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45 At a meeting of the Federal Reserve Board held pursuant to adjournment in Room 182, Treasury Building, on Wednesday, August 19, 1914, at 11 a. m. FR.L.L1If2: Er. John Skelton Wthiams :Ir. Adolph Eiller Mr. O. S. Hamlin Mr. Er. W. P. G. :larding Er. Paul H. Warburg rederic A. Delano TI'r. Hamlin, Governor of the Board, acted as Chairman of the meeting and 1Ir. E. C. 1]11iott as Secretary. On motion made and seconded it was dESJLITE.D, That in order to ex.i)odite the transaction of business by the Board, it is the sense of this meeting that a formal docket he prepared specifying as accurately as possible the proceedings to be had at the ne:.,:t succeeding meeting and that a copy of this docket bd furnished each member. It was further RESOLVLD, That until further notice the Board shall meet at eleven o'clock a. m. each day except Saturdays and Sundays at the Board room. The revised plan of procedure for hearing of appeals from the decisions of the Or3anization C„)mmittee Page .iMeeting.. AUG 1 9 1914 - 46 was again submitted, discussed and re-submitted in order that certain suajested amendments might be made. The Secretary was instructed to present a report at a future meeting of the Board. On motion made and seconded the Secretary was directed to acknewlede all applications of State banks for membershi-o in the Federal Reserve system and to state to applicants that such applications were pending before the Board for consideration. On motion made and seconded P.r. Williams, Warburg and 1:r. Harding were appointed a committee of three to prepare regulations governing the conditions underrhich member banks may be permitted to establish branches in foreign countries. The applications of the :7ational City Bank of Pew York and the Commercial National Bank of Washington were referred to this committee. The Secretary called attention to the fact that a number of applications had been made for the right to exercise the privilege of acting as trustee, executor, etc., under the provisions of the Federal Reserve Act by national banks, but owing to other 47 more urgent matters it was the sense of the Board that action on such applications should be deferred. On motion made and seconded Iii'. Williams, Ur. Miller, Er. Delano and Er. Harding were appointed a committee to consider and report on .the form and tenor of Federal Reserve notes and Federal Reserve bank notes, and the request for an estimate of the amount needed was referred to this committee for consideration. The application of the First rational Bank of Bedford, Pa., for permission to reduce its capital from 100,000 to .)50,000 was approved. The application of the Garden City :rational Bank of Garden City, Kansas, for authority to reduce its capital from %;50,000 to .,30 was approved. The following card from the President was read and ordered spread on the minutes of the meeting: "The President and the members of his family greatly appreciate your gift of flowers and wish to express their sincere gratitude for your sympathy." On notion the meeting adjourned to meet again at 11 a. m., Thursday, August 20, 1914. APPROVED: Secretary pro tem. Chairman.
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