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2Qs, At a regular meeting of the Federal Reserve Board held in the office of the Board at 11.00 a. in. Friday, April 2d. PRESENT: Mt. Delano, presiding, Mt. Warburg Mr. Williams Mt. Harding Mr. Willis, Secretary. The minutes of the meeting of Wednesday, March 31st, were read and approved. Applications for stock in Federal Reserve banks, duly recommended were approved by the Board, to the number of 132 shares, as follows: DISTRICT No. 5. First National Bank Shares. Cowen, W. Va. 15 Cherokee, Iowa Mapleton, Iowa 15 25 Baudetto, Minn. Ada, Minn. 15 15 Spur; Texas 30 Calipatria, Cal. 17 DISTRICT No. 7. Security National Bank First National Bank DISTRICT No. 9. First National Bqnk Ada National Bank DISTRICT No. 11. City National Bank DISTRICT No. 12. First National Bank 284 On motion of /Jr. Williams the Board agreed that the salary of the Chief Examiner of the National Bank examination district, having Richmond as headquarters, should be set at „:16,000. Applications for the exercise of powers of registrar of stocks and bonds, duly recommended by the Federal Reserve Bank of New York, and by Pr. Harding and Mr. Williams, as committee, were approved, as follows: :National Commercial Bank Lincoln National Bank Liberty National Bank 'Albany, N. Y. " Rochester, N. Y. ,New York, N. Y. Applications for the exercise of power to act as registrar only, were approved, as follows: .Granville, N. Y. Farmers National Bank Auburn, N. Y. National Bank Y. York, N. Now Bronx National Bank Plattsburg, N. Y. Plattsburg, National Bank Stapleton, N. Y. Bank Richmond Borough National Ovid, N. Y. First National Bank N. Y. -Clayton, National Exchange Bank 'Granville, N. Y. Washington County National N. Y. 'Lockport, National Exchange Bank N. Y. Rockaway, .Far National Bank Y. N. York, New Bank Seaboard National .Herkimer, N. Y. Herkimer National Bank • Morristown, N. Y. Bank Frontier National Now York, N. Y. Bank Gotham National Geneva, N. Y. Geneva National Bank Westfield, N. Y. National Bank ' Geneva, N. Y. Bank First National Y. N. Cooperstown, Bank National Second Y. • Richfield springs,:J.T. First National Bank 'New York, N. Y. Lincoln National Bank -Ilineola, N. Y. First National Bank 285 First National Bank City National Bank Wellsville, N. Y. , Plattsburgh, N. Y. The application of the City National Bank of Knoxville, Tennessee, for power to exercise the functions of executor, trustee, etc., was aprroved so far as relates to the exercise of certain specified limited powers as trustee. The application of the Virginia National Bank of Petersburg, Va. for pcwer to exercise the functions of executor, trustee, etc., on recommendation of Er. Harding and Williams, was approved. Several applications of National banks in the District of Columbia for executor and trustee powers, reported by Er. Harding and Hr. Williams without recornendation because of the rending apl,eal of the trust companies of the District, were brought before the Board. It was informally a-reed that these applications be referred back to the committee for further investigation and report within a few days, after consultation with Counsel. The sense of the Board was that no attention should be paid to the proposed action of the trust companies in passing upon such applications. The application of the Clifton Forge National Bank, Clifton Porge, Va., for the right to exercise executor and 286 trustee powers, previously disapproved by Federal Reserve Agent Ingle, was unfavorably reported by Mr. Harding and Mr. Williams. On motion, the application was rejected. On the application of the Covington National Bank of Covington, Va. action was suspended, such being the recommendation of Mr. Harding and Er. Williams, and the application was referred back to the committee. The application of the First National Bank of Florence, Alabama, for power to exercise the functions of executor, trustee, etc., was referred to Mr. Harding and :Ir. Williams. On motion, the Chairman was authorized to name a committee to prepare suitable resolutions relating to the enforcement of 3ection 19 of the Federal Reserve Act, for transmission to member banks. // The Secretary of the Board presented the proof of a revised circular relating to acceptances. On motion this was ordered printed as circular 11, and Regulation J. On motion, the regulation relating to acceptances by member banks up to 1005 of capital and surplus, was approved and ordered printed as Circular 12 and Regulation K. It was agreed that the signature of the Governor of both the Board should be affixed to both circulars and that * 287 • be submitted to Counsel for his approval. // Mr. Delano presented to the Board the draft of a memorandum proposed for transmission to the Federal Advisory Council, suggesting to that Body the topics to be considered by it at its approaching meeting in Washington. The memorandum was read and discussed. A letter from Mr. J. B. Forgan, President of the Advisory Council, stating that the date of the next meeting would be April 20th was read to the Board. Mr. Delano notified the Board of the purport of communications with Governor McDougal relative to the question of settlements between Federal reserve banks and stated that rr. McKay and a colleague representing the Clearance Committee, would be in Washington on the 6th instant for consultation with the Board. Mr. Warburg reported the substance of a conversation with Assistant 3ecretary of the Treasury Malburn relating to the working out of details of the clearance question. It was informally agreed that a letter be sent to all Federal reserve agents except Mr. Jay and iir. Curtiss of ITew York and Boston, respectively, indicating once more 288 the desire of the Board that regular weekly reports be transmitted to it. A letter from Federal Reserve Agent Austin, discussing thd general question of reports to the Federal Reserve Board was presented and discussed. On motion, the memorandum of the Secretary of the Board relating to the issuance of asPederal Reserve Bulletin, was given preliminary approval by the Board. It was informally understood that the Secretary should proceed to prepare a specific draft of an i3sue of the Bulletin to be put out if deemed advisable on May 1st. It was further informally agreed that for the present the oversight of the Bulletin be left in charge of the Executive Committee of the Board. The Secretary was authorized to say to the local representative of the Corporation Trust Company that provision would be made for publishing such of the opinions of Counsel as are to be released in fall in the near future. A letter from Secretary Curtis of the Federal Reserve Bank of New York, inquiring whether Mr. Charles Starek, Deputy Federal Reserve Agent of the New York Bankk is entitled to the usual fees and compensation as a director, 289 was read to the Board and the Secretary directed to call attention to the Board's previous ruling on this point. It was agreed in addition, that the sense of the Board is that where directors receive no salary Trom a Federal Reserve Bank while acting as an officer, every such director be entitled to directors' fees and the usual allowance for travel and maintenance. Resolutions adopted by the Board of Directors of the Federal Reserve Bank of Richmond, protesting against the decision of the Board with reference to the salary of the Governor of that institution, were nresented to the Board and given preliminary discussion. It was agreed that the subject lie on the table until the next meeting and that in the meantime, the resolution be referred to the Comptroller of the Currency for his consideration. The question of permitting the Federal Reserve Bank of San Francisco to publish weekly statements of gold on hand in the possession of the Federal Reserve agent as an actual addition to the gold stock in the Bank, was -discussed and referred to Mr. Warburg, with power to act. On motion, the Board adjourned to meet on Monday, 290 April 5th at 11.00 a. in. APPROVED:
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