The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
At a regular meeting of the Federal Reserve Board held in the office of the Board at eleven a.m., on Friday, November 9, PRESENT: Mr. Harding, presiding, Mr. Hamlin, Mr. Warburg, Mr. Willis, Secretary. M . Delano, The minutes of the meeting of the Board held on November 7 were read and, on motion, approved. A telegram from Federal Reserve Agent Perrin relative to the legal status of stamp taxes on acceptances, was referred to Committee No. 3. A letter from the Federal Trade Commission making inquiry with reference to certain operations of "cattle loan banks", which were listed, was laid before the Board, ordered acknowledged and referred to the Comptroller of the Currency. Discount rate sheets from the various Federal Reserve banks were presented, no changes being asked for except the proposed Philadelphia rate of 4%. The letter was referred to the Executive Committee with power. Upon recommendation of committee No. 3 the application of the Vermont National Bank of Brattleboro, Vermont, for power to exercise the functions of trustee, executor, administrator and registrar, was approved. A letter from the Comptroller of the Currency, dated November 8, acknowledging the Board's communication relative to certificates of deposit issued in favor of the Citizens Commercial Trust Company of Buffalo, was read and noted. On recommendation of Committee No. 2, the following named banks were ordered admitted to the Federal Reserve system upon the conditions set forth in each case: Union Trust Company New York City. Marion Central Bank Marion, Alabama. Governor Harding stated the conditions existing at the Federal Reserve Bank of Atlanta and read a letter received by him from Director Hillyer of that institution, also certain correspondence with Federal Reserve Agent Wellborn, including a letter stating that the Atlanta Bank was now buying trade acceptances from the Central Bank & Trust Company, and another with respect to !Jr. Wellborn's representative at New Orleans, and his salary. Governor Harding also stated the substance of a conversation with Governor McCord on November 8. After discus- sion, it was agreed that two members of the Board should go to Atlanta, if possible, in order to meet with the Board of Directors of that institution on December 9. An opinion of Counsel with respect to the status of certificates of deposit - whether they can be considered time certificates under certain specified conditions, or not, dated November 7, was presented and, on motion, referred to Committee No. 3. On motion, at 11.45 a.m. the Board adjourned to meet on Monday, November 12, at three p.m. APPROVED: 4 -M1011 Secretary. " Chairman.
@FedFRASER