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385 At a regular meeting of the Federal Reserve Board held in the office of the Board at 11.15 a. m. on Friday, May 7, PRE3=T: LI% ramlin, presiding, Er. Harding 2:r. Delano Er. Miller Er. Warburg Willis, 3ecretary. The minutes of the meeting of :lednesday, May 5th wore read and approved. At the opening of the meeting there was general discuss ion of the plans for the forthcoming Pan-American Financial onference and of the assistance that might be rendered by the Board in connection with the preparation of plans and the making of arrangements. No definite action was taken, but the general sense of the Board with reference to the work to be done was indicated and a tentative understanding reached. The 3ecret.lry of the Board read several telegrams relative to the question of making a change in the redistricting decision affecting the counties in the 3tate of Oklahoma transferred by the Board's recent decision from the Federal Reserve Bank of Dallas to the :ederal Reserve Bank of Kansas ity. After consideration of the subject in its various 386 %spects, the Board directed that the correspondence b transmitted to Counsel with the request that he suggest a reply, giving the proper legal status of the matter. Reports of Federal Reserve Agents relative to discount rates were presented to the Board an on motion the application of the Federal Reserve Bank of San Francisco was approved in so far as relates to rates for maturities of thirty days and upward, it being suggested however, that for the Present the Board did not care to act upon the fifteen day maturity tentatively indicated by the Reserve Bank of San Francisco. The Secretary was directed to Are the Bank of San Francisco, fixing rates as follows: Maturities Maturities Maturities Maturities up to thirty days up to sixty days up to ninety days over ninety days On recommendation of Mr. 3iJI; 4c7 6/) Harding the Board took the following action with reference to applications of National banks for executor and trusteeships: APPROTO. Peoples National Bank Indian Head National Bank First National Bank ACTION Marlboro, rass. Nashua, :T. H. Ganger, Texas SUSPZIIDED. Corsicana National Bank Corsicana, Texas t Consolidated Nat'l. Bank Nat'l. Loan and Exchange Bank First National Bank of American National Bank Tucson, Ariz. Columbia, 3. Englewood, Ill. Roanoke, Va. On motion the Board approved applications for twenty• :three shares of stock in Federal reserve banks, as follows: DISTRICT No. 9 First First First Wells National National National National Shares. Bank Bank Bank Bank Wimbledon, N. .Jak. Beach, N. Dak. Blair, Wis.' -Tells, Tann. 1 2 3 DISTRICT No. 11. First National Bank Nogales, Ariz. 15 Discussion of the i)roposed trip to be taken by sundry members of the Board ensued and on motion it was -voted that during the coming week Mr. Miller take the place of 1.1r. Warburg on the Executive Committee, thus providing for the presence of a majority of the Committee in the Cit., and that the Committee thus constituted be instructed and authorized to hold meetings daily if necessary and to dispatch all necessary business, the said motion to be submitted • to Mr.Harding and Governor Hamlin for their approval, (Mr. -Jarburg beinr, out of the city.) On ')tion the pending question with reference to the disestablishment of the Division of Issue in the Office of the 388 Comptroller was laid on the table until a later date. On motion the Secretary was authorized and directed to -nre-pare a descriptive article discussing the action taken in the redistricting cases for publication in the nc, t nuber of the Federal Reserve Bullet h. The final draft of the proposed circular relating to the admission of 3tate banks was submitted in mimeograph for-. to the Board. After general discussion it was agreed that the members should take copies with them on their visits out of the City and should consult whomever they desired with reference thereto. On motion the report of the Committee on Audit and Examination relating to the examination of Ante meL,Der banks, the same having been pre,-,ared in response to questions from the Comptroller of the Currency, was adopted and the Secretary ordered to transmit it to the ;omptroller. Two reports submitted by hr. 7arburg oroposinL, informal rulings, the one with reference to the eligibility of ar;ricultural paper given for cormlercial fertilizer, the other relating to mortgages on shares in an undivided interest in real estate, were road to the Board and approved. The 300- rotary was directed to send. answers in accordance therewith. A comrranication from 2ed.eral Reserve Agent Liner 389 relative to custody of funds and the combination of safes was presented to the Board by IS. A. 1. :Mier, and on motion the latter was authorized to draft a letter in reply, the sae to be transmitted by the 11xecutive Committee, which was given authority to act in the ease. Letters from 7ederal Reserve Agent Perrin and =or relative to the getting of information concerning the condition of member banks from the Comptroller of the Currency and his representatives, and asserting that less is being received now than formerly, were discussed, and on motion the papers were referred to the Committee on Audit and Examination for inquiry. A letter from Federal Reserve Agent rerrin relative to the advisability of making 5.an Francisco a central reserve city, was considered but nO final action was taken. The question of bonding those in charge of the gold settlement fund having been taken up for consideration it was voted to table the matter indefinitely and the Gecretary was instructed to say to the companies that the rate was higher than appeared to make it worth while to apHly the bonding plan. On motion a tentative outline prepared by Lir. fliller relative to the presence of members of the Executive Committee in 71as1iington during the summer months, after being presented 390 to the Board, was approved. The Secretary of the Board presented a revised form of substitution sheet which had been suggested to take the place of existing sheets. On motion the matter was placed in the hands of the Secretary and Chief of Division of Reports and Statistics, with power to act. A letter from Federal Reserve Bank of Atlanta 'relative to several points on which criticism had been made in former letters, having been read to the Board, the 3ecretary was directed to make an appropriate reply, submitting the same to the Executive Jommitteo. A communication having been submitted from the Dollar Savings Bank of Wheeling, West Virginia, relative to the possibility of their withdrawing their application for membership in the Federal reserve system, the Secretary was directed to send the letter to Federal Reserve Agent 7ills for such action as he might deem best. A request for publication of gold export figures for newspaper use having been pr*esentod, the Secretary was directed to arrange for the publication of these figures in the Bulletin. An application from Federal Reserve Agent Wills for power to purchase .:400,000 of New York warrants, was approve 2 An application of Federal Reserve Agent 1111s f)r authority to purchase Board of 3ducation short term notes, was approved. A letter from Governor Rhoads of the Federal Reserve Bank of Philadelphia askin what procedure should be followed in making the transfer of New Jersey banks to the New York district having been submitted, it was voted that Mr. Rhoads be aSked to work out a plan in conjunction with the row York bank and to submit it for the approval of the Board, and that the same sugge tion be made to all other banks affected. A letter from Federal !(oservo Agent Rich asking for further consideration of the executor and trusteeship application of the First National Bank of Austin, Linn., was ordered referred to 7r. Harcli for ' '-ation and motion at 1.15 -,. m. the Board ad,: to. call of the Governor. Jecro, jilairman. n -111-
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