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At a regular meeting

f the Federal Reserv

Board held in the office of the Board at 11.00 a. m. on
Friday, April 9th
nr. Delano, presiding,

Mr. Warburg

Mr. 7illiarns

Mr. Harding

Mr. Willis, Score ary.

The minutes of the meeting of 11.10 a. m. 7 dnesday, April 7th war

read and approved

subject to cols-

Applications for the sa

ender of 140 shares of

stock in the Federal Reserve Bank of San Francisco were approved

as follows:
First National Bank
First National Bank
First National Bank
National Copper Bank

Lonterey, Cal.
Payette, Idaho
Elgin, Ore.
Salt Lake City,Utah 122

On motion, applications for executor and trustee
powers, duly passed upon by the special committee (Mr. Harding and Jr.L

Williams) wore acted upon as follows:

DISAPPROVED First National Bank
Old National Bank
Citizens-German Nat'l.
Citizens National Bank

Algona, Ill.
Fort Wayne, Ind.
Hamond, Ind.
Winamac, Ind.


Rush County National Bank
- Union National Bank
First National Bank
Planters and Merchants National
First National Bank
First National Bank
Second National Bank

Rushville, Indiana
Lacomb, -Illinois Marseilles, Illinois
South Boston, Va.
Bay City, Michigan
Sibley, Iowa
Saginaw, nichigan

National Bank of Commerce

New York City

National Bank of Waupun
Michigan National Bank
Peoples National Bank
Hgward National Bank
First National Bank
First National Bank

Waupun, Wisconsin
St. Clair Heights, Lich.
Strasburg, Va.
Kokomo, Ind.
Birmingham, Mich.
Traverse City, Lich.

Applications for power to exercise the functions
of executor, trustee etc., were referred to Mr. Harding and
Mr. Tilliams, as follows:
Edwards National Bank
National City Bank
Austin National Bank

Edwards, N. Y.
New York City
Austin, Minn.

On motion, the question of returning to the Lincoln
National Bank of Rochester, N. Y. the duplicate of the application Of that bank for power to exercise the functions of
racistrar of stocks and bonds, was referred to Counsel.

The application of Federal Reserve Agent Wills of


Cleveland, asking for special permission to waive the 25,1
requirement as to municipal warrants, so as to permit the
Federal Reserve Bank of Cleveland to take 50:;; of a forthcoming issue of :,900,000 at 4,1 of the city of Cleveland
was approved and the Secretary was ordered to notify Mr.
Wills accordingly.
A communication from Federal Reserve Agent
Austin of Philadelphia, submitting a sample form of trust
receipt and inquiring Nhether such receipt would be considered adequate security in substitution for the release
of the goods before the Payment of a draft accepted under
paragraph (f) of Section rw of Regulation J, Series of
1915, was read to the Board and the form of receipt approed, the Secr9tary being directed so to inform nr.
The acti.lg Governor presented to the Board the
question of making the appointment of Morris Jacobson,
now Chief of the Division of Reports and Statistics, permanent, and notifying the Interstate Commerce Commission
to that effect, with thanks for the leave of absence granted to Lr. Jacobson heretofore.

On motion, Mr. Delano's

recommendation was approved and the proper notificationsordered sent.


A memorandum from Mr. Warburg, outlining the
ge;,,ercla policy which, in his judgment, should be pursued by the Board in its dealinL. vith some of the !7eneral
problems now before it, was presented by the 3ecretary
and ordered received and Med.
A draft of a letter to be sent to all Federal
reserve a, 7ents, accompanied by an outline of the plan
for settler-eats between Federal reserve banks was presented to the Board, and on motion adopted and ordered
sent to all Federal Reserve agents.
On motion, it was voted that the 3ecretary
should communicate with Mr. 3. Howard "/Olfe of :ow York
City, inouiring whether his services cou1, be obtained
on a temporary basis to assist in organizing the settlement plan and outlining the system to be pursued in the
development of the Board's settlement system.
Correspondence with Federal Reserve Agent Rich
of the Federal Reserve Bank of Minneapolis, relative to
the action of the Board of Directors, of that bank on the
clearing house nuestion, and transmitting resolutions
adopted by the directors, was road to the Board.
Delano also presented to the Board a tentative reply
si-:ned by himself individually, which he had transmitted


to Mr. Rich.
Correspondence relating to bills now pending
before State legislatures, authorizing rational Banks
to perform the functions of trustee, executor, etc.,
was read to the Board.

On motion, Mr. Warburg


authorized to prepare a press statement giving the attitude of the Board with reference to the status of
banks exercising such powers under State law.
A letter from the Federal Reserve Bank of Oleveland, inquiring whether that institution would be permitted to credit itself with the excess amount it had
paid in on account of cost of preparation of Federal reserve notes, having been read to the Board, the Secretary
was directed to transmit a copy of the letter to the
Counsel, for Assistant Attorney General -Varren's information.
On motion, the Counsel of the Board was authorized to transmit one copy of his opinion relating to Section 22 of the Federal Reserve Act to Mr. G. H. Tinkham
of Boston, stating that it is the opinion of Counsel as
prepared for the Board.
On motion at 1.00 p. m. the Board adjourned to
moot at 11.00 a. m. on Monday, April 12th.




Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102