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106 'At a special meeting of the Federal Reserve Board held in the office of the Board, Wednesday, February .10 at 3.00 p. m. PRE3T:T: Mr. Hamlin, presiding, Er. Harding Er. Delano rir. Miller Er. Warburg Mr. Willis, Secretary. The minutes of the meetings of Monday and Tuesday. 2ebruary 8th and 9th, were read and approved. At the request of Er. Harding the Board took up before other business the 'question of methods of dealing 5. with cotton mill paper in Federal Reserve District No. old Er. Harding called attention to the fact that under the latiregulations as to commercial paper there had been some tude with reference to the discounting of paper made by cotton mills in those cases where such mills were well man ged and the situation was known and approved by the authorities of the bank. He asked authority to provide new for the same latitude in the use of judgment under the regulation. On motion the authority requested by Er. Harding was granted. 107 On motion it was voted that the Governor and Vice Governor prepare an outline plan of accounting, in conjunction with the Comptroller of the Treasury, such. as would be sanctioned by the latter offider, for the payment of the special staff in the employ of the Comptroller of the Currency engaged in carrying on the issue and redemption of Federal reserve notes. On motion the following resolution relating to the compensation and expenses of Er. C. O. Robinson was adopted: Resolved: That Er. C. O. Robinson be allowed the sum of twenty-five dollars per day for a period of twenty days spent in actual work between December 1 and December 28, 1914, in compensation for services performed as traveling inspector visiting the Federal Reserve Banks, Er. Robinson to receive in addition his actual transportation expenses while on route. A report presented by Er. Harding and Er. Delano relative to the readjustment of salaries in the office of Counsel was recommitted. A letter from Vice President T. D. Webb, Fourth & First National Bank of Nashville, Tenn., asking for a special low rate to provide for the retirement of the Aldrich-Vreeland notes was ordered tabled, and the Secretary of the Board was directed to send a suitable answer. 108 On motion it was voted that Counsel be asked for an opinion relative to the legality of Bank Commissioner Williams of California in requiring national banks to abstain from advertising their savings departments. On motion the opinion of Counsel with reference to this subject was made special order •for Thursday, February 11. On motion it was voted to request the Comptroller of the Currency to furnish the Board every Tuesday a statement of facts as to the rate of retirement of outstanding emergency currency, the same to be for use in connection with the discount policy of the Board. On motion it was voted that the reduction of capFirst ital stock from ,1130 000 to .„25,000, applied for by the National Bank of Metcalf, Illinois, be granted as approved by the Comptroller of the Currency. The Secretary of the Board presented a letter from the United States National Bank of Vancouver, 3ash., asking for a form of resolution to be used in complying with the recent overdraft regulation of the Comptroller of the Currency. On motion the Secretary was authorized to draft a suitable form of reply. It was directed, however: that communication with the United States National Bank be had through the Federal Reserve Bank of San Francisco. 109 On motion it was voted that the 4pp1ication" - of the Federal Reserve Bank of Boston for authority to buy a bond of the Jity of Bath, Le., be approved. (rThe proposed circular and regulation on acceptances were taken up for consideration and on motion it was voted that tlie revised draft as altered be tentatively adopted and that proofs of the revised copy be obtained for presentation at the meeting Thursday, February 11. On motion at 6.00 p. m. the Board adjourned to meet at 11.00 a. m. Thursday, February 11. 3ecretary. APPROV3D: )hairman.
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