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900 At a regular meeting of the Federal Reserve Board held in the office of the Board at 11.15 a. m. on Monday, March 15, PRESENT: Mr. Delano, presiding, Mr. Harding Ni'. Williams Mr. Miller Mr. Warburg Mr. Willis, Secretary. The minutes of the meeting of 11.15 a. m..Friday, and March 12 and 10.00 a. m. Saturday, March 13, were read approved. Applications for additional stock in Federal Reapproved serve banks, aggregating a total of 154 shares, were as follows: DISMICT No. 1. Lyndonville National Lyndonville, Vt. DISTRICT No. 4. First National National Exchange East Rochester, N. Y. Boonville, N. Y. DISTRICT No. 3. First National Bank of Grantham National Bank Millburn, N. J. Grantham, Pa. DISTRICT No. 4. Peoples National Bank First National Bank Springfield National The National Bank Delmont, Pa. Bremen, Ohio. Springfield, Ohio Ellsworth, Pa. * 223 • Clymer National Bank Central National Anglaize National Union National Central National New Richmond National First National Lyndora National First National First National Ravenna National First National First National Tiffin National Merchants National Guernsey National Clymer, 17a. Columbus, Ohio 7apakoneta, Ohio Fostoria, Ohio St. Paris, Ohio New Richmond, Ohio New Holland, Ohio Lyndora, Pa. Hopedale, Ohio Londonville, Ohio Ravenna, Ohio Chesterhill, Ohio Ada, Ohio Tiffin, Ohio Defiance, Ohio Cambridc-e, Ohio. DISTRICT No. 5. Page Valley National Luray, Va. DISTRICT No. 6. First National The National Bank Stones River rational - Philadelphia, Liss. Franklin, Tenn. Murfreesboro, Tenn. DISTRICT No. 7. Sheldon National First National Citizens National First rational' .First National Sheldon, Ia. Clearfield, Ia. Spencer, Ia. Cayuga, Ind. Sheridan, Ind. DISTRICT No. 9. First National First National Drayton, N. D. Jhisholm, DISTRICT No.11 Farmers & Merchants Nat. De Leon, Texas First National Elk City, Okla. Chickasha National Chickasha, Okla. 224 Citizens Natinal City National Marlin National Bank Buchel National Antlers, Okla. 31 Paso, Texas Marlin, Texas Cuero, Texas. ' DISTRICT No. 12. Petaluma National First National First National First National First National First National First National Parmors .Nat'l. Bank Yuma National First National Petaluma, Cal. Parlier, Cal. Sebastopol, Cal. Brawley, Cal. El Centro, Cal. Azusa, Cal. Richmond, Cal. Colfax, Wash. Yuma, Ariz. Artesia, Cal. Applications for the surrender of capital stock • in Federal reserve ba,ri.s, totalling; 86 shares, were approved, as follows: Laconia National Bank The Granite Nat'l Bank Ware National Bank Gloucester L'-at'l Bank 3hares. 13 Laconia, N. 3 Augusta, Me. 18 Ware, Mass. 54 Gloucester, :.:ass. Applications for the exercise of the functions of executor, trustee, etc., were referred to the Coal-troller of the .Currency for reco,endation, as follows: First National Bank Eauquier National Bank Jefferson Nat'l. Bank Alexandria, Va. Warrenton; Va. Charlottesville, Va. relating A report of the Comptroller of the Currency A V# ' to the condition of the Palmetto National Bank of Coluribia, 5 prepared in connection with its application for the privileg ,41,04 exercising the functions of trustee, executor, etc., was 22,5 and ordered transmitted to Federal Reserve Agent Ingle, further action to be deferred nending receipt of more information. Mr. 7illiams presented the following motion: RESOLT3D, That it is the sense of this Board that the Federal Reserve Banks should assist, so far as they may with propriety and discretion, the efforts of the national bank members in their respective districts, to secure the enactment of such legislation as may be necessary to remove the restrictions which now prevent the Federal Reserve Board from conferring upon the national banks in certain states the right to act as executor, trustee, registrar, etc. After discussion it was agreed that the proposed motion should lie on the table until a later meeting when a larger number of meinbers should be present. On motion it was voted that the whole question of the present practice and procedure in granting the powers of trustee, executor, administrator, etc., should