, stating the general policy of the Board in passing upon all trustee and executor applications, the Secretary to write to Mr. Miller asking that he submit forms of application from applying banks in the usual manner. The Secretary of the Boa*rd presented a telegram from Federal Reserve Agent Tenison announcing that he was 725 forwarding information about the purchase of the 2ederal reserve bank building at Dallas as requested. Correspondence with Deputy 2ederal Re- serve Agent :.:cUaleb on tile same subject was also presented. Complaints made by 2ederal Reserve Agent Rich regarding the workmanship of Federal Reserve notes were ordered referred to the Treasury for transmission to the Director of the Bureau of Engraving and 'rintinF;. On motion it was voted to receive Chairman Glass of the House Banking and Currency Committee, in informal conference at 3 o'clock Thursday afternoon, Governor Strong of New York to be invited to be present also. The Secretary of the Board having presented a letter from Deputy Aderal Reserve Agent .cOaleb asking that the printing of notes for the Dallas bank be expedited, it was directed tnat he take action accordingly. On motion it was voted to send out the Commodity Rate Circular at once to Vederal reserve 726 a:7ents in the usual manner. The proposal of the ChicanoAdoral Reserve Bank to submit to clearing house examinations was disapproved, and the Jecretary directed to say that any information that could be properly given at any time would be afforded. A colztunication from the attorney General of Illinois relative to the policy of his :3tate as to trustee rowers, was read to the Board, and ordered sent to Counsel. Jinillar action was taken with reference to a letter from Third Assistant Postmaster General Dockery regarding the matter of remittance of postal money orders. similar action was taken with reference to a letter from Assistant Jecretary ::alburn recommending a national system of stora:e warehouses. The Jecretary of the Board was instructed to write to the h;eattle Post Intellic;encer expressing thanks for its offer to publish the views of the Board on banking questions. A letter from Li*. George B. Evans to the 727 0 cretary of the Treasury was read and ordered filed. The 3ecretary of the Board having road a letter from Governor McDougal of Chicago relative to the adjustment of expenses on a monthly basis, he was instructed to say that the Board thinks best to adhere to the present system of co ducting accounts. On motion at 12:45 p. m. the Board adjourned to meet on Thursday, Oeptember 9 at 11:00 a. m. oecrot3ry. 41.1)PROIIM: hairmani
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