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A a regular meeting of the Federal ..iserve Board
held in the office of the Board on jednesday, Larch ZE,
at eleven a. m.,
nRES1W7:
Er. Harding, presiding,
:.7r. Hamlin,
Mr. aarburg,
Mr. 'illiars,
Er. Delano,
Mr.
i1lis, Secretary.
:he minutes of the meetings of the Board held on
:arch 27, morning and afternoon, were read and, on motion,
approved.
letter from Federal Reserve Agent Lustin of 2hiladelphia with reference to the ,iuestion of the continuation
of salaries of employees v,ao might enlist for military or
naval service, was read und, on motion, referred to the Governor for report as tO the proper policy to be followed.
Changes in capital stock ot Federal
eserve Banks,
duly recommended by the Committee on :ellber ,Ind State Banks,
were approved as follows:
_“pplications for Surrender of Stock.
Shares.
DistriJt
-emasters rational Bank
:xmasters, Pa.
Applications for Original Stock.
,k13P1ioLtions for Orisinal 'took.
DistriJt
ro.
Shares
2.
Jroghan National Bank
Jroghan, r.f.
Brasher Falls National Bank Brasher Falls, :.Y.
District
No.
14
12
26
Brewster, Minn.
18
18
Blythe, Cal.
Total
18
18
62
9.
?irst National Bank,
District No. 12.
First National Bank
Laller on behzdf of the Committee on Staff
submitted without report a letter from the Comptroller of
the Currency aith reference to the designation of an examiner at large for District No. 3, and the appointment
of an examiner to succeed him.
()n motion it :;as voted to
approve a salry of :2400 per annwn for :r. James i. Danbar to fill the vacancy in this District created by the
designation of former I;;xaminer Borden as examiner at large.
Governor Harding read a letter from Federal Reserve
J.gent Ails proposing a plan for the prompt release of
notes from the Subtreasary at Oincinnti in favor of „Anoinnati member banks, such plan to be resorted to in the
event of sAdden pinch or stringency.
The plan was die-
cussed, Governor Harding further reading the draft of
a letter in reply to Ur. iills which he intended to transmit.
Note shipments previously authorized by the Execative
Committee in accordance with the regulations of the Board,
were given formal approval as follows:
FEDiA.J RESERVE
B„liTi<
OF OLEVELND:
420 denomination
v830,000
L1ar3h 23
FEDERAL RiLSEdVE BI,NK OF NEd YORK:
4100
46,400,000
FEDERAL 'RESERVE
it
23
it
24
NE: OF PHIL/IDELPHIJI:
4 10
20
.2,280,000
800,000
FEDE.1,1
ii
it
Vt
ERVL BAN'S!: OF CHIC-10:
4 480,000
1,920,000
400,000
400,000
r 10
20
50
103
If
23
It
tit
it
FED1_-i-1. RESERVE BAIT_ OF D.,
800,000
4100
"
26
ii
26
- DERL RESERVE BJJK OF CLEVELAND:
71,
4 800,000
1,600,000
400,000
410
20
50
316
On motion the Secretary of the Board was authorized to certify to the correctness of the form of trade
acceptance employed by the Harley-Davidson.7otor Aympany,
which had previously been approved by the Board, by
writing across the face of such acceptance over his signature the following words:
"Upon your request, I certify that trade acceptances of this form comply with the regulations
of the Federal leserve Board with respect to
'eligible trade acceptances'."
draft of by-laws for use at the proposed branch
of the 2ederal Reserve Bank of San Francisco in the Pacific
Northwest, was presented to the Board, and the chief points
contained in it were informally discussed and accepted in
principle.
?urther correspondence Yiith 7ederal Reserve
Agent Perrin was also read for the purpose of giving tol:Ir.
laller prior to his departure for the Northaest the Board's
general point of view with regard to matters likely to come
before him daring his absence.
A.th reference to the point
in the Pacific rorthwest where the proposed branch should
be located, the opinion was generally expressed that Port-
.
-4 pm{
t-.)
land, Oregon, was probably the best place.
Mr. ,iller called attention to a sucsted plan
whereby the paper actually in the h.nds of a distant bank
and held for the ?ederal reserve bank, might be used as
a basis for note issue.
He farther called attention to
the views of Federal :leserve Agent Perrin vjth reference
to the investment policy of the Federal reserve banks in
Its bearin5_: especially upon the situation at
particularly as to bankers' acceptances.
dis ussed at length
an Frandsen,
The matter was
b't no formal action was taken.
On motion at 1.40 p.m. the Board adjourned to
meet on Friday, ::arch $0 at eleven
Eecretar7.
.0P2OV.:
@FedFRASER