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14 ; At a regular meeting of the ?ederal eserve Board held in the office of the Board on Wednesday, February 26, at eleven a.m., PaLSENT: 12.•. Harding, presiding, Mr. Miller, Ur. iiarburg, Yr. Williams, Li-. Delano, • Mr. Hamlin, rr. aillis, Secretary. The minutes of the meeting of the Board held on Monday, February 6, were read and, on motion, approved. On motion, it was voted to supply to the Bank-. ing Commissioner of New Jersey copies of the Board's examinations of New Jersey State member banks when made. On motion the application of the Peoples National Bank of Winston-Salem, N. j. to reduce its capital stock from 3OO,OOO to 4*';150,000, was approved. On motion it was voted, to approve the employment of a secretary to Federal Reserve Agent Hardy at a salary of 01500 per annum. The reports of examination of the Federal Aeserve Bank of Dallas and of the accounts of the Federal Reserve Agent at that place, were referred to the Committee on op-. ts orations or the Dallas Bank. Applications for the shipment and release of ?ederal reserve notes, previously acted upon by the Executive Committee, were approved as follows: Federal Reserve Bank of New York: .010 denomination tl 50 If 10 .4;6,400,000 6,600,000 6,720,000 " " 20 22 24 FederL1 Reserve Bank of .Thicasp: - Released: 420 denomination 10 20 50 20 • 960,000 200,000 ) 1,040,000 ) 400,000 ) 1,040,000 ( ?ob. 20 21 26 Shipment 450 denomination 2,400,000 Vt 19 t) 27 27 Vt 23 28 Aderal aeserve Bank of New York: Shipment 5 denomination 20 1,000,000 4,000,000 ?ederal Reserve Bank of Chicago: Shipment v40 denomination ” 50 4,000,000 600,000 tf form of memorandum order for printing ?ederal reserve notes, to be addressed by the Committee on Issue and Redemption to the Lxecative 7,ommittee, was read and by agreement laid on the table. Cc! f.Co report of the Committee on 'Issue and Redemption recommending a plan for getting ?ederal reserve notes from Subtreasuries upon signatures of two officers of reserve banks, was read and, on motion, laid on the table. 3overnor Tlarding read a suggested form of statement regarding the purchase of foreign bonds by banks. Discussion Ensued. On motion it was voted that it ..as the sense of the Board that a statement ou2;ht to be issued designed to remove any misconception as to the meaning of the Beard's former statement as to foreign financing in the United States, and intended to sit forth the general attitude of the Board on this whole question in view of the new conditions which have presented themselves; and that there should be prepared by each member of the Beard a suggested draft or form of such statement. On motion It was voted that 1,r. Harding and 11r. darburg prepare a letter to Senator Owen, Chairman of the Senate Committee on Banking and Currency, setting forth the necessity of the board's amendments and their essential character in view of the present international emergency. On motion it was voted to authoriLe a reduction :Pirst National Bank of Benningin capital stock of the , ton, Oklahoma, from ,:150,000 to .)25,000, the same being recommended by the Comptroller of the Currency. The Secretary of the Board ‘riving presented the question of methods of dealing with confirmations of orders .for 7ederal reserve notes, already acted upon It was agreed that such confirmations be signed and transmitted to the Comptroller, the same as originalorders, bat that they be plainly marked in each case "Confirmation." The application or the 7ederal eserve Bank of San Trancisco for approval of a new schedule of discount rates for that bank Was, on motion, voted as follows: For paper maturing within 15 days, inclading collateral notes) Paper maturing from 16 to 30 days 11 II " 31 to 90 " Trade acceptances, 30 to 90 days Commodity paper within 30 to 90 days Agricultural paper, 90 to 100 days Bankers' acceptances 30 to 90 days 4 : 3-1 213 1 4: ..41T1 ,..,14 ut- 0 31 511 ".-1( 2,, to 4, On motion at 12.40 p.m. The Board adjourned, to meet this day at 4 p.m. Secretary. .0PAOVED: 4rior Chairman.
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