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a regular meeting of the Federal aeserve Board held in the office of theBoard on Wednesday, December 26, at 11.13 a.m., PaE-Nr7: , 4arburg, .presiding, Kr. Delano, 74x. Miller, Mr. lillis, Secretary. Hamlin, The minutes ,of the meeting of the Board held on Decenber 24 were read and, on motion, approved. The minutes of the meeting of the Board held on December 24 were read and, on motion, approved. The minutes of the meeting of the.,Exeoutive.Committee held on December 26,- were presented and, on motion, approved. and the action therein set' forth ratified. • - The question of reports of member banks, made 4 special order, was referred to the Executive Jommittee • with power., ;Iceeptances_ of appointments by Messrs. aamsey, dills and Hardy, were presented by the secretary. Mr. darbarg reported regarding the Philadelphia situation and -the appointment of a Governor at the ?ed- oral Aeserve Bank of Philadelphia. ?or the vacantClass C directorship, he suzested :Ir. Charles ".arrison of Phila delphia. on motion, it was voted that the Ilairman of the Philadelphia 3ommittee m-ke further inquiry. On motion, J. S. Bache & Jompany and aedmond pany of New York, were informally approved Jom- depocitaries 4C for appointment by the Al1en Property Justodian. Protests against the application of central reserve laid city reserve re.juirements to banks in Brooklyn, were assion, were before the Board by the secretary, and after.disc el. referred to the Executive CorAmittee and Joans letter from 'Tederal 2eserve i'0,7ent lardy rezarding al dethe Board's action on the question of bonuses at 7eder serve banks, was read and referred to r. ,,arbur_; for reply. 'Ton recommendation of Committee o. 2, it w,Ls, on land motion, voted to approve the applicatioL of the A.eve r'rust Company for power to accept ip to 100,4. 'Tpon recommendation of 3ommittee 7o. motion, voted to admit to the ?ederul 4 it Was, on eserve system, upon terms named by the )o-Amittce: The Etegbenville Bank r "rust A., :'teubenville, 0. opinion of Jounsel as to the power of a ?ederal a me!..ber deserve bank to accept a power of attorney from bank in lieu of tie ethorseeiit of such'bank on collateral for 15 day notes; was read and, on motion, referred to :, ,;ommittee No. 3. A letter proposed by Mr. leo. S. Franklin for trans si n to Governors of Federal Reserve Banks by the :ecretary of the Treasury, the Execativ read, discussed and referred t Oonriittee with power to act. Jhanges it stock at Federal recommended by ittoe Mo. eserve banks, daly 5, were, on motion, approved as follows: 4p1ica ions for Original Stock. District ro. 2. Long Island National Bank 7icksvi11e, M. Y. District ro. 3. Farmers National Bank Orangeville, 17 17 District No. 5. First National Bank ,illendale, F. 17 17 16 16 21 21 100 4, .'. rmers 0. Shar s. 18 . uionA Bank New Bedford, Ill. Dibtrict First Na re° e, N. Dak. District ro. 12. First 4...ationa1 Bank Filer, Tota An informal report of • ommittee No. 3 that the pro- posed practice of the Federal Reserve agent at New York Pc; turning th ollateral endorsed in blank, taking a general prereceipt, ..,t011 the, bank, is satisfactory to the Board, was sented and a fo mal report called for. On motion, at 11.5 .APPROVED: Chairman. a.ir. the Board adjourned.
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