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580 At an adjourned meeting of the Federal Reserve Board held in the office of the Board at 3.30 p. m. on Wednesday, July 14, PRESENT: Mr. Hamlin, presiding, Er. Williams Mr. Delano Mr. Harding Mr. Willis, Secretary. The Secretary of the Board having read a letter from Federal Reserve Agent Miller respecting the composition .of the executive committee of the board of directors of the Federal Reserve Bank of Kansas City, it was voted that the Secretary reply stating that the Board had no objection to the amendment of the by-laws of the Federal Reserve Bank of Kansas City so as to permit a Class "C" committee. director to serve as a member o: the executive ' Counsel of the Board reported on certain of the phraseology of the Trade Acceptance Circular, and, thereon motion, the Circular was modified in accordance swith and it was ordered that the Secretary issue and .di tribute it in the usual way as thus modified. an The Secretary of the Board having submitted paper opinion of Counsel relating to the endorsement of other placed in the hands of Federal reserve agents, and 581 matters, it was voted that the opinion be adopted and transmitted to Chief of Division Broderick for his guidance, but that the publication of the opinion is not authorized. The question of a certain note which had been discounted by the Federal Reserve Bank of Philadelphia, and concerning which some doubt was felt by the Division of Statistics, was ordered referred to Counsel for suggestion? The following applications for additional stock in Federal reserve banks duly recommended by Mr. Harding, were approved: DISTRICT No. 1. Broadway National Bank Martha's Vineyard Nat'l. Bank National Bank of Hartford-Aetna Nat'l Bank Shares Chelsea,Eass. Tisbury, Lass. Fairhaven, Mass. Hartford, Conn. 1 3 1 480 DISTRICT No. 5. Btichanan National Bank Dominion National Bank First National Bank First National Bank First National Bank First National Bank First National Bank First National Bank Peoples National Bank Planters National Bank Scottsville Nat'l Bank Buchanan, Va. Bristol, Va. Berryville, Va. Emporia, Va. Hampton, Va. Honaker, Va. Rural Retreat, Va. Waynesboro, Va. Rocky Mount, Va. .Fredericksburg, Va. Scottsville, Va. 2 3 2 3 3 3 6 2 2 3 3 582 Shares. DISTRICT No. 6. Childersburg, Ala. First National Bank 1 DISTRICT No. 7. Forest City, Ia. Minonk, 111. First National Bank First National Bank 9 21 DISTRICT No. 9. First & Security Nat'l Bank First National Bank Stockyards National Bank 2700 Minneapolis, Minn 54 Kalispell, Mont. .South St. Paul, Minn. 76 DISTRICT No. 10. Farmers National Bank First National Bank Ault, Colo. Ponder, Nebr. 3 1 FOR STOOK DISTRICT No. 8. First National Bank Rosedale, Miss. 15 Nashwauk, Minn. 15 Victoria, Kans. 13 DISTRICT No. 9. First National Bank DISTRICT No. 10. German National Bank Three new proposed statistical items for the of Federal Roserve Bulletin, recommended by the Division countrie0, Statistics, including gold imports and exports by total statement of Federal reserve agents accounts, and volume of acceptancoi on hand were authorized. 583 A letter from Federal Reserve Agent Perrin, relative to the discount situation at San Francisco, under date of July 7, was read and noted. // The Board took up for discussion the renewal of acceptances after maturity, and it was agreed that the Governor write a formal letter to Governor Strong of New York outlining the situation as viewed by the Board, in general terms, for the guidance of the Federal Reserve Bank of Now York. /1 On motion the Board adjourned to meet on Tuesday, July 20, at 11.00 a. m. Secretary. APPROVED: Chairman.
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