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667 At a regular meeting of the Federal Reserve Board held in the office of the Governor at 11.00 a. m. on Friday, July 23, PRESENT: Mr. Hamlin, presiding, Yr. Williams Er. Delano Mr. Harding lin Willis, Secretary. The minutes of the meeting of the Board of *Wednesday, July 21, were read and approved. The minutes of the meeting of the Executive Committee of Thursday, July 22, were road and approved, and the action of the Committee ratified. On motion applications for the surrender of stock in Federal reserve banks, duly recommended by Mr. Harding, were approved as follows: Kalispell National Bank First National Bank Kalispell, Montana Alamogordo, N. Mexico On motion applications for power to exercise the functions of trustee, executor, etc., duly recommended by the Committee on State Banks, were approved as follows: First National Bank First National Bank National Exchange Bank Yale National Bank Citizens National Bank Rochester, Eich. Colorado springs, Colo. Steubenville, Ohio. New Haven, Conn. Urbana, Ohio. 608 Cheyenne, Wyo. First National Bank Fort Worth, Texas National Bank of Commerce Philadelphia, Pa. Southwork National Bank Northampton, Mass. Northampton National Bank Pa. ,Chester, Co. Chester of Bank National 1-a. Lansdale, Bank First National Pa. Annville, Annville National Bank Jenkentown, Pa. Jenkentown National Bank Pa. Newville, First National Bank Nebraska Lyons, First National Bank Huntington, Pa. First National Bank Newark, N. J. Merchants National Bank Newark, N. J. Essex County Nat'l. Bank American Exchange Nat'l Bank New York New York Irving National Bank Trenton, N. J. First National Bank Hoboken, N. J. First National Bank Johnstown, Pa. First National Bank Fonda, lama First National Bank Franklin, Ind. Franklin National Bank Committee On motion, upon the recommendation of the banks on State Banks, the following applications of national to exercise the functions of executor, trustee, etc., were placed on the suspended list: First National Bank Et. Sterling National Bank Cohen County Nat'l Bank First National Bank. First National Bank Central National Bank Greylock National Bank First National Bank First National Bank State National Bank First National Bank First National Bank Seattle National Bank Exchange National First National Bank Bucyrus, 0. Mt. Sterling, Ky. LIcKinney, Tex. Galveston, Tex. Idaho Springs, Colo. St. Petersburg, Fla. Adams, Mass. Ft. Collins, Colo. Boone, Iowa. Bloomington, Ia. Liontrose, Pa. Seattle, Wash. Seattle, Wash. Seattle, Wash. Hoquiam, Wash. 609 First National Bank second National Bank National state Bank First National Bank Tuskaloosa, Ala. Idechanicsbur6, Pa. Camden, N. J. Humboldt, Ia. On motion applications of national banks to exercise the functions of trustee, executor, etc., were declined as follows: National Bank of • First National Bank 'American National Bank Waupun, Wis. Wichita Falls, Tex. Nashville, Tenn. After discussion it was voted that the general letter recently sent out by the Board with reference to its policy on the exercise of trustee and executor powers, should not be printed in the forthcoming number of the Federal Reserve Bulletin. On motion a letter to Er. F. G. Lee, president of the Broadway Trust Company, describing the Board's policy with respect to the establishment of branches by State member banks in the future, was approved and ordered transmitted. The Secretary was directed to send a similar letter to the Old Colony Trust Company of Boston, although it was understood that under existing law, no further branches can be established by the Old Colony Trust Company. It was in- formally understood that in future cases where State banks are admitted to the Federal reserve system, the same con- 610 ditions shall be laid down in every instance. The Secretary of the Board presented an opinion of Counsel with reference to the placing of revenue stamps upon acceptances, and, on motion, the opinion was approved with the instruction that it should not be published. The Secretary was further instructed to write to Federal Reserve Agent Ingle, who had originally raised the point, and say to him that, in the judgment of the Board, he ought not to discount paper unless su3h paper corresponds to all the requirements of law. hr. Harding was appointed a special committee to consult with the Commissioner of Internal Revenue and to ascertain from him his views with respect to the conditions under which paper presented for rediscount at Federal reserve banks must bear revenue stamps in order to comply with the letter of the law. The Secretary of the Board presented an opinion of Counsel with reference to the interpretation of the Clayton Act as applied to the simultaneous membership of upon two boards directors the same being in connection with the in- quiry of the Old National Bank of Spokane, Washington, whi° had been referred to the Board. It was directed that the opinion be published in the Federal Reserve Bulletin if 611 Counsel sees no objection. Similar action was taken with respect to a letter addressed to Arthur Adams, Esq., on condition that the matter be brought to the attention of Counsel for an expression of his opinion. Mr. Harding having received an explanation from Governor McCord of Atlanta relative to the discounting of demand paper, and the Secretary having read a communication from Governor McCord, the letter was noted and ordered filed. Letters received by Mr. Harding regarding the controversy between the Dallas and Kansas City Reserve Banks, were read, and, on motion, it was voted that the Secretary prepare a letter to the two banks following the general lines of a draft furnished by Mr. Delano, and calling upon them to terminate the controversy at as early a date as practicable. The Secretary was also directed to obtain rates for the transportation of gold certificates between Dallas, Kansas City and New Orleans. The Committee on State Banks recommended the admission of the Fidelity Trust Company of Kansas City, LIO. After discussion the recommendation was referred back to 612 the Committee. The Board discussed the draft of a letter to Governor Strong of New York with reference to the question of lines of acceptance credit. No action was taken.// Yr. Delano and yr. Harding for the Committee on Staff, recommended that the salary of Deputy Federal Reserve Agent Claud Gatch recommended by the Federal Reserve Bank of San Francisco, namely, 42,500 per annum, additional to his salary as examiner, be approved. The recommendation was carried. On motion applications for the surrender and allotment of stock in Federal reserve banks, were approved as follows: KANSAS CITY AND DALLAS Oklahoma National Bank Keota National Bank Southern National Bank Chickasha, Okla. Keota, Okla. Wynnewood, Okla. Share 75 18 48 PHILADELPHIA AND NEW YORK First National Bank Nat'l. Freehold Banking Co. Peoples National Bank Second National Bank Eatontown, N. J. Freehold, N. J. Keyport, N. J. Phillipsburg, N. J. 20 60 36 90 On motion at 1.40 p. m. the Board adjourned to meet at 3.00 p. m. this day. Secretary. APPROVED: Chairman.
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