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380 A meeting of the Federal 1, ,eserve 'oard was held in the office of the 1, Pederal lieserve Board on Tuesday, April 27, 1926 at 10:45 agmi. PRESEITT: Governor Orissinger Hamlin Eilier lir. James Er. McIntosh Mr. :bell, Asst. Secretary Er. McClelland, Asst. Secretary In accordance with action taken at the meeting on April 6th, the met for the purpose of conducting a hearing to show cause Why the 1.:eaao=, J Grove State Bank, Meadow drove, Nebr., nould not be required to surrender its stock in the Federal .jeserve Bank of Kansas City, and to fort, eit all ri jats and privileges of membership in the Federal :teserve 3;istft, 110 one appearing on behalf of the Meadow Grove State Bank, Meadow ::ebraska, at the said hearing before tIve Federal _Jaserve Board under the , 'orris of section 9 of the Federal :leserve Act; and it appeartng to the oral _eserve Board that the said :;:eadow Grove State Bank, Eeadow Grove, 1:ebr aelca, has failed to comply with the provisions of section 9 of the ...eserve Act in that it has failed to maintain with the Federal 'eaerve j Sank of Kansas Oity the reserve required by the Federal eserve 4 e.t; Upon motion duly made and seconded the following resolution Waa U nanimously adopted by those present: 7aMEAS, it appears to the -Federal _leserve Board, from a con''t ion of the evidence and infonnation received by it, that the staer' -eaa Lrove State Bank, Meadow ,rove, _ebraska, has failed to comply 4,'„611 the provisions of Section 9 of the Federal ...leserve Act in that it i'ailed to maintain with the Federal .eserve Sank of _Kansas Jity reserve reouired by the Federal ...eserve ITO DI: IT ":ESOLVED, that the Federal eserve _)oard to and direct the Meadow ,,rove State Sank, Meadow Grove, Nebraska, r the toms of Section 9 of the Federal .,eserve _et as amended, to 381 4/27/26 -2surrender its stock in the Federal Reserve Bank of Kansas City and to forfeit all rights and privileges of membership in the Federal Heserve System as of the date on which notice of this action on the part of the Federal Reserve Board. is received by the said. bank. 'latter approved. on initials on April 24th, namely, memorandum from ecnZisel with reference to telegrams dated April 23rd from the Governor and. Assistant Federal Reserve Agent at the Federal Reserve Bank of Minneapolis, ' lecgesti -ng permission for Messrs. C. 71. Gordon and. D. C. Shepard, to serve at the same time as directors of the First National Bank and. the National 4ellaiage Bank, both of St. Paul, and. C. R. Noyes to serve at the same tinle as director of the Merchants National Bank, Merchants Trust Company 444 the National Exchange Bank, all of St. Paul; Counsel in his memorandum 111°il1ting out that the Assistant Federal Reserve Agent states it is clear that there is no competition between the National Exchange Bank and. either of the other institutions and submitting the following telegram to the Federa ' . ileserve Agent at Minneapolis: "Relying upon recommendation of assistant Federal Reserve Agent, Board will not object to interlocking directorates between, National Exchange Bank and First National Bank or between National Exchange Bank and Merchants National Bank, all of St. Paul. For purpose of formal record, however, applications with usual exhibits must be forwarded. to Board. as soon as practicable. Board understands that entire stock of Merchants Trust Company owned by stockholders of Merchants National Bank. If this is true no permission necessary to serve Merchants Trust Company. It is also understood. that these interlocking directors are connected with no other banks coming within prohibitions of Clayton Act except those mentioned. Under these conditions the proposed interlocking connections may be formed at once." Upon motion, the above telegram was formally approved.. Telegram dated. April 23rd from the Federal :deserve Agent at Chicago, 11R that the board of directors on that day made no change in the bank's 382 -3- elsting schedule of rates. Noted. Telegram dated April 26th from the Deputy Governor of the Federal Reserve Of fective NOW York, advising that beginning today, April 27th, the banks' efbuying rates for bankers acceptances will be as follows: 1 to 15 days 16 to 60 days 61 to 90 days 4 months 5 and 