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Ora- ,1 sI `t 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.