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264




At a regular m_eting of the 2edera1

eserve

Board held in the office of the Board at 11.15 a. m.
on Monday, March 29, 1915.
PR:130NT:
Mr. Delano, presiding,

Mr. Thrburg

Mr. ',Vilna=

Mr. Harding
7illis, Secretary.

The minutes of the meeting of Wednesday, March
24th were read and approved.
Mr. Delano presented to the Board an engraved
form of perrit for the exercise of executor and trustee
powers, the same to take the place of the printed form
previously prepared; stating that the probable cost of
the new form would be about :200,00.

The lxecitive Com-

mittee was directed to secure a supply of the engraved
forms.
The applications of certain banks in New York
for power to act as registrar of stocks and bonds, duly
recommended by tho Federal Reserve Bank of New York and
the Counsel of the Board, were referred to Mr. Harding
and the Comptroller of the Currency, for report.
Ap:lications of other National banks for the
exercise of executor and trustee powers, duly approved,

265

were referred to

Mr.

Harding and the Comptroller of the

Currency for report.
Various applications for the exercise of executor
and trustee Dowers, previously rejected by the Board or by
Federal Reserve Agents and originating chiefly in Virginia
and New Hampshire, were presented, accompanied by new correspondence relating thereto.

On motion, these previously

rejected appli3ations were referred to Mr. Harding and the
Comptroller of the Currency for examination.
An application for the issue of Federal reserve
notes for the Federal Reserve Bank of Richmond, previously
informally ordered by members of the Board was formally approved, as follows:
Fifty dollar denomination
One hundred dollar denomination
•

c200,000
400,000

A communication from the Broadway Trust Co., N. Y.

giving notice of its intention to defer entering the Federal reserve system, was read to the Board and on suggestion
of hr. Whrburg, the Secretary was dieected to transmit a
copy to Federal Reserve Agent Jay.
"A letter from Bernhard Scholle & Co., relative to
the acceptance situation, was referred to the special committee on acceptances. /,




266




On motion, the new acceptance regulations and
the proposed draft of regulations relating to the admission
of State banks to the Federal reserve system, both of which
had been made special orders for this meeting, where laid
on the table until the meeting of Tuesday, March 30th. I/
•

A request from certain local trust companies that

the Board reopen and reconsider the question of permitting
the National Metropolitan Bank to exorcise the functions
of executor, trustee, etc., and that the Board grant the
representatives of the trust companies a hearing either
before the Board itself, or its Counsel, relative thereto,
having been presented to the Baird and the matter considered
with the Counsel of the Board, it was voted that the Counsel
prepare for signature of the Chairman, a reply to the effect
•

that the question of permits already granted cannot be reopened, but that the Board will be glad to have the companies
file such brief as they may see fit.
A telegram from Governor McDougal, asking when 'the
Board would be ready to make public a plan for inter-district
clearing, and a tentative reply from the Acting Governor of
the Board, were read.

It was the sense of the meeting that

the Board could give assurance to Governor McDougal that it
would be in position to prepare for the inauguration of the

267

desired system by May 1st, so soon as it could get definite
word from Assistant Secretary Malburn on certain phases of
the matter.

Pending the latter event the question was laid

on the table.
A letter from Comptroller of the Currency Williams,
accompanied by a clipping from the Wall Street Journal, was
read to the Board, and on motion laid on the table until the
meeting of Tuesday, March 30th.
A memorandum

of :Chief of Division Broderick, out-

lining a method for the examination of trust departments of
National banks, previously referred to Mr. Nilliams, was reported back with Mr. Williams' comments and ordered referred
to Mr. Harding for his approval, with poJ;er to dispose of the
matter.
•

On motion, it was voted that Mr. Harding be asked
to make a short report in writing with reference to the conditions found by him to exist during his recent visit to the
Federal Reserve Bank of Atlanta, Ga.
The Secretary of the Board presented a report of
Chief of Division Broderick relating to the condition of
the Federal Reserve Bank of Atlanta.

On motion, an accom-

panying letter from Mr. Broderick naming three points

re-

ouiring immediate attention from the Board, was referred to




268




Mr. Harding, the main report regarding the Atlanta Bank
being transmitted to la% Harding with request that he
refer it to the Committee on Audit and Examination.
A letter from Federal Reserve Agent Curtiss
regarding the situation in the State of Vermont with respect to the granting of trustee and executor powers,
and another from Mr. Curtiss respecting the situation
in the State of Connecticut, were ordered transmitted to
the Counsel of the Board with request for prompt suggestion as to the proper reply to make.
Communications from Federal Reserve Agents Wills
and Austin, relative to the question of computing interest
on unpaid subscriptions of capital stock having been read
to the Board, it was ordered that this matter be left to
be disposed of by the Federal Reserve banks as they might
deem best.
In answer to a letter from Federal Reserve Agent
Perrin proposing a slightly altered method for turning in
subscriptions to new stock, the Secretary was directed to
reply, with the statement that the Board prefers to adhere
to the uniform plan already adopted.
A letter signed by Governor Hamlin, addressed to
Mr. Leslie'R. Palmer, in answer to certain inquiries by Vr.

269

Palrer relating to reserve bank conditions, was ordered
referred to Vice Governor Delano, with power to act.
A letter prepared by counsel, a:fording an
interpretation of Section 19 having been referred to :r.
Harding and reported back favorably by the latter, the
Secretary of the Board was directed to transmit the same.
On motion, it was voted that the Secretary send
a copy of the aforesaid letter to all Federal reserve agents.
A telegram from Federal Reserve Agent Perrin relating to the membership in the reserve system of the Harriman ilational Bank of Alaska, was ordered referred to (ounsel,
with recuest for prompt advice.
Correspondence from the 2ederal Reserve Bank of
Dallas addressed to Governor Hamlin relating to the question
of appeals from the action of the Organization Committee in
districting the country with special reference to Oklahoma
was presented to the Board, and on motion referred to Mr.
Harding.
In answer to the application of Federal Reserve
Agent Martin, for p)rmission to buy ten thousand dollars
worth ()f warrants of the City of Mayfield, Fy., it was
v'Aed that the permission be granted, if approved by the
directors of the Federal Reserve Bank of St. Louis.




270




A letter from Federal Reserve Agent Martin,
stating his desire to continue to furnish certain articles
to the Banking Law Journal in fulfillment of a contract
made by him in former years, having been read to the Board,
the Secretary was directed to say to Mr. Martin that the
Board does not feel disposed to interfere with the fulfilment of his agreement, but that it is not prepared to sanction the publication of the articles with his official title.
A letter from Federal Reserve Agent Perrin relating to the legislative conditions in the Twelfth district
as affecting the exercise of the powers of executor, trustee,
Board.
etc., was referred to Mr. Harding and the Counsel of the
On motion, at 1.15 p. in. the Board adjourned to
meet on Tuesday, March 30, at 11.00 a. in.

Secretary.

Chairman.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102