6 months Trade bills Sales contracts _ _ _ _ 3 3 3 3 1/8-i; l/4,; 1/2 1/2 4,0 3l/a, 3 1/2„) Noted, with approval. Liftorandum from Counsel dated April 23rd, submitting material for publiclatio.h 111 the May issue of the Federal Reserve Bulletin. Approved. Letter dated April 19th from the Governor of the Federal Reserve Bank of bEkil ..as, replying to the Beard's letter of April 6th on the subject of the 410pti-on Of a budget system of controlling expenses; the Governor stating that they will immediately prepare a budget for that bank for the second c41141tel" of the year and on July 1st will prepare a budget for the last half ot the yepr, Noted, with approval° ttt h Letter dated April 23rd from Professor 0. H. W. Sprague, advising e will be abroad with Governor Strong for a month and stating it, there, seems proper that he sliould not remain on the payroll of the 383 V27/26 Bc34rd during that time, but that on his return there are matters connected With the organization of the proposed Division of Credit Information which rilight perhaps nronerly lead to his reinstatement. Upon motion, it was voted that Professor Sprague be granted leave of absence without pay, effective April 24th. enort of Oormittee on Salaries and Expenditures on letter dated Aril 23:1 from the Chairman of the Federal Reserve Bank of Philadelphia, advising Qf the action of the directors of that bank in granting an extension of three Inollths expiring July 1st, with full pay, in leave of absence on account of 11111ess granted to iir. Joseph H. Gallagher, Vault Custodian, and in extend£Or three months, to expire July 14th, leave of absenoe with full pay lit d. Lr. John 2. Maguire; the Board's Oormittee recommending approval. Approved. Letter dated April 21st from hr. Nash, Secretary of a meeting Of Feaeral Reserve Bank members of southwestern Lannesota, submitting copy Of ' I e solutions adopted at the meeting held on :arch 19th; the resolutions (1) 'sirig the so-called Ilaadden Bill; (2) Expressing opposition to all forms Of branch banking; (3) Opposinr: the open market operations of the Federal 4,2 el ' ve System; (4) Opposing the Federal Reserve par clearance and collection sY"era; and (5) iequosting country bank representation on the Federal Reserve 1302.111. Lir. James referred to the action of the Board on February 15th in referring similar resolutions adopted at another meeting of Llinnesota member banks to the Board's Counsel for the preparation of a reply and upon motion by him, the above matter was also referred to Counsel. 381 ir 4/27/26 -5- Memorandum dated April 26th from the Chief of the Division of Bank °Porations advising that in accordance with the Board's instructions of 4111. 211d. all Federal Reserve banks have been furnishing the Board with a c°14 ' of their working sheets showing separate figures for each member bank which submits weekly reports of principal assets and liabilities for public ation in the Board's Weekly Statement; the memorandum submitting, the toll ewine statements: (1) Loans and investments of reporting member banks 143gew Yoxic City which on April 14th were born:Fab:1g ,r -;1,000,000 or more from Pederal . Reserve bank; (2) Loans to brokers and dealers, secured by stocks Cl 5 b°11d- • made by reporting member banks in New York City which were lend- 1.11 450,000,000 or more to brokers and dealers on April 14th; (3) Loans and. 114estinent5 of reporting member banks in Chicago which on. April 14th were borr , 'trig ;'f,500,000 or more from the Federal Reserve bank; and. (4) Loans to bzbkere and dealers, secured. by stocks and bonds, made by reporting member 4414 121 Chicago which were lending 45,000,000 or more to brokers andcbalers 14 the llow York and. Chicago markets. Ordered circulated. Memorandum from Counsel dated. April 24th, subnitting draft of letter to tu Chailtuan of the Committee on Banking and Currency of the House of Ikepre asztatives, calling attention to the fact that the Senate has passed tFie b 111 reoormended by the Board. to prohibit the use of the words "Federal and expressing the hope that he mau see his walv clear to have a a'r bill favorably reported by his Committee and brought up for action th Rouse before the expiration of the present session of Congress. Upon motion, the proposed letter was approved.. it I, l ' :11 