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1043 At an adjourned moetint: of the Federal Reserve Board held in the office of the Board at 3:15 p. m., on Monday, November 29, PRESENT: McAdoo, presiding nr. Warburg Mr. Hamlin Mr. Harding Mr. Delano Mr. Miller Mr. Willis, 3ecretary. Tentative discussion was given to the question of conditions in the Gold Jettlement Fund as affected by certain action taken by the Federal Reserve Bank of New York in declining to make complete clearance under existing conditions. The matter was made a special order for a called meetin:; to be held on Tuesday, November 30, at 11 a. m. c'The revised proof of the amended regulation relating to the purchase of bankers' acceptances, including domestic acceptances of state bankers, was presented to the Board, furtiler amended and ordered printed. Mr. 7'illiams read to the 3oard a letter from lir. Graham Lacey of jt. Joseph upon amendments to the 2edel-al Reserve Act. The letter was ordered filed. On motion it was agreed that consideration of the open marl:et regulations should be et for Wednesday, December 1. /,/ A lotter writton to the Comptroller of the Currency by n-deral Reserve Agent Inle relating to existin,i; interest rates, was read to the Board, and duly noted. Mr. Hamlin called attention to the fact that on December 1 sundry questions ralatinn: to the rural credits attitude of the Board must be submitted to the Rural Credits Committee of Congross. On motion it was voted that the Governor of the Board accept an invitation to speak before the Republican Club of New York in the near future, his expenses to be paid by the .Board. Hardingts report relative to the 1045 condition of the Heard National Bank of Jacksonville, Florida, and a letter from Federal Reserve Acent Wellborn on the same subject, were read. After discussion, the matter was referred back to Mr. Harding with power to act. On motion applications for stock in 'Federal reserve banks, amounting to 371 shares, duly recommended by Mr. Harding, were approved as follows: DLJTRICT No. 5. First National Bank Peoples National Bank First National Bank . Havre de Grace,YAd Salisbury, Md. Ravenswood, W.Va. 6 ' 6 2 East l'oint, Ga. Pembroke, Ga. Franklin, Tenn. 3 DI3TRICT No. 6. First National Bank Pembroke National Bank Harpeth National Bank 1 DISTRICT No. 7. Commercial National Bank First National Bank First National Bank First National bkillik First rational Bank Citizens National Bank Lichigan National Bank Chatsworth, Ill. 2 Morris, Ill. 36' Covington, Ind. 2 Fonda, Iowa. 2 Moulton, Iowa. 1 Royal, Iowa. .1 St.Clair Heights, Mich. 19 DISTRICT No. 8. National Bank of Arkansas,Pino Bluff, Ark. 12 1046 First National Bank Staunton National Bank jesser, Ill. Staunton, Ill. 3 DISTRICT No. 9. First National Bank National Bank of First National Bank 2i,rst National Bank First National Bank. Anaconda National Bank First National Bank De Smet National Bank First National Bank Citizens National Bank Jasper, Llinn. 3 Luverne, Minn. 1 Lilaca, Linn. 1 Perham, Minn. 9' Renville, Minn. 1 Anaconda, Mont. 3 Roundup, Mont.. De Smet, S. Dak. 12 Lobridge, S. Dal:. 2 Grand Tlapids,Wis. 1 DISTRICT No. 10. Commercial National Bank First National amtk Peoples National Bank Farmers National Bank First National Bank Nat'l Bank of Commerce Gypsum Valley Nat'l Bank National Bank of First National Bank Commercial National Bank Eerchants National Bank First National Bank First National Bank Nat'l Bank of Commerce First National Bank First National Bank First National Bank Commercial Nat'l Bank City National Bank First National Bank Genoa National Bank German National Bank Central National Bank First Naticnal Bank • 1 Salida, Colo. Kans. 1 Almena, 1 Kans. Belleville, Burlington, Kans. 5 Clay Center, Kans.6 Dodge City, Kans. 1 2 Gypsum, Kansas 2 Harper, Kansas Holton, Kansas Hutchinson, Kans. 6 Lawrence, Kans. 18 9 Norton, Kansas 1 aikley,• Kansas Pittsburg, Kans. 2 3 Syracuse, Kans. Adrian, Lio. 1 Brunswick, Nebr. 2 4 Columbus, Nebr. 2 Crete, Nebr. 2 Emerson, Nebr. 1 Genoa, Nebr. 1 Hastings, Nebr. 12 Lincoln, Nebr. 1 Lunch, Nebr. 1047 Neligh National Bank Neligh, Nebr. First National Bank Ponder, Nebr. 1 First National Bank Sidney, Nebr. 6 Live Stock National Bank South Onaha, Nebr.24 Saunders County Nat'l Wahoo, Nebr. 5 First National Bank West Point, Nobr. 3 First National Bank Arcadia, Okla, 1 State National Bank Ardmore, Okla. 1 Commercial National Bank Checotah, Okla. 3 Peoples National Bank Checotah, Okla. 2 National Bank of Claremore, Okla. 1 First National Bank Fairfax, Okla. 2 First National Bank Muldrow, Okla. 1 Exchange National Bank Muskogee, Okla. 1 Security National Bank Oklahoma city,- 0. 9 Oklahoma Stock Yards,N.B.Oklahoma City,.0.42 Citizens National Bank Okmulgee, Okla. 3 First National Bank Rosston, Okla. 8 Stroud National Bank Stroud, Okla. 1 Waukomis National Bank Waukomis, Okla. 1 DISTRICT No. 11. City National Bank Eastland, Texas Commercial National Bank El Paso, Texas Buchel National Bank Cuero, Texas 3 30 3 On motion issues of Federal Reserve notes duly recommended by the Committee on Issue and Redemption, were approved as follows: For the Federal Reserve Bank of Atlanta 500,000 in the following denominations: 5 denomination 10 20 0100,000 160,000 240,000 104:8 For the Federal Reserve Bank of Richmond 0740,000, in the following denominations: 15 denomination " 20 0500,060 240,000 The Secretary of the Board having presented an inquiry from Governor Seay of Richmond as to the time from which dividends of member banks should be calculated, was directed to say that the date of payment of installments of stock should be taken as the date of calculation, but that this date should not be earlier than the date for which the stock had been called. Inquiries with reference to the tenure of office of officers and employees of Federal reserve banks, were referred to the Executive Committee for report. A letter from Federal Reserve Agent Wills relating to the method of announcing the results of recent elections, was on motion referred to the Secretary of the Board with authority to answer, after consultien with Counsel. 10, On motion, 111)011 the r., (1.orilJoAdation of Lr.Hardin and LIr. 7:arhitr, it was voted tilat powor to accept drafts and 1111s of exchanm growing out of import and export transactions, be granted to ,tho Bank of New York, IT. 3. A., up to 100 of its capital and surplus. On motion at 5:30 p. the Board adjourned to meet at. 11:00 a. m., on Tuesday, 17ovember 30. Jecrtary. 21,1I'HOUD:
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