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At n regular meeting of the Feder,d Reserve Board held in the office of the Board on Saturdciy, February 9, at 11 A. n., PREST: Mr. Harding, presiding, Mr. Delano, Mr. Hamlin, Mr. Warburr, Mr. Mr. Willio, Secretary. The minutes of the meeting of the Board held on Februnr7 6 were rend and, on motion, approved. The minutes of the meeti!T of the Executive Committee held on February 7, were rend and, oh motion, approved nnd the action therein sot forth ratified. The millutos of the meetings of the Cold Exports Cor-,mittee held on Februnry 7, 8 and 9 were presented and, on motion, approved and the action therein set forth ratified. The -daeinl order of the day, the bill for the sale of silver held by tilt Treasury, was taken up -Ine on moticr, it w.c .rotei to reconsider the action already taken with reference to the proposed plan for the sale of oilv(r. Hamlin read n letter drafted by him and stating the position previously taken by the Board on this subject. sion ensued. Discus- CH motion it was voted thnt the draft letter be approved subject to minor ch-nges, minority members to express themselves to the contrary. Vr. Hamlir end Mr. Warburg were recorded in the negative. Correspondence with Federal Reserve Agent Perrin re the early establishment of a branch at Salt Lake City was presented and the matter tnbled until after the conference of Federal Reserve Agents on the 2Gth of February. A letter from r. F. R. Hart of the Old Colony Trust Co., re subscriptions to certificates was referred to Covarnor Harding with power. The matter of writing to Federal Reserve Agents regarding the Index Digest was referred to Governor Harding. The exercise of firc-.1 agency functions at branches was presented and ordered made a topic for the coming meeting of Federal Reserve Agents. It Was agreed that la'. Broderick be asked to attend the conference. . Correspondence with Federal Reserve Agent Perrin reurding the status of state barks in California w!3 read, and on motion the San Francisco Committee was requested to confer with CenEressman Hayes. An, application on behalf of the National City Bank for permirion to estati_ish a branch in San Juan with sub-brancher in Arecibo, Mayaguez and Ponce in Porte Rico was presented and. on motion, referred to Committee No. 2 and Counsel. A telegram of inquiry from Federal Reserve Agent Per -in re the status of shipve-tts from Hawaii was read and on motion referred to Counsel. Correspondence with Federal Reserve Agent Jay and Chief Examiner Lroderick re the proof -nd verification of operations in the fircn1 .gents department at New York for the f,irst and second Liberty Loans Was presented and referred to Governor Harding rith power. A letter from the "ContirEntil Credit Truet" of Chicago re the status of its obligptions was referred to Committee No. 2 with Counsel. Reports of Committee No. I, Tere, or motion, approved as follows: Dated Feb. 8 approving appointment of D. H. Wood as Examiner. " of Mrs. E. U. Tleeve, :7tenographer (Capital Issues Corn.) Salaries at the Federal recerve Yank or Bcst(11. 6 appcintment of T. G. Sundere, Asst. Federal Reserve Agent at Karette city. 6 " aTpointment of U. M. Kenycn, Lest. Cushier, Lostrn. " appointment of Ltod, Aust. F. R. A. at S&E Francinco. Dted Feb. 6 ap7roving appointment its E. itiorsy 9t 0„200, (Board's staff, effective on tak:Ing office, and lass E. Black, 9t effective February 11th. (Board 'o 0.3:!0, staff.) 6 Approving foreign. Exchange Division cmpioyees (Miss Thompson C1200, kiss Jemi at 000 9nd Thomas littlish at f.:'.480.) The secretary was directed to invert in the minutes of February 1, the original report of Committee No. 1 dated February 1, re the salaries for lasses Writers, Coyne and Carroll, (Capitni Issues ComMittee.)' 4ports cf Gowlittec No. 2 were approved nr follows: Dated Yebrurry Sth, approving the use cf drafts drtun by the Americnn L'oollen Co., to create Argentine Ex- Dated Faruary recommendinc the adMission of the follev:inF institutions: Penn County Trust Company, Allentown, Pa, 216 shares in the Federal Reserve Panicof Fhiladelphin. Cuaranty Co. Hackensack, N. J. Alliance Trust SO shares in the Federal hescrve Bank of Nev; York. Rutherford Trust Co., hutherford, N. j. '15 sh%.res in the Federal Reserve Bank of New York. Farmers 6. Lierchnnts Bank, Filer, Idaho. 