ty. 385 4/27/26 -6- L1emorandum dated April 22nd from Mr. Smead, Chairman of the Committee aPPointed by the Board at the meeting on April 8th to study and advise the 8Oarli as to the probable scope of a proposed Division of Credit Inform ation 1:4 the Board, with an estima te of the probable cost of setting up and onerati/le su.ch a division; Mr. amead advising that at the recent meeting of the C°Ininittee it was voted that the three resident members be requested to prepare -44 outline of the problems to be consid ered; (2) A plan of investigation, 414 (3) A proposal for organization; the sub-committee's report to be subrlitted to the full Committee at its next meetin g. Mr. Smead in his memorandum 418° reported that it was the consen sus of opinion at the meeting that an 111143ive study should be made of banking developments over the past several he•I s in some restricted area preliminary ' to making a full and complete 44 to the Board and that it was the opinion of the Commit tee that such et 8tie V might well be directed by Professor Sprague and should cover banks i4 so ' l4G one State, perhaps Iowa, in which studyhewauld have to be furnis hed 046 or more assistants, from the Federal Reserve Bank of Chicago in '31416 the study covered the State of Iowa. Noted, with approval. Letter dated April 26th from the Comptroller of the Currency, reply41e to the Board's letter of March 13th, transmitting a list Of thirty-four J41804 eat ration al banks which had been granted permission to exercise fiduNNNers and inquiring as to what disposition was or is being made of t r4ste undertaken by those banks; the Comptroller submitting memoranda, -41ag a resume of replies received from the various receivers in- 386 V27/26 -7- ?e' v°1vecl, in. response to an inquiry by his office. 4, Referred to Counsel. The Governor then presented letters dated April 22nd. and 23rd. from the Pscleral Reserve Agents at Richmond. and Chicago, respectively, both advising tilat the arrangements made by the Board. with Mr. A. B. Trowbridge to serve c°11s-alting architect in connection with the Baltimore and Detroit build.int" e Projects are satisfactory to their institutions; the letter from the Eicleral Reserve Agent at Richmon.d advising that they have an old contract vitt3:11.--r• John T. 'Nilson of Richmond. to ,-;o over the Baltimore plans and s*Pecificat ions with their architect at a fee of ,,,a0,000. Upon motion, it was voted to refer to the Committee on District 5 the matter of Wilson's employment b;,.T the Richmond bank.' Letter dated April 26th from the General Counsel of the Federal e rve Bank of New York, advising that the Interstate Come me Commission (leIlied the bank's petition for a rehearing on the complaint filed with the Colzaission against the American Railway ExiDress Company for the purpose (3f °b taining a revision of express rates on shipments of coin, currency, sellrities, etc.; the letter stating that the Possibility of getting the e°14'ts to review and change the Commission's finding of fact is too remote to ills tify resorting to the courts and. it is, therefore, proposed to make 1'1.48.1 flnent of ,„;2,000 to La'. Jams H. Carmalt, -..3.10 has represented. the Reserve banks in the matter, and to close the case. Upon motion, the action proposed. by the Federal 'Reserve Bank of New York was approved. A 387 -8The Governor stated that the Federa l Reserve Agent at New York had 1113 with him the question of the examin ation of foreign banking corporati011s, having branches in foreig countr n ies, which are doing business under eeTeament with the Board. Upon motion, it was voted to refer the question of examining these institutions to the Board's Chief Examiner for report. Letter dated April 26th from the Deruty Governor of the Federal deserve Be4rik Of NOW York, advising that on April 1, 1926 the Bankovni urad Minist erstva Prarme, entered into liquidation and its whole staff and organi zation, 43 well as its accounts maintained abroad , passed to the Czechoslovak National 411,4 'the former institution having instructed the Federal Reserv e Bank to transas of April 1st to the Czechoslovak National Bank the account kept on their bo ; the Deputy Governor stating that the directors of the Federa Reserv l e v ted to althorize the opening of an account for the National