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At a meeting of the committee on operation of Reserve banks and the Executive Committee in joint session held in the office of the Board on December 17, at 4:30 p. m. PRESENT: Mr. Hamlin, presiding Mr. Warburg Mr. Delano Mr. Willis Mr. Harding Gecretary. The recommendations of the Executive Committee of Governors with reL;ard to rerorts of member banks were placed before the committee and Mr. Harding su(7gested the desirclbility of sen.din[_; out a form 1 for member banks report, the same to be referrt:d to \\ Chief Examiner Broderick and if apurov,!d by him to be tra'ismitted to each 2ederal Reserve Agent for \ comment. The action proposed by Er. Harding was ratified. The question of the term of office of reserve bank employees having been raised by 2edera1 Reserve Agent Rich, it was voted to inform Mr. Rich that this matter was within the control of the 1248 oral reserve banks themselves. The question of payment of dividends by member banks was transferred from the Committee on Operation to Mr. Harding as a special committee, his conclusions to be reported to the Board. The recommendation of Federal Reserve Agent Curtiss of Boston with reference to repayment of stock subscriptions of liquidating member banks, was reported by the Executive Committee with the recommendation that no further action be taken, and filed* The Executive Committee recommended that the recommendation of the Governors' Conference at Minneapolis for the consolidation of the office of the Colaptroller of the Currency under the Federal Reserve Board, and a bi-monthly statement of reserves by member banks, be tabled for the present. The Executive Committee reported as an essential amendment for consideration, the following: The amendments prepared by Mr. Harding to Section 2, paragraph 11, 12 and 13 of the .1249 Act, and Oection 13, paragraph 1. Mr. Delano stated that Yr. Glass thought well of these amendments. They were referred to the Committee on Law with a favorable recommendation. Other amendments re4jorted as meriting favorable consideration were: 1. • aelation to domestic acceptances. 2. Branch banks. 3. Government subscriptions to stock. 4. Federal reserve notes issued by agents for gold. 5. Ir. Harding's amendment on deposits., 6. Purchase of foreign bills. 7. 2oreign branches. 8. Amendments to Jection 9 allowing associate membership to savigs bans, or permitting the banks to affiliate with savings institutions. 9. 2rohibiting the use of the word "Federal" in an objectionable sense, and tentatively. 10. Amendments to the Clayton Act. 1250 The Executive Committee, under the ruling of the ComiAroller of the Treasury, reported it is unnecessary to forward to the 3peaker of the House of Representativos information relative to the exchange of typewriters, adding machines, and other labor-saving devices, and the letter was ordered Letters front Lr. A. J. Brunson, President of the First National Ban4 of Plainfield, New Jersey, and Mr. N. U. Carpenter, President of the Citizens Bank of Portland, Oregon, suggesting amendments to the Pedern1 Reserve Act, were ordered tabled. Mr. Hamlin presented a memorandum covering the suggestions of Honorable E. J. Hill, M. C., of Connecticut, for an ameadment to the 2ederal Reserve Act permitting national banks to take over mutual savings associations established under (Jtate law, and it was directed tliat a letter be written to Er. Hill suggesting that he introduce such an amendment, which would then be referred to the 2ederal Reserve Board. It was understood that this should not in any way conmit the 3oaiu. At 5:35 the joint conference act'o 3ecretary., Armovi, Chairman.
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