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.).-443 At a regular meeting of the Federal Reserve Board held in the office of the Board at 11.00 a. m. Friday, April 16, PRr413MT: Mr. Delano, presiding, 1:r. Harding Mr. Williams Mr. Miller Warburg Er. Willis, Secretary. 1 The minutes of the meeting of Wednesday, April 14th were read and am-,roved. The application of the Vermont National Bank of Brattleboro, Vermont, for rower to exercise the functions of trustee, executor, etc., disapproved by the Federal Reserve Bank of Boston, was ordered disapproved by the Board for the present. Resolutions of the Board of Directors of the Federal Reqdrve Bank of Mew York, again recaniending that power to act as registrar of stocks and bonds be granted to the Merchants National Bank of Plattsburg, N. Y., (an application previously disapproved by the Board for the time being) were referred to Er. Harding and Mr. Williams for further consideration. A letter from Federal Reserve Agent Bosworth, giving the status of various banks in his district with • 326 reference to the exercise of the functions of trustee, executor, etc., was read to the Board and on motion referred to Mr. Harding and Mr. Williams. On motion, applications of member banks.to exercise the functions of trustee, executor, etc., duly recommended by Mr. Harding and Mr. Williams, were approved, as follows: Peoples National Bank First National Bank First National Bank First National Bank First National Bank First National Bank Greenville, S. C. Haverhill; :iass. San Angelo, Texas Keene, N. H. Concord, N. H. Webster, Mass. On the same recommendation the following applications to exercise the function of registrar of stocks and bonds wore approved: National City Bank, Edwards National Bank New York Edwards, N. Y. ' On motion an application for 3500,000 Federal Reserve notes for the Federal Reserve Bank of Atlanta, duly recommended by the Committee on Issue and Redemption, was approved as follows: Five dollar denomination Ten dollar denomination 3340,000 160,000 An application from the Federal Reserve Bank of Philadelphia for power to purchase up to three million dollars of warrants was approved. A report from the Division Jf Reports and Statistics regarding the character of warrants currently purchased in Philadelphia, was referred to Warburg. Letters from Deputy Federal Reserve Agent /1c3aleb relative to the making of public deposits with the Federal Reserve Bank of Dallas, primarily for the purpose of rendering it easier for that bank to participate in the gold settlei ent fund were referred to r. Harding for pre ,-)ara- tion of a suitable reply. In anser to a communication from Federal Reserve &gent Rich relative to the responsibility for the sums constituting the gold fund, the Secretary was directed to pre-are a suitable reply, the same to be submitted to Hard- ing and a copy thereof transmitted to all Federal reserve agents. The Secretary presented a notification from Li'. Ingle to the effect that the Federal Reserve Bank of Richmond was now beginning to LISUO notes through the substitution of gold and withdrawal of collateral, the process being reversed, with the same block of commercial paper as a basis. In answer to an inquiry from Federal Reserve Agent Liillor as to whether reserve banks May be permitted to purchase or rediscount acceptances endorsed by any member bank 328 and not merely by member banks of the district in which they are rediscounted, the Secretary of the Board was instructed to say that acceptances endorsed by member banks in any district could be so rediscounted. In answer to a letter from Federal Reserve Agent Miller asking that the Board express its views with reference to the working of the clearance plan in the Kansas City district, :Tr. A. C. Miler and the Secretary of the. Board were directed to prepare a suitable reply, merely stating the record in the case. The Secretary of the Board read a letter from Mr. O. Howard Wolfe of New York City informing the Board that he would be glad to cooperate with it in the outlining of a plan for the installation of the new gold settlement fund, and that the only charge he was disposed to make would be the reimbursement of his travelling expenses, and expenses while in Washington. On motion, the Secretary was instructed to inform Er. Wolfe of the Board's appreciation and acceptance of his proposal. A letter from the Federal Reserve Bank of Cleveland relative to the general question of drawing down reserve balances, the issue having been raised apropos of inmtiries made b 'the First National Bank of Elm Grove, West Va., was read to the Board, and the Secretary directed to draft a suitable foil') :;639 • of reply. The application of the Eerchants rational Bank of Richmond, /a. for power to accept up to the amount allowed by law, duly recommended by the 2edera1 Reserve Bank of Richmond, was presented to the Board and on motion the same was approved. On motion it was voted to permit the National City Bank of New York City to establish an agency at Eontevideo, Uruguay, the same to be under the direction or charge of the regularly authorized branch of the National City Bank at Buenos Ayres. The Secretary was di- rected to inform the Counsel of the Board of the action taken and request him to prepare a suitable notification. On motion the following order was directed to be entred ul ,on the minutes of this day. At a Stated meeting of the Federal Reserve Board, duly held at its office in the City of Washington, District of Colur.lbia, April 16,1915. PRESENT: Mr. Mr. Er. Er. Er. Delano, Vice Governor Miller Harding Warburg Williams 330 :OMER GRANTING LEAVE TO :ESTABLISH IN THE CITY OF :MONTEVIDEO, TCPUBLIC OF -of:URUGUAY, A SUB-BRANCH, :AGT:INCY OR OFFICE OF THE DIRK, OF NEW BANK THE NATIONAL CITY OF THE NATIONAL :BRANCH sub-branch, a for leave to open OF NEW YORK, BANK :CITY agency or office at Montevideo, THE CITY OF Branch IN :LOCATED Republic of Uruguay, of its in the City of Buenos Aires, Argen- :BUENOS AIRES, ARGENTINE :REPUBLIC. tine Republic. In the latter of the Application The National City Bank of New York, having filed an application with this Board for the purpose of obtaining authority to establish a Branch in the City of Buenos Aires, Argentine Republic, and having set aside the sum of one million dollars ( :1,000,000) for the conduct of the business of the said Branch, and the said application having been granted by this Board; by an order dated September 2, 1914, and the said Branch having thereafter been opened and being now in operation and the National City Bank of New York having filed a further application with this Board on or about March 27, 1915, for the purpose of obtaining authority to establish, in the City of rontevideo, Republic of Uruguay, a sub-branch, agency or office of its said Branch in the City of Buenos Aires, Argentine Republic, and the said further application having been considered and it appearing that the said application is properly made under the laws of the United States of America and should be &anted, Now, therefore, it is OR I. That the said application be and it hereby is approved and that the said Bank be and it hereby is authorized to establish, in the City of Montevideo, Republic of Uruguay, a sub-branch, agency or office of its said Branch in the City of Buenos Aires, Argentine Republic. II. That the sum of One million Dollars ( ?1,000,000), which has heretofore been set aside by the said Bank as capital for the conduct of its banking operations in the Argentine Republic, be treated as set aside by the said Bank also for the conduct of its banking operations in the Republic of Uruguay, with a sub-branch, agency or office in the City of 331 Montevideo, Republic of Uruguay, of the said Branch, in the City of Buenos Aires Argentine Republic. BY TIE FEDERAL RESIIVE BOARD, F. A. DELANO, Vice Governor. ATTE3T: H. PARKER 7IILLIS, Secretary. Mr.7arbUrg presented to the Board various pending Troblems relating to the question of admitting State banks to the system, and general discussion of that subject ensiled. It was informally agreed that for the present the Board would meet regularly on Mondays, Wednesdays and Fridays, with executive committee meetings on the intervening days. On motion, at 1.00 p. in. the Board adjourned to meet on Monday, April 19 at 11.00 a. in. Secretary. Chairman.
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