19170411_minutes.pdf
TRANSCRIPT
7/23/2019 19170411_Minutes.pdf
http://slidepdf.com/reader/full/19170411minutespdf 1/6
L
t a
r
eg
ul
a
r
m
ee
t
in
g o
f
t
he
P
ed
er
al
es
e
rv
e
Bo
a
rd
he
ld
in
t
h
e
of
fi
ce
of
th
e
q
ov
er
n
or
o
n W
ed
ne
s
da
y
l
pr
il
1
1
a
t
el
e
ve
n a.
m.
H
ar
din
:]
;
pr
es
id
in
g
Mr
.
il
li
am
s
Mr
.
H
am
li
n
M
r.
h7
il
li
s
Se
cr
et
a
ry
.
1 :
r
D
el
an
o
Th
e
m
in
ut
es
o
f
th
e me
e
ti
ng
of
th
e
Bo
ar
d
n
el
d o
n
pr
il
9
w
er
e
r
ea
d
an
d
o
n
mo
t
io
n
a
pp
r
ov
ed
.
Go
v
er
no
r
H
ar
di
ng
s
ta
te
d
th
a
t
th
e
A
vi
s
or
y
Jo
un
ci
l
w
ou
ld
m
ee
t
in
Ja
sh
in
g
to
n
on
T
ue
sd
ay
Ap
ri
l
l
7
ti
h
e
ha
vi
ng
b
ee
n
ad
v
is
ed
t
o t
ha
t
ef
fe
ct
b
y V
i
ce
P
r
es
id
en
t
i
ae
r
n d
he
r
eq
ue
st
ed
th
at
su
gg
e
st
io
ns
f
or
t
op
ic
s
fo
r
di
sc
us
si
o
n
b
y t
he
C
o
un
ci
l
b
e
pl
ac
e
d
in
hi
s
h
an
ds
no
t
la
t
er
t
ha
n the afternoon
of
t
hi
s
da
y
.
ll
ov
er
n o
r Ha
rd
in
g
r
ea
d
a
le
t
te
r
r
ec
ei
ve
d
fr
o
m t
he
Ci
vi
l
Se
r
vi
ce
E
xa
mi
ne
r
tr
a
ns
mi
tt
in
g
a
co
nf
id
en
t
ia
l
ex
ec
ut
iv
e
o
rd
e
r
su
sp
e
nd
in
g t
he
J
iv
il
Fe
rv
ic
e l
aw
in
s
o f
ar
a
s t
o
a
ut
ho
ri
ze
th
e
im
me
di
at
e
r
em
ov
a
l o
f
an
y
em
pl
oy
e
es
wh
os
e
pr
e
s-
e
n
ce
might
be
regarded
as
inimical
to
the interests
of
the
U
n
it
ed
S
ta
te
s
as
a
ff
e
ct
ed
b
y
th
e
pr
es
en
t
w
ar
.
T
he
l
et
te
r
w
a
s
r
ef
er
re
d
t
o
t
he
Co
mm
i
tt
ee
o
n
S
ta
f
f.
7/23/2019 19170411_Minutes.pdf
http://slidepdf.com/reader/full/19170411minutespdf 2/6
4
16
Governor
Ttarding
read
a
letter
from
Governor
Mc-
DouTal stating what
had been done by
the
ederal Zecerve
Dank of jhic:,v7o in
mAing
knm,n
t
osition
of
the Presi-
dent
with
respect
to
the status of aliens in
this
country,
and
certain
replies
to the cormunications the
bank ha d
sent
out
on
that
subject.
Governor Harding read
a
letter
from
the Federal Re-
serve
Bank
of St.
Louis announcing
that its
directors had
voted to
pay a dividend
as of April
1
June
30,
1915, and
another
dividend
as of July 1 August 31,
1915,
at 6T.
