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vt a regular meeting of the -Tederal Reserve Board held in the office of the Board on ri'riday, February 16, at 11 a. m., PRESENT: Mr. Harding, presiding, Mr. Hamlin, Mr. Warburg, Yr. Williams, L.r. Delano, . Mr. 'lints, secretary. The minutes of the meeting of the Board held on 7ebruary 14 were read and, on motion, approved. The Secretary of the Board presented a letter from Governor Liken of Boston notifying the Board that the ?ederal deserve Bank of Boston has advanced its baying rat( for prime member bank 90-day acceptances to 31/;, and to days or less, less 6 for CO f 1,4J for member bank's endorsement. The communication was noted and ordered passed to file. The Secretary of the Board read a letter from Honorable John Burke, Treasurer of the 7nited States, to lovernor Harding, notifying him of the willingness of the r"reasury to extend the privilege of transfers of funds to the Federal reserve banks situated in f'uLetreasury cities, payment to be made in like currency and in such denominations as may be available at the time payment is made. On motion the Gov- ernor was requested to notify the Federal reserve banks of the position of the Treasury in the matter. The question of further development of the •transfer system with the aid of the Treasury, was referred to the Committee on Relations with the Treasury Department. The Secretary of the Board read a telegram from Federal Reserve Lgent Heath asking for the release of 'Federal reserve notes at Chicago, duly approved by the Committee on Issue and Redemption. On motion the release of such notes was approved as follows: 10's 20's 50's 520,000 480,000 400,000 , The Secretary of the Board read a letter addressed by Federal Reserve Agent aurtiss to Yr. Tamlin in which Mr. Curtiss stated that there had been a failure during the past year to maintain the note supply in favor of the Federal Reserve Bank of Boston at the level at which he had requested. The matter was referred to the Committee on Issue and Redemption for investigation and report to the Board of the facts in the case. • 171 lb Governor Harding stated to the Board that it was the desire of the Secretary of the Treasury that henceforward all communications between the Board and the Bureawof Engraving and Printing should be transmitted throuh the authorities of the 7reasury Department. lovernor 7ardinr; notified the Board of the reorder from the .?ederal Reserve Bank of St ceipt of Louis, under d%te of ?ebruary 13, for ::26,400,000 of "e:deri%.1 reserve notes. On motion, the order was refer- red to the ‘7,'ommittee on Issue and Redemption for appropriate action. :lovernor Hardinz read a letter received from the 7ederal eserve Bank of Atlanta with reference to Lccept- ance rates. In accordance with the reiuest contained in the letter, the Secretry of the Board was directed to obtain from the ?ederal Reserve Bank of New York by v.ire . price on member bank acceptances, 30, the kdly rulin3 60 :_nd 90 days, and on non-member bank acceptances that would be elircible for discount, 30, 60 :ind 90 days; nd upon receipt of such information. to send out mail notices • '1-c'Jr t to nearby reserve banks, Lnd tele7raphic notices to the more distant whenever any change in rate occurs. Governor l'ardin submitted to the 7oard the a letter -Addressed to 'Al 7ederal reserve agents draft o relative to the powers of the "eedeml reserve banks with reference to loans secured by Thvernment bonds. 2,fter discussion the letter was ordered circulated, and the Governor was authorized to transmit it provided that no member of the o,,rd makes ,Any objection. Governor Harding read a letter from Federal Reserve ..,,;ent rfard:7 relative to the "Board's proposed classification of discount rates, and suggesting a slight change therein. It was referred to the Discount Committee. ,rarbar7 submitted a letter received from qovernor lhoads of Philadellhia as to the probable loss of , 2,000. by his bank through forgery. The Governor was authorized to turn over the papers to the Tinited States Secret Service, and also to take the matter up Yith other ?ederal reserve banks in order that they might be advised of possible danger resulting from pm-tice sirnili.r to that of the Philadelphio, Bank. , ' A report from the Committee on 17embcr and State Banks recommending certain changes in stock in Aderal reserve banks, was, on motion, approved as foll=s .4p11cations for Surrender of Stock. Dl?UUTro. 1. Home National .1.nk Hadley Falls 7:ation,--1 Bank Holyoke, Mass. HolyOke, Mass. DISTRIX NO. 2. First National Bank ?ulton, 7. Y. DISTRICT NO. 3. :...oUnt Jewett National 'Bank Mount Jewett, Pa. DISTRICT O. 4. National Bank of First National Bank Shares. 210 160 390 53 53 Laddlesborough,Zy. Kittannip.;, Pa. 4 48 52 DISTRICT 1:0. 5. First National Bank Peoples National Bank Conway National Bank Jefferson National Bank Yirst national Bunk Parkersburg,,i.Va. N, Winston-Salem, Conway, S.C. Charlottesville, Va. Monrovia, Md. 30 36 29 70 20 193 DIJ12.i1OT First National Bank Beecher, Ill. J6 36 D1STA1:;T EQ. 8. Central National Bank First National Bank Boonville, -o. Vienna, Ill. 144 12 156 DISTRICT NO. 10. First National Bank First National Bank '„ebbers 7a11s, Okla. 22 5 Holyoke, olo. 27 DISTRICT NO. 11. Farmers & 1,:chts Nat' Bank Plano, 7ex. 6 6 914 ' letter from the Comptroller of the Currency relative to the appointment of Mr. Lewis ';;ilson, of Iola, Kansas, as a bank examiner, at a salary of *2,400 per annum, was, on motion, referred . to the Committee on Staff.' A letter from Mr. E. D. Hulbert of Chicago with reference to the election of 4 director in common between the Merchants Loan and Trust 30impany of Chicago, and the First rational Bunk of St. Paul, was referred to the Committee on Clayton Let. The Committee on Staff filed a formal report relating to examiners in the Seventh and Ninth Federal :eserve Districts, action on which had already been taken when the Committee made its oral recommendation on February 14. The report was ordered passed to file. The iuestlon of an appointment of a clerk or money counter in the Division of Issue was brought up for discussion, and, on motion, it was voted that from and after this date the Comptroller of the Currency in making appointments in the Division of Issue of Federal aeserve Notes shall not be bound by the rules or lists of the Federal Aeserve Board with regard to eligibility of candidates, although the records relating to such eligibility shun at all times be at his disposal for purposes of reference. This action was taken in view of the Comptroller's statement that owing to the direct responsibility upon him for the conduct of employees handling Federal reserve notes, he would prefer to have greater discretion in the choice of the staff of the note issue division, and should not be limited to the eligible list. On motion the appointment of Mr. J. E. 3izzell as a member of the staff of the Division of Statistics at a salary of 41200 per annum, was approved, the appointment being recommended by the ,Committee on Stuff. The Comptroller of the Currency reported that he had received a letter from an officer of a Seattle national bank relative to the recent bank difficulties in that city, and had telegraphed for permission to submit the letter to the Board. The main point made in the letter in question, he stated, was that the recent experience shows an urgent :1-76 need for the establishment of'a Federal reserVe branch , bank in Seattle. On motion, at 12.10 p.m. the Board adjourned. APPdOVF_P. :_ doser. . . 7 Chairman.
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