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a reguir meetin of the 7edera1 ieserve Board held in the office of the Frnard on Thursday, .pril 19, , 11 a.rt., PALSEI1T: 12".r. Harding, presiding, 4arburg, Mr. Delano, Mr. Mr. fathoms, Mr. il1is,f:ecretary. The minutes of the meetings of the Board held on 16th and 16th were read and, on motiol:, :Tproved. The minutes of the joint session of the Board and the ,Avisory Council held on :Tril 17 were reported by Mr.Delano and, on motion, passed to file. :r. Miller read a telegram from , 'ederal kservc gent 2errin with reference to the position of the T.oard of directors of the ?ederal everve Bank of San '?rancisco as to the establishment of a branch in the Pacific rorthvest. He proposed that the Board telegraph !:r. Perrin in favor of the original proposal outlined by him (Yr.?:iller) upon his return. to: tan 7rancisco, provided that the banks at Spokane would fulfill the conditions origlnl1y offered by them, and further disapprove the devic11.,.tion of C,eattle as the location of the branch, : thoizia im to continue' 4;31 nego i..tions further. Discussion ensued, and :.Ir. Delano offered a substitute, accepted by r. nller, to refer the whole muter back to the .ommittee on Operation of the 3.An 2rancisco Bank for further ne.;oti,tion and investi -tion, the matter to be made a special order for the meeting of ,:ednesday, Lpril 5. On being put to a vote the substitute prevailed. Governor Harding reported he had consulted informally with the various members of the Board with reference to methods of facilit.ting a Treasury short time loan of g00,000,000 due July 1, 1917, at the rate of 2% and that the matter was in process of investigation. Governor Harding read u telegram from l7r. J. H. :Cuelicher, President of the State Bankers association, approvinc; the amendments to the aeserve .Act proposed by the -.1ongress, and stating that he Board, and now pending in , should move to have his on bunk (The 1:arshall and ilsley) make application for ,Admission to the system. Governor Harding mentioned the fact that owing to pressure of work it seemed unwise that he should attend the meeting of the rkansas Bankers Association during the :leek beginning pril 22. It was informally agreed that he form the Association of his inability to attend. letter from Federal Reserve Agent Perrinsuggesting an am nd,ent permitting the holding of a stock of notes by edoral Reserve Banks at their branch of'ices in trast for the Comptroll r of the Currency,taken up for corsideratinn and, on motion, d to the Committee on 11c.a.c and Redemption. Proposed form of reprint of the SLte bank regulations of the Board was presented by the Secretary of the Board and, on motion approved for pabliction. letter from Assistant Secretary of the Treasury ' osby informing the Board of the croval by the Treasury Department of forms for use in the transportation of Tedve notes to subtreasuries and Federal reserve eral r agents, was read and noted. On motion it was acceptance of voted that the Board authorize the tate examinations in the ci,.se of the follow- banks recently Amitted to the 7ederal reserve system Peoples Bank of St. Paul Cleveland Trust Company St. :4ouis Union Bank Farmers State Bank St. Paul, Cleveland, Ohio St. Louis, Mo. Kasson, !Ann. 433 opinion prepared by Counsel with reference to the question of business relations with alien enemies was presented to the Board, together with a letter from Assistant attorney General ;;arren suggesting the form of a proclamation relating to the matter. The matter was referred to the Governor of the Board with the understanding that he -would write Mr. darren on the subject. A telegram from Mr. Edgar 7. 'ensenich of Portland, Oregon., rel tiv- to financial information for use in connection with the war, was referredto the Governor for reply. recommehd%tion from the Federal Reserve Bank of St. Louis raising the rates on 15 day paper from to 4;:; was presented, and on motion, it was agreed to disapprove the proposed advance. The Committee on Staff reported in favor of the employment of Mr. Pail Bausch as draughtsman at •.1.00 per hoar, in the preparation of diagrams for use In the Federal Reserve 'F,L111ctin whenever authorized by the Secretary of the Board. The Board temporarily suspended its session; and, sitting as the Committee on Member and State Banks considered the application of the .Atlantic National BanL of 7.7c74 York for trustee powers, favorably report0 by the 7edoral Reserve /gent at New York in so far as relates to the exercise of the functions of registrar of stocks and bonds. On motion it was agreed to recommenl the granting of these powers. Formal session having been resumed, it was,on motion, voted to approve the report of the Committee on nember and State Banks in f-vor of granting the application of the Ltlantic rational Bank in so far as relates to the exercise of the pcv:Pr of registrar of stocks and bonds. changes in stock at Fedeml reserve banks, daly recommended by the Committee on Member and State Banks, were, on motion, approved as follows: Aipplications for Original Stock. Shares District No. 6. National City Bank District No. Tampa, Fla. 105 105 Paulkton, S. Dak. 17 17 Hershey, Nebr. 15 15 9. First National Bank District No. 10. First National Bank Applications for Original Stock. (Con.) Shares. District No. 11. Tenison National Bank State National Bank Dallas, Tex. Carlsbad, Y. Mex. Total 360 60 420 560 Lpplications for Surrender of Stock. Shares. District No. 3. 108 108 Hertford,.:,;. 15 15 1-;andersville, Ga. 45 45 Hollidaysburg, ?a. ?irst National.Bank District No. 5. .4‘tinmers National Bank District No. 6. Johen National Bank District No. 10. El Paso National Bank Peoples National Bank Colorado Fprings,0o1.180 17 Kiowa, Okla. 197 Wolfe City, Tex. Total 31 396 District No. 11. Zirst 'Aate Bank 31 On motion at 12.50 p.n. the Board adjourned to meet at 11 a.m. on '7riday, April 20. . — ha35/ L;irm-n.
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