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260 At a meeting of the Federal Reserve Board held in the office of the Governor of the Board at 11.15 a. m. on 7ednesci'Ly, March 24, P113,3311T: Hamlin, presiding, Er. Warburg Mr. Delano Er. Willis Er. Williams Secretary. An aplqication of the First National Bank of Biloxi, L:533. to act as executor, trustee, etc., duly recommendea by Board, the Federal Reserve Bank of Atlanta and Counsel for the was referred to Er. Williams and Mr. Harding for report. the On recommendation of the committee in charje of subject, applications of the following named banks to act as executor, trustee, etc., approved by the Federal Reserve Bank and the of Boston and by Counsel for the Board were considered applications granted: Merchants National Bank Anuidneck National Bank Peoples National Bank of Merchants National Bank Worcester, Eass. Newport, R. I. Roxbury at Boston, Mass . Salem, Mass. Applications for the exercise of the powers and trustee, previously referred to the committee in charge Federal subject with favorable recommendations of the proper recommendation o bank and the Counsel for the Board, were, on committee, ordered suspended: 014 261 Holston. National Bank, Knoxville, Tenn. —Fourth E: First National Bank, Nashville, Tenn. Draft of a letter to secretary J. F. Curtis, representing a committee of Governors of Federal Reserve Banks, rrepared by direction of the Board as the Board's formal reply, was read and approved with modifications. ilinor changes were also, made in the recommendations for alterations of the language of the Governors proposed circulars. On otion it was voted to incorporate in the letter the sugestion that 1.g.r. Curtis transmit a copy thereof to each Federal reserve agent. Correspondence relating to the Board's recent tentative plan governing the annual election of directors was referred to Li.. Delano. Correspondence relating to the proposed regulations regarding acceptances was referred to the committee designated to draft the new acceptance regulations. The Secretary of the Board read a communication from the Comptroller o2 the Currency relating to the cost of getting Tat Federal resorvo bank notes. The report was received and on motion it was ordered transmitted to Federal reserve agents with the addition of further information concerning the circumstances under which such notes may be issued. 262 On motion the Board formally adopted the oIinion of Counsel with reference to the issue of Federal reserve bank notes, rendered under date of ITovember 30, 1914 and directed that regulations relating thereto be prepared by the Jomnittee on Ler;a1 Natters acting in consultation with A.sistant 3ecretary 1:1burn and lir. 7alliams. The Board directed that the regulations thus determined upon be formally issued as a statement, either through the Comptroller or through the Board. 'Mr.. Hamlin presented a letter from Assistant 3ecwhich retary Thlbarn with reference to the conditions under lawful money may be substituted for collateral behind Federal reserve notes, and vice versa. After discussion he was authorized to transmit to Assistant Secretary Malburn a memorandum explaining the position of the Board on this subject. A letter from Federal Reserve Agent Ingle discussing the discount situation in the 2ifth District was presented to the Board and ordered filed. On moti:n it was voted that the Governor and Vice Governor prepare a resolution for submission to the Board with reference to the 1)olicy to be followed in admitting 3tate banks with power, expressed or implied, to withdraw 263 from the system under certain conditiOns. A statement of the situation as to the conversion of la7 interest bonds and notes into three 1)er cent. bonds was referred to the special committee to which had been entrusted the duty of conferring with Assistant 3ecretary :211burn relative to the issue of Federal reserve bank notes. Consideration of the question of issuing a ' bulletin at periodical intervals was deferred until a .later date. On motion at 12.45 p. m. the Board adjourned. APPROM: Chairman.
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