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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.