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At a regular meeting of the Federal Reserve Board held in the office of the Governor on Thursday, August 23, at eleven A. U. Present: Mr. Harding, Presiding, Mr. Delano, Mr. Warburg, Mr. Lillis, Secretary. Mr. Hamlin, The minutes of the meeting of the Executive Committee of the Federal Reserve Board held on August 22 were rend and approved and the action set forth therein ratified. The minutes of the meetings of the Board held on August 9 and August 21, previously rend, were approved. A report of Chief Examiner Broderick relative to the division of overhead charges between the Federal Reserve Bank of Atlanta and the Branch at New Orleans was presented and, on motion, laid on the, table until the next meeting of the Board. Discount rate sheets transmitted by various Federal Reserve Banks but recommending no change in rates, were presented and ordered passed to file. A memorandum of Chief Examiner Broderick approving the present method of joint control of funds at the Feder- al Reserve Bank of Dallas, was laid before the Board, noted, and ordered passed to file. A letter Iron Balfour, Williamson k Company, relative to a proposed shipment of gold to Calcutta, was read and, on motion, referred to the Governor of the Board with power to act. The application of the New Orleans National Bank for power to accept up to 100% of its capital and favorably reported by the Committee on Investments surplus, was, on motion, approved and the Secretary directed to send notice accordingly. Reports of the Committee on Staff, dated August 23, approving advances in salaries of national bank examiners, recommended by the Comptroller of the Currency, were pre- sented to the Board and, on motion, approved. A report of the Committee on Staff in favor of cer• tain proposed changes in salaries at the Federal Reserve Bank of New York, was presented to the Board and, on motion, approved. A letter of Voorhees 8. Company, of New York, with reference to bank advertising, was referred to the Governor with power to act. On motion, it was voted to refer to the Committee on tLaw the question of the holding of stock by State mem- bPr banks in violation of the technical requirements of State law. On motion, it was voted to divide the existing Committee on Law, creating in place of it two other committees, composed as follows: Committee on Legislation:Mr. Harding, Chairman, Mr. Warburg, Mr. Hamlin. Committee on Law:Mr. Hamlin, Chairman, Mr. Warburg, Mr. Delano. Upon favorable recommendation of the Committee on Membership, the following State institutions were ordered admitted to membership in the Federal Reserve System, subject in each case to the conditions recommended by the Committee: Central State Bank, Jackson, Michigan. Peoples State Bank, Detroit, Michigan. On motion, the question of conditions governing the making of acceptances by State banks in connection with the admission requirements of the Federal Reserve System, was referred to the Committee on Law. An opinion of Counsel dated June 5, with reference to the power of the Board to regulate service charges of non-member banks in connection with collections, was, on motion, referred to the Committee on Law. Governer Harding having reported to the Board that he was contemplating the leasing of the rear onehalf of the top floor of the Metropolitan National Bank Building at an annual rental of approximately *2,000, it was, on motion, voted that the Governor be authorized to execute such a lease, and that the arrangement of the quarters to be leased and the space occupied in theTreasury Building be referred to the Executive Committee with power to act. On motion, it was voted that the temporary Committee on Quarters be discharged with thanks. On motion, the Governor was authorized to write a letter to Governor Miller of the Federal Reserve flank of Kansas City, yith reference to the amount of reserve of the Kansas , City Bank, recommending to him that he maintain his reserve as nearly as possible at about the aver- oge level of reserves in the system as a whole. On motion, at 12:15 P. M., the Board adjourned to meet on Tuesday, August 28, at Eleven A. M., unless sooner called by the Chair. APPROVED: Chairman. Secretary.
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