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200 At a regular meeting of the Federal Reserve Board, held in the office of the Board at 3.15 p. m. on Tuesday, "larch 9, PRES:MIT: Mr. licAdoo, presiding, Yr. Warburg Mr.- Delano- Mr. Harding Er. Williams Er. Willis, Secretary. .By previous agreement the meeting was primarily devoted to a discussion of the question of rates of rediscount between Federal reserve banks. The special report prepared by Mr. Harding. regarding the discount situation in the South was reread, and also the letter written by Er. J. B. Forgant' President of the Advisory Council. The chief point in the discussion was whether a fixed rate of 47; should be established, valid between all Federal reserve banks, or whether there should be allowed a spread of rates between 2 and 4, the actual rate to,be charged being left to negotiations between the several institutions. T.1.r. Miller moved that the rate be fixed at a point not to exceed the rate established by each Federal Reserve bank for its own district. A recorded vote being taken, there voted in the affirmative Messrs. McAdoo, Eiller, Williams, and in the negative Messrs. Harding, Warburg and 201 )elano. The vote as declared a tie. Harding moved to fix the rate of rediscount at 4„; flat as between Federal Reserve banks. A recorded vote being taken there voted in the affirmative Messrs. Delano, Hardin; and 7:arburg and in the negative :essrs. McAdoo and Williams. The chairman having ashod Mr. Miller his rosition was informed that he was inclined to vote in the affirmative. By courtesy, Mr. Hamlin, being absent, it was agreed to defer action until a full meeting on March 10. 2:r. Delano moved to permit Federal reserve banks to rediscount with other Federal reserve banks at one-half of one oercent less than the rates trict of the borrowing bank. revailing in the dis- The motion was withdrawn. Mr. McAdoo announced to the Board the passage by congress of an appropriation for the holding of a 3outh American financial congress and stated that acceptances had been obtained from practically all of the natiOns of the Western Hemisphere. The 3ecretary of the Treasury, he stated, had the right to invite the bankers of the country to particinate and the Federal Reserve Board would be requested to participate as a bc(17, the date of the conference being May 10. An application of the Federal Reserve Bank of ileve- land for Federal reserve notes, duly recommended. by the Com- 202 mitteee on Issue and Redemption, was approved as follows: Twenty dollar denomination ,;E300 000 Applications for designation as executor, trustee, etc., duly recommended by the Counsel 'of the Board and presented by Mr. Harding, were approved, subject to the subsequent approval of the Comptroller of the Currency, as follows: Plattsburgh, N. Y. City National Bank Boston, Mass. First National Bank Boston, Mass. National Shawmut Bank Merchants National Bank Dover, N. H. Middletown, :Conn. Middletown Nat'l. Bank Wallingford, Conn. First National Bank Concord, N. H. First National Bank Keene, N. H. Keene National Bank Union Market Nat'l. Bank Watertown, Mass. Worcester National Bank Worcester, Mass. Manufacturers Nat'l Bank Waterbury, jonn. New Haven, Conn. Second National Bank National Bank of Danville Danville, Va. Knoxville, Tenn. City National Bank Washington, D. C. District National Bank Roanoke, Va. National Exchange Bank Petersburg, Va. Virginia National Bank Covington, Ky. -Citizens National Bank Denver, Colo. United States National The question of appeals from the decision of the Organization Committee in applications for redistricting, were considered with the view to securing prompt action thereon, and Mr. McAdoo indicated a desire to postpone action until he could examine the papers and opinions already filed with the Board. 90' t The question of a final decision as to rates of rediscount between Federal reserve banks was made a special order for the next neetina of the Board, and on motion at 5.45 p. m. the Board adjourned, to meet at 3.00 p. m. on Wednesday, March 10. 44110) 1//://14b1;r' &// Secretary. TED: Tnairran..
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