be referred to a committee consistiilg of the Vice-Governor, Harding and Counsel, with directions to consider it carefully and present a formal report to the Board, stating what ought to be done in order to render the procedure more satisfactory. The Comptroller of the Currency having reported favorably with reference to the following Banks: `A. United States National Bank National Shawmut Bank Merchants National Sank Denver, Colo. Boston, :ass. Dover, N. H. the Board voted to authorize these institutions to exercise the functions of trustee, executor, etc. On motion, the apilication of the Exchange National Bank of Pittsburct, henna., duly recommended by the ,;omptroller of the currency, for reduction of its capital stock in the sun of „450,000 was approved. A lettor from Federal Reserve Agent Wellborn of Atlanta, transmitting the protest of the Board of Directors of the Federal Reserve Bank of Atlanta against banks, so high a rate of rediscount between Federal reserve as had been fixed was read to the Board by the Secretary. and It was directed that the communication be acknaaledged the action taken by the Board be fully stated to :Ir. 7Tellborn. letters The same action was taken in con.lection with Reserve of Federal Reserve Agent 'Tills and Deputy Federal Agent —cJaleb. A letter from the corporation Trust ]o., regarding procedure in rediscounts between Federal Reserve inBanks was presented to the Board and the Secretary was procedure structed to answer it with a full statement of the to be followed as already determined. Broderick The plan outlined. by Thief of Division ,ban,cs for the examination of trust departments of national 227 was presented to the Board and referred to the Committee on Audit and Examination. The ouestion of a circular providing for the .admission of State Banks to the federal reserve system, was brought before the 3oard, and after discussion an informal poll of the members 1)resent showed that it was the unanimous desire that provision be made for the entry of itate banks into the system at as early a date as possible, under conditions which would give them the privilege of leaving the system subject to proper restrictions such as may be determined upon. The question of redistricting appeals was considered and referred to a committee consisting of the Governor, 7ice-Governor and 1r. Warburr,,', to prepare a statement or report relating to the same, for presentation and action at the meeting of Tuesday, :arch 16th. The minutes of the meetinc. of I:arch 10, which had not heretofore been approved, wore re-presented to the Board. 9n motion, action was deferred until the meeting of Tuesday, :.:arch 16. Letters from Assistant 3ecretary ralburn, relating to the preparation and delivery of Federal reserve notes and Federal reserve bank notes, were presented to the Board and 20s ordered referred to the Jommittee on Issue and RedenIvtion. The communication of the :ational .zark Bank of ITew York jity, rreviously considered, relative to accertances in trade between two foreign countries, was laid on the table, with the understanding that a recorded vote should be taken regarding the point therein raised at the meeting of Tuesday, Larch 16. The question of the release of ooinion of counsel relative to 3ection 2 of the Federal Reserve Act, ilaving been brought up, the matter was referred to the Governor of the Board for report. 1. complaint from the :ellon rational Bank of Pittsburgh relative to the cost of examination was referred to the and 3ounsel and 3ecretary of the Board with orders to prepare send a suitable letter in reply. Applications from the Lississippi and Tennessee Ballic•ef9 Associations, asking for the designation of a member of the F°5° meetings eral Reserve Board to address them at their approaching were ordered declined with regrets. A complaint of an alleged interview said to have be° rut out by Acting Governor Van Zandt of the Federal Reserve Ba° of Dallas, Texas, having been brought to the attention of the - as to Board, the 3ecretary was instructed to make- further inquiry peuanorpB pauog oti; ovi 'ucT;om uo
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