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1109 At a meeting of the txecutive Committee of the Federal Reserve Board held in the office of the Governor at 11;15 A. M. on Thursday, November 2, MG, PRESENT; Governor Harding, presiding, LT...,..rburg, Mr. Delano, Mr. Willis, ',...:ccretary. LI*. Harding presented to bhe Committee a letter :rom Acting Governor Troman of New York as to the Erench industrial credit, and the same was discussed and passed to file. 1.1r. Harding also presented and called attention to a circular letter setting forth the legislative work proposed on behalf of certain bankers' associations during the coming winter. Harding read to the Committee a memorandum bmittud to him and suggesting that the Comptroller of the Currency be asked to defer the forthcoming rational bank call until after November 16th; and he further reported the result of a conversation he had had with the Comptroller on the same subject. A telegram from iodoral Reserve Agent Perrin asking curtain questions with reference to the receipt of nonmember bank's deposits, and other matters, was read, and 1110 ordered answered with the statement that Counsel's opinion was adverse to accepting suoh deposits, with suitable answers on the other points.raised. Ur. Harding called attention to certain purchases of acceptances currently made at Atlanta against cotton seed,oil in transit. The subject vas discussed, but no further action taken. Applications for the surrender of stock in Federal Reserve Banks, duly recommended by the. Coml.:Atte° on Member and State Banks, were presented, and it was agreed that they be favorably acted upon with the understardinc7 that the Board's subsequent action was, as usual, necessary to ratify them. The application so acted upon were as follows:Shares. District No. 1. Merchants National Bank, Natick Natio/n.1 Bank, ':.ustminster National Bank, Haverhill, Mass. Natick, Mass. Gardner, Mass. 210 90 72 District No. 4. 2irst National Bank, .spinwall, Pa. 15 District No. 7. first National Bank, Little York, Ill. District No. 12. Prescott Eational Bank,. Prescott, Ariz. 120 In answer to an inquiry from Governor McCord, of Atlanta, the 1;e3retary was directed to send information as to what is bein3. done by other lederal Eoserve ?anks on the same subject. Er. Euler read a report prepared by the Committee on tao Operation of the ',;an irancisco District with reference to a letter received from the Comptroller of the Currency relative to certain remarks said to have been made by eederal l'eserve Acent Perrin. The report was received and ordered. filed. On motion at 12:05 P. M. the Committee adjourned.
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