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7/21/2019 19151020_Minutes.pdf
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886
At
a
recular meeting of the
Federal
Reserve
Board held in the
office of
the
Board
at 11:00
a.
m.
on
Wednesday
October 20
PREBZTT:
Mr.
Hamlin presiding
Mr.
Warburg
Mr. Delano
Mr. Ha
ding
: Y r
Williams Mr.
Lille
Mr.
Willis
Secretary.
The Secretary
o
the Board
presented
a
revised
list
of
committees
both
standing
and
special
which
was
approved.
On motion
all
other
committees
were
ordered
di
3harged.
Mr.
Hamlin
called
attention to
the
request
of
the
Treasury
for
estimates
of the
Board s
expenditures,
and
said
that the
representative o
the
Department had
asked
that
the
matter be submitted
to
the
Comptroller
of
the
Treasury.
The whole
question
was
referred
to
Mr.
Delano
and
Mr.
Miller.
jr.
Delano
said
that the Comptroller o the
Currency
had
told
him
o
a letter sent
to
national
bank
Gxaminers
suggesting the
division o
reports
into
two
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887
parts
one for the
Department
and one
for member
banks; and submitted
a
draft of
a
letter to
be
sent
to
Federal
reserve a‘7ents
on
the
subject.
The
letter
was approved.
On
motion
the
application
of the
First ra-
tional
Bank
of
Laurel
Delaware for
fiduciary
powers
duly
recommended by
11r
ilardin 7LIs approved.
On motion
a
rate of
4
on commercial
paper
from 60 to
90
days
established by
the Federal
Re-
serve
Bank of
Richmond was
approved.
The Jecretary of
the
Board
read
a
dispatch
transmitted
by
the Department of tate concerning
trade
with
Guatemala. The
dispatch was
received and
ordered
filed.
A
letter
from Federal Reserve Agent Austin
as to
access
to
reports of member
banks
was read
and
discussed. On motion the
letter
was referred
to the
Comptroller
of
the Currency
with request
for
informa-
tion and
for a
statement which
could
be
incorporated
in
a
reply
to Ia
Austin.
On
motion the
folloviinh
opinions of
Counsel
were
ordered
released
for
publication:
7/21/2019 19151020_Minutes.pdf
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8
88
1)
Election
of
directors.
2)
Pur
chas
e
of
sing
le na
me
pape
r.
Pled
ges
of
c
olla
tera
l
s
ecur
ity
with
Fed
eral
re
serv
e
age
nts.
Th
e
opin
ion
pre
pare
d
by
ouns
el on
comm
odit
y
pape
r w
as o
rder
ed
to
be
cir
cula
ted
am
ong
memb
ers
of
t
he
Board
but
was not
approved.
A
l
ette
r
from
Fede
ral
Re
serv
e Ag
ent
Ing
le
at
Ric
hmon
d
as
king
th
e p
repa
rati
on of
;)3
,000,
000
in ;
1
deno
mina
tion
and
::
3,00
0,00
0 i
n
020
d
enom
inat
ion
a
ddi
-
t
ion
al
Fede
ral
re
serv
e
note
s
w
as
refe
rred
to
the
Com-
mi
ttee
on
Is
sue
and
Rede
mpti
on.
A
let
ter
fr
om
Ass
ista
nt S
ecre
tary
of
the
Tr
easu
ry Ea
lbur
n on
Fe
dera
l
r
eserv
e,
bank
s as
d
epos
i-
to
ries
o
f
p
ubli
c m
oney
s wa
s re
ferr
ed
to
Mr
. War
burg
a
nd
Mr.
H
ardi
ng t
hat i
t
mi
ght
be
di
scus
sed
by t
hem
at
t
he
Gov
erno
rs
Con
fere
nce
in
Minn
eapo
lis.
At
this
po
int M
r.
Will
iams
c
ame
to
th
e Boar
d
3)
room
.
The
Co
mptro
ller
of
t
he
Cur
renc
y
r
epor
ted
t
o
th
e B
oard
the
re
sult
of
a
co
nfer
ence
wit
h M
r.