bank, to With that bank the relations already established with its predecessor to - appoint the National bank the agent and correspondent of the Federal e Ba-rik of New York in return for a similar appoin tment from them. After discussion, upon motion, it was voted to approve the action of the New York directors. The Governor then presented a letter dated April 15th from the Qeve 1'11°1 'of the Federal Reserve Bank of New York, replying to letter adclreaae to him in accordance with the Board's action of March 31st, request.11folmation as to, the present status of the credits to the Belgian OKN,„ *Ilment and the National Bank Of Belgium that were in contemplatio n at te cirlle Governor Strong appeared before the Board on March 8th; Governor 388 4/27/26 -9- Str°11g requesting that before replying to the Board's inquiry he be advised with respect to the question regarding the nature of the Board's action of 8th, made in his telegram to Vice Governor Platt dated March 16th, Which the Board on March 23rd voted to lay on the table. After discussion, Mr. Hamlin moved that a reply along the following lines be sent to Governor Strong: "You were authorized to go on with the matter, subject to final formal approval of the Board. On report from you that the matter has been consmimated in substantial conformity with the terms of the tentative approval, the Board will formally approve the transaction". Carried. Liemorandurn from the Assistant Secretary, dated April 22nd, advising of the action of the recent Governors' Conference in voting that a conference Of °Ilerating officers of the Federal Reserve banks should be subject to 4 ' 11 of the Chairman of the Governors' Standing Connittee on Collections, t° e crtider any differences of opinion or discrepancies in the Federal ile8erlie time schedules before the Committee submits a final report on its attia.„ -NY Of the schedule, being conducted with a view to reducing float and e4olding existing inequalities. Noted. liemorandum from the Assistant Secretary, dated April 22nd, advising that at the last Governors' Confereme, the Chairman of the Pension Committee "4.150c1 that the Chairman of both the House and. Senate Committee on Banking 389 '1/27/26 -10- and Currency had been consulted, had manifested interest in the proposed. Deasion. plan for the Federal Reserve system and had agreed to introduce the Pension bill drafted by the Governors' Committee; arxl further, that the Governors, Committee had studied and considered it =necessary to 131‘°Pese an amendment to the bill in order to provide for a liquidation of he Pension plan upon the liquidation of any or all Federal lie serve Noted. ldemorandum from the Assistant Secretary, dated April 26th, with Ilefel'enoe to the discussion had at the last Governors' Conference of the effectiveness of budget control of ex:t2enses in the Federal aeserve banks; the Assistant Secretary stating that no further action b:,- the Board would. See l)a to be necessary at this time, as two of the three Federal Reserve banks Ilieh had not installed the system and with zhich the Boai l. had communicated toll(3.̀7 ing the November Governors' Confer_nce, have since advised of their illtention to install budgets. Noted. Liemorandum dated. April 26th from the Assistant Secretary, with referto the ' Conference that request made by the Board of the last Gove rno rs 4 clis c'assion be had of capitalization and other requirements imposed by state on state banks and. trust companies exercising fiduciary rowers and the a4/71sabil1ty of the Board adopting for all national banks a minimum capital Ncillirement and imposinc other requirements in connection with its granting 44theiritY to such banks to exercise trust powers; the Assistant Secretary IleD(*ting that some doubt had. been expressed as to whether the Board could 390 4/27/26 -11— legallY place a minimum limit upon the capital of a national bank to which It II'.