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At a regular meeting of the Federal Reserve Board held in the office of the Governor at eleven a.m. on Tuesday, Larch 6, PRESENT: Mr. Harding, presiding, Mr. Miller, Mr. 4arbarg, Mr. Willis, Secretary. Yr. Hamlin, The minutes of the meeting of the Board held on Friday, Larch 2, were read and approved. Resolutions prepared by the Committee on Issue and Redemption with reference to the conditions under rhich notes should be issued by subtreasury officers to Federal reserve agents, made a srecial order for this meeting, were brought up, and after discussion were adopted in modified form as follows: WHEREAS, The Federal Reserve Act provides that Federal reserve notes may be deposited in subtreasuries or mints of the United states for safekeeping, and may be delivered to Federal reserve agents upon order of the Comptroller of the Currency acting under the general supervision of the Federal Reserve Board, and WHEREA S, The Board desires to adopt all necessary and proper safeguards against loss in making such deliveries, NOV, THEREFORE, BE IT RESOLVED, That the Comptroller of the Currency be and he is hereby requested to stipulate in the order for delivery of notes to Federal reserve agents that no delivery shall be made to a Federal C r„4 reserve agent except in the presence of at least one other officer of the Federal reserve bank to which such Federal reserve agent is accredited. RESOLVED FURTHER, That the Secretary of the Treasury be and he is hereby requested to direct the Treasurer of the United States and Director of the Vint to require all receipts accepted for Federal reserve notes delivered. to Federal reserve agents to be witnessed by a duly authorized officer of the bank to which such Federal reserve agent is accredited. RESOLVED FURTHER, That the board of directors of each Federal reserve bank be and they are hereby requested to designate and authorize one or more officers of such bank to witness tie delivery of all Federal reserve notes to the Federal reserve agent of such bank and to sign receipts as evidence of this fact. On motion it was voted that the Governor be authorized to prepare a letter addressed to all Governors of Federal reserve banks suggesting that such banks join with the Federal reserve agents in assuming custody of Federal reserve notes. On motion the issue of Federal reserve notes, already authorized by the Executive Committee since the last meeting of the Board, under existing regulations was approved as follows: Federal Reserve Bank of St. Louis - shipment, March 1, 4'960,000 Federal Reserve Bank of Chicago - Release, March 2: 10's 20's 4520,000 480,000 Correspondence relating to a draft drawn by the Cudahy Packing Company on the Mechanics & Metals National Bank of New York, inclading a letter from Federal Reserve Agent Jay explaining the action of the Federal Reserve Bank of New York in declining to clear the draft in question, was submitted to the Board, and the Secretary of the Board directed to write the Cudahy Packing Company conveying the information called for by recent inciuiry. On motion it was voted that henceforward there be added to the endorsement of gold certificates in the Gold Settlement Fund the words "or a Federal reserve agent." 'Correspondence with Governor Seay 'of Richmond relative to the establishment of a branch of the Federal Reserve Bank of Richmond in Baltimore, was referred to the Committee on Operation of the Richmond Bank. The application of the Federal Reserve Bank of Boston for authority to make arrangements with the Philippine national Bank to act as correspondent of the Federal Reserve Bank of Boston, in the Philippine Islands, such arrangements to be subject to the approval of the Federal Reserve Board, was approved. Mr. Hamlin gave notice that he would ask to have the question of a director of the Federal Reserve Bank of St. Louis who shoald, if possible, be representative of the City of Loaisville, acted upon at the next meeting of the Board. On motion, the mutter was made a special order for the next meeting. On motion it was voted that the question of the compensation of Federal reserve agents be made a special order for the next meeting of the Board. On motion, it was voted that the Law committee be re4uested to re-examine the by-laws of the Board :;ith a view to simplifyinc , those relating to the operation of branches of reserve banks, in so far 48 possible, the purpose being that of bringing such branches under the strictest possible control of the head office with which they are connected. On motion, it was voted that the Committesson Operation of the Richmond, Cleveland, St. Louis and San Francisco Reserve Banks be requested to report as soon as possible regarding the necessity of establishing branches of Federal reserve banks in their respective districts. Ur. Killer presented a letter from Federal aeserve Agent Perrin suggesting the desirability of holding hearings in the Twelfth Federal deserve District at Salt Lake City, Seattle and Portland in regard to the question of branches. No action was taken. Letters from the Comptroller of the Currency notifying the Board of changes in the national bank examination staff during the month of February, and also recommending the promotion of Examiner d. W. Paddock to a salary of 3,000 per annam, were referred to the Com- mittee on Staff. Correspondence from Governor McCord of Atlanta with reference to charges for the shipment of unfit d- eral reserve notes, was referred to the Committee on Issue and Redemption. A letter from the Federal Reserve Bank of Cleve- land relative to the purchase of :50,000 in warrants of the Board of Education of the village of Cleveland Heights, was presented and, on motion, it was agreed to vathorize the purchase of these warrants, the Secretary so to notify the bank. letter from Federal deserve Agent Perrin trans, ..itting certain correspondence :ith Nr. lden Anderson relative to agricultural paper, was ordered circulated. A letter from Acting governor Treman with reference to the proposed meeting of a Committee of Governors, was referred to the Clearing Committee with power to take any action necessary. On motion, it was voted that the Com-,ittee on Operation of the Federal deserve Bank of New York be requested to reort at its early convenience with reference to the present status of the Governorship of the Federal Reserve Bank of ,,:ew York. letter from Governor EoCord of ..-Alanta asIdng for 500 copies of the Board's issue of circulars for 1916, was read and the Secretary instructed to provide the same at the cost of the Federal Reserve Bank of Atlanta. report of the Committee on Llember and State Banks with reference to trustee and executorship applications, was presented to the Board and, on motion, acted upon as fol- The following applications for permission to exercise fidaciary powers were approved: 1. 2. EXECUTOR, TRUSTEE, ADMINISTRATOR AND REGISTRAA. Dist. 3 West Branch National Bank, ;Alliamsport, Pa. 7 First National Bank, Lishawaka, Ind. TRUSTEE, EXECUTOR AND ADLIRISTR,ITOR. 1. Jitizens National Bank, Aoswell, ew L:exico, 11 The following application was held pending receipt of ret ort of next examinations: 1. Commercial National Bank, Shreveport, La. 11 On motion, the renort of the committee on :ember and State Banks relative to the issue and surrender of stock in Federal reserve banks, was approved as Applications for the Surrender of Stock. Shares District 1:o. 2. First National Bank Somerville, N.J. District No. 4. First National Bank ;iilliamsburg, Ohio, 5. District :ationMechanics Farmers & Parkersburg, . Va. al Bank Total 4 150 150 16 16 90 90 256 Applications for Original Stock. Shares District No. 2. North Brookfield :Tational Bank North Brookfield,Mass. 38 District No. 3. Peoples National Bank Lemasters, Pa. District No. 4. First National Bank First National Bank Woodlawn, Pa. New Vienna, Ohio. 55 9 64 District No. 6. Bibb National Bank Macon, Ga. 92 92 Racine, Wis Total 50 50 252 District No. 7, American National Bank 38 8 Governor Harding presented a letter from Vice President Vai'den of the Continental Trust Company of Washington, with reference to the transfer of funds to the Bank of Spain through the Bank of France. The letter was noted and left in the hands of the Governor for such action as might be necessary. On motion at LL.40 p.m. the Board adjourned to meet on Wednesday, March 7, at 11 a.m. Secretary.
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