Del
ano
and
Yr. War
burg
on
Oct
ober
2
0, as
to
fur
nish
ing
re
port
s
7/21/2019 19151020_Minutes.pdf
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8,
99
of national bank examiners to 2ederal reserve banks:
A
let
ter of
Er.
7i
iliam
s to
Er.D
elano
of
Oc
tober
1
9
was r
ead to
the
B
oard.
Er.
De
lano
state
d
that th
e
q
uesti
on tu
rned
on
what
wa
s
to b
e co
ntain
ed
in
P
art L n
e, to
be g
iven
to
Feder
al rese
rve
ag
oits.
Er
.
De
lano fu
rther
st
ated
his
t
heory
or
wh
at
shou
ld be give
n
by
th
e
Com
ptrol
ler s
off
ice to
7ed
eral
rese
rve ban
ks
indi
catin
g th
at the
old
way
w
as
to
lock t
he door
aft
er
the h
orse
was
sto-
len
and
s
aying
that
reser
ve
ban
ks sh
ould have
all
th
e
i
nform
ation
possi
ble.
Er.
-fill
iams
state
d tha
t f
art
O
ne w
ould
c
ontai
n suff
icien
t in
forma
tion
to
enabl
e
the
for
mati
on
of
an
in
telli
gent
opin
ion
as to
the
cond
i-
t
ion
of the
bank
repor
ted
up
on.
The Comp
troll
er
t
ook
iss
ue
w
ith
E
r.
D
elano
s su
ggest
ion
tha
t
the
p
racti
ce
had
been
to
l
ock
the
doo
r
aft
er
the h
orse
was
st
olen.
t
wa
s
not
t
he pr
actic
e under
hi
s adm
inist
ratio
n
or
ilo
no had supervision of
it
as
Assistmt
Jecretary
of
t
he
Trea
sury.
Will
iams
m
oved tha
t lett
ers be
sent
to
memb
ers
of
th
e Ad
visor
y
Counc
il
askin
g th
eir
ju
dgmen
t
on
matte
rs to
be in
clude
d
in
Pa
rt
One
a
nd
Part
Tw
o of
7/21/2019 19151020_Minutes.pdf
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890
the examiner s report,
the letter
to
l i e
similar to
that
prepared
for
Federal
reserve
agents.
This motion
lost.
LL.
Williams asked to
be
recorded
in the
affirmative.
LT.
Williams then
moved
that the
ques-
tion
be
submitted to rir.
orn
ith the
request
that
he
submit it
to the
members of the Council.
The mo-
tion
was carried.
A
telegram from
Federal
Reserve Agent Perrin,
and
a
letter
from Federal
Reserve
A
Jent Will s
of
Cleve-
land,
relative to the
willingness
of
Ur.
Wills
to
pre-
pare
a
program
for
the
Federal
Reserve
Agents
Confer-
ence
in
Washington
on
November 4, were
presented
to
the
Board.
On
motion
this
matter
was
referred to
Mr.
Miler
for
relay.
On
motion
at
1:10
p. m.
the Board adjourned to
meet
on
Friday,
October 22,
at
11:00
a. m.
1 . . 1 2 1 - a 0 U D :
airman.
Jecretar-:.
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8
9
1
A
me
eti
ng
o
f th
e
F
ede
ra
l
Re
ser
ve
B
oa
rd
w
as
c
al
le
d
a
t
10
:0
0
a.
in
. o
n
F
ri
day
Oc
to
be
r
22.
Er
.
n
r.
D
el
ano
and
E
r.
Wi
lli
am
s
pr
es
ent
ed
th
em
se
lv
es fo
r
t
he
me
et
in
g
bu
t
it
h
av
in
g
de
ve
lo
pe
d
t
ha
t
no
q
uo
ru
m
of th
e oar
d wa
s
p
re
sen
t
a
n
a
dj
ou
rn
men
t
w
as
ta
ken
un
ti
l
1
1:0
0 a
m
. o
n
Tu
es
da
y
Oc
to
ber
2
6
19
15
.
