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If e At a special meeting of the Federal aeserve Board held in the office of the Board at 11:00 a. in. on Wednesday, December 23d PRESENT: Mr. Hamlin Mr. Warburg Mr. Delano Li'. Harding Mr. Williams Lr. Miller, The Governor of the Board presided and Mr. H. P. Willis acted as secretary to the meeting. The minutes of the preceding meeting were read and approved. On motion the application of the National City Bank for power to establish two branches instead of one, , in Brazil, was approved. The National Gity Bank of New York having, on or about July 22, 1914, filed an application with this Board, for the purpose of securing authority to establish a Branch in the City of Rio de Janeiro, Brazil, and the said application having been granted by an order of this Board dated September 2, 1914, and the said Bank having, on December 22, 1914, filed an application, supplementary to the said application of July 22, 1914, asking for an order setting aside the said order of September 2, 1914, and for an order authorizing it to establish the said Branch in the City of Rio de Janeiro, Brazil, and to establish sub-branches, agencies or offices of the said Branch at Santos, Sao Paolo, Pernambuco, Para and Bahia, Brazil, or at any of the said places, and the said supplementary 1 478 application having been considered, and it appearing to the Board that the said supplementary application is properly made, under the laws of the United States of America, and should be granted, Now, therefore, it is hereby ORDERED: That the said supplementary application be and is approved, and that the said order of hereby it September 2, 1914, be and it hereby is set aside. BY THE FEDERAL RESERVE BOARD, J. S. HAMLIN, (SEAL) Governor. Attest: H. PARKER WILLIS, Secretary. The National City Bank of New York, having, on or about December 22, 1914, filed an application with this Board, for the purpose of obtaining authority to establish a Branch in the City of Rio de Janeiro, Brazil, with sub-branches, agencies or offices of the said Branch at Santos, Sao Paolo, Pernambuco, Para and Bahia, Brazil, or at any of the said places, and having furnished evidence that it has set aside the sum of One =ion Dollars (1,000,000) for the conduct of its banking operations in Brazil, and the said application having been considered, and it appearing to the Board that the said application is properly made under the laws of the United States of America and should be granted, Now, therefore, it is ORDERED: That the said application be and it hereby is approved and that the said Bank be and it hereby is 47. authorized to establish tne said Branch in the City of Rio de Janeiro, Brazil, and to establish sub-branches, agencies or offices of the said Branch at Santos, Sao Paolo, Pernambuco, Para, and Bahia, Brazil, or at any of the said places. BY THE FEDERAL RESERVE BOARD, C. S. HAMLIN, (sEAL) Governor. Attest: H. PARKER WILLIS, Secretary. The text of a press statement relating to Christnas compensation for bank employees, was approved. Mr. Harding presented to the Board a resolution relating to exchange between Federal Reserve districts and drafts of letters regarding the exchange situation. Ni'. Delano moved a substitute, and on motion, the substitute was adopted as follows: RESOLVED, That it is the sense of the Board that checks received on deposit by Federal Reserve banks shall, until further order of the Board, be limited strictly to checks drawn upon member banks in the district of the respective Federal reserve banks. This rule, however, shall not operate to interfere in cases where the Federal reserve banks are lacated in adjoining districts have entered into satisfactory reciprocal arrangements and shall not interfere with the tentative plan now temporarily 460 in operation for handling checks on Federal Reserve banks between the respective districts. The Secretary of the Board was directed to telegraph Governor Sawyer that a definite reply to his query regarding relations with the Reserve bank of St. Louis would be sent on Monday next. A proposed letter to Governor Sawyer regarding the clearance of Denver checks was approved. The question of rates of discount at various Federal reserve banks was taken up for consideration and a communication from Mr. William Ingle was read. Mr. Harding suggested a plan whereby the Secretary of the Treasury should announce that he would call for a larger redemption fund behind Aldrich-Vreeland notes at an early date, the Board then to reduce discount rates at reserve banks. On motion, Mr. Harding was requested to consult with Secretary of the Treasury on that subject. Applications from National banks requesting admission to the Federal Reserve system were, on motion of Mr. Harding, approved, as follows: The Norwood National Bank First National Bank American National Bank First National Bank Greenville, S. 0. Sanford, Florida Dayton, Tennessee Peoria, Illinois 481 Home National Bank Stockgrowers National Bank First National Bank Farmers National Bank First National Bank State National Bank National Bank of First National Bank First National Bank First National Bank City National Bank Arkansas City, Kansas Ashland, Kansas Guthrie, Oklahoma Tupelo, Oklahoma Commerce, Texas Durant, Oklahoma Daingerfield, Texas Dallas, Texas Killeen, Texas Normangse, Texas Paris, Texas. On motion, at 12:50 p. in. the Board. adjourned to meet at 2:30 p. in. to-day. A.P CUD:
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