15 shares in the Federi RecerVe Bank of San Francisco, Viestern Bank 5 Trust Co., Cincinnnti, Ghio. 525 shnres v the Federni Reserve Enrk of Cleveland. First Bank of Grantsburg, Grantsburg, Vic. shares in the Yediral Reserve Bank of Uinnespolie. Reports of Connittec 1:0. 3 were presented and, on motion, approved, as follewe: Dated February 4, granting powers of trustee, executor and administrator to National Bank of Owensboro, Ky. Dated February 5, granting powers of trustee, executor,administrltor, registrar to Commercial National Bank, Great Falls, Montreal. Dated February 5, granting poiyers of trustee, executor, registrar, and administratcr to Exchange National 1:111( of Muekogee, Okla. Dated February 5, granting powers of trustee, executor, registrar, and administrator, to Lennington Co., National Bank; Bennington, Vt. Dated Fobru!,ry 5, .granting powers of trustee, executor and administrator to let Ntional Bank of CP,rlisle, Ind. Dated February 5, granting powerr of trustee, executor and administrntor to 1st National Bytnk of Dublin, Ind. Dated December 5, grantirr powers of trustee, executor and administrator to let National Bank, Danville, Pa, Dated December 5, granting porerr of trustee, executor and administrator to Uechanice National 'Bank, Cmaha, Nebraska. Dated February granting pavers of trustee, fu-id registrar to Shoshone National Bank, Cody, The application of the Commercial- Naticral bank, Great Falls,. Mont., vae ordered held. , Approving the applications of Guy Gary, A. H. L'.11, and S. D. Warriner, under the Claytcn Act. Cranting power to act as trustee, sd-inistrator, executor and registrar of stocks and bonds to the Co7. • ercial National Lank, Independence, Knnsas. Recommending changes in capital stock as follows: Applications for surrender of stock. District No. 1, Roxbury National Bank First National Bank Thames National Bank National Black River Bank Lamoille County National Bank Shares Bostcn, Mass. 6 Attleboro, Mare. 15 Norwich, ConL. 30 Proctorsville,Vt. 2 Hyde Park, Vt. 36 b9 District No. 3. Ci:dzens National Bank Pidcletown, Del. 96 96 District No, 6. First „ational Bank St.Aufrustine,Fa.24 2/1 District No. 10. First Natic/.,-: L%nk Stuart, Ckla. 16 15 District No. 11. F.q.mers Merchnts Nrtl Pank Comanche, Te. 36 36 Gilroy, Cal. Total 54 54 District No. 12. First Nntiorvil Bank Applications for oricinal, stock. District No, 1. Mrittapsn National Bank Boston, Lass. District Nc. 7. Minonk National Bank First National Bank Minonk, 111. Hums, Ill. District No. 8. First Nstional Bank Lonette, Ark. Shares 76 76 17 20 37 16 16 District No. 9. Uteckmens National Bank Montana Nettinl Bank First National Bank First National Bank First National Dark Firat National Lank Sharer Raynesford, Mont. 18 Havre, Mont. 30 Winner, S. Dal. 18 Chester, Mont. 18 Proctor, Uinn. 20 Boyceville, Wis. 18 122 District No. 10. Citizene Natienal Bank Firrt Nationsl Bank Boulder, Colo. Haxtun, Colo. District Nc. 12. Firrt National Bank First.National Bank Mesa, Ariz. Flagstaff, Ariz. Total 72 20 102 69 30 jj-1---- 452 A report of the Richmond Committee naming Government director for the Baltimore Brnnch wns reno and mid on the tnble until Nonday, February 11, being placed meantime in the h-nds of Covernor Herding for inquiry into certrin detnils. Mr. Harding prevented butanes: which wns acted upon ns follows: Correspondence with Federal Reserve Agent Rich re payment of liberty loan expenses, read and referred to the lanneapolis Committee. Correspondence between Governor Wold and E. S. Johnsol, of Minneapolis, re rater of interest on deposits, also memorandum of reply on same. subject. to ascertain the facts RS It war aFreed to the prevent practice of rty- iu interest on deposits. A letter frell Federal Reserve Agent Curtis re looses of certificates of indebtedness at Boston - rend. An opinien of Counsel re the stntus of reserve cities - rend and referred to Committee No. 3. Mr. Delano presented the question of the position of the Guarnnty State Bank of Hansfo Texns, as an applicant for admission, and discussion ensued but no action vs taken. On motion of Mr. Miller, discussion of the rediscount sections of the War Finance Corporation bill was made a special order for Mond.,y, February 11. At 1:15 ?..M., the Board adjourned. APPROVED:
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