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1116 At a regularsmeeting-of the Federal Reserve Board held in the officebfthe Board at 12 noon on 'Wednesday, November 8, 1916, 'PELSIXT: Governor Harding, presiding, Mr. Hamlin, Mr. Warburg, Mr. Miller, Mr. Williams, Mr. Willis, Secretary. The minutes of the meetings of the faxecutive COrnmittee on Thursday, November .2nd, morning, November - d, afternoon, Friday, November 3rd, and Saturday, 2a November 4th, and the minutes of the meeting of the Board on W dnesday; November let, were read and on motion approved. lir. Harding submitted to the Board an opinion of Counsel as to. the eligibility of fifteen-day notes vs security for Federal Reserve notes; commenting upbn the recent opinion submitted by Federal Reserve Agent Ramsey. On motion the opinion was referred to the Com- mittee on Law. letter from Mr. 4. H. Allen, making certain inquiries with respect to concentration of funds, was referred to the Lxecutive Committee. //i 1:117 A letter from tr. .sa G. Candler, relative to the metberbhip of State banks, as read, noted cAnd ordered filed. A letter from eederal Reserve Agent Perrin, rela- tive to the establishment of agencies in the Twelfth District, was read, SS d and referred to the.Committee_on Operation of the eederal Reserve Bank of San iranc sco. A memorandum of Counsel relative to the case of Grant Fellows vs. the 2irst rational Bunk of Bay City, ras read for the information of the Board mid ordered filed. Two letters from the Comptroller of the Currency, relative to the appointnent of new rational Bank nY.Pminers 7.1.ving the =les of four proposed appointees, t re read. 7;illiats reported orally that two of the proposed. appointees had either withdrawn or were doubtful, but he suguested favorable action on the remaining two, Lessra. Wt. R. Parker of Uissouri, and Joseph V. Dunlap of Georgia. On motion the matter was referred to the Committee on staff with power to act. 121;.e ezrit-ry of the Board submitted a report received Cm t%o Division Qr ulit lination, sults of the e.y_m nation of tie 2oduIl dolphia. the rePak of Thila- The report was ordered referred to nr. V:arburg as Chairman of the Committee on Operation of the Federal Reserve Bank of Philadelphia. On recommendation of the Committee on.Lember and State Banks, applications for stock in Federal Reserve. Banks were approved as follows:District No. Shares. 7. First National Bank, Highland, Wis. 11 District No. 10. Tulsa, Oklahoma. Union National Bank, Citizens National Bank, Akron, Colo. District No. 108 20 12. First National Bank, Yorba Linda, Calif. On recommendation of the Comptroller of the 8 Garren4 and the Committee on Eember and State Banks, authority was granted to the First National Bank of Winnsboro, Texas, to reduce its capital stock from 4150,000 to $100,000. Mr. Harding read to the Board a letter from Federal Reserve Agent Bosworth with reference to hearings before th° Board for persons interested in interlocking directorates affecting New York and Chicago banks and trust companies. On motion the action of the Federal Reserve Bank of Boston in raising the salary of Governor Aiken of that institution from $15,000 to $20,000 was approved as of NoveriiW° 1st. 1119 application on behalf of the Philippine , rational Bunk asking for designation.a*-;:a foreign agency, of the Federal Reserve system,„.and a report of Mr. Tarburg thereon, were presented to the Board und on motion it was voted that the Board will approve the dePign4tion of the Bank by any Federal reserve Bank as a foreign agency or correspondent for the Philippine Islands. It was agreed that the question of e -mining the Bank be referred to the 1..xecutive Committee with the sugge tion that some arrangement for its examination be made by the Federal Reserve Bank of an Francisco. it draft of a letter to Federal hesurve Agent Perrin and tn.() committee report thereon were laid on the table. 1. special report on the Board's quarters was referred to the special Comittee on quarters and ordered circulated. rr. Harding stated that he rould be leaving for Atlanta, as directed by the Board, during the afternoon, aud that in vier of some business requiring his attention, he would not return to Washington until Wednesday, Kovember 15. On motion at 12:40 P. M. the Board adjourned, subject to the cull of the chair. LPPrOVIO- (c,:tary.
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