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947 At a re -ular meeting of the Federal aeserve Board held in the office of the Board at 11 a. in. on Monday, November P2E3ENT: Mr. Hamlin, presiding Mr. -7arburg Mr. Delano, Mr. Harding Mr. 7illia m Mr. Miller Mr. Tillis, Jecretary. The minutes of the meeting of November 6, were read and approved. On motion the question of preparing for distribution a statement of the actual expense of examining member banks was referrea to the Committee on Audit anti Examination. Mr. Williams reported that :Ir. Delano and Mr. Harding had, in conjunction with him, reviewed the proposed forms for the reports of member banks on the next call, and that a general agreement with reference to the terms of the schedule of questions to be sent out, had boon arrived at. Mr. Harding stated that he had, however, suggested the concentration of special clues- 948 'ions on a statistical sheet to be sent our annually. On motion applications for stock in Federal reserve banks, duly recommended by Mr. Harding, were approved as follows: Shares. DISTRICT No. 2. First National Bank First National Bank 8 Harrisville, N. Y. Pompton Takes', N.Y. 11. DISTRICT No. 5. Farmers 8: "Merchants Nat/1 Ayden, N. C. DISTRICT No. 7. First National Bank Avoca, Mich. 11 Lake Preston,J.D. 17 DISTRICT No. 9 Farmers National Bank On motion, on the recon=endation of Counsel and the 3or.Llittee on jtate Banks, the applications of the following Banks for fiduciary powers, were disapproved on strictly legal grounds: First National Bank, East Newark, N. J. First National Bank, High Bride, N. J. A memorandum submitted by Chief of Division Broderick relating to the procedure in the approaching examination of Federal reserve banks, was on motion 949 On motion a memorandum of the Division of Audit and Examination relating to the distribution of the Board's rulings with reference to accounting for organization expenses, was approved. On motion a memorandum of the Division of Audit and Examination relating to the policy to be pursued in the payment of dividends by 2ederal reserve banks was referred to the Committee on Operation of Reserve Banks. On motion a memorandum submitted by Chief of Division Broderick relative to the holding of an examination for eligible candidates for appointment as assistant examiner, was referred to the Committee en 3taff. On motion a memorandum of the Division of Audit and Examination relating to the acceptance of state bank examinations of Alabama, was approved. The 3ecretary of the Board presented a memorandum relating to the management of publicity, and recommending certain changes in the present system. On motion the question of the management of 950 publicity and of the Board's corresp(ndence was referred to a special committee consisting of ;:r. Hamiin,nr. Warburg and Mr. Harding. On motion of Mr. Harding it was voted that the 2irst National Bank of IZob5.le, ALabama, be authorized temporarily to exercise trustee powers, pending the consideration of their application on a penlanent basis, in view of impending consolidation with the City National Bank. "filliams reported tuat for the next he had ordered the transmission of all 2ederal reserve agents of full unexpurgated reports concerning the condition of member banks in accord with the desire of a committee of the Board. The various questions relating to election of directors of 14'ederal reserve banks were considered, Counsel was called into consultation, and on motion, the preparation of a suitable telegram was placed in the hands of the Governor of the Board and Counsel, the following being sent: Organization Committee in holding previous elections acted as cl-iairnan of Board of 2ederal Reserve Banks, and its rulings were made in that capacity. Questions submitted 951 involve interpretation of United Jtates statutes. In making rulings in present election you may consult counsel for bankt .or are at liberty to consult counsel for Board, who will advise you as to rulings by Organization Committee in previous election for your information.7hile it is desirable that procedure in all districts should be uniform and suggestions are made to that end, determination of questions arising under statute rests with chadrman of Board of each bank. r. 7arburg presented to the Board a letter reiatiiv: to certain Calcutta acceptances placed on the Boston market. On motion the matter was referred to Mr. Warburg and Mr. Harding as a special committee to draft a letter for presentation to the Board. Hamlin presented to the Board an opinion of Counsel relating to the question when dividends accrue in 2ederal reserve banks. The same was re- ceived and ordered filed. 1:r. Hamlin presented a letter from Lssistant Jecretary :ialburn relating to the cost of 2ederal reserve notes. On motion the same was referred to the Committee on Issue and Redemption. Mr. Hamlin presented a coiamnication from Counsel relative to the question of reserves against 952 rf savings deposits. lated. The letter was ordered circu-- Hamlin presented a letter and circular from The World's Work. The documents were or- dered circulated. On motion Mr. Hamlin was requested to accept invitation to speak before the Chamber of Commerce at Philadelphia, the expenses of the trip to be paid by the Board. Mr. Hamlin reported that he had informed Federal Reserve Agent Rich of the substance of the report on the appointment of Er. Mosher at =nue apolis. On motion an application of the Federal lUserve Bank of Minneapolis for power to buy State warrants of Minnesota, was referred to Mr. Warburg and Ia.. Delano as a special committee. An application of the Federal Reserve Bank of Cleveland for power to hold certain serial bonds of the City of Barberton, Ohio, was approved. On motion at 1:00 p. m. the Board adjourned ii 953 to moot a :00 a. m. on Tuosday, november 9. Secretary' APidlOVED
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