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528 At a regular meetilvf: of the 2ederal Reserve Board held in the office of the Board on Eonday, June 28, at 3:00 p. 131,;JENT: Mr. McAdoo, presiding Irr. Williams Mr. Hamlin Mr. Warburg Mr. Delano Mr. Harding Er. Willis, Secretary. The minutes of preceding meetings were read and approved as follows: Morning meeting of the Board of June 22; afternoon meeting of the Board of June 22; Special Executive Committee meeting of June 24. In approving the minutes of the Board meeting of the afternoon of June 22 it was understood that a posed resolution relating to a change in the method of handling the Gold Settlement ?Lind, which it had been intended to spread on the minutes or June 22, should be cor.i.ittco eliminated therefrom, and referred to a special bacK consisting of Er. Delano and Er. 7arburg for report to the Board. reThe Secretary of the Treasury reported the Harding 0 salt of a conversation held by himself and I,Ir. the one sid the otb'er. and Er. Charles Starek of New York on 529 Discussion ensued with reference to the proper method of handling general rulings affecting the national banking system in which the Comptroller of the Currency and the Board wore jointly interested. It was understood that a meeting of Chief Examiners would shortly be called by the Comptroller of the Currency, probably on July 12, for the purpose of determining in what form reports of examinations of member banks could be furnished to Federal Reserve banks. It was further understood that arrangements would be made for securing joint and cooperative action in regard to rulings in which the Board is interested. The question of the date at which bonds may be converted into Ws was brought up for discussion, but was finally laid on the table until a later meeting. A letter from Leslie R. Palmer relative to the report regarding the election of a cashier at the Federal Reserve Bank of New York, was read and the Secretary directed to say to Mr. Palmer that the report contained no statement requiring any action on his part. On motion an application from the Federal Reserve Bank of New York for an issue of Federal reserve notes aggregating $2,960,000, duly recommended by the Committee on Issue and Redemption, VW approved as follows: 530 05 denomination 10 et 20 01,000,000 1,000,000 960,000 On motion the Board approved seven applications for power to exercise the functions of executor, trustee, etc., duly recommended by Mr. Harding and Mr. Williams, as follows: First National Bank Versailles, Ind. Central National Bank Oakland, Cal. Glasgow, Ky. Farmers Nat'l. Bank Wash. Vancouver, Bank Nat'l. Vancouver Md. Neosho, Bank First National Farmers National Bank Wilkinson, Ind. Columbus, Ohio. Ohio National Bank On motion the Board voted to place on the MP" pended list eleven applications for trustee and executor powers, as follows: Citizens National Bank Bedford National Bank First National Bank First National Bank National Bank of First National Bank Farmers National Bank First National Bank of Greylock National Bank First National Bank First National Bank Lebanon, Ky. Bedford, Ind. Manchester, Ia. Sturgis, Ky. Sullivan, Ind. Connelton, Ind. Colfax, Wash. Shreveport, La. Adams, Lass. Greencastle, Ind. Denver, Colo. r " exeou On motion four applications for trustee and 4. of receiPw ships were placed on the suspended list pending the ' ' Oriti a report from Federal Reserve Agent Perrin as to certain cisme regarding these banks, as follows: 53'1 First National Bank Exchange National Bank First National Bank Seattle National Bank Seattle, Spokane, Hoquiam, Seattle, Wash. Wash. Wash. Wash. On motion the application of the Third National Bank of Scranton, Pa. for power to exercise the functions of registrar of stocks and bonds was approved. A general letter from Deputy Federal Reserve Agent La Monte regarding trustee and executor applications, was laid on the table for the time being. The application of the Old Colony Trust Company, and letters from the Hudson Trust Company regarding admission to the Federal Reserve system were referred to Mr. Harding and Mr. William for report. The form of a letter to Federal Reserve Agent Jay regarding the admission of the Broadway Trust CO., was approved. A memorandum regarding the policy to be followed with respect to the State Bank of West Terre Haute, Indiana, was presented and a memorandum on the same ordered transmitted to the Federal reserve agent of the district. An opinion of Counsel with respect to the question of the place of keeping the reserves of member banks, was approved subject to final assent of the Governor of the Board. 532 An opinion of Counsel relating to the payment of dividends by Federal reserve banks annually, was approved subject to certain changes in language. The Board voted to confer with Ur. J. P. Cotton of New York at 11.15 a. m. on Tuesday, June 29. A communication of Counsel respecting the question of including Federal reserve agent's gold holdings in the Gold Settlement Fund, was laid on the table for later consideration. The question of providing a plan for clearing Federal reserve notes was referred to a special committee consisting of Mr. Harding and Ur. Delano. A letter from Messrs. Gillette and Clark regarding the proposed trust company suit against the First Rational Bank of Bay City, Michigan, was made a special order for the meeting of Tuesday, Jane 29, with Mr. Cotton. Paul The question of the designation of South St. as a reserve city was referred to Mr. Harding for report. to On motion it was voted to ask the Comptroller bank inform the Board of pending applications of national sent for organization, in order that information might be to Federal Reserve agents and their advice obtained, the Federal action being taken as the result of a letter from 5:33 Agent J. Z. Miller. The Secretary of the Board presented the question of expense reports of reserve banks, but, on motion, the subject was laid on the table until a later meeting. An application of the Federal Reserve Bank of Chicago for the establishment of a limit of 75% of its capital as the amount of agricultural loans to be made by it, was approved. A letter from Federal Reserve Agent Perrin regarding abraded gold and its treatment, was read to the Board and referred to Counsel. On motion the Board adjourned to meet at 10.00 a. in. on Tuesday, June 29. Secretary. APPROVED: Chairman.
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