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1183

At a meeting of the Executive Committee of the
Federal Reserve Board held in the office of the Board on
Thursday, June 17, at 11.10 a. m.
PRE3ENT:
Mr. Hamlin, presiding,

Er. Warburg

Mr. Delano

Mr. Willis, Secretary.

The 3ecretary presented the applications of the
Bank of Commerce and Trust Company of San Diego, California, and of the Central Trust Company of Dallas for
membership.

He was directed to telegraph both companies

to fill out the new application blanks, and to forward
the same promptly, stating that the Board is ready to
act in the matter without delay.
The Secretary submitted a form of letter to the
Produce Exchange Bank of New York, stating that the Board
was disposed to admit State banks with branches.

The

letter was authorized in a slightly modified form, and
ordered transmitted after obtaining the approval of
Counsel.
The Secretary of the Board presented the usual
weekly discount rate report.




On motion the following changes in existing

1184




discount rates were approved, and the Secretary directed
to notify the banks to that effect:
The Federal Reserve Bank of Kansas City:
Maturities over 90 days

0
5,7

.The Federal Reserve Bank of Boston:
Maturities over 90 days
On motion the proposed 10 day rate presented
by the Federal Reserve Bank of Philadelphia, was laid
on the table for the time being.
The Secretary of the Board presented copies
of telegrams passing between the Governor of the Board
and Federal Reserve Agent Curtiss relative to the admission of the Old Colony Trust Company to membership
in the Federal Reserve Bank of Boston.
On motion drafts and memoranda for replies to
be sent on behalf of the Board prepared by Mr. Warburg
to whom, as chairman, they had been referred, were approved as follows:
To Mr. W. E. Peck regarding the renewal of
national
acceptances; to Governor 'Vold regarding deposits by
Reserve
and State banks in South Dakota; to Deputy Federal
Agent La Monte regarding the new State Bank Circular; to 1° I.

Fierce regarding Federal Reserve bank money orders.
• The Secretary of the Board presented a draft
of the proposed circular No. 15 with accompanying Regulation

which he had been instructed to prepare.

On

motion the same was appreved, ordered printed and sent
out.
On motion the new form of condition statement
for the Federal reserve system was approved and ordered
put into effect.
The 'Secretary of the Board read a letter from
Counsel with reference to certain details regarding the
transfer of member banks from the Dallas to the Kansas
City District, growing out of a letter received from
Deputy Federal Reserve A(23nt fleCaleb, and formally referred to Counsel.
After discussion further consideration and
decision in the matter were referred to a coLlAittee
of the Board.
A communication from Federal Reserve Agent
Wellborn, dated June 15, relative to the question of
filling the Deputy governorship at the Federal Reserve
Bank of Atlanta, was read to the Board, and the Secretary
authorized to reply approving the action of the board of




1186




directors of the Atlanta bank.
The Secretary of the Board read a letter from
ConChief 3xaminer Broderick describing the action of the
examination
ference of Governors at Chicago, relative to the
be
of incoming State banks, and suggesting that a letter
had been
sent to each Federal reserve bank asking what items
included by it in organization expenses.
The Secretary of the Board read a telegram from
represented
Governor Strong of row York undertaking to be
adjustat the conference on Friday, June 18, regarding the
ment of expense aczounts between the Philadelphia and New
of
York banks, with a view to the transfers growing out
the Board's redistricting decisions.
The Secretary of the Board having presented a
status of
complete list and accompanying memoranda of the
membership
each State bank which had heretofore applied for
such
in the system, was directed to communicate with each
fill out
bank, and request that its duly aurhorized officer
one of the new application blanks.
adjourned.
On motion at 12.05 p. m. the committee

3ecretary.

APPROVED:

Chairman.