°lad grant trust powers, and that the matter had finally been put over ulltjl the next do ve rn ors Conference. After discussion, upon motion by i.ir. James, it was voted that the Board's Counsel be requested to submit an opinion as to the legal ri7,1it of the Doard. to. place a mini= limit upon the capital of a national bank to which it will grant trust towers. Memorandum from the Assistant Secretary, dated. April 26th, with reference to the action of the recent Governors' Conference on the question of tile advisability of seeking an amendment to the la/ to restore to Federal s jurisdiction over suits by and aF;ainst. Federal ..ieserve bar; the C°11/'t' 48si-stant Secretary reporting that the Conference voted that the Counl °f tile several Federal lieserve banks be asked to prepare an opinion on the P .w isability of seeking the amendment to the law referred to and. that " all or these opinions vtheai prem.red, should. be forv:arded to the Governor of tile Fedeial deserve Board. The Governor stated. that several of the opinions had been received and. referreel to the Board's General Counsel, to whom it was then voted. to refer the above memorandum. liemorandum from the Assistant Secretary, dated April 26th, with refer()lice last to the action of the Board. in voting to place on the program for the Governors' Conference, certain questions which have arisen with retard o the , a -;-4)ard,s ruling upon the eligibility for rediscount of notes of • ceqo ration representing borrouings of funds to be advanced to subsidiaries, „ X-4484; 'fas contained. in the Board's circular of December 30, 1925, 1 391 4/27/26 -12- the Assistant Secretary stating that the Conference, after consideration, 70ted to refer this topic back to the Board with the request that it be ttecl for being cons ide rat ion at the next Conference 0±' Governors, it ipcinted out that the topic had not been received by the Federal _Leserve balaks in time to permit of adequate consideration in advance. Mr. James moved that the above matter be made a special topic for consideration at the next Governors' Conference. Carried. referllernorandurn from the Assistant Secretary, dated April 26th, with ence to the action of the Board in referring to the last Conference of Gclrerno rs the cruestion of the advisability of issuing regulations relat ive to t, ates under Ile redisccunt of notes secured by adjusted service certific the Provisions of Section 502 of the World War Adjusted Compensation Act; the "ssistant Secretary reporting that the Conference voted, to refer this for cons idert°131c back to the Board with the request that it be submitted the 4t i(311 at the next Conference of Governors, it being pointed out that toDi time to pennit c had, not been ,received by the Federal deserve ban]m in acleauate consideration. also Mr. James then moved that this matter at ation consider for topic be Trade a special ce. Conferen the next Governors' Carried. 26th, advising Ileillorandum from the Assistant Secretary, dated April thp, that the non- action of the recent Governors' Conference in voting caw, 4i c ollection service of the Federal 'leserve banks should be continued 392 4/27/26 -13.- at present, that is, without charge and without limitation as to items 138.Yable at street addresses and. in voting that inasmuch as the question of the non-cash collection service has been thoroughly surveyed and has been before the Federal .,eserve Boaii. for nearly two years, the 3oard be recrt/est°d• to take final action upon it; the Assistant Secretary pointed crizt that following a meeting with the members of the special committee ap- 130 11.1ted '13ST the Conference at the Board's request to confer with and aid he Board in reaching a conclusion on the question of non-cash collections, was,understood that the members of the Committee wculd commnicate to the Board their views on a possible compromise affecting principally the collection of street address items and that Lir. James, Chairman of the 8°41tit e Special Committee on Non-Cash Collections, has received one or tWo letters. Noted. In connection with the above, :".r. James reported that Governor Young of the Federal Reserve Bank of 1.Tinneapolis had held a meeting with the Twin City bankers, including Lir. Barton, who is Chairman of the American Bankers Association Committee on Non-Cash Items, and had discussed. with them the sumest ion that the Federal Reserve banks might collect street address items under a charge to be fixed by the clearing house associations of the Federal Reserve Bank or Branch cities, or that they might be turned over for collection to a clearing house or member bank under contract. I,:r. James stated that Governor Young reported the latter method would be a compromise acceptable to Mr. Barton, and that the matter had. been taken up with the other members of the Governors' Committee. 