-fter discussion
it
was
voted
to approve the
dividend
of
rom
April 1
June
30, 1915, the other
proposed
divi-
d,nd being disapproved, and
the
bank being informed that
henceforward
declarations
of
dividends
snould be made at
the end
of December and of June respectively.
letter
from Federal
aeserve
figent
Curtiss
to
4arbarg
with
reference
to
a
proposed
pamphlet
regarding
Bankers
acceptances,
and
informing
Mr.
darburg of the
sub-
stance
of
a letter from the
?edeml
deserve
Ban;
of . , tlanta
with
reference
to
practices
as
to
warehouse receipts pro-
tecting
acceptances,
said
to be
different
from
those
of-
7/23/2019 19170411_Minutes.pdf
http://slidepdf.com/reader/full/19170411minutespdf 3/6
f
ic
iu
ll
y
a
pp
ro
ve
d
b
y t
he
Bo
ar
d,
mls
r
ef
err
ed
to
L
r
.
Ha
ml
in
f
or
r
ep
or
t.
G
ov
er
no
r
H
ar
di
ng
a
nn
ou
nc
ed
a
pl
an
fo
r th
e
a
ut
om
at
ic
pl
ac
in
s
of
o
rd
er
s
f
or
Fe
de
ra
l
de
se
rv
e
n
ot
es
w
he
re
by
,
w
he
n
re
-
le
as
es
w
er
e
a
sk
ed
fo
r
at
su
bt
r
e
sa
ry
p
oi
nt
s,
a
si
mu
lt
an
eo
us
c
,11
w
ou
ld
b
e
ma
de
up
on
th
e
i
om
ptr
ol
le
r f
or
tr
an
sf
er
s
o
f
ac
tu
al
no
te
s f
ro
m t
he
s
to
ok
in
W
as
hi
ng
to
n t
o
th
os
e
po
in
ts
,
.a
nd
:;
her
eb
y i
n
e
ac
h
ca
se
no
ti
ce
o
f t
he
a
ct
io
n
s
o taken
would
be
s
en
t
to
t
he
J
om
mi
tt
ee
o
n I
ss
ue
an
d
A
ed
em
pt
io
n,
wh
ic
h
w
ou
ld
t
he
re
up
on
acc
um
ul
.i
te
su
ch
or
de
rs
an
d
re
po
rt
a ge
ne
ra
l
o
rd
er
fo
r no
te
p
ri
nt
in
3
on
M
on
da
y
o
f
e
ac
h
we
ek
.
Th
e
pl
an
w
as
co
n-
si
de
re
d
an
d,
on
mo
ti
on
,
a
pp
ro
ve
d.
O
rd
er
s
f
or
t
he
sh
ip
me
nt
,
r
el
ea
se
a
nd
pr
in
ti
ng
o
f Fe
d-
er
al
re
se
rv
e
no
tes previously
authorized
by
the Executive
m
m
it
tc
e
we
re
ap
pr
ov
ed
a
s fo
ll
ow
s:
4
0.0
.0
0
.:1
00
No
V
s
N
ot
es
•
2
c
o t e
s
:
ot
cs
Bo
st
on
6
00.
.0
00
,2
,0
00
,0
00
40
0,
0
00
E
ew
Yo
rk
4
,0
00
,0
00
4,
00
0,
00
0
9,
26
0,
00
0
,
40
0,
00
0
P
hi
la
de
lp
hi
a
1,
04
0,
00
0 2
,0
00
,0
00
Cl
ev
el
an
d
1
,6
00
,0
00
Chicago
1,000,000 2,000,000 3,920,000
.A00,000
2,
00
0,
00
0
S
t.
L
ou
is
8
00
,0
00
Sa
n
Fr
an
ci
sc
o
4
60
,0
00
52
0,
00
0 1
,
26
0,
00
0
4
00
,0
00
7/23/2019 19170411_Minutes.pdf
http://slidepdf.com/reader/full/19170411minutespdf 4/6
Orde
rs
pla
ced
wit
h the Trea
sury
Departm
ent on
April
10,
for
printing notes.
Bo
ston 2600,
000
42
000 00
0
$00,00
0
New York 4 0
00 000
2 640 0
00
Phil
adelphi
a
3 200
000
5 640
000
Clev
eland
800 0
00
2 400
000
400
000
Chic
ago
2 000
000
7
200 00
0
12 240
000
.2,000
,000
2 400 0
00
Dallas
1
200 00
0
letter
from
Tederal
deserve
gent
Rich offering
his
se
rvices
in
th
e
event
of
war,
pr
obably
at
the
Federal
de
serve
Ba
lk of
Minnea
polis
was r
ead and or
dered
circul
ated.
letter
from
Tede
ral Reserve
lig nt
Cur
tiss with r
ef-
e
rence to
an e
rror i
n
rep
o ti
ng t
he disc
ount
rat
e
on 15 day
paper w
as
prese
nttd
A r a d the
S
ecretar
y
direc
ted
to reply t
o
the
same.
letter fro
m
the ?eder
al
Reser
ve Bank
of
Atlanta
wi
th
refere
nce
to
the
st
atus
of
ac
ceptanc
es made paya
ble els
ewhere
than
at th
e
place
of
bus
iness
of
the
accep
tor was ref
erred to
the
Commit
tee on
l i w
with
pow
er
to
r
eply.
