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At a regular meeting of the Federal Reserve Board held in the Board Boom on Zriday, November 30, at 3:00 PRES41T:Mr. Harding, presiding, Ir. Warburg, Mr. Miller, Mr. Silliams, Ur. Nillis, ..ecretary. The minutes of the meeting of the Board held on November 28, were read and on motion approved. A letter from the American Trade Acoeptnce Council asking for a meeting with the Board on December 20, was read and on motion the secretary directed to say that the LppropriLte committee of the Boar'd (No. 2) would receive the Council on the date named. Upon favorable recommendation of Committee Eo. 2, it was on motion voted that the Market street National Bank of Philadelphia, 2a., be authorized to accent up to 100' of capital and surplus. Governor Harding read a telegram from Governor MaeDougal, of Chicago, stating the discount rates of the Chicago bank as finally re-adjusted. On motion, the rates as statel in the telegram were approved. A letter from Food Administrator Hoover, reg%rdint; loans by warehousemen, was referred to Committee Fo. 2. Governor Harding read .a proposed letter relating to the application of stamp taxes to discounted paper at Federal Reserve banks after December 1. He stated that the matter was before the Secretary of the Treasury and the Commissioner of Internal Revenue for consideration% After discussion it was on motion voted that the Governor transmit the proposed letter or the substance thereof, when advised by the Secretary of the Treasury that the proposed plan was not objectionable. Governor Harding presented a letter from Governor MaoDougal stating that some member banks in the Chicago District are now offering checks for discount for the time required by the bank for collection so as to get immediate credit. The letter was referred to the Governor for reply. The question of changes in the lighting and further equipment of the Board Rom was referred to Committee No. 4. On recommendation of Committee No. 2, applicants for membership in the Federal Peserve System were ordered admitted as follows: American State Bank, Citizens State Bank, Athens, Ga. Tama, 21a. The question of requiring a complete statement of member bank acceptances from the Federal Reserve Bank of Cleveland was considered apropos of a request from Cleveland that the statement be emitted owing to pressure of work, and on motion it was voted to omit the table relating to the matter.from the forthcoming Bulletin. On motion it was voted that the Feaeral Reserve Bank et: Cleveland, which had named an acceptance rate of 3-4r) be requested to adhere to the old acceptance rate of 21-0 until a chane could be brought about at all FeLeral Eeserve banks. Governor Harding read a letter from Governor Y.acDougal regarding the farm of by-laws for branches with special reference to the exorcise of clearing functions by branches, also a draft of a reply. After discussion the proposed reply was ayiroved. A form of letter addressed to Federal Reserve .gents - regarding the functions of their representatives ' at branches was read, approved, and ordered transmitted. Governor Harding read a letter received from Federal Reserve Agent Ramsey regarding the dividend policy to be pursued (in making provision for depreciation and reserves) by Federal Reserve Banks. The letter was referred back:to Mr. Harding for reference to the proper Committee. A report of Committee Ko. 2, recommending the making of 5 calls per annum for the condition of member banks was read, and on motion laid on the table until the meeting of Monday, December 3. A press statement announcing the appointment of Mr. F. I. Kent as foreign exchange advisor to the Board was read and on motion approved.and ordered issued. On motion at 4:30 P. M., the Board adjourned. APPROVED: Chairman.