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2:36 At a regular meeting of the Federal Reserve Board held in the office of the Board on Wednesday, March 17, at 11.00 a. in. PRESENT: Mr. Delano, presiding, . Williams Mr. Warburg Harding Et. Mins, Secretary. The minutes of the meeting of 11.15 a. m. Tuesday, March 16 were read and approved. Applications . for the issue of new stock in Federal reserve banks, duly recommended, were approved as follows: DISTRICT No. 3. First National Bank Schellburg, Pa. 17 DISTRICT No. 9. First National Bank First National Bank Stevensville, Mont. Plentywood, Iont. 16 13 Applications for the surrender of stock in Federal reserve banks duly recommended, were approved as follows: DISTRICT No. 3. IP. Grane Nat'l. of Bradford Co. Seven Valleys National Bank Quakertown National Bank Hopewell National Bank Dover National Bank First National Bank Troy, Pa. Seven Valleys, Pa. Quakertown, Pa. Hopewell, Pa. Dover, Pa. Enlishtown, .— J. 237 DISTRICT No. 4. Farmers National Bank Homestead National Bank First N'JLtional Bank First National Bank • Freeport, Pa. Homestead, Pa. Chester, 7. Va. Gallinolis, Ohio. DISTRICT No. 7. Riddell National Bank Brazil, Ind. DISTRICT N. 9. State National Bank Miles City, Mont. DISTRICT N. 11. First National Bank Farmers National Bank, Lake Charles, La. Comanche, Tex. Applications for the exercise of executor and trustee powers filed by various National banks with the approval of their respective counsel and Federal reserve agents, were referred to a committee consisting of Harding and thp Comptroller of the Currency for report. On motion of Mr. Delano for the Committee on Staff the following minute was recorded. A letter from Mr. J. A. Broderick, Chief of the Division of Audit and 7ixamination, dated March 5, 1)15 stating that he needed on his staff two Assistant 21xaminers, having been presented to the Board, on recommendation of the Committee on Staff and Organization, it was voted that Mr. T. V. Grayson should be continued in the service of the Board 238 at a salary of .125 per month until May 1, the understanding being that the Board will formulate some scheme of examination for the selection of Assistants to Examiner on the Staff of the Chief of the Division and that Mr. Grayson shall not remain permanently on the staff unless he passes a test satisfactory to the Board. On reconmendation of the Division of Audit and Examination, it was voted that the Federal Reserve Board authorize the acceptance of examinations made by the Commissioner of Insurance and Banking of the State of Texas and the acceptance of examinations made by the Commissioner of Banking of the State of Msconsin for the seven Federal reserve members in Texas and the one in Wisconsin, the said regulations acceptances to be subject to the general rules and bankS, of the Board with reference to the examination of member and particularly of State bank members. // The question of bankers acceptances relating to trade pa'lc between two foreign countries, presented by the National further Bank of New York, was ordered to lie on the table until direction. /' The Secretary of the Board having read a communicati° relatiVe t° from Counsel transmitting the approved form of order 10111 the establishment of branches by the National City Bank at A-3 239 Juba, with sub-branches at various points in the Jlest Indies, said order was approved and the Secretary was directed to enter it in the minutes. Mr. Williams requested the entry of a minute recording him as not voting on the proposal, he being opposed to the establishment of sub-branches on account of uncertainty in his own mind as to the meaning of the law on the subject. •,% . Williams had, however, no objection to the establishment of a branch at the city of Havana itself. A letter from Federal Reserve Agent Ingle, recommending that the Treasury Department call for an additional deposit to protect outstanding emergency currency in order to encourage the more rapid retirement of such currency, it was voted to refer Er. Ingle's letter to the Secretary of the Treasury with the recommendation of special consideration for the same, the said letter to be accompanied by detailed data showing the present state of affairs, as to the circulation of emergency currency. The Federal Reserve Bank of Atlanta having named rates of discount for commercial paper, the same were approved by the Board, as follows: For paper maturing within sixty days, Le;; For paper maturing over sixty days, 5;:, • 240 A letter from Governor Jeay of the Federal Reserve Bank of Richmond relating to the issue of Federal reserve notes and other correspondence and documents on the same subject recently before the Board, were ordered referred to the Committee on Operation for report. An invitation received from the Georgia Bankers Association requesting the attendance of some member of the Board at the approaching meeting of the said association, was referred to Harding with recommendation of favorable consideration. ed On motion, at 12 o'clock noon, the Board adjourn to meet at 11.00 a. m. Thursday, Larch 18th.
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