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162 At a regular meeting of the Federal Reservo Board held in the office of the Board on Tuesday, March 2, 1915, at 11.00 a. in. PRESENT: Mr. Hamlin, presiding, Mr. Harding Mx. Williams Er. Miller Err. Warburg Li'. Willis, Secretary. The minutes of the meeting of Monday, Larch 1 were read and approved. The Governor of the Board presented an opinion received from Counsel with reference to the power of the Board to review the work of the Organization Committee. On motion this was ordered mimeographed and distributed to Board members only. The Governor of the Board presentedthe accounts relating to the administration of the Board prior to the appointment of a fiscal agent, and on motion the Secretary of the Board was instructed to have them prepared in formal shape as required by the Comptroller of the Treasury. The Governor of the Board stated the views of the Counsel of the Federal Reserve Bank of Boston with reference to the present form of certificate used in connection with applications for the exercise of trustee powers. He stated 163 that it was desired to permit the substitution of a personal letter of such counsel to the Board in liqu of the formal certificate. On motion it was voted to accept such a letter stating the reasons of Counsel in any given case for thinking that a given application was not out of harmony with law, in lieu of the formal certificate heretofore required. The Governor further reported to the Board with reference to the term "private banker" under the Clayton Act, and on motion it was voted to defer any attempt to define this term until later. A report prepared by Lir. Harding relative to the rules to be employed in passing upon applications of reserve cities for designatim was read and discussed. On motion the report was referred back to Er. Harding for revision with the understanding that the revised draft should be ready when the application of the City of Nashville was presented to the Board. The draft of a letter prepared by Er. Delano as a reply to the application of the Governor of the Federal Reserve Bank of Richmond for power to issue Federal reserve notes directly against gold. was considered and referred to the Governor of the Board with the suggestion 164 that it be modified and that the reply bp addressed to thp Federal Reserve Agent. A report prepared by Mr. Harding with reference to the method of replenishing reserves at Richmond by deposits in the Subtreasury at Baltimore was referred to Mr. Delano with the request that he take up the subject with Assistant Secretary Ealburn for the purpose of devising a suitable plan of procedure. On application of the Federal Reserve Bank of Minneapolis, the Board approved the following rate of rediscount: For commercial paper running over 90 days and not longer than 6 months .... A letter from Federal Reserve Agent Ingle relative in to the exercise of the powers of trustee, executor, etc., and North Carolina was referred to Counsel for consideration report. The letter of the First National Bank of Corning, Arkansas, asking for general trustee powers was referred to the Secretary and Counsel for reply. RichThe application of the Federal Reserve Bank of referred mond for the issue of Federal reserve bank notes was to the Committee on Issue and.Aedemption. 165 A leitter from the Illinois Bankers Association relating to the establishment of branch banks for the promotion of foreign trade was read to the Board and the Secretary was instructed to send a general reply to the communication. Inquiry from Federal Reserve Agent Perrin as to the legal right of Federal reserve banks to require a member bank to remit at par for checks sent to it was referred to Counsel and the Secretary instructed to ask Mr. Perrin for the opinion of his own Counsel on the subject. A letter from Deputy Governor Van Zandt of the Federal Reserve Bank of Dallas asking for power to discount the direct application of a member bank secured by eligible paper :a,E; ordered answered in the negative. Mr. Hamlin presented to the Board a draft of a letter relating to savings accounts by National banks. The application of the National City Bank of New York for power to establish branches in the West Indies was discussed but no action was taken. On motion the Board adjourned to meet subject to call. Secretary. APPROV3D: Chairman.
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