The
Secr
etary
o
f
t
h
Bo
ard
rea
d a
lette
r fro
m
Fe
deral
deserve
Igent Jay
transmitting
a
sta
tement
of
Cu
tro
Br
others
of New
York.
On
motion
the
lette
r and state
ment
w
ere
refe
rred
t
o the
Comlitt
ee on
I
nvestme
nts
with power
to
act
.
7/23/2019 19170411_Minutes.pdf
http://slidepdf.com/reader/full/19170411minutespdf 5/6
The
s
ecre
tar
y
of t
he
B
oard
re
ad
a
le
tter
fro
m
se
cre
tary
F
arns
wor
th
of
th
e Jme
ric
an
5a
nke
rs
in
iui
ring
as to t
he
acc
ommo
dat
ions
r
eLia
ired
at
B
riar
cli
ff
Loc
1c f
or the
spr
ing
m
e e t i n
: . :
f the
1x
eca
tive
Coun
cil
of
the
Ban
ker
s
/ ss
oci
atio
n.
The
lett
er
w
as re-
fer
red
to
the
gov
erno
r
o
f
the
Boa
rd
w
ith
po
wer
to
app
oint
a
co
mmi
ttee
t
o
a
tten
d,
an
d
to mak
e
r
epl
y
acc
ordi
ngly
.
L
rec
Uct
ion
in
th
e cap
ita
l
st
ock
of
the
irst
Ea
tion
al
Bank
of
-
11e
n, Ok
laho
ma,
fro
m
43
5,0
00
to
4
25,0
00,
was
appr
oved
up
on
r
eco
mmen
dati
on
o
f the
rlo
mpt
roll
er
of
the
Al
rren
cy.
On
m
otio
n
a
rep
ort
of th
e
C
ommi
tte
e
on
:
udi
t
a
nd
Lx
amin
at o
n
re
com
mend
ing
a
sala
ry
of
:2
400
p
er
an
num
f
or
Mr
la
x
C.
.i
lde
aS
n-
tio
n.1
ban
k
ex
ami
ner
in
the
Ya
nsas
C
ity
D
istr
ict
,
eff
ect
ive
pr
il
13,
or
as
soo
n
as
the e
x-
am
iner
re
por
ts
for
dut
y,
w
as
app
rove
d.
O
n
m
oti
on
the
re
por
t
of
th
e
Com
mitt
ee on
:t
aff
r
eco
mmen
din
g
th
e
app
oint
men
t
of
.a
ss
1 4
qan
ton
in
the
Di
visi
on
of
?ed
erL
1
.es
erv
e
Iss
ue
and
aede
mpt
ion,
a
t
a
sal
ary
o
f
475
per
mont
h,
e
ffec
tive
iTr
il
15,
was
a
ppro
ved
.
7/23/2019 19170411_Minutes.pdf
http://slidepdf.com/reader/full/19170411minutespdf 6/6
tj.
Ur. Delano
made
a
progress report on
1 ehalf of
the
Committee
on
Clearing
outlining
a
plan
for
the
-estab-
lishment
of
a
system
for
making
the
interdistrict drafts
of
?ederal reserve
banks
available. He
stated
that
t h e
complete
report
would
be
available
for sub
i
sion•within
a very few
days.
Vr.•
Williams-called
attention to
the complaint
of
the
Lincoln
rational
Bank
of
Lincoln,
Nebraska,
with,
regard
to
the status
as
to
drafts, and
it
was
agreed,
that
he
Should
write
the bank
informing it
of the
prospective
action of
the Board as to
such
drafts.
On
motion at
11.55 a.m. the
Board
adjourned to
me
on -Friday, April
13,
at
eleven
a.m.