14411°ran.dum from the Assistant Secretary, dated April 26th, advising of 393 4./27/26 -14- the action of the last conference of Governors in voting to approve a rePort submitted by the sub-committee of the General Committee on Bankers 4ccePtances and to recruest the Federal deserve Board to adopt the recomMendations contained in the report; the Assistant Secretary also report1/1 that the conference voted to request the Board to amend sub-division 3 Of Section 10 of Article B of Regulation A to read. as follows: "The storage of readily marketable staples, provided that the bill is secured at the time of acceptance by a warehouse, terminal, or other similar receipt, co nveying security title to such staples is sued by a -oarty independent of the customer, or issued by a terminal _grain elevator company duly bonded and licensed and regularly inspected. by State or Federal authorities with whom all receipts for (gain and all transfers thereof TITUS t be registered and without whose consent no grain can be withdrawn; and provided further, that the acceptor remains secured throughout the life of the acceptance.****" Referred to the Law Corrmittee. Memorandum from the Assistant Secretary, dated April 26th, advising that at the last conference of Governors, it was voted to recommend to the ecleral deserve Board that the Federal Reserve System, acting through the 8°411(1# retain as special carnsel hr. Newton D. Baker, to consider litigable 14att°1's Only, and that all Federal reserve banks shall refer to the counsel ot tIle Federal Reserve Board as soon as it arises every litigated question, t°@zither with all papers relating thereto, and that the Counsel of the - eserve Bean' should refer to such special counsel all such cases l'ecierea R Ile thinks concern the System as a thole and any other cases which counsel or till, fomarding Federal reserve banks request be referred to the special 394 4/27/26 -15- .Aeferred to the Law Committee. Memorandum from the Assistant Secretary, dated. Aril 22nd, reP"ting the liscussion had at the last Governors' Conference with 11°11°rable Newton D. Baker with regard to various aspects of the case °I. the Federal iieserve Bank of San Francisco vs. Idaho Grimm Alfalfa Seed Growers Association in its relation to the discount policy and 1113ceclure of the several Federal reserve banks, at the conclusion of whiell it was agreed. that each Federal reserve bank would send. to Mr. 134ker through the Counsel of the Federal .tieserve Boari a report of itS pro sent procedure and practice in the matter of making rediscounts for or advances on bills payable of member banks, including a clescript1011 Of the policy of the Federal reserve bank in requiring additional c°11ateral and the steps taken in general in dealing with weak banks, 43 well as any other pertinent facts that may enable :Jr. Baker to make til°r°1.1r;11 study of the subject with a view to informing all of the ' ral reserve banks of the dangers to be guanled against and the procectta, "4° to be followed in such of their operations as mijit be concerned '444 or related to the principles of law involved in the above mentioned 343 ; the iissistant Secretary also reporting the action of the conference 111 votin, that pending consideration of the whole matter by Mr. Baker, 4 set forth above, the Federal reserve banks, as authorized in the Board's letter Of February 27, 1926, X-4544, should eliminate from their rediscou.nt 41:i:911-cati0n blanks any letters or other sonbols designed, to indicate 111113ther the discounted paper is depositor's or mrchased paoer, and. voti to recommend to the Board that these applicat ion blanks should 395 4/27/26 -16- tot require any reference even to discounted -paper obtained by a member hatk from a non-member bank. Referred to the Law Coranittee. At this point Mr. Platt entered the meeting. The Governor then presented draft of a letter addressed to Rolaorable Richard P. Ernst, Chairman of the Select Committee on Revision Of the Law of the Senate, with reference to H. R. 10,000, a bill to reall of the laws of the United States in effect nrior to December ' 1 1925, which, without being Printed, passed the House of Representatives 04 A„, . )1.