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409 At a regular meeting of the rlederal Reserve Board held in the office of the Board at 11:10 a. m., on Monday, April 3, PRE3ENT: Ir. Hamlin, presiuing Mr. Harding rd.. Delano ix. Miller LI.. Allen, Jecretary. The minutes of the meeting of March 31 were read and approved. 2ormal approval was given to the request of tne Calcasieu National 111111> of aouthwest Louisiana, or tomporary fiduciary powers, a resolution covering the swae having, on March 31 been initialed by members of the Board. The resolution was as follows: WHEREA'J, The Calcasieu Trust and javings Bank has applied to the Comptroller of the Gurreney, under Jection 5154 of the Revised jtatutes, as amended by Jection 8 of the 2ederal Reserve Act, for authority to convert into a national bank, under the name of the Calcasieu National Bank of Jouthwest Louisiana, and WHZREA3, It appears that as a state bank the said Calcasieu Trust and Savings Bank has legally been appointed to act in certain fiduciary capacities which involve the execution of certain continuing duties, and WHEREAS, Application has been made to the Federal Reserve Board under Section 11(k) of the Federal Reserve Act for permission to act as trustee, executor, administrator, and registrar of stocks and bonds, but such application has not been formally acted upon pending further investigation by the Federal Reserve Bank of Atlanta, NON, THEREFORE, BE IT RESOLVED, That the Calcasieu Trust and Savings Bank be and it is hereby granted permission to continue to discharge as a national bank all those fiduciary obligations which it has assumed prior to its conversion into a national bank, and which may properly be exercised under the law by a trustee, executor, administrator, or registrar of stocks and bonds, it being understood, however, that any fiduciary relation assumed by said bank which does not come within the authority of Section 11(k) of the Federal Reserve Act shall be adjusted or terminated within a reasonable time so as to conform to the provisions of law applicable to all national banks. A request for information as to the situation of the requested transfer of Wiscon- sin banks to the Chicaro District was presented and the Secretary directed to state that the matter would await the return of absent members Of the Board. A memorandum in re Payments of dividends by Federal reserve banks, payments upon new stock subscriptions and payments upon stock surrendered, prepared by the Chief of the Division of Audit and RYamination, was approved to be sent to Federal reserve banks for their information and guidance, when it should be determined that the memorandum did not conflict with instructions already given to the Federal reserve banks upon the question of dividend payments. The request of the Comptroller of the Currency for an extension to April 30 in the time of employment of two money counters originally engaged for sixty days, the employment Of whom began on February 17, 1916, recommended 41 4, by the Committee on Staff, was approved by the Board. A letter from the 2ederal Reserve Bank of Minneapolis, calling attention to restrictions as to rediscounting imposed on member banks which are depositories of Indian funds, was referred to Yr. Miller that he might take the matter up with the Secretary of the Interior. An opinion of Counsel as to the maturity and eligibility for purchase of warrants of the city of Bath, Maine, maturing August 3, 1916, but subject to an interest penalty prior to that date, was ordered sent to the Cleveland bank. Governor Hamlin presented a letter from the Third National Bank of Union City, Tennessee protesting because acceptances purchased by the 5t. Louis it'ederal Reserve Bank were charged back to the account of the bank on date of maturity, was referred to the Committee on Operation for the St. Louis Bank. A letter from the Comptroller of the Currency as to a proposed amendment prohibiting the use of the word "Federal" as a name for banks, was read and the Secretary directed to obtain copies of the amendment prepared by the Board and the amendment prepared by the Comptroller of the Currency for circulation among mombers of the Board. The matter was made a Special order for consideration on April 4th. Mr. Delano presented a request of the Federal Reserve Bank of Cleveland to be Permitted to extend its limitation in the purchase of warrants by taking 11,200,000 of ninety day warrants of the State of Kentucky on a 2:1% basis, this being one-third of an issue of .3,600,000. This was approved and Mr. Delano requested to notify the bank. A letter from the Secretary of the New Jersey State Chamber of Commerce relative to a referendum to be taken among National banks as to the advisability of a central bank or continuing under the Federal Reserve Act, was referred to Mr. Delano and Mr. Miller. A proposed increase in rates of the Federal Reserve Bank of Kansas City requesting approval effective Friday, April 7, was referred to Mr. Delano. A letter from Mr. Wellborn forwarding act of the Alabama Legislature authorizing State banks to join the Federal Reserve System, was ordered filed. A letter from the Port Scott State Bank, Fort Scott, Kansas, complaining that the call of the Comptroller of the Currency of March 7, and the call of the Kansas State Bank Commissioner of March 24, laid upon it an inconvenience and expense, was referred to Er. Harding that he might take the matter up with the Comptroller. The matter of a possible postponement of the meeting of Governors of Federal reserve banks in Washington on April 12, was left to Mr. Delano with power to act. At 12:05 p. m., the Board adjourned to meet at 11:00 a. m., on Tuesday, April 4. APIROM: •••••••• ••••••01MM.N.mi........, Chairman.
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