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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.