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At a regular meeting of the Federal Reserve Board held in the office of the Board on Monday, April 1, 1916, at 11 A. M., PRAJENT: Mr. Harding, presiding, Mr. Miller, Mr. 7;arburg, Mr. Wiliis, 6ecretary. Mr. Hamlin, The minutes of the meeting of the Board held on March 29 were read and, on motion, approved. The minutes of the meetings of the Gold Export Committee held on March 30 and April I were presented and, on motion, approved, and the action therein set forth ratified. The minutes of the meeting of the Capital Issues Committee held on March 27 were presented and, on motion, approved and the action therein set forth ratified. A letter from Federal Reserve Agent, Heath, commenting upon the proposed organization chart for Federal Reserve banks, was read and referred to Committee No. 1. The question of republishing the Digest and Index of informal rulings with matter up to date, was presented by the Secretary. Governor Harding read a letter from FedetAl Reserve Agent 'Ails re the question of a booklet on acceptances, especially bankers' acceptances. The question of such booklets was referred to the Executive Committee for action, the Committee to have power to . bring out a new issue of the Digest and Index. A letter from Federal Reserve' Agent Ramsay, re anew site for the Kansas City Bank, was referred to the committee on operation of the Lansas City Bank, for report. The question of the form of the weekly condition statement was presented, certain points now omitted from the statement by instruction of various members of the Board being enumerated. sion ensued. Discus- The matter was referred to thexe- cutive Committee with power to act. A letter from 2edera1 Leserve Agent Perrin, nominating T. H. Cromwell as an appointee in his . department at 4300 per month, was read and, on motion, the appointment co/firmed. On motion, reports of committees were- approved as follows: Dated March 29, recommending the appointment of Mts. Florence Gallagher (Division of Foreign xchange) at •:,;960 per annum, effective April 1. No. 2. Dated March 29, recommending acceptance pavers to • 100;; for the Scandinavian Trust Co, of New York, and refusing acceptance powers for the East River National Bank of New York. No. 3. Dated March 30, granting or withholdint,' fiduciary powers as follows: POWERS GRANTED Trustee. First National Bank, Pruneviile, Oregon. Trustee and Registrar. First National Bank, Roswell, New Mexico. Trustee, Eaecutor, Administrator and Registrar. Washington National Bank, Washington, Iowa. Peoples National Bank, Rocky Mount, Va. City National Bank, Selma, Alabama. First National Bank of De Funiak, Florida. POWERS SUSPENDED Trustee. First National Bank, Pullman, Washington. Trustee Executor, Administrator and Registrar. Fourth National'Bank, Greenville, South C. Citizens National Bank, Hampton., Va. First National Bank, Larietta, Georgia. Farmers National Bank, Ponca City, Okla. .First National Bank, York, South Carolina. Astoria National Bank, Astoria, Oregon. Zirst National Bank, Medford, Oregon. POAER3 REFUSal Trustee, Ixecutor and Administrator. Citizens National Bank, :.inamao, Indiana. Trustee, Executor, Administrator and Registrar. First National Bank, Vermillion, S. C. First National Bank, Plentywood, :!ontana. National Bank of Pasadena, California. On motion, the application of the Commercial National Bank of Washington for permission to buy 425,000 stock in the American Foreign Banking Corporation was approved, the Secretary to send notice accordinglu. On motion, the American Foreign Banking Corporation was authorized to open branches at Panama City and Christobcd, Panama Canal Zone, it being informaliy understood that the branches will be acquired from the Co=ercial NationL1 Bank of Washington. On motion, the question of abolishing service charges, and the Attorney General's recent opinion on clearing and collection, were referred to the zxecutive Committee and the Chairman of Committee No. 1.• A letter from Assistant 5ecretary of the Treasury Leffingweli, re tho redemption of one-year notes maturing April 1, 1917, was read and passed to file. A letter from Governor Miller of Kansas City, re a change in the by-laws of the Denver branch and a copy of the amended by-laws already acted upon at a previous meeting of the Board, were presented. Discussion ensued with reference to the various types of branches. At this point Mr. 7111iams entered the meetins. Ur. Hamlin presented the case of an application affecting Messrs. Larx, Brown & 2redericks of Rochester, New York under the Clayton Act, saying that there was a disagreement on the subject in committee No. 3 and that immediate action one way or the other was desired. After discussion, the matter was laid on the table. On motion, the salary of J. L. Reed, Secretary to 11r. Miller, was fixed at 42,000, effective April 1. Ur. Miller read telegram from iederal Reserve Agent Perrin regarding the appointment of directors for the Salt Lake City branch and recommended as the Board's appointees the following; G. G. Nright, V. H. Wattis. After discussion the matter was referred to the Lxecutive Committee with power to act. On motion, at 12:10, the Board adjourned. APPRO7ED: Chairman
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