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At a regular meeting of the Federal Reserve Board held in the office of the Board on Friday, April 30, at 11.15 a. m. :11!. 7)elano, presiding, 117. 7illiams :Ir. Harding Mr. :7:fl-1)urL" r. 7i11i, ecretary. The minutes of the meeting of 7ednesday, April 28th were read and approved. The minutes of the meeting of the Sxecutive Oommittoe of Thursday, April 29th, were read, and, on motion, the same were received and approved. On motion it was voted to approve the application of the Peonies National Bank of Brattleboro, Vt., for power to exercise the functions of trustee, e::ecutor, etc., the same having been approved by Federal Reserve Acent Ourtiss, and a letter from the directors undertaking to meet all criticism as to their condition having been filed with the Oomptroller of the ';urrency. On notion applications for additional stock in Federal reserve banks totalling 95 shares, the same having been duly recommended by 15i'. Harding, wore approved as follows: 366 Shares. DISTRICT No. 4. National Bank of Brookville First National Bank First National Bank 7estmoreland National Bank Brookeville, Pa. Barnesville, 0. Bethel, 0. Greensburch, Pa. 3 3 DI3TaICT No. 5. First National Bank DISTRICT Albrich va. 4 No. 6. Pembroke National Bank l'eLibroke, Ua. DISTRICT No. 7. National Brookville First National Ball4c; Michigan Nat'l Bank First National Bank First National Bank - 3 Brookville, Ind. 1 Mackinaw, Ill. St. Clair Heights,Lich. 4 12 Le Mars, Iowa 18 Oambridge, Iowa DISTRICT No. 8. First National Bank Peoples National Bank First National Bank City National Bank First-Hardin Nat'l. Bank Annapolis, 'Ill. McLeansboro, Ill. 7indsor, Mo. Boonville Ind. nizabothtown, My. 1 1 3 2 4 Hock Lake, N. D. Cooperstown, N. IL Buffalo, N. D. Anoka, Minn. Battle Lake, Minn. Madison, Minn. , 7aseca, Minn. 1 3 3 2 1 2 1 DISTRICT No. 9. First First First Anoka First First First National National National National National National National Bank Bank Bank Bank Bank Bank Bank 367 Shares. DISTRICT No. 10. Citizens National Bank First National Bank Great Bend, Kans. Sapulpa, Okla. 3 5 Minden, La. Linden, Texas Palls City, Texas Teatherford, Okla. Lelrose, N. n. 1 1 1 1 3 DISTRICT No. 11. First First Palls First First National Bank National Bank City rational 3ank National Bank National Bank On motion it was voted to approve the application of the First National Bank of Farmington, IT. LI., for power to reduce its capital stock in the sum of :4125,000, the said application having been approved by the Comptroller of the Currency, and the bank having undertaken to apply the amount of the said reduction to the liquilltion of real estate and other oblitions, so that the margin of protection to creditors i not impaired by the change in the capitalization. On motion it was voted that the rirst national Bank of San Francisco be authorized to accept bills and drafts drawn on it to an amount not greater than 1007, of its capital and surplus, the application of the said institution having been duly approved by the Federal Reserve Bank of San Francisco in a lottor from Deputy Federal Reserve Agent Gatch. The applications of the Bank pf Now York and the Merchants 3xchango rational Bank of Now York for power to ac- 368 7 of capital and surplus, were received. ) cept upto 100; After discussion it was voted, on motion, to name Lr. Harding and 11r. Warburg a special committee on acceptance applications, all such applications to co to this committee before being acted upon by the Board. On motion, the two applications for acceptance powers last above named, were referred to the special committee. On motion a memorandum received from the chief of the Division or Reports and 3tatistics relative to the method of auditing the accounts .of Federal reserve agents, was referred to the Committee on Audit and Examination for report. The 3ecretary of the Board presented the minutes of the joint session between the Federal Advisory Council and the Federal :Reserve Board. On motion these minutes were referred to Mr. Delano for examination and report. Mr. Williams stated to the Board that he had received a -flreliminary draft o: a letter relative to the proper method of dealing with the Division of Issue now oranized in his off ice, and stated that, if apfropriate, he would be glad to discuss the subject with the Board. Mr. Delano noted that . the draft placed in the hands of Hr. Williams had been only prolirinary, and that it had not yet been definitely signed 3(19 and transmitted by the committee having the matter in charge. In these circumstances, the subject was laid on the table for the time being. Er. a,l.burg presented to the Board the opinion of Counsel with reference to the eli-ibility of acceptances bought by one Federal reserve bank from another, and presented by the latter to a Federal reserve agent to protect notes, in which Counsel held that it was a matter of indifference whether the endorsing member bank be a member of the district in which said acceptances are purchased, or of any other. On motion, it was voted to authorize the use of Counsel's opinion referred to in the next (June 1) issue of the Federal Reserve Bulletin. Discussion ensued with reference to discount and open market powers of Federal reserve banks, with a view to obtaining a general consensus of opinion as to the line of distinction to be drawn between the various provisions of the Federal Reserve Act. The case of 11;dward L. amead, an employee of the Division of Reports and 3tatistics, aho had been detailed from the navy Department, but who had been taken ill immediately after joining the staff of the Board, was presented, and, on motion, it was voted to approve the ap, ointment of 370 Mr. Smead, referring the whole matter to Mr. Delano with power to act in the case as he might deem best, after ascertaining the views of the Navy Department from which Mr. Smead was transferred. Mr. Warburg read to the Board a letter from the Federal Reserve Bank of New York describing the general state of feeling with reference to the admission of State banks, and also referring to arrangements with Mr. Charles Starek, chief examiner of the district, regarding the maintenance of credit files. Discussion of the report of the Committee of the Federal Reserve Bank of New York relative to the maintenance of credit files, with the aid of Mr. Starek, ensued. The question of deali,ng with the appeals of redistricting was taken up for discussion, and it was the consensus of the Board, after passing on the minor appeals for redistricting, to announce that general questions relating to the chances in the designation of Federal reserve cities, would be deferred until more experience has been accumulated through the operation of the system. On motion at 1.20 p. m. the Board adjourned to moot on Monday, May 3, at 11.00 a. m. 4AAkA/Y4:244.7_ 3ecretary.
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