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362 At a regular meeting of the Federal Reserve Board held in the office of the Board at 11:00 a. m., on 7iednesday, March 22, • PRESENT: 1,:r. Hamlin, presiding 1,1r. Harding Mr. Delano ',Ir. Miller Mr. Willis, Jecretary. Tne amendments to the 2ederal ROSOrVe Act recommended by the Board, particularly that relating to the issue of 2edera1 reserve notes, were taken up for discussion in connection with an invitation from the Senate Committee on Bankng and Currency to send representatives to discuss the amendments with the said committee at a meeting this afternoon. On motion rates for trade acceptances established by the 2ederal Reserve Bank of Jt. Louis were approved, as follows: Maturities up to 60 days Maturities 60 to 90 days - 3°) The Secretary of the Board was directed • to prepare a letter for transmission to Senator Owen, approvinc an amendment authorizing national banks situatod in towns of 100,000 population, or less, to estaolith branches within a radius of tLenty-five miles of their home office. On motion it was voted that the Federal Reserve bank of Iiichmond be authorized to pay an 1d iti onal one per cent di vi(lend , due January 1, but that its proposal fcr tae conversion of into '6,',43 bonds take the usual course. A plan for trio transfer of the Fair field County (Coanecticut) banks from District O. 1 to District No. prepared by Messrs, eT:iy w.id. Curti as, was favorably reported uy 1:r. Hardand, on motion, voted, subject to the approval of Counsel. A man oraindum by Chief of Division Broderick with reference to the condi ti ons of paying dividends and settling for stock at Federal reoerve bunks, was favorably recommended by Mr. ,Hard- „ing and ordered circulated. The draft of a letter to • 111r. F. J. Wade of St. Lou is „, rel at ive to trust company reserves, was ordered transmitted, if .approved by r. Delano. An opinion of Counsel relative to farm loans sold by one maliber bank to another in tria same district, prepared by Counsel, was approved, the Secretary to notify Governor 17101d of the opinion, and to publish the same in the Bulletin. On motion it was voted that the Socretaxy notify the Governors of the reserve banks that any date for meeting which would close the approach in; conference by the end of the week ending April 15, would be satisfactory. On motion it was voted that the bill 121tivduced by Senator Owen for the amendment of the Federal Reserve Act, snould not, for the present, 'be published in tie .?ederal Reserve 9ulletin.' '365 Hamlin presented opinions of ilessrs. Elliott arli Cotton with reference to the question of the le(:zility of membership on "Advisory Committees" of national banks under the Clayton Act. The Uecretary was directed. to *write to the firm v,.iich raise:6 the question at is-,ue, stating that te 3oc‘ri1 is in.iisposed to rule on the -latter. The report of Lae Cormittee on 13taff aj,provinc, an increase in the sal:Ary of Cashier Cook of :.anneapolis from .3,0U0 to ,,3,b00 a year, effective April 1, was uresented, and, on motion, approved. On motion at 12:40 p. in., the Board adjourned. to meet on Thursdw, March U3, at 11 a. m. :3ecretary. APPP,OVED:
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