The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
314 At a regular meeting of the Federal Reserve Board held in the Board room on Ilonday, November 9th at 3:00 p. m. PRESENT: Er. Hamlin EX. Warburg Mr. Delano Mr. Harding. IJr. Miller. The Governor of the Board presided and Er. H. P. Willis acted as secretary to the meeting. The minutes of the preceding meetings,xmre read and approved. A list of questions from Governor Aiken with reference to matters arising in connection with the Federal Reserve Bank of Boston were referred to Counsel for consideration. Foms of application for stock prepared for the use of the member banks were referred to the committee on reserve computations and circulars. A memorandum on the definition of commercial paper was taken up for discussion. The Federal Reserve Bank of New York was given . power to defer payment of its assessment for the expenses '4 of the Federal deserve Board until it had formally opened for business. The Governor of the Board submitted dispatches received from various member banks asking for action on the question of permitting them to exercise the functions of trustee and executor. On motion, the Board approved a form prepared by the Comptroller of the Currency for tile computation of reserve by member banks and intended to be sent out in connection with a letter of the 3ecretary of the Treasury giving notice of the establishment of the new reserve reouirements. On motion, the Board approved the application of the :Tebraska City rational Bank, the Fourth rational Bank of Fayetteville, 1. C., and the Gloucester National Bank of Gloucester, :_ass, to reduce their capitals as recommended by the Comptroller of the Currency. On motion, at 5:45 p. LI. the Board adjourned. :Jeoretary. iPPRO1TD: CAANF-444,44;„ Chairman.
@FedFRASER