°11 19th and has been referred by the Senate to the Select Cormittee; the -etter to Senator Ernst pointinp: out that the revision has never been 811bra1tted to the Federal Reserve Board and that an exnmination of the 13a"ge-proof of the bill discloses that the title "Banks and Banking" contai 11- a number of errors, some of which are more or less seriaus,and reTlestin,, the privilege of having the Board's General Counsel confer with htm recarding this portion of the bill before it is reported to the SA11,, g"les in order that an effort may be made to correct the mistakes in the 411ision of the Federal Reserve Act. After discussion, the above letter was approved as amended. Mr. Miller then reported on the matter referred to him at the rfleeti on March 18th, namely, letter dated February 28th from Mr. John ?err. Ills formerly Federal Reserve Agent at San Francisco recommending that the .1-11ary of Mr. Allan Sproul, Assistant Federal Reserve Agent, be inelacd. from $5,600 to $6,500 per annum, and that the salary of Miss Ilelerle S. Eichakel-, Secretary to the Federal Reserve Agent, be increased 1'1*(314 $2,100 to $3,000 Per annum. Mr. Miller submitted a letter addressed 396 4/27/26 -17- t° him 'under date of April 16th by Mr. Isaac B. Newton, the present Federal Reserve Agent, asking that Mr. Sproul's salary be increased to .6,000 and that of M15 Eichaker to .,.;2,520 oer annum, both effective March 1st. After discussion, upon motion by Mr. James, it was unanimously voted to ariprove salaries of 6,000 and. ,;;2,52.0 per annum, re:.-,rectively, for Mr. Sproul mid Miss Eicha:ker, both effective March 1st. r211,e minutes of the meetings of the Federal Reserve Beard held on April 15th, 19th and 21st were read and, approved.. minutes of the special meeting of the Board. held on April 22nd were t.°a(1 and approved. Mr. Miller stated. that had he been present at this meeting, he would have concurred, in the opinion e:mressed by Mr. Platt that the reduction in rate recommended_ by the directors of the Federal Reserve Bank of New York was premature. The minutes of the meeting of the Executive Committee held. on April 23ra v ere read and, upon motion, the actions recorded therein were ratified. ' Thi3 minutes of the special meeting of the Board. held on April 23rd liOad ancl approved. Mr. Miller stated. that had he been present at this meeting, he would have joined. in the action taken in record.ing approval of the so-called McFadden Bill as reported to the Senate by its Committee on Banking and Currency. Liornorarrium from Counsel dated. April 23rd, with reference to the k3Dii cation of :Ir. 1;:organ Butler for permission to serve at the same time 111)(41 th-3 C ork,arl. Yf :d irector ate s of the First National Bank and the New England. 2rust both of Boston, Massachusetts; Counsel stating that while the 397 -18- al Reserve Agent recommends approval of the application, he is unable to clo so, but that action onprevious similar applications form a precedent for aPPr°17a1 if the Board so desires. Upon the recommendation of the Law Committee, it was unanimously voted to approve Mr. Butler's -applicat ion. STAUTDING CCIITTITTTS: Recommending changes in stock at Federal Reserve Baliks, as set forth in the Auxiliary Minute Book of this date. Approved. 1)atea, April 22nd, ..tecommend.ing action on applications for fiduciary powers, 26th, as set forth in the Auxiliary Minute Book of this date. tated: April 24th, 26th, Datea, Aproved. action on application for fiduciary powers, il 26th: Recommending as set forth in the Auxiliary Minute Book of this date. Refused. April 22nd, aeccrariending action on application for admission of state bank, subject to the condit ions stated in the individual report attached to the application, as set Zorth in the Auxiliary Minute Book of this date. Approved. Ltateci, April 24th, Recommending approval of the application of 1.T.r. John T. Dorrance to serve at the „same time as director of the irational Bank of Commerce of New York City and director of the Phila.d.elyhia-Girard. i;ational Bank and the Girard Trust Company, both of Philadelphia, Pa. Approved. The meetinG adjourned. at 12:35 p.m. Assistant Secret a 41q5roy a: Gave r.
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