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At a regular meeting of the Federal Reserve Board held in the office of the Board on Wednesday, April 3, at 11 A. M., PRESL1-4T: Mr. Harding, presidin, Yr. Delano, Mr. Warburg, Mr. Hamlin, Ur. Miller, Mr. Willis, SecretLry. The minutes of the meeting of the Board held on April 1 were read and, on motion, approved. The minutes of the meeting of the Executive Committee held on April 2 were read and, on motion, approved, and the action therein set forth ratified. The minutes of the meeting of the Gold iport Committee held on April 2 were presented and, an motion, approved, and the action therein set forth ratified. The minutes of the meeting of the Capital Issues Committee held on March 2 and were presented on motion, approved, and the aci4on therein set forth ratified. Mr. Harding read a telegram from the iederal Reserve Bank of St. Louis, re the rate made on acceptances in certain transactions, and it was agreed that he consult further with the officers of the bank by Nire. On motion, it was voted that the Governor enquire of the Treasury authorities ,.nd from the New York Federal Reserve Bank the present status of competitive acceptance rates and policies in London and New York. A letter from Mr. D. G. Wing and reply by Mr. Harding, tentatively approving a proposed charter for a foreign banking corporation, were read, and on motion, the action of the Executive Committee in tentatively authorizing the plan to establish the new foreign bank approved. A letter from Mr. A. P. Coles, accepting a directorship in the branch bank at El Paso, was presented and noted. A letter from the President of the Massachusetts Mutual Life Insurance Company, re the distribution of its Liberty Loan subscriptions by Federal Reserve districts, was read and referred to Assistant Secretary of the Treasury Leffingwell. Reports of Committees were, on motion, approved as follows: No. L. Dated April 2, recommending the appointment of lass M. F. Kelly (Division of Foreign Exchange) at $780, effective April 3. 3, recommending appointments in the Division of Foreign Exchange, effective April 8, as follows: Miss " " " T. J. M. T. C. Johnson, $900 Sherman, 780 A. Bowker, 720 D. Hyland, 840 3, recommending the appointment of L. Trneheart, as messenger (Board's staff) effective April 3, at $65 per month for a probationary period of ap)roximately tnirty days, and $70.00 per month thereafter if services are satisfactory. No. 3. Various dates, approving applications under the Clayton Act of Messrs. Willard Hamlin, H. C. Robinson, H. F. Marks, W. C. Fredericks, and Charles G. Brown. Dated March 26, recommending certain fiduciary powers for the First National Bank of Jefferson City, Missouri, under terms named in the report. 0, April 3, recommending changes in capital stock at Federal Reserve barks as follows: Applications for surrender of stock. District No. 11. Home National Bank First National Bank First National Bank Cleburne, Tex. Galveston, Tex. Stanton, Tex. Shares 27 60 18 105 District No. 12. National Bank of Ventura Bro't for'd Ventura, Cal. Total 240 105 240 345 Applications for original stock. District /To. 12 .„ Seaboard National Bank Seattle, Wash. Shares 144 144 A report of the Committee on Operation of the Kansas City Bank, considering various sites for a new building for the bank and making recommendations regarding them, was. read and referred back to the Committee with the statement that the Board favors site A or site D, but leaves the final choice to be worked out by the Committee in consultation with the Ransas City bank authorities. Ur. Harding presented business§ as follows; Application of Novitzky for power for Ur. Khostchinzky to take 412,000 currency to Russia, approved, subject to assent of the State Department. A letter from the War Trade Board, re certain transactions of one Marius on behalf, presumably, of German interests,--laid on the table unti2 the arrival of Mr. Kent. 4 A table of proposed discount rates, submit- ted by the Federal Reserve Bank of New York,--on motion, the rate wore approved as follows, effec- tive at once: 15 days Government and commercial paper rate..4 16-90 Government rate 4:A% 42; 16-90 Commercial paper rate 44;; 16-90 days trade acceptances 5",', 91-180 days agricultural paper Minimum open market rate on bankers acceptances (with no maximum indicated) A letter from Counsel, re the use of trade acceptances in paying for printing orders and also in connection with coffee mills, etc., holdinc that they can legally be so used,--read and discussed, this point Mr. Rilliams ertered the meetin. On motion, the opinion of Counsel re trade acceptances was laid on the table, to be circulated meanwhile. letter from Messrs. McDougal, Fanoher and ',Vold, re private telegraph wire service between the Federal Reserve banks and the Federal heserve Board, on a specified plan, was read and referred to Mr. Harding and Mr. Delano with the understanding that the San Francisco bank should be included in the propesed circuit. It was further understood that figures as to cost be secured from the Postal and Western Union Telegraph Companies. A letter from Federal Reserve Agent Wills, re the proposed organization chart for Federal Reserve Banks, was referred to Mr. Delano (papers in his hands). On motion, at 12:55 P. M., the Board adjourned. APPROVED: Chainnan
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