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At a regular meeting of the 2ederal Reserve
Board held in the office of the Board at 11.15 a. in. on
Tuesday, Larch 23,
- R]=7:
J
Delano, presiding,
Er. Williams

Mr. Warburg
Mr. Harding

1-:1". Willis, 3ecretary.
The minutes of the meeting held at 11.15 a. m.
on Monday, March 22d, were read and approved.
On motion the first term of the elected member
of the 3xecutive Jormittee was made to eKtend to July 1,
1915, instead of to June 1, 1915.
On motion 1:r. Harding was relieved of service on
the special committee on acceptance regulations and Er. farburg was named in his place.
The minutes of the recent conference meeting with
the Governors of Federal Reserve banks, duly approved by
Delano, were -oresented to the Board and ordered entered in
the book of conference minutes.
Applications for stock in Federal reserve banks,
totaling 459 shares were approved as follows:
•

DI3TRIT;T Ho. 3.
Abington Hational Bank
The National Bank of

Jlarkis Liummit, Pa.
Johnstown, Pa.

255

DISTRICT No. 4.
City National Bank
First 1:ational Bank

Columbus, Ohio.
Forest, Ohio.

DI3TRI0T No. 5.
First National Bank

Welch, 7. Va.

D137111:C7 No. 6.
First National Bank
Louisiana National Bank

Jackson, Ga.
Baton Roue, La.

DI3TRICT No. 7.
Merchants National Bank •
First National Bank'
North Vernon National Bank
First National Bank

3edar Ral)ids, Iowa
:Granville, Ill.
North Vernon, Ind.
:::ario:1, Ind.

DT -3=T Ir.b. 9.
First
First
First
First

National
National
National
National

Bank
Bank
Bank
Bank

Ada, Liinn.
Mandan, N. Dak.
Colman, J. Dak.
Rice Lake, Ms,

First
First
First
First
First

National
National
National
National
National

Bank
Bank
Bank
Bank
Bank

Dawson, Texas.
Acadia Parish at Crowley, la.
NewiDott Beach, Cal.
Gloucester, Va.
Sentinel Butte, N.Bak.

Applications for the surrender of stock in Federal reserve banks, totalinL; 36 shares, were approved as.
follows:
DISTRICT No. 4..
The Sprinrsdale National Bank
llidway National Bank
First National Bank




Springdale, Pa.
Nidway, Pa.
Boswell, Pa.

25C




DI3T2E)11 :o. 11.
First ITational Bank
First 7ational Bank

Albuquerque, M. Yiex.
Annena, Texas.

A memorandum relating to the separation of the
ve Board
a3count3 for running expenses of the Federal Reser
notes,
from those relating to the cost of Federal reserve
the Fispresented to the Board by Lai. Delano on behalf of
therecal Agent of the Board was approved, and the practice
Agent
in outlined was ordered to be followed by the Fiscal
in conducting the accounts of the Board.
system
The documents relating to the proposed new
33ard
of bank clearance, prepared and transmitted to the
Governors,
by 1:r. J. P. Jurtis, 3ecretary of a committee of
language
were read to the Board and certain modifications in
suggested.

:osed that a letter be prepared
. Warburg pro,

of the
to be signed by the Vice Governor and the 3ecretary
Board
Board, addressed to :r. Jurtis and stating that the
also
is in accord with the terms of the plan, transmitting
a draft of the documents as amended.
ing to
Jonsideration of detailed regulations relat
member
the acceptance up to 100% of capital and surplus by
banks was deferred.

'Jr.
It was informally agreed that :r. Delano and
minary re'
Warburg act together in the preparation of a preli

257

-,Drt relating to the acce:Ttance question, the same to
be made a special order for Monday, Larch 29th.
After a brief discu;sion

the question of

admittinc; ;tate baff-..s into the Federal reserve system,
the matter was laid on the table for the present.
An application from Deputy Federal Reserve
Agent :cOaleb of Dallas, renuesting permissi,n to loan
a larger percentage of capital stock on agricultural
paper having been I..)resented to the Board, it was, on
motion, voted to raise the limit to 99,, of paid-up capital
of the Federal Reserve Bank of Dallas.

A memorandum relating to the organization of the
Division of Reports and Statistics was referred to the Oommittee on Reports and 3tatistios for consideration.
A communication from Federal deserve A:ent Ingle
transmitting letters relating to the de, osit of Internal
Revenue funds in the Federal Reserve Bank of Richmond was
referred to :Ir. Harding for consultation with Assistant Jecretary of the Treasury :Ialburn.
A lettr-)r from Federal Reserve Agent Ingle relating
to the general question of Government deposits was referred
to Mr. Warburg for report.




The opinion of Joqnsel relating to increase and

258




lecrease of capital stock by Federal Reserve banks
referred to the Executive Committee with authority to
order it distributed to Federal Reserve Agents if desired.
Correspondence relating to the conditions of
e
issuing Federal reserve rotes was referred to the Executiv
'Committee.
A detailed plan for the organization of a branch
bank at New Orleans was presented to the Board, and it was
the
ordered that a copy thereof be ralde for each member of
Board.
countries
The subject of acceptances between foreign
on
was referred to the special committee engaged in working
the question of new acceptance regulations.
with
An inquiry from Federal Reserve Agent Lartin
on
reference to the question of discounting notes which are
expressive
a collateral form was directed answered in a way
re.
of the Board's policy in such cases as stated heretofo
Applications from the Southern Commercial Congress
and the Ohio Bankers A3sociation for the designation of
ordered
speakers to attend their approaching meetings were
declined with regrets.
:ew
An application of the Federal Reserve Bank of
approved'
York, for Federal Reserve notes, duly recommended, was
as follows:

•

259

Five dollar notes
• - Ten dollar notes..

3,000,000
2,000,000

The notes we e ordered shipped immediately, the proper
papers to be filled out subsequently.
Li'. Ailian,s recommended that the salary of the
assistant vault clerk in the Division of Issue, now ,:;l,000
be raised to .)1,200, and that of the senior vault clerk be
made .)1,600.

On motion the r:uestion was referred to the

•Committee on 3taff for recommendation.
On motion at 1.20 p. m. the Beard adjourned to
meet subject to the call of the Chairman.

APPROVED:




Chairman.